Immobiliare Grande Distribuzione Siiq S.p.a. · MIL:IGD
Immobiliare Grande Distribuzione Siiq — IGD SIIQ — Non-Deal Roadshow (December 2024)
74 slides from Immobiliare Grande Distribuzione Siiq's roadshow presentation, December 2024
Slide 1: Road Show Presentation December 2024
Road Show Presentation December 2024
Slide 2: Disclaimer
Disclaimer This presentation does not constitute an offer or an invitation to subscribe for or These statements include financial projections and estimates and their purchase any securities. underlying assumptions, statements regarding plans, objectives and expectations with respect to future operat
Slide 3: Index
Index 1 IGD at a glance Pag. 4 2 9M 2024 Results Pag. 16 3 2025-2027 Business Plan Pag. 28 4 Appendix Pag. 61 3
Slide 4: IGD at a glance
1 IGD at a glance
Slide 5: Who is IGD?
Who is IGD? SIIQ #1 in Italy We develop, manage and enhance our retail assets with a strategic, sustainable and long-term approach to maintain their high value. With the same attention and expertise we manage third-party portfolios 5
Slide 6: An overview of the Group
An overview of the Group PORTFOLIO N. OF ASSETS 95.1%* EPRA NRV H1 24 €8.92/share MARKET VALUE €1.7 mld FULLY OWNED 62 FINANCIAL OCCUPANCY EPRA NIY H1 24 6.3% H1 24 Italy + Romania 95,2% topped up Italy Market value breakdown H1 24 Winmarkt Development 7,1% & Other** (14 shopping 2,4% malls) Hyperma
Slide 7: 1H24 property valuations have stabilised
1H24 property valuations have stabilised Δ % 2024 vs FY 2023 Net Exit EPRA Net Initial EPRA Net Initial FY 2023 IH 2024 2023 pro- pro-forma Yield Yield Yield topped up forma Malls Italy 1,404.8 1,351.6 1,347.4 (-0.31%) 7.2% 6.1% 6.3% Hypermarkets Italy 399.8 190.6 189.0 (-0.83%) 6.2% Romania 122.0 1
Slide 8: H1 2024 Epra NAV indicators
H1 2024 Epra NAV indicators € per share 1H 2024 FY 2023 Δ% NRV 8.92 9.22 -3.2% NTA 8.85 9.15 -3.2% NDV 8.76 9.00 -2.7% Some figures may not add up due to rounding 8
Slide 9: The Group structure
The Group structure 99.9% 100% 0.1% Italian Facility Management and Romania Living properties and sport facilities (1 asset c. 3.55€mn) Equity Investements Holding 99.9% 100% Romania Mixed-use project in Livorno (to be developed, see slide 57) 9
Slide 10: April 2024: New Board of Directors and new Chairman and CEO
April 2024: New Board of Directors and new Chairman and CEO IGD’s governance has been in line with the criteria of the Self Regulatory Code of the Italian Stock Exchange since it was listed. An internal Corporate Governance Code has been in use since 2008. CHIEF EXECUTIVE OFFICER and GENERAL MANAGER
Slide 11: The equity structure
The equity structure Number of shares: Listed on the Italian IGD share is included in Stock Exchange in the 110,341,903 STAR segment 104 indexes Current market cap Average daily trading YTD Net equity as of 30/09/2024 (at 29th Nov) 01/01 – 29/11 0.97 € bn c. 275 € mn 302,734 shares Majority of insti
Slide 12: IGD share performance
IGD share performance (up to 29 November 2024) IGD share price since January 2024* Traded volumes since January 2024 MAX €2.62 29 NOV €2,495 2 JAN €2.345 MIN -40,0% €1,406 +77,5% Average volumes traded during the period under review: 302,734 shares with an average value of €619,393 *Closing price IG
Slide 13: Awards, ratings and certifications obtained
Awards, ratings and certifications obtained Awards 6° year 9° year «Le aziende più attente «Europe’s climate «Leader della al clima 2024» leaders2024» Sostenibilità 2024» in a row in a row (Corriere della Sera e Statista) (Financial Times e Statista) (Sole 24 Ore Statista) Financial Rating ESG Ratin
Slide 14: Sustainability fully integrated in our actions
Sustainability fully integrated in our actions Reduce the Portfolio carbon footprint Develope skills, promote inclusion and wellbeing of employees and ensure safety of shopping center visitors Accelerate integration of sustainability into internal processes Enhance shopping centers as sustainable, a
Slide 15: Increasingly green portfolio
Increasingly green portfolio SHOPPING MALLS % MV ITALIAN MALLS CERTIFIED CERTIFIED 10 64% N. PLANTS Peak power ENERGY PRODUCED OUT OF Benefits to the ITALY+ROMANIA Mwp TOTAL CONSUMED community in terms of GHG emission reductions 13 3,270 6% and on expenses charged to tenants N. CHARGING N. SHOPPING
Slide 16: 9M24 Results
2 9M24 Results
Slide 17: Financial Highlights 9M2024
Financial Highlights 9M2024 FY23 9M2024 Δ vs Δ vs Like for (€mn) (€mn) 9M2023 9M2023R* like** Net Rental Income 119.6 85.2 -3.6% +3.7% +4.4% Core business Ebitda 108.2 77.7 -4.1% +3.9% Financial Management -48.7 -52.1 +67.8% Funds From Operation (FFO) 55.4 26.3 -40.7% -31% Group Net Result -81.7 -32
Slide 18: Operating Highlights as of 30/9/2024
Operating Highlights as of 30/9/2024 ITALY ROMANIA Q1 Q2 Q3 Q1 Q2 Q3 9M24 9M24 UPSIDE -3.5% +3.6% +8% +6.54% +0.36% +0.57% +2.4% +4.27% WALB* (years) • Malls 1.78 1.82 1.9 2.1 2.2 2.2 • Hypermarkets 11.77 12.22 12.9 FINANCIAL OCCUPANCY (%) • Malls + Hypermarkets 94.76 94.96 95.06 +10 bps 95,45 95.52
Slide 19: Shopping centers performances in the first 10 months 2024
Shopping centers performances* in the first 10 months ‘24 IGD’s MALLS HYPERMARKETS CNCC-EY +0.9% FOOTFALLS 2024 vs 2023 +1.5% IN SEPTEMBER CNCC-EY +0.2% AND OCTOBER TENANTS SALES 2024 vs 2023 -1.0% +0.6% VERY POSITIVE PERFORMANCES Footfalls Tenants sales Sales 9M COLLECTION RATE 96.3% ITALIAN PORTFO
Slide 20: New openings have continued over the quarter
New openings have continued over the quarter 20
Slide 21: Net rental Income (€mn)
Net rental Income (€mn) Change vs R23 +3.0€mn +3.7% Change vs 2023 -3.2€mn -3.6% Margins on % Change NRI €mn 2024 revenues LFL NRI Italy 79.0 84.6% 4.0% NRI Romania 6.1 85.1% 9.9% NRI Consolidated 85.2 84.6% 4.4% Some figures may not add up due to rounding. 21
Slide 22: Core business Ebitda and Ebitda margin
Core business Ebitda and Ebitda margin Change vs R23 +2.9€mn +3.9% Change vs 2023 -3.3€mn -4.1% EBITDA 2023 2024 73.0% MARGIN 72.9% 72.8% 69.3% Core business EBITDA 2023 2024 MARGIN 75.0% 74.6% freehold Some figures may not add up due to rounding. 22
Slide 23: Financial Management
Financial Management IFRS16 and non recurring charges (including bond over the par redemption) Financial Management Adj*: +14.8mn vs 2023 (+50.3%) *Financial management adj: net of IFRS16 amd IFRS9, non recuurring charges (including the bond over the par redemption quota) Some figures may not add up
Slide 24: Funds From Operations
Funds From Operations Change vs 23R Change in Ebitda due to Increase in financial portfolio disposal management adj. as -11.9€mn reported in the previous slide -31.0% Change vs 23 -18.1€mn -40.7% 2024 Guidance confirmed: FFO expected at approx. 34 €mn Some figures may not add up due to rounding 24
Slide 25: Group Net Result
Group Net Result Of which: -21.0€mn change in Of which: financial management; +60.3 €mn lower impairment and -29.1€mn «Food» fair value changes; participation impact; Change vs 2023 -0.1 €mn change in amortization +0.2 change in taxes -7€mn and provisions -17.7% Some figures may not add up due to ro
Slide 26: Financial structure
Financial structure… NET DEBT NET DEBT Total investments 9M24 9M24 H1 24 €13.5mn € 815.2 mn € 818.1 mn Long term financial Long term financial instruments instruments 812.1 812.83 Short term financial Short term financial instruments instruments 12.37 9.0 Cash -7.1 FFO Q3 24 Investments 3Q 24 Change
Slide 27: Debt maturity profile
….and debt maturity profile Consultations with banks/investors to reshape the maturities profile continue Ratings • Fitch: BBB- (Stable) 11/2024 • S&P: BB (Stable) 05/2024 * Includes €215 green unsecured loan obtained in October ’22 (3+1+1) which we may repay starting in 2025 at our discretion . 27
Slide 28: 2025-2027 Business Plan
3 2025-2027 Business Plan
Slide 29: Italian retail real estate is back on investors' radar
Italian retail real estate is back on investors’ radar… Renewed confidence and attractive yields have brought back investor interest in Europe Europe: while volumes have been stable over the last few quarters (~ 13.5 €bn total retail real estate investment in H1 24), an upswing in shopping mall tran
Slide 30: Yield stabilisation and slowing of e-commerce penetration
…thanks to yield stabilisation and slowing of e-commerce penetration Prime shopping centre yields (%) E-commerce penetration rates, selected European markets Major European markets have seen a Yields have stabilized in all European slowdown in the penetration of markets, and Italy is now aligned wit
Slide 31: What about IGD? Our main focus over the next three years
What about IGD? Over the next three years our main focus will be to optimize our financial profile and improve our operations to deliver best in class performance 31
Slide 32: Our priorities
Our priorities MAXIMIZE VALUE CREATION FROM 02 CORE BUSINESS ACTIVITIES OPTIMIZE OUR FINANCIAL PROFILE AND 01 REDUCE COSTS ENHANCE ATTRACTIVENESS OF 03 OUR PORTFOLIO THROUGH TARGETED AND ESG COMPLIANT INVESTMENTS Focus on embarking on a new growth path and consistent and sustainable dividend distrib
Slide 33: 2025-2027 Business Plan: Operating Targets
2025-2027 Business Plan: Operating Targets Figures as of 30 September 2024 2027 Targets ITA 94.5% ~ 98% Malls Occupancy ~ 99% ROM 95.2% ITA 1.9 years ~ 2.5 years** Malls WALB* ROM 2.2 years ~ 3 years ITA 4.2 years ~ 4.2 years Malls WALT*** ROM 3.7 years ~ 5.4 years * Weighted Average Lease Break: re
Slide 34: 2025-2027 Business Plan: Economic Targets
2025-2027 Business Plan: Economic Targets 2027 Targets In view of impact of planned disposal of non-core assets and the conclusion of 2 masterleases* Net Rental Income ~ +16% like for like Total core ~ 101 € mn ~ 98 € mn business Ebitda Masterleases* and impact of disposals EBITDA ~ 98 € mn ~+16% ~
Slide 35: 2025-2027 Business Plan: Financial and Capital Targets
2025-2027 Business Plan: Financial and Capital Targets 2027 Targets Investments over BP timespan ~ 50 € mn Disposal of non-core assets over BP timespan ~ 100 € mn Loan To Value ~ 40% at 2027 YE (vs 44.8% at 9/30/24) 35
Slide 36: Optimize our financial profile and reduce costs
Optimize our financial profile and reduce costs 1 Redefine our financial maturities profile 2 Reduce cost of debt and improve financial KPIs in line with an investment grade profile (recently confirmed) 3 Reduce debt by completing non-core assets disposal 36
Slide 37: Redefine our financial maturities profile
1. Redefine our financial maturities profile Avoid financial maturities concentration (as in 2027) and extend debt duration Early repayment of bonds with burdensome contractual terms and clauses Negotiate one or more refinancing transactions with the banking system (currently more flexible and offer
Slide 38: Reduce cost of debt and improve financial KPIs
2. Reduce cost of debt and improve financial KPIs Reduce the burden of our financial position and improve ICR Lowering leverage KPIs (LTV, Debt/EBITDA), also taking advantage of a new disposal plan (see next slide) Closely monitor the debt capital market to take advantage of any additional, benefici
Slide 39: Reduce debt
3. Reduce debt Approx. 100€ mn disposal of non-core assets over Business Plan horizon set aside to reduce Group leverage Romania 3 prestigious areas still to be developed Other minor Portfolio included in the Porta a Mare non-core assets (partial) * project in Livorno 1 c. 70 €mn 2 2 c. 20 €mn 3 c.
Slide 40: Disposal – Focus on Romania
Disposal – Focus on Romania Disposal strategy based on Portfolio Segmentation HYPHOTETICAL TARGETS % Romania Institutional Domestic Family office/ Market Value investors institutional private investors investors 1 Premium asset (Ploiesti MV* - 40€ mn) 32.9% 6 Medium size assets 42.3% (Unitary MV: 7-
Slide 41: Disposals – Focus on Porta a Mare, Livorno
Disposals – Focus on Porta a Mare, Livorno WINNER RETAIL AREA OWNED BY of IGD BEST URBAN GLA 24,000 sqm 3 PRESTIGIOUS AREAS STILL TO REGENERATION BE DEVELOPED PROJECT (with mixed residential, tourist-hotel, services and nautical-related business use) c. 26,000 sqm usable Gross Floor Area 115 APARTME
Slide 42: Maximize value creation from core business activities
Maximize value creation from core business activities 1 Increase Net Rental Income (NRI) through «IGD value proposition» 2 Expand the landlord-tenant relationship, with a view to innovation, for the entire contract duration, by enriching and extending the areas of collaboration 3 Position ourself as
Slide 43: Increase NRI through IGD value proposition (1/2)
1. Increase NRI through «IGD value proposition» (1/2) 2027 Net Rental Income like for like: ~+16% vs 2024e • Increase occupancy of Italian and Romanian malls ACTIONS TARGETS • This will increase revenues, reduce the landlord’s • Attract new traffic-generator brands condominium expenses and thus gene
Slide 44: Increase NRI through IGD value proposition (2/2)
1. Increase NRI through «IGD value proposition» (2/2) • Extend WALB and WALT TARGETS • Increase visibility and sustainability of cash flows ACTIONS • Maintain COR* at sustainable levels (11.9% in 2023) FIGURES AS OF 09/30/2024 2027 TARGETS • Strengthen partnerships and contractual flexibility (tailo
Slide 45: Value added: enhance our portfolio by increasing occupancy and NRI
Value added: enhance our portfolio by increasing occupancy and NRI Isola d’Asti (AT) Possible change of intended use, in view 5,000 sqm of disposal in mind Conegliano (TV) c. 800 sqm Maximizing the value of warehouses, Faenza (RA) loading/unloading areas c. 800 sqm and offices resulting from hyperma
Slide 46: Expand landlord-tenant relationship and attract anchor tenants
2. Expand landlord-tenant relationship and attract anchor tenants Physical retail spaces IGD aims to expand and Long term and ESG enrich the compliant vision landlord-tenant relationship with a view to innovation, High value-added going beyond property services the simple contractual approach of Par
Slide 47: IGD shopping center ecosystem at the service of tenants
«IGD shopping center ecosystem» at the service of tenants IGD no longer presents itself as a standard landord, but as a partner that offers a complete ecosystem, with a diverse range of opportunities for tenants to improve their revenues 47
Slide 48: IGD shopping center ecosystem at the service of visitors
«IGD shopping center ecosystem» at the service of visitors The «IGD Shopping Center Ecosystem» offers shopping, services, entertainment and dining experiences together with events and initiatives that build customer loyalty and strengthen interaction with the local area and community 48
Slide 49: Increase digitalization to support the ecosystem
Increase digitalization to support the «IGD shopping center ecosystem» DIGITAL SOLUTIONS DIGITAL SOLUTIONS FOR TENANTS FOR VISITORS New technology platform Data consolidation To simplify/ streamline information Adoption of more powerful profiling touch points 2025 exchange and landlord-tenant dialog
Slide 50: Position ourself as the key player in the retail real estate market
3. Position ourself as the key player in the retail real estate market Annual expected margin: ~€ 2 mn (non-capital-intensive activity) Increase the pool of assets under management TARGET: to capture «new opportunities» CURRENT SITUATION 360° MANAGEMENT FACILITY MARKETING MANAGEMENT 62 ASSETS DIRECT
Slide 51: Enhance attractiveness of our portfolio through targeted ESG investments
Enhance attractiveness of our portfolio through targeted and ESG compliant investments 1 Support transformation of shopping centers into innovative ecosystems, through investments in technology, digital and the high quality of spaces to attract tenants 2 Invest in ESG-specific initiatives, to foster
Slide 52: Support the transformation of shopping centers into innovative ecosystems
1. Support the transformation of shopping centers into innovative ecosystems Maximum flexibility in the management of spaces through re-sizing, re-modelling and re-shaping RE-MODELLING in RE-SIZING and RE-SHAPING in HYPERMARKET REMODELLING in PORTA A MARE (LI) CENTROBORGO (BO) LA TORRE (PA) Converti
Slide 53: ESG-specific investments
2. ESG-specific investments… 2027 TARGETS Shopping centers in Italy certified with BREEAM Certifications >95% * minimum «Very Good» rating Installed power of photovoltaic systems Photovoltaic +50% (baseline 2024) Purchasing energy from Energy from renewable sources purchased renewable sources 94% at
Slide 54: …to reduce CO2 emissions
2. …to reduce CO2 emissions 2027 TARGETS Scope 1 Scope 2 Scope 3 (baseline 2018) (baseline 2021) -22.8% -16.4% -40% -20% 2018 2023 2027 2021 2023 2027 Reductions (kwh/sqm) thanks to energy efficiency – Reductions in TonCo2e, accounting for changes in location based emission factors 54
Slide 55: Enhance sustainability within the value chain
2. Enhance sustainability within the value chain • Mitigate ESG risks within the value chain • Grow stakeholder involvement through partnerships (eg. with tenants) TARGETS • Increase positive social impact of corporate activities on communities and stakeholders • Maintain high levels of standards an
Slide 56: Reduce the exposure to climate change risks 1/2
3. Reduce the exposure to climate change risks 1/2 Prioritize insurance coverage for climate change risks Policies were improved, in 2019, with regard to catastrophic events. The insured value reflects the reconstruction value as new. Timely warning systems Introduction of Artificial Intelligence (I
Slide 57: Reduce the exposure to climate change risks 2/2
3. Reduce the exposure to climate change risks 2/2 Some of the interventions implemented: WHILRWINDS: Anchoring of signs and external elements EARTHQUAKE: Already executed seismic improvement works on more vulnerable assets (Città delle Stelle, Portogrande, FLOODS and STORMS: roof waterproofing and
Slide 58: 2025-2027 Investment pipeline
2025-2027 Investment pipeline Investments based on the distinctive features of locations and catchment areas, envisaging possible changes in planned interventions, also based on the results achieved ~ 12 € mn ~ 50 €mn Commercial ~ 16 € mn ~16 €mn investments (fit out, digital,…) ~11 €mn ESG specific
Slide 59: Final remarks
Final remarks Embark on a growth path and create the conditions to catch up with the major players in the European retail real estate market Handle challenges in our favour, that have recently weighed on results, as well as the stock performance and return to consistent and sustainable dividend dist
Slide 60: Committed to change… We're going to make it!
Committed to change… The change in governance and the subsequent organizational adjustments have already produced the first visible improvements in our operating results Activities to optimize our financial structure are well under way and at an advanced stage, we are therefore confident that result
Slide 61: Appendix
4 Appendix
Slide 62: Consolidated Financial Statements 9M2024
Consolidated Financial Statements 9M2024 GROUP CONSOLIDATED (a) (c) Δ Cons 2023 Cons 2024 (c)/(a) Revenues from freehold rental activities 98.5 93.7 -4.9% Revenues from leasehold rental activities 6.8 7.1 4.0% Total income from rental activities 105.4 100.7 -4.4% Rents and payable leases 0.0 0.0 -50
Slide 63: Re-classified balance sheet 9M2024
Re-classified balance sheet 9M2024 Sources - Uses of funds 30/09/2024 31/12/2023 Δ Δ% Fixed assets 1,683,311 1,959,053 -275,742 -14.1% Assets under construction 2,177 2,364 -187 -7.9% Other non current assets 122,764 42,861 79,903 186.4% Other non current liabilities -20,950 -26,835 5,885 -21.9% NWC
Slide 64: Funds From Operations (FFO) 9M2024
Funds From Operations (FFO) 9M2024 Δ% Funds from Operations CONS_2023 CONS_2024 Δ 2023 vs 2023 Core business EBITDA 81.0 77.7 -3.3 -4.1% IFRS16 Adjustments (Payable leases) -6.6 -6.6 0.0 0.1% Financial management adj* -29.2 -43.9 -14.7 50.3% Current taxes for the period Adj -0.9 -0.9 0.0 4.3% FFO 44
Slide 65: EPRA Net Asset Value as of 30/06/24
EPRA Net Asset Value as of 30/06/24 6/30/2024 12/31/2023 Net Asset Value EPRA NRV EPRA NTA EPRA NDV EPRA NRV EPRA NTA EPRA NDV IFRS Equity attributable to shareholders 970,082 970,082 970,082 1,000,533 1,000,533 1,000,533 Exclude: v) Deferred tax in relation to fair value gains of IP 15,754 15,754 1
Slide 66: Other EPRA Metrics as of 30/6/24
Other EPRA Metrics as of 30/6/24 EPRA Performance Measure 6/30/2024 12/31/2023 EPRA NRV (€'000) 983,943 1,016,875 EPRA NRV per share € 8.92 € 9.22 EPRA NTA 976,452 1,009,216 EPRA NTA per share € 8.85 € 9.15 EPRA NDV 966,738 993,138 EPRA NDV per share € 8.76 € 9.00 EPRA Net Initial Yield (NIY) 6.1% 6
Slide 67: Additional financial highlights and debt breakdown
Additional financial highlights and debt breakdown 30/06/2024 30/09/2024 Debt breakdown 9M2024* Gearing ratio 0.84X 0.84X Average lenght of long term debt 3.1 years 2.9 years Hedging on long term debt + bond 77.3% 77.2% Share of M/L debt 94.0% 93.0% Uncommitted credit lines granted 101.6€mn 101.6 €m
Slide 68: 9M 2024 Key tenants in Italy
9M 2024 Key tenants in Italy and… Annualized Malls Tenants TOP 10 Contracts rent impact 1 83,64% 18 2 12,08% 4 3 3,67% 2 4 0,61% 1 1 1 2 3 4 5 6 7 8 9 0 M a l l s T e n T a o t n t a l s T O P 1 0 a e n b e j t f l b c c c c c c i e e P o l l l l l e a r r g c t o l o o o o o t w i t o t t t t t t e
Slide 69: Key tenants in Romania
..in Romania Merchandise Turnover MERCHANDISING MIX and TOP 10 Tenant Contracts category impact TENANT MIX supermarket 12.2% 11 clothing 4.7% 5 clothing 4.7% 11 clothing 3.8% 7 drugstore 2.7% 5 entertainement 2.4% 5 pharmacy 2.4% 4 office 2.2% 1 jewellery 1.5% 4 restaurant 1.4% 1 Total 38.0% 54 69
Slide 70: Contracts in Italy and Romania 9M2024
Contracts in Italy and Romania 9M2024 Total contracts : 1,326 In the 9 months 81 renewals were MALLS signed with the same tenant and 58 contracts were signed with a new tenant HYPER / SUPERMARKETS Total contracts: 8 Total contracts: 585 In the 9 months 172 renewals were ROMANIA signed with the same
Slide 71: A new iconic destination inaugurated in Livorno
A new iconic destination for shopping and entertainment inaugurated in Livorno OFFICINE STORICHE LIVORNO >16,000 m2 GLA 11 restaurants 1 fitness center 1 entertainment area Officine Storiche entrance 16 shops Opened on Overview of the Porta a Mare area 3rd of September 71
Slide 72: ESG Capex: Energy efficiency improvements
ESG Capex: Energy efficiency improvements 72
Slide 73: Italian Portfolio composition
Italian Portfolio composition* 25 shopping malls 8 hypermarkets Tenants of hypermarkets CENTRO D'ABRUZZO - Pescara CENTRO D'ABRUZZO - Pescara Coop Alleanza 3.0 ESP - Ravenna ESP - Ravenna Coop Alleanza 3.0 LE MAIOLICHE - Faenza LE MAIOLICHE - Faenza Coop Alleanza 3.0 Full ownership LUNGO SAVIO - Ces
Slide 74: Investor Relations contacts
Raffaele Nardi, Director of Planning, Control, Investor Relations and Sustainability T. +39. 051 509231 Raffaele.nardi@gruppoigd.it 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 Te