PRESS RELEASE
LYON, 6 MARCH 2024 - 6.00 PM
#GLEVENTS - WELCOME TO THE WORLD OF EVENTS
GL EVENTS' GROWTH MOMENTUM
REMAINS ON TRACK, EXCEEDING TARGETS IN 2023 WITH ANOTHER RECORD YEAR
GL Events | (FR0000066672, | GLO), | THE | INTEGRATED | EVENT | INDUSTRY | GROUP, |
ANNOUNCES ITS 2023 ANNUAL RESULTS.
- Record annual revenue of €1.427bn, +9% (+11% at constant exchange rates) (*)
- Growth in EBITDA1 of 18% with a margin of 14%, +1.2 points (*)
- 2023 EPS: +12% (*) (*)
- 2024 targets: 7% growth in revenue, stable net debt
GL events' Board of Directors, meeting on 6 March 2024, approved the annual financial statements for the fiscal year ended 31 December 2023. Audit procedures have been completed and the statutory auditors' report is in the process of being issued.
Pre-IFRS 16 & IAS 29 data | ||||||
€m | ||||||
2021 | 2022 | 2023 | Change vs. | |||
2022 | ||||||
Revenue | 741.2 | 1,315.3 | 1,427.3 | 9% | ||
EBITDA | 120.2 | 168.6 | 199.2 | 18% | ||
EBITDA margin | 16.20% | 12.80% | 14.00% | 1.2 | ||
Current operating income | 64.2 | 102.9 | 133.7 | 30% | ||
Current operating margin | 8.70% | 7.80% | 9.40% | 1.6 | ||
Net profit | 27.6 | 64.4 | 76.6 | 19% | ||
Net profit attributable to | 18.0 | 57.1 | 64.0 | 12% | ||
shareholders (Group share) | ||||||
Net margin | 2.40% | 4.30% | 4.50% | 0.2 | ||
EPS (1) | 0.6 | 1.9 | 2.1 | 12% | ||
NB: the full IFRS accounts are presented at the end of this press release
Olivier Ginon, Chairman-CEO of GL events Group, commented:
"With another record performance in 2023, GL events' momentum remains strong, especially after achieving a significant rebound in 2022. By leveraging the strengths of its three core businesses - Live, Exhibitions and Venues - the Group's growth strategy continues to create value and has once again outperformed its annual targets. As a result, revenue grew 9% to more than €1.4bn while the EBITDAmargin climbed to 14%.
This continuing momentum reflects the efforts of all our employees to whom I once again wish to extend my warmest thanks. GL events' ambitious ESG policies also continued to produce results in 2023, and we
1 Definitions are provided at the end of the press release.
(*) Pre-IAS 29 & IFRS 16 data
GL EVENTS / Q4 2023 REVENUE | 1/10 |
#GLEVENTS - WELCOME TO THE WORLD OF EVENTS
are proud to announce our success in reducing our energy consumption, training more and more employees and significantly multiplying our circular economy initiatives. In light of the Group's performance in 2023, we will submit a proposal to the Annual General Meeting to increase the dividendtwofold, to €0.7 per share.
We are also looking ahead to 2024 with confidence as a landmark year with the organization of the Olympic and Paralympic Games in Paris. We anticipate growth in revenue of approximately 7%, accompanied by further improvement in margins. We will continue to invest in production capacity toaccelerate the creation of value for our shareholders.
More forward-looking than ever, and in response to the sustained growth of our activities, we are strengthening our corporate governance by appointing new Managing Directors or Deputy Managing Directors in each of our three divisions to support the existing managers. I am convinced of the relevanceof our choices in which I have the utmost confidence, the same confidence I have in all our employees around the world who represent the driving force of GL events."
GL events reported annual revenue in 2023 of €1.427bn(*), up 9% on the previous year (+11% at constant exchange rates1). This growth was driven by the Exhibitions and Venues divisions which benefited from strong performances in Europe and the Americas, and a rebound in business in China.
GL events' growth in 2023 was accompanied by an improvement in profitability, with EBITDA up €30m to €199m(*). The Group has continued to keep fixed costs under control while benefiting from an improved business and geographical mix which has more than offset the effects from the comparison base from the previous year's mega-events (Qatar World Cup, COP 27 Egypt). As a result, the Group's EBITDA margin rose to 14% in 2023 primarily in response to:
- a particularly strong business rebound in 2023 in China;
- more robust growth by the Venues and Exhibitions businesses;
- a more favourable biennial effect in an odd-numbered year.
After taking into account other operating income and expenses representing a charge of €4.9m, net financial expense of €26.2m (€45.2m under Full IFRS), and a tax charge of €26.5m (*), net income (Group share) came to €64.0m (€60.0m under Full IFRS), compared with €57.1m in 2022 (€52.7m under Full IFRS), representing a net margin of 4.5%. Earnings per share (EPS) for 2023 rose 12% to €2.14
The containment of net debt and improvement in EBITDA will lead to an improvement in financial leverage (2.5 vs. 2.7 by the end of 2022).
The Group's ESG performance is continuing to improve in 2023. For example, 73% of energy supplies come from renewable sources, while gross greenhouse gas emissions have been reduced by 6% in 2023 compared with 2022 like-for-like.
1 Definitions are provided at the end of the press release.
(*) Pre-IAS 29 & IFRS 16 data
GL EVENTS / 2023 RESULTS | 2/10 |
#GLEVENTS - WELCOME TO THE WORLD OF EVENTS
REVENUE AND PROFITABILITY BY DIVISION
Live (€m) pre-IFRS 16 & IAS 29 | 2021 | 2022 | 2023 | Change vs. | |
2022 | |||||
Revenue | 430.4 | 851.7 | 824.5 | -3% | |
EBITDA | 60.0 | 93.1 | 93.3 | 0% | |
EBITDA margin | 13.9% | 10.9% | 11.3% | 0.4pt | |
Current operating income | 21.4 | 49.5 | 45.7 | -7.6% | |
Current operating margin | 5.0% | 5.8% | 5.5% | -0.3pt | |
GL events LIVE succeeded in its year of commercial expansion, by diversifying into major sporting events like the Ryder Cup, the Rugby World Cup (RWC France 2023), the Pan-American Games and the start of the delivery of services for the 2024 Olympic Games. The division's activities in China continued to rebound during the year while Brazil achieved growth of more than 20%.
GL events Live reported revenue in 2023 of €824.5m, compared with €851.7m a year earlier, with a very high comparison base linked to mega-events in 2022 while EBITDA remained largely stable at €93.3m(*). GL events Live's current operating margin was 5.5% (*). The division's profitability was impacted by an 8% increase in fixed costs like-for-like (employee support and staffing for 2024) and a rise in customer claims.
Exhibitions (€m) pre-IFRS 16 & IAS 29 | 2021 | 2022 | 2023 | Change vs. | |
2022 | |||||
Revenue | 144.5 | 138.5 | 209.7 | 51% | |
EBITDA | 34.2 | 20.1 | 35.0 | 74% | |
EBITDA margin | 23.7% | 14.5% | 16.7% | 2.2pt | |
Current operating income | 32.4 | 18.1 | 35.3 | 94.8% | |
Current operating margin | 22.4% | 13.1% | 16.8% | 3.8pt | |
After getting off to a slower start in H1 2023, GL events EXHIBITIONS performed in line with the market for the full year with 51% growth in annual revenue to €209.7m. This year, the division benefited in particular from the business upturn in China in Q2 2023, the rebound in Fashion trade shows, which accounted for 70% of pre-COVID business, and above all the strong momentum of B2B exhibitions like SIRHA, Hyvolution, Be Positive, CFIA, Global Industrie, Paysalia /Rocalia et Expomin (Chile).
With a 74% increase in EBITDA to €35.0m from €20.1m in 2022(*), the division registered an improvement in the EBITDA margin of 2.2 points to 16.7%(*) for the 2023 full-year. The current operating margin of 16.8%(*) confirms the positive impact of the measures implemented to reduce fixed costs and restore the Group's profitability. The division's profitability also benefited to some extent from the partial upturn in Chinese business and a more favourable biennial effect.
GL EVENTS / 2023 RESULTS | 3/10 |
#GLEVENTS - WELCOME TO THE WORLD OF EVENTS
Venues (€m) pre-IFRS 16 & IAS 29 | 2021 | 2022 | 2023 | Change vs. | |
2022 | |||||
Revenue | 166.3 | 325.0 | 393.1 | 21% | |
EBITDA | 26.1 | 55.4 | 70.8 | 28% | |
EBITDA margin | 15.7% | 17.0% | 18.0% | 1pt | |
Current operating income | 10.4 | 35.3 | 52.7 | 49.3% | |
Current operating margin | 6.2% | 10.9% | 13.4% | 2.5pt | |
GL events VENUES continued to enjoy excellent momentum, with 21% growth in revenue on a reported basis and like-for-like1 to €393.1m(*). For this first full year of activity post-COVID-19 crisis, the Lyon and Paris sites in France, as well as those in Brazil and Hungary, are driving the division's growth.
GL events Venues' EBITDA grew 28% in 2023 to €70.8m(*). The division's profitability further accelerated in 2023 with a 2.5 point increase in the current operating margin to 13.4%(*) compared with 2022. This performance was made possible by maintaining tight control over personnel costs and optimizing management of higher energy costs, which more than compensated for the absence of activity caused by renovation work at the Anhembi site for more than half the year.
Finally, GL events' teams are working with great professionalism on the Stade de France concession project. In accordance with the formal procedure applicable to this application, to date the first hearings have already been conducted with the body representing the French governmental authorities. As stipulated in the tendering specifications for this public contract, working meetings are being carried out with the sports federations with the purpose of defining a collaborative operating procedure. The application filed on January 3 for the first phase designates GL events as the sole shareholder, although the governance structure may evolve in the future.
FINANCIAL STRUCTURE
GL events generated operating cash flow of €139m(*) in 2023, higher than expected at the beginning of the year and stable, including Capex of €113m vs. €58m in 2022. After M&A (€64m vs. €33m), GL events' net debt remained stable at €500m. At December 31, 2023, GL events had a cash position of €540m and had reduced its gross debt by €78m, in line with Group targets.
At December 31, 2023, the maturity of the Group's debt had improved to 3.5 years, and the Group's financial leverage ratio stood at 2.5x and 2.3x according to the calculation methods provided for in the financing contracts, well below the 3.5 ratio of the bank covenants. Bond debt accounts for 24% of the total, with fixed-rate or hedged debt representing more than 65%.
1 Definitions are provided at the end of the press release.
(*) Pre-IAS 29 & IFRS 16 data
GL EVENTS / 2023 RESULTS | 4/10 |
#GLEVENTS - WELCOME TO THE WORLD OF EVENTS
REINFORCING THE DIVISION MANAGEMENT STRUCTURE
GL events has also strengthened the operational management structure of its three divisions.
New chief executive officers have been appointed to support strong business growth, strengthen skills and prepare for generational renewal.
- The Live Division, chaired by Olivier Ferraton, who is also Deputy Managing Director of GL events, approved the promotions of Maxime Rosenwald to the position of Deputy Managing Director of GL events Live and Benjamin Thevenet to the position of General Secretary of GL events Live.
- The Exhibitions Division, headed by Philippe Pasquet, has appointed Damien Timperio as Managing Director of GL events Exhibitions.
- The Venues Division, chaired by Christophe Cizeron, welcomed the appointments of Daniel Chapiro as Deputy Managing Director of GL events Venues and Clément Guerci as Assistant Managing Director.
ESG
GL events is continuing to roll out its ESG policy and confirms its goals for reducing its carbon footprint, limiting the use of disposables, maximising its circular economy performance and promoting diversity and local development This ESG performance was rewarded by a silver medal from the ESG rating agency Ethifinance and a B rating from the CDP (Carbon Disclosure Project) for the first year of response, with a sector average of B-.
In terms of carbon footprint reduction, 2023 results confirm the Group's targets, with a 6% gross reduction between 2022 and 2023 in the Group's carbon footprint on a like-for-like basis. More precisely, energy consumption linked to site activity was reduced by more than 30% by 31 December 2023, exceeding the target set in 2022 for a reduction of 25%. This reduction in consumption has been combined with a policy of sustainable investment (building, photovoltaic panels) and a renewable energy consumption rate of 73%.
To maximise its circular economy performance and limit the use of disposables, for FY 2023, the Group's waste separation rate increased to 49%, i.e. +5 points between 2022 and 2023 or +17 points between 2019 and 2023, in line with the target for a 10 point improvement in this metric. GL events is strengthening the sustainable dimension of its rental activity model by integrating eco-design directly into its purchasing processes, adding more than 300 products with a second life to its inventory and promoting environmental innovation through a first sustainability competition for the Live division.
In terms of employee-related and social issues, the Group has been particularly active in supporting its employees as business activity picks up, increasing the number of training hours by almost 50% and training more than 500 employees potentially concerned by the risks of corruption and/or fraud prevention during the year.
2024 TARGETS
The Group expects growth in business to be driven by the activities of Live (mega-events) and Venues (continuing development of the main sites operated by the Group).
GL EVENTS / 2023 RESULTS | 5/10 |
#GLEVENTS - WELCOME TO THE WORLD OF EVENTS
In addition, the Group intends to maintain a Capex programme (of around €115m), part of which concerns renovation work on the Anhembi site in São Paulo, Brazil (€55m) and part for assets needed to deliver the 2024 Olympics (€36m).
Despite a number of uncertain market conditions, for 2024, the Group is expecting:
- growth in revenue of 7%;
- net debt to remain stable at year-end, after reaching a peak at the end of June 2024 linked to the completion of the Anhembi project and the temporary impact of the 2024 Olympic Games on working capital requirements.
In addition, the Group will continue to roll out its ESG policy in 2024.
PROPOSED DIVIDEND AND SHAREHOLDERS' MEETING DATE
The Board of Directors proposes the payment of a dividend of €0.70 per share for fiscal 2023. The proposal will be submitted to the shareholders for approval at the General Meeting of the shareholders to be held on 25 April 2024 in Lyon.
UPCOMING EVENTS
- 2024 first-quarter revenue: 24 April 2024
- Annual General Meeting 25 April 2024
ABOUT GL EVENTS:
www.gl-events.com
About GL events: The Group is a world-class provider of integrated solutions and services for events operating
across the three main market segments: conventions, conferences, congresses; cultural, sports and political events; trade shows / B2B and B2C exhibitions and consumer fairs. GL events' activities are organised into three major business divisions. GL events Live provides a complete range of services for corporate, institutional and sports
events, and offers turnkey solutions from consulting and design to staging the event itself. GL events Exhibitions manages and coordinates the Group's portfolio of more than 200 proprietary trade fairs covering a wide range of sectors: food industry, culture, textiles, manufacturing… GL events Venues manages a network of 57 venues (convention and exhibition centres, concert halls and multi-purpose facilities) in France and international destinations.
Present on five continents with operations in more than 20 countries, GL events has 5,650 employees. GL events is listed on Euronext Paris, Compartment B (mid-caps).
INVESTOR RELATIONS | MEDIA RELATIONS |
GL events | FTI Consulting |
Sylvain Bechet | Julien Durovray |
Tel.: +33 (0)4 72 31 54 20 | Tel.: +33 (0)6 25 04 57 73 |
infos.finance@gl-events.com | glevents@fticonsulting.com |
ISIN FR0000066672 - BLOOMBERG GLO FP - REFINITIV GLTN.PA - FTSE 581
LEI 9695002PXZMQNBPY2P44
GL EVENTS / 2023 RESULTS | 6/10 |
#GLEVENTS - WELCOME TO THE WORLD OF EVENTS
FINANCIAL STATEMENT HIGHLIGHTS
GL EVENTS' CONSOLIDATED INCOME STATEMENT
(€ thousands) | 2023 | 2022 | 2023 FULL IFRS | 2022 FULL IFRS |
Revenue | 1,427,341 | 1,315,262 | 1,419,258 | 1,310,187 |
Purchases consumed | (94,413) | (104,914) | (94,254) | (104,355) |
External charges | (782,302) | (750,944) | (716,073) | (692,364) |
Taxes and similar payments | (20,777) | (17,571) | (20,765) | (17,561) |
Personnel expenses and employee profit sharing | (333,659) | (285,566) | (333,146) | (285,318) |
Allowances for depreciation and reserves | (65,471) | (65,655) | (112,299) | (110,006) |
Other current operating income | 6,530 | 13,825 | 6,530 | 13,825 |
Other current operating expenses | (3,543) | (1,497) | (2,890) | (2,406) |
Operating expenses | (1,293,636) | (1,212,322) | (1,272,898) | (1,198,184) |
CURRENT OPERATING INCOME | 133,705 | 102,940 | 146,359 | 112,004 |
CURRENT OPERATING INCOME MARGIN | 9.4% | 7.8% | 10.3% | 8.5% |
Other operating income and expenses | (4,881) | (4,932) | (4,881) | (4,932) |
OPERATING PROFIT | 128,824 | 98,008 | 141,478 | 107,072 |
OPERATING MARGIN | 9.0% | 7.5% | 10.0% | 8.2% |
Net interest expense | (21,087) | (13,523) | (39,903) | (29,210) |
Other financial income and expenses | (5,083) | (2,521) | (5,315) | (2,528) |
NET FINANCIAL EXPENSE | (26,171) | (16,044) | (45,218) | (31,737) |
EARNINGS BEFORE TAX | 102,653 | 81,964 | 96,260 | 75,335 |
Income tax | (26,455) | (17,054) | (24,790) | (15,675) |
NET PROFIT /(LOSS) OF CONSOLIDATED COMPANIES | 76,198 | 64,910 | 71,470 | 59,660 |
Income (loss) from equity-accounted investees | 376 | (480) | 374 | (480) |
NET PROFIT / (LOSS) | 76,574 | 64,430 | 71,844 | 59,180 |
Attributable to non-controlling interests | 12,601 | 7,325 | 11,895 | 6,478 |
NET PROFIT / (LOSS) ATTRIBUTABLE TO GROUP | 63,973 | 57,105 | 59,949 | 52,702 |
SHAREHOLDERS | ||||
(€ thousands) | ||||
Current operating income | 133,705 | 102,940 | 146,359 | 112,004 |
Allowances for depreciation and reserves | 65,471 | 65,655 | 112,299 | 110,006 |
EBITDA | 199,176 | 168,594 | 258,659 | 222,009 |
GL EVENTS / 2023 RESULTS | 7/10 |
#GLEVENTS - WELCOME TO THE WORLD OF EVENTS
GL EVENTS' CONSOLIDATED BALANCE SHEET
(€ thousands) | 31/12/2023 | 31/12/2022 | 31/12/2023 | 31/12/2022 |
(Full IFRS) | (Full IFRS) | |||
Goodwill | 823,689 | 805,771 | 826,799 | 808,628 |
Other intangible assets | 45,384 | 43,696 | 45,384 | 43,696 |
IFRS 16 concessions and leases | 478,476 | 490,142 | ||
Land and buildings | 342,762 | 271,232 | 342,762 | 271,232 |
Other tangible fixed assets | 62,566 | 48,600 | 62,948 | 48,732 |
Rental equipment assets | 150,827 | 131,245 | 150,827 | 131,245 |
Other investments and non-current | ||||
assets | 68,106 | 78,774 | 68,157 | 78,806 |
Equity-accounted investments | 2,312 | 1,894 | 2,312 | 1,894 |
Deferred tax assets | 34,634 | 36,977 | 41,143 | 42,641 |
Non-current assets | 1,530,279 | 1,418,190 | 2,018,808 | 1,917,014 |
Inventories & work in progress | 59,286 | 45,138 | 61,190 | 46,104 |
Receivables | 216,677 | 216,667 | 216,677 | 216,667 |
Other receivables | 207,252 | 196,719 | 207,283 | 196,736 |
Cash | 540,099 | 625,866 | 540,099 | 625,866 |
Current assets | 1,023,315 | 1,084,391 | 1,025,249 | 1,085,374 |
Total assets | 2,553,593 | 2,502,581 | 3,044,057 | 3,002,388 |
Share capital | 119,931 | 119,931 | 119,931 | 119,931 |
Reserves and additional paid in capital | 465,352 | 427,215 | 456,596 | 421,839 |
Translation adjustments | (196,957) | (182,109) | (196,957) | (181,828) |
Net profit | 63,973 | 57,105 | 59,949 | 52,702 |
Shareholders' equity attributable to | ||||
the Group | 452,300 | 422,142 | 439,519 | 412,644 |
Non-controlling interests | 146,051 | 192,658 | 142,943 | 190,050 |
Equity | 598,350 | 614,800 | 582,463 | 602,694 |
Provisions for retirement severance | ||||
payments | 12,989 | 12,256 | 12,989 | 12,256 |
Deferred tax liabilities | 12,803 | 14,757 | 12,803 | 15,446 |
Non-current borrowings | 843,921 | 866,758 | 843,921 | 866,758 |
Non-current IFRS 16 lease liabilities | - | 463,093 | 469,575 | |
Non-current liabilities | 869,713 | 893,771 | 1,332,806 | 1,364,035 |
Provisions for contingencies and | ||||
expenses | 19,365 | 23,887 | 19,365 | 23,887 |
Current financial debt | 189,648 | 245,324 | 189,648 | 245,324 |
Current IFRS 16 lease liabilities | - | 42,103 | 40,916 | |
Current bank facilities and overdrafts | 7,029 | 6,018 | 7,029 | 6,018 |
Advances and down payments | ||||
received | 39,927 | 51,262 | 39,927 | 51,262 |
Trade payables | 344,122 | 290,613 | 344,122 | 290,613 |
Tax and employee-related liabilities | 162,003 | 142,436 | 162,003 | 142,436 |
Other liabilities | 323,437 | 234,469 | 324,593 | 235,200 |
Current liabilities | 1,085,529 | 994,010 | 1,128,788 | 1,035,658 |
Total equity and liabilities | 2,553,593 | 2,502,581 | 3,044,057 | 3,002,388 |
In € thousands or % | 31/12/2023 | 31/12/2022 | 31/12/2023 | 31/12/2022 |
(Full IFRS) | (Full IFRS) | |||
Pre-IFRS 16 net debt | 500,499 | 492,234 | 500,499 | 492,234 |
Net debt/Equity | 83.6% | 80.1% | 85.9% | 81.7% |
GL EVENTS / 2023 RESULTS | 8/10 |
#GLEVENTS - WELCOME TO THE WORLD OF EVENTS
GL EVENTS' CONSOLIDATED CASH FLOW STATEMENT
(€ thousands) | 31/12/2023 | 31/12/2022 | 31/12/2023 | 31/12/2022 |
(Full IFRS) | (Full IFRS) | |||
Cash and cash equivalents at the beginning of the | 619,848 | 624,640 | 619,848 | 624,640 |
year | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net profit | 63,973 | 57,105 | 59,949 | 52,702 |
Amortisation, depreciation and provisions | 58,788 | 61,379 | 58,788 | 61,354 |
Other non-cash income and expenses | (677) | (3,137) | 5,519 | 3,123 |
Gains and losses on disposals of fixed assets | 1,019 | (1,487) | 1,019 | (1,487) |
Share of consolidated subsidiaries' net income | 12,601 | 7,325 | 11,895 | 6,478 |
attributable to non-controlling interests | ||||
Share in income of equity affiliates | (376) | 480 | (374) | 480 |
Cash flow | 135,328 | 121,665 | 136,796 | 122,649 |
Cost of net financial debt | 21,087 | 13,523 | 39,903 | 29,210 |
Tax expense (including deferred taxes) | 26,455 | 17,054 | 24,790 | 15,675 |
Cash flow before net interest expense and tax | 182,871 | 152,243 | 201,488 | 167,534 |
Income tax payments | (19,975) | (13,095) | (19,975) | (13,017) |
Change in inventories | (11,409) | (6,677) | (11,409) | (6,571) |
Change in accounts receivable, discounted notes, | 24,877 | 42,263 | 24,877 | 42,696 |
deferred income | ||||
Change in accounts payable, deferred charges | 28,227 | (6,339) | 28,227 | (6,593) |
Other changes | 46,897 | 25,059 | 46,397 | 25,176 |
Change in working capital requirements | 88,592 | 54,307 | 88,092 | 54,707 |
Net cash provided by (used in) operating activities (A) | 251,488 | 193,454 | 269,606 | 209,223 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Acquisition of intangible fixed assets | (6,075) | (3,643) | (6,075) | (3,642) |
Acquisition of tangible assets and capitalised rental | (104,961) | (57,110) | (104,961) | (57,073) |
equipment | ||||
Disposals of tangible and intangible assets | 1,805 | 2,683 | 1,805 | 2,683 |
Investment grants received | 221 | 49 | 221 | 49 |
Acquisitions of financial assets | (4,177) | (10,069) | (4,177) | (10,069) |
Disposal of investments and other non-current assets | 356 | (58) | 356 | (58) |
Net cash flows from the acquisition and disposal of | (63,776) | (32,552) | (63,776) | (32,552) |
subsidiaries | ||||
Net cash provided by (used in) investing activities (B) | (176,609) | (100,700) | (176,609) | (100,662) |
NET CASH FROM FINANCING ACTIVITIES | ||||
Dividends paid to shareholders of the parent | (10,494) | (10,494) | ||
Dividends paid to non-controlling shareholders of | (9,359) | (7,401) | (9,359) | (7,401) |
consolidated companies | ||||
Other changes in equity | (3,126) | (4,294) | (3,126) | (4,294) |
Change in borrowings | (112,080) | (69,986) | (112,080) | (70,060) |
Cost of net financial debt | (21,087) | (13,523) | (39,903) | (29,210) |
Net cash provided by (used in) financing activities (C) | (156,146) | (95,205) | (174,961) | (110,965) |
Effect of exchange rate fluctuations on cash (D) | (5,512) | (2,341) | (4,814) | (2,388) |
Net change in cash & cash equivalents (A + B + C + D) | (86,778) | (4,792) | (86,778) | (4,792) |
Cash and cash equivalents at year-end | 533,070 | 619,848 | 533,070 | 619,848 |
GL EVENTS / 2023 RESULTS | 9/10 |
#GLEVENTS - WELCOME TO THE WORLD OF EVENTS
DEFINITIONS
Constant exchange rates: average exchange rate of N applied to the previous period (N-1)
Organic growth: growth in revenue excluding changes in the scope of consolidation
Constant structure
- For acquisitions of the period: by adding to revenue of prior periods the sales of the acquired
company
- For disposals of the period: by subtracting from revenue of prior periods the sales of the company sold
LFL: like-for-like defined as at constant structure and exchange rates (see the definitions above for "constant structure" and "constant exchange rates" )
EBITDA: (earnings before interest, taxes, depreciation and amortisation) or "gross operating profit" defined as current operating income + depreciation, amortisation and provisions
IFRS 16: restatement of leases, standard applicable as from 1 January 2019
- Measurement of leases in the balance sheet under assets (right-of-use assets), with the recognition of a corresponding debt under liabilities (lease liabilities)
- A portion of lease payments is recognised under operating expenses ("amortisation") and a
portion under financial expense ("cost of debt")
- Covenants are determined excluding the application of this standard.
IAS 29: Financial Reporting in Hyperinflationary Economies For the Group, Turkey is included in the list of countries covered by this standard. In consequence, the accounts of the Group's Turkish companies are henceforth translated at the closing rate and no longer at the average rate for the period.
GL EVENTS / 2023 RESULTS | 10/10 |
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GL Events SA published this content on 06 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 March 2024 19:13:05 UTC.