Immobiliare Grande Distribuzione Siiq S.p.a. · MIL:IGD
Immobiliare Grande Distribuzione Siiq — Non-Deal Roadshow (May 2017)
67 slides from Immobiliare Grande Distribuzione Siiq's roadshow presentation, May 2017
Slide 1: Road Show Presentation: Results as at 31/03/2017 & BP2016-2018
Road Show Presentation Results as at 31/03/2017 & BP2016-2018
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 Act of 1933, as amended (the “Securities Act”),
Slide 3: Index
Index 1. INTRODUCTION TO IGD 4 2. OPERATING DATA 12 3. 1Q2017 RESULTS 28 4. HIGHLIGHTS ON 2016-2018 BUSINESS PLAN 40 5. APPENDIX 50 Roadshow presentation 3
Slide 4: 1. Introduction to IGD
Centro d’Abruzzo - Chieti 1. Introduction to IGD
Slide 5: IGD at a glance
IGD at a glance IGD is one of the main players in the Italian retail real estate sector: develops and manages shopping centers across the country and has a significant presence in retail distribution in Romania #1 Italian Retail SIIQ (REIT) IGD Portfolio Snapshot 1 IGD Portfolio Breakdown by Geograp
Slide 6: IGD unique positioning in the Italian retail property sector
IGD unique positioning in the Italian retail property sector Large portfolio of retail property assets with a strong customer base generating sound 1 and visible revenues and growing cashflows over the business plan timespan 2 Strong competitive position in the stable and attractive Italian retail p
Slide 7: Our business model
Our business model A careful merchandising mix, marketing activity adapted to each DIRECT MANAGEMENT context and various customer related services and careful attention OF THE SHOPPING CENTRES paid to tenants’ needs MEDIUM SIZED AND EASILY In line with the geographical structure of Italy which is ch
Slide 8: SIIQ regime: main features
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 LIMITS
Slide 9: IGD's shareholders
IGD’s shareholders IGD IS LISTED ON THE STAR SEGMENT OF BORSA ITALIANA TOTAL SHARES 813,045,631 SHARE CAPITAL € 599,760,278.16 40.92% Coop Alleanza 3.0 47.05% Unicoop Tirreno Free Float 12.03% MARKET SHAREHOLDING REFLECTED IN A GOVERNANCE STRUCTURE IN LINE WITH BEST STANDARDS Roadshow presentation 9
Slide 10: IGD Governance
IGD Governance Composition of the current Board of Directors Vice Chairman Chairman IGD’s governance has been in line with the Elio CEO Fernando Gasperoni Claudio criteria of the Self Regulatory Code of Pellegrini Albertini Italian Stock Exchange since the listing. Caporioni Gilberto From 2008, an i
Slide 11: IGD top management
IGD top management ELIO GASPERONI (1953) Chairman CLAUDIO ALBERTINI (1958) 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 the Uni
Slide 12: 2. Operating data
FY 2009 RESULTS Bologna November 11, 2011 2. Operating data Conè – Conegliano
Slide 13: IGD: A cluster of retail assets dominant in their catchment area
IGD: A cluster of retail assets dominant in their catchment area IGD Principal NORTHERN ITALY Italian Assets MONDOVICINO SHOPPING I BRICCHI CENTRO SARCA GRAN RONDÒ MILLENNIUM GALLERY CONÈ CENTER & RETAIL PARK ISOLA D'ASTI (AT) SESTO S. GIOVANNI (MI) CREMA (CR) ROVERETO (TN) CONEGLIANO (TV) MONDOVÌ (
Slide 14: Italian Portfolio: hypermarkets and shopping malls
Italian Portfolio: hypermarkets and shopping malls (as at 31/12/2016) TENANTS OF 22 SHOPPING MALLS 25 HYPERMARKETS HYPERMARKETS CENTRO D'ABRUZZO -Pescara CENTRO D'ABRUZZO -Pescara Coop Al l eanza 3.0 CLODI' - Chi oggi a CLODI' - Chi oggi a Coop Al l eanza 3.0 PORTO GRANDE - Porto d'Ascol i (AP) PORT
Slide 15: Balanced portfolio: geographical point of view
Balanced portfolio from a geographical point of view SOUTH+ISLANDS 19% NE 41% CENTER 28% NW 12% • Leader in their catchment area • Present in 11 Italian regions, from North to South, mainly in medium/large size cities MILAN – C. Sarca BOLOGNA – C. Borgo RAVENNA - ESP ROME -Tiburtino NEAPLES –Porte d
Slide 16: Balanced portfolio: market value point of view
Balanced portfolio from a market value point of view DEVELOPMENT AND OTHER 7 Relevant Malls 7.1% SMALL (mkt value >€70mn): 14.7% Punta di Ferro (FC) Centro Sarca (MI) MALLS 55.6% Tiburtino (RM) HYPER/SUPER MAKETS RELEVANT Le Porte di Napoli (NA) MEDIUM 55.1% Katanè (CT) 29.7% 30.2% Conè (TV) Esp (RA
Slide 17: Performing and effective portfolio
Performing and effective portfolio Resilience in occupancy 2014 2015 2016 1Q 2017 96.2% 97.2% Occupancy rate always high Average Italy thanks to the restyling/ 96.0% extension/remodeling activities Romania 86.4% Flexibility and adaptability m² Average mall dimension: Average no. of shops: No. of ful
Slide 18: IGD Portfolio is growing…
IGD Portfolio is growing… ?% Gross Initial € mn FV 2015 FV 2016 ?% Sqm Like for Like Yield Italy malls 1,136.81 1,211.60 + 6.6% + 1.5% 6.23% 334,029 Hypermarkets 633.63 646.09 + 2.0% + 2.0% 6.17% 269,623 Romania 170.60 164.91 -3.3% -3.3% 6.51% 92,628 Porta a Mare + development + 140.97 155.17 other
Slide 19: …and so is the value created
…and so is the value created € p.s. 31-Dec-15 31-Dec-16 D% EPRA NAV 1.32 1.37 + 3.4% EPRA NNNAV 1.25 1.29 + 3.2% € 0.02 € 1.29 € 0.07 € 1.25 € -0,04 € -0,02 EPRA NNNAV 31 Dec Dividend Delta Fair value debts FFO Assets fair value EPRA NNNAV 31 Dec 2015 and other 2016 Roadshow presentation N. azioni f
Slide 20: 2017-2019 Business Plan and its impacts on IGD
2017-2019 Business Plan and its impacts on IGD General objectives: • + convenience DEEP TRANSFORMATION • + security OF THE HYPERMARKET • new products and services Investments €240 mn 8 – 10 hyper per year • Shops renewal (approx. €10 mn each) • Innovation through e-commerce Are also expected: • 30 n
Slide 21: 2017-2019 Business Plan and its impacts on IGD
2017-2019 Business Plan and its impacts on IGD Investments for the points of sale transformation will be fully covered by Coop Alleanza 3.0 First intervention have been carried out… Ipercoop Formigine (MO) opened on 29 April 2017 Roadshow presentation 21
Slide 22: 2017-2019 Business Plan and its impact on IGD
2017-2019 Business Plan and its impact on IGD Others are still being studied… Non food Food area Members services Render of a new big hypermarket Roadshow presentation 22
Slide 23: Retail real estate in Italy: an interesting market…
Retail real estate in Italy: an interesting market… • Real Estate investments FY2016: €9.1 bn, of which retail investments: €2.6 bn (+80% vs FY 2015) • Real Estate investments 1Q2017: €1.9 bn (+12% vs 1Q 2016). • 67% of the total investments of the period (approx. €1.3 bn) came from foreign investor
Slide 24: …also from the yields point of view
…also from the yields point of view Spread Record >300 bps Prime shopping centers Vs BTP 10 years Average net yields prime shopping centers SPAIN GERMANY 4.50% 4% vs Significant gap between Italy and other European ** ITALY countries 5% FRANCE IRELAND 3.50% 4% *Source: Treasury Minister Roadshow pre
Slide 25: Main lease terms
Main lease terms Italian Shopping Malls Italian Hypermarkets Romanian Shopping Malls Main lease terms Main lease terms Main lease terms Average maturity: Average maturity: Average maturity: Lease agreement (space only): 6 to 18 years 2 years for local tenants 6 years (+ 6 years) (with tacit renewal
Slide 26: Contracts in Italy and Romania as at 31 March 2017
Contracts in Italy and Romania as at 31 March 2017 EXPIRY DATE OF HYPERMARKETS AND MALLS EXPIRY DATE OF HYPERMARKETS AND MALLS CONTRACTS ITALY (% no. of contracts) CONTRACT ITALY (% value) N 22 90% 90% 83.1% Average 80% 88.0% 80% residual 70% N 697 70% 63.0% maturity 60% 60% Hyper 7.5 58.2% 50% 50%
Slide 27: Key tenants as at 31/03/2017
Key tenants as at 31/03/2017 Top 10 Tenants Italia Top 10 Tenants Romania Turnover TOP 10 Tenant Product category No. of contracts impact clothing 3.3% 12 1Q2017 Rental Income Breakdown clothing 2.8% 10 Gruppo Miroglio clothing 2.6% 28 Other 1.0% clothing 2.3% 7 Romania 6.7% elettronica 2.0% 5 shoes
Slide 28: 3. 1Q2017 Results
Puntadiferro - Forlì FY 2009 RESULTS Bologna November 11, 2011 3. 1Q2017RESULTS
Slide 29: Financials highlights: 2016 of growth and strong start of 2017
Financials highlights: 2016 of growth and strong start of 2017 2015 2016 1Q 2016 1Q 2017 Revenues • Core Business Revenues €125.9MM €136.8MM +8,4% €33.8MM €35.4MM +4.6% EBITDA • EBITDA (Core Business) €84.7MM €94.9MM +11,6% €23.6MM €25MM +5.8% • EBITDA Margin (Core Business) 67.3% 69.3% +200pts 69.9
Slide 30: The macroeconomic context: outlook 2017
The macroeconomic context: outlook 2017 GDP +1.0% (2016 Official data: +1.0%) Jan -12 Jan -13 Jan -14 Jan -15 Jan -16 Jan -17 Consumption +1.0% Consumers confindence index Firms confindence index (2016 Official data: +1.3%) • April 2017: firms confidence index has reached the highest level since 200
Slide 31: Operating performance Italy
Operating perfomance Italy Tenant sales trends 6.3% 6.0% 5.0% 4.2% 3.1% 3.2% 2.9% 2.7% 2.35% 2.2% 2.2% 1.1% -0.3% 1q 14 2q 14 3q 14 4q 14 1q 15 2q 15 3q 15 4q 15 1q 16 2q 16 3q 16 4q 16 1q 17 1Q +1.1% -2.7% Tenant sales shopping malls Footfalls 2017 (FY 2016 +2.6%) Particularly negative in January.
Slide 32: Commercial performances: Italy
Commercial perfomances: Italy 36 signed contracts of which 13 turnover and 23 renewals ……. +3.8% upside 1.1% rotation rate new brands 97.2% occupancy stable Puntadiferro (FO) Roadshow presentation 32
Slide 33: Commercial performances: Romania
Commercial perfomances: Romania 134 signed contracts of which 59 turnover and 75 renewals +2.8% upside 10% rotation rate 96% occupancy stable +0.6% footfalls Piatra Neamt Roadshow presentation 33
Slide 34: The results: rental revenues +3.9%
The results: rental revenues + 3.9% ITALY ROMANIA +1.3% +6.8% +3.9% 930 -180 145 383 33,871 32,593 Revenues from rental Change in Lfl Italy Change in Change in other Change in Lfl Romania Revenues from rental activities 1Q 2016 Acquis/Exten/Restyling activities 1Q 2017 Like for like Italy +1.3%: sho
Slide 35: Funds from Operations (FFO) €15.6 mn
Fund from Operations (FFO) €15.6 mn +10.2% Target stated for the • + €1.4 mn increase full year 2017: +18/19% in Ebitda 14,146 15,585 • + €0.1 mn financial Target confirmed, considering the opening of the management ESP extension (1 June 2017) and the financial management improvement that will accel
Slide 36: Financial Highlights 1/2
Financial Highlights 1/2 2015 2016 31/03/2017 GEARING RATIO (D/E) 0.93 0.97 0.95 LOAN TO VALUE 47.07% 48.25% 47.9% COST OF DEBT 3.67% 3.30% 3.10% INTEREST COVER RATIO 2.15X 2.24X 2.72X LONG-TERM DEBT AVERAGE RESIDUAL MATURITY (bonds included) 6.3 years 5.5 years 5.4 years Roadshow presentation 36
Slide 37: Financial Highlights 2/2
Financial Highlights 2/2 2015 2016 31/03/2017 SHARE OF MEDIUM /LONG-TERM DEBT 77.6% 84.6% 94.1% HEDGING ON LONG-TERM DEBT + BOND 91.6% 93.8% 94.4% UNCOMMITTED CREDIT LINES GRANTED € 302.5 mn € 276 mn € 291 mn UNCOMMITTED CREDIT LINES AVAILABLE € 120 mn € 164 mn € 280 mn COMMITTED CREDIT LINES GRANTE
Slide 38: Financial indicators
Financial indicators 2.80x 3.94% 4.03% Average cost of debt 2.72x 3.67% • Constant decrease in average cost of 2.15x 2.24x debt 1.90x 3.30% ICR < 3.00% • Increase in interests coverage 3,10% 1.77x 2013 2014 2015 2016 1Q2017 2017E LTV 57.1% 50% Range LTV da BP • Strict financial discipline respected
Slide 39: The debt structure
The debt structure Net Debt 1Q2017 €1,046.8 mn 2.5% 5y L.T. 1,040 2.65% S.T. 9.7 7y 3.875% Cash -2.9 2.25% 5y 300 7y BANKING SYSTEM 125 162 100 33.8% 8 7 53 52 MARKET 35 36 37 37 27 21 24 27 66.2% 2017 2018 2019 2020 2021 2022 2023 2024 2025 >2025 Bonds Bank debt already re-paid Bank debt • Bank fin
Slide 40: 4. Highlights on 2016-2018 Business Plan
Centro Sarca – Sesto San Giovanni (MI) FY 2009 RESULTS Bologna November 11, 2011 4. Highlights on 2016-2018 Business Plan (released in May 2016)
Slide 41: Main targets - BP 2016-2018
Main targets - BP 2016-2018 New Targets BP 2016-2018 REVENUES FROM RENTAL ACTIVITIES Total growth> +20% approx. cagr* +7% approx. cagr* LFL +2% approx. EBITDA MARGIN >70% (BP end) Core business EBITDA MARGIN approx. 80% (BP end) Freehold Funds From Operations approx. €75 mn (ffo in 2018) Core busine
Slide 42: Investment pipeline
Investment pipeline 2016 2017 2018 Total Tot. development € 67 mn ~ € 34 mn ~ € 43 mn ~ € 145 mn projects Total Capex and other € 13 mn ~ € 28 mn ~ € 10 mn Tot. ~ € 50 mn TOT. INVESTMENTS A new mall every year; new GLA around 71,500 sqm ~ € 195 MN Average yield on cost approx. 7% Attention on su
Slide 43: 2016 news: Maremà (Grosseto)
2016 news: Maremà (Grosseto) 27 October 2016: Opening Investment ~ € 47 mn Yield on cost >8% Footfalls 2016: approx. 850,000 people in 2 months Full occupancy Roadshow presentation 43
Slide 44: 1 June 2017 Opening of the ESP extension (Ravenna)
1 June 2017 Opening of the ESP extension (Ravenna) GLA +19,000 m² (+11 medium surfaces and 41 shops) + 1,100 parking places. Letting: almost completed Opening: 1 June 2017 Total expected investment approx € 53 mn Expected yield on cost > 7% Roadshow presentation 44
Slide 45: Restyling and extension - Gran Rondò (Crema)
Restyling and extension - Gran Rondò (Crema) New medium surface (+ 2,850 m² of GLA) already rented Total restyling of the outside of the shopping mall End of workl: 1H 2018 Total expected investment approx € 7 mn Roadshow presentation 45
Slide 46: Porta Medicea and Officine Storiche (Livorno)
Porta Medicea and Officine Storiche (Livorno) Officine Storiche Retail Redevelopment of the former Cantieri Navali Orlando, a modern retail concept with personalcare services (fitness, leisure, food court) Preletting: significant interests collected Expected opening: 2H 2018 Total expected investmen
Slide 47: Financial area Targets
Financial area Targets Main assumptions • Issue of unsecured senior bond 5-7 years in 2016 with an expected cost lower than the current Group’s cost of debt. Done • Option execise for CMBS early repayment (€135mn, cost approx. 5.2%) Done Targets confirmed with respect to the previous plan • Main
Slide 48: FFO evolution and Dividend policy
FFO evolution and Dividend policy CAGR 2015 - 18 + 18.3 % Funds from 75 operations evolution (FFO - € mn) 45 2015 2016 2017 2018 As for dividends, policy, already communicated to the market, of the distribution of about 2/3 of the core business FFO, is confirmed Dividend Reinvestment Option (DRO) re
Slide 49: Final remarks
Final remarks The updated Business Plan, that has a low execution risk, confirms IGD’s ability to increase FFOs and strenghten visibility of the dividends that will be distributed. Following Punta di Ferro acquisition, not foreseen in the previous Plan, FFO target has been further improved. Therefor
Slide 50: 5. Appendix
Centro Borgo - Bologna Appendix 5. Appendix
Slide 51: Consolidated income statement
Consolidated income statement CONSOLIDATED CORE BUSINESS PORTA A MARE PROJECT €/000 31/03/2016 31/03/2017 D% 31/03/2016 31/03/2017 D% 31/03/2016 31/03/2017 D% Revenues from freehold real estate and rental act. 29,507 30,741 4.2% 29,507 30,741 4.2% 0 0 n.a. Revenues from leasehold real estate and ren
Slide 52: Margins from activities
Margins from activities CONSOLIDATED CORE BUSINESS PORTA A MARE PROJECT €/000 31/03/2016 31/03/2017 D% 31/03/2016 31/03/2017 D% 31/03/2016 31/03/2017 D% Margin from freehold properties 25,487 26,755 5.0% 25,487 26,755 5.0% 0 0 n.a. Margin from leasehold properties 518 574 10.9% 518 574 10.9% 0 0 n.a
Slide 53: Operating cost and financial management
Operating cost and financial management CORE BUSINESS G&A EXPENSES and DIRECT COSTS (€ 000) 2,464 2,523 Lower impact of operating costs on revenues G&A expenses Ebitda margin core business is Direct costs growing (70.7%): + 80bps 7,724 7,839 Ebitda margin Freehold: 79.9% 31/03/2016 31/03/2017 FINANC
Slide 54: Total consolidated Ebitda: €24.9 mn
Total consolidated Ebitda: €24.9 mn Ebitda (core business): €25.0 mn (+5.8%) TOTAL EBITDA (€ 000) 271 -114 -59 24 1,278 24,901 23,502 Ebitda 1Q 2016 Change in rental Change in revenues from Change in direct costs Change in G&A expenses Ebitda "Porta a Mare" Ebitda 1Q 2017 revenues services project C
Slide 55: Group Net Profit: €14.3 mn
Group Net Profit: €14.3 mn NET PROFIT EVOLUTION (€ 000) +13.0% 23 317 194 -241 -20 1,375 14,307 12,659 Group Net Profit Change in core Change in Ebitda Change in depr., Change in Change in taxes Change in Group Net Profit 31/03/2016 business Ebitda "Porta a Mare" provisions, extraordinary and (profi
Slide 56: Net Debt
Net Debt NET DEBT EVOLUTION (€ 000) 14,307 997 1,357 7,736 2,434 1,055,428 1,046,783 NET DEBT 31/03/2016 Profit for the period Change in NWC Change in other non- Change in fixed/non- Change in NET DEBT 31/03/2017 attributable to the current fixed assets shareholders' equity Parent company assets/lia
Slide 57: Re-classified Balance Sheet
Re-classified Balance Sheet Sources - Uses of funds 31/12/2016 31/03/2017 D D% Fixed assets 2,050,728 2,050,728 0 0.0% Assets under construction 75,004 83,003 7,999 10.7% Other non-current assets 25,543 25,322 -221 -0.9% Other non-current liabilities -32,150 -32,613 -463 1.4% NWC 56,378 55,381 -997
Slide 58: NNNAV
2016 NNNAV 31-Dec-15 31-Dec-16 D% NNNAV Calculation €'000 € p.s. €'000 € p.s. Total number of shares 813,045,631 813,045,631 1) Group shareholders' equity 1,022,053 1.26 1,060,701 1.30 3.8% Excludes: Fair Value of financial instruments 34,990 28,748 -17.8% Deferred taxes 19,917 23,633 18.7% Goodwill
Slide 59: Breakdown of the portfolio's appraisals
Breakdown of the portfolio’s appraisals IGD Group’s real estate portfolio has been appraised by the following companies: Cbre, Reag ,C&W and JLL 13% 33% 20% 34% CBRE REAG CUSHMAN&WAKEFIELD JLL Roadshow presentation 59
Slide 60: A successful story of growth fueled by strong capital market access…
A successful story of growth fueled by strong capital market access… 2014-2015 2009-2010 • New growth phase: capital increase of €200 MM and • 6 new portfolio acquisition; restyling, extensions (Centro d’Abruzzo) Key Milestones: and new openings (Chioggia, Piazza Mazzini) investments openings • Intr
Slide 61: …delivering strong results and maintaining financial discipline…
…delivering strong results and maintaining financial discipline… CORE BUSINESS REVENUES (€ MM) CORE BUSINESS FFO (€ MM) 54 137 45 126 123 121 120 37 35 35 2017e +18/19% 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 NET DEBT (€ MM) INTEREST COVER RATIO (x) 2.24x 2.15x 1.90x 1.80x 1.77x 2017e >2.8
Slide 62: …benefitting from strong gearing in regions with GDP per capita above European average
…benefitting from strong gearing in regions with GDP per capita above European average 92% of IGD portfolio value located in Italy, with strong gearing on the wealthy Northern regions, benefitting from GDP per capita well above EU average GDP per capita(1) 92% of portfolio located in Italy… (EU 28 =
Slide 63: WORLD (1/2)
WORLD (1/2) 7 LEGAL ENTITIES THROUGHOUT ITALY Emilia Romagna, Lombardia, Trentino, Veneto, Friuli Venezia Giulia, Marche, Abruzzo, Puglia, Basilicata Toscana, Lazio, Umbria, Campania Lombardia, Sicilia Piemonte Liguria, Piemonte Toscana Toscana, Umbria, Abruzzo Regions covered by Coop From 1st Janua
Slide 64: WORLD (2/2)
WORLD (2/2) Data as at 31/12/2015(1) Market share in Italy: 18.7% Turnover : ~ 12,5 bn € N° of points of sale: ~ 1,200 Employees: ~ 54,000 Members: ~ 8.5 million COOP PRODUCTS AND SERVICES Goods with Coop brand: Market share > 26% (stable vs 2014) Coop Salute: 122 points of sale Coop Voce: 1.4 milli
Slide 65: From 1 January 2016 COOP ALLEANZA 3.0
From 1 January 2016 COOP ALLEANZA 3.0 Data as at 31/12/2015(1) By merging of Coop Adriatica, Coop Estense and Coop Consumatori Nordest Revenues : ~ 4,4 bn € N° of points of sale: ~430 (of which 64 hypermarkets) Employees: ~ 22,000 Members: ~ 2.7 million Deposits from members: ~ 4.5 € billion STRATEG
Slide 66: Unicoop Tirreno
Unicoop Tirreno Data as at 31/12/2015(1) Revenues: ~ 1 bn € N° of points of sale: 112 Employees: ~ 4,225 Members: ~ 990,000 Deposits from members: ~ 1.1 bn € STRATEGIC INVESTMENTS IN LISTED COMPANIES UNIPOL GRUPPO FINANZIARIO (Insurance and banking) IGD SIIQ SPA (1) Source: Unicoop Tirreno Financial
Slide 67: www.gruppoigd.it
www.gruppoigd.it Claudia Contarini, IR T. +39. 051 509213 claudia.contarini@gruppoigd.it Federica Pivetti T. +39. 051 509242 federica.pivetti@gruppoigd.it
Immobiliare Grande Distribuzione SIIQ S.p.A. (IGD) — Non-Deal Roadshow (May 2017) on 6ix