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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 - Sustainability Report 2021
Separate Non Financial Statement - Sustainability Report 2020
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 € | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
| Production value | 266,936 | 268,137 | 273,661 | 259,282 | 226,831 | 212,277 |
| EBITDA | 53,134 | 66,908 | 55,284 | 68,819 | 55,461 | 48,471 |
| EBIT | 19,284 | 38,991 | 13,553 | 53,330 | 40,913 | 35,015 |
| Pre-tax profit | 13,431 | 32,877 | 6,714 | 44,573 | 33,529 | 30,152 |
| Net profit | 9,127 | 22,928 | 4,010 | 30,836 | 23,835 | 18,018 |
PRODUCTION VALUE BY BUSINESS LINE
| Engineering | 36,156 | 35,140 | 30,731 | 30,797 | 26,020 | 27,855 |
| Integrated Water Service | 205,519 | 208,058 | 227,377 | 213,462 | 187,346 | 169,965 |
| Housing | 15,905 | 16,522 | 13,451 | 12,860 | 11,116 | 11,757 |
| Real Estate and Networks | 2,035 | 2,061 | 2,059 | 2,030 | 2,349 | 2,700 |
| Ordinary Maintenance | 5,064 | 3,745 | ||||
| Central Departments/Functions | 2,257 | 2,610 | 43 | 133 |
BALANCE SHEET DATA
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| In thousands of € | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
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| Net fixed assets | 436,783 | 417,751 | 381,163 | 326,678 | 263,843 | 246,871 |
| Net financial position | (214,054) | (194,596) | (170,931) | (126,799) | (137,143) | (145,677) |
| Net equity | 238,708 | 241,079 | 217,723 | 213,416 | 177,797 | 144,242 |
| Invested capital | 452,762 | 435,675 | 388,655 | 340,215 | 314,940 | 289,919 |
| ROS (EBIT/product value) | 7% | 15% | 5% | 21% | 18% | 16.5% |
| ROI (EBIT/invested capital) | 4% | 9% | 3% | 16% | 13% | 12.1% |
| ROE (EBIT/net equity) | 8% | 16% | 6% | 25% | 23% | 24.3% |
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
Milan, 29 june 2022 - In implementation of the tasks established in the Civil Code and according to its Articles of Association, on June 28, 2022 MM S.p.A. Shareholders’ Meeting approved MM S.p.A. annual financial statements as at 31 December 2021, documents that were previously approved by the Board of Directors on May 10, 2022.
Milan, 28 june 2021 - In implementation of the tasks established in the Civil Code and according to its Articles of Association, on June 25, 2021 MM S.p.A. Shareholders’ Meeting approved MM S.p.A. annual financial statements as at 31 December 2020, documents that were previously approved by the Board of Directors on May 20, 2021.
Milan, 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 april 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”).
