Italian Exhibition Group Board of Directors Approves the Interim Management Report as of 31 March 2023

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International
Italian Exhibition Group Board of Directors Approves the Interim Management Report as of 31 March 2023

5/10/2023
RIMINI - The Board of Directors of Italian Exhibition Group S.p.A. (Borsa Italiana S.p.A.: IEG), a listed company at Euronext Milan of Borsa Italiana S.p.A and a leading Italian company in the organization of international trade fair events, today approved its Interim Management Report as at 31 March 2023.

IEG Group CEO, Corrado Arturo Peraboni, commented as follows: "In the first quarter 2023 the IEG Group achieved extremely positive results, with record turnover, the comeback to profitability and cash generation. The signs of post- pandemic restart, which made themselves known at the end of 2022, were further reinforced and allowed the Group to recover the turnover of some events that have been postponed in the first quarter 2022, but above all to observe a solid organic growth, together with an expansion of the product portfolio with the first editions of K.EY, after its spin-off from Ecomondo, and My Plant & Garden, at the first edition after its acquisition. We will continue the pursuit of our strategic goals in 2023 by accomplishing our investment and development plans, both domestically and internationally, through strategic partnerships, new acquisitions and expansions of our products, keeping our focus on margin recovery."

Group Revenues as of 31 March 2023 stood at 77.0 million euros, an increase of 39.0 million euros from 31 March 2022.

The first quarter 2022 was still characterized by a limited operation caused by the resurgence of the Covid-19 pandemic, which forced the postponement or the suspension of some of the Group's main events, both in organized events and conferences. The recovery of turnover related to the post-Covid restart ('Restart' effect) with the scheduling of cancelled, suspended, or reduced events amounted to 14.2 million euros (+37.3%), while the incremental revenue for the biennial nature of some events contributed 0.3 million euros (+0.8%) to the first quarter 2023.

Organic revenue growth in the first quarter was 15.5 million euros (+40.6% compared to first quarter 2022), driven in particular by higher volumes and price effects.

In the first quarter 2023 a contribution to revenues growth was given by the increase of the scope of consolidation of 3.3 million euros (+8.4%), after the inclusion of the affiliate company V Group S.r.l., while the changes in schedule which have led to move up some events from the second and third quarter, contributed to the revenue's growth of 5.4 million euros (+14.1%).

Revenues from Organized Events, which represented 69% of the Group's revenues in the first quarter, were 52.8 million euros, an increase of 26.9 million euros compared to first quarter 2022. A standard pre-pandemic schedule of two of the most important events organized by the Group such as 'Sigep', 'Vicenzaoro January' and 'T.Gold' has been restored in the first quarter 2023. The incremental change in turnover represented by the "Restart" effect was 10.4 million euros (+38,5%), while the organic growth of the events was 8.8 million euros, marking +32.6% compared to the previous period.

'Organized Events' revenues in the first quarter 2023 benefit from the move up of some events, which were organized in the second and third quarters in 2022, with a contribution to the increase of revenues of 4.2 million euros. It should be noted the organization of the event 'K.EY' among the main events moved up in the quarter, at its first edition after the spin-off from 'Ecomondo', which has achieved particularly positive results by doubling its volume both in exhibiting terms and visit terms.

The variation in the scope of consolidation, through the inclusion of the event 'My Plant & Garden' contributed to the growth of revenues of 3.3 million euros.

The complete press release is available on the Investor Relations are at iegexpo.it.

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