Fondazione Fiera Milano Board approves 2013 Financial Statement

Milan, 23 June 2014 – The Board of Directors of Fondazione Fiera Milano, at a meeting chaired by Chairman and CEO President Benito Benedini, has approved the financial statement for the year ending 31 December 2013 and, as set out in the Articles of Association, the Consolidated Balance Sheet of Fondazione Fiera Milano.

During financial year 2013, a new mandate for 2013-2015 was given to the Directors in office of Fondazione Fiera Milano, marking an important step in the history of Fondazione to complete the large-scale infrastructural projects for Milan’s exhibition-congress system.

The 2013 financial statement closed with a net positive result of €2,637,708 without the effect of non-recurring items, as was the case with the 2012 results, and showing a significant improvement on the budget (approx. €8.3 million in earnings before taxes versus €3.2 million in the budget).

Noteworthy in this financial statement, among other items, are the improved Gross Operating Margin versus 2012 amounting to more than €6 million, an increase in revenues deriving mainly from the rental of the Torre Orizzontale in Rho; a company policy that continues to focus on cost control and investments.

“The results – pointed out Chairman and CEO Benito Benedini – are an important step towards repositioning the exhibition and congress system, after a decade of heavy investments. We have recently signed a framework agreement to redevelop the old exhibition complex in the city center and work has also begun on upgrading Pavilions 1 and 2 at Portello as a venue for hosting city events that blend in seamlessly with the surrounding area.

Another important agreement has been signed recently and will help to upgrade the Milan’s historical and city buildings. I’m referring to the new spaces protected by a ban on building that have been agreed upon with Citylife, ensuring wide open spaces between the historical Liberty buildings of Largo Domodossola and the new modern buildings that are taking shape in the area.”

Chairman and CEO Benedini ended: “Our Fondazione is updating itself, with an eye on the future and is helping to give its surroundings a makeover. We are committed to doing all this, by preserving our precious heritage, with our hard work and love for this city.”

Click here to download the 2013 Financial Statement