Consolidated Interim Management Report at 31 March 2016 (1st Quarter 2016)

This document is available in the Investor Relations section of the Company website, www.fieramilano.it

This document contains a faithful translation in English of the original report in Italian "Resoconto intermedio di gestione consolidato al 31 marzo 2016".

However, for information about Fiera Milano Group reference should be made exclusively to the original report in Italian. The Italian version of the "Resoconto intermedio di gestione consolidato al 31 marzo 2016" shall prevail upon the English version.

Fiera Milano SpA Registered office: Piazzale Carlo Magno, 1 - 20149 Milan Operational and administrative office: SS del Sempione, 28 - 20017 Rho (Milan) Share Capital: Euro 42,445,141.00 fully paid up Companies Register, Tax code and VAT no. 13194800150 – Economic Administrative Register 1623812

Rho (Milan), 13 May 2016

▪	Corporate bodies and independent auditor	page	3
▪	Business model	page	4
▪	Group structure	page	5
▪	Report on operations in the first quarter ▫ Summary of results and significant events during the first quarter ▫ Net financial position ▫ Information by operating segment and by geographic area ▫ Group personnel	page page page page	6 9 10 14
▪	Significant events after the end of the quarter	page	15
▪	Business outlook	page	15
▪	Accounting criteria	page	16
▪ ▪	Financial Statements ▫ Consolidated Income Statement ▫ Restated Consolidated Statement of Financial Position ▫ Comments on the capital and financial position Declaration of the Manager responsible for preparing the Company's Financial Statements	page page page page	17 18 19 20

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▪ Attachment 1

List of companies included in the consolidation area and other investments at 31 March 2016 page 21

Corporate bodies and independent auditor

__________________________________________________________________________

BOARD OF DIRECTORS

Roberto Rettani	Chairperson*°
Attilio Fontana	Deputy Vice Chairman*°
Licia Ronzulli	Vice Chairman*°
Corrado Peraboni	Chief Executive Officer
Joyce Victoria Bigio	Director*°
Renato Borghi	Director°
Pier Andrea Chevallard	Director*°
Romeo Robiglio	Director
Vincenza Patrizia Rutigliano	Director*°

* Independent director under the Self-Regulatory Code of the Italian stock exchange.

° Independent director under Article 148, paragraph 3 of Legislative Decree no. 58 of 24 February 1998.

CONTROL AND RISK COMMITTEE REMUNERATION COMMITTEE

Joyce Victoria Bigio Attilio Fontana Renato Borghi Romeo Robiglio Vincenza Patrizia Rutigliano Licia Ronzulli

Federica Nolli	Chairperson	Pier Andrea Chevallard
Antonio Guastoni	Statutory Auditor	Ugo Lecis
Carmine Pallino	Statutory Auditor	Federica Nolli
Francesca Maria D'Alessandro	Substitute Auditor
Alessandro Carlo Galli	Substitute Auditor

BOARD OF STATUTORY AUDITORS SUPERVISORY BOARD under Legislative Decree 231/01

MANAGER RESPONSIBLE FOR PREPARING THE COMPANY'S FINANCIAL STATEMENTS UNDER LAW 262/2005 Flaminio Oggioni

The Board of Directors and the Board of Statutory Auditors were appointed at the Shareholders' Meeting of 29 April 2015 and their mandates expire with the Shareholders' Meeting to approve the Financial Statements at 31 December 2017.

The Board of Directors is invested with the widest powers for the ordinary and extraordinary management of the Company, excluding only those which by law are the preserve of the Shareholders' Meeting.

The Chairman, in addition to legally representing the Company and performing the duties as required by law and by the Company's articles of association, also, in conjunction with the Chief Executive Officer, has the following responsibilities: relations with shareholders, national and international institutional relations, internationalisation activities, strategic and innovative initiatives, coordinating the work of the Board of Directors for the appointment of new Directors, verification of the implementation of the Board of Directors' resolutions and supervision of the internal audit.

The Chief Executive Officer has ordinary and extraordinary administrative powers, except for those relating to certain specific matters that include the acquisition or disposal of investments, obtaining loans that exceed 30% of the Company's equity, the stipulation of contracts for assets, excluding leases for the conduct of Company business of less than six years' duration, approval of the budget for the year, and the grant of guarantees to third parties.

INDEPENDENT AUDITOR

Reconta Ernst & Young SpA

The mandate, given by the Shareholders' Meeting of 29 April 2014, is for the financial years 2014-2022.

Business model

The Fiera Milano Group is involved in all the characteristic phases of the exhibition and congress sector and is one of the leading international integrated companies in this sector.

__________________________________________________________________________

Its operating segments are:

Italian Exhibitions: this segment covers all activities for the organisation and hosting of exhibitions and other events in Italy through the use, promotion and offer of furnished exhibition spaces, of project support, and of ancillary services. This segment includes all activities associated with exhibitions (including end services for exhibitors and visitors):
that are directly organised by the Group or in partnership with third-parties;
organised by third parties, through the hiring out of spaces and services.
Foreign Exhibitions: this segment covers all activities for the organisation of exhibitions and other events abroad through the use, promotion and offer of furnished exhibition spaces, of project support, and of ancillary services. Specifically, this segment includes all activities associated with exhibitions (including end services for exhibitors and visitors) that are directly organised by the Group or in partnership with third-parties.
Stand-fitting services: this segment covers stand-fitting services, technical services and all exhibition site services for exhibitions and congresses.
Media: this segment covers the production of content and supply of on line and off line publishing services, as well as those associated with the organisation of events and congresses.
Congresses: this segment covers the management of conferences, events and destination management services.

Group structure

Summary of results and significant events during the first quarter

The following table gives the key figures of the Group for the first quarter 2016 with comparable data for the same quarter of the previous year, as well as figures for the full year 2015.

Full year at 31/12/15	Fiera Milano Group Summary of key figures (A mo unts in € ' 000)	1st Quarter at 31/03/16	1st Quarter at 31/03/15 restated

337,339	Revenues from sales and services	76,959	72,918
43,594	Gross operating result (a)	18,240	8,056
11,958	Net operating result (EBIT)	15,869	2,601
8,438	Profit/(loss) before income tax of continuing operations	15,657	1,406
(1,988)	Profit/(loss) before income tax of discontinued operations	-	(3)
6,450	Profit/(loss) before income tax	15,657	1,403
7,012	- Attributable to the shareholders of the controlling entity	15,742	1,763
(562)	- Attributable to non-controlling interests	(85)	(360)
38,086	Cash flow before income tax for the Group and non-controlling interests (b)	18,028	6,858
97,694	Net capital employed (c)	123,009	131,090
	covered by:
84,572	Equity attributable to the Group	99,664 *	19,372 *
696	Equity attributable to non-controlling interests	510 *	2,269 *
12,426	Net financial debt/(cash)	22,835	109,449
7,817	Investments (continuing operations and discontinued operations)	2,258	1,129
783	Employees (no. of permanent employees at the end of period)	717	821
	* includes pre-tax result for the period

(a) Gross operating profit is operating result before depreciation and amortisation, adjustments to asset values and other provisions. (b) Cash flow is the sum of the result for the period, depreciation and amortisation, provisions and adjustments to asset values.

Some of the figures of the consolidated financial statements at 31 M arch 2015 have been restated to reflect the requirements of IFRS 5 following the divestment of the subsidiary Interteks on 27 July 2015 and for the different classification of the use of risk provisions.

Fiera Milano Group's results for the first quarter 2016 were substantially better than those for the same period of 2015. This improvement is primarily attributable to the presence in the quarter of the biennial exhibition Mostra Convegno Expocomfort, which represented about 24% of the exhibition space utilised in the quarter in Italy, and a reduction in operating costs mainly due to rationalisation measures taken in the previous financial year. This result was partly offset by the absence of the biennial exhibition, Made Expo, which takes place in uneven numbered years.

On 23 March 2016, the Parent Company paid Euro 1.400 million for the exhibition trademark Promotion Trade Exhibition (PTE), an annual international exhibition of promotional items, corporate gifts and technologies for the personalisation of such items. This transaction forms part of the strategic policy of the Group to strengthen its portfolio of proprietary exhibitions. Fiera Milano will directly organise this exhibition, which was previously organised by a third party and hosted at its exhibition site. The exhibition will be incorporated in the Lifestyle sector and, in the medium term, will be held together with the exhibition HOMI.

The activities of the Group are highly seasonal due to the impact of biennial and multi-annual exhibitions. Given the seasonal nature of the Group's activities, the revenues and results reported in individual quarters cannot be extrapolated to calculate the full-year figures and may vary substantially from one quarter to the next.

A detailed analysis of the results for the first quarter 2016 reveals the following trends:

Revenues from sales and services totalled Euro 76.959 million compared to Euro 72.918 million in the same quarter of last year. The increase in revenues is attributable to exhibitions in Italy and stand-fitting services arising from the more favourable exhibition calendar, which in this quarter included the biennial exhibition held in even-numbered years, Mostra Convegno Expocomfort. The improvement in revenues was partly offset by the absence of the biennial exhibition, Made Expo, which takes place in uneven numbered years and by lower demand for exhibition space at the directly organised exhibitions HOMI and BIT.

A detailed analysis of the main changes in the quarter is shown below:

Annual exhibitions organised by the Group in Italy (-5,785 square metres): the decline was mainly due to the exhibitions Bit (-1,830 square metres) and HOMI I semester (-3,415 square metres);
Annual exhibitions organised by third parties in Italy (+17,920 square metres): the increase is principally due to the fact that the exhibition Esposizione Internazionale Canina (+15,000 square metres) was absent in the first quarter of the previous year as the World Dog Show took place in the second quarter in 2015;
Biennial exhibitions organised by third parties in Italy (+61,390 square metres): the increase is explained by the presence of the biennial exhibition held in even-numbered years, Mostra Convegno Expocomfort (+118,395 square metres) partially offset by the absence of the biennial exhibition, Made Expo, which takes place in uneven numbered years (-57,005 square metres);
Congresses with related exhibition space had a decrease of 4,110 square metres;
Annual exhibitions organised by the Group abroad (-9,805 square metres): the decline is mainly due to the absence of Turkish exhibitions (-7,100 square metres) following the divestment of the subsidiary Interteks;
Biennial exhibitions organised by the Group abroad (-10,350 square metres): the decrease is due to the absence of the biennial exhibitions WoodMach China (-9,565 square metres) and Rehabtech Asia held in Singapore (-785 square metres) which take place in uneven numbered years.

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		1st Quarter 2016		1st Quarter 2015	Change
		of which organised		of which organised		of which organised
	Total	by the Group	Total	by the Group	Total	by the Group
Number of exhibitions:	23	7	29	13	(6)	(6)
Italy	19	3	19	3	-	-
. annual	18	3	18	3	-	-
. biennial	1	-	1	-	-	-
. multi-annual	-	-	-	-	-	-
Foreign countries	4	4	10	10	(6)	(6)
. annual	4	4	8	8	(4)	(4)
. biennial	-	-	2	2	(2)	(2)
. multi-annual	-	-	-	-	-	-
Number of congresses with related exhibition space	5	-	9	-	(4)	-
Net sq.metres of exhibition space:	572,730	168,555	523,470	194,495	49,260	(25,940)
Italy	497,700	93,525	428,285	99,310	69,415	(5,785)
. annual (a)	379,305	93,525	371,280	99,310	8,025	(5,785)
. biennial	118,395	-	57,005	-	61,390	-
. multi-annual	-	-	-	-	-	-
(a) of which congresses with related exhibition space	3,640	-	7,750	-	(4,110)	-
Foreign countries	75,030	75,030	95,185	95,185	(20,155)	(20,155)
. annual	75,030	75,030	84,835	84,835	(9,805)	(9,805)
. biennial	-	-	10,350	10,350	(10,350)	(10,350)
. multi-annual	-	-	-	-	-	-
Number of exhibitors:	11,860	3,450	11,765	4,020	95	(570)
Italy	10,180	1,770	9,585	1,840	595	(70)
. annual (b)	8,640	1,770	8,675	1,840	(35)	(70)
. biennial	1,540	-	910	-	630	-
. multi-annual	-	-	-	-	-	-
(b) of which congresses with related exhibition space	225	-	510	-	(285)	-
Foreign countries	1,680	1,680	2,180	2,180	(500)	(500)
. annual	1,680	1,680	2,055	2,055	(375)	(375)
. biennial	-	-	125	125	(125)	(125)
. multi-annual	-	-	-	-	-	-

The gross operating profit for the quarter was Euro 18.240 million, an increase of Euro 10.184 million compared to the figure for the same period of the previous financial year (Euro 8.056 million). The gross operating profit for the first quarter of 2016 reflects the positive trend in revenues and lower operating costs. In particular, it reflects the lower rental cost for the fieramilano exhibition site, with the absence of the variable component of the rental charge applicable only in 2015 due to the presence of Expo 2015 and was calculated on the higher revenues generated by the Parent Company in 2015 compared to the average revenues for the preceding three years, and the reduction in personnel costs due to the savings generated by the re-organisation of the Parent Company and the subsidiaries Fiera Milano Media and Cipa in 2015.
The net operating profit (EBIT) for the quarter was Euro 15.869 million compared to Euro 2.601 million in the first quarter of 2015. The improvement of Euro 13.268 million is due mainly to the aforementioned increase in the gross operating profit and to the absence of provisions for risks and charges of Euro 1.451 million made by the Parent Company in the first quarter of 2015 for the indemnity paid to the outgoing Chief Executive Officer.
The profit before income tax was Euro 15.657 million compared to Euro 1.403 million in the first quarter of 2015. The profit before income tax attributable to the controlling shareholder was Euro 15.742 million (Euro 1.763 million in the first quarter of 2015) and there was a loss before income tax of Euro 0.085 million attributable to non-controlling interests (loss of Euro 0.360 million in the first quarter of 2015).

• Cash flow in the quarter (calculated as the pre-tax result plus depreciation, amortisation, provisions and adjustments to asset values) was Euro 18.028 million compared to Euro 6.858 million in the same quarter of the previous financial year.

Net financial position

A breakdown of the Group net financial position is shown in the following table.

	Group Net Financial Position
31/12/15	(Amounts in € '000)	31/03/16

56,092	A. Cash (including bank balances)	16,666
-	B. Other cash equivalents	-
-	C. Securities held for trading	-
56,092	D. Cash and cash equivalents (A+B+C)	16,666
-	E. Current financial assets	1,002
23,481	F. Current bank borrowings	1,222
15,985	G. Current portion of non-current debt	18,399
16,036	H. Other current financial liabilities	6,768
15,225	- H.1 of which Other current financial liabilities to the controlling shareholder	6,011
55,502	I. Current financial debt (F+G+H)	26,389
(590)	J. Current net financial debt (cash) (I-E-D)	8,721
10,922	K. Non-current bank borrowings	12,020
-	L. Debt securities in issue	-
2,094	M. Other non-current liabilities	2,094
1,851	- M.1 of which Other non current liabilities to other related parties	1,851
13,016	N. Non-current financial debt (K+L+M)	14,114
12,426	Net financial debt/(cash) from continuing operations (J+N)	22,835
-	Net financial debt/(cash) from discontinued operations	-
12,426	O. Net financial debt/(cash)	22,835

Net financial debt at 31 March 2016 was Euro 22.835 million compared to Euro 12.426 million at 31 December 2015.

The increase of Euro 10.409 million in net financial debt is attributable to the trend in net working capital, largely as a result of the advance payment of the rent for the semester for the two exhibition sites to the controlling shareholder, Fondazione Fiera Milano, and to the reduction in other current liabilities for payables due to a number of exhibition organisers. This difference was partly compensated by the positive cash flow generated by operating activity during the quarter.

Information by operating segment and by geographic area

The key Group figures by operating segment and by geographic area are given in the following table.

		Summary of data by operating segment
Full year		and by geographic area (Amounts in € '000)	1st Quarter		1st Quarter

2015			to 31/03/16		to 31/03/15 restated
		Revenues from sales and services
	%	- By operating segment:		%		%
277,310	70.5	. Italian Exhibitions	68,019	74.8	62,331	72.7
9,376	2.5	. Foreign Exhibitions	418	0.5	531	0.6
55,890	14.2	. Stand-fitting Services	15,378	16.9	12,764	14.9
13,376	3.3	. Media	2,873	3.1	2,883	3.4
37,446 393,398	9.5 100.0	. Congresses Total revenues gross of adjustments for inter-segment transactions	4,231 90,919	4.7 100.0	7,196 85,705	8.4 100.0
(56,059)		. Adjustments for inter-segment transactions	(13,960)		(12,787)
337,339		Total revenues net of adjustments for inter-segment transactions	76,959		72,918
		- By geographic area:
328,611	97.4	. Italy	76,573	99.5	72,390	99.3
8,728	2.6	. Foreign countries	386	0.5	528	0.7
337,339	100.0	Total	76,959	100.0	72,918	100.0
	%	Gross operating result		%		%
	on			on
	revenues	- By operating segment:		revenues		on revenues
31,931	11.5	. Italian Exhibitions	14,889	21.9	5,761	9.2
(1,031)	-11.0	. Foreign Exhibitions	698	167.0	40	7.5
7,197 821	12.9 6.1	. Stand-fitting Services . Media	2,990 (43)	19.4 -1.5	1,822 (247)	14.3 -8.6
4,626	12.4	. Congresses	(294)	-6.9	656	9.1
50		. Adjustments for inter-segment transactions	-		24
43,594	12.9	Total	18,240	23.7	8,056	11.0
		- By geographic area:
45,053	13.7	. Italy	17,590	23.0	8,020	11.1
(1,459)	-16.7	. Foreign countries	650	168.4	36	6.8
43,594	12.9	Total	18,240	23.7	8,056	11.0
	%	Net operating result (EBIT)		%		%
	on			on
	revenues	- By operating segment:		revenues		on revenues
18,204	6.6	. Italian Exhibitions	13,595	20.0	1,907	3.1
(11,100)	-118.4	. Foreign Exhibitions	482	115.3	(197)	-37.1
5,221	9.3	. Stand-fitting Services	2,604	16.9	1,392	10.9
(2,138)	-16.0	. Media	(260)	-9.0	(475)	-16.5
1,764	4.7	. Congresses	(540)	-12.8	(34)	-0.5
7		. Adjustments for inter-segment transactions	(12)		8
11,958	3.5	Total	15,869	20.6	2,601	3.6
		- By geographic area:
23,530	7.2	. Italy	15,447	20.2	2,819	3.9
(11,572) 11,958	-132.6 3.5	. Foreign countries Total	422 15,869	109.3 20.6	(218) 2,601	-41.3 3.6
		Employees
		(no. of permanent employees at the end of the period)
	%	- By operating segment:		%		%
448	57.2	. Italian Exhibitions	418	58.3	440	53.5
154	19.7	. Foreign Exhibitions	142	19.8	195	23.8
54	6.9	. Stand-fitting Services	53	7.4	54	6.6
90	11.5	. Media	68	9.5	95	11.6
37	4.7	. Congresses	36	5.0	37	4.5
783	100.0	Total	717	100.0	821	100.0
		- By geographic area:
629	80.3	. Italy	575	80.2	626	76.2
154	19.7	. Foreign countries	142	19.8	195	23.8
783	100.0	Total	717	100.0	821	100.0

		Some figures in the consolidated financial statements at 31 March 2015 have been restated to reflect the requirements of IFRS 5 following the divestment of the subsidiary Interteks on 27

Revenues from sales and services gross of adjustments for transactions among the five operating segments of the Group were Euro 90.919 million, an increase of Euro 5.214 million compared to the figure for the first quarter of 2015.

July 2015 and for the different classification of the use of risk provisions.

Revenues from Italian Exhibitions in the first quarter totalled Euro 68.019 million, an increase of about 9% compared to the figure for the same period of the previous financial year (Euro 62.331 million). The increase in revenues primarily reflects the more favourable exhibition calendar with the important biennial exhibition held in even-numbered years, Mostra Convegno Expocomfort only partially offset by the absence of the biennial exhibition, Made Expo, which takes place in uneven numbered years and by lower demand for exhibition space at the directly organised exhibitions HOMI and BIT.
Revenues from Foreign Exhibitions in the first quarter totalled Euro 0.418 million compared to the figure for the same period of the previous year (Euro 0.531 million). The difference is mainly due to the presence in the first quarter 2015 of the proprietary exhibition Food Hospitality World in São Paulo.
Revenues from Stand-fitting Services were Euro 15.378 million, an increase of about 20% compared to the same period of 2015 (Euro 12.764 million). The increase is mainly due to the positive effect of the more favourable exhibition calendar and activities relating to the dismantling of structures associated with Expo 2015.
Revenues in the Media segment in the first quarter totalled Euro 2.873 million, in line with the figure for the same period of 2015 (Euro 2.883 million). The higher revenues generated by billboard advertising and sales of digital services were entirely absorbed by lower print advertising revenues and a decline in sponsorship income.
Revenues from Congresses in the first quarter totalled Euro 4.231 million compared to Euro 7.196 million for the same period of 2015. The decline is largely attributable to the less favourable trend in international congresses and conventions due to the presence in the comparable quarter of the previous year of "Assiom Forex 2015" and "Cisco Live 2015".

The Group gross operating profit in first quarter 2016 was Euro 18.240 million, an increase compared to the result for the first quarter of 2015 (Euro 8.056 million). The breakdown by operating segment was as follows:

Italian Exhibitions had a gross operating profit of Euro 14.889 million compared to Euro 5.761 million in the same period of the previous year. The increase was primarily due to the trend in revenues in the quarter and to lower operating costs. In particular, the lower rental cost for the fieramilano exhibition site, with the absence of the variable component of the rental charge applicable only in 2015 due to the presence of the Expo 2015 event, which was calculated on the revenues generated by the Parent Company in 2015 compared to the average revenues for the preceding three years, and the reduction in personnel costs due to the re-organisation which began in the second half of 2015.
Foreign exhibitions generated a gross operating profit of Euro 0.698 million compared to Euro 0.040 million in the same period of the previous year. The difference in the quarter is largely attributable to the reduction in operating costs following the reorganisation of the activities in Brazil in 2015.
Stand-fitting services had a gross operating profit of Euro 2.990 million compared to Euro 1.822 million in the same period of the previous year. The increase during the quarter was mainly attributable to the previously mentioned trend in revenues.
Media had a gross operating loss of Euro 0.043 million, which was an improvement compared to the loss of Euro 0.247 million in the same quarter of 2015. The improvement in the quarter was mainly due to lower personnel costs following the corporate reorganisation implemented in December 2015.
Congresses generated a gross operating loss of Euro 0.294 million compared to a profit of Euro 0.656 million in the same quarter of 2015. The decline was mainly due to the trend in revenues partially offset by an increase in other income arising from insurance settlements.

The net operating profit (EBIT) of the five operating segments in the first quarter 2016 was Euro 15.869 million compared to Euro 2.601 million in the same period of the previous year. It reflected the trend in the gross operating profit and lower amortisation charges in the period following the completion of the amortisation of certain asset groups of the Parent Company and an extension of the depreciation period for improvements carried out by Fiera Milano Congressi to the MiCo congress centre. These were made following the extension of the lease, which now expires in 2023. These positive effects were further enhanced by the absence of the adverse effect on the results of the first quarter of 2015 from the provision made by the Parent Company for an indemnity payable to the outgoing Chief Executive Officer.

The first quarter 2015 breakdown by geographic area reveals that revenues from foreign activities was Euro 0.386 million, a decline of about 27% compared to the figure for the same period of the previous year (Euro 0.528 million). The gross operating profit was Euro 0.650 million, an increase of Euro 0.614 million compared to the result for the same period of the previous year. The improvement was due to the reduction in operating costs following the restructuring, mainly in Brazil. The net operating profit (EBIT) was Euro 0.422 million compared to a net operating loss of Euro 0.218 million in the comparable period.

During the quarter under review, nineteen exhibitions and five congresses with related exhibition space were held in the two sites of fieramilano and fieramilanocity. Net exhibition space occupied totalled 497,700 square metres, compared to 428,285 square metres in the same period of the preceding financial year, whilst the number of exhibitors rose from 9,585 in the first quarter 2015 to 10,180 in the first quarter 2016.

Exhibitions directly organised by the Group in Italy and abroad occupied 168,555 square metres of net exhibition space, 29% of the total space occupied.

Italian exhibition portfolio
		Net sq. metres of exhibition space			Number of exhibitors
Annual Exhibitions:	Quarter to 31/03/16	Quarter to 31/03/15	Quarter to 31/03/14	Quarter to 31/03/16	Quarter to 31/03/15	Quarter to 31/03/14
Directly organised
- Bit	13,505	15,335	13,750	380	405	280
- HOMI I semester	77,785	81,200	82,210	1,285	1,305	1,275
- Milano Pret A Porter Spring	2,235	2,775	2,125	105	130	105
- Miart	a)	a)	6,360	a)	a)	155
Total annual exhibitions directly organised	93,525	99,310	104,445	1,770	1,840	1,815
Hosted
- Cartoomics	8,310	9,855	8,000	310	190	225
- Esposizione Internazionale Canina	15,000	b)	15,000	50	b)	45
- Fa la cosa giusta	9,350	7,845	8,500	695	630	600
- Hobby Show (I semester)	1,815	3,425	5,000	90	115	110
- LineaPelle I semester	43,710	41,640	-	1,015	945	-
- Mido	46,470	43,645	40,700	1,075	990	910
- Mifur	12,080	13,350	16,885	150	170	190
- Milano Auto Classica	20,965	16,440	a)	290	245	a)
- Milano Unica (Spring)	18,165	18,020	18,390	390	380	400
- Mipel (March)	8,305	10,060	12,120	250	285	355
- My Plant & Garden	13,855	9,330	-	345	285	-
- Promotion Trade Exhibition	4,515	4,235	4,095	140	130	125
- Simac Tanning-Tech	14,900	15,200	-	270	275	-
- Super (Spring)	1,275	1,600	-	150	180	-
- The Micam (Spring)	63,425	67,075	67,910	1,425	1,425	1,490
- Promotion Expo	b)	b)	3,195	b)	b)	140
- Technology Hub (3D Print Hub)	a)	2,500	-	a)	80	-
Total annual exhibitions hosted	282,140	264,220	199,795	6,645	6,325	4,590
Total annual Exhibitions	375,665	363,530	304,240	8,415	8,165	6,405
Biennial Exhibitions:
Hosted
- Mostra Convegno Expocomfort	118,395	-	125,265	1,540	-	1,540
- Made Expo	-	57,005	-	-	910	-
Total biennial exhibitions hosted	118,395	57,005	125,265	1,540	910	1,540
Total biennial exhibitions	118,395	57,005	125,265	1,540	910	1,540
TOTAL EXHIBITIONS	494,060	420,535	429,505	9,955	9,075	7,945
- Congresses with related exhibition space	3,640	7,750	5,455	225	510	420
TOTAL	497,700	428,285	434,960	10,180	9,585	8,365
a) The exhibition was held/will be held in the second quarter b) The exhibition did not take place

Details of exhibitions held in Italy are given in the following table.

During the first quarter 2016, four exhibitions were held in exhibition sites abroad and the net exhibition space occupied totalled 75,030 square metres (in the first quarter 2015, the figure was 95,185 square metres). The number of exhibitors was 1,680 (2,180 in the first quarter 2015).

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 31/03/16	Quarter to 31/03/15	Quarter to 31/03/14	Quarter to 31/03/16	Quarter to 31/03/15	Quarter to 31/03/14
Annual exhibitions directly organised in China
- Chinafloor Domotex Shanghai	64,000	63,985	60,210	1,260	1,260	1,050
- GITF International Tour Guangzhou	6,200	5,180	4,715	210	215	210
- The Micam Shanghai I semester	a)	2,900	2,940	a)	150	155
Total annual exhibitions directly organised in China	70,200	72,065	67,865	1,470	1,625	1,415
Annual exhibitions directly organised in India
- Food Hospitality World Mumbai	2,840	3,195	2,390	160	175	155
Total annual exhibitions directly organised in India	2,840	3,195	2,390	160	175	155
Annual exhibitions directly organised in Turkey
- Beauty & Care Istanbul	b)	5,670	5,930	b)	140	125
- Home & Garden Istanbul	b)	c)	3,015	b)	c)	65
- Pro-Show	b)	1,430	1,870	b)	20	15
Total annual exhibitions directly organised in Turkey	-	7,100	10,815	-	160	205
Annual exhibitions directly organised in South Africa
- Capetown Art Fair	1,990	1,100	850	50	40	45
Total annual exhibitions directly organised in South Africa	1,990	1,100	850	50	40	45
Annual exhibitions directly organised in Brazil
- Food Hospitality World	a)	1,375	-	a)	55	-
- Fast Bahia	a)	a)	250	a)	a)	25
- Fast Rio de Janeiro	a)	a)	180	a)	a)	20
Total annual exhibitions directly organised in Brazil	-	1,375	430	-	55	45
Total annual Exhibitions	75,030	84,835	82,350	1,680	2,055	1,865
Biennial Exhibitions:
Biennial exhibitions directly organised in China
- WoodMac China	-	9,565	-	-	80	-
Total biennial exhibitions directly organised in China	-	9,565	-	-	80	-
Biennial exhibitions directly organised in Singapore
- Rehabtech Asia °	-	785	-	-	45	-
Total biennial ehibitions directly organised in Singapore	-	785	-	-	45	-
Total biennial Exhibitions	-	10,350	-	-	125	-
TOTAL EXHIBITIONS	75,030	95,185	82,350	1,680	2,180	1,865
° The exhibition is a joint project with the Singaporean company Singex Exhibitions Ventures Pte Ltd

a) The exhibition did not take place

b) The Turkish subsidiary and related exhibitions were sold in the second semester 2015

c) The exhibition in previuous year was held in subsequent quarters

Group personnel

At 31 March 2016, Group employees totalled 717. The breakdown compared to 31 March 2015 and 31 December 2015 was as follows:

	31/12/15		Permanent employees at end of period (units)		31/03/16			31/03/15
Total	Italy	Foreign countries		Total	Italy	Foreign countries	Total	Italy	Foreign countries
			Fully consolidated companies:
38	35	3		33	30	3	46	39	7
			Executives
687	594	93	Managers and White collar workers (including Journalists)	619	534	85	713	587	126
725	629	96	Total	652	564	88	759	626	133
			Equity-accounted companies (a):
2	-	2	Executives	3	1	2	2	-	2
56	-	56	White collar workers	62	10	52	60	-	60
58	-	58	Total	65	11	54	62	-	62
783	629	154	TOTAL	717	575	142	821	626	195
			(a) the indicated data corresponds to the pro-quota of total employees

Compared to the figure at 31 December 2015 there was a net reduction of 66 in the number of permanent employees mainly due the early retirement programmes for Parent Company employees and the reorganisation of the subsidiary, Fiera Milano Media, which began in the second half of 2015, the effects of which began to become evident in the first quarter 2016.

Significant events after the end of the quarter

The Ordinary Shareholders' Meeting of the Parent Company was held on 28 April 2016. The Meeting approved the Financial Statements at 31 December 2015; the resolution to cover the loss for the financial year of Euro 1,456,383.56 through utilisation of the share price premium reserve; to cover the residual loss of the preceding financial year of Euro 19,712,224.63 through utilisation of the share premium reserve; and also to re-instate the legal reserve pursuant to Article 2430 paragraph 2 of the Italian Civil Code in the amount of Euro 8,489,028.20 through utilisation of the share premium reserve. The Shareholders' Meeting also approved Section One of the Remuneration Report pursuant to Article 123-ter of Legislative Decree 58/98. Finally, the Shareholders' Meeting approved the 2017-2023 Stock Option Plan prepared in accordance with Article 114-bis of Legislative Decree 58/98 and granted approval for the purchase and sale of treasury shares.

Business outlook

The Group remains committed to its strategy to increase the share of directly organised exhibitions and its penetration in sectors in which it already has a presence whilst also expanding horizontally in these sectors. Fiera Milano's prime objectives also include increasing the participation of international exhibitors and buyers.

In foreign markets the Group aims to consolidate its exhibition portfolio through a selective focus on exhibitions in countries and industrial sectors with high potential while optimising its presence in specific countries also through partnerships with leading international exhibition operators.

However, the results for 2016 will reflect a less favourable exhibition calendar than the previous year in Italy due to the absence of important directly organised biennial and multi-year exhibitions, while benefiting from rationalisation initiatives that have already been implemented.

In the absence of currently unforeseeable events or circumstances, the Group's medium-term forecasts are for an improvement in gross operating margin from 2017 compared to the current year as it takes advantage of business development opportunities and the potential deriving from the improved economic outlook in core markets.

The strengthening of the Group's financial and capital structure following the recent corporate recapitalisation should also support the Group's planned investment and growth.

The 2016 first quarter Consolidated Interim Management Report of the Fiera Milano Group has been prepared in accordance with Article 154-ter of Legislative Decree 58/1998 and in accordance with the Listing Rules issued by Consob ruling 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 measurement and recognition criteria used to prepare the Financial Statements for the first quarter 2016 are the same as those used for the Consolidated Financial Statements for the financial year at 31 December 2015, with the addition of the accounting standards endorsed by the European Union and applicable from 1 January 2016, to which reference should be made.

The Consolidated Interim Financial Statements have been prepared on the basis of the accounting situation at 31 March 2016 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. As regards comparable data, it should be noted that in preparing the First Quarter Consolidated Interim Financial Statements to 31 March 2016 the tax charge has not been calculated, as permitted by the relevant Consob Rules.

It should also be noted that the methodologies used for estimates in the preparation of the Consolidated Interim Financial Statements at 31 March 2016 are substantially the same as those used to prepare the Annual Consolidated Financial Statements.

The list of companies included in the area of consolidation at 31 March 2016 is given in Attachment 1.

The present Consolidated Interim Management Report has not been subject to legal audit.

Financial statements

Full year to 31/12/15		Consolidated Income Statement (Amounts in €'000)	1st Quarter to 31/03/16		1st Quarter to 31/03/15 restated
	%			%		%
337,339	100	Revenues from sales and services	76,959	100	72,918	100
4,859	1.4	Cost of materials	768	1.0	961	1.3
165,870	49.2	Cost of services	34,795	45.2	36,493	50.0
61,419	18.2	Costs for use of third party assets	12,397	16.1	15,027	20.6
61,675	18.3	Personnel expenses	11,440	14.9	13,233	18.1
5,753	1.7	Other operating expenses	1,377	1.8	1,193	1.6
299,576	88.8	Total operating costs	60,777	79.0	66,907	91.8
3,003	0.9	Other income	874	1.1	587	0.8
2,828	0.8	Results of equity-accounted companies	1,184	1.5	1,458	2.0
43,594	12.9	Gross operating result	18,240	23.7	8,056	11.0
12,315	3.7	Depreciation and amortisation	2,003	2.6	3,218	4.4
8,179	2.4	Allowance for doubtful accounts and other provisions	368	0.5	2,237	3.1
11,142	3.3	Adjustments to asset values	-	-	-	-
11,958	3.5	Net operating result (EBIT)	15,869	20.6	2,601	3.6
(3,520)	-1.0	Financial income/(expenses)	(212)	-0.3	(1,195)	-1.6
8,438	2.5	Profit/(loss) before income tax from continuing operations	15,657	20.3	1,406	1.9
(1,988)	-0.6	Profit/(loss) before income tax from discontinued operations	-	-	(3)	-
6,450	1.9	Profit/(loss) before income tax	15,657	20.3	1,403	1.9
7,012	2.1	- attributable to the shareholders of the controlling entity	15,742	20.5	1,763	2.4
(562)	-0.2	- attributable to non-controlling interests	(85)	-0.1	(360)	-0.5
38,086	11.3	Cash flow before income tax for the Group and non-controlling interests	18,028	23.4	6,858	9.4

Some figures in the consolidated financial statements at 31 March 2015 have been restated to reflect the requirements of IFRS 5 following the divestment of the subsidiary Interteks on 27 July 2015 and for the different classification of the use of risk provisions.

	Reclassified Consolidated Statement of Financial Position
	(Amounts in €'000)	31/03/16	31/12/15	Change
	Goodwill and intangible assets with an indefinite useful life	101,541	104,945	(3,404)
	Intangible assets with a finite useful life	30,128	29,408	720
	Tangible fixed assets	14,490	14,755	(265)
	Other non-current assets	37,103	33,194	3,909
A	Non-current assets	183,262	182,302	960
	Inventories	2,827	1,884	943
	Trade and other receivables	76,031	63,932	12,099
	Other current assets	-	-	-
B	Current assets	78,858	65,816	13,042
	Trade payables	48,584	49,267	(683)
	Pre-payments	35,452	34,880	572
	Tax liabilities	3,546	5,168	(1,622)
	Provisions for risks and charges and other current liabilities	33,693	41,385	(7,692)
C	Current liabilities	121,275	130,700	(9,425)
D	Net working capital (B - C)	(42,417)	(64,884)	22,467
E	Gross capital employed (A + D)	140,845	117,418	23,427
	Employee benefit provisions	8,684	10,672	(1,988)
	Provisions for risks and charges and other non-current liabilities	9,152	9,052	100
F	Non-current liabilities	17,836	19,724	(1,888)
G	NET CAPITAL EMPLOYED continuing operations (E - F)	123,009	97,694	25,315
H	NET CAPITAL EMPLOYED assets held for sale	-	-	-
	TOTAL NET CAPITAL EMPLOYED (G + H)	123,009	97,694	25,315
	covered by:
	Equity attributable to the Group	99,664 (*)	84,572	15,092
	Equity attributable to non-controlling interests	510 (*)	696	(186)
I	Total equity	100,174	85,268	14,906
	Cash & cash equivalents	(16,666)	(56,092)	39,426
	Current financial (assets)/liabilities	25,387	55,502	(30,115)
	Non-current financial (assets)/liabilities	14,114	13,016	1,098
	Net financial position (continuing operations)	22,835	12,426	10,409
	Net financial position (assets held for sale)	-	-	-
L	Net financial position (TOTAL)	22,835	12,426	10,409
	EQUITY AND NET FINANCIAL POSITION (I + L)	123,009	97,694	25,315
	(*) includes pre-tax result for the period

Comments on the capital and financial position

Non-current assets totalled Euro 183.262 million at 31 March 2016 compared to Euro 182.302 million at 31 December 2015. The increase of Euro 0.960 million is attributable to the net effect of investments of Euro 2.258 million, depreciation and amortisation of Euro 2.003 million, a negative foreign exchange translation effect of Euro 0.307 million, changes in equity accounted investments of Euro 1.184 million and a negative figure for other movements totalling Euro 0.172 million.

Net working capital moved from a negative figure of Euro 64.884 million at 31 December 2015 to a negative figure of Euro 42.417 million at 31 March 2016.

The change of Euro 22.467 million was due to the following:

(a) a Euro 13.042 million increase in current assets that was mainly due to a Euro 12.099 million increase in Trade and other receivables. This mainly reflected the increase in Parent Company accruals relating to the second quarter rental charges for the two exhibition sites, which were paid in advance in January;
(b) a Euro 9.425 million reduction in current liabilities, due primarily to the net effect of:
a Euro 1.622 million reduction in Tax liabilities mainly due to the payment of withholding taxes on employee labour costs that were paid in December;
a reduction in Provisions for risks and charges and other current liabilities of Euro 7.692 million due largely to lower payables to exhibition organisers.

At 31 March 2016, non-current liabilities totalled Euro 17.836 million compared to Euro 19.724 million at 31 December 2015. The reduction of Euro 1.888 million was principally due to the liquidation of employee leaving indemnities in the quarter.

Group equity at 31 March 2016 was Euro 99.664 million compared to Euro 84.572 million at 31 December 2015. The increase of Euro 15.092 million reflected the effect of the following:

a Euro 15.742 million increase in the pre-tax profit for the period;
a Euro 0.023 million increase from the remeasurement of defined benefit plans;
a reduction of Euro 0.673 million in the translation reserve.

Equity attributable to non-controlling interests at 31 March 2016 was Euro 0.510 million compared to Euro 0.696 million at 31 December 2015. The decline of Euro 0.186 million reflects:

a Euro 0.085 million decrease in the result for the period;
a Euro 0.101 million decrease in the translation reserve.

Information on the change in financial assets and liabilities is given in the comment on the financial position.

Declaration of the Manager responsible for preparing the Company's financial statements

The Manager responsible for preparing the Company's financial statements, Flaminio Oggioni, 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 31 March 2016						Attachment 1

			Shareholding %	Directly held by	Indirectly held through	Shareholding of Group companies
		Share capital	Group	Fiera	other Group
Company name and registered office	Main activity	(000) (*)	total	Milano	companies	%
A) List of companies included in the area of consolidation
Parent Company
Fiera Milano SpA	Organisation and hosting
Milan, p.le Carlo Magno 1	of exhibitions in Italy	42,445
Fully consolidated companies
Fiera Milano Media SpA
Milan, p.le Carlo Magno 1	Media services	2,803	100	100		100 Fiera Milano SpA
Fiera Milano Congressi SpA	Management of
Milan, p.le Carlo Magno 1	congresses		100 2,000	100		100 Fiera Milano SpA
Mico DMC S.r.l.	Management of
Milan, p.le Carlo Magno 1	congresses		51 10		51	51 Fiera Milano Congressi SpA
Nolostand SpA
Milan, p.le Carlo Magno 1	Stand fitting services	7,500	100	100		100 Fiera Milano SpA
Ipack-Ima SpA	Organisation of exhibitions
Rho, S.S. del Sempione km 28	in Italy		100 200	100		100 Fiera Milano SpA

Eurofairs International Consultoria e Participações Ltda
São Paulo Brasil,	Organisation of exhibitions					99.98 Fiera Milano SpA
na Avenida Angélica, nº 2350, Sala B, Consolação,	outside of Italy	R \$ 36,014	100	99.98	0.02	0.02 Nolostand SpA
						Eurofairs International
CIPA Fiera Milano Publicações e Eventos Ltda	Organisation of exhibitions					99 Consultoria e Participações Ltda
São Paulo Brasil, Av. Angelica	outside of Italy	R \$ 705	100	1	99	1 Fiera Milano SpA
Fiera Milano India Pvt Ltd	Organisation of exhibitions
New Delhi, Barakhamba Road, Connaught Place	outside of Italy	INR 20,000	99.99	99.99		99.99 Fiera Milano SpA
Limited Liability Company "Fiera Milano"	Organisation of exhibitions
Moscow, 24 A/1 ul. B. Cherkizovskaya	outside of Italy	RUB 10,000	100	100		100 Fiera Milano SpA
Fiera Milano Exhibitions Africa Pty Ltd	Organisation of exhibitions
Cape Town, The Terraces, Steenberg Office Park, Tokai	outside of Italy	ZAR 0.2	100	100		100 Fiera Milano SpA
Worldex (China) Exhibition & Promotion Ltd	Organisation of exhibitions
Guangzhou, 538 Dezheng Bei Road, Yuexiu District	outside of Italy	CNY 6,000	75	75		75 Fiera Milano SpA
Haikou Worldex Milan Exhibition Co. Ltd	Organisation of exhibitions
Haikou, 12 Lantian Road West	outside of Italy	CNY 200	74.25		99	99 Worldex Ltd
B) List of jointly controlled companies equity-accounted
Hannover Milano Global Germany GmbH	Organisation of exhibitions
Hannover Germany, Messegelaende	outside of Italy		49 25	49		49 Fiera Milano SpA
Hannover Milano Fairs Shanghai Co. Ltd	Organisation of exhibitions					Hannover Milano Global
Shanghai China, Pudong Office Tower	outside of Italy	USD 500	49		100	100 Germany GmbH
Hannover Milano Fairs China Ltd	Organisation of exhibitions					Hannover Milano Global
Hong Kong China, Golden Gate Building	outside of Italy	HKD 10	49		100	100 Germany GmbH
Hannover Milano Fairs India Pvt Ltd
East Mumbai, Andheri	Organisation of exhibitions outside of Italy	INR 274,640	48.99		99.99	Hannover Milano Global 99.99 Germany GmbH
Global Fairs & Media Private Ltd
New Delhi, Bahadur Shah Zafar Marg 9-10	Organisation of exhibitions outside of Italy	INR 207,523	24.5		50	Hannover Milano Fairs India 50 Pvt Ltd
Ipack-Ima Srl
Rho, S.S. del Sempione km 28	Organisation of exhibitions in Italy		49 20		49	49 Ipack-Ima SpA
C) List of companies accounted at cost
			Shareholding %			Shareholding of Group companies
				Directly	Indirectly
		Share capital	Group	held by Fiera	held through other Group
Company name and registered office		(000) (*)	total	Milano	companies	%
Esperia SpA
Rose (Cosenza)	Other	1,403	2		2	2 Fiera Milano Media SpA
(*) Euro or other currencies as specifically indicated

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