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Winmarkt’s occupancy rate reached the highest level
PRESS RELEASE
18th of April 2017
WINMARKT’S OCCUPANCY RATE REACHED THE HIGHEST LEVEL
THE GENERAL ASSEMBLY OF SHAREHOLDERS APPROVES THE RESULTS REGISTERED AT 31st of DECEMBER 2016
Winmarkt Group, the Romanian subsidiary of Italian Group – IGD, which owns and manages 15 properties, of which 14 shopping centers and an office building, in 13 cities across the country, announces the results for 2016. The occupancy rate increased at 96.1%, the highest in the history of IGD’s management.
2016 RESULTS – KEY FIGURES (local Gaap)
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Net income from rents: 8.9 mil. euros (+3.1% vs 2015)
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EBITDA: 6.1 mil. euros (+3.5% vs 2015)
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Group Net Profit: 1.1 mil euros
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FFO: 5.6 mil euros (+4.8% vs 2015)
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Dividends paid: 2 mil euros
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New investments: 2.5 mil euros
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Occupancy rate: 96.1% (vs 94.4% in 2015)
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Footfalls: 31.3 mil visitors(+2.6% vs 2015)
Carlo Barban, Winmarkt Group’ CEO and Managing Director, commented: „Strong business fundamentals deliver solid economic and financial performance. 2016 was another year of acceleration for Winmarkt, a remarkable operational performance, associated with careful control of costs & processes. These premises enabled us and our Shareholders to fulfil our strategy and to exceed our intended results.
The favourable local macroeconomic 2016 context (Gdp +4.8% yoy, consumption +8.9% yoy), boosted by taxes and minimum wages positive measures, as well as the 2017 outlook (GDP +3.9% yoy, consumption +5.9% yoy), allow us to sustain our strategy. In 2017 we intend to consolidate the current portfolio for future-proof capabilities, to deliver sustained profitable growth and returns and, of course, we are always keeping an eye out for opportunities.”
OPERATING PERFORMANCES
Winmarkt shopping centres‘ operating performances continued their growth during 2016. We managed this success by pushing on an attractive and modern offer, mixing balanced merchandise and, finally but not least, increasing the traffic by exceeding 31 million visitors, all over the network. These results come after Winmarkt’s essential investments along the years and constant improvement of the tenant mix. Today, all the shopping centers look drastically different, both inside and outside, compared to the IGD acquisition.
“On one hand, the challenges of 2016 were to reinforce the tenants mix by increasing the percentage of international retailers with contracts concluded for periods of more than five years. On the other hand, we have focused on bringing in the city center a larger services offer, which our customers can easily access. One important achievement was the opening of MedLife clinic in Winmarkt shopping center located in Ploiesti.
2016 also brought the confirmation of the growth trend, visible in the last years, for all levels, whether we are talking about income, occupancy rate, or number of visitors. Most important for us, though, was strengthening relationships with our tenants which, on the base of the results recorded in Winmarkt shopping centers, have continued to expand in our network by opening new stores, such as H&M in Ploiesti or Pepco in Cluj and Piatra Neamt.” Marius Ionescu, Commercial Manager.
About Winmarkt:
The Winmarkt network of shopping centers was acquired in March 2008 by IGD, an Italian company listed on the Milan Stock Exchange. Winmarkt portfolio includes 14 shopping centers and an office building located in the central areas of 13 cities: Alexandria, Bistrita, Braila, Buzau, Cluj- Napoca, Galati, Piatra Neamt, Ploiesti, Ramnicu Valcea, Slatina, Tulcea, Turda and Vaslui. In addition to the properties in Romania, the IGD portfolio also includes 19 shopping galleries and 19 hypermarkets, all of them in Italy, their total value amounting to 1.9 billion Euros.