Media Release | MCH Group half-year results 2011
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MCH Group AG /
Media Release | MCH Group half-year results 2011
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Gratifying first-half result for the MCH Group
The MCH Group is able to post a gratifying first-half result. Operating income
and profit are below the level of the previous year, as was to be expected on
account of the less busy exhibition schedule due to the different exhibition
rotas. But they are higher than for 2009.
The consolidated operating income of the MCH Group during the period under
review, from 1 January to 30 June 2011, is CHF 225.3 million (same period
previous year: CHF 242.1 million). With a consolidated group profit of CHF 25.2
million, the profit margin is 11.2%.
The balance sheet structure as per 30 June 2011 shows a balance sheet total of
CHF 708.9 million (31 December 2010: CHF 645.4 million) with current assets of
CHF 262.5 million (CHF 213.1 million) and fixed assets of CHF 446.4 million (CHF
432.3 million) on the assets side. The liabilities side accordingly shows
outside capital of CHF 394.0 million (CHF 392.7 million) and group equity,
including minority interests, of CHF 314.9 million (CHF 252.7 million). As a
result of the new buildings under construction in Basel, the balance sheet total
is considerably higher than for previous years.
With the less busy exhibition schedule in the absence of Swissbau, which is only
held in even years, the operating income and profit are below those of the
previous year but higher than those for the first-half of 2009. In view of the
still varied economic setting, the first-half result can thus be regarded as
highly gratifying.
In the first half of 2011, operating income of CHF 165.2 million was generated
by the exhibitions run by the MCH Group itself, accounting for 73.3% of the
group's overall operating income. As a result of the effects mentioned before,
operating income from the MCH Group's own exhibitions is down CHF 25.3 million
on the figure for 2010 but is CHF 12.1 million above the figure for 2009.
In the MCH Infrastructure (rental business) and MCH Event Services business
fields, operating income was boosted still further by comparison to previous
years. Compared with 2010, the operating income from rental business was
increased by CHF 1.6 million to CHF 14.1 million, amounting to 6.3% of overall
operating income. Operating income in the Event Services field rose by CHF 6.9
million compared with 2010, to stand at CHF 46.0 million, accounting for 20.4%
of overall operating income in the first half of 2011.
At the exhibition sites in Basel, Lausanne and Zurich, 14 MCH exhibitions and
18 third-party exhibitions were held, attracting approximately 7500 exhibiting
companies and more than one million visitors.
Impact of the currency crisis
The overvaluation of the Swiss franc compared with the euro and the US dollar
has not had any significant influence on the first-half result for 2011, since
the strong franc had only a limited direct influence on the domestic exhibition
business. Corresponding currency losses were, however, incurred in MCH Event
Services' foreign business. This also has to be expected in the second half of
the year - depending on developments in the exchange markets. In addition, the
strong franc compared with the US dollar will have a direct impact on Art Basel
Miami Beach in the group's exhibition business.
A permanent overvaluation of the Swiss franc will also indirectly affect
domestic exhibition business. It will create (additional) drawbacks for
Switzerland as a location by comparison with the euro countries and will lead to
increased price pressure on the part of foreign exhibitors. In the case of
domestic exhibitors, the problems of export-oriented sectors will rub off on the
exhibition business - companies will (be forced to) further scrutinise and cut
back on their marketing budgets and trade fair participation, for example. It is
impossible to say how strong this impact will be.
Seasonal fluctuation
In view of the major seasonal fluctuations in the exhibition business, it is
impossible to extrapolate the first-half result on a linear basis and draw
conclusions regarding the expected annual result. In addition to this, the
summer months, when no events are held, fall in the second half of the year. The
second six months will thus be considerably weaker than the first half, and also
reduce earnings on account of currency turbulences. The MCH Group is expecting
an annual profit below the figure for the first-half result.
MCH Beaulieu Lausanne SA
MCH Group Ltd. intends to set up a new company, MCH Beaulieu Lausanne SA, and to
subsequently merge this with Beaulieu Exploitation SA. This will enable MCH
Group Ltd. to acquire the minority of 7.5% of the shares holding in Beaulieu
Exploitation SA, which are not yet in the hands of the MCH Group.
First-half result online
The first-half result is available on the MCH Group's website under
"News/Business Reports":
- Abridged group income statement and balance sheet
- Notes to the income statement and balance sheet
- Commentary of CEO René Kamm
www.mch-group.com/go/id/drt/lang/eng/
Media contact
MCH Group Ltd.
Corporate Communications
Christian Jecker
+41 58 206 22 52
christian.jecker(at)mch-group.com
www.mch-group.com
--- End of Message ---
MCH Group AG
Basel
ISIN: CH0039542854;
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Source: MCH Group AG via Thomson Reuters ONE
[HUG#1544018]
Unternehmensinformation / Kurzprofil:
Datum: 06.09.2011 - 07:15 Uhr
Sprache: Deutsch
News-ID 62289
Anzahl Zeichen: 6709
contact information:
Town:
Basel
Kategorie:
Business News
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