GL events
Welcome to the world of events.
As an integrated Group operating in all event professions, GL events works in three major segments:
event organisation, event venue management and services for fairs, congresses and events.
© Odile Decq architect / Felice Varini – Altitude 150
GL events
Cannes Film Festival
For more than twenty years, GL events has been on the select guest list of the greatest film festival in the world, providing top-quality services for the event.
© Alexandra Fleurantin
Cannes Film Festival
Nuits Sonores
The 2016 Nuits Sonores are equipped by GL events Audiovisual.
© Laure Rousville
Nuits Sonores
Sao Paulo Expo inauguration
The inauguration of the expanded and renovated Sao Paulo Expo on 26 April was attended by more than 500 economic decision-makers.
© Rodrigo Lopes/studiolopes.com
Sao Paulo Expo inauguration
COP 21
The aim of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP21) was to negotiate a new universal agreement on climate change, in order to maintain global warming below 2°C. GL events supplied and assembled structures for this key event, and also provided audiovisual services, fixtures and fittings for the event spaces.
© Philippe Cler
COP 21
African Games
The Live! by GL events agency was in charge of organising the spectacular closing ceremony for the African Games.
© Myli Bourigault et Pierre Le Tulzo / Live! by GL events
African Games
Video City Paris
Organised by the producers of the Golden Moustache (M6 TV channel), the Studio Bagel (Canal+ TV channel) and Mixicom, in collaboration with Live! by GL events, Vidéo City brought together around a hundred of the most popular YouTube video creators. A genuine success!
© Philippe Cler
Video City Paris
Maison de la Mutualité
The Maison de la Mutualité was the former headquarters of the French mutual insurance federation . The venue has been managed by GL events since 2010. The Group has renovated the building to return it to its former glory. Today, the venue hosts all types of events, from business meetings and exhibitions to fashion parades.
Maison de la Mutualité
Equita
This is an event that horse-riding fans look forward to every year. Organised by GL events, Equita is the largest equestrian show in France. Each year, around 3,500 horses take part in the event which attracts over 150,000 visitors.
© PSV – Jean Morel
Equita
IMF and the World Bank
The Boards of Governors of the IMF and the World Bank met in Lima (Peru) this year to establish the main priorities and focuses for the two institutions. The production of this large-scale event was entrusted to a consortium made up of GL events and the event agency Stimulus.
© Joao Socola
IMF and the World Bank
Absolute
Spacious, elegant and with impeccable finishing, Absolute Triple Deck is an exceptional structure that combines robustness and aesthetics. Providing more than 25% additional interior surface area, this new events structure takes standards in excellence to a whole new level.
© Detail Ltd
Absolute
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

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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