This communication does not constitute an offer or an invitation
to subscribe for or purchase any securities. The securities
referred to herein have not been registered and will not be
registered in the United States under the U.S. Securities Act of
1933, as amended (the "Securities Act"), or in Australia, Canada or
Japan or any other jurisdiction where such an offer or solicitation
would require the approval of local authorities or otherwise be
unlawful. The securities may not be offered or sold in the United
States or to U.S. persons unless such securities are registered
under the Securities Act, or an exemption from the registration
requirements of the Securities Act is available. Copies of this
announcement are not being made and may not be distributed or sent
into the United States, Canada, Australia or Japan.
PRESS RELEASE
IGD SIIQ SPA: THE BOARD OF DIRECTORS APPROVES THE INTERIM
MANAGEMENT STATEMENT AT 31 MARCH 2012
The consolidated results for the core business show growth in the
first quarter of 2012 (vs. the first quarter of 2011), despite the
difficult macroeconomic environment: · · · · Revenue from core
business : 30.9 million euro (an increase of 4.2% with respect to
the 29.7 million recorded in first quarter 2011) Like-for-like
growth in Italy: +1.9% Core business EBITDA: 22.2 million (an
increase of 1.6% compared to the 21.8 million reported at 31 March
2011) The Group's portion of net profit for the period: 8.4 million
(versus 10.4 million at 31 March 2011 which is explained primarily
by the financing supporting the investments in development made by
the Group in 2011) · Net financial debt: 1.124 billion (an
improvement with respect to the 1.129 billion posted at 31 December
2011); "adjusted gearing" came in at 1.36, an improvement with
respect to the 1.38 recorded at 31 December 2011)
1
Bologna, 10 May 2012. 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 2012.
"The consolidated results for the Group's core business at 31 March
2012, despite a marked worsening of the macroeconomic environment
and consumption, show growth in terms of both the key economic
indicators, such as revenue and Ebitda, and the financial
indicators, which includes an improved gearing. Moreover, the net
financial charges, which rose by approximately 2 million, reflect
the investments of more than 100 million made in the first part of
2011 and the tightening credit markets". Claudio Albertini, IGD
Immobiliare Grande Distribuzione SIIQ S.p.A.'s Chief Executive
Officer stated. "We will continue to pay close attention to the
sustainability of our tenants and our commitment to maintain a
balanced financial structure oriented toward the long term ".
Please note that in order to highlight the core business, the
Company separated it from the "Porta a Mare" project in
Livorno.
11
1
Operating income statement at 31 March 2012
CONSOLI DATED
/000 Rev en ues from freehold properties Rev en ues from leasehold
properties Rev en ues from services Rev en ues from trading
CORE BUSINESS %
4.3% 3.1% 2.8% -100.0%
"PORTA A MARE" PROJECT %
4.3% 3.1% 2.8% n .a.
31/ 03/ 2011
26,316 2,101 1,267 1,726
31/03/ 2012
27,455 2,167 1,303 0
31/ 03/2011
26,316 2,101 1,267 0
31/ 03/2012
27,455 2,167 1,303 0
31/03/2011 31/ 03/ 2012
0 0 0 1,726 0 0 0 0 ( 61) 0 183
%
n .a. n .a. n .a. (100.0) % 22.7% n .a. n .a.
Revenues
Di r ect costs Pers o n nel expenses In c r eas es, cost of sales
and other costs
31, 410
(4,984) (825) (1,159)
30, 925
( 5,695) ( 896) 183
-1. 5%
14.3% 8.6% n .a.
29,684
(4,934) (825) 0
30, 925
( 5,634) ( 896) 0
4. 2%
14.2% 8.6% n .a.
1,726
( 50) 0 ( 1,159)
0 (100.0)%
Gross Margin
G &A expenses Head q uarter s personnel costs
24, 442
(943) (1,321)
24, 517
( 881) ( 1,443)
0. 3%
- 6.6% 9.3%
23,925
(799) (1,311)
24, 395
( 789) ( 1,440)
2. 0%
- 1.3% 9.9%
517
(144) ( 10)
122
( 92) (3)
n. a.
n .a. ( 71.5) %
EBI TDA
Ebitda Margin Dep rec i ation Dev al uati o n Ch an g e in FV O th
er provisions
22, 178
(236) 0 (397) 0
22, 193
( 323) 0 ( 483) 0
0. 1%
37.1% n .a. 21.7% n .a.
21,815
73.5%
22, 166
71.7%
1. 6%
363
n.a.
27
n.a.
n. a.
EBI T
Fi n an cial income Fi n an cial charges
21, 545
146 ( 10,253)
21, 387
96 ( 12,251)
-0. 7%
-34.4% 19.5%
Net Financial Income I ncom e from equity investments PRE-TAX
INCOME
In c o me tax for the period Tax rate
(10,107) (200) 11, 238
(829) 7.4%
(12,155) (173) 9, 059
( 733) 8.1%
20. 3% n.a. n.a. -19. 4%
-11.6%
NET PROFIT
( Pr o fi t)/los ses related to third parties
10, 409
(34)
8, 326
29
-20. 0%
-184.5%
NET GROUP PROFIT
10, 375
8, 355
-19. 5%
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 at 31 March 2012
In first quarter 2012 the IGD Group's revenue from core business
amounted to 30.9 million, an increase of 4.2% with respect to the
29.7 million posted at 31 March 2011 thanks to the positive impact
of the new acquisitions made after the close of first quarter 2011.
More in detail, rental income rose 4.2% with respect to 31 March
2011, while revenue from services increased 2.8%. There aren't
revenues from trading. The like-for-like growth in revenue from
properties in Italy at 31 March 2012 reached 0.5 million or
1.9%.
The IGD Group's core business EBITDA at 31 March 2012 amounted to
22.2 million, a rise of 1.6% compared to the 21.8 million recorded
in first quarter 2011. Direct costs, pertaining to the core
business and including personnel expenses, amounted to 6.5 million,
an increase of 13.4% with respect to the same period in the prior
year. This change is largely due to the increase in provisions for
doubtful accounts and in expected charges linked to the
introduction of IMU (a new property tax which will substitute ICI).
These costs as a percentage of revenue were at 21.1%. General
expenses for the core business, including payroll costs at
headquarters, amounted to 2.2 million, versus 2.1 million at 31
March 2011. This increase is explained primarily by a rise in
personnel expense linked to organizational changes. General
expenses as a percentage of core business revenue reached 7.2%.
2
The core business EBITDA came in at 71.7%, down with respect to the
73.5% recorded in first quarter 2011 due to the more than
proportional increase in direct costs with respect to revenue.
The tax burden, current and deferred, at 31 March 2012 amounted to
0.7 million, reflecting a tax rate of 8.1% compared to 7.4% in the
same period of the prior year. The increase of 0.7% is primarily
due to the drop in tax deductible expenses.
The Group's portion of net profit at 31 March 2012 amounted to 8.4
million, compared to 10.4 million in first quarter 2011, explained
by the impact of the increase in financial charges linked to the
loans supporting the investments made in development by the Group
in 2011.
The Funds from Operations (FFO), an indicator used widely in the
real estate market to define the cash flow generated by a company's
core business , dropped from the 11.1 million posted at 31 March
2011 to approximately 9.5 million at 31 March 2012.
2
At the end of first quarter 2012 the adjusted gearing ratio,
calculated as the ratio of net adjusted financial debt to net
adjusted equity (which excludes the accounting (non-monetary)
effects on fair value recognition of derivatives), came in at 1.36,
an improvement with respect to the 1.38 recorded at 31 December
2011. The average cost of debt was 4.4 % compared to 4.1% at 31
December 2011.
The IGD Group's net debt at 31 March 2012 amounted to 1.124
billion, a slight improvement with respect to 1.129 billion
recorded at 31 December 2011.
Today the second Corporate Sustainability Report for FY 2011 was
also presented to the Board of Directors. The Corporate
Sustainability will be made available on the Company's website:
www.gruppoigd.it/Sostenibilità
2
This data is calculated based on pre-tax profit, net of
non-monetary items (deferred tax, writedowns, fair value
adjustments, amortization, depreciation and other), as well as the
impact of income from equity investments and revenue from property
sales. Please note that through 31 December 2011 this figure
included the extraordinary items and the gains from disposals,
while in 2012 these items were excluded in order to highlight the
revenue generated by the core business (which is the primary source
of distributable income). The figure for first quarter 2011 was
also adjusted.
3
Grazia Margherita Piolanti, IGD S.p.A.'s Financial Reporting
Officer, declares pursuant to para. 2, article 154-bis 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 2012 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 "Investors" 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 1,924.65
million at 31 December 2011, comprised of, in Italy, 19
hypermarkets and supermarkets, 19 shopping malls and retail parks,
1 city center, 4 plots of land for development, 1 property held for
trading and an additional 7 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
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 income statement, statement of
financial position, statement of cash flows and consolidated net
financial position at 31 March 20123.
The Immobiliare Grande Distribuzione Group's Interim Management
Statement and consolidated financial statements at 31 March 2012
are not subject to financial audit by external auditors.
3
4
Consolidated income statement at 31 March 2012
31/03/2012 ( /000) Rev enue Other income Rev enue from property
sales Tot al revenues and operating incom e (A ) 29.655 2.418 0
32.073 1.750
31/03/2011 ( B) 28.399 2.825 1.726 32.950 658
Change ( A - B) 1.256 ( 407) (1.726) ( 877) 1.092
Change in inventories for assets under construction Tot al revenue
and change in inventory Cos ts of assets under construction Purc
has e of materials and services Cos t of labour Other operating
costs Tot al operating costs ( A mor tiz ation, depreciation and
provisions) Change in fair value - increases / (decreases) Tot al
Am or t ., depr., provisions, im pair m e nt and change in fair
value EBIT Incom e from equity investm e nt s Inc ome from equity
investments Financ ial income Financ ial charges Ne t financial
incom e /( char ge s ) PRE- TAX PROFIT Inc ome tax for the period
NET PROFIT FOR THE PERIOD Minorities portion of net profit Par e nt
Com pany's portion of net profit
33.823 1.567 5.558 2.028 1.777 10.930 ( 1.061) ( 483) ( 1.544)
21.349 (173) ( 173) 96 12.213 ( 12.117) 9.059 733 8.326 29
8.355
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
215 ( 211) ( 172) 143 337 97 ( 186) ( 86) ( 272) ( 154) 27 27 ( 50)
2.002 (2.052) (2.179) ( 96) (2.083) 63 (2.020)
Consolidated statement of financial position at 31 March 2012
31/03/2012 ( /000) NON CURRENT ASSETS: Int angible assets -
Intangible assets w ith a finite useful life - Goodw ill Pr ope r t
y, plant and equipm e nt - Real estate assets - Building - Plants
and machinery - Equipment and other goods - Leasehold improvements
- Works in progress Ot he r non-current assets - Prepaid taxes -
Miscellaneous receivables and other non-current assets -
Non-current financial assets TOTAL NON-CURRENT ASSETS (A) CURRENT
ASSETS: 1.779.445 9.531 1.303 2.424 1.416 71.490 1.865.609 20.950
1.688 214 22.852 1.899.961 72.759 5 14.351 6.721 4.393 16.799
115.028 2.014.989 760.661 11.783 772.444 920.999 840 48.813 1.413
20.114 992.179 224.777 10.143 9.361 6.085 250.366 1.242.545
2.014.989 1.779.445 9.592 1.388 2.467 1.460 69.834 1.864.186 19.888
2.177 243 22.308 1.897.999 71.152 7 14.084 11.393 1.704 14.433
112.773 2.010.772 755.241 11.812 767.053 910.432 796 48.366 1.386
20.096 981.076 234.916 13.858 7.869 6.000 262.643 1.243.719
2.010.772 0 ( 61) ( 85) ( 43) ( 44) 1.656 1.423 1.062 ( 489) ( 29)
544 1.962 1.607 ( 2) 267 ( 4.672) 2.689 2.366 2.255 4.217 5.420 (
29) 5.391 10.567 44 447 27 18 11.103 ( 10.139) ( 3.715) 1.492 85 (
12.277) ( 1.174) 4.217 73 11.427 11.500 78 11.427 11.505 ( 5) 0 (
5) (A ) 31/03/2011 ( B) Change ( A - B)
Inven to rie s - works in progress
Inv entor ies Tr ade and other receivables Other current assets
Financ ial receivables and other current financial assets Cas h and
cash equivalents TOTAL CURRENT ASSETS (B) TOTAL ASSETS (A + B) NET
EQUITY: Por tion pertaining to the Parent Company Por tion
pertaining to minorities TOTAL NET EQUITY (C) NON- CURRENT
LIABILITIES: Non- c ur r ent financial liabilities Employ ee
severance indemnity fund (TFR) Def er r ed tax liabilities Pr ov is
ions for risks and future charges Mis c . payables and other
non-current liabilities TOTAL NON-CURRENT LIABILITIES (D) CURRENT
LIABILITIES: Cur r ent financial liabilities Tr ade and other
payables Cur r ent 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 at 31 March 2012
31 03/ 201 / 2 31 03/ 201 / 1
(/000) CA SH FLOW FROM OPERATING ACTIVITIES: Ne t profit for the
period Adjus t m e n ts to reconcile net profit w it h cash flow
generated (absorbed) by operating activities: Capital gains/
(losses) and other non-monetary items Deprec iation, amortization
and provisions (Impairment) /r ev er s al of assets under
construction and goodw ill 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 CASH FLOW FROM OPERATING ACTIVITIES (a) Inv
es tments in fixed assets Div es tments of equity investments in
subsidiaries CASH FLOW FROM INVESTING ACTIVITIES (b) Change in
financial receivables and other current financial assets Change in
translation reserve Pay ment 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
8 .3 2 6 10 . 4 0 9
3.546 1061 . 505 483 (1605) . 1375 . 576 14 . 2 6 7 (2.21 ) 9 18 0
( 2 . 111) 1 5 (2.726) (23) (1 .1 0) 24 5.084 ( 9 .7 9 0 ) 2 .3 6 6
14 . 4 3 3 16 . 7 9 9
3.260 875 368 397 (1 7 ) 9 3.31 7 681 19 . 110 (1 .1 0) 29 0 ( 12 .
19 0 ) (0) (4.1 8) 7 65 (1 .975) 6 (7.21 ) 0 ( 2 8 .2 9 8 ) ( 2 1.
3 7 8 ) 3 2 .2 6 4 10 . 8 8 6
Consolidated net financial position at 31 March 2012
31/03/2012 ( 16.799) ( 4.393) (21.192) 183.134 37.500 2.076 2.067
224.777 203.585 ( 25) ( 189) 10.156 5.651 645.595 220.728 38.869
920.785 1.124.370 (38.680) 31/12/2011 ( 14.433) ( 1.704) ( 16.137)
197.310 35.398 2.142 66 234.916 218.778 ( 41) ( 202) 25.170 5.719
625.304 219.466 34.773 910.189 1.128.968 ( 34.571)
Cas h and cash equivalents Financ ial receivables and other current
financial assets L IQUIDIT Y
Cur r ent financial liabilities Mor tgage loans - current portion
Leas ing current portion Conv er tible bond loan - current
portion CURRENT DEBT CURRENT NET DEBT Non- c ur r ent financial
assets Der iv ativ es - assets Non- c ur r ent financial
liabilities due to other sources of finance Leas ing non-current
portion Non- c ur r ent financial liabilities Conv er tible bond
loan Der iv ativ es - liabilities NON- CURRENT DEBT T OTAL NET DEBT
as per Consob Bulletin n. DEM/6064293/2006 Elimination of the CFH
effect T OTAL AJUSTED NET DEBT
1.085.690
1.094.397
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