New record results for IGD in 2017
The results posted at 31 December 2017 show an increase of 6.7% in core business EBITDA with the EBITDA margin coming in at 69.7%, versus 69.3% in the prior year. Thanks to the combination of effective commercial policies and asset management, the freehold EBITDA margin reached 79.2%.
FFO rose 21.7%, higher than the guidance of 20% which was revised upward in August, due to robust cash flow generation and the drop in interest payable as a result of the lower cost of debt which went from the 3.3% posted in 2016 to 2.8% in the year that just ended.
Net financial debt, which amounted to €1,059.6 million at the end of December 2017, was basically in line with December 2016. Based on the appraisals of the independent experts the fair value of the properties reached €2,228 million at year-end 2017, including the extension of the ESP Shopping Center inaugurated in June.
The loan-to-value came to 47.4% at the end of 2017, an improvement compared to the 48.3% reported at year-end 2016 and below the 50% level which means IGD’s debt will continue to be classified as investment grade.
| Core business EBITDA | € 101.2 mn | +6.7% |
| Freehold EBITDA margin |
69.7% | +40 bps |
| Group net profit | € 86.5 mn | +26.5% |
| Funds From Operations (FFO) | € 65.6 mn | +21.7% |
| Loan-to-Value | 47.4% | < max. level of 50% |
| Core business revenue | € 145.1 mn | +6.0% |
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