The Strategic Plan 2019-2021 (presented on 7 November 2018) was based on hyphotesis formulated before the spread of the pandemic and the onset of the Covid-19 emergency, in a scenario that is very different from the current one; given this backdrop, the Company communicated to the market on 6 August 2020 that the 2021 targets for the Strategic Plan should no longer be considered current.
The Company will prepare an updated Business Plan only when the overall picture is clearer and more stable in order to base the new Plan pn the news, most updated macroeconomic and sector conditions.
However, the main strategic guidelines that the Company intends to follow in the execution of its business are presented below.
The goal of IGD’s strategy is to maximize value for investors and stakeholders, decrease the risk profile and guarantee sustainable growth over time through continuous cash flow generation.
The new Strategic Plan for the three years period 2019-2021 aims to consolidate our leadership in the Italian market and give further solidity to our financial structure.
“The new Plan is therefore focused on the careful work we will do on our portfolio in order to further improve the quality and ensure that it is in step with the changing shopping experience, with a shopping center that is becoming increasingly social”
Claudio Albertini, IGD’s CEO, newsletter 4/2018
As 2018 draws to a close, so does a decade of intense growth, in which we worked very hard to create a leading portfolio in Italy, thanks to a significant pipeline of investments and interesting opportunities caught on the market. All of this has helped to record significant financial results, particularly in the last 4 years:
We believe we reached an optimal size for the Italian market, therefore over the coming years the Strategic Plan will focus on strengthening and maintaining the sustainability of the shopping centers’ leadership in their respective catchment areas, in order to be ready to face the market changes underway and future challenges.
The strategy leverages on three pillars that IGD intends to develop internally by using in-house resources and expertise. These three areas are linked to:
As in the previous plans, sustainability is also a key part of the new plan.
Aware of its SIIQ status, IGD is committed to providing its shareholders with attractive and sustainable returns in line with the results achieved in the past.
In light of the loss recorded by the parent company IGD SIIQ SpA (which waives the distribution requirement) and with a view to safeguarding financial stability and the investment grade profile, the Board of Directors has proposed that shareholders not approve distribution of a dividend for 2020, subject to the approval of the financial statements for the year ended on 31 December 2020 and the Directors’ Report on Operations.
This difficult decision is to be viewed as one-off and unforeseen, triggered by the exceptional circumstances that developed as a result of the pandemic; as soon as conditions allow, the Company intends to resume paying dividends and providing its shareholders with attractive remuneration
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