{"id":14963,"date":"2008-05-14T13:07:35","date_gmt":"2008-05-14T11:07:35","guid":{"rendered":"https:\/\/www.gruppoigd.it\/siglato-accordo-preliminare-per-lacquisto-di-una-galleria-commerciale-a-gorizia-2\/"},"modified":"2018-10-15T15:10:33","modified_gmt":"2018-10-15T13:10:33","slug":"siglato-accordo-preliminare-per-lacquisto-di-una-galleria-commerciale-a-gorizia-2","status":"publish","type":"post","link":"https:\/\/www.gruppoigd.it\/en\/siglato-accordo-preliminare-per-lacquisto-di-una-galleria-commerciale-a-gorizia-2\/","title":{"rendered":"The Board of Directors approves the Interim Management Statement at 31 March 2008"},"content":{"rendered":"<ul>\n<li><strong>Total revenues and operating income: \u20ac21.02 million (+14.62% vs. 2007)<\/strong><\/li>\n<li><strong>EBITDA: \u20ac12.26 million (+2.57% vs. 2007)<\/strong><\/li>\n<li><strong>EBIT: \u20ac2.18 million (+2.88% vs.\u00a0 2007)<\/strong><\/li>\n<li><strong>Pre- tax profit:\u00a0 7.74 million (-7.86% vs. 2007)<\/strong><\/li>\n<li><strong>Net debt:\u00a0 \u20ac386.83 million (+13.2% vs December 31st, 2007)<\/strong><\/li>\n<li style=\"list-style-type: none;\"><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p class=\" text-justify\">The Board of Directors of IGD 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 first quarter 2008 which confirm a performance in line with the 2008 targets for investment portfolio and profitability.<\/p>\n<p class=\" text-justify\">First quarter 2008 closed with total revenues and operating income of\u00a0 \u20ac21.02 million (mn), an increase of 14.62% when compared to the \u20ac18.34 mn reported in the same period 2007.\u00a0 This increase is primarily attributable to the contribution made by the Mondovicino mall, acquired in November 2007, and by the Millenium Gallery, which in first quarter 2007 had only contributed for one month; revenues from services also had a positive impact as their contribution grew from \u20ac0.62 mn in first quarter 2007 to \u20ac1.56 mn in the quarter that just ended thanks to new agency and facility management mandates.<\/p>\n<p class=\" text-justify\">EBITDA rose 2.57% over the \u20ac11.96 mn reported in first quarter 2007 to \u20ac12.26 mn.<\/p>\n<p>EBIT reached \u20ac12.18 mn, an increase of 2.88% when compared to first quarter 2007.<\/p>\n<p class=\" text-justify\">Pre-tax profit fell 7.86% from the \u20ac8.4 mn reported in the first quarter of the prior year to \u20ac7.74 mn, due primarily to an increase in net financial charges which totaled \u20ac4.44 mn, compared to \u20ac3.43 mn in first quarter 2007. The increase in net financial charges reflects the increased debt connected to the convertible bond of \u20ac230 mn issued on June 28th, 2007 and a mortgage loan of \u20ac100 mn pertaining to the subsidiary Immobiliare Larice.<\/p>\n<p class=\" text-justify\">The increase in interest rates had just a marginal effect as the debt is primarily long term and is covered by IRS (Interest Rate Swaps); the cost of the convertible bond debt, recognized at 6.03% in accordance with IAS, moreover has a coupon of 2.5%.<\/p>\n<p>Net debt, which totaled \u20ac 341.62 mn at December 31st, 2007, amounted to \u20ac386.83 mn at March 31<sup>st<\/sup>,\u00a0 2008.<\/p>\n<p class=\" text-justify\">Net equity at March 31st amounted to \u20ac736.08 mn due the income realized in the period and the purchase of treasury shares.\u00a0 At the end of the quarter IGD had purchased a total of 9,677,456 ordinary shares or 3.129% of the share capital ,for a total of \u20ac19,665,662 in\u00a0additon\u00a0to\u00a0the\u00a0accessory\u00a0charges.<\/p>\n<p class=\" text-justify\">IGD\u2019s CEO Filippo Carbonari commented: \u201cThe operating margins in this period continue to be very satisfying\u00a0and\u00a0in\u00a0line\u00a0with\u00a0expectations\u00a0though\u00a0for\u00a0a\u00a0more\u00a0complete\u00a0picture\u00a0of\u00a0IGD&#8217;s\u00a0operating\u00a0results\u00a0it\u00a0is\u00a0more\u00a0meaningful\u00a0to\u00a0look\u00a0at\u00a0the\u00a0yearly\u00a0vis -a-vis\u00a0the\u00a0quarterly\u00a0figures. IGD, in fact, usually begins operations 18 to 24 months prior to the opening of new commercial centres meaning that operating costs are recognized before the revenues can be generated during a time of rapid growth for our investment portfolios. We believe that, for this reason, our operating results present a snapshot of very healthy growth.\u201d<\/p>\n<p class=\" text-justify\">\u201cIn terms of financial management \u2013 continued Filippo Carbonari \u2013 we continue to have a stable balance which will allow us to sustain the future investments we have planned with a gearing of 0.53 compared to the 1.5 target indicated in the 2008-2012 Business Plan.\u201d<\/p>\n<p class=\" text-justify\">IGD\u2019s Board of Directors also approved the merger by incorporation of the wholly owned company M.V.srl, related to the last centre opened in Mondov\u00ec,\u00a0 in IGD SIIQ S.p.A. This merger will make it possible to optimize the use of capital and resources and is in line with the Group\u2019s general reorganization strategy designed to obtain a slimmer and more efficient corporate structure.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Board of Directors of IGD S.p.A., met today to examine the results for first quarter 2008 which confirm a performance in line with the 2008 targets for investment portfolio and profitability<\/p>\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-14963","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\/14963","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=14963"}],"version-history":[{"count":2,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/posts\/14963\/revisions"}],"predecessor-version":[{"id":15146,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/posts\/14963\/revisions\/15146"}],"wp:attachment":[{"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/media?parent=14963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/categories?post=14963"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/tags?post=14963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}