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Fiera Milano
Annual Report • Mar 13, 2024
4073_10-k_2024-03-13_64387ca1-69de-497d-96ce-ab18c80c7349.pdf
Annual Report
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| Informazione Regolamentata n. 0620-3-2024 |
Data/Ora Inizio Diffusione 13 Marzo 2024 14:02:09 |
Euronext Star Milan | |
|---|---|---|---|
| Societa' | : | FIERA MILANO | |
| Identificativo Informazione Regolamentata |
: | 187288 | |
| Utenza - Referente | : | FIERAMILANON01 - Cecere | |
| Tipologia | : | 1.1 | |
| Data/Ora Ricezione | : | 13 Marzo 2024 14:02:09 | |
| Data/Ora Inizio Diffusione | : | 13 Marzo 2024 14:02:09 | |
| Oggetto | : | The BoD approves the consolidated results as of 31 December 2023 |
|
| Testo del comunicato |
Vedi allegato
FIERA MILANO: THE BOARD OF DIRECTORS APPROVES THE CONSOLIDATED RESULTS AS AT 31 DECEMBER 2023
THE 2023 FINANCIAL STATEMENTS SHOW RECORD RESULTS, EXCEEDING EXPECTATIONS, WITH SIGNIFICANT GROWTH COMPARED TO 2022
STRONG CASH GENERATION AND RETURN TO DIVIDEND DISTRIBUTION
- Revenues of Euro 283.8 million, up 29% (+ Euro 64 million) compared to 2022
- EBITDA of Euro 97.1 million, an improvement of 66% compared to 2022 and exceeding by approx. Euro 10 million both the previous guidance and analyst consensus estimates
- Net profit of Euro 45.5 million, marking a significant trend reversal compared to Euro -5.8 million recorded in 2022
- Net Financial Position before IFRS 161 effects: net financial availability as at 31 December 2023 amounted to Euro 80.9 million, a significant increase (+ Euro 51 million) compared to Euro 29.8 million as at 31 December 2022, exceeding by approx. Euro 20 million both the previous guidance and analyst consensus estimates
SUSTAINABILITY INCREASINGLY AT THE CENTER WITH THE DEFINITION OF THE NEW DECARBONIZATION PLAN TO 2030
PROPOSAL TO THE SHAREHOLDERS' MEETING FOR A DIVIDEND DISTRIBUTION OF €0.14 PER SHARE
ON 8 APRIL 2024 THE NEW STRATEGIC PLAN 2024-2027 WILL BE PRESENTED TO THE FINANCIAL COMMUNITY
Milan, 13 March 2024 – The Board of Directors of Fiera Milano S.p.A. ("Fiera Milano" and/or the "Company"), leader in Italy and one of the main integrated operators worldwide in the exhibition and congress industry, approved the Draft Financial Statements for 2023, which will be submitted for approval to the Shareholders' Meeting, as well as the Consolidated Financial Statements for the year ended 31 December 2023.
The Chief Executive Officer and General Manager of Fiera Milano, Francesco Conci, commented: "The Fiera Milano Group closed 2023 with excellent results, thanks to solid organic growth in exhibition and congress activities in Italy and a progressive improvement in the results generated by services. Revenues increased by 29%, EBITDA significantly improved by 66% compared to 2022, and net profit at record levels, demonstrating an excellent business performance. Moreover, we generated over Euro 50 million in net cash, strengthening our financial structure; all this allows us to resume dividend distribution to shareholders after four years. These results, exceeding the defined targets and well beyond market consensus expectations, represent a solid starting point for the upcoming exhibition and congress events. We are optimistic about the financial prospects for the current year, which, like every even year, is characterized by a less favorable calendar seasonality than odd years. The imminent presentation of the Strategic Plan 2024-2027 represents a fundamental moment to precisely outline the development initiatives planned for the coming years and our strategic vision, marking the start of a new growth phase that will see sustainability as a key factor for business development".
1 For the sake of completeness, it should be noted that the net financial position including IFRS 16 lease liability amounted to Euro 314.4 million as at 31 December 2023, an improvement compared to Euro 367.0 million as at 31 December 2022.
RESULTS AS AT 31 DECEMBER 2023
In 2023, Consolidated Revenues amounted to Euro 283.8 million, marking a 29% growth compared to the previous year and surpassing the revenues recorded in 2019, confirming how Fiera Milano exceeded pre-pandemic levels ahead of the expectations of the Italian market. During the year, 73 exhibitions took place (44 in Italy and 29 abroad, 43 owned and 30 hosted), along with 132 congress events (of which 55 with related exhibition area), totaling 1,882,180 square meters of total occupied space.
The substantial revenue growth can generally be attributed to both increased exhibition areas occupied and the significant penetration of services provided. Revenue growth was driven by the overall strong performance of annual fashion industry events (Milano Unica, LineaPelle, The Micam, and HOMI Fashion&Jewels), and by the positive calendar effect characterized by the presence of the biennial event Host, as well as the presence of multiyear events ITMA, the largest world trade fair for textile and garment technologies, and Plast. This effect was partially offset by the absence of the multi-year event Innovation Alliance and the biennial event Mostra Convegno Expocomfort. Additionally, the successful performance of the congress activity contributed to the overall revenue growth, with events such as EAU international congress, the largest European urology event, of EULAR, the congress dedicated to rheumatic diseases, of ERA Congress, the largest annual congress of nephrology in Europe and of ERS – European Respiratory Society, held at the Allianz MiCo.
| Revenues (in millions of Euro) | 2022 | 2023 |
|---|---|---|
| Italian Exhibitions Business | 176.8 | 241.3 |
| Foreign Exhibitions Business | 8.7 | 3.9 |
| Congresses | 43.3 | 47.0 |
| Adjustments | (8.5) | (8.4) |
| Consolidated Revenues | 220.3 | 283.8 |
Revenues of the Italian Exhibition Business amounted to Euro 241.3 million, showing an increase of Euro 64.5 million compared to 2022.
In the 2023 exhibitions portfolio in Italy, key events in the fashion industry stand out, including Milano Unica, MIDO, Milano Fashion&Jewels, MICAM Milano, Mipel, TheOneMilano and Lineapelle. The Salone del Mobile reaffirmed its status as an international reference in design. A significant moment was the introduction of MIBA – Milan International Building Alliance, a combination of four simultaneous events dedicated to construction (Sicurezza, SBE, GEE and Made). This innovative initiative demonstrated its industrial value, encouraging interaction between exhibitors and visitors and the connection between complementary production ecosystems, ranging from small to large companies, generating value for the supply chains.
Among the directly organized events that stood out, there is HOST, the global reference point for the catering and hospitality sector, an undisputed leader in the food service industry, capable of attracting professionals from around the world, along with Miart, the international modern and contemporary art fair.
First edition of TUTTOFOOD as a hosted event, international reference point for the agri-food industry which closed its 2023 edition with over 83 thousand professional visitors.
In June, Fiera Milano hosted ITMA, the world's largest trade fair for textile and garment technologies, confirming its ability to attract major international events.
On the B2C front, successes include Milan Games Week & Cartoomics, which attracted over 120,000 comics and video game enthusiasts, EICMA, the world's leading fair for motorcycling with a record of over 560,000 visitors, and
Artigiano in Fiera, which recorded almost 1 million visitors.
On the international scene, revenues of the Foreign Exhibitions Business amounted to Euro 3.9 million. Among the main events of 2023, Investec Cape Town Art Fair (ICTAF), a prominent event in the world of contemporary art in Africa, celebrated its tenth edition in 2023, welcoming around 100 exhibitors and 23,000 visitors. During the second quarter of 2023, activity in China resumed with great momentum, with 22 exhibitions held throughout the year. Singapore hosted the second edition of FIND, the Asian reference point for design and furnishings. Furthermore, Fiera Milano and IFEMA Madrid boosted the internationalization of "Fruit Attraction" in Brazil, the leading professional fair in Europe for the fruit and vegetable sector, further consolidating their global presence, with a total of 4 events organized in Brazil.
The Congress operational sector also achieved excellent results with revenue growth of 8.5% and 132 congress events hosted in 2023, including 23 of absolute international relevance, such as ERS - European Respiratory Society, EULAR - European Alliance of Associations for Rheumatology, EAU - European Association of Urology, ECTRIMS - European Committee for Treatment and Research in Multiple Sclerosis, and ERA - European Renal Association Congress.
Services, both physical and digital, are also growing. In particular, to develop positioning in personalized physical services with high added value, Fiera Milano launched "Erìgo - Building Ideas," a dedicated brand in partnership with Allestimenti Benfenati. In parallel, the Group intensified its commitment to digital transformation, investing in the improvement of Allianz MiCo data and telecommunication infrastructures. This project aims to enhance the performance of the Allianz MiCo venue, equipping it with advanced technical and data transmission features, making it a reference point in the European landscape for the provision of high-resolution audio and video services.
In 2023, consolidated EBITDA amounted to Euro 97.1 million, showing an improvement of Euro 38.7 million compared to 2022. The change mainly reflects the aforementioned revenue trend and the result of the joint venture, accounted for using the equity method, jointly controlled with partner Deutsche Messe AG regarding activities in China. This effect was partially offset by higher operating costs, mainly due to the increase in electricity prices and higher one-off costs resulting from corporate reorganization, which mainly impact the Italian Exhibition Business.
| EBITDA (in millions of Euro) | 2022 | 2023 |
|---|---|---|
| Italian Exhibitions Business | 44.5 | 79.7 |
| Foreign Exhibitions Business | 0.3 | 4.0 |
| Congresses | 13.5 | 13.4 |
| Consolidated EBITDA | 58.4 | 97.1 |
EBIT for the year amounted to Euro 44.8 million compared to Euro 9.2 million in 2022. The increase of Euro 35.6 million mainly reflects the trend in EBITDA, partially offset by higher depreciation on the right-of-use assets due to currency revaluation.
Financial management recorded a negative balance of Euro 8.8 million compared to a negative value of Euro 12.9 million in 2022. The positive change of Euro 4.1 million is mainly due to treasury management related to liquidity placements as well as the improvement in the fair value of shares in ESG mutual funds.
The Net Profit from continuing operations amounted to Euro 29.0 million (an increase of Euro 34.7 million compared to Euro -5.8 million in 2022), while the Net Profit for the period from discontinued operations amounted to Euro 16.5 million and referred to the higher values arising from the transfer of the business unit relating to the "TUTTOFOOD" exhibition regarding the acquisition of 18.5% of Fiere di Parma S.p.A. Net Profit as of 31 December 2023, amounted to Euro 45.5 million, compared to a net loss of Euro 5.8 million in the previous fiscal year.
The Net Financial Position as of 31 December 2023, not including IFRS 162 lease liability, showed a net financial availability of Euro 80.9 million compared to a net financial availability of Euro 29.8 million as of 31 December 2022. The increase of Euro 51.1 million is due to the positive cash flow generated from the operating activities of the fiscal year, as well as higher advances received for exhibitions taking place in the following months. It should be noted that in the year under review, loans were repaid for an amount of approximately Euro 29 million.
| Net Financial Debt/(cash availability) (in millions of Euros) | As at 31/12/2022 | As at 31/12/2023 |
|---|---|---|
| Net financial debt/(cash availability) before IFRS 16 effects | (29.8) | (80.9) |
FINANCIAL STATEMENTS OF THE PARENT COMPANY FIERA MILANO S.P.A.
The Parent Company Fiera Milano S.p.A. recorded revenues of Euro 232.6 million (Euro 172.5 million in 2022), an EBITDA of Euro 74.7 million and a net profit of Euro 37.9 million.
BUSINESS OUTLOOK
In 2024, the Fiera Milano Group will continue on the path to recovering pre-Covid performance and will engage in further development initiatives, leveraging the following enabling factors: increasing and strengthening the portfolio of events and congresses, also through the definition of agreements with strategic partners, developing service business, and accelerating international activities.
Despite the expected macroeconomic scenario for the short term continues to present elements of uncertainty, in light of the excellent results achieved in 2023 – which confirm a consolidated post-pandemic recovery – and considering the stability of the portfolio of events for 2024, the Group expresses full confidence in the financial projections for the current year previously communicated to the market, which anticipated reaching an EBITDA as of 31 December 2024 in the range of Euro 65-75 million.
The launch of the new Strategic Plan 2024-2027, which will be presented to the financial community on 8 April 2024, will be an opportunity to illustrate the strategy that will be pursued in the medium and long term, growth expectations, and development initiatives of the Group for the next four years.
2 For the sake of completeness, it should be noted that the net financial position including IFRS 16 lease liability amounted to Euro 314.4 million as at 31 December 2023, an improvement compared to Euro 367.0 million as at 31 December 2022.
SUSTAINABILITY
Non-Financial Statement
In today's meeting, the Board of Directors approved the Consolidated Non-Financial Statement ("NFS") 2023 pursuant to Legislative Decree 254/2016. The document reports on non-financial information pursuant to the aforementioned Decree and constitutes Fiera Milano's Sustainability Report, detailing the initiatives undertaken and the results achieved by the Group in the Environmental, Social and Governance ("ESG") areas.
Environment
The Fiera Milano Group has embedded in its strategic directions a commitment to consistently reduce atmospheric emissions, defining targets for the reduction of direct and indirect CO2 emissions which are formalized in the medium and long-Term Decarbonization Plan of Fiera Milano. With the definition of the new Decarbonization Plan, the Fiera Milano Group aims to reduce its GHG Scope 1 + Scope 2 (market-based) emissions by at least 60% by 2027 and 80% by 2030 compared to the 2023 baseline, in line with the objectives set out in the Paris Agreements and the Net Zero Carbon Events initiative.
These targets will be achieved primarily through the progressive increase in the share of energy derived from renewable sources: 40% in 2024; 60% in 2025; 65% in 2026 and 70% in 2027, achievable through:
- Expansion of the photovoltaic system by Fair Renew, installed on the roofs of the Rho exhibition district (26,000 photovoltaic panels – the largest rooftop photovoltaic system in Europe) with the aim of reaching a capacity of 17 MWp by 2024, in order to contribute steadily to about 25% of Fiera Milano's energy needs; - Increased reliance on purchases of electricity through Guarantee of Origin (GO), increasing from about 20% in
2023 to 60% in 2027 of certified green purchases at the Group level.
Thanks to the collaboration between Fondazione Fiera Milano and A2A through the creation of Fair-Renew, Fiera Milano has enhanced its environmental commitment by transforming the roofs of the Rho exhibition district into a clean energy powerhouse. Between 2021 and 2022, a massive photovoltaic system, with a capacity of 8.2 MWp, equipped with approximately 26,000 solar panels, was inaugurated by Fair-Renew. This initiative now meets about 20-25% of Fiera Milano's energy needs, establishing itself as a symbol of sustainable progress.
In response to the challenge of rising energy costs, an ambitious expansion of the photovoltaic system began in the first half of 2023. This expansion project took advantage of every available space, from the roofs of the exhibition pavilions to the new Cargo 2 warehouse and multi-storey car parks. 2023 marked the second phase of this journey towards sustainability, with the addition of 3.9 MWp of capacity, extending green energy to pavilions 2-4, the roof of the Cargo 2 warehouse, and the PM1 and PM2 car parks.
Looking ahead with determination, thanks to the continuous support of Fondazione Fiera Milano and A2A, 2024 will see the realization of the third phase of expansion, with a further addition of 3.9 MWp. This development will bring the total capacity to approximately 17 MWp, confirming itself as one of the largest rooftop photovoltaic systems in Europe.
Social
For the third year in a row, Fiera Milano confirmed its position at the top of the Integrated Governance Index (IGI), the index developed by ET.Group and presented on 14 June at the ESG Business Conference which acknowledges companies that have undertaken a serious path of transformation and evolution of their identity in an ESG way, integrating sustainability into their business model. Fiera Milano placed second in the "Top 5 extra 100" ranking, the sample which includes all listed companies beyond the top 100 by capitalisation.
Fiera Milano also confirmed itself on the podium of two important recognitions promoted by UFI, The Global Association of the Exhibition Industry, awards reserved for the best sustainability initiatives that promote sustainable development in the trade fair industry on a global level. For the second year in a row, it confirmed itself on the podium of the UFI – Sustainable Development Award 2023 ("Best engagement program for stakeholders"), with the innovative offer of sustainable booths deriving from recycled carpet that was developed by Fiera Milano – Nolostand, in partnership with Montecolino S.p.A. A circular economy initiative that confirms Fiera Milano's role as a promoter of the sustainable development of the business along the entire value chain. For the first year it also positioned itself on the podium of the Operations & Services Award ("Successful examples of operational measures to reduce the carbon footprint of trade fairs and events"), with the project of measuring the carbon footprint generated by its events, according to the LCA (Life Cycle Assessment) methodology.
During the third quarter, Fiera Milano was finally awarded by ELITE (Borsa Italiana), Kon Group, Forbes, Azimut and ALTIS with the "Sustainability Award Top ESG score" recognition. The Group obtained the highest ESG (Environment, Social, Governance) score compared to all Italian participating companies with a turnover of less than Euro 250 million, recording a remarkable performance on the environmental and social pillars as well as good sustainability governance and a strong focus on circular economy, fight against climate change and support for local communities.
CALL OF ORDINARY AND EXTRAORDINARY SHAREHOLDERS' MEETING AND PROPOSAL FOR A DIVIDEND DISTRIBUTION OF €0.14 PER SHARE
The Draft Financial Statements as of 31 December 2023, will be submitted to the Ordinary Shareholders' Meeting, which will be held on 23 April 2024, at 3:00 p.m. on single call, exclusively through the representative designated pursuant to Article 135-undecies of Legislative Decree no. 58/1998 ("TUF"), without physical participation by the shareholders. The Consolidated Financial Statements as of 31 December 2023 and the Consolidated Non-Financial Statement for 2023 pursuant to Legislative Decree no. 254/2016 will be also presented. The agenda of the Meeting will also include the Remuneration Policy and compensation pursuant to Article 123-ter of Legislative Decree 58/98, with approval of the first section and advisory vote on the second section, authorization for the purchase and disposal of treasury shares pursuant to articles 2357 and 2357-ter of the Civil Code, and the appointment of the Board of Statutory Auditors.
Furthermore, the Shareholders' Meeting will be called to resolve on the distribution of a dividend, before tax withholdings, of 0.14 euros for each of the ordinary shares in circulation. The dividend, if approved, will be paid on 2 May 2024, with ex-dividend date number 10 on 29 April 2024, and record date on 30 April 2024. Payment will be made through authorized intermediaries where the shares are registered in the Monte Titoli system.
The following documents will be made available on 14 March 2024, on the Company's website www.fieramilano.it in the Investors section, as well as on the authorized storage mechanism and at the Company's registered office and operational and administrative headquarters:
− Notice of call of Ordinary and Extraordinary Shareholders' Meeting, which will outline the conduct and participation methods in the meeting;
− Explanatory Reports of the Board of Directors pursuant to art. 125-ter of Legislative Decree no. 58/98 and art. 73 of Consob Regulation no. 11971/1999 and subsequent amendments and additions.
CONFERENCE CALL RESULTS AS AT 31 DECEMBER 2023
Please note that a conference call will be held at 17:30 (CET) today, Wednesday 13 March, during which Fiera Milano's management will present the consolidated results as at 31 December 2023. To take part in the conference call, simply dial one of the following numbers:
Italy: +39 02 8020911 Switzerland: +41 225954728 UK: +44 1 212818004 USA: + 1 718 7058796
The presentation can be downloaded before the start of the conference call from the Investors section of the Fiera Milano website (www.fieramilano.it)
***
The Financial Reporting Officer, Massimo De Tullio, in accordance with paragraph 2 of Article 154-bis of the Consolidated Finance Act, herewith declares that the accounting information in this press release is consistent with the Company's official documents, books and accounting records.
***
This press release contains forward-looking statements. The statements are based on the Group's current expectations and projections of future events and, by their nature, are subject to an inherent component of risk and uncertainty. Actual results could differ substantially from those contained in these statements due to a variety of factors, including changes in macroeconomic conditions and economic growth and other changes in business conditions, continued volatility and further deterioration in capital and financial markets, and numerous other factors, most of which are beyond the Group's control. The Group's business levels are affected by the frequency/seasonality of exhibitions. Therefore, operating results and changes in the net financial position cannot be used to derive an accurate forecast of the expected results for the year.
***
Fiera Milano
Fiera Milano is the domestic market leader and one of the main integrated operators worldwide in the exhibition and congress sector. The Group manages the leading exhibition site in Italy and dominates events in numerous manufacturing sectors: fashion, publishing, furniture and furnishings, home and lifestyle, mechanical tooling industry, tourism, professional hospitality, food, plant engineering and energy, construction and art. Specifically, the business of the Group is focused on the management, organisation and hosting of exhibitions and other events through ensuring the availability of equipped exhibition space, project support and related services. Its offer is completed by engineering services, stand-fitting services as well as a multichannel platform that includes web content and congresses. Fiera Milano has been listed in the STAR segment of the Euronext Milan stock market since 2002.
Contacts
Investor Relations Vincenzo Cecere Tel +39 0249977816 [email protected] Communication Alessia Magistroni [email protected]
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| Consolidated statement of comprehensive income (thousands of euros) | 2022 | 2023 |
|---|---|---|
| Revenues from sales and services | 220,285 | 283,829 |
| Cost of materials | 4,078 | 3,773 |
| Cost of services | 110,159 | 134,460 |
| Costs for use of third-party assets | 1,246 | 653 |
| Personnel expenses | 44,413 | 52,233 |
| Other operating expenses | 3,931 | 4,969 |
| Total operating costs | 163,827 | 196,088 |
| Other income | 4,135 | 5,397 |
| Results of equity-accounted companies | 466 | 6,933 |
| Allowance for doubtful accounts and other provisions | 2,656 | 2,933 |
| Operating result before adjustments to non-current asset values (EBITDA ) | 58,403 | 97,138 |
| Depreciation and amortisation | 47,908 | 51,499 |
| Adjustments to asset values | 1,276 | 815 |
| Operating result (EBIT) | 9,219 | 44,824 |
| Financial income/(expenses) | (12,924) | (8,819) |
| Profit/(loss) before income tax | (3,705) | 36,005 |
| Income tax | 2,055 | 7,036 |
| Profit/(loss) from continuing operations | (5,760) | 28,969 |
| Profit/(loss) from discontinued operations | - | 16,500 |
| Profit/(loss): | (5,760) | 45,469 |
| o/w attributable to the shareholders of the controlling entity | (5,599) | 45,468 |
| o/w attributable to non-controlling interests | (161) | 1 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| Consolidated statement of financial position (thousands of euros) | 31/12/2022 | 31/12/2023 | |
|---|---|---|---|
| Goodwill | 95,036 | 95,036 | |
| Intangible assets with a finite useful life | 15,195 | 12,241 | |
| Right-of-use assets | 367,482 | 362,002 | |
| Tangible fixed assets | 5,003 | 11,467 | |
| Other non-current financial assets | 2,386 | 1,059 | |
| Other non-current assets | 74,270 | 90,400 | |
| A | Non-current assets | 559,372 | 572,205 |
| Inventory and contracts in progress | 3,144 | 2,258 | |
| Trade and other receivables | 33,404 | 40,567 | |
| Other assets | - | - | |
| B | Current assets | 36,548 | 42,825 |
| Trade payables | 50,317 | 65,274 | |
| Payments received on account | 29,869 | 39,841 | |
| Tax liabilities | 2,606 | 2,866 | |
| Provisions for risks and charges and other current liabilities | 26,166 | 33,015 | |
| C | Current liabilities | 108,958 | 140,996 |
| D | Net working capital (B - C) | (72,410) | (98,171) |
| E | Gross capital employed (A + D) | 486,962 | 474,034 |
| Employee benefit provisions | 7,763 | 7,453 | |
| Provisions for risks and charges and other non-current liabilities | 4,233 | 3,780 | |
| F | Non-current liabilities | 11,996 | 11,233 |
| G | NET CAPITAL EMPLOYED cont. operations (E - F) | 474,966 | 462,801 |
| H | NET CAPITAL EMPLOYED assets held for sale | (1,809) | - |
| TOTAL NET CAPITAL EMPLOYED (G + H) | 473,157 | 462,801 | |
| covered by: | |||
| Equity attributable to the Group | 105,660 | 147,896 | |
| Equity attributable to non-controlling interests | 533 | 535 | |
| I | Total equity | 106,193 | 148,431 |
| Cash & cash equivalents | (81,971) | (99,843) | |
| Current financial (assets)/liabilities | 41,337 | 43,286 | |
| Non-current financial (assets)/liabilities | 409,407 | 370,927 | |
| Net financial debt of continuing operations | 368,773 | 314,370 | |
| Net financial debt of assets held for sale | (1,809) | - | |
| L | Net financial debt (TOTAL) post IFRS16 | 366,964 | 314,370 |
| EQUITY AND NET FINANCIAL DEBT (I + L) | 473,157 | 462,801 |
CONSOLIDATED STATEMENT OF CASH FLOWS
| Consolidated Statement of Cash Flows (thousands of euros) | 2022 | 2023 |
|---|---|---|
| Profit/(loss) from continuing operations | (5,760) | 28,969 |
| Profit/(loss) from discontinued operations | - | 16,500 |
| Adjustments for: | ||
| Profit related to equity-method investments | (466) | (6,933) |
| Result from sale of business unit | - | (16,500) |
| Depreciation and Amortisation | 47,908 | 51,499 |
| Adjustments to asset values | 1,276 | 815 |
| Financial income | (1,600) | (5,582) |
| Financial expenses | 3,244 | 3,402 |
| Financial expenses on leased assets (IFRS 16) | 11,280 | 10,999 |
| Personnel Expenses "Performance Shares Plan" | 309 | (576) |
| Provision for employee benefits | 232 | 208 |
| Provision for risks | 2,798 | 2,679 |
| Current and deferred taxes | 2,055 | 7,036 |
| Cash flow from operations | 61,276 | 92,516 |
| Cash flow from operational management | ||
| Trade and other receivables | (3,201) | (8,962) |
| Inventories | 136 | 886 |
| Net change in employee benefit provisions | (948) | (705) |
| Trade payables | (252) | 10,008 |
| Advances | (6,017) | 9,972 |
| Net change in deferred taxes | (337) | 16 |
| Tax payables | (230) | 673 |
| Provisions for risks, charges, and other liabilities (excluding debts to Organizers) | 2,152 | 5,384 |
| Debts to Organizers | (4,913) | 2,203 |
| Use of risk provisions | (3,223) | (3,279) |
| Interest paid | (2,070) | (2,845) |
| Interest paid on financial liabilities related to the right-of-use of assets | (11,280) | (10,999) |
| Interest received Income taxes paid |
393 (960) |
4,316 (1,628) |
| Total from continuing operations | 30,526 | 97,556 |
| Total from assets held for sale | 1,761 | (1,809) |
| of which to related parties | (5,436) | (6,231) |
| Cash flow from investment activities | ||
| Investments in tangible assets | (887) | (3,525) |
| Investments in intangible assets | (2,422) | (2,805) |
| Investments in associated companies and joint ventures | (11,750) | 642 |
| Total from continuing operations | (15,059) | (5,688) |
| Total from assets held for sale | - | - |
| Cash flow from financial activities | ||
| Change in equity | (530) | (676) |
| Repayments of non-current financing activities | (13,223) | (2,743) |
| Repayments of current financial liabilities related to the right-of-use of assets | (32,176) | (40,594) |
| of which to related parties | (29,219) | (38,708) |
| Change in current financial liabilities | (27,008) | (1,973) |
| of which to related parties | 1,705 | (2,615) |
| Repayments of current financing activities | (8,555) | (27,937) |
| of which to related parties | (9,430) | (130) |
| Total translation differences | (254) | (73) |
| Total from continuing operations | (81,746) | (73,996) |
| Total from assets held for sale | - | - |
| Net cash flow from continuing operations | (66,279) | 17,872 |
| Net cash flow from assets held for sale | 1,761 | (1,809) |
| Initial cash from continuing operations | 148,250 | 81,971 |
| Initial cash from assets held for sale | 48 | 1,809 |
| Net cash for the year from continuing operations | 81,971 | 99,843 |
| Net cash for the year from assets held for sale | 1,809 | - |
| Net cash at the end of the year | 83,780 | 99,843 |
STATEMENT OF COMPREHENSIVE INCOME - Fiera Milano SpA
| Statement of Comprehensive Income - Fiera Milano SpA (euro) | 2022 | 2023 |
|---|---|---|
| Revenues from sales and services | 172,488,115 | 232,630,034 |
| of which to related parties | 10,750,550 | 10,572,060 |
| Total Revenues | 172,488,115 | 232,630,034 |
| Cost of materials | 221,260 | 290,437 |
| Cost of services | 91,366,471 | 113,479,403 |
| of which with related parties | 36,127,964 | 44,328,954 |
| Cost of use of third-party assets | 1,176,747 | 769,650 |
| Personnel expenses | 37,791,394 | 42,909,801 |
| Other operating expenses | 3,663,278 | 4,730,223 |
| Total operating expenses | 134,219,150 | 162,179,514 |
| Other income | 5,954,297 | 6,416,982 |
| of which with related parties | 4,029,995 | 4,494,464 |
| Allowance for doubtful accounts and other provisions | 2,577,846 | 2,215,673 |
| Earnings before interest, taxes, depreciation, and amortization (EBITDA) | 41,645,416 | 74,651,829 |
| Depreciation of property, plant and equipment and right-of-use assets | 35,512,213 | 38,183,207 |
| Amortisation of intangible assets | 4,396,312 | 4,854,698 |
| Adjustments to asset values | - | 815,499 |
| Earnings before interest and taxes (EBIT) | 1,736,891 | 30,798,425 |
| Financial income and similar | 6,702,679 | 9,737,883 |
| of which with related parties | 6,239,131 | 4,911,400 |
| Financial expenses and similar | 13,050,341 | 13,901,507 |
| of which with related parties | 10,361,559 | 10,596,242 |
| Valuation of financial assets | (2,720,090) | - |
| Profit/(loss) before tax | (7,330,861) | 26,634,801 |
| Income tax | (1,851,204) | 5,268,884 |
| of which with related parties | (2,994,487) | 3,982,227 |
| Profit/(loss) from continuing operations | (5,479,657) | 21,365,917 |
| Profit/(loss) from discontinued operations | - | 16,500,000 |
| Profit/(loss) for the year | (5,479,657) | 37,865,917 |
| Other comprehensive income/(loss) that will not be reclassified subsequently to profit or loss |
||
| Revaluation of defined benefit schemes | 509,421 | (55,137) |
| Tax effects | (122,261) | 13,233 |
| Other comprehensive income/(loss) that will be reclassified subsequently to profit or loss | ||
| Profits and losses arising from hedging instruments | 2,385,538 | (1,329,061) |
| Tax effects | - | (236,654) |
| Other comprehensive income/(loss) net of related tax effects | 2,772,698 | (1,607,619) |
| Total comprehensive income/(loss) for the year | (2,706,959) | 36,258,298 |
STATEMENT OF FINANCIAL POSITION - Fiera Milano SpA
| Statement of Financial Position - Fiera Milano SpA (euro) | 31/12/2022 | 31/12/2023 |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Property, plant and equipment | 1,416,569 | 6,623,955 |
| Right-of-use assets | 330,745,902 | 318,780,139 |
| of which from related parties | 330,103,362 | 317,038,395 |
| Goodwill | 76,090,614 | 76,090,614 |
| Intangible assets with a finite useful life | 14,151,300 | 11,286,832 |
| Investments | 55,433,071 | 72,080,994 |
| Financial leasing receivables | 11,010,573 | 13,379,110 |
| of which from related parties | 11,010,573 | 13,379,110 |
| Other financial assets | 4,251,082 | 986,058 |
| Trade and other receivables | 32,851,720 | 28,641,397 |
| of which from related parties | 32,744,519 | 26,429,696 |
| Deferred tax assets | 10,400,508 | 9,701,065 |
| Total | 536,351,339 | 537,570,164 |
| Current assets | ||
| Trade and other receivables | 22,972,932 | 27,683,072 |
| of which from related parties | 5,747,789 | 7,248,588 |
| Inventories | 2,097,528 | 1,625,759 |
| Financial leasing receivables | 868,509 | 1,531,954 |
| Financial assets | 36,763,681 | 40,129,475 |
| of which from related parties | 1,606,051 | 4,226,651 |
| Cash and cash equivalents | 74,893,745 | 95,329,397 |
| Total | 137,596,395 | 166,299,657 |
| Assets held for sale | ||
| Assets held for sale | 2,671,716 | - |
| Total assets | 676,619,450 | 703,869,821 |
| EQUITY AND LIABILITIES | ||
| Equity | ||
| Share capital | 42,182,202 | 41,987,295 |
| Share premium reserve | 8,129,321 | 7,648,376 |
| Other reserves | 11,757,487 | 9,573,688 |
| Retained earnings | 42,615,236 | 37,135,579 |
| Profit/(loss) for the year | (5,479,657) | 37,865,917 |
| Total | 99,204,589 | 134,210,855 |
| Non-current liabilities | ||
| Bank borrowings | 60,116,140 | 30,630,189 |
| Financial liabilities related to the right-of-use of assets of which from related parties |
325,595,352 325,113,982 |
315,365,168 313,929,039 |
| Other financial liabilities | 1,683,049 | - |
| Provision for risks and charges | 500,000 | - |
| Employee benefit provisions | 5,398,755 | 4,822,317 |
| Other liabilities | - | 383,883 |
| Total | 393,293,296 | 351,201,557 |
| Current liabilities | ||
| Bank borrowings | 26,250,001 | 26,750,001 |
| Trade-payables | 29,201,837 | 43,398,465 |
| Advances | 24,616,666 | 32,026,933 |
| Financial liabilities related to the right-of-use of assets | 44,282,125 | 48,965,786 |
| of which from related parties | 44,115,030 | 48,630,754 |
| Other financial liabilities | 21,982,063 | 22,957,194 |
| of which from related parties | 21,982,063 | 22,957,194 |
| Provision for risks and charges | 4,425,091 | 4,233,700 |
| Tax liabilities | 2,043,944 | 2,431,207 |
| Other liabilities | 28,648,122 | 37,694,123 |
| of which from related parties | 14,523,617 | 19,870,840 |
| Total | 181,449,849 | 218,457,409 |
| Liabilities held for sale | ||
| Liabilities held for sale | 2,671,716 | - |
| Total liabilities | 676,619,450 | 703,869,821 |
STATEMENT OF CASH FLOWS – Fiera Milano S.p.A.
| Statement of Cash Flows - Fiera Milano SpA (euro) | 2022 | 2023 |
|---|---|---|
| Profit/(loss) from continuing operations | (5,479,657) | 21,365,917 |
| Profit/(loss) from discontinued operations | - | 16,500,000 |
| Adjustments for: | ||
| Result from sale of business unit | - | (16,500,000) |
| Allowance for doubtful accounts and other provisions | 2,577,846 | 2,215,673 |
| Depreciation and Amortisation | 39,907,485 | 43,037,905 |
| Adjustments to asset values | - | 815,499 |
| Valuation of financial assets Financial income |
2,720,090 (6,702,679) |
- (9,737,883) |
| Financial expenses | 2,887,252 | 4,140,363 |
| Financial expenses on leased assets (IFRS 16) | 10,163,089 | 9,761,144 |
| Personnel Expenses "Performance Shares Plan" | 308,672 | (576,180) |
| Provision for employee benefits | 46,872 | 40,377 |
| Income tax | (1,851,204) | 5,268,884 |
| Cash flow from operations | 44,577,766 | 76,331,699 |
| Cash flow from operational management | ||
| of which with related parties | (27,948,534) | (32,189,445) |
| Net change in deferred taxes | - | - |
| Trade and other receivables | 2,243,576 | (4,601,138) |
| Inventories | (295,849) | 471,769 |
| Net change in employee benefit provisions Trade payables |
(659,628) (582,674) |
(671,952) 9,247,143 |
| Advances | (3,007,409) | 7,410,267 |
| Tax payables | (826,632) | 610,080 |
| Provisions for risks, charges, and other liabilities (excluding debts to Organizers) | 767,591 | 7,101,583 |
| Debts to Organizers | (6,357,239) | 2,328,301 |
| Use of risk provisions | (3,046,806) | (2,787,970) |
| Interest paid | (1,983,048) | (2,829,641) |
| Interest paid on financial liabilities related to the right-of-use of assets | (10,163,089) | (9,761,144) |
| Interest received | 6,395,531 | 8,439,408 |
| Income taxes paid | (829,266) | (1,033,452) |
| Total from continuing operations | 26,232,824 | 90,254,953 |
| Total from assets held for sale | 1,760,613 | (1,808,711) |
| Cash flow from investing activities | ||
| Investments in tangible assets | (346,715) | (860,639) |
| Write-downs of tangible assets | 9,785 | 4,947 |
| Investments in intangible assets | (2,551,011) | (2,805,729) |
| Write-downs of intangible assets | 135,000 | - |
| Investments in Joint Ventures | (11,750,000) | - |
| Subsidiary company share capital transactions | - | (1,824,000) |
| Dividends received | 6,000,000 | 4,285,377 |
| Total from continuing operations Total from assets held for sale |
(8,502,941) - |
(1,200,044) - |
| Cash flow from financing activities | ||
| Variation of own means | (529,451) | (675,852) |
| Change in non current and current financial leasing receivables | 700,238 | 1,780,208 |
| of which to related parties | 700,238 | (3,031,982) |
| Change in non current financial assets | 424,003 | 1,935,963 |
| Change in current financial assets | (33,343,384) | (6,352,696) |
| of which to related parties | 1,709,316 | (2,620,600) |
| Repayments of non-current financing activities | (36,036,013) | (2,819,472) |
| Repayments of current financial liabilities related to the right-of-use of assets | (26,173,717) | (35,978,366) |
| of which to related parties Repayments of current financing activities |
(26,007,949) 16,174,199 |
(31,180,620) (26,509,042) |
| of which to related parties | (8,234,049) | 975,131 |
| Total from continuing operations | (78,784,125) | (68,619,257) |
| Total from assets held for sale | - | - |
| Net cash flow from continuing operations | (61,054,242) | 20,435,652 |
| Net cash flow from assets held for sale | 1,760,613 | (1,808,711) |
| Initial cash from continuing operations | 135,947,987 | 74,893,745 |
| Initial cash from assets held for sale | 48,098 | 1,808,711 |
| Net cash for the year from continuing operations | 74,893,745 | 95,329,397 - |
| Net cash for the year from assets held for sale Net cash at the end of the year |
1,808,711 76,702,456 |
95,329,397 |