2020 was the most difficult year in IGD’s history. Even though we carefully analyzed all possible scenarios when structuring the Business Plan 2019-2021, we could not have imagined finding ourselves in such a challenging environment, with heavy restrictions on shopping center operations caused by the need to limit the spread of the Covid-19 pandemic.
The 2020 results were significantly impacted by Covid-19; in 2021, assuming an effective implementation of the vaccination plan and a stabilized economic recovery beginning in the second half of 2021, IGD expects to see an increase in the FFO of around 3-4%.
We discussed this topic with Roberto Zoia, IGD’s Director of Asset Management, Development and Network Management, who explained to us that there will not be a pre-Covid and a post-Covid era because the business will continue with the metamorphosis that was already underway. It will just be much quicker.
We would like to present our 11th Sustainability Report referring to 2020, a difficult year for our sector. Starting from the month of February we suddenly found ourselves facing challenges which we could not have predicted when we defined our 2019-2021 Sustainability Plan. Once confronted with these challenges, we had two options: put our sustainability commitment to one side, given the then current circumstances or confirm it and strengthen it. We chose the second one, maintaining steadfast our commitments and confirming the process aimed at sustainability undertaken in 2011.
The new tools bring new opportunities, ways to make the relationship with shopping center visitors closer and more personalized. IGD just launched its first Digital Marketing Campaign. We asked Francesco Soldi, Gruppo IGD’s Head of Marketing and Corporate Social Responsibility to explain to us what it’s all about.
At the end of October IGD’s stock rallied significantly, rising more than 55%, thanks to the resiliency demonstrated by its operating metrics in the period May-October 2020, when the anti-Covid restrictions were eased. Even at around €4 the stock, however, is still trading at a strong discount.