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ITE Group PLC

ITE Group PLC. Interim Results 6 months ended 31 st March 2005. ITE Group plc – Interim Results March 2005. ITE In Brief. Founded in 1991 Over 600 staff 14 Corporate offices Over 140 B2B trade exhibitions and events p.a. Events in 15 countries

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ITE Group PLC

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  1. ITE Group PLC Interim Results 6 months ended 31st March 2005

  2. ITE Group plc – Interim Results March 2005 ITE In Brief • Founded in 1991 • Over 600 staff • 14 Corporate offices • Over 140 B2B trade exhibitions and events p.a. • Events in 15 countries • Emerging and developing markets focus 1

  3. ITE Group plc –Interim highlights • Turnover: £22.7 million (2004: £20.2 million) up 12% • Headline profit before tax of £3.8 million (2004: £2.1million) • Cash reserves: £38.0 million (2004: £29.4 million) up 30% • Increased interim dividend of 0.9p per share (2004:0.55p) • Up to £30m Share buy-back later this year • Strong trading performance in ten leading H1events • - 14% growth in space sales and 17% growth in revenue • Successful expansion of Mosbuild into new facility • Strong forward sales for the second half of the year 2

  4. ITE Group plc –2005 Interim Financial Highlights 6 months Ended 6 months Ended 31 March 2005 31 March 2004 Unaudited Unaudited Turnover up 12% £22.7m £20.2m Gross Margin 38% 36% Gross Profit up 22% £8.6m £7.2m Operating expenses (£6.0m) (£5.6m) Contribution from associates £0.3m £0.1m Net interest receipts £0.9m £0.4m Headline profit before tax £3.8m £2.1m Diluted Headline EPS 1.0p 0.6p Dividend per share 0.9p 0.55p * All figures above stated before amortisation 3

  5. ITE Group plc –Cash Flow 6 months to 6 months to 31 March 2005 31 March 2004 Unaudited Unaudited £m £m Net Cash Flow from Operations 14.2 9.2 Net Interest & Dividends Received 1.3 0.3 Taxation (4.5) (2.0) Capital Expenditure & Financial Investment 0.3 (0.1) Acquisitions / Disposals (2.3) 1.8 Dividends Paid (4.6) (3.0) _____ _____ 4.4 6.2 Issue of Shares 0.1 1.0 _____ _____ Increase in Cash 4.5 7.2 _____ _____ 4

  6. ITE Group plc – Consolidated Balance Sheet • 31 March 2005 31 March 2004 • Unaudited £’m Unaudited £’m • FIXED ASSETS • Goodwill 30.5 27.0 • Tangible Assets 1.8 2.0 • Associates & Investments 1.2 1.1 • _____ _____ 33.5 30.1 • CURRENT ASSETS • Debtors due within 1 year 22.6 16.9 • due after 1 year 2.7 3.0 • Cash 38.0 29.4 • _____ _____ 63.3 49.3 • CREDITORS • Deferred Revenue & Creditors 49.3 38.7 • Deferred Consideration & Provisions 1.5 0.9 • Proposed Dividend 2.6 1.5 • _____ _____ 53.4 41.1 • _____ _____ • NET ASSETS 43.4 38.3 • _____ _____ 5

  7. ITE Group plc – Sales Analysis 6

  8. ITE Group plc - Currency Exposure • ITE revalues monetary assets monthly • Exchange RatesUnhedged at Forward • 30 Sept ‘04 31 Mar ‘0531 Mar ‘05Cover • Euro 1.46 1.46 € - €16m @ 1.45 • US Dollar 1.80 1.88 $2.7m $ - • Other £2.1m* £ - • * Sterling equivalent • 2005 Proforma sales analysis • ProformaAv. Sales Av. Sales2005 sales% of RevenueRate HI 2005 Rate 2004 • Euro based £42.5m 59% 1.47 1.44 • US Dollar based £24m 33% 1.85 1.69 • Other £6m 8% 7

  9. ITE Group plc - IFRS accounting Timetable for IFRS accounting • ITE will adopt IFRS Accounting for 2005 – 06 • IFRS Reconciliation for Financial Year 2005 Report • Main changes for ITE will be • IFRS2 Share based payments to be costed by fair value at date of grant • IFRS 3 Acquisitions use fair value allocated over identifiable assets • IFRS 3 Goodwill not amortised but tested for impairment • IAS 14 More detailed presentation on segmental reporting • IAS 39 Derivatives – hedge accounting 8

  10. ITE Group plc –Top Ten H1 Events 9

  11. ITE Group plc - Top 5 ranked by gross profit MITT Moda UK KIOGE Ingredients Russia TransRussia 10

  12. ITE Group plc –Share buyback 38.0 40 33.5 35 Cash Balances (£M) 30 25 22.1 20 17.7 16.3 15 10 5 Interim 2005 2001 2002 2003 2004 • Group’s debt capacity circa £50m • Acquisition programme can be accommodated • Post tax yield on cash 3.5% • Earnings accretive – circa 0.3p per share 11

  13. ITE Group plc –Trading Update • Sales at 13th May 2005 • £64.1m of sales booked for full year. • (£53. 3m sales booked at the same time last year). • 88% of market expectations for 2004/05 sales now booked • (92% same time last year) • Like for like forward bookings for the remainder of 2005 and for FY 2006 both show improvement of 10%+ on last year’s equivalent figures 12

  14. ITE Group plc – Russia Moscow, St Petersburg • Trading Update & Developments • Moscow International Travel – space up 13% / revenue up 6% • TransRussia rebound from 3,100m² to 4,600m² • Competitive launch against Moscow Sports • Successful expansion of Mosbuild into Crocus in April • Crocus expands space to 90,000m² gross for 2006 • Location issue – Autosalon 2006 13

  15. ITE Group plc - Central Asia Kazakhstan, Azerbaijan, Uzbekistan • Trading Update & Developments • Kazakhstan Oil & Gas event • - Exhibition expands into new pavilion • - Revenue up by 10% overall • 9 successful new launches in Caspian Region • Baku Oil & Gas acquisition well placed • Strong growth prospects in Uzbekistan 14

  16. ITE Group plc - Ukraine, Turkey • Trading Update & Developments • Acquired Informatica Technology & Public Health events grow 20% (m²) • Kievbuild growth 20% (m²) • Political instability affects Worldfood Ukraine • ITF: • Successful Auto Shows • • Re – focussing of textile clothing show • • New initiative for furnishing event 15

  17. ITE Group plc - UK • Trading Update & Developments • Successful Spring Moda UK Event up 16% in sales (m²) • Fashion Extras title acquired – exhibition potential • RAS Publications integration – revenue targets achieved 16

  18. ITE Group plc - Strategy • More of the same…primary focus on organic growth in core markets • Excellent growth prospects in existing markets • Vigilence in existing key markets – no complacency • Close co-operation with venues in all markets • More m2 on existing events • Active new launch program • New themes, established markets • Established themes, new markets • Opportunistic bolt-on acquisitions - Sector or market fit 17

  19. ITE Group plc – Interim Results 31 March 2005 Appendices I Shareholder structure II Gross profit by location III Gross profit by industry IV ITE’s Local infrastructure strength V Venue prepayments and loans VI International venue space VII Cash profile of Business VIII Cost of exhibiting 18

  20. ITE Group plc – Shareholder Structure May 2005 Appendix I • % No of Shares (millions) • Aberforth 12.4 35.7 • Schroders 12.2 35.3 • Veronis Suhler Stevenson 10.7 30.9 • Fidelity 7.5 21.7 • Ceyda Erem 6.8 19.5 • Edward Strachan 5.0 14.4 • Merrill Lynch 4.4 12.5 • ESOT 3.9 11.1 • Scottish Widows 3.8 11.0 • Barclays Global Investors 3.3 9.6 • UBS Global 3.2 9.3 • Legal & General 2.7 7.8 • Threadneedle 2.1 6.0 • JP Morgan Fleming 2.0 5.9 • Old Mutual 2.0 5.7 • Other Management 0.1 0.2 • Other Institutions and individuals 17.9 52.2 • _____ _____ • Total shares in issue 100% 288.8 • _____ _____ • Options in the money at 93.5 pence 17.3 • Options on issue not in the money • NB: Management including ESOT 15.8% • Management including options in the money 20.4% 19

  21. ITE Group plc –Geographic Spread Appendix II 2005 Pro-forma Gross Profit by Geographic Location of Event 20

  22. ITE Group plc – By Industry Appendix III 2005 Pro-forma Gross Profit by Industry Sector 21

  23. ITE Group plc - ITE’s Local Office Infrastructure Strength Appendix IV 22

  24. ITE Group plc - Venue Prepayments & Loans Appendix V Loans and Agreement Commitments Dates £m Venue Related Moscow to 2010 - St Petersburg to 2012 1.8 Almaty to 2010 0.9 Uzbekistan to 2011 0.1 Kyiv to 2011 1.4 Istanbul to 2025 - Other 0.1 _____ 4.3 _____ Other Loans Prague 0.7 _____ 5.0 _____ 23

  25. ITE Group plc –International venue space Appendix VI 24

  26. ITE Group plc – Cash Profile of Business Appendix VII For a typical trade exhibition • Revenue • 20% 12 months out • 40% 6-7 months out • 40% 2-3 months out • Costs • 10% Staff throughout • 10% Promotion throughout • 25% Venue 2 months out • 10% Stand construction 0 months out • 45% Gross Profit 25

  27. ITE Group plc –Cost of exhibiting Appendix VIII 26

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