Market: Milan
ISIN: IT0005322612
Industry: Retail Real Estate

Company presentation

Immobiliare Grande Distribizione SIIQ SpA's real estate assets are concentrated in the retail sector and the fair value, based on the independent experts' appraisals at 31 December 2021, is equal to €2.14 billion. Almost 93,7% of the assets are in Italy: thanks to these numbers IGD is one of the biggest retail real estate company in the country. IGD purchases and manages properties - primarily hypermarkets and shopping malls - with a long term view in order to extract value through commercial and real estate operations designed to maintain the quality of the assets over time. In 2008 IGD, currently listed on the Italian Stock Exchange's Euronext STAR segment, was the first Italian company to become a REIT (Società di Investimento Immobiliare Quotata or SIIQ) as most of its income is generated through rental activities. IGD's portfolio is very segmented and diversified in terms of geographic distribution; its shopping centers, typically mid-size, are generally located on the outskirts of urban centers and have a food anchor next to a shopping mall with different sized stores. As at 31 December 2021, IGD’s real estate portfolio in Italy is comprised of 27 shopping malls and retail parks, 19 hypermarkets and supermarkets, 1 plots of land for development, 1 asset held for trading and 6 other properties. Following the acquisition of the company Winmarkt Magazine SA in 2008, 14 shopping centers and 1 office building in Romania were added to the portfolio.

Currency EUR
Last Closing Price 4.02
Change (%) 0.88
Volume 103,168
Number of Shares (mln) 110.34
Market Cap (mln) 443.57
Key figures (EUR thousand) 2017 2018 2019 2020 2021
Rental revenues 138,915 151,760 155,259 145,578 145,095
EBIT 123,168 81,247 50,345 -52,275 88,701
Net profit for the period 86,454 46,388 12,591 -74,321 52,769
Loan to value, % 47.36 45.80 47.60 49.90 44.80
Core business EBITDA 101,187 113,723 125,195 99,441 107,272
Core business EBITDA Margin, % 69.7 71.9 77.5 65.4 70.8
Core business FFO 65,633 79,695 83,284 55,441 64,724
Average cost of debt, %
2.82 2.65 2.35 2.30 2.20
Epra NRV*     11.40 10.38 10.85
Epra NTA*     11.29 10.31 10.78
Epra NDV*     10.81 10.42 10.43
Dividend, EUR 0.50 0.50 0.50 0.00 0.35
Dividend Yield, % 5.58 9.29 8.10 - 8.60

* new indicator introduced from January 2020

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