Growth in Net Worth for Fondazione Fiera Milano after approval of 2020 Financial Statement
In the year of the COVID-19 pandemic, Fondazione confirms its economic and financial solidity, with net worth at 722.73 million euro (+6.87% vs. 2019) and profit also increasing to 46.592 million euro (vs. 12.458 in 2019).
Milan, 28 June 2021 – The Board of Governors of Fondazione Fiera Milano, chaired by Enrico Pazzali, approved at today’s meeting the financial statement for the year closed on 31 December 2020 and the Consolidated Financial Statement of Fondazione Fiera Milano, showing a profit of 46.592 million euro and a strong growth in Net Worth to 722.73 million euro.
This represents a growth of 6.87% compared to the 676.27 million euro of 2019, due also to the option, under Art. 110 of decree-law 104/20, for companies to offset the effects of the pandemic by adjusting the statutory and fiscal values of their corporate assets. A positive result, which has also improved Fondazione’s financial structure despite the allocation of a fund to manage costs for restarting the trade-fair sector after the pandemic.
In line with the statute, the result will be entirely allocated to investments designed to support the territory according to Fondazione’s mission. The financial year that closed on 31 December 2020, together with approval of the financial statement, marks the second year of office of the new Directors, appointed for the three-year period 2019-2021.
2020 was a year of extraordinary historical importance for the Milan trade-fair system and for our country as a whole due to two concomitant factors: on the one hand, the Covid-19 global pandemic, a rare and exceptionally unpredictable event, which had a dramatic and systemic impact on the international economy and on the economies of individual countries; on the other hand, on a positive note, the centenary of the first Milan trade fair (1920-2020).
More specifically, the effects of the pandemic and the centenary year of Fiera Milano marked a radical change in the objectives targeted by the Industrial Plan, aimed firstly at managing the health crisis and then the economic-social crisis. In line with the statutory provisions, Fondazione Fiera Milano undertook a primarily supporting role vis-à-vis the territory and the community to manage the public health emergency in one of the worst-hit areas of the country, helping in the fight against Covid-19.
Implementation of the three-year plan forms part of a worldwide economic context profoundly changed by the COVID-19 pandemic which will require the leading players in this market to show greater competitiveness and ability to innovate in the trade fair and conference sector.
Despite the negative outcomes resulting from the current global situation, the strong economic-financial structure of Fondazione Fiera Milano has been confirmed.
“The economic and financial solidity of Fondazione Fiera Milano has enabled us to adapt with agility to the changes and look ahead to the future with the awareness that, at a global level, the pandemic has produced new geo-economic patterns and a new definition of the supply chains – stated Enrico Pazzali, Chairman of Fondazione Fiera Milano – We will face an unprecedented scenario, which will require the players in the sector to show greater competitiveness and ability to innovate”.
The crisis triggered by the pandemic has laid bare the urgent need for bold systemic action to guarantee the reactivity and resilience of the Italian industrial system in the new competitive scenario.
“We now need to step up, take our courage in both hands and accelerate the process – concluded the Chairman Enrico Pazzali, – but above all, we need a radical change in mentality, because this crisis is not cyclical but structural. Transformation and change are a necessary choice in order to tackle the new realities of our business, assisted by new digital and physical infrastructures. In this direction, Fondazione’s strategic role is confirmed as a proactive body, capable of liaising with its stakeholders to take up the challenges posed by the global crisis and reposition the trade-fair and conference sector in the national and international context, with an eye to supporting the community.”