Annual report 2001 - GL events

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3 3-7-2 Venue management The distinction between the categories of Organizers / Space renters and Service providers varies depending on the country. Furthermore, Générale Location identifies clearly the fact that by presenting to clients who are organizers or to exhibitors an offer which combines both the renting of space and the provision of services is creative of value. Depending on opportunities, Générale Location will study all the projects in France or at the international which could be of interest for its development and that of its clients. These projects concern mostly the venue management rather than the real estate ownership of these sites. 3-7-3 Internal growth – external growth Despite an economic situation which is less favorable, Générale Location is increasing its market shares. It relies in France and at the international, on many profit centers, which are self-reliant and responsible and which moreover contribute to the global development of the group. They are in fact linked to the development units both in Lyon and in Paris. The major support tools to the sales forces are : - the catalogue available on paper and also on the web at the following address : www.generale-location.com, - the presence on a regular basis of Générale Location on major projects and more specifically on works of fittings and museum fittings, a source of prestige and used as reference, - a trade mark and well-established know-how The model of development selected by the group integrates operations of external growth which accelerate its development along its strategic axes and also allow it to have at its disposal an offer of services in compliance with the vision Générale Location uses to see its markets of tomorrow. Générale Location’s presence on major projects such as Olympic Games and World Cups of Football widens and facilitates opportunities for external growth. The factors examined at the time of such operations are the following : - integration within the global offer - synergies - adhesion to the management of the corporate project - compliance with the strategic axes - financial profitability and return on employed funds The integration of the acquired companies is then made easier by the group’s model of organization already exposed (self-reliance and responsibilities on their markets, development by adhering to the concept of the global offer). 3-7-4 A flourishing market The troubled international context of 2001 does not have an impact on the conclusions presented in the study realized in 1999, especially for the medium-term growth expected in the events market. 3-7-5 Data in figures and results for the first quarter of 2002 The Group announced for the year a progression of its net sales above 20 % including signatures of important contracts and operations of external growths carried out until the end of January. In the press release of 25 April 2002, Générale Location communicated the following elements : Net sales in strong growth for the first quarter : + 24% For the 1st quarter 2002, Générale Location realized sales of 75.9 m€, a 24.2 % increase (7.6 % with constant scope and exchange rate). Générale Location exceeded its announcement of a significant organic growth, expected to be reached only at the end of the 1st semester 2002. Well-oriented activities All sectors have shown an increase in their activity since the beginning of the year 2002, both in France and outside of France. The effort to create a synergy between the different sectors of Shows / Exhibitions, Fittings / Museum Fittings, Events, and Venue Management will contribute toward a strong and well-balanced growth in 2002.
44 45 4 Financial situation and results 4-1 Management report and corporate documents 4-1-1 Annual report of the Board of Directors at the Annual General Meeting of 20 June 2002 Ladies and Gentlemen, You were asked to this Annual General Meeting in accordance with the legal prescriptions, to be informed about the Company’s activity and the results of our management during the financial year ended 31 December 2001. This Annual General Meeting is a Mixed Annual General Meeting. It was called in order to give a ruling on the points which are normally of the competence of the Annual General Meeting : – Approval of the consolidated and corporate financial statements, – Approval of results allotment, – Approval of the conventions mentioned in article 225-38 of the New Mercantile Code, – Renewal of the term of office of a board member – Nomination of two new board members – Renewal of the term of office of the statutory auditors and alternate statutory auditors This Meeting was also called to give a ruling on the adoption of various statutory modifications made mandatory by the law 2001-420 of 15 May 2001 in relation particularly to the dissociation of the presidency of the board of directors and the general direction of the company. These statutory changes are normally of the competence of the Special Annual General Meeting. We present to you the consolidated accounts first and then the corporate accounts which we ask you to approve. We remind you that Générale Location adopted the new methodology of consolidated accounts defined by the regulation 99-02 of the Committee of the Accounting Regulation. The presentation of the financial statements were made compliant with the new regulation and shows no modifications compared to last year presentation. 4-1-1-1 Activity of the Group – Presentation of the consolidated accounts After an exceptional year 2000 in term of sales and results strongly reinforced by the operation Paris expo, the year 2001 is characterized by the following points : ● A strong growth for the first quarter ● A deterioration of the economic environment starting from the second quarter ● Major geopolitical events with negative impact on events programs, and more specifically corporate events. In such context and considering the on-going effect of 2000, the group’s level of activity which maintained itself with in other respects the contribution generated by the companies acquired in 2000, is in accordance with what was announced. a - Activities and net sales Global evolution During the year 2001, Générale Location registered a 10 % increase in its consolidated net sales (- 11 % with constant scope and exchange rate). This progression must take into account a year 2000 marked by two exceptional events (Sydney Olympic Games and the European Summits of Biarritz and Marseille) which made it possible for that particular year to post a record progression of + 46 %, with + 35 % of it from internal growth. If we exclude the Sydney Olympic Games, the increase comes to + 19 %. 235 214 147 130 113 1997 1998 1999 2000 2001
Page 2 and 3: Table of contents 1 Générale Loca
Page 4 and 5: Lyon Tennis Grand Prix “ a satisf
Page 6 and 7: Première Vision First class Vinexp
Page 8 and 9: “Royal Ascot” Salt Lake City
Page 10 and 11: Army Museum Silk museum City of Sci
Page 12 and 13: ® Pierre-Louis DOUERE Architect :
Page 14 and 15: Evolution of net sales : + 9.8 % Er
Page 16 and 17: “ satisfying clients is our sole
Page 18 and 19: “ satisfying clients for the bene
Page 20 and 21: Picture by : MCO-SPORTS “ a devel
Page 22 and 23: Board of Directors Chairman - Chief
Page 24 and 25: 1 1. Person responsible for the ref
Page 26 and 27: 2 General Information regarding Gé
Page 28 and 29: 2 General Information regarding Gé
Page 30 and 31: 2 Evolution of the capital of Gén
Page 32 and 33: 2 Thresholds crossing Due to the pr
Page 34 and 35: 2 2-5 Financial communication Press
Page 36 and 37: 3 1989 Alliance between the Group P
Page 38 and 39: 3 3-3-4 Venue management This marke
Page 40 and 41: 3 3-4-1-1 Role played by Générale
Page 42 and 43: 3 Other services The Group offers o
Page 44 and 45: 3 3-5-3 Risk linked to the activity
Page 48 and 49: 4 Evolution by market In 2001, the
Page 50 and 51: 4 b - Operating profit Expressed as
Page 52 and 53: 4 ● PACKAGE ORGANISATION PACKAGE
Page 54 and 55: 4 ● DECORAMA DECORAMA (M€) 2001
Page 56 and 57: 4 c - Future Prospects Générale L
Page 58 and 59: 4 4-1-2 Five year financial summary
Page 61 and 62: 58 59 4-2 Consolidated Financial St
Page 63 and 64: 60 61 4-2-2 Consolidated Balance Sh
Page 65 and 66: 62 63 4-2-4 Notes to the consolidat
Page 67 and 68: 64 65 2-2-2 Consolidation scope The
Page 69 and 70: 66 67 Tangible fixed assets Tangibl
Page 71 and 72: 68 69 Net sales For shows, fairs, a
Page 73 and 74: 70 71 Note 4 Other Intangible Asset
Page 75 and 76: 72 73 Note 8 Rental Equipment Gross
Page 77 and 78: 74 75 Breakdown of the corporate Ta
Page 79 and 80: 76 77 The Mixed Annual General Meet
Page 81 and 82: 78 79 Note 18 Loans and Debts The d
Page 83 and 84: 80 81 The breakdown of charges for
Page 85 and 86: 82 83 The analysis of the Exception
Page 87 and 88: 84 85 Note 28 Other Risks Foreign C
Page 89 and 90: 86 87 Scope of consolidation Compan
Page 91 and 92: 88 89 4-6 Draft of proposed resolut
Page 93 and 94: 90 91 will have to resign at the en
Page 95 and 96: 5 Organs of administration, directi
Page 97 and 98:
94 95 5-1-3 Board of Directors and
Page 99 and 100:
96 97 5-3 Personnel profit sharing
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