Igd improves first-half losses and announces new plan for year-end

Igd - Immobiliare Grande Distribuzione Siiq - closed the first half of the year. between lights and shadows, between divestments and inflation, in a climate of substantial stabilisation of values. The net accounting loss improved to EUR 32.5 million, 30.8% less than in June 2023 when it was EUR 47.1 million. Recurring net profit (FFO) fell by 40.7% to €18.3m and gross rental income fell by 1.4% to €69.1m (+3.3%, however, if the 2023 figure is recalculated to €66.9m taking into account the asset portfolio disposal completed in April).

The net rental income amounted to 59 million, -0.1% compared to the same period last year (+4.5% on a like-for-like basis). Ebitda from ordinary operations was EUR 53.9 million (+0.1%), with a 73.6% growth margin. Total financial management amounted to -36.9 million (+92 per cent). Real estate owned by the group reached a market value of EUR 1.697bn (-0.5 per cent on a like-for-like basis compared to December 2023). Including leasehold properties and stakes in Fondo Juice and Fondo Food, the portfolio had a market value of EUR 1.816bn (-0.65%).

"After a two-year period characterised by strong devaluations, there was a substantial stabilisation of valuations. The slight decline recorded is mainly due to the lower increase in the inflation rate compared to what had been forecast in December," reads the note released in the morning. During the first half of the year, Igd posted total capital expenditure and capex of around EUR 7 million.

In view of the operating and financial results achieved in the first half of the year, and assuming no significant negative changes in macroeconomic factors, the company confirms the guidance for an expected recurring net profit (Ffo) of around EUR 34 million in 2024. "We welcome," said CEO, Roberto Zoia, "the figures for the first six months of 2024. Firstly, net of the one-off write-down of the equity investment in the Food fund, we have finally recorded a substantial hold on the fair value of Igd's portfolio. The slight decline recorded is mainly related to lower inflation growth than estimated in December 2023'. Zoia also emphasised that 'the results we are presenting today form the basis on which we will define the 2025-2027 Business Plan, the guidelines of which we have already provided and which we will present in its entirety by the end of the year'.