13 November 2009 14:02

The BoD approves the results for the first nine months of the year and the new 2009-2013 Business Plan


  • Total revenues: €88.9 million (+21.5% vs. the first nine months of 2008)
  • Ebitda: €56.1 million (+24.6% vs. the first nine months of 2008)
  • Net profit: €14.7 million (-64.2% vs. the first nine months of 2008)
  • Adjusted net profit: €24.4 million (+22.8% vs. the first nine months of 2008)
  • Net debt: €894.94 million (compared to €898.00 million at 30 June 2009 and €733.90 million at 31 December 2008)


  • Total investments of €745 million
  • Gradual improvement in the Ebitda margin: from 68% to 77%
  • Average portfolio yield: 6.3%-6.5%
  • Gearing ratio high of 1.5x



The Board of Directors of IGD SIIQ S.p.A., a company active in the retail real estate sector and listed on the STAR segment of the Italian Stock Exchange, met today to examine the results for the first nine months of  2009 which confirm growth in revenues, Ebitda  and adjusted net profit of more than 20%.

In the first nine months of 2009 revenues totalled €88.9 million (mn) (+21.5% compared to the €73.14 mn reported in the first nine months of the prior year). The growth is attributable primarily to the increased rental revenues of €11.65 mn generated by the recent acquisitions (Gran Rondò Mall in Crema, the Tiburtino shopping Center in Guidonia and the Katané Shopping Center in Catania), as well as the contribution for the full nine months of Winmarkt Magazine SA’s Romanian shopping centers purchased at the end of April 2008. Revenues from services rose by 48.40% with respect to the same period 2008 to €4.55 mn.

Ebitda amounted to €56.1 million, an increase of 24.6% with respect to the €45.1 mn recorded in third quarter  2008. The Ebitda margin is largely unchanged, passing from 67.40% in the first nine months of 2008 to 67.26% in the first nine months of 2009.

Ebit reached €43.25 mn, a drop of 16.5% on the same period 2008 due to the net writedowns made by the independent appraiser at 30 June 2009 equal to 0.82% of the Italian real estate assets’ value and to 3.55% of the Romanian real estate assets’ value.

Pre-tax profit amounted to €16.98 mn (€33.1 mn in the first nine months of 2008) after net financial charges of €26.3 mn (€18.7 mn in the same period 2008).

Tax reached €2.3 mn: net profit, therefore, came in at €14.7 mn compared to a net profit of € 41.08 mn in the first nine months of 2008.  The drop (-64.2%) is attributable to the effect of real estate valuations (net writedowns amounted to  €12.3 mn in the first nine months of 2009, compared to net revaluations of €7.1 mn in the same period 2008) and the extraordinary tax effect recorded in the prior year (the positive tax contribution due to the reversal of deferred tax liabilities following the Parent Company’s election for treatment under the Siiq regime).

Net these two factors,adjusted net profitcomes in at €24.4 mn, an increase of €4.5 mn (+22.8%) with respect to the adjusted net profit of €19.88 mn recorded in the same period of the prior year.

Net debt at 30 September 2009 amounted €894.94 mn, compared to €898.0 mn at 30 June 2009 and €733.90 mn at 31 December 2008. The Gearing Ratio (debt to equity ratio), therefore, went from 0.99x at the end of 2008 to 1.22x at 30 June 2009 and  came in at 1.21x at 30 September 2009.



During today’s meeting the Board also approved the new business plan for 2009-2013, which calls for total investments of €745 mn, €150 million of which will be made over the last two years of the plan and will be focused on commercial properties found in central locations of  important Italian cities.

Igd’s target for the five year period is to reach an average growth rate of 9.8% for rental revenues and 12.5% for EBITDA, with an EBITDA margin which is expected to gradually improve from  68 to 77%.

The yield on freehold assets is expected to rise from the current 6.3% to 6.5%. Igd estimates that the market value of the real estate assets will gradually increase as the new investments are completed and will reach €2,240 mn in 2013.

According to the plan, the Gearing Ratio (the debt to equity ratio) should never exceed 1.5x and is expected to reach its  highest level  in  2011.


Claudio Albertini, Igd’s Chief Executive Officer, commented: “This plan is testimony to our desire to continue growing, while improving profitability, as is indicated by the trend we expect in terms of operating margins. We believe that the investments called for in the plan can be made maintaining debt at what, in our view, is a sustainable level as it is primarily long term and in line with our assets.

Thanks to our efficient tax structure – Albertini continued – as  a Siiq we can guarantee our shareholders an adequate payout over time, even more than the 85% minimum provided for under the Siiq regime.