PRESS RELEASE IGD SIIQ SPA: THE BOARD OF DIRECTORS APPROVES THE
INTERIM MANAGEMENT STATEMENT AT 30 SEPTEMBER 2015. Main results for
the first nine months of 2015: Group net profit: 30.4 million (vs.
7.1 million in the first nine months of 2014); Core business funds
from operations (FFO): 33.4 million, +32.7% against 30 September
2014; Core business revenue: 93.8 million, +4.3% against the first
nine months of 2014; Loan To Value 47.9%; average cost of debt
3.79%; Financial occupancy: Italy 96.2%, Romania 92.3%; Sales of
retailers in Italian malls up markedly: + 7.3%; footfalls in malls
+1.3%;
Bologna, 10 November 2015. Today the Board of Directors of IGD -
Immobiliare Grande Distribuzione SIIQ S.p.A. ("IGD" or the
"Company"), one of the main players in Italy's retail real estate
market and listed on the STAR segment of the Italian Stock Exchange
examined and approved the Consolidated Interim Management Statement
at 30 September 2015 during a meeting chaired by Gilberto Coffari.
"We have achieved very satisfying results in these past nine
months, posting further improvement in the key financial
performance indicators" Claudio Albertini, IGD Immobiliare Grande
Distribuzione SIIQ S.p.A.'s Chief Executive Officer stated. "The
recovery in consumption appears to be stabilizing and we are
reporting our seventh consecutive quarter of growth in tenant
sales, as well as in the traffic at our shopping centers. We are
proceeding with the execution of our 2015-2018 Business Plan as
forecast which is allowing us to strengthen our role as a key
player in Italy's retail real estate market. At the same time, we
are also carefully monitoring the Italian real estate market and
are ready to take advantage of any further development
opportunities that might materialize in order to continue along our
growth path".
Operating income statement at 30 September 2015.
CONSOLIDATED /000 Revenues from freehold real estate and rental
activities Revenues from leasehold and real estate rental
activities Total revenues from real estate and rental activities
Revenues from services Revenues from trading OPERATING REVENUES
30/09/2014 76,628 9,586 86,214 3,952 1,640 91,806 30/09/2015 81,038
9,228 90,266 3,811 1,570 95,647 D% 5.8% -3.7% 4.7% -3.6% -4.2% 4.2%
30/09/2014 76,425 9,586 86,011 3,952 0 89,963 CORE BUSINESS
30/09/2015 80,790 9,228 90,018 3,811 0 93,829 D% 5.7% -3.7% 4.7%
-3.6% n.a. 4.3% PORTA A MARE PROJECT 30/09/2014 203 0 203 0 1,640
1,843 30/09/2015 248 0 248 0 1,570 1,818 D% 21.8% n.a. 21.8% n.a.
-4.2% -1.4%
INCREASES, COST OF SALES AND OTHER COST Rents and payable leases
Personnel expenses Direct costs DIRECT COSTS GROSS MARGIN
Headquarters personnel G&A expenses G&A EXPENSES EBITDA
Ebitda Margin Other provisions Impairment and fair value
adjustments Depreciations DEPRECIATIONS AND IMPAIRMENTS EBIT NET
FINANCIAL RESULT EXTRAORDINARY MANAGEMENT PRE-TAX INCOME Taxes NET
PROFIT FOR THE PERIOD (Profit)/Loss for the period related to third
parties GROUP NET PROFIT
(1,363) (8,432) (2,679) (12,623) (23,734) 66,709 (4,502) (3,118)
(7,620) 59,089 64.4% (94) (14,117) (1,087) (15,298) 43,791 (34,541)
120 9,370 (2,691) 6,679 377 7,056
(1,467) (7,552) (2,780) (12,860) (23,192) 70,988 (4,562) (3,250)
(7,812) 63,176 66.1% (162) (1,717) (943) (2,822) 60,354 (29,981)
(137) 30,236 (19) 30,217 215 30,432
7.6% -10.4% 3.8% 1.9% -2.3% 6.4% 1.3% 4.2% 2.5% 6.9%
0 (8,432) (2,679) (12,321) (23,432) 66,531 (4,423) (2,723) (7,146)
59,384 66.0%
0 n . a. (7,552) (2,780) (12,592) (22,924) 70,906 (4,506) (2,967)
(7,473) 63,431 67.6% -10.4% 3.8% 2.2% -2.2% 6.6% 1.9% 8.9% 4.6%
6.8%
(1,363) 0 0 (302) (302) 178 (79) (395) (474) (295)
(1,467) 0 0 (268) (268) 82 (56) (283) (339) (257)
7.6% n.a. n.a. -11.3% -11.3% -53.7% -28.9% -28.4% -28.4% -13.0%
73.1% -87.8% -13.2% -81.6% 37.8% -13.2% n . a. n . a. -99.3% n . a.
-43.1% n . a.
N.B.: Certain cost and revenue items have been reclassified or
offset which explains the difference with respect to the financial
statements.
Principal consolidated results at 30 September 2015 The shopping
centers continued to perform well in the first nine months of 2015
with retailers' sales at Italian shopping centers rising 7.3%
(including the extensions, the seventh consecutive quarter of
growth) and footfalls rising 1.3% versus a 0.2% drop on a national
level based on the Italian Council of Shopping Center's latest
statistics; in Romania, footfalls increased (+1.7%) due also to a
decrease in the construction work underway. The financial occupancy
in Italy was unchanged against June 2015 at 96.2% (average for
malls and hyper), while it improved noticeably in Romania (92.3%
versus 88.9% at 30/06/2015). Core business revenue reached 93.8
million, an increase of 4.3% against the same period of the prior
year. Core business rental income rose 4.7% against the same period
2014 to 90.0 million; the change is explained primarily by: for 4.8
million, the new openings made in 2014 like the Centro d'Abruzzo
extension, the first retail spaces at Piazza Mazzini in Livorno,
the reformatted Le Porte di Napoli center, the inauguration of
Clodì Retail Park in May 2015 and the acquisition of a portfolio of
core real estate assets in October 2014 post-capital increase;
like-for-like revenue in Italy which, net of the strategic or
planned vacancies, was largely unchanged for both hypermarkets and
malls:
for -821 thousand, by like-for-like strategic vacancies (vacant
space which has already been pre-let, but where new layouts are
being completed), sale of the City Center property on via Rizzoli
at the end of May 2015 and other minor changes;
for 332 thousand by an increase in like-for-like revenue in Romania
(+5.5%) linked to the pre-letting carried out in the period
(average upside +0.3%). The vacancies needed to proceed with the
investment plan and other changes caused revenue to fall by-317
thousand
As for the Porta a Mare project, the income generated by the rental
of offices at Palazzo Orlando reached 248 thousand, while revenue
from trading (relating to the sale of five residential units, 5
garages and 1 parking place) amounted to 1.6 million. Core business
Ebitda amounted to 63.4 million, an increase of 6.8% against 30
September 2014, while total Ebitda rose 6.9% to 63.2 million. The
core business Ebitda Margin came to 67.6%, while the Ebitda Margin
for freehold properties reached 77.6%. Ebit came to 60.3 million,
an increase of 37.8% against the same period 2014, due primarily to
a drop in writedowns and negative fair value adjustments. Net
financial expense fell considerably against 30 September 2014,
coming in at 30.2 million (-4.6 million) and the average cost of
debt came to 3.79% (vs. 3.88% at June 2015). The change is linked
primarily to the decrease in financial payables as a result of the
capital increase completed year-end 2014 which made it possible to
extinguish a few loans. The use of short term credit lines fell, as
did the spreads applied to both short term credit lines and
refinanced mortgages, along with Euribor. The bond swap completed
in April 2015 also helped to reduce financial expense. The Group's
portion of net profit amounted to 30.4 million, a significant
increase against the 7 million recorded in the same period 2014.
Funds from Operations (FFO) rose 32.7% against the first nine
months of 2014 to 33.4 million. The IGD Group's net financial
position improved further against the prior year, reaching 931.4
million versus 937.9 million at 30 June 2015. Capital structure
ratios like the gearing ratio, which went from the 0.95 posted at
30 June 2015 to 0.94, and loan to value, which reached 47.9%
against 48.3% at 30 June 2015, improved slightly.
This document is available on IGD's website,
http://www.gruppoigd.it/Governance, as well as at the Company's
registered offices, at Borsa Italiana S.p.A. and the authorized
storage mechanism provided through www.emarketstorage.com.
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.
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 1,942.38 million at 30 June 2015, comprised of, in Italy,
25 hypermarkets and supermarkets, 20 shopping malls and retail
parks, 1 city center, 2 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 14 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 clazorzettoudia.contarini@gruppoigd.it FEDERICA
PIVETTI IR Assistant +39 051 509242 federica.pivetti@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.
Please find attached the IGD Group's income statement, statement of
financial position, statement of cash flows and net financial
position, as well as the operating income statement at 30 September
20151.
1
The Immobiliare Grande Distribuzione Group's Interim Management
Statement and consolidated financial statements at 30 September
2015 are not subject to financial audit by external auditors.
Consolidated income statement at 30 September 2015
Consolidated income statement (in thousands of Euro) Revenue Other
income Revenue from property sales Tota l revenue and operating
income Change in work in progress inventory Tota l revenue and
change in inventory Cos t of work in progress Purc has e of
materials and services Cos t of labour Other operating costs Tota l
operating costs 30/09/2015 (A) 90,266 3,811 1,570 95,647 -728
94,919 707 16,444 6,457 7,089 30,697 -2,151 -1,327 -390 -3,868
30/09/2014 (B) 86,207 4,066 1,533 91,806 -702 91,104 608 17,071
6,397 6,942 31,018 -2,331 -1,673 -12,445 -16,449 Change (A-B) 4,059
-255 37 3,841 -26 3,815 99 -627 60 147 -321 180 346 12,055 12,581
3Q 2015 (C) 30,359 1,260 684 32,303 -308 31,995 338 5,124 1,910
2,226 9,598 -790 0 -1,314 -2,104 3Q 2014 (D) 28,473 1,249 255
29,977 -130 29,847 87 5,660 2,062 2,331 10,140 -803 0 -363 -1,166
Change (C-D) 1,886 11 429 2,326 -178 2,148 251 -536 -152 -105 -542
13 0 -951 -938
(Deprec iation, amortization and provisions) (Impairment
losses)/Reversals on work in progress and inventories Change in
fair value - increases / (decreases) Tota l depreciation,
amortization, provisions, impairment and change in fair value EBIT
Ga ins/losse s from equity investments and disposals Financ ial
income Financ ial charges Ne t financial income/(charges) PRE-TAX
PROFIT Inc ome tax for the period NET PROFIT FOR THE PERIOD
Minorities portion of net profit Pa re nt Company's portion of net
profit
60,354 -37 32 30,113 -30,081 30,236 19 30,217 215 30,432
43,637 120 80 34,467 -34,387 9,370 2,691 6,679 377 7,056
16,717 -157 -48 -4,354 4,306 20,866 -2,672 23,538 -162 23,376
20,293 124 10 9,809 -9,799 10,618 625 9,993 29 10,022
18,541 0 20 11,639 -11,619 6,922 4,363 2,559 43 2,602
1,752 124 -10 -1,830 1,820 3,696 -3,738 7,434 -14 7,420
Consolidated statement of financial position at 30 September
2015
Consolidated statement of financial position (in thousands of Euro)
NON-CURRENT ASSETS Inta ngible assets Intangible assets with finite
useful lives Goodwill Prope rty, plant, and equipment Inves tment
property Buildings Plant and machinery Equipment and other assets
Leas ehold improvements As s ets under construction Othe r
non-current assets Deferred tax assets Sundry receivables and other
non-current assets Equity investments Non-c urrent financial assets
Derivatives - assets TOTAL NON-CURRENT ASSETS (A) CURRENT ASSETS: W
ork 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) Non-curre nt assets held for sale (C) TOTAL ASSETS (A + B + C)
NET EQUITY: Share capital Share premium reserve Other reserves
Group profit Tota l Group net equity Portion pertaining to
minorities TOTAL NET EQUITY (D) NON-CURRENT LIABILITIES:
Derivatives - liabilities Non-c urrent financial liabilities Provis
ion for employee severance indemnities Deferred tax liabilities
Provis ions for risks and future charges Sundry payables and other
non-current liabilities TOTAL NON-CURRENT LIABILITIES (E) CURRENT
LIABILITIES: Current financial liabilities Trade and other payables
Current tax liabilities Other current liabilities TOTAL CURRENT
LIABILITIES (F) TOTAL LIABILITIES (G = E + F) TOTAL NET EQUITY AND
LIABILITIES (D + G) 151,468 12,478 2,816 5,875 172,637 1,054,836
2,022,791 148,958 19,247 3,106 5,862 177,173 1,064,840 2,022,982
108,150 15,034 954 5,919 130,057 1,073,253 2,034,071 2,510 ( 6,769)
( 290) 13 ( 4,536) ( 10,004) ( 191) 43,318 ( 2,556) 1,862 ( 44)
42,580 ( 18,417) ( 11,280) 36,558 794,488 2,164 24,180 4,041 20,768
882,199 36,047 800,810 2,073 24,155 3,775 20,807 887,667 43,961
850,466 1,910 24,730 1,827 20,302 943,196 511 ( 6,322) 91 25 266 (
39) ( 5,468) ( 7,403) ( 55,978) 254 ( 550) 2,214 466 ( 60,997)
549,760 39,971 324,650 43,200 957,581 10,374 967,955 549,760 39,971
324,830 33,178 947,739 10,403 958,142 549,760 147,730 231,818
20,921 950,229 10,589 960,818 0 0 ( 180) 10,022 9,842 ( 29) 9,813 0
( 107,759) 92,832 22,279 7,352 ( 215) 7,137 67,820 13,830 3,454 151
13,348 98,603 2,022,791 68,186 16,795 4,389 151 10,661 100,182
2,022,982 69,355 15,566 3,623 151 15,242 103,937 28,600 2,034,071 (
366) ( 2,965) ( 935) 0 2,687 ( 1,579) 0 ( 191) ( 1,535) ( 1,736) (
169) 0 ( 1,894) ( 5,334) ( 28,600) ( 11,280) 7,510 66 5,003 1,022
18 13,619 1,924,188 7,463 77 4,916 1,052 28 13,536 1,922,800 9,722
75 408 1,128 49 11,382 1,901,534 47 ( 11) 87 ( 30) ( 10) 83 1,388 (
2,212) ( 9) 4,595 ( 106) ( 31) 2,237 22,654 1,832,410 8,679 321
1,847 1,341 53,229 1,897,827 1,832,410 8,741 372 1,966 1,408 51,631
1,896,528 1,782,283 8,861 473 2,098 1,514 82,179 1,877,408 0 ( 62)
( 51) ( 119) ( 67) 1,598 1,299 50,127 ( 182) ( 152) ( 251) ( 173) (
28,950) 20,419 80 12,662 12,742 74 12,662 12,736 82 12,662 12,744 6
0 6 ( 2) 0 ( 2) 30/09/2015 (A) 30/06/2015 (B) 31/12/2014 (C) Change
(A-B) Change (A-C)
Consolidated statement of cash flows at 30 September 2015
CONSOLIDATED STATEMENT OF CASH FLOWS (In thousands of Euro)
30/09/201 5 30/09/201 4
CASH FLOW FROM OPERATING ACTIVITIES: Pre-tax profit for the period
Ad j u stmen ts to reconcile net profit with the cash flow
generated (absorbed) in the period: Non-monetary items
Depreciation, amortization and provisions (Impairment
losses)/Reversals on work in progress and inventories Change in
fair value of investment property Gains/losses from equity
investments and disposals CAS H FLOW FROM OPERAT I O NS Income tax
CAS H FLOW FROM OPERAT I O NS NET OF T AX Change in inventories Net
change in current assets and liabilities Net change in non-current
assets and liabilities CAS H FLOW FROM OPERAT I NG ACT I V I T I E
S (a) Investments in non-current assets Divestments of non-current
assets Equity investments in subsidiaries CAS H FLOW FROM INVEST I
NG ACT I V I T I E S (b) Change in non-current financial assets
Change in financial receivables and other current financial assets
Dividend reinvestment option Sale of treasury shares Capital
increase Payment of dividends Change in current debt Change in
non-current debt CAS H FLOW FROM FINANCING ACT I V I T I E S (c)
Dif f erence in translation of liqudity (d) NE T INCREASE
(DECREASE) IN CASH BALANCE (a)+(b)+(c)+(d) CAS H BALANCE AT
BEGINNING OF T HE PERIOD CAS H BALANCE AT END OF T HE PERIOD (484)
2,1 2 5 1327 , 390 90 33,711 (772) 32, 939 799 631 520 34, 889
(22,549) 28,577 (4,384) 1, 644 16 0 0 0 0 (1 8) 0 (28,363) 47,844
(57,91 ) 4 ( 38, 435) 8 ( 1, 894) 15, 242 13, 348 2,438 2,332 1673
, 1 ,445 2 (1 0) 2 28, 138 (883) 27, 255 71 3 (1 7) 8 969 28, 750
(28,264) 46,890 (1 0) 0 18, 526 (1 6) 6 20 1 ,693 3 1 ,050 2 0
(22,620) (1 7,81 ) 5 3 1 1826 1, ( 43, 010) 26 4, 292 8, 446 12,
738 30, 236 9, 370
Consolidated net financial position at 30 Septembe 2015
NET FINANCIAL POSITION 30/09/2015 Cas h and cash equivalents Financ
ial receivables and other current financial assets LI QUIDITY
Current financial liabilities Mortgage loans - current portion Leas
ing current portion Convertible bond loan - current portion
CURRENT DEBT CURRENT NET DEBT Non-c urrent financial assets Non-c
urrent financial liabilities due to other sources of finance Leas
ing non-current portion Non-c urrent financial liabilities
Convertible bond loan NON-CURRENT DEBT NET FINANCIAL POSITION
(13,348) (151) (13,499) 90,556 55,046 300 5,566 151,468 137,969
(1,022) 563 4,640 507,427 281,858 793,466 931,435 30/06/2015
(10,661) (151) (10,812) 90,021 55,460 298 3,179 148,958 138,146
(1,052) 750 4,716 513,977 281,367 799,758 937,904 31/12/2014
(15,242) (151) (15,393) 33,210 66,708 293 7,939 108,150 92,757
(1,128) 1,125 4,867 553,293 291,181 849,338 942,095
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