fondazione e.a. fiera internazionale di milano largo

Bilancio d’esercizio 2008

Documento di sintesiFondazione Fiera Milano

Sustainability Report 2007-2008Fondazione E.A. Fiera Internazionale di MilanoLargo Domodossola 1 _ 20145 Milan - Italy Ph. +39 02 4997.1 _ www.fondazionefieramilano.it

Editorial project byExternal Relations & Communications Fondazione Fiera Milano

Prepared by the Working Group on SustainabilityFondazione Fiera MilanoFiera Milano spaSviluppo Sistema Fiera spa

Planning and CoordinationMethodos spa

Articles and CommunicationsPaola Perna Comunicazione

PhotosArchivio Fondazione Fiera MilanoArchivio Fiera MilanoArchivio Sviluppo Sistema Fiera

DesignAccent On Design, Milan

Printed byLithotris SrlJuly 2009

Fondazione Fiera Milano

Sustainability Report 2007-2008

Sustainability for Fondazione Fiera Milano

““““Fondazione Fiera Milano has published 5 social reports on its

social activities from 2001 to the present day. This experience has

earned us an important reputation, and open, regular contacts

with our stakeholders.

Last year however, we felt the need to offer our experience and

awareness to all the Group: this led to the first Sustainability

Report for the entire Milan Exhibition System, in order to align all

the Group companies on these topics, apply a common and

harmonized reporting system on sustainability, and have another

competitive factor over other exhibition systems.”

Luigi Roth

Chairman and CEOFondazione Fiera Milano

ContentsSustainability Report 2007-2008

Fondazione Fiera Milano - Figures 7

1. Fondazione Fiera Milano - Identity 9

2. Economic Responsibility 33

3. Environmental Responsibility 47

4. Social Responsibility 51

6

Our figures

7


405

social reports using GBS reporting standards (2000-2007)

publications21

million Euros investedin the International Congress Center (MIC)

73thousand data collections (as at 1st semester 2008) for the Economic and Territorial Observa-tory on Fiera Milano exhibitors and visitors since 2000

136students at the Academy of Trade Fair Management

Our figures

1.7million net sq.m of Fondazione Fiera Milano’s spaces are occupied each year

3officers in international associations


Fondazione Fiera Milano - Identity1

10

Identity

Identity

Fondazione Fiera Milano is the majority shareholder in Gruppo Fiera

Milano - Fiera Milano spa and its companies – and in Sviluppo

Sistema Fiera spa. Fondazione describes itself, and is recognized

as a Development Foundation, a public-private organization. It is

a private economic entity – a company – whose economic,

social and territorial development projects are aimed at the

community.

In this way, a typically private-sector approach and activity, such as

profit-making, is teamed with the broadest goals and interests which

can be either local or national.

Fondazione Fiera Milano works alongside the authorities,

applying the subsidiarity principle and reinvests its proceeds

in projects to promote the permanent development of local

companies and the community as a whole. Fondazione

undertakes to carry out or coordinate projects that cater to the

needs of society at large, through its own organization, experience

and assets and through the joint efforts of the public and private

sectors. All this takes place in a well-defined context: carrying out

promotional activities and projects and launching initiatives for

economic, cultural and scientific development, for redeveloping the

territory and upgrading infrastructures.

Fondazione Fiera Milano operates in Italy. Fondazione owns the

exhibition grounds of fieramilanocity, of fieramilano in Rho and most

of the area that has been earmarked to host Expo 2015.

These areas occupy more than 2 million square meters.

The city of Milan has won the bid to host Expo 2015 and will be a

hub of great activity over the coming years. In establishing who will

do what for Expo 2015, Fondazione Fiera Milano feels it can play

a significant role by offering specialized technical support, and by

conducting studies and research.

11


Identity _ Activities

99% FFM1% FMC

62.06% FFM

Structure of the Fondazione Fiera Milano Group at the date of publication of this Report

13


Activities: exhibition and major construction worksFondazione Fiera Milano works through the companies in its

group in two main sectors:

• exhibitions: through Fiera Milano spa and its companies, it

organizes exhibitions and conferences and offers exhibitors,

visitors and organizers the services needed to attend an

exhibition as well as services before and after the event;

• major construction works: through Sviluppo Sistema

Fiera spa it carries out engineering and contracting work for

large-scale infrastructures and territorial development.

Direct ActivitiesJust like a modern agora, a strong commitment to promote a

trade culture and its values inspires all Fondazione’s activities

in the area of territorial transformation and trade. Research by

the Development & Study Bureau, conferences, events and

publications that target an ever larger number of players are aimed

at promoting the exchange of ideas, values and culture.

Fondazione Fiera Milano’s activities have an international reach,

and it works closely with the European Union: all these activities

are aimed at promoting trade and contributing to the development

of the country’s economy. Among these international projects is

the successful, close cooperation on Milan’s bid to host Expo

2015 with the city authorities.

Fondazione also offers training courses on exhibition-related

topics – the Accademia Internazionale di Management

Fieristico (International Academy of Trade Fair Management)

is a one-of-a-kind structure in Europe – and works to enhance

the historical heritage of Italian companies during the previous

century, via projects such as the salvaging of the Archivio Storico

della Fiera di Milano (Historical Fair Archive), with its collection of

unique documents about the history of 20th century Italy.

14

Identity _ Values

The values of Fondazione Fiera MilanoIn its first Social Report (January 2001 - June 2003), Fondazione

Fiera Milano set out its full system of values. These values

continue to be applied and have always guided and driven all

of Fondazione’s strategies, policies and activities. Fondazione

Fiera Milano intends to continue in its path and face the future by

focusing on these very strategies.


The values of Fondazione Fiera Milano

Listening

Culture

Trade

Participation

Heritage

Consensus

Transparency

Innovation

Adding Value tothe Territory

Sharing andResponsibility

Managerial Approach

16

Identity of the Development Manifesto

17


The Development Manifesto

In its third Social Report (July 2004 – June 2005), Fondazione

published its Development Manifesto. This handbook is still adhered

to and applied, and summarizes the philosophy of Fondazione Fiera

Milano when it conceives, organizes and implements projects. The

Manifesto defines the concepts of development, financing, culture, trade

and relations with the territory as well as clearly defining the concepts of

sustainability and responsibility.

Fondazione Fiera Milano’s Development Manifesto

148

259

3610

7

Fondazione Fiera

Milano is a private

foundation that

operates like a

company and its

objective is geared

toward the interests of

the community.

Its activity involves

generating social

and economic

value in projects

for the community.

It listens to the

territory and talks

to the people who

live there, it respects

the environment. Its

philosophy revolves

around harmonious

integration, transformation

and innovation.

It is a development

foundation,

because its operations

and assets

are used solely

for development.

It consistently aims

to be socially

responsible, both

inside and outside

the company, and

is keen on improving

continuously.

It adopts the principle

of subsidiarity.

It works alongside the

authorities, contributing

to the growth

of the community.

Its history began

and unfolded with

exhibitions.

Its future is focused

on a vaster exhibition

concept, with a view

to development.

Fondazione Fiera

Milano adopts the

idea of sustainable

development in its

mode of conduct,

management principles

and activities. It makes

an effort to disseminate

this in the companies

it interacts with.

It promotes a trade,

economic and social

culture. Culture

means memory and

transparency, both

in information and

communications. It is

open to the world and

its constant changes.

It respects work

in every sense,

contributes to the

wellbeing of man,

to his security and to

lawfulness.

18

Identity _ Governance

GovernanceFondazione Fiera Milano has adopted a governance model

that consists of a Chairman, Board of Directors, Executive

Committee, Board of Auditors; an Organization Model and a

Code of Ethics.

All members remain in office for three fiscal years.

Their term expires on the date set for the General Board Meeting to

approve of the balance sheet for the period covering their last term

in office. The Chairman and the members cannot be appointed

more than twice.

The full text of the Articles of Incorporation can be consulted and

downloaded from “Download Area” of the Fondazione Fiera Milano

website (www.fondazionefieramilano.it).

Chairman

General Management

Administration & Finance

Department

Ceremonial Department

Communication & External Relations

Legal Department

Research, Development and Training

Area

19


ChairmanThe Chairman is the legal representative of Fondazione; he summons

and chairs the meetings of the Board of Directors and the Executive

Committee, sets the items on the agenda, establishes the proceedings for

their resolution; oversees the implementation of the resolutions passed by

these bodies and ensures that the goals of Fondazione are achieved.

Board of DirectorsThe Board of Directors is composed of a Chairman and 25 members.

The Board of Directors appoints two Deputy Chairmen from among its

members: one from among the members designated by the Milan City

Council and one from among the members designated by the parties

listed from F to L in the list of organizations that are authorized to appoint

members.

The members of the Board of Directors are designated by the various

organizations that are authorized to appoint members in the following

proportions:

(A) 1 representative from the Presidency of the Council of Ministers;

(B) 3 representatives from the Lombardy Regional Government;

(C) 3 representatives from the Milan City Council;

(D) 2 representatives from the Milan Provincial Administration;

(E) 2 representatives from the Milan Chamber of Commerce,

Industry, Trade and Agriculture;

(F) 3 representatives from industry;

(G) 3 representatives from trade and services;

(H) 2 representatives from crafts;

(I) 2 representatives from agriculture;

(L) 2 representatives from the leading

associations of exhibition organizers;

(M) 1 representative from the cooperative sector;

(N) 1 representative from the workers.

20


01.07.07 - 30.06.08 (12 months)

No. of members on the BoD 26

Women on the BoD 2

Meetings of the BoD 8

Board of Directors

The Board of Directors exercises decision-making powers to

achieve objectives and verifies that the operating results meet the

objectives in Fondazione’s forecasting and planning report. More

specifically, the Board of Directors:

• approvestheforecastingandplanningreportpreparedbythe

Executive Committee;

• approvestheannualbudgetandanychangestoitonthebasis

of the economic objectives that have been set;

• approvesthefinalandconsolidatedreports;

• adoptsextraordinaryadministrationproceedings;

• appointsthetwoDeputyChairmenandtheothermembersof

the Executive Committee from among its members;

• passesresolutionsonproposalstomodifytheArticlesof

Incorporation based on a two-thirds qualified majority vote by

the members;

• passesresolutionsontheestablishmentandliquidationof

organizations or associations, as well the purchase, underwriting

and transfer of shareholdings in established organizations;

• designatesthePresidentoftheCompanyontheproposalof

the Chairman and CEO of Fondazione;

• designatestherepresentativesontheBoardofDirectorsof

companies in which it has a shareholding.

Members of the Board of Directors Chairman and CEO: Luigi Roth, Cavaliere del Lavoro (Knight of

Labor); Chairman and CEO of Fondazione Fiera Milano since 2001;

president of Terna spa since 2005; member of the board of directors

of Pirelli spa and of Avvenire Nuova Editoriale. Places his managerial

experience at the disposal of Fondazione Menotti Tettamanti

for childhood leukemia research and assistance and of Caritas

Ambrosiana.

Deputy Chairmen: Graziella Giobbi Martini, Gaetano Morazzoni.

Board Members: Marco Accornero, Giancarlo Anselmi, Gianni

Beghetto, Vittorio Bellotti, Emilio Bianchi, Guido Cesati, Roberto

Conforti, Chicca Conti Olivetti, Adalberto Corsi, Paolo Galassi,

Amedeo Giuliani, Giampaolo Landi Di Chiavenna, Roberto Maddè,

Giorgio Montingelli, Alberto Panigo, Antonio Giuseppe Carlo Pastore,

Michele Perini, Marco Giovanni Reguzzoni, Lino Enrico Stoppani,

Roberto Vallini, Andrea Vento, Mario Luigi Vigo, Antonio Zoncada.

21


22


01.07.07 - 30.06.08 (12 months)

No. of members on the Executive Committee 9

Women in the Executive Committee 2

Meetings of the Executive Committee 10

Executive Committee

Executive CommitteeThe Executive Committee is composed of a Chairman, two

Deputy Chairmen and six members, who are chosen by the

Board of Directors from among its members, of which:

• threefromamongthemembersdesignatedbythesubjects

listed from B to D on the list of organizations that are authorized

to appoint members;

• threefromamongthemembersdesignatedbythesubjects

listed from E to L of the same list.

The Executive Committee is presided over by the Chairman or, in his

absence or impediment, by one of the two Deputy Chairmen (priority

is given to the Deputy Chairman elected from among the members

of Board of Directors designated by the City Council of Milan).

The Executive Committee exercises the powers of ordinary

administration of Fondazione and more specifically:

• passesresolutionsonextraordinaryadministrationdelegatedby

the Board of Directors;

• preparestheforecastingandplanningreport,thepreliminary

report, the final report and the consolidated report of

Fondazione;

• cansetthecriteriaforFondazione’sin-housecontrolservice

and appoint its manager;

• defines,basedontheobjectivessetbytheBoardofDirectors

in the forecasting and planning report and within the limits set

by the preliminary reports, any programs and projects to be

implemented, sets the priorities and issues the directives for the

performance of Fondazione’s activities;

• definestheorganizationalstructureofFondazioneandmay

appoint the General Manager and executives

at the proposal of the Chairman and CEO,

who hires them;

• establishes,attheproposaloftheChairman

and CEO, the powers of the General

Manager which include staff management

and the implementation of resolutions.

23


Members on the Executive CommitteeLuigi Roth, Graziella Giobbi Martini, Gaetano Morazzoni, Marco Accornero, Chicca Conti Olivetti, Giampaolo Landi Di Chiavenna, Giorgio Montingelli, Marco Giovanni Reguzzoni, Antonio Zoncada.

The Executive Committee prepares and submits

Fondazione’s forecasting and planning

report to the Board of Directors. The report

contains:

• analyticalelementstochecktheeconomic

and quantitative results of the previous

reporting period and of the first semester of

the current period based on the objectives

that were set, as well as elements for making

comparisons;

• theeconomicobjectivesforthenext3-yearperiod.

Main decisions by the Board of Directors and the Executive Committee From 1 July 2007 to 30 June 2008, the Board of Directors and the

Executive Committee took two important decisions which had an

impact on Milan’s entire exhibition system.

In November 2007, a proposal to transfer the trademark branch of

the business (ratified in 2008) to Fiera Milano spa was approved,

with the issuance of new shares deriving from an increase in capital

reserved to Fondazione.

24


25


In terms of strategy, the transfer of trademarks from

Fondazione to Fiera Milano spa put an end to their conservative

management, and in so doing innovated, strengthened

and internationalized the trademarks with a more dynamic

management and more competitive business strategies.

In economic-financial terms, the transfer of the trademark

branch of business in exchange for a transfer of shares to

Fondazione Fiera Milano, allowed Fiera Milano to:

• entertheentiretrademarkfeeinitsresults

(Macef and others);

• improve its financial profile by avoiding significant expenditure

and keeping the possibility of allocating these resources for

other investments, thus allowing for the company’s acquisitive

growth.

This relinquishment by Fondazione, which was basically

financial, was balanced by an increase in its shareholding in

Fiera Milano spa.

In May 2008, a project was approved for the construction of

the new International Congress Center by earmarking part

of the Portello complex (with a gross floorspace of approx.

26,000 sq.m) for the new center, as an expansion to the

existing Milano Convention Centre (MIC). This operation will

cost approx. € 40 million.

The project meets the ever-greater demand for large-scale

conference spaces (large congresses and international

conventions), a market that is only partially catered to by Fiera

Milano Congressi spa. Furthermore, entering this market

segment means safeguarding its current competitive position.

At full capacity (to be achieved four years after the commercial

launch of the Milano Convention Centre), the new center is

expected to have approx. 65,000 sq.m of promotional and

ancillary areas, the first in Europe, and will be able to host

143 events of varying size each year (without considering

the 44 events that are already hosted in the current premises).

26


Board of AuditorsThe Board of Auditors is appointed under a Decree by the

President of the Lombardy Regional Council, which designates

the Chairman; it is composed of three acting members who are

registered with the Board of Auditors, one of whom is designated

by the City Council of Milan; one by the Chamber of Commerce,

Members of the Board of AuditorsChairman: Silvio LaganàActing auditors: Antonio Fezzi, Leone Martino InsamAlternate auditors: Marco Montesano, Giovanni Siniscalco, Simone Bruno

Industry, Trade and Agriculture of Milan; one

by the Lombardy Regional Government. The

Auditors remain in office for three fiscal years

and may not be appointed more than twice.

Their powers and duties are set out in Articles

2403 et seq of the Italian Civil Code, insofar as

they are applicable.

SupervisionThe Lombardy Regional Government oversees the activities

of Fondazione according to the laws in force. While respecting

the autonomy of Fondazione, it guarantees a results-based

efficient management approach that is in keeping with the

mission of Fondazione as in Article No. 1 para 4 of the Articles of

Incorporation.

Procedure for handling privileged informationFondazione Fiera Milano adopts a procedure that regulates

how privileged information is handled in-house and how it is

made public. The term “privileged information” refers to specific

information that has not been made public, and that relates to –

either directly or indirectly - issuers of financial instruments or of one

or more financial instruments which, if made public, could have a

significant impact on the prices of these financial instruments.

Internal dealingsFondazione Fiera Milano adopts a procedure that regulates the

time and manner in which information on the purchase, sale,

underwriting and trading of the ordinary shares of Fiera Milano spa

or related financial instruments carried out by Fondazione Fiera

Milano, is communicated to Consob and made public.

27


Organization and Management ModelFondazione Fiera Milano has adopted an Organization and

Management Model pursuant to Legislative Decree No. 231/2001.

The Model establishes the operating rules and conduct that

regulate the activity of Fondazione as well as other control

instruments, in order to prevent the various infringements covered

in the Decree from being committed.

Code of EthicsThe Code of Ethics of Fondazione Fiera Milano, approved on 30

September 2003 and amended on 3 August 2005, is part of the

Organization and Management Model under Legislative Decree No.

231/2001.

The document can be consulted and downloaded from the

“Download Area” in the Fondazione Fiera Milano website

(www.fondazionefieramilano.it). It sets the guidelines that must

inspire the conduct of the members of Fondazione, and is the

main instrument for disseminating a code of ethics within the

company. The Code of Ethics establishes the set of rules that must

be observed by all those working in the name of, or on behalf of

Fondazione and within Fondazione. It is important on two fronts,

since it guides working relations within Fondazione Fiera Milano as

well as the company’s conduct in its external relations.

28


Fondazione’s Code of Ethics was the first to be adopted by

the Milan Exhibition System.

The document has guided and inspired the preparation and

adoption of the Code of Ethics of Fiera Milano spa and the Code of

Conduct of Sviluppo Sistema Fiera spa. The ethical criteria, which

represent the company’s values and expand their reach, are at the

basis of the company’s ethics and the ethics of the entire Milan

Exhibition System.

The Code of Ethics is divided into four sections and sets out and

defines, in addition to the ethical criteria: relations with the authorities

and public companies; the principles of conduct in relations with

the authorities and private companies; the principles of conduct

in relations with political parties, trade unions, associations, the

general public and the media; employment policies and the ethical

obligations of suppliers and partners with the company.

Applying and Controlling the Code of Ethics

The Executive Committee must: take action in cases of

serious violations of the Code; it expresses, informing the Board

of Directors, binding opinions on the revision of the most important

policies and procedures in order to ensure that they comply with

the Code of Ethics; periodically revises the document; brings any

cases of serious violation of the Code of Ethics to the attention of

the Board of Directors.

Ethical Criteria

Lawfulness

Uprightness

Relations with controlling

bodies

Impartiality

Value of its people

Quality of services and

market freedom

Honesty

Confidentiality


30


31


A Supervisory Body has also been set up to ensure that the Code

of Ethics is applied and respected by constantly ascertaining and

promoting the ethical profile of Fondazione; to monitor initiatives that

disseminate an awareness and understanding of the Code of Ethics

by guaranteeing communications and training activities on ethics; to

receive and analyze reports of violation of the Code.

All Fondazione Fiera Milano stakeholders can report, either in writing

or by e-mail, whether anonymously or not, any violation or suspected

violation of the Code of Ethics to the Fondazione Supervisory Body

which will examine the report, possibly hearing the person who filed

the report and the person who committed the alleged violation. It is

the duty of the Supervisory Body to ensure that the person filing the

report will not fall subject to any acts of retaliation or discrimination or

be penalized in any way. His identity will also remain confidential unless

otherwise required by law. Reports can be addressed to ffm-odv231@

fondazionefieramilano.it. No violations have been reported or

ascertained since the Code of Ethics was adopted.

Code of Ethics: Communication and Training

The Code of Ethics is brought to the attention of internal and external

stakeholders via specific communications activities. In order to ensure

that all employees have a proper understanding of the Code of Ethics,

the personnel department prepares and implements an annual

training plan to foster knowledge of the ethical principles

and standards. Training initiatives can be geared to the role and

responsibility of the employee; a specific introductory training

program is also provided for new hires.

Risk ManagementIn conducting its business, Fondazione Fiera Milano is subject to

market and financial risks. The risk of fluctuating interest rates in

particular can have an impact on future financial flows. Fondazione

therefore has implemented an interest-rate hedging policy in order to

guarantee that debts are paid back in full even when there are strong

market rate fluctuations. Fondazione performs these analyses by

using financial forecasting models that are constantly updated.


Economic Responsibility2

34

Economic Responsibility _ Economic Results

Economic Responsibility

Fondazione Fiera Milano is a development foundation that works

alongside the authorities and companies in the interests of the

community in the surrounding territory and in the entire country. Despite

these “public” goals, Fondazione uses private-sector approaches

and methods; it is, in fact, a company and as such its activities

must yield profits, and its projects must guarantee its survival

and economic growth.

01.07.07- 01.07.06- 30.06.08 30.06.07Indicator (12 months) (12 months)

Events and trademark leasing 13.8 15.7

Rental of exhibition grounds 56.4 53.4

Revenues from direct business 70.2 69.1

Dividends -- 5.4

Other income 10.0 9.7

Total revenues 80.2 84.2

Costs for exhibitions and own trademarks, conferences and congresses (3.2) (4.3)

Costs tied to direct business (3.2) (4.3)

Operating costs (14.1) (15.8)

Charge back costs (9.1) (8.2)

Total costs (26.4) (28.3)

Gross operating margin 53.8 55.9

Amortization (37.9) (38.5)

Operating results 15.9 17.4

Financial income (expenses) (7.3) (6,6)

Release of funds 2.0 --

Extraordinary income (expenses) (0.3) (0.7)

Provision for charges and risks (15.0) (8.6)

Pre-tax Result (4.8) 1.5

(Taxes)/Advance taxes 19.2 (1.1)

Operating profit 14.5 0.4

Economic and Management Data(millions of Euros)

35


01.07.07- 01.07.06- 30.06.08 30.06.07Indicator (12 months) (12 months)

Gross tangible assets and intangible assets 1,147.2 1,116.0

Amortization fund (300.0) (263.0)

Net tangible and intangible fixed assets 847.2 853.0

Equity investments 36.0 36.0

Net fixed assets 883.2 889.0

Net working capital (13.4) (12.7)

Invested capital 869.8 876.3

Severance indemnity (0.9) (1.1)

Net invested capital 868.9 875.2

Financed by:

Capital 75.0 75.0

Revaluation reserve former Law No. 342/2000 131.1 131.1

Reserves 319.47 319.3

Profit 14.5 0.4

Own capital 540.3 525.8

Provision for liabilities, charges and taxes 183.9 194.3

Bank loans and overdrafts 123.5 130.5

ENI financing 20.7 25.8

Long-term debt 144.2 156.3

Net short-term debt (available cash) 0.4 (1.1)

Total coverage 868.9 875.2

Assets and financial structure(millions of Euros)

Economic ResultsIn 2007/2008, Fondazione posted a gross operating margin

of € 53.8 million which is the difference between total proceeds (rents,

royalties and other income) of € 80.2 million and total costs

of € 26.4 million.

Operating results, which take account of amortization, totaled €

15.9 million while earnings before taxes were - € 4.8 million, less

provisions for charges and risks amounting to €15 million. Net profits,

taking account of the positive net balance for advance and current

taxes amounting to € 19.2 million, were positive at € 14.5 million.

36

Economic Responsibility _ Economic Results, Disputes

37


The calculation of advance tax payments in the period ending

30 June 2008 was influenced by the new IRES and IRAP

rates introduced under the 2008 budget. The lower rates

led to a strong reduction in the deferred taxes that had been

budgeted in the previous fiscal years, with a positive impact on

the period ending 30 June 2008.

Balance sheet figures during the period showed that net fixed

assets stood at € 883.2 million, with a net working capital

of € 13,4 million, therefore an invested capital of € 869.8

million. This was covered by net assets totaling € 540.3

million, provisions for risks, charges and taxes amounting

to € 183.9 million and third party financing represented by

medium-/long-term debt of € 144.2 million.

Evolution of net invested capital and its financial coverage

Debts

Provisions

Net assets

01.01.01 30.06.08

250.0

500.0

750.0

The economic performance of Fondazione, whose

objective was to relocate the Milanese exhibition complex,

must be assessed for the January 2001 – June 2008

period during which it completed the various phases

of the operation (separation of the exhibition business,

stock exchange listing of Fiera Milano spa, development

of the new exhibition complex at Rho-Pero, divestment

of the areas belonging to the historical exhibition grounds

in Milan, development of compatible functions in the new

exhibition complex). These extraordinary operations were

in addition to its ordinary activity.

Net assets rose from € 90.1 million in January 2001

to € 540.3 million in June 2008; overall investments

during the period amounted to more than € 900

million; debts rose from € 67.3 million in 2001 (43.3%

of net invested capital) to € 144.2 million in 2008

(16.6% of net invested capital).

DisputesFondazione Fiera Milano has some cases pending with

the Milan City Council Tax Office regarding Local Property

Tax (ICI) payments, some of which have already

been settled.

38

Economic Responsibility _ Generated and Distributed Added Value

Added Value Generated and DistributedThe economic value directly generated by Fondazione Fiera Milano

and its allocation is illustrated in a prospectus prepared on the

basis of the consolidated profit and loss account which uses IAS/

IFRS accounting methods. The Added Value reflects the socially

important results achieved by Fondazione Fiera Milano in terms

of wealth created and distributed among various stakeholders:

suppliers, workers, shareholders, funders, the public administration

and the community.

01.07.07- 01.07.06- 30.06.08 30.06.07 (12 months) (12 months)

A Value of production 81,515 80,104

B Intermediate production costs (36,341) (34,078)

C = A+B Gross core business added value 45,174 46,026

E = F+G Non-core business and extraordinary items 1,659 8,197

F Balance of non-core business items 1,509 9,256

G Balance of extraordinary business items 150 (1,059)

VAGL= C + E Gross overall added value 46,833 54,223

N Tangible assets depreciation 37,708 37,330

VAGN= VAGL-N Net overall added value 9,125 16,893

Determining Net Overall Added Value(thousands of Euros)

01.07.07- 01.07.06- 30.06.08 30.06.07 (12 months) (12 months)

P Fondazione Fiera Milano 14,519 423

Q Human resources 4,047 3,834

R Return on credit capital 8,529 10,088

S Public administration (17,970) 2,548

VAGN= P+Q+R+S Net overall added value 9,125 16,893

Distribution of Net Overall Added Value(thousands of Euros)

39


40

Economic Responsibility _ Suppliers

41


SuppliersDuring the last fiscal year (01.07.07 - 30.06.08) Fondazione Fiera

Milano had 308 suppliers. The catchment area for Fondazione’s

supplies is primarily local (more than 80% of the suppliers are

located in Lombardy, and 81% of these are in the province

of Milan).

Supplier selection and managementFondazione Fiera Milano observes the Supplier Quality

Assurance Procedure which is managed by the Purchasing

Service. The procedure sets the criteria and methods

for evaluating external suppliers of products and services

in order to ensure they meet the requirements set by

Fondazione Fiera Milano and fully satisfy its needs.

The Fondazione Purchasing Service maintains a list of suppliers

which is updated annually. The Purchasing Service draws up and

manages the Updated List of Qualified Suppliers who are listed

on the basis of their qualifications.

Suppliers are selected independently by the Area Managers,

the Purchasing Service or at the request of suppliers wanting to

provide products or services in the future. In all cases, the supplier

is selected according to the Fondazione Fiera Milano Supplier

Qualifying Requirements.

The Purchasing Service and various Area Managers are responsible

for rating their FFM suppliers. The Purchasing Service is responsible

for the updated list of qualified suppliers.

The Area Manager or the Purchasing Service enter their

assessment of the supplier’s suitability for certain activities on his

rating chart, as well as any measures to be taken, if necessary,

which are identified and established when the assessment is made,

and which include whether to keep the supplier.

Milan 67%

Rest of Lombardy 16%

Rest of Italy 17%

Breakdown of suppliers

42

Economic Responsibility _ Suppliers

Ethical clause in contractsWhen entering into contracts with third parties, Fondazione Fiera

Milano aims to ensure that its Code of Ethics is complied with

through an ethical clause.

By signing the clause (currently included only in new contracts)

the consultant/partner/supplier states that he is familiar with

the contents of the Code of Ethics and undertakes to observe

a conduct that complies with the requirements set out in

the Code.

Failure to observe any of the requirements in Fondazione Fiera

Milano’s Code of Ethics is a serious breach of contractual obligations

and entitles the company to terminate the contract forthwith, in

accordance with Article No. 1453 of the Civil Code, in addition to

payment of any damages.

Disputes with suppliersIn 2008, the supplier CMC, Cooperativa Muratori e Cementisti,

opposed arbitration for a dispute over construction work at Portello

in 1996/97. In 2008, an arbitration with the supplier Reed Exhibition

was finalized without any charges for FFM.

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44

Economic Responsibility _ Clients

ClientsRevenues are broken down into two main segments: those

generated within the Milan Exhibition System (captive) and those

from external Clients (non captive). Captive revenues are particularly

significant versus non captive revenues and derive mainly

from the use of Fondazione’s fixed assets (buildings, both at

fieramilano and fieramilanocity) by companies in the group.

As regards revenues from external Clients, because of the very

nature of Fondazione Fiera Milano’s core business, Fondazione

Fiera Milano produces “goods” of a special nature, that have a

broad and long-term impact on the community.

These include, for example, educational projects by the Academy of

Trade Fair Management and research, analyses and information on

the exhibition industry and the surrounding territory and economy.

A special Business Unit has been set up to promote and develop

these initiatives.

45


Accademia’s sphere of activity • Developingandupdatingallprofessionalsintheentire exhibition sector also through new training courses; • Creationofnewprofessionalprofiles;• Innovativetrainingcoursesonthemanagerialuseofthe “exhibition tool” for small and medium-sized companies;• Disseminatingtheimportanceoftheexhibitionsystemand initiatives aimed at fostering the exhibition culture;• Assessment,researchanddevelopmentofexhibitionskills and professions; •Developmentofnewproposals.

Academy of Trade Fair Management (Accademia di Management)Accademia is the first permanent training center in

Europe for exhibition professionals. Accademia organizes

and creates new training courses in exhibition-related

professions and has an ambitious mission: to become

the leading center for exhibition training and culture,

thus helping to create new professional opportunities

for young people and qualified employment in a sector

that has a strong need for professional people.

Accademia capitalizes on the know-how acquired by

Fiera Milano spa in more than 80 years of experience. It

has decided to focus on human capital as a means of

relaunching the Italian exhibition industry and supporting

number lecturers lecturersYear Course students external internal

2007 Progea Master’s course for designers of exhibition fittings and events 10 20 2

2007 Company communications methods (in-house company training) 40 4 0

2008 Progea Master’s course for designers of exhibition fittings and events 11 20 2

2007/08 Ifts course on organization and marketing of integrated tourism 16 20 5

2007/08 Ifts business course on marketing and organization of sales 18 20 5

2007/08 Trainer courses 30 2 5

Activities by Accademia in 2007-2008

it in its new international challenges because of the emerging

demand from the exhibition sector.

Initiatives currently under study:

• Postdiplomacourseinmarketingandeventsorganization;

• Master’scourseforinternationalaccounts;

• Master’scourseforbuyers.

In addition to the training courses delivered through Accademia, Fondazione

Fiera Milano organizes jointly with Bocconi University, the Master Mexem

course in exhibition and experiential marketing which is now being held

for the 5th year. This master’s course aims to develop the marketing

skills needed to create and manage market relations through exhibitions,

conferences, and events.


Environmental Responsibility3

48

Environmental Responsibility

Environmental Responsibility

Fondazione Fiera Milano expresses its environmental responsibility

through its commitment to comply with laws, constantly improve

its own performance, source and use environmentally-friendly

materials and technologies, and through its relations and

cooperation with external parties.

Fondazione, whose approach to sustainable development is set out

in its Development Manifesto, expresses its awareness and its

own commitment on environmental issues with specific guidelines

that are designed to reduce the environmental impact of its

projects or those of its companies.

49


A significant example of this approach is the construction of

the new Fiera Milano complex at Rho-Pero. Here, the intent of

Fiera to have a new, more functional, aesthetically appealing and

competitive complex, met with the need of the Rho district which

had a large abandoned and very polluted area that needed to be

reclaimed and that was suffering from the effects of gradual de-

industrialization, with a significant loss of jobs and employment

opportunities for young people. In addition to successfully meeting

the needs of the public and private sectors, the goal of the

operation was to reduce any environmental impact, thus creating a

significant “environmental added value”.

Added to this, because of the very nature of Fondazione

Fiera Milano’s activities (mainly office activity) and its size, the

environmental impact is definitely low. Despite this, the company is

committed to adopting environmentally-friendly measures and

procedures and to reducing its ecological footprint.

Fondazione complies with all waste collection laws, classifies and

separates what it produces and follows the instructions for its

disposal. Its offices have eco-boxes where used printer toners

are collected and special containers for the separate collection

of paper and end-of-life hardware. “Consumables” are collected

by a specialized company that is authorized to dispose of these.

Having separate containers for each kind of material offers

many economic and management advantages and also plays

an important role in helping to reduce the environmental impact

of waste. Material that is collected will be recycled because it

will be taken apart (plastic, paper, aluminum…) and each single

component will undergo various processing phases to obtain a

second raw material.

The possibility of donating end-of-life and therefore unused

hardware once a given quantity has been reached, is currently

being examined.


Social Responsibility4

52

Social Responsibility _ Human Resources

Social Responsibility

As a result of its many activities, Fondazione Fiera Milano interfaces

with various players and stakeholders: spanning from employees to

institutions and companies, whether single and small companies or the

most diversified conglomerates. Fondazione is always at the center of

a host of contacts that revolve around the Milan Exhibition System and

beyond it. Its role as a development foundation spurs it to constantly

capitalize on these contacts and use them to generate value for the

greatest possible number of people.

Fondazione Fiera Milano is keen on consistently listening to,

supporting and cooperating with the territory and national, regional

and local authorities. This approach has led to solutions that were

always widely approved, especially when projects to transform real

estate in the area had an impact on the urban surroundings (such

as Rho-Pero in Milan) where respect for the stakeholders led

to the acceptance of the new infrastructure and the related

transformation of the area. The city’s positive response to the

construction of Europe’s largest conference center at Portello is

a case in point.

Human ResourcesEmployees are a fundamental resource for Fondazione Fiera Milano

in helping it achieve its objectives and for the company’s steady

growth. As a result, Fondazione promotes and focuses on the

professional and personal growth of its people and undertakes to

create a friendly, stimulating and pleasant work environment.

All the people in the company are invited and encouraged to take

an active part, share objectives and take the responsibilities their

positions entail.

Breakdown of staffFondazione Fiera Milano has a staff of 42 people. Total working days as

at 30.06.08 amounted to 11,984.

53


54


Fondazione Fiera Milano employees are

divided into three macro categories:

Executives, with managerial

positions

Middle managers, with specialized

positions

Employees, involved in office duties and

technical support

Most employees are high school

or university graduates, less than 5%

have a middle school diploma.

More than 70% of employees is between

35 and 54 years of age. The remaining

employees are equally divided (more

than 13%) in the over 55 and under 35

age brackets.

More than 50% has been working for

Fondazione for less than 10 years, while

25% has a seniority of over 20 years.

Breakdown by Qualifications

• Executives

• Middle managers

• Employees

78,5%

9,5%

12%

Breakdown by Education

• Degree

• High school

diploma

• Other

4,6%

36,3%

59,1%

Breakdown by age

• Less than 35

• From 35 to 44

• From 45 to 54

• From 55 to 59

• Over 6040,9%

9,1%

4,6%

13,6%

31,8%

Breakdown by seniority

• Less than 10 years

• From 10 to 19

• From 20 to 29 25% 56,8%

18,2%

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56


57


Fondazione Fiera Milano prefers to hire its personnel under

permanent contracts. However, during the period considered here,

flexible contracts were used in four cases with 1 fixed-term contract

and 3 part-time contracts. These contracts accounted for less than

10% of the total. No new hires were made during the period; 3

employment contracts were terminated (2 executives and

1 employee).

All Fondazione Fiera Milano employees are covered by the

National Collective Bargaining Agreement for employees working

in commerce, services and tertiary services. The Collective

Agreement sets a notice period (which varies according to the level

of seniority).

Professional Development

Training costs 48

Average cost per employee >1

Training(thousands of Euros)

Fondazione Fiera Milano invests regularly in building

the skills and professional value of its employees.

During the period ending 30 June 2008, a total of

€ 48,000 were invested in professional training

courses.

An English language course was attended

by most of the employees, and a course on

communications, relations and the effectiveness of messages

was attended by all the staff. After the course, work began on

writing a style manual which is still to be completed: this tool

is designed to create a harmonized style of writing within the

organization. Average expenditure on training for each employee

was in excess of € 1,000.

Equal Opportunities and No DiscriminationDiversity and equal opportunities are particularly critical for

Fondazione Fiera Milan. Its Code of Ethics states that “Fondazione

Fiera Milano, in the selection, remuneration and training of its

employees, is guided by the person’s professionalism, skills

and merit and avoids any form of discrimination or pressure

in hiring or assigning duties to persons or subjects and is free to

decide independently.”

58

Social Responsibility _ Human Resources, Communication, Research and Development

More than 70% of the employees are female. A total of 80% are

employed in clerical positions, the remainder are middle managers

(approx.10%) and executives. There are two physically challenged

staff members who account for approx. 4.5% of the total.

SafetyFor Fondazione Fiera Milano, the safety of all its employees is

Breakdown of femalestaff

• Executives

• Middle managers

• Employees

83,8%

6,5%

9,7%

fundamental and this is an area in which it invests generously.

Fondazione organizes regular training meetings on health and safety

that are held by medical staff. No cases of work-related accidents were

reported during the 1 July 2007 - 30 June 2008 period.

Trade union relationsAll permanent employees at Fondazione are covered by the

National Collective Bargaining Agreement (CCNL). Fondazione

Fiera Milano has a Trade Union Representative. On 5 July 2007 a

Complementary Company Contract was signed.

Fondazione Fiera Milano’s Complementary Contract (Art. 30)

establishes a form of preventative medicine for staff and offers

regular check-ups amounting to € 150 pro capita per year which are

fully paid by the company. Employees can make up for any leave,

reduce their number of working hours or take leave without pay.

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Communication During the 1 July 2007 - 30 June 2008 period, Fondazione Fiera

Milano published approx. 1,300 articles in the press, not including

periodicals and websites. Most of the articles are the result of

a proactive communication strategy and initiatives such as the

opening of the exhibition year, the presentation of the first Annual

Report, updates on the hotels under construction at the southern

entrance to fieramilano, the inauguration of the Historical Archive,

the project for the new fieramilano Conference Center and Executive

Offices. There were also articles on the role played by Fondazione

Fiera Milano in the Expo 2015 project.

Visibility and quality of media coverageIn 70% of the cases, Fondazione Fiera Milano received coverage

Overall index of visibility

• Local press

• National press

30%

70%

• Positive coverage

• Neutral mentions

• Negative coverage

Quality index of visibility

25%

15%

60%

in the local press and news, and in the remaining

30% it featured prominently in the national press.

National titles reported especially on the CEO of

Fondazione: also worthy of mention is the special

focus given by economic-financial titles.

In 60% of the cases, Fondazione Fiera Milano

received a positive and very positive feedback; in

25% of the cases mentions were neutral and in the

remaining 15% critical and/or negative.

Research and DevelopmentFondazione Fiera Milano has traditionally been

committed to researching into the regional,

national and international economic activity

deriving from the Fiera Milano exhibitions. It is

therefore a privileged observer that can offer an

unconventional view of market changes. The

socio-economic research that Fondazione Fiera

Milano performs in team with leading experts from

the various sectors under study, allows the core business,

i.e. exhibitions, to be monitored and analyzed. The

dissemination of this knowledge is one of the strategies

used to foster development for the entire country.

60

Social Responsibility _ Research and Development

61


Activities include: research, analyses and information about the

exhibition industry and its territorial and economic environment;

support to companies in the Milan Exhibition System and to other

local organizations in defining strategies and in the transformation

and integration process.

A special focus is also placed on training by promoting and

developing exhibition-related courses organized by the Academy of

Trade Fair Management.

In addition to the activities described in the chapter on Clients, the

Accademia plays an active role in disseminating the exhibition

culture with lectures for a Master’s course in communication for

cultural industries at Cattolica University and a Master’s in tourism

management at Iulm University, both in Milan.

Last comes the inauguration of the Historical Archive in

November 2008: a testament to company culture told through the

objects, architecture and experience of the protagonists in more

than 70 years of exhibitions in the economic history of Italy, as well

as the daily life of Milan.

Main Research Activity by Fondazione Fiera Milano

The Encyclopedia of Territorial Economics analyzes the main

Italian business districts and manufacturing systems of excellence

with a view to understanding their development.

The first volume on the Brianza wood-furniture district and the

second on the Pesaro wood district have already been published

and have received good reviews by the local and national media.

A monographic volume on the textile industry is currently in

the making and will be followed by studies of the eyewear and

engineering industries as well as other key segments of Italian

industry. Each volume has a print run of 1,000 copies with a

€ 45,000 investment in research work and publishing for each

business district analyzed. The targets are mainly companies in the

territories being analyzed, institutions and trade associations.

62

Social Responsibility _ Research and Development

The response of the economic

community to the first Annual Report

of Fondazione Fiera Milano was

positive: this is a study about the future

of the three main sectors of Made in

Italy production by a pool of researchers

from Cattolica University and Bocconi

University coordinated by Fondazione’s

Development & Study Bureau.

The document presents the results of

findings by the Economic and Territorial

Observatory of Fiera Milano Exhibitors

and Visitors which has been operating

since 2000. The report offers a significant

overview of the trends - in terms of

business confidence and innovation – in

some strategic sectors for our country,

Main indicators measured by the Economic and Territorial Observatory in the three main Made in Italy sectors: Fashion, Furniture, Machine Tools

Italy Confidence: the sentiment and overall perception of the Italian economy by all the companies in the Economic and Territorial Observatory.

Commitment to Innovation: level of interest, motivation and resources used to introduce innovation in a specific business area

Self Confidence: how businessmen from the three sectors perceive their own company, which at an aggregate level, becomes their perception of the sector.

By intersecting the Self Confidence and Commitment to Innovation indicators, an original representation of the so-called entrepreneurial space was obtained: this is an important element in forecasting the performance of companies in the immediate future as well as in the medium term.

such as fashion, furniture, and machine tools collected directly

from exhibiting companies, visiting companies and consumers.

The Economic and Territorial Observatory – as at first semester

2008 – had more than 73,000 data collections.

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64

Social Responsability _ Relations with associations and institutions

65


Relations with associations and institutionsMore than 100 meetings with representatives from associations, most

of which with local associations, were held during 1 July 2007 – 30

June 2008. During this period, Fondazione provided € 62,000 in funding

to associations and institutions.

Relations with Institutions As set out in its Code of Ethics, Fondazione refrains from exerting

any form of undue pressure, whether direct or indirect, on political

or trade union representatives, even through its own managers,

employees or freelancers.

The administrators, executives and employees of Fondazione

may not carry out any political activity during work hours, or use

Fondazione goods or equipment for this purpose; they shall also

make it clear that any political opinions they may express to third

parties are strictly personal and do not therefore represent the

opinion and the vision of Fondazione.

In their relations with other associations (e.g. trade associations,

local organizations, environmental organizations, etc.) no executive,

employee or worker shall promise or pay sums, promise or

transfer goods in kind or other benefits to promote the interests of

Fondazione.

Fondazione may agree to requests for contributions, only when

from no-profit entities and associations, or when they entail a

significant cultural or charitable value. It may only sponsor social,

environmental, sports, performance, art and cultural activities.

01.07.07 - 30.06.08Meetings with Associations (12 months)

International associations 9

National associations 3

Local associations 90

66

Social Responsability _ Relations with associations and institutions

Community InitiativesContributions by Fondazione Fiera Milano, calculated using the

London Benchmarking Group (LBG) guidelines during the fiscal

year amounted to more than € 78,000. Among the most significant

was a € 15,000 contribution for restructuring work on the Basilica

of St. Ambrose; €12,5000 to Fondazione Collegio of the Milanese

Universities for a scholarship and €12,000 to the Artisan’s Union

of the Province of Milan to fund the Scuola Bottega (Workshop

School) project.

The London Benchmarking Group, established

in 1994, is an association of more than 110

large-scale international organizations and is the

worldwide standard for classifying contributions

for the community. The LBG model measures

the commitment made by organizations to the

community and is divided into 4 levels: donations,

investments in the community, commercial

initiatives with a social impact and socially useful

business initiatives.

30.06.07-30.06.08 (12 months)

Donations 12.8

Investments in the community 56.5

Commercial initiatives with a social impact 9.4

Total 78.7

* Non-accounting statistics

Community Initiativesreclassified using the LBG* standard(in thousands of Euros)

North Milan Fondazione ComunitariaFondazione Fiera Milano, in team with other partners and especially

Fondazione Cariplo, has founded the North Milan Fondazione

Comunitaria: an intermediary between non-profit organizations

and donors in which leading local players are involved and which

promotes the culture of donating to fund socially useful micro-

projects (www.fondazionenordmilano.com).

The North Milan Fondazione di Comunità was established to improve

the quality of life in the communities in Bollate, Rho and Sesto San

Giovanni and aims to collect € 5 million in 10 years.

67


68

Social Responsibility _ Relations with associations and institutions

69


If this goal is reached Fondazione Cariplo will donate € 2 for each

€ 1 collected, bringing the total assets of Fondazione di Comunità

Nord Milano to € 15 million.

In addition to the € 15,000 annual membership fee, Fondazione

Fiera Milano promotes competitions to fund projects and plays an

active role in managing the North Milan Fondazione Comunitaria.

The competitions promoted by the North Milan Fondazione are

defined “collections”; in order to receive contributions, the selected

organizations must collect donations for their initiatives to cover

part of the earmarked contribution (35% for single competitions

and 50% for partnership competitions). The 4 competitions

are: reunited families, juvenile issues, art and culture, and sport.

Partnership competitions can involve the Town Councils of Sesto

S. Giovanni and Bollate.

Cultural Development For many years now, Fondazione Fiera Milano has believed that

culture is one of the cornerstones of the economic and

social development of a territory. Fondazione considers that

it has a role to play in cultural development and has invested in

medium-to-long term activities involving its core business and

the territory.

Fondazione Fiera Milano’s main cultural activities include

• Research into the Milanese cultural scene,

comparisons with other international scenarios,

possible strategic lines of action (commissioned to

ASK-Bocconi for a total investment of € 32,000);

• EstablishmentoftheAssociation of friends of MiArt

with Fiera Milano spa, Fiera Milano International spa

and the Milan Chamber of Commerce. The association

aims to foster knowledge, attention and use, especially

by the public in Lombardy, of works of modern and

contemporary art.

The association chooses, assesses and purchases

contemporary works of art (giving priority to those displayed

at Fiera MiArt – International Exhibition of Modern and

Contemporary Art). After their purchase, these works

are entrusted to people who can ensure their appropriate

location, visibility and accessibility to the public.

70

Social Responsibility _ Relations with associations and institutions

Relations with international institutions

Global Association of the Exhibition Industry (UFI)

After serving two consecutive terms as its president, the General

Manager of Fondazione is about to serve as vice-president of the UFI.

One of the UFI’s projects includes a newly-created working group

on sustainability in the exhibition industry with Fondazione Fiera

Milano playing an active role.

Accademia di Management Fieristico (Accademy of Trade Fair

Management) is a member of the UFI Education Committee – a

committee for exhibition training – which is responsible for preparing

common guidelines to harmonize international training methods.

Fondazione Fiera Milano is also committed to adding value to the

Group’s international exhibitions through the “UFI approved event”

quality mark which has been requested for 10 Fiera Milano exhibitions

which have certified their figures and are committed to this.

Fondazione and other members of the European Chapter UFI, have

completed two research projects:

- “Trade fairs facing the web generation clients”, analyzing the

behavior patterns of the so-called “web generation” i.e. visitors

under 30 years old;

- “Exhibitions and congresses getting closer”, carried out at

European exhibition centers to ascertain if there is a converging

trend between exhibitions and conferences.

European Major Exhibitions Centers Association (EMECA)

Fondazione Fiera Milano works alongside Fiera Milano spa in its

EMECA activities and takes part in the EU Work Group to establish

the guidelines and general lines of action for qualifying the

exhibition industry at EU level.

71


Contact

Corrado PeraboniGeneral Manager

Ph. [email protected]

Editorial project byExternal Relations & Communications Fondazione Fiera Milano

Prepared by the Working Group on SustainabilityFondazione Fiera MilanoFiera Milano spaSviluppo Sistema Fiera spa

Planning and CoordinationMethodos spa

Articles and CommunicationsPaola Perna Comunicazione

PhotosArchivio Fondazione Fiera MilanoArchivio Fiera MilanoArchivio Sviluppo Sistema Fiera

DesignAccent On Design, Milan

Printed byLithotris SrlJuly 2009

Bilancio d’esercizio 2008

Documento di sintesiFondazione Fiera Milano

Sustainability Report 2007-2008Fondazione E.A. Fiera Internazionale di MilanoLargo Domodossola 1 _ 20145 Milan - Italy Ph. +39 02 4997.1 _ www.fondazionefieramilano.it

fondazione e.a. fiera internazionale di milano largo

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