Dear Shareholders, in the first quarter of 2020 we had to grapple with the government restrictions put into place to contain the spread of Covid-19, the virus that hit Italy particularly hard already beginning in February, but which did not spare Romania either where, however, containment measures did not take effect until March.
Despite the difficult conditions, IGD’s performance remained solid as shown by the FFO which amounted to €20.8 million, largely unchanged with respect to the same period of 2019 (+0.1%).
Subsequent to the lockdown, IGD moved quickly to guarantee that all the people working at its headquarters and shopping centers could continue to be operational and customers could continue to make purchases in complete safety.
On 20 April IGD obtained UNI ISO 37001:2016 “Anti-bribery management system” certification. A significant result, consistent with the path undertaken to continuously strengthen the Company’s governance, which confirms the desire to run the Company’s business in the most transparent and correct way possible.
The price of IGD’s stock underwent a sharp correction in the period between 20 February and mid-March in an environment characterized by the generalized collapse of the stock markets due to the measures taken to contain the global pandemic.