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    FNM   IT0000060886

FNM S.P.A.

(FNM)
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9M 2021 Consolidated Results

11/12/2021 | 07:43am EST

FNM Group

9M 2021 RESULTS

November 12, 2021

FNM Group| Overview

Full consolidation of MISE

COMPANIES FULLY CONSOLIDATED

COMPANIES VALUED AT EQUITY

Railway infrastructure management

  • Management of railway infrastructure in Lombardy
  • Intermodal terminal management

Ro.S.Co. &

Services

  • Leasing of rolling stock
  • Provision of corporate services and real estate

4

Road passenger

mobility

Management of road

La Linea 80 Scarl

local public transport

Electric car sharing

Motorway

infrastructure

management

Concession- based

management of motorway

infrastructure

1

- Companies operating in the freight mobility sector included respectively in the Railway infrastructure management and in Ro.S.Co. & Services segments. Malpensa Intermodale and Malpensa Distripark are in the start-up phase.

2

- Companies operating in the road passenger transport but considered in the Ro.S.Co. Segment for the purposes of preparing the financial statements

2

3

- Since February 26, 2021 MISE is fully consolidated into FNM's accounts

4

- Since February 2021 La Linea holds 100% stake in Conam, since then the company is fully consolidated into FNM's accounts

Overview

Economic and financial results

  • Financial highlights
  • Mobility demand in the period
  • 9M 2021 consolidated results

Outlook

Appendix

FNM Group| 9M 2021 Highlights - REPORTED1

(in mln € )

Il

Revenues+78.4%

Adjusted

EBITDA2+111.8%

EBIT+143,5%

Adj. Net Profit

+68.3%

(Loss)3

Adj. NFP 4

Ratings

9M 2021

367,3

9M 2020

205,9

9M 2021

124,1

9M 2020

58,6

9M 2021

68,9

9M 2020

28,3

9M 2021

38,2

9M 2020

22,7

9M 2021

776,5

FY 2020

43,8

Baa3 stable BBB- stable

  1. For the purposes of P&L, in 2021 MISE is consolidated since February 26, comparing with FNM's 2020 actual results. For NFP, data at September 30, 2021 compares with data at December 31, 2020 which does not include the effects of the acquisition of the control stake in MISE
  2. Adjusted EBITDA: excluding extraordinary gains and losses

3.

Adjusted Net Profit (Loss): Net Profit (Loss) before recognition of the result of companies consolidated using the equity method

4

4.

Adjusted Net Financial Position: excluding the impacts of the timing of collections of the contributions on financial investments for the renewal of the railway rolling stock and of the related payments made to suppliers, recognized in accordance with IFRIC 12

FNM Group| 9M 2021 Highlights - PRO FORMA1

(in mln € )

Il

Revenues+11.0%

Adjusted

EBITDA2+11.9%

EBIT+21.2%

Adj. Net Profit

(Loss)3-4.3%

Adj. NFP 4

9M 2021

9M 2020

9M 2021

9M 2020

9M 2021

9M 2020

9M 2021

9M 2020

9M 2021

FY 2020

43,8

397,0

357,5

135,9

121,5

74,2

61,2

42,4

44,3

776,5

Ratings

Baa3 stable BBB- stable

1. For the purposes of P&L, in 2021 MISE is consolidated starting from January 1, comparing with pro-forma 2020 results calculated as if MISE was consolidated starting from January 1, 2020. For NFP, data at September 30, 2021 compares with data at December 31, 2020 which does not include the effects of the acquisition of control stake of MISE

2.

Adjusted EBITDA: excluding extraordinary gains and losses

5

  1. Adjusted Net Profit (Loss): Net Profit (Loss) before recognition of the result of companies consolidated using the equity method
  2. Adjusted Net Financial Position: excluding the impacts of the timing of collections of the contributions on financial investments for the renewal of the railway rolling stock and of the related payments made to suppliers, recognized in accordance with IFRIC 12

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

FNM S.p.A. published this content on 12 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 November 2021 12:42:11 UTC.


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Financials
Sales 2021 499 M 566 M 566 M
Net income 2021 18,6 M 21,0 M 21,0 M
Net Debt 2021 770 M 873 M 873 M
P/E ratio 2021 12,1x
Yield 2021 3,29%
Capitalization 264 M 299 M 299 M
EV / Sales 2021 2,07x
EV / Sales 2022 1,75x
Nbr of Employees 2 835
Free-Float 27,7%
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Technical analysis trends FNM S.P.A.
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 2
Last Close Price 0,61 €
Average target price 0,93 €
Spread / Average Target 52,4%
EPS Revisions
Managers and Directors
Marco Giovanni Piuri General Manager
Valentina Montanari Director-Finance, Administration & Control
Andrea Angelo Gibelli Chairman
Gianantonio Battista Arnoldi Vice Chairman
Tiziana Bortot Independent Non-Executive Director
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