PRESS RELEASE
IGD SIIQ SPA: THE BOARD OF DIRECTORS APPROVES THE HALF-YEAR
FINANCIAL REPORT AT 30 JUNE 2011 The consolidated results in the
first half of 2011 show further growth (vs. the first half of
2010): · Total operating revenue: 61.7 million (an increase of 9.9%
with respect to the 56.2 million recorded at 30 June 2010) · · · ·
· · · · Revenue from core business : 60 million (an increase of
6.8% with respect to the 56.2 million reported at 30 June 2010)
Core business EBITDA: 43.6 million (an increase of 9.1% with
respect to the 40 million reported at 30 June 2010) Core business
EBITDA MARGIN: 72.7% (a rise of 1.5 percentage points when compared
to the 71.2% recorded at 30 June 2010) EBIT: 56.2 million (an
increase of 73.8% with respect to the 32.3 million recorded at 30
June 2010) The Group's portion of net profit for the period amounts
to 30.2 million (an increase of 115.2% with respect to the 14
million posted at 30 June 2010) Funds From Operations (FFO): 22.8
million (+3.7% with respect to 30 June 2010) Net financial debt:
1.073 billion (versus 1.017 billion at 31 December 2010) Market
Value: 1,893.66 million (versus 1,803.98 million at 31 December
2010)
1
Bologna, 25 August 2011. 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 company
active in the retail real estate sector and listed on the Star
segment of the Italian Stock Exchange examined and approved the
Half-Year Financial Report at 30 June 2011 which shows consolidated
net profit of 30.2 million (+115.2% with respect to 30 June
2010).
1
Please note that the Company, in order to highlight its core
business, separated it from the "Porta a Mare" operation in Livorno
which generated its first revenue in first quarter 2011 thanks to
the sale of several office units.
1
Operating income statement at 30 June 2011
CONSOLI DATED
/000 1H 2010 Rev enues from freehold properties Rev enues from
leasehold properties Rev enues from services Rev enues from trading
49,782 4,094 2,296 0
1H 2011
53,158 4,238 2,588 1,726
%
6.8% 3.5% 12.7% n.a.
1H 2010
CORE BUSINESS 1H 2011
49,782 4,094 2,296 0 53,158 4,238 2,588 0
%
6.8% 3.5% 12.7% n.a.
"PORTA A MARE" P ROJECT 1H 2010 1H 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 expense Cos t of sales and other costs
56,172
(9,706) (1,634) 141
61,710
(10,117) (1,718) (1,034)
9.9%
4.2% 5.1% n.a.
56,172
(9,603) (1,634) 0
59,984
(10,069) (1,718) 0
6.8%
4.8% 5.1% n.a.
0
(103) 0 141
1,726
(48) 0 (1,034)
n. a .
(53.3)% n.a. n.a.
Gross Margin
G &A expenses Headquarter personnel costs
44,973
(2,310) (2,723)
48,841
(2,036) (2,750)
8.6%
(11.9)% 1.0%
44,935
(2,217) (2,713)
48,197
(1,829) (2,731)
7.3%
-17.5% 0.7%
38
(93) (10)
644
(207) (19)
n. a .
n.a. 93.7%
EBI TDA
Eb i tda M a r gi n Depr ec iation Dev aluation Change in FV Other
provisions
39,940
(431) (2,907) (4,167) (100)
44,055
(484) (140) 12,776 0
10.3%
12.2% (95.2)% (406.6)% (100.0)%
40,005
71.2% - 9976.2% (431) (2,907) (4,167)
43,637
72.7%
9.1%
(65)
n.a . 0 (0) 0 0
418
24.2% 0 ( 6) 0 0
n. a .
n.a. 2651.05% n.a. n.a.
0 (100.00)% (479) (140) 10.97% (95.18)%
12,776 (406.60)%
EBI T
Financ ial income Financ ial charges
32,335
2,350 (19,154)
56,207
397 (20,667)
73.8%
(83.1)% 7.9%
32,400
2,348 (18,990)
55,795
397 (20,396)
72.21% n.a.
(83.11)% 7.40%
(65)
2 (163)
413 (732.38)% n.a.
0 (270) (90.88)% 65.48%
Ne t Financial Income Incom e form equity investments Pre -ta x
income
Inc ome tax for the period Ta x rate
(16,804) 0 15,531
(1,522) 9.8%
(20,270) (633) 35,304
(5,092) 14.4%
20.6% n. a . n. a . 127.3%
234.5%
(16,643) 0 15,758
(1,557)
(20,000)
20.17%
(161) 0 (227)
36
(270) 0
67.35% n. a .
(633) ####### 35,163 123.14%
(5,043) 223.80%
143 (162.98)%
(49) (235.81)%
NET PROFIT
(prof it)/los s es related to third
14,009
22
30,212
(19)
115.7%
(189.9)%
14,200
22
30,120 112.10%
( 18) (185.27)%
(190) (190)
94 (149.17)% 94 (149.17)%
NET GROUP PROFIT
14,031
30,193
115.2%
14,222
30,101 111.65%
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 first half 2011 The IGD Group's
revenue from core business at 30 June 2011 amounted to 60 million,
an increase of 6.8% with respect to the 56.2 million posted in
first half 2010. More in detail, rental income in first half 2011
increased by 6.5% thanks to the pre-letting of new spaces and
contract renewals, as well as the adjustment of rents for
inflation, the new openings made in 2010 and the new acquisitions
made in the first part of 2011. Revenue from services rose by 12.7%
due to the mandates granted for the management of newly opened and
third party centers. The IGD Group's total operating revenue at 30
June 2011, therefore, amounted to 61.7 million, an increase of 9.9%
with respect to the 56.2 million posted in the first half of the
prior year.
The IGD Group's EBITDA from core business at 30 June 2011 amounted
to 43.6 million, an increase of 9.1% with respect to the 40 million
recorded at 30 June 2010. More in detail, in first half 2011 the
margin from freehold properties increased 6.9%, from leasehold
properties 18%, while the margin from services rose by 17% with
respect to first half 2010. Total EBITDA in first half 2011 reached
44 million, an increase of 10.3% with respect to the 39.9 million
posted in first half 2010.
Direct costs, pertaining to the core business and including direct
personnel expenses, at 30 June 2011 amounted to 11.8 million, an
increase of 4.9% with respect to the same period in the prior year.
These costs represent 19.6% of core business revenue. General
expenses for the core business, including payroll costs,
2
amounted to 4.6 million at 30 June 2011, a drop of 7.5% These costs
represent 7.60% of operating revenue, a marked improvement with
respect to the same period in the prior year. EBITDA margin for the
core business reached 72.7%, an increase of 1.5 pp with respect to
the 71.2% reported in first half 2010. structure. The growth
confirms the solid operating trend and the stability of the
cost
The IGD Group's EBIT at 30 June 2011 amounted to 56.2 million, an
increase of 73.8% compared to the 32.3 million reported at 30 June
2010. This result benefited from the positive trend in EBITDA and
confirms the quality and solidity of the Group's real estate
portfolio. The IGD Group's pre-tax profit in first half 2011 rose
127.3% from the 15.5 million reported at 30 June 2010 to 35.3
million.
The IGD Group's tax burden, current and deferred, at 30 June 2011
amounted to 5 million, reflecting a tax rate of 14.4% compared to
9.80% in the same period of the prior year. The increase is
primarily attributable to the increase in fair value.
The Group's portion of net profit at 30 June 2011 amounted to 30.2
million, an increase of 115.2% with respect to the 14.03 million
reported in first half 2010.
The Funds from Operations (FFO) , a significant indicator used in
the real estate market to define the cash flow from a company's
operations based on net profit, net of current tax, writedowns,
fair value, amortization and depreciation, rose from 22 million at
30 June 2010 to approximately 22.8 million at 30 June 2011, an
increase of 3.7%.
The IGD Group's net debt at 30 June 2011 amounted to 1.073 billion,
compared to 1.017 billion at 31 December 2010.
At 30 June 2011 the gearing ratio (debt to equity ratio) came in at
1.37, compared to 1.31 at 31 December 2010.
The Real Estate Portfolio at 30 June 2011 Based on CB Richard
Ellis's and Reag's independent appraisals, the market value at 30
June 2011 of the Igd Group's real estate portfolio reached 1,893.66
million, compared to 1,803.98 million at 31 December 2010. In the
first half of the year the hypermarket found in the Coné Shopping
Center in Conegliano Veneto, where IGD already owns the shopping
mall, as well as a retail property (City Center Project) on Via
Rizzoli in the historic heart of Bologna in via Rizzoli and a
portion of an office building in Bologna of which IGD already owns
the lower floors and where its headquarters are located, were added
to the portfolio.
3
Claudio Albertini, Chief Executive Officer of IGD - Immobiliare
Grande Distribuzione SIIQ S.p.A. stated: "The results achieved in
first half 2011 confirm, once again, the validity of the strategies
we have adopted to reach our economic-financial targets and the
capacity of our rental contracts to generate steady, visible
revenue streams over time. The quality and the profitability of our
real estate assets also finds confirmation in the appraisals issued
by the independent experts at 30 June which were positive for the
first time in three years". "In a very uncertain and volatile
environment - Albertini continued - IGD can count on a solid asset
structure and a revenue base which are able to both fuel and
sustain cash generation. For this reason we look ahead at our
future commitments, in terms of both our ability to move forward
with our investment pipeline and provide our shareholders with
interesting returns, as serenely as ever."
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. 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 Half-Year Financial Report at 30 June 2011 will be made
available to the general public at the company's registered office
and at Borsa Italiana S.p.A. and will also be made available in the
Investor Relations section of the company's website
www.gruppoigd.it in accordance with the 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.
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.
4
Please find attached the IGD Group's consolidated income statement,
statement of financial position, statement of cash flows and net
financial position at 30 June 2011.
Consolidated income statement at 30 June 2011
30/06/2011 ( /000) Re ve nue : - from third parties - from related
parties Othe r incom e : - other income - from related parties Re
ve nue from property sales Total revenue and operating incom e
Change in w or k in progress inventory Total revenue and change in
inventory Cos t of w or k in progress Mater ial and service costs -
third parties - related parties Cos t of labour Other operating
costs Total operating costs ( Depr ec iation, amortization and
provisions) ( Impair ment losses)/Reversals on w ork in progress
and goodw ill Change in fair value - increases / (decreases) Total
depreciation, am or t iz at ion, provisions, im pair m e nt and
change in fair value EBIT Incom e /( los s ) from equity investm e
nt s Inc ome/( los s ) from equity investments Financial incom e :
- third parties - related parties Financial charges: - third
parties - related parties Ne t financial incom e (charges) PRE- TAX
PROFIT Inc ome taxes NET PROFIT FOR THE PERIOD Minor ity interests
in net (profit)/loss Par e nt Com pany's portion of net profit -
basic earnings per share - diluted earnings per share (A ) 57,349
41,597 15,752 5,715 5,082 633 1,726 64,790 3,416 68,206 4,411
11,705 10,018 1,687 3,899 2,759 22,774 (1,939) (140) 12,776 10,697
30/06/2010 ( B) 53,699 38,375 15,324 5,831 5,528 303 0 59,530 1,971
61,501 1,830 12,350 10,814 1,536 3,826 2,700 20,706 (1,449) (2,907)
(4,167) (8,523) Change ( A -B) 3,650 3,222 428 ( 116) ( 446) 330
1,726 5,260 1,445 6,705 2,581 ( 645) ( 796) 151 73 59 2,068 ( 490)
2,767 16,943 19,220
56,129 (633) (633) 397 380 17 20,589 20,247 342 ( 20,192) 35,304
5,092 30,212 ( 19) 30,193 0.101 0.096
32,272 0 0 2,350 2,339 11 19,091 18,684 407 ( 16,741) 15,531 1,522
14,009 22 14,031 0.047 0.053
23,857 ( 633) ( 633) ( 1,953) ( 1,959) 6 1,498 1,563 ( 65) ( 3,451)
19,773 3,570 16,203 ( 41) 16,162
Consolidated balance sheet and financial position at 30 June
2011
30/06/2011 (/000) NON-CURRENT ASSETS Intangible assets - Intangible
assets w ith finite useful lives - Goodw ill Pr ope r t y, plant,
and equipm e nt - Investment property - Buildings - Plant and
machinery - Equipment and other assets - Leasehold improvements -
Assets under construction Ot he r non-current assets - Deferred tax
assets - Sundry receivables and other non-current assets -
Non-current financial assets TOTAL NON-CURRENT ASSETS (A) CURRENT
ASSETS: Work in progress inventory and advances Inv entory 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) TOTAL ASSETS (A + B) NET EQUITY: Portion pertaining to the
Parent Company Portion pertaining to minorities TOTAL NET EQUITY
(C) NON-CURRENT LIABILITIES: Non- c urrent financial liabilities
Related party non-current financial liabilities Prov is ion for
employee severance indemnities Def erred tax liabilities Prov is
ions for risks and future charges Sundr y payables and other
non-current liabilities Related party sundry payables and other
non-current liabilities TOTAL NON-CURRENT LIABILITIES (D) CURRENT
LIABILITIES: Cur rent financial liabilities Related party current
financial liabilities Trade and other payables Related party trade
and other payables Cur rent tax liabilities Other current
liabilities Related party other current liabilities TOTAL CURRENT
LIABILITIES (E) TOTAL LIABILITIES (F=D + E) TOTAL NET EQUITY AND
LIABILITIES (C + F) 227,819 25,325 12,165 3,432 9,776 5,109 14
283,640 1,216,021 2,001,662 187,336 4,127 15,733 4,924 8,266 6,911
14 227,311 1,173,477 1,946,931 40,483 21,198 ( 3,568) ( 1,492)
1,510 ( 1,802) 0 56,329 42,544 54,731 843,340 15,000 664 52,355
1,662 7,401 11,959 932,381 854,374 15,000 612 48,910 1,645 13,687
11,938 946,166 ( 11,034) 0 52 3,445 17 ( 6,286) 21 ( 13,785)
773,771 11,870 785,641 761,603 11,851 773,454 12,168 19 12,187
67,390 8 13,107 1,056 20,382 660 27,511 5,386 135,500 2,001,662
64,289 7 12,265 714 43,812 1,091 6,001 32,264 160,443 1,946,931
3,101 1 842 342 ( 23,430) ( 431) 21,510 ( 26,878) ( 24,943) 54,731
10,518 3,238 4,905 18,661 1,866,162 13,104 4,581 4,399 22,084
1,786,488 ( 2,586) ( 1,343) 506 ( 3,423) 79,674 1,741,240 7,620
1,526 2,131 1,551 81,918 1,835,986 1,666,630 7,668 1,130 1,549
1,640 74,291 1,752,908 74,610 ( 48) 396 582 ( 89) 7,627 83,078 88
11,427 11,515 69 11,427 11,496 19 0 19 (A ) 31/12/2010 (B) Change
(A -B)
Consolidated statement of cash flows at 30 June 2011
30/06/201 1 30/ 06/ 201 0
(/000)
C A SH FLOW FROM OP ER A T IN G A C T IVIT IES: N e t pro f i t f o
r t h e ye a r 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 c a s h f l o w ge n e r a t e d ( a b s o r b e d ) by
o p e r a t i n g a c t i v i t i e s : C apit al gains/ (lo s s es
) and o t her no 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 go o dwill N et change in (deferred
tax assets)/pro v is io n fo r deferred tax liabilities C hange in
fair value o f investment pro pert y C hange in invento ry N et
change in current assets and liabilities N et change in current
assets and liabilities with related parties N et change in no n-c
urrent assets and liabilities N et change in no n-c urrent assets
and liabilities with related parties C A S H F LO W F R O M O P E R
A T I N G A C T IV IT I E S ( a ) (Inv es t m ent s ) in fixed
assets D is po s als o f fixed assets D iv es t m ent s in
subsidiaries (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 C hange in financial receivables and
o t her current financial assets with related parties C hange in
translatio n reserve P aym ent o f dividends C hange in current
debt C hange in current debt with related parties C hange in no n-c
urrent debt 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 I V IT IE S ( c ) 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 ( 7 0 ,9 4 0 ) 0 (21469) , 431 1 8 (22,370)
40,504 211 8 ,9 (7,895) 0 10 , 4 17 ( 2 6 ,8 7 8 ) 3 2 ,2 6 4 5 ,3
8 6 ( 1, 9 4 3 ) 0 (24,250) (2,278) (66) (1 ,91 ) 44 (1 2) 2 (21 )
0 (1 ,248) 2 0 ( 5 4 ,0 8 7 ) ( 2 1, 2 4 2 ) 3 5 ,8 5 6 14 , 6 14
2,048 1939 , 10 4 4,663 (1 ,776) 2 (3,1 2) 0 1 ,208 7 (1834) ,
(4,874) 21 3 3 ,6 4 5 (72,279) 1339 , 791 1449 , 2,907 12 2 4,1 7 6
(1970) , 1 ,724 7 1078 , (5,853) 364 3 4 ,7 8 8 (22,790) 7,727 1 ,1
0 32 3 0 , 2 12 14 , 0 0 9
Consolidated net debt at 30 June 2011
NET DEBT 30/06/2011 Cas h and cash equivalents Financ ial
receivables and other current financial assets w . related parties
Financ ial receivables and other current financial assets L IQUIDIT
Y Cur r ent financial liabilities w . related parties 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 Non- c ur r ent financial liabilities w .
related parties Conv er tible bond loan Der iv ativ es -
liabilities NON- CURRENT NET DEBT NET DEBT ( 5,386) (660) ( 27,511)
( 33,557) 25,325 179,236 46,181 2,358 44 253,144 219,587 ( 20) (
4,885) 21,886 6,133 584,152 15,000 216,988 14,181 853,435 1,073,022
31/12/2010 ( 32,264) ( 1,091) ( 6,001) ( 39,356) 4,127 137,591
48,431 1,248 66 191,463 152,107 ( 19) ( 4,380) 21,497 7,863 590,707
15,000 214,642 19,665 864,975 1,017,082
Grafico Azioni Immobiliare Grande Distr... (BIT:IGD)
Storico
Da Set 2024 a Ott 2024
Grafico Azioni Immobiliare Grande Distr... (BIT:IGD)
Storico
Da Ott 2023 a Ott 2024