The meeting of the Assembly of Coni Servizi S.p.A. was held this afternoon at the Foro Italico. In the course of the meeting the members of the Board of Directors were nominated for the 2016-2018 period which is thus composed: Franco Chimenti, President, Alberto Miglietta, Annarita Balzani, Giovanna Boda and Francesco Parlato, Directors.

Particular acknowledgment was given to Board Member Vincenzo Iaconianni for his support in the course of his recently concluded mandate.

In the subsequent meeting of the newly nominated Board, delegations and powers were conferred to the President, Franco Chimenti and to Alberto Miglietta, who was reconfirmed in the role of CEO.

The Assembly also approved the 2015 financial statements.

The result before tax of 16.7 mln € - improved compared to the previous year – positively affects the continued control and optimization of costs as well as the adjustment of the financial activities deriving from the accounting re-alignment of the value of the Company’s shares in the Istituto per il Credito Sportivo. The net profit of 14 mln €, also improved compared to that of the previous year, enabled the distribution to the shareholding Ministry of the Economy of a dividend of 2.2 mln € in virtue of the reduction in expenditure resulting from the implementation of the current provisions of law (Leg. Decr. 66/2014 and 78/2010). Moreover, In terms of respect of the regulations, Coni Servizi has continued to re-align the terms of payment of debts towards suppliers provided for by the regulations, reaching an average of about 36 days.

The economic result for the year showed an improvement compared to both the 2015 budget forecast and, in particular, compared to the previous year. The proceeds – which at the beginning of the Company’s activities in 2003 amounted to 4.4 mln € - have increased to 31.3 mln €, an increase of about 4 mln € with respect to the previous year, in virtue of a further development in the evaluation of the company’s assets, in addition to increased planning implemented in the course of the year as requested by CONI and not included in the annual service contract with the latter.

As proof of the growing efficiency of Coni Servizi in providing support to the Italian sports system, the proceeds deriving from the contract with Ente CONI – substantially in line with 2014 – have continued the trend that from 2003, first year of the Company’s operation, to today, has enabled to progressively reduce the amount due from 179 mln € to 102.1 mln €, thus saving 76.9 mln € (-43%).

At the end of the accounting period, Coni Servizi’s debts towards banks were equal to 94.7mln €, substantially in line with the previous year. Of these, 56.5 mln € represent the remaining portion of debt originally inherited from the Ente CONI administration (equal to 400.9mln € at 31.12.2003).

Finally, substantial investments have been made in the course of the accounting period on the available instrumental assets amounting to more than 5 mln €.