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MM Spa is a joint-stock company that is 100% owned by the City of Milan.
The main documents describing the institutional and organisational structure are listed below:
Corporate Governance
Articles of Association - IT only
Organisation, management and Control Model - IT only
MANAGEMENT
| Board of Directors |
| Chairperson |
| Simone Dragone |
| BoD |
| Loredana Bracchitta |
| Alessandro Russo |
| Board of Statutory Auditors |
| Chairperson |
| Achille Lanfranchi |
| Standing Auditors |
| Roberto Cassader |
| Ilaria Moretti |
| Alternate Auditors |
| Sabrina Murri |
| Ivano Ottolini |
ORGANISATIONAL CHART
Financial data
This section includes MM economic-financial data from the separate and consolidated financial statements.
Separate Non Financial Statement 2019
Separate Non Financial Statement 2018
Separate Non Financial Statement 2017
| Consolidated Financial Statements |
| 2016 | 2015 | 2014 | 2013 | 2012 |
| Separate Financial Statements |
| 2016 | 2015 | 2014 | 2013 | 2012 |
INCOME STATEMENT DATA
| In thousands of € | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
| Production value | 273,661 | 259,282 | 226,831 | 212,277 | 270,918 | 262,690 |
| EBITDA | 55,284 | 68,819 | 55,461 | 48,471 | 47,239 | 38,911 |
| EBIT | 13,553 | 53,330 | 40,913 | 35,015 | 26,239 | 20,250 |
| Pre-tax profit | 6,714 | 44,573 | 33,529 | 30,152 | 28,663 | 16,257 |
| Net profit | 4,010 | 30,836 | 23,835 | 18,018 | 17,376 | 8,844 |
PRODUCTION VALUE BY BUSINESS LINE
| Engineering | 30,731 | 30,797 | 26,020 | 27,855 | 110,751 | 123,730 |
| Integrated Water Service | 227,377 | 213,462 | 187,346 | 169,965 | 143,709 | 137,777 |
| Housing | 13,451 | 12,860 | 11,116 | 11,757 | 13,618 | 1,183 |
| Real Estate and Networks | 2,059 | 2,030 | 2,349 | 2,700 | 2,840 | |
| Central Departments/Functions | 43 | 133 | ||||
| (*) included in the perimeter of activities from 2015 following merger of MIR Srl into MM Spa | ||||||
BALANCE SHEET DATA
| Net fixed assets | 381,163 | 326,678 | 263,843 | 246,871 | 263,623 | 247,356 |
| Net financial position | (170,931) | (126,799) | (137,143) | (145,677) | (89,120) | (102,564) |
| Net equity | 217,723 | 213,416 | 177,797 | 144,242 | 119,807 | 56,044 |
| Invested capital | 388,655 | 340,215 | 314,940 | 289,919 | 208,927 | 158,608 |
| ROS (EBIT/product value) | 5% | 21% | 18% | 16.5% | 9.7% | 7.7% |
| ROI (EBIT/invested capital) | 3% | 16% | 13% | 12.1% | 12.6% | 12.8% |
| ROE (EBIT/net equity) | 6% | 25% | 23% | 24.3% | 21.9% | 36.1% |
Net revenue, equivalent to €271 million, consists of €111 million related to Engineering activities and includes contracted work for third parties for €70 million; €144 million relating to Water Service management; €13 million for the Housing sector referring to the management of the City of Milan’s residential assets; and €3 million for the Systems and Real Estate sector resulting from the merger of MIR Srl.
Revenue from the Engineering sector is mainly in regard to the design and implementation contracts for works related to EXPO 2015, works management of Line 4 of the Milan underground, and the overall supervision of two lots for Line 5.
The Integrated Water Service has achieved positive net profit, which was significantly affected by both the increase in consumption as well as the rates approved by the Authority for Electricity, Gas and the Water System.
The optimisation process that began in previous years has continued and resulted in significant savings on operating costs, including through the internalisation of the Milano San Rocco waste water treatment system.
The investments made in 2015 of €25 million were particularly important, which continued the high levels that had already been reached in recent years.
Investor relation
In December 2016, MM issued a bond of €100 million maturing in 2035 connected with the financing of investments for the Integrated Water Service (ISIN Code: IT0005225898). The bonds are listed on the Main Securities Market of the Irish Stock Exchange.
MM also obtained a rating from the two leading global agencies, Standard & Poor’s and Moody’s.
Financial news
Milano, 9 july 2020 - In implementation of the tasks established in the Civil Code and according to its Articles of Association, on July 09, 2020 MM S.p.A. Shareholders’ Meeting approved MM S.p.A. annual financial statements as at 31 December 2019, documents that were previously approved by
the Board of Directors on June 12, 2020.
Milan, 30 aprile 2019 - In implementation of the tasks established in the Civil Code and according to its Articles of Association, on April 30, 2019 MM S.p.A. Shareholders’ Meeting approved MM S.p.A. annual financial statements as at 31 December 2018, documents that were previously approved by the Board of Directors on March 30, 2019.
Milan, 30 may 2018 - In implementation of the tasks established in the Civil Code and according to its Articles of Association, on May 30, 2018 MM S.p.A. Shareholders’ Meeting approved MM S.p.A. annual financial statements as at 31 December, 2017, documents that were previously approved by the Board of Directors on April 18, 2018.
Milan, 24 january 2018 - MM S.p.A. (the “Issuer”) - EUR 100,000,000 3.15 per cent. senior secured amortizing fixed rate notes due 23 December 2035 admitted to trading on the regulated market of the Irish Stock Exchange (the “Notes”).
Milan, 28 december 2017 - MM S.p.A. (“MM”) announces that on 27 December, 2017 it has perfectioned the merger by absorption of its subsidiaries Metro Engineering S.r.l. (“ME”) and Napoli Metro Engineering S.r.l. (“NME”) into MM (the “Merger Operations”), has been finalised. The Merger Operations will take effect on a fiscal and financial basis as from the financial year ending at December 31, 2017.
Milan, 26 june 2017 - On June 26 2017, the Shareholders' Meeting of MM Spa has approved the annual financial statement as at 31 December 2016.
Milan, 25 october 2017 - MM S.p.A. (the “Issuer”) - EUR 100,000,000 3.15 per cent. senior secured amortizing fixed rate notes due 23 December 2035 admitted to trading on the regulated market of the Irish Stock Exchange (the “Notes”).
