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 Press releases 2009

GL events reports positive operating results for the 2009 first-half

Pre-tax income up 17.3%
Operating cash flow of €41.3 million

M€

H1 2009

(1)

H1 2008

restated*(2)

Change

(1)/(2)

H1 2008

published (3)

Change

(1)/(3)

Net sales 300.6 294.0 +2.3% 294.0 +2.3%
Operating profit 25.4 16.1 +58.2% 23.1 +9.8%
Operating margin (%) 8.5% 5.5% - 7.9% 6.8%
Net financial expense (6.3) (6.9) 8.0% (6.9) 8.0%
Pre-tax income 19.1 9.2 +107.6% 16.3 +17.3%
Income tax (6.8) (2.6) - (2.6) -
Net income of fully consolidated companies 12.3 6.6 +85.9% 13.7 -10.2%
Income from equity-accounted investments 0.4 0.6 - 0.6 -
Net income before minority interests 12.7 7.2 +76.5% 14.3 -11.1%
Minority interests (2.0) (0.1) - (0.1) -
Net income 10.7 7.3 +45.7% 14.4 -26.0%

 

* Excluding capital gains from the disposal of activity
 
POSITIVE OPERATING RESULTS IN THE FIRST HALF


In a difficult economic environment, GL events had growth in consolidated revenue for the 2009 first half of 2.3% to €301 million. Revenue like-for-like (comparable structure and exchange rates) remained relatively stable, contracting 1.5%.

These performances in a challenging market for the event industry confirm the pertinence of the Group's business model based on international expansion and integration and increasing synergies across the event industry chain.

Following growth of 9.7%, Venue and Event Management now accounts for 58% of total Group revenue. Operating income for this division totalled €21.3 million, resulting in a 0.3 point improvement in the margin to 12.2%.

Services in reality grew 9%, boosted by synergies with venue management and event businesses. Published results of this business however reflect the adverse impact of the recognition of a portion of its revenue under the Venue Management and Events division. Services had operating income of €4.2 million, also representing an improvement in its margin by 0.2 points to 3.3%.

Already in mid-2008, the Group began to focus on controlling costs and maintaining business margins at good levels to preserve the profitability of operations. On this basis margins of both the two major business lines improved, with the operating margin overall increasing 0.6 points to 8.5%. Restated to exclude the impact of the capital gain in the 2008 first half, operating profit rose 58%.

On lower borrowing costs, pre-tax income increased 17.3% to €19.1 million. However, reflecting a reduced income tax expense in the 2008 first half from the capital gain, comparisons of after-tax income are of marginal significance. Growth in income attributable to minority interests reflects the impact of biennial factors. Net income attributable to equity holders of the parent totalled €10.7 million, up significantly after excluding the impact of the capital gain.

RESOURCES TO TAKE ADVANTAGE OF OPPORTUNITIES

Cash flow after tax totalled €39.6 million, a significant increase over the same period last year. With a contribution from Working Capital Funds of €1.7 million, operating cash flow amounted to €41.3 million. Shareholders' equity of the Group in consequence was €306.7 million for a gearing(1) limited to 0.8 and leverage (2) of less than 3. The Group has thus fully met the requirements of its bank covenants.

GL EVENTS PREPARED FOR THE REBOUND

The Group will sign a major contract for a comprehensive offering of Services in connection with the World Football Cup to be held from 11 June to 11 July 2010 in South Africa. Services under this contract for a minimum amount of €30 million will be provided through a joint venture 60%-held by GL events.

The acquisition of Alice Evénements, the inaugurations of the Brussels Convention Centre and the Hôtel Salomon de Rothschild and the concession for the Turin Paloval will drive growth in the second half along with significant opportunities to develop synergies within the Group.

The group should announce significative venue management contracts during the second half of the year and make a point about the process of real estate externalisation in Torino and Budapest as previously informed.

Along with major political, cultural and sports events distinguished by their marginal correlation with the economic environment, corporate events represent an indispensable media for developing business. In this highly recessionary environment, the Group has done more than simply hold its ground and been successful in actively preparing for the rebound. As the recovery gains momentum, with a significant number of calls for tender for event venue concessions along with a number of large worldwide events programmed over the 2010-2012 period, the Group expects to pursue with assurance its international development.

(1) Gearing : Rapport de la Dette Financière Nette aux Fonds Propres
(2) Leverage : Rapport de la Dette Financière Nette à l'Excédent Brut d'Exploitation

The interim financial report is available at the website: www.gl-events.com.


Upcoming events:
2009 third-quarter sales: 20 October 2009 (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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