(Finance) – In the first three months of 2023 i Revenue consolidated of Milan fair they amounted to Euro 48.1 million, up by Euro 24.6 million compared to the first quarter of 2022.
Consolidated EBITDA stands at Euro 8.9 million, an improvement of Euro 11.2 million compared to the first quarter of 2022 (Euro -2.4 million). The change mainly reflects the previously mentioned trend in revenues. This effect was partially offset by higher operating costs, mainly due to the increase in electricity prices.
L’EBIT for the quarter amounted to -4.2 million Euros compared to -14.2 million Euros in the 1st quarter of 2022. The Net Result for the period from continuing operations amounted to -8.1 million Euros (-13.0 million Euros in the first quarter of 2022), while the Net Result for the period from discontinued operations amounts to Euro 16.5 million and refers to the higher values that emerged with the transfer of the business unit relating to the “Tuttofood” exhibition relating to the acquisition of 18, 5% of Fiere di Parma (member absent in the first quarter of 2022).
The Net result presents a profit of Euro 8.4 million compared to a loss of Euro 13.0 million in the first quarter of 2022.
L’Net financial debt as at 31 March 2023, not including the IFRS 162 lease liability, it has net cash of Euro 37.5 million compared to net cash of Euro 29.8 million as of 31 December 2022.
Outlook
Based on the current macroeconomic scenario, the Group expects to confirm the EBITDA target of 70-80 million euros as at 31 December 2023.
The Chief Executive Officer and General Manager of Fiera Milano, Francesco Concicommented: “The first months of 2023 confirm the relaunch of our activities and a now consolidated restart. The exhibitions that took place in the first quarter and the results in terms of participation and presence demonstrate the appreciation of both exhibitors and visitors All this confirms the centrality of trade fair events, which play a fundamental role in the development of businesses. In particular, the excellent results obtained by events in the fashion sector and the relaunch of the International Tourism Exchange allow us to look ahead to 2023 in a positive way . We look to the future with confidence, aware that some elements of uncertainty still remain related to the macroeconomic context and international geopolitical scenarios. Despite this, Fiera Milano continues to consider 2023 as a year of development and consolidation, expecting to reach an EBITDA target of Euro 70-80 million by the end of the year”.