PRESS RELEASE IGD SIIQ SPA: THE BOARD OF DIRECTORS APPROVES THE
INTERIM MANAGEMENT STATEMENT AT 31 MARCH 2011 The consolidated
results in the first quarter of 2011 show further growth (vs. first
quarter 2010): � � � � � � � Total operating revenue:
31.4 million (+ 11.9% with respect to 31 March 2010)
1 Revenue from core business : 29.7 million (an increase of 5.7%
with respect to the 28.1 million
recorded at 31 March 2010) EBITDA from core business: 21.8 million
(an increase of 8.3% with respect to the 20.1 million recorded at
31 March 2010) EBITDA MARGIN from core business: 73.5% (up 1.7 pp
vs. the 71.8% recorded at 31 March 2010) Funds from operations
(FFO): 11.8 million (+ 18.9% with respect to 31 March 2010) The
Group's portion of net profit in the period amounts to 10.4 million
(an increase of 22.7% with respect to the 8.5 million recorded at
31 March 2010) Net debt: 1.003 billion (an improvement with respect
to the 1.017 billion posted at 31 December 2010)
Bologna, 11 May 2011. Today the Board of Directors of IGD -
Immobiliare Grande Distribuzione SIIQ S.p.A. ("IGD" or the
"Company"), leading owner and manager of retail shopping centers in
Italy and listed on the STAR segment of the Italian Stock Exchange,
in a meeting chaired by Gilberto Coffari, examined and approved the
Interim Management Statement at 31 March 2011 which shows the
Group's portion of net profit for the period at 10.4 million
(+22.7% vs. 31 March 2010). Preface For the first time, in the
Interim Management Statement at 31 March 2011, IGD has separated
its core business from those relative to the "Porta a Mare" Project
in Livorno which, following the sale of a portion of the office
buildings, generated its first revenue.
1
It should be noted that, with the aim of providing evidence to its
core business, the Company has separated the core business from
those relative to the "Porta a Mare"
Project in Livorno in which IGD has recorded revenues related to
the first sales of the offices from the 1Q2011.
1
Operating income statement at 31 March 2011
CONSOLIDATED
/000 1Q 2010 1Q 2011 Rev enue from freehold properties Rev enue
from leasehold properties Rev enue from services Rev enue from
trading 24,885 2,031 1,166 0 26,316 2,101 1,267 1,726
CORE BUSI NESS %
5.8% 3.5% 8.7% n.a.
"PORTA A MARE" PROJECT %
5.8% 3.5% 8.7% n.a.
1Q 2010
24,885 2,031 1,166 0
1Q 2011
26,316 2,101 1,267 0
1Q 2010 1Q 2011
0 0 0 0 0 0 0 1,726
%
n.a. n.a. n.a. n.a.
Ope ra ti ng income
Dir ec t costs Dir ec t personnel expense Cos t of goods sold and
other costs
28, 082
( 4,989) ( 831) 66
31, 410
( 4,984) ( 825) ( 1,159)
11. 9%
( 0.1) % ( 0.7) % n.a.
28, 082
( 4,938) ( 831) 0
29, 684
(4,934) ( 825) 0
5. 7%
- 0.1% - 0.7% n.a.
0
( 51) 0 66
1, 726
( 50) 0 ( 1,159)
n. a .
( 1.1) % n.a. n.a.
Di vi si ona l gross margin
Gener al expenses Pay r oll costs at headquarters
22, 328
( 902) ( 1,296)
24, 442
( 943) ( 1,321)
9. 5%
4.6% 1.9%
22, 313
( 869) ( 1,296)
23, 925
( 799) (1,311)
7. 2%
- 8.0% 1.1%
15
( 33) 0
517
( 144) ( 10)
n. a .
n.a. n.a.
EBITDA
Ebi t da M a r gi n Depr ec iation and amortization Impair ment
Change in fair value Other provisions
20, 130
( 214) 0 ( 269) 0
22, 178
( 236) 0 ( 397) 0
10. 2%
10.1% n.a. 47.3% n.a.
20, 148
71.7% 0.0% ( 214) 0 ( 269)
21, 815
73.5% 0 ( 233) 0 ( 397)
8. 3%
n.a. 8.96% n.a. 47.33%
(18)
n .a . 0 ( 0) 0 0
363
21.0% 0
n. a .
n.a.
( 3) ####### 0 0 n.a. n.a.
EBIT
Financ ial income Financ ial charges
19, 647
103 ( 9,987)
21, 545
146 ( 10,253)
9. 7%
42.1% 2.7%
19, 666
102 ( 9,913)
21, 186
146 ( 10,124)
7. 73% n.a.
42.56% 2.13%
(18)
0 ( 74)
360 ###### n.a.
0 ( 63.41) % ( 129) 73.50%
Financia l income/(charges) Inc ome/(cha rge s) fr equity
investments
(9, 884) 0 9, 763
( 1,308) Ta x rate 13.4%
(10, 107) (200) 11, 238
( 829) 7.4%
2. 3% n. a . n. a . 15. 1%
( 36.6) %
(9, 810) 0 9, 855
( 1,317)
(9, 978) (200)
1. 71% n. a .
(74) 0 (92)
9
(129) 74. 31% 0 n. a .
P RE-TAX PROFIT
Inc ome tax for the period
11, 007 11. 69%
( 768) ( 41.71) %
232 ######
( 62) #######
NET PROFIT
( Pr of it) /Los s pertaining to minorities
8, 455
0
10, 409
( 34)
23. 1%
n.a.
8, 538 8, 538
10, 239 19. 92%
( 34) n.a.
(82) (82)
170 ######
NET GROUP PROFIT
8, 455
10, 375
22. 7%
10, 205 19. 53%
170 ######
Revenue and chargebacks offset by costs are not shown and some cost
items were reclassified which explains the difference with respect
to the financial statements.
Principal consolidated results for first quarter 2011 The IGD
Group's revenue from core business at 31 March 2011 amounted to
29.7 million, an increase of 5.7% with respect to the 28.1 million
posted in first quarter 2010. More in detail, rental income in
first quarter 2011 increased by 5.6%, while revenue from services
rose by 8.7% vs. 31 March 2010. In first quarter 2011 for the first
time the IGD Group also recorded revenue from the sale of
properties pertaining to the multifunctional project in Livorno
totalling 1.7 million and, therefore, total operating revenue at 31
March 2011 amounted to 31.4 million, an increase of 11.9% with
respect to the first quarter of the prior year. The IGD Group's
EBITDA from core business at 31 March 2011 amounted to 21.8
million, an increase of 8.3% with respect to the 20.1 million
recorded in first quarter 2010. The margin from freehold properties
increased 7.1%, from leasehold properties 9.9%, while the margin
from services rose by 10.9% with respect
2
to 31 March 2010. Total EBITDA in first quarter 2011, due to the
impact of the above mentioned sale of the office units in Livorno,
increased 10.2% to 22.2 million. Direct costs for core business,
including direct personnel expense, amounted to 5.8 million, in
line with the same period in the prior year. These costs represent
19.4% of operating revenue. General expenses for continuing
operations, including payroll costs at headquarters, amounted to
2.1 million at 31 March 2011, a drop of 2.5%. These costs represent
7.1% of operating revenue. EBITDA margin for core business reached
73.5%, an increase of 1.7 pp with respect to the 71.8% reported in
first quarter 2010. The growth confirms the solid operating trend
and the stability of the cost structure. EBIT at 31 March 2011
amounted to 21.6 million, an increase of 9.7% compared to the 19.6
million reported at 31 March 2010, due primarily to the increase in
EBITDA.
The IGD Group's pre-tax profit at 31 March 2011 rose by 15.1% with
respect to the prior year from the 9.8 million reported at 31 March
2010 to 11.2 million. The IGD Group's tax burden, current and
deferred, at 31 March 2011 amounted to 829 thousand, reflecting a
tax rate of 7.4%, an improvement with respect to the 13.4% recorded
in the same period of the prior year which is primarily
attributable to the effect of the merger by incorporation of Faenza
Sviluppo in IGD SIIQ S.p.A. on 28/06/2010. The Group's portion of
net profit for the period amounted to 10.4 million at 31 March
2011, an increase of 22.7% with respect to the 8.5 million recorded
in first quarter 2010. The Funds from Operations (FFO) , a
significant indicator used in the real estate market to define the
cash flow from a company's operations based on net profit, net of
current tax, writedowns, fair value, amortization and depreciation,
rose from 9.9 million at 31 March 2010 to approximately 11.8
million at 31 December 2011, an increase of 18.9%. The IGD Group's
net debt at 31 March 2011 came in at 1.003 billion, an improvement
compared to the 1.017 billion recorded at 31 December 2010 thanks
to a drop in charges relating to derivatives with respect to the
prior period and a decrease in non-current financial liabilities
due to repayments made during the quarter. At the end of first
quarter 2011 the gearing ratio (debt to equity ratio) came in at
1.27, compared to 1.31 at 31 December 2010. In first quarter 2011
IGD also confirmed its ability to maintain its low cost of debt
which amounted to 3.91% at 31 March 2011.
3
"Based on the results for first quarter 2011, we are confident that
we will be able to achieve the financialeconomic targets that we
presented to the market, along with our updated 2009-2013 Business
Plan, in November 2010" Claudio Albertini, IGD � Immobiliare
Grande Distribuzione SIIQ S.p.A.'s Chief Executive Officer stated,
"In 2011 the IGD Group expects to see growth in all the key
performance indicators such as revenue, EBITDA, EBITDA margin
thanks to the new openings which will become fully operational
during the year and the average yield of the real estate portfolio,
in addition to a gearing level which will be maintained below
1.5x".
Grazia Margherita Piolanti, IGD S.p.A.'s Financial Reporting
Officer, declares pursuant to para. 2, article 154-bis of the of
Legislative Decree n. 58/1998 (("Testo Unico della Finanza" or TUF)
that the information reported in this press release corresponds to
the underlying records, ledgers and accounting entries. Please note
that in addition to the standard financial indicators provided for
as per the IFRS, alternative performance indicators are also
provided (for example, EBITDA) in order to allow for a better
evaluation of the operating performance. These indicators are
calculated in accordance with standard market procedures.
The Interim Management Statement at 31 March 2011 will be made
available to the general public at the company's registered office
and at Borsa Italiana S.p.A., as well in the Investor Relations
section of the company's website www.gruppoigd.it within the time
period required by law.
IGD - Immobiliare Grande Distribuzione SIIQ S.p.A.
Immobiliare Grande Distribuzione SIIQ S.p.A. is the main player in
Italy's retail real estate market: it develops and manages shopping
centers throughout the country and has a significant presence in
Romanian retail distribution. Listed on the Star Segment of the
Italian Stock Exchange, IGD was the first SIIQ (Societ� di
Investimento Immobiliare Quotata or real estate investment trust)
in Italy. IGD has a real estate portfolio valued at 1,804 million
at 31 December 2010, comprised of, in Italy, 17 hypermarkets and
supermarkets, 19 shopping malls and retail parks, 3 plots of land
for development, 1 property held for trading and an additional 6
real estate properties. Following the acquisition of the company
Winmark Magazine SA in 2008 15 shopping centers and an office
building, found in 13 different Romanian cities, were added to the
portfolio. An extensive domestic presence, a solid financial
structure, the ability to plan, monitor and manage all phases of a
center's life cycle: these qualities summarize IGD's strong points.
www.gruppoigd.it
CONTACTS INVESTOR RELATIONS CLAUDIA CONTARINI Investor Relations
+39 051 509213 claudia.contarini@gruppoigd.it ELISA ZANICHELI IR
Assistant +39 051 509242 elisa.zanicheli@gruppoigd.it CONTACTS
MEDIA RELATIONS IMAGE BUILDING Simona Raffaelli, Alfredo Mele,
Valentina Bergamelli +39 02 89011300 igd@imagebuilding.it
4
The press release is available on the website www.gruppoigd.it, in
the Investor Relations section, and on the website
www.imagebuilding.it, in the Press Room section.
Please find attached the IGD Group's consolidated income statement,
statement of financial position, statement of 2 cash flows and net
financial position at 31 March 2011 .
The Immobiliare Grande Distribuzione Group's Interim Management
Statement at 31 March 2011 and consolidated financial statements
are not subject to financial audit by external auditors.
2
5
Consolidated income statement at 31 March 2011
31/03/2011 (/000)
Revenue Other income Revenue from property sales Total revenues and
operating income
31/03/2010 (B)
Change (A-B)
(A) 28,399 2,825 1,726 32,950 658 33,608 1,778 5,730 1,885 1,440
10,833 (875) (397) (1,272) 21,503 (200) (200) 146 10,211 (10,065)
11,238 829 10,409 (34) 10,375
26,882 3,020 0 29,902 1,368 31,270 1,302 6,114 1,858 1,316 10,590
(793) (269) (1,062) 19,618 0 0 103 9,958 (9,855) 9,763 1,308 8,455
0 8,455
1,517 (195) 1,726 3,048 (710) 2,338 476 (384) 27 124 243 (82) (128)
(210) 1,885 (200) (200) 43 253 (210) 1,475 (479) 1,954 (34)
1,920
Change in inventories for assets under construction
Total revenue and change in inventory Costs of assets under
construction Purchase of materials and services Cost of labour
Other operating costs Total operating costs
(Amortization, depreciation and provisions) Change in fair value -
increases / (decreases) Total Amort., depr., provisions, impairment
and change in fair value
EBIT
Income from equity investments Income from equity investments
Financial income Financial income
Net financial income/(charges)
PRE-TAX PROFIT Income tax for the period NET PROFIT FOR THE
PERIOD
Minorities portion of net profit
Parent Company's portion of net profit
Consolidated statement of financial position at 31 March 2011
31/03/2011 31/12/2010 Change (B) (A-B)
(/000)
NON CURRENT ASSETS: Intangible assets - Intangible assets with a
finite useful life - Goodwill
(A)
95 11,427 11,522
69 11,427 11,496
26 0 26
Plant, property and equipment - Real estate assets - Building -
Plants and machinery - Equipment and other goods - Leasehold
improvements - Works in progress 1,671,664 7,621 1,079 1,492 1,596
81,004 1,764,456 Other non-current assets - Prepaid taxes -
Miscellaneous receivables and other non-current assets -
Non-current financial assets 10,821 3,918 6,506 21,245 TOTAL
NON-CURRENT ASSETS (A) CURRENT ASSETS: Inventories - works in
progress Inventories Trade and other receivables Other current
assets Financial receivables and other current financial assets
Cash and cash equivalents TOTAL CURRENT ASSETS (B) TOTAL ASSETS (A
+ B) NET EQUITY: Portion pertaining to the Parent Company Portion
pertaining to minorities TOTAL NET EQUITY (C) NON-CURRENT
LIABILITIES: Non-current financial liabilities Employee severance
indemnity fund (TFR) Deferred tax liabilities Provisions for risks
and future charges Misc. payables and other non-current liabilities
TOTAL NON-CURRENT LIABILITIES (D) CURRENT LIABILITIES: Current
financial liabilities Trade and other payables Current tax
liabilities Other current liabilities TOTAL CURRENT LIABILITIES (E)
TOTAL LIABILTIES' (F=D + E) TOTAL NET EQUITY AND LIABILITIES (C +
F) 176,484 13,525 9,801 5,752 205,562 1,138,272 1,930,205 191,463
20,657 8,266 6,925 227,311 1,173,477 1,946,931 (14,979) (7,132)
1,535 (1,173) (21,749) (35,205) (16,726) 64,487 6 12,154 34,037
11,412 10,886 132,982 1,930,205 64,289 7 12,979 43,812 7,092 32,264
160,443 1,946,931 198 (1) (825) (9,775) 4,320 (21,378) (27,461)
(16,726) 1,797,223 13,104 4,581 4,399 22,084 1,786,488 (2,283)
(663) 2,107 (839) 10,735 1,666,630 7,668 1,130 1,549 1,640 74,291
1,752,908 5,034 (47) (51) (57) (44) 6,713 11,548
780,048 11,885 791,933
761,603 11,851 773,454
18,445 34 18,479
855,176 605 49,552 1,835 25,542 932,710
869,374 612 48,910 1,645 25,625 946,166
(14,198) (7) 642 190 ( 83) ( 13,456)
Consolidated statement of cash flows at 31 March 2011
STATEMENT OF CASH FLOWS AT (/000)
CASH FLOW FROM OPERATING ACTIVITIES: Net profit for the year
Adjustments to reconcile net profit with cash flow generated
(absorbed) by operating activities: Capital gains/ (losses) and
other non-monetary items Depreciation, amortization and provisions
Net change in (deferred tax assets)/provision for deferred tax
liabilities Change in fair value of investment property Change in
inventories and works in progress Net change in current assets and
liabilities Net change in non-current assets and liabilities CASH
FLOW FROM OPERATING ACTIVITIES (a) Investments in fixed assets CASH
FLOW FROM INVESTING ACTIVITIES (b) Change in non-current financial
assets Change in financial receivables and other current financial
assets Change in translation reserve Change in current debt Change
in non-current debt CASH FLOW FROM FINANCING ACTIVITIES (c) NET
INCREASE (DECREASE) IN CASH BALANCE CASH BALANCE AT BEGINNING OF
YEAR CASH BALANCE AT END OF YEAR
31/03/2011
31/03/2010
10,409
8,455
3,260 875 368 397 (197) 3,317 681 19,110 (12,190) (12,190) 0
(4,178) 65 (16,975) (7,210) (28,298) (21,378) 32,264 10,886
2,850 793 567 269 (1,368) 889 1,183 13,638 (5,789) (5,789) (1)
(1,268) 66 (20,580) 194 (21,589) (13,740) 35,856 22,116
Consolidated net financial position at 31 March 2011
NET FINANCIAL POSITION 31/03/2011
Cash and cash equivalents Financial receivables and other current
financial assets LIQUIDITY Current financial liabilities Mortgage
loans - current portion Leasing � current portion Convertible
bond loan - current portion CURRENT DEBT CURRENT NET DEBT
Non-current financial assets Derivatives - assets Non-current
financial liabilities due to other sources of finance Leasing �
non-current portion Non-current financial liabilities Convertible
bond loan Derivatives - liabilities NON-CURRENT NET DEBT NET
DEBT
31/12/2010 (32,264) (7,092) (39,356) 141,718 48,431 1,248 66
191,463 152,107 (19) (4,380) 21,497 7,863 605,707 214,642 19,665
864,975 1,017,082
(10,886) (11,412) (22,298) 123,801 49,364 1,257 2,062 176,484
154,186 (20) (6,486) 21,905 7,545 598,424 215,802 11,500 848,670
1,002,856
Immobiliare Grande Distr... (BIT:IGD)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Immobiliare Grande Distr... (BIT:IGD)
Historical Stock Chart
Von Jul 2023 bis Jul 2024
