BolognaFiere returns profitable after the years blacks of the pandemic and closes the 2023 budget (approved by the board of directors) with all the main indicators growing. Revenues, for starters, fly by 233.5 million, 17% more than last year; 76.6 million for the parent company alone. «A great result – CEO Antonio Bruzzone rejoices-: the result of the work of many people over the years and which now finally unfolds its potential.”
The net result reaches 732 thousand euros, against the loss of 5.3 million euros in 2022, with a significant recovery of the parent company which goes from a loss of 14 million in 2022 to a profit of 2.1 million in 2023, but still, of course, it is not time to distribute dividends.
Bruzzone, what accounts for this result?
«It is a growth that makes us proud. It depends on investments, on the expansion of the product range, on the activity of the exhibitions, on the new fairs, those that have moved to Bologna to grow, and on the foreign contribution”.
Has Covid left wounds?
«The two years of closure have burdened everyone. Now we are paying the debts made with the liquidity decree to stay afloat.”
The important thing is to have the ability to pay.
«We have considerable strength precisely because even in the midst of the pandemic we maintained the ability to make investments, we did not fire anyone nor did we close companies abroad. It’s the reason why we started again quickly.”
Are numbers growing, therefore, also in profitability?
«In this case the performance is still superior to that of the turnover: there is a margin – the adjusted Ebitda – which in 2023 reached 29.6 million euros with an increase of over 50%. There is room for further growth for 2024.”
Have you set any financial goals for this year?
«Revenues between 235 and 245 million euros with Ebitda equal to 32-35 million».
Were these first months encouraging?
“Very. The first quarter saw events such as Cosmoprof, ArteFiera, Marca and Mecspe do very well, with results superior to pre-pandemic levels. Among the group’s activities, stands are working hard (in 2023 alone the turnover of the subsidiary Henoto will exceed 100 million ed.) both in Italy and abroad. The group then rationalized the corporate structure, obtaining savings in structural costs.”
Are there any new expo plans?
«We Make Future will arrive in June, dedicated to innovation, acquired by Rimini and in October we will have Asphaltica, transferred from Verona».
How much does the share of activities abroad have an impact?
«Internationalization is the company’s strong point even compared to other fairs, the success of the first Cosmoprof in Miami is an example of this. And it will be increasingly strengthened.”
Is the only critical element for growth the “world” variable?
«The uncertainties in the international context, between conflicts and market or price variations, are unpredictable. We do not find any other critical issues.”
In addition to the overall capital increase of 40 million, is the stock market listing concluded in December 2023 producing any other effects?
«It is too early to draw up financial statements, in the meantime we have managed to bring forward the presentation of the financial statements by 3 months and we find ourselves with a group net financial position of around 75.9 million euros and a sharply increasing net equity, which has gone from 195, 8 million to 241.8 at the end of 2023″.
Are further investors planned?
«There is a limit to the number of investors. There were others interested and we had to leave them out.”
It’s a reassuring sign.
«The Fair can define itself as one of the most important players at a European level. In terms of size, including over 700 employees, I would say we are at the level of Barcelona.”
Is the expansion and redevelopment of the exhibition center indicated by the industrial plan respecting the timetable?
«In October 2026 we will have completed the multifunctional pavilion to welcome Eima and between 2026-2027 all the new spaces and services will be completed».
In short, do trade fairs still play an important role for national economies and the development of companies’ business?
«Covid has taught us that the physical appointment is irreplaceable: only in this way can unexpected opportunities open up».
