Veronafiere: 2023 financial statements set new record for group and parent company
The AGM of Veronafiere S.p.A. – the leading direct organiser of exhibitions in Italy and an international leader with subsidiaries operating in Asia, North and South America – today unanimously approved the consolidated results for 2023, which posted a new record for revenues at Group and Parent Company level, well above expectations and even better than 2019, the pre-Covid year. This result was achieved exclusively through core business management – which on average generates 90% of revenues – without state aid or capital gains.
Maurizio Danese, CEO Veronafiere and Federico Bricolo, president of Veronafiere
The President of Veronafiere, Federico Bricolo, commented: “These results highlight two-figure growth in turnover, confirming the vitality of well-managed products, as well as the services developed by the Veronafiere S.p.A. and its shareholders. The revenue posted by the Veronafiere Group is impressive and even better than the performance in 2019, the pre-covid year, standing at 120.5 million euros, up by 11.8% compared to 2022. Ebitda came to 22.3 million euros, an improvement of 25.9% compared to 2022, performing even better than the initial budget estimate by 4.6 million euros and posting a profit of 3.9 million euros. Cash flow was also excellent and solid, thanks not the least to the evolution of working capital. This helped significantly and virtuously reduce indebtedness: The structure of the Group’s financial position is solid once again.”
The Managing Director of Veronafiere, Maurizio Danese, highlighted: “The parent company – Veronafiere S.p.A. – posted revenues from sales and services for the 2023 financial year of 93.8 million euros, an increase of 16% (13 million euros) compared to 2022. Ebitda stands at 14.1 million euros, up by 19.4% (+2.4 million euros) over the previous year. The net result as of 31 December 2023 shows a profit of 2.3 million euros. In addition, adjusted margins and profitability, i.e. net of extraordinary and non-repeatable items, are significantly higher than previously reported indications, thereby supporting the prospect that Veronafiere will accelerate margins in 2024. All this was achieved thanks to a combination of multiple factors, primarily the resumption of the trade fair calendar, stable again at last for the first time since 2019.This return to normality is reflected in the full resumption of direct organisation of exhibitions, events and initiatives, alongside the congress and conference operations. One example that particularly stands out is the holding of Samoter – the international industrial construction machinery sector exhibition – after 6 years of absence.”
In total, 50 events were held in 2023, of which 39 at the Veronafiere Exhibition Centre for a total in Italy of 770,000 visitors, 11,000 exhibitors and a net exhibition area of 567,000 square meters, joined by 11 events abroad in 6 countries (Brazil, China, Netherlands, Peru, Serbia and United States of America).
280 conferences attended by 60,500 people were hosted in the Veronafiere Conference Centre.
Some of the trade fair brands owned by Veronafiere are global landmarks in their reference sectors, such as Vinitaly and Marmomac, or else enjoy acknowledged international leadership, such as Samoter, Fieragricola, Fieracavalli and Progetto Fuoco.
RESULTS AS OF 31 DECEMBER 2023
Revenues from sales and services for the Veronafiere Group in the 2023 financial year stand at 120.5 million euros, up by 11.8% (+12.8 million euros) compared to 2022.
EBITDA came to 22.3 million euros, up by 25.9% compared to 2022 and better than budget estimates to the tune of 4.6 million euros.
The Group’s net result as of 31 December 2023 shows a profit of 3.9 million euros, posting an evident turnaround compared to the loss of 5.1 million euros sustained in the 2022 financial year.
The parent company – Veronafiere S.p.A. – posted revenues from sales and services for the 2023 financial year of 93.8 million euros, an increase of 16% (13 million euros) compared to 2022.
EBITDA stands at 14.1 million euros, up by 19.4% (+2.4 million euros) over the previous year.
The net result as of 31 December 2023 highlights a profit of 2.3 million euros, compared to a loss of 6.1 million euros in 2022.
OBJECTIVES FOR THE “VERONAFIERE ONE” STRATEGIC BUSINESS PLAN 2024-2026:
INVESTMENTS OF 30 MILLION EUROS; 5 NEW EVENTS; TURNOVER OF 151.8 MILLION EUROS
Veronafiere trade spaces and Gallerie Mercatali
The launch of the Veronafiere ONE 2024-2026 strategic business plan provides clear guidance for promoting all Group companies and consolidating international presence. The action envisaged in the Business Plan focuses on sustainable growth, structured international presence and the development of competitive services. This all contributed to the success of the 2023 budget and laid the foundations for positive performances in the future.
The President of Veronafiere, Federico Bricolo, highlighted: “The decision-making and development guidelines for the next few years contained in the Veronafiere ONE strategic business plan – as presented to shareholders, unions and employees early this year – emphasise the objective under a consolidated direction of making the most of all Group companies – from stand set-ups to those operating abroad – in order to create value in terms of turnover and market know-how for the sectors we represent with Veronafiere-branded exhibitions and events in Italy and around the world. At the same time, we redefined action in response to the critical issues of the current geopolitical context in order to strengthen development opportunities on domestic and international markets where the Group has historically played a leading role for Italy’s real economy – small-medium enterprises and value chains represented by their products.
“At the end of the period in 2026,” as pointed out by Managing Director Maurizio Danese, “the Plan will include five new exhibitions in the portfolio, as well as investments in infrastructures in excess of 30 million euros, an increase of 6 percentage points for the gross margin from core operations (from 41 to 47%), turnover of 151.8 million euros (+40% over 2023) and Ebitda at 41 millions (26.8% compared to 16.4% in 2023).
Attaining these growth objectives for the next three years (2024-2026) is based on Veronafiere’s distinctive assets as regards the international exhibition market (2024-2026), outlined on a business model wherein the human factor is the key to success based on four pillars: sustainable growth of business in Italy itself; structured international presence; development of a complete and competitive offering of services and set-ups; using data to support business.
These pillars will be backed up by four spheres of action to achieve these objectives: streamlined corporate structure to help emphasise production; new organizational structure and investment in people; technological, infrastructural and operating efficiency investments; business model driven by ESG (Environmental, Social and Governance) topics.
This latter choice promotes responsible business management by envisaging the adoption of practices to protect the environment and internal policies that focus on equality and inclusion for every employee.
International development, as one of the pillars envisaged in the Business Plan, is a strategic lever for all Made in Italy products and especially for the exhibition sector, and for Veronafiere takes shape through two aspects. The first envisages continued coverage of our reference sectors by exporting the Group’s key events (Vinitaly and Marmomac first and foremost, followed progressively by Fieracavalli, Fieragricola and Progetto Fuoco) to the most attractive locations and group attendance at international exhibitions organized directly in the target areas. The second will encourage incoming high-profile foreign operators, stakeholders and professionals to attend trade fairs in Italy: an assiduous and “two-way” effort capable of ensuring broad, circular business opportunities.
SOCIAL AND ENVIRONMENTAL SUSTAINABILITY 2023
Veronafiere has also decided to develop an increasingly environmentally sustainable business model. We are committed to constant improvements in our energy performance. We also work to ensure that our facilities are more efficient and each new task is studied and implemented from a green perspective by a specific Energy Team.
The Verona Exhibition Centre was the first in Italy to receive ISO 50001 certification (energy management system) in 2015, since renewed until 2024. In 2021 Veronafiere was also the first international organizer to obtain the integrated sustainability certification “Si Rating” by ARB SBpA and launch constant monitoring to improve the environmental, social and good governance impact, pursuing the 17 objectives defined by the United Nations in the 2030 Agenda.
A virtuous approach that takes shape in many initiatives within the scope of individual exhibitions, across all activities, which will be implemented continuously year after year.
As of 2023, for example, the busiest trade fairs will see a free shuttle bus service linking the Verona Exhibition Centre and the Genovesa car parking area (800 places) near the Verona Sud motorway toll booth exit. This initiative is based on collaboration with the Verona City Council Mobility Department, the Municipal Police, ATV bus service and the A4 Motorway Concessionaire. The aim is to promote a culture of integration between different mobility systems and a more efficient collective transport model that ensures less impact on the environment.
The symbol of this social responsibility is the Sustainability Report: this tool helps make known not only Veronafiere’s Corporate Social Responsibility (CSR) objectives but also those that it has already managed to implement, at the same time as pursuing its commitment to Stakeholders towards continuous improvements
Inasmuch. the objective now is to adopt and encourage the spread of values and virtuous conduct towards people, the environment and civil society, in the conviction of contributing not only to the evolution of the Company but also its local area – seen as a patrimony to be protected, made known and promoted.
Veronafiere’s Social and Environmental Sustainability Report can help spread the “culture of social responsibility” and sustainability; primarily towards clients and suppliers by stimulating their qualitative growth and strengthening competitiveness on international markets.