FC308350074_20200921.pdf
INTERIM FINANCIAL
REPORT

2019

2020 INTERIM
FINANCIAL REPORT
t

> INTERIM FINANCIAL REPORT

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AT 30 JUNE 2020
1 – CONSOLIDATED STATEMENT OF FINANCIAL POSITION

2

2 - INCOME STATEMENT

3

3 - CASH FLOW STATEMENT

4

4 - STATEMENT OF CHANGES IN EQUITY

5

5 – NOTES TO THE INTERIM FINANCIAL STATEMENTS
Note 1

Significant accounting policies and basis of consolidation

6

Note 2

Information on consolidation

7

Note 3

Segment reporting

10

Note 4

Balance sheet information

11

Note 5

Income statement information

17

Note 6

Off-balance sheet commitments

18

Note 7

Transactions with related parties

19

INTERIM MANAGEMENT REPORT
1 – MATERIAL EVENTS AND OPERATING HIGHLIGHTS OF THE 2020 FIRST HALF

20

2 – SUBSEQUENT EVENTS

24

3 – OUTLOOK AND UNCERTAINTIES

25

RESPONSIBILITY STATEMENT

26

STATUTORY AUDITORS' REPORT

27

Translation disclaimer: This document is a free translation of the original French language version of the interim financial report (rapport semestriel) provided
solely for the convenience of English-speaking readers. This report should consequently be read in conjunction with, and construed in accordance with French law
and French generally accepted accounting principles. While all possible care has been taken to ensure that this translation is an accurate representation of the
original French document, this English version has not been audited by the company’s statutory auditors and in all matters of interpretation of information, views
or opinions expressed therein, only the original language version of the document in French is legally binding. As such, the translation may not be relied upon to
sustain any legal claim, nor be used as the basis of any legal opinion and GL events expressly disclaims all liability for any inaccuracy herein.

 2020 interim financial report 
1

> CONSOLIDATED BALANCE SHEET

(€ thousands)

Notes

30/06/2020

31/12/2019

Goodwill

4.1

735,262

723,322

Other intangible assets

4.1

46,416

53,305

IFRS 16 concessions and leases

4.1

414,117

429,105

Land and buildings

4.2

257,350

309,065

Other tangible fixed assets

4.2

39,451

42,349

C apitalised rental equipment

4.2

107,659

117,695

Financial assets

4.3

66,103

66,114

Equity-accounted investments

4.4

3,090

3,445

Deferred tax assets
NON-CURRENT ASSETS
Inventories & work in progress
Trade receivables

4.5

43,070

28,888

1,712,518

1,773,289

39,003

38,544

108,794

169,223

Other receivables

4.6

168,983

167,094

C ash and cash equivalents

4.10

340,851

411,557

657,631

786,418

2,370,149

2,559,707

30/06/2020

31/12/2019

CURRENT ASSETS
TOTAL

(€ thousands)

Notes

Share capital

4.7

119,931

119,931

Reserves and additional paid in capital

4.7

486,732

436,690

Translation adjustments

4.7

(189,380)

(121,583)

Net income

(31,493)

52,110

Shareholders' equity attributable to the Group

385,790

487,147

73,643

78,424

459,433

565,572

14,981

14,419

12,334

15,208

Non-controlling interests
TOTAL SHAREHOLDERS' EQUITY
Provisions for retirement severance payments

4.8

Deferred tax liabilities
Financial debt

4.10

721,597

690,589

Non-current IFRS 16 debt on concessions and leases

4.10

384,952

397,857

NON-CURRENT LIABILITIES

1,133,865

1,118,074

C urrent provisions for contingencies and expenses

4.9

12,274

17,904

C urrent financial debt

4.10

197,496

188,270

C urrent IFRS 16 concession at lease liabilities

4.10

36,499

36,566

C urrent bank facilities

4.10

14,117

12,523

Advances and instalments

60,185

39,793

Trade payables

150,925

235,305

Tax and employee-related liabilities

91,849

124,614

Other liabilities

4.11

CURRENT LIABILITIES
TOTAL

 2020 interim financial report
2

213,506

221,087

776,851

876,061

2,370,149

2,559,707

> CONSOLIDATED INCOME STATEMENT

(€ thousands)

Notes

30/06/2020

30/06/2019

Revenue

3

266,825

595,878

Purchases consumed

5.1

(18,350)

(34,214)

External charges

5.1

(137,396)

(279,433)

Taxes and similar payments (other than on income)

(7,776)

(9,502)

Personnel expenses and employee profit sharing

(100,058)

(148,108)

Allowances for depreciation and amortisation, provisions

(46,054)

(50,754)

1,216

3,153

Other current operating income

5.2

Other current operating expenses

5.2

(1,433)

(3,681)

(309,851)

(522,538)

3

(43,026)

73,339

5.3

630

(2,060)

(42,396)

71,279

(13,805)

(13,164)

Operating expenses
CURRENT OPERATING INCOME
Other operating income and expenses
OPERATING PROFIT
Net interest expense

5.4

Other financial income and expenses

5.4

2,233

1,222

5.4

(11,572)

(11,942)

(53,968)

59,337

20,130

(19,161)

(33,838)

40,176

(351)

(92)

NET INCOME

(34,189)

40,084

Attributable to non-controlling interests

(2,696)

10,977

NET INCOME (GROUP SHARE)

(31,493)

29,107

29,375,575

29,612,169

-1.07

0.98

29,859,865

29,969,054

-1.05

0.97

30/06/2020

30/06/2019

NET INCOME

(34,189)

40,084

Hedging instruments
Other comprehensive income that may be recycled
subsequently to profit and loss
Actuarial gains and losses

151

(1,814)

151

(1,814)

0

(823)

Gains and losses from the translation of financial statements
of foreign operations

(69,474)

3,430

(69,474)

2,606

(103,512)

40,876

Total comprehensive income attributable to non-controlling interests

(4,372)

11,060

C omprehensive income attributable to equity holders of the parent

(99,140)

29,817

NET FINANCIAL EXPENSE
EARNINGS BEFORE TAX
Income tax

5.5

NET INCOME OF CONSOLIDATED COMPANIES
Share of profit (loss) of equity affiliates

4.4

Average number of shares
Net earnings per share (in euros)
Diluted average number of shares
Net earnings per share (in euros)

(€ thousands)

Notes

Other comprehensive income that may not be
recycled subsequently to profit and loss
TOTAL COMPREHENSIVE INCOME

 2020 interim financial report
3

> CONSOLIDATED CASH FLOW STATEMENT

 2020 interim financial report
4

> STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

 2020 interim financial report
5

> NOTES TO THE FINANCIAL STATEMENTS

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF CONSOLIDATION
On 15 September 2020, the Board of Directors reviewed the condensed interim consolidated financial
statements for the six-month period ending 30 June 2020.
The interim consolidated financial statements of GL events and its subsidiaries ("The Group") were prepared
in compliance with IAS 34. As condensed financial statements, they do not include all information required
by IFRS to produce annual financial statements and as such must be read in conjunction with the
consolidated annual financial statements of the Group prepared in accordance with IFRS (International
Financial Reporting Standards), as adopted by the European Union on 31 December 2019.
The accounting methods applied are identical to those used to prepare the consolidated financial statements
for the period ended 31 December 2019, with the exception of that relating to corporate income tax and the
application of new accounting standards having entered into force.
The tax expenses are calculated for the interim consolidated financial statements by applying to profit for
the period the average income tax rate estimated for the fiscal year in progress for each entity or the tax
group.
The Group has adopted the following, standards, amendments and interpretations which entered into force
on 1 January 2020. Their application date coincides with that of the IASB:
-

Amendments to IAS 1 – Presentation of financial statements,
Amendments to IAS 8 – Changes in accounting policies, accounting estimates and corrections of errors,

These texts have no impact on the Group's consolidated financial statements.
The Group has not opted for the early adoption of standards and interpretations in issue application not yet
mandatory for periods beginning on or after 1 January 2020.
IFRS 16 – Leases - has been applied by the Group as from 1 January 2019.
This standard concerns only fixed lease payments and the variable portion of these payments and related
services are not included in the restated amount. The terms adopted for the lease/concession agreements in
progress were as follows:
-

Concession agreements: remaining term of the agreements,
Commercial leases with a fixed term: the remaining term until the end of the firm period, with a
minimum of 5 years,
For contracts with residual terms of less than 5 years with an extension option by the lessee, an
extension period is restated for IFRS 16.

In accordance with the standard, the discount rates adopted for the measurement of assets are those that
the Group companies would have adopted individually by taking into account the maturity of the leases and
the standard rates for financing the premises (2% to 10%).
For the record, this standard had no impact on the calculation of the financial covenants. Loan agreements
provide that the financial ratios must be calculated excluding IFRS 16-related debt.

 2020 interim financial report
6

> NOTES TO THE FINANCIAL STATEMENTS

The impacts of this standard are presented below:
In €m

30/06/2020

IFRS 16
restatement

30/06/2020
IFRS 16

24.5
0.1

(155.7)
(0.2)

Revenue

266.8

Purchases and external charges
Other operating income and expenses

(180.2)
(0.3)

EBITDA

(21.5)

24.5

3.0

Amortisation, depreciation and provisions

(25.2)

(20.9)

(46.1)

Current operating income
Operating profit

(46.7)
(46.0)

3.6
3.6

(43.0)
(42.4)

Net financial income (expense)

(5.7)

(5.9)

(11.6)

Income before tax

(51.8)

(2.2)

(54.0)

Corporate income tax

19.3

0.8

20.1

(32.4)
(32.8)

(1.4)
(1.4)

(33.8)
(34.2)

2.4

0.3

2.7

(30.4)

(1.1)

(31.5)

Net income of consolidated companies
Net income
Non-controlling interests

Net income attributable to shareholders (Group share)

266.8

NOTE 2 – CONSOLIDATED COMPANIES
Changes in the Group's structure in the first half were as follows:

Because changes in Group structure have not had any material effect on the consolidated financial
statements, no pro forma information has been provided in consequence.

 2020 interim financial report
7

> NOTES TO THE FINANCIAL STATEMENTS

 2020 interim financial report
8

> NOTES TO THE FINANCIAL STATEMENTS

 2020 interim financial report
9

> NOTES TO THE FINANCIAL STATEMENTS

NOTE 3 SEGMENT REPORTING
GL events Group is organised into three business divisions:
GL events Live's expertise covers the complete range of business specialisations and services for corporate,
institutional and sports events to provide turnkey solutions from consulting and design to staging the event
itself.
GL events Exhibitions manages and coordinates a large proprietary portfolio of trade shows and consumer
fairs covering a wide range of sectors (food industry, culture, textiles, etc.)
GL events Venues manages a network of venues that includes convention centres, exhibition centres, concert
halls and multi-purpose facilities located in major French cities and international destinations:

REVENUE

(€ thousands)

30/06/20

30/06/19

Change 2020/2019

GL events Live

157,382

275,386

% o f To tal Revenue

59.0%

46.2%

GL events Exhibitions

44,984

147,124

% o f To tal Revenue

16.9%

24.7%

GL events Venues

64,459

173,368

% o f To tal Revenue

Revenue

24.2%

29.1%

266,825

595,878

(118,004)

-42.9%

(102,140)

-69.4%

(108,909)

-62.8%

(329,053)

-55.2%

With respect to geographic segment information, Europe accounts for 75% of Group revenue, the Middle East
8%, Asia 7% and the Americas 6%.

CURRENT OPERATING INCOME
(€ thousands)

30/06/20

30/06/19

GL events Live

(10,949)

12,214

GL events Exhibitions

(8,419)

32,693

GL events Venues

(23,658)

28,432

Current operating income

(43,026)

73,339

NET INVESTMENTS IN THE PERIOD IN PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
(€ thousands)

30/06/20

30/06/19

GL events Live

9,985

16,950

359

360

GL events Venues

6,411

9,631

Net investments

16,755

26,940

GL events Exhibitions

ALLOWANCES AND REVERSALS OF AMORTISATION, DEPRECIATION AND PROVISIONS
(€ thousands)

30/06/20

30/06/19

GL events Live

(12,870)

(27,037)

GL events Exhibitions

(6,796)

(2,586)

GL events Venues

(20,053)

(24,295)

Amortisation, depreciation and provisions

(39,719)

(53,918)

 2020 interim financial report
 10 

> NOTES TO THE FINANCIAL STATEMENTS

GOODWILL
Goodwill is presented below by sector of activity in Note 4.1.

NOTE 4 BALANCE SHEET INFORMATION
4.1 INTANGIBLE ASSETS

(€ thousands)

31/12/19

Increase

Decrease or Translation
impairment adjustments

Changes in
Group structure
&
reclassifications

30/06/20

Goodwill - GL events Live

208,315

610

(5,214)

203,711

Goodwill - GL events Exhibitions

446,121

21,780

(4,343)

463,559

Goodwill - GL events Venues

68,886

925

(217)

(1,601)

723,322

23,315

(217)

(11,158)

94,185

3,399

(217)

(10,226)

840

87,981

(40,880)

(2,815)

227

2,509

(605)

(41,565)

Goodwill
Other intangible assets
Amortisation, depreciation and impairment
Other intangible assets
Intangible assets

67,992
0

735,262

53,305

584

10

(7,717)

234

46,416

776,627

23,899

(207)

(18,875)

234

781,678

Changes in the period concerned mainly the acquisitions of CACLP and Cannesmile.
For unamortised intangible assets and goodwill, a depreciation test is carried out at least once a year at the end
of the annual reporting period or whenever there is an indication of impairment. Value in use is the present value
of estimated future cash flows to be generated by the assets tested for impairment. Estimated future cash flows
are based on assumptions about economic conditions and forecasts by Group management of future operating
conditions.
The CGUs consist of operating companies. For the purpose of impairment tests, goodwill is allocated at the level
of groups of CGUs defined as homogeneous groups of assets generating cash inflows and outflows from
continuing use largely distinct from cash inflows from other CGUs.
These CGUs are classified on this basis according to the Group's three business divisions: Live, Exhibitions,
Venues This approach is consistent with the Group's internal organisation, strategic priorities and monitoring of
performance.
In order to reflect the emergence of the Covid-19 health crisis and its impacts on the Group’s business,
impairment tests conducted in connection with the 2019 closing have been updated. Estimates were adjusted by
taking into account the impacts known to date of the effects of Covid-19 (expected EBITDA, WACC rate, capital
expenditures). In addition, these new parameters were subject to stress tests.
For all approaches tested, the sensitivity tests demonstrated the absence of the need for impairment even in the
event of a significant deterioration in profitability.

IFRS 16 RIGHT-OF-USE ASSETS

(€ thousands)

31/12/19

Increase

Decrease or Translation
impairment adjustments

Changes in
Group structure
&
reclassifications

30/06/20

IFRS 16 right-of-use assets

470,954

12,870

(2,456)

(8,185)

0

473,183

Amortisation, depreciation and impairment

(41,849)

(20,897)

2,748

932

0

(59,066)

IFRS 16 right-of-use assets

429,105

(8,027)

292

(7,253)

0

414,117

 2020 interim financial report
 11 

> NOTES TO THE FINANCIAL STATEMENTS

4.2 PROPERTY, PLANT AND EQUIPMENT

(€ thousands)

31/12/19

Land

Increase

Decrease

Translation
adjustments

Changes in
Group structure
&
reclassifications

30/06/20

6

0

(3)

0

0

3

Buildings

364,844

1,379

(39)

(56,067)

2,089

312,207

Total – gross

364,849

1,379

(42)

(56,067)

2,089

312,210

Amortisation, depreciation and impairment

(55,784)

(5,928)

130

7,755

(1,033)

(54,860)

Land and buildings

309,065

(4,549)

89

(48,312)

1,056

257,350

Currency translation differences reflect mainly the decline of the Brazilian real (-€44 million) and the South
African rand (-€3.9 million) in relation to the euro.

(€ thousands)

31/12/19

Increase

Decrease

Translation
adjustments

Changes in
Group structure
&
reclassifications

30/06/20

Installations, machinery and equipment

45,972

535

(14)

(1,008)

(628)

44,858

Other tangible fixed assets

88,110

3,084

(1,503)

(2,343)

1,298

88,646

Fixed assets under construction

1,252

1,092

128

(5)

(491)

1,976

C apitalised rental equipment

311,031

6,443

(2,095)

(9,855)

0

305,524

Total – gross

446,365

11,154

(3,483)

(13,212)

180

441,004

Installations, machinery and equipment

(29,657)

(1,913)

449

673

(982)

(31,429)

Other fixed assets

(63,329)

(3,873)

1,732

1,167

(297)

(64,600)

C apitalised rental equipment

(193,336)

(11,228)

1,247

5,339

113

(197,865)

(286,322)

(17,014)

3,427

7,180

(1,166)

(293,894)

160,044

(5,860)

(56)

(6,032)

(986)

147,110

Translation
adjustments

Changes in
Group structure
&
reclassifications

30/06/20

41,922

Total depreciation and impairment
Property, plant and equipment

4.3 FINANCIAL ASSETS

(€ thousands)

31/12/19

Increase

Decrease

Available-for-sale securities

41,055

1,422

(572)

(21)

39

Loans and receivables

26,473

222

(1,050)

(114)

3

Impairment

(1,413)

(20)

80

Financial assets

66,114

1,623

(1,542)

 2020 interim financial report
 12 

25,533
(1,353)

(135)

42

66,103

> NOTES TO THE FINANCIAL STATEMENTS

4.4 EQUITY-ACCOUNTED INVESTMENTS
(€ thousands)
Value of securities at opening

30/06/20

31/12/19

3,445

164

C hange in structure

3,836

Dividends
Provisions for contingencies & expenses

38

Translation reserves

(43)

(10)

Share of income in associates

(351)

(546)

Investments in associates

3,090

3,445

4.5 TRADE RECEIVABLES
(€ thousands)

30/06/20

31/12/19

Trade receivables

130,337

194,850

Impairment charges

(21,543)

(25,628)

Trade receivables

108,794

169,223

30/06/20

31/12/19

Advances and instalments

26,408

28,820

Social security receivables

5,607

4,869

Tax receivables

74,303

74,288

C urrent account advances to nonconsolidated companies

3,194

6,879

Other trade receivables and equivalent

19,941

19,101

Prepaid expenses

43,069

35,917

Provision for current accounts

(2,087)

(2,215)

Provision for other receivables

(1,452)

(565)

168,983

167,094

4.6 OTHER RECEIVABLES
(€ thousands)

Other receivables

4.7 SHAREHOLDERS’ EQUITY
4.7.1 Capital stock
The share capital at 30 June 2020 of GL events was €119,931,148 divided by 29,982,787 shares issued and fully
paid up of 4 euros per share.

 2020 interim financial report
 13 

> NOTES TO THE FINANCIAL STATEMENTS

4.7.2 Reserves and additional paid in capital
Paid in capital represents the difference between the face value of securities issued and contributions received in
cash or in kind.
In the 2020 first half, changes in “Reserves and additional paid in capital” broke down as follows:
(€ thousands)

30/06/20

31/12/19

Opening reserves and additional paid in capital

436,690

432,687

Net income appropriation

52,110

42,237

0

(19,517)

151

133

0

(14,131)

0

(1,364)

(3,346)

(6,179)

1,037

2,204

91

619

486,732

436,690

Dividends
Impact of fair value measurement of financial
instruments
Portion of assets contributed by non-controlling
interests
IAS 19 amendment
C ancellation of treasury shares
Stock option expenses
Other changes
Closing reserves and additional paid in capital

4.7.3 Translation adjustments
Translation adjustments represent the difference between the historic and average exchange rates and the
closing rate. At 30 June 2020, currency translation adjustments represented a negative currency difference of
189,380 thousand euros.
4.7.4 Treasury shares
Within the framework of the share repurchase programme, renewed by the General Meeting of 19 June 2020,
transactions occurring in the 2020 first half were as follows:
(number of shares)

31/12/19

Acquisitions

Disposals

30/06/20

- Treasury shares

447,792

198,534

(58,955)

587,371

- Liquidity agreement

12,436

174,866

(167,461)

19,841

At 30 June 2020, 607,212 shares were held in treasury and within the framework of the liquidity agreement.
4.7.5 Analysis of capital and voting rights
At 30 June 2020, the total number of voting rights was 44,414,967.
Share capital is comprised of one class of shares including shares with both single voting rights and double
voting rights.
Information on the break down for share capital and voting rights, stock options and bonus share plans is
provided in the chapter “Shareholder information” on pages 196 of the 2019 registration document.

 2020 interim financial report
 14 

> NOTES TO THE FINANCIAL STATEMENTS

At 30 June 2020, ownership of the share capital was as follows:

Number of
shares

Percentage
of capital

Percentage
of voting
rights

Number of
voting rights

4,500

0.02%

0.02%

9,000

Le Grand Rey*

8,007

0.03%

0.02%

8,007

La Ferme d'Anna *

17,948

0.06%

0.04%

17,948

16,337,253

54.49%

64.58%

28,684,676

Share capital ownership structure
Olivier Ginon*

Polygone SA *
Sofina *
Concert parties subtotal

4,768,057

15.90%

15.35%

6,819,751

21,135,765

70.49%

80.02%

35,539,382

607,212

2.03%

8,239,810

27.48%

19.98%

8,875,585

29,982,787

100.00%

100.00%

44,414,967

Treasury shares
Free float
Total share capital

*Shareholders agreement / Action in concert with Olivier Ginon, La Ferme d’Anna, Le Grand Rey, Sofina,
Polygone

4.8 PROVISIONS FOR RETIREMENT SEVERANCE PAYMENTS
Liabilities for retirement severance benefits are recognised in the consolidated financial statements under noncurrent provisions. These liabilities are calculated according to the projected unit credit method and take into
account the related social charges.
This method takes into account factors that include projected trends for wage increases, employee turnover,
mortality rates and a discount rate.
The assumptions applied for the calculation of retirement severance benefits (indemnités de fin de carrière) that
concern primarily French companies of the Group were as follows:
-

Discount rate: alignment with the current market rate, i.e. 25-year OAT TEC of 0.57% (unchanged in
relation to the previous reporting period).
Average rate for salary increases: 2%,
Retirement age: 67 for all categories of personnel, taking into account changes regarding the legal
retirement age
Rate for employers social contributions of 40%;
The turnover rate calculated by employee age bracket.

(€ thousands)

30/06/20

Opening balance

31/12/19

14,419

11,521

Service costs – employee benefit payments

633

534

Expense recognised under income

633

534

Actuarial gains or losses of the period from
changes in assumptions
C hanges in Group structure and reclassifications
Provisions for retirement severance benefits

1,954
(71)

410

14,981

14,419

 2020 interim financial report
 15 

Relevant heading

Operating profit

> NOTES TO THE FINANCIAL STATEMENTS

4.9 CURRENT PROVISIONS FOR CONTINGENCIES AND EXPENSES
Decrease

(€ thousands)

31/12/19

Increase

Changes in
Translation Group structure
Provisions Reversal adjustments
&
used in the of unused
reclassifications
period
provisions

30/06/20

Provisions for employee-related contingencies

1,289

92

(375)

(11)

996

Other provisions (1)

16,615

3,272

(8,493)

(116)

11,278

Current provisions

17,904

3,364

(8,868)

(1)

0

(127)

0

12,274

A provision of €15.7 million for country risk was recorded in 2011 after the Organising Committee and the Delhi Development Authority
suspended payments of amounts owed to suppliers for the Delhi Commonwealth Games held in India in 2010.
In the 2020 first half, the organising committee was ordered by the High Court of New Delhi to pay GL events €8.5 million. Another
proceeding against the Delhi Development Authority is still pending before the High Court. On that basis, a provision of €8 million was
written back to income (other operating income and expenses), with a remaining provision of €3.1 million.
The allowance recognised for the period corresponds to reorganisation expenses for selected subsidiaries.

4.10 FINANCIAL LIABILITIES
(€ thousands)

31/12/19

Non-current borrowings

792,458

Financial instruments

3,345

Other financial liabilities

Increase

Translation
adjustments

Decrease

149,710

(38,178)

Changes in Group
structure &
reclassifications

(394)

30/06/20
903,596

(459)

2,886

12,057

1,170

(552)

(65)

Long-term financial debt(1)

807,859

150,880

(39,188)

(459)

Other short-term borrowings

71,000

C ash liabilities

12,523

1,833

0

(238)

Total financial liabilities

891,382

152,713

(110,188)

(697)

0

933,210

Marketable securities

(73,667)

0

46,249

4,451

1

(22,966)

Bank and cash
Cash and cash equivalents
Change in net debt excl. IFRS 16

12,611
0

(71,000)

919,093
0
14,117

(337,890)

20,447

0

4,524

(4,966)

(317,886)

(411,557)

20,447

46,249

8,975

(4,965)

(340,851)

479,826

173,160

(63,939)

8,278

(4,965)

592,359

Translation
adjustments

Changes in Group
structure &
reclassifications

30/06/20

(7,453)

18,339

(1)

Of which at 30 June 2020:
- Non-current portion of medium and long-term debt:
- Current portion of long and medium term debt:

(€ thousands)
IFRS 16 debt

31/12/19
434,423

721,597 thousand euros
197,496 thousand euros

Increase
510

Decrease
(24,368)

4.11 OTHER LIABILITIES
(€ thousands)

30/06/20

31/12/19

Other payables

63,136

60,331

Prepaid income

150,370

160,755

Other liabilities

213,506

221,087

Other liabilities includes include mainly payables linked to the acquisition of Chinese exhibitions.

 2020 interim financial report
 16 

421,451

> NOTES TO THE FINANCIAL STATEMENTS

NOTE 5 INCOME STATEMENT INFORMATION
GL events has benefited from support measures adopted by the different governments in response to the health
crisis. These measures generated savings in staff costs (partial activity scheme in the amount of €23 million) and
rental payment exemptions amounting to €4 million during the periods subject to administrative closures.

5.1 RAW MATERIALS, CONSUMABLES AND EXTERNAL CHARGES
Raw materials, consumables and external charges break down as follows:
(€ thousands)

2020

2019

Purchases consumed

(18,350)

(34,214)

Subcontracting and external personnel

(69,191)

(163,517)

Equipment and property rentals

(11,649)

(24,038)

Travel and entertainment expenses

(10,969)

(22,192)

Other purchases and external expenses

(45,588)

(69,686)

(155,746)

(313,647)

REVENUE

266,825

595,878

Rate Purchases & other expenses vs. Sales (%)

-58.4%

-52.6%

Purchases and other external charges

5.2 OTHER CURRENT OPERATING INCOME AND EXPENSES
Other current operating income and expenses break down as follows:

5.3 OTHER OPERATING INCOME AND EXPENSES
Other operating income and expenses consist mainly of reorganisation and acquisition expenses and the reversal
of provisions recorded for litigation in India.

5.4 NET FINANCIAL INCOME (EXPENSE)
(€ thousands)

2020

Net income from the sale of marketable securities

2019

421

1,280

Interest expense

(14,226)

(14,444)

Net interest expense

(13,805)

(13,164)

Other investment income

545

924

C urrency gains and losses

1,638

361

50

(63)

2,233

1,222

(11,572)

(11,942)

Provision on financial assets
Other financial income and expenses
Net financial expense

5.5 INCOME TAX EXPENSE
In accordance with IAS 34, the estimated effective tax rate for fiscal 2020 is 37.3%.
 2020 interim financial report
 17 

> NOTES TO THE FINANCIAL STATEMENTS

NOTE 6 OFF-BALANCE SHEET COMMITMENTS
6.1 COMMITMENTS
Commitments by category (€ thousands)
Commitments given
- Short-term guarantee

None

- Medium-term guarantee

None

- Joint security, miscellaneous guarantees

None

Commitments received
- Opening of undrawn credit lines

105,286

- Joint security, miscellaneous guarantees

None

Off-balance sheet commitments between consolidated companies are eliminated as are all intercompany
transactions and balances.

6.2 CONCESSION ROYALTIES AND PROPERTY LEASE PAYMENTS – NON-CANCELLABLE PORTIONS
Firm commitments for concessions and property rental payments are henceforth included in the balance sheet in
line with application of IFRS 16. However, the variable portion of fees and lease payments as well as options for
renewal are not included in the IFRS 16 restatement.

6.3 DEBT GUARANTEED BY COLLATERAL
(€ thousands)

Guaranteed
debt

- Bank borrowings

1,000

Pledge of financial instruments

- Bank guarantees

220

Pledge of financial instruments

Nature of the guarantee

6.4 OTHER CAPITAL COMMITMENTS
Capital investments are broken down below by the budgeted period of expenditure:
(€ thousands)
C apital commitments

< 1 year

1 to 5 years

> 5 years

15,872

32,218

53,315

 2020 interim financial report
 18 

> NOTES TO THE FINANCIAL STATEMENTS

NOTE 7 TRANSACTIONS WITH RELATED PARTIES
The consolidated financial statements include all companies within the Group structure of consolidated operations
(see Note 2). Related party transactions concern primarily management services invoiced by Polygone SA to
GL events, where Olivier Ginon, Olivier Roux and Erick Rostagnat serve as directors for both companies, and
property rental costs invoiced by Foncière Polygone to the Group, with Olivier Ginon serving as Chairman, AnneSophie Ginon as Managing Director of this company.
There are no other pension liabilities or similar benefits in favour of current and former directors and officers. In
addition, no advances or loans have been granted to directors and officers.
Summary of transactions with related parties in the 2020 first half:
Description
General management services

Income (expenses)

(1)

(853)

Allowances and expenditures for missions, travel
expenses and insurance

45

Interest on current account loans
Property lease payments and land taxes

(24)
(2)

(8,315)
Balance at
30/06/2020

Rent deposit guarantees(3)
Trade receivables
Prepaid expenses
Suppliers

16,747
378
3,475
(18,098)

C urrent account

(9)

Prepaid income

(20)

(1)

The costs of general management services consisted notably of compensation charged for Messrs. Ginon and Roux, compensation charged for
employees of Polygone SA, travel expenses and other costs incurred in connection with the performance of general management duties. This
agreement is renewed every year by tacit renewal and approved by the General Meeting under regulated agreements.
(2)
Rental payments concern 13 operating sites including the Turin exhibition centre that Foncière Polygone acquired from GL events in 2009.
These rental amounts were determined on an arm's-length basis at market prices according to rental yields or prices per square meter for
comparable properties.
(3)
The amount for deposit guarantees corresponds to one year's rent including tax.

 2020 interim financial report
 19 

> INTERIM MANAGEMENT REPORT

INTERIM MANAGEMENT REPORT
1 MATERIAL EVENTS AND OPERATING HIGHLIGHTS OF THE 2020 FIRST HALF
Business
After registering a record performance in 2019, the Group entered the crisis with solid fundamentals. Momentum
for the first two months of 2020 was positive. Revenue at the end of February 2020 (restated to eliminate the
biennial effect linked to Sirha) was thus up 14% in relation to N-1.
The Group was quickly impacted by the Covid-19 pandemic, first in China in January, then in Europe starting in
March and finally in April in Brazil and Chile. In response, the Group rapidly adopted all necessary measures to
protect the health of its employees. The practice of teleworking was widely deployed during the lockdown
periods. Bans against organising events and administrative closures of all sites operated by the Group were
quickly imposed.
As a result, revenue for the first half was down 55% compared with June 2019. This decline impacted the
Group’s three businesses. For the Live division, revenue from the rental of structures, services provided in
connection with the Saudi Cup horse race and the Dakar Rally in Saudi Arabia in January helped limit this decline
to 43%. In addition to the biennial effect linked to Sirha, the Exhibition division was severely impacted by the
ban against holding exhibitions in Europe, China and South America. On that basis, revenue for this division in
the period declined 69% in relation to 2019 and 54% in relation to 2018.
For the Venues division, with administrative closures imposed on all sites operated from March to June 2020,
revenue was down 63% from last year’s same period.
Adapting to the situation caused by Covid-19
In response to this steep decline in revenue and measures restricting its activity, the Group adopted a plan
designed to preserve its liquidity.
-

-

Cancellation of dividends initially planned by GL events and by the subsidiaries in which the Group has
partners (€30 million),
Reduction in its CAPEX plan (€30 million) and external growth transactions to contractualised
commitments (€30 million)
Plan for reducing fixed costs (> €100 million): recourse to short-time working measures, the nonrenewal of fixed term employment contracts, a freeze on hiring, applications for rent exemptions,
limitation on travels, a reduction in communication expenses…At 30 June, these produced savings for the
Group of €76 million in relation to the budget and €69 million in relation to the 2019 first half,
Refinancing of 2020 net payments and obtaining financing for residual investments. On this basis,
applications were submitted for €85 million in government-backed loans, the deferral of payments for
€24 million and new medium-term credit lines for €70 million.

In parallel, offerings adapted to the health crisis were developed by the commercial and technical teams:
A specific furniture range,
A special offering for Covid-19 signage ,
An acceleration in the deployment of digital and “phygital” offerings.
During this period, the Group reinforced its governance in order to monitor developments of this situation. On
that basis, the Audit Committee and the Board of Directors both met five times between March and July 2020.
Their work has focused mainly on the Group’s liquidity, financing, the implementation of the savings plan and
the deployment of business continuity and business recovery plans.
Business developments
The Group also completed its fourth acquisition in China by acquiring a 70% stake of CACLP, organising company
of the Chinese trade show of the same name, the country’s market leader in the fields of IVD (in vitro
diagnostics) and clinical tests. The historic managers will retain 30% of the share capital and are integrated
within the business plan.
In Chile, the Group was awarded a 40-year concession for the “Parque Vitacura” meeting facility in Santiago as
from 2022. This ideally located 4,700 sqm venue currently holds approximately 300 events (corporate,
exhibitions, festivals, performances and concerts) per year. Average annual revenue expected is approximately
 2020 interim financial report
 20 

> INTERIM MANAGEMENT REPORT

€9 million. After Tarpulin (Live) in March 2016, FISA (Exhibitions) in April 2018, the Group has thus reinforced
its presence in Chile where all three of its business will be represented.
The India Commonwealth Games litigation
In India, after several phases in the judicial process, the organising committee was ordered by the High Court of
New Delhi to pay GL events €8.5 million. The receipt of funds by GL events Litmus (€8 million net of expenses)
was accompanied by a reversal of a provision for the corresponding amount. As a reminder, GL events has been
engaged in legal actions against the Commonwealth Games organising committee and the Delhi Development
Authority since 2011. This dispute concerns the organising committee’s decision to suspend payments to
international companies who delivered services for this event. Another proceeding against the Delhi
Development Authority is still pending before the High Court.
GL events shows its solidarity
Despite the complicated context, the Group has demonstrated its solidarity through its own initiatives to combat
the spread of the virus. In January, protective masks were sent to China and in March 20,000 masks were made
available to hospitals and clinics in Lyon. GL events has also provided temporary emergency structures to
address the growing need for beds in the French regions most affected (Ile de France, the Grand Est) and
severely impacted international destinations. In this context, a portion of the Riocentro site was made available
to the city of Rio de Janeiro and transformed into a hospital to treat Covid-19 patients.
Finally, the Barcelona International Convention Centre, in partnership with the not-for-profit NGO World Central
Kitchen, prepared 192,909 meals for vulnerable persons in the Barcelona region affected by the Covid-19 crisis.

ANALYSIS OF KEY INCOME STATEMENT AGGREGATES AND PERFORMANCE MEASURES
The Group's performance measures highlight the significant impact of the public health context.
(€ thousands)

30/06/20

30/06/19

Change N/N- 30/06/2020
1
IFRS 16

30/06/2019
IFRS 16

Change N/N1

Revenue

266,825

595,878

-55.2%

266,825

595,878

-55.2%

EBITDA (*)

-21,515

99,821

-121.6%

3,028

124,093

-97.6%

C urrent operating income

-46,672

69,648

-167.0%

-43,026

73,339

-158.7%

Organic growth

-53.6%

1.9%

-53.6%

1.9%

Operating margin

-17.5%

11.7%

-29.2

-16.1%

12.3%

-28.4

EBITDA margin

-8.1%

16.8%

-24.8

1.1%

20.8%

-19.7

Net financial income (expense)

-5,711

-5,746

0.6%

-11,572

-11,942

3.1%

Income before tax

-51,752

61,842

-183.7%

-53,968

59,337

-191.0%

Net income

-32,799

41,775

-178.5%

-34,189

40,084

-185.3%

Net income (Group share)

-30,429

30,436

-200.0%

-31,493

29,107

-208.2%

Net margin (Group share)

-11.4%

5.1%

-16.5

-11.8%

4.9%

-16.7

0.6%

7.7%

-7.1

ROC E

(*) EB ITDA: (Earnings befo re interest, tax depreciatio n and amo rtisatio n): current o perating inco me (EB IT) + amo rtisatio ns and pro visio ns

Group revenue in the first half declined 55.2% in relation to 30 June 2019. At 30 June 2020, international
markets accounted for 51% of revenue compared to 46% one year earlier.
In the 2020 first half, EBITDA (excluding IFRS 16) was down by 121.6% from 30 June 2019 to -€21.5 million
and consolidated current operating income (excluding IFRS 16) by 167% from the last year's same period
to -€46.7 million. On that basis, the operating margin (excluding IFRS 16) fell to -17.5% (vs. +11.7% in 2019).
Net financial expense (excluding IFRS 16) amounting to -€5.7 million was stable compared 30 June 2019. The
increase in interest expense was offset by foreign exchange gains. The loss before tax (excluding IFRS 16)
amounted to -€51.8 million compared to a profit +€61.8 million at 30 June 2018.
Based on a tax rate of 37.3% and losses from equity-accounted investees, a net loss (excluding IFRS 16) of
€32.8 million was registered for the period compared to a net income of €41.8 million for the 2019 first half.
 2020 interim financial report
 21 

> INTERIM MANAGEMENT REPORT

After minority interests, the net loss attributable to the equity holders of the parent amounted to €30.4 million
compared with a net income of €30.4 million one year earlier (-200%).
Change in ROCE
The decline in the Group's ROCE, restated to eliminate the impact of IFRS 16, was due entirely to the drop in
revenue in the 2020 first half: 0.6% versus 7.7% at 30 June 2019.
A breakdown is provided below of this calculation:
Calculation of ROCE at 30/06/2020

30/06/20

C urrent operating income restated to eliminate the
impact of IFRS 16

30/06/19

-46,672

69,648

31/12/19
125,891

C urrent operating income net of income tax (1)

9,571
6,604

Goodwill plus fixed assets *

1,255,330

WC R **

-199,685

C apital employed (2)

1,055,645

ROC E (1/2)

Current
operating
income YoY

0.6%

* Fixed assets: tangible, intangible and financial (see co nso lidated balance sheet at 30 June 2020)
** WCR: Trade receivables + Other receivables + Invento ry - A dvances & Do wn P ayments - Trade payables - Tax and
so cial security payables - Other payables (see co nso lidated balance sheet at 30 June 2020)

INCOME STATEMENT HIGHLIGHTS BY BUSINESS
The breakdown of revenue was as follows:

(€ thousands)

30/06/19

GL events Live

157,382

30/06/19
275,386

% o f To tal Revenue

59.0%

46.2%

GL events Exhibitions

44,984

147,124

% o f To tal Revenue

16.9%

24.7%

GL events Venues

64,459

173,368

% o f To tal Revenue

Revenue

24.2%

29.1%

266,825

595,878

GL events Live had revenue in the 2020 first half of €157.4 million, down 42.9% in relation to the same period
in 2019. Before public gatherings were banned, and within the organisation of events, services were delivered in
Saudi Arabia for two events (the Saudi and the Dakar Rally) and also for recurrent events: the Paris
International Agricultural Show, fashion shows during Fashion Week and the organisation of the Dassault
convention. In addition, the Group delivered installations for the Tokyo Olympic Games that were ultimately
rescheduled. They are now expected to be held from 23 July to 8 August 2021. This division invoiced expenses
for costs incurred for cancelled events and benefited from the strength of its industrial activities such as
Spaciotempo in France, or Aganto in the United Kingdom (€30 million vs. €35 million one year earlier).
GL EVENTS EXHIBITIONS had revenue of €45 million, down 69.4%. Business for the first half was impacted
by the postponement / bans of a number of exhibitions in Asia (Build & Decor, CIDE, Wallpaper), Europe (Global
Industrie, CFIA, Made, Pharma Cosmetech, the Lyon International Fair, Geek Days…) and Latin America
(Expomin, Expovivenda, the World Beer Fest in Sao Paulo).
In this context, the Group was able to adapt its formats to create and maintain the ties between exhibitors and
attendees. For example, Global Industrie Connect was launched at the end of June as a digital alternative.
 2020 interim financial report
 22 

> INTERIM MANAGEMENT REPORT

This 4 days digital event was a genuine success with 300 speakers and 46 webinars followed by more than 6,100
professionals. Since Global Industrie Connect’s launch, there have been nearly 20,000 interactions between
attendees and exhibitors.
GL EVENTS VENUES had revenue of €64.5 million, down 62.8%, impacted by the administrative closures
gradually imposed by different governments staring in March 2020. During the first half, despite the difficult
environment, the Group moved forward with certain projects in progress and demonstrated its capacity for
innovation and adaptation. In Paris, the Palais Brongniart staged its first phygital event with the fifth Summit for
Start-ups and Innovation. This hybrid format brought together 40 speakers at the vast auditorium of the former
Paris stock exchange before a virtual audience of more than 1,000 remote participants. Finally, in South Africa,
GL events installed a temporary hospital in the Johannesburg Expo Center delivered in June 2020 for a total
budget of €17 million.
The breakdown of current operating income by major business line was as follows:
30/06/19

30/06/2020 30/06/2019
IFRS 16
IFRS 16

(€ thousands)

30/06/20

GL events Live

(15,188)

11,798

(10,949)

12,214

GL events Exhibitions

(4,806)

32,428

(8,419)

32,693

GL events Venues

(26,679)

25,422

(23,658)

28,432

Current operating income

(46,672)

69,648

(43,026)

73,339

Ultimately, in the first half of this year the Group was able to conduct its operations normally for only two
months. The €330 million shortfall in revenue and its limitation to €267 million resulted in an operating loss of
€46 million (-€116 million vs. N-1) which includes a depreciation expense of €25 million. This operating loss was
mitigated by the rapid implementation of the cost savings plan. Measures implemented by the Group to reduce
costs focused mainly on reducing staff costs (recourse to short-time working measures, a freeze on hiring, the
non-renewal of fixed term employment contracts,…), the exemption of certain rent payments while
administrative closure are in effect, limiting travel expenses, limiting fees and reducing communications
expenses. In addition, energy and maintenance expenses have been reduced significantly.
Overall, in relation to the 2019 first half, €69 million in savings have been achieved.

FINANCIAL POSITION HIGHLIGHTS
The Group had a negative cash flow of €43.6 million, reflecting mainly the significant drop in revenue. The
decline in the net source of funds is attributable largely to the successful marketing efforts at the end of 2019 for
the events in the 2020 first half, which were not all able to be held. In addition, uncertainties weighing on the
sector have led to the postponement of inflows for reservations for events in the 2020 second half. Generally
speaking, 30 June represents the low point for net sources of funds for the Group.
Capital expenditures for the first half (€17 million) concerned mainly the renewal of rental equipment assets at
the beginning of the year for the Live division.
In the first half, net debt (excluding IFRS 16) rose €112 million to €592 million at 30 June 2020, up from
€480 million at 31 December 2019.

 2020 interim financial report
 23 

> INTERIM MANAGEMENT REPORT

Changes in debt broke down in consequence as follows:

2 SUBSEQUENT EVENTS
-

Covenant Holidays: Group management obtained covenant holidays from all its banking partners for
fiscal 2020. Agreements were granted accordingly without providing for the invoicing of additional
amounts or an increase in current financing terms. An identical request will be formally submitted to the
Euro PP bondholders in the coming days.

-

In France, at the end of July, the organisation of events for more than 5,000 people had been authorised
as from 1 September 2020. On 11 August 2020, the French Prime Minister announced that this ban of
gatherings for more than 5,000 people would be extended until 31 October 2020. He also indicated that,
in accordance with the strict application of public health measures, the French regional authorities
(préfets) have the authority to grant exceptions to this rule. Finally, in order to organise its events, the
Group has developed a strict health protocol, thus demonstrating its ability to ensure the safety of its
event attendees and exhibitors. As a result, since the beginning of September, the Group’s exhibitions
(Made in France Première Vision, Expo Biogaz, the Strasbourg European Fair, Pharma Cosmetech…) were
held under optimal conditions of health safety (access control, reinforced health measures, social
distancing, control of the number of attendees by exhibition hall…). In contrast, Première Vision Paris will
not be held. The limit of 5,000 people per day and restrictions imposed on international exhibitors and
visitors (namely, a quarantine period of 14 days and a limited number of flights) have rendered the
organisation of this event impossible.

-

The CACLP exhibition in China: this exhibition, initially scheduled for March 2020, was held in August in
Nanchang (a city in southern China). It brought together more than 1,000 Chinese and international
exhibitors (up from 870 in 2019) over an area covering 70,000 sqm. This exhibition confirmed a growth
 2020 interim financial report
 24 

> INTERIM MANAGEMENT REPORT

in attendance of more than 50% from 2019 to a total of 35,000 attendees in three days. Bringing
together industrial players and national and international departments from sectors including
immunodiagnostics, chemical and molecular analysis and outpatient diagnostics of infectious diseases,
CACLP intervenes in a sector whose importance is highlighted by the current health crisis. In China, this
market represents approximately CNY 8 billion (ca. €1 billion). Backed by top-tier medical conventions,
CACLP brings together experts in cutting-edge fields such as preclinical medicine and biomedical
engineering.
-

Acquisition of the activities of Tranoï: In search of new financial partners, Tranoï, the leading B2B event
organiser for creative fashion brands in conjunction with Fashion Week, joined forces with the group,
strengthening its business unit devoted to fashion. Tranoï’s events will henceforth be operated by Tranoï
Events, a 90%-held subsidiary of GL events Exhibitions, with the existing management retaining 10% of
the capital.

-

ISO certification: the Group is continuing the ISO certification process for its activities. At the end of
August, its subsidiary GL events UK obtained ISO 20121 certification, the international standard for
sustainable event management. Two other Group companies are in the process of obtaining this
certification (Live By GL events and Fonction Meuble). As a reminder, at the end of 2019, 44% of Group
revenue was covered by an ISO standard.

3 OUTLOOK AND UNCERTAINTIES
Despite the current lack of visibility regarding the evolution of the health crisis, the Group is confident in its
ability to get through this unprecedented crisis. It has already been successful in securing financing and
preserving its liquidity. The support of local authorities and governments is also vital to assist the recovery of the
sector.
In an environment subject to restrictions currently preventing the organisation of international or large-sized
events, business volume for 2020 is estimated to date at €600m which would lead to a loss for the full year of
approximately €50m. Savings from the cost reduction programme are expected to reach €130 million by yearend.
In France, the activities of the three divisions are gradually picking up. The Live division will notably deliver the
Grand Palais Ephémère at the end of 2020. Local exhibitions and fairs like those of Metz, Caen and Toulouse, but
also events with a more global profile, redesigned to comply with the health safety guidelines (CFIA, Equita),
should be held in the second half. Première Vision’s transformation into a 100% digital exhibition at the end of
August, 15 days before it was to be held, is however another illustration of both the uncertainty of the period but
also the Group’s capacity to rapidly adapt in order to effectively address the needs of its customers and partners.
In China, after the organisation of the CACLP exhibition at the end of August, Fashion Source is expected to be
held in November.
The resumption of activity in China, the announcement that the Olympic Games in Tokyo will be held, a positive
biennial effect (Sirha, the Rio de Janeiro International Book Fair) and the rescheduling of exhibitions (Expomin,
the Piscine swimming pool and wellness event) should enable the Group to experience a recovery in business
activity in 2021.

 2020 interim financial report
 25 

> RESPONSIBILITY STATEMENT

RESPONSIBILITY STATEMENT FOR THE INTERIM FINANCIAL REPORT

I hereby declare that to the best of my knowledge the condensed financial statements presented for the first six
months were prepared in accordance with applicable accounting standards and give a true and fair view of the
financial position and results of the Company and its consolidated subsidiaries and that the interim management
report included herein presents a true and fair view of the important events occurring during the first six months
of the fiscal year, their impact on the interim financial statements, the main transactions with related parties and
the principal risks and uncertainties for the remaining six months of the fiscal year.
Lyon, 21 September 2020

Olivier GINON
Chairman

 2020 interim financial report
 26 

STATUTORY AUDITORS' REPORT

STATUTORY AUDITORS' REPORT
ON INTERIM FINANCIAL INFORMATION
This is an unsigned free translation into English of the auditor’s review report issued in the French language and is provided solely for the
convenience of English speaking readers. into English of the statutory auditors’ report issued in the French language and is consequently
provided solely for the convenience of English speaking readers. This report should be read in conjunction with, and is construed in accordance
with, French law and professional auditing standards applicable in France. As the English version of the interim financial statements has not
been audited by the Statutory Auditors, only the original French version of the Statutory Auditors' report is legally binding.

To the shareholders of GL events,
Pursuant to our appointment as statutory auditors by your Shareholders’ Meeting and in accordance with article
L. 451-1-2 III of the French monetary and financial code (“Code Monétaire et Financier”), we hereby report to you
on:
- The limited review of the accompanying interim condensed consolidated financial statements of GL events SA for
the six-month period from 1 January to 30 June 2020;
-

The verification of the information given in the interim management report.

These interim condensed financial statements were prepared under the responsibility of the Board of Directors on
15 September 2020 based on information available to date against the backdrop of evolving market conditions
linked to the Covid-19 health crisis and difficulties in understanding its implications and future development. Our
responsibility is to express a conclusion on these statements based on our limited review.
I – Review of the financial statements
We have conducted our limited review in accordance with the professional standards applicable in France.
A limited review consists mainly of making inquiries with persons responsible for financial and accounting matters
and applying analytical and other review procedures. A review is substantially less in scope than an audit
conducted in accordance with professional standards applicable in France. As such, it provides a moderate
assurance that the financial statements as a whole are free of material misstatements lower than that which would
result from an audit.
Based on our review, nothing has come to our attention that causes us to believe that the interim accompanying
condensed consolidated financial statements were not prepared in all material respects in accordance with IAS 34
– standard of the IFRS as adopted by the European Union governing interim financial reporting.
II – Specific procedures and disclosures
We have also verified the information in the interim management report commenting on the interim condensed
consolidated financial statements issued on 15 September 2020 that were the subject of our limited review.
We have no matter to report regarding its fair presentation and consistency with the interim condensed
consolidated financial statements.
Villeurbanne and Oullins, 21 September 2020
The Statutory Auditors
[French original signed by]
MAZA SIMOENS
Benjamin Schlicklin
Partner

MAZARS
Paul-Armel Junne
Partner
 2020 interim financial report
 27 

Emmanuel Charnavel
Partner

