11 March 2005 16:40

IGD’s Board of Directors approves the results at 31 December 2004

  • Value of production amounted to 51.2 million euros.
  • EBITDA of 33 million euros; EBIT of 17.7 million euros.
  • Profits of 6.2 million euros.

The Board of Directors of IGD S.p.A., a company listed on the stock exchange operating in the retail real estate sector, met today in Bologna to approve the 2004 results which proved to be in keeping with forecasts disclosed in recent presentations made to the financial community on the occasion of listing of the company’s shares.

More specifically, sales revenues amounted to 48.7 million euros, up by 8.6% compared to 44.8 million euros for the previous year, while the value of production totalled 51.2 million euros, down by 6.6% on the value as at 31/12/2003 which included a capital gain of 7.8 million euros related to the sale of the Centro Lame gallery in Bologna.

Revenues from real estate and lettings management accounted for 49 million euros of the value of production while service activities accounted for 2 million euros, up by 77% compared to 1.1 million euros in 2003.

The gross operating margin (EBITDA) stood at 33 million euros, up by 2% compared to 32.3 million euros in 2003 while the operating profit (EBIT) recorded a 19% increase, going from 14.9 million euros to 17.8 million euros with a 34.8% marginality.

As forecast, the company’s net profits totalled 6.2 million euros compared to 8.5 million euros in 2003, the latter benefiting from a capital gain regarding the sale of the Centro Lame gallery in Bologna.

The Board of Directors will propose to the Annual General Meeting of Shareholders, that will will be convened for April 28th 2005, the distribution of a per-share dividend of 0.02. The coupon detachment will occur on May 16th 2005.

The company’s net financial position stood at –191.5 million euros, up on the figure for 2003 which equaled –130 million euros, mainly due to acquisition of the Afragola shopping center in Naples.

IGD also acquired the remaining 40% of GESCOM, owned by Coop Adriatica, during 2004. “The results achieved – commented Filippo Carbonari, IGD’s Managing Director – are in keeping with our expectations and reflect the real estate sector’s specific characteristics. Thanks to earnings achieved from stock exchange listing, we are able to go ahead with our development plan which aims at expanding the real estate we own”.