PRESS RELEASE IGD SIIQ SPA: THE BOARD OF DIRECTORS APPROVES THE
DRAFT SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS AT 31 DECEMBER
2015 GROWTH PATH CONFIRMED IN 2015 Group net profit: 45.6 million
(versus 7.3 million at 31 December 2014); Funds from Operations
(FFO): 45.1 million (0.056 per share), +28.5%; Solid operating
results: retailers' sales in Italian malls up by 6.7%, occupancy
improves (96.9% Italy; 93.9% Romania); Market value of freehold
assets: 2,082.01 million (+ 6.7%); EPRA NNNAV per share: 1.25
(+1.6%); Dividend of 0.04 per share proposed.
Other resolutions: Calling of the Annual General Meeting. Co-option
of Luca Dondi dall'Orologio as independent director. Approval of
the annual Report on Corporate Governance and Ownership Structure.
Approval of the Compensation Report. Authorization for the purchase
and disposal of treasury shares. Calling of the Annual General
Meeting.
Bologna, 3 March 2016. Today, in a meeting chaired by Gilberto
Coffari, the Board of Directors of IGD Immobiliare Grande
Distribuzione SIIQ S.p.A. ("IGD" or the "Company"), a major player
in Italy's retail property market and listed on the STAR segment of
the Italian Stock Exchange, examined and approved the draft
separate and consolidated financial statements at 31 December 2015.
"2015 closed with results that were better than expected, including
with respect to the Business Plan forecasts. We recorded excellent
trends in sales and footfalls, in both Italy and Romania, and
increased occupancy rates. The positive conditions of the financial
market were taken advantage of in order to lower the cost of debt
and we will continue to move in this direction over the next few
months. The Group continued, therefore, to create value as
demonstrated by the higher recurring results and NNNAV per share,
as well as the proposed dividend", Claudio Albertini, IGD
Immobiliare Grande Distribuzione SIIQ S.p.A.'s Chief Executive
Officer stated. "We also took advantage of an important opportunity
to provide our shareholders with extra growth and, in December,
acquired the Puntadiferro mall in Forlì. This transaction, along
with the development projects that we are working on, like the new
center in Grosseto that will open in the second half of the year,
and the positive market trends, allow us to be optimistic about the
results for 2016, as well."
Operating income statement at 31 December 2015.
CONSOLIDATED /000 31/12/2014 31/12/2015 Re ve nue s from freehold
real estate and rental activities 102.907 108.865 Re ve nue s from
leasehold real estate and rental activities 12.713 12.277 Total
revenues from real estate and rental activities 115.620 121.142 Re
ve nue s from services 5.141 5.085 Re ve nue s from trading 1.645
2.289 OPERATING REVENUES 122.406 128.516 COST OF SALES AND OTHER
COSTS Re nts and payable leases Pe rsonne l expenses Di re ct costs
DIRECT COSTS GROSS MARGIN He adquarte rs personnel G&A Expenses
G&A EXPENSES EBITDA
Ebitda Margin
D% 5,8% (3,4)% 4,8% (1,1)% 39,1% 5,0% 60,2% (9,0)% 4,2% 1,5% (1,9)%
6,6% 1,8% 4,8% 3,1% 7,0% n.a. n.a. (10,6)% (99,4)% 55,5% (12,1)%
n.a. n.a. n.a. n.a. 73,7% n.a.
CORE BUSINESS 31/12/2014 31/12/2015 102.633 108.512 12.713 12.277
115.346 120.789 5.141 5.085 0 0 120.487 125.874 0 (11.068) (3.619)
(16.409) (31.096) 89.391 (5.991) (4.150) (10.141) 79.251
65, 8%
PORTA A MARE PROJECT D% 31/12/2014 31/12/2015 5,7% 274 353 (3,4)% 0
0 4,7% 274 353 (1,1)% 0 0 n.a. 1.645 2.289 4,5% 1.919 2.642 n.a.
(9,0)% 4,2% 1,4% (2,0)% 6,7% 2,4% 8,7% 5,0% 6,9% (1.361) 0 0 (366)
(366) 192 (105) (523) (628) (437) (2.181) 0 0 (380) (380) 82 (74)
(386) (460) (378)
D% 28,9% n.a. 28,9% n.a. 39,1% 37,7% 60,2% n.a. n.a. 3,8% 3,8%
(57,4)% (29,9)% (26,1)% (26,8)% (13,5)%
(1.361) (11.068) (3.619) (16.775) (31.462) 89.583 (6.096) (4.673)
(10.769) 78.814
64, 4%
(2.181) (10.068) (3.771) (17.021) (30.860) 95.475 (6.208) (4.898)
(11.106) 84.369
65, 6%
0 (10.068) (3.771) (16.641) (30.480) 95.393 (6.134) (4.512)
(10.646) 84.747
67, 3%
Othe r provisions Impai rme nt and Fair Value adjusment De pre ci
ati ons DEPRECIATIONS AND IMPAIRMENTS EBIT FINANCIAL MANAGEMENT
EXTRAORDINARY MANAGEMENT PRE-TAX INCOME Tax e s NET PROFIT FOR THE
PERIOD (Profi t)/Loss for the period related to third parties GROUP
NET PROFIT
(125) (23.101) (1.414) (24.640) 54.174 (44.792) (16) 9.366 (2.317)
7.049 253 7.302
(411) 1.538 (1.264) (137) 84.232 (39.392) 50 44.890 310 45.200 439
45.639
N.B.: Certain cost and revenue items have been reclassified or
offset which explains the difference with respect to the financial
statements.
EXCELLENT OPERATING PERFORMANCES The shopping centers continued to
perform well in 2015 with retailers' sales at Italian shopping
centers rising 6.7% (+4.6% excluding the mall extensions) and
footfalls up by 1.6%; these results are supported by the domestic
market conditions which have improved on several fronts (GDP,
consumption, consumer and business confidence, industrial
production). Footfalls increased (+2.2%) in Romania where the
general market conditions were particularly positive (GDP +3.6% and
consumption +5%). Occupancy improved in Italy (the average for
malls and hypermarkets reached 96.9%) and, above all, in Romania
(rising from 86.4% to 93.9%). The IGD Group's activities moved
forward with great intensity in the year: in terms of operations
and asset management, in May the new Clodì retail park (a retail
park comprising a mall and a hypermarket with a total GLA of 16.900
m ) was opened in Chioggia (VE); restyling was also completed at
two of the Group's important centers, namely Centro Sarca in Milan
and Centro Borgo in Bologna (in both instances extensive work was
done on both the exteriors and interiors of the centers), as was
the remodeling of the La Torre Shopping Center in Palermo (with the
introduction of a multi-screen cinema and optimization of the food
court); of note, lastly, was the sale in May of the real estate
complex on Via Rizzoli, in the historic heart of Bologna, for
approximately 29 million.
2
The purchase by IGD at the end of December of the Puntadiferro mall
in Forlì was also of great strategic importance. The performance of
this 97 unit mall which recorded almost 5 million footfalls in
2015, has an occupancy of 100%, as well as an excellent tenant and
merchandising mix, guaranteed by the presence, among other tenants,
of primary international retailers, is extremely significant for
the Group. The mall is also located in an area that is strategic as
the Group owns and manages several shopping centers in nearby
cities.
SUBSTANTIAL FINANCIAL RESULTS (FFO + 28.5%) Core business revenue
amounted to 125.9 million, an increase of 4.5% against the same
period of the prior year. Rental income reached 121.1 million, an
increase of 4.8% with respect to the same period 2014; the growth
is explained by: an increase in like-for-like (+0.3%) revenue in
Italy. Malls were up (+0.4%) and hypermarkets were in line with the
prior year. 151 leases were renewed and renegotiated in the period
at conditions in line with the previous ones; for approximately 6
million, by an increase in revenue not like-for-like; higher
like-for-like revenue in Romania (+6.1%), supported by the positive
results of pre-letting (occupancy +7.5 percentage points) and
renegotiations (average upside +3.7%) completed in the period. The
vacancies needed to proceed with the investment plan and other
changes, rather, caused revenue to fall by 150,000; the decrease in
revenue (-1.2 million) linked to the sale of the City Center
property on via Rizzoli at the end of May 2015, and other minor
changes (including strategic vacancies in the like-for-like
perimeter and non-recurring revenue connected to indemnities
received in 2014).
As for other sources of revenue, revenue from services dropped
slightly (-1.1% or approximately 60,000): the decrease is
attributable to the drop in pilotage revenue (for approximately
250,000) linked primarily to the presence in 2014 of the business
generated by the Centro d'Abruzzo expansion. Revenue for Facility
Management amounted to 4.7 million, an increase of 2.8% as a result
primarily of the new Chioggia mandate (May 2015), as well as the
full year contributions of the Centro d'Abruzzo and Piazza Mazzini
extensions. The Porta a Mare project generated revenue from trading
of 2.3 million as a result of the sale of seven residential units
and appurtenances, versus five residential units and appurtenances
in the prior year.
Core business Ebitda amounted to 84.8 million, up 6.9% against 31
December 2014. Operating costs fell as a percentage of core
business revenue, while the core business Ebitda Margin rose by 150
basis points to 67.3%. Ebit came to 84.2 million, an increase of
55.5% against the same period 2014 due, in addition to the positive
performance in EBITDA, to the positive impact of writedowns and
fair value adjustments (+ 1.5 million).
A positive contribution also came from net financial expense which
benefitted from the favorable market conditions that were taken
advantage of to reduce the cost of debt, as well as the drop in
financial payables linked to the capital increase completed
year-end 2014. The transactions of note completed in the period
include the Bond Swap, which resulted of the issue in April of a
new 162 million bond, coupon 2.65%, due 2022, offered in exchange
for two prior issues (144.9 million, 4.335% May 2017 and 150
million, 3.875% January 2019), the refinancing of two mortgage
loans and the new short-term credit lines obtained at historically
low spreads (approx. 0.3%). The average cost of debt came to 3.67%,
down significantly against the 4.03% recorded in 2014 and Interest
Cover Ratio reached 2.15x, higher than the 1.77x posted in 2014.
The Group's portion of net profit amounted to 45.6 million, a
decided increase against the 7.3 million recorded in 2014. More
significant than the comparison with net profit and core business
revenue is the trend in FFO (Funds from Operations) which rose
28.5% against 31 December 2014 to 45.1 million (0.056 per
share).
SOLID FINANCIAL PROFILE The EPRA NNNAV reached 1,012 million or
1.25 per share, an increase of +1.6% against the 1.23 p.s. posted
in 2014. If, however, the new shares issued as a result of the
December 2015 capital increase are considered, the adjusted NNNAV
p.s. reaches 1.13 and growth comes to 10.4%. The market value of
the IGD Group's real estate portfolio reached 2,082 million, an
increase of 6.7% with respect to 31 December 2014: the main changes
are explained by the acquisition of the Puntadiferro mall in Forlì
and the disposal of the city center property on via Rizzoli in
Bologna for 29.4 million. In Italy hypermarkets rose 2.8% (+16.6
million) and the gross initial yield came to 6.34%; malls posted an
increase of 2.1% (+20.2 million) and a gross initial yield of
6.33%. The market value of the Romanian portfolio at 31 December
2015 was 170.6 million, down with respect to the 175.3 million
recorded at 31/12/2014, with a gross initial yield to 6.22%
Financial ratios improved with the Loan to Value coming in at 47.3%
and the gearing ratio at 0.93x. Net debt amounted to 984.8 million,
an increase against 31 December 2014 (942.0 million) linked to the
investments and acquisitions made during the year.
OUTLOOK 2016 In light of the persistence of the positive market
conditions in Italy and Romania, the Company expects to continue
along its growth path and to post higher revenue driven by the
like-for-like perimeter, the full year contributions of the
acquisitions and openings made in 2015, as well as the first
results posted by the new openings made in 2016. Steps will also
continue to be made to further reduce the cost of debt.
The Company, therefore, estimates that FFO will grow between 13%
and 15 %.
DIVIDEND IGD's Board of Directors will propose that the
shareholders, meeting in ordinary session, approve a dividend of
0.04 per share. In 2014 IGD paid a divided of 0.0375 per share
which, adjusted to reflect the issue of new shares linked to
December's capital increase reaches 0.035: the increase in the
dividend against the prior year, therefore, amounts to 14.3%. The
dividend yield, based on the stock price recorded at year-end 2015,
comes to 4.5%.
OTHER RESOLUTIONS Calling of the Annual General Meeting IGD's Board
of Directors also resolved to convene the Company's Annual General
Meeting in ordinary session on 14 April 2016, at 10:00 a.m., at the
Company's headquarters in Bologna, in first call and, if necessary,
in second call on 15 April 2016, same time and place, to resolve on
the following agenda: 1. Separate financial statements at
31.12.2015; Directors' report on operations; External auditors'
report; Report of the Board of Statutory Auditors; Presentation of
the consolidated financial statements at 31.12.2015; Allocation of
the net income and distribution of the dividend to Shareholders;
related and consequent resolutions 2. 3. 4. Report on compensation
in accordance with Art. 123-ter, paragraph 6, of Legislative Decree
n. 58/98; related and consequent resolutions Authorization to buy
and sell treasury shares; related and consequent resolutions
Appointment of a member of the Board of Directors pursuant to Art.
2386 of the Italian Civil Code; related and consequent resolutions
As mentioned above, IGD's Board of Directors will propose that the
shareholders, meeting in ordinary session, approve a dividend of
0.04 per share which equates to a dividend yield, based on the
stock price recorded at year-end, of 4.5%. The dividend will be
payable as from 25 May 2016, with shares going ex-div on 23 May
2016. Pursuant to Art. 83terdecies of Legislative Decree n.58 of 24
February 1998 n. 58, the shareholders of IGD at the record date (24
May 2016) will be entitled to receive the dividend. Co-option of
independent director Luca Dondi dall'Orologio Based on the proposal
of the Nominations and Compensation Committee, the Board of
Directors resolved to substitute John William Vojticek, who
resigned in November 2015, by co-opting Luca Dondi dall'Orologio to
act as an independent non-executive director of the Board of
Directors pursuant to Art. 2386 of the Italian Civil Code.
More in detail, during the meeting held on 3 March the Nominations
and Compensation Committee assessed the professional qualifications
and experience, including managerial, of Luca Dondi dall'Orologio
while also verifying compliance with all legal requirements and
independent status, in accordance with Art. 148, paragraph 3, of
Legislative Decree n. 58/1998, of the Corporate Governance Code
promoted by the Italian Stock Exchange and Art. 37 of Consob
Regulation n. 16191 of 29 October 2007, in light of the
declarations received and the relative curriculum vitae. The Board
also resolved to propose that during the Annual General Meeting
shareholders confirm Luca Dondi dall'Orologio as a director of the
Company, pursuant to Art. 2386 of the Italian Civil Code, through
the end of the current Board of Directors' term, namely through the
date on which the Annual General Meeting is convened to approve the
financial statements at 31 December 2017. To date, Luca Dondi
dall'Orologio does not own any shares of IGD. Luca Dondi
dall'Orologio's curriculum vitae is available on the Company's
website in the section
www.gruppoigd.it/Governance/Board-of-Directors. The report on the
items included on the agenda for the Annual General Meeting will
also be published on the Company's website in the section
www.gruppogid.it/Governance/Shareholders-Meetings along with the
statements made by Luca Dondi dall'Orologio confirming that there
are no reasons for ineligibility nor disqualification, that he
meets the requirements for the office set by law and the corporate
by-laws and also qualifies as independent. Assessment of
independent status IGD's Board of Directors verified pursuant to
Art. 148, paragraph 3, of Legislative Decree n. 58/1998, of the
Corporate Governance Code promoted by the Italian Stock Exchange
and Art. 37 of Consob Regulation n. 16191 of 29 October 2007 that
all the independent directors (Elisabetta Gualandri, Milva
Carletti, Rossella Saoncella, Andrea Parenti, Livia Salvini,
Matthew D. Lenz, Luca Dondi dall'Orologio) still qualified as
independent. Approval of the Report on Corporate Governance and
Ownership Structure and the Compensation Report The Board of
Directors approved the 2015 Report on Corporate Governance and
Ownership Structure, which forms an integral part of the annual
report, as well as the Compensation Report, the first section of
which, pursuant to Art. 123-ter, par. 6 of Legislative Decree.
58/98, will be voted on by shareholders during the next
Shareholders' Meeting held in ordinary session. Approval of the
Authorization to buy and sell treasury shares The Shareholders will
also be called upon to resolve on the authorization to purchase and
dispose of treasury shares, after revoking the prior authorization
granted, as follows: - Motivation: to carry out (i) trading and
hedging transactions and (ii) invest liquidity and allow for the
use of the treasury shares in transactions pertaining to operating
activities and business projects consistent with the Company's
strategic guidelines, in relation to which it is beneficial to
trade, swap, contribute, or otherwise dispose of the shares; -
Maximum number of treasury shares which may be purchased: the
purchases may be made on one or more occasions up to the maximum
allowed under the law;
- Expiration of the shareholders' authorization: the authorization
to purchase treasury shares is requested for a period of eighteen
months as from the date of today's resolution; there is no time
limit on the authorization to dispose of the shares; - Methods and
purchase price of the treasury shares: the purchases shall be made
in accordance with Art. 132 of Legislative Decree 58/1998, Art.
144-bis of the Regulations for Issuers and all other applicable
laws and regulations, as well as the accepted market practices
recognized by Consob and must be purchased at prices satisfying the
provisions of Art. 5(1) of European Commission Regulation EC
2273/2003 of 22 December 2003 or any other applicable provisions in
effect at the time of the transaction.
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 draft separate financial statements at 31 December 2015, the
Directors' report on operations, the Directors' report on the items
included in the agenda for the AGM, Board of Statutory Auditors'
report, the external auditors' reports, the consolidated financial
statements at 31 December 2015, the Report on Corporate Governance
and Ownership Structure and the Compensation Report will be made
available to the general public at the company's headquarters,
Borsa Italiana S.p.A. and will be published on the company's
website www.gruppoigd.it in the "Investors" section in accordance
with the 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 2,082.01 million at 31 December 2015, comprised of, in
Italy, 25 hypermarkets and supermarkets, 21 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 claudia.contarini@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 income statement, statement of financial
position, statement of cash flows and net financial position, as
well as the operating income statement, at 31 December 2015 of the
IGD Group and the parent company IGD SIIQ S.p.a..
Consolidated income statement at 31 December 2015
Consolidated income statement (in thousands of Euro) Re ve nue : -
from third parties - from related parties Othe r revenue: - other
income - from related parties Re ve nue from property sales Total
revenue and operating incom e Change in w ork in progress inventory
Total revenue and change in inventory Cos t of w ork in progress
Material and service costs - third parties - related parties Cos t
of labour Other operating costs Total operating costs (Deprec
iation, amortization and provisions) (Impairment losses)/Reversals
on w ork in progress and inventoriesfair value - increases /
(decreases) Change in Total depreciation, am or tiz ation,
provisions, im pair m e nt and change in fair value EBIT Incom e
/(los s ) from equity investm e nts and property sales Financial
incom e : - third parties - related parties Financial charges: -
third parties - related parties Ne t financial incom e (expense)
PRE-TAX PROFIT Inc ome taxes NET PROFIT FOR THE PERIOD Minority
interests in net (profit)/loss Par e nt Com pany's portion of net
profit - basic earnings per share - diluted earnings per share
31/12/2015 (A ) 121,142 79,684 41,458 5,085 3,295 1,790 2,289
128,516 ( 559) 127,957 1,574 22,260 20,303 1,957 8,813 9,443 42,090
( 3,173) ( 2,240) 3,778 ( 1,635) 31/12/2014 (B) 115,506 77,225
38,281 5,362 3,856 1,506 1,538 122,406 ( 1,143) 121,263 160 23,180
19,960 3,220 8,665 9,073 41,078 ( 3,102) ( 2,406) ( 20,695) (
26,203) Change (A -B) 5,636 2,459 3,177 ( 277) ( 561) 284 751 6,110
584 6,694 1,414 ( 920) 343 ( 1,263) 148 370 1,012 ( 71) 166 24,473
24,568
84,232 190 92 87 5 39,624 39,555 69 ( 39,532) 44,890 ( 310) 45,200
439 45,639 0.060 0.060
53,982 124 164 158 6 44,904 44,188 716 ( 44,740) 9,366 2,317 7,049
253 7,302 0.017 0.017
30,250 66 ( 72) ( 71) ( 1) ( 5,280) ( 4,633) ( 647) 5,208 35,524 (
2,627) 38,151 186 38,337
Consolidated statement of financial position at 31 December
2015
Consolidated statement of financial position (in thousands of Euro)
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 Related party trade and other receivables Other current
assets Related party financial receivables and other current
financial assets Financ ial receivables and other current financial
assets Cas h and cash equivalents TOTAL CURRENT ASSETS (B) Non-cur
r e nt assets held for sale TOTAL ASSETS (A + B + C) NET EQUITY:
Share capital Share premium reserve Other reserves Group profit
Total Group net equity Portion pertaining to minorities TOTAL NET
EQUITY (D) 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 Related party sundry payables and other non-current
liabilities TOTAL NON-CURRENT LIABILITIES (E) CURRENT LIABILITIES:
Current financial liabilities Related party current financial
liabilities Trade and other payables Related party trade and other
payables Current tax liabilities Other current liabilities Related
party other current liabilities TOTAL CURRENT LIABILITIES (F) TOTAL
LIABILITIES (G=E+F) TOTAL NET EQUITY AND LIABILITIES (D + G)
253,155 14,372 432 4,236 6,513 6,924 285,632 1,142,392 2,174,595
107,962 188 14,512 522 954 5,905 14 130,057 1,073,253 2,034,071
145,193 ( 188) ( 140) ( 90) 3,282 608 6,910 155,575 69,139 140,524
35,002 764,930 2,046 23,634 4,688 12,504 13,956 856,760 43,961
850,466 1,910 24,730 1,827 6,810 13,492 943,196 ( 8,959) ( 85,536)
136 ( 1,096) 2,861 5,694 464 ( 86,436) 599,760 39,971 323,915
58,407 1,022,053 10,150 1,032,203 549,760 147,730 231,818 20,921
950,229 10,589 960,818 50,000 ( 107,759) 92,097 37,486 71,824 (
439) 71,385 67,068 12,963 1,111 3,132 151 9,023 23,603 117,051
2,174,595 69,355 14,036 1,530 3,623 151 15,242 103,937 28,600
2,034,071 ( 2,287) ( 1,073) ( 419) ( 491) 0 9,023 8,361 13,114 (
28,600) 140,524 5,387 90 6,366 493 12 12,348 2,057,544 9,722 75 408
1,128 49 11,382 1,901,534 ( 4,335) 15 5,958 ( 635) ( 37) 966
156,010 1,970,028 8,618 309 1,699 1,273 50,533 2,032,460 1,782,283
8,861 473 2,098 1,514 82,179 1,877,408 187,745 ( 243) ( 164) ( 399)
( 241) ( 31,646) 155,052 74 12,662 12,736 82 12,662 12,744 ( 8) 0 (
8) 31/12/2015 (A ) 31/12/2014 (B) Change (A -B)
Consolidated statement of cash flows at 31 December 2015
CONSOLIDA T ED STA T EM EN T OF CA SH FLOWS (In tho us ands o f
Euro ) 31 1 / 201 /2 5 31 1 / 201 /2 4
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 Gains / lo s s es fro m dispo
s als C A S H F LO W F R O M O P E R A T IO N S Inc o m e tax C A S
H F LO W F R O M O P E R A T IO N S N E T O F T A X C hange in
invento ries N et change in current assets and liabilities w. third
parties N et change in current assets and liabilities w. related
parties N et change in no n-c urrent assets and liabilities w.
third parties N et change in no n-c urrent assets and liabilities
w. related parties 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 is po s als o
f no n-c urrent assets (Inv es t m ent s ) in equity interests net
o f cash and cash equivalents o f acquired co ns o lidat ed equityh
investments 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 w. third
parties C hange in financial receivables and o t her current
financial assets w. related parties D iv idend reinvestment o pt io
n P urc has e o f treasury shares Gains o n sale o f interests to
third parties D is t ribut io n o f dividends C hange in current
debt with third parties C hange in current debt with related
parties C hange in no n-c urrent debt with third parties C hange in
no n-c urrent debt with related parties C A S H F LO W F R O M F IN
A N C IN G A C T IV IT IE S ( c ) Exc hange gains/(lo s s es ) o n
cash and cash equivalents 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 Y E A R C A S H B A LA N C E A T E N D O F Y E A R 2,41 3 3,1 3 7
2,240 (3,778) (269) 4 8 ,6 6 9 (1072) , 4 7 ,5 9 7 629 2,692 6,674
295 464 5 8 ,3 5 1 (29,773) 29,894 (1 9,022) 2 ( 12 8 , 9 0 1) 635
(1 ) 0 0 0 49,31 9 (28,363) 1 5,723 4 (1 8) 8 (88,209) 0 7 8 , 9 16
(5) 8 ,3 6 1 15 , 2 4 2 2 3 ,6 0 3 4,81 0 3,1 2 0 2,406 20,695 (1
4) 2 4 0 ,2 5 5 (1075) , 3 9 , 18 0 11 7 ,5 2,063 (2,596) 1282 ,
580 4 1, 6 6 6 (1 7,720) 3 46,962 (1 0) 0 ( 9 0 ,8 5 8 ) (278) 20
202 1 ,672 3 1 ,050 2 1 5,430 9 (22,620) (1 9,965) 5 (1 ,668) 3
46,1 4 4 (1 ,000) 5 5 5 ,9 8 7 1 6 ,7 9 6 8 ,4 4 6 15 , 2 4 2 4 4
,8 9 0 9 ,3 6 6
Consolidated net financial position at 31 December 2015
NET FINANCIAL POSITION 31/12/2015 Cas h and cash equivalents Financ
ial receivables and other current financial assets w . related
parties Financ ial receivables and other current financial assets
LIQUIDITY Current financial liabilities w . related parties Current
financial liabilities Mortgage loans - current portion Leas ing
current portion 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 Bond loan NON-CURRENT
DEBT NET FINANCIAL POSITION (23,603) (151) (9,023) (32,777) 0
179,954 64,947 303 7,951 253,155 220,378 (493) 375 4,564 477,642
282,349 764,437 984,815 31/12/2014 (15,242) (151) 0 (15,393) 188
33,022 66,708 293 7,939 108,150 92,757 (1,128) 1,125 4,867 553,293
291,181 849,338 942,095
Draft income statement for the parent
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