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Risanamento closed 2023 with a net profit of 11.9 million euros, a clear increase compared to the loss of 59.9 million euros in the previous year. The company reported this in a note in the evening. The consolidated net result is positive for 10.6 million euros, compared to the negative consolidated net result of 53.8 million euros in the previous year.
The consolidated positive net financial position is equal to 50.2 million euros, compared to the negative one of 567.4 million euros in the previous year. The Group’s net equity is equal to 52.6 million euros (at 31 December 2022 equal to 42 million euros).
The economic, patrimonial and financial balance sheet data are, as stated in the company note, «positively influenced by the non-repeatable effects of the “Project Starfighter” operation which saw the sale of the Milan Santa Giulia area to a mutual investment fund of type closed for 648 million euros (in line with the fair market value) and the simultaneous extinction of the entire financial debt of the Group towards the banking system for a total of 572 million euros”.
The “Project Starfitghter” operation allows, among other things, the obtaining by the Risanamento Group of the financial resources necessary to fulfill, with reference to the Milano Santa Giulia development initiative, its commitments for the reclamation works and infrastructure contracts undertaken with the public authorities and allowed the extinction of its entire financial debt towards the banking system amounting to approximately 572 million euros as of 30 June 2023.
Specifically, the Risanamento Group remains responsible for the completion, also through the credit lines made available by the Fund, of the reclamation and infrastructural access works to the area such as the construction of the Tramway, between Rogoredo station and Forlanini, the new interchange of Mecenate and Via Toledo, the road connecting the Mecenate junction to the Paullese junction, which will also become the access road to the Arena.
With the completion of Project Starfighter, the valorisation process of the Milano S. Giulia area started in 2017 comes to a positive conclusion, thus allowing the completion of the neighborhood which represents an urban centrality of great importance, also considering that the Milano Santa Arena Giulia will host several races during the Milan Cortina 2026 Olympic event.