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Financial information

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

Code of ethics - 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

MM Organisational Chart

Financial data

This section includes MM economic-financial data from the separate and consolidated financial statements.

Financial Statement 2019

Separate Non Financial Statement 2019

Financial Statement 2018 

Separate Non Financial Statement 2018

Financial Statement 2017

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.

Company profile

Compliance Certificate 2016

Compliance Certificate 2017

Compliance Certificate 2018

Compliance Certificate 2019

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.

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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.

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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. 

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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”).

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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.

Merger notice

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.

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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”).

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Employee at work

Notizie Principali

30 novembre 2017
NOTIZIA 01

Il 27/6 dalle 8.30-13.30 presso la Fondazione Ordine degli Ingegneri. Obiettivo del corso è illustrare le varie tipologie di sistemi di ventilazione applicabili a infrastrutture sotterranee (in particolare alle metropolitane), analizzando gli aspetti normativi e descrivendo le caratteristiche, le potenzialità e ilimiti delle simulazioni fluidodinamiche monodimensionali e tridimensionali che sono [...]

24 novembre 2017
Conference "Sustainable and resilient water management in urban environment" Milan - 24.11.2017

MM and MM Academy, in collaboration with the Association of Engineers of Milan, organize the international conference “SUSTAINABLE AND RESILIENT WATER MANAGEMENT IN URBAN ENVIRONMENT”. Sustainability and resilience are the challenges water utilities have to face while Smart Cities are becoming a reality around the world, [...]

16 novembre 2017
NOTIZIA 02

Sommario 02

01 novembre 2017
NOTIZIA 03

Sommario della notizia 03