Immobiliare Grande Distribuzione Siiq S.p.a. · MIL:IGD
Immobiliare Grande Distribuzione Siiq — Non-Deal Roadshow (November 2019)
74 slides from Immobiliare Grande Distribuzione Siiq's roadshow presentation, November 2019
Slide 1: Road Show presentation
Road Show presentation November 2019
Slide 2: Disclaimer
Disclaimer This presentation does not constitute an offer or an These statements include financial projections and invitation to subscribe for or purchase any securities. estimates and their underlying assumptions, statements regarding plans, objectives and expectations with The securities referred
Slide 3: Index
Index 1 4 Introduction to FY 2018 + 9M2019 IGD Financial Results Pag. 4 Pag. 29 2 5 Operating Data Strategic Plan 2018-2019 Pag. 11 Pag. 37 3 6 Sustainability Appendix Pag. 24 Pag. 65 3
Slide 4: Introduction to IGD
1 Introduction to IGD
Slide 5: IGD at a Glance
IGD at a Glance IGD is the leading Italian listed developer and operator of Italian quality retail real estate properties: develops and manages shopping centers across the country and has also a presence in retail distribution in Romania IGD #1 Italian Retail SIIQ (REIT) - Portfolio Snapshot 5.4% EP
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 ~(260) ~420 Disposals (at book Interesting growth value or higher values) ~830 opportunities seized and change in fair on the market value Extraordinary investments for the Completed an acquisition of 10 assets
Slide 7: IGD Business Model Explained
IGD Business Model Explained A distinctive competitive positioning in the fragmented Italian retail real estate market 1 Well Diversified Across Italy 39.2k GDP Per-capita 2 Strategic Positioning 3 Strong Food Anchor (COOP) 4 Strong Track-Record of Direct Management €34.6k – €42.6k 1 35.2k 38.0k 30.
Slide 8: Our shareholding structure
Our shareholding structure Listed on the Italian Stock Exchange in the STAR segment (“high requirements”) Freefloat equal to 47.05%, majority of institutional investors, of which⁽²⁾ Italy Number of shares: 110,341,903 Unicoop Tirreno 20% Mediolanum, Coop Lombardia, Eurizon 12.03% Free Float UK & Ire
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 Coop world key data*: 17 Regions covered by Coop Turnover ~14.7 bn € (13.6% of italian large scale retail) No. of stores: ~1,200 Employees ~52,000 Coop Lombardia Members ~ 6.7 million people Novacoop
Slide 10: Our Top Management
Our Top Management Elio Gasperoni (1953) Chairman Claudio Albertini (1958) 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
Slide 11: Operating Data
2 Operating Data
Slide 12: IGD: a portfolio of high quality assets
IGD: a portfolio of high quality assets North Centro Sarca Esp Le Maioliche Centro Borgo Centro Lame Puntadiferro Sesto S.Giovanni (MI) Ravenna Faenza (RA) Bologna Bologna Forlì IGD - Main Centro Leonardo Conè Centro Piave San Donà di Clodì Centro Nova Villanova di Mondovicino Sc&Rp Imola (BO) Coneg
Slide 13: 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 1 39.2k 1H2019 35.2k 30.9k € 2,388.2 3 5 # 38.0k 33.1k 2 n° of properties 30.3k 1 Romania 22 3
Slide 14: Our portfolio
Our portfolio € 2,388.3mn Other 4.3% (100.7 €mn) Total GLA (Ita) 665,000 m² (market share c. 4%) Romania 6.3% (151.2 €mn) A young portfolio: old on average 7 years SMALL (since opening or last restyling) 10.5% Full ownership of 16 Shopping centres (mall+hyper) in Italy (63.2% of Italy core market va
Slide 15: Strong repositioning of the Romanian Portfolio
Strong repositioning of the Romanian Portfolio 7 1 5 9 13 2 6 10 14 1 2 Bistrita Piatra Neamt 8 Cluj-Napoca Vaslui 3 9 7 11 Turda 3 14 Galati Key Strategical points 4 10 11 13 12 Ramnicu Valcea Braila Tulcea Buzau • Further ¤4.5mn capex for Ploiesti 5 safety, maintenance and 4 8 12 Slatina commercia
Slide 16: Property investments as at 30/06/2019
Property investments as at 30/06/2019 Net Initial Gross Initial Net Initial FY 2018 1H 2019 % Yield Yield Yield topped up Italy Malls 1,573.79 1,553.06 (-1.32%) 6.43% 5.40% 5.40% Italy Hypermarkets 585.63 583.38 (-0.38%) 6.07% Romania 154.79 151.17 (-2.34%) 6.94% 5.80% 6.20% Porta a Mare + developem
Slide 17: 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% € 11.45 €-0.50 Full effect of the €-0.20 €0.38 €-0.35 € 10.78 annual dividend distributed in May EPRA NNNAV Dividend Change in Debt Fair FFO Asset Fair Value EPRA NNNAV 30 31 DEC 201
Slide 18: 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 Italy – GDP Growth IGD – LfL Rental Growth vs. Italy – GDP Growth % IGD – Financial Occupancy 97.5% 97.4% 96.2% 96.9% 97.3% 96.8% 97.2% 96.4%⁽1⁾ 3.1% 1.5% 1.7% 1.7% 1.5% 1.5% 1.0% 0.9% 1.3% 1.0
Slide 19: Focus on trends Italy as at 30/09/2019
Focus on trends Italy as at 30/09/2019 Tenant sales and footfall progressive trends 2019 vs 2018 1Q 2Q 3Q tenant sales tenant sales tenant sales -0.4% +0.2% +0.4% footfalls footfalls footfalls -6.2% +0.6% -1.6% 2.0% 1.0% 1.4% 0.6% 0.1% 0.0% 0.0% Jan 2019 Feb 2019 Mar 2019 Apr 2019 May 2019 Jun 2019
Slide 20: Contracts in Italy and Romania as at 30/09/2019
Contracs in Italy and Romania as at 30/09/2019 N 119 N 184 N 233 N 931 Average residual maturity: 4.88yrs Total contracts: 1,467 of which during 9M2019 103 renewed with the same tenant and 77 signed Malls with a new tenant Italy Upside 9M2019: +1.5%⁽1⁾ 15.9% 63.5% 12.5% 8.1% Rotation Rate 5.2% (% ne
Slide 21: On-going projects in Italy: our idea of shopping
On-going projects in Italy: our idea of shopping Weight of services turnover A tailor made offer to satisfy our visitors on total IGD Malls turnover More space dedicated to services New brands added: 5.3% • + 1 new dental clinic (Conè) in • Lloa Be Natural (restaurant) in Centro Sarca 3.8% addition
Slide 22: A new communication campaign
A new communication campaign Institutional campaign New image positioning for 7 of IGD’s quintessential shopping centers (Centro Sarca, Le Maioliche, ESP, Centro D’abruzzo, Tiburtino, Katanè, Le Porte di Napoli) Strong focus on emotional engagement. Evocative graphic design Claim: “I’m possible, the
Slide 23: Key tenants as at 30/09/2019
Key tenants as at 30/09/2019 Product Turnover Product Turnover TOP 10 Tenant Contracts TOP 10 Tenant Contracts category impact category impact clothing 2. 9% 12 supermarket 10.0% 11 clothing 2.8% 13 clothing 7.5% 6 shoes 2.2% 9 clothing 4.1% 8 clothing 2.1% 28 clothing 4.1% 11 Top 10 Top 10 clothing
Slide 24: Sustainability
3 Sustainability
Slide 25: Sustainability as essential driver 1/2
Sustainability as essential driver 1/2 becoming g.r.e.a.t. green responsible ethical attractive together Area Our committment Environmental • 95% of the portfolio ISO 14001 certified certification • BREEAM IN USE (at least at level «Very Good») for 5 more shopping centers Measures to reduce • ¤5 mn
Slide 26: Sustainability as essential driver 2/2
Sustainability as essential driver 2/2 green responsible ethical attractive together • Continuous update • Anti-corruption • Exclusive and inclusive • Projects to capture of the corporate Welfare certification project events insights from millennials System • Maintaining highest • Cooperation with t
Slide 27: The commitment to sustainability continues
The committment to sustainability continues Activities carried out in 2019... ... and the results achieved 2 New photovoltaic systems (Gran Rondò and Katanè) Total electricity consumption decrease in the first 9 months 4 LED lighting systems (Gran Rondò, Fonti del Corallo, Casilino and La Torre) -3.
Slide 28: 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 finalists for the prize For ESP Shopping Center GPR IPCM LFFS Sustainable P
Slide 29: FY 2018 + 9M2019 Financial Results
4 FY 2018 + 9M2019 Financial Results
Slide 30: FY 2018 and 9M2019 main results
FY 2018 and 9M2019 main results 2017 2018 9M2018 9M2019 9M2019Adj 9M19Adj/9M18 Revenues • Rental Income €138.9mn €151.8mn +9.2% €113.0mn €116.0mn €116.0mn +2.7% • Net Rental Income €111.9mn €124.0mn +10.9% €92.3mn €102.2mn €94.6mn +2.5% EBITDA • EBITDA (Core Business) €101.2mn €113.7mn +12.4% €85.1m
Slide 31: Rental Income
Rental Income (€mn) Total LFL +0.1% +3.1 €mn Total Rental Income 9M2019 -0.1% +2.7% Slight decrease in malls +2.7% (-0.4%) due to a minor €116 mn increase in vacancy and 0.2 116.0 0.6% 3.0 temporary discounts and a decrease in variable revenues 6.4% partially offset by an increase 113.0 -0.1 in rent
Slide 32: Net rental income
Net rental income (€mn) Italy +2.5% +€2.3mn Romania +€9.9mn 9M2019 +2.5% +1.8% +10.7% 3.1 -0.8 7.6 92.3 94.6 102.2 Net rental income Change in rental income Change in Net rental income 9M_Adj_2019* IFRS16 Effect Net rental income 9M _2018 rental costs 9M _2019 +12.1 €mn Italy FY2018 +10.9% +11.8% Ro
Slide 33: Funds From Operations (FFO) keep growing
Founds From Operations (FFO) keep growing +€3.3mn 9M2019 +5.6% 2.0 1.0 0.4 59.5 62.9 FFO_2018 Change in Change in Financial Change in taxes and other FFO_2019 EBITDA* Management FY 2018 +21.4% 12.5 1.8 -0.2 65.6 79.7 FFO FY_CONS2017 Change in core business Change in financial Change in taxes and oth
Slide 34: Outlook
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 35: Financial structure (1/2)
Financial structure (1/2) NEW RATING OBTAINED FITCH RATINGS BBB- outlook stable (22 October 2019) 30/06/2019 30/09/2019 30/06/2019 30/09/2019 48.2% 47.8% c. 0.97 x c. 0.95 x LTV (excluding (excluding GEARING RATIO (excluding IFRS16 (excluding IFRS16 IFRS16 c. 47%) IFRS16 c. 46.7%) c. 0.93x) c. 0.91x
Slide 36: Financial structure (2/2)
Financial structure (2/2) Debt Breakdown* Net Debt ¤1,174.4 mn** L.T. Bank Secured 1,155.83 52.8% 28.4% S.T. 24.50 Market Unsecured 47.2% 71.6% CASH -5.96 Debt maturity 2.5% 2.65% 21% 2.25% 5y 7y 5y*** 7y Bonds Bank debt unsecured Bank debt secured 300 162 200 100 12 46 58 25 67 53 27 52 2019 2020 2
Slide 37: Strategic Plan 2018-2019
Titolo titolo 5 Strategic Plan 2018-2019 note 37
Slide 38: Retail: a continuously evolving world
Retail: a continuously evolving world Malls gain importance Shopping Centers Shopping Shopping Experience Hypermarkets Mall + Hypermarket and Services Centers and Social Centers From a simple place of Increased interaction and Hypermarket as a centre of Greater and more specialised purchase to shopp
Slide 39: IGD's current positioning and long-term commitment
IGD's current positioning and long-term commitment Risk of Obsolescence for Shopping Centers Shopping experience IGD important Supported by strategic relationship with efforts for repositioning high quality tenants Low High-end services and long-term commitmen Integration with the E-Commerce Restaur
Slide 40: 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 40
Slide 41: 2019-2021 Strategic Plan
2019-2021 Strategic Plan A consolidation and enhancement plan based on 3 pillars Innovation and operational Asset management Financial strategy excellence Great focus on innovation and Investments aimed at maintaining Maintaining a solid financial operational excellence mainly in and increasing the
Slide 42: Our idea of shopping centres in 6 key words 1/2
Our idea of shopping centres in 6 key words 1/2 Target What we doing Identify solutions that make • «Experience to be lived» project has already shopping more engaging and been introduced in 2 Shopping Centers Experience experiential in order to impress (Puntadiferro and Città delle Stelle) in 2018.
Slide 43: Our idea of shopping centres in 6 key words 2/2
Our idea of shopping centres in 6 key words 2/2 Target What we doing • Introduce EV charging stations (in 18 Shopping Centers) and e-bike charging points Introduce and manage a set of tools which enable us to improve • More Services: 21 dental clinics (turnover up Services our customers’ journey, al
Slide 44: 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 concei- Creat
Slide 45: 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 Asset rotation 45
Slide 46: Restyling/refurbishment projects
1 Restyling/refurbishement 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 Increase in Shopping Shopping Center Date of work Type of work Center revenues⁽1⁾ Centro Sarca (
Slide 47: Restyling/refurbishment project
1 Restyling/refurbishement project Centro Casilino Fonti del Corallo Gran Rondò La Favorita Shopping Center Type of work Restyling Remodeling and Restyling Internal Restyling Internal and external Restyling Restyling of the external Hypermarket reduction Following the extension Restyling of the faca
Slide 48: Asset management activities
Asset management activities October 2019 - Restyling Casilino Shopping Center Internal and external restyling with great attention placed on sustainability The retail offering has been renewed with an appealing merchandising mix of local and national tenants - OVS, Yamamay, Game Stop, Satur, Hoara C
Slide 49: Restyling/refurbishment project: other on going projects
1 Restyling/refurbishement project: 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 2 • Hypermarket: completed (Le Mai
Slide 50: 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 51: 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 52: 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 Average residual maturity: 7.1 years Maturity of the Coop Alleanza 3.0 26.5% hypermarket Agreement effect: 17.0% contra
Slide 53: Pipeline Completion: Porta a Mare Project overview
3 Pipeline Completion: Porta a Mare Project overview Molo Mediceo, Lips, Arsenale Hotel, residential, services for the port Focus next slide Officine Storiche Work in progress Retail: >15,000 sqm Residential: 43 units Focus next slide Piazza Mazzini Completed Retail: already operational since 2016,
Slide 54: Pipeline Completion: Officine Storiche
3 Pipeline Completion: Officine Storiche Retail: LET/PRE-LET >60% 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
Slide 55: 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 The enhancement and pre-marketin
Slide 56: 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 56
Slide 57: Asset rotation: what we did
4 Asset rotation: what we did 30 September 2019: IGD signed final contracts for the sales of assets Sale of Palazzo Orlando (office building) part of the Purchase of the 50% interest in the Darsena City Porta a Mare development project in Livorno Shopping Mall in Ferrara (of which IGD iscurrently jo
Slide 58: 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 59: Revenues and FFO
Revenues and FFO 4 years of considerable growth… Driven by new openings and acquisitions Consolidation plan with a sustainable growth Gross rental income CAGR Plan period 2019-2021⁽1⁾ €mn CAGR: c.+7% 151.8 138.9 131.3 121.1 C.+2% 115.6 LFL C.+1.7% 2014 2015 2016 2017 2018 FFO FFO ps €mn CAGR: c.+23%
Slide 60: Investments
Investments Total investment plan⁽1⁾ €mn Casilino Fonti del Corallo ~30 Gran Rondò La Favorita + Other minor projects+ Investments to support marketing activities ~26 New projects such as Officine Storic heand Entertainment ESP ~90 Capex to maintain the assets quality and safety ~ 1% of the ~35 port
Slide 61: Financial targets: a clear and defined path
Financial targets: a clear and defined path LTV Average cost of debt ICR c.4X >45%<50% <3% c.3X c.2.4%/2.7% <45% BP 2016-2018 Plan 2019-2021 BP 2016-2018 2018 Plan BP 2016-2018 Plan 2019-2021 (End of Plan) 2019-2021 (End of Plan) (Plan Period) 61
Slide 62: Dividend Policy... bringing to growing FFO and dividends
Dividend Policy... bringing to growing FFO and dividends Constant FFO and dividends growth €mn 81% 72% 68% 84% 69% 0.50 0.50 Target 0.45 0.40 79.7 0.38 Offer an attractive and 65.6 sustainable dividend 53.9 55.2 55.2 over time 45.3 35.1% 36.6 32.5 28.4 2014 2015 2016 2017 2018 %FFO Distributed FFO €
Slide 63: 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 Alway
Slide 64: Final remarks
Final remarks 1 Built a portfolio of dominant shopping centers in their catchment area and integrated within the urban fabric 2 Focus on new market trends, innovation and quality of the assets to enhance the leadership of shopping centers 3 Strategic agreement with COOP Alleanza 3.0: a unique and di
Slide 65: Appendix
Titolo titolo 6 Appendix note 65
Slide 66: Consolidated Income Statement
Consolidated Income Statement (a) (b) (c) GROUP CONSOLIDATED 9M_CONS_2018 9M_CONS_2019 9M_CONS_Adj_2019* (b)/(a) (c)/(a) Revenues from freehold rental activities 103.6 106.7 106.7 3.0% 3.0% Revenues from leasehold rental activities 9.4 9.4 9.4 -0.3% -0.3% Total income from rental activities 113.0 11
Slide 67: Funds from Operations (FFO)
Founds from Operations (FFO) €62.9 mn (+5.6%) Funds from Operations CONS_2019 CONS_2018 vs cons 2018 % Core Business EBITDA* 94.7 85.1 9.6 11.3% IFRS16 Adjustments (payable leases) (7.6) 0.0 (7.6) n.a. Adj Financial management (23.3) (24.3) 1.0 (4.1%) Adj Extraordinary management - 0.0 - n.a. Adj cu
Slide 68: NNNAV
NNNAV NNNAV Calculation 31/12/2018 (a) 30/06/2019 (b) % (b vs a) €'000 € p.s. €'000 € p.s. Total shares 110,341,903 110,341,903 1) Group shareholders' equity 1,252,338 585.63 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 G
Slide 69: Further Financial Highlights
Further Financial Highlights 30/06/2019 30/09/2019 Share of M/L debt 93.5% 93.3% Uncommitted credit lines granted €181 mn* €181 mn* Uncommitted credit lines available €158.3 mn €156.5 mn Committed credit lines granted and available €60 mn €60 mn Unencumbered assets €1,447.4 mn €1,447.4 mn 69 * Some
Slide 70: Re-classified Balance Sheet
Re-classified Balance Sheet Sources - Uses of funds (€/000) 30/09/2019 30/06/2019 % Fixed assets 2,381,122 2,370,089 11,033 0.47% Assets under construction and advances 40,846 36,619 4,227 11.54% Intangible assets 12,524 12,401 123 0.99% Other tangible assets 9,030 9,039 (9) (0.10%) Non-current asse
Slide 71: Italian Portfolio: hypermarkets and shopping malls
Italian Portfolio: hypermarkets and shopping malls 27 shopping malls 25 hypermarkets Tenants of hypermarkets Centro D'Abruzzo - Pescara Centro D'Abruzzo - Pescara Coop Alleanza 3.0 Clodì - Chioggia Clodì - Chioggia Coop Alleanza 3.0 Porto Grande - Porto d'Ascoli (AP) Porto Grande - Porto d'Ascoli (A
Slide 72: 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 Ro
Slide 73: Focus on E-Commerce in Italy
Focus on E-Commerce in Italy E-commerce in Italy: 7.3% of total retail sales E-commerce on total retail sales⁽1⁾ % 21% 20% 25% 18% • E-commerce penetration in Italy is lower when 16% compared to other industrialised countries, this is 20% 14% Low not only a delay in its infiltration but it is due to
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 Follow us on
Immobiliare Grande Distribuzione SIIQ S.p.A. (IGD SIIQ) — Non-Deal Roadshow (November 2019) on 6ix