PRESS RELEASE IGD SIIQ SPA: THE BOARD OF DIRECTORS APPROVES THE
INTERIM MANAGEMENT STATEMENT AT 30 SEPTEMBER 2013
Results for the first nine months of 2013: Consolidated operating
revenue: 90.5 million (92 million at 30 September 2012) Core
business EBITDA : 62.3 million (64.6 million in the first nine
months of 2012) The Group's net profit : 11 million; the change
with respect to 30 September 2012 (16.1 million) is attributable
above all to the different trend in the fair value of real estate
Funds from Operations (FFO): 26 million; largely unchanged with
respect to 30 September 2012 (27 million) Net debt stable at 1.086
billion (versus 1.086 billion at 30 June 2013); gearing ratio 1.37,
an improvement with respect to the 1.38 posted at 30 June 2013
Bologna, 7 November 2013. Today the Board of Directors of IGD -
Immobiliare Grande Distribuzione SIIQ S.p.A. ("IGD" or the
"Company"), listed on the STAR segment of the Italian Stock
Exchange, in a meeting chaired by Gilberto Coffari, examined and
approved the Consolidated Interim Management Statement at 30
September 2013. "In what is still a difficult market environment
characterized by a persistent situation of generalized crisis and
ever declining consumption, the IGD Group managed to maintain its
economic-financial fundamentals intact, with core business cash
flow generation falling slightly with respect to the prior year. In
the coming months we will focus on sustaining our tenants and
development of the investments already part of the portfolio, while
keeping financial expense under control." Claudio Albertini, IGD
Immobiliare Grande Distribuzione SIIQ S.p.A.'s Chief Executive
Officer stated.
1
Operating income statement at 30 September 2013
"PORTA A MARE" PROJECT 30/09/2012 30/09/2013 %
-1.8% -1.8% -4.3% n.a. 0 0 0 0 63 0 0 0 n.a. n.a. n.a. n.a.
CONSOLI DATED
/000 Rev enues from freehold properties Rev enues from leasehold
properties Rev enues from services Rev enues from trading
CORE BUSINESS %
-1.7% -1.8% -4.3% n.a.
30/09/2012
81,896 6,357 3,913 0
30/09/2013
80,478 6,243 3,745 0
30/09/2012
81,896 6,357 3,913 0
30/09/2013
80,415 6,243 3,745 0
%
Ope ra ting revenues
Direc t costs Pers onnel expenses Inc reas es , cost of sales and
other costs
92,166
(18,423) (2,597) 599
90,466
(18,782) (2,890) 0
-1.8%
1.9% 11.3% -100.0%
92,166
(18,158) (2,597) 0
90,403
(18,497) (2,890) 0
-1.9%
1.9% 11.3% n.a.
0
(265) 0 599
63
(285) 0 0
n. a .
7.8% n.a. -100.0%
Gross Margin
G&A expenses Headquarters personnel costs
71,745
(2,975) (4,117)
68,794
(2,922) (4,197)
-4.1%
-1.8% 2.0%
71,411
(2,722) (4,099)
69,016
(2,572) (4,147)
-3.4%
-5.5% 1.2%
334
(253) (18)
(222)
(350) (50)
-166.3%
38.4% 186.3%
EBITDA
Ebi tda M a r gi n Deprec iation Dev aluation/res tores w ork in
progress and inventories Change in FV Other provisions
64,653
(988) (771) (11,640) 0
61,675
(1,013) (316) (16,812) (94)
-4.6%
2.6% -59.0% 44.4% n.a.
64,590
70.1%
62,297
68.9%
-3.6%
63
(622)
n. a .
EBIT
Financ ial income Financ ial charges
51,254
469 (36,290)
43,440
296 (35,027)
-15.2%
-36.8% -3.5%
Ne t financial income Incom e from equity investments PRE-TAX
INCOME
Inc ome tax for the period
(35,821) (566) 14,867
1,057
(34,731) (490) 8,219
2,496
-3.0% n. a . -13.5% -44.7%
136.1%
NET PROFIT
(Prof it)/los s es related to third parties
15,924
151
10,715
361
-32.7%
139.1%
NET GROUP PROFIT
16,075
11,076
-31.1%
N.B.: Certain cost and revenue items have been reclassified or
offset which explains the difference with respect to the financial
statements. (refer to the information provided relative to the
operating segments).
Principal consolidated results at 30 September 2013 The IGD Group's
consolidated operating revenue amounted to approximately 90.5
million at 30 September 2013, a slight drop (-1.8%) with respect to
the 92.2 million recorded in the same period of the prior year.
Rental income at 30 September 2013 fell by 1.7% with respect to the
same period 2012. In Italy (1.3% like-for-like) the positive trend
for hypermarkets continued (+2.5 % due to indexing and the full
impact of rent step-ups for recently opened hypermarkets), while
malls posted a decline (-3.5%) explained also by the increase in
vacancies which, in some cases, are instrumental to the openings
expected to take place by the end of 2013. The occupancy rate in
Italy is still high, however, coming in at 96.6%. In Romania,
rather, the drop in revenue (-6.2%) is attributable in part to
increased vacancies (due both to the works underway and longer
turnover) and, in part, to the deteriorating market conditions
which resulted in lower rents. Revenue from services amounted to
3.8 million, down (-4.3%) with respect to the same period of the
prior year due primarily to the expiration of two management
mandates. The IGD Group's core business EBITDA amounted to 62.3
million at 30 September 2013 versus 64.6 million at 30 September
2012. This figure reflects the drop in revenue, as well as the
impact of direct tax (IMU) and the increase in condominium fees as
a result of the increased vacancies in the period. Direct costs,
pertaining to the core business and including personnel expenses,
amounted to 21 million, an
2
increase of 3.1% with respect to the same period in the prior year.
Direct costs as a percentage of revenue reached 23.7%. General
expenses for the core business (including payroll costs at
headquarters), reached 6.7 million, a decrease of 1.5% with respect
to the 6.8 million recorded for the first nine months of 2012.
General expenses as a percentage of core business revenue reached
7.4%, unchanged with respect to the prior year. These changes
caused the core business EBITDA margin to drop from the 70.1%
recorded at 30 September 2012 to 68.9%. The IGD Group's EBIT at 30
September 2013 amounted to 43.4 million, compared to 51.2 million
at 30 September 2012 due also to the different trend in the fair
value of real estate and the drop in Ebitda. Net financial expense
dropped in the first nine months of 2013 (-3.0%) from the 35.8
million posted at 30 September 2012 to 34.7 million which resulted
in a lower average cost of debt. The tax burden, current and
deferred, at 30 September 2013 amounted to positive 2.5 million
explained by fair value adjustments. The Group's net profit at 30
September 2013 amounted to 11 million, versus 16.1 million in the
first nine months of 2012. Funds from operations (FFO), which
measures operating cash flow, fell from the 27 million recorded at
30 September 2012 to approximately 26 million at 30 September 2013.
The gearing ratio at the end of the first nine months of 2013 came
to 1.37 (an improvement with respect to the 1.38 recorded at 30
June 2013). The IGD Group's net debt at 30 September 2013 amounted
to 1.086 billion, in line with the 1.086 billion recorded at 30
June 2013.
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.
3
The Interim Management Statement at 31 September 2013 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 one of the main
players 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 circa 1,895.9 million at 30 June 2013, 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 INVE STOR 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 Cristina Fossati, Federica Corbeddu
+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.
4
Please find attached the IGD Group's consolidated income statement,
statement of financial position, statement of cash flows and net
financial position, as well as the operating income statement, at
30 September 2013 1.
Consolidated income statement at 30 September 2013
Consolidated income statement ( /000) Rev enue Other income Tot al
revenue and operating incom e Change in inventories for assets
under construction Tot al revenue and change in inventory Cos ts of
assets under construction Pur c has e of materials and services Cos
t of labour Other operating costs Tot al operating costs ( A mor
tiz ation, depreciation and provisions) ( Impair ment
losses)/Reversals on w or k in progress and inventories 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 Minor ities portion of net profit Par e nt Com pany's
portion of net profit 30/09/2013 (A ) 86,712 3,754 90,466 5,657
96,123 5,657 14,142 6,177 6,843 32,819 ( 2,897) ( 316) ( 16,812) (
20,025) 30/09/2012 ( B) 88,249 3,917 92,166 6,216 98,382 5,617
14,192 5,882 6,462 32,153 ( 2,679) ( 771) ( 11,640) ( 15,090)
Change ( A - B) ( 1,537) ( 163) ( 1,700) ( 559) ( 2,259) 40 ( 50)
295 381 666 ( 218) 455 ( 5,172) ( 4,935) 3Q 2013 ( C) 28,680 1,240
29,920 2,156 32,076 2,156 4,683 1,940 2,305 11,084 ( 991) 0 ( 797)
( 1,788) 3Q 2012 ( D) 29,256 1,297 30,553 2,313 32,866 2,081 4,596
1,855 2,453 10,985 ( 791) 0 ( 717) ( 1,508) Change ( C- D) ( 576) (
57) ( 633) ( 157) ( 790) 75 87 85 ( 148) 99 ( 200) 0 ( 80) (
280)
43,279 (490) ( 490) 296 34,866 ( 34,570) 8,219 ( 2,496) 10,715 361
11,076
51,139 ( 566) ( 566) 469 36,175 ( 35,706) 14,867 ( 1,057) 15,924
151 16,075
( 7,860) 76 76 ( 173) ( 1,309) 1,136 ( 6,648) ( 1,439) ( 5,209) 210
( 4,999)
19,204 0 0 34 11,754 ( 11,720) 7,484 521 6,963 57 7,020
20,373 ( 199) ( 199) 242 11,999 ( 11,757) 8,417 678 7,739 44
7,783
( 1,169) 199 199 ( 208) ( 245) 37 ( 933) ( 157) ( 776) 13 (
763)
1
The Immobiliare Grande Distribuzione Group's Interim Management
Statement and consolidated financial statements at 30 September
2013 are not subject to financial audit by external auditors.
Consolidated statement of financial position at 30 September
2013
Consolidated statement of financial position (/000) NON-CURRENT
ASSETS Intangible assets Intangible assets w ith finite useful
lives Goodw ill Pr ope r ty, plant, and equipm e nt Inv es tment
property Buildings Plant and machinery Equipment and other assets
Leas ehold improvements A s s ets under construction Othe r
non-current assets Def erred tax assets Sundry receivables and
other non-current assets Equity investments Non-c urrent financial
assets Deriv ativ es - assets TOTAL NON-CURRENT ASSETS (A) CURRENT
ASSETS: Work in progress inventory and advances Trade 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: Share capital Share
premium reserve Other reserves Group profit Total Group net equity
Portion pertaining to minorities TOTAL NET EQUITY (C) NON-CURRENT
LIABILITIES: Deriv ativ es - liabilities Non-c urrent financial
liabilities Prov is ion for employee severance indemnities Def
erred tax liabilities Prov is ions for risks and future charges
Sundry 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) 351,808 12,322 2,418
7,543 374,091 1,221,950 1,988,743 330,398 13,154 2,839 7,495
353,886 1,227,347 1,985,456 523,617 12,646 836 6,960 544,059
1,241,063 1,994,629 21,410 ( 832) ( 421) 48 20,205 ( 5,397) 3,287 (
171,809) ( 324) 1,582 583 ( 169,968) ( 19,113) ( 5,886) 38,226
741,943 1,392 44,283 1,590 20,425 847,859 40,289 766,225 1,322
43,797 1,373 20,455 873,461 54,125 574,359 1,191 45,422 1,667
20,240 697,004 ( 2,063) ( 24,282) 70 486 217 ( 30) ( 25,602) (
15,899) 167,584 201 ( 1,139) ( 77) 185 150,855 325,052 147,730
243,465 39,231 755,478 11,315 766,793 325,052 147,730 241,744
32,211 746,737 11,372 758,109 311,569 147,730 240,938 41,653
741,890 11,676 753,566 0 0 1,721 7,020 8,741 ( 57) 8,684 13,483 0
2,527 ( 2,422) 13,588 ( 361) 13,227 82,135 14,247 4,437 291 6,809
107,919 1,988,743 80,122 15,268 4,279 353 9,289 109,311 1,985,456
78,039 14,972 3,144 775 7,545 104,475 1,994,629 2,013 ( 1,021) 158
( 62) ( 2,480) ( 1,392) 3,287 4,096 ( 725) 1,293 ( 484) ( 736)
3,444 ( 5,886) 27,132 2,432 356 813 112 30,845 1,880,824 27,514
2,899 306 793 125 31,637 1,876,145 29,280 3,828 304 25 150 33,587
1,890,154 ( 382) ( 467) 50 20 ( 13) ( 792) 4,679 ( 2,148) ( 1,396)
52 788 ( 38) ( 2,742) ( 9,330) 1,736,115 9,166 1,257 1,820 1,347
88,749 1,838,454 1,736,115 9,228 1,353 1,947 1,399 82,937 1,832,979
1,754,550 9,349 1,271 2,179 1,317 76,376 1,845,042 0 ( 62) ( 96) (
127) ( 52) 5,812 5,475 ( 18,435) ( 183) ( 14) ( 359) 30 12,373 (
6,588) 98 11,427 11,525 102 11,427 11,529 98 11,427 11,525 ( 4) 0 (
4) 0 0 0 30/09/2013 (A ) 30/06/2013 (B) 31/12/2012 (C) Change (A
-B) Change (A -C)
Consolidated statement of cash flows at 30 September 2013
CONSOLIDA T ED STA T EM EN T OF CA SH FLOWS (In tho us ands o f
Euro ) 30/ 09/ 201 3 30/ 09/ 201 2
C A SH FLOW FROM OP ER A T IN G A C T IVIT IES: P re-t ax pro f it
fo r the perio d A d j u s t m e n t s t o re c o n c i l e ne t
pro f i t wit h t h e c a s h f l o w ge n e r a t e d ( a b s o r
b e d ) in t h e pe r i o d : N o n-m o net ary items D eprec iat
io n, amo rt izat io n and pro v is io ns (Im pairm ent )/ rev ers
al o f assets under co ns t ruc t io n and invento ries C hange in
fair value o f investment pro pert y Equit y investments C A S H F
LO W F R O M O P E R A T IN G A C T IV IT IE S Inc o m e tax C A S
H F LO W F R O M O P E R A T IN G A C T IV IT IE S N E T O F T A X
C hange in invento ries N et change in current assets and
liabilities N et change in no n-c urrent assets and liabilities C A
S H F LO W F R O M O P E R A T IN G A C T IV IT IE S Inv es t m ent
s in no n-c urrent assets D iv es t m ent s o f no n-c urrent
assets Equit y investments in subsidiaries C A S H F L O W F R O M
IN V E S T I N G A C T I V I T I E S ( b ) C hange in no n-c urrent
financial assets C hange in financial receivables and o t her
current financial assets D iv idend reinvestment o pt io n P aym
ent o f dividends C hange in current debt C hange in no n-c urrent
debt C A S H F LO W V R O M F IN A N C IN G A C T IV IT IE S ( c )
D if f erenc e in translatio n o f liqudity N E T IN C R E A S E (
D E C R E A S E ) IN C A S H B A L A N C E C A S H B A LA N C E A T
B E G IN N IN G O F T H E P E R IO D C A S H B A LA N C E A T E N D
O F T H E P E R IO D 8,548 2,898 31 6 1 ,81 62 3 3 6 ,7 9 6 (939) 3
5 ,8 5 7 (5,287) (2,085) 1625 , 3 0 , 110 (1 ,221 4 ) 0 (55) ( 14 ,
2 7 6 ) (788) 484 1 ,091 3 (22,333) (1 5,21 ) 7 5 1 8,205 6 ( 16 ,
5 5 6 ) (1 ) 4 (736) 7 ,5 4 5 6 ,8 0 9 6,836 2,679 771 1 ,640 1 557
3 7 ,3 5 0 (11 2) ,1 3 6 ,2 3 8 (5,690) (2,882) 141 ,4 2 9 ,0 8 0
(9,332) 386 (1 8) 0 ( 9 ,0 5 4 ) 1 6 (1830) , 1 ,71 21 (23,862)
94,344 (1 1420) 0, ( 2 0 , 0 4 1) (82) (97) 14 , 4 3 3 14 , 3 3 6 8
, 2 19 14 , 8 6 7
Consolidated net financial position at 30 September 2013
NET FINANCIAL POSITION 30/09/2013 30/06/2013 31/12/2012 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 Non-current financial liabilities due to other sources of
finance Leasing non-current portion Non-current financial
liabilities Convertible bond loan NON-CURRENT DEBT NET FINANCIAL
POSITION (6,809) (291) (7,100) 199,183 42,395 282 109,948 351,808
344,708 (813) 4,217 5,232 590,677 141,817 741,130 1,085,838 (9,289)
(353) (9,642) 181,109 42,236 279 106,774 330,398 320,756 (793)
4,366 5,303 614,932 141,624 765,432 1,086,188 (7,545) (775) (8,320)
181,821 116,836 275 224,685 523,617 515,297 (25) 8,081 5,444
560,834 0 574,334 1,089,631
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