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    IEG   IT0003411417

ITALIAN EXHIBITION GROUP S.P.A.

(IEG)
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IEG: the Board of Directors approves the Consolidated Interim Management Report as at March 31st, 2021

05/13/2021 | 11:48am EDT

Press release

Italian Exhibition Group: the Board of Directors approves the Consolidated Interim Management Report as at March 31st, 2021

The results in the quarter, in line with the expectations, put IEG in the solid position needed to capitalise on the recovery opportunities that will materialise in the second half.

Total revenues in the first quarter of 2021 came to € 2.5 million, due to the lengthening of the suspension of activities to contain the pandemic (-95.9% over the first quarter of 2020).

EBITDA1 stood at € -7.2 million, a reduction compared with the € 23.4 million of the first quarter of 2020. EBIT amounted to € -11.4 million compared to € 18.8 million in the same period of 2020.

The Group's net result came to € -11.8 million, down compared to € 11.9 million in the first quarter of 2020.

****

Rimini, May 13, 2021 - The Board of Directors of Italian Exhibition Group S.p.A. (IEG), a company listed since June 2019 on the MTA (screen-based equity market) organised and managed by Borsa Italiana S.p.A., today approved the Consolidated Interim Management Report as at March 31, 2021.

The main consolidated results of the first quarter of 2021

In an altogether exceptional context in which the IEG Group was unable to carry out its ordinary business, the Group's activities concentrated on getting ready for a resumption and on an accurate and meticulous control of costs and cash flows, control which enabled it to report slightly better results than expected.

The total revenues of the IEG Group in the first quarter of 2021 stood at € 2.5 million, down by 95.9% compared with the € 60.4 in the same period of 2020. Despite having postponed the trade fair calendar, due to the persistence of the health crisis, the IEG Group was unable to open the doors of its trade fair districts and supported its exhibitors through digital platforms.

The drastic slump in turnover, despite the significant reduction in costs, led to a negative EBITDA of € 7.2 million, down compared to € 23.4 million in the same period of the previous year.

As a result of the events described above, the Group's Operating Profit/Loss (EBIT) stood at € -11.4 million, € 30.2 million lower than the same period of the previous year.

The Group's net result was impacted by the general reduction of the financial management expenses - which dropped from € 1.3 million in the first quarter of 2020 to € 0.4 million in the first quarter of 2021 (-67.7%) due primarily to the change in the fair value of derivatives and the decrease in financial expenses from put options - but also the non-provision of deferred tax assets on the reported loss, which came to € -11.8 million, compared to profit of € 11.9 million in the same period of the previous year.

The result for the period attributable to the shareholders of the Parent Company amounted to € -11.1 million compared to € 11.3 million in the same quarter of the prior year, down by € 22.5 million.

As at March 31, 2021, the net financial position amounted to € 141.5 million, compared to € 129.1 million as at December 31, 2020. The monetary NFP (which, therefore, does not take into account the debt of € 23.4 million deriving from the application of IFRS 16, of financial payables for any future put options of € 5.8 million and for derivative financial instruments of € 5.1 million) amounted to € 107.2 million, compared to € 93.3 million as at December 31, 2020.

The consolidated shareholders' equity as at March 31, 2021 amounted to € 81.5 million compared to € 92.3 million as at December 31, 2020.

Results by business area in the first quarter of 2021

The reduction in revenues recorded in the first quarter of 2021 compared to the same period in the previous year concerned primarily the Organised Events and related services business line.

In particular, despite having presented Sigep Exp, the fully digital version of Sigep, and WeARe - new digital format for the Jewellery sector - Organised Events saw a reduction of € 33.4 million revenues compared to the same quarter of 2020, in which it was possible to hold on-site events. This effect is augmented by the impact of a different calendar, due to the postponement of the events traditionally held between February and March like Beer&Food Attraction, Bbtech and Pescare Show and the absence of the three-yearly event Abtech, which involved a further reduction in revenues of € 9.1 million compared to the first quarter of 2020. Despite the difficult context, albeit closed to the general public, a new event organised by the newly acquired entity HBG Events FZ Llc was held in February: «Dubai Muscle Classic», the biggest bodybuilding competition ever organised in the United Arab Emirates.

In the same way, revenues from Related Services - represented by stand fittings, catering and cleaning, recorded a reduction of roughly € 15 million (-93.6%) in the first quarter of 2021, compared to the same period of the previous year, a variation strictly related to the absence of on-site events.

Conferences that include the results deriving from the management of the venues of Palacongressi di Rimini and the Vicenza Convention Centre (VICC), reported revenues of € 0.2 million, marking a drop of € 0.6 million (-73.4%) with respect to the same period of 2020. In fact, this business line continued to be heavily impacted by the legislative provisions related to the health emergency and, also in this case, activities have been restricted to solely events in digital format.

Events subsequent to the end of the quarter and business outlook

On April 23, 2021, the Council of Ministers extended the state of emergency until July 31, 2021, with the resumption of trade fair activities confirmed for June 15 and conferences from July 1, 2021. Also internationally, limitations on movements and generalised lockdowns remain in place, at times limited to specific areas or countries. Therefore, international mobility is still heavily restricted at present.

As a result, the Hosted Events Expodental and Macfrut will not be staged in the second quarter of 2021. Expodental was postponed to September (September 9-11, 2021), while Macfrut, which will be held at the same time as Fieravicola, has been scheduled for September 7-9, 2021.

Rimini Wellness, usually scheduled for the end of May, will be held on-site in the third quarter, also taking advantage of the huge outside space of the Rimini trade fair district for the entire part of the event dedicated to the world of fitness. Enada will take place from September 21-23, while the 2021 editions of Golositalia, Music Inside Rimini, HIT (this will have an special on line event for the Outdoor communities- the Special Sales - to be held from June 1st, to June 7th 2021), OroArezzo were cancelled, scheduled for 2022.

Beer&Food Attraction and Bbtech were instead held in digital format from April 12-13, 2021. The project, moving from a full digital trade fair format to a sponsored webinar session, hosted the «International Horeca Meeting» of Italgrob, talks, demos and show cooking.

From May 27-30, 2021, Abilmente Primavera Vicenza will switch to an on-line platform with Abilmente Academy, the digital event for aficionados with a wide variety of workshops on Paper, Scrap & Colour, Bijoux, Decoration, Needlework & Yarn, Embroidery.

In response to the lengthening of the Covid-19 health emergency, the Company continued to scrupulously monitor operating costs, structurally characterised by a significant incidence of variable costs, and pressed ahead with the process of cutting all general costs not strictly necessary and to maintaining the operations of facilities, and suspended all non-essential investments.

With regard to staff costs, the Company extended the use of social safety nets (specifically, the Wage Guarantee Fund) envisaged by governmental measures, until December 2021.

As at April 30, 2021, the Group has liquidity reserves augmented by authorised credit lines and not drawn down, for a total amount of at least € 33 million and is working on increasing these further for prudential purposes. From this perspective, the Board of Directors today resolved to authorise the CEO to finalise the application for a loan of € 10 million (of which € 647 thousand as non-repayable grant) as part of Simest's "Capitalisation in support of the trade fair system" programme.

Evaluations are continuing for a possible integration with Bologna Fiere.

The long months of pandemic have severely tested the men and women of IEG, but they have restored our awareness of being an agile company, prepared for rapid changes and able to respond effectively to emergencies. The experience gained in digital events and the constant interaction with our customers have convinced us of the unique value of trade fairs and conferences held on-site and the potential they hold if accompanied by a forward-looking policy of digitalisation created to support them. It will be possible to hold trade fairs from June 15, conferences from July 1. The IEG Group is ready.

****

The Manager responsible for preparing the company's financial documents, Carlo Costa, declares that, pursuant to paragraph 2 of art. 154 bis of the Consolidated Law on Finance (TUF), the information in this press release corresponds to the accounting documents, books and records.

The Interim Report on Operations as at March 31, 2021, approved today by the Board of Directors of Italian Exhibition Group S.p.A. will be made available on the website of the Company www.iegexpo.itin the Investor Relations section as well as at the registered office and the authorised storage device 1INFO Storage at www.1info.itmanaged by 1INFO - Computershare S.p.A. - Via Lorenzo Mascheroni 19, 20145 Milan.

The results for the first quarter of 2021 will be presented in a conference call with the Financial Community scheduled for today at 6.00 pm (CET). The presentation will be available in the Investor Relations section on the website www.iegexpo.itfrom 5:45 pm.

FOCUS ON ITALIAN EXHIBITION GROUP

Italian Exhibition Group (IEG), listed on the MTA (screen-based stock exchange) organized and managed by Borsa Italiana S.p.A., is a leader in Italy in the organization of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in Milan and Arezzo. The IEG Group stands apart in the organisation of events in five categories: Food & Beverage; Jewellery & Fashion; Tourism, Hospitality and Lifestyle; Wellness, Sport and Leisure; Green & Technology. In the last few years, IEG started a significant expansion process abroad, also through the conclusion of joint ventures with local operators (for example, in the United States, Arab Emirates and in China). www.iegexpo.it

This press release includes provisional elements and estimates that reflect the current views of the management team ("forward-looking statements") in particular with regard to future management performance, realisation of investments, cash flow trends and the evolution of the financial structure. The forward-looking statements by their nature include a component of risk and uncertainty because they depend on the occurrence of future events. The actual results may differ, also in a significant manner, from those announced, in relation to a number of factors including but not exclusive to: the performance of the out-of-home-food consumption market and of tourist flows to Italy, the performance of the gold-jewellery market, the performance of the green economy, the developments in the price of raw materials, the general macroeconomic conditions, geopolitical factors and development in the regulatory environment.

1 The EBITDA is represented by the operating profit (loss) including depreciation and amortisation expense. The EBITDA is a measure defined and used by the Group to monitor and assess the operating performance of the Group, but it is not defined in the context of IFRS standards; therefore, it must not be viewed as an alternative measure for the assessment of the Group's operating profit (loss). The Company believes that the EBITDA is an important parameter for the measurement of the Group's performance as it allows to analyse the profitability of the same by eliminating the effects deriving from non-recurrent economic elements. As EBITDA is not a measure whose determination is regulated by reference accounting standards for the preparation of the Group's consolidated financial statements, the criterion applied for the determination of the EBITDA could not be consistent with that adopted by other groups and might, therefore, not be comparable to them.

For further information:

ITALIAN EXHIBITION GROUP S.P.A.

Investor Relator

Roberto Bondioli |roberto.bondioli@iegexpo.it | +39 0541 744642

Press Contact

Elisabetta Vitali |Head of media relations & corporate communication | elisabetta.vitali@iegexpo.it | +39 0541 744228

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (in Euro thousand)

ASSETS (Values in Euro/000)

03/31/2021

12/31/2020

NON-CURRENT ASSETS

Property, plant and equipment

190,646

194,070

Intangible fixed assets

35,513

35,729

Equity investments valued using the equity method

3,717

3,616

Other equity investments

11,051

11,051

Of which with related parties

10,974

10,974

Deferred tax assets

6,766

6,830

Non-current financial assets for rights of use

629

672

Non-current financial assets

474

472

Other non-current assets

150

150

TOTAL NON-CURRENT ASSETS

248,948

252,589

CURRENT ASSETS

Inventories

771

784

Trade receivables

10,423

13,554

Of which with related parties

133

199

Tax receivables for direct taxes

299

323

Current financial assets for rights of use

169

168

Current financial assets

59

59

Of which with related parties

45

45

Other current assets

4,144

4,313

Cash and cash equivalents

16,867

28,108

TOTAL CURRENT ASSETS

32,732

47,309

TOTAL ASSETS

281,680

299,898

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Italian Exhibition Group S.p.A. published this content on 13 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 May 2021 15:47:03 UTC.


© Publicnow 2021
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Financials
Sales 2021 70,3 M 83,4 M 83,4 M
Net income 2021 -18,5 M -22,0 M -22,0 M
Net Debt 2021 27,9 M 33,1 M 33,1 M
P/E ratio 2021 -4,68x
Yield 2021 -
Capitalization 86,7 M 103 M 103 M
EV / Sales 2021 1,63x
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Last Close Price 2,81 €
Average target price 3,67 €
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Managers and Directors
Corrado Arturo Peraboni Chief Executive Officer & Director
Carlo Costa Chief Financial Officer
Lorenzo Cagnoni Chairman
Daniela Della Rosa Lead Independent Non-Executive Director
Catia Guerrini Independent Non-Executive Director
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