2013 Sustainability Report

2013SUSTAINABILITYREPORT

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igd siiq - 2013 sUsTAiNABiLiTY REPORT

“The Company of the future, Enterprise 2020, operates profitably through mainstreamed responsibility and transparency, and innovates solutions for the planet and its people in close cooperation with all stakeholders. Together, they lead transformation towards a smart, sustainable and inclusive society”

CSR Europe, Enterprise 2020, 2010

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2013SUSTAINABILITY REPORT

TARGETS AND RESULTS

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GRI-G3TABLEOF CONTENTS

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METHODOLOGICAL PREFACE

PAgE 10

LETTER TO STAKEHOLDERS

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IDENTITYAND ECONOMICPERFORMANCE 1.1 ABOUT US1.2 MISSION AND VALUES1.3 BUSINESS1.4 STRATEGIC LINES FOR THE FUTURE1.5 GOVERNANCE SYSTEM1.6 CREATED WEALTH1.7 SOCIAL RESPONSIBILITY IN IGD

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PAgE 18

1

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SHAREHOLDERS,INVESTORSAND FINANCIAL COMMUNITY 2.1 STOCk PERFORMANCE2.2 SHAREHOLDER STRUCTURE

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PAgE 48

TENANTS3.1 THE SITUATION AND THE ACTIONS CARRIED OUT IN ITALY AND ROMANIA IN 20133.2 RESULTS OBTAINED

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VISITORSAND COMMUNITY4.1 VISITORS4.2 COMMUNITY AND LOCAL AREA

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EMPLOYEES5.1 PEOPLE DEVELOPMENT5.2 QUALITY OF WORk

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SUPPLIERS6.1 ETHICS, LEGALITY AND RESPECT FOR THE ENVIRONMENT

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ENVIRONMENT7.1 UNI EN ISO 14001 CERTIFICATION 7.2 ACTIONS CARRIED OUT AND RESULTS OBTAINED 7.3 STRUCTURAL WORk

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dear stakeholders,

What we are presenting to you today is igd’s fourth sustainability Report.

This new document marks the most recent stage in a process involving greater awareness

and better performance with regard to corporate responsibility, but it is also, and most of all,

a turning point, because in 2013 our commitment to economic, environmental and social as-

pects became an integral part of our business strategy: indeed, with the presentation of the

2014-2016 Business Plan last december, the programme for the integration of sustainability

aspects with strategic priorities was fully implemented, as we had proclaimed it would be

one year ago.

in 2013, while our stakeholders’ needs were being incorporated into the strategy, IGD’s em-

ployees grasped these needs – and indeed, helped to identify them better – by means of

internal training and discussion activities.

integration in the Plan and people involvement continued for parallel processes, therefore

making it possible, on the one hand, to systematically include specific sustainability targets in

the Business Plan, and on the other, to get individuals engaged in helping to transform these

targets into reality by means of consistent actions: in this way the transformation of policies

into effective performance was made possible, in some cases with results exceeding expec-

tations, particularly in the environmental field.

The 2014-2016 Business Plan identified three main directives through which igd proposes to

integrate the principles of sustainability with corporate strategy:

1. Increase the quality and efficiency of shopping centres;

2. Interpret the requirements of a changing context;

3. Strengthen the concept of “Spaces to be lived in”.

With regard to the first area of action, the considerable benefits already obtained in 2013 on

the matter of environmental impact are a direct reflection of the Environmental Management

System (EMS) adopted by the group. The EMs was UNi EN isO 14001 certified, along with

the headquarters and 5 shopping Centres (including the one in Conegliano Veneto which

was added in March 2014). Moreover, the boundary for certification will be progressively

widened over time, taking into account it is igd’s intent to have 80% of its freehold Centres

certified by 2018.

The Environmental Management system has not only favoured a reduction in environmental

impact risks regarding shopping Centre management activities but it has also meant that a se-

ries of data has been made available, forming the starting point for future improvement targets.

LETTER TO STAKEHOLDERS

2013SUSTAINABILITY REPORT

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Remaining on the subject of the first directive, with regard to achieving greater efficiency

in the real estate portfolio, the 2013 sustainability Report recorded satisfying results follow-

ing actions undertaken aimed at reducing energy consumption; indeed, improvements were

seen in all the indicators that were monitored as was a significant reduction in electricity

consumption which fell by 7.8% on an annual basis, thanks to actions that systematised the

investments in systems and equipment made in previous years.

in Romania, Winmarkt also continued its programme aimed at reducing energy consumption,

confirming important investments with environmental significance in the 2014-2016 Business

Plan: already in 2013 the results obtained were considerable, with a reduction of 22.2%.

Today igd is able to produce data on all the sustainability reporting indicators listed in the

best practices recommendations by EPRA, the European body representing listed compa-

nies in the real estate sector. Having set up such a monitoring system has not only made the

contents of the Report more transparent but it has also prompted the Company to set new

environmental and social targets.

With regard to the second course to follow concerning the integration of sustainability

issues with planning strategies, focused on the interpretation of the needs of people both

within and outside the company in a context that is highly inconsistent compared to the past,

igd has introduced several initiatives to transform into actions its commitment to feasible

stakeholder engagement.

The employees voiced their opinions by means of the internal atmosphere assessment car-

ried out in 2011, which enabled the Esi (Employee Satisfaction Index) starting point to be

illustrated, and a string of expectations to be identified which over time received prompt

responses: first of all by means of training programmes carried out over the following two

years, but also in the contents of the new collective Enterprise Bargaining Agreement signed

in October 2013, as well as by means of a series of well-structured tools, amongst which a

workshop on internal communication. 2014 will see the completion of this cycle of actions

and initiatives which have been shaped on the basis of the issues that previously arose, open-

ing the way to a second internal atmosphere assessment which will be carried out in 2015.

On the subject of suppliers, the company is committed to placing environmental issues in the

foreground as well as rendering the form and conditions of relations transparent.

The point of view of visitors is also starting to be a subject of methodical analysis. in Novem-

ber 2013 the customers of a shopping Centre were asked to complete a questionnaire on the

level of satisfaction regarding events and marketing initiatives carried out. The results of this

pilot survey on Event Satisfaction provided some interesting elements and will therefore be

repeated in other Centres throughout 2014.

The shareholders and financers will be at the centre of an initiative which will take place in

2014, the purpose of which is to increase their involvement in specific corporate social re-

sponsibility issues.

in 2013 a survey on Tenant Satisfaction was also carried out in two shopping Centres. The

same survey will continue in 2014 and involve three other Centres. The preliminary analysis of

the results obtained from the questionnaires that the tenants in Centro Piave completed, has

already provided useful elements for a better definition of future Marketing Plan initiatives.

IGD is therefore continuously committed to listening to and to interpreting its sharehold-

ers’ main needs, connecting them to issues of great importance to the Company and inte-

grating them in its strategic priorities.

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in June 2013, igd organised a seminar, with

the involvement of distinguished experts and

researchers in the retail sector, the purpose

of which was to analyse the nature of the on-

going changes in consumption patterns in

Italy and assess, in this new context, the role

that Shopping Centres could have both in

the present and in the near future. The event,

open to the members of the Board of direc-

tors and to the representatives of the ma-

jority shareholders, stimulated a productive

discussion within the management, the results of which were then shared with igd’s employ-

ees. The issues that emerged therefore provided a solid base on which to define in a more

focused way commercial policies and real estate asset management. The need to render the

building structures and relative systems more and more flexible was confirmed as was the

opportunity to create a larger number of medium sized areas. in addition, a more conscious

awareness towards the environment was identified and the need for greater economic sus-

tainability in relations with tenants was reiterated. Lastly new trends were highlighted which

igd believed were necessary to follow, in order for its retail offer to remain competitive and

attractive: the direction is that of attributing more limited importance to the clothing wear

sector in favour of a wider range of personal services which include, amongst others, enter-

tainment, well being and physical fitness.

Therefore igd, on the one hand, saw a confirmation of the soundness of its practices al-

ready embraced in the past with the fine tuning of its merchandising and tenant mix, and on

the other, it uncovered new ideas so as to tailor future restyling projects and the rotation of

brand names to better suit needs.

A continuing high occupancy rate in the italian malls (97.2%), essentially unchanged with

regard to 2012 (-0.1 point), highlights the success of igd’s efforts in interpreting the expec-

tations of its customers and tenants; this success is even more remarkable when placed in a

business scenario marked by a prolonged and deep crisis in household consumption which

in 2013 fell by 2.6%.

Lastly, with regard to the third process of integration of sustainability issues, concerning the

strengthening of the concept of “Spaces to be lived in”, igd in 2013 endeavoured to make

its shopping Centres more and more attractive, with undeniable results when considering the

increase of 0.9% in the number of footfalls in Italy compared to 2012. The implementation of

its marketing plan led to a 9.4% increase in events carried out inside the malls compared to

the previous year: in effect an event is carried out every three days in igd’s properties.

Out of a total of 514 events carried out in 2013, about 36% of these were local ones, with an

undeniable impact in terms of meeting point on the communities concerned: the recrea-

tional-sports events involved numerous local associations, either as partners or promoters.

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in 2013, igd also intensified the number of

across-the-board events, which were held in

a number of shopping Centres on matters of

social or cultural importance.

A variety of non profit organisations and lo-

cal associations made use of areas placed at

their disposal to carry out fund raising ac-

tivities and to promote awareness regarding

their projects; overall the number of organi-

sations and associations present increased

from 163 in 2012 to 236 in 2013.

The quest for even greater accessibility and usability of igd’s structures by individuals with

disabilities also continued. The guidelines defined following the audit carried out between

2012 and 2013 in six shopping Centres were in fact included in the commitments undertaken

in the strategic Plan. in the meantime, the recommendations that emerged were adopted in

the restyling projects in Centro d’Abruzzo and Centro sarca.

Over the last year igd has continued its endeavour to make greater use of new means of

communication (social network and internet).

Today, all the structures have a website and the pilot project for two new mobile applications

in two shopping Centres has been launched.

if we look back five years to when we began our voyage towards sustainability, we realise

how this has rendered our way of doing business even more mindful. Our long term vision

by which we have always been guided, has been joined by a systematic approach towards

sustainability issues. several factors have contributed to this, like the comparison with best

practices and the selection criteria of benchmark indexes, membership in impronta Etica and

the drive that our stakeholders’ needs themselves generate.

For this reason, today we can monitor a large number of performance indicators, we know

what criteria to use to establish priorities, we are ready to take prompt action when up against

situational changes or disappointing performance, we are also more prepared to orient our

decisions towards those with long term impacts and to sustain costs that guarantee sustain-

able growth in future years. All this is thanks to systematic planning and management of

sustainability.

The improvement in our GRI rating (global Reporting initiative, version 3.1) from level C, which

we had always been at till now, to B, is impartial evidence of the fact that we are heading in the

right direction and it is a reward for all the hard work that we persistently do every day.

The Chief Executive Officer

Claudio Albertini

The Chairman

gilberto Coffari

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This fourth igd sustainability Report refers

to the year 2013 and reports on the econom-

ic, social and environmental performance of

the group, both in italy and in Romania.

With regard to the layout, it has again been

divided per stakeholder, the mapping pro-

cess for which was carried out before the

first sustainability Report (referring to the

year 2010).

The structure of each section is the same as

before, showing, in order:

1. Guidelines;

2. Progress report on 2013 targets

3. 2013 performance

4. Targets for the following years

The table that follows this methodological pref-

ace summarises the overall level of achieve-

ment of all the targets identified for 2013.

in order to highlight any new aspects in the year

or any initiatives that are particular important

with regard to igd sustainability, specific “fo-

cus” subsections are included in each section.

All the data in this document is reported us-

ing a like for like reporting boundary, refer-

ring to the following shopping Centres:

CentroSarca sesto san giovanni (Milan)

Gran Rondò Crema (Cremona)

I Bricchi isola d’Asti (Asti)

Mondovicino Mondovì (Cuneo)

Millennium Rovereto (Trento)

Centro Piave san donà di Piave (Venice)

Conè Conegliano (Treviso)

Centro Borgo Bologna

Centro Nova Villanova di Castenaso (Bologna)

Le Maioliche Faenza (Ravenna)

ESP Ravenna

Lungo Savio Cesena (Forlì-Cesena)

Fonti del Corallo Livorno

Tiburtino guidonia (Rome)

Casilino Rome

PortoGrande Porto d’Ascoli (Ascoli Piceno)

Città delle Stelle Ascoli Piceno

Centro d’Abruzzo s. giovanni Teatino (Chieti)

Le Porte di Napoli Afragola (Naples)

Katanè gravina di Catania (Catania)

La Torre Palermo

When some data is not available for all 21 of

the above mentioned structures, a note un-

derneath reports which have been excluded

and the reason for exclusion.

METHODOLOGICALPREFACE

GENERAL INFORMATION AND REPORT STRUCTURE

REPORTING BOUNDARY

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The Report has been drawn up with the fol-

lowing used as reference:

The reporting guidelines of the Global

Reporting Initiative (GRI-G3), analysing

in particular those referring to the real

estate sector (“sustainability Reporting

guidelines - Construction and Real Es-

tate supplement”). The reporting levels

of these indicators are shown on the final

pages of this Report;

EPRA guidelines for environmental in-

dicators (“Best Practices Recommenda-

tions on sustainability Reporting”).

A table showing the EPRA and gRi refer-

ences for the indicators reported in the sec-

tion has been included in the environmental

section.

Other references, sources or specific calcu-

lation methods have been reported in foot-

notes each time they have been used.

This Report also describes the sustainability

commitments that igd has included in busi-

ness planning. The logo indicates the

paragraphs where this occurs.

Furthermore, in order to highlight the per-

formance of several key indicators regarding

igd sustainability, two symbols have again

been placed alongside them in the sections,

the symbol in the event of a positive val-

ue and in the event of a negative trend

compared to the previous year.

REFERENCE AND GUIDELINES

LOGOS AND SYMBOLS

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Enhancement of presentation to the market/analysts with a section dedicated to sustainability (2013)

•Sectionintroducedinthe4presentationstothemarket,with an update on the social responsibility activities carried out by the company

Implementation and improvement of all support tools for shareholders (continuous)

•Alldocumentsonthewebsiteareindoubleversion,italian and English

•ContinuousimprovementofwebsiteinKWDWebRanking, italy and Europe

•BusinessPlanpresentedtoshareholdersandinvestorsand available on the website

Right from its first sustainability Report, igd

has included several “improvement Targets”

in its reports. The following tables show the

status of these targets, highlighting the level

of achievement and the actions carried out

during 2013 for each stakeholder.

Organisation of meetings with more than half (in terms of value) of the top 20 investors throughout the year and scouting new financial markets

•Meetingsorganisedwiththetop20investorswhichrepresent over 52.5% of the total number.

•Problemswithscoutingnewfinancialmarkets

LEGEND High level of achievement Low level of achievement

TARGETSAND RESULTS

LEVEL OFACHIEVEMENT

ACTIONS CARRIEDOUT DURING THE YEAR

2013 IMPROVEMENT TARGETS

SHAREHOLDERS, INVESTORS AND FINANCIAL COMMUNITY

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Raise tenants’ awareness of IGD’s sustainability policies by including points on the issue in contracts (2013 Italy)

•FootnoteincludedincontractsstatingIGD’scommitment to social responsibility and its hope and belief of an active involvement by its stakeholders in its sustainability policies.

Internal survey on tenants’ satisfaction (2013 Italy)

• Pilotsurveyontenants’satisfactioncarriedout

keep facility management costs low (continuous: Italy and Romania)

• Marketingandoperationalcostsreducedby2.2% in italy. in Romania by 9.3%.

Reduction in operating costs by installing own electrical transformers, to buy energy before it is transformed (2012-2013 time span Romania)

• 3 more transformers installed, in addition to the 2 last year.

Introduction of new brands capable of creating an increase in visitors to the Shopping Centres, guaranteeing, at the same time, the continuing presence of existing ones (continuous Italy)

• 11newbrandsintroduced

Integration of kids’ play areas and adult ones in the Shopping Centres into the local community with events and initiatives (2013 Romania)

• Increaseinqualityandquantityofplayareas, in particular in the shopping Centre in Ploiesti

Increase in number of fitness areas to enhance wellness programmes in the local community (2013 Romania)

•Therewasnoincreaseinthenumberoffitnessareasin2013. it is something that Winmarkt is working on for 2014

LEVEL OFACHIEVEMENT



TENANTS

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Organisation of events on the issue of promoting healthier lifestyles (menus in restaurants, sports displays, promotions of books on wellbeing) in cooperation with tenants (2013 Italy)

•3across-the-boardeventsorganised,withthecommonfactor being the promotion of healthy life styles:: “saperi e sapori” “Tastes and Flavours” (Competition exhibition on the history and culture of food, with thematic workshops), “Conquista il tuo corpo” “Conquer your body” (event promoting gymnastic activities), “sport show” (in cooperation with CONi - italian National Olympic Committee – promoting sports and wellness activities with the presence of numerous Olympic athletes).

Accessibility to Centres for individuals with disabilities: define perimeter expansion plan of the Centres involved in the 2012 survey and carry out work recommended by the survey

• Work related to findings from audit included in the restyling work in progress in Centro d’Abruzzo and in Centro sarca

Increase in moments of edutainment, by organising events specifically aimed at educating in an entertaining way the visitors to the Centres (2013 Romania)

• More focus placed on “educating in an entertaining way”, particularly in slatina, in Ploiesti and in Buzau

Organisation of an information campaign aimed at citizens on actions that can be taken in order to be more sustainable (2013 Italy)

•Individualinformationcampaignsorganisedbyshopping Centres, connected to specific events.

LEVEL OFACHIEVEMENT



VISITORS AND COMMUNITY

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Growing involvement of suppliers on matters relating to social and environmental sustainability (continuous in Italy)

• Environmentalissuesincludedinthe“buildingsitesprocedure”

• TheproceduresrequiredbyISO14001regardingsuppliers were extended to new buildings certified during the year. Controls on compliance with environmental parameters are also foreseen

Development of initiatives following the internal atmosphere assessment: implementation of a training programme project focused on competitive behaviour and of a workshop on internal communication (2013 Italy)

1 Training on competitive behaviour: training carried out, first of all, for managerial staff and then later for all company employees

2 Workshop on internal communication: the workshop was held in the first half of the year

Introduction, where possible, of CSR features in targets for Directors, managerial staff, service heads and area heads (from 2013 Italy)

•Targetreachedwithregardtothoseinthenetwork(with“reduction in operating costs)”) and to a large extent to those in the headquarters.

Enhancement of quality in training (2013 Romania)

•Therewasanincreaseinqualityintrainingwhichwenthand in hand with the commitment to reduce the number of activities and at the same time make them more specific and targeted.

Continuation of the rotation of contracts, starting from yearly ones due to expire, with focus both on economic terms and on the reliability of suppliers (continuous in Italy and Romania)

•Rotationcriteriaadoptedforsupplierswithcontractsdue to expire

Structure the Sustainability Protocol with implementation regulations and a suitable control plan (Romania 2013)

•“ComplianceCommittee”structured

Increase in professional meetings between IGD and Winmarkt staff to aid the exchange of knowledge and skills (2013 Romania)

Three meetings took place:•1 Training on social responsibility •2 igd convention 2013•3 MAPiC 2013 c/o igd stand

Training on sustainability for all employees (2013 Italy)

•In2013trainingonsustainabilitywascarriedoutformanagerial staff, department heads, network heads, area heads and shopping Centre managers. Training is scheduled to take place in 2014 for the remaining employees


LEVEL OFACHIEVEMENT



EMPLOYEES

LEVEL OFACHIEVEMENT



SUPPLIERS

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Installation of divisional meters in all freehold Centres, capable of recording and analysing specific consumption in each individual area of the Shopping Centre (Italy 2013-2014)

•74divisionalmetersinstalledin9ShoppingCentres

Extension of ISO 14001 certification to new Shopping Centres, as per the Roll Out Plan (Italy 2013-2018)

•CertificationobtainedatConèShoppingCentre, as scheduled in the Roll Out plan

Continuation of heat insulation improvement in its structures (Romania time span 2012-2014)

•Doorswithlowerheatdispersioninstalledin4ShoppingCentres, in addition to the three installed in 2012

Further development of project relating to the introduction of low energy using lights (Romania 2013)

•Lowenergyconsuminglightshavebeeninstalledin3shopping Centres

Increase in number of Shopping Centres involved in the installation of inverters on their escalators (Romania 2013)

•Invertersinstalledin8ShoppingCentres(inadditiontothe 2 installed in 2012)

Emphasis placed on the reduction of environmental impact in planned restyling projects (Italy 2013/2014)

•WorkscheduledintheCentroSarcaandCentrod’Abruzzo restyling projects to reduce environmental impact (more details further on in document)

Resuming of analysis of photovoltaic system (Italy 2013)

•Proposalsforintroducingphotovoltaicsystemsontheroofs or car parks of the shopping Centres have been analysed. The proposals are being examined by the senior Management


LEVEL OFACHIEVEMENT



ENVIRONMENT

SPACES TO BE LIVED IN

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IDENTITY AND ECONOMIC

PERFORMANCE

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1. IDENTITY AND ECONOMIC PERFORMANCE

igd s.p.A was founded in 2000 subsequent

to the transfer of a large part of the real esta-

te portfolio owned by Coop Adriatica and

Unicoop Tirreno, with the aim of developing

a specialised and competitive company in

the real estate sector.

igd is one of the two siiqs (REiTs), socie-

tà di investimento immobiliari quotate (Real

Estate investment Trusts), present in italy,

and the only one focused on large-scale re-

tail trade.

igd group’s activities are mainly carried out

in italy, where it operates as a leading com-

pany in the development, purchase, manage-

ment and rental of retail properties, as well

as in commercialisation and facility manage-

ment services, also for properties belonging

to third parties.

since 2008, igd has been present in Roma-

nia where it controls the company WinMa-

gazine sA, the main department store chain

called Winmarkt.

ABOUT US1.1

IDENTITY AND ECONOMICPERFORMANCE

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THE MOST IMPORTANT STEPS IN IGD’S HISTORY

0.1%WiNMAgAziNE s.A.

in igd siiq, the properties that fall within the

perimeter of “exempt” operations are the por-

tfolio’s freehold properties located in italy. Be-

low is the company organisational chart:

1.1.1 Group Structure

100%igd MANNAgEMENT srl

100%igd PROPERTY siiNq

100%MiLLENNiUMgALLERY srl

15%iNiziATiVE

BOLOgNA NORd srl

99.9%WiNMAgAziNE s.A.

100%WInMARKT

MANAgEMENT srl

80%PORTA MEdiCEA srl

http://www.gruppoigd.it/Chi-Siamo/Struttura-societaria#pos2

FOR FURTHER INFORMATION PLEASE vISIT:

2000-2004:with the two partners Coop Adriatica and Unicoop Tirreno, IGD was founded and developed

2005:IGD was listed on the stock exchange to sustain an intense development process

2007:RGD was founded; launch of a new three year investment plan

2008:Purchase in Romania and transformation into SIIQ (REIT)

2009:new openings of shopping centres and the arrival of a new Chief Executive Officer

2010:IGD inaugurated two more new shopping centres and sold its 50% stake in RGD

2011:implementation of strategic plan continued

2012:first Dividend Reinvestment Option and new 2012-2015 Strategic Plan

2013:second Dividend Reinvestment Option and new 2014-2016Business Plan

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because the end (whether personalor corporate) never justifies the meansHonestybecause “we do what we say” and “we say what we do”Transparencybecause we work for our tomorrow and for that of the future generationsFar-sightedness

towards all stakeholders (tenants, suppliers, colleagues, local bodies, …) Responsibility

of invested capital, of human capital, of real estate capital, of the environment in which we operate

Optimisation

because we honour our commitments and we do not make choices that jeopardise the continuity of the company

Reliability

IGD Group’s mission is to create value for all

its stakeholders.

The Company believes that the way to create

value is by means of sustainable growth.

igd’s stakeholders are the people, the com-

panies and the other organisations that add

value to the organisation, they are influenced

by its activities or are otherwise interested

in them.

MISSION AND vALUES1.2

1.2.1 Mission

1.2.3 Stakeholders

1.2.2 Charter of Values


TENANTS

ENVIRONMENT

SUPPLIERS

SHAREHOLDERS, INVESTORS

AND FINANCIAL COMMUNITY EMPLOYEES

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BUSINESS1.3

1.3.1 Organisational structure

Chairman

Gilberto Coffari

Chief Executive Officer

Claudio Albertini

Dir. of Administrationand Legal & Corporate Affairs

Grazia Margherita Piolanti

Director of Finance Division

Andrea Bonvicini

Head of Planning, Control and Investor Relations

Raffaele Nardi

Chief Operating Officer

Daniele Cabuli

Winmarkt Chief Executive(Romania)

Antonio di Berardino

Director of Commercialand Network Management

Daniele Cabuli (Interim)

Director of Asset Managementand Development

Roberto Zoia

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igd’s portfolio in italy is mainly made up

of hypermarkets and malls that are located

within shopping centres situated in 11 re-

gions. This portfolio is characterised by:

not too large sizes of the individual pro-

perties (none weigh more than 7% on the

market price value of the entire portfolio);

extensive distribution over national ter-

ritory;

presence in medium to large Italian ci-

ties;

in Romania the centres are located in cities

which in 60% of cases have a population

exceeding 200,000 inhabitants.

1.3.3 Real estate portfolio

igd’s business mainly deals in property and

rental management and retail real estate in-

vestments.

This means:

1. The purchase and rental of real estate

properties, both those up and running

and those newly created.

2. The optimisation of the yield of its real

estate portfolio by means of:

Business policies and marketing ini-

tiatives that reinforce the attractive-

ness of the shopping centres;

Property optimisation and mana-

gement policies, by means of impro-

vement measures like extensions or

restyling and ordinary and supple-

mentary maintenance activities;

3. The disposal of freehold real estate that

is no longer strategic or that has reached

an advanced stage in its life cycle.

1.3.2 IGD’s business

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STRATEGIC LINES FOR THE FUTURE1.4

1.4.1 Vision

Business focused on retail market

Portfolio geographically segmented and diversified over territory

diversification in foreign markets limited to Romania

Relations with stakeholders based on listening and dialogue

study and research of new formats to understand changes in the market better, starting from local community needs

Environmental sustainability as a paradigm in everyday management, restyling work, expansions or new openings

The 2014-2016 strategic Plan presented in

december 2013 is consistent with the pre-

vious Plan but at the same time it also takes

into consideration the altered operating con-

text compared to the previously presumed

scenarios.

in particular, the results obtained in the 2012-

2013 two-year period, if, on the one hand

confirmed the soundness of the igd business

model, on the other, they highlighted the ne-

cessity to redesign future developments in

consideration of an even more pressing and

efficient sustainability target.

This target, which the previous Plan had alre-

ady defined in commercial, property and fi-

nancial areas, has taken on an even deeper

meaning since the Company decided to in-

tegrate social-environmental responsibility

into business strategies starting from the

2014-2016 Plan.

igd is continuing, therefore, to aim at me-

dium to long-term sustainability of revenues

and the cost of capital in terms of income

statement. Maintaining over time the market

value of its portfolio assets remains the se-

cond cornerstone of the strategic system.

if the targets set in the strategic plan are rea-

ched year by year, igd will be able to offer

its shareholders attractive returns with the

distribution of dividends.

1.4.2 Strategic guidelines

VisiON

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igd has opted for a traditional governance

system based on the centrality of the Board

of directors. in accordance with the law, the

financial audit is carried out by external au-

ditors. The Company’s governance model is

focused on:

1) the guiding role of the Board of Direc-

tors with regards to matters of strategy,

with regards to its collegiate nature and

by means of specific committees with

propositional and advisory functions;

2) the transparency of business decisions

within the Company and towards the

market;

3) the defining of a policy for the compen-

sation of the directors and managers with

strategic responsibilities, consistent with

the provisions of the Code;

4) the efficiency and effectiveness of the

internal control and risk management sy-

stem;

5) the strict governance of potential con-

flicts of interest;

6) clear procedures for transactions with

related parties, in compliance with the

laws in force, as well as for the processing

of corporate information.

All the information regarding the Corporate

governance system is laid out in the “Report

on corporate governance and ownership

structure”, in the “2013 Consolidated Finan-

cial statements”.

This document can be viewed on igd’s web-

site (www.gruppoigd.it).

GOvERNANCE SYSTEM1.5

FOTO

27


THE BOARD OF DIRECTORS

The Board of directors, in office as at 31st de-

cember 2013, is made up of 15 directors and

was appointed by the shareholders’ Meeting

on 19th April 2012 for a period of three finan-

cial years, terminating at the shareholders’

Meeting to be summoned for the approval of

the financial statements relating to the finan-

cial year ending on 31st december 2014.

The current structure of the Board of direc-

tors is in line with the laws in force with re-

gard to balance between categories. in con-

nection with this, it is important to underline

that the majority shareholders, during the

presentation of the lists for the renewal of

the administrative and controlling bodies of

the Company, decided to act before the in-

troduction of the regulations introduced by

Law 120/2011, by including a larger number

of nominees of the least represented cate-

gory.

1.5.1 Corporate Bodies

MEMBERsNON

ExECUTiVEExECUTiVE iNdiPENdENT

CHAiRMAN’s COMMiTTEE

CONTROL AnDRISK

COMMiTTEE

NOMiNATiON ANd

COMPENsATiONCOMMiTTEE

COMMiTTEE FOR RELATEd

PARTYTRANsACTiON

LEAd iNdEPENdENT

gilberto Coffari

(Chairman)

sergio Costalli

(Vice–Chairman)

Claudio Albertini

(Chief Executive Officer)

Roberto zamboni

Aristide Canosani

Leonardo Caporioni

Fernanado Pellegrini

Fabio Carpanelli

Tamara Magalotti

Andrea Parenti

Riccardo sabadini

giorgio Boldreghini

Elisabetta gualandri

Massimo Franzoni

Livia salvini

sTRUCTURE

28


PERFORMANCE ASSESSMENT OF THE BOD

in the months of January and February 2014

the Board of directors carried out a self-

assessment on their performance (the so-

called “Board review”), referring to the fi-

nancial year ended on 31st december 2013.

This process, introduced in 2007, enables full

compliance with international best practices

and the implementation of the relevant pro-

visions of the Code of Conduct. Once again

igd appointed the consultancy firm Egon

zehnder to assist it in this process.

The assessment process was carried out by

means of:

an individual discussion with each direc-

tor following the completion of a specifi-

cally drawn up questionnaire;

an analysis of the recommendations and

comments that emerged and the prepa-

ration of a summary Report for the Bo-

ard;

a discussion in the Board of Directors on

the main results and subsequent follow up.

The results of the Board Review were pre-

sented and discussed during the Board of

directors Meeting on 27th February 2014.

Overall, the Board:

expressed satisfaction with how the Bo-

ard itself works and its efficiency and with

the well structured set up of the Board

from the point of view of experienced and

skilled professional characteristics with a

majority of independent directors;

showed some opening towards a possi-

ble reduction in the number of directors;

expressed their satisfaction regarding

the involvement of the managerial team

in the meetings and the work carried out,

all this in a constructive atmosphere fa-

vouring the good execution of the mee-

tings themselves;

decided to launch specific training and

development initiatives, along with those

relating to skills assessment and results

obtained, also with a view to preparing

and improving the process of succession;

continued to express their satisfaction

with the work carried out by the Chief

Executive Officer and the Chairman;

specified with a large majority the need

to implement a process of succession for

the key executive roles, to be set in mo-

tion in a structured manner by the Board

and with a three-four year outlook;

expressed a high level of satisfaction

with how strategic discussion set in mo-

tion in the past continued throughout the

year.

29


COMMITTEES WITHIN THE BOARD

in order to carry out its duties more effecti-

vely, the igd Bod established 4 Committees

within it:

The Chairman’s Committee;

The Internal Control Committee;

The Committee for Related Party

Transactions;

The Nomination and Compensation

Committee.

A summary of their structure and the work

carried out during 2013 can be seen below.

COMMITTEE FOR RELATED PARTY TRANSACTIONSMade up of:3 independent directors.Activities carriedout in 2013: met 3 times during the year. it ensures fairness for minority shareholders as it acts as an internal control for related party transactions.

INTERNAL CONTROL COMMITTEEMade up of:3 independent non-executive directors.Activities carriedout in 2013:met 8 times to assess the financial documents and to examine the risk management enterprise and the controls carried out by the internal audit.

NOMINATIONAND COMPENSATION COMMITTEEMade up of:3 independent non executive directors.Activities carriedout in 2013:met 3 times to express their opinion on the choice of directors of subsidiaries.

CHAIRMAN’S COMMITTEEMade up of: Chairman, vice Chairman, Ceo, 1 director.Activities carriedout in 2013: met 5 times to assist in determining corporate development policies.

COMMITTEES WITHIN

THE BOD

30


The Organisational, Management and Con-

trol Model, in compliance with legislative

decree 231/01, has been present in igd siiq

since 2006.

The purpose of adopting this model was to

reinforce the company’s internal control sy-

stem, making it apt for the prevention of un-

lawful conduct carried out by its directors,

employees, co-workers or partners.

in 2013, following the inclusion of corporate

liability for new examples of violations, igd

first of all mapped the sensitive activities in

function of its core business.

subsequently it updated the Organisational

Model and carried out training programmes

for its employees and top management.

in order to ensure that the model operates

correctly, the Board of directors appointed

a Compliance Committee made up of three

independent directors. This Committee met

4 times in 2013 and each meeting was atten-

ded by all of its members.

The Code of Ethics is an integral part of the

Organisational Model. it clarifies the values

and principles which should inspire and cha-

racterise the Company’s conduct when dea-

ling with contacts and other interested par-

ties (employees, clients, suppliers, public

authorities, institutions, ..).

1.5.3 Organisational Model 231 and Code of Ethics

in 2013, igd continued the Enterprise Risk

Management process launched in 2010, in

order to structure a model capable of iden-

tifying, assessing and managing the main

corporate risks.

The activities carried out during the year in-

volved:

1. Updating the Risk Assessment and de-

fining a potential new Risk Management

strategy, which shows that most risks are

moving towards the “monitoring-optimi-

sation” phase.

2. The continuation of scheduled monito-

ring actions, in particular regarding:

a) Credit management/monitoring of the

Consortiums;

b) Variations in the competitive macroeco-

nomic scenario;

c) Asset value loss;

d) The drawing up of contracts that do not

sufficiently protect the company (rentals).

Overall, it can be seen that all the risks are being

monitored. This shows a continuous intensifica-

tion of the attention paid by igd Management

to corporate risk management, as well as a gra-

dual increase in the implementation of effective

defence measures to reduce such risks.

1.5.2 Risk management

31


in a continuing difficult context, the econo-

mic results of the group (despite a decrease

in revenues and Ebitda) can be considered

as being largely satisfying.

indeed, the financial year ended with a net

profit equal to 4,998 thousand euros (a de-

crease of 55.7% compared to 31st december

2012, but negatively affected by the varia-

tions in fair value of the real estate) and with

core business Funds From Operations equal

to 35,464 ¤/000.

CREATED WEALTH1.6

1.6.1 2013 Economic Results

CONSOLIDATED INCOME STATEMENT CONSOLIDATED CORE BUSINESS “PORTA A MARE”

PROJECT

!/000 31/12/2012 31/12/2013 % 31/12/2012 31/12/2013 % 31/12/2012 31/12/2013 %

Revenues from freeholdproperties

107,637 105,653 (1.84)% 107,625 105,556 (1.92)% 12 97 n.a.

Revenues from leaseholdproperties

10,503 10,183 (3.05)% 10,503 10,183 (3.05)% 0 0 n.a.

Revenues from services 5,136 4,996 (2.74)% 5,136 4,996 (2.74)% 0 0 n.a.

Revenues from trading 0 6,163 n.a. 0 0 n.a. 0 6,163 n.a.

OPERATING REVENUES 123,276 126,995 3.02% 123,264 120,735 (2.05)% 12 6,260 n.a.

direct costs (24,422) (24,693) 1.11% (24,083) (24,332) 1.03% (339) (361) 6.64%

Personnel expenses (3,665) (3,679) 0.37% (3,665) (3,679) 0.37% 0 0 n.a.

increases, cost of salesand other costs

663 (5,219) n.a. 0 0 n.a. 663 (5,219) n.a.

GROSS MARGIN 95,852 93,404 (2.55)% 95,516 92,724 (2.92)% 336 680 n.a.

g&A expenses (4,373) (4,518) 3.32% (4,014) (4,018) 0.09% (359) (500) 39.52%

Headquarters personnel costs (5,747) (5,983) 4.11% (5,721) (5,913) 3.36% (26) (70) N.A.

EBITDA 85,732 82,903 (3.30)% 85,781 82,793 (3.48)% (49) 110 n.a.

Ebitda Margin 69.59% 68.57% n.a. n.a.

depreciation (1,326) (1,323) (0.25)%

devaluation (1,211) 1,015 (183.79)%

Change in FV (29,383) (34,502) 17.42%

Other provisions (374) (125) (66.53)%

EBIT 53,438 47,968 (10.24)%

Financial income 554 338 (38.98)%

Financial charges (48,279) (46,888) (2,88)%

NET FINANCIAL INCOME (47,725) (46,550) (2.46)%

INCOME FROM EqUITY INVESTMENTS (746) (498) (33.22)%

PRE-TAX INCOME 4,967 920 n.a.

income tax for the period 6,185 3,244 (47.55)%

NET PROFIT 11,152 4,164 (62.66)%

(Profit)/losses related to third parties

136 834 n.a.

NET GROUP PROFIT 11,288 4,998 (55.72)%

TABLE 1sUMMARY OF 2013 ANd 2012 FULL YEAR REsULTs - ¤/000

32


A summary of the most important data can

be seen below:

Consolidated operating revenues recor-

ded an increase, also due to revenues

from trading, equal to 6,163 thousand

Euros, related to the sale of 18 residen-

tial units and fixtures in the Porta a Mare

project in Livorno.

direct Costs rose, especially in connection

with iMU (property tax) (+0.4 million¤)

and with condominium maintenance fees

(+0.2 million¤), due to a higher average

vacancy rate over the year.

The impact that general Expenses had

on core business revenues was equal to

approximately 8.2% and proved to remain

steady compared to 31/12/2012.

2013 represented an important step in this

process aimed at sustainability underta-

ken by igd. Two main targets were pursued

which often overlapped during the year:

Increase awareness of igd employees on

CsR issues.

Progressively integrate social responsibi-

lity into business planning.

The yearly activities began with training on

social responsibility aimed at Managerial

staff and Heads, in cooperation with impron-

ta Etica (for more in-depth information on

the issues dealt with please refer to “focus”

in the “Employees” section).

An important part of this training concerned

an analysis of the most important prospects

(issues, numbers, stakeholders) which igd

should concentrate on in order to increase

its sustainability over the next 5 years.

What emerged then became part of the ini-

tial work of this process, leading to sustai-

nability being integrated into business plan-

ning.

This process began in december 2012 when

the Operating Management assigned the su-

stainability Committee with the task of defi-

ning the steps needed in order to organise

the Company’s short and medium-term plan-

ning in such a way as to take into account the

process of social responsibility undertaken

by igd over the previous 2 years.

Therefore, after having identified which su-

stainability elements were already in the

Business Plan, the investigation phase then

continued by both observing what igd’s in-

ternational peers were already doing regar-

ding this issue and by analysing the ideas for

improvement that had emerged from the igd

employees’ training on social responsibility.

The outcome of the investigation phase was

then analysed by the sustainability Com-

mittee and supplemented by the directors.

This participatory process then continued

SOCIAL RESPONSIBILITY IN IGD1.7

1.7.1 CSR in IGD: the course of action carried out throughout the year

33


by involving Managerial staff in 3 area Work

groups (divided according to reference sta-

keholders) to examine in depth the feasibility

and the economic impact of the proposals

put forward.

Once approved by the Operating Manage-

ment the end results then became part of

the 2014-2016 Business Plan. The targets

defined and the activities identified can be

seen below:

The sustainability Report represents a yearly

assessment of the progress made so far in

reaching the targets included in the Planning.

INCREASE IN qUALITY AND EFFICIENCY OF CENTERS

REINFORCE THE CONCEPT OF «SPACES TO BE LIVED IN»

INTERPRET THE NEEDS IN A CHANGING ENVIRONMENT

isO 14001 roll out plan and BREEAM certification of portfolio asset.

specific work undertaken for energy consumption reduction.

Application of the usability guidelines for disabled people in the centers.

structuring of stakeholder engagement: periodic monitoring of the satisfaction of tenants and visitors (including events), banks and investors (on CsR topics) and employees (on corporate climate).

strong focus on integrated communication strategies.

Use of the latest means of communication (i.e. apps).


SHAREHOLDERS, INVESTORS

AND FINANCIAL COMMUNITY

2

36

2. SHAREHOLDERS, INVESTORS AND FINANCIAL COMMUNITY

SHAREHOLDERS, INvESTORS AND FINANCIAL COMMUNITY

Transparency and accessibility of information

Consistency in disclosure towards market

Protection of minority shareholders

GUIDELINES

37


Organisation of meetings with more than half (in terms of value) of the top 20 investors throughout the year and scouting new financial markets.

Meetings organised with the top 20 investors which represent over 52.5% of the total number.

Problems with scouting new financial markets.

Enhancement of presentation to the market/analysts with a section dedicated to sustainability (2013).

section introduced in the 4 presentations to the market, with an update on the social responsibility activities carried out by the company.

implementation and improvement of all support tools for shareholders (continuous).

All documents on the website are in double version, italian and English.

ContinuousimprovementofwebsiteinKWDWeb Ranking, italy and Europe.

Business Plan presented to shareholders and investors and available on the website.

igd shares are quoted on the Mercato Te-

lematico Azionario (MTA) (Electronic share

Market) run by the italian stock Exchange,

within the Real Estate super sector. igd is

also part of the Segmento Titoli con Alti Re-

quisiti (sTAR) (segment for High Require-

ment shares).

in 2013 igd stock showed an increase in value

of 4.2%, with an annual performance of 13.5%

recorded on average by the italian price list.

This difference in performance can be explai-

ned with the fact that while the banking sec-

tor (which benefitted from the reassurance

of a favourable policy by the monetary au-

thorities) carried significant weight on the

whole national market, the valuation of igd

stock felt the effect of consumption perfor-

mance which started to show its first small

signs of recovery only in the second half of

the year.

Furthermore, in 2013 igd shares slightly ou-

tperformed compared to the European sec-

tor index: + 4.2% against + 2.8% of the EPRA

Nareit Europe index.

From september onwards, the performance

of the European sector index reflected a re-

newed interest by global investors in compa-

nies with real estate portfolios concentrated

exclusively within the European continent:

indeed, investing in shares in the European

real estate sector represents an opportunity

for those global investors that want to take

advantage of the economic recovery in this

area.

STOCK PERFORMANCE2.1

CHECKOnPREVIOUSYEAR’STARGETS(SUMMARY)

2013 IMPROvEMENT TARGETS ACTIONS CARRIEDOUT DURING THE YEAR

38


CHART 1 PERFORMAnCEOFIGDSTOCKPRICECOMPAREDTOTHEREALESTATESECTOREUROPEAN iNdEx (2/1/2013=100)

115,00

110,00

105,00

100,00

95,00

90,00

85,00

80,00

Source: IGD processing on EPRA data

Source: Italian Stock Exchange

IGD EPRA NAREIT Europe

janu

ary

13

septe

mber

13

may

13

mar

ch 13

nove

mber

13

july

13

febru

ary

13

october

13

june

13

april

13

decem

ber 13

augus

t 13

in 2013, igd stock recorded average daily

trading of approximately 325,000 shares, on

the decrease compared to the data regar-

ding 2012 (-95.000). The trading volume was

on average higher in the last quarter in 2013.

CHART 2

TABLE 1

IGDSTOCKTRADInGVOLUMEPERFORMAnCEFROMJAnUARY2013

OFFiCiAL sHARE PRiCE ANd AVERAgE TRAdiNg qUANTiTY iN 2013

3,500,000

3,000,000

2,500,000

2,000,000

1,500,000

1,000,000

500,000

0

1ST qUARTER 2ND qUARTER 3RD qUARTER 4TH qUARTER

OFFiCiAL TRAdiNg PRiCE AT PERiOd ENd (¤)

0.834 0.778 0.788 0.865

AVERAgE TRAdiNgVOLUME (THOUsANds)

168.186 294.063 160.483 651.863

janu

ary

13

septe

mber

13

may

13

mar

ch 13

nove

mber

13

july

13

febru

ary

13

october

13

june

13

april

13

decem

ber 13

augus

t 13

39


* calculated on the share price as at 31/12

in accordance with the siiq (REiT) tax regi-

me, the company is bound by law to distri-

bute at least 85% of its profits deriving so-

lely from property rentals (so-called “exempt

operations”) to its shareholders every year.

For the 2013 financial year, a divided of

0.065 euros per share has been proposed to

the shareholders, higher than the mandatory

amount provided for by the siiq regime, but

in line with the dividend distribution policy

specified in the 2012-2015 Business Plan.

The yield related to this dividend stands at

7.93%, based on the price at 2013 year end.

2.1.1 Distribution of dividends

2013 2012 2011

diVidENd PER sHARE (¤ CENT) 0.065 0.070 0.080

diVidENd YiELd* (%) 7.93% 8.54% 10.81%

TABLE 2

CHART 3

disTRiBUTiON OF diVidENds

TOTAL diVidENds disTRiBUTEd (¤/000)

2013

2012

2011

21,500,00019,500,000 20,500,000 22,500,000 23,500,000 24,500,000

21,906,633

22,333,408

23,861,814

40


in relation to the capitalisation, stock cove-

rage by analysts has remained extensive and

skilled. This coverage, in fact, is carried out

by an independent research firm and 7 bro-

kers, three of which are italian and four are

international.

2.1.2 Stock coverage

TABLE 3 ANALYsTs THAT AssEss igd sHAREs

2013(N)

2012(N)

2011(N)

TOTAL 7 8 7

Following the proposal submitted to the sha-

reholders in 2012, igd confirmed the offer

in 2013 of a Dividend Reinvestment Option

which enabled those entitled to receive the

2012 dividend, to reinvest in new igd shares.

More specifically, for 2013, igd gave coupon

holder shareholders the option to subscribe

to a corporate capital increase for an amount

not exceeding 80% of the dividend paid.

This resulted in a subscription of shares equal

to 76% of the total on offer, for an overall va-

lue of approximately 13.5 million euros. This

amount, higher than last year’s, was obtained

without carrying out beforehand a targeted

communication campaign (which instead

was what happened in 2012): this shows that

the transaction was appreciated by the sha-

reholders who, having supported it the first

year, confirmed their subscription once again

in the second year.

41


BREAKDOWnOFSHAREHOLDERS

igd siiq spA’s share capital is made up of

348,001,715 shares, each of a nominal value

of 1 euro, distributed as follows:

Coop Adriatica and Unicoop Tirreno are the

majority shareholders which together hold

approximately 58% of the shares.

SHAREHOLDER STRUCTURE2.2

NUMBER OF SHARES(AS AT 31/12/2013) %

COOP AdRiATiCA 151,618,853 43.6%

UNiCOOP TiRRENO 51,966,298 14.9%

EUROPEAN iNVEsTORs iNC. - 0.0%

igd siiq sPA (AziONi PROPRiE) 10,976,592 3.2%

MERCATO 122,115,472 35.1%

F&C iNVEsTMENT MANAgERs sA - 0.0%

sCHROdER iNVEsTMENT MANAgEMENT LTd 11,324,500 3.3%

AxA iNVEsTMENT MANAgERs sA - 0.0%

TOTAL 348,001.715 100%

43.60%COOP AdRiATiCA sCARL

35.10%MERCATO

3.20%igd siiq sPA (TREAsURY sHAREs)

14.90%UNiCOOP TiRRENO

3.30%sCHROdER iNVEsTMENTMANAgEMENT LTd

CHART 4

TABLE 4

BREAKDOWnOFSHAREHOLDERSASAT31/12/2013

42


12

10

8

6

4

2

0

4

9

64

117

03

1

43

24

22

2013 2012 2011

CHART 5 sUMMARY OF iNVEsTOR RELATiONs ACTiViTiEs

igd continued its financial communication

activities in 2013, with the purpose of main-

taining open and transparent relations with

analysts and investors.

due to the continuing crisis in Europe, the

scouting activity regarding new financial

markets was postponed to 2014.

With reference to this, it is worth noting that,

in the last two months of the year there was

a renewed interest in igd, interest that was

backed by both an increase in the credibili-

ty of the “italian system” and by the positive

outcome of two important financial transac-

tions carried out by igd which were, the issu-

ing of a new bond in April and the property

mortgage contract signed with BNP Paribas

in the month of November.

These transactions enabled the convertible

bond expiring in december to be refinanced,

guaranteeing, moreover, the availability of

additional capital.

The presence of important and expert inve-

stors during the presentation of the 2014-

2016 Business Plan in the month of decem-

ber bore witness to this increased interest.

2.2.1 Relations with shareholders and financial community

Conference call One-to-one meetings Field tripsRoadshowsfor investorsand analysts

Participationin sector

conferences

43


The customary get-togethers with analysts

and investors are the conference calls: 6

were organised in 2013, 4 of which to pre-

sent the quarterly results, one with regard to

the 2014-2016 Business Plan and one on the

issue of sustainability. The number of partici-

pants in these calls increased overall.

igd deems it is appropriate to include corpo-

rate social responsibility (CsR) issues when

communicating with investors and the finan-

cial community. For this reason, investor Re-

lations activities in 2013 included:

projects aimed at promoting igd’s com-

mitment to CsR. An example of this is the

company newsletter, which, like in 2012,

dealt with issues relating to the course of

action taken by the company on sustaina-

bility

the Group’s participation in internatio-

nal benchmarks, questionnaires and su-

stainability performance assessments.

it is important to draw attention to the

improvements that igd obtained with

regard to the above: compared to 2012,

the company obtained a 7 percentage

point increase in the Carbon disclosure

Project (CdP) assessment and a 9 per-

centage point increase in the global Real

Estate sustainability Benchmark (gREsB)

analysis.

cooperation with Impronta Etica, the net-

work of sustainable companies which igd

is a member of, to set up a work group

with the other listed company members,

aimed at developing and improving their

ability to convey their commitment to

sustainability to their shareholders. With

this work group and by way of constant

comparison to good practices and exi-

sting tools, igd intends to:

include, analyse and discuss the

subject of sustainability when interac-

ting with investors (communication

strategies and contents);

Examine new communication/infor-

mation tools and methods that can

help strengthen relations between li-

sted companies and the financial com-

munity;

Examine strategies to be activated

that identify the target audience in the

financial community and the informa-

tion content to be communicated.

The work group was launched in Novem-

ber 2013 and will conclude its work by the

end of the first half of 2014.

Thanks also to this commitment, igd was in-

cluded in the FTsE ECPi italy sRi Benchmark

index from september 2012 to december

2013 igd.

CONFERENCE CALL 2013(N)

2012(N)

2011(N)

NUMBER OF PARTiCiPANTs 78 65 106

- iTALiAN 48 36 52

- FOREigN 30 29 54

- iNVEsTORs 31 27 49

- ANALYsTs 23 20 30

-OTHER(BAnKS,COnSULTAnTSAnDIGDEMPLOYEES) 24 18 27

TABLE 5CONFERENCE CALL PARTiCiPANTs

SUSTAINABILITY

44


igd’s commitment to making the Company’s

website (www.gruppoigd.it) its preferential

means of communication with the financial

community was intensified in 2013. A further

improvement in igd’s position in the italian

Webranking - the ranking carried out yearly

by KWD to examine the quality of online

communications by listed companies – de-

monstrates the successful outcome of these

efforts: indeed, igd has become one of the

top 20 companies in italy obtaining the 20th

best results, climbing from 23rd place in 2012.

Over the last five years, igd has climbed from

53rd place to its current 20th place without

ever moving backwards nor encountering

any setbacks. Thanks to this improvement of

4.1 points, resulting in a total score of 49.3,

igd was one of the “Best improvers” in 2013,

that is, one of the companies that achieved

the most significant improvements during

the year.

This result is even more remarkable when

considering the size of the companies it was

up against: none of the first 20 companies in

the ranking had a market capitalisation lower

than igd’s.

subsequently, the European web ranking

research was also released where igd held

third place amongst the European listed

companies in the real estate sector, behind

Fabege (first with 59.5 points) and Land se-

curities (second with 52.2).

in addition to external recognition, igd also

received significant confirmation of its efforts

from the website numbers: the commitment

undertaken to make www.gruppoigd.it into

a website that satisfies more and more the

needs of its stakeholders resulted in a con-

tinuous increase in the total number of visits

and number of different visitors. in particular,

the visits increased by 20% in 2013 compared

to those totalled in 2012. Worth noting is that

9.6% of the visitors to the igd website in 2013

originated from the United states.

PRESENCE ON THE WEB

45


Financial charges were also kept below the

expected limits, whereas the duration period

of new loans decreased.

in order to maintain a solid credit rating and

capital indicator levels capable of sustaining

activity and maximising the value for sha-

reholders, once again in 2013 the following

targets were achieved:

Maintain the ratio between total value of

net debt and net equity (gearing) in line

with the previous year (1.38 stable with

regard to 2012).

Keep the ratio between total loans (net

of coverage derivatives) and total real

estate value below the maximum of 60%

(loan to value). As at 31st december 2013

this ratio was equal to 57.36%.

igd’s finance strategy is that of supporting

its business and does not therefore pursue

speculative goals.

For this reason the debt structure is aimed at

mainly medium-long term debt, consistent

with the nature of the group’s assets made

up primarily of investment real estate assets.

By the end of 2013, short term debt had de-

creased compared to the end of the previous

year (when it represented 47% of total debt).

This decrease was due to the refinancing of

debt maturing during the financial year, in

fact in 2013 igd raised altogether 309 million

of which 279.9 million by means of medium-

long term loans.

WEBSITE 2013(N)

2012(N)

2011(N)

vARIATION %%

NUMBER OF VisiTs 65,625 54,681 45,092 20.0%

NEW VisiTORs (siNgLE VisiTORs) 49,789 37,093 28,201 34.2%

LENgTH OF TiME iN MiNUTEsON WEBsiTE (AVERAgE)

2.31 2.56 3.25 -9.8%

VisiTORs THAT RETURN 16,604 18,206 16,891 -8.8%

2012 2011

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

53%

79%

47%

21%

2013

75%

25%

MEDIUM-LONG TERM DEBT

SHORT TERM DEBT

TABLE 6

CHART 7

WEBsiTE NUMBERs

BREAKDOWnOFDEBT

2.2.2 Financers

46


3%BONdHOLdERs

14%TOWARds RELATEd PARTiEs

75%BAnKInG

sYsTEM

CHART 8 TYPE OF FiNANCERs

The loans obtained bear witness to the con-

tinuous and transparent relations that the

company maintained with the 20 credit in-

stitutions it worked with throughout the

year. These institutions report to 14 banking

groups, 7 of which are classified in the top

10 in italy (source: Milano Finanza). These

sources of loans represent 83% of igd’s total

debt.

Transparency in relations with the banking sy-

stem can be seen by means of the following

activities carried out in 2013:

The presentation of the Business Plan in a

specifically organised meeting;

The organisation of an annual meeting

on the results of the Financial statements,

with the participation of 11 credit institu-

tions;

The circulation of the quarterly presenta-

tions;

The organisation of individual meetings

aimed at analysing quarterly performan-

ce and at assessing lines of credit and the

possibility of using them. There were 147

meetings during the year, 61 more than in

2012, with a significant increase connected

to the refinancing transactions carried out

in 2013 for a total of 309 million euros, a

record amount for igd from the point of

view of raising financial resources.

2.2.3 Financer relations

TABLE 7 MAiN FiNANCE iNdiCATORs

* Not including bond** The average cost of debt does not include the effects of charges regarding the convertible bond.

2013 2012 2011

gEARiNg RATiO 1.38 1.38 1.38

LOAN-TO-VALUE 57.36% 57.15% 56.86%

HEdgiNg LEVEL OF MEdiUM-LONg TERM dEBT * 75.32% 68.08% 74.14%

AVERAgE COsT OF dEBT ** 3.94% 3.91% 3.71%

AVERAgE dURATiON OF MEdiUM-LONg TERM dEBT * 8.57Y* 10.9Y* 11.46 Y

47


initiate involvement by investors and financers in specific issues of igd’s

corporate social responsibility (2014).

Analyse the feasibility of a process that leads to the organisation of meetings

with investors on the issues of social Responsibility (2014).

implement and improve all support tools for shareholders (continuous).

iMPROVEMENT TARgETs


TENANTS

3

50

3. TENANTS

TENANTS

GUIDELINES

Effective merchandising and tenant mix for target placement

Attractiveness as joint target with tenants

strong focus on tenants’ economic sustainability

Raising tenants’ awareness of social-environmental responsibility

51


Raise tenants’ awareness of igd’s sustainability policies by including points on the issue in contracts (2013 italy).

Footnote included in contracts stating igd’s commitment to social responsibility and its hope and belief of an active involvement by its stakeholders in its sustainability policies.

introduction of new brands capable of creating an increase in visitors to the

shopping Centres, guaranteeing, at the same time, the continuing presence of existing ones (continuous italy).

11 new brands introduced.

internal survey on tenants’ satisfaction (2013 italy).

Pilot survey on tenants’ satisfaction carried out.

Keepfacilitymanagementcostslow(continuous: italy and Romania)

Marketing and operational costs reduced by 2.2% in italy.

in Romania by 9.3%.

increase in number of fitness areas to enhance wellness programmes in the local community (2013 Romania).

There was no increase in the number of fitness areas in 2013. it is something that Winmarkt is working on for 2014.

integration of kids’ play areas and adult ones in the shopping Centres into the local community with events and initiatives (2013 Romania).

increase in quality and quantity of play areas, in particular in the shopping Centre in Ploiesti.

Reduction in operating costs by installing own electrical transformers, to buy energy before it is transformed (2012-2013 time span Romania).

3 more transformers installed, in addition to the 2 last year.

CHART 1BREAKDOWnOFnUMBEROF TENANTs ANd CONTRACTs

(iTALiA ANd ROMANiA)

By means of 1,568 contracts, of which 1,016 in

italy and 552 in Romania, igd and Winmarkt

manage business relations with 1,028 tenants

(591 in italia and 437 in Romania).

in italy there were 11 contracts and 12 tenants

less than the previous year, which can be ac-

counted for by the unification of several ar-

eas carried out in some shopping Centres.

Romania also showed a drop both in the

number of contracts (-44) and in tenants

(-10): this was due to the reduction in the

number of contracts of several chain stores,

above all national ones.

1800

1600

1400

1200

1000

800

600

400

200

0

ITALY

ROMANIA

591

1016

437

552

CONTRACTSTENANTS



52

3. TENANTS

in igd shopping Centres there was a:

Growth of 0.9% in the number of visitors;

Decrease of 1.6% in the tenants’ sales vol-

umes;

Decrease of 2.7% in receipts.

The data on footfalls shows how the attrac-

tiveness of igd shopping Centres has re-

mained unchanged even during the crisis,

and that the Centres therefore maintain their

role as a prime place in which to spend some

leisure time. given the decrease in the spend-

ing power of the italian people, this trend

does not go hand in hand with the sales vol-

ume performance or with that relating to the

numbers of those that make purchases.

it is necessary to highlight however that this

sales performance was:

1) Strongly conditioned by the marked fall

in the first quarter: indeed, from April on-

wards the sales performance was in line

with the previous year.

2) Better in comparison to the drop in

household consumption (-2.6% in 2013

compared to the previous year) recorded

by istat (italian National institute of sta-

tistics).

These two observations represent signs, al-

beit weak ones, of an improvement when

compared to the extremely negative data in

2011 and 2012. it is a trend that is prevalent in

all the areas where igd is present.

As far as the merchandising categories are

concerned, it is important to highlight that

the sales volume regarding both clothing

wear and consumer electronics remained

pretty steady compared to the year before.

2013 was also the first year in which legis-

lative decree N. 201 of 6th december 2011

regarding sunday opening was in full force.

This law helped to change consumer spend-

ing habits. indeed, a redistribution of foot-

falls in the Centres was recorded for the

weekend, with sunday beating saturday in

some cases as the favourite day.

These changes in consumer and spending

habits formed the basis for igd’s business

strategies, with the essential objective be-

ing that of balance between corporate needs

and those of its tenants.

For this reason igd decided to strengthen

the three cornerstones that have character-

ised the company over the last few years,

THE SITUATION AND THE ACTIONS CARRIED OUT IN ITALY AND ROMANIA IN 20133.1

3.1.1 Italy

53


Exchange views with tenants, focusing strongly on listening and dialogue.

support tenants with targeted actions.

Commitment to reducing mar-keting-operating costs.

study and in-depth analysis of the ongoing changes in shop-ping Centres.

TARGETS PURSUED ACTIONS CARRIED OUT IN 2013

adding improved focus on the study and in-

depth analysis of what future shopping Cen-

tres might be like:

shopping Centres: guaranteed avail-ability for head-to-head confronta-tion and for finding solutions to indi-vidual everyday crucial mattersBusiness service: as before, 450 an-nual meetings with tenants, with a continuous commitment to iden-tify flexible solutions to satisfy both igd’s needs and those of its tenants.

igd continued to offer support poli-cies for those tenants in difficulty that had shown over time to be ca-pable of complying with the com-mitments undertaken with the Com-pany.

The quest for greater savings led to a reduction of 2.2% in operating costs in 2013, more specifically:

-1.3% in operating costs (associ-ated, amongst others, to a total saving in electrical consumption, corresponding to lower costs for the tenants for more than ¤ 600,000)

-6.5% in marketing costs (due to greater efficiency in the organi-sation of events and in communi-cation means, despite an increas-ing number of organized events).

in June 2013, igd organised a semi-nar open to the Members of the Board of directors and the repre-sentatives of the majority sharehold-ers where the future of the shopping Centres was discussed. The outcome of this meeting was subsequently shared with all employees.Please see focus below for the con-tents of this seminar.

54

3. TENANTS

FOCUS

+

SEMINAR FOR AN IN-DEPTH ANALYSISON THE SHOPPING CENTRE OF THE FUTURE

igd’s intention with the seminar held on 12th June 2013 was to carry out an in-depth analysis regarding the future of the shopping Centres together with its Board of di-rectors and the top management of its majority shareholders. during this meeting a profile was drawn up of the shopping Centre of the past, of the present and of the future, thanks also to the input of Pietro Malaspina (President of CNCC), Luca dondi (Managing director of Nomisma spA), Alessandro Mazzoli (Executive director Chan-nel Policies of Coop italia). A summary of what emerged with regard to igd can be seen below:

The seminar proved to be an important occasion for an exchange of views but also for work: the outcome contributed to the definition of the commercial and property lines of action for the Business Plan, setting in motion the ideas presented.

An example is that of deciding to introduce dental clinics inside the Malls: in this way, since 2013 the visitors have been able to take advantage of an additional service and the shopping Centre has taken on a new dimension in terms of personal services offered.

PROPERTY AREA COMMERCIAL AREA

Defence measures to create a framework simplifying alterations and adaptations.

Plan new structural work and/or carry out restyling work so as to make both building structures and the various types of systems MORE flexible.

Take advantage of new trends to innovate and attract

LESS clothing wear

MORE personal services, decoration, delicatessens, food, entertainment, vintage, second hand, fitness, wellness, cinema, creative writing, music schools

Economic, environmental sustainability

MORE medium sized areas

55


in 2013, economic performance was marked

by:

slowdown in consumption growth (which

stood at +1% compared to the previous

year);

growth in gdP (2.1%) thanks to strong

agriculture and industrial production,

whereas exports recorded a slight drop

and domestic demand was confirmed as

being weak1.

in line with what occurred in italy, in Roma-

nia Winmarkt also adopted business poli-

cies aimed at maintaining the right balance

between corporate profitability targets and

those of its tenants.

More specifically, the actions carried out

were:

Reduction in facility management costs:

the renegotiation and turnover of suppli-

ers continued in general, with the express

purpose of maintaining efficiency over

time (same level of quality in services

with a view to limiting costs). in 2013 the

reduction was equal to 9.3% compared

to the previous year.

in particular, for utilities (water, electric-

ity and gas), there was a cutback in costs

equal to 11.6% due to:

Renegotiation of the electric energy

supply contract

implementation of the “electrical

transformers” project, consisting in

buying medium voltage energy and

transforming it in-house to low volt-

age. in 2013, 3 more transformers be-

longing to the Centres in Braila, Tulcea

and Vaslui were installed, for an annual

investment of ¤160,000 (in addition

to the ¤141,000 of the previous year).

instead, with regard to common facil-

ity services (maintenance, security and

cleaning), the reduction (-6.5%) can be

mainly attributed to the renegotiation/

turnover of supply contracts.

Granting of temporary reduction/dis-

count. The decision to grant a temporary

reduction/discount and the subsequent

definition of the amount, are the result of

an overall and equally balanced assess-

ment of the following:

a. Reliability of tenant

b. Continuity in business relations;

c. Compliance with budget and achieve-

ment of expected profitability targets;

d. increase in occupancy.

Following the considerable reduction in

discounts granted in 2012, due to an im-

provement in the quality of the tenants’

portfolios, a slight increase could be seen

in 2013 compared to the previous year.

This can be attributed to the bid to mo-

mentarily support the tenants’ activities

affected by restructuring work planned

by the property owners.

3.1.2 Romania

1 sources: Banca nazionale Romania, Raiffeisen research

56

3. TENANTS

The occupancy level is the first indicator that

summarises the annual trend of igd’s busi-

ness policies. in igd Malls this rate stood at

97.2% of square metres occupied in 2013,

including the Hypermarkets. This figure is

substantially in line with that of the last two

years (respectively -0.2 percentage points

with reference to 2011 and -0.1 point with ref-

erence to 2012). This good level of occupan-

cy has been achieved thanks to the specific

business policies already mentioned and to

the work carried out to improve the mer-

chandising mix and tenant mix by uniting or

altering the areas within the shopping malls.

The merchandising mix still shows a distinct

predominance of the clothing sector, albeit

with a slight reduction compared to the pre-

vious year (in line with what emerged from

the seminar). The square metres dedicated

to services show an increase (in relation to

the aforementioned dental clinics).

RESULTS OBTAINED3.2

3.2.1 Italy

0% 10% 20% 30% 40% 50% 60%

CHART 2 MERCHANdisiNg Mix iN MALLs (iN % OF M2, iTALY)

2013 (%)

2012 (%)

SERVICES

HOUSEHOLD GOODS

BARS ANDRESTAURANTS

CULTURE,LEISURE TIME, GIFT

PERSONAL CARE, HEALTH

ENTERTAINMENT

9%

8%

7%

6%

4%

4%

CLOTHING51%

53%

ELECTRONICS11%11%

9%

7%

7%

5%

4%

4%

57


11 new brand names were included in 2013,

a fact which reflects a constant quest for in-

novation.

Most of these were national brand names,

some of which contributed to an overall im-

provement in the performance of the shop-

ping Centres into which they were intro-

duced (for example “Moby dick” in Centro

Tiburtino, specialised in pet products).

CHART 3

CHART 4

NEW BRANd NAMEs BY MERCHANdisiNg TYPE (iTALY)

BREAKDOWnOFLOCAL,nATIOnALAnDInTERnATIOnALBRAnDS(In%OFM2, iTALY)

4

3,5

3

2,5

2

1,5

1

0,5

0

PERSONAL CARE, HEALTH

BARS AND RESTAURANTS

CLOTHING

SERVICES

CULTURE, LEISURE TIME, GIFT

4

2 2

1

2

The national tenants represent 45% of total

tenants and occupy 2/3 of the total square

metres of igd Malls, with a sales volume

equal to 68% of the total.

16.4%LOCAL

66.3%NATiONAL

17.3%iNTERNATiONAL

58

3. TENANTS

COST OCCUPANCY

The cost occupancy rate is a key indicator

with which to assess each tenant’s sustain-

ability as it represents the ratio between the

costs incurred (rents and marketing-opera-

tional costs) and revenues. in 2013 this data

was pretty much stable compared to 2012,

settling at 12.9%.

CHART 5 AVERAgE COsT OCCUPANCY RATE (iTALY)

2012

2013

2011

131211 12,511,5

12.9

12.9

12.6

in 2013, igd carried out its first pilot survey

in two shopping Centres: Centro Piave in san

DonàdiPiave(Venice)andCentroKatanèin

gravina di Catania.

The process started with the drawing up of a

questionnaire that included 34 questions and

requested an assessment with marks from 1

to 5 with regard to 6 areas:

1. "Overall assessment of relations with

IGD"

2. "Overall assessment of Shopping Cen-

tre"

3. "Bringing the Shopping Centre to life":

marketing

4. "Encouraging customers to make pur-

chases": the merchandising mix

5. "Taking part in the management of the

Shopping Centre"

6. "For a green Centre"

WhilethedataforKatanèisnotyetavailable,

in Centro Piave 54% of the tenants complet-

ed the survey, representing all the merchan-

dising categories present in the Mall.

The findings showed a substantially positive

judgement of the Centre, with a total aver-

age of satisfaction equal to 3.6. As this was

the first survey and therefore there is no

benchmark for comparison, the result can

be counted as being positive insofar as it is

higher than the mathematical average (3).

it is important to note that igd’s approach

and that of the Centre to environmental mat-

ters obtained a higher than average evalua-

tion (3.8) second area of interest of greater

satisfaction.

The findings were analysed by igd’s Com-

mercial division and subsequently by the

managers of the structure in question, spark-

ing ideas for future improvement (for exam-

ple in defining the Marketing Plan).

The survey will be extended to 3 other shop-

ping Centres throughout 2014.

TENANT SATISFACTION

59


Winmarkt Malls continued to adapt their

merchandising and tenant mix in order to

satisfy their customers’ needs better. A pe-

riodic change can be seen both in the struc-

ture of the shopping Centres and in the ser-

vices offered by them.

The first consequence of these changes for

2013 was a reduction by 7 percentage points

in occupancy rate, following a continuous

increase from 2010 onwards. This drop was

essentially brought about by the necessity

to move and group together some brands in

those shopping Centres where large interna-

tional stores were being opened.

3.2.2 Romania

CHART 6ANNUAL OCCUPANCY RATE (iN % OF M2, ROMANiA)

90%

88%

86%

84%

82%

80%

78%

87.3%

2011

89.4%

2012

82.0%

2013

60

3. TENANTS

Further changes concerned the merchandis-

ing mix in the malls. The following occurred

during the year:

Completion of the process to introduce

food anchors, with supermarkets which,

in 12 out of 13 cases, are part of interna-

tional chains. given the central location

of Winmarkt shopping Centres, this im-

provement in the food sector supply rep-

resents a useful service to local residents

both with regards to an increase in quality

and a reduction in prices;

Increase in the presence of international

brand names, with the opening of a new

store belonging to an important chain,

H&M, which has scheduled a develop-

ment plan in 4 other shopping Centres in

2014;

Development of “household and person-

al goods” as well as services. These prod-

uct sectors, coming under the category

“other” in the chart below, have been re-

placing traditional market forms over the

years in Winmarkt shopping Centres.

40%

35%

30%

25%

20%

15%

10%

5%

0%

Clothing and Footwear Other SupermarketsElectronics Entertainment

31%

38%35%

16% 15%13% 14% 14%15%13% 11% 8%

28% 44%

21%

201120122013

CHART 7 TENANTs BY MERCHANdisiNg CATEgORY (PER M2, ROMANiA)

61


iMPROVEMENT TARgETs

Keepfacilitymanagementcostslow(continuous:ItalyandRomania)

increase in number of fitness areas to enhance wellness programmes in the

local community (2014_Romania)

introduction of new brands capable of creating an increase in visitors to

the shopping Centres (continuous _italy)

Carry out tenants’ satisfaction survey in 3 other shopping Centres and identify

an area for improvement on which to work at a later stage (2014_italy)


4


64

4. VISITORS AND COMMUNITY

vISITORS AND COMMUNITY

GUIDELINES

igd: spaces to be lived in

Centrality of local area

Marketing that unites business plan with social one

Easy access to Centres for everyone

65


Organisation of an information campaign aimed at citizens on actions that can be taken in order to be more sustainable (2013 italy).

individual information campaigns organised by shopping Centres, connected to specific events.

Organisation of events on the issue of promoting healthier lifestyles (menus in restaurants, sports displays, promotions of books on wellbeing) in cooperation with tenants (2013 italy).

3 across-the-board events organised, with the common factor being the promotion of healthy life styles:: “Saperi e Sapori” “Tastes and Flavours” (Competition exhibition on the history and culture of food, with thematic workshops), “Conquista il tuo corpo” “Conquer your body” (event promoting gymnastic activities), “sport show” (in cooperation with CONi - italian National Olympic Committee – promoting sports and wellness activities with the presence of numerous Olympic athletes).

Accessibility to Centres for individuals with disabilities: define perimeter expansion plan of the Centres involved in the 2012 survey and carry out work recommended by the survey.

Work related to findings from audit included in the restyling work in progress in Centro d’Abruzzo and in Centro sarca.

increase in moments of edutainment, by organising events specifically aimed at educating in an entertaining way the visitors to the Centres (2013 Romania).

More focus placed on “educating in an entertaining way”, particularly in slatina, in Ploiesti and in Buzau.

I vISITATORI4.1

2012 2011

70

60

50

40

30

20

10

0

65.6 65.4

33.5 31.3ITALY

ROMANIA

* data referring to like for like network: in italy the data does not include “gran Rondò” and “i Bricchi” shopping Centres, which had problems with their footfall counter.

CHART 1TOTAL NUMBER OF VisiTORs* (iTALY ANd ROMANiA)

2013

66.2

31.7

4.1.1 Focus on visitors’ needs



NUMBER OF VISITORS

in italy, igd’s Malls were once again con-

firmed as being places of attraction, with

+0.9% more footfalls compared to the previ-

ous year. There was a slight drop in visitors in

Romania, mainly due to planned work being

carried out on the structures.

66


Between 2012 and the first few months of

2013, igd, in cooperation with Excalibur so-

cial cooperative, carried out an audit in 6

shopping Centres in order to assess the ac-

cessibility and usability by individuals with

disabilities of internal and external areas, like

car parks, public conveniences, the entirety

of the mall itself, in addition to some shops

in particular.

While the findings regarding the overall situ-

ation of the buildings were positive, the audit

highlighted several points which could help

both to improve communication and infor-

mation aspects and to put into effect small

structural adjustments.

Over the year, these points were:

…included in the planning for two restyl-

ing projects, in Centro d’Abruzzo in san

giovanni Teatino (Chieti) and in Centro

sarca in sesto san giovanni (Milano). in

the first case a specific path from the car

park to the Centre for the visually impaired

was created and larger parking places

for individuals with disabilities were cre-

ated on the underground level with more

space around them in order to facilitate

the loading and unloading of wheelchairs.

in Centro sarca, in the restyling plan for

the car park on level -1, the parking places

reserved for individuals with disabilities

were all concentrated near the entrances,

some adjacent to pedestrian zones in or-

der to have more space for manoeuvre (to

load and unload wheelchairs etc.)

…acknowledged within the Business

Plan, a result of the work carried out to in-

tegrate sustainability issues and business

planning. indeed, the document reiterates

the commitment to “Apply the guidelines

for the usability of its Centres by individu-

als with disabilities”;

…communicated at the “Retail for all”

conference held in Vicenza on 23rd March

2013 during the fifth edition of Gitando.

All, the first italian fair dedicated to Tour-

ism for Everyone.

The importance of accessibility for cus-

tomers with particular needs was dis-

cussed and igd talked about its own ex-

perience, which was appreciated by the

members of the audience, made up both

of experts on the matter and people sim-

ply interested in it, and shared by other

operators in the sector.

FOCUS ON ACCESSIBILITY

67


Liaison with the community and local area is

defined, by each shopping Centre according

to their needs and requests, within the an-

nual guidelines of the corporate Marketing

Plan. The aim is to guarantee and strengthen

each of igd’s shopping Centres’ own “spac-

es to be lived in” role.

There are 4 courses of action:

Local initiatives

Social events common to more Shop-

ping Centres

“Social-environmental” activities

Economic support for specific projects

deemed distinguishing for IGD

COMMUNITY AND LOCAL AREA4.2

ITALY

in 2013 igd voluntarily continued check-

ing the seismic vulnerability of its shopping

Centres. This work became necessary fol-

lowing the earthquake that affected part of

north western italy in May 2012 (which struck

Emilia Romagna in particular).

The vulnerability evaluations were all pre-

sented before the deadlines and relative ex-

tensions during the period between decem-

ber 2012 and April 2013.

Following this, a specialised firm carried out

subsequent activities regarding the inspec-

tion and testing of materials to ascertain their

level of resistance (checks will in due course

be carried out by official laboratories).

Reports will be produced each time with

the last being presented by the first week of

April 2014.

subsequently, the results of the tests will be

analysed by the experts that drew up the vul-

nerability evaluations in order to then begin

the detailed planning phase of any seismic

improvement work to be carried out.

in Romania, Winmarkt continued with its

safety improvements in 2 other external of-

fices, following the work previously carried

out in 5 other structures between 2011 and

2012. These activities are part of the 2012-

2015 investment Plan which calls for the

complete refurbishment, both with regards

to compliance with the law and to layout,

of all the management offices located in its

Centres.

Furthermore, the furniture and furnishings

were all completely replaced in the entire

Winmarkt network for a total investment of

20,000 euros.

4.1.2 Safety in shopping centres

in 2013, the second edition of “igd AWARds”

was held. The purpose of this is to enhance

marketing activities carried out during the

year within igd malls.

The award ceremony took place during the

company convention held in december 2013.

Out of the 50 events judged by the igd

AWARds Committee, made up of members

of the Commercial division, the following

were the winners for each category of events:

COMMERCIAL EVENTS

Shopping Centre

“EsP” in Ravenna

“CENTRO PiAVE” in san donà di Piave (Venice)

Event Name

LA sTAR sEi TU (You are the shopping)

Reason

for the innovation in the mechanisms of

the event enabling the benefits of the

programme to become immediately

available, fulfilling the current and tangi-

ble needs of its customers.

IGD AWARDS

68


The increase in footfalls and the first results

of the event satisfaction project highlight

the growing role that the shopping Centre

is taking on within the local community as a

meeting place and a space that is more and

more “to be lived in”.

For this reason it is important to note the

overall increase of 9.4% compared to the

previous year, of events organised in igd

shopping Malls in 2013, a fact which substan-

tiates the idea of the shopping Centre as a

public place where visitors can meet up and

find, alongside the typical items on sale, also

a programme of shows and events that is:

…continuous, as every three days an

event is organised;

…varied, because there are cultural

events, entertainment, sports events etc.

4.2.1 Local events

2013 2012 2011

TOTAL NUMBER OF EVENTs 514 470 382

THOsE OF A CULTURAL, RECREATiONAL-sPORTs NATURE HELd TOgETHER WiTH LOCAL AssOCiATiONs

185 163 95

% OF LOCAL EvENTS OUT OF TOTAL 36% 34.7% 24.9%

TABLE 1 TOTAL EVENTs ANd PERCENTAgE OF LOCAL ONEs (iTALY)

RECREATIONAL-SPORTS EVENTS

Shopping Centre

“CAsiLiNO’” in Rome

Event Name

YOUTUBER’s

Reason

For having managed to involve the web

community and new means of commu-

nication to create two very appealing

events.

SOLIDARITY EVENTS

Shopping Centre

“CENTRO sARCA” in sesto s. giovanni

(Milan)

Event Name

dONARE sARÀ iL REgALO PiÙ BELLO

(giving will be the best present)

Reason

For having managed to share, togeth-

er with the Centre’s visitors, an activity

that improved many of the local families’

Christmas and for having decided to ac-

tively involve the children.

LOCAL EVENTS

Shopping Centre

“Fonti del Corallo” in Livorno

Event Name

i gRANdi (The great) (in cooperation

with Livorno Football)

Reason

thanks to the commitment undertaken by

the Centre’s Management, a long-lasting

bond was created with an entity of great

importance and acclaim for the city of

Livorno.

PREMI SPECIALI

Culture

CONÈ’ for “sTAR HUNTER”

Team Spirit

SOUTERnnETWORKfor“DInOSAURS”

Optimisation

PERLA VERdE (Riccione – RN)

69


FOCUSEVENT SATISFACTIONWhen defining the guidelines in a Marketing Plan, it is also important to understand the level of satisfaction of the shopping Centres’ visitors with regard to each indivi-dual event organised. For this reason, an idea came into being to create a tool to me-asure the level of “event satisfaction”, with the purpose of assessing both the aspects regarding the individual event and those relating to the entire programming of the Centre’s marketing calendar. A survey questionnaire was therefore prepared with 13 questions regarding:

Knowledge about the Shopping Centre; Event assessment (only for those participating); Assessment of the Shopping Centre’s marketing initiatives;

staff trained by the shopping Centre then had the task of getting visitors to the Mall to fill in the questionnaire.The event satisfaction test of this pilot project was scheduled for an event that took place in Centro Piave.The test took place on saturday 30th November 2013 and lasted the whole day. 113 people answered the questions.The event analysed was “Videogames Party”.The results:

Good level of appreciation by the participants towards the event; Confirmation of the importance of the events and their role played in making one

Centre preferable over another; Predominance of “fun” expectations: those interviewed were more in favour of

the recreational-sports events than other types of events; Attractiveness of the events.

As this is the first survey, it is not yet possible to have a benchmark with other asses-sments relating to comparable situations. The successful outcome of this pilot project however, has opened the door to a repe-tition of this event satisfaction project in other shopping Centres throughout 2014.

70


in 2013 there was an increase in the number

of across-the-board events, that is, with ex-

clusive formats held in a number of struc-

tures, with both a social and culture value.

The following table shows in detail the events

organised, the centres involved and some of

the results that could be quantified:

4.2.2 Social events common to more Shopping Centres

Title Centres involved

LA PREVENZIONE E' UNA ROBINA INTELLIGENTE (Prevention is really an intelligent thing)(in cooperation with ANT-National Tumour Association)

18 3 2,160 patients visited

FUMETTI AL CENTRO(Comics in the Centre) (Partnership Coop Adriatica and Unicoop Tirreno)

11 14220 classes involved50 schools and over

10,000 compositions received

UN NASO ROSSO CONTRO L’INDIFFERENZA(A red nose against indifference) (in cooperation with Parada Association)*

10 3

SPORTS SHOW (in cooperation with CONI – Italian National Olympic Committee)*

8 328 Olympic athletes as

guests

PANINI TOUR (in cooperation with Panini) 14 2

THE TALENT* 20 3 1,200 enrolments

SAPERI & SAPORI(Tastes and Flavours)

10 14 about 50,000 games

Days per event

Quantifiable results

More than one out of three events are of a

local nature, or rather, organised in coopera-

tion with community groups or local organi-

sations, which hence become promoters and

partners.

To give some examples, an event that can be

collocated in this context is “Artisti in vetri-

na” (Artists on display) which, in the Lungo

savio shopping Centre in Cesena, offers a

programme of fixed duration events whe-

re various artistic performances alternate

around the shops and common areas of the

Malls with a billing that is 8 months long.

Local singers, dancers, choreographers and

writers are all involved in this event.

Or there is the organisation inside a shopping

centre of a reality dance show: this was the

case with “dance Reality” in Centro Tiburti-

no in guidonia (Rome) where the visitors to

the Centre were the ones involved in dance

lessons and which ended with a final recital

during an associated event. Everything was

held over a 4 month period inside the Centre.

71


These are the most important characteristics

of the new events in 2013:

“The Talent” was the first travelling tal-

ent show in Italy, developed by igd in

cooperation with MA Europe. The tour

involved 20 shopping Centres with a to-

tal number of 1,000 singers, dancers and

production artists, who performed in

60 selection days (3 for each shopping

Centre). The internal areas of the Centres

were made available for the contestants

to perform in front of the judges and also

the public who really enjoyed the event.

The 12 best performers were chosen for

the finale which was held on 11th July 2013

in Riccione, ending with a winner being

chosen for each category: dancers, sing-

ers, dJs. The winners were awarded an

important opportunity for professional

growth: recording of a song track in a

recording studio for the “Music” catego-

ry, training at the University of Essex in

Colchester for the “dance” category and

training at a radio station with the pos-

sibility of performing in a venue for the

“Mix/Production” category. This event

will be repeated in 2014.

Title Centres involved

BUSSOLA DEL LAVORO(Work Compass)(with the institutional partnershipof Bologna Municipality)

4 3 1,586 interviews

VIDEO GAMES PARTY 8 3 13,000 participants

CONqUISTA IL TUO CORPO (Conquer your body) 6 4

RESPIRARE INFORMATI(Breathe knowingly)*

3 1

A CANESTRO CON IGD(Basketball with IGD) 4 5

7,500 tickets distributed to the same number of visitors

YOU TUBER'S * 1 2

in Centro Casilino+8% and +19% footfalls compared to weekend

before and after

Days per event

Quantifiable results

(*) more details in the following paragraph

72


Thanks to the cooperation of non profit or-

ganisations, events with strong social and/or

environmental importance are organised in

igd shopping Centres. in 2013, 86 events of

this nature were organised.

Two courses of action were followed:

Cooperation with NPOs in individual

shopping centres for projects in com-

mon. On the basis of a project proposal,

the non profit organisations and the Cen-

tres create projects regarding issues like

health, prevention, spreading of local

culture, education etc.. For example, dur-

ing the international day on the Rights

of Persons with disabilities at the Nova

shopping Centre in Villanova di Castena-

so (Bologna), an event called “diversely

.....YOU!” was organised: from 2nd to 8th

december 2013, meetings, shows, work-

shops and exhibitions were held with

the aim of arousing awareness in people

regarding the conditions of those with

4.2.3 “Social-environmental” activities

The “Sports Time” CONI project, cre-

ated in 2013, saw the involvement of the

regional committees of CONi (italian Na-

tional Olympic Committee) in events last-

ing three/four days in 8 igd Centres. A

sports show was set up in the Centres

and local Olympic athletes were present

(28 athletes took part). Families were in-

volved, local projects and events on those

sports activities holding greater interest

to the local area were presented and an

area was made available for local sports

associations to promote their activities.

IGD and Winmarkt cooperated together

and obtained the necessary contacts for

the organisation of “Un naso rosso contro

l’indifferenza” (“A red nose against indif-

ference”), a show of “art, circus, emotion

and solidarity” organised by Parada, an

association in Bucharest, established in

1996 by Miloud Oukili, a French-Algerian

clown, who decided to help a lot of aban-

doned street children by teaching circus

art to make them become the masters of

their own life and their future.

IGD, in cooperation with the Associazi-

one Italiana Studio Tosse (AIST) (Italian

Association for the Study of Cough), the

Institute of Pulmonology Sant’Orsola

Malpighi in Bologna and Novartis Farma,

together supported an event open to the

public to promote knowledge and early

diagnosis of respiratory diseases. inside

3 igd Centres, a team of lung specialists

gave people the opportunity to check the

state of health of their lungs by offering

free tests. information on respiratory dis-

eases was also distributed.

The purpose of the “Youtuber’s” event,

developed by the Casilino shopping Cen-

tre in Rome, was to get celebrities whose

fame had been created and strengthened

on the internet to meet with their fans.

Following its successful outcome, this

event will be repeated in other Centres in

2014.

73


disabilities. The event was carried out in

cooperation with the social cooperative

“Arcadinoè” and involved6nonprofit

organisations that deal with disability is-

sues. Thanks to a prize lottery in which

the tenants of the Mall also participated,

a sum of more than ¤ 2,500 was raised.

Areas designated to fund raising. The

shopping Centres act as important show-

cases for individual NPOs, also by making

areas available inside the Malls, thus help-

ing them to promote projects in line with

their objectives set out in their articles of

association. in 2013, as in previous years,

the Centres were host both to national as-

sociations (Unicef, save the Children, Ac-

tion Aid, Caritas, Emergency), and to oth-

ers that operate and are recognised on a

local level.

An example of this type of event is “Edu-

candoconAIPKOnLUS(Educating with

AIPK - Padre Kolbe International Associa-

tion) – A month dedicated to education

inside igd shopping Centres”, a com-

munications campaign and fund rais-

ing event organised within the sphere of

the larger campaign “One bike, a thou-

sand hopes 2013: from the southern to

the Northern part of the World”, created

around the insulin-dependent diabetic

cyclist Mauro Talini who tragically died

after an accident that occurred in Mexico

during the solo tour he was doing in fa-

vourofAIPK.Thenonprofitorganisation

AIPKand thecyclist’s familydecided to

continue the fund raising campaign. igd

offered areas in 5 shopping Centres free

of charge in which to carry out the cam-

paign along with activities raising aware-

ness by means of setting up stands in

the Centres, tributes to the cyclist, carry-

ing out of blood sugar tests with experts

from ANiAd (italian National Association

for diabetic Athletes).

Compared to previous years, there was

an overall increase in the number of asso-

ciations and organisations that the Centres

played host to: this is due to the organisa-

tion, in some Centres, of events involving

more than one association or organisation in

one common project.

The attractiveness of the shopping Centres

is therefore acknowledged, as the Centres

guarantee excellent exposure for the asso-

ciations’ projects.

ASSOCIATIONS AND NON PROFIT ORGANISATIONS RECEIvED 2013(N)

2012(N)

2011(N)

LOCAL AssOCiATiONs iNVOLVEd 160 103 132

OTHER NON PROFiT ORgANisATiONs 76 60 55

TOTAL 236 163 187

TABLE 2AssOCiATiONs ANd OTHER NON PROFiT ORgANisATiONs RECEiVEd iN THE CENTREs (iTALY)

The increase in the number associations in-

volved also led to an increase in the amount

of funds that they raised while in the igd

shopping Centres.

RESULTS FROM EvENTS 2013(¤)

2012(¤)

2011(¤)

FUNds RAisEd BY AssOCiATiONs ANd NON PROFiTORgANisATiONs iN igd CENTREs

76,242 53,274 48,437

TABLE 3REsULTs FROM EVENTs HOsTEd iN THE CENTREs (iTALY)

74


in 2013 igd continued its strategic course of

action regarding partnerships and sponsor-

ships: on the one hand it continued its institu-

tional partnership with Virtus Basketball Club

in Bologna, by means of its participation in

the Foundation that owns the Club and by

means of igd’s logo being present on the

warm-up shirts of this team which plays in

the A1 basketball championship, and on the

other it gave economic support to several

small local sports and cultural organisations.

More specifically, the company:

Continued, for the third year running to

cooperate with “Happy hand – giochi

senza barriere (Games without barriers)”,

a festival dedicated to sports and social

inclusion held in the Province of Bologna;

Continued its support for “i Bradipi”

sports club, a wheelchair basketball team

founded in Bologna in 2002, which igd

supports by financing several activities;

Participated with its logo in the “green

social Festival”, an event on environmen-

tal and social sustainability, energy saving,

rights and legality, dedicated in particular

to students of all types and ages and to

the townspeople;

Participated in “Artelibro”, an art book

festival in Bologna, which in 2013 cele-

brated its tenth edition.

in addition to igd as a whole, also the indi-

vidual Centres often cooperate with local as-

sociations or public administrations to help

carry out events or campaigns that greatly

benefit the local community. For this reason

they contribute to the creation of projects on

issues like legality, solidarity, the promotion

of healthy lifestyles etc..

due to the scheduled reduction in the eco-

nomic commitment by Le Porte shopping

Centre in Naples with regard to an important

multi-year project aimed at families in need,

the amount allocated for sponsorships and

donations by igd centres showed an overall

decrease.

4.2.4 Economic support/partnership

2013(¤)

2012(¤)

2011(¤)

sPONsORsHiPs ANd dONATiONs BY CONsORTiUMs TO LOCAL iNsTiTUTiONs ANd AssOCiATiONs FOR EVENTs ANd sHOWs

169,973 207,073 231,409

TABLE 4 sPONsORsHiPs ANd dONATiONs MAdE BY THE CENTREs (iTALY)

2013 was, for igd, a year of investment in

the innovation of its integrated communi-

cation strategies. First of all, the company

proceeded by defining the situation on the

use of new technologies within its shopping

Centres.

This was followed by the planning of future

actions, with focus on the creation of two pi-

lot projects to create two mobile apps in the

same number of shopping Centres in 2014.

The decision to carry out this investment:

derived from IGD’s awareness that it is an

effective tool that can be used to commu-

nicate with consumers that are more and

more proactive, that decide independent-

ly where and how to obtain information

and that start their purchasing process in

advance from home;

was reached after a process of analy-

sis both within igd and external to it (by

means of comparison with its competitors

and exchange of views with suppliers that

had been dealing with these issues for a

while).

4.2.5 Communication/Community relations: use of social media

75


At the end of the established trial period

(about one year from when it is put on line),

igd will assess the performance of the app

and determine the subsequent steps to be

taken. To summarise, the situation regarding

the use of new technologies in igd shopping

Centres is the following:

1

4

2

3

SHOPPING CENTRE SITES ALL sTRUCTUREs HAVE

WEBsiTEs

ALigNMENT WiTH A sOLE FORMAT is iN THE PROCEss OF BEiNg COMPLETEd

idEA

FULFiLMENT

PROJECT

iMPLEMENTATiON

SOCIAL NETWORK 100% OF THE sTRUCTUREs HAVE AnACTIVEFACEBOOKACCOUnT

THE NUMBER OF CONTACTs is iNCREAsiNg: +23% IN 2013 COMPAREd TO 2012

(LIKEFORLIKEDATA)

1

4

2

3

idEA

FULFiLMENT

PROJECT

iMPLEMENTATiON

MOBILE APPLICATION WiTH THE REsEARCH PHAsE

COMPLETEd, iN 2014 igd WiLL CREATE iTs FiRsT TWO APPs iN TWO sHOPPiNg CENTREs

1

4

2

3

idEA

FULFiLMENT

PROJECT

iMPLEMENTATiON

76


ROMANIA

2013(¤)

2012(¤)

2011(¤)

CONTRiBUTiONs FOR sPONsORiNgOR sUPPORTiNg LOCAL EVENTs

7,500 3,000 15,500

TABLE 5 sUPPORT giVEN TO LOCAL EVENTs (ROMANiA)

during the year Winmarkt organised the

events referred to in the Marketing Plan in

accordance with the three guidelines:

1. Enhancing the presence and the

opening of shops also by means of co-

marketing activities. This activity was

developed significantly during the year,

as shown by the increase in the Centres

involved (from 6 in 2012 to 11 in 2013)

and the tenants involved (from 200 to

300). Overall, 35 events of this type were

carried out with a total investment of

¤70,000.

2. Building customer loyalty by means

of public holiday fringe activities. Win-

markt continued to work alongside the

local administrations in the organisation

of events involving the entire community.

in 2013 this happened in Ploiesti, Alexan-

dria, Ramnicu Valcea, Tulcea, Piatra Nea-

mt.

3. Promoting and/or directly supporting

children’s activities, like the sponsoring

of events in Piatra Neamt, for example the

Children's Music Festival in partnership

with the Municipality or the Children’s na-

tional contest "Friends of the Firemen" in

partnership with the Civil defence. Also

included in this context is the Winmarkt

scholarship awarded to the best placed

student at the National school Olympics.

Total investments in marketing activities

showed a significant increase compared to

2012: in addition to the above mentioned

data related to co-marketing, contributions

to local events also increased.

in order to emphasise the idea of the shop-

ping Centre as a “space to be lived in”, offer-

ing its visitors and the local community other

possibilities in addition to shopping, the in-

troduction of areas dedicated to amusement

activities continued in Winmarkt shopping

Centres. in 2013, besides the expansion of

the floor area and the availability of these ar-

eas in 5 shopping Centres, there were also

two new openings:

1. Gameland: play area dedicated to the

young public with activities that range

from table tennis, five aside football etc.

to modern racing video games (shop-

ping Centre in Buzau);

2. Winiland: play area dedicated to chil-

dren (3-10 years of age), with a perma-

nent children’s entertainer (shopping

Centre in Ploiesti gC).

The opening of the new Winiland in Ploi-

esti gC is part of a large-scale project, the

aim of which is to create an out-and-out all-

round entertainment area/wing dedicated to

the very young (kids’ play area, specialised

shops, food service area).

77


Assessment of visitor satisfaction both in general regarding the shopping

Centre, and in particular regarding the events held, by means of specific

customer and event satisfaction surveys (2014 italy).

Pilot project of 2 apps in the same number of shopping Centres (2014 italy).

Accessibility to Centres for individuals with disabilities: continuation

of the implementation of what emerged from the survey regarding

individuals with disabilities (2014 italy).

Organisation and co-marketing of events open to the public in connection

with the opening of international brands (2014 Romania).

Co-marketing events during the 2014 Brazil World Cup 2014 (Ploiesti)

(2014 Romania).

involvement of visitors for the promotion of good environmental practises

(continuous italy).

implementation of more wifi zones in the gameland play areas

(2014 Romania).

Extension of the Winmarkt project on Facebook (marketing of activities/

events and visitors’ feedback) (2014 Romania).

iMPROVEMENT TARgETs


EMPLOYEES

5

80

5. EMPLOYEES

EMPLOYEES

GUIDELINES

Transparency in professional growth processes

Periodic assessment of skills and performance

Enhancement of internal advancement

sense of belonging and sharing of corporate values,

targets and style

Emphasis on equal opportunities

Commitment towards diversities

81


development of initiatives following the internal atmosphere assessment: implementation of a training programme project focused on competitive behaviour and of a workshop on internal communication (2013 italy).

1. Training on competitive behaviour: training carried out, first of all, for managerial staff and then later for all company employees.

2. Workshop on internal communication: the workshop was held in the first half of the year.

introduction, where possible, of CsR features in targets for directors, managerial staff, service heads and area heads (2013 italy).

Target reached with regard to those in the network (with “reduction in operating costs)”) and to a large extent to those in the headquarters.

Training on sustainability for all employees (2013 italy).

in 2013 training on sustainability was carried out for managerial staff, department heads, network heads, area heads and shopping Centre managers. Training is scheduled to take place in 2014 for the remaining employees.

Enhancement of quality in training (2013 Romania).

There was an increase in quality in training which went hand in hand with the commitment to reduce the number of activities and at the same time make them more specific and targeted.

As was the case in 2012, also 2013 was a year

of consolidation for the workforce, with one

new addition in italy and one in Romania (af-

ter promotions and internal confirmations).

With regard to italy, the decision was made

in 2013 to reinforce the sales role, bringing

the number of people that deal with market-

ing to 6, as was the case in 2012.

Expiring contracts and the greater complex-

ity deriving from the performance of the

market prompted this solution.

The position of sales manager for the resi-

dential area of the “Porta a mare” project

in Livorno was also introduced, in order for

the local market and business activity to be

more directly and effectively overseen.

With regard to Winmarkt group, the work-

force witnessed the following role place-

ments during 2013:

1 Property account executive – asset di-

vision to support planned investment ac-

tivities.

1 Marketing executive to promote and

manage network marketing events.

EMPLOYMENT PERFORMANCE

increase in professional meetings between igd and Winmarkt staff to aid the exchange of knowledge and skills (2013 Romania).

Three meetings took place:1. Training on social responsibility 2. IGD convention 20133. MAPIC 2013 c/o IGD stand



82

5. EMPLOYEES

There were no significant changes, neither in

igd nor in Winmarkt, regarding the organi-

sational structure of the positions within the

workforce, except for 4 more department

heads in italy and 3 in Romania due to inter-

nal promotions.

The turnover in italy in 2013 was equal to

zero, confirming the high level of loyalty

within the company. The only terminations

were those of 3 fixed term contracts (not in-

cluded in the turnover calculation). Although

lower than before, the turnover in Romania

was confirmed at just below 20%: there were

8 terminations of employment, two of which

were related to the outsourcing project (re-

garding the outsourcing of non-core servic-

es), whereas the others were due to a faster-

moving labour market in comparison to italy

(most of those that left had been employed

for less than a year).

140

120

100

80

60

40

20

0

2008

CHART 1 CORPORATEWORKFORCEFLOW(2008-2012)

2009 2010 2012 20122011

8599

104115 114 115

51 46 47

6865

56

ITALY

ROMANIA

TABLE 1 OUTgOiNg TURNOVER (iTALY ANd ROMANiA)*

2013 (%) 2012 (%) 2011 (%)

TURNOVER iTALY 0% 3% 3%

TURNOVER ROMANiA 17% 20% 15%

* NB: the turnover is calculated as number of contract terminations (excluding those fixed term ) / total employees (exclu-ding those fixed term) at 31,12 of the previous year.

83


2012 2011

in igd, as the workforce becomes more and

more stable, both the average age and the

percentage of the over 40s are gradually ris-

ing. The former stands at 40 years of age,

the latter has risen from 42% in 2012 to the

current 45%, bearing in mind that in 2010

it was equal to 36%. The number of under

30s is continuing to decrease and has been

halved over the last two years.

A “YOUNG AND STEADY” WORKFORCE

CHART 2sTAFF BY AgE gROUP – iTALY

CHART 3EdUCATiON RATE (iTALY ANd ROMANiA)

in Winmarkt group, with an eye to internal

growth and development of human resourc-

es, the decision was made in 2013 to search

in the labour market, with the help of lead-

ing employment agencies, for people to fill

junior management positions and to set in

motion procedures aimed at the complete

fulfilment of the role in question, also by

means of internal coaching. This process has

also provided for un upward adaptation for

placement in relevant higher roles.

Consequently, the average age dropped, go-

ing from 42 to 41 years of age and the num-

ber of employees with a degree increased

by 7 percentage points, from 76% in 2012 to

83% in 2013.

in 2013, as was the case in 2012, the average

education rate, which summaries the level of

education in the company, was stable in italy

and on the increase in Romania; in both cas-

es, however, the levels are very near to the

maximum value of 3.

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

43%

25%

12%

20%

44%

27%

15%

14%

2013

44%

28%

17%

10%

2012 20132010 2011

3

2,8

2,6

2,4

2,2

2

1,8

1,6

1,4

1,2

1

2.6 2.6 2.6

MAxiMUM LEVEL

ITALY

ROMANIA

* The average education rate is calculated by giving a value of 3 for each individual with a degree, 2 for those with a high school diploma and 1 for “other qualifications”. The average rate is calculated by dividing the result obtained by the number of each year’s employees.

2.7

2.6

2.8 2.9

OVER 50

41 - 50

31 - 40

19 - 30 YEARS OLD

84

5. EMPLOYEES

Job stability and reinforcement can be dem-

onstrated by the almost total utilisation of

permanent contracts, which equalled 98% of

contracts both in italy and in Romania.

With the purpose of offering extracurricular

experience, igd set up 5 training internships

in 2013, both by initiating conventions with

Universities (in particular with the faculty

of Economics and Business and with that of

Engineering) and by continuing its summer

work experience programme set in motion

together with a scientific High school in Bo-

logna for students in their penultimate year

of school.

2013(N)

2013(% OUT

OF TOTAL)

2012(N)

2012(% OUT

OF TOTAL)

2011(N)

2011(% OUT

OF TOTAL)

EMPLOYEEs THAT REgULARLY UnDERGOSKILLSASSESSMEnT

60 52% 50 44% 42 37%

MERiT PAY RAisEs AWARdEd dURiNg THE YEAR

17 14% 13 11% 14 12%

The policy of people development continued

by means of the “Management By Objec-

tives” (MBO) system and the performance

assessment system.

The decision by Winmarkt to define personal

targets for individuals, after having deter-

mined the responsibilities of each individual

in 2011, was also confirmed.

PEOPLE DEvELOPMENT5.1

By means of the MBO system, igd assigns

targets common to the entire company and

those more specific, to each employee (or

office) provided that the employee is in pos-

session of a permanent contract.

in 2013 in italy, 110 employees were assigned

targets, with a total distribution of variable

pay equal to 63.5% of the maximum amount

defined by the system.

Like in italy, the MBO model in Romania also

involves all the employees with permanent

contracts. As the primary target was not

reached, no bonuses with the MBO system

were agreed on, whereas 5 employees re-

ceived bonuses for the positive outcome of

special projects.

skills development is aimed at all Managerial

staff and department Heads that are fully

operative in covering their role, which in 2013

represented 52% of the workforce. Following

a positive outcome of the skills improvement

assessment, igd gives those involved merit

pay raises. during the year, 17 people were

assigned raises, equal to 14% of the entire

workforce.

5.1.1 Management by objectives and reward system

5.1.2 Skills development

TABLE 2 SKILLSASSESSMEnT(ITALY)

85


in 2013 the training programme involved all

company employees and was shaped to im-

prove various types of skills. The subjects

covered were:

Management team building on matters

of professional and personal growth

for competitiveness, aimed at manage-

rial staff, and which subsequently was

extended to all employees, during the

company convention in december, as a

continuation of the process started with

the team building event during the 2012

May convention (please refer to “focus”

for more details);

Public speaking and managing meetings

aimed at commercial network employees;

Coaching activities and experiential

training on matters of communication

and negotiation for commercial roles;

Internal communication by means of

a workshop managed by a work group

made up of headquarter and network

staff, who identified crucial issues and

proposed solutions for improvement

(please see below for more details);

Corporate social responsibility (please

refer to “focus” for more details);

Refresher/in-depth courses on special-

ised technical matters for individual roles;

Safety, with general training for new em-

ployees and specific training for newly

appointed management and persons-in-

charge, in accordance with Consolidation

Bill N. 81;

English language courses, to maintain

the language skills required by the role.

5.1.3 Training

ITALY

FOCUSTEAM BUILDING ON MATTERS OF PROFESSIONAL AND PERSONAL GROWTH FOR COMPETITIvENESS

in 2013, all igd employees were involved in a team building activity aimed at develo-ping individual skills. This process first of all involved the company executives, who, together with gsO consultancy firm (which followed the entire process), defined the 10 “skills for competitiveness” upon which the subsequent work was based.

The second step saw the involvement of the company Managerial staff, who worked on the skills previously identified, reflecting on individual behaviour and habitual pro-fessional approaches. The important outcome of this was the identification of several “areas for improvement”, by means of a kind of self assessment, where time and energy were to be subsequently invested in order to create and put in place an indi-vidual development plan. This part of the training lasted a total of 2.5 days, between May and June 2013.

The last step was that of involving the rest of the workforce in several types of com-petitive behaviour selected by the Managerial staff; work groups alternating with col-lective assemblies were the main features of the 2 training days held during the usual annual end of year Company Convention. Also in this case, each employee identified several improvement actions, agreed upon with their supervisor, that were useful for their personal and professional growth.

86

5. EMPLOYEES

2013 2012 2011

EMPLOYEESTHATTOOKPARTInTRAInInGACTiViTiEs (N)

114(99.1% of the total)

112(98.2% of the total)

81

COsTs iNCURREd FOR iNTERNALANd/OR ExTERNAL TRAiNiNg (¤)

123,867 74,123 110,067

TRAiNiNg HOURs 4,617 2,851 1,831

PERCENTAgE OF REVENUEs iNVEsTEdiN TRAiNiNg (¤)

0.1% 0.06% 0.09%

FOCUS INTRODUCTION PROCESS TO ISSUES ON CORPORATE SOCIAL RESPONSIBILITY

in the months of March and May 2013, igd organised 4 internal training days on issues of Corporate social Responsibility (CsR), in cooperation with impronta Etica, a non profit organisation which igd has been a member of since 2010.

This activity involved a total of 64 igd staff, that is, the Headquarter Managerial staff and department Heads as well as the shopping Centre Managers. 2 members of Winmarkt staff also participated in this event.

The underlying purpose of this project was to increase internal awareness on issues of Corporate social Responsibility, to begin with by understanding the subject by lo-oking at models and theories and then continuing with the analysis of good practices, in particular of companies that are active in the group’s sector, and concluding by focusing on the implications in the daily work of each and everyone.

This greater awareness can lead to two types of benefits:

1. Instilling more responsibility in employees, favouring the fulfilment of practices in line with the company’s targets on sustainability;

2. Obtaining more easily information and feedback, thanks to a more in-depth knowledge of CsR, with the advantage of being able to improve the quality of the defining process of new future targets.

in particular, the outcome of the work carried out was that the participants:

Correctly mapped their own stakeholders, identifying the specific expectations of each and fine tuning a series of actions aimed at involving them more;

Reflected on how to put into practice in their own working environment the targets set by igd in its sustainability Report;

Specified how and with what changes igd can become more sustainable and responsible in 5 years time.

The recommendations that came forth from this activity formed the basis of the inte-gration process of social responsibility issues into business planning, which involved the Managerial staff in the period from July to september.

The same training process will be repeated for the office staff in the headquarters and the assistants in the shopping Centres in 2014.

TABLE 3 TRAiNiNg (iTALY)

87


All the indicators regarding training record-

ed an increase, due to both the team build-

ing activity carried out during the company

convention (involving all employees) and

to the variety of training opportunities that

arose throughout the year.

This commitment to training is encouraged

and desired by the senior management: in-

deed, in 2013 they decided to add a 10%

share of their variable pay to the allocated

ad hoc budget.

CHART 4iNVEsTMENT iN TRAiNiNg PER CAPiTA (iN EUROs)

2012 2011

1400

1200

1000

800

600

400

200

0

1,359

644

2013

1,031

With regards to Winmarkt group, the fields

of training concerned were:

Real estate market: participation in re-

fresher courses on the trends and the

latest developments on the local and in-

ternational real estate market, as well as

specific features relating to the retail sec-

tor;

Professional refresher courses: participa-

tion in training courses aimed at individ-

ual professional growth and development

for the members of the sales department,

technical office, legal affairs department

and accounting department;

Professional/motivational team building

aimed at all sales staff (in the headquar-

ters and the network).

ROMANIA

88

5. EMPLOYEES

2013 2012 2011

TRAiNiNg HOURs PROVidEd (N) 175 200 170

NUMBER OF EMPLOYEEs TRAiNEd (N) 35 45 40

COsTs iNCURREd FOR TRAiNiNg (¤) 9,500 15,000 8,000

TABLE 4 TRAiNiNg (ROMANiA)

Two company conventions were held in 2013, with the partici-pation of all igd employees and a delegation from Winmarkt.in the summer one the following were presented:•Theissuesthatemergedfromtheseminaronthefutureof shopping Centres•The2012SustainabilityReport•Theinternalcommunicationworkgroup’sresults;in the december convention a team building activity was orga-nised on professional and skills development.

The newsletter is sent to all employees every three months and contains all the main corporate results and the most important news regarding the group. in 2013 the inclusion in every issue of an update on igd’s sustainability policies continued.

in 2013, 10 press releases regarding the group’s main events (economic-financial results, financing, isO certification, Busi-ness Plan etc.) were sent to all employees.

in 2013, the internal portal was enhanced with a thematic newsletter on matters of common interest and a page for the circulation of multimedia files on events affecting the whole company.

COMPANY CONVENTIONS

NEWSLETTER

SIX-MONTHLY

qUARTERLY

AD HOC

CONTINUOUS

Tool Frequency Contents

PRESS RELEASES

COMPANY INTRANET

in 2013, on account of the quality and the

type of hours of training provided, aimed at

specific departmental needs, approximately

75% of the workforce was involved.

The annual workshop on a variety of internal

operational issues involving the entire work-

force was also planned but then postponed

until the beginning of 2014 to coincide with

an important commercial opening.

The main tools used by igd to aid internal

communication and to circulate corporate

information in an appropriate manner are:

in the period between March and June an in-

ternal Work group was formed, the purpose

of which was to identify any critical situations

regarding internal communication and come

up with possible solutions, drawing on what

emerged from the internal atmosphere as-

sessment carried out in 2011, where this issue

obtained an overall rating of 2.98 (lower than

the acceptable threshold of 3).

The entire group met together for a total of

4 days with back office work being carried

out in between time. 10 employees (from the

5.1.4 Internal communication

89


The percentage of female workers between

igd and Winmarkt stood at 57% (56% in italy

and 62% in Romania), with a slight drop of 2

percentage points compared to the previous

year, due to the turnover in junior roles in the

Romanian structure.

qUALITY OF WORK5.2

5.2.1 Promotion of equal opportunities

headquarters and network) took part, but

other colleagues were involved by way of in-

terviews, data and suggestion collection.

First of all the group analysed the critical situ-

ations, which concerned company processes,

the circulation of information, the use of iT

tools and the holding of the annual conven-

tions, and then concentrated their attention

on identifying some possible solutions.

The results were presented during the sum-

mer company convention so that the aspects

to be worked on for future improvement

could be shared with everyone.

After the previous year’s good results, the

second edition of “igd AWARds” was held

in 2013. This is an internal contest that re-

wards the best events organised in the shop-

ping Centres. The list of nominations showed

that there was an ever increasing participa-

tion by all the network resources involved

in presenting the events carried out in their

shopping Centres. These events could be

entered into one of the 4 categories (solidar-

ity events, commercial events, recreational-

sports events and local events) and 2 spe-

cial recognitions (area work and innovation),

(more details on the organisation of the “igd

AWARds” can be found in the “Visitors and

Community” section). Like the previous year,

the awards ceremony took place during the

winter convention.

A project to improve internal communication

was also launched in Romania in 2013. This

led to the first internal newsletter being de-

fined in the first few months of 2014, the aim

of which is to give more exposure to team

targets and to share information between

colleagues that work in places far from one

another.

* 2 of the injuries happened during the journey to/from work; ** sick rate: days of absence due to illness / total days worked.

The assessment process of “Work related

stress” (Legislative decree 81/2008) contin-

ued into its third year in 2013, with the collec-

tion of indicators and parameters like those

shown in the table below.

The doubling of the sick rate was due to the

occurrence of longer lasting illnesses.

5.2.2 Work stress

2013TOTAL

2012TOTAL

2011TOTAL

iNJURY 3* 2* 1

SICKRATE% 4.07%** 2.52%** 2.12%

disCiPLiNARY MEAsUREs 1 1 0

TABLE 5CAUsEs OF ABsENTEEisM

90

5. EMPLOYEES

2013 was the year in which the collective En-

terprise Bargaining Agreement was renewed,

becoming effective from 1/11/2013 and expir-

ing on 31/10/2016.

despite the difficult economic and employ-

ment crisis, igd group (italy) willingly car-

ried out negotiations for the renewal of the

Agreement. These negotiations took place in

an atmosphere of mutual trust and respect

and, in a fairly brief period of time, led to the

signing of the new contract in the month of

October. in short, a good example of positive

industrial relations leading to the renewal of

the Agreement, at practically no cost and

with several improvements for the employ-

ees.

The Agreement, effective from 1/11/2013 and

expiring on 31/10/2016, has introduced new

features and developments on the matters

of:

Variable pay with clarifications on the

conditions of disbursement;

Placements and development processes

with a simplification of the system;

Job mobility compensation with better

conditions for staff away on business.

igd promotes initiatives aimed at increasing

the wellbeing of its employees:

“Protocol for the development of posi-

tive actions in the field of equal oppor-

tunities, solidarity and reconciliation of

work and private life”, signed with the

Trade Unions in 2008, incorporated as an

appendix and an integrating part of all

employment contracts. With the renewal

of the Enterprise Bargaining Agreement,

a package of additional paid leave (3

hours per year) for health care visits and

check-ups for employees of 45 years of

age and above was included in the Proto-

col.

Screening: in cooperation with ANT (Na-

tional Tumour Association), preventive

health care services for the female work-

ers in the headquarters and the shopping

Centres continued also in 2013. On 8th

March, 28 female workers in the Bologna

headquarters underwent screening for

thyroid disease.

Special agreements with preferential

tariffs: in addition to the 7 in effect at the

end of 2012, the company made agree-

ments for 6 more in 2013, regarding im-

provements in purchase terms and condi-

tions for both goods and services.

5.2.3 Industrial relations

5.2.4 Actions for employee wellbeing

http://www.gruppoigd.it/Sostenibilita/Performance-sociale/Personale

FOR FURTHER INFORMATION PLEASE vISIT:

91


development of a corporate welfare project (2014-2015 italy).

start up and implementation of internal communication project

(2014 Romania).

Updating of atmosphere assessment (2015 italy).

Promotion of opportunities for professional interchange, both on a national

level and within the group (2014 Romania).

iMPROVEMENT TARgETs


SUPPLIERS

6

94

6. SUPPLIERS

SUPPLIERS

GUIDELINES

Legality as the basis for relations

Focus on local area

Promotion of good practices with regard to social

and environmental responsibility

95



growing involvement of suppliers on matters relating to social and environmental sustainability (continuous in italy).

Environmental issues included in the “building sites procedure”.

The procedures required by isO 14001 regarding suppliers were extended to new buildings certified during the year. Controls on compliance with environmental parameters are also foreseen.

Continuation of the rotation of contracts, starting from yearly ones due to expire, with focus both on economic terms and on the reliability of suppliers (continuous in italy and Romania).

Rotation criteria adopted for suppliers with contracts due to expire.

With regard to its suppliers, igd is commit-

ted to defining relations aimed at maintain-

ing mutual correctness in all aspects of the

supply contract. Furthermore, right from

the selection process, emphasis is placed on

their ethics, legality and territorial status.

ETHICS, LEGALITY AND RESPECT FOR THE ENvIRONMENT 6.1

structure the sustainability Protocol with implementation regulations and a suitable control plan (Romania 2013).

“Compliance Committee” structured.


Alongside the quality of services offered and

economic stability, igd’s choice of suppliers

is influenced by their compliance with the

laws and observance of the Code of Ethics.

For this reason, igd requires:

For service contracts (cleaning and secu-

rity), the issuing of a surety to guarantee

the use of legal forms of employment;

For service mandates and tenders award-

ed by igd, that the directors, employees

and/or co-workers of the supplier, comply

strictly with the rules and regulations con-

tained in the Organisational, Management

and Control Model adopted, ex Legislative

decree 231/2001 and in the relevant Code

of Ethics when carrying out the activities

to which the contract/mandate applies.

in the event of breach of the above men-

tioned model, igd has the right by law

and with immediate effect, to terminate

the said contract/mandate.

For its part, igd undertakes to pay within

60 days, those suppliers that comply with

the quality parameters and time schedule as

provided for in the supply contract.

Pursuant to the UNi EN isO 14001 certifi-

cation, igd also sends the documentation

regarding its Environmental Policy to all its

shopping Centre suppliers, both for informa-

tion and behavioural purposes, as and when

each centre receives isO certification.

since the headquarters received the certi-

fication in 2013, all the companies awarded

the tender for cleaning services in the head-

quarters itself have been requested by con-

tract to use biodegradable or certified prod-

ucts. This measure will be extended to all the

shopping Centres undergoing certification.

96

6. SUPPLIERS

The “Legality Rating” was introduced by

Resolution of the Antitrust Authority on 14th

November 2012, with the aim of introducing

a “reward” system for those companies that

abide by the principle of legality and adapt

their organisation to fulfil such principle

(“Regulations”).

However, the manner in which the benefits to

the businesses that are awarded the rating

are to be recognised, must still be defined by

decree, to date not yet issued, by the Minis-

try of Economy and Finance and the Ministry

of Economic development.

in light of the contents of the Regulations,

it can be established that igd already fulfils

the minimum requisites required in order to

be awarded “one star” and, therefore, with

the intention of obtaining the maximum

value of “three stars”, igd has been active

by encouraging specific meetings with the

relevant authorities and trade associations,

with the purpose of promoting the signing

of / compliance with the “Legality Protocol”

signed by the Ministry of internal Affairs and

Confindustria (industrial Association) (10th

May 2010, renewed 19th June 2012), aimed at

strengthening prevention and counteractive

measures against criminal infiltration in the

sector, in service, supply and work contracts,

both public ones and private ones.

Thanks also to initiatives promoted by igd,

the sector trade associations, amongst

which the LEGA NAZIONALE DELLE COOP-

ERATIVE (NATiONAL AssOCiATiON OF CO-

OPERATiVEs), have started the process for

compliance with the aforementioned “Legal-

ity Protocol”, the implementation guidelines

of which are currently being defined.

it is important to note however, that the leg-

islation on the matter of Legality Rating is

in the process of being developed. in fact, in

september 2013, the Antitrust Authority ap-

proved the launch of a public consultation

process for the review of the above men-

tioned Regulations which would modify the

contents of some of the required requisites.

Then in January 2014, an “addendum” to

the above mentioned Legality Protocol was

signed by the Ministry of internal Affairs and

Confindustria (industrial Association), on the

matter of obtaining the non-involvement

in organised crime certification, in order to

overcome the crucial problems observed

during the implementation process with ref-

erence to the issuing of the aforementioned

non-involvement in organised crime docu-

mentation.

given the above and pending the conclusion

of the consultation regarding the “Regula-

tions”, as well as the definition of the im-

plementation guidelines by the LEGA NAZI-

ONALE DELLE COOPERATIVE (NATiONAL

AssOCiATiON OF COOPERATiVEs), to-

gether with the Ministry of internal Affairs,

igd voluntarily activated in 2013 a process

of adaptation of several internal procedures

by setting up an across-the-board work

group involving the various corporate divi-

sions affected, with the aim of completing all

the requisites needed in order to obtain the

maximum assessment value in the Legality

Rating.

These steps involved:

1. Change in payment procedure:

a. igd, in order to guarantee the trace-

ability of its financial flows, adapted

its procedure for payments lower

than ¤500.00, even though the law

provides for a maximum threshold of

¤1,000.00, above which it is not pos-

sible for payment to be made in cash.

2. Contractual changes:

a. Non-involvement in organised crime

certification requested from Contractor;

b. inclusion of express termination claus-

es in the event of failure to provide

the aforementioned non-involvement

in organised crime certification, and/

or negative outcome of the same, and

in the event of lack of compliance with

LEGALITY RATING

97


in 2012, Winmarkt defined a Protocol ap-

pended to the contract signed by the sup-

plier committing the latter to behave in such

a manner that is consistent with several ethi-

cal principles (defined in the document), and

failure to do so constitutes a breach of con-

tract.

signing the Protocol is essential for the con-

tract to be valid, and by signing the protocol

the supplier accepts responsibility for the

compliance of its conduct with that required

and agreed.

in 2013 a “Compliance Committee” was es-

tablished which oversees the tenders/pur-

chases and expresses its views on:

1. Formal aspects: completeness and va-

lidity of the documentation provided by

potential suppliers at the ownership’s

prior request – early stage control (doc-

umentation also regarding possible ir-

regularities identified by the authorities

in charge, on the issue of safeguarding

work/contributions);

2. Substantive aspects: correspondence

between project and progress of work/

conclusion also in terms of organisation

and protection of the work force em-

ployed - later stage control.

in 2013 several irregularities were observed

with regard to point 2; Winmarkt has drawn

up a black list with the names of those con-

tractors that were non-compliant and which,

as a consequence, have been/will be com-

pulsorily excluded from current or future

work and competitive tenders.

the procedure regarding financial flow

traceability as well as in the event of a

conviction, even if it has not yet become

final, for felonies associated with organ-

ised crime against the contracting firm

itself or against its top management.

NB: The signing of new sustainability protocols refers solely to new suppliers.

TABLE 1sUsTAiNABiLiTY PROTOCOL PERFORMANCE (ROMANiA)

2013 2012

NUMBER OF sUsTAiNABiLiTY PROTOCOLs sigNEd 16 170

RATiO BETWEEN NUMBER OF sUsTAiNABiLiTY PROTOCOLs/NUMBER OF CONTRACTs sigNEd

7% 100%

“PROTOCOL TO PROMOTE BUSINESS SUSTAINABILITY” IN ROMANIA

98

6. SUPPLIERS

TABLE 2 LOCAL sUPPLiERs

2013 2012 2011

NUMBER OF LOCAL sUPPLiERs 767 751 686

% OUT OF TOTAL sUPPLiERs 55% 56% 51%

TERRITORIAL IMPORTANCE 6.2

For igd territorial importance is significant,

above all, with regard to small suppliers,

where knowledge of the local area and the

prospect of being in sync with the charac-

teristics of the area itself become advanta-

geous and competitive factors.

in particular, the work in question is that

regarding the management and marketing

aspects of the individual shopping Centres:

from cleaning to security, from communica-

tion activities to the organisation of events.

The number of local suppliers is confirmed

as being on the increase due to:

The decision to refrain from global ser-

vice contracts for cleaning, security, main-

tenance etc.

The increase in the number of events

carried out in the Centres.

99


growing involvement of suppliers on matters relating to social

and environmental sustainability (continuous in italy).

Continuation of the rotation of contracts, starting from yearly ones due to

expire, with focus both on economic terms and on the reliability of suppliers

(continuous in italy and Romania).

structure the sustainability Protocol with implementation regulations

and a suitable control plan (Romania 2013).

iMPROVEMENT TARgETs


7

ENVIRONMENT

102

7. ENVIRONMENT

ENvIRONMENT

Raising all stakeholders’ awareness for a better protection

of the environment by means of reducing consumption and

wastage, waste management etc.

Reduction of environmental impact caused by investments

development of planning quality that is integrated into the

local environment of each Centre

GUIDELINES

103


installation of divisional meters in all freehold Centres, capable of recording and analysing specific consumption in each individual area of the shopping Centre (italy 2013-2014).

74 divisional meters installed in 9 shopping Centres.

Extension of isO 14001 certification to new shopping Centres, as per the Roll Out Plan (italy 2013-2018).

CertificationobtainedatConèShoppingCentre, as scheduled in the Roll Out plan.

Continuation of heat insulation improvement in its structures (Romania time span 2012-2014).

doors with lower heat dispersion installed in 4 shopping Centres, in addition to the three installed in 2012.

Further development of project relating to the introduction of low energy using lights (Romania 2013).

Low energy consuming lights have been installed in 3 shopping Centres.

Emphasis placed on the reduction of environmental impact in planned restyling projects (italy 2013/2014).

Work scheduled in the Centro sarca and Centro d’Abruzzo restyling projects to reduce environmental impact (more details further on in document)

increase in number of shopping Centres involved in the installation of inverters on their escalators (Romania 2013).

inverters installed in 8 shopping Centres (in addition to the 2 installed in 2012).

in 2013, important results were obtained

with regard to reducing environmental im-

pact. First of all, benefits in management

can be seen after obtaining UNi EN isO

14001 environmental certification.

secondly, positive results were obtained in

terms of a decrease in electricity consump-

tion following improvements in managing

consumption and structural adjustments

carried out in the shopping Centres.

Furthermore, the amount of waste gener-

ated continued to fall (with strong focus on

sorting) and the monitoring of water con-

sumption also continued.

The structural work carried out throughout

the year resulted in significant improvements

from an environmental point of view to those

buildings that underwent this work.

in this context, igd also proceeded with a

preliminary analysis, the outcome of which

was positive, for BREEAM certification for

the restyling work currently underway in

Centro sarca.

Resuming of analysis of photovoltaic system (italy 2013).

Proposals for introducing photovoltaic systems on the roofs or car parks of the shopping Centres have been analysed. The proposals are being examined by the senior



104

7. ENVIRONMENT

in March 2014, the process to adopt an En-

vironmental Management system (EMs), in

accordance with UNi EN isO 14001-2004

regulation, was successfully completed by

IGDManagement inConèShoppingCentre

in Conegliano (Treviso) and in the branch

office of igd siiq sPA in La Torre shopping

Centre in Palermo.

Therefore, the number of Centres certified,

in line with the roll out plan, is equal to 5 (in

addition to the Bologna headquarters and

the branch office in the shopping Centre in

Palermo): Centro Sarca, Gran Rondò, I Bric-

chi and Mondovì (the certification of which

was obtained in 2013 and renewed in 2014)

and Conè.

Pursuant to the Environmental Management

system (EMs), the monitoring and the man-

agement of the correct implementation of

the system is the responsibility of the EMs

Committee, which was established in 2013

and met three times during the year.

One of the EMs Committee’s main duties is

to draw up the Environmental Plan, where

the targets reached during the previous year

and those set for the following one are re-

ported. The Environmental Plan is part of the

larger document “Review for the Manage-

ment” which contains the qualitative and

quantitative results reached during the year

in question, the communication strategy

adopted, the training carried out as well as

that planned for the following period, the in-

ternal audit results, any form of non compli-

ance identified by the internal and certifying

audits with relevant remedial actions under-

taken and lastly the roll out plan update. The

“Review for the Management” document is

approved by the sustainability Committee

and presented to the Operating Manage-

ment.

Below are the main targets and activities

UNI EN ISO 14001 CERTIFICATION 7.1

ACTIONS CARRIED OUT AND TARGETS REACHED IN 2013

105


carried out by igd with regard to the certified Centres and the Bologna headquarters:

One of the general goals of isO is that of

spreading awareness within the company

about the certification obtained. With this in

mind, during the year igd circulated a spe-

cific newsletter on the Environmental Man-

agement system and addressed the matter

during the summer Convention with all its

employees.

in order to assess the level of knowledge with

regard to the provisions and procedures of

the certification (and if need be, to organise

specific training), the shopping Centre Man-

agers and the Area Managers received and

completed a questionnaire. The results were

extremely positive, showing a good level of

knowledge on the matter.

At the end of the first year after obtaining

the certification, procedural advantages in

managing and monitoring activities with en-

vironmental impacts were seen within igd.

This was made possible by disseminating

new awareness on the matter and by using

and formalising environmental data sheets

for each certified asset along with sched-

ules to monitor the activities being carried

out. These new Environmental management

tools guarantee a reduction in the risk of en-

vironmental impact when managing a shop-

ping Centre, in addition to forming a data-

base used for setting improvement targets.

The roll out plan calls for a progressive exten-

sion of this new environmental management

method introduced with isO14001 to 80% of

the Centres belonging to igd siiq sPA and

managed by igd Management srl by 2018.

Consumption reduction

Preparation for emergencies

sustainable use of resources

Reduction in CO2 emissions

Reduction in use of consumable goods

Project for neon light replacement in headquarters

installation of submeters to correctly monitor and subdivide water con-sumption in the Centres

Training carried out with the simula-tion of environmental accidents in the Centres and headquarters

Use of recycled and/or certified con-sumable goods

Orderly and scanned documentation on web platform

Car park with 3 LP gas vehicles

TARGETS ACTIVITIES CARRIED OUT

ASSESSMENT AT END OF FIRST YEAR OF CERTIFICATION

106

7. ENVIRONMENT

in 2013, igd shopping Centres decreased

their electricity consumption by 7.6%. This

reduction was a characteristic of all the

months in the year, both cold ones and hot

ones, with a reduction in the cold ones of

6.4% and in the hot ones of 8.6% compared

to the corresponding periods in 2012.

This drop has a twofold value:

Environmental, connected to the non

emission of 1,884 tonnes of CO2 into the

atmosphere

Economic, represented by an overall sav-

ing of more than ¤ 600,000 in operating

costs paid by the Malls’ tenants

BelowthereisasummaryoftheKeyPerfor-

manceIndicators(KPIs)andtheresultsob-

tained in 2013 with references to the inter-

national standards and their location in the

section.

ACTIONS CARRIED OUT AND RESULTS OBTAINED7.2

7.2.1 Energy efficiency in Italy

IndicatorEPRA

ReferenceGRI

ReferenceLocationin section

Performance compared to last year

Total energy consumptionfrom electricity

3,1 EN 4

Tab 1 (italy)

Tab 9 (Romania)

Tab 14 (Headquarters)

-7.8%

-22.2%

-5.7%

Total energy consumption from district heating and cooling

3,2 EN 4Tab 4 (italy)


+3.4%

-7.6%

Total energy consumption from fuels 3,3 EN 3 Tab 5 (italy) +4.4%

Building energy intensity 3,4 CRE 1Tab 6 (italy)

Tab 7 (italy)

-4.5% per visitor

-3.8% per m2

Total direct greenhouse gas emissions 3,5 EN 16 data not available

Total indirect greenhouse gas emissions 3,6 EN 16 Tab 8 (italy) -6.1%

Greenhouse gas intensityfrom building energy

3,7 CRE 3 Tab 8 (italy)-6.7% per visitor

-6.1% per m2

Total water withdrawal by source 3,8 EN 8Tab 10 (italy)


-3.6%

-9.0%

Building water intensity 3,9 CRE 2 Tab 11 (italy)-4.5% per visitor

-3.6% per m2

Total weight of waste by disposal route 3,10 EN 22Tab 12 (italy)

Tab 13 (Romania)

-0.3%

+1.7%

Proportion of waste by disposal route 3,11 EN 22 grafico 7 (italy)50% of waste sent for recycling(vs 47% in 2012)

KEY: improvement Worsening in line

ELECTRICITY

107


From a corporate point of view, these results

are the consequence of a specific process

started several years ago aimed at reducing

consumption, which has led to the spreading

of an energy saving culture both in the head-

quarters and in the shopping Centres.

This focus on energy saving can be seen,

first of all, in the decision to monitor energy

performance at different levels. indeed, in

2013 igd installed 74 divisional meters in 9

shopping Centres in order to obtain a real

time picture of electricity consumption per-

formance in different areas of each Centre,

therefore accelerating the necessary mainte-

nance work in the event of any malfunctions.

The Managers of each individual shopping

Centre and the Health and safety Manager 1

are all responsible for checking this informa-

tion.

in addition to this constant control, energy

consumption data is monitored monthly by

the Commercial division where performance

is analysed and any necessary actions to be

taken are identified.

1 The installation of divisional meters is in line with the voluntary agreement that igd signed with the Province of Bologna in the 2012 VACO2R project.

Unit of measurement 2013 2012 2011

DIFFERENCE2013/2012

TOTAL ELECTRiCiTY CONsUMPTiON KWh 41,995,793 45,551,900 45,692,745 -7.8%

nB: •Likeforlikedata.TheCentresincludedinthereportingboundaryarethe21referredtointheMethodologicalPreface. •Theconsumptiondataincludesboththatnecessaryforlighting,heatingandcoolingthecommonareasandthehot and cold flows supplied to the tenants. •Thedatadoesnotincludetheheadquarters(seeTab14)

NB: • Likeforlikeboundary.TheCentresincludedinthereportingboundaryarethe21referredtointheMethodologicalPreface. • ThebreakdownoftheenergymixusedreferstodataprovidedbyAXPO,IGDCentres’electricityenergysupplier.Inthe absence of data for 2013 and in order to standardise the data, the energy mix breakdown for 2012 has been used. The values used are: Renewable sources 23.62% - Coal 20.11% - Natural gas 44.07% - Oil products 1.41% - Nuclear 4.40% - Other sources 6.39% • Theconsumptiondataincludesboththatnecessaryforlighting,heatingandcoolingthecommonareasandthehotand cold flows supplied to the tenants

TABLE 1TOTAL ENERgY CONsUMPTiON FROM ELECTRiCiTY (iTALY)

50,000

45,000

40,000

35,000

30,000

25,000

20,000

15,000

10,000

5,000

0

2013 2012

9,919 10,759

8,445 9,160

5926421,8482,0042,6842,911

18,50820,075

RENEWABLE SOURCES

OIL PRODUCTS

OTHER SOURCES

COAL

NATURAL GAS

NUCLEAR

CHART 1ENERgY CONsUMPTiON BY ENERgY Mix UsEd (MW/HOUR)

108

7. ENVIRONMENT

Only 5 shopping Centres showed a slight in-

crease in electricity consumption.

One of these is Centro d’Abruzzo, where

there is a higher demand for electricity due

to the building work for the expansion of the

Centre itself (work is expected to be com-

pleted by spring 2014).

in the other Centres, this improvement is due

mainly to management factors regarding

better usage of systems in each shopping

Centre. some examples are:

Tiburtino Shopping Centre in Guidonia

(Rome): a refrigeration unit was switched

off in the summer period and free cool-

ing2 was activated in the intermediate

seasons, leading to a 30% reduction in

energy consumption. Considering the

large size of this Centre, this reduction

was equal to 50% of the overall drop in

consumption in the igd structures.

Katanè Shopping Centre in Catania: sev-

eral lines were connected for car park and

Mall lighting controlled by “lux” measur-

ing devices (devices to regulate bright-

ness in the area);

Sarca Shopping Centre in Sesto San Gio-

vanni (Milan): the lighting has been regu-

lated, reducing it by two hours a day in

the morning period before opening time.

2 Cooling system that takes advantage of the sole temperature difference with the external air

109


Of the 16 Centres that reduced their energy consumption, 5 recorded a drop of more than

-10%:CittàdelleStelle,Katanè,GranRondò,Mondovì,Tiburtino.

CHART 2

CHART 3

2012

2012

COnSUMPTIOnInKW/HPERSHOPPInGCEnTRE(ARRAnGEDACCORDInGTO diFFERENCE BETWEEN 2013 ANd 2012, FROM POsiTiVE TO NEgATiVE).

COnSUMPTIOnInKW/HPERGLAM2 PER sHOPPiNg CENTRE (ARRANgEd ACCORdiNg TO diFFERENCE BETWEEN 2013 ANd 2012, FROM POsiTiVE TO NEgATiVE).

7,000,000

6,000,000

5,000,000

4,000,000

3,000,000

2,000,000

1,000,000

0

350

300

250

200

150

100

50

0

MILLE

NNIUM G

ALLERY

MILLE

NNIUM G

ALLERY

CENTROBORGO

CENTROBORGO

LUNGO S

AVIO

LUNGO S

AVIO

I BRIC

CHI

I BRIC

CHI

LA T

ORRE

LA T

ORRE

KATANE’

KATANE’

CONE’

CONE’

ESP

ESP

CASILIN

O

CASILIN

O

PORTOGRANDE

PORTOGRANDE

LE M

AIOLI

CHE

LE M

AIOLI

CHE

CENTROPIAVE

CENTROPIAVE

FONTI DEL

CORALLO

FONTI DEL

CORALLO

LE P

ORTE DI N

APOLI

LE P

ORTE DI N

APOLI

CITTA

’ DELL

E STELL

E

CITTA

’ DELL

E STELL

E

CENTROSARCA

CENTROSARCA

CENTRO D’A

BRUZZO

CENTRO D’A

BRUZZO

MONDOVI’

MONDOVI’

GRAN RONDò

GRAN RONDò

TIBURTIN

O

TIBURTIN

O

CENTRONOVA

CENTRONOVA

2013

2013

110

7. ENVIRONMENT

Contrary to what occurred last year, electric-

ity consumption fell in both the “younger”

and “more mature” Centres.

Although the reduction in consumption in

the latter is significant (as their energy ef-

ficiency is low), the 10.1% decrease in the

Centres between 3 and 11 years old (“young”

and “adult”) is even more so from a point of

view of the impact on the overall reduction:

indeed, their impact on total consumption is

close to 70%.

more than +10%

between 0 and +10%

between 0 and -10%

less than -10%

0 4 82 6 1210

0

5

11

5

CHART 4 BREAKDOWnOFCEnTRESBASEDOnTHE%DIFFEREnCECOMPAREDTOTHEPREVIOUSYEAR.

LESS THAN5 YEARS OLD

MORE THAN16 YEARS OLD

BETWEEN 12AND 15 YEARS OLD

BETWEEN 6AND 11 YEARS OLD

0.0%-2.0%-4.0%-12.0% -6.0%-14.0% -8.0%-16.0% -10.0%

- 3.4%

- 1.6%

- 5.9%

- 14.0%

CHART 5 ENERgY CONsUMPTiON BAsEd ON AgE CATEgORY

2013 2012 DELTA %

LEss THAN 5 YEARs OLd 115.4 136.7 -14.0%

BETWEEN 6 ANd 11 YEARs OLd 201 214.7 -5.9%

BETWEEN 12 ANd 15 YEARs OLd 177 190.9 -1.6%

MORE THAN 15 YEARs OLd 166.3 166.3 -3.4%

AvERAGE 154 167 -7.8%

TABLE 2 COnSUMPTIOnPERGLAM2BYAGECATEGORY(KWH/M2)

111


nB: •Thedatarefersto3ShoppingCentres:LeMaiolicheandGranRondò(systemusedforheatingandcoolingtheMalland Hypermarket) and Lungo savio (used only for heating the Mall). The data refers to this usage. •Itisnotpossibletotracethesourceoftheenergyused. •Thedataalsoincludestenants’consumption.

nB: •Thedatareferstothe16ShoppingCentresthatusefuelsforheating.Excludedfromthisdataarethe3Centresthat usedistrictheatingandcooling(seetab.6)and2Centres(KatanèandLaTorre)whereheatingissuppliedbymeansof heat pumps. •Thedataalsoincludestenants’consumption.

Nearly all the shopping Centres (19 out of 21)

buy energy from Consorzio Bolognese Ener-

gia Elettrica Galvani (CBEG) (galvani Electric

Energy Bolognese Consortium) obtaining in

this way lower prices deriving from the criti-

cal mass managed by the consortium.

Thanks to this and to the overall decrease

in the average energy supply price on the

market, in 2013 igd bought electricity on the

market at a price per megawatt about 16%

lower than the previous year. This fact, to-

gether with the decrease in electricity con-

sumption, resulted in a decrease of 25% in

total energy costs.

TABLE 3

TABLE 4

TABLE 5

TOTAL COsT OF ELECTRiCiTY sUPPLY sUsTAiNEd BY igd CENTREs

TOTAL ENERgY CONsUMPTiON FROM disTRiCT HEATiNg ANd COOLiNg

TOTAL ENERgY CONsUMPTiON FROM FUELs

Unit of measurement 2013 2012 2011

% DIFFERENCE2013-2012

sUPPLY COsT ¤*MW/h 3,073,393 4,087,025 4,041,980 -24.8%

Unit of measurement 2013 2012 % DIFFERENCE

TOTAL ENERgY CONsUMPTiONFROM disTRiCT HEATiNgANd COOLiNg

KWh 9,645,000 9,324,000 +3.4%


TOTAL ENERgY CONsUMPTiONFROM FUELs

KWh 14,412,395 13,807,448 +4.4%

NB: values obtained by multiplying the abovementioned consumption (in MW/h) by average prices (including grid losses) of all 21 Centres included in the boundary for the three years.

Both district heating and cooling con-

sumption and methane gas consumption

increased. in both cases the reason behind

this can be found in the lower average tem-

peratures recorded in 2013 compared to the

previous year.

DISTRICT HEATING - COOLING AND METHANE GAS

112

7. ENVIRONMENT

nB: •Thedataincludesconsumptionfromelectricity,districtheatingandmethanegas,expressedinkWh. •Energyconsumptionbyfootfallsiscalculatedwith,asthenumerator,totalconsumptionintheCentresexcluding “gran Rondò” and “i Bricchi” , and, as the denominator, the total number of visitors to igd Centres as recorded in chart 1 section 4 of this sustainability Report (cf. “Suggested floor area denominator”, 3.4 EPRA Best Practices Recommendations on sustainability Reporting.

nB: •Energyconsumptionbym2 is calculated with, as the numerator, total consumption in the Centres recorded in table 1, and, as the denominator, the gLA. This is because electricity consumption includes heating and cooling flows supplied to tenants (cf. “Suggested floor area denominator”, 3.4 and 3.7 EPRA Best Practices Recommendations on sustainability Reporting).

Unit of measurement 2013 2012


ENERgY CONsUMPTiON BY FOOTFALLs KWh/footfalls 0.97 1.01 -4.5%

Unit of measurement 2013 2012


ENERgY CONsUMPTiON BY M2 KWh/mq 242.75 252.41 -3.8%

A decrease was recorded in the other two

“intensity indicators”, which compare energy

consumption to footfalls and square metres.

BUILDING ENERGY INTENSITY INDICATORS

TABLE 6

TABLE 7

CONsUMi PER NUMERO di ACCEssi

CONsUMPTiON BY sqUARE METRE

113


nB: •TherearenoemissionsfromsourcesownedorcontrolledbyIGD.Forthisreasondirectgreenhousegasemissionshave not been calculated. •SourcesforthecalculationofCO

2e:

- For electricity: the CO2 equivalent arises from the conversion of consumption expressed in kWh in CO

2 equivalent,

comparedtothespecificproductionmixofenergysuppliedtotheshoppingcentres.Dataused:0.53KCO2/kWh

(source CBEg 2011); - For district heating: guide line 6 2003/87/CE emission trading directive (page 29 and following); guide line 6 2003/86/CEemissiontradingdirective(page29andfollowing).Dataused:0.18KgCO

2/kWh (2011 data)

- For methane gas: isPRA parameters used referring to the national atmospheric emissions inventory. data used: 2.326 tonnes CO

2/toe (referring to 2012)

•Thevaluesforfootfallsarethesameasthoseusedintable6.

Unit ofmeasurement 2013 2012


TOTAL iNdiRECT gREENHOUsEgAs EMissiONs (gHg)

Tonnes Co2e 26,547.54 28,267.31 -6.1%

iNdiRECT gHg EMissiONs BY FOOTFALLs

KgCo2e/footfalls 0.38 0.41 -6.7%

iNdiRECT gHg EMissiONs BY M2 KgCo2e/m2 97.56 103.88 -6.1%

Thanks in particular to the significant reduc-

tion in electricity consumption, 1,719 tonnes

of carbon dioxide were not emitted into the

atmosphere by igd. This figure is equal to the

quantity of CO2 absorbed in one year by a

wood with a land area of 1 square kilometre.

GREENHOUSE GAS EMISSIONS

TABLE 8TOTAL CO2 EqUiVALENT BY FOOTFALLs ANd M2

The work carried out in the Winmarkt struc-

tures, defined in the 2012-2015 Business Plan

and aimed at reducing environmental im-

pact, led to a reduction of 22.2% in energy

consumption in 2013.

The following were installed in 2013:

Low energy consuming lights in 3 shop-

ping Centres, following the positive outcome

of the pilot project in Centro Ploiesti Big in

2012. An investment by Winmarkt equal to

¤116,000 has been scheduled for this project.

Inverters on the escalators in 8 shop-

ping Centres, with the aim of reducing

electricity consumption when nobody is

using them. This project will concern the

entire network of Winmarkt Centres.

4 doors with lower heat dispersion in the

Centres in Alexandria, Buzau, Cluj, Ram-

nicu Valcea.

Furthermore, a pilot project on Energy Man-

agement for the shopping Centre in Cluj was

defined, with the purpose of standardising a

general process aimed at decreasing the en-

vironmental impact of the Winmarkt struc-

tures.

7.2.2 Energy efficiency in Romania

TABLE 9TOTAL ENERgY CONsUMPTiON FROM ELECTRiCiTY (ROMANiA)



TOTAL ELECTRiCiTY CONsUMPTiON KWh 9,550,000 12,275,000 -22.2%

nB: •Likeforlikeboundary. •Thedataincludesconsumptionincommonareasandbytenants.Thelargeareas(supermarketsandhypermarkets) are excluded as they directly manage and monitor their own consumption.

114

7. ENVIRONMENT

Compared to last year (the first in which

water consumption monitoring was intro-

duced), the amount of drinking water used

in igd shopping Centres was more or less

the same, even though the number of visi-

tors increased.

instead, the consumption of non drinking

water, used for irrigation or fire prevention,

fell considerably (-17%). The use of water for

irrigation decreased in particular: this fact

can be observed in all the Centres that have

external areas requiring irrigation. This lower

consumption is connected to the more in-

tense rainfall especially during the summer

months.

7.2.3 Water consumption in Italy

nB: •Likeforlikeboundary.ThedatainallindicatorsonwaterconsumptionreferstoalltheCentresidentifiedinthe Methodological Preface excluding Tiburtino shopping Centre, where work on the system is in progress making it impossible to obtain definitive data for 2013; •Thedataincludeswaterconsumptionbothincommonareasandbytenants.

TABLE 10 TOTAL WATER CONsUMPTiON


TOTALCOnSUMPTIOnOFDRInKInGWATER M3 449,615 450,097 -0.1%

WATER CONsUMPTiON FOR iRRigATiON M3 22,125 36,725 -39.8%

WATER CONsUMPTiON FOR FiRE PREVENTiON M3 46,043 42,150 9.2%

OTHER WATER CONsUMPTiON M3 29,445 38,439 -23.4%

TOTAL WATER CONSUMPTION (M3) 547,228 567,411 -3.6%

115


nB: •Inbothindicators,thedataincludeswaterconsumptionbothincommonareasandbytenants. •Inthecalculationofthe“consumption/squaremetres”indicator,thesquaremetresconsideredarethoseoftheGLA. •Inthecalculationofthe“Consumption/visitors”indicator,IBricchiandGranRondòShoppingCentresareexcluded due to problems with their footfall counter (see section 4 “Visitors and Community”, chart 1). Tiburtino shopping Centre is also excluded (see above).


CONsUMPTiON/sqUARE METREs M3/ gLA m2 2.31 2.40 -3.6%

CONsUMPTiON/VisiTORs Litres/Visitors 8.64 9.05 -4.5%

Following the introduction in 2012 of the use

of EWC codes in defining waste data, 2013

was the first year in which it was possible to

carry out a comparison.

Overall, the results show that the amount of

waste that was sent to recycling or to the

landfill was slightly lower than the previous

year (-0.3%). Furthermore, it can be seen

that hazardous waste represented only a

very small portion of the total amount and

it consisted of relatively low polluting mate-

rials like lead batteries or containers for refri-

gerant substances.

Compared to last year, several differences

worth noting can also be seen in sorted wa-

ste disposal. Examples of these are the di-

sposal of wood and mixed packaging. Both

cases are isolated events referring to indivi-

dual shopping Centres.

7.2.4 Sorted waste disposal

nB: •data referring to 17 shopping Centres. The data in Centres where waste disposal is carried out directly by the Municipality is not available: EsP in Ravenna, Città delle stelle in Ascoli, Mondovicino in Mondovì (Cuneo) and Lungo savio in Cesena (Forlì-Cesena). •InlinewiththedatacollectionusedforUnIEnISO14001certification,wasteisclassifiedaccordingtoEWCCodes (established by directive 75/442/EEC)

2013 (t) 2012 (t) % DIFFERENCE

PAPER ANd CARdBOARd 787 794 -1%

PLAsTiC 55 66 -18%

ORgANiC 27 36 -25%

UNsORTEd 977 999 -2%

MixEd 1,270 1,213 5%

gLAss 53 60 -11%

WOOd 27 13 106%

OTHER 79 102 -23%

TOTAL 3274 3283 -0.3%

HAzARDOUS WASTE 0.034 0.155 -78.1%

TABLE 12

TABLE 11

sORTEd WAsTE disPOsAL (TONNEs, iTALY)

WATER CONsUMPTiON: BUiLdiNg WATER iNTENsiTY

116

7. ENVIRONMENT

0.8%ORgANiC

1.7%PLAsTiC

38.8%MixEd

24.0%PAPER ANd CARdBOARd

29.9%UNsORTEd

2.4%OTHER

0.8%WOOd

1.6%gLAss

The quantity of waste sent to recycling incre-

ased significantly: it was 47% in 2012 but in

2013 it represented half of the total amount

of waste. This places igd slightly above the

national data, on the basis of which 49% of

total waste in italy ends up in landfills (source

EUROsTAT 2011).

CHART 6 WAsTE BY TYPE

117


2012

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

53%47%

2013

50% 50% WASTE SENT TO LANDFILL

WASTE SENT TO RECYCLING

CHART 7PROPORTiON OF WAsTE BY disPOsAL ROUTE

nB: •given the variety of companies dealing with sorted waste disposal, it is only possible to have definite data with regard to waste sent to landfills and waste sent to recycling. it is not possible to clearly define what happens after, or rather how many tonnes are intended for reuse, recovery, composting and incineration.

For the first year in Romania it was possible

to collect data regarding sorted waste dispo-

sal. This was the result of a voluntary pro-

cess carried out by Winmarkt over the pre-

vious years to define agreements with local

authorities responsible for the sorted waste

disposal of paper, cardboard and plastic.

This is particularly important when conside-

ring there are no national regulations and

sorted waste represents just 1% of waste di-

sposal (source Eurostat 2011).

TABLE 13sORTEd WAsTE disPOsAL (TONNEs, ROMANiA)

nB: •Like for like boundary. •data referring to all 15 Winmarkt shopping Centres.

2013 (t) 2012 (t) DELTA %

PAPER ANd CARdBOARd 56.380 52.740 6.9%

PLAsTiC 1.490 3.830 -61.1%

TOTAL DISPOSAL 57.870 56.570 2.3%

TOTAL SORTED WASTE 2.243 2.548 -12.0%

TOTAL 60.113 59.118 1.7%

118

7. ENVIRONMENT

nB: •(*) DataincludingenergyconsumptionintheBolognaheadquartersplusthedistributionofsharedcosts for the building in which the headquarters is situated. •(**) DatareferringtothesoleconsumptioninIGDheadquarters(excludingsharedcosts). •(***) RatiocarriedoutonlyonconsumptioninIGDheadquarters.

nB: •data referring to the distribution percentage quota of consumption in the Bologna headquarters

7.2.5 Consumption, sorted waste disposal and practices to improve the headquarters’ environmental impact

The headquarters in Bologna, included with-

in the boundary of isO14001 certification,

effectively formalised actions starting from

2013 aimed at improving environmental per-

formance.

Consistent with the reduction in consump-

tion in the shopping Centres, energy con-

sumption was also reduced in the headquar-

ters. This was due, on the one hand, to fewer

opening days (compared with 2012, the of-

fices were closed for a week in the middle

of August), and on the other, to the greater

attention that employees paid in order to re-

duce consumption.

The data relating to district heating also decreased.

Furthermore, igd, which is a member of Con-

sorzio Bolognese Energia Elettrica Galvani

(CBEG) (galvani Electric Energy Bolognese

Consortium), delegated the Consortium to

apply to AxPO (electricity supplier) for the

REgO (Renewable Energy guarantee of Ori-

gin) certificate, which proves that electric-

ity is generated exclusively from renewable

sources for consumption in the headquarters

with regard to 2013 and 2014. in particular,

the energy originates from renewable hydro-

power and oceanic sources.

ENERGY

DISTRICT HEATING



TOTAL ELECTRiCiTY CONsUMPTiON * kWh 329,092 367,019 -10.3%

ELECTRiCiTY CONsUMPTiON ** kWh 116,324 123,376 -5.7%

ELECTRiCiTY CONsUMPTiONPER PERsON ***

kWh/number of workers in headquarters 2,006 2,091 -4.1%



CONsUMPTiON FROM disTRiCT HEATiNg KWh 304,000 329,000 -7.6%

TABLE 14

TABLE 15

TOTAL ENERgY CONsUMPTiON FROM ELECTRiCiTY (BOLOgNA HEAdqUARTERs)

ENERgY CONsUMPTiON FROM disTRiCT HEATiNg iN BOLOgNA HEAdqUARTERs

119


sorted disposal of paper and plastic, which

was introduced in May 2012, was assisted

in 2013 by means of an effective awareness

and information campaign: for this reason,

numerical data on consumption will be avail-

able from next year.

SORTED DISPOSAL

Paper consumption fell for the third year

running. in 2013, igd headquarters used only

recycled paper or FsC certified paper (for

institutional material), in line with its sustain-

ability targets.

This decrease was brought about both by

greater awareness regarding unnecessary

usage of paper and by setting double-sided

printing as the default setting on all the print-

ers in the headquarters. in the future this fig-

ure is bound to decrease even further thanks

to the launching of a project for the digital

filing of invoices issued. One of the benefits

of this project is a substantial decrease in the

use of paper for these documents.

The reduction that occurred in 2013 was

equivalent to the area of 9 tennis courts.

Water consumption in the headquarters also

fell in the wake of greater awareness both in

employees and cleaning contractors.

An additional action undertaken, aimed at

reducing the environmental impact of the

headquarters (and of its employees’ behav-

iour), was that of replacing 3 petrol run cars

with 3 LP gas ones, drastically reducing in

this way greenhouse gas emissions.

PAPER

WATER CONSUMPTION

CAR PARK

2013 2012 2011 % DIFFERENCE

REAMs 1,045 1,120 1,225 -6.7%

KG 2,595 2,782 3,042 -186

TABLE 16TOTAL PAPER CONsUMPTiON

nB: •data referring to the distribution percentage quota of consumption in the Bologna headquarters

TABLE 17WATER CONsUMPTiON



WATER CONsUMPTiONHEAdqUARTERs

M3 1,630.64 1,822.1 -10.5%

WATER CONsUMPTiON/PERsONM3/headquarters’

employees28.1 30.9 -9.0%

120

7. ENVIRONMENT

in the improvement work which is current-

ly underway in Centro Sarca, igd has fit-

ted some walls and ceilings with “woodn”

panels, ecological material which does not

contain toxic substances and which is 100%

recyclable and it is eco-sustainable as it re-

quires very limited energy consumption

and uses wood residues from other produc-

tion processes. Furthermore, the lighting in

the entrance lobby has been created with

led technology, the same type of lighting is

scheduled to be fitted in the restyling project

for the entire shopping Centre in 2014.

in line with the Business Plan, Centro sar-

ca was subjected to a feasibility study in

2013 regarding the possibility of obtaining

BREEAM certification. The outcome of this

analysis was positive and in 2014, during the

restyling work, the Centre will follow the nec-

essary procedures in order to become one of

the first building complexes in italy to obtain

such recognition, significantly qualifying it in

terms of environmental sustainability.

Furthermore, the same type of flooring made

of recycled material that was put down last

year in Le Porte Shopping Centre in Naples,

was also used in the restyling work in Centro

d’Abruzzo. A large part of the existing light-

ing was replaced with led technology, the

same material and technical mechanisms are

foreseen in the ongoing expansion.

This decision arises from igd’s commitment

to use this lighting system in all its restyling

projects, following the good results obtained

from the first test which took place in Centro

ESP during the second half of 2011.

in addition, with the continuation of the work

in Porta a Mare in Livorno, a marine geother-

mal system, based on heat pumps that use

the sea as a thermal source, is now up and

running. Currently this system is being used

to supply heating and hot water to the part

of the project intended for residential use.

Again in this project, the lighting in the com-

mon areas (porticos) has been created using

led technology.

STRUCTURAL WORK

7.3.1 Environmental emphasis in work in progress

7.3

121


installation of divisional meters in the majority of freehold Centres,

capable of recording and analysing specific consumption in each

individual area of the shopping Centre (2013-2014).

Continuation of heat insulation improvement in its structures

(time span 2012-2014).

Extension of isO 14001 certification to new shopping Centres, as per the Roll

Out Plan (2013-2018).

Attainment of BREEAM certification for one shopping Centre (2014).

Launching of Energy Management pilot project in the

shopping Centre in Cluj (2014).

Feasibility study for the introduction of a photovoltaic system in the new

shopping Centre in Chioggia (2014).

IN ITALY

IN ROMANIA

iMPROVEMENT TARgETs

122

GRI-G3 TABLE OF CONTENTS


With reference to the different application

levels identified in the gRi-g3 guidelines

(shown in the figure below), this report has

reached application level B, due to a higher

level of reporting of several indicators com-

pared to the previous editions.

The following table shows the indicators pro-

vided by the global Reporting initiative-g3,

international reporting standard.

The level of reporting (or rather the extent

to which the indicator is present in the igd

2013 sustainability Report) is shown along-

side each indicator.

GRI-G3 APPLICATION LEvEL

GRI LEvEL OF REPORTING INDICATOR

LEvEL OF REPORTING

TP-

N/A

TOTALPARTIALNOT COvEREDNOT APPLICABLE

INDICATOR TYPECA

COREADDITIONAL

KEYFORTABLEBELOW

sta

nd

ard

info

rmat

ion

Rep

ort

ext

ern

ally

ass

ure

d

C C+ B+ A+AB

Rep

ort

ext

ern

ally

ass

ure

d

Rep

ort

ext

ern

ally

ass

ure

d

Application level

Management Approach

Performance indicators

Profile

OU

TPU

TO

UTP

UT

OU

TPU

T

Report on:1.12.1-2.103.1-3.8, 3.10-3.124.1-4.4, 4.14-4.15

Report on all the criteria foreseen for C plus:1.23.9-3.13, 4.16-4.17

same requirements as for level B

Not required Management approach disclosures for all indicator categories

Managementapproach disclosures for all indicator categories

Report on a minimum of 10 performance indicators, including at least one on: economic, social and environmental performance

Report on a minimum of 20 performance indicators, including at least one on: economic, social and environmental performance

Report on all the core g3 and relevant sector supplement performance indicators with regard to materiality.Explain reason for any omissions

123


ORGANISATIONAL PROFILE

Aspect code IndIcAtorcoverAge

levellocAtIon of dIsclosure

strAtegy And AnAlysIs 1.01 Statement of the Chairman and the Chief exeCutive offiCe t 61.02 deSCription of main impaCtS, riSkS and opportunitieS p 30

profIle 2.01 name of organiSation t cover2.02 main brandS, produCtS and/or ServiCeS t 20

2.03 operational StruCture of the organiSation t 21-232.04 loCation of organiSation’S headquarterS t cover2.05 number of CountrieS where the organiSation operateS t 202.06 nature of ownerShip and legal form t 202.07 marketS Served t 202.08 Size of reporting organiSation t 242.09 SignifiCant ChangeS during the reporting period t 20; 332.10 awardS reCeived during the reporting period n-A -

report pArAmeters 3.01 reporting period t 103.02 publiShing date of moSt reCent report t 103.03 reporting CyCle t 103.04 ContaCt for queStionS regarding the report and itS ContentS t cover3.05 proCeSS for defining report ContentS t 10-113.06 report boundary t 103.07 definition of SpeCifiC reStriCtionS regarding the SCope or boundary of the report t 10-113.08 information regarding joint ventureS, SubSidiarieS etC. t 213.09 data meaSurement teChniqueS and baSiS for CalCulationS t 10-113.10 explanation of the effeCt of ChangeS in CalCulationS t 10-113.11 SignifiCant ChangeS Compared to previouS reporting period t 10-113.12 gri table t 122-1273.13 external aSSuranCe - -

governAnce, commItments, stAkeholder Involvement

4.01 governanCe StruCture of the organiSation t 23;274.02 information on whether the Chairman of the higheSt governanCe body iS alSo an

exeCutive offiCer t 27

4.03 number of memberS of bod that are independent and/or non –exeCutive t 274.04 meChaniSmS for ShareholderS and employeeS to provide reCommendationS to the bod p 27-294.05 link between CompenSation for memberS of the higheSt governanCe body, direCtorS

and exeCutiveS and the organiSation’S performanCep 29

4.06 proCeSSeS uSed to enSure ConfliCtS of intereSt are avoided t 294.07 proCeSSeS for determining the qualifiCationS and expertiSe of the memberS of the

higheSt governanCe body t 29

4.08 miSSion, valueS, CodeS of ConduCt and prinCipleS t 22; 304.09 proCedureS of the higheSt governanCe body for overSeeing the definition and the

management of the organiSation’S eConomiC, environmental and SoCial performanCe t 27

4.10 proCeSSeS for aSSeSSing the higheSt governanCe body’S performanCe - 284.11 explanation of the implementation of the preCautionary approaCh -4.12 adoption of CodeS of ConduCt t 304.13 memberShip in aSSoCiationS t 964.14 liSt of StakeholderS t 224.15 prinCipleS for identifying and SeleCting StakeholderS p 224.16 approaCh to Stakeholder involvement p 32-334.17 key topiCS and iSSueS raiSed by StakeholderS and the organiSation’S reSponSe p 58; 69; 81

124


ECONOMIC PERFORMANCE INDICATORS

Aspect type code IndIcAtorcoverAge


mAnAgement ApproAch diSCloSure on management approaCh (goalS and performanCe, poliCy, Contextual information)

t 20-30

economIc performAnce c eC 1 direCt eConomiC value generated and diStributed t 31c eC 2 finanCial impliCationS and other riSkS and opportunitieS for the organiSation’S

aCtivitieS due to Climate Change - -

c eC 3 Coverage of the penSion planS defined by the organiSation - -c eC 4 SignifiCant aSSiStanCe reCeived from government n-A -

mArket presence A eC 5 ratio between Standard entry level wage and loCal minimum wage with regard to SignifiCant operating loCationS

- -

c eC 6 poliCieS, praCtiCeS and proportion of Spending towardS loCal SupplierS with regard to SignifiCant operating loCationS

p 98

c eC 7 proCedureS for loCal hiring and proportion of direCtorS hired from the loCalCommunity with regard to SignifiCant operating loCationS

- -

IndIrect economIc ImpActs c eC 8 inveStmentS for "publiC benefit" ServiCeS p 74-76A eC 9 underStanding and deSCribing indireCt eConomiC impaCtS inCluding the extent

of SuCh impaCtS p 74-76

PRODUCT RESPONSABILITY



mAnAgement ApproAch diSCloSure on management approaCh (goalS and performanCe, poliCy, organiSational reSponSibility, training and awareneSS, monitoring and follow-up, Contextual information)

n/A -

consumer heAlth And sAfety

c pr 1 life CyCle StageS of produCtS/ServiCeS in whiCh impaCtS on health and Safety are aSSeSSed

n/A -

A pr 2 total number of inCidentS of non-ComplianCe regarding health and Safety of produCtS/ServiCeS

n/A -

product And servIce lAbellIng

c pr 3 type of produCt and ServiCe information required n/A -A pr 4 total number of inCidentS of non-ComplianCe regarding produCt and ServiCe labelling n/A -A pr 5 poliCieS relating to CuStomer SatiSfaCtion n/A -

AdvertIsIng And mArketIng communIcAtIons

c pr 6 programmeS of ComplianCe with lawS and StandardS regarding marketing and advertiSing

n/A -

A pr 7 total number of inCidentS of non-ComplianCe with lawS and StandardS regarding marketing and advertiSing

n/A -

customer prIvAcy A pr 8 total number of doCumented ComplaintS n/A -

complIAnce c pr 9 monetary value of main SanCtionS for non-ComplianCe with lawS or regulationS regarding the proviSion and uSe of produCtS and ServiCeS

n/A -

125


ENvIRONMENTAL PERFORMANCE INDICATORS



mAnAgement ApproAch

diSCloSure on management approaCh (goalS and performanCe, poliCy, organiSational reSponSibility, training and awareneSS, monitoring and follow-up, Contextual information)

t 102; 104-105

mAterIAls c en 1 materialS uSed by weight or volume n/Ac en 2 perCentage of materialS uSed that are reCyCled input materialS n/A

energy c en 3 direCt energy ConSumption by primary energy SourCe t 107; 113; 118c en 4 indireCt energy ConSumption by primary SourCe -

A en 5 energy Saved due to ConServation and effiCienCy improvementS t 107; 113; 118A en 6 initiativeS to provide energy-effiCient or renewable energy baSed produCtS and ServiCeS

and reduCtionS in energy requirementS aS a reSult of theSe initiativeS t 106-109

A en 7 initiativeS to reduCe indireCt energy ConSumption t 106-109

WAter c en 8 total water withdrawal by SourCe p 114A en 9 water SourCeS SignifiCantly affeCted by withdrawal of water -A en 10 perCentage and total volume of water reCyCled and reuSed -

bIodIversIty c en 11 loCation and Size of land owned, leaSed , managed in, or adjaCent to, proteCted areaS and areaS of high biodiverSity value outSide proteCted areaS

-

c en 12 deSCription of SignifiCant impaCtS of aCtivitieS, produCtS and ServiCeS on biodiverSity in proteCted areaS and areaS of high biodiverSity value outSide proteCted areaS

-

A en 13 proteCted or reStored habitatS -A en 14 StrategieS, Current aCtionS and future planS for managing impaCtS on biodiverSity -A en 15 number of iuCn red liSt SpeCieS and national ConServation liSt SpeCieS with habitatS in

the areaS affeCted by operationS, by level of extinCtion riSk-

emIssIons, dIschArges And WAste

c en 16 direCt and indireCt greenhouSe gaS emiSSionS by weight t 113c en 17 other relevant indireCt greenhouSe gaS emiSSionS by weight n-AA en 18 initiativeS to reduCe greenhouSe gaS emiSSionS and reduCtionS aChieved t 105; 108;

113; 119c en 19 emiSSionS of ozone depleting SubStanCeS by weight -c en 20 no, So, and other SignifiCant emiSSionS by type and weight -c en 21 total water diSCharge by quality and deStination p 114c en 22 total weight of waSte by type and diSpoSal method t 115c en 23 total number and volume of SignifiCant aCCidental SpillS n-AA en 24 hazardouS waSte t 115A en 25 identity, Size, proteCted StatuS and biodiverSity value of water bodieS and related habitatS

SignifiCantly affeCted by the reporting organiSation’S diSChargeS of water and runoff -

products And servIces c en 26 initiativeS to mitigate environmental impaCtS of produCtS and ServiCeS and extent of impaCt mitigation

n/A

c en 27 perCentage of produCtS Sold and their paCkaging materialS that are reClaimed by Category

n/A

complIAnce c en 28 monetary value of SignifiCant fineS and total number of non-monetary SanCtionS for non-ComplianCe with environmental lawS and regulationS

n-A

trAnsport A en 29 SignifiCant environmental impaCtS of tranSporting produCtS and other goodS and materialS uSed for the organiSation’S operationS and tranSporting memberS of the workforCe

-

overAll A en 30 total environmental proteCtion expenditureS and inveStmentS by type t 113; 120

126


SOCIAL PERFORMANCE INDICATORSLABOUR PRACTICES



mAnAgement ApproAch diSCloSure on management approaCh (goalS and performanCe, poliCy,organiSational reSponSibility, training and awareneSS, monitoring and follow-up, Contextual information)

t 80

employment c la 1 total workforCe by employment type, employment ContraCt and region t 81-84c la 2 total number and rate of employee turnover by age group, gender and region p 82A la 3 benefitS provided to full-time employeeS that are not provided to temporary or part-

time employeeS, by major operationSn-A

lAbour/mAnAgement relAtIons

c la 4 perCentage of employeeS Covered by ColleCtive bargaining agreementS t 90

c la 5 minimum notiCe period regarding operational ChangeS, inCluding whether it iS SpeCi-fied in ColleCtive agreementS

-

occupAtIonAl heAlthAnd sAfety

A la 6 perCentage of total workforCe repreSented in formal joint management-worker health and Safety CommitteeS that help monitor and adviSe on oCCupational health and Safety programmeS

-

c la 7 rateS of injury, oCCupational diSeaSeS, loSt workdayS and abSenteeiSm and number of work-related fatalitieS by region

t 89

c la 8 eduCation, training, CounSelling, prevention and riSk Control programmeS in plaCe to aSSiSt workforCe memberS, their familieS or Community memberS regarding SeriouS diSeaSeS

p

A la 9 health and Safety topiCS inCluded in formal agreementS with trade unionS t 8590

trAInIng And educAtIon c la 10 average hourS of training per employee per year, by employee Category t 86

A la 11 programmeS for SkillS management and lifelong learning that Support the Continued employability of employeeS and aSSiSt them in managing Career endingS

-

A la 12 perCentage of employeeS that reCeive regular performanCe and Career development reviewS t 84

dIversIty And equAl opportunIty

c la 13 CompoSition of governanCe bodieS and breakdown of employeeS by Category aCCord-ing to gender, age group, minority group and other indiCatorS of diverSity

t 23; 27; 89

c la 14 ratio of baSiC Salary of men and women by employee Category n-A

HUMAN RIGHTSmAnAgement ApproAch diSCloSure on management approaCh (goalS and performanCe, poliCy,

organiSational reSponSibility, training and awareneSS, monitoring and follow-up, Contextual information)

-

Investment And procurement prActIces

c hr 1 perCentage and total number of SignifiCant inveStment agreementS that inClude human rightS ClauSeS or that have undergone human rightS SCreening

-

c hr 2 perCentage of main SupplierS and ContraCtorS that have undergone human rightS SCreening and relative aCtionS taken

p 95-96

A hr 3 total hourS of employee training on poliCieS and proCedureS ConCerning aSpeCtS of human rightS that are relevant to the organiSation’S operationS, inCluding the perCentage of employeeS trained

-

non-dIscrImInAtIon c hr 4 total number of inCidentS linked to diSCrimination and aCtionS taken -

freedom of AssocIAtIon And collectIve bArgAInIng

c hr 5 identifiCation of operationS in whiCh the freedom of aSSoCiationand ColleCtive negotiation may be expoSed to SignifiCant riSkS and aCtionS taken to defend theSe rightS

-

127


SOCIAL PERFORMANCE INDICATORSHUMAN RIGHTS



chIld lAbour c hr 6 operationS identified aS having SignifiCant high riSk for inCidentS of Child labour and meaSureS taken to Contribute to the elimination of Child labour

n/A

forced And compulsory lAbour

c hr 7 operationS identified aS having SignifiCant riSk for inCidentS of forCed or CompulSory labour and meaSureS taken to Contribute to the elimination of forCed or CompulSory labour

n/A

securIty prActIces A hr 8 perCentage of SeCurity perSonnel trained in the organiSation’S poliCieS or proCedureS ConCerning aSpeCtS of human rightS that are relevant to operationS

t 85-86

IndIgenous rIghts A hr 9 number of inCidentS of violationS involving the rightS of indigenouS people and aCtionS taken

n/A

SOCIETYmAnAgement ApproAch diSCloSure on management approaCh (goalS and performanCe, poliCy,

organiSational reSponSibility, training and awareneSS, monitoring and follow-up, Contextual information)

t 64

communIty c So 1 nature, SCope and effeCtiveneSS of programmeS to aSSeSS and manage impaCtS on the Community

p 65; 77

corruptIon c So 2 perCentage and total number of buSineSS unitS analySed for riSkS related to Corruption

p 96-97

c So 3 perCentage of employeeS trained in the organiSation’S anti-Corruption proCedureS and poliCieS

-

c So 4 aCtionS taken in reSponSe to inCidentS of Corruption n/A

publIc polIcy c So 5 publiC poliCy poSitionS and partiCipation in lobbying aCtivitieS regarding publiC poliCy development

-

A So 6 total value of finanCial and in-kind ContributionS to politiCal partieS, politiCianS and related inStitutionS, by Country

-

AntI-competItIve behAvIour

A So 7 total number of legal aCtionS for anti-Competitive behaviour, antitruSt and monopoly praCtiCeS and their outComeS

-

complIAnce c So 8 monetary value of SignifiCant fineS and total number of non-monetary SanCtionS for non-ComplianCe with lawS and regulationS

-

REgisTEREd OFFiCE

via Agro Pontino, 13

48100 Ravenna - italy

HEAdqUARTERs

via Trattati Comunitari Europei 1957-2007, 13

40127 Bologna - italy

tel +39 051 509111

fax +39 051 509247

For information and comments on this Report and on igd group sustainability, please contact the

following e-mail address: [email protected]

Further information on igd sustainability can be found on the group website on page:

http://www.gruppoigd.it/sostenibilita