The key points
- Restart effect on turnover
- Expectations for the whole of 2022
- The effects of the war in Ukraine
The accounts of Italian Exhibition Group improved, the company listed on Euronext Milan managed by Borsa Italiana, active in Italy in the organization of trade fairs and congresses thanks to the structures in Rimini and Vicenza. This can be seen from the half-yearly financial report as at 30 June 2022 approved by the board of directors which co-opted Gian Luca Brasini in the same meeting to replace Marino Gabellini.
The company closed the first half of 2022 with a net loss reduced to 5.6 million compared to the red from 26.2 million in the same period of 2021, an improvement of 20.6 million compared to the same period of the previous year.
Revenues are up sharply while, the company reports, “the trade fair-congress sector returns to the center of companies’ promotional investment choices and is on the way to returning to pre-pandemic levels”: turnover reaches 72.7 million from 7 million than a year earlier: the restrictions for the Covid-19 pandemic had severely limited business. Ebitda amounted to 3.4 million, an improvement of 17.5 million from the first half of 2021, with adjusted Ebitda (EBITDA net of the effects of some specific non-recurring items) at 5.7 million.
Restart effect on turnover
Net financial debt amounted to € 117.3 million, up by € 11.7 million from the end of 2021. If you look at the results by business area for the first half of 2022, you can see how the value of production for the year is up by 72.7 million: the change recorded in the period, the company explains, is the result of the restart factor of the exhibition-congress sector which involved all business lines and was positive for 62.5 million euros, defined “Restart” effect. “Among all – reads the press release – we mention the holding of events of primary importance for the Group such as, Vicenzaoro January simultaneously with TGold, Sigep and Rimini Wellness with a consequent positive impact also on the line of related services” whose revenues amount to 29.9 million, an increase of 26.8 million compared to the first half of 2021. the resumption of congress fair activities in the districts served, showed increasing volumes also due to the activities carried out in other locations (stadiums, canteens, car circuits, refreshment points). The increase is due to the “Restart” effect for 23.5 million euro », the press release continues.
Expectations for the whole of 2022
As for the prospects for the whole of 2022, the company that manages the Rimini and Vicenza fairs confirms the adjusted turnover and EBITDA targets, equal to 139 and 13 million respectively. “The participation registered during the events held in the first half and the results achieved, both in terms of volumes and, above all, in terms of maintaining the pricing applied, suggest that the darkest period of this pandemic can be considered definitively behind us – reads in the press release of Italian Exhibition Group -. Confirmations of the positive sensations on the recovery of the domestic market come from the visibility on sales of the events of the second half: all the events of the second half have been confirmed and the booking levels of the spaces are, as of today, higher than the levels of the previous year and in line or even beyond expectations ».