Fondazione Fiera Milano approves annual budget 2024
ASSETS INCREASED TO 764.6 MILLION, WITH AN INCREASE OF OVER 100 MILLION IN SIX YEARS
56.3 million euro sales revenue, 11.6 million euro profit. The commitment to foster the competitiveness of Fiera Milano continues, with a strong focus on ESG issues
The General Council of Fondazione Fiera Milano has approved the Financial Statements for the year ended 31 December 2024, which show further growth in net assets of EUR 764.6 million (+1.5% vs. 2023), registering an increase of over EUR 100 million in six years (+15.1%) and a compound annual growth rate (CAGR) of + 2.37%; sales revenue amounted to EUR 56.3 million, while profit was EUR 11.6 million. Important results were also achieved at the Group's consolidation level: as at 31 December, shareholders' equity increased to EUR 737.6 million (+35.8% over six years); production value was EUR 297.6 million, net profit reached EUR 26.5 million, and sales revenue stood at EUR 284 million, considering 2024 as an unfavourable year for the exhibition calendar.
In 2024, a year of timid recovery for the global economy, still marked by strong geopolitical uncertainties, growing international trade tensions and the economic slowdown in some key countries, Fondazione Fiera Milano achieved positive results, boosting important financial and governance results, confirming the solidity and consistency of its long-term strategic vision. Thanks to its challenging, careful and responsible management, Fondazione has confirmed its commitment to enhancing the value of its assets and its role as a player capable of fostering Fiera Milano's competitiveness, investing in the local area with important urban redevelopment projects and supporting social, cultural and educational initiatives.
A strategic path developed and sustained over the last six years, with two solid boards able to look to the future and seize new opportunities for Fondazione Fiera Milano, bringing positive and continuously growing results. With planned investments in the four-year period 2024 - 2027 of approximately 284 million euro and 70 million spent in 2024, Fondazione Fiera Milano intends to continue its activities to develop the trade fair and congress system, as well as the wellbeing of its territory.
In this context are the two main ongoing projects concerning the regeneration of the urban area (EUR 158.8 million) and the commitment, from a strategic perspective as a proactive shareholder of Fiera Milano, to support the Milan Cortina 2026 Olympic and Paralympic Winter Games (EUR 25 million).
The interventions on the Fondazione's real estate assets include a number of important projects, including the construction of real estate in the area currently occupied by MiCo Nord - where RAI will build the new production centre and offices - and the transformation of some of the Portello pavilions into conference spaces, thus enabling Allianz MiCo to have more than 60 conference halls, flexible spaces and more than 50,000 square metres of exhibition space and to acquire congresses and events hosting more than 30,000 participants.
Alongside these are the interventions for the 2026 Olympics, which foresee the adaptation of the Fieramilano pavilions that will host the speed skating rink and hockey pitch and the Allianz MiCo spaces for the media centre. The operation, strongly desired by Fondazione Fiera, will leave a legacy of multifunctional spaces capable of hosting sports and entertainment events and aims at creating new business opportunities for the Fiera Milano Group, thanks to the diversification of the use of the exhibition and congress venues.
Inspired by the reporting and transparency models adopted by listed companies, the Annual Report of Fondazione Fiera Milano integrates financial and non-financial information in a single document, providing a comprehensive view of the results achieved, the initiatives carried out and the commitments made. The Foundation has produced the first edition of the Sustainability Statement (FY24) in accordance with the new single European standard ESRS, introduced by the Corporate Sustainability Reporting Directive (CSRD).
With the approval of the 2024 Budget, the mandate of the current governance of Fondazione Fiera Milano - which will remain in office until the new corporate bodies are installed - comes to an end.