MCH Group: Very good first-half result for 2013
- Operating income CHF 344.9 million - Marked increase in sales to a new all-time high
- EBITDA CHF 72.4 million - Clear increase in the operating result
- Group profit CHF 37.6 million - Profit only just short of the figure for the Swissbau year of 2012, despite higher depreciations and higher financial expenditure on the new hall complex in Basel, and clearly above the same period for 2011
Since Swissbau is only held every two years, the odd years are always weaker than the even years due to the individual exhibition schedules. The consolidated first-half result of the MCH Group for the period from 1 January to 30 June 2013 is thus all the more gratifying: operating income stands at CHF 344.9 million (same period 2012 CHF 266.2 million / 2011 CHF 225.3 million). The EBITDA is CHF 72.4 million (same period 2012 CHF 66.7 million / 2011 CHF 52.2 million), and the group profit CHF 37.6 million (same period 2012 CHF 39.5 million / 2011 CHF 25.2 million).
The balance sheet structure as per 30 June 2013 shows a balance-sheet total of CHF 865.9 million (as per 31 December 2012, CHF 885.8 million), with current assets of CHF 215.7 million (CHF 253.4 million) and fixed assets of CHF 650.2 million (CHF 632.4 million). The liabilities side accordingly shows outside capital of CHF 501.5 million (CHF 556.5 million) and equity of CHF 364.4 million (CHF 329.3 million).
Greatly increased earning power
With operating income boosted by CHF 78.7 million (29.6 %) compared with 2012 and by CHF 119.6 million (53.1 %) compared with 2011, the sales achieved in the first six months of 2013 constitute a new record for the company. This earning power has made it possible to more than offset the additional operating and financial expenditure that was associated especially with the new concept for the BASELWORLD watch and jewellery show and the new Messe Basel hall complex. Compared with 2012, the EBITDA was stepped up by CHF 5.7 million (8.5 %) and, compared with 2011, by CHF 20.2 (38.7 %). Despite first-time depreciation and the additional financing costs for the construction of the new hall complex, the group profit is only CHF 1.9 million (4.8 %) below the same period for the Swissbau year of 2012, and is CHF 12.4 million (49.2 %) above the same period for 2011.
This good result is attributable first and foremost to the success of the world shows of BASELWORLD, Art Basel in Basel and Art Basel in Hong Kong and also to an increase in the event services business - especially for stand construction. With the new concept for the BASELWORLD watch and jewellery show, which was also held in the new hall complex at Messe Basel for the first time, a new price system was brought into operation and an extended range of services introduced. The new design for the show, with the production of a large number of new stands, additionally had a positive impact on the stand construction sector. This special effect will not, however, be repeated to the same extent in the years to come.
Expectations for 2013
The MCH Group's exhibition schedule during the first six months of the year is always much more tightly packed and generates more income than in the second half, which similarly takes in the summer months when no events are held. In the second half of 2013, higher depreciation and financing costs will similarly be incurred for the new building in Basel. Operating income clearly in excess of CHF 400 million is to be expected in the annual accounts; the expected group profit will be below the first-half result and between the group profit for 2011 and 2012.
Report of the first-half result
The report of the first-half result with the income statement and balance sheet, as well as a commentary of CEO René Kamm is available on the MCH Group's website under "News/Business Reports":
http://www.mch-group.com/en-US/News/Reports.aspx
Media contact
MCH Group Ltd.
Corporate Communications
Christian Jecker
+41 58 206 22 52
christian.jecker@mch-group.com
www.mch-group.com
