Quarterly Report • Oct 26, 2015
Quarterly Report
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(3 3rd Quarte er 2015)
T This document is available in th he Investor Rela www.fieram ations section o milano.it of the Company website,
O Companies R Reg Operational and Register, Tax c gistered office d administrativ Share Capita ode and VAT Fiera Milan : Piazzale Car ve office: SS d al: Euro 42,147 no. 13194800 no SpA lo Magno, 1 del Sempione, 7,437.00 fully 0150 – Econom 20149 Milan , 28 - 20017 R paid up mic Administra Rho (Milan) ative Register 1623812
Rho (Milan), 26 O October 2015 5
| ▪ | CORPORATE BODIES AND INDEPENDENT AUDIT FIRM | page | 3 |
|---|---|---|---|
| ▪ | BUSINESS MODEL | page | 4 |
| ▪ | GROUP STRUCTURE | page | 5 |
| ▪ | REPORT ON OPERATIONS IN THE THIRD QUARTER 2015 | ||
| ▫ Summary of results and significant events during the quarter |
page | 6 | |
| ▫ Net financial position |
page | 11 | |
| ▫ Information by operating segment and by geographic area |
page | 12 | |
| ▫ Group personnel |
page | 16 | |
| ▪ | SIGNIFICANT EVENTS AFTER THE END OF THE QUARTER | page | 17 |
| ▪ | BUSINESS OUTLOOK AND EVALUATION OF THE BUSINESS AS A GOING CONCERN | page | 17 |
| ▪ | ACCOUNTING CRITERIA | page | 18 |
| ▪ | FINANCIAL STATEMENTS | ||
| ▫ Consolidated income statement |
page | 19 | |
| ▫ Reclassified consolidated statement of financial position |
page | 20 | |
| ▫ Comments on the capital and financial position |
page | 21 | |
| ▪ | DECLARATION OF THE MANAGER RESPONSIBLE FOR PREPARING THE COMPANY'S FINANCIAL STATEMENTS |
page | 22 |
| ▪ | ATTACHMENT 1 List of companies included in the area of consolidation and other equity investments at 30 September 2015 |
page | 23 |
__________________________________________________________________________________
______________________________________________________________________________
Roberto Rettani Chairperson*° Licia Ronzulli Vice Chairperson *° Corrado Arturo Peraboni Chief Executive Officer Joyce Victoria Bigio Director*° Renato Borghi Director° Pier Andrea Chevallard Director*° Vincenza Patrizia Rutigliano Director*° Romeo Robiglio Director
Attilio Fontana Deputy Vice Chairperson *°
* 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.
Joyce Victoria Bigio Attilio Fontana Renato Borghi Romeo Robiglio Vincenza Patrizia Rutigliano Licia Ronzulli
Federica Nolli Chairperson Pier Andrea Chevallard Antonio Guastoni Statutory Auditor Federica Nolli Carmine Pallino Statutory Auditor Ugo Lecis Francesca Maria D'Alessandro Substitute Auditor Alessandro Carlo Galli Substitute Auditor
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.
The mandate, given by the Shareholders' Meeting of 29 April 2014, is for the financial years 2014-2022.
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:
The following table gives the main figures of the Group for the third quarter 2015 with comparable data for the same quarter and the nine-month period of the previous year, as well as figures for the full year 2014.
| Full year at 31/12/14 restated |
Fiera Milano Group Summary of key figures (A mo unts in € ' 000) |
3rd Quarter at 30/09/15 |
3rd Quarter at 30/09/14 restated |
9 months at 30/09/15 |
9 months at 30/09/14 restated |
||||
|---|---|---|---|---|---|---|---|---|---|
| 242,711 | Revenues from sales and services | 46,848 | 51,939 | 228,380 | 189,535 | ||||
| (3,159) | Gross operating result (a) | (9,536) | (2,132) | 17,179 | 3,173 | ||||
| (18,345) | Net operating result (EBIT) | (12,217) | (5,236) | 557 | (5,446) | ||||
| (23,216) | Profit/(loss) before income tax from continuing operations | (14,068) | (6,139) | (3,444) | (8,959) | ||||
| (476) | Profit/(loss) before income tax from discontinued operations | 9 | (163) | (1,988) | (553) | ||||
| (23,692) | Profit/(loss) before income tax | (14,059) | (6,302) | (5,432) | (9,512) | ||||
| (23,456) | - Attributable to the shareholders of the controlling entity | (14,080) | (6,212) | (4,654) | (8,866) | ||||
| (236) | - Attributable to non-controlling interests | 21 | (90) | (778) | (646) | ||||
| (8,506) | Cash flow before income tax for the Group and non-controlling interests (b) | (11,378) | (3,198) | 11,190 | (893) | ||||
| 141,355 | Net capital employed (c) | 96,474 | 154,526 | 96,474 | 154,526 | ||||
| covered by: | |||||||||
| 17,034 | Equity attributable to the Group | 13,378 * | 26,392 * | 13,378 * | 26,392 * | ||||
| 2,654 | Non-controlling interests | 349 * | 2,189 * | 349 * | 2,189 * | ||||
| 121,667 | Net financial debt/(cash) | 82,747 | 125,945 | 82,747 | 125,945 | ||||
| 8,515 | Investments | 2,248 | 1,061 | 4,898 | 7,594 | ||||
| 807 | Employees (no. of permanent employees at the end of period) | 797 | 821 | 797 | 821 | ||||
| * includes pre-tax result for the period | |||||||||
| (a) Gross operating result is the 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 and provisions. (c) Net capital employed is the sum of non-current assets, non-current liabilities and net working capital. |
Following the application of IFRS 5, the divestment of the subsidiary Interteks on 27 July 2015 required some of the figures in the consolidated financial statements at 31 December 2014 and in the interim consolidated financial statements at 30 September 2014 to be restated for comparative purposes.
For structural reasons the third quarter of the financial year is loss-making for Fiera Milano Group as it is marked by low levels of business during the summer months of July and August. The presence of one-off events in the same quarter of the preceding financial year, such as the meetings for Italy's six-month presidency of the European Union that were held at the MiCo Congress Centre, the increase in Parent Company costs in the quarter under review due to some redundancy payments, the variable component of employee remuneration, as well as the variable rental charge for the fieramilano exhibition site resulted in lower revenues and a decline in the gross operating result compared to the same period of 2014, and generated higher losses. The Italian exhibition business increased in the quarter due to the exhibition HOMI, whilst outside Italy, there was a decrease in the Brazilian business mainly due to the less favourable exhibition calendar in the quarter under review.
The Group generated revenues of Euro 5.349 million in the quarter from contracts linked to Expo 2015 of which Euro 3.028 million was from the Parent Company for the contract under which Fiera Milano rented areas within the exhibition site totalling approximately 120,000 square metres to Expo 2015 for vehicle circulation and parking and Euro 2.321 million was from the subsidiary Fiera Milano Congressi for managing the Expo 2015 Congress Centre and Auditorium.
On 31 July 2015, an Extraordinary Shareholders' Meeting approved a share capital increase on a paid basis and in divisible form for a total maximum amount, inclusive of any share premium, of Euro 70 million to be offered to all holders of shares in the Company in accordance with Article 2441, paragraph 1 of the Italian Civil Code, through the issue of new ordinary shares with normal entitlement and identical in character to the shares already in circulation at the time of issue. The share capital increase is to be carried out within a period of 12 months from the date of approval granted by the Extraordinary Meeting. The Extraordinary Shareholders' Meeting also granted the Board of Directors the necessary powers to determine, in the period prior to the start of the rights issue, the definitive amount of the capital increase, the number of shares to be issued, the ratio at which they will be offered to existing shareholders, and the timing of the share capital increase.
The share capital increase will provide new financial resources to support the Group investment and development plan. Furthermore, the share capital increase should help achieve the required improvement in the capital position of the Company so that it can avoid the provisions under Article 2446, paragraph 2 of the Italian Civil Code whilst, at the same time, strengthening shareholders' funds and reducing financial leverage.
On 20 July 2015, Fondazione Fiera Milano, the controlling shareholder of Fiera Milano with a shareholding of 62.062%, gave a binding agreement to exercise all its rights to subscribe and pay for its quota of the new shares. Furthermore, at the Extraordinary Shareholders' Meeting on 31 July 2015 that approved the share capital increase, Fondazione Fiera Milano formally stated its intention to pay in cash for its quota of the share capital increase and not to offset the amount by using the debits in the current account held by Fiera Milano with Fondazione Fiera Milano.
On 23 July 2015, the Parent Company finalised the acquisition of 100% of Ipack-Ima SpA and paid the vendor Centrexpo SpA Euro 2.500 million and the net cash position of the company acquired. Ipack-Ima SpA owns the following trademarks and already organises the trade exhibitions associated with these trademarks in the Fiera Milano exhibition site: Ipack-Ima (triennial), one of the world's leading events for food and non-food processing and packaging technologies; Meat-Tech (triennial), an exhibition for processing and packaging in the meat industry; Dairytech (triennial), an exhibition for treatment and packaging technologies in the dairy sector; Fruit Innovation (biennial), an exhibition for technology and services in the fruit and vegetable sector (of which Fiera Milano owns 50%); Intralogistica, a triennial exhibition for corporate internal logistics plant and equipment (50% owned by Deutsche Messe).
On 27 July 2015, the Parent Company sold its 60% shareholding in the Turkish subsidiary Interteks Uluslararasi Fuarcilik A.S. Turkey is no longer considered a strategic country for the Group given the downgrading of future growth expectations for the local exhibition sector.
On 29 July 2015, Euro 0.600 million was paid as part of the share capital increase of Fiera Milano Exhibitions Africa Pty Ltd.
The business of the Group suffers from seasonality due to exhibitions that have a biennial and multiannual frequency. Moreover, the absence of exhibitions in Italy in July and August have a significant impact on the results of the third quarter. 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 third quarter 2015 and for the nine-month period at 30 September 2015 reveals the following trends:
• Revenues from sales and services totalled Euro 46.848 million, a 10% decline compared to the same quarter of the preceding financial year (Euro 51.939 million). The decrease was mainly due to the presence in the same period of 2014 of the meetings for Italy's six-month presidency of the European Union that were held at the MiCo Congress Centre and of the biennial exhibition Fesqua in Brazil. This was in part compensated by revenues from contracts linked to Expo 2015. In the first nine months of 2015 revenues from sales and services totalled Euro 228.380 million, an increase of 20% compared to the same period of 2014 Euro 189.535 million). The higher revenues reflected the more favourable exhibition calendar which, in the period under review, included the directly organised biennial exhibition Tuttofood, the hosted exhibition Made Expo, and the triennial exhibitions Ipack-Ima and Plast. There were also positive performances from the stand-fitting and congress segments due to the contracts linked to Expo 2015. These positive events were offset by the
absence of the important biennial exhibition Mostra Convegno Expocomfort and by the fall in exhibition space occupied in Brazil.
The main changes were as follows:
The table on the following page 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 at 30/09/15 | 3rd Quarter at 30/09/14 | Change | ||||
|---|---|---|---|---|---|---|---|
| Organised Total by the Group |
Total | Organised by the Group |
Total | Organised by the Group |
|||
| Number of exhibitions: | 17 | 10 | 16 | 11 | 1 | (1) | |
| Italy | 9 | 2 | 7 | 2 | 2 | - | |
| . annual | 8 | 2 | 7 | 2 | 1 | - | |
| . biennial | 1 | - | - | - | 1 | - | |
| . multi-annual | - | - | - | - | - | - | |
| Foreign countries | 8 | 8 | 9 | 9 | (1) | (1) | |
| . annual | 7 | 7 | 8 | 8 | (1) | (1) | |
| . biennial | 1 | 1 | 1 | 1 | - | - | |
| . multi-annual | - | - | - | - | - | - | |
| Number of congresses with related exhibition space - Italy |
7 | - | 4 | - | 3 | - | |
| Net sq.metres of exhibition space: | 309,805 | 164,205 | 316,225 | 169,895 | (6,420) | (5,690) | |
| Italy | 212,015 | 66,415 | 206,775 | 60,445 | 5,240 | 5,970 | |
| . annual (a) | 210,885 | 66,415 | 206,775 | 60,445 | 4,110 | 5,970 | |
| . biennial | 1,130 | - | - | - | 1,130 | - | |
| . multi-annual | - | - | - | - | - | - | |
| (a) of which congresses with related exhibition space | 5,295 | - | 5,370 | - | (75) | - | |
| Foreign countries | 97,790 | 97,790 | 109,450 | 109,450 | (11,660) | (11,660) | |
| . annual | 96,280 | 96,280 | 95,605 | 95,605 | 675 | 675 | |
| . biennial | 1,510 | 1,510 | 13,845 | 13,845 | (12,335) | (12,335) | |
| . multi-annual | - | - | - | - | - | - | |
| Number of exhibitors: | 6,440 | 2,725 | 6,105 | 2,210 | 335 | 515 | |
| Italy | 5,100 | 1,385 | 5,100 | 1,205 | - | 180 | |
| . annual (b) | 5,050 | 1,385 | 5,100 | 1,205 | (50) | 180 | |
| . biennial | 50 | - | - | - | 50 | - | |
| . multi-annual | - | - | - | - | - | - | |
| (b) of which congresses with related exhibition space | 415 | - | 380 | - | 35 | - | |
| Foreign countries | 1,340 | 1,340 | 1,005 | 1,005 | 335 | 335 | |
| . annual | 1,295 | 1,295 | 720 | 720 | 575 | 575 | |
| . biennial | 45 | 45 | 285 | 285 | (240) | (240) | |
| . multi-annual | - | - | - | - |
• The Gross operating loss for the quarter was Euro 9.536 million, a decrease of Euro 7.404 million compared to the figure for the same period of the previous financial year. The decrease is mainly attributable to the trend in revenues in the period and, in particular, to the decrease in the congress business described above although offset by revenues from contracts linked to Expo 2015 and the increase in Parent Company personnel expenses due to redundancy payments (Euro 0.516 million) and in the variable remuneration of employees (Euro 0.682 million). There was also a Euro 2.505 million increase in rental charges for the fieramilano exhibition site for the additional rent payable to Fondazione Fiera Milano resulting from the agreement that a percentage of the revenues generated by the Company in the 2015 financial year would be paid to Fondazione Fiera Milano were they to exceed the average generated in the three years 2012-2014. Under the agreement the Parent Company will pay additional rent equal to 15% of the aforementioned difference up to a maximum amount of Euro 10.000 million.
The gross operating profit for the first nine months of 2015 was Euro 17.179 million, an increase of Euro 14.006 million compared to the figure for the same period of the previous financial year. The improvement mainly reflected the trend in revenues in the period and the absence of extraordinary costs for the relaunch and internationalisation of the exhibition HOMI that were present in the same period of 2014. There was an increase in personnel expenses in the Parent Company due to an indemnity of Euro 1.461 million paid to the previous Chief Executive Officer when his mandate was not renewed, to higher costs for the variable component of employee remuneration (Euro 2.047 million), and to redundancy incentives paid in the period (Euro 1.350 million).
• The Net operating loss was Euro 12.217 million compared to a loss of Euro 5.236 million in third quarter 2014. The deterioration in this figure of Euro 6.981 million was mainly due to the increase in the gross operating loss.
In the first nine months of 2015, the net operating profit was Euro 0.557 million (a net operating loss of Euro 5.446 million at 30 September 2014). The increase in net operating profit reflected the increase in the gross operating profit but also adjustments to fair value taken on goodwill and on some trademarks following an indication of impairment. The impairment charges were for goodwill in the Brazilian subsidiary, the goodwill and trademarks of the South African subsidiary and for the Transpotec & Logitec exhibition trademark in the Parent Company. The circumstances surrounding these businesses were particularly negative causing forecasts for their results and growth expectations to be downgraded.
The Group net financial position and its breakdown are shown in the following table.
| Group Net Financial Position | ||||
|---|---|---|---|---|
| 31/12/14 | (Amounts in € '000) | 30/09/15 | 30/06/15 | Change |
| 12,276 | A. Cash (including bank balances) | 19,893 | 17,190 | 2,703 |
| - | B. Other cash equivalents | - | - | - |
| - | C. Securities held for trading | - | - | - |
| 12,276 | D. Cash and cash equivalents (A+B+C) | 19,893 | 17,190 | 2,703 |
| - | E. Current financial assets | - | - | - |
| 62,908 | F. Current bank borrowings | 23,501 | 34,192 | (10,691) |
| 19,986 | G. Current portion of non-current debt | 18,952 | 19,948 | (996) |
| 22,150 | H. Other current financial liabilities | 42,062 | 37,498 | 4,564 |
| 21,683 | - H.1 of which Other current financial liabilities to the controlling shareholder | 41,276 | 36,538 | 4,738 |
| 300 | - H.2 of which Other current financial liabilities to other related parties | - | - | - |
| 105,044 | I. Current financial debt (F+G+H) | 84,515 | 91,638 | (7,123) |
| 92,768 | J. Current net financial debt (cash) (I-E-D) | 64,622 | 74,448 | (9,826) |
| 26,898 | K. Non-current bank borrowings | 15,970 | 16,996 | (1,026) |
| - | L. Debt securities in issue | - | - | - |
| 2,001 | M. Other non-current liabilities | 2,155 | 2,139 | 16 |
| 1,781 | - M.2 of which Other non current liabilities to other related parties | 1,827 | 1,812 | 15 |
| 28,899 | N. Non-current financial debt (K+L+M) | 18,125 | 19,135 | (1,010) |
| 121,667 | Net financial debt/(cash) from continuing operations (J+N) | 82,747 | 93,583 | (10,836) |
| - | Net financial debt/(cash) from discontinued operations | - | 784 | (784) |
| 121,667 | O. Net financial debt/(cash) | 82,747 | 94,367 | (11,620) |
Net debt at 30 September 2015 was Euro 82.747 million compared to Euro 94.367 million at 30 June 2015.
The Euro 11.620 million decrease in net debt was due to an increase in cash flow from working capital from advances and cash-in for exhibitions held in the quarter under review or due to be held in subsequent months (in particular, EMO and Host). This was in part offset by early payment to Fondazione Fiera Milano of the six-month rental charge for the fieramilano exhibition site.
| The key Group figures by operating segment and by geographic area are given in the following | ||||
|---|---|---|---|---|
| table. |
| Summary of data by operating segment and by geographic area (Amounts in € '000) |
3rd Quarter at 30/09/15 | 3rd Quarter at 30/09/14 restated |
9 months at 30/09/15 | 9 months at 30/09/14 restated |
||||
|---|---|---|---|---|---|---|---|---|
| Revenues from sales and services | ||||||||
| - By operating segment: | % | % | % | % | ||||
| . Italian Exhibitions | 35,866 | 64.8 | 34,017 | 56.9 | 184,589 | 68.7 | 146,971 | 66.5 |
| . Foreign Exhibitions | 1,746 | 3.1 | 3,778 | 6.3 | 5,743 | 2.1 | 8,975 | 4.2 |
| . Stand-fitting Services | 7,943 | 14.3 | 7,249 | 12.1 | 43,159 | 16.1 | 28,735 | 13.0 |
| . Media | 2,591 | 4.7 | 2,395 | 4.0 | 9,337 | 3.5 | 8,936 | 4.0 |
| . Congresses | 7,285 | 13.1 | 12,357 | 20.7 | 25,694 | 9.6 | 27,248 | 12.3 |
| Total revenues gross of adjustments for inter-segment transactions | 55,431 | 100.0 | 59,796 | 100.0 | 268,522 | 100.0 | 220,865 | 100.0 |
| . Adjustments for inter-segment transactions | (8,583) | (7,857) | (40,142) | (31,330) | ||||
| Total revenues net of adjustments for inter-segment transactions | 46,848 | 51,939 | 228,380 | 189,535 | ||||
| - By geographic area: | ||||||||
| . Italy | 45,290 | 96.7 | 48,162 | 92.7 | 223,158 | 97.7 | 180,565 | 95.3 |
| . Foreign countries | 1,558 | 3.3 | 3,777 | 7.3 | 5,222 | 2.3 | 8,970 | 4.7 |
| Total | 46,848 | 100.0 | 51,939 | 100.0 | 228,380 | 100.0 | 189,535 | 100.0 |
| Gross operating result | % | % | % | % | ||||
| - By operating segment: | on revenues |
on revenues |
on revenues |
on revenues |
||||
| . Italian Exhibitions | (9,167) | -25.6 | (5,851) | -17.2 | 11,013 | 6.0 | (3,240) | -2.2 |
| . Foreign Exhibitions | (835) | -47.8 | 17 | 0.4 | (1,836) | -32.0 | (1,200) | -13.4 |
| . Stand-fitting Services | 261 | 3.3 | 629 | 8.7 | 5,160 | 12.0 | 2,670 | 9.3 |
| . Media | (230) | -8.9 | (272) | -11.4 | (20) | -0.2 | (24) | -0.3 |
| . Congresses | 425 | 5.8 | 3,342 | 27.0 | 2,860 | 11.1 | 4,917 | 18.0 |
| . Adjustments for inter-segment transactions | 10 | 3 | 2 | 50 | ||||
| Total | (9,536) | -20.4 | (2,132) | -4.1 | 17,179 | 7.5 | 3,173 | 1.7 |
| - By geographic area: | ||||||||
| . Italy | (8,539) | -18.9 | (2,091) | -4.3 | 19,435 | 8.7 | 4,494 | 2.5 |
| . Foreign countries | (997) | -64.0 | (41) | -1.1 | (2,256) | -43.2 | (1,321) | -14.7 |
| Total | (9,536) | -20.4 | (2,132) | -4.1 | 17,179 | 7.5 | 3,173 | 1.7 |
| Net operating result (EBIT) | % | % | % | % | ||||
| - By operating segment: | on revenues |
on revenues |
on revenues |
on revenues |
||||
| . Italian Exhibitions | (10,539) | -29.4 | (7,273) | -21.4 | 4,682 | 2.5 | (7,402) | -5.0 |
| . Foreign Exhibitions | (888) | -50.9 | (198) | -5.2 | (9,271) | -161.4 | (1,891) | -21.1 |
| . Stand-fitting Services | (175) | -2.2 | 335 | 4.6 | 4,654 | 10.8 | 1,540 | 5.4 |
| . Media | (329) | -12.7 | (494) | -20.6 | (249) | -2.7 | (634) | -7.1 |
| . Congresses | (282) | -3.9 | 2,419 | 19.6 | 807 | 3.1 | 2,957 | 10.9 |
| . Adjustments for inter-segment transactions | (4) | (25) | (66) | (16) | ||||
| Total | (12,217) | -26.1 | (5,236) | -10.1 | 557 | 0.2 | (5,446) | -2.9 |
| - By geographic area: | ||||||||
| . Italy | (11,153) | -24.6 | (4,952) | -10.3 | 10,315 | 4.6 | (3,351) | -1.9 |
| . Foreign countries | (1,064) | -68.3 | (284) | -7.5 | (9,758) | -186.9 | (2,095) | -23.4 |
| Total | (12,217) | -26.1 | (5,236) | -10.1 | 557 | 0.2 | -5,446 | -2.9 |
| Employees | ||||||||
| (no. of permanent employees at the end of the period) | ||||||||
| - By operating segment: | % | % | % | % | ||||
| . Italian Exhibitions | 458 | 57.5 | 439 | 53.5 | 458 | 57.5 | 439 | 53.5 |
| . Foreign Exhibitions | 159 | 19.9 | 197 | 24.0 | 159 | 19.9 | 197 | 24.0 |
| . Stand-fitting Services | 54 | 6.8 | 53 | 6.5 | 54 | 6.8 | 53 | 6.5 |
| . Media | 90 | 11.3 | 95 | 11.5 | 90 | 11.3 | 95 | 11.5 |
| . Congresses | 36 | 4.5 | 37 | 4.5 | 36 | 4.5 | 37 | 4.5 |
| 100.0 | ||||||||
| Total | 797 | 100.0 | 821 | 100.0 | 797 | 100.0 | 821 | |
| - By geographic area: | ||||||||
| . Italy . Foreign countries |
638 159 |
80.1 19.9 |
624 197 |
76.0 24.0 |
638 159 |
80.1 19.9 |
624 197 |
76.0 24.0 |
| Total | 797 | 100.0 | 821 | 100.0 | 797 | 100.0 | 821 | 100.0 |
Revenues from sales and services before elimination of transactions among the five business segments of the Group were Euro 55.431 million, a decrease of Euro 4.365 million compared to the figure of the third quarter 2014.
Revenues from Italian Exhibitions totalled Euro 35.866 million in the third quarter 2015, an increase of approximately 5% compared to the figure for the same period of the previous financial year (Euro 34.017 million). The figure generated by the demand for exhibition space in the quarter was in line with that of the previous year but was boosted by revenues from the contract with Expo 2015 for the rent of areas within the exhibition site for vehicle circulation and parking. The revenues for the first nine months of the financial year mainly reflected the more positive exhibition calendar, which, in the current financial year, included the directly organised biennial exhibition Tuttofood and the biennial hosted exhibition Made Expo, as well as the triennial exhibitions Ipack-Ima and Plast. The increase was, in part, eroded by the absence of the important biennial exhibition Mostra Convegno Expocomfort.
Revenues from Foreign Exhibitions totalled Euro 1.746 million in the quarter under review, a decrease of approximately 54% compared to the figure for the same quarter of the preceding financial year (Euro 3.778 million). The fall in revenues mainly reflected the different exhibition calendar in Brazil and the absence of the biennial exhibition Fesqua that falls in even-numbered years. There was a year-on-year decline in the figure for the first nine months due to the decrease in the third quarter and to the drop in demand for exhibition space in Brazil as a result of the slowdown in the Brazilian economy, in particular at Exposec and Reatech, as well as a decline in the South African subsidiary's results because of a weaker performance of both editions of the Good Food & Wine Show held in Cape Town and in Johannesburg.
The Group Gross operating loss in the third quarter 2015 was Euro 9.536 million, a decrease compared to the figure for the third quarter 2014 (a loss of Euro 2.132 million). The breakdown was as follows:
The gross operating profit for the first nine months was Euro 11.013 million, an increase of Euro 14.253 million compared to the same period of the preceding financial year. This increase mainly reflected the aforementioned trend in exhibition space occupied in the period under review and the absence of the extraordinary costs for the relaunch and internationalisation of HOMI that were present in the first nine months figures in 2014. This positive effect was in part offset by the increase in personnel expenses in the Parent Company for the indemnity paid to the previous Chief Executive Officer when his mandate was not renewed, higher expenses for the variable component of personnel expenses, and redundancy payments in the period.
The Net operating loss of the five operating segments totalled Euro 12.217 million in the third quarter compared to a net operating loss of Euro 5.236 million for the same quarter of 2014. The figure reflected the respective gross operating results of the segments. The figure for the first nine months also reflected the trend in the respective gross operating results of the segments but also the adjustment to the fair value taken in the first half results for goodwill in the Brazilian subsidiary, for goodwill and for the trademarks of the South African subsidiary, and for the trademark Transpotec & Logitec in the Parent Company.
The breakdown by geographic area in the third quarter shows revenues from foreign activities of Euro 1.558 million, a decrease of Euro 2.219 million compared to the same period of the previous financial year. The decrease was mainly attributable to the different exhibition calendar in Brazil and the absence of the biennial exhibition Fesqua that falls in even-numbered years. The gross operating loss was Euro 0.997 million, a deterioration compared to the gross operating loss of Euro 0.956 million in the third quarter 2014. The figure suffered from the trend in revenues and also from the costs for the reorganisation of the personnel in the Brazilian subsidiary Cipa. The net operating loss was Euro 1.064 million compared to a net operating loss of Euro 0.284 million in third quarter 2014.
During the quarter under review, nine exhibitions and seven congresses with related exhibition space were held in the two sites of fieramilano and fieramilanocity. Net exhibition space occupied totalled 212,015 square metres compared to 206,775 square metres in the same period of the previous financial year. The number of exhibitors was unchanged.
Exhibitions directly organised by the Group in Italy and abroad occupied total net exhibition space of 164,205 square metres, which equated to 53% of the total exhibition space occupied.
Details of exhibitions held in Italy are given in the table on the following page.
| Italian exhibition portfolio | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Net sq. metres of exhibition space | Number of exhibitors | ||||||||
| Annual Exhibitions: | Quarter at 30/09/15 |
Quarter at 30/09/14 |
Quarter at 30/09/13 |
Quarter at 30/09/15 |
Quarter at 30/09/14 |
Quarter at 30/09/13 |
|||
| Directly organised | |||||||||
| - HOMI II semester | 63,845 | 57,840 | 59,860 | 1,265 | 1,055 | 1,185 | |||
| - Milano Pret-à-Porter (Autumn) | 2,570 | 2,605 | 2,165 | 120 | 150 | 110 | |||
| Total annual exhibitions directly organised | 66,415 | 60,445 | 62,025 | 1,385 | 1,205 | 1,295 | |||
| Hosted | |||||||||
| - LineaPelle II semester | 43,800 | 41,665 | - | 1,170 | 1,125 | - | |||
| - Milano Unica (Autumn) | 19,205 | 18,915 | 19,810 | 410 | 420 | 435 | |||
| - Mipel (September) | 8,390 | 10,640 | 12,820 | 235 | 290 | 365 | |||
| - Prima MU * | 2,380 | - | - | 55 | - | - | |||
| - Super (Autumn) | 1,050 | 1,660 | - | 200 | - | ||||
| - The Micam (Autumn) | 64,350 | 68,080 | 68,100 | 1,380 | 1,480 | 1,495 | |||
| - Nuce (ex Life-Med) | a) | a) | 2,000 | a) | a) | 70 | |||
| Total annual exhibitions hosted | 139,175 | 140,960 | 102,730 | 3,250 | 3,515 | 2,365 | |||
| Total annual Exhibitions | 205,590 | 201,405 | 164,755 | 4,635 | 4,720 | 3,660 | |||
| Biennial Exhibitions: | |||||||||
| Directly organised | |||||||||
| - Chem Med | 1,130 | - | 2,470 | 50 | - | 80 | |||
| Total biennial exhibitions hosted | 1,130 | - | 2,470 | 50 | - | 80 | |||
| Total biennial exhibitions | 1,130 | - | 2,470 | 50 | - | 80 | |||
| TOTAL EXHIBITIONS | 206,720 | 201,405 | 167,225 | 4,685 | 4,720 | 3,740 | |||
| - Congresses with related exhibition space | 5,295 | 5,370 | 4,840 | 415 | 380 | 305 | |||
| TOTAL | 212,015 | 206,775 | 172,065 | 5,100 | 5,100 | 4,045 | |||
* First edition of this exhibition
a) The exhibition did not take place
During the third quarter 2015, eight exhibitions were held in exhibition sites abroad and the net exhibition space occupied totalled 97,790 square metres (in the third quarter 2014 the figure was 109,450 square metres). The number of exhibitors was 1,340 (1,005 in third quarter 2014).
Details of the exhibitions organised abroad are given in the following table.
| Foreign Exhibition portfolio | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Net sq. metres of exhibition space | Number of exhibitors | |||||||||
| Quarter at 30/09/15 |
Quarter at 30/09/14 |
Quarter at 30/09/13 |
Quarter at 30/09/15 |
Quarter at 30/09/14 |
Quarter at 30/09/13 |
|||||
| Annual Exhibitions: | ||||||||||
| Exhibitions directly organised in China | ||||||||||
| - Food Hospitality World Guangzhou | 3,015 | c) | 3,030 | 390 | c) | 320 | ||||
| - Industrial Automation Shenzhen | 8,500 | c) | - | 400 | c) | - | ||||
| - Motor Show Chengdu | 76,500 | 76,665 | 70,165 | 60 | 95 | 90 | ||||
| - The Micam Shanghai 2° semester | a) | 2,600 | - | a) | 125 | - | ||||
| Total Exhibitions directly organised in China | 88,015 | 79,265 | 73,195 | 850 | 220 | 410 | ||||
| Exhibitions directly organised in Turkey | ||||||||||
| - Art International Istanbul | d) | 3,830 | 2,255 | d) | 75 | 60 | ||||
| - Promoturk | d) | 4,115 | - | d) | 70 | - | ||||
| Total Exhibitions directly organised in Turkey | - | 7,945 | 2,255 | - | 145 | 60 | ||||
| Exhibitions directly organised in South Africa | ||||||||||
| - Good Food & Wine Show Gauteng | 3,360 | 3,300 | 4,185 | 210 | 180 | 260 | ||||
| - Good Food & Wine Show Durban | b) | - | 2,690 | b) | - | 155 | ||||
| Total Exhibitions directly organised in South Africa | 3,360 | 3,300 | 6,875 | 210 | 180 | 415 | ||||
| Exhibitions directly organised in Thailand - The China Products Show Bangkok |
3,000 | 1,500 | 145 | - | 80 | |||||
| Total Exhibitions directly organised in Thailand | 3,000 | c) - |
1,500 | 145 | - | 80 | ||||
| Exhibitions directly organised in Brazil | ||||||||||
| - Enersolar | 1,505 | 995 | 2,055 | 50 | 35 | 105 | ||||
| - The China Products Show Brasil | 400 | c) | - | 40 | c) | - | ||||
| - Fippa-pet show | a) | 3,150 | c) | a) | 110 | c) | ||||
| - Gospel | a) | 950 | c) | a) | 30 | c) | ||||
| Total Exhibitions directly organised in Brazil | 1,905 | 5,095 | 2,055 | 90 | 175 | 105 | ||||
| Total Annual Exhibitions | 96,280 | 95,605 | 85,880 | 1,295 | 720 | 1,070 | ||||
| Biennial Exhibitions: | ||||||||||
| Exhibitions directly organised in Brazil | ||||||||||
| - Braseg | 1,510 | - | 2,745 | 45 | - | 95 | ||||
| - Fesqua-Vitech | - | 13,845 | - | - | 285 | - | ||||
| - Saie | a) | - | 1,280 | a) | - | 45 | ||||
| Total Exhibitions directly organised in Brazil | 1,510 | 13,845 | 4,025 | 45 | 285 | 140 | ||||
| Total Biennial Exhibitions | 1,510 | 13,845 | 4,025 | 45 | 285 | 140 | ||||
| TOTAL EXHIBITIONS | 97,790 | 109,450 | 89,905 | 1,340 | 1,005 | 1,210 | ||||
| a) The exhibition did not take place |
b) The exhibition will be held in subsequent quarters
c) The exhibition in previous years was held in different quarters
d) With the divestment of the subsidiary Interteks on 27 July 2015, the Group has exited the Turkish market
At 30 September 2015, Group employees totalled 797 and the breakdown compared to 30 June 2015 was as follows:
| 31/12/14 | Permanent employees at the end of period (units) |
30/06/15 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Total | Italy | Foreign countries |
Fully consolidated companies: | Total | 30/09/15 Foreign countries Italy |
Total | Italy | Foreign countries |
|
| 46 | 39 | 7 | Executives | 44 | 40 | 4 | 45 | 38 | 7 |
| 698 | 583 | 115 | Managers and white collar workers (including journalists) | 694 | 598 | 96 | 699 | 579 | 120 |
| 744 | 622 | 122 | Total | 738 638 100 |
744 | 617 | 127 | ||
| 2 | - | 2 | Equity-accounted companies (a): Executives |
2 | - | 2 | 2 | - | 2 |
| 61 | - | 61 | White collar workers | 57 | - | 57 | 58 | - | 58 |
| 63 | - | 63 | Total | 59 | - | 59 | 60 | - | 60 |
| 807 | 622 | 185 | TOTAL (a) the indicated data corresponds to the pro-quota of total employees |
797 | 638 | 159 | 804 | 617 | 187 |
Compared to the figure at 30 June 2015, there was a net decrease of seven permanent employees. The decrease mainly reflects the combined effect of those that became part of the Group following the acquisition of Ipack-Ima SpA and those leaving following the reorganisation of the Brazilian subsidiary Cipa and the divestment of the Turkish company Interteks.
On 16 October 2015, the newly acquired company Ipack-Ima SpA and Proma Pack Srl, a company belonging to UCIMA, the Association of Italian Manufacturers of Automatic Packing and Packaging Machinery, set up Ipack-Ima Srl. The latter is held 49% by Ipack-Ima SpA and 51% by Proma Pack Srl. As soon as the legal requirements have been fulfilled, Fiera Milano will confer its Ipack-Ima business division and UCIMA its Food Pack division to the new company. This partnership will result in the largest exhibition for processing and packaging technology in Italy.
The results of the third quarter 2015 were in line with expectations. Current forecasts for the final part of the year are for a continuation in Italy of the positive trend of the first nine months mainly because of the important exhibitions that are in the calendar (these include the proprietary exhibition HOST and the multi-annual exhibition EMO). The forecasts for full-year 2015 point to consolidated revenues in excess of Euro 320 million and a gross operating profit of over Euro 28 million.
Although the third quarter Parent Company gross operating profit was in line with expectations, current estimates, which are reflected in the update of the provisional figures for full-year 2015, indicate that the adjustments made to the fair value of some of the foreign cash-generating units in the Consolidated Half-year Financial Statements as a result of the circumstances described above could mean a fair value adjustment to the same investments in the Parent Company accounts. This could mean that the target of restoring the equity of the Parent Company to above the two-third threshold required under Article 2446 of the Italian Civil Code will not be reached despite a positive equity position.
The share capital increase approved by the Extraordinary Shareholders' Meeting on 31 July 2015 will provide further financial support and ensure that the target of restoring the equity of the Parent Company to above the two-third threshold required under Article 2446 of the Italian Civil Code will be reached. At the same time, it will also strengthen the capital position and raise resources for the Group development plan.
However, the positive outcome of the share capital increase is dependent on shareholders subscribing and paying for the new shares following receipt of the necessary authorisations under enacted law, a process that has already commenced. On 20 July 2015, Fondazione Fiera Milano, the controlling shareholder of Fiera Milano with a shareholding of 62.062%, gave an binding agreement to exercise all its rights to subscribe and pay for its quota of the new shares. At the Extraordinary Shareholders' Meeting on 31 July 2015 that approved the share capital increase, Fondazione Fiera Milano formally stated its intention to pay in cash for its quota of the share capital increase and not to offset the amount by using the debits in the current account held by Fiera Milano with Fondazione Fiera Milano.
On the basis of the budget financial forecasts described above, the expected trend in working capital, the financial and capital position of the company, as well as the undertaking given by the controlling shareholder Fondazione Fiera Milano to subscribe to its quota of the share capital increase, the Third Quarter Financial Statements have been prepared on the principle that the business is a going concern.
The 2015 Third 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 equity 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 Third Quarter 2015 are the same as those used for the Consolidated Financial Statements for the financial year at 31 December 2014, with the addition of the accounting standards endorsed by the European Union and applicable from 1 January 2015, to which reference should be made.
Following application of IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations, as a result of the divestment of the Turkish subsidiary Interteks on 27 July 2015 the figures in the income statement at 30 September 2014 and those for the full-year 2014 have been restated. Under IFRS 5 the results of the company, fair value adjustments to goodwill and to other assets are presented separately on the face of the income statement under Profit/(loss) from discontinued operations.
The 2015 Third Quarter Consolidated Financial Statements have been prepared on the basis of the accounting situation at 30 September 2015 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 Consolidated Interim Management Report at 30 September 2015 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 Management Report at 30 September 2015 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 30 September 2015 is given in Attachment 1.
The present 2015 Third Quarter Consolidated Interim Management Report has not been subject to legal audit.
| Full year at 31/12/14 restated |
Consolidated Income Statement (Amounts in €'000) |
3rd Quarter at 30/09/15 |
3rd Quarter at 30/09/14 restated |
9 months at 30/09/15 |
9 months at 30/09/14 restated |
|
|---|---|---|---|---|---|---|
| % | % | % | % | % | ||
| 242,711 100 |
Revenues from sales and services | 46,848 | 100 | 51,939 100 |
228,380 100 |
189,535 100 |
| 2,440 1.0 |
Cost of materials | 472 | 1.0 | 599 1.2 |
4,404 1.9 |
2,085 1.1 |
| 135,388 55.8 |
Cost of services | 27,402 | 58.5 | 29,096 56.0 |
114,894 50.3 |
101,801 53.7 |
| 57,781 23.8 |
Costs for use of third party assets | 15,383 | 32.8 | 12,710 24.5 |
46,633 20.4 |
44,727 23.6 |
| 48,634 20.0 |
Personnel expenses | 12,991 | 27.7 | 11,040 21.3 |
43,754 19.2 |
35,958 19.0 |
| 6,604 2.7 |
Other operating expenses | 1,565 | 3.3 | 1,628 3.1 |
5,551 2.4 |
5,370 2.8 |
| 250,847 103.4 |
Total operating costs | 57,813 | 123.4 | 55,073 106.0 |
215,236 94.2 |
189,941 100.2 |
| 3,529 1.5 |
Other income | 766 | 1.6 | 938 1.8 |
2,200 1.0 |
2,552 1.3 |
| 1,448 0.6 |
Results of equity-accounted companies | 663 | 1.4 | 64 0.1 |
1,835 0.8 |
1,027 0.5 |
| (3,159) -1.3 |
Gross operating result | (9,536) | -20.4 | (2,132) -4.1 |
17,179 7.5 |
3,173 1.7 |
| 13,328 5.5 |
Depreciation and amortisation | 3,138 | 6.7 | 3,417 6.6 |
9,610 4.2 |
9,867 5.2 |
| (1,779) -0.7 |
Allowance for doubtful accounts and other provisions (uses) | (174) | -0.4 | (313) -0.6 |
(702) -0.3 |
(1,254) -0.7 |
| 3,637 1.5 |
Adjustments to asset values | (283) | -0.6 | - - |
7,714 3.4 |
6 0.0 |
| (18,345) -7.6 |
Net operating result (EBIT) | (12,217) | -26.1 | (5,236) -10.1 |
557 0.2 |
(5,446) -2.9 |
| (4,871) -2.0 |
Financial income/(expenses) | (1,851) | -4.0 | (903) -1.7 |
(4,001) -1.8 |
(3,513) -1.9 |
| (23,216) -9.6 |
Profit/(loss) before income tax from continuing operations | (14,068) | -30.0 | (6,139) -11.8 |
(3,444) -1.5 |
(8,959) -4.7 |
| (476) -0.2 |
Profit/(loss) before income tax from discontinued operations | 9 | 0.0 | (163) -0.3 |
(1,988) -0.9 |
(553) -0.3 |
| (23,692) -9.8 |
Profit/(loss) before income tax: | (14,059) | -30.0 | (6,302) -12.1 |
(5,432) -2.4 |
(9,512) -5.0 |
| (23,456) -9.7 |
- attributable to the shareholders of the controlling entity | (14,080) | -30.1 | (6,212) -12.0 |
(4,654) -2.0 |
(8,866) -4.7 |
| (236) -0.1 |
- attributable to non-controlling interests | 21 | 0.0 | (90) -0.2 |
(778) -0.3 |
(646) -0.3 |
| (8,506) -3.5 |
Cash flow before income tax for the Group and non-controlling interests | (11,378) | -24.3 | (3,198) -6.2 |
11,190 4.9 |
(893) -0.5 |
| Following the application of IFRS 5, the divestment of the subsidiary Interteks on 27 July 2015 required some of the figures in the consolidated financial statements at 31 December 2014 and in the interim consolidated financial statements at 30 September 2014 to be restated for comparative purposes. |
| Full year at 31/12/14 |
Reclassified Consolidated Statement of Financial Position (Amounts in €'000) |
3rd Quarter at 30/09/15 |
1st Half at 30/06/15 |
Change | |
|---|---|---|---|---|---|
| 109,474 | Goodwill and intangible assets with an indefinite useful life | 103,679 | 102,505 | 1,174 | |
| 41,584 | Intangible assets with a finite useful life | 31,564 | 35,030 | (3,466) | |
| 18,438 | Tangible fixed assets | 16,073 | 16,968 | (895) | |
| 35,234 | Other non-current assets | 36,431 | 32,422 | 4,009 | |
| 204,730 | A | Non-current assets | 187,747 | 186,925 | 822 |
| 5,028 | Inventory | 3,500 | 3,396 | 104 | |
| 50,604 | Trade and other receivables | 83,407 | 99,681 | (16,274) | |
| 55,632 | B | Current assets | 86,907 | 103,077 | (16,170) |
| 36,160 | Trade payables | 46,884 | 53,925 | (7,041) | |
| 39,641 | Payments received on account | 62,687 | 60,477 | 2,210 | |
| 2,091 | Tax liabilities | 921 | 3,727 | (2,806) | |
| 21,875 | Provisions for risks and charges and other current liabilities | 49,812 | 37,439 | 12,373 | |
| 99,767 | C | Current liabilities | 160,304 | 155,568 | 4,736 |
| (44,135) | D | Net working capital (B - C) | (73,397) | (52,491) | (20,906) |
| 160,595 | E | Gross capital employed (A + D) | 114,350 | 134,434 | (20,084) |
| 10,286 | Employee benefit provisions | 10,598 | 9,997 | 601 | |
| 8,954 | Provisions for risks and charges and other non-current liabilities | 7,588 | 8,226 | (638) | |
| 19,240 | F | Non-current liabilities | 18,186 | 18,223 | (37) |
| 141,355 | G | NET CAPITAL EMPLOYED continuing operations (E - F) | 96,164 | 116,211 | (20,047) |
| - | H | NET CAPITAL EMPLOYED discontinued operations | 310 | 784 | (474) |
| 141,355 | TOTAL NET CAPITAL EMPLOYED (G + H) | 96,474 | 116,995 | (20,521) | |
| covered by: | |||||
| 17,034 | Equity attributable to the Group | 13,378 * | 22,288 | (8,910) | |
| 2,654 | Equity attributable to non-controlling interests | 349 * | 340 | 9 | |
| 19,688 | I | Total equity | 13,727 | 22,628 | (8,901) |
| (12,276) | Cash & cash equivalents | (19,893) | (17,190) | (2,703) | |
| 105,044 | Current financial (assets)/liabilities | 84,515 | 91,638 | (7,123) | |
| 28,899 | Non-current financial (assets)/liabilities | 18,125 | 19,135 | (1,010) | |
| 121,667 | Net financial position (continuing operations) | 82,747 | 93,583 | (10,836) | |
| - | Net financial position (discontinued operations) | - | 784 | (784) | |
| 121,667 | L | Net financial position (TOTAL) | 82,747 | 94,367 | (11,620) |
| 141,355 | EQUITY AND NET FINANCIAL POSITION (I + L) | 96,474 | 116,995 | (20,521) | |
| * includes pre-tax result for the period |
Non-current assets totalled Euro 187.747 million at 30 September 2015, compared to Euro 186.925 million at 30 June 2015. The Euro 0.822 million increase was due to the net effect of investments of Euro 2.248 million, depreciation and amortisation of Euro 3.138 million, a negative foreign exchange translation effect of Euro 2.236 million, changes in equity accounted investments of Euro 0.663 million, an increase in tax assets of Euro 3.395 million for deferred tax assets, and a negative figure for other movements totalling Euro 0.110 million.
Net working capital moved from a negative figure of Euro 52.491 million at 30 June 2015 to a negative figure of Euro 73.397 million at 30 September 2015.
The deterioration of Euro 20.906 million was due to the following:
At 30 September 2015, non-current liabilities totalled Euro 18.186 million compared to Euro 18.223 million at 30 June 2015.
Group equity at 30 September 2015 was Euro 13.378 million compared to Euro 22.288 million at 30 June 2015, a decrease of Euro 8.910 million that reflected the effect of the following:
Equity attributable to non-controlling interests was Euro 0.349 million at 30 September 2015 compared to Euro 0.340 million at 30 June 2015. The Euro 0.009 million increase reflects:
Information on the change in financial assets and liabilities is given in the section on the financial position.
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.
| Shareholding % Shareholding of Group companies Indirectly Directly held held by through Share capital Group Fiera other Group Main activity (000) () total Milano companies % Company name and registered office A) List of companies included in the area of consolidation Parent Company Fiera Milano SpA Organisation and hosting Milano, p.le Carlo Magno 1 of exhibitions in Italy 42,147 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 2,000 100 100 100 Fiera Milano SpA MiCo DMC S.r.l. Management of Milan, via G.Ripamonti 129 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 Milan, corso Sempione 4 exhibitions in Italy 100 200 100 100 Fiera Milano SpA Eurofairs International Consultoria e Participações Ltda 99.98 Fiera Milano SpA São Paulo Brasil, Organisation of na Avenida Angélica, nº 2350, Sala B, Consolação, exhibitions abroad R \$ 36,014 100 99.98 0.02 0.02 Nolostand SpA CIPA Fiera Milano Publicações e Eventos Ltda Organisation of Eurofairs International São Paulo Brasil, Av. Angelica exhibitions abroad R \$ 705 100 100 100 Fiera Milano India Pvt Ltd Organisation of New Delhi, Barakhamba Road, Connaught Place exhibitions abroad INR 20,000 99.99 99.99 99.99 Fiera Milano SpA Limited Liability Company "Fiera Milano" Organisation of Moscow, 24 A/1 ul. B. Cherkizovskaya exhibitions abroad RUB 10,000 100 100 100 Fiera Milano SpA Fiera Milano Exhibitions Africa Pty Ltd Organisation of exhibitions abroad Cape Town, The Terraces, Steenberg Office Park, Tokai ZAR 200 100 100 100 Fiera Milano SpA Worldex (China) Exhibition & Promotion Ltd Organisation of Guangzhou, 538 Dezheng Bei Road, Yuexiu District exhibitions abroad CNY 6,000 75 75 75 Fiera Milano SpA Haikou Worldex Milan Exhibition Co. Ltd Organisation of exhibitions abroad Haikou, 12 Lantian Road West CNY 200 74.25 99 99 Worldex Ltd B) List of jointly controlled companies equity-accounted Hannover Milano Global Germany GmbH Organisation of Hannover Germany, Messegelaende exhibitions abroad 25 49 49 49 Fiera Milano SpA Hannover Milano Fairs Shanghai Co. Ltd Organisation of Hannover Milano Global Shanghai China, Pudong Office Tower exhibitions abroad USD 500 49 100 100 Germany GmbH Hannover Milano Fairs China Ltd Organisation of Hannover Milano Global Hong Kong China, Golden Gate Building exhibitions abroad HKD 10 49 100 100 Germany GmbH Hannover Milano Fairs India Pvt Ltd Organisation of Hannover Milano Global East Mumbai, Andheri exhibitions abroad INR 274,640 48.99 99.99 99.99 Germany GmbH Global Fairs & Media Private Ltd Organisation of Hannover Milano Fairs India New Delhi, Bahadur Shah Zafar Marg 9-10 exhibitions abroad INR 207,523 24.5 50 50 Pvt Ltd Milan International Exhibitions Srl under liquidation Rho, S.S.Sempione 28 Other 120 20 20 20 Fiera Milano SpA C) List of companies accounted at cost Shareholding % Shareholding of Group companies Indirectly Directly held held by through Share capital Group Fiera other Group (000) () total Milano companies % Company name and registered office Esperia SpA Rose (Cosenza) Other 1,403 2 2 2 Fiera Milano Media SpA (*) Euro or other currencies as specifically indicated |
Attachment 1 | ||||||
|---|---|---|---|---|---|---|---|
| List of companies included in the area of consolidation and other equity investments at 30 September 2015 | |||||||
| Consultoria e Participações Ltda | |||||||
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