Monday, 26 March 2018
ITALIAN EXHIBITION GROUP (IEG): the Board of Directors approves the 2017 draft financial statement. Revenue rises (+4.7%); net profits of the Group 9.1 million euros (+42.1%); distribution to shareholders of dividends of 5.5 million euros proposed
The consolidated financial statement as at 31 December 2017 approved:
- Consolidated turnover of 130.7 million euros (124.8 as at 31st December 20161)
- Group EBITDA 23.2 million euros (22 mln as at 31st December 20161);
- Group net profit of 9.1 million euros (6.4 mln as at 31st December 20161);
- A proposal of the group leader of a dividend of 18 euro cents per share deliberated
Rimini, 26th March 2018 - The Italian Exhibition Group SpA (IEG) board of directors has approved the 2017 draft financial statement 2017 and the consolidated statement.
IEG´s consolidated turnover, as of 31st December 2017 was 130.7 million euros (4.7% up on the 124.8 million of the IEG pro-forma1 turnover in 2016). The Gross Operating Margin (EBITDA2) as of 31st December 2017 was 23.2 million euros (an increase of 5.4% on the 22 mln of 2016). Consolidated net profit pertaining to IEG as of 31st December 2017 was 9.1 million euros (a 42.1% increase on the 6.4 mln of 2016).
As of 31st December 2017 the Net Financial Position of the group has a negative value of approximately 51.3 million euros, compared 40.5 in 2016. The growth of the debt burden, less than expected, was due to the policy of dividend distribution (over 10.5 million ordinary and extraordinary dividends in favour of shareholders during 2017) and 23.9 million euros of investments made. The turnover:debt level ratio is excellent, i.e. perfectly able to be faced.
In 2017, IEG hosted an overall total of 59 exhibitions, 280 conferences and events, 15,649 exhibitors and 2,648,675 visitors in its expo and conference facilities in Rimini and Vicenza.
These figures position IEG in second place among Italy´s trade fair centres for turnover and first as far as exhibitions organized directly and business profitability are concerned.
This is an important result, with a higher turnover than IEG had indicated in the budget for 2017.
Profits also met the objectives and expectations for the distribution of dividends to Shareholders are being met: during today´s board meeting, IEG Board of Directors deliberated a proposal of an ordinary dividend of 18 euro cents per share (the same as distributed last year) for a total of 5.5 million euros, confirming the stability that Shareholders expected.
IEG management – supported by the excellent results of the first quarter of 2018 – is therefore confident that it will achieve the ambitious results forecast by the budget.FOCUS ON ITALIAN EXHIBITION GROUP SPA:
Italian Exhibition Group SpA is Italy´s first trade fair organizer for profitability and expo portfolio (regarding the Food & Beverage, Green, Technology, Entertainment, Tourism, Transport, Wellness, Jewellery e Fashion, Lifestyle & Innovation trades). IEG is also Italy´s leader in the conference and congress sector. IEG works in a worldwide context on the internationalization of its Clients´ business, starting with a solid presence in the world with branches in the United Arab Emirates, Brazil, United States and China. ITALIAN EXHIBITION GROUP SPA PRESS CONTACTS:
Elisabetta Vitali - head of media & corporate communication Marco Forcellini - press office manager
CORPORATE MEDIA AGENCIES
Smart Comunicazione, Cesare Trevisani firstname.lastname@example.org
MyPr Lab, Filippo Nani email@example.com
1 The pro-forma financial statement is intended as being the financial statement of Italian Exhibition Group SpA is if the merger between Fiera di Rimini and Fiera di Vicenza had effect from 1st January 2016 and therefore as if the financial statement showed in the profit and loss account all the activity carried out by the two companies during 2016. Due to the technical aspects of the merger (contribution of Fiera di Vicenza to Rimini Fiera), the effective profit and loss account of the company show the whole of 2016 of Rimini Fiera and the months of November and December of Fiera di Vicenza, Following the definitive approval of the Price Purchase Allocation document the 2016 data underwent redefinition with slight modifications.
2 The EBITDA is represented by the operating results (earnings) before interests, taxes, depreciation and amortization. EBITDA is an indicator defined and used by the Group to monitor and assess the Group´s operating performance, but is not defined in this context by the IFRS; so it must not be considered as an alternative indicator for the assessment of the performance of the Groups´ operating result. The company considers the EBITDA to be an important parameter for assessment of the Group´s performance, as it enables to analyze its marginality, eliminating the effects due to non-recurrent economic elements. Since the EBITDA is not an indicator whose determination is regulated by the reference accounting standards for drawing up the Group´s consolidated financial statement, the criterion applied for the calculation of the EBITDA might not be homogeneous with that adopted by other groups, so might therefore not be comparable.
3 Italian Exhibition Group´s leading expos undergo certification by the ISFCERT institute, recognized by ACCREDIA, according to ISO 25639:2008 international standard (Exhibition Terminology and Measurement).