Immobiliare Grande Distribuzione Siiq S.p.a. · MIL:IGD
Immobiliare Grande Distribuzione Siiq — IPO Roadshow (December 2014)
68 slides from Immobiliare Grande Distribuzione Siiq's IPO roadshow presentation, December 2014
Slide 1: IGD Roadshow Presentation
IGD ROADSHOW PRESENTATION —— _—" y
Slide 2: Disclaimer
DISCLAIMER This presentation does not constitute an offer or an invitation to subscribe for or purchase any securities. The securities referred to herein have not been registered and will not be registered in the United States under the U.S. Securities Sec Act of 1933, as amended (the “Securities Ac
Slide 3: Index
3 Index INTRODUCTION TO THE IGD GROUP 5 SUMMARY OF 3Q2014 RESULTS 21 CAPITAL INCREASE 50 BP 2014-2016:PIPELINE 2016:PIPELINE & DISPOSALS 56 Road-show presentation
Slide 4: Introduction to the IGD Group
INTRODUCTION TO THE IGD GROUP
Slide 5: IGD is one of the main players in the Italian real estate sector
IGD is one of the main player in the Italian real estate sector of the large 5 organized distribution: develops and manages shopping centers across the country and has a significant presence in retail distribution in Romania Presence throughout the territory, capital strength, processing power, cont
Slide 6: Our business model
6 Our business model A careful merchandising mix, marketing activity adapted to each DIRECT MANAGEMENT context and various customer related services but, especially in OF THE SHOPPING CENTRES this economic environment, careful attention paid to tenants’ needs MEDIUM SIZED AND EASILY In line with the
Slide 7: Property portfolio breakdown as at 30/06/2014
7 Property portfolio breakdown as at 30/06/2014 PORTFOLIO BREAKDOWN BY TYPE OF ASSET ITALIAN PORTFOLIO BREAKDOWN (based on market value) BY GEOGRAPHIC AREA (based on market value) 1.5% Hypermarkets/ North East 4.6% supermarkets 37.1% 9.4% North West 0.4% Shopping malls 4.0% Centre 28.5% Lands 14.8%
Slide 8: Italian Portfolio as at 30/06/2014
8 Italian Portfolio as at 30/06/2014 Trentino Alto 50 REAL ESTATE ASSETS LOCATED IN Adige 11 ITALIAN REGIONS: Veneto Lombardy 18 shopping malls Piedmont 19 hypermarkets and supermarkets Emilia Romagna 1 city center 4 plots of lands for development Tuscany Marche 1 property held for trading 7 other A
Slide 9: Italian Portfolio: hypermarkets and shopping malls
9 Italian Portfolio: hypermarkets and shopping malls (as at 30/06/2014) 18 SHOPPING MALLS 19 HYPERMARKETS FOOD ANCHOR CENTRO D'ABRUZZO -Pescara CENTRO D'ABRUZZO -Pescara Coop Adriatica PORTO GRANDE - Porto d'Ascoli (AP) PORTO GRANDE - Porto d'Ascoli (AP) Coop Adriatica ESP - Ravenna ESP - Ravenna Co
Slide 10: Romanian Portfolio as at 30/06/2014
10 Romanian Portfolio as at 30/06/2014 14 SHOPPING CENTERS + 1 OFFICE BUILDING IN 13 DIFFERENT ROMANIAN MEDIUM SIZED CITIES Bistrita Piastra Neamt Turda Market value: €173.4M Vaslui Galati Yield Shopping Malls: 6.64% Ploiesti Buzau Braila Tulcea Valcea Occupancy Shopping Malls: 86.3% Slatina Alexand
Slide 11: Main lease terms
11 Main lease terms Italian Shopping Malls Italian Hypermarkets Romanian Shopping Malls Main lease terms: Main lease terms: Main lease terms: Average maturity: Average maturity maturity: 6 to 18 years (+ 6 years) Average maturity: lease agreement: 6 years (+ 6 years) Rents indexation: 75% of CPI 2 y
Slide 12: SIIQ regime: main features
12 SIIQ regime: main features SIIQ STATUS FOR IGD SINCE 1 JANUARY 2008 At least 80% of total assets must be rental asset KEY PARAMETERS At least 80% of total positive components of P&L must be rental income (excluding change in FV) Largest shareholder stake ≤ 60% (vs. previous 51%) SHAREHOLDING LIMI
Slide 13: A sound track-record in a complex environment (1/2)
13 A sound track-record record in a complex environment (1/2) IGD ACCOMPLISHED A SOUND SET OF RESULTS THROUGHOUT A DIFFICULT MACRO-ECONOMICAL MACRO CYCLE THANKS TO A CLEAR AND CONSISTENT STRATEGY STEADILY PURSUED OVERTIME… 4.00% 3.00% ITALIAN ECONOMICAL CONTEXT 2.00% Complex market environment featu
Slide 14: A sound track-record in a complex environment (2/2)
14 A sound track-record record in a complex environment (2/2) … WHILE DELIVERING A SOLID FINANCIAL PERFORMANCE! TOTAL REVENUES (€ M) MARKET VALUE OF PROPERTY PORTFOLIO (€M) +6.1% +12% 127.0 178 178 173 180 122.9 123.3 188 11.2 Financial occupancy 12% growth of property always > 95% 1,624 1,747 1,729
Slide 15: IGD's shareholders and governance
15 IGD’s shareholders and governance IGD IS LISTED ON THE STAR SEGMENT OF BORSA ITALIANA TOTAL SHARES 756,356,289 SHARE CAPITAL € 549,760,278.52 COOP ADRIATICA 5,05% 56.92% UNICOOP TIRRENO 43,99% 38,03% FREE FLOAT Market QUANTUM STRATEGIC 12,93% PARTNERS LTD* MARKET SHAREHOLDING REFLECTED IN A GOVER
Slide 16: IGD top management
16 IGD top management GILBERTO COFFARI (1946) CLAUDIO ALBERTINI (1958) Chairman Chief Executive Officer Chairman of IGD's Board since its creation in 2000 Appointed in May 2009 Chairman of Coop Adriatica from 2006 to 2011 Board member at IGD since 2006 Currently board member of the BancaSAI and of F
Slide 17: World (1/2)
17 WORLD (1/2) 9 LEGAL ENTITIES THROUGHOUT ITALY Veneto, Emilia Romagna, Marche, Abruzzo Toscana, Lazio, Umbria, Campania Lombardia, Sicilia Piemonte Liguria, Piemonte Emilia Romagna, Lombardia, Trentino, Veneto, Friuli Venezia Giulia Emilia Romagna, Puglia, Basilicata Toscana Toscana, Umbria, Abruz
Slide 18: World (2/2)
18 WORLD (2/2) Market share in Italy: Italy 19.1% (+0.6% vs 2012) Turnover : €12,724M N° of point of sale: ~ 1,200 Employees ~ 54,700 Employees: Members: 8 million people (+3.4% vs 2012) COOP PRODUCTS AND SERVICES Goods with Coop brand: Market share of 27% (+1% vs 2012) Coop Salute: 119 points of sa
Slide 19: Coop Adriatica
19 Coop Adriatica Turnover: €2.1 billion Point of sale: 175 Employees: 8,979 Members: 1,258,452 (+3.79% vs 2012) STRATEGIC PARTNERSHIPS UNIPOL GRUPPO FINANZIARIO (Insurance and banking) IGD SIIQ SPA IPERCOOP SICILIA SPA, SUPERCOOP SICILIA SRL and DISTRIBUZIONE ROMA SRL DIVERSIFICATION INITIATIVES RO
Slide 20: Unicoop Tirreno
20 Unicoop Tirreno Turnover: €1.18 billion Point of sale: 112 Employees 5,118 Employees: Members:: 942,466 (+2.40% vs 2012) STRATEGIC PARTNERSHIPS UNIPOL GRUPPO FINANZIARIO (Insurance and banking) IGD SIIQ SPA UNICOOP TIRRENO HAS SET-UP SET 2 E-COMMERCE PLATFORMS allows you to purchase food products
Slide 21: Summary of 3Q 2014 Results
SUMMARY OF 3Q 2014 RESULTS
Slide 22: Strong months with several strategic actions
22 “Strong” months with several strategic actions 7 July 2014 – BoD approves the Capital Increase for €200M and acquisition of core assets 26 February 2014 28 February 2014 7 May 2014 30 May 2014 for €94.8M Sale of the mall “Fonti Sale of the treasury Private placement with DRO – Subscribed 77.8% 24
Slide 23: Highlights 1/2
23 Highlights 1/2 REVENUES € 91.8 mn •Total revenues (+1.5% vs 30/09/2013) € 90.0 mn •Core business revenues (-0.5% vs 30/09/2013) EBITDA € 59.4 mn •EBITDA (core business) (-4.7% vs 30/09/2013) •EBITDA margin (core business) 66.0% (-2.9 percentage points) •EBITDA margin from Freehold 77.7% (- 0.9 pe
Slide 24: Highlights 2/2
24 Highlights 2/2 Adjusted data* NNAV per share € 2.13 as at 30/06/2014 € 1.27 Market Value Total Portfolio € 1,849.5 mn € 1,944.3 mn* as at 30/06/2014 Loan to Value 56.1% 48.2% Gearing (D/E) 1.30 0.95 FINANCIAL OCCUPANCY as at 30/09/2014 •ITALY 96.2% •ROMANIA 85.9% * Adjusted data considering the c
Slide 25: Economic and Financial Results 3Q2014
ECONOMIC AND FINANCIAL RESULTS 3Q2014 RESULTS
Slide 26: Revenues
26 Revenues BREAKDOWN OF REVENUES FROM RENTAL TOTAL REVENUES (€/000) AND REAL ESTATE ACTIVITY BY TYPE OF ASSET Total 90,466 revenues 91,806 0.2% 0.4% +1.5% 1,640 7.3% 3,745 3,952 1.5% Core business -0.5% Revenues from trading 31.1% Revenues from services 59.5% 86,721 86,214 Revenues from rental acti
Slide 27: Rental income drivers
27 Rental income drivers (€/000 /000) -104 675 -871 288 LFL Italian revenues New openings Other Romania (LFL) Romania (strategic Porta a Mare TOTAL CHANGE (Centro d’Abruzzo (Italy) Vacancy) and Piazza Mazzini) - 11.1% +0.4% -507 -635 141 - -0.6% Not including strategic vacancy +0.4%. Includes negati
Slide 28: Core business direct costs and G&A expenses
28 Core business direct costs and G&A expenses CORE BUSINESS DIRECT COSTS (€ 000) Trend of direct costs mainly due to: • increase of rents and leases payable (+31.4%) due to the masterlease of the 21,221 +10.4% 23,432 previously sold Le Fonti del Corallo mall (Livorno). 9,097 • increase of IMU due t
Slide 29: Total consolidated EBITDA
Total consolidated Ebitda: € 59.1 mn 29 Ebitda (core business): € 59.4 mn (-4.7%) CONSOLIDATED EBITDA (€ 000) -299 -2,016 -213 213 276 -335 61,675 59,089 Ebitda 30/09/2013 Change in revenues Change in rents and Change in direct Change in activity Change in G&A Ebitda 30/09/2014 from rental activity
Slide 30: Group net profit before taxes
30 Group net profit before taxes: taxes € 9.4 mn (+14%) NET PROFIT EVOLUTION (€ 000) • una tantum impact of “Unlock Italy” law of € 1.9 mn • adjusted allocation of deferred taxes on 2014 changes € 1.4 mn 799 -3.333 -2.913 2,938 -1.854 327 16 11,076 7,056 Group net profit Change in Ebitda Change in E
Slide 31: Core business Funds From Operations
31 Core business Funds From Operations FFO (€/000) /000) 30/09/2013 30/09/2014 ∆ ∆% ∆ Pre-tax profit 10,512 13,981 3,468 33.0% Of which: Depreciation and other provisions 1,106 1,178 71 6.6% • –3.0 € mn due to Change in FV and devaluations 15,937 10,279 -5,657 -35.5% decreased Ebitda Extraordinary m
Slide 32: Operating Performance 3Q2014 Results
OPERATING PERFORMANCE 3Q2014 RESULTS
Slide 33: Commercial highlights
33 Commercial highlights Footfalls in Italian IGD Shopping Malls +0.2% progressive change Footfalls in Italian Shopping Malls +0.3% Tenants sales in Italian IGD Shopping Malls +3.5% progressive change Tenants sales in Italian Shopping Malls +0.3% Improving hypermarket sales -3.4% progressive change
Slide 34: Performance of our shopping malls as at 30/09/2014 (1/2)
34 The performance of our shopping malls as at 30/09/2014 (1/2) TENANT SALES AND FOOTFALLS IN OUR SHOPPING MALLS TENANT SALES FOOTFALLS progressive progressive change change absolute value September September ITALY +3.5% +0.2% 42.6 million ROMANIA n.p* -8.4% 22 million * Not all our tenants have a c
Slide 35: Performance of our shopping malls as at 30/09/2014 (2/2)
35 The performance of our shopping malls as at 30/09/2014 (2/2) 2011-2014 2014 QUARTERLY TENANT SALES TREND 3.0% 2.0% 1.5% 1.7% 1.0% 3°consecutive 1.0% 0.0% 0.6% quarter increasing, 0.0% -0.1% for the first time since -1.0% 1q2011 2q2011 3q2011 4q2011 1q2012 2q2012 3q2012 4q2012 1q2013 2q2013 3q2013
Slide 36: Focus on trends: effective asset management activities
36 Focus on trends: effective asset management activities ACTIONS ENDED IN FOOTFALLS AND SHOPPING CENTER AREA OF ACTION 2014 TENANT SALES TREND* • Unification of some shops • ASSET MANAGEMENT in order to create a new • TENANT MIX medium sized area +8.2% • Extension of the square in • LOCATION/ front
Slide 37: Contracts in Italy and Romania
37 Contracts in Italy and Romania EXPIRY DATE OF CONTRACTS OF HYPERMARKETS EXPIRY DATE OF CONTRACTS OF HYPERMARKETS AND AND MALLS IN ITALY (% no. of contracts) MALLS IN ITALY ( % of value) N 19+5 new 120% 120% 100.0% 100.0% 100% N 750 100% 80% 72.8% 80% 71.1% 60% 60% 40% 40% N 45 N 120 N 115 9.8% 14
Slide 38: Financial Structure 3Q2014 Results
FINANCIAL STRUCTURE 3Q2014 RESULTS
Slide 39: Financial highlights 1/2
39 Financial highlights 1/2 30/06/2014 30/09/2014 Adjusted data* GEARING RATIO 1.30 1.30 0.95 LOAN TO VALUE 55.9% 56.1% 48.2% COST OF DEBT 4.26% 4.33% INTEREST COVER RATIO 1.75X 1.72X AVERAGE LENGTH OF LONG TERM DEBT 7 years 6.7 years (bonds included) MID/LONG TERM DEBT RATE 91.0% 89.6% * Adjusted d
Slide 40: Financial highlights 2/2
40 Financial highlights 2/2 30/06/2014 30/09/2014 Adjusted data* HEDGING ON LONG TERM DEBT + BOND 84.0% 84.6% BANKING CONFIDENCE € 266.0 mn € 266.0 mn BANKING CONFIDENCE AVAILABLE € 229.5 mn € 214.5 mn € 262.1 mn MKT VALUE OF MORTGAGE FREE ASSETS/LANDS € 360.7 mn € 360.7 mn € 455.4 mn * Adjusted dat
Slide 41: Financial structure
41 Financial structure NET DEBT COMPOSITION (€ 000) 4,217 13,091 928,296 89.6% 1,037,400 long term 69,724 48,254 Short term debt Current share of long term Long term debt Potential mall and business Cash&cash equivalents Net debt debt division fees BREAKDOWN MARKET – BANKING SYSTEM AS ADJUSTED BREAK
Slide 42: Debt Maturity
42 Debt Maturity 200,000,000 180,000,000 160,000,000 Of which € 135 mn BNP loan 140,000,000 120,000,000 100,000,000 150 mn 80,000,000 Bond €144.9 mn Bond 60,000,000 + + 40,000,000 Of which € 54 mn as at 20,000,000 30/09 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 Road-show presentation
Slide 43: Appendix of 3Q2014 Results
APPENDIX OF 3Q2014 RESULTS
Slide 44: Consolidated income statement
44 Consolidated income statement CONSOLIDATED CORE BUSINESS PORTA A MARE PROJECT €/000 30/09/2013 30/09/2014 ∆% 30/09/2013 30/09/2014 ∆% 30/09/2013 30/09/2014 ∆% Revenues from freehold properties 79,197 76,628 (3.2)% 79,134 76,425 (3.4)% 63 203 n.a. Revenues from leasehold properties 7,524 9,586 27.
Slide 45: Margin from activities
45 Margin from activities CONSOLIDATED CORE BUSINESS PORTA A MARE PROJECT €/000 30/09/2013 30/09/2014 % 30/09/2013 30/09/2014 % 30/09/2013 30/09/2014 % Margin from freehold properties 68,266 65,616 (3.9)% 68,219 65,488 (4.0)% 47 128 n.a. Margin from leasehold properties 515 667 29.7% 515 667 29.7% 0
Slide 46: Tenants in Italy
46 Tenants in Italy TOP 10 Tenant Product category Turnover impact Contracts TOTAL CONTRACTS Miroglio Group Malls 1.030 clothing 3.5% 32 Hypermarkets 19 clothing 3.1% 10 Total 1.049 clothing 2.4% 7 footwear 2.0% 5 BRAND BREAKDOWN IN MALLS by turnover clothing 1.7% 20 clothing 1.5% 4 15% 17% electron
Slide 47: Tenants in Romania
47 Tenants in Romania TOP 10 Tenant Product category Turnover impact Contracts TOTAL CONTRACTS 525 food 9.8% 9 clothing 6.8% 3 BRAND BREAKDOWN IN MALLS by turnover electronics 5.2% 8 jewellery 3.0% 8 household goods 2.8% 5 31% pharmacy 2.4% 5 45% footwear 1.6% 5 24% House of art clothing (family) 1.
Slide 48: Net debt
48 Net debt NET DEBT CHANGE (€ 000) -756 4,419 1,536 -2.602 -6.499 7,073 1,034,231 1,037,400 Net debt 30/06/14 Profit for the period Depreciation/ Change in NWC (net PM Change in other non- Change in fixed/ non- Change in shareholders' Net debt 30/09/14 attibutable to the Parent Devaluation/ Change
Slide 49: Reclassified balance sheet
49 Reclassified balance sheet SOURCE/USE OF FUNDS(€ 000) 30/06/2014 30/09/2014 ∆ ∆% Fixed assets 1,848,270 1,836,509 -11,762 -0.6% NWC 61,319 65,737 4,418 7.2% Other consolidated liabilities -68,747 -54,895 13,852 -20.1% TOTAL USE OF FUNDS 1,840,842 1,847,351 6,509 0.4% Net debt 1,034,231 1,037,400
Slide 50: Capital Increase
CAPITAL INCREASE
Slide 51: Key figures of the capital increase
51 Key figures of the capital increase 200 million euros, the maxium amount of the cash capital increase offered to all IGD shareholders and approved during the Shareholders’ Meeting held in extraordinary session on 7 August 2014. 29/9-17/10 offering period of the Share capital successfully complete
Slide 52: Characteristic of the capital increase
52 Characteristic of the capital increase ISSUE RATIO 11 new shares for every 10 held ISSUE PRICE €0.504 Coop Adriatica and Unicoop Tirreno,, as agreed, subscribed their portion of the capital increase (56.92% or approximately €114 million). NO. OF SHARES ISSUED 396,186,626 (dividend rights as of 1.
Slide 53: Purpose of the capital increase (1/2)
53 Purpose of the capital increase (1/2) 1. Finance the acquisition of the core portfolio for €92.665 million (+ €2.1 million estimated transfer duties and costs) Hypermarket Schio (VI) Leading properties in terms of standing and client attraction in their reference areas Hypermarket Cesena Lungo Sa
Slide 54: Overview of the properties being acquired
54 Overview of the properties being acquired HYPERMARKET SCHIO (VICENZA) HYPERMARKET CESENA LUNGO SAVIO (FORLÌ-CESENA) GLA: 8,176 sqm (net sales area: 4,806 sqm) GLA: 4,746 sqm (net sale area: 4,000 sqm) Rental income: €1.16M (€142/sqm/y) Rental income: €1.27M (€268/sqm/y) ERV as at 30/06/2014: €1.1
Slide 55: Purpose of the capital increase (2/2)
55 Purpose of the capital increase (2/2) 2. Optimize IGD’s Economic and Financial structure TRANSACTION ALLOWING TO EXCEED THE TARGETS SET IN THE 2014-2016 2014 BP, PAVING THE WAY TO PURSUE NEW STRATEGIC AMBITIONS IN TERMS OF GROWTH AND VALUE CREATION FY 2013 post FY 2013 transaction (1) RENTAL REVE
Slide 56: BP 2014-2016: Pipeline and Disposals
BP 2014-2016: PIPELINE AND DISPOSALS
Slide 57: IGD 2014-2016 Business Plan Investment Pipeline
57 IGD 2014-2016 2016 Business Plan Investment Pipeline ESP GrandRondò NEW Chioggia EXTENSION / Centro d’Abruzzo Le porte di Napoli PROPERTIES Porta Medicea RESTYLING Porto Grande Centro Borgo Centro Sarca Expected Investment schedule (€M) Total plan Project 2014-2016 (€M) opening 2014 2015 2016 Chi
Slide 58: Pipeline: Chioggia Retail Park
58 Pipeline: Chioggia Retail Park CHIOGGIA RETAIL PARK – CHIOGGIA (VE) Start of work November 2013 End of work March 2015 The project consists of a total GLA of 18,343 m², which will incorporate a Hypercoop of 7.490 m² (of which 4,500 500 m² of sales area), 5 medium surface areas for a total of 9,57
Slide 59: Pipeline: ESP - Ravenna
59 Pipeline: ESP - Ravenna RESTYLING and EXTENSION Restyling – Work completed at the end of 2011 Total investment about € 2.8 mn The restyling (inside and outside) concerned lighting, flooring, furnushing and layout of some stores in the shopping mall. Extension: At the authorization and planning st
Slide 60: Pipeline: Porto Grande – Porto d'Ascoli
60 Pipeline: Porto Grande – Porto d’Ascoli (AP) EXTENSION Start of work: September 2013 End of work: September 2015 The final urban planning with the municipality is in progress. The extension consists of an additional 5,000 m² for 2 external medium surface areas, in addition to 1,700 m² of green ar
Slide 61: Pipeline: Centro D'Abruzzo
61 Pipeline: Centro D’Abruzzo – S. Giovanni Teatino (CH) EXTENSION Start of work second half 2012 End of work April 2014 The extension consists of the construction of a building of 4,700 m² with 3,000 sqm of GLA in addition to 8,743 743 m² for parking places. Total expected investment about € 16 mn
Slide 62: Pipeline: Centro Sarca
62 Pipeline: Centro Sarca – Sesto S. Giovanni (MI) RESTYLING Start of work: 2013 End of work: 2015 Restyling of The first part of the restyling of the underground parking and underground parking and shopping center connecting stairs have already been connecting stairs completed. At the beginning of
Slide 63: Pipeline: Centro Borgo – Bologna
63 Pipeline: Centro Borgo – Bologna RESTYLING Start of work: 2014 End of work: 1H 2015 Restyling of the mall interior and work on the external facade of the shopping center. Total expected investment about € 3.5 mn Rendering of the internal and external restyling Road-show presentation
Slide 64: Pipeline: Gran Rondò and Le Porte di Napoli
64 Pipeline: Gran Rondò – Crema (CR) Le Porte di Napoli – Afragola (NA) GRAN RONDO’ - RESTYLING and EXTENSION Start of work 2013 End of work May 2016 Extension with creation of a medium surface and restyling of the mall. Total expected investment about € 8 mn LE PORTE DI NAPOLI - RESTYLING Start of
Slide 65: Pipeline: Porta a Mare (1/2)
65 Pipeline: Porta a Mare (1/2) PORTA A MARE PROJECT - LIVORNO Sub-area Use Start of work It is a project aimed at transforming an area of the Piazza Mazzini retail, residential and offices 2010 port of Livorno, near the city center, with the Officine Storiche retail and residential 2015 constructio
Slide 66: Pipeline: Porta a Mare (2/2)
66 Pipeline: Porta a Mare (2/2) NEXT WORKS Road-show presentation
Slide 67: 2016 Business Plan Disposals
67 2016 Business Plan Disposals IGD 2014-2016 The work carried out to maintain a high asset quality and The renewed interest of institutional investors, investors especially foreign, in the retail sector Already did for around 60mn€ make us (Sale of the mall of Le Fonti del Corallo Shoppping Centre
Slide 68: www.gruppoigd.it
www.gruppoigd.it Claudia Contarini, IR T. +39. 051 509213 claudia.contarini@gruppoigd.it Elisa Zanicheli T. +39. 051 509242 elisa.zanicheli@gruppoigd.it
Immobiliare Grande Distribuzione SIIQ S.p.A. (IGD) — IPO Roadshow (December 2014) on 6ix