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Registration Document REGISTRATION DOCUMENT Issuer Immobiliare Grande Distribuzione Società di Investimento Immobiliare Quotata S.p.A. Registered office: Via Agro Pontino 13, Ravenna (RA) Operational headquarters: Via Trattati Comunitari Europei 1957-2007 13, Bologna Subscribed and paid-up share capital €350,082,219.02 divided into 360,169,663 ordinary shares VAT number and Ravenna Companies Register number 00397420399 Ravenna Economic Administrative Index: 88573 Company subject to management and coordination by Coop Adriatica S.c.a r.l. Registration Document filed with CONSOB on 26 September 2014 following notice of approval dated 26 September 2014, reference no 0076492/14. Publication of the Registration Document does not constitute an opinion by CONSOB as to the suitability of the proposed investment or the value of the related information. The Registration Document is available at the Issuer‟s registered office at Via Agro Pontino 13, Ravenna, as well as on the websites of both the Issuer (www.gruppoigd.it). The Issuer states that the option rights that will be issued under the scope of the capital increase resolved by the Issuer's Shareholders„ Meeting on 7 August 2014 pertain to the shareholders of the Issuer. Since the conditions in Article 26-bis of (EC) Regulation No 809/2004 are valid, the Registration Document has been prepared in compliance with the schedule in annex XXIII of said Regulation and the level of information is proportional to that type of issue. [PAGE INTENTIONALLY LEFT BLANK] Warning In light of the financial position of the Company and of the Group, this „Warning‟ section contains certain information considered to be important in order for investors to understand the context of and risk involved in the operation. For more detailed information on risk factors pertaining to the Issuer please see Chapter III, Risk Factors, in this Registration Document. Pursuant to Regulation (EC) No 809/2004 and the definition of working capital – as “an Issuer’s ability to access cash and other available liquid resources in order to meet its liabilities as they fall due” – contained in the ESMA/2013/319 Recommendations, the Issuer declares that on the Date of the Registration Document, the Group does not have sufficient working capital to meet its total net financial requirement for the 12 months following the Date of the Registration Document of approximately €73.98 million. In order to cover the above amount, the Issuer intends to use the net proceeds of the Capital Increase, which, in the event of full subscription, net of approximately €94.77 million used for the Property Acquisition, are estimated at around €100.93 million, net of the ancillary costs of the operation. If the Capital Increase is successful, the Group intends to: (i) have recourse to short-term revocable lines of credit, already granted to the Company for a total of €266 million, at the Date of the Registration Document, €221.37 million is available; or (ii) since the Group owns properties free from any encumbrances with a total value of around €360.69 million (of which 51.93% relating to Real Estate Assets in Italy and 48.07% to Real Estate Assets in Romania), to use these properties as security for financial transactions which, at the Date of the Registration Document, have not yet been subject to a resolution by the Issuer's Board of Directors. The above- mentioned financial transactions could lead to an increase in the cost of debt with a consequent negative impact on the Group‟s economic and financial position. Finally, if necessary to reduce the total net financial requirement, the Company could also take further measures by rescheduling the timing of investments planned. Without prejudice to the above matters, if the Capital Increase is not fully subscribed and/or if the Company were unable to complete successfully, in a short time period, the currently planned additional initiatives to cover the Group‟s net financial requirement for the 12 months following the Date of the Registration Document, the Company might not have sufficient cash flows available for the immediate needs of its activities, which might therefore be affected by this, with resulting adverse effects on the Group‟s economic results and financial and capital position. For a more detailed explanation of the risks and more information on the financial resources of the IGD Group, see Chapter III, paragraph 1.2, Chapter IV and Chapter XV of the Registration Document. 1 CONTENTS DEFINITIONS ........................................................................................................................... 5 GLOSSARY ................................................................................................................................ 9 CHAPTER I - RESPONSIBLE PERSONSERRORE. IL SEGNALIBRO NON È DEFINITO. 1.1 Persons responsible for the Registration Document ............Errore. Il segnalibro non è definito. 1.2 Declaration of responsibility ................................................Errore. Il segnalibro non è definito. CHAPTER II - EXTERNAL AUDITORS ............................................................................. 11 2.1 The Issuer’s External Auditors ............................................Errore. Il segnalibro non è definito. 2.2 Information on the relationship with the External Auditors Errore. Il segnalibro non è definito. CHAPTER III - RISK FACTORS ............ ERRORE. IL SEGNALIBRO NON È DEFINITO. 1. RISK FACTORS RELATING TO THE ISSUER AND THE GROUPErrore. Il segnalibro non è definito. 1.1 Risks associated with transactions with the shareholders Coop Adriatica and Unicoop Tirreno and with other related parties .................................................................................................. 13 1.2 Risks factors relating to the financial position of the Group ....................................................... 17 1.3 Risks associated with the option to use the taxation applicable to SIIQs .................................... 18 1.4 Risks associated with pre-letting .......................................... Errore. Il segnalibro non è definito. 1.5 Risks associated with sources of funding .............................. Errore. Il segnalibro non è definito. 1.6 Risks associated with the inclusion of pro-forma data in the Registration DocumentErrore. Il segnalibro non è definito. 1.7 Risks associated with interest rates ...................................... Errore. Il segnalibro non è definito. 1.8 Risks associated with credit management for sale and leasing activitiesErrore. Il segnalibro non è definito. 1.9 Risks associated with geographical concentration and intended use of the Group’s Real Estate Portfolio ................................................................................................................................... 30 1.10 Risks associated with possible withdrawal from or non-renewal of leases by tenants ................ 31 1.11 Risks associated with exchange rates ......................................................................................... 31 1.12 Risks associated with the option to use the taxation applicable to SIIQs ................................... 32 1.13 Risks associated with failure to implement the 2014-2016 Plan................................................. 32 1.14 Risks associated with statements of key information and with information about the evolution of the reference market............................................................................................................. 33 1.15 Risks associated with uncertainties in determining the value of the Real Estate Assets ............. 33 1.16 Risks associated with legal proceedings in progress .................................................................. 33 2. RISK FACTORS RELATING TO THE SECTOR IN WHICH THE ISSUER AND THE GROUP OPERATE ..................................................................................................................... 36 2.1 Risks associated with trends in the real estate market .......... Errore. Il segnalibro non è definito. 2.2 Risks associated with real estate activities in the large-scale retail sector ................................. 36 2.3 Risks associated with changes in legislation and regulations ..................................................... 38 2.4 Risks associated with the current economic situation .......... Errore. Il segnalibro non è definito. CHAPTER IV - ISSUER INFORMATIONERRORE. IL SEGNALIBRO NON È DEFINITO. 4.1 History and evolution of the Issuer .............................................................................................. 40 4.2. Main investments ....................................................................................................................... 40 4.2.1. Investments made ...................................................................................................................... 40 4.2.2. Investments being developed ..................................................................................................... 40 4.2.3. Future investments .................................................................................................................... 41 CHAPTER V - OVERVIEW OF OPERATIONS ................................................................. 42 5.1 Main activities of the IGD Group ................................................................................................ 44 5.1.1. Introduction .............................................................................................................................
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