Tuesday, 30 April 2019
ITALIAN EXHIBITION GROUP (IEG): The Shareholders´ Meeting approves the financial statements for the 2018 fiscal year and resolves the dividend
- Consolidated net profit was 10.8 million euros (compared to 9.2 in 2017)
Revenue and operating profitability also increased
- Total consolidated revenue was 159.7 million euros (130.7 in 2017)
- Consolidated EBITDA1 was 30.8 million euros (23.2m in 2017)
- Distribution resolved for a dividend for the group leader of 18 euro cents per share, payable from 31st May 2019
Rimini, 30th April 2018 – Today, the Shareholders Meeting of Italian Exhibition Group SpA (IEG), a leading organizer of trade fairs and conferences in Italy and in the world, unanimously approved the consolidated financial statement of the company as of 31st December 2018 without any changes compared with the draft financial statements approved by the Board of Directors on 21st March.
At the Meeting, 15 parties with voting rights participated, representing, in person or by proxy, 93.81% of the company capital. The main consolidated results of the 2018 fiscal year
IEG´s consolidated turnover as at 31st December 2018 was 159.7 million euros (22.2% more than the 130.7m of 2017). Operating profitability also rose, with a Gross Operating Margin (EBITDA1) of 30.8m (32.6% more than the 23.2m of 2017).
The Net consolidated profit was 10.8m (17.9% up on the 9.2m of 2017, which had however benefited from a favourable fiscal impact).
As at 31st December 2018, the Net Financial Position of the Group was 68.9 million euros, compared to 51.3 in 2017. The increase in the debt burden, moreover lower than expected, was due to acquisitions made in the stand fitting sector in Italy and in the United States and the inclusion in the NFP of potential debts for put options connected with these acquisitions. The relationship between Net Financial Position and EBITDA (2.2) is exactly the same as the previous year, and fully sustainable.
Consolidated net assets as at 31st December 2018 were 114.6 million euros - indicated gross of the negative reserve due to the aforementioned debt for put options (8% up on the 106.1m euros of 2017).
Comparison with the previous year´s figures must take into consideration some changes in the corporate structure (in March 2018, US stand fitting company FB International Inc. became part of the IEG group, as did Prostand Srl and Colorcom Allestimenti Fieristici Srl, from 1st September 2018) and the absence, in 2017, of two biennial expos which are only held on ´even´ years: Tecnargilla and IBE-International Bus Expo. On the other hand, 2017 benefited from the A.B. Tech Expo, held in Rimini every three years, and Koinè, held every two years in Vicenza.Results of Group Leader Italian Exhibition Group S.p.A. and resolution of the dividend
The Group Leader ended the fiscal year with a total revenue of 119.8 million euros (9.5% more than the 109.4m of 2017), an EBITDA1 of 26.0m (18% up on the 22.0m of 2017 and after having paid all the costs incurred for the extraordinary transactions connected with the project of stock exchange listing) and a net profit of 9.9m (12.8% more than the 8.7m of 2017).
The Shareholders Meeting resolved the distribution of a gross dividend per share (DPS) of 18 euro cents – for a total of approximately 5.5 million euros of net profit to be distributed – against an EPS of 32.2, payable from 31st May 2019.Coopted Board Members confirmed and the supervisory body integrated
During the session, the Meeting confirmed members of the Board of Directors Mr. Fabio Sebastiano, Ms. Valentina Ridolfi and Ms. Roberta Albiero, nominated via cooptation from the Administrative Body following the convocation of the previous Shareholders Meeting. The meeting also proceeded with the nomination, at the suggestion of shareholder Vicenza Holding, of Ms. Paola Negretto as alternate auditor, replacing Ms. Albiero, who resigned from role when coopted to the Board.
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FOCUS ON ITALIAN EXHIBITION GROUP SPA
Italian Exhibition Group (IEG) is the Italian leader in the organization of expos and one of the main players in Europe in the expo and conference sector, with its venues in Rimini and Vicenza. The IEG Group stands out for the organization of events in five categories: Food & Beverage; Jewellery & Fashion; Tourism, Hospitality & Lifestyle; Wellness and Leisure; Green & Technology. In recent years, IEG has launched an important process of foreign expansion, also by means of joint ventures inked with local players (e.g. in the United States, Arab Emirates and China). IEG ended the 2018 financial year with a total consolidated turnover of 159.7 million euros, an EBITDA of 30.8 million and a net consolidated profit of 10.8 million euros. In 2018, IEG held an overall total of 53 exhibitions organized or hosted and 181 conferences and events in its expo and conference facilities in Rimini and Vicenza. www.iegexpo.it
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