PRESS RELEASE
IGD SIIQ SPA: THE BOARD OF DIRECTORS APPROVES THE INTERIM
MANAGEMENT STATEMENT AT 30 SEPTEMBER 2011 Significant new growth of
all the consolidated results also posted in the first nine months
of 2011 (vs. the first nine months of 2010): · Total operating
revenue: 92.8 million (an increase of 10.3% with respect to the 84
million posted at 30 September 2010) · Revenue from core business:
91.1 million (an increase of 8.3% with respect to the 84 million
posted at 30 September 2010) · Total EBITDA: 66.8 million (an
increase of 10.6% with respect to the 60.4 million recorded at 30
September 2010) · Core business EBITDA MARGIN: 72.9% (an
improvement with respect to the 71.9% reported at 30 September
2010) · The Group's portion of net profit: 39.6 million (an
increase of 74.9% with respect to the 22.6 million posted at 30
September 2010)
Bologna, 10 November 2011. Today, in a meeting chaired by Gilberto
Coffari, the Board of Directors of IGD Immobiliare Grande
Distribuzione SIIQ S.p.A. ("IGD"), leading owner and manager of
retail shopping centers in Italy and listed on the STAR segment of
the Italian Stock Exchange, examined and approved the Interim
Management Statement at 30 September 2011 which shows the Group's
portion of net profit for the period at 39.6 million, in increase
of 74.9% with respect to the 22.6 million posted at 30 September
2010, in addition to a rise in total operating revenue (+10.3%) and
in EBITDA (+10.6%).
1
Operating income statement at 30 September 2011 In order to
highlight its core business, beginning in first quarter 2011, the
IGD Group has separated it from those relative to the "Porta a
Mare" project in Livorno. The following table shows the highlights
of the IGD Group's consolidated income statement at 30 September
2011, compared to the first nine months of 2010:
CONS OLIDATED
/000 Rev enues from f reehold properties Rev enues from leasehold
properties Rev enues from services Rev enues from trading
30/ 09/2010
74,496 6,118 3,527 0
30/09/2011
80,749 6,380 3,984 1,726
%
8.4% 4.3% 13.0% n.a.
CORE BUS INES S 30/09/ 2010 30/09/2011
74,496 6,118 3,527 0 80,749 6,380 3,984 0
%
8.4% 4.3% 13.0% n.a.
"P ORTA A MARE" P ROJECT 30/09/2010 30/09/ 2011 %
0 0 0 0 0 0 0 1,726 n.a. n.a. n.a. n.a.
Re ve nue s
Direc t costs Pers onnel expenses Cos t of sales and other
costs
84, 141
(14,480) ( 2,429) 191
92,839
(15,703) (2,631) (878)
10.3%
8.4% 8.3% n.a.
84,141
(14,327) (2,429) 0
91,113
(15,604) (2,631) 0
8.3%
8.9% 8.3% n.a.
0
(153) 0 191
1,726
(99) 0 ( 878)
n.a .
(35.5)% n.a. n.a.
Gross Margin
G&A expenses Headquarter personnel costs
67, 423
( 3,161) ( 3,871)
73,627
(2,943) (3,865)
9.2%
(6.9)% (0.2)%
67,385
(3,021) (3,852)
72,878
(2,630) (3,837)
8.2%
( 13.0)% (0.4)%
38
(140) (19)
749
( 313) (28)
n.a .
n.a. 48.4%
EBITDA
Eb i tda M a r gi n Deprec iation Dev aluation Change in FV Other
provisions
60, 391
(657) ( 2,907) ( 4,414) (299)
66,819
(768) (391) 12,076 0
10.6%
16.9% (86.6)% ( 373.6)% ( 100.0)%
60,512
71.9%
66,411
72.9%
9.7%
(121)
n.a .
408
23.6%
n.a .
EBIT
Financ ial income Financ ial charges
52, 114
2,512 (29,014)
77,736
515 (32,304)
49.2%
(79.5)% 11.3%
Ne t Financial Income Incom e from equity investments P re -ta x
income
Inc ome tax for the period Ta x rate
(26,502) 0 25, 612
( 3,006) 11.74%
(31,789) (635) 45,312
(5,699) 12.58%
20.0% n.a . n.a . 76.9%
89.6%
NET PROFIT
(prof it)/los s es related to third parties
22, 606
42
39,613
9
75.2%
(77.6)%
NET GROUP PROFIT
22, 648
39,622
74.9%
N.B.: Certain cost and revenue items have been reclassified or
offset which explains the difference with respect to the financial
statements. Bank fees, in particular, were reclassified under
"financial income/(charges)".
Principal consolidated results for the first nine months of
2011
The IGD Group's total operating revenue at 30 September 2011
amounted to 92.8 million, an increase of 10.3% with respect to the
84.1 million posted for the first nine months of 2010. This growth
is attributable to an increase in the sales generated by the core
business and the new acquisitions made between the end of 2010 and
the first months of 2011, as well as the sale of the first
properties relative to the "Porta a Mare" project in Livorno.
The IGD Group's revenue from core business at 30 September 2011
amounted to 91.1 million, an increase of 8.3% with respect to the
84.1 million recorded in the first nine months of 2010.
2
In Italy, the LFL growth in rental income during the first nine
months of the year with respect to the same period 2010 reached
3.5%, approximately 40% of which is explained by the automatic
indexing of the contracts and 60% by the effective contract
renegotiation and pre-letting activities. A total of 82 contracts
were signed during the year, 45 of which were renewals and 37
turnovers with an average upside of 7.7% (versus 6.8% in the first
half). Particularly positive results were recorded in shopping
centers which underwent restyling, such as Le Porte di Napoli in
Afragola (where the interior work was largely completed) and ESP in
Ravenna (the works will be completed by the end of 2011) and in a
few centers which will undergo restyling and/or expansion in the
near term such as Centro d'Abruzzo, Porto Grande and ESP. Of note
is the completion of the pre-letting phase relative to the B block
of the shopping center I Bricchi di Asti. The market continues to
be difficult in Rumania, where, moreover, consolidation of the
tenant portfolio is still underway (which resulted in contracts
being signed with Billa the Rewe Group for the opening of two
supermarkets between the end of 2011 and the beginning of 2012, as
well as with Drogerie Markt for the opening of two new stores in
December 2011); overall average rents dropped further.
As a whole, rental income at 30 September 2011 rose 8.1% due to the
effective contract renegotiation and pre-letting activities, as
well as to the new openings and acquisitions made in 2010 and the
first half of 2011.
Revenue from services in the first nine months of 2011 rose 13%
with respect to the same period in 2010 due primarily to the
mandates granted for the management of both newly opened and third
party centers. At 30 September 2011, revenue from trading a new
type of revenue stream found in the Group's income statement
related to the "Porta a Mare" project in Livorno amounted to 1.7
million and are attributable to the sale of a portion of the office
building found inside Palazzo Orlando.
Direct costs, pertaining to the core business and including
personnel expenses, in the first nine months of 2011 amounted to
18.2 million, an increase of 8.8% with respect to the same period
in the prior year. This item was impacted, in particular, by the
increase in provisions for receivables relative to the Darsena City
Shoppping Center. These costs represent 20.01% of core business
revenue. General expenses for the core business, including payroll
costs at headquarters, amounted to 6.5 million at 30 September
2011, a drop of 5.9% These costs represent 7.10% of operating
revenue. Total EBITDA in the first nine months of amounted to 66.8
million, an increase of 10.6% with respect to the 60.4 million
recorded at 30 September 2010. The IGD Group's core business EBITDA
at 30 September 2011 reached 66.4 million, an increase of 9.7% with
respect to the 60.5 million posted at 30 September 2010. EBITDA
margin for the core business at 30 September 2011 reached 72.89%,
an improvement when compared to the 72.02% recorded in the first
nine months of 2010.
3
The IGD Group's pre-tax profit in the first nine months of 2011
rose 76.92% from the 25.6 million reported at 30 September 2010 to
45.3 million.
The IGD Group's tax burden, current and deferred, at 30 September
2011 amounted to 5.7 million, reflecting a tax rate of 12.6%
compared to 11.7% in the same period of the prior year. The
increase is primarily attributable to the increase in fair value
which, as noted, under the SIIQ regime is still subject to ordinary
tax rates. Net of this effect and of contingencies, the tax rate
comes in at 8.01%.
The Group's portion of net profit at 30 September 2011 amounted to
39.6 million, an increase of 74.9% with respect to the 22.6 million
recorded at 30 September 2010. The Funds from Operations (FFO) rose
from 32.1 million at 30 September 2010 to approximately 33.7
million at 30 September 2011, an increase of 4.8%.
The IGD Group's net debt at 30 September 2011 amounted to 1.124
billion, compared to 1.017 billion at 31 December 2010. The
increase is primarily attributable to the new investments made
during the period.
At 30 September 2011 the gearing ratio (debt to equity ratio) came
in at 1.44, compared to 1.37 at 30 June 2011. The "adjusted"
gearing ratio calculated as the ratio of net adjusted financial
debt and net adjusted equity (which do not reflect the mere
accounting effect of the fair value valuation of derivatives) - at
30 September 2011 came in at 1.37, compared to 1.34 at 30 June
2011.
"In the fourth quarter of the year the Group believes that it will
be able to confirm the positive results reported at 30 September.
The trend in rental income will not, in fact, be impacted by
substantial changes over the next few months thanks to the
effective management of the tenant mix, pre-letting and of the
centers' occupancy" Claudio Albertini, IGD Immobiliare Grande
Distribuzione SIIQ S.p.A.'s Chief Executive Officer stated. "More
specifically, in line with the company's targets and plans, in
FY2011 we expect to see growth in all the key financial and
economic indicators such as revenue, ebitda, ebitda margin and
funds from operations. We are also aware that, due to the difficult
reference scenario, over the next few months we must constantly
assess and monitor the market, while also, as a Group, paying
always particular attention to the economic sustainability of the
tenants, as we have, moreover, done quite effectively over the past
few years ."
.
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.
4
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 September 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 (Società di
Investimento Immobiliare Quotata or real estate investment trust)
in Italy. IGD has a real estate portfolio valued at 1,894 million
at 30 June 2011, comprised of, in Italy, 18 hypermarkets and
supermarkets, 19 shopping malls and retail parks, 1 city center, 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.
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
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 cash flows and net
financial position at 30 September 20111.
1
The Immobiliare Grande Distribuzione Group's Interim Management
Statement at 30 September 2011 and consolidated financial
statements are not subject to financial audit by external
auditors.
5
CONSOLIDATED FINANCIAL STATEMENTS AT 30 SEPTEMBER 2011 Consolidated
income statement
30/09/2011 30/09/2010 Change 3Q 2011 3Q 2010 Change (/000) Revenue
Other income Revenue from property sales Total revenues and
operating income 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 (A) 87,052 8,480
1,726 97,258 5,612 102,870 6,464 17,371 5,671 4,152 33,658 (3,273)
(391) 12,076 8,412 77,624 (635) (635) 515 32,192 (31,677) 45,312
5,699 39,613 9 39,622 (B) 80,453 8,429 0 88,882 2,981 91,863 2,790
17,855 5,502 4,031 30,178 (2,358) (2,907) (4,414) (9,679) 52,006 0
0 2,512 28,906 (26,394) 25,612 3,006 22,606 42 22,648 (A-B) 6,599
51 1,726 8,376 2,631 11,007 3,674 (484) 169 121 3,480 (915) 2,516
16,490 18,091 25,618 (635) (635) (1,997) 3,286 (C) 29,703 2,765 0
32,468 2,196 34,664 2,053 5,666 1,772 1,393 10,884 (1,334) (251)
(700) (2,285) 21,495 (2) (2) 118 11,603 (D) 26,754 2,598 0 29,352
1,010 30,362 960 5,505 1,676 1,331 9,472 (909) (0) (247) (1,156)
19,734 0 0 162 9,815 (9,653) 10,081 1,484 8,597 20 8,617 (C-D)
2,949 167 0 3,116 1,186 4,302 1,093 161 96 62 1,412 (425) (251)
(453) (1,129) 1,761 (2) (2) (44) 1,788 (1,832) (73) (877) 804 8
812
(Amortization, depreciation and provisions) (Impairment
losses)/Reversals on work in progress and goodwill 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
(5,283) (11,485) 19,700 2,693 17,007 (33) 16,974 10,008 607 9,401
28 9,429
Parent Company's portion of net profit
Consolidated statement of financial position
30/09/2011 (/000) NON CURRENT ASSETS: Intangible assets -
Intangible assets with a finite useful life - Goodwill Plant,
property and equipment - Real estate assets - Building - Plants and
machinery - Equipment and other goods - Leasehold improvements -
Works in progress 1,778,025 7,571 1,481 2,011 1,506 83,749
1,874,343 Other non-current assets - Prepaid taxes - Miscellaneous
receivables and other non-current assets - Non-current financial
assets 15,072 2,753 91 17,916 TOTAL NON-CURRENT ASSETS (A) CURRENT
ASSETS: 1,903,768 69,430 6 13,587 17,036 23,430 10,018 133,507
2,037,275 768,018 11,842 779,860 897,883 713 51,616 1,801 20,083
972,096 259,519 11,993 8,647 5,160 285,319 1,257,415 2,037,275
1,741,240 7,620 1,526 2,131 1,551 81,918 1,835,986 10,518 3,238
4,905 18,661 1,866,162 67,390 8 14,163 20,382 28,171 5,386 135,500
2,001,662 773,771 11,870 785,641 858,340 664 52,355 1,662 19,360
932,381 253,144 15,597 9,776 5,123 283,640 1,216,021 2,001,662
1,666,630 7,668 1,130 1,549 1,640 74,291 1,752,908 13,104 4,581
4,399 22,084 1,786,488 64,289 7 12,979 43,812 7,092 32,264 160,443
1,946,931 761,603 11,851 773,454 869,374 612 48,910 1,645 25,625
946,166 191,463 20,657 8,266 6,925 227,311 1,173,477 1,946,931
36,785 ( 49) ( 45) ( 120) ( 45) 1,831 38,357 4,554 ( 485) ( 4,814)
( 745) 37,606 2,040 ( 2) ( 576) ( 3,346) ( 4,741) 4,632 ( 1,993)
35,613 ( 5,753) ( 28) ( 5,781) 39,543 49 ( 739) 139 723 39,715
6,375 ( 3,604) ( 1,129) 37 1,679 41,394 35,613 111,395 ( 97) 351
462 ( 134) 9,458 121,435 1,968 ( 1,828) ( 4,308) ( 4,168) 117,280
5,141 ( 1) 608 ( 26,776) 16,338 ( 22,246) ( 26,936) 90,344 6,415 (
9) 6,406 28,509 101 2,706 156 ( 5,542) 25,930 68,056 ( 8,664) 381 (
1,765) 58,008 83,938 90,344 82 11,427 11,509 88 11,427 11,515 69
11,427 11,496 ( 6) 0 ( 6) 13 0 13 (A) 30/06/2011 (B) 31/12/2010 (C)
Variazioni (A-B) Variazioni (A-C)
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 LIABILITIES
(F=D + E) TOTAL NET EQUITY AND LIABILITIES (C + F)
Consolidated statement of cash flows
STATEMENT OF CASH FLOWS AT 30/09/2011 30/09/2010
(/000) CASH FLOW FROM OPERATING ACTIVITIES: Net profit for the
period 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
(Impairment)/reversal of assets under construction and goodwill Net
change in (deferred tax assets)/provision for deferred tax
liabilities Change in fair value of investment property Change in
inventories 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 Divestments of equity
investments in subsidiaries CASH FLOW FROM INVESTING ACTIVITIES (b)
Change in financial receivables and other current financial assets
Change in translation reserve Payment of dividends 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 THE PERIOD CASH BALANCE AT END OF THE PERIOD
5,420 3,273 391 4,823 (12,076) (5,140) 13,723 (2,415) 47,613
(111,762) 0 (111,762) (16,392) (25) (22,370) 66,061 14,629 41,903
(22,246) 32,264 10,018 4,151 2,358 2,907 1,052 4,414 (2,980) 21,445
(4,907) 51,047 (25,252) 13,120 (12,132) 52 (19) (14,914) (7,436)
(23,447) (45,764) (6,849) 35,856 29,007 39,613 22,606
Consolidated net financial position
30/09/2011 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 DEBT
TOTAL NET DEBT as per Consob Bulletin n. DEM/6064293/2006
Elimination of the CFH effect TOTAL AJUSTED NET DEBT (10,018)
(23,430) (33,448) 207,762 47,303 2,392 2,062 259,519 226,071 (19)
(72) 22,471 5,786 621,437 218,232 29,957 897,792 1,123,863 (29,884)
1,093,979 30/06/2011 (5,386) (28,171) (33,557) 204,561 46,181 2,358
44 253,144 219,587 (20) (4,885) 21,886 6,133 599,152 216,988 14,181
853,435 1,073,022 (9,296) 1,063,726 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 (15,286)
1,001,796
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