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Share Name | Share Symbol | Market | Type |
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Essex Property Trust Inc | TG:EXP | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.40 | 0.16% | 246.60 | 244.50 | 245.50 | 246.80 | 245.30 | 245.30 | 131 | 19:04:04 |
RNS Number:9930P Expomedia Group PLC 22 September 2003 EXPOMEDIA GROUP PLC Interim results for the six months ended 30 June 2003 Highlights * Group revenue increases by 15% * Forward bookings for the second half of 2003 up 120% * Lease signed for Cologne Expocentre * Number of events in the six months up 37% * Acquisition of 'Exhibition Bulletin' * Appointed to publish UFI's 'Exhibition World' * Informa expands with Expomedia into 5 key markets * Outlook positive as new venues become established Chairman's Statement Dear Shareholders The period since our last report has been another one of significant progress by the group, the most important of which are outlined below. Results Group turnover for the period was Euro4.5 million (2002: Euro3.9 million) an increase of 15 per cent. The loss before interest, taxation, depreciation and amortisation was Euro1.3 million (2002: Euro0.2 million). The momentum behind the group's expansion continues and our bookings for the year are up by 50 per cent and for the second half of 2003 forward bookings are up 120 per cent. Included in the costs for the period was Euro1.1 million of expansion costs (2002: Euro0.2 million). Excluding these costs the loss before interest, taxation, depreciation and amortisation would have been Euro0.2 million (2002: loss Euro0.1 million). These costs are incurred in relation to the new businesses which we have initiated over the last twelve months. Such costs are a necessary part of our expansion programme and will continue at a relatively high level until the latter part of 2004 when we expect most of our new venues and exhibition organising companies to be fully operational. Business model Expomedia is present in the developing markets of Russia, Poland, Hungary and Serbia-Montenegro. In these markets we are developing cost effective venues aimed at the mainstream exhibition market. In general our venues in these markets are larger than those we develop in Western Europe and are aimed at providing high quality, cost effective facilities which are not otherwise available in these territories. To complement our venues we have formed exhibition organising businesses. Combined with partnerships with many of the key players in the exhibition and conference industry we are able to bring their expertise and brands into these growing markets where they have limited exposure at present. This has led to the creation and launch of a range of new specialised events many of which will have their first edition in 2004. In Western Europe we are currently operating in The Netherlands and Germany. Here our centres are generally smaller and will cater for niche events which are presently not served by the existing infrastructure. Likewise our organising business in these markets is also focussed on smaller niche trade events with trade associations and consumer titles operated in conjunction with local media groups. The group's venue expansion continues, with leases already signed for 3 new centres. The company also anticipates that it will organise 62 events in 2003, compared to 40 in 2002 and rising to 94 in 2004. Russia Last year we commenced our operations in the expanding Russian market when we announced the leasing of a 20,000m(2) ExpoSportsCentre to be built in central Moscow. Since our announcement we have been working with the lessors and the local authorities to obtain the necessary permissions and carrying out the architectural and engineering work to enable construction to commence. We expect that construction will begin before the end of this year with completion anticipated for late autumn 2004. The level of interest in the venue to date has been exceptional and we already have a high level of preliminary reservations. During the period we also successfully commenced the operations of our exhibition organising subsidiary in Moscow OOO Tsentralnye Yevropeyskiy Vistavskiy ("CEV"). We are organising 4 exhibitions and conferences this year the first of which was 'Wireless Russia', which took place in Moscow in June, organised with Informa Group. This conference was very successful and has led to the launch, with Informa Group, of several additional exhibitions in 2004 including 'Seafood Russia' and 'Transport and Logistics Russia'. Our Russian co-operation with Informa Group has also been expanded to include the launch of a conference business in Moscow next year, based on their successful model used elsewhere in Europe. In 2004 we also plan to hold 15 events. Of these, 13 are to be held in co-operation with other major international exhibition organisers, including Montgomery International Ltd, Penton Media Europe Ltd and Nurnberg Messe GmbH. It is part of our policy that we launch events which will ultimately become a significant customer of our exhibition venue. Germany Expomedia announced on 17 June 2003, that it had entered into a 20 year lease on a new 6,688m2 multifunctional Expocentre in the centre of Cologne, which will be built to the group's specification. It is anticipated that the Expocentre will be fully operational by November 2004. Expomedia is currently activating a German exhibition organising subsidiary and anticipates a number of title launches with existing and new partners for 2004. The Netherlands Our exhibition organising business in The Netherlands, Telegraaf Expomedia Events, will organise 3 new consumer events in the last quarter of 2003 and we are planning a further 7 consumer events for 2004. Each event has extensive media backing from N.V Holdingmaatschappij De Telegraaf and its newspaper and magazine titles which are the market leaders in The Netherlands. In addition to the consumer events organised by Telegraaf Expomedia Events we are also launching a number of highly specialised trade events on behalf of certain trade associations in niche sectors to be held in 2004. As previously announced, the construction of Expo XXI Amsterdam International Expocentre is due to commence in early 2004 with completion scheduled for the end of 2004. This centre is located next to the Amsterdam Stadium (home of Ajax football club), with excellent transport links. Morocco During the period our subsidiary International Exhibitions Company Sarl (IEC) organised 2 events in Morocco and its first event in Dakar, Senegal, an international oil, gas and mining exhibition. In the second half of the year we expect to organise a further 3 events. In 2004 we are planning to hold a total of 9 events a 50 per cent increase on 2003. Poland We currently have three operations in Poland. In Warsaw, our exhibition venue has now been operating for 18 months and in that time its income has steadily grown despite the economic situation in Poland. We hosted 60 events in the first half of the year and expect that this will grow to 108 events for the full year. Our own exhibitions provided 9 of these events and represented 27 per cent of the revenue of the venue, a level we anticipate will remain and in line with our model. Our exhibition organiser CEE Miedzynarodowe Targi Warszawskie Sp.Zo.o ("MTW") organised a total of 9 events in the period (2002: 4) and we expect that this will grow to 16 (2002: 12) events for the full year. Total square meterage grew from 4,500m(2) to 7,765m(2), representing an increase of 70 per cent. The most significant events in the period were 'Meeting Premiera' a stationery exhibition and 'IFE' organised in conjunction with Montgomery International. Our venue in Katowice has continued to experience difficult trading with overall meterage for the period falling by 30 per cent. However the gross margin improved to 52 per cent from 45 per cent as a result of cost restructuring measures carried out in the latter part of last year. This helped to reduce the effect on the results of this decline. Conference Expansion We have significantly expanded our co-operation with Informa Group Plc, the world's leading conference organiser with over 3,000 annual events. This strategic agreement is a natural progression from our previous exhibition and conference agreements which included the successful 'Wireless Russia', 'Transport and Logistics Russia', and 'Seafood Russia'. The agreement will see at least 5 to 10 specialised conferences brought to each one of these important markets: Russia, Poland, India, Hungary and North West Africa. Informa Professional Information Group (IPIG), a trading division of Informa UK Ltd, has established an internationally recognised conference portfolio which includes banking and finance, insurance, legal, oil and gas and healthcare. The agreement will also introduce cloned editions of the conferences into London where appropriate. CEE Exhibitions will handle all local sales, marketing and operational activities and will work to secure local government and association support in the host countries. This milestone agreement represents a significant product increase for Expomedia and we welcome the challenge. In addition, we have also concluded an agreement with IBC Global Conferences, part of Informa Group Plc to launch a series of conferences leading up to a major exhibition, covering the redevelopment and reconstruction of Iraq. The series will launch in London in October 2003 with further worldwide events anticipated throughout 2004 Trade Publications On 9 June 2003 we announced that our 51 per cent subsidiary, Mash Media Group, had acquired the publication 'Exhibition Bulletin', which was first published in 1948 and which has since been the main trade publication for the UK exhibition industry. The addition of this title has transformed the company into the leading trade publisher in its field and we anticipate that the addition of 'Exhibition Bulletin' to our existing titles will produce substantial synergies once it has been fully integrated into the existing portfolio. Mash Media already produces 6 titles aimed at the exhibition market, including three new titles launched in the last 9 months. We are planning further expansion in due course in this business through the publication of new titles such as 'Exposegodnia', a Russian edition of our UK title 'Exhibition News', published for the first time in July 2003. We are also pleased to announce that in August 2003, Mash Media was elected to publish 'Exhibition World', the official publication of UFI (Union des Foires Internationales) the leading exhibition industry association in Europe. This is a significant endorsement of our publishing portfolio and we believe will prove to be a catalyst in our expansion plans. Other Developments Expomedia operates in a fast moving industry and is proving adept at seizing opportunities when they arise. We do not expect this process to stop and expect that in the near future we will announce new ventures in India, Belgrade (Serbia-Montenegro) and Spain as well as further major developments in Russia, Hungary, The Netherlands and Germany. Outlook Despite the worldwide economic slowdown, our exhibition centre EXPO XXI Warsaw International Expocentre, and exhibition organising company, CEE Miedzynarodowe Targi Warszawskie Sp. Z o.o., in Warsaw are showing signs of continued growth. The board also believes that Poland's anticipated entry into the EU in 2004 will enable Expomedia to capitalise on its strong position in Poland. The Board also anticipates that the number of events will grow from 62 in 2003 to approximately 94 in 2004, representing a growth of 50 per cent, the result of our organising ventures being successful in launching new events in Moscow, Budapest, Warsaw and Amsterdam with the group's international partners. With the planned expansion of our exhibition operations into Russia, Germany and The Netherlands and the continuing development of the new ExpoSportsCentre in Moscow, Expomedia will incur further expansion costs until the new events and venues become fully operational and revenue generating in 2004 and 2005. The Board anticipates that additional expansion costs of approximately Euro2 million will be incurred in the current financial year. The consequent increase in revenue from this expansion will be realised in 2004 and 2005 when our growth rate will accelerate even further. The Board believes that the outlook for the group is positive and that its true value will rapidly become fully apparent once the proposed new venues have had a chance to establish themselves. The quality of our partners is a good indication of the strength and product position of your company as a significant force in the exhibition, conference and events industry. Roger Shashoua Chairman Consolidated profit and loss account Restated Notes Six months Six months Year ended 31 ended 30 June ended 30 June December 2003 2002 2002 Euro'000 Euro'000 Euro'000 Turnover Continuing operations 4,534 3,878 7,032 Cost of sales (2,584) (2,055) (3,521) Gross profit 1,950 1,823 3,511 Administrative expenses: Expansion costs (1,129) (154) (957) Other administrative (2,717) (2,321) (4,797) expenses Administrative expenses (3,846) (2,475) (5,754) Operating loss Continuing operations (1,896) (652) (2,243) Loss on ordinary (1,896) (652) (2,243) activities before interest Other interest receivable 21 21 44 and similar income Interest payable and (331) (265) (374) similar charges Loss on ordinary (2,206) (896) (2,573) activities before taxation Taxation (13) (117) (47) Loss on ordinary (2,219) (1,013) (2,620) activities after taxation Minority interest 88 172 214 Retained loss for the (2,406) period transferred to reserves (2,131) (841) Basic loss per share 2 (0.06) (0.03) (0.07) (Euro) Diluted loss per share 2 (0.06) (0.03) (0.07) (Euro) Statement of consolidated recognised gains and losses Six months Six months Year ended 31 ended 30 June ended 30 June December 2003 2002 2002 Euro'000 Euro'000 Euro'000 Loss for the financial period (2,131) (841) (2,406) Currency translation differences on foreign currency net investments (1,753) (2,337) (2,274) Total recognised loss (3,884) (3,178) (4,680) Consolidated balance sheet 30 June 30 June 31 December 2003 2002 2002 Euro'000 Euro'000 Euro'000 Fixed assets Tangible assets 23,903 26,063 26,301 Goodwill 4,166 4,134 4,235 Negative goodwill (807) (823) (813) 3,359 3,311 3,422 Exhibitions and publications titles 2,408 733 746 29,670 30,107 30,469 Current assets Stock 11 22 12 Debtors 2,704 1,158 2,125 Cash at bank and in hand 914 600 506 3,629 1,780 2,643 Creditors: amounts falling due within one year (5,913) (4,331) (4,437) Net current liabilities (2,284) (2,551) (1,794) Total assets less current liabilities 27,386 27,556 28,675 Creditors: amounts falling due after more than one year (3,321) (3,775) (3,497) Provisions for liabilities and charges (1,167) (1,196) (1,187) 22,898 22,585 23,991 Capital and reserves Called up share capital 3,141 2,878 3,017 Share Premium Account 21,533 15,953 18,774 Other Reserves 5,998 5,998 5,998 Profit and loss account (11,012) (5,626) (7,128) Shareholders funds 19,660 19,203 20,661 Minority interest 3,238 3,382 3,330 22,898 22,585 23,991 Consolidated cash flow statement Six months Six months Year ended 31 ended 30 June ended 30 June December 2003 2002 2002 Euro'000 Euro'000 Euro'000 Operating loss (1,896) (652) (2,243) Depreciation 419 426 847 Amortisation of goodwill 133 49 204 Loss on disposal of tangible - - 27 assets Decrease in stock 3 8 15 (Increase)/decrease in debtors (577) 132 (862) Increase/(decrease) in 830 (1,736) 634 creditors Net cash outflow from operating (1,088) (1,773) (1,378) activities Returns on investments and servicing of finance Interest received 21 21 36 Interest paid (134) (190) (348) Realised foreign exchange (loss)/ (50) 183 (18) gain Net cash (outflow)/inflow from (163) 14 (330) investments and servicing of finance Taxation Tax paid (43) (118) (115) Capital expenditure Payments to acquire exhibition and publication titles (718) (159) (173) Payments to acquire other (45) intangible fixed assets Payments to acquire tangible (316) (340) (1,750) fixed assets Receipts from sale of fixed - - 100 assets Net cash outflow from investing (1,079) (499) (1,823) activities Acquisitions and disposals Purchase of subsidiary (9) (2,750) (2,837) undertakings Net cash acquired with - 18 18 subsidiaries (9) (2,732) (2,819) Cash outflow before financing (2,382) (5,108) (6,465) Financing New shares issued 2,993 4,153 7,236 Expenses paid in connection with (110) (128) (1,355) share issues Movement in loans from related - (570) (570) undertakings New Long term loan 215 - - Repayment of borrowings - - (52) Reduction in long term loan (418) (606) (1,072) Net cash inflow from financing 2,680 2,849 4,187 Increase/(decrease) in cash 298 (2,259) (2,278) Notes 1. Basis of preparation The interim accounts have been prepared on a basis consistent with the accounting policies set out on pages 20 to 22 of Expomedia Group Plc's Annual Report and Financial Statements for the year ended 31 December 2002. As highlighted on page 20 of the Annual Report, the group revised the basis of allocation of certain expenditure between 'cost of sales' and 'administrative expenses', the comparative figures for the six months ended 30 June 2002 have been restated accordingly. The results for the six months are unaudited and do not comprise statutory accounts within the meaning of Section 240 of the Companies Act 1985. The comparative figures for the year ended 31 December 2002 have been extracted from the statutory accounts which have been reported on by the Group's auditors and delivered to the Registrar of Companies. The Auditor's report was unqualified and did not contain a statement under Section 237(2) or (3) of the Companies Act 1985. Copies of this document are being sent to Shareholders and are available for members of the public from the company's registered office. 2. Earnings per share Basic Earnings per share has been based on the loss for the financial period divided by the weighted average number of actual shares in issue of 36,370,764 (June 2002: 33,054,406; December 2002: 35,213,096). In accordance with FRS 14 the diluted loss per share for the period is equivalent to the basic loss per share as any conversion of options would decrease the net loss per share. Enquiries: Mark Shashoua 020 7376 3300 Chief Executive Sonya Gillespie 020 7376 3300 Communications Director This information is provided by RNS The company news service from the London Stock Exchange END IR ILFLDATIALIV
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