Quarterly Report • Nov 9, 2022
Quarterly Report
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This document is available in the Investors section of the Company website www.fieramilano.it
This document contains a faithful translation into English of the original report in Italian Resoconto intermedio di gestione consolidato al 30 settembre 2022. However, for information about Fiera Milano Group reference should be made exclusively to the original report in.The Italian version of the Resoconto intermedio di gestione consolidato al 30 settembre 2022 shall prevail upon the English version.
Fiera Milano SpA
Registered office: Piazzale Carlo Magno, 1 - 20149 Milan Operational and administrative office: Strada Statale del Sempione, 28 - 20017 Rho (Milan) Share Capital: Euro: 42,445,141.00 paid up Companies Register, Tax code and VAT no. 13194800150 - Economic Administrative Register 1623812
Rho (Milan), 9 November 2022
| ▪ | CORPORATE BODIES AND INDEPENDENT AUDITOR | page | 3 |
|---|---|---|---|
| ▪ | BUSINESS MODEL | page | 4 |
| ▪ | GROUP STRUCTURE | page | 5 |
| ▪ | REPORT ON OPERATIONS IN THE THIRD QUARTER 2022 | ||
| ▫ Summary of results and significant events in the quarter |
page | 6 | |
| ▫ Net financial debt |
page | 11 | |
| ▫ Business performance by operating segment and geographic area |
page | 12 | |
| ▫ Group personnel |
page | 16 | |
| ▪ | SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING PERIOD | page | 17 |
| ▪ | BUSINESS OUTLOOK | page | 17 |
| ▪ | PREPARATION CRITERIA | page | 19 |
| ▪ | FINANCIAL STATEMENTS | ||
| ▫ Consolidated income statement |
page | 20 | |
| ▫ Reclassified consolidated statement of financial position |
page | 21 | |
| ▫ Comments on the capital and financial position |
page | 22 | |
| ▪ | DECLARATION OF THE FINANCIAL REPORTING OFFICER | page | 23 |
| ▪ | ATTACHMENT 1 List of companies included in the consolidation area and other investments at 30 September 2022 |
page | 24 |
__________________________________________________________________________________
| Carlo Bonomi | Chairman° |
|---|---|
| Luca Palermo | Chief Executive Officer |
| Alberto Baldan | Director* |
| Stefania Chiaruttini | Director* |
| Regina De Albertis | Director° |
| Francesca Golfetto | Director* |
| Ferruccio Resta | Director* |
| Agostino Santoni | Director° |
| Elena Vasco | Director* |
°* Independent Director under Art. 148, paragraph 3 of Italian Legislative Decree 58 of 24 February 1998.
* Independent Director under Art. 148, paragraph 3 of Italian Legislative Decree 58 of 24 February 1998 and the Corporate Governance Code of Borsa Italiana.
______________________________________________________________________________
Stefania Chiaruttini Elena Vasco Francesca Golfetto Alberto Baldan
Ferruccio resta Agostino Santoni
Monica Mannino Chairman Andrea Maldi
Piero Antonio Capitini Standing Statutory Auditor Daniele Federico Monarca Standing Statutory Auditor Livia Amidani Aliberti Substitute Statutory Auditor Simone Bruno Substitute Statutory Auditor
Enrico Maria Giarda Luigi Bricocoli Basilio Postiglione
The Board of Directors was appointed by the Shareholders' Meeting of 20 April 2020. The Directors' mandates will expire at the Shareholders' Meeting to approve the Financial Statements at 31 December 2022.
At the Shareholders' Meeting of 2 October 2020, the Chairman Mr Carlo Bonomi, co-opted by the Board of Directors on 25 April 2020, was confirmed in his role as Director and Chairman of Fiera Milano SpA. At the same Shareholders' Meeting, Luca Palermo was appointed to the Board of Directors of Fiera Milano S.p.A., bringing the number of members to nine.
Both directors appointed at the Shareholders' Meeting will expire with the entire Board of Directors with the approval of the financial statements at 31 December 2022.
Following his appointment by the Board of Directors on 15 December 2020, Mr Luca Palermo took over as Chief Executive Officer and General Manager from 1 January 2021.
During the meeting of the Board of Directors held on 14 June 2022, Professor Ferruccio Resta was appointed as a director to replace Ms Anna Gatti, who left office on 10 May 2022.
Following the resignation of Directors Angelo Meregalli and Marina Natale, on 13 October 2022, the Board of Directors coopted Regina De Albertis and Agostino Santoni as directors.
At the same meeting on 13 October 2022, Directors Ferruccio Resta and Agostino Santoni were appointed by the Board of Directors as members of the board committees, replacing Angelo Meregalli and Marina Natale who had resigned.
The Board of Directors is invested with the broadest powers for the ordinary and extraordinary management of the Company; it has the power to carry out all acts it deems appropriate or useful to attain the corporate objectives, except for those which, pursuant to law, are reserved for the Shareholders' Meeting.
Under the law and the Company Articles of Association, the Chairman is the legal representative of the Company. He is also vested with all powers concerning Fiera Milano's institutional external relations.
The Board of Statutory Auditors was appointed by the Shareholders' Meeting of 28 April 2021 and its mandate expires at the Shareholders' Meeting to approve the Financial Statements at 31 December 2023.
EY SpA
The mandate, given by the Shareholders' Meeting of 29 April 2014, is for the financial years 2014-2022.
The Fiera Milano Group is active in all the key areas of the exhibition and congress industry and is one of the largest integrated exhibition companies worldwide.
__________________________________________________________________________
Under the current management approach, the operating segments have been re-defined as follows:
The table below shows the Group's key figures for the 3rd quarter and the cumulative period to 30 September 2022, compared with the figures for the corresponding periods in the previous financial year, as well as the figures for the full year 2021.
| Full year | 3rde Quarter | 3rde Quarter | 9 months | 9 months | |
|---|---|---|---|---|---|
| at 31/12/21 | at 30/09/22 | at 30/09/21 at 30/09/22 | at 30/09/21 | ||
| (Amounts in € '000) | |||||
| 129,756 | Revenues from sales and services | 45,531 | 35,303 | 161,718 | 39,902 |
| 77,170 | EBITDA (a) | 10,331 | 15,963 | 49,852 | ( 7,027) |
| 31,936 | EBIT | (1,676) | 4,800 | 14,084 | (40,504) |
| 42,909 | Profit/(loss) from continuing operations | (4,386) | 451 | 888 | (25,033) |
| 1,172 | Profit/(loss) from discontinued operations | - | - | - | 836 |
| 44,081 | Profit/(loss) | (4,386) | 451 | 888 | (24,197) |
| 44,359 | - Attributable to the shareholders of the controlling entity | (4,353) | 544 | 1,010 | (23,991) |
| ( 278) | - Attributable to non-controlling interests | (33) | (93) | (122) | (206) |
| 473,586 | Net capital employed (b) | 467,979 | 482,108 | 467,979 | 482,108 |
| covered by: | |||||
| 108,314 | Equity attributable to the Group | 112,729 | 39,453 | 112,729 | 39,453 |
| 671 | Equity attributable to non-controlling interests | 565 | 145 | 565 | 145 |
| ( 47,343) | Net financial debt/(cash) before IFRS 16 effects | (51,157) | 14,570 | (51,157) | 14,570 |
| 364,601 | Total net financial debt/(cash) | 354,685 | 442,510 | 354,685 | 442,510 |
| 5,945 | Investments (continuing operations and assets held for sale) | 927 | 942 | 2,676 | 2,587 |
| 669 | Employees (no. of permanent employees at end of period) | 664 | 679 | 664 | 679 |
Fiera Milano Group Summary of key figures
(a) EBITDA is the operating result before depreciation and amortisation and adjustments to non-current asset values. (b) Net capital employed is the sum of non-current assets, non-current liabilities and net working capital.
Fiera Milano's results for the 3rd quarter of 2022 confirm the recovery of the exhibition sector with consolidated revenues of Euro 45,531 thousand and the holding of 10 exhibitions in Italy that occupied a total of 172,390 square metres of exhibition space.
In July, the 35th edition of Milano Unica, the leading exhibition for the textile industry, confirmed the strong recovery with 445 exhibitors and 4,052 companies visiting the exhibition.
Next, in September, Fiera Milano hosted the 50th edition of Gastech, the international event dedicated to the energy industry that was held in Milan for the first time. The exhibition recorded record attendance with 39,467 industry professionals, 300 CEOs and Opinion Leaders and 750 exhibiting companies.
Allianz MiCo hosted Filo, the international exhibition dedicated to excellence in yarns and fibres. The exhibition was attended by foreign buyers from 13 countries and 93 exhibitors, 30 percent of whom were foreign. Starting on 16 September, the pavilions of Fiera Milano hosted the most important exhibitions in the fashion world, associated with Confindustria Moda. MICAM Milan, Mipel and TheOneMilano, together with HOMI Fashion&Jewels Exhibition, welcomed a total of 35,470 professional operators and more than 3,000 brands on a total exhibition area of 56,435 square metres. Lineapelle and Simac Tanning Tech hosted a total of about 1,200 exhibitors and were held in synergy with the Milan fashion exhibitions, united by the hashtag #finallytogether.
September saw the restart of Fiera Milano's activities in Brazil, which organised 3 exhibitions, including the Reatech Brasil international fair dedicated to rehabilitation, social inclusion and accessibility. The event, which was held in São Paulo, had 46,975 visitors and 300 exhibition brands.
During the quarter 3 exhibitions were held in China, for a total of 100,870 square metres of exhibition space.
Fiera Milano's international activities then continued in Singapore, with the first edition of FIND - Design Fair Asia, Asia's benchmark event for the design and furniture sector organised by Fiera
Milano. The exhibition hosted more than 250 brands from all over the world and 30 Italian design leaders.
In addition, Fiera Milano is also working at institutional level to further promote the internationalisation of businesses. Last July it opened a representative office at the Lombardy Region Delegation in Brussels. This will allow Fiera Milano to carry out even more stakeholder engagement activities with European institutions. In addition to being the seat for most of the institutions, the capital of Belgium also holds a strategic position at the exhibition level since it is the headquarters of EMECA, the association representing the most important European exhibition centres, including Fiera Milano.
In September, Fiera Milano began the process of assessing the environmental footprint of exhibition events held in its spaces. Indeed, the first carbon-neutral edition of HOMI Fashion&Jewels Exhibition was held. The initiative, in line with the Group's Purpose and Sustainability Plan, measured the CO2 emissions produced by the exhibition using a Life Cycle Assessment (LCA) approach, developed in collaboration with Rete Clima. The approximately 1,300 tons of CO2 generated by HOMI Fashion&Jewels Exhibition were entirely neutralised by investing in the certified environmental project "Photovoltaic Power Project," through which Fiera Milano will support the construction of photovoltaic panels in the Maharashtra area of India, promoting access to green energy for local people.
During the quarter, Fiera Milano also paid special attention to the issue of occupational safety, signing an important agreement with ASAL Assoallestimenti of FederlegnoArredo to facilitate the management of fitters and access procedures to Fiera Milano exhibition spaces. Fiera Milano has focused on values such as preventing all forms of illegality, rejecting the employment of illegal or undeclared labour and promoting higher standards of health and safety. The joint interest of Fiera Milano and ASAL is to ensure the smooth running of the assembly and disassembly operations of exhibitions.
The business of the Group is seasonal due to exhibitions that have a biennial and multiannual frequency. Moreover, the lack of exhibitions in Italy in July and August had a significant impact on the results for the quarter. Given this seasonality, revenues and results cannot be compared from year to year and may vary significantly from quarter to quarter. In this context, the Covid-19 pandemic has introduced an additional element of complexity in terms of comparing income statement and balance sheet data.
In detail, the figures for the 3rd quarter of 2022 and the progressive data at 30 September 2022 showed the following main trends:
affected by the suspension in the first six months of activities in Italy due to the Covid-19 pandemic. The change is mainly related to the presence of the Salone del Mobile, the "biennial even-numbered year" Mostra Convegno Expocomfort, the multi-year events that are part of the largest European event dedicated to solutions serving the manufacturing industry "The Innovation Alliance," the directly organised Bit, the hosted event Mido, Gastech as well as the presence of the hosted fashion-industry events with LineaPelle, The Micam spring and Milano Unica spring among the most important. Regarding congress activities, there were international congresses such as the World of Coffee, ESA-European Congress of Anaesthesia, ECE-European Congress of Endocrinology and EAS-European Congress on Atherosclerosis, EADV-European Academy of Dermatology and
Venereology, and ESCRS-European Society of Cataract and Refractive Surgeons. The main changes in the quarter, in terms of exhibition space, are detailed below:
The table below gives a summary of the net square metres of exhibition space occupied by the various Fiera Milano Group exhibitions and by congresses with related exhibition space.
| Fiera Milano Group Summary operating figures | 3rd Quarter 2022 | 3rd Quarter 2021 | |||
|---|---|---|---|---|---|
| of which | of which | ||||
| organised | organised | ||||
| Total | by the Group | Total | by the Group | ||
| Number of exhibitions: | 17 | 9 | 15 | 8 | |
| Italy | 1 0 |
2 | 1 1 |
4 | |
| . annual | 9 | 2 | 11 | 4 | |
| . biennial | - | - | - | - | |
| . multi-annual | 1 | - | - | - | |
| Foreign countries | 7 | 7 | 4 | 4 | |
| . annual | 4 | 4 | 4 | 4 | |
| . biennial | 3 | 3 | - | - | |
| . multi-annual | - | - | - | - | |
| Number of congresses with related exhibition space - Italy |
6 | - | 7 | - | |
| Net sq.metres of exhibition space: | 318,820 | 133,515 | 263,595 | 139,010 | |
| Italy | 200,450 | 15,145 | 148,510 | 23,925 | |
| . annual (a) | 169,570 | 15,145 | 148,510 | 23,925 | |
| . biennial | - | - | - | - | |
| . multi-annual | 30,880 | - | - | - | |
| (a) of which congresses with related exhibition space |
28,060 | - | 14,755 | - | |
| Foreign countries | 118,370 | 118,370 | 115,085 | 115,085 | |
| . annual | 103,370 | 103,370 | 115,085 | 115,085 | |
| . biennial | 15,000 | 15,000 | - | - | |
| . multi-annual | - | - | - | - | |
| Number of exhibitors: | 5,345 | 1,310 | 4,560 | 1,690 | |
| Italy | 4,540 | 505 | 3,575 | 705 | |
| . annual (b) | 4,090 | 505 | 3,575 | 705 | |
| . biennial | - | - | - | - | |
| . multi-annual | 450 | - | - | - | |
| (b) of which congresses with related exhibition space |
870 | - | 880 | - | |
| Foreign countries | 805 | 805 | 985 | 985 | |
| . annual | 490 | 490 | 985 | 985 | |
| . biennial | 315 | 315 | - | - | |
| . multi-annual | - | - | - | - |
EBITDA in the first nine months amounted to Euro -49,852 thousand, up Euro 56,879 thousand compared to the same period of the previous year. The change was due mainly to the trend in revenues. This effect was partially offset by the presence in the first half of 2021 of the benefit from the activation of the Salary Integration Fund (FIS) and non-recurring income in relation to the grant from SIMEST's Integrated Promotion Fund (FPI) to reimburse fixed costs not covered by profits.
EBIT in the quarter was Euro -1,676 thousand compared to Euro 4,800 thousand in the same quarter of 2021. The negative change amounted to Euro 6,476 thousand and reflected EBITDA performance and higher depreciation and amortisation related to the increase in investments in 2021.
The Group's financial debt and its composition is shown in the table below.
Group Net Financial Debt
| 31/12/21 (Amounts in € '000) | 30/09/22 | 30/6/22 | change |
|---|---|---|---|
| 148,298 A. Cash | 111,679 | 126,300 | (14,621) |
| - B. Cash equivalents | 20,706 | 10,658 | 10,048 |
| 8,206 C. Other current financial assets | 6,344 | 6,517 | (173) |
| 2,429 - C.1 of which Other current financial assets to other related parties | 1,334 | 1,427 | (93) |
| 156,504 D. Cash and cash equivalents (A+B+C) | 138,729 | 143,475 | (4,746) |
| 9,994 E. Current financial debt (including debt instruments, but excluding current portion of non-current financial debt) | 522 | 508 | 14 |
| 9,560 - E.1 of which Current financial debt to other related parties | - | - | - |
| 938 F. Current portion of non-current debt | 21,010 | 14,500 | 6,510 |
| 10,932 G. Current financial debt (E+F) | 21,532 | 15,008 | 6,524 |
| (145,572) H. Current net financial debt (cash) (G-D) | (117,197) | (128,467) | 11,270 |
| 98,229 I. Non-current financial debt (excluding current portion and debt instruments) | 66,040 | 72,879 | (6,839) |
| - J. Debt instruments | - | - | - |
| - K. Non-current trade and other payables | - | - | - |
| (47,343) Net financial debt/(cash) from continuing operations (H+L) | (51,157) | (55,588) | 4,431 |
| - Net financial debt/(cash) from assets held for sale | - | - | - |
| (47,343) M. Net financial debt/(cash) before IFRS 16 effects | (51,157) | (55,588) | 4,431 |
| 41,376 N. Current financial liabilities related to the right of use of assets | 49,477 | 49,243 | 234 |
| 39,821 - N.1 of which current financial liabilities related to the right-of-use assets to the controlling shareholder | 47,995 | 47,728 | 267 |
| 370,568 O. Non-current financial liabilities related to the right of use of assets | 356,365 | 365,821 | (9,456) |
| 367,703 - O.1 of which non-current financial liabilities related to the right-of-use assets to the controlling shareholder | 354,689 | 363,639 | (8,950) |
| - P. Current financial assets related to the right of use of assets | - | - | - |
| - Q. Non-current financial assets related to the right of use of assets | - | - | - |
| 411,944 IFRS 16 financial effects | 405,842 | 415,064 | (9,222) |
| 364,601 R. Total net financial debt/(cash) (M+N+O-P-Q) |
354,685 | 359,476 | (4,791) |
Excluding the IFRS 16 lease liability, the Group's net financial position at 30 September 2022 showed a cash position of Euro 51,157 thousand, compared to a cash position of Euro 55,588 thousand at 30 June 2022.
The decrease was due to the negative cash flow from operating activities in the quarter.
Net financial debt including the IFRS 16 lease liability amounted to Euro 354,685 thousand (Euro 359,476 thousand at 30 June 2022).
| (Amounts in € '000) | 3rd Quarter at 30/09/22 | 3rd Quarter at 30/09/21 | 9 months at 30/09/22 | 9 months at 30/09/21 | ||||
|---|---|---|---|---|---|---|---|---|
| Revenues from sales and services | ||||||||
| - By operating segment: | % | % | % | % | ||||
| . Italian Exhibitions business | 32,280 | 69.0 | 27,338 | 72.9 | 133,048 | 79.2 | 30,220 | 70.9 |
| . Foreign Exhibitions business | 2,661 | 5.7 | 120 | 0.3 | 5,066 | 3.0 | 155 | 0.4 |
| . Media * | - | - | 622 | 1.7 | - | - | 1,559 | 3.7 |
| . Congresses | 11,831 | 25.3 | 9,410 | 25.1 | 29,879 | 17.8 | 10,652 | 25.0 |
| Total revenues gross of adjustments for inter-segment transactions | 46,772 | 100.0 | 37,490 | 100.0 | 167,993 | 100.0 | 42,586 | 100.0 |
| . Adjustments for inter-segment transactions | ( 1,241) | ( 2,187) | ( 6,275) | ( 2,684) | ||||
| Total revenues net of adjustments for inter-segment transactions | 45,531 | 35,303 | 161,718 | 39,902 | ||||
| - By geographic area: | ||||||||
| . Italy | 42,870 | 94.2 | 35,258 | 99.9 | 156,652 | 96.9 | 39,822 | 99.8 |
| . Foreign countries | 2,661 | 5.8 | 45 | 0.1 | 5,066 | 3.1 | 80 | 0.2 |
| Total | 45,531 | 100.0 | 35,303 | 100.0 | 161,718 | 100.0 | 39,902 | 100.0 |
| EBITDA | % | % | % | % | ||||
| on | on | on | on | |||||
| - By operating segment: | revenues | revenues | revenues | revenues | ||||
| . Italian Exhibitions business | 5,623 | 17.4 | 13,524 | 49.5 | 40,818 | 30.7 | ( 6,881) | (22.8) |
| . Foreign Exhibitions business | 8 | 0.3 | ( 364) (303.3) | ( 667) | (13.2) | ( 865) (558.1) | ||
| . Media * | - | - | ( 361) | (58.0) | - | - | ( 1,131) | (72.5) |
| . Congresses | 4,700 | 39.7 | 3,164 | 33.6 | 9,701 | 32.5 | 1,850 | 17.4 |
| . Adjustments for inter-segment transactions | - | - | - | - | ||||
| Total | 10,331 22.7 | 15,963 45.2 | 49,852 30.8 | ( 7,027) (17.6) | ||||
| - By geographic area: | ||||||||
| . Italy | 10,323 | 24.1 | 16,327 | 46.3 | 50,509 | 32.2 | ( 6,162) | (15.5) |
| . Foreign countries | 8 | 0.3 | ( 364) (808.9) | ( 657) | (13.0) | ( 865) (1,081.3) | ||
| Total | 10,331 | 22.7 | 15,963 | 45.2 | 49,852 | 30.8 | ( 7,027) | (17.6) |
| EBITDA | % | % | % | % | ||||
| on | on | on | on | |||||
| - By operating segment: | revenues | revenues | revenues | revenues | ||||
| . Italian Exhibitions business | ( 4,741) | (14.7) | 3,773 | 13.8 | 9,846 | 7.4 | ( 36,344) | (120.3) |
| . Foreign Exhibitions business | ( 61) | (2.3) | ( 424) | (353.3) | ( 866) | (17.1) | ( 1,044) | (673.5) |
| . Media * | - | - | ( 383) | (61.6) | - | - | ( 1,197) | (76.8) |
| . Congresses | 3,126 | 26.4 | 1,834 | 19.5 | 5,104 | 17.1 | ( 1,919) | (18.0) |
| . Adjustments for inter-segment transactions | - | - | - | - | ||||
| Total | ( 1,676) | (3.7) | 4,800 13.6 | 14,084 | 8.7 | ( 40,504) | (101.5) | |
| - By geographic area: | ||||||||
| . Italy | ( 1,615) | (3.8) | 5,223 | 14.8 | 14,940 | 9.5 | ( 39,460) | (99.1) |
| . Foreign countries Total |
( 61) | (2.3) | ( 423) | (940.0) | ( 856) | (16.9) | ( 1,044) | (1,305.0) |
| ( 1,676) | (3.7) | 4,800 | 13.6 | 14,084 | 8.7 | ( 40,504) | (101.5) | |
| Employees | ||||||||
| (no. of permanent employees at the end of the period) | ||||||||
| - By operating segment: | % | % | % | % | ||||
| . Italian Exhibitions business | 530 | 79.8 | 504 | 74.1 | 530 | 79.8 | 504 | 74.2 |
| . Foreign Exhibitions business | 87 | 13.1 | 91 | 13.4 | 87 | 13.1 | 91 | 13.4 |
| . Media * | - | - | 35 | 5.2 | - | - | 35 | 5.2 |
| . Congresses | 47 | 7.1 | 49 | 7.2 | 47 | 7.1 | 49 | 7.2 |
| Total | 664 | 100.0 | 679 | 100.0 | 664 | 100.0 | 679 | 100.0 |
| - By geographic area: | ||||||||
| . Italy | 577 | 86.9 | 588 | 86.6 | 577 | 86.9 | 588 | 86.6 |
| . Foreign countries Total |
87 664 |
13.1 100.0 |
91 679 |
13.4 100.0 |
87 664 |
13.1 100.0 |
91 679 |
13.4 100.0 |
It should be noted that in the last quarter of the year 2021, following the sale of the "publications" division to third parties, the activities of the Media segment were transferred to the "Italian Exhibitions Business" sector.
Revenues from sales and services, before elimination of transactions among the four business segments of the Group were Euro 46,772 thousand, an increase of Euro 9,282 thousand compared to the figure of Euro 37,490 thousand in the third quarter of 2021.
EBITDA was Euro 10,331 thousand, a decrease of Euro 5,632 thousand compared to the figure for the third quarter of 2021 (Euro 15,963 thousand). The breakdown was as follows:
The increase of Euro 47,699 thousand in the first nine months of the year is mainly due to the above-mentioned trend in revenues. This effect was partially offset by the presence in
the first half of 2021 of the benefit from the activation of the Salary Integration Fund (FIS) and non-recurring income in relation to the grant from SIMEST's Integrated Promotion Fund (FPI) to reimburse fixed costs not covered by profits.
The increase of Euro 198 thousand in the first nine months is mainly due to the abovementioned trend in revenues. This effect was offset by the result of the joint venture with Deutsche MESSE AG, which in the first six months of the reporting period, in connection with events in China, had no scheduled events due to the suspension of activities due to Covid-19 pandemic.
The EBIT of the four operating segments in the third quarter of 2022 stood at Euro - 1,676 thousand compared to Euro 4,800 thousand in the same period of the previous year. The negative change reflected EBITDA performance and higher depreciation and amortisation related to the increase in investments in 2021.
The breakdown by geographic area in the third quarter showed revenues from foreign activities of Euro 2,661 thousand, an increase of approximately Euro 2,616 thousand compared to the same period of the previous financial year. EBITDA amounted to Euro 8 thousand, an increase of Euro 372 thousand compared to the same period of the previous year. EBIT amounted to Euro - 61 thousand compared to Euro -423 thousand in the same period of the previous year.
The EBIT of the four operating segments totalled Euro 14,084 thousand in the first nine months of 2022 compared to Euro -40,504 thousand in the same period of the previous year. The change reflected the trend in EBITDA. This effect was partially offset by higher depreciation and amortisation related to the increase in investment that occurred during 2021.
The breakdown by geographic area in the first nine months showed revenues from foreign activities of Euro 5,066 thousand, an increase of Euro 4,986 thousand compared to the figure for the same period of the previous year. EBITDA amounted to Euro -657 thousand, an increase of Euro 208 thousand compared to the same period of the previous year. EBIT amounted to Euro - 856 thousand compared to Euro -1,044 thousand in the same period of the previous year.
In the quarter under review, 10 exhibitions and 6 congresses with related exhibition space were held in the fieramilano and MiCo-fieramilanocity exhibition and congress sites. Net exhibition space occupied totalled 200,450 square metres, compared to 148,510 in the same period of the previous financial year, and the number of exhibitors went from 3,575 in the third quarter of 2021 to 4,540 in the third quarter of 2022.
Exhibitions directly organised by the Group in Italy and abroad in the third quarter of 2022, occupied total net exhibition space of 133,515 square metres, which equated to 42% of the total exhibition space occupied.
Details of exhibitions held in Italy are given in the following table.
| Net sq. metres of exhibition space | Number of exhibitors | ||||
|---|---|---|---|---|---|
| Annual Exhibitions: | Quarter to 30/09/22 |
Quarter to 30/09/21 |
Quarter to 30/09/22 |
Quarter to 30/09/21 |
|
| Directly organised | |||||
| - HOMI independent |
5,275 | - | 135 | - | |
| - HOMI Fashion&Jewels (II Semester) | 9,870 | 6,090 | 370 | 280 | |
| - Miart |
a) | 7,660 | a) | 160 | |
| - Promtion Trade Exhibition |
a) | 1,415 | a) | 50 | |
| - HOMI |
a) | 8,760 | a) | 215 | |
| Total annual exhibitions directly organised | 15,145 | 23,925 | 505 | 705 | |
| Hosted | |||||
| - Lineapelle (II Semester) |
43,900 | 20,550 | 980 | 375 | |
| - Filo (II Semester) |
2,505 | 3,000 | 80 | 100 | |
| - Milano Unica (Autumn) |
25,045 | 14,395 | 460 | 290 | |
| - Mipel (September) |
4,160 | 2,890 | 160 | 80 | |
| - Simac Tanning-Tech |
13,625 | 9,225 | 240 | 150 | |
| - The Micam (Autumn) |
36,910 | 30,270 | 785 | 635 | |
| - The One Milano (September) |
220 | c) | 10 | c) | |
| - SuperSalone |
b) | 29,500 | b) | 360 | |
| Total annual exhibitions hosted | 126,365 | 109,830 | 2,715 | 1,990 | |
| Total annual exhibitions | 141,510 | 133,755 | 3,220 | 2,695 | |
| Multi-annual exhibitions | |||||
| Hosted | |||||
| - Gastech* |
30,880 | - | 450 | - | |
| Total multi-annual exhibitions hosted | 30,880 | - | 450 | - | |
| Total multi-annual exhibitions | 30,880 | - | 450 | - | |
| TOTAL EXHIBITIONS | 172,390 | 133,755 | 3,670 | 2,695 | |
| - Congresses with related exhibition space |
28,060 | 14,755 | 870 | 880 | |
| TOTAL | 200,450 | 148,510 | 4,540 | 3,575 |
* The exhibition was held for the first time.
a) The exhibition was held/will be held in subsequent quarters.
b) The exhibition did not take place.
c) The exhibition took place as a sector within The Micam (September).
During the third quarter of 2022, 7 exhibitions were held at exhibition sites abroad and the net exhibition space occupied totalled 118,370 square metres (in the third quarter of 2021, this figure was 115,085 square metres). The number of exhibitors was 805 (985 in third quarter of 2021).
Details of the exhibitions organised abroad are given in the following table.
| Foreign Exhibition portfolio | ||||
|---|---|---|---|---|
| Net sq. metres of exhibition space |
Number of exhibitors | |||
| Annual Exhibitions: | Quarter to 30/09/22 |
Quarter to 30/09/21 |
Quarter to 30/09/22 |
Quarter to 30/09/21 |
| Exhibitions in China | ||||
| - CEFE Hangzhou ° |
8,400 | a) | 50 | a) |
| - Let China Guangzhou |
8,595 | 9,935 | 265 | 330 |
| - Motor Show Chengdu ° |
83,875 | 83,225 | 95 | 95 |
| - China International Consumer Electronics Exposition |
b) | 3,835 | b) | 80 |
| - Industrial Automation Shenzen |
b) | 11,475 | b) | 325 |
| - Laser Fair Shenzen |
b) | 6,615 | b) | 155 |
| Total Exhibitions in China | 100,870 | 115,085 | 410 | 985 |
| Exhibitions in Singapore | ||||
| - FIND-Design Fair Asia * |
2,500 | - | 80 | - |
| Total Exhibitions in Singapore | 2,500 | - | 80 | - |
| Total Annual Exhibitions | 103,370 | 115,085 | 490 | 985 |
| Biennial Exhibitions | ||||
| Exhibitions in Brazil | ||||
| - Reatech |
2,170 | - | 55 | - |
| - Ebrats | 1,340 | - | 40 | - |
| - Fesqua | 11,490 | - | 220 | - |
| Total Exhibitions in Brazil | 15,000 | - | 315 | - |
| Total Biennial Exhibitions | 15,000 | - | 315 | - |
| TOTAL EXHIBITIONS | 118,370 | 115,085 | 805 | 985 |
| * The exhibition was held for the first time. |
||||
| ° The exhibition was organised in partnership. | ||||
| a) The exhibition did not take place. |
||||
b) The exhibition was held/will be held in subsequent quarters.
At 30 September 2022, Group employees totalled 664. The breakdown compared to 30 June 2022 was as follows:
| 31/12/21 | Permanent employees at period end (units) |
30/09/22 | 30/06/22 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Total | Italy | Foreign countries |
Fully consolidated companies: | Total | Italy | Foreign countries |
Total | Italy | Foreign countries |
| 26 | 25 | 1 | Executives | 29 | 28 | 1 | 28 | 27 | 1 |
| 567 | 541 | 26 | Managers and White collar workers (including Journalists) | 562 | 535 | 27 | 563 | 536 | 27 |
| 593 | 566 | 27 | Total | 591 | 563 | 28 | 591 | 563 | 28 |
| Equity-accounted companies (a): | |||||||||
| 5 | 2 | 3 | Executives | 5 | 2 | 3 | 5 | 2 | 3 |
| 71 | 13 | 58 | White collar workers | 68 | 12 | 56 | 68 | 13 | 55 |
| 76 | 15 | 61 | Total | 73 | 14 | 59 | 73 | 15 | 58 |
| 669 | 581 | 88 | TOTAL (a) the indicated data corresponds to the pro-quota of total |
664 | 577 | 87 | 664 | 578 | 86 |
employees
Compared to 30 June 2022, the number of permanent employees remained unchanged.
On 27 July, the Board of Directors of Fiera Milano announced that it had received and acknowledged the resignation of the two independent non-executive directors Marina Natale and Angelo Meregalli.
Ms Marina Natale and Mr Angelo Meregalli, who were appointed as members of the Company's Board of Directors by resolution of the Shareholders' Meeting of 20 April 2020, noted that their aforementioned resignations were due to conflicting professional commitments.
On 13 October, the Board of Directors of Fiera Milano, following the resignation of the abovementioned independent directors, appointed by co-optation Agostino Santoni and Regina De Albertis as new non-executive directors, who will remain in office until the Shareholders' Meeting called to approve the Financial Statements at 31 December 2022. With reference to the assessment of the independence of Directors Agostino Santoni and Regina De Albertis, it should be noted that the Board of Directors has ascertained the existence of the independence requirements solely pursuant to Article 148, paragraph 3, of Legislative Decree 58/1998 (TUF). Furthermore, from the information in the Company's possession, Agostino Santoni and Regina De Albertis do not hold shares in the Company.
On 13 October 2022, the Board of Directors of Fiera Milano S.p.A. announced that the company has signed non-binding term-sheets ("Agreements") with the private shareholders of Fiere di Parma S.p.A. ("Fiere di Parma"), concerning a partnership aimed at creating a common European exhibition platform in the agri-food sector ("The Transaction").
The Transaction would be carried out through the subscription of a capital increase in Fiere di Parma reserved for Fiera Milano, to be released through the contribution of Fiera Milano's business unit related to the "Tuttofood" event, a primary exhibition event in the agri-food sector organised in Milan in the Rho district.
The parties have agreed that upon completion of the Transaction, Fiera Milano would initially hold a minority stake in the share capital of Fiere di Parma.
Through the aforementioned Transaction, the Parties aim to create a new multisite exhibition platform consisting of "Cibus Parma," an iconic event for Made in Italy and local food and "Tuttofood powered by Cibus" in Milan, where it will be able to accommodate an international exhibition audience and thus compete with its European counterparts. Thanks to the synergies between Fiera Milano, Fiere di Parma and Federalimentare, the two events will be able to improve their positioning by offering strategic and permanent support to Made in Italy agri-food businesses and, in general, to the Italian business system.
The agreements stipulate that Fiera Milano will participate in the governance of Fiere di Parma by supporting the private shareholders – namely Crédit Agricole Italia S.p.A and Unione Parmense degli Industriali-and the public shareholders – namely the City and Province of Parma, Parma Chamber of Commerce and the Emilia-Romagna Region – in delivering the business plan of Cibus Parma and Tuttofood. The agreements also regulate the provision of services between Fiera Milano and Fiere di Parma regarding the event "Tuttofood powered by Cibus", to be held at the Rho exhibition centre managed by Fiera Milano.
On 13 October 2022, the Board of Directors of Fiera Milano announced, following the authorisation obtained from the Shareholders' Meeting on 22 April 2022, the resolution and initiation of a share buyback programme for 410,000 shares, aimed at increasing the portfolio of treasury shares to be allocated to serve both existing and future share incentive plans reserved for directors and/or employees of the Company.
In the early months of 2022, the economy showed a widespread deceleration among major countries after the strong momentum that characterised 2021, with the Russian-Ukrainian conflict leading to an exacerbation of existing critical issues: accelerating inflation, obstacles to the
functioning of value chains, further increases in energy and food commodity prices, tensions inherited from the last two years of the Coronavirus outbreak. These difficulties, coupled with the changes in monetary policies announced and adopted in some countries, caused a general worsening of the medium- and short-term outlook for the economy at national and international level.
The conflict in Ukraine affected the exhibitions held in Milan in the first nine months of 2022 with the almost total absence of Russian buyers and exhibitors, an absence only partially offset by the arrival of buyers and exhibitors from other Asian and Middle Eastern regions. For this reason, the Group believes it is likely, in light of the prolonged conflict, that the last quarter of 2022 will also see the absence of exhibitors from these countries.
With reference to the issue of shortages and difficulties in the supply of raw materials, to meet its needs, dictated by the exhibition calendar, and to guarantee coverage for 2022, the Group has implemented preventive procurement policies, while at the same time launching a supply diversification process. The potential economic impact, although difficult to quantify also in relation to the pressure on inflation driven by the sharp increases in energy and raw material prices, appear to be limited for 2022 and not likely to affect the forecasted annual result. With particular reference to energy price increases, while waiting for effective governmental economic measures to support businesses with structural measures, the Group continued with the implementation of specific risk mitigation plans aimed at energy efficiency in the exhibition pavilions, and also continued with the upgrading of the photovoltaic system installed on the roofs of the Rho district, which currently contributes to the generation of approximately 20% of Fiera Milano's energy needs.
With regard to the public health situation, the first half of the year already saw a gradual removal of anti-Covid restrictions by government authorities, culminating in the end of the state of emergency on 31 March 2022, and the lapse of green pass obligations as of 1 May 2022. At present, the Group plans to hold all exhibition and congress events in its European portfolio in the coming months. With regard to the situation in Chinese, the zero-Covid policies of local authorities have led to new generalised lockdowns in the country's main cities with the consequent suspension of exhibition activities and reduced international mobility. The Group continues to monitor the development of the situation; events planned for the first nine months in this region have been rescheduled to the latter part of November and December, and potential impacts are still expected as the pandemic continues.
Based on these assessments and considering: (i) the responsiveness and flexibility shown over the past two years in facilitating the gradual reopening of exhibitions and congresses by driving the recovery of the entire industry at a time of great macroeconomic tensions; and (ii) the strongly positive results recorded in the first nine months of the year, both in terms of high participation in events and in maintaining expected pricing levels and volumes; the Group, while considering in the forward-looking estimates the potential negative effects from the stoppage of activities in China and the conflict in Ukraine, is revising its EBITDA target for FY 2022 upward to a new range of Euro 50-55 million, higher than the range of Euro 40-50 million stated in February 2021 in the CONN.E.C.T. 2025 plan.
The Consolidated Interim Management Report of the Fiera Milano Group has been prepared in accordance with Article 154-ter of Legislative Decree 58/1998 and with the Listing Rules issued by Consob regulation no. 11971 of 14 May 1999 and subsequent amendments and integrations.
___________________________________________________________________________
The financial, economic and capital data have been prepared in compliance with the disclosure and valuation requirements of the International Accounting Standards IAS/IFRS issued by the International Accounting Standards Board (IASB) and endorsed by the European Union.
The valuation criteria used to prepare the Financial Statements for the 3rd quarter 2022 are the same as those used for the Consolidated Financial Statements for the full-year 2021, with the addition of the accounting standards endorsed by the European Union and applicable from 1 January 2022.
The Consolidated Financial Statements have been prepared on the basis of the accounting situation at 30 September 2022 as approved by the Boards of Directors of the companies included in the area of consolidation and prepared by Group companies within the area of consolidation.
Taxes have been calculated in this Interim Management Report, resulting in the restatement of the 2021 Interim Report for comparative purposes. Taxes are calculated by applying to the pretax profit for the period the tax rate which would be applicable to the expected annual results. If the estimated effective tax rate does not give credible results, the income taxes are calculated by applying the tax rate and enacted regulations in the countries in which the Group operates to the estimated taxable income for the period.
It should also be noted that the methodologies used for estimates in the preparation of the Consolidated Interim Management Report at 30 September 2022 are the same as those normally used to prepare the Annual Consolidated Financial Statements.
The list of companies included in the scope of consolidation at 30 September 2022 is provided in Annex 1.
The Consolidated Interim Management Report is not subject to legal audit.
| Consolidated Income Statement | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Full year at 31/12/21 |
3rde Quarter at 30/09/22 |
3rde Quarter at 30/09/21 |
9 months at 30/09/22 |
9 months at 30/09/21 |
||||||
| % | (Amounts in €'000) | % | % | % | % | |||||
| 129,756 100 Revenues from sales and services | 45,531 | 100 | 35,303 | 100 | 161,718 | 100 | 39,902 | 100 | ||
| 1,722 | 1.3 | Cost of materials | 572 | 1.3 | 835 | 2.4 | 2,494 | 1.5 | 1,061 | 2.7 |
| 74,344 | 57.3 | Cost of services | 26,021 | 57.2 | 19,041 | 53.9 | 77,298 | 47.8 | 32,032 | 80.3 |
| 517 | 0.4 | Costs for use of third party assets | 216 | 0.5 | 192 | 0.5 | 801 | 0.5 | 337 | 0.8 |
| 41,489 | 32.0 | Personnel expenses | 9,537 | 20.9 | 9,099 | 25.8 | 32,106 | 19.9 | 25,368 | 63.6 |
| 2,942 | 2.3 | Other operating expenses | 507 | 1.1 | 791 | 2.2 | 2,748 | 1.7 | 1,758 | 4.4 |
| 121,014 93.3 Total operating costs | 36,853 | 80.9 | 29,958 | 84.9 | 115,447 | 71.4 | 60,556 | 151.8 | ||
| 73,146 | 56.4 | Other income | 1,771 | 3.9 | 11,285 | 32.0 | 3,274 | 2.0 | 14,727 | 36.9 |
| 1,207 | 0.9 | Results of equity-accounted companies | (122) | (0.3) | (553) | (1.6) | 303 | 0.2 | (713) | (1.8) |
| 5,925 | 4.6 | Allowance for doubtful accounts and other provisions | (4) | (0.0) | 114 | 0.3 | (4) | (0.0) | 387 | 1.0 |
| 77,170 59.5 Operating result before adjustments to non-current asset values (EBITDA ) | 10,331 | 22.7 | 15,963 | 45.2 | 49,852 | 30.8 | (7,027) (17.6) | |||
| 45,212 | 34.8 | Depreciation and amortisation | 12,007 | 26.4 | 11,163 | 31.6 | 35,768 | 22.1 | 33,455 | 83.8 |
| 22 | 0.0 | Adjustments to asset values | - | - - |
- | - | - | 22 | 0.1 | |
| 31,936 24.6 Operating result (EBIT) | (1,676) | (3.7) | 4,800 | 13.6 | 14,084 | 8.7 | (40,504) (101.5) | |||
| ( 13,392) (10.3) | Financial income/(expenses) | (3,717) | (8.2) | (3,603) | (10.2) | (10,594) | (6.6) | (9,789) | (24.5) | |
| - | - | Valuation of financial assets | - | - - |
- | - | - | - | - | |
| 18,544 14.3 | Profit/(loss) before income tax | (5,393) (11.8) | 1,197 | 3.4 | 3,490 | 2.2 | (50,293) (126.0) | |||
| ( 24,365) (18.8) | Income tax | (1,007) | (2.2) | 746 | 2.1 | 2,602 | 1.6 | (25,260) | (63.3) | |
| 42,909 33.1 | Profit/(loss) from continuing operations | (4,386) | (9.6) | 451 | 1.3 | 888 | 0.5 | (25,033) (62.7) | ||
| 1,172 0.9 | Profit/(loss) from discontinued operations | - | - - |
- | - | - | 836 | 2.1 | ||
| 44,081 34.0 | Profit/(loss): | (4,386) | (9.6) | 451 | 1.3 | 888 | 0.5 | (24,197) (60.6) | ||
| 44,359 34.2 | - attributable to the shareholders of the controlling entity | (4,353) | (9.6) | 544 | 1.5 | 1,010 | 0.6 | (23,991) (60.1) | ||
| ( 278) (0.2) | - attributable to non-controlling interests | (33) | (0.1) | (93) | (0.3) | (122) | (0.1) | (206) | (0.5) |
| Reclassified Consolidated Statement of Financial Position | |||
|---|---|---|---|
| 31/12/21 | (Amounts in €'000) | 30/09/22 | 30/06/22 |
| 95,036 | Goodwill | 95,036 | 95,036 |
| 18,518 | Intangible assets with a finite useful life | 17,405 | 18,082 |
| 392,512 | Right-of-use assets | 377,394 | 387,508 |
| 5,808 | Tangible fixed assets | 4,813 | 4,921 |
| 61,857 | Other non-current assets | 59,983 | 58,856 |
| 573,731 A |
Non-current assets | 554,631 | 564,403 |
| 3,354 | Inventory and contracts in progress | 4,297 | 3,968 |
| 31,130 | Trade and other receivables | 38,036 | 37,884 |
| - | Other assets | - | - |
| 34,484 B |
Current assets | 42,333 | 41,852 |
| 50,602 | Trade payables | 43,960 | 53,021 |
| 35,992 | Advances | 39,802 | 29,803 |
| 4,955 | Tax liabilities | 1,891 | 2,488 |
| 29,181 | Provisions for risks and charges and other current liabilities | 31,797 | 33,082 |
| 120,730 C |
Current liabilities | 117,450 | 118,394 |
| (86,246) D |
Net working capital (B - C) | (75,117) | (76,542) |
| 487,485 E |
Gross capital employed (A + D) | 479,514 | 487,861 |
| 9,529 | Employee benefit provisions | 7,841 | 7,936 |
| 4,370 | Provisions for risks and charges and other non-current liabilities | 3,694 | 3,709 |
| 13,899 F |
Non-current liabilities | 11,535 | 11,645 |
| 473,586 G |
NET CAPITAL EMPLOYED continuing operations (E - F) | 467,979 | 476,216 |
| - H |
NET CAPITAL EMPLOYED assets held for sale | - | - |
| 473,586 | TOTAL NET CAPITAL EMPLOYED (G + H) | 467,979 | 476,216 |
| covered by: | |||
| 108,314 | Equity attributable to the Group | 112,729 | 116,142 |
| 671 | Equity attributable to non-controlling interests | 565 | 598 |
| 108,985 I |
Total equity | 113,294 | 116,740 |
| (148,298) | Cash & cash equivalents | (132,385) | (136,958) |
| 44,102 | Current financial (assets)/liabilities | 64,665 | 57,734 |
| 468,797 | Non-current financial (assets)/liabilities | 422,405 | 438,700 |
| 364,601 | Net financial debt continuing operations | 354,685 | 359,476 |
| - | Net financial debt assets held for sale | - | - |
| 364,601 L |
Net financial debt (TOTAL) | 354,685 | 359,476 |
| 473,586 | EQUITY AND NET FINANCIAL DEBT (I + L) | 467,979 | 476,216 |
At 30 September 2022, non-current assets totalled Euro 554,631 thousand compared to Euro 564,403 thousand at 30 June 2022. The change of Euro -9,772 thousand relates to the net balance of investments for Euro 927 thousand, depreciation and amortisation for Euro 12,007 thousand, higher tax consolidation receivables for Euro 1,123 thousand, net changes in rights of use for Euro 124 thousand, exchange differences of Euro 77 thousand, changes in equity investments of Euro -122 thousand, the increase in deferred tax assets of Euro 104 thousand and other changes for Euro 2 thousand.
Net working capital went from Euro -76,542 thousand at 30 June 2022 to Euro - 75,117 thousand at 30 September 2022.
The Euro 1,425 thousand change in this figure was due to the following:
At 30 September 2022, non-current liabilities totalled Euro 11,535 thousand compared to Euro 11,645 thousand at 30 June 2022.
Equity attributable to the Group at 30 September 2022 was Euro 112,729 thousand compared to Euro 116,142 thousand at 30 June 2022, a decrease of Euro 3,413 thousand due to the following:
Equity attributable to non-controlling interests was Euro 565 thousand at 30 September 2022 compared to Euro 598 thousand at 30 June 2022. The decrease of Euro 33 thousand is due to the loss for the period.
Information on the changes in financial assets and liabilities is given in the section on net financial debt.
The Financial Reporting Officer, Andrea Maldi, in accordance with paragraph 2 of Article 154-bis of the Consolidated Finance Act, herewith declares that the accounting information in the present Interim Management Report is consistent with the Company's official documents, books and accounting records.
List of companies included in the consolidation area and other investments at 30 September 2022
| Shareholding % | |||||||
|---|---|---|---|---|---|---|---|
| Company name and registered office | Main activity | Share capital (000) (*) |
Group total |
Directly held by Fiera Milano |
Indirectly held through other Group companies |
Shareholding of Group companies % |
|
| A) Parent Company | |||||||
| Fiera Milano SpA | |||||||
| Milan, p.le Carlo Magno 1 | Organisation and hosting of exhibitions in Italy |
42,445 | |||||
| B) Fully consolidated companies | |||||||
| Fiera Milano Congressi SpA | |||||||
| Milan, p.le Carlo Magno 1 | Management of congresses | 2,000 | 100 | 100 | 100 Fiera Milano SpA | ||
| Nolostand SpA | |||||||
| Milan, p.le Carlo Magno 1 | Stand fitting services | 7,500 | 100 | 100 | 100 Fiera Milano SpA | ||
| MADE eventi Srl | |||||||
| Rho (Milano), strada Statale del Sempione n. 28 | Organisation of exhibitions in Italy |
1,100 | 60 | 60 | 60 | Fiera Milano SpA | |
| Fiera Milano Brasil Ltda | 99.99 | Fiera Milano SpA | |||||
| São Paulo Brasil, Av. Angelica | Organisation of exhibitions outside of Italy |
R \$ 97,981 | 100 | 99.99 | 0.01 | 0.01 | Nolostand SpA |
| Fiera Milano Exhibitions Africa Pty Ltd | |||||||
| Cape Town, The Terraces, Steenberg Office Park, Tokai | Organisation of exhibitions outside of Italy |
ZAR 0.6 | 100 | 100 | 100 | Fiera Milano SpA | |
| C) List of jointly controlled companies equity-accounted | |||||||
| Hannover Milano Global Germany GmbH | |||||||
| Hannover Germany, Messegelaende | Organisation of exhibitions outside of Italy |
25 | 49 | 49 | 49 | Fiera Milano SpA | |
| Hannover Milano Fairs Shanghai Co. Ltd | Hannover Milano | ||||||
| Organisation of exhibitions | Global Germany | ||||||
| Shanghai China, Pudong Office Tower | outside of Italy | USD 500 | 49 | 100 | 100 | GmbH Hannover Milano |
|
| Hannover Milano Fairs China Ltd | Organisation of exhibitions | Global Germany | |||||
| Hong Kong China, Golden Gate Building | outside of Italy | HKD 10 | 49 | 100 | 100 | GmbH Hannover Milano |
|
| Hannover Milano Fairs India Pvt Ltd | Organisation of exhibitions | Global Germany | |||||
| East Mumbai, Andheri | outside of Italy | INR 274,640 | 48.99 | 99.99 | 99.99 | GmbH | |
| Hannover Milano Best Exhibitions Co., Ltd | Organisation of exhibitions | Hannover Milano Fairs Shanghai Co. |
|||||
| Guangzhou China, West Tower, Poly World Trade Center | outside of Italy | RMB 1,000 | 24.99 | 51 | 51 | Ltd | |
| Hannover Milano XZQ Exhibitions Co., Ltd | Hannover Milano | ||||||
| Shenzhen China | Organisation of exhibitions outside of Italy |
RMB 100 | 29.40 | 60 | 60 | Fairs Shanghai Co. Ltd |
|
| Ipack Ima Srl | |||||||
| Rho, S.S. del Sempione km 28 | Organisation of exhibitions in Italy |
20 | 49 | 49 | 49 | Fiera Milano SpA | |
| Mico DMC S.r.l. | Destination management | Fiera Milano | |||||
| Milan, p.le Carlo Magno 1 | services | 10 | 51 | 51 | 51 | Congressi SpA | |
| D) List of companies accounted at cost | |||||||
| Comitato Golden Card | |||||||
| Cinisello Balsamo, viale Fulvio Testi 128 | Other activities | 3 | 33.33 | 33.33 | 33.33 | Fiera Milano SpA | |
| Covention Bureau Italia Scrl | Fiera Milano | ||||||
| Firenze, piazza Adua 1 | Other activities | 8 | 2 | 2 | 2 | Congressi SpA | |
| Associazione Milano&Partners | Fiera Milano | ||||||
| Milano | Other activities | 50 | Congressi SpA |
(*) Euro or other currencies as specifically indicated
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