FFO up 21.5% in the first nine months of 2018

Guidance for FY 2018 FFO, calling for growth of at least 20%, confirmed

The brilliant operating performance already recorded in the first half of 2018 continued and gained momentum, reflecting the contribution of the assets acquired from ECP which were, for the first time, included in the scope of consolidation for the entire quarter.

Rental income, which rose by €9.6 million, was driven by the contribution of the expanded portfolio which came to €8 million. The growth in rental income like-for-like was also encouraging, reaching +€1.3 million  (+1.4%) thanks also to a boost from malls which were 1.6% higher like-for-like.

The core business EBITDA margin came to 72.3%, showing significant improvement against the 70.7% posted in the first nine months of 2017.

FFO, which amounted to €59.5 million in the first nine months of the year, reflects the contribution made by core business EBITDA of €9.1 million and the drop of €1.8 million in net financial expense attributable to Liability Management which made it possible to lower the cost of debt to 2.67%.

The 21.5% increase in FFO recorded in the nine-month period makes it possible to confirm the FY 2018 guidance for growth in FFO of at least 20%.

The decrease in net profit of €12.3 million is largely attributable to the negative impact of “Write-downs and fair value adjustments” which amounted to €4.8 million linked to the independent appraisals at 30  June 2018. In the first nine months of 2017 “Write-downs and fair value adjustments” had a positive impact of €18.5 million.

Based on the latest independent appraisals (at 30 June 2018), the Loan-to-Value went from 46.4% at  30 June 2018 to 45.8% at 30 September 2018, well below the 50%  maximum called for in the Business Plan and in line with the ‘investment grade’ rating of IGD’s debt.


EBITDA gestione caratteristica €85.1 mn +11.9%
EBITDA Margin gestione caratteristica 72.3% +210bps
Group Net Profit €52.4 mn -19.0%
Funds From Operation (FFO) €59.5 mn +21.5%
Loan To Value 45.8% < max. 50%
Net Rental Income €60.7 mn +9.9%