ECONOMIC SUSTAINABILITY

Transcription

1 ECONOMIC SUSTAINABILITY 02 Highlights Over 80 million Euros of Added Value created and distributed: +39.4% with respect to the previous year; also in 2016 more than half of the profit was allocated to investment reserve, with a further increase of 25% over last year; 22 million Euros invested: over 2 million for health and safety and more than 4 million for environment; Investments planned for 2017: 27 million Euros; 10 new partner companies involved through the activities of CSR assessment along the supply chain of Alcantara S.p.A.. PROFITABILITY INDEXES R.O.E. 10.8% 12% 18% R.O.I. 11.3% 11.4% 15.5% Sales margin 11% 11.7% 7% Browse the interactive report on sustainabilityreport.alcantara.com NOTE: The "2016" indication of the following tables refers to the 12-month period between 1 st April 2015 and 31 st March 2016 and corresponds to the new fiscal year of Alcantara S.p.A. 21

2 WHAT WE SAID WE WOULD DO To adopt and develop the tool set for the CSR activities, in the form of self-assessment and subsequent on-site audits, for the development of sustainability in the supply chain of Alcantara S.p.A. WHAT WE HAVE ACTUALLY DONE The project started in 2014 with 5 partner companies and it has been implemented with further CSR assessment activities, involving 10 additional partner companies. NOTE Due to the change of the fiscal year, the information detailed in the present Report refers to the 12-month period between 1 st April 2015 and 31 st March Economic Indicators and Added Value To allow the comparability of financial events over a homogeneous period, it is compared with the previous 12-month financial year of This explains why 2015 is missing in all comparative tables: being made of 3 months only, it would generate inconsistent comparisons. Alcantara S.p.A. confirms its growth trend of the past few years, demonstrating its ability to combat and overcome the economic crisis. In addition to its positive economic and revenue values, Alcantara S.p.A. also managed to maintain the size of its staff. The fact should not be underestimated, especially considering the particularly delicate time on the employment front. MAIN ASSETS AND LIABILITIES DATA ( /000) Current assets 55,570 58,496 79,063 Fixed assets 100, , ,769 TOTAL ASSETS 156, , ,832 Current liabilities 27,497 34,765 51,128 Medium/long-term liabilities 4,698 16,776 15,948 TOTAL LIABILITIES 32,195 51,541 67,076 Shareholders capital 123, , ,756 TOTAL LIABILITIES 156, , ,832 Net Financial Position 9,027 (9,653) Improvement objectives Patent-box: study on reporting and definition of ruling with the Italian Revenue Agency for the current period and finalization for the next tax years; Super amortizations: study and full implementation of reporting for the next fiscal year; evaluation of the possibility to join art.9 of the tax delegation, that allows from 1 st January 2017 taxpayers to send in electronic way bills and daily fees thus eliminating a number of fiscal obligations currently mandatory such as spesometro, black list and intrastat*. Since July 1 st 2016 the Italian Revenue Agency will make available to all taxpayers a free service for the generation and transmission of electronic invoices. * The spesometro is the annual declaration that Italian companies must file to the tax office regarding all domestic VAT sales and purchases. The objective of this declaration is to determine potential VAT fraud and undeclared s. Alcantara S.p.A. has no debts represented by debenture stocks and does not possess shares of its own or shares of holding companies. Its medium/long-term liabilities mainly include 10,348 thousand Euros for loans taken out by Alcantara S.p.A. to supplement its own self-financing capacity and to face the significant investment related to the project for the production process upgrade. This item also includes amounts due for employee severance indemnity and provisions for risks and charges. ADDED VALUE The Added Value indicated on the next page reclassifies the economic account items but is distinguished in part from the strictest accounting defi nition because it uses the method proposed by the Study Group for Social Reporting (GBS). The Added Value calculation reveals Alcantara S.p.A. s ability to create wealth, in the reference period, to the advantage of some of its main stakeholders, in respect of economic management and the expectations of the stakeholders themselves. 23

3 GROSS GLOBAL ADDED VALUE ( /000) % 2014/16 A) Value of production 109, , , % B) Intermediate production costs 60,438 72,771 88, % GROSS CHARACTERISTIC ADDED VALUE 48,817 56,262 78, % C) Accessory and extraordinary components 1,897 1,240 1, % GROSS GLOBAL ADDED VALUE 50,714 57,502 80, % In the Value of production the company s turnover amounts to 164,062 thousand Euros, with a 35% increase compared to The Added Value calculation and distribution figures express in monetary terms the relationships between the company and the socio-economic system with which it interacts, with particular reference to some of its main stakeholders: DISTRIBUTION OF GROSS GLOBAL CONSOLIDATED VALUE ( /000) The Added Value distributed increased by with respect to Staff: employee remuneration; Public administration: government remuneration; Financial backers: remuneration for borrowed capital; Shareholders: remuneration for risk capital; Company system: corporate remuneration; Community: gifts and sponsoring. A) STAFF REMUNERATION 26,370 29,066 31, % Permanent staff 24,693 27,154 29, % - Wages 16,809 18,588 20, % - Social security costs 5,515 5,965 6, % - Severance indemnity 1,216 1,321 1,304 (1.3%) - Other expenses 1,153 1,280 1, % Non-permanent staff 1,677 1,912 2, % B) GOVERNMENT REMUNERATION 6,517 7,170 13, % Direct and indirect taxes (net of loans and tax credits) % 2014/16 6,555 8,344 13, % Loans received by Public Administration (38) (1,174) (120) (89.8%) C) REMUNERATION FOR BORROWED CAPITAL % Charges for current capital % Charges for long-term capital % D) REMUNERATION FOR RISK CAPITAL 6,048 7,084 6, % Part of financial year profit distributed 6,048 7,084 6, % E) CORPORATE REMUNERATION 11,690 13,976 28, % Share of profit allocated to reserves 6,054 7,085 19, % Amortization 5,636 6,891 9, % F) THE COMMUNITY (GIFTS AND SPONSORING) % GROSS GLOBAL ADDED VALUE 50,714 57,502 80, % The distribution of Added Value includes the net income of 25,506 thousand Euros, with a 12% increase over last year, that has been divided into 6,372 thousand Euros as sharing profit and 19,134 thousand Euros 39.4 % as corporate remuneration. The amount of Added Value allocated to permanent and non-permanent staff, despite registering a 21.5% decrease with respect to 2014, increased by 9.4% in absolute terms and amounts to 39.7% of global Added Value. In percentage terms, this decrease is essentially due to the significant increase of the amount destined to the company. The increase of the amount allocated to non-permanent staff is mainly due to the cost of temporary labour from 255 thousand Euros in 2014 to 966 thousand Euros in The company relied upon temporary staff in order to keep a proper level of production flexibility in face of future market trends. In non-permanent staff remuneration are included, besides temporary workers and administrators, also the fees paid to the agents who, at 31 st March 2016, result to be 30 (9 of them operating in the domestic market), to the 3 members Supervisory Board and to the 3 members of the Board of Auditors. At 31 st March 2016 the workforce is composed as follows: A 35.5% of the Added Value created in 2016 was reinvested in the company; this amount includes the amortization of the investments made in the local area and the portion of retained earnings. Already in 2013, the shareholders meeting resolved to waive 50% of profi ts available for distribution in order to self-finance an important investment project to further reduce the environmental impact of processes. The amount allocated to cover investments was increased by a further 25% as a consequence of a new project DISTRIBUTION OF ADDED VALUE 2016 Staff = 39.7% LOCATION Permanent staff Non permanent staff Administrators with special duties Milano (HQ) Nera Montoro (plant and R&D) Shanghai (repr. offi ce) TOTAL BODY ( /000) DISBURSEMENT REPAYMENTS BALANCE AT 31/03/2016 Short-term portion 1,438 Long-term portion 10,347 Company = 35.5% Public Administration = 16.5% Risk capital = 8% Others = 0.3% * Italian National Promotional Institution. aimed to increase the production capacity, due to current and prospect market trends. Despite its financial solidity, the Company, as largely expected, found it necessary to take out long-term loans from external lenders to support the important production process upgrade investment The Bank of Tokyo 5,000 5, ,000 2, Mizuho Bank 5,000 5, ,000 2, GE Capital Cassa Depositi e Prestiti * 2,194 (653) 1, TOTALS 12,438 (653) 11,785 1,438 4,536 4,540 1,

4 The amount distributed to the government was 13,233 thousand Euros (16.5% of the total): this amount is the result of the sum of 12,252 thousand Euros for direct taxation and 1,101 thousand Euros for indirect taxation, less 120 thousand Euros for loans received and tax credits linked primarily to the contribution for the energy-intensive enterprises and a remaining part of tax credit on investments. 26 The investments made in 2016 amount to 22 Million Euros. Of these, 496 thousand Euros concern intangible property assets and 1,282 thousand Euros concern the capitalization of internal costs, attributable to the labour cost of staff working in the maintenance department, technical design office and research centre. The remuneration for risk capital of 6,372 thousand Euros (8% of the total Added Value) is represented by the amount allocated as a dividend of the profit of the period which, as said, represents 25% of available income. Lastly, 107 thousand Euros was allocated to gifts and sponsoring, of which 91 thousand Euros was given to trade associations. 2.2 Investments The investments are divided into five main areas: PURCHASES DURING THE FINANCIAL YEAR ( /000) Balance Forecast Plant rationalization, maintenance and quality standards* 5,320 7,423 7,616 4,046 Health, Safety and Environment* 3,771 3,374 7,062 3,163 Research and Development Information system, marketing structures and other New project for environmental improvement 4,889 21,800 6,191 6,946 TOTAL 15,660 34,081 22,099 15,484 The difference between the amount of the forecasted investments and the balance amount is mainly due to the following reasons: the Board of Directors of 25/05/2015 deliberated a 2,7 Million Euros increase in investments aimed at the improvement of production capacity and machinery safety; the Board of Directors of 09/12/2015 deliberated a 4,4 Million Euros increase 2016 in investments as starting phase of a broader project. For further details, refer to Investments Forecasts for 2017 paragraph. Investments for the protection of health, safety and the environment amount to 7,062 thousand Euros (approximately 32% of total investments), and far surpass expense forecasts. They are broken down as follows: Health and safety: 2,389 thousand Euros; Environment: 4,673 thousand Euros. In 2016, the aims of the environmental protection investments were: to prevent air pollution (3,399 thousand Euros); to prevent water pollution (857 thousand Euros); to prevent subsoil pollution (417 thousand Euros) * Health, Safety and Environment includes only costs for health and safety management and environmental protection. However, in the Directors Report to the fi nancial statements, those costs are aggregated with costs for Energy Saving and Development Projects (which here are included in Plant rationalization and maintenance and quality standards ). INVESTMENT FORECASTS FOR 2017 The investment plan for 2017 envisages the maintenance of health, safety and environmental commitments for the continuous improvement of the standards achieved, with a particular focus on impacts on the territory and workers safety. Of the investments planned, in addition to the ordinary investments accounting for 8.3 MILLION EUROS worthy of attention is the continuation of the project approved by the Board of Directors of 09/12/2015, for the initial amount of 4.4 MILLION EUROS This project is the direct consequence of the significant growth in production and sale volumes, which made necessary investing on production flexibility of the company s plant in order to adapt the whole process to the ideal production capacity. The second phase, for an amount of 17.7 MILLION EUROS will be reported in 2017 fi scal year, as deliberated by the Board of Directors of 29/02/2016. The whole project will be completed by INVESTMENT PLAN 01/04/ /03/2017 AMOUNT ( /000) Plant rationalization, maintenance and quality standards 19,062 Health, Safety and Environment 7,053 Research and Development 955 Information system, marketing structures and other 800 TOTAL 27,870 27

5 2.3 Suppliers and Partners Alcantara procures the materials, products and services needed in manufacturing processes (production structure of the Nera Montoro facility), the Milan headquarters and distribution processes, according to the various product segments. In more detail, Alcantara imports some special raw materials, semi-processed goods and specific machinery/ equipment from Japan (in some cases, the manufacturer is Toray Industries, Inc.). Outsourced technical and maintenance services are provided by local companies (over 75% of services) and outsourced product processing is assigned to specialized third party companies operating (over 98% of services) in Italy; these are reliable partners that have decades-long relationships with Alcantara. SUPPLIERS Number % of total % of In the fi scal year 2016, Alcantara S.p.A. received goods or services from 1,744 suppliers Number % of total % of Number % of total % of Italy 1,300 87% 79% 1,392 86% 77% 1,470 84% 80% Other countries % 21% % 23% % 20% TOTAL 1, % 100% 1, % 100% 1, % 100% With specifi c reference to the geographical location of the suppliers, Alcantara S.p.A. gives priority to suppliers based near the company sites (provincial or regional). Considering the two company sites (the management offi ce in Milan and the production plant and Research Centre in Nera Montoro), there are 701 local suppliers (40% of the total). Most suppliers from outside Europe are located in Japan. SUPPLIERS Number % of total % of Number % of total % of Number % of total % of Region of Umbria % 19% % 26% % 21% of these in the Province of Terni % 18% % 24% % 19% Region of Lombardy % 33% % 24% % 32% of these in the Province of Milan % 27% % 20% % 28% Other regions and countries % 48% % 50% % 47% TOTAL 1, % 100% 1, % 100% 1, % 100% During the fi scal year 2016, Alcantara S.p.A. maintained its commitment to foster relationships with its suppliers based on the principles of fairness, sustainability, equity and optimization of the global cost, while meeting the highest quality and safety requirements. The company has also kept its supplier mapping updated based on criteria such as factors impacting the sustainability risk level associated with the supply (such as geographic area/district in which the supplier operates, information in the public domain, compliance with a Code of Ethics and/or Corporate Social Responsibility programmes, conduct during the supply). With its suppliers (and sub-suppliers), Alcantara promotes transparent and ethical conduct and responsible management processes in compliance with the principles of environmental protection, the safeguarding of human rights and work standards and the fi ght against corruption. 28 In agreements entered into with suppliers for goods and services, the supplier must make an express commitment to comply with the principles set forth in standard SA8000 and, for the purposes of executing the engagements assigned, to observe the General Part of the Organization Model (pursuant to Italian Legislative Decree 231/2001) and the Alcantara Code of Ethics. 29

6 30 SUPPLIERS QUALIFICATION Alcantara S.p.A. undertakes to ensure that the supplier meets all the requirements laid down by the corporate procedures for their inclusion on the Supplier s List and to promote the improvement of its suppliers environmental and social responsibility performance (including by carrying out second party audits). In addition, it encourages its suppliers to implement plans to optimize energy consumption, reduce the use of hazardous materials, reduce emissions, use recycled or reused materials and maintain optimal management of the waste. The satisfaction of these requirements is always ascertained through objective and documentary evidence and, for some equipment categories, also through technical and organizational audits at the suppliers sites. Audits are conducted at suppliers sites in order to verify their ability to fulfi l the specifi c requests for supplies and comply with the requirements laid down by the certifi ed management systems (quality, environment, safety and social responsibility). Alcantara S.p.A. identifies as strategic the suppliers operating in the following areas: machining operations performed on the product; contracting and logistical services (technical and maintenance companies operating at the production plant/central office, warehouse management, transport); general services (decontamination and/or waste disposal); raw materials. With regard to sustainability, 116 suppliers are considered priority due to the fact that the goods and/or services they provide have a mutually signifi cant economic impact and support activities whose effects may infl uence the assessment made by stakeholders. Of these, 39 are defined super core suppliers (in that they work regularly at the Alcantara S.p.A. sites and/or are partners in a production/ distribution process) and 77 are defined core suppliers (in that they work noncontinuously at the Alcantara S.p.A. sites and/or may become partners in a production process and/or are suppliers of important raw materials). During the fi scal year 2016 only one new priority supplier, which operates in the product performance activities, was registered. The new supplier has been included in Alcantara s assessment program which evaluates suppliers on several criteria: environmental, social, human rights and labour practices, among others. New supply chain sustainability approach CSR self-assessment and CO 2 offsetting During the fiscal year 2016, the project was implemented with 10 partner companies involving a CSR assessment (Corporate Social Responsibility) along the Alcantara S.p.A. supply chain. That instrument, in the form of a self-assessment/on-site audit, involves filling out a series of assessment sheets and enables Alcantara S.p.A. s suppliers to create a reference framework concerning the level of risk management and sustainability opportunities, identify possible actions to improve performance, sustainably create value and reduce environmental impacts as much as possible. Through this initiative, suppliers are able to meet Alcantara S.p.A. s sustainability requirements and comply with its socially responsible business model. They are also able to develop better governance and control mechanisms by: identifying ethical/social and environmental risks and opportunities; understanding the level of management of such aspects; identifying what must be done to reach a satisfactory level; evaluating and measuring progress over time; involving collaborators, also by stimulating internal debate; initiating dialogue with other businesses and organizations. With this assessment of compliance with Alcantara S.p.A. s socially responsible business model, the supplier will be accredited in line with sustainability standards by the vendor management system. With the aim to involve suppliers in its Environmental Sustainability model, Alcantara S.p.A. successfully asked and obtained from suppliers of logistic services (transports), according to the criteria established by the Certification Body, the calculation of CO 2 emissions and related offsetting, through the well-established practice of the purchase of offsetting projects. The amount of CO 2 offset by suppliers corresponds to about 3,400 tons. For further information on Carbon Neutrality, please refer to Chapter 6. CSR ASSESSMENT OF SUPPLIERS TYPE OF SUPPLY Total at 31/03/2016 Product nobilitation processes Tender and logistics services Waste disposal services Raw materials /packaging 1-1 TOTAL AUDIT Alcantara S.p.A. purchases exclusively raw materials authorized by the community standards (REACH), and subjects every new raw material to a strict assessment with regard to its environmental impact and safety for consumers before using it in a production process. 31

7 SA8000 RESPONSIBLE PROCUREMENT Since 2007 goods and service suppliers have collaborated with Alcantara S.p.A. in maintaining the levels laid down in the SA8000 standard. Alcantara S.p.A. elaborated a schedule of audits conducted on core and super-core suppliers by qualifi ed experts and the SA8000 manager with the objective of checking their commitment towards the social responsibility standard. Furthermore, the audits aimed at detecting any situations of risk relating to the right to exercise freedom of association and collective bargaining, respect for human rights and forced or child labour. The non-conformities found are classifi able as minor. The suppliers were requested to take corrective actions and provide evidence of their implementation. NUMBER OF AUDITS TYPE OF SUPPLY At 31/12/ Total at 31/03/2016 Product nobilitation processes Tender and logistics services Waste disposal services Raw materials/packaging TOTAL AUDITS Within the scope of the three-year audit plan (from 1 st January 2013 to 31 st March 2016), Alcantara S.p.A. carried out 42 audits to directly assess the supplier s fulfi lment of requirements. These audits did not reveal any violations by the suppliers of the applicable workplace health and safety or environmental and public health protection legislation, or the international principles to which reference is made in the SA8000 standard or any social emergency situations (unreported employment, child labour, etc.) justifying suspensions and/or revocations of the contract. None of the suppliers had to be put in warning status. Plans of action were drawn up together with the suppliers for the areas identifi ed as having room for improvement fi gure includes two additional audits (not planned) aimed at directly assessing the implementation of the improvement action plan at the supplier s site. Based on the audits carried out in the last three years, 36 action plans were launched (18 plans in plans in plans in the fiscal year 2016) involving the same number of suppliers (90% of the inspections made were associated with an improvement plan), for a total of 139 fi ndings and relative corrective actions AUDIT PROGRAMME IMPROVEMENT PLANS PROJ 31/03/2016 Total Audits Total plans (with corrective actions) Total No. of fi ndings

8 Alcantara S.p.A. has established relationships based on transparency and collaboration with the Public Institutions. It has also engaged Universities in projects aimed at developing the relationship between public and private research (for further details see Chapter 5). 2.4 Institutions GOVERNMENT FINANCING In the fi scal year 2016 Alcantara S.p.A. continued to monitor mainly national tax relief opportunities, aimed to support companies committed to investment projects, research and protection activities of trademarks and patents. During the reference period, there were no conditions for the exploitation of the residual advantage coming the former tax credit on new investments (Decree Law no. 91 of 24 th June 2014, Art. 18, converted without amendments by Law 116/2014, Official Gazette of ) with deadline at the end of the fi rst half of The table below lists the main loans requested or obtained by Alcantara S.p.A. from Public Institutions. CALL FOR TENDERS Tax credit for investments in new capital goods (Art. 18 Decree Law 91/2014) CHARACTERISTICS The machinery bonus envisages the introduction of a tax credit amounting to 15% of the value of investments in new capital goods. The only eligible assets are machinery and equipment included in division 28 of the Ateco 2007 table, purchased or made from 25 th June 2014 to 30 th June The facilitation is due for the amount of the cost exceeding the average of the same type of investments made in the fi ve previous tax periods, with the right to exclude the tax period with the highest investment from the average. With regard to the transfer of value to the State and Local Authorities through the payment of direct and indirect taxes and other contributions, the sum of 13,353 thousand Euros paid in 2016 increased essentially due to IRES. FINANCIAL RELATIONS WITH LOCAL AUTHORITIES AND THE STATE ( /000) LOCAL AUTHORITIES IRAP (Regional Business Tax) 1,318 1,444 1,895 Waste disposal tax Utility taxes and surtax ICI/IMU (property tax part allocated to the Municipality) Advertising tax Other taxes due TOTAL 1,699 1,848 2,289 STATE IRES (Corporate Income Tax) 4,364 5,815 10,357 Customs duties IMU (property tax part allocated to the State) VAT on gifts Capital transfer tax and excise licences Other taxes due TOTAL 4,937 6,517 11,064 PUBLIC ADMINISTRATION TOTAL 6,636 8,365 13,353 Furthermore, here below are reported the benefi ts found in the distribution of Added Value to Public Administration. The amount was defi ned precisely with reference to the provisions of the circulars available, the clarifi cations provided by the Italian Revenue Agency and specialized literature, and is equal to 1,174 thousand Euros. This amount translates into a tax credit that will be available beginning on 1 st January of the second tax period subsequent to that in which the investment was made (for Alcantara S.p.A., starting on 1 st January 2016). GRANTS AND CONTRIBUTIONS RECEIVED Contribution to energy-intensive businesses (38) ( 55) (60) Tax credit investments - (1,114) (60) Regional bonus for hirings - (5) - TOTAL (38) (1,174) 120 The table also includes deferred tax assets amounting to 836,000 Euros in 2016 (834,000 Euros in 2014), of which 717,000 Euros for IRES (745,000 Euros in 2014) and 119,000 Euros for IRAP (89,000 Euros in 2014)

9 TAX BENEFITS LEGISLATIVE REFERENCE Patent Box (ex art.1, c Law of 23 December 2014 n. 190 Stability Law (Italian Draft Budgetary Plan), modifi ed by Decrete Law of 24 January 2015, n.3, and converted with Law of 24 March 2015, n.33) Super amortizations (art.1 c 91,92,93, and 94 Law of 28 December 2015 n.208 Stability Law (Italian Draft Budgetary Plan) CHARACTERISTICS Tax relief on income from the intangible assets, so called intangibles such as trademarks, patents, models and similar. The company has directed its efforts to the evaluation of this advantage by launching a study and preliminary assessment with the support of a leading professional legal and tax fi rm. This activity has led to a positive outcome, making the company willing to apply for membership of the above mentioned procedure, electronically presented on 23/03/2016. The updates of this request, which could lead to signifi cant tax savings already in the current fi scal year, will be provided in the next report, downstream of the closure of the legislative path establishing the comparison with the Revenue Agency on the methodologies of benefi t calculation and application. Bonus concerning tax rules for amortizations, according to which it was envisaged the possibility of operating a maxi amortization on capital goods investments. The provision is aimed at encouraging investments in new capital goods through a percentage increase of the tax cost of the goods themselves, in order to allow, for the purposes of IRES (Corporate Income Tax), the inclusion in the tax period of amortization portions and of higher fi nancial lease payments. In particular, in this context, the new legislation provides that, for the purposes of the deductibility of the amortization of these new assets, the cost for the acquisition of new capital goods from 15 October 2015 to 31 December 2016, may be increased by 40% over the charge of the income statement (according to the prescribed tabular coeffi cients). The company has no benefi ts for the present fi scal year, but is studying the applicability for the next tax year. MEMBERSHIP OF TRADE ASSOCIATIONS Alcantara S.p.A. participates in many associations and/or institutions through its membership fee and a direct presence in order to support the company s representation and use the services provided by the associations. Alcantara S.p.A. has never paid contributions for political purposes and has no future plans on the subject. LIST OF ASSOCIATIONS OF WHICH ALCANTARA S.P.A. WAS A MEMBER ON 31 MARCH 2016 FAI (Italian National Trust) AUSED (Association of users of information systems and technologies) ASSOFIBRE ASSOLOMBARDA ASSOUMBRA FEDERCHIMICA IBC (Consumer goods industrial association) TEXCLUBTEC MITTELMODA NATIONAL CHAMBER OF FASHION JAPANESE CHAMBER OF COMMERCE JAPANESE SCHOOL ITALIA-JAPAN FOUNDATION ITALIA-USA FOUNDATION CLINTON GLOBAL INITIATIVE

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