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Fiera Milano “3rd Quarter 2005 Financial Results”
www.fieramilano.it
Conference Call - May 13th, 2005
2
Disclaimer
This document has been prepared by Fiera Milano S.p.A. solely for information purposes and for use in presentations of the Group. The information contained herein has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the company, its advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document.
This document includes forward-looking statements. These forward-looking statements express current expectations and projections about future events, and are subject to a number of factors that may influence the accuracy of the statements and the projections upon which the statements are based. Prospective investors are cautioned not to place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in many cases, beyond our control. In light of these risks, uncertainties, and assumptions, the forward-looking events discussed in this document might not occur. Moreover, any statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future.
This document does not constitute an offer or invitation to purchase or subscribe for any shares and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.
Section 1
Financial Highlights (3Q05)
4
3Q05 Results - Highlights
Group sales at € 83.5 mn. vs. € 104. 2 mn. in 3Q04
Ebitda at € 19.5 mn. vs. € 37.5 mn. in 3Q04
Ebit at € 12.4 mn. vs. € 31.7 mn. in 3Q04
Group PBT after minorities at € 9.7 mn. vs € 18.4 mn. in 3Q04
Financial Highlights (3Q05)
Figures down year on year mainly because of the absence in odd-numbered years of the major biennial Mostra Convegno Expocomfort exhibition, directly organised by the Group
5
3Q05 Consolidated Figures
FY ends June 30th
Financial Highlights (3Q05)
Profit & Loss (€'000) 3Q04 3Q05 Change
(%)
Net Consolidated Revenues 104,172 83,513 -19.8%
EBITDA 37,531 19,518 -48.0%
Ebitda margin (%) 36.0% 23.4%
EBIT 31,692 12,401 -60.9%
Ebit margin (%) 30.4% 14.8%
Group pre-tax profit/(loss) - after minorities 18,401 9,682 -47.4%
Group pre-tax profit/(loss) margin (%) 17.7% 11.6%
Net Financial Position - cash (*) (€'000) 34,888 (40,218) n.m.
Short-term financial investments classified in NWC 44,000 60,000 36.4%
(*) Excluding short-term financial investments classified in net working capital
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3Q05 Financial Breakdown
FY ends June 30th
Financial Highlights (3Q05)
3Q04 3Q05 Change
(%)
Total net sqm rented out 548,200 420,600 -23%
of which organised by 3rd parties 228,700 159,800
of which directly organised 319,500 260,800
Revenues ('000) 104,172 83,513 -20%
VMS 68,031 57,457
ECO 63,014 49,210
Adjustment for transactions between business areas (26,873) (23,154)
Ebitda ('000) 37,531 19,518 -48%
VMS 19,293 12,396
ECO 18,238 7,122
Ebit ('000) 31,692 12,401 -61%
VMS 14,710 7,452
ECO 16,981 4,948
Section 2
Financial Highlights (9M05)
8
9M05 Consolidated Figures
FY ends June 30th
Financial Highlights (9M05)
Profit & Loss (€'000) 9M04 9M05 Change
(%)
Net Consolidated Revenues 233,312 191,703 -17.8%
EBITDA 53,207 21,159 -60.2%
Ebitda margin (%) 22.8% 11.0%
EBIT 37,366 2,502 -93.3%
Ebit margin (%) 16.0% 1.3%
Group pre-tax profit/(loss) - after minorities 26,387 1,421 -94.6%
Group pre-tax profit/(loss) margin (%) 11.3% 0.7%
Net Financial Position - cash (*) (€'000) 34,888 (40,218) n.m.
Short-term financial investments classified in NWC 44,000 60,000 36.4%
(*) Excluding short-term financial investments classified in net working capital
9
9M05 Financial Breakdown
FY ends June 30th
Financial Highlights (9M05)
9M04 9M05 Change
(%)
Total net sqm rented out 1,302,150 967,620 -26%
of which organised by 3rd parties 834,100 496,720
of which directly organised 468,050 470,900
Revenues ('000) 233,312 191,703 -18%
VMS 172,800 143,643
ECO 105,231 93,883
Adjustment for transactions between business areas (44,719) (45,823)
Ebitda ('000) 53,207 21,159 -60%
VMS 29,122 13,153
ECO 24,086 8,006
Ebit ('000) 37,366 2,502 -93%
VMS 16,492 (315)
ECO 20,873 2,817
10
Consolidated Balance Sheet
FY ends June 30th
Balance Sheet (€'000) FY04 1H05 9M05
Total Fixed assets 129,425 137,639 158,248
Net working capital 5,007 25,116 23,225
Gross capital employed 134,432 162,755 181,473
Provisions 10,865 12,662 13,352
Net Capital employed 123,567 150,093 168,121
Shareholders' equity 138,751 112,640 127,903
Net financial position(cash)(*) (15,184) 37,453 40,218
(*) Excluding short-term financial investments classified in NWC
Financial Highlights (9M05)
11
Net Financial Position
FY ends June 30th
Consolidated Net Financial Position (*) FY04 1H05 9M05
(€'000)
Total liquidity 42,977 12,234 15,412Total short term financial debt (13,243) (36,390) (42,333)Short term financial position 29,734 (24,156) (26,921)Amounts payable to banks (14,550) (13,297) (13,297)Medium-/long-term net financial position (14,550) (13,297) (13,297)Net Financial Position 15,184 (37,453) (40,218)
(*) Excluding short-term financial investments classified in NWC
Financial Highlights (9M05)
Section 3
Main events occurred in 3Q05
13
Main events occurred in 3Q05
January 2005: acquisition of 60% of TL.TI Expo SpA (transportation, logistics and ICT sectors)
February - March 2005: Fiera Milano Tech SpA signed agreements concerning management of the biennial Rich Mac exhibitions (chemical sector)
March 2005: Fiera Milano Congressi signed a new rental agreement with the Foundation for Pavilion 17
March 2005: the Onama Group signed a 9-year agreement for the management of part of the catering activity at the new Rho-Pero exhibition site and paid an entry fee of € 1.3 mn
March 2005: € 19.2 mn paid to the Foundation for its 50% interest in Fiera Milano Exhibitions (FME). FME was then merged by incorporation in Fiera Milano SpA on May 12th 2005, after the end of the quarter
Main events occurred in 3Q05