Immobiliare Grande Distribuzione Siiq S.p.a. · MIL:IGD
Immobiliare Grande Distribuzione Siiq — Non-Deal Roadshow (September 2019)
74 slides from Immobiliare Grande Distribuzione Siiq's roadshow presentation, September 2019
Slide 1: Road Show presentation
FY 2009 RESULTS Bologna November 11, 2011 Road Show presentation September 2019 \
Slide 2: Disclaimer
This presentation does not constitute an offer or an invitation to subscribe for or purchase any securities. The securities referred to herein have not been registered and will not be registered in the United States under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or in Aust
Slide 3: Index
Index 1. INTRODUCTION TO IGD 4 2. OPERATING DATA 13 3. SUSTAINABILITY 26 4. FY2018 + 1H2019 FINANCIAL RESULTS 31 5. STRATEGIC PLAN 2019-2021 39 6. APPENDIX 66 3
Slide 4: Introduction to IGD
Introduction to IGD Conè - Conegliano
Slide 5: IGD at a glance
IGD at a glance IGD is one of the main players in the Italian retail real estate sector: we develop and manage shopping centres across the country. We are also present in the retail sector in Romania 26 shopping malls 25 hyper / 14 shopping Development supermarkets in Italy (1) in Italy c. €2.4bn po
Slide 6: An intense growth journey to reach a suitable size
An intense growth journey to reach a suitable size... Real estate portfolio market value €mn Interesting growth Disposals (at book opportunities seized value or higher values) on the market and change in fair value Extraordinary investments for the Completed an acquisition of 10 important pipeline a
Slide 7: Our business model
Our business model A distinctive competitive positioning in the fragmented Italian retail property market Large portfolio of retail property assets with a strong customer base 1 generating sound and visible revenues and growing cash flows A unique control on 16 Shopping centres (mall + hypermarket)
Slide 8: Our shareholding structure
Our shareholding structure Listed on the Italian Stock Exchange in the STAR segment (“high requirements”) Coop Alleanza 3.0 • Number of shares: 110,341,903 40.92% • Share Capital: about € 750 mn Free float • Net Equity: about 1.2 bn € (30/06/2019) 47.05% Unicoop • Market Capitalization: about €700 m
Slide 9: Key data of the entire Coop world and of our two main Shareholders
Key data of the entire Coop world and of our two main Shareholders 7 LEGAL ENTITIES THROUGHOUT ITALY 17 Regions covered by Coop * * Revenues Revenues ~~4,1 4,5bn bn€€ ~ 960mn ~ 1 bn €€ N° N°ofofstores stores ~421 ~421 ~100 ~100 Employees Employees >22,000 >22,000 3,650 3,855 Members Members ~~2.2 2.
Slide 10: Governance - the Board of Directors
Governance - the Board of Directors On 1 June 2018 the Sharheolders’ Meeting appointed the new Board of Directors (in office until the approval of the 2020 full year results) Chairman - CONFIRMED Chief Executive Officer CONFIRMED FOURTH MANDATE Number of directors further reduced (from 13 to 1
Slide 11: Governance - Directors and Committees
Governance - Directors and Committees IGD’s governance has been in line with the criteria of the Self Regulatory Code of Italian Stock Exchange since it was listed. An internal Corporate Governance Code has been in use since 2008. CHAIRMAN CEO EXECUTIVE Elio Gasperoni Claudio Albertini VICE CHAIRMAN
Slide 12: Our Top management
Our Top management ELIO GASPERONI (1953) CLAUDIO ALBERTINI (1958) Chairman Chief Executive Officer Chairman of IGD's Board since April 2017 Appointed in May 2009 Vice Chairman of Coop Alleanza Board member at IGD since 2006 Board member of IGD since 2015 More than 20 years of experience with Unipol
Slide 13: Operating data
Operating data 13
Slide 14: IGD: a portfolio of high quality assets, dominant in their catchment area
IGD: a portfolio of high quality assets, dominant in their catchment area… IGD – Main Italian Asset NORTH CENTRO SARCA ESP LE MAIOLICHE CENTRO BORGO CENTRO LAME PUNTADIFERRO CENTRO LEONARDO SESTO S. GIOVANNI (MI) RAVENNA FAENZA (RA) BOLOGNA BOLOGNA FORLI’ Imola (BO) CONÈ CENTRO PIAVE CLODÌ CENTRO NO
Slide 15: Located in the most attractive Italian regions
…located in the most attractive Italian regions >80% of value of italian portfolio ITALY- 61 properties in 12 regions concentrate in Northern & Central Italy (93.7% of total IGD market Value) GDP Per-capita 39.2k 35.2k 30.9k 1 38.0k ROMANIA 33.1k S+I 6.3% 3 5 30.3k 2 35.3k 12.2% ## of 31.6k 1 22 30.
Slide 16: The main characteristics of our portfolio
The main characteristics of our portfolio € 2,388.3mn other 4.3% (100.7€mn) Romania 6.3% Total GLA (Ita) 665,000 m2 (market share c. 4%) (151.2€mn) A young portfolio: old on average 7 years (since opening or last restyling) SMALL 10.5% Full ownership of 16 Shopping centres (mall+hyper) in Italy (63.
Slide 17: Strong repositioning of the Romanian portfolio
Strong repositioning of the Romanian portfolio 1 6 11 Key Strategical points 1 7 • Further €4.5 mn capex for safety, 2 8 2 7 12 maintenance and commercial improvements 3 • Growth trend of rents 9 3 8 13 14 10 11 • Attention on operational costs 4 12 13 4 9 14 • Focus on sustainability 5 6 5 10 2008
Slide 18: Property investments as at 30/06/2019
Property investments as at 30/06/2019 Net Initial Gross Initial Financial FY 2018 1H 2019 ∆% Net Initial Yield Yield topped Yield occupancy up Italy Malls 1,573.79 1,553.06 (-1.32%) 6.43% 95.05% Tot. Italy 5.40% 5.40% Italy Hypermarkets 585.63 583.38 (-0.38%) 6.07% 100.0% 96.3% Romania 154.79 151.17
Slide 19: EPRA NNNAV per share as at 30/06/2019
EPRA NNNAV per share as at 30/06/2019 € per share 31/12/2018 30/06/2019 ∆ NAV 11.77 11.34 -3.6% NNNAV 11.45 10.78 -5.8% € -0.50 € -0.20 € 0.38 € -0.35 € 11.45 Full effect of the annual dividend € 10.78 distributed in May EPRA NNNAV 31 DEC Dividend Change in Debt Fair FFO Asset Fair Value EPRA NNNAV
Slide 20: IGD performances better and more resilient than Italian GDP and consumption trends
IGD performances better and more resilient than Italian GDP and consumption trends IGD – LfL Rental Growth vs. Italy – GDP Growth % 97.5% 97.4% 96.2% 96.9% 97.3% 96.8% 97.2% 96.6% (1) 3.1% 1.5%1.7% 1.7% 1.5%1.5% 1.3% 0.7% 0.6% 0.5% 1.0% 0.9% 1.0% 0.2%0.1% 0.3% 0.0% (1.2%) -0.6% (1.7%) (2.8%) (5.5%)
Slide 21: Focus on trends Italy as at 30/06/2019
Focus on trends Italy as at 30/06/2019 Tenant sales and footfall progressive trends 2019 vs 2018 -0.4% +0.2% 1Q -6.2% 2Q +0.6% 2.0% 1.4% 1.0% 0.6% 0.2% -0.2% -0.1% 0.0% Jan 2019 Feb 2019 Mar 2019 Apr 2019 May 2019 Jun 2019 Jul 2019 -1.0% -0.4% -1.1% -1.2% -2.0% -3.2% -2.3% -3.0% -3.9% -2.9% -3.8% -4
Slide 22: Contracts in Italy and Romania as at 30/06/2019
Contracts in Italy and Romania as at 30/06/2019 N 923 Average residual maturity: 4.6yrs 68.5% Total contracts: 1,467 of which during 1H2019 98 renewed with the same tenant and 64 MALLS signed with a new tenant N 235 ITALY N 122 N 187 Upside 1H2019: +1.1% (1) 14.0% 7.4% 10.2% Rotation Rate 4.4% (% ne
Slide 23: On-going projects in Italy: our idea of shopping
On-going projects in Italy: our idea of shopping A tailormade offer to satisfy our visitors New brands added: LLOA BE NATURAL (restaurant) in Centro Sarca DROGERIE MARKT (grocery) in Centro Piave and Gran Rondò BABY STAR (beauty salon and entertainment area for children) in Fonti del Corallo Weight
Slide 24: Romania - Commercial activities
Romania - Commercial activities 2 new shops (Ploiesti Grand Center & Ploiesti Big) Total network: 6 shops German clothing brand New entry in Winmarkt portfolio: more and more international 1 shop and attractive merchandising (Cluj) mix Romanian brand Children equipment and clothing New opening in 2H
Slide 25: Key tenants as at 30/06/2019
Key tenants as at 30/06/2019 Top 10 Tenants Italian Malls Top 10 Tenants Romanian Malls Turnover Turnover TOP 10 Tenant Product category Contracts TOP 10 Tenant Product category Contracts impact impact supermarket 10.0% 11 clothing 3.0% 13 clothing 7.5% 6 clothing 2.9% 12 clothing 4.1% 11 shoes 2.2%
Slide 26: Sustainability
Sustainability
Slide 27: Sustainability as essential driver 1/2
Sustainability as essential driver 1/2 GREEN RESPONSIBLE ETHICAL ATTRACTIVE TOGETHER Area Our committment 95% of the portfolio ISO 14001 certified Environmental certification BREEAM IN USE (at least at level «Very Good») for 5 more shopping centers Measures to reduce energy €5 mn expected for
Slide 28: Sustainability as essential driver 2/2
Sustainability as essential driver 2/2 GREEN RESPONSIBLE ETHICAL ATTRACTIVE TOGETHER Continuous update of the Anti-corruption Exclusive and inclusive Projects to capture insights corporate Welfare System certification project events from millennials regarding Maintaining highest Cooperat
Slide 29: Sustainability: our strategy and what we are doing
Sustainability: our strategy and what we are doing 7 Shopping Centres equipped with photovoltaic systems GREEN 1 Shopping Centre equipped with e-bike charging station powered by a photovoltaic system 16 Shopping Centres equipped with led lighting systems RESPONSIBLE 100% electricity from renewable s
Slide 30: Awards and International Benchmark
Awards and International Benchmark EPRA sBPR Gold Award CommOnEnergy Award For Sustainability Report 2014-15-16-17 For restyling_Centro Sarca Oscar di Bilancio Ferpi CNCC Design Award For 2016 and 2017. Igd was one of the 3 For ESP Shopping Center finalists for the prize GPR IPCM LFFS Sustainable GR
Slide 31: FY2018+1H2019 Financial Results
FY 2009 RESULTS Bologna November 11, 2011 FY2018+1H2019 Financial Results
Slide 32: FY 2018 and 1H 2019 main results
FY 2018 and 1H 2019 main results 2017 2018 1H2018 1H2019 1H2019Adj 1H19Adj/1H18 Revenues €138.9mn €151.8mn +9.2% €74.1mn €77.3mn €77.3mn +4.4% • Rental income • Net Rental Income €111.9mn €124.0mn +10.9% €60.7mn €68.6mn €63.5mn +4.6% EBITDA • EBITDA (Core Business) €101.2mn €113.7mn +12.4% €55.6mn €
Slide 33: Rental Income (€mn)
Rental Income (€mn) Total LFL +3.2 €mn -0.6% +1.8% +4.4% -0.5% 0.1 3.6 -0,4 6.3% 0.7% 25.8% Total Rental 77.3 1H2019 74.1 Income €77.3 mn 67.3% MALLS HYPERMARKETS ROMANIA OTHER Rental income 1H 2018 Change LFL italy Non LFL Italy Change in LFL Romania Rental income 1H 2019 Decrease in malls (-0.9%)
Slide 34: Net rental income (€mn)
Net rental income (€mn) +€2.8 mn Italy +4.7% +€7.9 mn +4.6% Romania +2.1% +13.0% -0,5 5.1 3.2 1H2019 68.6 60.7 63.5 Net rental income Change in rental income Change in rental cost Net rental income IFRS16 Effect Net rental income 1H_CONS_2018 1H_CONS_Adj_2019 1H_2019 +€12.1 mn Italy +11.8% +10.9% Ro
Slide 35: Funds From Operations (FFO) keep growing
Funds From Operations (FFO) keep growing +€3.0mn +7.6% 0.6 0.1 2.2 1H2019 38.9 41.8 FFO_2018 Change in EBITDA adj Change in Financial Change in taxes and other FFO_2019 Management adj +21.4% 1.8 -0,2 12.5 FY2018 79.7 65.6 FFO FY_CONS2017 Change in core business EBITDA Change in financial Change in t
Slide 36: Outlook FFO FY2019
Outlook FFO FY2019 REVISED OUTLOOK released on 2 of August +4/5% Review to the previous guidance (+6/7%) considering: • Weak consumption dynamics • Slight increase in temporary and strategic vacancy (with a consequent increase in non re-chargeable costs) • Temporary effects due to remodeling activit
Slide 37: Financial structure (1/2)
Financial structure (1/2) Debt Breakdown Net Debt €1,184.9 mn* 31/12/2018 30/06/2019 48.2% LTV 45.8% (excluding IFRS16 c. 47%) MARKET L.T. 47% BANK 3.8X 1,164.98 53% ICR 3.5X (excluding IFRS16 c. 3.7x) S.T. 22.67 AVERAGE COST OF DEBT 2.7% 2.4% CASH -2.76 RATING S&P GLOBAL RATINGS MOODY’S BBB- Ba1 ou
Slide 38: Financial Structure (2/2)
Financial Structure (2/2) Secured and unsecured debt break down 31/12/2018 30/06/2019 c. 0.97 x GEARING RATIO c. 0.88 x (excluding SECURED IFRS16 c. 0.93x) 29% AVERAGE LENGHT OF LONG c. 4.3 years c. 3.77 years TERM DEBT UNSECURED HEDGING ON LONG TERM DEBT 71% c. 92.9% c. 93.3% + BOND 2.5% 5y 2.1% De
Slide 39: Strategic Plan 2019-2021
Strategic Plan 2019-2021
Slide 40: Retail: a continuously evolving world
Retail: a continuously evolving world Shopping Shopping Centers Shopping Experience Hypermarkets Mall + Hypermarket and Services Centers and Social Centers From a simple place of Increased interaction and Hypermarket as a center of Greater and more FEATURES purchase to shopping and personalisation w
Slide 41: Risk of Obsolescence for Shopping Centers
IGD’s current positioning and long-term commitment Supported by strategic Shopping experience IGD important relationship with high quality tenants Risk of Obsolescence for Shopping Centers Low efforts for High-end services repositioning and long-term commitment Integration with the E-Commerce Restau
Slide 42: IGD Mission Statement
IGD Mission Statement After a decade of growth… A plan focused on strengthening the solid and sustainable leadership of our shopping centers in their respective catchment area and to be prepared for future challenges 42
Slide 43: 2019-2021 Strategic Plan
2019-2021 Strategic Plan A consolidation and enhancement plan based on 3 pillars Innovation and operational Asset Financial excellence management strategy Great focus on innovation and Investments aimed at maintaining Maintaining a solid financial operational excellence mainly in and increasing the
Slide 44: Our idea of shopping centers in 6 key words 1/2
Our idea of shopping centers in 6 key words 1/2 Target What we doing Identify solutions that make shopping • «Experience to be lived» project has already been more engaging and experiential in introduced in 2 Shopping Centers (Puntadiferro and order to impress visitors: experience Città delle Stelle
Slide 45: Our idea of shopping centers in 6 key words 2/2
Our idea of shopping centers in 6 key words 2/2 Target What we doing Introduce and manage a set of tools • Introduce EV charging stations (in 18 Shopping which enable us to improve our Centers) and e-bike charging points customers’ journey, also by means of • More Services: 21 dental clinics (turnov
Slide 46: Business approach to align merchandising mix with current trends
Business approach to align merchandising mix with current trends Broaden and diversify the retail offer Online-offline interaction Services Sharing economy Entertainment Areas Kiosks Introduction of new services (medical Introduction of new sharing economy Set-up of entertainment areas conceived Cre
Slide 47: Asset management: 4 main operating levers
Asset management: 4 main operating levers 1 Requalification of the existing portfolio (restyling/refurbishment) 2 Strategic agreement with Coop Alleanza 3.0: an opportunity 3 Completion of the current pipeline (Officine Storiche and ESP Entertainment) 4 Ass et rotation 47
Slide 48: Restyling/refurbishment projects
1 Restyling/refurbishment projects Important track record in asset management Between 2014 and 2018 we carried out and completed various extensions, remodeling and restyling work in our shopping centers Date Type Increase in Shopping Shopping Center of work of work Center revenues(1) Centro Sarca (M
Slide 49: Restyling/refurbishment projects
1 Restyling/refurbishment projects CENTRO CASILINO FONTI DEL CORALLO GRAN RONDO’ LA FAVORITA Proejct Type of Restyling Remodeling and Restyling Internal Restyling Internal and external Restyling work Restyling of the external facade Hypermarket reduction (new GLA Following the extension and the Rest
Slide 50: Restyling/refurbishment projects: other on going projects
1 Restyling/refurbishment projects: other on going projects Hypermarkets remodeling works have started in line with 2019-2021 Strategic Agreement with Coop (see following slides) 1 Goal: reduction of the hypermarket area and creation of new retail units in the mall • Hypermarket: work in progress –
Slide 51: Strategic Agreement with Coop Alleanza 3.0, partner / food anchor
2 Strategic Agreement with Coop Alleanza 3.0, partner / food anchor The role of the mall and the hypermarket The role of the food anchor (hypermarket) remains fundamental with the ability to attract visitors. Strong synergy between IGD and Coop that generates excellent operating / financial performa
Slide 52: Strategic Agreement with Coop Alleanza 3.0, partner / food anchor
2 Strategic Agreement with Coop Alleanza 3.0, partner / food anchor Agreement regarding approx. €520 mn of the market value (approx. 21% of IGD total market value) A framework agreement regarding the complete review of 18 contracts (out of a total of 20) of the hypermarket portfolio rented to Coop A
Slide 53: Strategic Agreement with Coop Alleanza 3.0, partner / food anchor
2 Strategic Agreement with Coop Alleanza 3.0, partner / food anchor The main effects expected from the agreement, together with a higher rent sustainability, will be: Pre agreement Post agreement Maturity of the Coop Alleanza 3.0 hypermarket contracts Maturity of the Coop Alleanza 3.0 hypermarket co
Slide 54: Pipeline Completion: Porta a Mare Project overview
3 Pipeline Completion: Porta a Mare Project overview Focus: see MOLO MEDICEO, next slides LIPS, ARSENALE Hotel, residential, services for the port OFFICINE STORICHE Work in progress Retail: >15,000 sqm Residential: 43 units Focus next slide PIAZZA MAZZINI Completed Retail: already operational since
Slide 55: Pipeline Completion: Officine Storiche
3 Pipeline Completion: Officine Storiche Work restarted*: March 2019 End of work: 2H 2020 Total expected investment: € 53 mn (remaining ca.€ 20 mn) Total surface: 20k sqm, of which 15k sqm devoted to retail Stores: 30 + 10 restaurants + 1 fitness center The area will connect the city’s downtown with
Slide 56: Pipeline Completion: Other areas
3 Pipeline Completion: Other areas Molo mediceo Arsenale LIPS: hyphotesis of a 4-star business hotel and residence with apartments designed for ship crews or student housing ARSENALE: possibility of one or more residences MOLO MEDICEO: services for the touristic port Lips The enhancement and pre-mar
Slide 57: Asset rotation Strategy
4 Asset rotation Strategy Rationalisation of the portfolio through the disposal of some non-strategic assets for €150-200mn is under evalutation Income from disposals will be primarily allocated to reduce debt and leverage and partly re-invested 57
Slide 58: Asset rotation: what we did
4 Asset rotation: what we did 28 June 2019: sale and purchase agreements* Sale of Palazzo Orlando (office building) part of Purchase of the 50% interest in the Darsena the Porta a Mare development project in Livorno City Shopping Mall in Ferrara (of which IGD is Total GLA: 5,270 sqm currently joint-
Slide 59: Financial strategy
Financial strategy Maintain a rigourous financial discipline in line with the Investment Grade profile Improve and further reduce the LTV Lower the exposure to financial risks (interest rate Improve the liquidity profile while maintaining a significant share of medium long-term debt (currently equal
Slide 60: Revenues and FFO
Revenues and FFO 4 years of considerable growth… Driven by new openings and Consolidation plan with a acquisitions sustainable growth Gross rental income CAGR Plan period 2019-2021(1) €mn 151.8 131.3 138.9 115.6 121.1 c.+2% LFL c.+1.7% 2014 2015 2016 2017 2018 FFO ps FFO c.€ 0.72 €mn +21.4% 79.7 65.
Slide 61: Investments
Investments Total investment plan(1) €mn Capex to maintain the assets quality and safety ~ 1% of the portfolio total market value Casilino New projects such as Fonti del Corallo Officine Storiche and Gran Rondò Entertainment ESP La Favorita + ~~ 30 30 Other minor projects+ Investments to support mar
Slide 62: Financial targets: a clear and defined path
Financial targets: a clear and defined path Average c.4X LTV ICR cost of debt <3% c.3X >45% <50% c.2.4%/2.7% <45% BP 2016-2018 Plan 2019-2021 BP 2016-2018 Plan 2019-2021 BP 2016-2018 Plan 2019-2021 (End of Plan) (Plan Period) (End of Plan) 62
Slide 63: Dividend Policy…bringing to growing FFO and dividends
Dividend Policy…bringing to growing FFO and dividends Constant FFO and dividends growth € mn 84% 69% 68% 0.50 0.50 Target 72% 0.45 88. 0 0.5 0 81% 0.40 79.7 Offer an attractive and 0.38 sustainable dividend 0.4 0 68. 0 65.6 over time 0.3 0 53.9 55.2 55.2 0.2 0 48. 0 45.3 0.1 0 35.1 36.6 32.5 28.4 -
Slide 64: Further option of growth
Further option of growth • A Strategic Plan aimed at strenghtening the leadership of our shopping centers, without further acquisitions • IGD’s idea, to act as a platform able to aggregate new assets in order to further increase its market share and pursue greater economies of scale, remains valid •
Slide 65: Final remarks
Final remarks Built a portfolio of dominant shopping centers in their catchment area and 1 integrated within the urban fabric Focus on new market trends, innovation and quality of the assets to enhance 2 the leadership of shopping centers Strategic agreement with COOP Alleanza 3.0: a unique and dist
Slide 66: Appendix
Appendix
Slide 67: Consolidated Income Statement as at 30/06/2019
Consolidated Income Statement as at 30/06/2019 (a) (b) (c) D D GROUP CONSOLIDATED 1H_CONS_2018 1H_CONS_2019 1H_CONS_Adj_2019 (b)/(a) (c)/(a) Revenues from freehold rental activities 67.8 71.1 71.1 4.9% 4.9% Revenues from leasehold rental activities 6.3 6.3 6.3 -0.8% -0.8% Total revenues from rental
Slide 68: Funds from Operations (FFO) € 41.8 mn (+7.6%)
Funds from Operations (FFO) € 41.8 mn (+7.6%) Funds from Operations CONS_2019 CONS_2018 Δ vs cons 2018 D% Core Business EBITDA 62,946 55,637 7,309 13.1% IFRS16 ADJUSTMENTS (payable leases) -5,096 0 -5,096 n.a. Adj Financial management -15,451 -16,046 595 -3.7% Adj Extraordinary management 0 0 0 n.a.
Slide 69: NNNAV
NNNAV 31/12/2018 (a) 30/06/2019 (b) Δ% (b vs a) NNNAV Calculation €'000 € p.s. €'000 € p.s. Total shares 110,341,903 110,341,903 1) Group shareholders' equity 1,252,338 11.35 1,202,438 10.90 -4.0% Excludes Fair value of financial instruments 17,364 21,204 n.a Deferred taxes 28,480 27,274 n.a Goodwil
Slide 70: More Financial Highlights
More Financial Highlights FY2018 1H 2019 SHARE OF M/L DEBT 79.8% 93.5% UNCOMMITTED CREDIT LINES GRANTED €191 mn* €181 mn* UNCOMMITTED CREDIT LINES AVAILABLE €148.2 mn €158.3 mn COMMITTED CREDIT LINES GRANTED AND AVAILABLE €60 mn €60 mn UNENCUMBERED ASSETS €1,462.6 mn €1,447.4 mn *Some banks allowed
Slide 71: Reclassified Balance Sheet
Reclassified Balance Sheet Sources - Uses of funds (€/000) 30/06/2019 31/12/2018 D D% Fixed assets 2,370,089 2,346,527 23,562 0.99% Assets under construction and advances 36,619 36,563 56 0.15% Intangibles assets 12,401 12,696 (295) (2.38%) Other tangible assets 9,039 9,615 (576) (6.37%) Non-current
Slide 72: Italian Portfolio: hypermarkets and shopping malls
Italian Portfolio: hypermarkets and shopping malls TENANTS OF 27 SHOPPING MALLS 25 HYPERMARKETS HYPERMARKETS CENTRO D'ABRUZZO -Pescara CENTRO D'ABRUZZO -Pescara Coop Alleanza 3.0 CLODI' - Chioggia CLODI' - Chioggia Coop Alleanza 3.0 PORTO GRANDE - Porto d'Ascoli (AP) PORTO GRANDE - Porto d'Ascoli (A
Slide 73: Focus on E-Commerce in Italy
Focus on E-Commerce in Italy E-commerce in Italy: 6.5% of total retail sales E-commerce on total retail sales (1) % 20% 19% 18% 17% 15% Low • E-commerce penetration in Italy is lower when compared to 15% 14% other industrialised countries, this is not only a delay in its 10% 6.50% 6% E-Commerce infi
Slide 74: Investor Relations contacts
Claudia Contarini, IR T. +39. 051 509213 claudia.contarini@gruppoigd.it Elisa Zanicheli, IR Team T. +39. 051 509242 elisa.zanicheli@gruppoigd.it Federica Pivetti, IR Team T. +39. 051 509260 federica.pivetti@gruppoigd.it to @igdSIIQ
Immobiliare Grande Distribuzione SIIQ S.p.A. (IGD) — Non-Deal Roadshow (September 2019) on 6ix