Press release
ITALIAN EXHIBITION GROUP: the Board of Directors approves the consolidated financial statement for 2016. Revenues have grown; Group net profits stand at Euro 6.6 million; shareholder dividend doubles
- Consolidated financial statement at December 31st2016 approved:
-Consolidated turnover at Euro 124.8million(€112.8million at 31stDecember 2015);
-EBITDAEuro 21.9million(€19.6million at31st December 2015);
-Net profits Euro 6.6 million(€5.5millionat31st December 2015);
-Proposal for a Parent Company divided of 18 cents per share deliberated.
Rimini, May2nd2017 - The Board of Directors of Italian Exhibition Group SpA, meeting last April 28th, approved the 2016 draft budget and consolidated financial statement. The figures refer to the pro-forma1 consolidated financial statement as of 31st December 2016 or rather, as if the founding of IEG were dated at 1st January 2016 and the financial statement were showing all the activities of the merged companies over the entire financial period.
IEG's consolidated pro-forma turnoveratDecember31st2016was equal to Euro 124.8million(+10.6% compared to Euro112.8million of the pro-forma for 2015).The Gross Operating Surplus (EBITDA2) at December31st2016came to Euro 21.9million(+11.7%compared to 2015). Consolidated pro-forma Net Profits at December31st2016equalled Euro 6.6 million (+ 20%compared to Euro 5.5 million in2015).
At December31st2016the Net Financial Position was negative for about Euro 40 million, with an excellent business volume and debt level ratio, that is, one that can easily be dealt with. The NFP was substantially the same as Rimini and Vicenza's NFP at12/31/2015, despite the payment of shareholder dividendsto the value of Euro 14 million, costs for the first instalment for expanding the Rimini venueand deadlines for the last payments for the construction of the new Hall 7 at the Vicenza venue.
In 2016, IEG events at its exhibition and congress sites in Rimini and Vicenza hosted a total of 59 shows, 216 congresses and events with14,593exhibitors and almost 2.5 million visitors3.
Figures which put IEG in second place among Italian trade show companiesin terms of turnover volume and in first place for directly organized shows and earning capacity.
The turnover volume is an excellent result, higher than IEG had predicted in the budget for 2016. Profits were also in line with objectives and forecasts for shareholder dividend payments have been maintained.An outlook which will be well accepted among the documents that make up the future Stock Exchange listing and that, by maintaining turnover and earning levels, is an improvement on the already optimal performances of 2015 and 2014.
IEG management – supported by the excellent results of the first quarter - is therefore confident of achieving the ambitious results forecast in the 2017 budget.
At the same meeting onApril 28th, the IEG Board of Directors deliberatedthe proposal for an ordinary dividend payment of 18 cents per share (the ordinary dividend was 9.46 cents and 6.5 cents in 2015 and 2014 respectively) which is to be submitted to the next Shareholders' Meeting.
1Pro-forma financial statement refers to the statement of Italian Exhibition Group SpA as if the merger between Rimini Fiera and Fiera di Vicenza had taken effect on January 1st2016 and, therefore,as if the statement showed all the activities carried out by the two companies during thewhole of 2016. For the technical modalities used for the merger (the conferment of Fiera di Vicenza into Rimini Fiera), the real financial statement of the company shows all 2016 for Rimini Fiera and the months of November and December 2016 for Fiera di Vicenza,
2 ’EBITDA is the gross operational result after amortizations. EBITDA is a unit of measurement that the Group defines and uses to monitor and assess the Group's operational progress, although it is not defined in the IFRS and is therefore not to be considered as an alternative measure for evaluating the progress of the Group's operational result. The Company believes that EBITDA is an important parameter for measuring the Group's performance because marginality can be analyzed eliminating the effects of non-recurrent economic factors. Since EBITDA is not a measure whose calculation is governed by the accounting standards of reference for drafting the Group's consolidated financial statements, the criterion applied for calculating EBITDA may not be the same as that used by other groups and may therefore not be comparable.
3 Italian Exhibition Group SpA's leading shows are subject to certification, through the ISFCERT institute recognized by ACCREDIA, in accordance with the ISO 25639:2008 Exhibition Terminology and Measurement standard.
ITALIAN EXHIBITION GROUP SPA: FOCUS ON
Italian Exhibition Group SpA, the Company generated by a merger between Rimini Fiera and Fiera di Vicenza, is led by President Lorenzo Cagnoni, together with Vice President Matteo Marzotto and Managing Director Corrado Facco. IEG, which closed 2016 with a preliminary pro-forma turnover of Euro 124.8 million, an EBITDA of Euro 21.9 million and a consolidated net result of Euro 6.6 million,is Italy's second player in terms of overall turnover volume with 59 products in its portfolio (relating to Food & Beverage, Green, Technology, Entertainment, Tourism, Transport, Wellness, Jewellery and Fashion, Lifestyle & Innovation) and 216 events and congresses. The Company's priority asset is to favour internationalization in segments representing Beautiful and Well Done around the world, starting from its already solid presences in the United Arab Emirates, where it has an on-going joint venture, and in the USA, China, India and South America. Furthermore, IEG is also the Italian leader in the convention and congress segment. In 2016, IEG events at its exhibition and congress sites in Rimini and Vicenza, totalled 14,593 exhibitors and almost 2.5 million visitors.
PRESS CONTACT ITALIAN EXHIBITION GROUP SPA
Elisabetta Vitali - head of national media & corporate communication
Patrizia Rovaris - head of international media & corporate communication
Marco Forcellini - press office manager sede Rimini