2017 begins with an encouraging first quarter

After having closed 2016 with record results, in the first quarter of 2017 IGD posts further improvement in the key performance indicators.

Revenues reflect the steadily increasing contribution of the shopping center in Grosseto and also benefitted from increased rents like-for-like in both Italy and Romania.

Cost control continues to be effective with operating costs falling as a percentage of revenue.

The core business EBITDA Margin came to 70.7% versus 69.9% in first quarter 2016.

FFO was up by around 10.2% thanks to the solid generation of operating cash flow and the decline in net financial expense.

Net financial debt fell slightly (-€8.6 million) with a gearing at 31 March 2017 of 0.95x, a slight improvement with respect to the 0.97x recorded at 31 December 2016.

Core business EBITDA € 25.0 mn +5.8%
Freehold EBITDA margin 79.9% +70 bps
Group net profit € 14.3 mn +13.0%
Funds From Operations (FFO) € 15.6 mn +10.2%
Loan-to-Value 47.9% < maximum of 50%
Core business revenue € 35.4 mn +4.6%