Immobiliare Grande Distribuzione Siiq S.p.a. · MIL:IGD
Immobiliare Grande Distribuzione Siiq — IGD SIIQ — Non-Deal Roadshow (March 2019)
73 slides from Immobiliare Grande Distribuzione Siiq's roadshow presentation, March 2019
Slide 1: Road Show presentation FY2018 results and Strategic Plan 2019-2021
FY 2009 RESULTS Bologna November 11, 2011 Road Show presentation FY2018 results and Strategic Plan 2019-2021 March 2019
Slide 2: 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 Act of 1933, as amended (the “Securities Act”), or in Aust
Slide 3: Index
Index 1. INTRODUCTION TO IGD 4 2. OPERATING DATA at 31/12/2018 13 3. FY2018 FINANCIAL RESULTS 28 4. STRATEGIC PLAN 2019-2021 38 5. APPENDIX 63 3
Slide 4: Introduction to IGD
Introduction to IGD Conè - Conegliano
Slide 5: IGD at a glance
IGD at a glance IGD is one of the main players in the Italian retail real estate sector: we develop and manage shopping centres across the country. We are also present in the retail sector in Romania 26 shopping malls 25 hyper / 14 shopping Development supermarkets in Italy (1) in Italy >€2.4bn port
Slide 6: An intense growth journey to reach a suitable size
An intense growth journey to reach a suitable size... Real estate portfolio market value €mn Interesting growth Disposals (at book opportunities seized value or higher values) on the market and change in fair value Extraordinary investments for the Completed an acquisition of 10 important pipeline a
Slide 7: Our business model
Our business model A distinctive competitive positioning in the fragmented Italian retail property market Large portfolio of retail property assets with a strong customer base 1 generating sound and visible revenues and growing cash flows A unique control on 16 Shopping centres (mall + hypermarket)
Slide 8: Our shareholding structure
Our shareholding structure Listed on the Italian Stock Exchange in the STAR segment (“high requirements”) Coop Alleanza 3.0 • Number of shares: 110,341,903 40.92% • Share Capital: about 750 mn € Free float • Net Equity: about 1.3 bn € (31/12/2018) 47.05% Unicoop • Market Capitalization: about 725 €m
Slide 9: Key data of the entire Coop world and of our two main Shareholders
Key data of the entire Coop world and of our two main Shareholders 7 LEGAL ENTITIES THROUGHOUT ITALY 17 Regions covered by Coop Revenues ~ 4,5 bn € ~ 1 bn € N° of stores ~421 ~100 Employees >22,000 3,855 Members ~ 2.3 million ~ 674,000 Deposits from members ~ 3.9 bn € ~ 700 mn € Coop world key data:
Slide 10: Governance - the Board of Directors
Governance - the Board of Directors On 1 June 2018 the Sharheolders’ Meeting appointed the new Board of Directors (in office until the approval of the 2020 full year results) Chairman - CONFIRMED Chief Executive Officer CONFIRMED FOURTH MANDATE Number of directors further reduced (from 13 to 1
Slide 11: Governance - Directors and Committees
Governance - Directors and Committees IGD’s governance has been in line with the criteria of the Self Regulatory Code of Italian Stock Exchange since it was listed. An internal Corporate Governance Code has been in use since 2008. CHAIRMAN CEO EXECUTIVE Elio Gasperoni Claudio Albertini VICE CHAIRMAN
Slide 12: Our Top management
Our Top management ELIO GASPERONI (1953) CLAUDIO ALBERTINI (1958) Chairman Chief Executive Officer Chairman of IGD's Board since April 2017 Appointed in May 2009 Vice Chairman of Coop Alleanza Board member at IGD since 2006 Board member of IGD since 2015 More than 20 years of experience with Unipol
Slide 13: Operating data at 31/12/2018
Operating data at 31/12/2018
Slide 14: A portfolio of high quality assets, dominant in their catchment area
IGD: a portfolio of high quality assets, dominant in their catchment area… IGD – Main Italian Asset NORTH CENTRO SARCA ESP LE MAIOLICHE CENTRO BORGO CENTRO LAME PUNTADIFERRO CENTRO LEONARDO SESTO S. GIOVANNI (MI) RAVENNA FAENZA (RA) BOLOGNA BOLOGNA FORLI’ Imola (BO) CONÈ CENTRO PIAVE CLODÌ CENTRO NO
Slide 15: Located in the most attractive Italian regions
…located in the most attractive Italian regions >80% of value of italian portfolio ITALY- 61 properties in 12 regions concentrate in Northern & Central Italy (93.6% of total IGD market Value) GDP Per-capita 38.8k 30.3k 1 34.9k ROMANIA 36.6k 31.7k S+I 6.4% 3 5 12.0% 2 29.4k 34.6k 1 ## of 22 30.8k pro
Slide 16: The main characteristics of our portfolio
The main characteristics of our portfolio € 2.412,2 mn Other 4% (€97.9 mn) Romania 7% Total GLA (Ita) 665,000 m2 (market share c. 4%) (€154.8 mn) A young portfolio: old on average 7 years (since opening or last restyling) Full ownership of 16 Shopping centres (mall+hyper) in Italy (63.5% of Italy co
Slide 17: 2018 Asset Management
2018 Asset Management 18th April - 4 malls acquired* Dominant centers in their catchment area Excellent operating perfomances Mall Mall CENTRO LEONARDO - Imola CENTRO LUNA – Sarzana Attractive initial yield (gross/net yield 6.8% /6.4%) Re-constitution of full ownership (2 shopping centers )
Slide 18: Strong repositioning of the Romanian portfolio
Strong repositioning of the Romanian portfolio 1 6 11 Key Strategical points 1 7 • Further €4.5 mn capex for safety, 2 8 2 7 12 maintenance and commercial improvements 3 • Growth trend of rents 9 3 8 13 14 10 11 • Attention on operational costs 4 12 13 4 9 14 • Focus on sustainability 5 6 5 10 2008
Slide 19: IGD Portfolio Mkt value
IGD Portfolio Mkt value Net Initial ?% Gross Initial Financial FV 2017 FV 2018 ?% Net Initial Yield Yield topped Like for Like Yield occupancy up Malls Italy 1,331.60 1,573.79 + 18.2% + 0.4% 6.41% 96.24% 5.30% 5.40% Tot. Italy Hyper Italia 647.20 585.63 (-9.5%) + 1.3% 6.08% 100.0% 97.2% Romania 159.
Slide 20: NNNAV
NNNAV 31/12/2017* € per share 31/12/2018 D% Restated NAV 11.87 11.77 -0.9% NNNAV 11.40 11.45 0.4% - 0.27 0.72 - 0.50 0.10 11.40 11.45 EPRA NNNAV 31 DEC Dividend Change in debt fair FFO Assets Fair Value EPRA NNNAV 31 DEC 2017 Restated value and other 2018 * Values at 31 December 2017 have been adjus
Slide 21: A well-structured tenants portfolio
A well-structured tenants portfolio… 93.6% 6.4% Italy of total rental Romania of total rental income income 1,467 contracts 571 contracts 97.2% occupancy 97.1% occupancy Growing vs 96.8% FY17 Growing vs 96.4% FY17 4.4 years for the malls 4.8 years for malls 16.7 years for the hyper Average residual
Slide 22: Good operating performances confirmed
… and good operating performaces confirmed 93.6% 6.4% Italy of total rental Romania of total rental income income +2.2% tenant sales 3.9% average upside on renewals incl. extensions 423 signed contracts +0.7% excl. extension of which 174 turnover and 249 renewals Stable average rents* 30.5% Rotation
Slide 23: IGD performances better and more resilient than Italian GDP and consumption
IGD performances better and more resilient than Italian GDP and consumption trends IGD – LfL Rental Growth vs. Italy – GDP Growth % 97.5% 97.4% 96.2% 96.9% 97.3% 96.8% 97.2% 3.1% (1) 1.5% 1.7% 1.7% 1.5% 1.5% 1.3% 0.7% 0.6% 0.5% 1.0% 0.9% 1.0% 0.2% 0.1% 0.3% Always high, stable and resilient occupanc
Slide 24: 2018 a positive year in IGD's Italian malls
2018 a positive year in IGD’s Italian malls A dynamic merchandising mix Weight of tenant sales Change Increased weight of the services turnover 4.1% + 0.6 p.p. Increased weight of the food court turnover 8.2% + 0.4 p.p. Decreased weight of clothing/accessorize/shoes 47.2% - 0.6 p.p. turnover on the
Slide 25: Romania - 2018 Marketing activities
Romania - 2018 Marketing activities New entry in Winmarkt portfolio: merchandising mix more and more international and attractive 4 stores (Piatra Neamt, Braila, Vaslui, Ramnicu Valcea) German brand Happy Cinema (Alexandria) and Max Gym (Ploiesti) Win Magazin Sa first Romanian company to obtain the
Slide 26: Contracts in Italy and Romania
Contracts in Italy and Romania Numero contratti ita 1441 Average residual mat hyper italia 16.7 anni Expiry date of mall and hypermarket contracts (% value and n. of contracts) Italy N. 1,467 contracts: N 24 92.7% Average residual maturity N 821 Ipermarkets 16.7 years 63.1% Malls 4.4 years Malls N 2
Slide 27: Key tenants
Key tenants Top 10 Tenants Malls Italy Top 10 Tenants Malls Romania Product Turnover Product Turnover TOP 10 Tenant Contracts TOP 10 Tenant Contracts category impact* category impact food 7.6% 9 clothing 3.1% 14 clothing 4.7% 6 clothing 2.8% 11 clothing 3.3% 11 clothing 2.4% 11 grocery 2.1% 5 clothi
Slide 28: FY2018 Financial Results
FY 2009 RESULTS Bologna November 11, 2011 FY2018 Financial Results
Slide 29: 2018 key events
2018 key events NOV EMBER DECEMBER 1 | 2019-2028 strategic Plan | Achieved the 2016-2018 \ strategic Agreement with Business Plan targets: | Coop Alleanza 3.0 Accumulated FFO c. €200mn (cagr +21.6%) uv 45.8%
Slide 30: Highlights 1/2
Highlights 1/2 €151.8 mn €124.0 mn Rental Income Net Rental Income +9.2% + 10.9% €113.7 mn €46.4 mn Core business Ebitda Group Net Profit +12.4% - 46.3% Margin 71.9% +220bps Margin from Freehold 80.3% (+ 110bps) €2,412.2 mn €11.45 per share Portfolio Market Value Epra NNNAV +8.3% +0.4% vs € FY2017*
Slide 31: Highlights 2/2
Highlights 2/2 €79.7 mn Funds From Operations (FFO) +21.4% €0.72 €0.50 per share FFO per share Proposed dividend 31
Slide 32: Completing the delivery of 2016-2018 Business Plan
Completing the delivery of 2016-2018 Business Plan IGD 2018 results IGD 2018 results Economic and financial targets Target BP 2016- (not including the 2018 (including the 2018 2018 have been reached, in particular portfolio acquisition) portfolio acquisition) in the last 4 years: Revenues from Total
Slide 33: Revenues and net rental income
Revenues and net rental income (€mn) +12.9 €mn +1.3% +2.9% +9.2% Rental revenues breakdown 6.4% 0.5% 0.3 10.9 1.7 26.5% Total rental 151.8 revenues 138.9 €151.8 mn 66.6% Rental income FY 2017 Change in LfL Italy Non Like for like Italy Change in LfL Romania Rental income FY 2018 Malls Hypermkt Roman
Slide 34: Funds From Operations (FFO)
Funds From Operations (FFO) +21.4% 1.8 -0,2 12.5 79.7 65.6 FFO FY_CONS2017 Change in core business EBITDA Change in financial Change in taxes and other FFO FY_CONS2018 management (Net liability Management) Higher than the announced guidance (+20%) 34
Slide 35: Proactive liability management continues
Proactive liability management continues… Breakdown of secured and unsecured debt 31/12/2017 31/12/2018 LTV 47.4% 45.8% SECURED 33% ICR 2.9X 3.5X UNSECURED 67% AVERAGE COST OF DEBT 2.8% 2.7% 35
Slide 36: Financial structure
Financial structure 2.5% 5y 2.65% Repaid bond 7y 2.25% 300 7/1/19 7y 200 bond Bank debt 125 162 100 46 58 67 53 52 45 25 27 2019 2020 2021 2022 2023 2024 2025 >2025 NET DEBT as at 31/12/2018 ~€1,108 mn 31/12/2017 31/12/2018* GEARING RATIO c. 0.94X c. 0.88x L.T. MARKET BANKING ~1,068 49.0% SYSTEM AVE
Slide 37: Outlook 2019
Outlook 2019 FFO Outlook FY2019 ca. +6/7% vs 2018 Funds from Operations ca +6/7% +21,4% +21,7% +18,9% +28,5% 35.1 45.3 53.9 65.6 79.7 €mn 2014 2015 2016 2017 2018 2019 37
Slide 38: Strategic Plan 2019-2021
FY 2009 RESULTS Bologna November 11, 2011 Strategic Plan 2019-2021
Slide 39: Retail: a continuously evolving world
Retail: a continuously evolving world Shopping Shopping Centers Shopping Experience Hypermarkets Mall + Hypermarket and Services Centers and Social Centers From a simple place of Increased interaction and Hypermarket as a center of Greater and more FEATURES purchase to shopping and personalisation w
Slide 40: Risk of Obsolescence for Shopping Centers
IGD’s current positioning and long-term commitment Supported by strategic Shopping experience IGD important relationship with high quality tenants Risk of Obsolescence for Shopping Centers Low efforts for High-end services repositioning and long-term commitment Integration with the E-Commerce Restau
Slide 41: IGD Mission Statement
IGD Mission Statement After a decade of growth… A plan focused on strengthening the solid and sustainable leadership of our shopping centers in their respective catchment area and to be prepared for future challenges 41
Slide 42: 2019-2021 Strategic Plan
2019-2021 Strategic Plan A consolidation and enhancement plan based on 3 pillars Innovation and operational Asset Financial excellence management strategy Great focus on innovation and Investments aimed at maintaining Maintaining a solid financial operational excellence mainly in and increasing the
Slide 43: Our idea of shopping centers in 6 key words 1/2
Our idea of shopping centers in 6 key words 1/2 Target What we doing Identify solutions that make shopping • «Experience to be lived» project has already been more engaging and experiential in introduced in 2 Shopping Centers (Puntadiferro and order to impress visitors: experience Città delle Stelle
Slide 44: Our idea of shopping centers in 6 key words 2/2
Our idea of shopping centers in 6 key words 2/2 Target What we doing Introduce and manage a set of tools • Introduce EV charging stations (in 20 Shopping which enable us to improve our Centers) and e-bike charging points customers’ journey, also by means of • More Services: 21 dental clinics (turnov
Slide 45: Business approach to align merchandising mix with current trends
Business approach to align merchandising mix with current trends Broaden and diversify the retail offer Online-offline interaction Services Sharing economy Entertainment Areas Kiosks Introduction of new services (medical Introduction of new sharing economy Set-up of entertainment areas conceived Cre
Slide 46: Sustainability as essential driver 1/2
Sustainability as essential driver 1/2 GREEN RESPONSIBLE ETHICAL ATTRACTIVE TOGETHER Area Our committment 95% of the portfolio ISO 14001 certified Environmental certification BREEAM IN USE (at least at level «Very Good») for 5 more shopping centers Measures to reduce energy €5 mn expected for
Slide 47: Sustainability as essential driver 2/2
Sustainability as essential driver 2/2 GREEN RESPONSIBLE ETHICAL ATTRACTIVE TOGETHER Continuous update of the Anti-corruption Exclusive and inclusive Projects to capture insights corporate Welfare System certification project events from millennials regarding Maintaining highest Cooperat
Slide 48: Asset management: 4 main operating levers
Asset management: 4 main operating levers 1 Requalification of the existing portfolio (restyling/refurbishment) 2 Strategic agreement with Coop Alleanza 3.0: an opportunity 3 Completion of the current pipeline (Officine Storiche and ESP Entertainment) 4 Asset rotation 48
Slide 49: Restyling/refurbishment projects
1 Restyling/refurbishment projects Important track record in asset management Between 2014 and 2018 we carried out and completed various extensions, remodeling and restyling work in our shopping centers Date Type Increase in Shopping Shopping Center of work of work Center revenues(1) Centro Sarca (M
Slide 50: Restyling/refurbishment projects
1 Restyling/refurbishment projects CENTRO CASILINO FONTI DEL CORALLO GRAN RONDO’ LA FAVORITA Proejct Type of Remodeling and Restyling Remodeling and Restyling Internal Restyling Internal and external Restyling work Restyling of the external facade Hypermarket reduction (new GLA Following the extensi
Slide 51: Strategic Agreement with Coop Alleanza 3.0, partner / food anchor
2 Strategic Agreement with Coop Alleanza 3.0, partner / food anchor The role of the mall and the hypermarket The role of the food anchor (hypermarket) remains fundamental with the ability to attract visitors. Strong synergy between IGD and Coop that generates excellent operating / financial performa
Slide 52: Strategic Agreement with Coop Alleanza 3.0, partner / food anchor
2 Strategic Agreement with Coop Alleanza 3.0, partner / food anchor Agreement regarding approx. €520 mn of the market value (approx. 21% of IGD total market value) A framework agreement regarding the complete review of 18 contracts (out of a total of 20) of the hypermarket portfolio rented to Coop A
Slide 53: Strategic Agreement with Coop Alleanza 3.0, partner / food anchor
2 Strategic Agreement with Coop Alleanza 3.0, partner / food anchor The main effects expected from the agreement, together with a higher rent sustainability, will be: Pre agreement Post agreement Maturity of the Coop Alleanza 3.0 hypermarket contracts Maturity of the Coop Alleanza 3.0 hypermarket co
Slide 54: Pipeline completion
3 Pipeline completion Officine Storiche and ESP Entertainment Officine Storiche - Porta A Mare * Piazza Mazzini >15,000 43 c. €53mn 2020 69 90.7% Sale of residential M2 dedicated Sea front flats Investment End of work Flats sold / pre-sold Total m2 sold / pre- almost completed to retail (of which ov
Slide 55: Asset rotation
4 Asset rotation Rationalisation of the portfolio through the disposal of some non-strategic assets for €150-200mn is under evalutation Income from disposals will be primarily allocated to reduce debt and leverage and partly re-invested 55
Slide 56: Financial strategy
Financial strategy Maintain a rigourous financial discipline in line with the Investment Grade profile Improve and further reduce the LTV Lower the exposure to financial risks (interest rate Improve the liquidity profile while maintaining a significant share of medium long-term debt (currently equal
Slide 57: Revenues and FFO
Revenues and FFO 4 years of considerable growth… Driven by new openings and Consolidation plan with a acquisitions sustainable growth Gross rental income CAGR Plan period 2019-2021(1) €mn 151.8 131.3 138.9 115.6 121.1 c.+2% LFL c.+1.7% 2014 2015 2016 2017 2018 FFO ps FFO c.€ 0.72 €mn +21.4% 79.7 65.
Slide 58: Investments
Investments Total investment plan(1) €mn Capex to maintain the assets quality and safety ~ 1% of the portfolio total market value Casilino New projects such as Fonti del Corallo Officine Storiche and Gran Rondò Entertainment ESP La Favorita + ~~ 30 30 Other minor projects+ Investments to support mar
Slide 59: Financial targets: a clear and defined path
Financial targets: a clear and defined path Average c.4X LTV ICR cost of debt <3% c.3X >45% <50% c.2.4%/2.7% <45% BP 2016-2018 Plan 2019-2021 BP 2016- 2018 Plan 2019- 2021 BP 2016-2018 Plan 2019-2021 (End of Plan) (Plan Period) (End of Plan) 59
Slide 60: Dividend Policy
Dividend Policy…bringing to growing FFO and dividends Constant FFO and dividends growth € mn 68% 84% 0.50 69% 0.50 Target 72% 0.45 88. 0 0.5 0 81% Offer an attractive and 0.40 79.7 0.38 0.4 0 sustainable dividend 68. 0 65.6 0.3 0 over time 53.9 55.2 55.2 0.2 0 48. 0 45.3 0.1 0 35.1 36.6 32.5 28.4 -
Slide 61: Further option of growth
Further option of growth • A Strategic Plan aimed at strenghtening the leadership of our shopping centers, without further acquisitions • IGD’s idea, to act as a platform able to aggregate new assets in order to further increase its market share and pursue greater economies of scale, remains valid •
Slide 62: Final remarks
Final remarks Built a portfolio of dominant shopping centers in their catchment area and 1 integrated within the urban fabric Focus on new market trends, innovation and quality of the assets to enhance 2 the leadership of shopping centers Strategic agreement with COOP Alleanza 3.0: a unique and dist
Slide 63: Appendix
Appendix Centro Leonardo
Slide 64: The Italian real estate in 2018
The Italian real estate in 2018 Asset class that performed better considering the contraction in the real estate market. Retail: €2.2bn Strong demand from international -6% vs 2017 retailers: many brands entered in the Office: €3.4bn Total 2018 Italian market the first time over the -17% vs 2017 r
Slide 65: Consolidated income statement
Consolidated income statement (a) (b) D GROUP CONSOLIDATED CONS_2017 CONS_2018 (b)/(a) Revenues from freehold activities 126.3 139.3 10.3% Revenues from leasehold activities 12.6 12.5 -1.3% Total income from rental activities 138.9 151.8 9.2% Rents and payable leases -10.2 -10.3 0.5% Direct costs fr
Slide 66: Funds from Operations (FFO) €79.7 mln (+21.4%)
Funds from Operations (FFO) €79.7 mln (+21.4%) Funds from Operations FY_CONS_2017 FY_CONS_2018 D vs cons 2017 D% Core business EBITDA 101,187.3 113,723 12,535 12.4% Adj. Financial Management -34,350 -32,504 1,846 -5.4% Adj. Extraordinary Management 0 0 0 n.a. Adj. Current Taxes for the period -1,204
Slide 67: EPRA NNNAV per share
EPRA NNNAV per share 31/12/2017 31/12/2017 Restated (a) 31/12/2018 (b) D% (b vs a) NNNAV Calculation €'000 € p.s. €'000 € p.s. €'000 € p.s. Total shares 81,304,563 110,341,903 110,341,903 1) Group sharheolders' equity 1,115,753 13.72 1,263,014 11.45 1,252,338 11.35 -0.8% Excludes Fair value of Finan
Slide 68: More Financial Highlights
More Financial Highlights FY2017 FY 2018 SHARE OF MEDIUM/LONG-TERM DEBT 91.1% 79.8%* UNCOMMITTED CREDIT LINES GRANTED €276 mn €191 mn** UNCOMMITTED CREDIT LINES AVAILABLE €225.6 mn €148.2 mn** COMMITTED CREDIT LINES GRANTED AND AVAILABLE €60 mn €60 mn UNENCUMBERED ASSETS €1,475.4 mn €1,462.6 mn * Wi
Slide 69: Reclassified Balance Sheet
Reclassified Balance Sheet Surces - Use of funds 31/12/2017 31/12/2018 D D% Fixed assets 2,157,176 2,346,527 189,351 8.8% Assets under construction 40,466 36,563 -3,903 -9.6% Other non-current assets 23,245 22,699 -546 -2.3% Other non-current liabilities -29,082 -27,906 1,176 -4.0% NWC 28,768 26,020
Slide 70: 9° Sustainability Report
9° Sustainability Report Transparency and Reliability International standards implemented + assurance sBPR 2018 News 3 In-depth analisys carried out: Impacts assessment 2016-2018 Sustainability Plan IGD and SDGs 3 «impact forms» have been Reporting of the achievement Specific reference to 10 (out of
Slide 71: 9° Sustainability Report_results achieved
9° Sustainability Report_results achieved GREEN RESPONSIBLE ETHICAL ATTRACTIVE TOGETHER Decrease in electricity 99% employees that 3 stars score 530 events carried out 255 local organizations consumption: -1.1% have benefitted from confirmed in the 19 Shopping Centers hosted in the Shopp
Slide 72: Italian Portfolio: hypermarkets and shopping malls
Italian Portfolio: hypermarkets and shopping malls TENANTS OF 27 SHOPPING MALLS 25 HYPERMARKETS HYPERMARKETS CENTRO D'ABRUZZO -Pescara CENTRO D'ABRUZZO -Pescara Coop Alleanza 3.0 CLODI' - Chioggia CLODI' - Chioggia Coop Alleanza 3.0 PORTO GRANDE - Porto d'Ascoli (AP) PORTO GRANDE - Porto d'Ascoli (A
Slide 73: Investor Relations contacts
Claudia Contarini, IR T. +39. 051 509213 claudia.contarini@gruppoigd.it Elisa Zanicheli, IR Team T. +39. 051 509242 elisa.zanicheli@gruppoigd.it Federica Pivetti, IR Team T. +39. 051 509260 federica.pivetti@gruppoigd.it to @igdSIIQ