INCREASED REVENUES AND PROFITS IN THE FIRST SEMESTER
· Revenues of Euro 160.6 million, an increase of 15.1% (Euro 139.6 million in the first semester 2011)
· Gross operating profit of Euro 30.7 million, an increase of 53.5% (Euro 20.0 million in the first semester 2011), a margin on revenues of 19.1% (14.3%)
· EBIT of Euro 24.7 million, an increase of 61.5% (Euro 15.3 in the first semester 2011), a margin on revenues of 15.4% (10.9%)
· Net result of Euro 13.9 million, up 82.1% year-on-year (Euro 7.7 million in the first semester 2011), a margin on revenues of 8.7% (5.5%)
Enrico Pazzali, the Chief Executive Officer, commented: “Fiera Milano had positive results in the first semester. The favourable exhibition calendar in this period, which included important biennial and triennial exhibitions, led to significant increases in consolidated revenues and gross operating profit that were in line with expectations”. Furthermore,Michele Perini, the Chairman, stated:“International initiatives also intensified and remain a strategic priority for Fiera Milano. The scouting for profitable partnerships in markets outside Europe continues and, in the last few days, led to the signature of a preliminary agreement to acquire Interteks, a leading Turkish exhibition entity, which will give the Group the chance to establish an exhibition platform also in Turkey and should generate important synergies with the Fiera Milano exhibition portfolio. The number of exhibitions organised by the Fiera Milano Group abroad has now reached fifty-seven but we believe we are only at the start of our growth strategy in countries outside Europe. In the first semester of 2012, a further step was taken in our internationalisation programme with the export of exhibition brands such as Macef, Tuttofood and Host.The results of the first semester 2012 lead us, at the present moment, to confirm the 2012 target (gross operating profit in excess of Euro 20 million) already given to the market. However, we realise that this will have to be carefully monitored in the second semester given the ongoing uncertainty caused by the economic and financial crisis”.