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Balance sheets. Golden year for Italian Exhibition Group

Turnover at 212.4 million (+32.4%), ebitda equal to 49.5 million and net profit 13.3 million. The dividend returns

Italian Exhibition Group closes 2023 with revenues of 212.4 million euros, an increase of 52.0 million euros compared to the 160.4 million euros recorded in 2022. The Group - explains a note - consolidates its turnover record thanks to the solid organic growth which led some events to achieve their best performances ever, but also thanks to the post-pandemic recovery in volumes, which had still penalized the first quarter of 2022 with the postponement of some events, reducing exhibition volumes and visits. Adjusted Ebitda of 49.5 million Euros, an improvement of 31.5 million Euros compared to 31 December 2022 when the Group recorded a gross operating margin of 18.1 million Euros, but also an increase compared to to 2019, the last pre-pandemic financial year, which represented, for the Group, the record year in terms of turnover and margins.

The Ebitda margin settled at 23.3%, recovering 12.1 percentage points compared to 31 December 2022, thanks to higher volumes and a partial recovery in prices, despite the inflationary pressures which continue to influence supplies, especially of related services , transport and materials. The Adjusted Ebit amounts to 31.6 million Euros, an increase of 29.4 million Euros compared to the previous financial year, marking the Group's best result ever with an operating profitability equal to 14.9% of revenues, compared to 1.4% on 31 December 2022.

Profit amounted to 13.3 million Euros, an increase of 14.2 million Euros compared to the previous year, in which it was at a loss of 0.8 million Euros. The board of directors has proposed a dividend of 0.14 euros per share for approval by the Shareholders' Meeting on April 29th.

The CEO of the IEG Group, Corrado Arturo Peraboni , commented as follows: “The 2023 results demonstrate the great ability of the IEG Group to recover turnover and margins with greater reactivity compared to sector hypotheses and in a long-term adverse external context and which still presents elements of uncertainty linked to the geopolitical instability of this period. At the basis of this great result is the design of solid strategic guidelines designed during the pandemic period and reconfirmed in the new Strategic Plan 2023-2028, there is our nature as a trade fair organizer which confirms us as record holders in number of events owned and there is our ability not only to support our Industries, but also to be an authoritative actor and precursor of innovation and change. The excellent performances of the financial year just ended have catalyzed the drafting of a new strategic plan, an ambitious document that places us in a reference position in the national trade fair panorama".

As regards the business lines, revenues from Organized Events, which represent 57% of the Group's turnover in 2023, amounted to 122.1 million Euros, an increase of 35.4 million Euros compared to the financial year previous. 2023 saw the return to the classic pre-pandemic calendaring of three of the main events organized by the Group such as 'Sigep', 'VicenzaOro January' and 'T.Gold' and the first edition of "K.EY" born from the spin-off of the energy sector by Ecomondo. The main driver of the incremental change in turnover was the organic component which amounted to 21.8 million Euros (+25.1%), while the so-called "Restart" effect of the events amounted to 10.4 million Euros , marking +12.0% compared to the previous period.

The Hosted Events recorded overall revenues of 4.5 million Euros with an organic growth of 1.4 million compared to 2022 (3.1 million Euros at 31 December 2022). Congress Events welcome the results deriving from the management of the structures of the Rimini Palacongressi and the Vicenza Convention Center (VICC). In 2023, a total of 126 Congresses were hosted in the two locations which generated revenues of 19.2 million Euros, with an incremental change of 4.5 million Euros compared to 2022 (in which they were equal to 14.8 million Euro), thanks to an increase in the physical presence of conference attendees, still limited in the first months of 2022.

The 2023 revenues attributable to the Related Services segment amount to 62.7 million euros (52.0 million euros at 31 December 2022), an increase of 10.7 million euros compared to the previous year, driven by 10.2 million Euros from organic growth, while the post-pandemic 'Restart' effect contributes to the growth in turnover for the period by approximately 1.4 million Euros.

Finally, Publishing, Sporting Events and Other Activities with the publishing activity in the Tourism (TTG Italia, Turismo d'Italia and HotelMag) and Goldsmith (VO+ and Trendvision) sectors, sporting events and other revenues of a residual nature have developed overall revenues of 3.9 million euros, substantially in line with the result obtained as of 31 December 2022.

Photo gallery Maurizio Ermeti, Presidente Italian Exhibition Group
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