Fondazione Fiera Milano Board of Directors approves 2012 financial statement, Fondazione Fiera’s consolidated financial statement and efforts to support the exhibition system

Milan, 28 June 2013 - The Fondazione Fiera Milano Board of Directors, chaired by Deputy Chairman Vittorio Bellotti, approved the financial statement for the year ending 31 December 2012 and, as set forth in the Articles of Incorporation, the Consolidated Financial Statement of Fondazione Fiera Milano. The term in office of Fondazione’s current board of directors ends with the approval of the financial statement. However, the Board of Directors was duly appointed even during the period the directors were to be replaced, since the term in office of individual members was extended until the appointment of their successors. The 2012 financial period closed with a profit of 26 million  euros for Fondazione Fiera Milano, also as a result of exceptional items. The main items in this financial statement include an improved Gross Operating Margin versus the budget of more than 0.5 million Euros; increased revenues from the rental of new offices; the company policy launched by Chairman Cantoni focusing on cost control and investments. As for the Consolidated Financial Statement of Fondazione Fiera Milano, which includes Fiera Milano SpA and its controlled companies, the main figures are as follows:

  • net profits for the group totaling approx. 32 million Euros, versus a profit of approx. 0.800 million Euros at 31 December 2011;
  • net assets of 524,713 million Euros;
  • total fixed assets of 1,048,468 million Euros.

At today’s meeting the Board of Directors also proposed earmarking part of the proceeds to a special reserve for corporate initiatives and efforts to support the exhibition industry. In particular, these efforts shall focus on:

  • strengthening the international positioning of Milan in the exhibition scene;
  • the engagement of Fondazione in the project development stage;
  • economic spin-offs for the territory and the related activities of the categories represented on Fondazione’s board;
  • closer ties for the trade shows with Expo 2015, in order to make the benefits of the latter as permanent as possible even after the end of the event.

This support for the exhibition system joins other initiatives to support the development of new businesses that was put into place by Fondazione during the financial period, in team with some of its stakeholders, such as the Milan City Council and the Chamber of Commerce – Lanfredini Foundation for the crafts. The intent is to bring companies and start ups closer to the local exhibition system and to open out to the national market and to the new opportunities offered by the international market.

Fondazione Fiera Milano  is once again placing itself at the service of companies in the territory through its know-how.

As regards the new Articles of Incorporation, the Board of Directors acknowledged that the series of discussions called for by the Lombardy Regional Government, to approve some articles in the new Articles, has not been completed yet pending further developments before the new Fondazione governance is finalized.

The results –  Deputy Chairman Bellotti pointed outmark an important chapter in the history of Fondazione Fiera Milano for the completion of large-scale infrastructural projects and achieving objectives, as set out by the Board of Directors and the Steering Committee in the 3-year term launched under Chairman Cantoni, towards a repositioning of the exhibition and congress system after a decade of heavy investments.

This is an extremely positive balance sheet that summarizes the underlying mission  of Fondazione Fiera Milano, which has propelled the area and the economy forward during this period, acting as a significant asset at the service of projects for the next 3 years.”   Deputy Chairman Bellotti concluded: “Fondazione can and must continue to play an important role, with a new drive, in pursuit of a strategic objective which, in addition to safeguarding its own assets, is also aimed at safeguarding the interests of all the stakeholders and the surrounding area.”