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Italian Exhibition Group best year ever
54.7% of overall revenue from trade shows.
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Historical Virtual Meeting
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Mainland China Hotels
Show Early Signs of Recovery.
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JMIC Creates Portal
For Access to COVID-19 Resources.
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U.S. Hotel Industry Reports
22.6 Percent Occupancy for Week Ending March 28th - 2020.

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United With Strength.
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Italian Exhibition Group best year ever

The best results ever in absolute terms of revenues, EBITDA and net profit. Total consolidated revenues at 178.6 million Euros (+11.8% compared to 2018). EBITDA reached Euro 41.9 million (+35.7%), the net result of the Group came to Euro 12.6 million (+16.1%).

In this time of huge uncertainty, IEG is constantly flanking its Customers and the Market to plan their economic recovery together after COVID-19.

The President of Italian Exhibition Group, Lorenzo Cagnoni, and Managing Director, Corrado Peraboni, hereby announce that the Board of Directors of Italys leading international trade show organizer, listed since June last on Borsa Italiana S.p.A.s screen-based stock exchange (MTA), has today approved the Consolidated Financial Statement and Budget Plan which will be submitted for approval at the Shareholders meeting next June.

 

Main consolidated results of the 2019 financial period

The Groups total revenues for the 2019 financial period amounted to Euro 178.6 million, showing a double-digit growth of +11.8% compared to the Euro 159.7 million in 2018. These results, despite a less favourable trade show calendar, which, in odd numbered years, does not include the “Tecnargilla” and “IBE” shows, continue to follow the growth trend registered at the end of 2018 (+22% compared to the previous year) and are proof of the effectiveness of the two-fronted strategies enacted to develop products already in portfolio and to further extend along external lines.

EBITDA1 and EBIT, positively impacted by 3.7 and 0.3 million Euros respectively following the application of the IFRS 16 accounting standard, reached Euro 41.9 million and Euro 24.0 million respectively, highlighting a considerable increase compared to the 2018 financial period (+35.7% and +25.9% respectively) which did not take the IFRS 16 into account.

Keeping in consideration the effects of IFRS 16, the Groups net result is Euro 12.6 million, an increase of 16.1% compared to the previous year.

Net consolidated equity at 31st December 2019 stood at approximately 106.1 million Euros compared to Euro 101.5 million at 31st December 2018.

 

Results by business area in the 2019 financial period.

The Groups “core business”, which consists of directly organizing trade shows, represented 54.7% of overall revenues during the financial period with an organic growth that involved the main product leaders in the “Food & Beverage”, “Jewellery & Fashion”, Green & Technology” and “Tourism & Hospitality” categories, leading to a 6.7% increase in earnings (about +6.6 million Euros). In 2019, compared to the same period in the previous year, the Congress Event business line, which represents 8.7% of overall earnings, experienced a significant growth of +19.1% compared to 2018, mainly thanks to the larger congresses in terms of number of participants, the amount of space required and additional services requested. Earnings from the Correlated Services business line, which involves exhibition set-ups, catering and cleaning, amounted to 32.4% of the Groups total revenues showing an increase of 39.2% compared to 2018.

 

The Parent Company, Italian Exhibition Group S.p.A., results and proposal for profit distribution

The Parent Company, Italian Exhibition Group S.p.A., closed its 2019 financial period with overall revenues of Euro 124.1 million, an EBITDA of Euro 36.0 million and a net profit of Euro 13.9 million. In 2019, at its facilities in Rimini and Vicenza, as well as further premises in Milan and Arezzo, IEG staged 48 directly organized or hosted trade shows and 190 congress events.

 

1 The EBITDA is represented by the operating profit (loss) including depreciation and amortisation expense. The EBITDA is a measure defined and used by the Group to monitor and assess the operating performance of the Group, but it is not defined in the context of IFRS standards; therefore it must not be viewed as an alternative measure for the assessment of the Groups operating result. The Company believes that the EBITDA is an important parameter for the measurement of the Groups performance as it allows to analyse the profitability of the same by eliminating the effects deriving from non-recurrent economic elements. As EBITDA is not a measure whose determination is regulated by reference accounting standards for the preparation of the Groups consolidated financial statements, the criterion applied for the determination of the EBITDA could not be consistent with that adopted by other groups and might, therefore, not be comparable to them.

 

FOCUS ON ITALIAN EXHIBITION GROUP

Italian Exhibition Group (IEG), listed on the Screen-based Share Market (MTA) organised and managed by Borsa Italiana S.p.A., is a leader in Italy in the organisation of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in Milan and Arezzo. The IEG Group is notable in the organisation of events in five categories: Food & Beverage; Jewellery & Fashion; Tourism, Hospitality and Lifestyle; Wellness, Sport and Leisure; Green & Technology. In the last few years, IEG started a significant expansion process abroad, also through the conclusion of joint ventures with local operators (for example, in the United States, Arab Emirates and in China). IEG closed the 2019 financial year with consolidated total revenues of € 178.6 million, an EBITDA of € 41.9 million and a consolidated net profit of € 12.6 million. In 2019, IEG totalled 48 organised or hosted fairs and 190 conferences. www.iegexpo.it

 

Photo: Managing Director, Corrado Peraboni of Italian Exhibition Group, Lorenzo Cagnoni.

 

Historical Virtual Meeting for AAT-AD/PD™ 2020

The 2nd AAT-AD/PD™ Focus Meeting 2020 took place 2-5 April and for the first time was held as an entirely virtual event. The meeting was attended by 1143 healthcare professionals from 56 countries during the four days of the streaming.

AAT-AD/PD™ 2020 was scheduled to take place in Vienna, Austria. Yet, with mass lockdowns around the world amid a global pandemic, it was clear that the physical meeting in April would be called off. However, Kenes Group, together with the scientific committee, reacted quickly with a creative solution for an entirely virtual meeting.

Converting a meeting under three weeks into a complete virtual experience was possible due to the flexibility of the IT team at Kenes Group. Working around the clock, the team assisted personally 250 speakers to pre-record their lectures. 14 forums and Meet the Professor sessions were live-streamed during the event, adding new content to the custom platform daily.

“Extraordinary times require extraordinary measures. For AAT-AD/PD™, the science of finding solutions for patients with Alzheimer’s and Parkinson’s diseases has always been our DNA. Even in difficult times, the science remains our first priority. Exchanging data and sharing novel insights must not wait and that’s why we were exhilarated when the Kenes Group team suggested converting a meeting for over 1000 participants into an exciting online experience. In this way our community could continue their work in a safe and responsible way”, shared the Executive Organisers.

Ori Lahav, VP Clients & Operations at Kenes Group commented: “We are in this situation together, no matter where we are in the world. Once we announced going entirely virtual, we received very positive feedback, including continued registrations and new supporters, and that was truly inspiring for all of us at Kenes Group.”

The first AAT-AD/PD™ Focus Meeting 2018 was held in Torino, Italy with 1337 participants. The event is focused on showcasing the latest breakthroughs in treatment, translational R&D, early diagnosis, drug development, and clinical trials in Alzheimer’s, Parkinson’s and other related neurological disorders.

 

Photo: Ori Lahav, VP Clients & Operations at Kenes Group.

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About Kenes Group

At Kenes, we’re passionate about delivering superior, world-class conferences. Over fifty years of knowledge and market expertise have led Kenes Group to the forefront of global conference management and rank us among the world’s leading Professional Conference Organisers (PCOs). We bring you the accrued confidence that comes from hosting more than 3,800 conferences around the globe, for over 160,000 participants a year. Founded in Tel Aviv in 1965, and headquartered in Geneva, Kenes Group is the only global PCO dedicated to medical and scientific events. The company boasts a team of over 350 professionals, in 19 locations on four continents, and more than 100 long term clients.

Mainland China Hotels Show Early Signs of Recovery

Mainland China’s daily hotel occupancy reached an absolute level of 31.8% on 28 March, up from a low of 7.4% during the first week of February, according to preliminary data from STR. Additionally, opening rates have been significant in key markets across the region.

“We’re seeing green shoots in hotel occupancy figures, but we must stress that these are only early signs of a recovery that is likely to develop slowly,” said Christine Liu, STR’s regional manager for North Asia. “Some of the demand stems from corporate travel, primarily within the same province, as well as small-scale meetings. Additionally, hotels are seeing business from those travelers quarantined after returning to China from other countries as well as those returning to cities for work. Overall, we’re seeing limited leisure business in city centers but a bit more recovery in that segment in surrounding suburbs.”

In Beijing, daily occupancy sat around 10% for most of the first week of March, but climbed to as high as 21.6% on 28 March. Shanghai was as low as 11.0% on 1 March but reached 28.6% on 28 March. Among the key STR-defined markets for Mainland China, the highest absolute occupancy levels have been seen in Xi’an (35.9% on 28 March) and Chengdu (35.6% on 28 March).

“Xi’an captured business from South Korea because of Samsung’s manufacturing factory in the tech zone—expatriates were able to relocate their families to Xi’an when the outbreak hit South Korea,” Liu said. “Additionally, Xi’an is one of the redirect destinations for inbound flights scheduled to land in Beijing.” 
The occupancy trend line in Wuhan has taken a much different path. Occupancy in the city fell to as low as 7.5% on 23 January, jumped to a high of 72.7% on 7 March, and has since trended downward to 62.4% on 28 March.

“Wuhan saw an influx of hotel demand as medical workers entered the market, but some of that demand has tailed off as the situation becomes more stable,” Liu said.

Another positive for the industry, STR shows that 87% of the hotels in its Mainland China sample are now open after many had closed over the last two months.

STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com

 

JMIC Creates Portal For Access to COVID-19 Resources

The Joint Meetings Industry Council web site at themeetingsindustry.org has been re-purposed to create a point of access for a wide range of COVID-19 related materials, information and news in order to provide a simplified process for accessing related information and resources by industry members.

“This is simply about facilitating sharing” says JMIC President Kai Hattendorf. “Our intent is not to replicate content – we are all awash in information right now. Instead we are using the JMIC site as an aggregator and portal to the resources of a number of member associations in order to facilitate access to the excellent materials being developed by so many. At the same time, we will be adding perspectives based on the situational overviews coming forward and additional research results that are now accumulating”.

Visitors to the site can access the resource pages of JMIC members via dedicated links. These resources are in turn maintained and updated by the respective organizations. Meaning that content is always kept current. A recent addition has been the Best Practices Guide to COVID-19 developed jointly by UFI and AIPC which is now available for download for free.

The site is also the gateway to all editions of Business Events World and other materials generated by The Iceberg as repository of industry advocacy materials.

“Knowing what others are experiencing and how they are responding is the best single resource we can access right now” said Hattendorf. “As recovery begins to take place, this will also be a repository for a growing body of strategic materials and arguments to support the critical role our industry can play in driving economic and social restoration along with specific tactics to engage with local and national governments”.

 

Additional Resources:

1 | Covid-19 commentary video with JMIC President Kai Hattendorf

2 | JMIC In the Thick of it: Preparing for Recovery

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The Joint Meetings Industry Council (JMIC) is an organisation that represents the combined interests of some 17 international meetings industry associations. It has provided a forum for information exchange amongst industry groups for over 50 years and has recently become more engaged in the process of articulating and delivering industry messages to wider community and governmental audiences as well as developing better mechanisms for documenting and communicating the value of the industry in terms of economic, academic, professional and social advancement.

 

JMIC MEMBERS INCLUDE:

ACCLATAM | the Association of Convention Centres of the Caribbean and Latin America AACVB | the Asian Association of Convention and Visitor Bureaus

AIPC | the International Association of Convention Centres

ASAE | the American Society of Association Executives

Cocal | the Latin American Confederation of PCO and Related Companies

ECM | European Cities Marketing

EFAPCO | the European Federation of Associations of Professional Congress Organizers EVVC | European Association of Event Centres

IAPCO | the International Association of Professional Congress Organizers

ICCA | the International Congress and Convention Association

MPI | Meeting Professionals International

PCMA | the Professional Convention Management Association

SACEOS | the Singapore Association of Convention and Exhibition Organisers and Suppliers

SISO | the Society of Independent Show Organizers

SITE | Society for Incentive Travel Excellence

UFI | the Global Association of the Exhibition Industry

UIA | the Union of International Associations

 

CONTACT

Rod Cameron Executive Director | Joint Meetings Industry Council jmic@themeetingsindustry.org

www.themeetingsindustry.org

 

Kai Hattendorf President | Joint Meetings Industry Council CEO | UFI The Global Association of the Association Industry

U.S. Hotel Industry Reports 22.6 Percent Occupancy for Week Ending March 28th - 2020

Reflecting the continued impact of the COVID-19 pandemic, the U.S. hotel industry reported significant year-over-year declines in the three key performance metrics during the week of 22-28 March 2020, according to data from STR.

In comparison with the week of 24-30 March 2019, the industry recorded the following:

• Occupancy: -67.5% to 22.6%

• Average daily rate (ADR): -39.4% to US$79.92

• Revenue per available room (RevPAR): -80.3% to US$18.05

“Year-over-year declines of this magnitude will unfortunately be the ‘new normal’ until the number of new COVID-19 cases slows significantly,” said Jan Freitag, STR’s senior VP of lodging insights. “Occupancy continues to fall to unprecedented lows, with more than 75% of rooms empty around the nation last week. As projected in our U.S. forecast revision, 2020 will be the worst year on record for occupancy. We do, however, expect the industry to begin to recover once the economy reignites and travel resumes.”

Aggregate data for the Top 25 Markets showed steeper declines across the metrics: occupancy (-74.5% to 19.6%), ADR (-43.9% to US$89.71) and RevPAR (-85.7% to US$17.60).

 

New Orleans, Louisiana, recorded the steepest decline in RevPAR (-92.8% to US$10.27), due primarily to the second-largest decreases in occupancy (-84.9% to 12.7%) and ADR (-52.3% to US$80.74).

 

Oahu Island, Hawaii, experienced the steepest drop in occupancy (-86.4% to 10.5%).

 

Miami/Hialeah, Florida, posted the largest decline in ADR (-57.9% to US$116.64).

 

Of note, occupancy in New York, New York, was down 81.8% to 15.2%.

In Seattle, Washington, occupancy dropped 76.6% to 18.5%.

 

Meet in Reykjavík: United With Strength

Like the rest of the world, Meet in Reykjavík couldnt have predicted the world moving through these odd and volatile times. Along with other industries across the globe, the travel and hospitality world in Iceland has been significantly impacted by Covid-19. What used to be a glistening ambiance with gliding motions throughout Reykjavik is quiet and dark, much like Broadway today.

We might not know what the ripple effect is going to be for any of us, but if theres anything we can be certain of its how Icelanders form a solid unity in crisis. Were proud to see our partners and friends step up to the unimaginable while maintaining humility and strength. Icelandair strives to maintain the necessary flight connections for those needing to get back home. While Icelandair Hotel Reykjavik Natura invites healthcare professionals to be home away from home during the pandemic.

Were beyond grateful for the initiative ICCA has shown over the past weeks. The supportive and informative conversations weve had with friends and colleagues from around the world are unprecedented and inspiring. Were also grateful for our government here in Iceland, the municipality of Reykjavík and the team that has been assigned to guide our nation and its industries during these times. Our government has announced plans to provide temporary relief to the travel and hospitality industry - including jobs.

Once the initiative has been fully executed - a thoughtful and thorough marketing campaign will be launched to applicable criteria. Well promote a refreshed reminder that Iceland is an important and beloved destination. The meetings and events industry will be far from overlooked.

"We have every intention to hit the ground running, once things unfold and we hope that everyone will be on board”, says Sigurjóna Sverrissdóttir, Managing Director of Meet in Reykjavík.

Were united and will await you on solid ground.

Photo: Fog in Rekjavik