The Italian Exhibition Group SpA (IEG) has approved the consolidated financial statements for 2017, established the dividend and appointed the new board of directors.
At the IEG shareholders’ meeting on 27 April, 11 parties with voting rights participated, representing, in person or by proxy, 94,3 per cent of the company capital. The IEG Group’s 2017 fiscal year closed with a consolidated turnover of €130.7m. The gross operating margin (EBITDA) was €23.2m, whereas the consolidated net profit was €9.1m.
IEG S.p.A. ended the 2017 fiscal year with €109.4m of revenue and a net profit of €8.7m. The shareholders’ meeting resolved the distribution of a gross dividend of €0.18, with a dividend payout ratio of 63.6 per cent that will be paid in by 31 July 2018. Profit not distributed (approximately €3.1m) was allocated to reserves.
The IEG shareholders’ meeting also proceeded with the nomination of a new board of directors, setting the number of members at 10 and the duration of office in three financial years (until the approval of the statement of the year 2020.)
The new board members nominated at the meeting include:
- Barbara Bonfiglioli (58) – sales manager, Foreign and Italian sales manager for the Fuzzi, Jean Paul Gaultier, Custo Barcellona Beachwear and PierAntonioGaspari collections;
- Lorenzo Cagnoni (79) – president of Rimini Fiera and then IEG since 1995; managing director since 1995;
- Michela Cavalieri (51) – councillor for Economic Resources and Labour Policies of the Municipality of Vicenza;
- Daniela Della Rosa (49) – president and managing director of Petroltecnica S.p.A., founding partner of DDR Studio Legale (law firm), member of the Supervisory Body of Acquirente Unico S.p.A.;
- Maurizio Renzo Ermeti (60) – entrepreneur in the hotel industry and chairman of the “Forum for the Rimini Strategic Plan”;
- Lucio Gobbi (31) – graduate student in Economics and Management, International Economics School of Social Sciences at University of Trento, and experience in teaching at the universities of Trento and Sacro Cuore (Milan);
- Catia Guerrini (55) – vice-president of Cesena Fiera S.p.A. and member of the General Council of the Fondazione Cassa di Risparmio di Cesena;
- Matteo Marzotto (51) – ex-president of Fiera Vicenza and then vice-president of IEG, president of Dondup S.p.A., member of boards of directors including Brunello Cucinelli S.p.A., Morellato & Sector S.p.A;
- Ugo Ravanelli (64) – Independent member of the board and president of the Control and Risks Committee of MARR S.p.A. (listed in the STAR segment of the Italian stock exchange) of which he was also managing director and president; and
- Simona Sandrini (51) – head of automotive events with GL Events Italia S.p.A.
Immediately after the shareholders’ meeting, the newly appointed directors gathered for the first meeting of the IEG board of directors, which proceeded with the assignment of the appointments and powers within its area of responsibility, based on the indications of the governance structure that emerged at the meeting.
These included the recommendation, also indicated by the Committee for Corporate Governance and derived from international best practice, to avoid several positions given to a single role; and in particular to foresee the separation of the roles of president and managing director.
The board of directors consequently assigned the positions and nominated Lorenzo Cagnoni company president and Matteo Marzotto vice-president. It also assigned Ugo Ravanelli the role of managing director.
In 2017, IEG hosted an overall total of 59 exhibitions, 280 conferences and events, 15,649 exhibitors and 2,648,675 visitors in its expo and conference facilities in Rimini and Vicenza.
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