Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Italy
  4. Borsa Italiana
  5. FNM S.p.A.
  6. News
  7. Summary
    FNM   IT0000060886

FNM S.P.A.

(FNM)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

FNM S p A : Unaudited pro forma consolidated statement of comprehensive income at 31 December 2020 of FNM

09/17/2021 | 12:32pm EDT

Società per Azioni

Sede in Milano - Piazzale Cadorna, 14

Capitale Sociale € 230.000.000,00 i.v.

Unaudited Pro Forma Consolidated Statement of

Comprehensive Income

for the year ended December 31, 2020 of

FNM S.p.A.

Gruppo FNM

This document has been prepared by FNM S.p.A., on a voluntary basis, exclusively in connection with the possible issue of notes under the €1,000,000,000 Euro Medium Term Note Programme, which was announced to the market on September 16, 2021 (see the relevant press release, available in the "Investor Relations - Press Releases" section of the company's website - www.fnmgroup.it).

1. INTRODUCTION

This document presents the unaudited pro forma statement of comprehensive income for the year ended December 31, 2020 of FNM S.p.A. (hereinafter the "Company" or "FNM" and, together with its subsidiaries, the "Group" or "FNM Group") and the related explanatory notes (the "Unaudited Pro Forma Consolidated Financial Information").

The Unaudited Pro Forma Consolidated Financial Information has been prepared to show retroactively the main effects of the following transactions on the consolidated statement of comprehensive income of the Company:

  • the acquisition of 82.4% of the share capital of Milano Serravalle-Milano Tangenziali S.p.A. ("MISE") by FNM Group, which was completed on February 26, 2021; and
  • the unsecured facility used to finance the above-mentioned acquisition.

The operations described above are jointly referred to as the "Transactions".

No pro forma consolidated statement of financial position has been prepared as the effects of the Transactions are already reflected in the consolidated statement of financial position as of June 30, 2021 included in the Company's interim condensed consolidated financial statements as of that date.

The purpose of the preparation of the Unaudited Pro Forma Consolidated Financial Information is to simulate, using accounting principles that are consistent with those used in relation to the preparation of Group's published historical consolidated financial statements and compliant with the applicable legislation, the main potential effects of the Transactions on the consolidated statement of comprehensive income of the Company, as if the Transactions had occurred on January 1, 2020 for the purpose of the unaudited pro forma consolidated statement of comprehensive income for the year ended December 31, 2020.

The Unaudited Pro Forma Consolidated Financial Information addresses a hypothetical situation and, therefore, does not represent the actual financial position or results of operations of the Group.

As mentioned above, the Unaudited Pro Forma Consolidated Financial Information represents a simulation, for illustrative purposes only, of the main potential impacts that may derive from the

Unaudited Pro forma Consolidated Statement of Comprehensive Income

for the year ended December 31, 2020

pagina 1

Gruppo FNM

Transactions. In particular, as pro forma information is prepared to illustrate retrospectively the effects of transactions that will occur subsequently, using generally accepted regulations and reasonable assumptions, there are limitations that are inherent to the nature of pro forma information; hence, had the Transactions taken place on the date assumed above, the actual effects would not necessarily have been the same as those presented in the Unaudited Pro Forma Consolidated Financial Information.

The Unaudited Pro Forma Consolidated Financial Information is based on our current estimates of, and good faith assumptions regarding, the adjustments arising from the Transactions. The Unaudited Pro Forma Consolidated Financial Information is for informational purposes only and does not purport to represent or to be indicative of the consolidated results of operations that the FNM Group and MISE (the "Combined Group") would have reported had the Transactions been completed as of the date presented, and is not, and should not be taken as, representative of the Combined Group's future consolidated financial position or results of operations, nor does it purport to project the Combined Group's financial position as of any future date or results of operations for any future period and should not be used for such purpose.

The Unaudited Pro Forma Consolidated Financial Information should be read together with:

  • the consolidated financial statements of FNM Group as of and for the years ended December 31, 2020 (hereinafter the "2020 FNM Audited Consolidated Financial Statements"), prepared in accordance with the International Financial Reporting Standards adopted by the European Union ("IFRS"), approved by the Board of Directors on March 18, 2021 and audited by PricewaterhouseCoopers S.p.A., which issued its unqualified audit report on April 8, 2021;
  • the financial statements of MISE as of and for the years ended December 31, 2020, (hereinafter the "2020 MISE Audited Financial Statements"), prepared in accordance with the relevant requirements of the Italian Civil Code, as interpreted by the accounting standards issued by the Italian Accounting Board (hereinafter the "Italian GAAP"), approved by MISE's Board of Directors on March 11, 2021 and audited by Ria Grant Thornton S.p.A., which issued its audit report without qualification on March 30, 2021.

Unaudited Pro forma Consolidated Statement of Comprehensive Income

for the year ended December 31, 2020

pagina 2

Gruppo FNM

2. THE TRANSACTIONS

A brief description of the Transactions is reported below.

2.1.ACQUISITION OF MISE

On 29 July 2020, FNM acquired 13.6% of the share capital of MISE, the stake directly and indirectly held by ASTM S.p.A. in MISE, following the execution of the sale and purchase agreement signed on the same date (the "First MISE Acquisition").

On 26 February 2021, FNM completed the acquisition of 82.4% of the share capital of MISE, the entire equity stake held by Lombardy Region in MISE, in execution of the sale and purchase agreement signed on 3 November 2020 (the "Second MISE Acquisition" and, together with the First MISE Acquisition, the "MISE Acquisition").

The consideration provided for the MISE Acquisition amounted to Euro 604.8 million, of which Euro 526.5 million was paid in the first quarter of 2021.

2.2.THE FINANCIAL INDEBTEDNESS

The MISE Acquisition was financed through a maximum Euro 650 million bridge loan granted to FNM by a pool of banks, which must be repaid in a single instalment no later than January 2022 (the "Bridge Loan"). The Bridge Loan was drawn down on February 26, 2021 for Euro 620 million.

Interest are calculated as the sum of the Euribor, plus a margin. The transaction costs associated to the Bridge Loan amounted to Euro 8.4 million.

Unaudited Pro forma Consolidated Statement of Comprehensive Income

for the year ended December 31, 2020

pagina 3

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 17 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 September 2021 16:31:07 UTC.


ę Publicnow 2021
All news about FNM S.P.A.
09/28FNM S P A : The Board of Directors approves the issue of a bond under the EMTN Programme
PU
09/17FNM S P A : Unaudited pro forma consolidated statement of comprehensive income at 31 Decem..
PU
09/17FNM S P A : 2020 unaudited pro forma consolidated statement of comprehensive income at 31 ..
PU
09/17FNM S P A : Conto economico consolidato pro forma al 31 dicembre 2020 del Gruppo FNM
PU
09/17FNM S P A : 2020 unaudited pro forma consolidated statement of comprehensive income of FNM..
PU
09/17FNM S P A : Piano Strategico FNM 2021 2025
PU
09/17FNM S P A : 2021 2025 Strategic Plan
PU
09/13FNM S P A : Consolidated Interim Financial Statement at June 30, 2021
PU
08/02FNM S P A : Risultati consolidati IH 2021
PU
08/02FNM S P A : IH 2021 consolidated results
PU
More news
Financials
Sales 2021 487 M 565 M 565 M
Net income 2021 10,6 M 12,4 M 12,4 M
Net Debt 2021 769 M 892 M 892 M
P/E ratio 2021 27,8x
Yield 2021 2,88%
Capitalization 302 M 350 M 351 M
EV / Sales 2021 2,20x
EV / Sales 2022 1,83x
Nbr of Employees 2 833
Free-Float 27,7%
Chart FNM S.P.A.
Duration : Period :
FNM S.p.A. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends FNM S.P.A.
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 2
Last Close Price 0,70 €
Average target price 0,91 €
Spread / Average Target 30,2%
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
Sector and Competitors