MM, a multi-service company controlled by the Municipality of Milan, has approved the 2022 budget.
The revenues are equal to 298 million euros (+ 12% compared to 2021), the positive net result of 5.99 million euros with a EBITDA of 53 million of Euro.
Shareholders’ equity stands at over 246 million euros. Investments during the year amounted to 62.4 million euros.
As regards the rating of Mm, the Moody’s Agency confirms its Investment Grade rating of Baa3.
MM manages the water service in Milan and public housing owned by the municipality, as well as offering engineering and maintenance services for houses, schools and municipal sports facilities.
In the panorama of publicly controlled companies, Mm has progressively increased its portfolio of assets. It is the fifth operator in the integrated water sector in Italy for volumes of water invoiced and the fifth operator of public housing for number of apartments managed.
Simon Dragon, president of MM Spa underlines that «the positive economic-financial results that emerge from the financial statements that have just been approved confirm the goodness of the work done. We now continue with an ever-increasing focus on social, environmental and economic sustainability».
«The results achieved in this 2022 – he added Francis Mascolo, managing director of MM Spa – should be read in the light of the difficult global context in which we have operated. Also due to the crisis generated by the conflict between Russia and Ukraine, the year was characterized by the strong increase in the price lists of raw materials and supplies. In particular, Mm had to offset the exceptional increase in electricity and gas costs (which went from 23 million euros in 2021 to 53 million euros in 2022) with significant operating efficiencies that made it possible to close the year on a positive note even just concluded”.
The company is engaged in a program of renewal of the aqueduct and sewer networks rie thanks to the use of No-Dig excavation-free technologies that drastically reduce the activities and inconveniences generated on the roadway, and in an infrastructure digitization project through the use of sensors and optical fiber to monitor the network, prevent breakages and encourage timeliness of interventions.
In 2022 there was the inauguration of the first functional section of M4, the new Milan subway, for which Mm works as Works Supervisor. The public heritage care activity was very intense with about 8,000 interventions on schools, sports facilities, lifting systems and waste water collection tanks from road and pedestrian underpasses.
Mm also handles 38,844 real estate units (of which 28,748 apartments) of the Erp assets owned by the Municipality of Milan and confirms its commitment to combating illegal occupations, reducing them to 567 units in 2022 (-70% compared to the start of management, i.e. the end of 2014).