{"id":14127,"date":"2012-11-08T14:03:28","date_gmt":"2012-11-08T13:03:28","guid":{"rendered":"https:\/\/www.gruppoigd.it\/il-cda-approva-il-resoconto-intermedio-di-gestione-al-30-settembre-2012-e-il-calendario-finanziario-2013\/"},"modified":"2018-10-09T15:30:54","modified_gmt":"2018-10-09T13:30:54","slug":"il-cda-approva-il-resoconto-intermedio-di-gestione-al-30-settembre-2012-e-il-calendario-finanziario-2013","status":"publish","type":"post","link":"https:\/\/www.gruppoigd.it\/en\/il-cda-approva-il-resoconto-intermedio-di-gestione-al-30-settembre-2012-e-il-calendario-finanziario-2013\/","title":{"rendered":"The BoD approves the Interim Management statement at 30 September 2015 and the Financial calendar 2013"},"content":{"rendered":"<p><strong>INTERIM MANAGEMENT STATEMENT AT 30 SEPTEMBER 2012<\/strong><\/p>\n<p><strong>Revenue rises in the first nine months of 2012 despite the uncertain environment and the drop in consumption<\/strong><\/p>\n<ul>\n<li><strong>Revenue from core business: \u20ac92.1 million (\u20ac89.8 million at 30 September 2011; +2.6%).<\/strong><\/li>\n<li><strong>Like-for-like revenue in Italy: \u20ac76.1 million (\u20ac75.5 million at 30 September 2011; +0.8%).<\/strong><\/li>\n<li><strong>Core business EBITDA: \u20ac64.6 million (\u20ac66.4 million at 30 September 2011)<\/strong><\/li>\n<li><strong>The Group\u2019s portion of net profit: \u20ac16.1 million (\u20ac39.6 million at 30 September 2011,) explained primarily by the change in the properties\u2019 fair value;<\/strong><\/li>\n<li><strong>Net financial debt: \u20ac1.090 billion (an improvement with respect to the\u00a0 \u20ac -1.095 billion posted at 30 June 2012)<\/strong><\/li>\n<li><strong>Gearing ratio:1.37(down with respect to the 1.39 recorded at 30 June 2012)<\/strong><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p class=\" text-justify\">Today, in a meeting chaired by Gilberto Coffari, the Board of Directors of\u00a0<strong>IGD -Immobiliare Grande Distribuzione SIIQ S.p.A. (\u201cIGD\u201d<\/strong>or the\u00a0<strong>\u201cCompany\u201d<\/strong>), listed on the STAR segment of the Italian Stock Exchange, examined and approved the\u00a0<strong>Interim Management Statement at 30 September 2012<\/strong>.<\/p>\n<p class=\" text-justify\"><em>\u201cDespite the current complex phase, characterized by a very difficult business and financial environment, revenue from core business in the first nine months of 2012 rose by 2.6%: significant confirmation as to the validity of our strategic choices which seek to fuel sufficient traffic (+1.6% at 30\/09) while focusing on the needs of our tenants in order to maintain the occupancy rates in our centers high; strategies which are also included in the 2012-2015 Business Plan that we presented at the beginning of October.\u201d<\/em>\u00a0<strong>Claudio Albertini, Chief Executive Officer of IGD<\/strong>\u00a0&#8211; Immobiliare Grande Distribuzione SIIQ S.p.A. stated.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Principal consolidated results at 30 September 2012<\/strong><\/p>\n<p class=\" text-justify\">At 30 September 2012, the IGD Group\u2019s revenue from core business amounted to \u20ac92.1 million, an increase of 2.6%with respect to the \u20ac89.8 million posted in the first nine months of 2011, due primarily to the positive impact of the new acquisitions made in 2011. More in detail, rental income at 30 September 2012 rose 2.8%, while revenue from services was basically unchanged with respect to 30 September 2011. With regard to total rental income, this figure at 30 September 2012 amounted to \u20ac88.2 million, an increase of 2.8% with respect to the first nine months of 2011 and of 0.8% like-for-like.<\/p>\n<p class=\" text-justify\">The IGD Group\u2019s core business EBITDA at 30 September 2012 amounted to \u20ac64.6 million, versus \u20ac66.4 million at 30 September 2011, explained primarily by the increase in direct costs pertaining to the core business (including personnel expenses) which in the first nine months of \u00a02012 reached \u20ac20.7 million, a rise of 22.2% with respect to the same period of the prior year. This change is primarily attributable to the increase in costs relating to IMU, 26% of the total direct costs, as well as the increase in provisions for doubtful accounts and maintenance. These costs amounted to 22.5% of revenue. General expenses for the core business (including payroll costs at headquarters), reached \u20ac6.9 million (\u20ac6.5 million in the first nine months of 2011). General expenses as a percentage of core business revenue reached 7.4%, unchanged with respect to the prior year.<\/p>\n<p class=\" text-justify\">EBITDA margin for the core business reached 70.1%versus 73.9% at 30 September 2011, due primarily to the more than proportional increase in direct costs with respect to revenue.<\/p>\n<p class=\" text-justify\">The IGD Group\u2019s EBIT at 30 September 2012 amounted to \u20ac51.3million, versus \u20ac77.7 million at 30 September 2011. The change is explained primarily by the impact of property writedowns and fair value adjustments.<\/p>\n<p class=\" text-justify\">The tax burden, current and deferred, at 30 September 2012 amounted to \u20ac1.1 million (versus \u20ac -5.7 million in the first nine months of 2011), reflecting primarily the impact of the writedowns linked to fair value adjustments.<\/p>\n<p class=\" text-justify\">The Group\u2019s portion of net profit at 30 September 2012 amounted to \u20ac16.1 million, versus \u20ac39.6 million in first nine months of 2011. As explained above, this change is due to the impact of property writedowns and fair value adjustments on EBIT, as well as the increase in financial charges.<\/p>\n<p class=\" text-justify\">Funds From Operations (FFO), which measures the cash flow generated by a company\u2019s core business, fell from the \u20ac33 million recorded at 30 September 2011 to approximately \u20ac27.1 million at 30 September 2012.<\/p>\n<p class=\" text-justify\">At the end of the first nine months of 2012 the gearing ratio came in at 1.37 (an improvement with respect to the 1.39 recorded at 30 June 2012). The average cost of debt reached 4.2% at 30 September 2012, versus 4.3% at 30 June 2012.<\/p>\n<p>The IGD Group\u2019s net debtat 30 September 2012 amounted to \u20ac1.090 billion,an improvement with respect to the \u20ac1.095 billion recorded at 31 December 2011.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>FINANCIAL EVENT CALENDAR FOR FY 2013<\/strong><a href=\"file:\/\/\/Z:\/INVESTOR%20RELATOR\/IR%202012\/COMUNICATI%20STAMPA\/INGLESE\/ING%20CS_9M_2012.docx#_ftn1\">[1]<\/a>:<\/p>\n<table class=\"righe_alt_big\" border=\"0\" width=\"0px\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\" text-center dispari\" valign=\"top\" width=\"148\">Date<\/td>\n<td class=\" text-center pari\" valign=\"top\" width=\"179\">Body<\/td>\n<td class=\" text-center dispari\" valign=\"top\" width=\"254\">Subject<\/td>\n<\/tr>\n<tr class=\"bglight \">\n<td class=\" text-center dispari\" valign=\"top\" width=\"148\">28 February<\/td>\n<td class=\" text-center pari\" valign=\"top\" width=\"179\">Board of Directors<\/td>\n<td class=\" text-center dispari\" valign=\"top\" width=\"254\">Approval of the draft consolidated financial statements at 31 December 2012<\/td>\n<\/tr>\n<tr class=\"bgdark \">\n<td class=\" text-center dispari\" valign=\"top\" width=\"148\">18 April<\/td>\n<td class=\" text-center pari\" valign=\"top\" width=\"179\">Shareholders\u2019 Meeting<\/td>\n<td class=\" text-center dispari\" valign=\"top\" width=\"254\">On first call and 19 April on second call, approval of the financial statements at 31 December 2012<\/td>\n<\/tr>\n<tr class=\"bglight \">\n<td class=\" text-center dispari\" valign=\"top\" width=\"148\">9 May<\/td>\n<td class=\" text-center pari\" valign=\"top\" width=\"179\">Board of Directors<\/td>\n<td class=\" text-center dispari\" valign=\"top\" width=\"254\">Approval of the interim management statement at 31 March 2013<\/td>\n<\/tr>\n<tr class=\"bgdark \">\n<td class=\" text-center dispari\" valign=\"top\" width=\"148\">7 August<\/td>\n<td class=\" text-center pari\" valign=\"top\" width=\"179\">Board of Directors<\/td>\n<td class=\" text-center dispari\" valign=\"top\" width=\"254\">Approval of the half-year financial report at\u00a0 30 June 2013<\/td>\n<\/tr>\n<tr class=\"bglight \">\n<td class=\" text-center dispari\" valign=\"top\" width=\"148\">7 November<\/td>\n<td class=\" text-center pari\" valign=\"top\" width=\"179\">Board of Directors<\/td>\n<td class=\" text-center dispari\" valign=\"top\" width=\"254\">Approval of the interim management statement at 30 September 2013<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p class=\" text-justify\">Conference calls, the details of which will be announced subsequently,\u00a0 will be held with the financial community in order to present the results for each reporting period.<\/p>\n<p class=\" text-justify\">All of the documentation relating to the single events will be made available to the public at the company\u2019s registered office, Borsa Italiana S.p.A.and on the website \u00a0<a href=\"https:\/\/www.gruppoigd.it\/\">www.gruppoigd.it<\/a>.<\/p>\n<p>The market will be advised of any changes made to the calendar in a timely manner.<\/p>\n<p>&nbsp;<\/p>\n<h6><a href=\"file:\/\/\/Z:\/INVESTOR%20RELATOR\/IR%202012\/COMUNICATI%20STAMPA\/INGLESE\/ING%20CS_9M_2012.docx#_ftnref1\">[1]<\/a>\u00a0Pursuant to Art. 2.6.2. (1).c of the Regulations for markets organized and managed byBorsa Italiana S.p.A.<\/h6>\n","protected":false},"excerpt":{"rendered":"<p class=\" text-justify\">Today the Board of Directors of\u00a0IGD\u00a0examined and approved the\u00a0Interim Management Statement at 30 September 2012.<\/p>\n<p class=\" text-justify\">\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86],"tags":[88],"class_list":["post-14127","post","type-post","status-publish","format-standard","hentry","category-price-sensitive-en","tag-risultati-economico-finanziari-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/posts\/14127","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/comments?post=14127"}],"version-history":[{"count":2,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/posts\/14127\/revisions"}],"predecessor-version":[{"id":14661,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/posts\/14127\/revisions\/14661"}],"wp:attachment":[{"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/media?parent=14127"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/categories?post=14127"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/tags?post=14127"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}