Highlights and achievements

Transcription

1 Fiera Milano Group FY 2011 Consolidated Results Erbusco, 16 March 2012

2 Contents Highlights and achievements Financial results Business outlook Appendices 2

3 FY 2011 highlights Strong 2011 results exceed expectations Gross Operating Profit (K ) 30,917 Significant growth in foreign exhibitions: +55% in net exhibition space occupied and Gross Operating Profit more than double that t of ,392 20,430 FY09 FY10 FY11 Consolidated Gross Operating Profit: +51% vs 2010 and 15% ahead of expectations ti Net profit: +148% year-on-year Net Profit (K ) 2, ,149 FY09 FY10 FY11 3,663 Net financial debt falls to million Net 3,663 debt/gross Operating Profit at 1.7x Net Financial Debt (K ) 84,227 Return to dividend: proposed dividend of 62, pershare , /12/09 31/12/10 31/12/11 3

4 Italian exhibitions Macef (lifestyle sector): +16% net sq m compared to 2011 (January + September editions) following the exhibition repositioning Higher profitability of the January edition: + 4 million Launch of the new sector AbitaMI, decor & design lab, at the September edition: an additional 35,000 sq m Host (hospitality sector): +10% in net exhibition space, a record 125,000 visitors, 34% from outside Italy Tuttofood (food sector) Becomes leading exhibition in the food sector in Italy: occupying more than 40,000 sq m Launch of the new sector BtoBio dedicated to the professional organic sector Initiatives to increase exhibitor loyalty also with the support of the controlling shareholder, Fondazione Fiera Milano: 10.3 million in 2011 ( 13.3 million in 2010) Successful concerts helped increase Group activities in the summer months: 9 concerts and 150,000 attendees 4

5 Internationalisation Acquisition of the Brazilian exhibition organiser CIPA: an excellent exhibition portfolio, in particular, in the safety and security, rehabilitation and technology sectors Incorporation of Fiera Milano India Private Ltd in India Incorporation of OOO Russia in Russia ahead of the launch of Macef Russia together with a local partner in 2012 Ongoing g activity for the export of own exhibitions to BRIC countries Agreement signed for the organisation of IPM, international participant meetings, for the period

6 Global presence Fiera Milano became a successful direct exhibition organiser in the BRIC countries RUSSIA No. Exhibitions: 1 CHINA No. Exhibitions: exhibitions in portfolio organised abroad BRAZIL No. Exhibitions: 23 ITALY No. Exhibitions: 80 SINGAPORE No. Exhibitions: 1 INDIA No. Exhibitions: 8 6

7 Congresses In May 2011 successful opening of Europe s newest and largest congress centre, MiCo Leading international congresses and events in 2011, including: POWER-GEN (energy and electricity congress) with 16,000 attendees, ECCMID (microbiology and infectious diseases congress) with 11,000 attendees and GAMESWEEK with 6,000 attendees HP convention with 5,000 attendees, IAB Forum (IT technologies) with 4,000 attendees and World Business Forum with 2,000 attendees 7

8 Rationalisation Departure of ca. 60 employees from the parent company following the Exceptional Temporary Lay-Off Scheme and the agreement signed with the Trade Unions for the resolution of the mobility procedure Merger of the subsidiary Rassegne SpA into the Parent Company to improve business development, governance and synergies Incorporation of activities iti of Fiera Food System into the Parent Company Merger by incorporation of the 100%-owned subsidiaries, Expopage and Business International, into Fiera Milano Editore (now called Fiera Milano Media) to provide an integrated offer to the market 8

9 New group structure EXHIBITIONS Rent of space and related services to exhibition organisers and direct organisation of exhibitions CONGRESSES Management of conventions and congresses MEDIA A multimedia and multi-channel communications system including printed publications, internet and conferences SERVICES Stand fitting services 9

10 Contents Highlights and achievements Financial results Business outlook Appendices 10

11 Growth in revenues Data in ,378 2,862 4,373 7,443 4,782 17, , , Italian Exhibitions Foreign Exhibitions Stand Fitting Services Media Congresses Adjustments 2011 Revenues from Italian exhibitions : +9% due to the presence and good performance of Host and Tuttofood Revenues of foreign exhibitions: +151% following the acquisition of Cipa FM and the positive performance of Chinese exhibitions 11

12 Growth in gross operating profit Data in 000 3, ,051 2, ,917 20, Italian Foreign Stand Fitting Exhibitions Exhibitions Services Media Congresses Adjustments 2011 Gross operating profit of Italian exhibitions : +87% year-on-year Gross operating profit of foreign exhibitions: +173% year-on-year 12

13 Significant growth in foreign activities Number of exhibitions organised abroad: 0 in 2007, 33 in 2011, 38 in exhibition space 173 sqm/000; 9% 1,710 sqm/000; 91% 2011 exhibition space 287 sqm/000; 16% 1,531 sqm/000; 84% 2009 Gross Operating Profit 2,015 K ; 10% 2011 Gross Operating Profit 5353K ; 5,353 17% 18,377 K ; 90% 25,564 K ; 83% 2009 permanent employees (at year end) 32; 4% 2011 permanent employees (at year end) 96; 14% 733; 96% 601; 86% 13 In Italy Abroad

14 Trend in net financial debt Data in ,193 84,227 1,081 52,220 19, Operating cash Investments Others 2011 flow 14

15 Contents Highlights and achievements Financial results Business outlook Appendices 15

16 Business outlook The Group remains focused on internationalisation, developing the exhibition portfolio and exploiting any possibility of growth, also through acquisitions In the short term, given the recessionary expectations and the consequent impact on the reference industrial sectors, the Group remains cautious on the outlook for 2012 In 2012 net exhibition space occupied in Italy and abroad is expected to exceed 1.8 million net square metres and the Group should generate a gross operating profit of over 20 million 16

17 Contents Highlights and achievements Financial results Business outlook Appendices 17

18 Fiera Milano in brief The Group is the market leader in Italy and one of the world s leading operators across the entire value chain of the exhibition industry It has two venues in Milan with a total of 388,000 gross sq m of indoor space (+ 60,000 sq m of outdoor space) It hosts an average of 100 exhibitions p.a. in Italy and abroad with more than 40,000 exhibitors p.a. It rents out an average of 1.8 million net sq m of exhibition space p.a. in Italy and abroad It has ca. 700 employees 18

19 Fiera Milano Positioning Fiera Milano is among the world s leading exhibitions sites in terms of Gross Indoor Capacity Gross Indoor First 10 Exhibition Sites Capacity in the World (Sq m) Hanover 466,765 Frankfurt 355,678 Fiera Milano (Rho site) 345,000 Fair Complex Guangzhou 340,000 Köln 284,000 Düsseldorf 262,704 McCormick Place Chicago 248,141 Paris Nord Villepinte 242,582 Valencia 230,837 Paris Expo Porte de Versailles 227,380 Source: AUMA, Data refer to ,5 562,130 Fiera Milano is the European leader for net sq m rented out to international exhibitions 1,537 7,820 1,106, ,069, ,030, , , , , ,995 Source: Cermes Bocconi, Data refer to

20 Italian exhibition portfolio: main events Exhibition Industry Frequency Sq.metres ('000) Number of exhibitors Salone del mobile Furniture and furnishing Annual 211 1,760 Macef primavera + Macef autunno/bijoux Homeware and gifts Annual 185 3,040 Micam (Spring) + Micam (Autumn) Textiles, clothing & accessories Annual 141 3,030 Mostra Convegno Expocomfort Building and related furniture Biennial 133 1,500 Eicma Moto Vehicles and related equipments Annual Made Expo Architecture, design and building Annual 98 1,465 EMO Industrial machinery Multi-year 96 1,415 Host Commerce - Services Biennial 95 1,165 Plast Industrial machinery Multi-year 60 1,025 Artigiano in fiera Antiques and crafted products Annual 58 2, Data based on most recent exhibitions hosted prior to 30 December 2011

21 Consolidated Income Statement Income Statement ( '000) FY11 FY10 Revenues 278, ,358 Gross operating result 30,917 20,430 Gross operating margin (%) 11.1% 8.2% Net operating result (EBIT) 15,518 2,336 Net operating margin (%) 5.6% 0.9% Profit before income tax 12, Profit before tax margin (%) 4.6% 0.1% Profit/(loss) 5,149 2,074 Profit/(loss) margin (%) 1.9% 0.8% -attributable to equity owners of the parent company , ,192 Profit attributable to equity owners of the parent company margin (%) 1.8% 0.9% -attributable to non-controlling interests 222 (118) Profit/(loss) attributable to non-controlling interests margin (%) 0.1% 0.0% 21

22 Consolidated Balance Sheet Balance Sheet ( '000) 31/12/11 31/12/10 Non-current assets 215, ,430 Net working capital (65,228) (27,450) Gross capital employed 150, ,980 Non-current liabilities 27,503 24,448 Total net capital employed 122, ,532 Equity 70,666 64,305 Net financial position 52,220 84,227 Net equity and net financial position 122, ,532 22

23 Net Financial Position Net Financial Position ( '000) 31/12/11 31/12/10 Cash (including bank balances) 19,865 22,692 Other cash equivalents - - Securities held for trading - - Cash & cash equivalents 19,865 22,692 Current financial assets 3,451 3,905 Current bank payables 54, ,797 Current portion of non-current debt 5,395 1,322 Other current financial payables - - Current financial debt 60, ,119 Current net financial debt (cash) 36,896 81,522 Non-current bank payables 15,324 2,705 Debt securities on issue - - Other non-current payables - - Non-current net financial debt (cash) 15,324 2,705 Net financial debt (cash) 52,220 84,227 23

24 Shareholder structure Treasury Shares, 2.18% Market Float, 24.26% BPM, 2.62% Fondazione Cariplo, 2.42% CCIAA Milano, 6.46% Ente Autonomo Fiera Internazionale di Milano, 62.06% Fiera Milano is controlled by Fondazione Fiera Milano, a private law foundation, whose corporate mission is the development of the exhibition sector in Italy and abroad 24 Updated as at 12 March 2012

25 Forward-Looking Statements This document has been prepared by Fiera Milano S.p.A. solely for information purposes and for use in presentations of the Group. The information contained herein has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the company, its affiliates, or its representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. This document includes forward-looking statements. These forward-looking statements express current expectations and projections about future events, involve predictions and are subject to a number of factors that may influence the accuracy of the statements and the projections upon which the statements are based. Prospective investors are cautioned not to place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in many cases, beyond our control. In light of these risks, uncertainties, and assumptions, the forwardlooking events discussed in this document might not occur and no assurance can be given that the anticipated results will be achieved. Actual events or results may differ materially as a results of risks and uncertainties facing Fiera Milano and its subsidiaries. Such risks and uncertainties include, but are not limited to increased competition and regulatory, legislative and judicial developments that could cause actual results to vary materially from future results indicated, expressed or implied in such forward-looking statements. Moreover, any statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. This document does not constitute an offer or invitation to purchase or subscribe for any shares and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. The Manager responsible for preparing the company s financial reports Flaminio Oggioni declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance, that the accounting information contained in this document corresponds to the document results, books and accounting records. 25

26 For further information, please contact: Gianna La Rana Investor Relations Manager Fiera Milano SpA Strada Statale del Sempione, Rho (Milano) - ITALY Tel: / investor.relations@fieramilano.it