Italian Exhibition Group leaves Covid behind
Revenues increase driven by the reopening of sector fairs
The board of directors of Italian Exhibition Group SpA (Ieg), a company listed on Euronext Milan, approved the interim management report as of March 31, 2022. The Group's revenues amounted to 38.0 million euros. Compared to the first quarter of 2021, in which only digital events (Sigep Exp and We Are) were held, revenues recorded an increase of 35.6 million euros. Ebitda for the first quarter of 2022 amounted to 7.0 million euros, an increase of 14.2 million euros compared to the same period of the previous year where it stood at a loss of 7.2 million. Ebit stands at 3.0 million euros, an increase of 14.4 million compared to the same period of the previous year.
The pre-tax result was 3.3 million euros, an increase of approximately 15.2 million compared to the first quarter of 2021. The Group's result for the period amounted to 1.8 million euros, an increase of 13.7 million. Euro compared to the same period of the previous year. The result for the period attributable to the shareholders of the parent company amounts to € 2.2 million against the loss of € 11.2 million in the first quarter of 2021, recording a positive change of € 13.4 million. The net financial position as at 31 March 2022 amounted to 107.7 million euros, with an increase of 2.1 million euros compared to 31 December 2021.
As of today, the Group has liquidity stocks to which are added credit lines granted and not used for a total amount of not less than 62 million euros. Consolidated shareholders' equity as at 31 March 2022 amounted to approximately € 95.9 million, an increase compared to that of 31 December 2021 which was equal to € 93.4 million. The value of production for the year increased by a total of 35.6 million euros. The change recorded in the period is the result of the restart factor of the exhibition-congress sector which involved all business lines and was positive for Euro 35.4 million, defined as the “Restart” effect.
Revenues from events organized in the first quarter of 2022 amounted to 25.9 million euros, an increase of 25.3 million compared to the same period of the previous year. The participation registered during the exhibitions in this first quarter 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. The next few months will see a succession of all the events in the Group's portfolio, including the biennial Tecnargilla and Ibe events, the only exception being the Hit Show which will be held in February 2023.
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