Immobiliare Grande Distribuzione Siiq S.p.a. · MIL:IGD
Immobiliare Grande Distribuzione Siiq — IGD SIIQ — Non-Deal Roadshow (March 2023)
79 slides from Immobiliare Grande Distribuzione Siiq's roadshow presentation, March 2023
Slide 1: Road show presentation March 2023
Road show presentation March 2023
Slide 2: Disclaimer
Disclaimer IGD These statements include financial projections and This presentation does not constitute an offer or an estimates and their underlying assumptions, statements invitation t o subscribe for or purchase any securities. regarding plans, objectives and expectations with respect to future o
Slide 3: Index
Index 1 Introduction to IGD Pag. 4 2 Portfolio Pag. 12 3 Operating performance Pag. 20 4 Financial Results Pag. 30 5 Business Plan 2022-2024 Pag. 42 6 ESG Strategy at-a-glance Pag. 55 7 Appendix Pag. 67 3
Slide 4: Introduction to IGD
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: we develop and manage shopping centres across the country. We are also present in the retail sector in Romania 19 hyper/ 14 shopping 27 shopping supermarkets c. €2.1bn malls in Development malls in Italy & other
Slide 6: IGD Business Model
IGD Business Model A distinctive competitive positioning Well Diversified Across Strong Track-Record of 1 Italy 2 Strategic Positioning 3 Strong Food Anchor 4 Direct Management 39.2k 35.2k 1 30.9k Services 38.0k 33.1k 3 5 30.3k 2 35.3k 23 1 31.6k 30.4k 26.8k 7 24.5k 7 Food Court 24.7k 32.7k 2 5 19.8
Slide 7: A typical example: Centro Leonardo Imola (Bo)
A typical example: Centro Leonardo Imola (Bo) Dominant (1) Our assets are the dominant retail destination in their catchment area «Urban» shopping centers Easily reachable (about 4km far from city center on average) Strong food anchor Hypermarket has a strong attractive role for everyday shopping No
Slide 8: An overview of our Group structure
An overview of our Group structure (1) 72.6% Revenues (2) Parent Company 100% Financial Debt (3) 100% 16.2% Revenues Italian Facility Management No Financial Debt 100% 6.2% Revenues Romania No Financial Debt 100% Development project in 5% Revenues Livorno No Financial Debt 1. For a complete group ch
Slide 9: Our shareholding structure
Our shareholding structure Share Capital Average Market Capitalization Number of shares: 110,341,903 FY2022: approx. €405 Mn € 650 Mn Average FY2022 daily Listed on the Italian Stock Net Equity EUR 1.1 Bn trading: c. 249,398 shares Exchange in the STAR segment Majority of institutional investors, of
Slide 10: IGD Governance – Directors and Committees
IGD 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. CEO EXECUTIVE Claudio Albertini CHAIRMAN Timothy Guy Rossella Sao
Slide 11: Our Top Management
Our Top Management Rossella Saoncella (1953) Chairman Claudio Albertini (1958) Chief Executive Officer • Appointed in May 2009 • Appointed as IGD’s Chairman on 20 April 2021 • IGD Board member since 2006 • Member of EPRA (1) Advisory Board since 2017 • Member of ECSP’s (2) Nominations Committee sinc
Slide 12: Portfolio
2 Portfolio
Slide 13: IGD: a portfolio of high quality assets
IGD: a portfolio of high quality assets IGD Main Italian Asset Centro Sarca Esp Le Maioliche Centro Borgo Centro Lame Puntadiferro Centro Leonardo Conè Conegliano Sesto S.Giovanni Ravenna Faenza (RA) Bologna Bologna Forlì Imola (BO) (TV) (MI) North Centro Piave Clodì Centro Nova Mondovicino Nuova Da
Slide 14: IGD's Portfolio
IGD’s Portfolio Gross Initial EPRA Net Initial EPRA Net Initial Financial FY 2021 FY 2022 Δ% Yield Yield Yield topped up occupancy Malls Italy 1,481.6 1,466.5 (-1.02%) 6.97% 94.70% 5.6% 5.9% Hypermarkets Italy 423.8 401.2 (-5.35%) 6.41% 100.0% Romania 135.8 128.3 (-5.49%) 7.99% 6.1% 6.5% 98.01% Port
Slide 15: Market Value Evolution
Market Value Evolution ITALY ROMANIA € 2,140.5mn € 2,080.9mn Change in Fair Value is mainly due to the increase in rates 15
Slide 16: Restyling La Favorita Mantua - completed
Restyling La Favorita Mantua - completed • Internal layout of the mall completely redesigned • New energy-efficient LED lighting system • Improved connection among the shopping center and the nearby cinema and sport arena • Photovoltaic solar panels installed in the parking area • New green and pede
Slide 17: Porta a Mare mixed-use project – Officine Storiche residential
Porta a Mare mixed-use project – Officine Storiche residential • 42 flats • 17 units sold; c.7€mn cash-in in 2022 • 15 binding proposals; c.6.7€mn expected cash-in 17
Slide 18: Restyling in progress
Restyling in progress Leonardo (Imola - Bo) Portogrande (Ap) Total restyling of Total restyling the mall, facade of the mall and parking area Work started: 2022 Work started: 2023 End of work: end of End of work: 2Q 2024 2023 18
Slide 19: Epra indicators
Epra indicators € per share FY2022 FY 2021 Δ% NRV 10.28 10.85 -5.3% NTA 10.20 10.78 -5.3% NDV 10.06 10.43 -3.6% Some figures may not add due to rounding. 19
Slide 20: Operating performance
3 Operating performance
Slide 21: Solid performances: full recovery of shopping centers in Italy
Solid performances: full recovery of shopping centers in Italy TENANT SALES FOOTFALLS +13.3% 2022 vs 2021 +6.9% 2022 vs 2021 +0.7% 2022 vs 2019 -17.1% 2022 vs 2019 +2.1% Jun-Dec 2022 vs 2019 • Less frequent but more targeted visits 1Q 2Q 3Q 4Q HYPERMARKETS +2.5% 2022 vs 2021 • The food anchor confir
Slide 22: All merchandise categories increased…
All merchandise categories increased… • All merchandise categories increased compared to 2021 thanks to the end of restrictions and fewer infections • Good performances in all clothing segments • Restaurants grew compared to 2021, with the introduction of 9 new brands • Very positive trends confirme
Slide 23: …and leasing activities is effective in Italy
…and leasing activities is effective in Italy… Occupancy Upside** Collection rate** 95.7% +1.1% +50bps vs FY2021 c. 96% 91 renewals 80 turnovers 104 new stores of which 35 new brands highest figures in the last 5 years *Upside on renwals and turnover 23 **Collection rate updated on 20 February 2023
Slide 24: …and in Romania
…and in Romania Occupancy Upside** Collection rate 98.0% +1.8% c. 97%** +510 bps vs 1H2022 121 turnovers +341 bps vs FY2021 272 renewals New opening 69 2023 new stores of which 42 new brands *Upside on renewals 24 **figures updated on 20 February 2023
Slide 25: Hypermarket remodeling projects
Hypermarket remodeling projects PortoGrande La Torre Katanè S. Benedetto del T. Palermo Catania New 3 Medium New 3 Medium surfaces New 4 Medium hypermarket surfaces hypermarket + stands hypermarket surfaces 8,300m2 GLA 3,800m2 GLA 7,200m2 GLA 4,700m2 GLA 7,300m2 GLA 6,500m2 GLA Medium surfaces Pre-l
Slide 26: Porta a Mare mixed-use project Officine Storiche retail
Porta a Mare mixed-use project Officine Storiche retail >16,000 m2 GLA retail and entertainment >80% pre-letting 27-29-30/10/22 Open day to institutions and citizens with high attendance 2Q 2023 Expected opening 26
Slide 27: Digital strategy: actions taken and results achieved
Digital strategy: actions taken and results achieved Digital Marketing Plan defined 2020 Customer Relationship Management system implemented 2021 • 134 new touchpoints installed (totems and infopads) • + 30 ledwalls for advertising campaigns 2022 • +42% in CRM’s contacts vs 2021 • 18 consumer segmen
Slide 28: Co-marketing projects
Co-marketing projects with COOP ALLEANZA 3.0 in 12 IGD’s malls • 20M Coop leaflets + 680k email/sms sent COMMUNICATION to 170k Coop members with news on initiatives and events in the centers involved PROMOTIONS • 50k vouchers distributed to customers DIGITAL • >21k contacts and +20% members in CRM s
Slide 29: In-person events resumed
In-person events resumed 531 Events organized 29
Slide 30: Financial Results
4 Financial Results
Slide 31: Highlights
Highlights Δ vs Δ vs Like for FY2022 2021 2021R* like FY2021 Rental Income 137.3€mn -5.4% +2.3% +3.2% 145.1 €mn Net Rental Income 114.0€mn -3.7% +5.3% +7.1% 118.5 €mn Core Business Ebitda 103.4 €mn -3.6% +6.5% 107.3 €mn Funds From Operations (FFO) 67.2€mn +3.8% +18.9% 64.7 €mn Real Estate Portfolio
Slide 32: Net rental Income
Net rental Income Change vs 2021R +5.7€mn +5.3% Of which: Like for like -10.9 €mn Change in income scope net rental Change vs 2021 +0.7 cost of the sold portfolio income -4.5€mn +7.1% -3.7% €mn Like for like: +3.2% (+4.1 €mn) Malls Italy (+2.9%): positive effect of commercialization and indexation (
Slide 33: Core business and margin Ebitda improved
Core business and margin Ebitda improved Change vs 2021R +6.3€mn +6.5% Change vs 2021 -3.9€mn -3.6% €mn Core business 2021 2022 EBITDA 70.8% 71.6% MARGIN EBITDA 2021 2022 MARGIN 72.4% 73.5% freehold Some figures may not add due to rounding. 33
Slide 34: Financial Management
Financial Management -12.2% IFRS16 and non recurring charges Financial Management Adj * : -3.8 mln vs 2021 (-12.2%) *Financial management adj.: net of IFRS16 (1.2€mn) and IFRS9, non recurring charges Some figures may not add due to rounding. 34
Slide 35: Funds From Operations (FFO)
Funds From Operations (FFO) Change vs 2021R Of which: +10.7€mn -10.9 €mn Change in income scope, Of which: +0,7 €mn costs of the sold +3.8 €mn financial management +18.9% portfolio adj. 2,0 €mn lower payable leases due -0.4 €mn 2021 negative carry Change vs 2021 to the end of masterlease in Piave +2
Slide 36: Financial management activities carried out
Financial management activities carried out 1° Unsecured senior Committed credit lines Unsecured bank loan green loan renewed up to 2025 guaranteed by Sace (215€mn) (60€mn fully available) (21€mn) 36
Slide 37: Net Debt and LTV
Net Debt and LTV NET DEBT FY2021 NET DEBT FY22 € 987 mn € 976.94 mn Long term financial Strumenti finanziari a Long lungo term financial instruments termine instruments 991.01 1.145,11 1,145.11 Short term financial instruments 13.00 Cash flow IQ Cash flow IIQ Dividends Cash flow IIIQ Cash flow IVQ C
Slide 38: Debt Maturity
Debt Maturity Bond Exp. Nov. 2024 Unsecured senior green loan €215mn 3+(1+1 opt.) Maturities mainly in 18 months • In line with its investment grade profile, IGD is working on refinancing the next 18 months maturities in advance: a transaction, for around €225 – 250 million, is currently being defin
Slide 39: Proposed Dividend for FY22
Proposed Dividend for FY22 0.30€ 49.3% 0.21€ FFO* which represents 0.09€ 10.9% Dividend yield** *It is proposed to the Board of Directors to approve a dividend proposal to the Shareholders’ Meeting; dividend payment date: 10 May 2023 ** On closing price as at 22/02/2023 39
Slide 40: 2023 Outlook
2023 Outlook IGD expects to see higher operating results also in 2023. Net Rental Income expected to rise by 3/4% like-for-like compared to 2022 thanks also to: • increase in occupancy, • contracts’ inflation indexing • income from opening of new projects, like Officine Storiche Neverthless, due to
Slide 41: Final Remarks
Final Remarks 1 IGD’s business model fully recovered from the pandemics and higher operating results are expected also in 2023 2 IGD confirms to be a «dividend company» offering an attractive remuneration to Shareholders 3 IGD is committed in maintaining a rigorous financial discipline: refinancing
Slide 42: Strategic Plan 2022-2024
5 Strategic Plan 2022-2024
Slide 43: IGD's strategy answers to new consumers needs…
IGD’s strategy answers to new consumers needs… Green Urbanization Digitalization Revolution Quality of Life SOCIAL TRANSFORMATIONS ONLINE/OFFLINE ESG FACTORS AS A AND CONSUMERS’ NEEDS INTEGRATION AND DEVELOPMENT LEVER PERSONALIZED ANSWER TO CUSTOMERS IGD Strategy Physical spaces and Digital marketin
Slide 44: Commercial and marketing strategy
Commercial and marketing strategy COMMERCIAL Development of commercial and marketing plan keeping in mind STRATEGY TARGET the features of each asset and their specific catchment area Merchandising mix Structural work Main areas of Layout the commercial 1 and marketing strategy 2 Digital Technologica
Slide 45: Commercial and marketing strategy
Commercial and marketing strategy Merchandising Mix Health and Household Food Family Tech Sport Wellbeing Goods court Store ✓ Ethnic/bio/healthy/ ✓ Scouting of new ✓ Focus on emerging ✓ Specialized retailers ✓ Shops and services ✓ Services for high quality IGD citizens/families tenants and new resta
Slide 46: Layout project: a new life for the external areas
Layout project: 1 2 3 4 a new life for the external areas Use of currently Increase of the services Cross selling activities unproductive areas offered to customers external services/malls’ shops B A C D A B C D Padel courts Photovoltaic systems Food truck/Riders areas Food kiosks/relax areas Projec
Slide 47: Asset management strategy
Asset management strategy ASSET MANAGEMENT We constantly invest in our shopping centers to make them more and more attractive, STRATEGY to maintain their value over time and to lenghten their life cycle TARGET Restyling/ Remodeling/Fit out 1 Main areas Development of asset project 2 management strat
Slide 48: Investments
Investments 1 2 3 4 (€mn) Completion of Officine (retail and residential) Project definition of the other sub- areas to be subsequenly sold on the market Approx. €82Mn Restyling, remodeling and fitout ~13 Approx 1.5% of the portfolio total market value ~24 ~12 ~33 Assets maintenance ESG Assets Porta
Slide 49: Investment pipeline
Investment pipeline Key points: • Business Plan pipeline almost completed by the end of 2023 • Investments reduction from 2024, no development projects • Maintaining maximum flexibility over the period c.82€mn 15€mn ~13 32€mn 17€mn ~ 24 35€mn 15€mn ~12 Porta a Mare project development Assets renewal
Slide 50: Energy efficiency
1 2 Energy efficiency 3 4 7 Photovoltaic systems to be added to the 8 already existing 50
Slide 51: Energy efficiency: targets
Energy efficiency: 1 2 3 4 targets Main targets -21.5% GHG emissions (at 2025 location based «baseline 2018») At least 1 asset carbon positive Centro Tiburtino (Roma) - render of the main entrance (at 2030) 100% Use of energy from renewable sources (already in place) Centro Sarca (Milano) – render o
Slide 52: Winmarkt Portfolio
Winmarkt Portfolio 1 2 3 4 2022-2024 Plan Main characteristics Highlights Extended network Approx. €5mn capex plan (safety, maintenance and environmental) Strategic locations Approx. €19.4mn of generated FFO Adaptable and flexible Approx. € 13.5mn assets of generated dividends Direct 100% self-finan
Slide 53: A balanced asset rotation with flexible targets
A balanced asset rotation 1 2 3 4 with flexible targets Strategic rationale Possible use of proceeds Non core asset disposal ➢ Growth in the Italian retail market with possible scale economies Potential disposals ➢ Tactical reduction of Potential target: over BP timespan financial leverage 180/200 R
Slide 54: Financial strategy
Financial strategy 1 2 3 4 FINANCIAL Obtain the best economic conditions whatever the market context is, STRATEGY and minimize exposure to financial risks TARGET (credit risk and fluctuation of interest rates) Maintaining a rigorous financial discipline consistent with IG profile 1 2 Main areas Earl
Slide 55: ESG Strategy At-a-glance
6 ESG Strategy At-a-glance
Slide 56: ESG: awards, ratings and certifications obtained
ESG: awards, ratings and certifications obtained Awards 86/100, Score A 5° year in a row 8° year in a row Rating ESG 12 ratings independent and unsolicited 1 , of Stock Indexes ESG focused Ratings which - 5 already present in 2020 10 indexes - 5 achieved in 2021 -2 achieved in 2022 BREEAM Certificat
Slide 57: 2022-2024 Sustainability Plan: SDG's targets
2022-2024 Sustainability Plan: SDG’s 41 targets at 2024: 22 ambitions • Material for IGD toward 2030 • Consistent with UN SDG’s IGD RELEVANT SDG’S 57
Slide 58: Sustainability: first results of the 2022-2024 Business Plan path
Sustainability: first results of the path defined in the 2022-2024 Business Plan OVERALL ACHIEVEMENT LEVEL OF SUSTAINABILITY TARGETS IN THE FIRST YEAR OF THE BUSINESS PLAN 42,7% €2,4 mn invested in Bio Safety Certification Induction actitivies 35 new brands Defined the improving the energy obtained
Slide 59: Sustainability: GHG emissions considerably reduced over the last 5 years
Sustainability: GHG emissions considerably reduced over the last 5 years - 26.2% -18% District Heating: - Monitoring and efficiency actions -19% Electricity consumption: - Led lighting systems - Photovoltaic system -27% Fuel consumption: - Plant improvements (ex. new boilers) - Management interventi
Slide 60: Sustainability in Romania
Sustainability in Romania First PHOTOVOLTAIC ENERGY SYSTEM installed in our most important shopping center. 4 more plants expected to be installed in 2023 60
Slide 61: Green
Green 1 2 3 4 2024 TARGETS 2030 OBJECTIVES CLIMATE CHANGE • 100% green energy purchased • Zero carbon emissions (scope 1 and 2) at 100% of the Italian shopping centers • double the use of energy produced from renewable sources • Reduce indirect emissions (scope 3) • -15% reduction in energy consumpt
Slide 62: Green Transition
Green Transition 1 2 3 4 Main targets 100% of the shopping centers with charging stations Different types of charging stations (traditional, fast, Tesla) across the whole network 50% of the shopping centers with fast charging stations (agreement with top international player) 100% of the assets ISO1
Slide 63: Responsible
Responsible 1 2 3 4 2024 TARGETS 2030 OBJECTIVES WORKPLACE QUALITY • Training: 100% of the employees in Italy and • Gender equality in roles of responsibility Romania each year • Improve employees’ wellbeing and expertise • 1 employee satisfaction survey and 2 «pulse surveys» • «Sustainability Innov
Slide 64: Ethical
Ethical 1 2 3 4 2024 TARGETS 2030 OBJECTIVES • Corporate cybersecurity strategy • Best-in-class for corporate governance and legality • Systematic assessment of the providers along the supply chain with a view to sustainability • CSR policies included in company supply chains • Maintain the highest
Slide 65: Attractive
Attractive 1 2 3 4 2024 TARGETS 2030 GOALS SUSTAINABLE ENHANCEMENT OF THE PORTFOLIO • 4 key restyling/remodeling projects • Up to 10 sustainable restylings completed to renew and enhance the portfolio • 100% with projects aiming to increase visitors’ well OFFER being • Commercial and strategic adjus
Slide 66: Together
Together 1 2 3 4 2024 TARGETS 2030 OBJECTIVES STAKEHOLDER ENGAGEMENT Relationship with investors/financial community • Partnering with tenants in sustainability • 1st Sustainability Framework defined and issue • Partnerships with NGOs of 1st Sustainability Linked Bond • Investor/CSR Day and theme-ba
Slide 67: Appendix
7 Appendix
Slide 68: Consolidated Income Statement FY2022
Consolidated Income Statement FY2022 GROUP CONSOLIDATED (a) (c) Δ FY_CONS_2021 FY_CONS_2022 (c)/(a) Revenues from freehold rental activities 132.7 128.3 -3.4% Revenues from leasehold rental activities 12.3 9.0 -27.3% Total income from rental activities 145.1 137.3 -5.4% Rents and payable leases 0.0
Slide 69: Re-classified balance sheet FY2022
Re-classified balance sheet FY2022 Sources - Use of funds(€/000) 12/31/2022 31/12/2021 Δ Δ% Fixed assets 2,041,330 2,093,176 -51,846 -2.5% Assets under construction 36,662 44,095 -7,433 -16.9% Other non current assets 43,191 42,810 381 0.9% Other non current liabilities -26,699 -27,466 767 -2.8% Ass
Slide 70: Funds From Operations FY2022 (FFO)
Funds From Operations FY2022 (FFO) Δ% Funds from Operations CONS_2021 CONS_ 2022 Δ 2021 vs 2021 Core business Ebitda 107.3 103.4 -3.9 -3.6% IFRS16 Adjustment (payable leases) -10.4 -8.2 2.161 -20.9% Financial Management Adj* -31.0 -27.2 3.8 -12.2% Extraordinary Management Adj * 0.0 0.0 0.0 n.a. Curr
Slide 71: Other Metrics FY2022
Other Metrics FY2022 EPRA Performance Measure 12/31/2022 12/31/2021 EPRA NRV (€'000) 1,133,860 1,197,354 EPRA NRV per share € 10.28 € 10.85 EPRA NTA 1,125,979 1,189,467 EPRA NTA per share € 10.20 € 10.78 EPRA NDV 1,110,002 1,151,244 EPRA NDV per share € 10.06 € 10.43 EPRA Net Initial Yield (NIY) 6.0
Slide 72: EPRA Net Asset Value FY2022
EPRA Net Asset Value FY2022 12/31/2022 12/31/2021 Net Asset Value EPRA NRV EPRA NTA EPRA NDV EPRA NRV EPRA NTA EPRA NDV IFRS Equity attributable to shareholders 1,121,800 1,121,800 1,121,800 1,171,758 1,171,758 1,171,758 Exclude: v) Deferred tax in relation to fair value gains of IP 18,175 18,175 17
Slide 73: More financial highlights and debt breakdown
More financial highlights and debt breakdown 31/12/2021 31/12/2022 Debt Breakdown* Gearing ratio 0.84X 0.87X Average lenght of long term debt 2.4 anni 2.7 anni Hedging on long term debt + bond 93.8% 84.3%** Share of M/L debt 96.4% 4,3 92.7% Uncommitted credit lines granted 151€ mn 118€ mn Uncommitte
Slide 74: Contracts and key tenants Italy FY2022
Contracts and key tenants Italy FY2022 Merchandise Turnover Malls TOP 10 Tenant Contracts category Impact N 175 N 723 N 262 N 241 clothing 2.7% 10 clothing 2.6% 13 electronics 2.3% 10 Average residual maturity: 4.1 years clothing 2.1% 11 Total contracts: 1,401 of which 91 renewals with the same tena
Slide 75: Contracts and key tenants Romania FY2022
Contracts and key tenants Romania FY2022 Merchandise Turnover TOP 10 Tenant Contracts Winmarkt category Impact supermarkets 10.9% 11 N 322 N 79 N 76 N 24 N 44 clothing 7.4% 6 clothing 4.5% 11 clothing 3.7% 7 drugstore 2.7% 5 health care 2.1% 4 offices 2.0% 1 Average residual maturity: 4.5 years jewe
Slide 76: Merchandising & Tenants Mix FY2022
Merchandising & Tenants Mix FY2022 Italy Romania Merchandising Mix* Tenant Mix* 76 *internal processing on sqm
Slide 77: Porta a Mare Livorno Mixed-use project
Porta a Mare Livorno Mixed-use project D C A B A Piazza Mazzini C Officine Storiche • Retail: operating, 100% owned by IGD • Retail: >16k sqm, • Residential: 73 flats, sales completed • Residential: 42 flats, sales ongoing B Palazzo Orlando D Sub areas Lips, Molo Mediceo and Arsenale • Offices: sold
Slide 78: Italian Portfolio composition
Italian Portfolio composition* 27 shopping malls 19 hypermarkets Tenants of 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 (AP) Coop Alleanza 3
Slide 79: Investor relations contacts
Raffaele Nardi Director of Planning, Control and investor relations raffaele.nardi@gruppoigd.it Claudia Contarini, Investor Relator 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 f