PRESS RELEASE

from GL EVENTS (EPA:GLO)

Interim Financial report 2024

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 INTERIM FINANCIAL REPORT

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AT 30 JUNE 2024 

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                                                                                                             12

                                          Note 5                     Income statement information                                                                                                     18

                                          Note 6                     Off-balance sheet commitments                                                                                                  19

                                          Note 7                      Transactions with related parties                                                                                                20

INTERIM MANAGEMENT REPORT

1    – MATERIAL EVENTS AND OPERATING HIGHLIGHTS OF THE 2024 FIRST HALF                21

2    – SUBSEQUENT EVENTS                                                                                                                                   25

                                   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.

  CONSOLIDATED BALANCE SHEET

(€ thousands)

Notes 30/06/2024                                    31/12/2023

Goodwill

4.1

830,320

826,799

Other intangible assets

4.1

43,366

45,384

IFRS 16 concessions and leases

4.1

488,949

478,476

Land and buildings

4.2

368,726

342,762

Other tangible fixed assets

4.3

63,105

62,948

Rental equipment assets

4.3

157,619

150,827

Financial assets

4.4

64,570

68,157

Equity-accounted investments

4.5

2,496

2,312

Deferred tax assets

4.9

41,863

41,143

NON-CURRENT ASSETS

2,061,013

2,018,808

Inventories & work in progress 

4.6

60,792

61,190

Trade receivables

4.7

240,278

216,677

Other receivables

4.8

284,773

207,283

Cash and cash equivalents

4.10

540,774

540,099

CURRENT ASSETS

1,126,617

1,025,249

TOTAL 

3,187,629

3,044,057

(€ thousands)

Notes

30/06/2024

31/12/2023

Share capital

4.11

119,931

119,931

Reserves and additional paid in capital

4.11

498,599

456,596

Translation adjustments

4.11

(217,226)

(196,957)

Net profit

37,552

59,949

Shareholders' equity attributable to the Group

438,856

439,519

Non-controlling interests

142,676

142,943

TOTAL SHAREHOLDERS' EQUITY

581,532

582,463

Provisions for retirement severance payments

4.12

13,031

12,989

Deferred tax liabilities

13,418

12,803

Financial debt

4.14

858,138

843,921

Non-current IFRS 16 debt on concessions and leases

4.14

474,849

463,093

NON-CURRENT LIABILITIES

1,359,435

1,332,806

Current provisions for contingencies and expenses

4.13

19,063

19,365

Current financial debt

4.14

233,115

189,648

Current IFRS 16 debt on concessions and leases

4.14

42,588

42,103

Current bank facilities and overdrafts

4.14

9,734

7,029

Advances and instalments

43,766

39,927

Trade payables

398,093

344,122

Tax and employee-related liabilities

198,098

162,003

Other liabilities

4.15

302,204

324,593

CURRENT LIABILITIES

1,246,662

1,128,788

TOTAL 

3,187,629

3,044,057

  CONSOLIDATED INCOME STATEMENT

(€ thousands)

Notes 30/06/2024

30/06/2023

Revenue

Purchases consumed

3

820,142

686,606

5.1

(42,102)

(38,418)

External charges

5.1

(444,706)

(346,675)

Taxes and similar payments (other than on income)

(10,383)

(9,519)

Personnel expenses and employee profit sharing

(181,702)

(164,694)

Allowances for depreciation, amortisation, provisions

(59,129)

(55,614)

Other current operating income

5.2

5,378

3,082

Other current operating expenses

Operating expenses

5.2

232

(1,879)

(732,413)

(613,717)

CURRENT OPERATING INCOME

3

87,729

72,889

Other operating income and expenses

5.3

(4,716)

(3,200)

OPERATING PROFIT

83,014

69,689

Net interest expense

5.4

(24,115)

(16,697)

Other financial income and expenses

5.4

(133)

(1,485)

NET FINANCIAL EXPENSE

5.4

(24,248)

(18,182)

EARNINGS BEFORE TAX

58,766

51,506

Income tax

5.5

(15,643)

(12,955)

NET PROFIT /(LOSS) OF CONSOLIDATED COMPANIES

43,123

38,551

Share of income from equity affiliates

4.4

217

354

NET PROFIT / (LOSS)

43,340

38,906

Attributable to non-controlling interests

5,788

8,918

NET PROFIT ATTRIBUTABLE TO GROUP SHAREHOLDERS

37,552

29,987

(€ thousands)

Notes 30/06/2024

30/06/2023

NET PROFIT / (LOSS)

43,340

38,906

Hedging instruments

586

79

Other comprehensive income that may be recycled subsequently to profit and loss

586

79

Actuarial gains and losses

62

621

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

(18,785)

(7,089)

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

(18,723)

(6,468)

TOTAL COMPREHENSIVE INCOME

25,202

32,517

Total comprehensive income attributable to non-controlling interests

Comprehensive income attributable to equity holders of the parent

7,276

4,733

27,784

17,927

  CONSOLIDATED CASH FLOW STATEMENT

(€ thousands)

30/06/2024

31/12/2023

Cash and cash equivalents at the beginning of the year

533,070

619,848

CASH FLOWS FROM OPERATING ACTIVITIES

Net profit

37,552

59,949

Amortisation, depreciation and provisions

32,275

58,788

Other non-cash income and expenses

58

5,519

Gains and losses on disposals of fixed assets

(2,790)

1,019

Non-controlling interests in consolidated subsidiaries’ net income

5,788

11,895

Share of income from equity affiliates

(217)

(374)

Cash flow

72,666

136,796

Cost of net financial debt

24,115

39,903

Tax expense (including deferred taxes)

15,643

24,790

Cash flow before net interest expense and tax

112,424

201,488

Income tax payments

1,997

(19,975)

Change in inventories

978

(11,409)

Change in trade receivables

(35,929)

24,877

Change in trade payables

11,564

28,227

Other changes

(36,596)

46,397

Change in working capital requirements

(59,982)

88,092

Net cash provided by (used in) operating activities (A)

54,438

269,606

CASH FLOWS FROM INVESTING ACTIVITIES

Acquisition of intangible fixed assets

(2,226)

(6,075)

Acquisition of tangible assets and capitalised rental equipment

(80,422)

(104,961)

Disposals of tangible and intangible assets

1,694

1,805

Investment grants received

220

221

Acquisitions of financial assets

(335)

(4,177)

Disposal of investments and other non-current assets

5,423

356

Net cash flows from the acquisition and disposal of subsidiaries

(5,616)

(63,776)

Net cash provided by (used in) investing activities (B)

(81,262)

(176,609)

NET CASH FROM FINANCING ACTIVITIES

Dividends paid to shareholders of the parent

(10,494)

Dividends paid to non-controlling shareholders of consolidated comp

(2,473)

(9,359)

Other changes in equity

(1,750)

(3,126)

Change in borrowings

57,906

(112,080)

Cost of net financial debt

(24,115)

(39,903)

Net cash provided by (used in) financing activities (C)

29,568

(174,961)

Effect of exchange rate fluctuations on cash (D)

(4,774)

(4,814)

Net change in cash & cash equivalents (A + B + C + D)

(2,030)

(86,778)

Cash and cash equivalents at year-end

531,040

533,070

  STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

(€ thousands)

Attributable to the Group

Additional

       Share                                                                                  Comprehensive

                          paid-in               Reserves

      capital                                                                                       income

capital

Total Group

Equity at 31/12/2022

      119,931                273,447               (56,547)                                         75,813

412,644

Non-

controlling interests

Total

190,050

602,694

Capital increase

0

0

Comprehensive income appropriation for N-1

75,813

(75,813)

0

0

Distribution of dividends

(10,494)

(10,494)

(9,362)

(19,856)

Cancellation of treasury shares

(2,392)

(2,392)

(2,392)

Stock option expenses

1,586

1,586

1,586

Change in ownership interests in subsidiaries

(6,772)

(6,772)

(46,022)

(52,793)

Other changes

1,894

1,894

492

2,386

Comprehensive income

43,052

43,052

7,784

50,836

Equity at 31/12/2023

      119,931                273,447                     3,089

43,052

439,519

142,943

582,463

Capital increase

0

0

Comprehensive income appropriation for N-1

43,052

(43,052)

0

0

Distribution of dividends

(20,988)

(20,988)

(8,825)

(29,813)

Cancellation of treasury shares

5

5

5

Stock option expenses

1,750

1,750

1,750

Change in ownership interests in subsidiaries

(748)

(748)

999

250

Other changes

1,391

1,391

284

1,674

Comprehensive income

17,927

17,927

7,276

25,202

Equity at 30/06/2024

      119,931                273,447                  27,551

17,927

438,856

142,676

581,532


NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF CONSOLIDATION

On 4 September 2024, the Board of Directors reviewed the condensed interim consolidated financial statements for the six-month period ending 30 June 2024.

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 Standards), as adopted by the European Union on 31 December 2023. 

The accounting methods applied are identical to those used to prepare the consolidated financial statements for the period ended 31 December 2023, with the exception of corporate income tax.

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 adopted those standards, amendments and interpretations entering into force on 1 January 2024. Newly applicable standards: 

-   Amendment to IAS 1 - classification of liabilities

-   Amendment to IAS 7 & IFRS 7 - Disclosure of supplier finance arrangements

-   Amendments to IFRS 16 – lease liability in a sale and leaseback

-   Amendment to IFRS 9 - Disclosures about the classification of financial assets

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 not yet mandatory for periods beginning on or after 1 January 2024. 

GLOBAL MINIMUM TAX (GMT)

On 1 January 2024, the global minimum tax (GMT) on multinationals came into force in the European Union. It taxes company profits at a minimum rate of 15%, payable by the holding company, provided that the Group to which the subsidiaries belong has annual revenues of at least €750 million.

In the context of the half-year closing and the application of IAS 34, this impact has been assessed on the basis of laws in issue in the countries where the Group operates. In terms of the Group as a whole and the amount of tax paid, this amount is not material.

IFRS 16

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.

IAS 29

Since April 2022, Turkey has been considered as a hyperinflationary economy based on IAS 29 criteria. Based on this standard, the income statements of Turkish companies for H1 2024 were translated at the closing rate vs. the average rate, and non-cash assets and liabilities were remeasured according to the consumer price index. 

NOTE 2 CONSOLIDATED COMPANIES 

Changes in the Group's structure in 2024 first half were as follows:

Companies

Business

Country

Date of consolidation or deconsolidation

Abidjan events

Live

Ivory Coast

Creation

- Fully consolidated as of 1 January 2024

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. 

 

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 9  

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:

To spearhead the management of its business and to define its strategy, the management bodies monitor the Group's performance indicators on a pre-IAS 29 and pre-IFRS 16 basis. IFRS 16 has a significant impact on the economic presentation of the various KPIs (non-cash increase in EBITDA and current operating income, deterioration of the financial result, etc.) whereas the impact of IAS 29 is not significant. 

REVENUE  

image       

With respect to geographic segment information, Europe as a region accounts for 79 % of Group revenue, the Americas 8% and Asia 7%.

CURRENT OPERATING INCOME  

Data corresponding to the Group's operational performance indicators (excluding IFRS 16 & IAS 29)

(€ thousands)

30/06/24

30/06/23

30/06/22

30/06/2024 margin

30/06/2023 margin

30/06/2022 margin

GL events Live

34,494

9,703

11,179

6.9%

2.6%

3.7%

GL events Exhibitions

22,122

33,232

7,949

19.5%

23.1%

10.9%

GL events Venues

24,092

24,521

15,684

11.4%

13.7%

10.4%

Current operating income

80,708

67,456

34,812

9.8%

9.8%

6.6%

(€ thousands)

30/06/24 (Full IFRS)

30/06/23 (Full IFRS)

30/06/2022 (Full IFRS)

30/06/2024

FULL IFRS margin

30/06/2023

FULL IFRS margin

30/06/2022

FULL IFRS margin

GL events Live

35,941

10,499

11,855

7.2%

2.9%

3.9%

GL events Exhibitions

22,324

33,385

8,066

19.7%

23.2%

11.1%

GL events Venues

29,464

29,005

19,892

14.0%

16.2%

13.2%

Current operating income

87,729

72,889

39,814

10.7%

10.6%

7.6%

EBITDA

(en milliers d’euros)

30/06/24

30/06/23

30/06/22

30/06/24 ratio CA

30/06/23 ratio CA

30/06/22 ratio CA

GL events Live

57 666

33 946

29 154

11,6%

9,2%

9,7%

GL events Exhibitions

23 154

33 070

9 220

20,4%

23,0%

12,7%

GL events Venues

35 332

32 621

25 541

16,8%

18,2%

17,0%

EBITDA

116 152

99 638

63 915

14,2%

14,4%

12,2%

(€ thousands)

30/06/24 (Full IFRS)

30/06/23 (Full IFRS)

30/06/2022 (Full IFRS)

30/06/24

FULL IFRS margin

30/06/23

FULL IFRS margin

30/06/22

FULL IFRS margin

GL events Live

69,085

43,630

38,707

13.9%

12.0%

12.8%

GL events Exhibitions

24,534

34,568

10,522

21.6%

24.1%

14.5%

GL events Venues

53,240

50,305

41,043

25.3%

28.1%

27.3%

EBITDA

146,859

128,503

90,272

17.9%

18.7%

17.2%

NET INVESTMENTS IN THE PERIOD IN PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS

(€ thousands)

30/06/24

30/06/23

30/06/22

GL events Live

32,354

34,446

9,938

GL events Exhibitions

81

157

121

GL events Venues

48,298

24,089

13,186

Net investments

80,733

58,692

23,245

ALLOWANCES AND REVERSALS OF AMORTISATION, DEPRECIATION AND PROVISIONS

(€ thousands)

30/06/24

30/06/23

30/06/22

30/06/24 (Full IFRS)

30/06/23 (Full IFRS)

30/06/2022 (Full IFRS)

 GL events Live

(23,172)

(24,244)

(17,975)

(33,144)

(33,131)

(26,851)

 GL events Exhibitions

(1,032)

162

(1,271)

(2,210)

(1,183)

(2,456)

 GL events Venues

(11,241)

(8,101)

(9,857)

(23,776)

(21,301)

(21,151)

Amortisation, depreciation and provisions

(35,444)

(32,182)

(29,103)

(59,129)

(55,614)

(50,458)

(€m)

30/06/2024

 IFRS 16 &   IAS 29

30/06/2024  (Full IFRS)

Revenue

820.6

-0.4

820.1

Purchases and external charges

-517.4

30.6

-486.8

EBITDA

116.2

30.7

146.9

Allowances for depreciation and reserves

-35.4

-23.7

-59.1

CURRENT OPERATING INCOME

80.7

7.0

87.7

Net interest expense

-14.6

-9.5

-24.1

NET FINANCIAL EXPENSE

-14.7

-9.5

-24.2

EARNINGS BEFORE TAX

61.3

-2.5

58.8

Taxes & equity-accounted investees

-16.0

0.6

-15.4

NET PROFIT

45.3

-2.0

43.3

Non-controlling interests

6.2

-0.4

5.8

NET PROFIT ATTRIBUTABLE TO GROUP SHAREHOLDERS

39.1

-1.6

37.6

GOODWILL

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

NOTE 4 BALANCE SHEET INFORMATION

4.1 INTANGIBLE ASSETS  

(€ thousands)

31/12/23

Increase

Decrease or impairment

Translation adjustments

Changes in Group structure & reclassifications

30/06/24

Goodwill Live

269,234

584

269,819

Goodwill Exhibitions

486,014

2,977

488,990

Goodwill Venues

71,551

(833)

793

71,511

Goodwill

826,799

0

0

2,728

793

830,320

Other intangible assets

101,187

2,226

(149)

(2,945)

(39)

100,281

Amortisation and impairment

(55,804)

(2,653)

149

952

440

(56,915)

Other intangible assets

45,384

(427)

0

(1,992)

401

43,366

Intangible assets

872,182

(427)

0

736

1,194

873,686

The €0.8 million change in the scope of goodwill recognized corresponds to the application of IAS 29 to Turkish goodwill. The increase in "Other intangible assets" relates mainly to software development.

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. 

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.  

At 30 June 2024, no indication of impairment had been identified.

IFRS 16 RIGHT-OF-USE ASSETS  

(€ thousands)

31/12/23

Increase

Changes in Group

Decrease or Translation structure &

impairment adjustments reclassifications

30/06/24

IFRS 16 right-of-use assets

670,967

58,167

(37,551)

(4,177)

687,405

Amortisation, depreciation and impairment

(192,491)

(23,688)

17,318

404

(198,456)

IFRS 16 right-of-use assets

478,476

34,479

(20,233)

(3,773)                                                        0

488,949

The decrease reflects in particular the termination of the Lingotto Fiere lease (Turin).

4.2 PROPERTY, PLANT AND EQUIPMENT

(€ thousands)

31/12/23

Increase

Decrease

Translation adjustments

Changes in Group structure & reclassifications

30/06/24

Land

13,851

13,851

Buildings

477,562

49,730

(248)

(20,487)

44

506,601

Total – gross

491,413

49,730

(248)

(20,487)

44

520,451

Amortisation, depreciation and impairment

(148,651)

(7,618)

87

4,507

(51)

(151,726)

Land and buildings

342,762

42,112

(161)

(15,979)

(8)

368,726

The €40.7 million increase in buildings reflects renovation and expansion work at the Anhembi site (Brazil), €5 million for work at Matmut Stadium (swimming pool), and €2.6 million for renovation work and the installation of photovoltaic shading systems at Eurexpo. Currency translation differences reflect mainly the decline of the Brazilian real (-€16.4 million) in relation to the euro.

(€ thousands)

31/12/23

Increase

Decrease

Translation adjustments

Changes in Group structure & reclassifications

30/06/24

Installations, machinery and equipment

51,642

1,369

(18)

(835)

(0)

52,158

Other tangible fixed assets

117,984

4,709

(986)

(808)

703

121,602

Fixed assets under construction

1,196

1,196

Rental equipment assets

428,056

24,861

(7,215)

3,031

(2,964)

445,768

Total – gross

598,877

30,938

(8,219)

1,387

(2,261)

620,723

Installations, machinery and equipment

(31,499)

(1,636)

16

193

11

(32,914)

Other tangible fixed assets

(76,374)

(3,725)

861

106

196

(78,936)

Rental equipment assets

(277,229)

(18,233)

7,161

(2,011)

2,163

(288,149)

Total depreciation and impairment

(385,103)

(23,594)

8,039

(1,712)

2,371

(399,999)

Property, plant and equipment

213,775

7,345

(180)

(325)

110

220,724

Other changes correspond to the termination of leasing contracts that have been amortised in full.

4.3 FINANCIAL ASSETS

(€ thousands)

31/12/23

Increase

Decrease

Changes in Group

Translation structure &

adjustments reclassifications

30/06/24

Available-for-sale securities

54,796

384

(7,315)

               241                                              710

48,817

Loans and receivables

23,041

956

               (37)                                              442

24,402

Impairment

(9,681)

(308)

3,941

(2,602)

(8,650)

Financial assets

68,157

1,032

(3,373)

               205                                        (1,450)

64,570

Decreases and changes in the scope of consolidation mainly relate to the disposal of minority interests. 

4.4  EQUITY-ACCOUNTED INVESTMENTS

(€ thousands)

30/06/24

31/12/23

Value of securities at opening

2,312

1,894

Changes in scope of consolidation / Capital increase

(59)

Translation differences

26

44

Share of income in associates

217

374

Investments in associates

2,496

2,312

4.5 TRADE RECEIVABLES

(€ thousands)

30/06/24

31/12/23

Accounts receivable

Impairment charges

271,038

247,178

(30,501)

(30,760)

Trade receivables

240,278

216,677

4.6 OTHER RECEIVABLES

(€ thousands)

30/06/24

31/12/23

Advances and instalments

47,179

30,114

Social security receivables

3,928

3,833

Tax receivables

123,292

95,337

Other trade receivables and equivalent

18,259

16,725

Prepaid expenses

93,088

63,042

Provision for current accounts

(409)

(1,205)

Provision for other receivables

(564)

(564)

Other receivables

284,773

207,283

4.7 SHAREHOLDERS’ EQUITY  
4.7.1 Capital stock 

The share capital at 30 June 2024 of GL events was €119,931,148 divided by 29,982,787 issued and fully paid-up shares of €4 per share.

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 2024 first half, changes in “Reserves and additional paid in capital” broke down as follows:

(€ thousands)

30/06/24

31/12/23

Opening reserves and additional paid in capital

456,596

421,839

Net profit / (loss) appropriation

59,949

52,702

Dividends

(20,988)

(10,494)

Impact of fair value measurement of financial instruments

586

(2,211)

Portion of assets contributed by non-controlling interests

(748)

(6,772)

IAS 19 amendment

59

443

Cancellation of treasury shares

5

(2,392)

Stock option expenses

1,750

1,586

Other changes

1,391

1,894

Closing reserves and additional paid in capital

498,599

456,596

4.7.3 Translation adjustments

Translation adjustments represent the difference between the historic and average exchange rates and the closing rate. At 30 June 2024, currency translation adjustments represented a negative currency difference of 217,225 thousand euros.

4.7.4 Treasury shares

Within the framework of the share repurchase programme, renewed by the General Meeting of 25 April 2024, transactions occurring in the 2024 first half were as follows:

(number of shares)

31/12/23

Acquisitions

Disposals

30/06/24

- Treasury shares

721,091

(126,560)

594,531

- Liquidity agreement

9,279

174,601

(153,371)

30,509

Total

730,370

174,601

(279,931)

625,040

At 30 June 2024, 625,040 shares were held in treasury and within the framework of the liquidity agreement.

In the first half of 2024, in accordance with the provisions of article 4 of AMF decision 2021-01, GL events increased the resources allocated to the liquidity contract through an additional contribution of €250,000.

4.7.5 Analysis of capital and voting rights

At 30 June 2024, the total number of voting rights was 48,002,726.

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 restricted stock unit plans is provided in the chapter “Shareholder information” on pages 251 of the 2023 universal registration document.

At 30 June 2024, ownership of the share capital was as follows:

Number of shares

Percentage of capital

Percentage of net voting rights

Polygone SA

17,022,031

56.77%

69.72%

Trévise Participations

2,398,623

8.00%

5.00%

Sofina

2,369,434

7.90%

8.06%

Free float

8,192,699

27.32%

17.22%

Total share capital

29,982,787

100.00%

100.00%

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 3.53% compared with 3.46% at the end of the last 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)

30/06/24

31/12/23

Relevant heading

Opening balance

Service costs – benefit payments

12,989 129

12,256 1,409

Operating profit

Expense recognised under income

129

1,409

Actuarial gains or losses of the period from changes in assumptions

Changes in consolidation scope and translation di

(83) (5)

(902) 226

Provisions for retirement severance benefi

13,031

12,989

4.9 CURRENT PROVISIONS FOR CONTINGENCIES AND EXPENSES

(€ thousands)

31/12/23

Increase

              Decrease                                                                  Changes in

Translation

Group structure

Provisions Reversal adjustment               &                     30/06/24 used in the of unused                         s                      reclassifications period       provisions

Provisions for employee-related contingencies

Other provisions

2,524

16,841

340

862

(398)

(1,305)

(28)

(178)

96

308

2,535

16,528

Current provisions

19,365

1,202

(1,703)

0                    (206)

405

19,063

4.10 FINANCIAL LIABILITIES

(€ thousands)

31/12/23

Increase

Decrease

Translation adjustments

Changes in Group structure & reclassifications

30/06/24

Non-current borrowings

1,027,955

213,991

(156,463)

(587)

(833)

1,084,063

Financial instruments

(4,095)

(586)

(4,681)

Other financial liabilities

9,709

2,832

(464)

13

(220)

11,869

Long-term financial debt (1)

1,033,569

216,237

(156,927)

(574)

(1,053)

1,091,252

Cash liabilities

7,029

3,049

(344)

9,734

Total financial liabilities

1,040,598

219,286

(156,927)

(918)

(1,053)

1,100,987

Marketable securities

(300,071)

159,115

4,902

(136,053)

Bank and cash

(240,028)

(155,658)

(1,020)

(8,014)

(404,721)

Cash and cash equivalents

(540,099)

(155,658)

159,115

3,882

(8,014)

(540,774)

Pre-IFRS 16 net debt

500,499

63,628

2,188

2,965

(9,068)

560,213

(1) Of which at 30 June 2024                                                                                      Non-current portion of medium and long-term debt                                                            858,138 

                                                                                                                                          Current portion of long and medium term debt                                                                       233,115

(€ thousands)

31/12/23

Increase

Decrease

Translation adjustments

Changes in Group structure & reclassifications

30/06/24

IFRS 16 lease liabilities

505,195

58,167

(41,788)

(4,137)

517,437

4.11 OTHER LIABILITIES

Other liabilities consist mainly of deferred income for post-June 30 events and dividends payable.

NOTE 5 INCOME STATEMENT INFORMATION

5.1 RAW MATERIALS, CONSUMABLES AND EXTERNAL CHARGES

Raw materials, consumables and external charges break down as follows:

(€ thousands)

2024

2023

Purchases consumed

(42,102)

(38,418)

Subcontracting and external personnel

(278,390)

(193,979)

Equipment and property rentals

(43,364)

(32,119)

Travel and entertainment expenses

Other purchases and external expenses

(26,654)

(25,273)

(95,304)

(96,297)

Purchases and other external charges

(486,808)

(385,094)

REVENUE

Purchases & other expenses vs. Sales (%)

820,142

686,606 -56.1%

-59.4%

5.2  OTHER CURRENT OPERATING INCOME AND EXPENSES

Other current operating income and expenses break down as follows:

(€ thousands)

2024

2023

Operating grants

5,378

3,082

Other income and expenses

Other current operating income and expenses

232

(1,879) 1,203

5,610

5.3 OTHER OPERATING INCOME AND EXPENSES

Other income and expenses consist mainly of reorganisation costs and costs incurred for growth projects.

5.4 NET FINANCIAL INCOME (EXPENSE)

(€ thousands)

2024

2023

Income from financial investments

8,892

8,493

Interest expense

(33,006)

(25,190)

Net interest expense

(24,115)

(16,697)

Currency gains and losses

(138)

(1,242)

Other financial income and expenses

218

(242)

Provision on financial assets

(214)

(1)

Other financial income and expenses

(133)

(1,485)

Net financial income (expense)

(24,248)

(18,182)

5.5 INCOME TAX EXPENSE  

In accordance with IAS 34, the estimated effective tax rate for fiscal 2024 is 26.6%.

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

155,000

- 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

Nature of the guarantee

-   Bank borrowings

-   Bank guarantees

12,392

13,566

Mortgage agreement in principle/mortgage

Pledge of financial instruments

6.4 OTHER CAPITAL COMMITMENTS

Capital commitments (CapEx) are broken down below by the budgeted period of expenditure:

(€ thousands)

< 1 year

1 to 5 years

> 5 years

Total

Capital commitments

13,163

47,851

35,836

96,850

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 serves as a director for both companies, and property rental costs invoiced by Polygone to the Group, with Olivier GINON serving as Chairman, Anne-Sophie 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 2024 first half:

Description

Income (expenses)

General management services(1)

(3,283)

Allowances and expenditures for missions, travel expenses and insurance

(344)

Property lease payments and land taxes(2)

(5,882)

Balance at

30/06/2024

Rent deposit guarantees(3)

11,534

Trade receivables

135

Trade payables

(21,388)

Current account

(1,125)

(1)   The costs of general management services consist notably of compensation charged for Mr. Olivier GINON, 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 each year by tacit renewal and approved by the General Meeting under regulated agreements.

(2)   Rental payments concern 12 operating sites. 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.


INTERIM MANAGEMENT REPORT

1 MATERIAL EVENTS AND OPERATING HIGHLIGHTS OF THE 2024 FIRST HALF

                           2024 Paris Olympic and Paralympic Games

The Paris 2024 offered a unique showcase for the GL event group’s know-how in organising international sports events. From Paris to Tahiti, and at every Olympic venue in between, our teams worked very hard to ensure the success of this major event.

As an overlay provider for this year's Games, the Group contributed to the installation of temporary structures and grandstands at all the Olympic competition venues, in addition to equipping the sites made available by Viparis. Through these projects, GL events demonstrated its commitment to sustainable development, with 100% of materials used for temporary structures reused or recycled.

In addition, the Group teamed up with Loxam becoming the prime contractor for the design, maintenance and operation of all electrical installations of the event, ensuring a clean and reliable power supply for the Broadcast Center and more than 55 venues.

Backed by its considerable expertise in managing equestrian events, GL events Equestrian Sport was selected to install the reception and competition areas at the Château de Versailles. This iconic venue hosted 19 Olympic events, for which 22 and 24 meter-high grandstands with a capacity of 16,300 seats have been built. 

At June 30, 2024, €158 million in revenue had been recognized by the Group for services provided for the Paris 2024 Olympic and Paralympic Games.

                              GL events, developing responsible event solutions 

The Group implemented a major recycling and upcycling policy for these Olympic and Paralympic Games, using recycled seats, wood flooring that will be reused to build second-hand furniture and materials with a longer lifespan.

In addition, a number of initiatives were implemented specifically for the Paris Olympics. These included more than 30,000 social integration hours recorded by the beginning of July, and the calculation of a carbon footprint for each contract using the Climate Coach tool for events. In the area of biodiversity, numerous measures were implemented in order to preserve 100% of the habitats, and no major incidents were reported.

                               Agreement between Sofina and Trévise Participations

On 31 January 2024, Sofina, Trévise Participations and Le Grand Rey entered into agreements organising the offmarket sale of GL events shares held by Sofina to Trévise Participations and the sale of its shares in Polygone, GL events' controlling holding company, to Le Grand Rey and Trévise Participations.

The concert party agreement between Sofina and Olivier Ginon was terminated, and Olivier Ginon and the companies he controls will no longer act in concert with Trévise Participations. This transaction is in line with Trévise Participations' goal of supporting GL events' development while providing Sofina with an opportunity to partially divest its position, after which Sofina will retain a 7.9% stake in GL events.

                     Changes in governance

On the proposal of its Chairman, the Board of Directors appointed Nicolas de Tavernost as its Vice-Chairman and approved the creation of a Strategy Committee. This committee will be chaired by Nicolas de Tavernost and have 5 members: Anne Sophie Ginon (Vice-Chair), Daniel Havis, Lionel Yvant, Grégory Guissard and Félix Crepet. This Strategy Committee will analyse and make propositions to the Board regarding the Group's future direction and strategic priorities. For this mission, it will be able to draw upon the company's internal expertise.

In addition, the Combined General Meeting of GL events approved the appointment as directors of Caroline Ginon and Grégory Guissard (Trévise Participations) and the ratification of Lionel Yvant (Trévise Participations). At the close of the meeting, the Board of Directors reappointed Olivier Ginon as Chairman and Olivier Ferraton as Deputy Managing Director.

ANALYSIS OF KEY INCOME STATEMENT AGGREGATES AND PERFORMANCE MEASURES

The Group's performance indicators are as follows: 

(€ thousands)

30/06/24

30/06/23

30/06/24 (Full IFRS)

30/06/23 (Full IFRS)

Change N/N- Change N/N-

          1                      1

Revenue

820,559

690,225

820,142

686,606

18.9%

19.4%

EBITDA (*)

Current operating income

116,152 80,708

99,638

67,456

146,859

128,503 72,889

16.6%

19.6%

14.3%

20.4%

87,729

Organic growth (**)

20.3%

29.6%

20.3%

29.6%

Operating margin

EBITDA margin

Net financial income (expense)

9.8%

14.2%

-14,700

9.8%

14.4%

10.7%

10.6% 18.7%

-18,182

0.1

-0.3

-45.0%

0.1

-0.8

-33.4%

17.9%

-10,140

-24,248

Profit /(loss) before tax

61,292

54,115

58,766

51,506

13.3%

-14.1%

Net profit

45,304

40,853

43,340

38,906

10.9%

-11.4%

Net profit attributable to shareholders (Grou

39,131

31,596

37,552

29,987

23.8%

-25.2%

Net margin

4.8%

4.6%

4.6%

4.4%

0.2

0.2

(*) EBITDA: (Earnings before interest, tax depreciation and amortisation): current operating income (EBIT) + amortisations a

(**) Organic growth: growth in revenue excluding changes in the scope of consolidation                                                                                

For the six month period ended 30 June 2024, GL events’ revenue grew 19% (+21% like-for-like) to €820.6 million, driven in particular by strong growth by the Live and Venues divisions. Excluding mega events, Group growth was 2% compared with H1 2023. All regions where the Group operates displayed good momentum in H1 2024, with particularly sustained contributions from France, the Americas and Europe.

The profitability of GL events' activities improved significantly in H1 2024 with a sharp increase in EBITDA and Current Operating Income. As a result, despite the effects of a less favourable business mix, the Group's EBITDA margin in H1 2024 remained steady at 14.2%. Key contributors to this performance were:

•       a high level of activity in France linked to the Olympic and Paralympic Games;

•       more robust growth by the Live and Venues businesses;    investments which have improved the quality of assets;                  a more favourable biennial effect in an odd-numbered year.

After taking into account other operating income and expenses representing a charge of €5 million, net financial expenses of €15.0 million (-€24 million under full IFRS) and a tax charge of €16 million, net profit attributable to the Group amounted to €39 million (€38 million under full IFRS), up 23.8% from H1 2023 (€32 million, €30 million under full IFRS) thus resulting in a net margin of 4.8%. 

INCOME STATEMENT HIGHLIGHTS BY BUSINESS

The breakdown of revenue was as follows: 

(€ thousands)

30/06/24 (Full IFRS)

30/06/23 (Full IFRS)

30/06/24

30/06/23

30/06/22

GL events Live

496,055

363,950

496,462

367,453

301,746

% of revenue

60.5%

53.0%

60.5%

53.2%

57.5%

GL events Exhibitions

113,354

143,619

113,354

143,619

72,759

% of revenue

13.8%

20.9%

13.8%

20.8%

13.9%

GL events Venues

210,732

179,037

210,742

179,152

150,243

% of revenue

25.7%

26.1%

25.7%

26.0%

28.6%

Revenue

820,142

686,606

820,559

690,225

524,748

The breakdown of current operating income by major business line was as follows:

(€ thousands)

30/06/2024

30/06/2023

30/06/2022

GL events Live

34,494 

22,122 

9,703 

33,232 

11,179 7,949

GL events Exhibitions

GL events Venues

24,092 

24,521 

15,684

Current operating income

80,708 

67,456 

34,812

(€ thousands)

30/06/24 (Full IFRS)

30/06/23 (Full IFRS)

30/06/2022 (Full IFRS)

GL events Live

35,941

10,499

11,855

GL events Exhibitions

22,324

33,385

8,066

GL events Venues

29,464

29,005

19,892

Current operating income

87,729

72,889

39,814

GL EVENTS LIVE delivered a strong performance in H1 2024, with growth in revenue of 35% to €496 million (+38% like-for-like), driven both by mega events and also other business lines in a wide range of sectors. In addition, as of 30 June 2024, the Group had recognised €158 million in revenue for services provided for the Paris 2024 Olympic and Paralympic Games (versus €51 million recognised at the end of December 2023). Among other global events, GL events once again stood out in the field of sports, but also in the organisation of major international historical and cultural events and in the quality of its corporate events.

This division, which displayed the most resilience during the COVID-19 crisis, recorded growth in EBITDA of 70% compared with 2023 to €58m. GL events Live's EBITDA margin also rose by 2.4 basis points to 11.6%. At the same time, current operating income rose significantly, to €34 million resulting in a current operating margin of 6.9%. The division's operating profitability improved sharply in H1 2024, benefiting in particular from the positive impact of the volume of mega events compared with H1 2023 which was adversely affected by low-margin projects, a high claims ratio and investments devoted to assembling teams for the 2024 projects. In H2 2024, GL events Live expects its margin to remain stable based on a sustained level of mega events and tight control over fixed costs.

GL EVENTS EXHIBITIONS reported H1 2024 revenue of €113.4 million, down in relation H1 2023 which benefited from a high comparison base and a favourable biennial effect (Sirha, Expomin). Sales in China held steady in H1 2024, even though adversely affected by the performance of exhibitions in the fashion and textile industries. Excluding these effects, GL events Exhibitions has observed both an upturn in exhibitions in China and a level of activity in line with that of major exhibitions such as Global Industrie, CFIA, Hyvolution, Sirha Europain, Sepem, the Lyon International Fair and Aquasur. The Group's exhibitions are recovering more slowly due to the difficulties in certain sectors (fashion in Europe, construction in China). However, the Group is continuing to allocate human and marketing resources to fully benefit from the rebound over the long term.

The division's profitability has decreased, with EBITDA of €23 million compared with €33 million in H1 2023, representing a decline in the EBITDA margin from 23.1% to 20.4%. In H1 2024, the current operating margin amounted to 19.5%, boosted in particular by improved profitability in China and despite unfavourable biennial effects in France and Chile.

GL EVENTS VENUES continued to perform well in H1 2024, with revenue up 18% (on both a reported basis and LFL) to €211m. The division's momentum remains on track with good business growth and investments in line with the development plan. 

GL events Venues reported 8% growth in EBITDA to €35 million and a current operating margin down 2.3 points compared to H1 2023, due to an unfavourable biennial effect in France (Eurexpo) almost entirely offset by Europe (Italy, Hungary, Belgium), stable profitability in Brazil, a decline in Japan and Chile, and the containment of fixed costs, with an increase limited to 4% in relation to 2023.

FINANCIAL POSITION HIGHLIGHTS

The Group is continuing to successfully refinance its debt, which now has a maturity of 3.35 years. GL events arranged a €230 million syndicated loan (of which €200 million was drawn down) with its banking partners in the first half of the year. In addition, the Group issued two Neu CP short-term debt instruments of €10 million and €15 million respectively during the 2024 first half. 

On 30 June 2024, in line with its ambitious capital expenditure plan and at a low level in the Net Source of Funds or negative WCR) (Exhibitions negative WCR consumption and the existence of an Olympic Games WCR for the Live division), GL events had a post-CAPEX cash outflow of € 31m. After taking into account acquisitions (€6m), debt servicing and dividend payments, GL events' net debt increased in the first half to €560 million (the same level as at 30 June 2023). At 30 June 2024, GL events had a cash position of €541 million (€696 million including undrawn credit lines). 

At 30 June 2024, the Group's financial leverage ratio stood at 2.6x and, 2.3x based on the calculation methods provided for in the financing agreements, compared with the contractual maximum of 3.5x.

Changes in debt break down in consequence as follows:  

image 

2 SUBSEQUENT EVENTS

At the date of this report, there were no subsequent events to report. 

3 OUTLOOK AND UNCERTAINTIES

Based on the particularly good performance in H1 2024, exceeding expectations, the Group confirms its guidance for H2 2024: 

•       Revenue growth of around 9%;

•       Stable net debt at the end of the year;

•       A CAPEX programme of around €115m.

In addition, the Group is expecting minimum growth in EBITDA and Net Profit Attributable to Group shareholders of at least 13% for the 2024 full year compared with 2023. 

The Group is also continuing to roll out its ESG policy in line with the plan of January 2024.

Finally, the Group's teams are also working to ensure the success of 2025 which for the different divisions will benefit from the following developments: 

•       Live: services for the International Paris Air Show (SIAE), the Osaka World Expo and contracts currently being finalised in the Middle East, 

•       Exhibitions: a favourable biennial effect (Sirha, Expomin, the Biennial Rio de Janeiro International Book Fair, etc.) and the continuing recovery of exhibitions in China,

•       Venues: the full-year impact of the Anhembi events space (Sao Paulo) and the addition of new destinations

for the division.  


  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, 5 September 2024

Olivier GINON 

Chairman

 

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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. This report should thus be read in conjunction with, and is construed in accordance with, French law and professional standards applicable in France.

To the Shareholders:

In accordance with the terms of our appointment at your general meeting and the provisions of Article L. 451-1-2 III of the French Monetary and Financial Code (code monétaire et financier), we hereby submit our report regarding:

•             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 2024;

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

These interim condensed consolidated financial statements were prepared under the responsibility of your Board of Directors. Our responsibility is to express a conclusion on these financial statements based on our limited review.

I – Review of the financial statements 

We conducted our limited review in accordance with the professional standards applicable in France. 

A limited review of interim financial information consists of making inquiries, primarily of 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, the IFRS standard governing interim financial reporting as adopted by the European Union.

II – Specific procedures and disclosures 

We have also verified the information in the interim management report commenting on the interim condensed consolidated financial statements 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.

Lyon and Oullins, 5 September 2024

The Statutory Auditors French original signed by:

MAZA SIMOENS - FIFTY BEES                                                       MAZARS

                                        Benjamin Schlicklin                         Emmanuel Charnavel                                        Arnaud Flèche

                                      Partner                                                            Partner                                                       Partner                  

 2024 interim financial report

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