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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


Board of Directors
Davide Corritore
Luigi Mario Mancioppi
Loredana Bracchitta
Board of Statutory Auditors
Ivano Ottolini
Standing Auditors
Andrea Manzoni
Myrta De' Mozzi
Alternate Auditors
Claudia Savina Taini
Domenico Salerno


MM Organisational Chart

Financial data

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

Financial Statement 2017 Separate Non Financial Statement 2017
Consolidated Financial Statements
2016 2015 2014 2013 2012
Separate Financial Statements
2016 2015 2014 2013 2012


In thousands of euros 2015 2014 2013 2012

Production value 270,918 262,690 223,783 191,778
EBITDA 47,239 38,911 28,542 22,288
EBIT 26,239 20,250 10,998 6,506
Pre-tax profit 28,663 16,257 9,027 3,383
Net profit 17,376 8,844 4,915 1,428


Engineering 110,751 123,730 92,796 70,014
Integrated Water Service 143,709 137,777 130,987 121,764
Housing 13,618 1,183 - -
System and real estate sector 2,840      
(*) included in the perimeter of activities from 2015 following merger of MIR Srl into MM Spa


Net fixed assets 263,623 247,356 227,505 205,785
Net financial position (89,120) (102,564) (99,046) (130,273)
Net equity 119,807 56,044 47,200 42,285
Invested capital 208,927 158,608 146,245 172,557
ROS (EBIT/product value) 9.7% 7.7% 4.9% 3.4%
ROI (EBIT/invested capital) 12.6% 12.8% 7.5% 3.8%
ROE (EBIT/net equity) 21.9% 36.1% 23.3% 15.4%

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

Financial news

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.

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.


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”).


Employee at work

Notizie Principali

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, [...]