Immobiliare Grande Distribuzione Siiq S.p.a. · MIL:IGD
Immobiliare Grande Distribuzione Siiq — IGD SIIQ — Italian Sustainability Day 2017
72 slides from Immobiliare Grande Distribuzione Siiq's conference presentation, Jul 10, 2017
Slide 1: Italian Sustainability Day
ITALIAN SUSTAINABILITY DAY Milan, 10/07/2017
Slide 2: Disclaimer
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”),
Slide 3: Index
Index 1. INTRODUCTION TO IGD 4 2. OPERATING DATA 11 3. SUSTAINABILITY 27 4. 1Q2017 AND FY2016 RESULTS 40 5. HIGHLIGHTS ON 2016-2018 BUSINESS PLAN 52 6. APPENDIX 61 Italian Sustainability Day 3
Slide 4: 1. Introduction to IGD
Centro d’Abruzzo - Chieti 1. Introduction to IGD
Slide 5: IGD at a glance
IGD at a glance IGD is one of the main players in the Italian retail real estate sector: develops and manages shopping centers across the country and has a significant presence in retail distribution in Romania #1 Italian Retail SIIQ (REIT) IGD Portfolio Snapshot 1 IGD Portfolio Breakdown by Geograp
Slide 6: IGD unique positioning in the Italian retail property sector
IGD unique positioning in the Italian retail property sector Large portfolio of retail property assets with a strong customer base generating sound 1 and visible revenues and growing cashflows over the business plan timespan 2 Strong competitive position in the stable and attractive Italian retail p
Slide 7: Our business model
Our business model A careful merchandising mix, marketing activity adapted to each DIRECT MANAGEMENT context and various customer related services and careful attention OF THE SHOPPING CENTRES paid to tenants’ needs MEDIUM SIZED AND EASILY In line with the geographical structure of Italy which is ch
Slide 8: SIIQ regime: main features
SIIQ regime: main features SIIQ STATUS FOR IGD SINCE 1 JANUARY 2008 At least 80% of total assets must be rental asset KEY PARAMETERS At least 80% of total positive components of P&L must be rental income (excluding change in FV) Largest shareholder stake ≤ 60% (vs. previous 51%)* SHAREHOLDING LIMITS
Slide 9: IGD's shareholders
IGD’s shareholders IGD IS LISTED ON THE STAR SEGMENT OF BORSA ITALIANA TOTAL SHARES 813,045,631 SHARE CAPITAL € 599,760,278.16 40.92% Coop Alleanza 3.0 47.05% Unicoop Tirreno Free Float 12.03% MARKET SHAREHOLDING REFLECTED IN A GOVERNANCE STRUCTURE IN LINE WITH BEST STANDARDS Italian Sustainability
Slide 10: IGD top management
IGD 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 with the Uni
Slide 11: 2. Operating data
FY 2009 RESULTS Bologna November 11, 2011 2. Operating data Conè – Conegliano
Slide 12: A cluster of retail assets dominant in their catchment area
IGD: A cluster of retail assets dominant in their catchment area IGD Principal NORTHERN ITALY Italian Assets MONDOVICINO SHOPPING I BRICCHI CENTRO SARCA GRAN RONDÒ MILLENNIUM GALLERY CONÈ CENTER & RETAIL PARK ISOLA D'ASTI (AT) SESTO S. GIOVANNI (MI) CREMA (CR) ROVERETO (TN) CONEGLIANO (TV) MONDOVÌ (
Slide 13: Italian Portfolio: hypermarkets and shopping malls
Italian Portfolio: hypermarkets and shopping malls (as at 31/12/2016) TENANTS OF 22 SHOPPING MALLS 25 HYPERMARKETS HYPERMARKETS CENTRO D'ABRUZZO -Pescara CENTRO D'ABRUZZO -Pescara Coop Al l eanza 3.0 CLODI' - Chi oggi a CLODI' - Chi oggi a Coop Al l eanza 3.0 PORTO GRANDE - Porto d'Ascol i (AP) PORT
Slide 14: Balanced portfolio
Balanced portfolio from a geographical point of view SOUTH+ISLANDS 19% NE 41% CENTER 28% NW 12% • Leader in their catchment area • Present in 11 Italian regions, from North to South, mainly in medium/large size cities MILAN – C. Sarca BOLOGNA – C. RAVENNA - ROME -Tiburtino NEAPLES –Porte di CATANIA
Slide 15: Balanced portfolio
Balanced portfolio from a market value point of view DEVELOPMENT AND OTHER 7 Relevant Malls 7.1% SMALL (mkt value >€70mn): 14.7% Punta di Ferro (FC) Centro Sarca (MI) MALLS 55.6% Tiburtino (RM) HYPER/SUPER MAKETS RELEVANT Le Porte di Napoli (NA) MEDIUM 55.1% Katanè (CT) 29.7% 30.2% Conè (TV) Esp (RA
Slide 16: Performing and effective portfolio
Performing and effective portfolio Resilience in occupancy 2014 2015 2016 1Q 2017 96.2% 97.2% Occupancy rate always high Average Italy thanks to the restyling/ 96.0% extension/remodeling activities Romania 86.4% Flexibility and adaptability m² Average mall dimension: Average no. of shops: No. of ful
Slide 17: IGD Portfolio is growing…
IGD Portfolio is growing… ?% Gross Initial € mn FV 2015 FV 2016 ?% Sqm Like for Like Yield Italy malls 1,136.81 1,211.60 + 6.6% + 1.5% 6.23% 334,029 Hypermarkets 633.63 646.09 + 2.0% + 2.0% 6.17% 269,623 Romania 170.60 164.91 -3.3% -3.3% 6.51% 92,628 Porta a Mare + development + 140.97 155.17 other
Slide 18: …and so is the value created
…and so is the value created € p.s. 31-Dec-15 31-Dec-16 D% EPRA NAV 1.32 1.37 + 3.4% EPRA NNNAV 1.25 1.29 + 3.2% € 0.02 € 1.29 € 0.07 € 1.25 € -0,04 € -0,02 EPRA NNNAV 31 Dec Dividend Delta Fair value debts FFO Assets fair value EPRA NNNAV 31 Dec 2015 and other 2016 Italian Sustainability Day N. azi
Slide 19: 2017-2019 Business Plan and its impacts on IGD
2017-2019 Business Plan and its impacts on IGD General objectives: • + convenience DEEP TRANSFORMATION • + security OF THE HYPERMARKET • new products and services Investments €240 mn 8 – 10 hyper per year • Shops renewal (approx. €10 mn each) • Innovation through e-commerce Are also expected: • 30 n
Slide 20: 2017-2019 Business Plan and its impacts on IGD
2017-2019 Business Plan and its impacts on IGD Investments for the points of sale transformation will be fully covered by Coop Alleanza 3.0 First intervention have been carried out… Ipercoop Formigine (MO) opened on 29 April 2017 Italian Sustainability Day 20
Slide 21: 2017-2019 Business Plan and its impact on IGD
2017-2019 Business Plan and its impact on IGD Others are still being studied… Non food Food area Members services Render of a new big hypermarket Italian Sustainability Day 21
Slide 22: Retail real estate in Italy: an interesting market
Retail real estate in Italy: an interesting market… • Real Estate investments FY2016: €9.1 bn, of which retail investments: €2.6 bn (+80% vs FY 2015) • Real Estate investments 1Q2017: €1.9 bn (+12% vs 1Q 2016). • 67% of the total investments of the period (approx. €1.3 bn) came from foreign investor
Slide 23: …also from the yields point of view
…also from the yields point of view Spread Record >300 bps Prime shopping centers Vs BTP 10 years Average net yields prime shopping centers SPAIN GERMANY 4.50% 4% vs Significant gap between Italy and other European ** ITALY countries 5% FRANCE IRELAND 3.50% 4% *Source: Treasury Minister Italian Sust
Slide 24: Main lease terms
Main lease terms Italian Shopping Malls Italian Hypermarkets Romanian Shopping Malls Main lease terms Main lease terms Main lease terms Average maturity: Average maturity: Average maturity: Lease agreement (space only): 6 to 18 years 2 years for local tenants 6 years (+ 6 years) (with tacit renewal
Slide 25: Contracts in Italy and Romania as at 31 March 2017
Contracts in Italy and Romania as at 31 March 2017 EXPIRY DATE OF HYPERMARKETS AND MALLS EXPIRY DATE OF HYPERMARKETS AND MALLS CONTRACTS ITALY (% no. of contracts) CONTRACT ITALY (% value) N 22 90% 90% 83.1% Average 80% 88.0% 80% residual 70% N 697 70% 63.0% maturity 60% 60% Hyper 7.5 50% 58.2% 50%
Slide 26: Key tenants as at 31/03/2017
Key tenants as at 31/03/2017 Top 10 Tenants Italia Top 10 Tenants Romania Turnover TOP 10 Tenant Product category No. of contracts impact clothing 3.3% 12 1Q2017 Rental Income Breakdown clothing 2.8% 10 Gruppo Miroglio clothing 2.6% 28 Other 1.0% clothing 2.3% 7 Romania 6.7% elettronica 2.0% 5 shoes
Slide 27: 3. Sustainability
Centro Sarca - Milano FY 2009 RESULTS Bologna November 11, 2011 3. SUSTAINABILITY
Slide 28: IGD Sustainability
IGD Sustainability The starting point The cooperative background. The belief that adopting sustainability criteria in the real estate In 2010 IGD decided to take a sector is a way to pursue a lasting growth over time. structured path towards Social Responsibility, considering: The will to meet
Slide 29: What is sustainability for IGD?
What is sustainability for IGD? MACRO ISSUES AND MATERIAL ISSUES 1. Integrity in 2.Quality and 3. A changing 4. The concept of 5. Employees business and efficiency of the context “Spaces to be management Shopping Centers lived in” • Corporate • Environmental • Stakeholder • Social role of the • Stea
Slide 30: 1. Integrity in business and management 1/2
1. Integrity in business and management 1/2 A transparent and efficient governance ensures protection to investors and an effective management of the Company IGD’s governance has been in line with the Vice Chairman Chairman criteria of the Self Regulatory Code of Italian CEO Fernando Elio Stock Exch
Slide 31: 1. Integrity in business and management 2/2
1. Integrity in business and management 2/2 Risk Management Since 2010 IGD defined and implemented an integrated risk management process based on the Sustainability is an integral part of this system: internationally recognised standards in the field of Enterprise Risk Management (ERM) 43 risks moni
Slide 32: 2. Quality and efficiency of the shopping centers 1/3
2. Quality and efficiency of the shopping centers 1/3 Sustainable buildings are less expensive to run and more attractive for tenants and visitors Actions carried out by IGD 1. Environmental management 2. Structural works 3. Raising awareness system (EMS) certified ISO14001 • Monthly monitoring of L
Slide 33: 2. Quality and efficiency of the shopping centers 2/3
2. Quality and efficiency of the shopping centers 2/3 Results GHG INTENSITY* (kgCo2eq/sqm) ENERGY INTENSITY (kwh/sqm) -18% since 2012 -11% since 2013 € 1.6mn 83 165 Tenants’ saving on electricity 77 154,1 73,1 73,3 153,4 consumption since 69,2 146,8 2012 2012 2013 2014 2015 2016 2013 2014 2015 2016
Slide 34: 2. Quality and efficiency of the shopping centers 3/3
2. Quality and efficiency of the shopping centers 3/3 What’s next? GHG target 2018: further progressive reduction. From 2017, all the Shopping Centers’ electricity supply will come from renewable energy sources. Target 2018: 90% Italian malls certified ISO14001 Feasibility study in order to certify
Slide 35: 3. A Changing context
3. A Changing context A structured approach to engage with all its stakeholders enables IGD to understand their needs and expectations Who? How? Why? Shareholders and financial Conference call, one to one community meetings, roadshow and fieldtrip Visitors to the center and Event satisfaction and cu
Slide 36: 4. The concept of spaces to be lived in 1/2
4. The concept of spaces to be lived in 1/2 shopping center as an important social and meeting place, capable to capture cultural stimulus and trends and create impacts on the reference territory IGD’s shopping centers provide employment Employment impact overall to approx. 14,200 people (taking int
Slide 37: 4. The concept of spaces to be lived in 2/2
4. The concept of spaces to be lived in 2/2 Lines of action Actions carried out Use social media in an accurate and inclusive manner New Enhance the omnichannel Innovation approach in the Malls Project defined and structured Offers new services to visitors Digitise the shopping centers Italian Susta
Slide 38: 5. Employees
5. Employees IGD’s employees are a strategic factor for the development of the Group WORKFORCE 123 employees 47 employees 96% with permanent contracts 100% with permanent contracts DISTINCTIVE FEATURES: 1. RESOURCE DEVELOPMENT • Management By Objectives (MBO): IGD assigns both common and specific ta
Slide 39: IGD sustainability in the national and international context
IGD sustainability in the national and international context Awards and international benchmarks Network Italian Sustainability Day 39
Slide 40: 4. 1Q2017 Results
Puntadiferro - Forlì FY 2009 RESULTS Bologna November 11, 2011 4. 1Q2017RESULTS
Slide 41: Financials highlights: 2016 of growth and strong start of 2017
Financials highlights: 2016 of growth and strong start of 2017 2015 2016 1Q 2016 1Q 2017 Revenues • Core Business Revenues €125.9MM €136.8MM +8,4% €33.8MM €35.4MM +4.6% EBITDA • EBITDA (Core Business) €84.7MM €94.9MM +11,6% €23.6MM €25MM +5.8% • EBITDA Margin (Core Business) 67.3% 69.3% +200pts 69.9
Slide 42: The macroeconomic context: outlook 2017
The macroeconomic context: outlook 2017 GDP +1.1% (2016 Official data: +1.0%) Consumption +1.0% Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 (2016 Official data: +1.3%) Consumer confidence index Firm confidence index • April 2017: firms confidence index has reached the highest level since 2007 • GDP 1Q
Slide 43: Operating performance Italy
Operating perfomance Italy Tenant sales trends 6.3% 6.0% 5.0% 4.2% 3.1% 3.2% 2.9% 2.7% 2.35% 2.2% 2.2% 1.1% -0.3% 1q 14 2q 14 3q 14 4q 14 1q 15 2q 15 3q 15 4q 15 1q 16 2q 16 3q 16 4q 16 1q 17 1Q +1.1% -2.7% Tenant sales shopping malls Footfalls 2017 (FY 2016 +2.6%) Particularly negative in January.
Slide 44: Commercial performances: Italy
Commercial perfomances: Italy 36 signed contracts of which 13 turnover and 23 renewals ……. +3.8% upside 1.1% rotation rate new brands 97.2% occupancy stable Puntadiferro (FO) Italian Sustainability Day 44
Slide 45: Commercial performances: Romania
Commercial perfomances: Romania 134 signed contracts of which 59 turnover and 75 renewals +2.8% upside 10% rotation rate 96% occupancy stable +0.6% footfalls Piatra Neamt Italian Sustainability Day 45
Slide 46: The results: rental revenues + 3.9%
The results: rental revenues + 3.9% ITALY ROMANIA +1.3% +6.8% +3.9% 930 -180 145 383 33,871 32,593 Revenues from rental Change in Lfl Italy Change in Change in other Change in Lfl Romania Revenues from rental activities 1Q 2016 Acquis/Exten/Restyling activities 1Q 2017 Like for like Italy +1.3%: sho
Slide 47: Fund from Operations (FFO) €15.6 mn
Fund from Operations (FFO) €15.6 mn +10.2% Target stated for the • + €1.4 mn increase full year 2017: +18/19% in Ebitda 14,146 15,585 • + €0.1 mn financial Target confirmed, considering the opening of the management ESP extension (1 June 2017) and the financial management improvement that will accel
Slide 48: Financial Highlights 1/2
Financial Highlights 1/2 Rating BAA3 MOODY’S RATING BAA3 OUTLOOK STABLE, confirmed 2015 2016 31/03/2017 GEARING RATIO (D/E) 0.93 0.97 0.95 LOAN TO VALUE 47.07% 48.25% 47.9% COST OF DEBT 3.67% 3.30% 3.10% INTEREST COVER RATIO 2.15X 2.24X 2.72X Italian Sustainability Day 48
Slide 49: Financial Highlights 2/2
Financial Highlights 2/2 2015 2016 31/03/2017 LONG-TERM DEBT AVERAGE RESIDUAL MATURITY (bonds included) 6.3 years 5.5 years 5.4 years SHARE OF MEDIUM /LONG-TERM DEBT 77.6% 84.6% 94.1% HEDGING ON LONG-TERM DEBT + BOND 91.6% 93.8% 94.4% UNENCUMBERED ASSETS € 867.6 mn € 1,406.9 mn € 1,406.9 mn Italian
Slide 50: Financial indicators
Financial indicators 2.80x 3.94% 4.03% Average cost of debt 2.72x 3.67% • Constant decrease in average cost of 2.15x 2.24x debt 1.90x 3.30% ICR < 3.00% • Increase in interests coverage 3,10% 1.77x 2013 2014 2015 2016 1Q2017 2017E LTV 57.1% 50% Range LTV da BP • Strict financial discipline respected
Slide 51: The debt structure
The debt structure Net Debt 1Q2017 €1,046.8 mn 2.5% 5y L.T. 1,040 2.65% S.T. 9.7 7y 3.875% Cash -2.9 2.25% 5y 300 7y BANKING SYSTEM 125 162 100 33.8% 8 7 53 52 MARKET 35 36 37 37 27 21 24 27 66.2% 2017 2018 2019 2020 2021 2022 2023 2024 2025 >2025 Bonds Bank debt already re-paid Bank debt • Bank fin
Slide 52: Highlights on 2016-2018 Business Plan
Centro Sarca – Sesto San Giovanni (MI) FY 2009 RESULTS Bologna November 11, 2011 4. Highlights on 2016-2018 Business Plan (released in May 2016)
Slide 53: Main targets - BP 2016-2018
Main targets - BP 2016-2018 New Targets BP 2016-2018 REVENUES FROM RENTAL ACTIVITIES Total growth> +20% approx. cagr* +7% approx. cagr* LFL +2% approx. EBITDA MARGIN >70% (BP end) Core business EBITDA MARGIN approx. 80% (BP end) Freehold Funds From Operations approx. €75 mn (ffo in 2018) Core busine
Slide 54: Investment pipeline
Investment pipeline 2016 2017 2018 Total Tot. development € 67 mn ~ € 34 mn ~ € 43 mn ~ € 145 mn projects Total Capex and other € 13 mn ~ € 28 mn ~ € 10 mn Tot. ~ € 50 mn TOT. INVESTMENTS A new mall every year; new GLA around 71,500 sqm ~ € 195 MN Average yield on cost approx. 7% Attention on su
Slide 55: 2016 news: Maremà (Grosseto)
2016 news: Maremà (Grosseto) 27 October 2016: Opening Investment ~ € 47 mn Yield on cost >8% Footfalls 2016: approx. 850,000 people in 2 months Full occupancy Italian Sustainability Day 55
Slide 56: 1 June 2017 Opening of the ESP extension (Ravenna)
1 June 2017 Opening of the ESP extension (Ravenna) > 500,000 footfalls in the 1° month GLA +19,000 m² (+11 medium surfaces and 41 shops) + 1,100 parking places. Letting: almost completed Opening: 1 June 2017 Total expected investment approx € 53 mn Expected yield on cost > 8% Italian Sustainability
Slide 57: Restyling and extension - Gran Rondò (Crema)
Restyling and extension - Gran Rondò (Crema) New medium surface (+ 2,850 m² of GLA) already rented Total restyling of the outside of the shopping mall End of workl: 1H 2018 Total expected investment approx € 7 mn Italian Sustainability Day 57
Slide 58: Porta Medicea and Officine Storiche (Livorno)
Porta Medicea and Officine Storiche (Livorno) Officine Storiche Retail Redevelopment of the former Cantieri Navali Orlando, a modern retail concept with personalcare services (fitness, leisure, food court) Preletting: significant interests collected Expected opening: 2H 2018 Total expected investmen
Slide 59: FFO evolution and Dividend policy
FFO evolution and Dividend policy CAGR 2015 - 18 + 18.3 % Funds from 75 operations evolution (FFO - € mn) 45 2015 2016 2017 2018 As for dividends, policy, already communicated to the market, of the distribution of about 2/3 of the core business FFO, is confirmed Dividend Reinvestment Option (DRO) re
Slide 60: Final remarks
Final remarks The updated Business Plan, that has a low execution risk, confirms IGD’s ability to increase FFOs and strenghten visibility of the dividends that will be distributed. Following Punta di Ferro acquisition, not foreseen in the previous Plan, FFO target has been further improved. Therefor
Slide 61: 5. Appendix
Centro Borgo - Bologna 5. Appendix
Slide 62: Consolidated income statement
Consolidated income statement CONSOLIDATED CORE BUSINESS PORTA A MARE PROJECT €/000 31/03/2016 31/03/2017 D% 31/03/2016 31/03/2017 D% 31/03/2016 31/03/2017 D% Revenues from freehold real estate and rental act. 29,507 30,741 4.2% 29,507 30,741 4.2% 0 0 n.a. Revenues from leasehold real estate and ren
Slide 63: Margins from activities
Margins from activities CONSOLIDATED CORE BUSINESS PORTA A MARE PROJECT €/000 31/03/2016 31/03/2017 D% 31/03/2016 31/03/2017 D% 31/03/2016 31/03/2017 D% Margin from freehold properties 25,487 26,755 5.0% 25,487 26,755 5.0% 0 0 n.a. Margin from leasehold properties 518 574 10.9% 518 574 10.9% 0 0 n.a
Slide 64: Re-classified Balance Sheet
Re-classified Balance Sheet Sources - Uses of funds 31/12/2016 31/03/2017 D D% Fixed assets 2,050,728 2,050,728 0 0.0% Assets under construction 75,004 83,003 7,999 10.7% Other non-current assets 25,543 25,322 -221 -0.9% Other non-current liabilities -32,150 -32,613 -463 1.4% NWC 56,378 55,381 -997
Slide 65: NNNAV
2016 NNNAV 31-Dec-15 31-Dec-16 D% NNNAV Calculation €'000 € p.s. €'000 € p.s. Total number of shares 813,045,631 813,045,631 1) Group shareholders' equity 1,022,053 1.26 1,060,701 1.30 3.8% Excludes: Fair Value of financial instruments 34,990 28,748 -17.8% Deferred taxes 19,917 23,633 18.7% Goodwill
Slide 66: A successful story of growth fueled by strong capital market access…
A successful story of growth fueled by strong capital market access… 2014-2015 2009-2010 • New growth phase: capital increase of €200 MM and • 6 new portfolio acquisition; restyling, extensions (Centro d’Abruzzo) Key Milestones: and new openings (Chioggia, Piazza Mazzini) investments openings • Intr
Slide 67: …delivering strong results and maintaining financial discipline…
…delivering strong results and maintaining financial discipline… CORE BUSINESS REVENUES (€ MM) CORE BUSINESS FFO (€ MM) 54 137 45 126 123 121 120 37 35 35 2017e +18/19% 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 NET DEBT (€ MM) INTEREST COVER RATIO (x) 2.24x 2.15x 1.90x 1.80x 1.77x 2017e >2.8
Slide 68: …benefitting from strong gearing in regions with GDP per capita above European average
…benefitting from strong gearing in regions with GDP per capita above European average 92% of IGD portfolio value located in Italy, with strong gearing on the wealthy Northern regions, benefitting from GDP per capita well above EU average GDP per capita(1) 92% of portfolio located in Italy… (EU 28 =
Slide 69: World
WORLD 7 LEGAL ENTITIES THROUGHOUT ITALY Emilia Romagna, Lombardia, Toscana, Umbria, Abruzzo Lombardia, Sicilia Trentino, Veneto, Friuli Venezia Giulia, Marche, Abruzzo, Puglia, Basilicata Toscana, Lazio, Umbria, Campania Piemonte Toscana Liguria, Piemonte Regions covered by Coop KEY DATA* As at 31/1
Slide 70: Coop Alleanza 3.0
COOP ALLEANZA 3.0 Data as at 31/12/20161) By merging of Coop Adriatica, Coop Estense and Coop Consumatori Nordest Revenues : ~ 4,7 bn € N° of points of sale: ~427 Employees: ~ 22,000 Members: ~ 2.7 million Deposits from members: ~ 4.3 bn € STRATEGIC INVESTMENTS IN LISTED COMPANIES UNIPOL GRUPPO FINA
Slide 71: Unicoop Tirreno
Unicoop Tirreno Data as at 31/12/2015(1) Revenues: ~ 1 bn € N° of points of sale: 112 Employees: ~ 4,225 Members: ~ 990,000 Deposits from members: ~ 1.1 bn € STRATEGIC INVESTMENTS IN LISTED COMPANIES UNIPOL GRUPPO FINANZIARIO (Insurance and banking) IGD SIIQ SPA (1) Source: Unicoop Tirreno Financial
Slide 72: www.gruppoigd.it
Further information can be found on IGD corporate website http://eng.gruppoigd.it/ http://eng.gruppoigd.it/Sustainability www.gruppoigd.it Claudia Contarini, IR T. +39. 051 509213 claudia.contarini@gruppoigd.it Federica Pivetti T. +39. 051 509242 federica.pivetti@gruppoigd.it