Operating income CHF 335.8 million - 2.6 % below the exceptional previous year.
EBITDA CHF 94.7 million and group profit CHF 56.7 million - 30.8 % and 50.8 % above previous year.
Seasonal fluctuations and different exhibition frequencies - group profit 2014 expected to be in the same range as for previous year.
The MCH Group with its head office in Basel, which takes in MCH Messe Basel, MCH Messe Zürich, MCH Beaulieu Lausanne and a number of event services companies, has once again posted a highly gratifying consolidated first-half result for the reporting period from 1 January to 30 June 2014:
Operating income stands at CHF 335.8 million; this is 2.6 % below the same period for the exceptional previous year of 2013 (CHF 344.9 million) and 26.1 % above the first half of 2012 – a comparable year in terms of the exhibitions staged (CHF 266.2 million).
The operating result (EBITDA) is CHF 94.7 million and marks a new record value in the company’s history. This is 30.8 % above the first half of 2013 (CHF 72.4 million) and 42.0 % above the same period for 2012 (CHF 66.7 million). At 28.2 %, the EBITDA margin has been stepped up considerably by comparison with previous years.
The group profit is CHF 56.7 million and similarly marks a new record. This was boosted by 50.8 % compared with the same period for 2013 (CHF 37.6 million) and by 43.5 % compared with the first half of 2012 (CHF 39.5 million). The profit margin of 16.9 % represents an exceptional value for the exhibition and event business.
The balance sheet structure as per 30 June 2014 shows a balance-sheet total of CHF 869.9 million (as per 31 December 2013 CHF 930.0 million), comprising current assets of CHF 244.7 million (CHF 283.5 million) and fixed assets of CHF 625.2 million (CHF 646.5 million). The liabilities side shows outside capital of CHF 459.1 million (CHF 573.7 million) and equity (including minority interests) of CHF 410.8 million (CHF 356.3 million).
Given the schedules of a number of exhibitions which are only staged every two years, and in the light of other factors too, direct comparisons with the previous year are only of limited information value. Since Swissbau is only held in the even years, the first half of the even years will always be stronger than the first half of the odd years. This is, however the first year in which the higher depreciations and financial outlay for the new hall complex in Basel have affected the reporting period in its entirety. When comparing the first six months of 2014 with the corresponding period in 2013, it must also be borne in mind that, while 2013 was a weak year in terms of exhibition schedules, Baselworld 2013 had an exceptional impact on sales – especially in the stand construction business too – which was not repeated to the same extent in 2014.
In view of the seasonal fluctuations and the influence of the different exhibition frequencies, it is impossible to extrapolate the half-year result on a linear basis and draw conclusions regarding the expected result for 2014. The MCH Group is expecting a result in the region of the result for the exceptional 2013 financial year.