GL events
Welcome to the world of events!
As a leading global player in the events sector, GL events operates in the three main events markets: congresses and conventions, sporting, cultural and political events, and trade shows and consumer fairs.
© Odile Decq architect / Felice Varini – Nicolas Rodet
GL events
Commonwealth Games Gold Coast 2018
GL events, official supplier of temporary grandstand seating for the Gold Coast 2018 Commonwealth Games in Australia. A total of 60,000 temporary seats were installed in thirteen venues.
Commonwealth Games   Gold Coast 2018
Matmut Stadium Inauguration
The project to renovate and modernise the Matmut Stadium in Gerland, launched by Olivier Ginon, the Chairman of GL events, highlights the Group's expertise in terms of engineering, architecture and asset management. The stadium is now home to the LOU Rugby team.
© Nicolas Rodet
Matmut Stadium Inauguration
Geek and Games at the Riocentro
Brazil’s largest event devoted to pop culture and video games is organised and hosted by GL events at the Riocentro, in Rio de Janeiro.
© Light Press 2017
Geek and Games at the Riocentro
Cannes Film Festival
For more than 20 years, GL events has been providing top-of-the-range, tailor-made services for one of the world's most prestigious film festivals.
© Alexandra Fleurantin
Cannes Film Festival
Equita Lyon
The Lyon Equestrian Show, organised and hosted by GL events at Eurexpo, is the largest indoor equestrian event in France.
© Gilles Galoyer
Equita Lyon
"Nuits Sonores" Music Festival
GL events provides the audiovisual services for this major electronic music festival!
© Laure Rousville
"Nuits Sonores" Music Festival
Sirha Green
The first trade fair devoted to ecological food-services. Organised and hosted by GL events, the event brings together the sector’s professionals to address the issues of social and environmental responsibility.
© Diph Photography
Sirha Green
Première Vision Paris
Organised and hosted by GL events, the reference event for the fashion world was held at the Maison de la Mutualité in Paris. It owes its success to its avant-garde selection, bringing together many new products, services and innovations.
© Alexandra Fleurantin
Première Vision Paris
Light Festival Lyon
GL events Audiovisual, an official partner and service provider to the Lyon Light Festival, draws on its expertise and talent for several artistic projects in various venues during this international event.
© Thierry Perre / Partners’ Club of the ‘Fête des Lumières’ / Lyon Light Festival 2017
Light Festival Lyon
Back to GL events press releases and financial news - 2011

Commonwealth games contract

GL events records an extraordinary provision for €16.3m

 

2012-2014: Group focus on continuing growth with a favourable calendar of events



Extraordinary provision of €16.3 million for the 2010 Commonwealth Games contract

 

On 19 December 2011, GL events' Board of Directors approved the general management's proposal to record a provision for the full amount of trade receivables unpaid to date for the Commonwealth Games owed by the Organising Committee and the Delhi Delivery Authority. These receivables represent a gross amount of €16.3 million or €11 million after tax.

The contract won by a 70%-held Group joint venture with a local partner provided for the delivery of temporary installations for 16 sports sites or facilities for athletes for the Commonwealth Games held from 3 to 14 October 2010. The high-quality execution of this contract was recognised by both Indian authorities and the international press present at this event.

However, Indian authorities have imposed a de facto freeze on payments to a significant number of international suppliers for services rendered in connection with this event following an inquiry conducted by the Central Bureau of Investigation for the purpose of confirming or dismissing claims of irregularities (as previously reported in GL events' registration document for fiscal 2010). No Group entities have been the target of legal actions.

Based on the application of strict procedures and the results of an internal investigation, in accordance with the terms of the contract, the dispute relating to this late payment was referred by the Group to the arbitration court and the New Delhi High Court. GL events intends in this way to demonstrate its full compliance with its contractual obligations and consequently the right for full payment of services rendered.

 

 

GL events confident about prospects for continuing expansion in emerging countries



Despite this dispute, the Group remains very confident about prospects for sustained development in emerging countries and, in line with its performances in recent years, a continued presence at major sports events on all continents.

 

 

GL events well-positioned for a positive calendar for events

 

Activity in the fourth quarter supports the Group's outlook for positive momentum in 2011 with expectations for sales of more than €770 million accompanied by growth in operating profit before the impact of this provision.

This allowance for contingencies has no impact on calculations for bank leverage covenant and a very small impact on the gearing.

Over the longer term, the Group will pursue its expansion, confirming its leadership position through team commitment, high-quality assets and a very strong brand name as it prepares for a significant year ahead in 2012 for world class events as well as major projects during pre-World Cup and pre-Olympic years.

 

 

Upcoming events:
2011 revenue: 31st January 2012 (after the close of trading)


GL events, bringing people together

Managing Director Corporate Finances and Administration : Erick ROSTAGNAT
Telephone :  + 33 4 72 31 54 20
Fax : + 33 4 26 20 42 00
Email : infos.finance@gl-events.com


Code ISIN : FR0000066672
Code Bloomberg : GLO FP
Code Reuter : GLTN.PA
Code FTSE : 581
Code LEI : 9695002PXZMQNBPY2P44

Contacts

Erick Rostagnat - Managing Director Corporate Finances and Administration:
info.finance@gl-events.com
Tel : +33(0)4 72 31 54 20

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2017


2011 press releases archives