(Pictured above: aerial view of Rimini Expo Centre – Italian Exhibition Group)
The Italian Exhibition Group, listed on the MTA (screen-based stock exchange) organized and managed by Borsa Italiana S.p.A. and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini, Vicenza, Milan and Arezzo, released their half-yearly financial report. The first half year period ending June 30 showed a profit thanks to the excellent results achieved at the beginning of the year and the efficacy of the measures that were immediately adopted to counteract the effects of the unprecedented COVID crisis.
The results of the first half year, together with substantial financial resources, strict safety protocols and new strategies applied to digitalization, are the strong basis with which IEG is facing the challenge of resuming its operations within a context of prolonged uncertainty in the trade fair sector.
Total revenues for the first half of 2020 amounted to € 61.8 million showing a decline (-38.1 percent) from € 99.9 million in the same period of the previous year due to the COVID-19 health emergency.
The indicators of operational profitability are all positive despite the substantial cessation of business activities at the end of February. EBITDA1 stood at € 15.6 million, due to lower revenues, compared with the € 26.7 million of the first half of 2019 (-41.5 percent). EBIT stood at € 3.4 million compared with the € 17.8 million in the same period of 2019 (-80.8 percent) despite a non-recurring asset write-down of € 2.6 million.
The net profit attributable to the shareholders of the Parent Company amounted to € 9.8 million, up by 1.2 percent also thanks to the non-recurrent financial income of € 9.3 million compared with the € 9.7 million in the first half of 2019.
The Manager responsible for preparing the company’s financial documents, Roberto Bondioli, declares that, pursuant to paragraph 2 of art. 154 bis of the Consolidation Finance Act (TUF), the information in this communication corresponds to the accounting records, account books and book entries.
The results for the first half of 2020 will be presented in a conference call with the Financial Community and the presentation will be available in the Investor Relations section on the website www.iegexpo.it.
Italian Exhibition Group, listed on the MTA (screen-based stock exchange) organized and managed by Borsa Italiana S.p.A., is a leader in Italy in the organization of trade exhibitions and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in Milan and Arezzo. The IEG Group is notable in the organization of events in five categories: Food & Beverage; Jewellery & Fashion; Tourism, Hospitality and Lifestyle; Wellness, Sport and Leisure; Green & Technology. In the last few years, IEG started a significant expansion process abroad, also through the conclusion of joint ventures with local operators (for example, in the United States, Arab Emirates and in China). IEG closed the 2019 financial year with consolidated total revenues of € 178.6 million, an EBITDA of € 41.9 million and a consolidated net profit of € 12.6 million. In 2019, IEG totaled 48 organized or hosted exhibitions and 190 congresses. For more info, visit www.iegexpo.it
This release includes provisional elements and estimates that reflect the current views of the management team (“forward-looking statements”) in particular with regard to future management performance, realization of investments, cash flows trends and the evolution of the financial structure. The forward-looking statements by their nature include a component of risk and uncertainty because they depend on the occurrence of future events. The actual results may differ, also in a significant manner, from those announced, in relation to a number of factors including but not exclusive to: the performance of the out-of-home-food consumption market and of tourist flows to Italy, the performance of the gold-jewellery market, the performance of the green economy, the developments in the price of raw materials, the general macroeconomic conditions, geopolitical factors and development in the regulatory environment.