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
|(Millions of euros)||30/06/03||30/06/02||Change|
|Consolidated sales||179.4||140.6||+27.6 %|
|% of sales||7.81%||7,35%|
|Net financial charge||-1.1||-1.6||- 32%|
|Income before exceptionnal items||12.9||8.7||+47.9%|
|Net income of fully consolidated companies (excluding goodwill and minority interests)||7.5||5.4||+37.8%|
|Net attributable income||6.6||5.0||+32.1%|
In the 2003 first half, Générale Location outperformed forecasts:
- Sales: +27.6% (+20% on a comparable structure basis*)
- EBIT: +35.7% (+8% on a comparable structure basis*)
- Net income of fully consolidated companies: +37.8% versus a 30% announced
*excluding Cofrata, a specialized provider of convention engineering services, consolidated in May 2003
With a sales growth of 4.6%, this business registered satisfactory growth. The first half saw the renewal of the three-year master agreement with the French ministry of foreign affairs, highlighting once again the quality of GL's expertise and the solidity of its business model. The EBIT margin declined 0.5 points in the first half though should be stable over the full 2003 period. In addition, in line with forecasts, the event equipment leasing business is expected to register a turnaround.
Venue and Event Management
Following the reopening of the Toulouse Exhibition Center, the integration of the Paris Floral Park and the positive performance of the Lyon Convention Center, organic sales increased 77% and the margin advanced 2.8 points in relation to the 2002 first half.
With the acquisition of Cofrata whose sales are heavily concentrated in May/June, sales surged 168.5% in the first half to €34.1 million (henceforth accounting for 19% of consolidated Group sales compared with 10.5% in 2002) and the EBIT margin has in turn increased almost twofold, gaining 7.4 points.
Fittings, Museum Fittings, Systems
Strong organic growth of 32.1% was driven notably by the growing contribution of revenue from the sale and leasing of modular structures and systems in the UK and the delivery of a first training facility for the coming Turin 2006 Winter Olympic Games. The EBIT margin, while declining 2.1 points in the first half in response to the exceptional surge in activity, remains at satisfactory levels.
With a pro forma gearing at 30-06-2003 (after the capital increases of June and July 2003) of 58%, Générale Location intends to pursue its ambitious strategy of external growth: development in new international markets, addition of new venues, complementary businesses...
Major events in which GL will participate in the 2003 second half include the Test Events in Athens, The World Athletics Championship in Paris and the All African Games in Nigeria. This period will also see the opening of a new Global Services business unit in Switzerland.
Year 2003 should be characterized by significant seasonal variations. Total annual growth in sales however will exceed 10%.
Year 2004 will register: the Forum of Cultures in Barcelona in the venue managed by the group with sales already signed of €M10 and the Athenes Olympic Games. Concerning Venue Management, the group is answering tenders for the Grand Palais in Paris, the Paris-Bercy sport and event arena and the exhibition and convention center Acropolis in Nice.
Générale Location changes its name to become "GL events"
"To highlight our position as a major global provider in the event industry, we decided to adopt the name of GL events "announced Olivier Ginon, Chairman.
This new identity will better reflect the broad scope of Group expertise, contribute to its international development and strengthen the coherence of its image both internally and externally.
This change, will be soon submitted to an extraordinary general meeting.
The new identity will be presented on the web site www.generale-location.com starting september 10th and will become effective in the group November 3rd.
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 : email@example.com
Code ISIN : FR0000066672
Code Bloomberg : GLO FP
Code Reuter : GLTN.PA
Code FTSE : 581