{"id":23562,"date":"2019-08-07T12:00:59","date_gmt":"2019-08-07T10:00:59","guid":{"rendered":"https:\/\/www.gruppoigd.it\/?p=23562"},"modified":"2019-08-07T12:06:00","modified_gmt":"2019-08-07T10:06:00","slug":"ffo-shows-continuous-growth-in-the-first-half-of-2019","status":"publish","type":"post","link":"https:\/\/www.gruppoigd.it\/en\/ffo-shows-continuous-growth-in-the-first-half-of-2019\/","title":{"rendered":"FFO shows continuous growth in the first half of 2019"},"content":{"rendered":"<p>&nbsp;<\/p>\n<ul>\n<li><strong><strong>Satisfactory operating and financial performance in a challenging environment.<\/strong><\/strong><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li><strong><strong>Significant contribution from the recent acquisitions.<\/strong><\/strong><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li><strong><strong>Net profit affected by changes in fair value.<\/strong><\/strong><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li><strong>Independent appraisers reduce the portfolio&#8217;s market value by less than 1%. <\/strong><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Rental income increased 4.4% <\/strong>in the first half to \u20ac77.3 million driven primarily by the contribution for the entire first half of 2019 of the assets that became part of IGD\u2019s perimeter in April and May 2018: the portfolio acquired from Eurocommercial Properties and the extension of the shopping center in Crema. Like-for-like, Italy fell by 0.6% due primarily to malls (-0.9%).<\/p>\n<p><strong>Core business EBITDA rose 13.<\/strong><strong>1% <\/strong>to \u20ac62.9 million as a result of higher net rental income and, for \u20ac5.1 million, the impact of IFRS16 application. Net of the new accounting standard, the growth in core business EBITDA would have reached 4.0%. The core business <strong>EBITDA margin <\/strong>came to <strong>78.2%<\/strong>, with a <strong>freehold<\/strong> margin of <strong>80%.<\/strong><\/p>\n<p><strong>Net financial expense <\/strong>fell by around \u20ac600 thousand or <strong>3.7%, <\/strong>net the \u20ac1.0 million impact of IFRS16 application, to \u20ac16.4 million thanks above all to the bond repayment of \u20ac124.9 million made on January 4<sup>th<\/sup>.<\/p>\n<p><strong>FFO<\/strong>, therefore, showed further growth, <strong>rising 7.6%<\/strong> against the first half of 2018 to \u20ac41.8 milion.<\/p>\n<p><strong>The Group\u2019s net profit <\/strong>reached \u20ac<strong>7.1 million<\/strong>, lower than the \u20ac34.8 million recorded in the first half of 2018 due mainly to the change in writedowns and fair value adjustments which were negative for more than \u20ac38 million in the reporting period, versus a negative impact of around \u20ac2.6 million in the first half of 2018.<\/p>\n<p>Based on the independent appraisals, <strong>the market value of the IGD Group\u2019s real estate portfolio <\/strong>at the end of June reached <strong>\u20ac<\/strong><strong>2,388.3 million, a decrease of 0.99%<\/strong> compared to the \u20ac2,412.15 recorded at the end of December 2018.<\/p>\n<p>Application of IFRS16 on leasehold properties had an impact of \u20ac61.21 million bringing the total of <strong>IGD\u2019s leasehold portfolio <\/strong>to \u20ac2,499.54 million.<\/p>\n<p>The <strong>EPRA NNAV<\/strong>, lastly, <strong>fell by 5.8%<\/strong>, to \u20ac10.78: a change that reflects the full effect of the \u20ac0.50 dividend paid in May.<\/p>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td><strong>Core business EBITDA\u00a0<\/strong><\/td>\n<td>\u00a0\u20ac 62.9 mn<\/td>\n<td>+13.1%<\/td>\n<\/tr>\n<tr>\n<td><strong>Core business EBITDA margin<br \/>\n<\/strong><\/td>\n<td>\u00a078.2%<\/td>\n<td>+610 bps<\/td>\n<\/tr>\n<tr>\n<td><strong>Funds From Operations (FFO)<\/strong><\/td>\n<td>\u00a0\u20ac 41.8 mn<\/td>\n<td>+7.6%<\/td>\n<\/tr>\n<tr>\n<td><strong>Loan-to-Value<\/strong><\/td>\n<td>\u00a048.2%<\/td>\n<td>&lt; max level of 50%<\/td>\n<\/tr>\n<tr>\n<th scope=\"row\"><strong>Net Rental Income<\/strong><\/th>\n<th scope=\"row\">\u00a0\u20ac 68.6 mn<\/th>\n<th scope=\"row\">+13%<\/th>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Satisfactory operating and financial performance in a challenging environment.<br \/>\nSignificant contribution from the recent acquisitions.<\/p>\n","protected":false},"author":5,"featured_media":23557,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[212],"tags":[],"class_list":["post-23562","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-igds-results"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/posts\/23562","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\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/comments?post=23562"}],"version-history":[{"count":5,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/posts\/23562\/revisions"}],"predecessor-version":[{"id":23725,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/posts\/23562\/revisions\/23725"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/media\/23557"}],"wp:attachment":[{"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/media?parent=23562"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/categories?post=23562"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/tags?post=23562"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}