Strategy
The 2009-2013 Business Plan was presented for the first time on 5 November 2009 and updated following the Strategic Review of 11 November 2010.
The deep changes of the external scenario occurred in the second half of 2011 put IGD facing a financial and operational context very different from that portrayed in the assumptions of the Business Plan with 2013 horizon.
A further update of the plan is expected by the end of 2012.
2009-2013 Business Plan objectives
| CAGR LFL in Rental Revenues (2009-2013) | 1.5% |
| CAGR total Rental Revenues (2009-'13) | + 8.2% |
| EBITDA Margin (2009-'13) | 68% - 76% |
| CAGR Ebitda Growth (2009-'13) | CAGR +10.8% |
| Maximum gearing level (2009-'13) | 1.5x |
| Investments | ca. 750 € million + 100 € million in asset turnover |
| Yield (Average portfolio return) | 6.4 - 6.5% |
| Fair Value cumulative variation (2009-'13) | + ca. 20 € million |
Investment plan
At the present stage IGD is focusing on the realization of the "committed pipeline", ie the projects already clearly identified and for which there is a firm commitment; the Company is instead postponing to future periods part of the "non-committed pipeline" still to be realized.
The "committed pipeline" covers 521.2 € million of the total of about 850 million of the 2009-2013 investment plan. As part of the 521.2 million, 344.8 million are projects already completed, which currently create income: these are hypermarkets and malls relating to the six openings made in 2009-2010.
Even the "non-committed" part, for a total amount of 328 million, sees some already operating and income related projects, in all equal to 84 million: an exchange value that comprises the asset purchased in the historic center of Bologna, under the "city center" category, as well as two hypermarkets purchased in 2011, which completed the property respectively of Conè and La Torre shopping centers, result of the reinvestment of the profit got from the RGD's sale, within the "rotation for reinvestment property" category.
Commercial policies
Commercial policies remain oriented to maintain high levels of occupancy (95.52% Italian malls, 100% hypermarkets at the end of 2011), through careful policies aimed at supporting strategic players for the economy of the individual shopping center, in a phase a serious weakness in consumption.
Financial strategy
In terms of financial strategy, IGD maintains the central objective of not exceeding the maximum level of gearing of 1.5 times, favouring a debt structure firmly focused on long-term, balanced with respect of the high level of asset immobilization.
Shareholders' remuneration
Aware of its SIIQ status, IGD remain finally committed to ensure an attractive return to its shareholders through the distribution of profits: even in 2011, despite the external scenario was very critical, the profits from the free management allow the Board of Directors of propose a dividend of 0.08 € per share, increasing of 0.005 € with respect of the previous year, with a yield which is very significant compared to recent values.



