Aware of its SIIQ status, IGD is committed to providing its shareholders with attractive and sustainable returns also by considering our FFO (Funds from Operations) as it is one of the main indicators used to measure the performance of companies (it indicates the income generated by the Group’s core business and recurring operations).
For 2023 IGD’s Board of Directors, held on 27 February 2024, proposed to the Shareholders’ Meeting, to be held on 18 April 2024, not to pay dividends. This decision was taken in light of the negative result recorded for the year by the parent company IGD SIIQ SpA, which voids the mandatory distribution requirement, and the terms and conditions of the note “€300,000,000 Fixed Rate Step-up Notes due 17 May 2027”, which prohibits IGD from distributing dividends in excess of what necessary to comply with the SIIQ regulations.
This decision is linked to the challenging context characterized by high interest rates, which have led to an increase in the financial charges incurred by the Group, as well as to over 110 million euro devaluation of IGD’s property portfolio over 2023.
IGD’s goal is to soon be able to return to offer an attractive remuneration to its Shareholders in a more favorable scenario.
Dividends for the year 2015 and 2016 have been recalculated in order to take into account the reverse stock split occurred in February 2018.
The dividend yield, or price/dividend ratio, is the annual dividend payments made (or announced) divided by the shares’ closing price at the end of the year. The ratio is used to calculate the yield, but does not take into account the stock’s market performance.
IGD has provided its shareholders with the following dividend yield since 2015.
*Dividend yield calculated on the price of IGD’s stock on the day before the meeting of the Board of Directors which approved to formulate the new proposal for the allocation of the 2022 profit to the Shareholders’ Meeting
Rewarding its shareholders has been a priority for IGD since its IPO in 2005.
Dividend highlights are provided below.
| 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|
| SHARES | |||||||||
| Shares outstanding at 31/12 | 110,341,903 | 110,341,903 | 110,341,903 | 110,341,903 | 110,341,903 | 110,341,903 | 81,304,563* | 813,045,631 | 813,045,631 |
| Treasury shares at 31/12 | 0 | 0 | 0 | 0 | 32,118 | 75,126 | 0 | 0 | 0 |
| Official closing price at 31/12 (€) | 2.305 | 3.115 | 3.86 | 3.6 | 6.2 | 5.382 | 8.962 | 0.724 | 0.887 |
| Par value (€) | none | none | none | none | none | none | none | none | none |
| Market capitalization at 31/12 (€) | 254,338,100 | 343,715,040 | 425,919,744 | 397,230,848 | 684,119,808 | 593,860,100 | 728,488,884 | 588,645,037 | 720,764,952 |
| DIVIDENDS | |||||||||
| Dividend per share (€) | '-*** | 0.30 | 0.35 | -** | 0.228152 | 0.50 | 0.50 | 0.045 | 0.040 |
| Dividend yield (%) | - | 10.9 | 8.6 | - | 6.44 | 9.29 | 5.58 | 6.2 | 4.6 |
| Ex-div date coupon | - | 08/05/2023 | 09/05/2022 | - | 20/07/2020 | 13/05/2019 | 11/06/2018 | 22/05/2017 | 23/05/2016 |
| Payment date | - | 10/05/2023 | 11/05/2022 | - | 22/07/2020 | 15/05/2019 | 13/06/2018 | 24/05/2017 | 25/05/2016 |
*The number of shares take into account the reverse stock split occurred in February 2018.
** In 2020 in light of the loss recorded by the parent company IGD SIIQ SpA (which waives the distribution requirement) the dividend for the year ended on 31 December 2020 wasn’t distributed. This difficult decision is to be viewed as one-off and unforeseen, triggered by the exceptional circumstances that developed as a result of the pandemic.
***In 2023 in light of the loss recorded by the parent company IGD SIIQ SpA (which voids the mandatory distribution requirement) and the terms and conditions of the note “€300,000,000 Fixed Rate Step-up Notes due 17 May 2027” which prohibits IGD from distributing dividends in excess of what necessary to comply with the SIIQ regulations, the Board of Directors proposed to the Shareholders’ Meeting (scheduled for April 18, 2024) not to pay dividends.
2010-2023 Historical dividends (14 KB – xlsx)
