Annual Report 2023
Messe Düsseldorf GroupContents

05 Shareholders and Board of Management of Messe Düsseldorf GmbH
07 Supervisory Board of Messe Düsseldorf GmbH
08 Facts and Figures on the Performance of Messe Düsseldorf GmbH
09 Self-organized Events 2023 at the Düsseldorf location

Messe Düsseldorf GmbH
10 Balance Sheet of Messe Düsseldorf GmbH
13 Income Statement of Messe Düsseldorf GmbH
14 Movements in the Fixed Assets of Messe Düsseldorf GmbH
16 Notes to the Balance Sheet and Income Statement of Messe Düsseldorf GmbH

Messe Düsseldorf GmbH Group
26 Combined Group and Company Management Report of Messe Düsseldorf GmbH
37 Messe Düsseldorf GmbH Group38 Consolidated Balance Sheet of Messe Düsseldorf GmbH
41 Consolidated Income Statement of Messe Düsseldorf GmbH
42 Movements in the Consolidated Fixed Assets of Messe Düsseldorf GmbH
44 Notes to the Consolidated Balance Sheet and Income Statement
		 of Messe Dusseldorf GmbH
54 Statement of Changes in Equity in the Messe Düsseldorf GmbH Group56 Consolidated Cash Flow Statement of Messe Düsseldorf GmbH57 Shareholdings of Messe Düsseldorf GmbH58 Dialog

03

Shareholders and Board of Managementof Messe Düsseldorf GmbH

Shareholders
Industrieterrains Düsseldorf-Reisholz AG,
Düsseldorf
3.125 €’000

City of Düsseldorf

20 %8.829 €’000
56,50 %The Land of North Rhine-Westphalia via its holding company
Beteiligungsverwaltungsgesellschaft desLandes Nordrhein-Westfalen mbH, Düsseldorf

Capital stock

3.125 €’000

15.625 €’000

20 %The Düsseldorf Chamber of Industry and Commerce
273 €’000
1,75 %The Düsseldorf Chamber of Handicrafts
273 €’000
1,75 %The Management
Dipl.-Betriebswirt

Dipl.-Kaufmann

Dipl.-Volkswirt

Wolfram Nikolaus Diener

Bernhard Johannes Stempfle

Erhard Wienkamp

Düsseldorf

Düsseldorf

CEO, Chairman of the Managing Board
Düsseldorf

04

05

Supervisory Boardof Messe Düsseldorf GmbH

Supervisory Board of Messe Düsseldorf GmbH in 2023
In the business year under review, the Company’s Supervisory Board comprised:
Chairman
Dr. Stephan Keller, Mayor of Düsseldorf, capital of North-Rhine Westphalia
Vice-Chairpersons
Andreas Ehlert, President of the Düsseldorf Chamber of Handicrafts (until April 2023)
Andreas Hartnigk, Lawyer, Member of Düsseldorf City Council
Dirk Lindner, Deputy President of the Düsseldorf Chamber of Industry and Commerce (as from May 2023)
Gabriele Schafer, former Chair of the Employees’ Council, Messe Düsseldorf GmbH
Members
Uwe Balzer, Company Engineer, Messe Düsseldorf GmbH Employees’ Representative
Peter Blumenrath, Building Services Engineer, Member of Düsseldorf City Council
Michael de Buhr, Deputy Head of Department, Messe Düsseldorf GmbH Employees’ Representative
Andreas Ehlert, President of the Düsseldorf Chamber of Handicrafts (Deputy Chair until April 2023)
Jürgen Fischer, Consultant in the City of Düsseldorf’s Environmental Department, Member of Düsseldorf City Council
Ursula Holtmann-Schnieder, Lecturer in Family / Adult Education, Member of Düsseldorf City Council
Dipl.-Wirtschaftsjurist Karsten Houf (business law graduate), Senior Project Manager, Messe Düsseldorf GmbH Employees’ Representative
Dipl.-Ing. Ian Hume, Head of Department, Messe Düsseldorf GmbH Employees’ Representative
Janine Kipping, Secretary of the Employees’ Council, Messe Düsseldorf GmbH Employees’ Representative
Silke Krebs, Secretary of State in the Land of North Rhine-Westphalia’s Ministry for the Economy, Industry, Climate Protection and Energy
Dr. Gert Leis, Chief of Division in the Land of North Rhine-Westphalia’s Ministry of FinanceDirk Lindner, Deputy President of the Düsseldorf Chamber of Industry and Commerce (until April 2023)
Saliha Ouammar, Freelance Simultaneous Interpreter, Member of Düsseldorf City Council
Angelika Penack-Bielor, Lawyer, Member of Düsseldorf City Council
Mirko Rohloff, Managing Partner of a Marketing Agency and a Member of Düsseldorf City Council
Dipl.-Ing. Stefanie Rübsamen, Head of Department, Messe Düsseldorf GmbH Employees’ Representative
Dipl.-Sozialwissenschaftlerin Marina Spillner (with a diploma in social science),
Educational Consultant and a Member of Düsseldorf City Council
Dr. Johannes Velling, Chief of Division in the Land of North Rhine-Westphalia’s Ministry for the Economic Affairs, Innovation,
Digitization, and Energy

06

07

Facts and Figures on the Performance

Self-organized Events 2023

of Messe Düsseldorf GmbH in 2023

at the Düsseldorf location

		

2019

2020*

2021*

2022

2023

Total capacity**m2		305,727

305,727

305,727

305,727

305,727

Available hall spacem2

262,727

262,727

262,727

262,727

262,727

Available open-air spacem2

43,00043,00043,00043,00043,000Space utilization**m gross		1,701,618

700,489

613,192

1,556,079

1,916,524

Space rented out**

m2 net		1,014,145

362,707

256,307827,829

1,024,567

Trade fairs and exhibitions**

total

29

7

8

24

26

18

4

5

14

16

2

Self-organized events**			

11

3

3

10

10

€ million		

378.5

136.8

108.7

310.9

422.5

Consolidated sales (Germany) € million		

308.4

114.1

84.0

278.7

366.1

Consolidated sales (foreign)€ million		

70.1

22.7

24.7

32.2

56.4

Total consolidated annual sales € million		

56.6

-53.5

-22.4

60.5

94.6

Group workforce			

860

839

779

756

711

total 		29,222

5,422

5,906

21,594

26,877

Exhibitors (Germany-based)			

8,940

2,077

1,547

6,707

7,694

Partner/guest events**			
Total consolidated sales

Exhibitors**

20,282

3,345

4,359

14,887

19,183

total 		1,373,780

493,472

266,329

817,598

1,181,474

Visitors (Germany-based)			

869,458

352,056

200,909491,896

759,860

Visitors (foreign-based)			

504,322

141,416

65,420325,702423,214

240

127

190

174

238

Exhibitors (foreign-based)			
Visitors**

Exhibitors
Exhibitors
Exhibitors Net exhibition
Visitors
Visitors(German-based) (foreign-based)
Total
area
Total Of which foreign				m2		 visitors (in %)boot Düsseldorf
EuroShop
ProWein
BEAUTY DÜSSELDORF
TOP HAIR – DIE MESSE
interpackcomponents*
GIFA
METEC**
THERMPROCESS**NEWCAST**CARAVAN SALON DÜSSELDORF
REHACARE INTERNATIONAL
A+A
MEDICACOMPAMED***Sum total

529
515
697
315
108
533
37
259
134
103
36
478
252
450
641
210
5,297

938
1,309
5,067
175
51
2,196
44
605
432
173
446
293
454
1,746
4,728
526
19,183

1,467
1,824
5,764
490
159
2,729
81
864
566
276
482
771
706
2,196
5,369
736
24,48096,266
236,795
102,927
81,484
72,98649,304
16,694
46,171
6,253
26,000176,598
142,060
2,407		41,316
63,262
20,994
8,408
8,138
126,686
256,326
19,92827,17380,19462,26596,971
82,83013,048		
8889,814
1,073,670

21
66
57
12
9
74
68

12
26
52
77

Düsseldorf Congress GmbH
Event days		

Events		1,277

322

318

783

847

Participants		 373,490

118,058

110,160

182,292

303,994* Due to the COVID-19 pandemic, 21 trade fair events were unable to take place in Düsseldorf.
** Düsseldorf exhibition site – due to the differing numbers of events, the annual figures are only partly comparable.
For reasons relating to the calculation, the rounding differences amounting to +/– one unit (€, %, etc.) may occur in the tables.

08* Number of visitors included in the interpack visitor total.
** Number of visitors included in the GIFA visitor total.
*** Number of visitors included in the MEDICA visitor total.

09

Balance Sheetof Messe Düsseldorf GmbH as at December 31, 2023

Assets							

12/31/2023€

12/31/2022€

Equity and liabilities						

Fixed assets

EquityIntangible assets

Subscribed capital

Concessions acquired for valuable consideration, industrial property rights purchased,
and similar rights and assets, including licenses
Advance payments made				

111,397,741.65

111,397,741.65
120,000,000.00

673,400.00

3,562,509.51

Retained profits brought forward

157,862,629.45

116,265,628.86

10,808,610.29

9,170,665.01

Net profit for the year

87,325,620.94

71,597,000.00

492,210,992.04

434,885,370.51

392,381,862.78

404,575,094.48

Accruals for pensions and similar obligations

22,051,255.00

22,241,916.00

5,802,972.02

6,431,414.72

Tax accruals

12,424,879.59

8,101,200.00

20,470,331.55

19,200,960.17

Other accruals

39,711,777.47

36,876,405.00

418,655,166.35

430,207,469.37

					74,187,912.06

67,219,521.00

7,493,236.15

4,771,579.88

Liabilities to banks

55,000,000.00

80,000,000.00

Liabilities

Financial assets
Shares in affiliated enterprises

15,625,000.00

120,000,000.00

Accruals				

15,625,000.00

Other revenue reserves

					Advance payments made and assets under construction€

Capital reserves

Land, land rights, and buildings, including buildings
Other equipment, factory and office equipment€

12/31/2022

5,608,155.50

10,135,210.29

Tangible assets
on third-party land

12/31/2023

Loans to affiliated enterprises

9,954,751.13

4,595,588.24

Advance payments received in respect of orders

55,101,803.72

103,696,448.42

Participations

11,919,108.79

11,915,182.73

Trade payables

9,310,571.12

12,567,871.68

Payables to affiliated enterprises

10,452,427.77

9,051,647.58

Advance payments on financial assets

12,620,312.67

0.00

				

41,987,408.74

21,282,350.85

Payables to enterprises in which participations are held

590,143.25

0.00

				

471,451,185.38

460,660,485.23

Payables to shareholders

207,274.60

1,500.00

11,205,670.36

11.939.786,08

					

141,867,890.82

217,257,253.76

Sum total		

708,266,794.92

719,362,145.27

Current assets

Other liabilities

Inventories
Raw materials, auxiliary materials and supplies(of which taxes €740,801.86; previous year €717,288.77)
70,208.09

62,279.70

7,336,394.33

11,322,813.80

183,806.63

4,565,015.10

1,764,152.83

715,379.50

				Receivables and other assets
Trade receivables
Receivables from affiliated enterprises
Receivables from enterprises in which participations are held
Other assets

5,672,827.45

9,454,141.33

				14,957,181.24

26,057,349.73

Cash-in-hand, bank balances

218,199,564.38

227,843,887.67

				233,226,953.71

253,963,517.10

Expenses prepaid and receivables deferred
Sum total		

103,588,655.83

4,738,142.94

708,266,794.92

719,362,145.27

11

Income Statementof Messe Düsseldorf GmbH for the Period from January 1 to December 31, 2023

				
				
Sales		Own work capitalized
Other operating income

12/31/2023€

12/31/2022€

391,371,431.51

294,939,020.98

0.00

29,087.56

14,264,562.00

16,166,309.87

		 (of which due to currency translation €14,355.59; previous year €227,310.92)		
Event-related expensesa) Cost of raw materials, auxiliary materials and supplies, and of purchased merchandise

19,137,984.62

6,983,340.88b) Cost of purchased services

148,881,611.63

110,791,822.05

				

168,019,596.25

117,775,162.93a) Wages and salaries

47,437,442.08

46,116,155.25b) 	Social security charges and costs of retirement pensions and other welfare benefits

11,959,761.72

13,235,812.90

				

59,397,203.80

59,351,968.15

Depreciation on intangible and tangible fixed assets

21,684,841.78

21,777,851.93

Other operating income

44,111,855.19

34,809,980.60

583,268.13

5,328,847.97

315,249.93

120,294.37

Other interest and similar income

2,158,372.39

150,925.97

Write-downs on financial assets

192,588.69

0.00

Interest and similar expenses

1,996,645.85

2,953,039.25

Taxes on income and profits

25,964,531.46

8,469,483.86

Net profit for the year

87,325,620.94

71,597,000.00

Human resources expenses

		 (including €4,161,527.64 for retirement pensions; previous year €5,795,734.38)

		 (including other taxes €1,997,967.91; previous year €1,766,912.47)
		 (of which due to currency translation: €139,234.52; previous year: €117,671.23)
Income from participations
		 (including income from affiliated enterprises: €583,268.13; previous year: €5,328,847.97)
Income from long-term loans
		 (including income from affiliated enterprises: €315,249.93; previous year: €120,294.37)

		 (including €445,628.26 from affiliated enterprises; previous year: €61,928.63)
		 (including €437,219.00 due to discounting of accruals; previous year: €422,437.75)

12

13

Movements in the Fixed Assets
of Messe Düsseldorf GmbH in the 2023 Business Year

		 Cost of acquisition/manufacture				

Status at				

1/1/2023		

				

€

Additions

Reclassi-

Depreciation

Disposals

Status at

fications		

12/31/2023

€	 
€

€

€

Status at

Status at

Status at

Status at

1/1/2023				12/31/2023

12/31/2023

12/31/2022€

Additions€Write-ups

Book values
Disposals

€

€

€

€	 
€

Intangible assets 		
Concessions, industrial property rights
and similar rights and assets and licenses
in such rights and assets acquired forvaluable consideration

55,270,819.37

Advance payments made

3,562,509.51

3,331,504.13

61,966.07

62,211,733.08

49,662,663.87

2,475,824.99

0.00

61,966.07

52,076,522.79

10,135,210.29

5,608,155.50

818,962.50 –3,331,504.13

376,567.88

673,400.00

0.00

0.00

0.00

0.00

0.00

673,400.00

3,562,509.51

0.00

61,966.07

52,076,522.79

10,808,610.29

9,170,665.01

3,671,375.65

Total intangible
Assets		

58,833,328.88

4,490,338.15

0.00

438,533.95

62,885,133.08

49,662,663.87

2,475,824.99

963,386,911.24

5,269,542.21

0.00

959,189.80

967,697,263.65

558,811,816.76

17,448,232.33

0.00

944,648.22

575,315,400.87

392,381,862.78

404,575,094.48

41,787,764.18

1,760,784.46

0.00

8,577,465.70

34,971,082.94

5,802,972.02

6,431,414.72

Tangible assets
Land, land rights, and buildings,
including buildings on
third-party land
Other equipment, factory andoffice equipment

48,219,178.90

2,292,153.03

0.00

9,737,276.97

40,774,054.96

assets under construction

19,200,960.17

1,269,371.38

0.00

0.00

20,470,331.55

0.00

0.00

0.00

0.00

0.00

20,470,331.55

19,200,960.17

Total tangible fixed assets

1,030,807,050.31

8,831,066.62

0.00

10,696,466.77 1,028,941,650.16

600,599,580.94

19,209,016.79

0.00

9,522,113.92

610,286,483.81

418,655,166.35

430,207,469.37

9,311,017.12

0.00

2,721,649.40

0.00

6,589,367.72

7,493,236.15

4,771,579.88

Advance payments made andFinancial assets			
Shares in affiliated enterprises

14,082,597.00

0.00

Loans to affiliated enterprises

4,595,588.24

Participations

11,915,182.73

Advance payments on financial assets
Total financial assets
Sum total

14

6.87

0.00

14,082,603.87

5,551,751.58

0.00

0.00

10,147,339.82

0.00

192,588.69

0.00

0.00

192,588.69

9,954,751.13

4,595,588.24

3,932.93

-6.87

0.00

11,919,108.79

0.00

0.00

0.00

0.00

0.00

11,919,108.79

11,915,182.73

0.00

12,620,312.67

0.00

0.00

12,620,312.67

0.00

0.00

0.00

0.00

0.00

12,620,312.67

0.00

30,593,367.97

18,175,997.18

0.00

0.00

48,769,365.15

9,311,017.12

192,588.69

2,721,649.40

0.00

6,781,956.41

41,987,408.74

21,282,350.85

1,120,233,747.16

31,497,401.95

0.00

11,135,000.72 1,140,596,148.39

659,573,261.93

21,877,430.47

2,721,649.40

9,522,113.92

669,144,963.01

471,451,185.38

460,660,485.23

15

Explanatory Notes
to the Balance Sheet and Income Statement of Messe Düsseldorf GmbHI. General principles
The annual financial statements of Messe Düsseldorf GmbH,
Düsseldorf (entered in the Commercial Register of the­Düsseldorf District Court/Amtsgericht under HRB No. 63)
have been prepared in compliance with the mercantile law­provisions relating to large joint-stock companies.
For the Messe Dusseldorf GmbH Income Statement, thetotal costs (type of expenditure) method has been opted
for. The peculiarities of the trade fair business are taken
into consideration.

Shares in foreign subsidiaries are valued on the basis of
their cost of acquisition at the appropriate historical rates of
exchange or at lower appropriate values.
The values of inventories are assessed at the reporting date on
the basis of the lower of acquisition or manufacturing cost oron that of the lower of stock exchange or market price.
Receivables and other assets are shown at their nominal value.
Appropriate individual write-downs have been applied to tradereceivables in order to cover the overall risk of non-payment.
Interest-free receivables with a remaining term of more than
one year are discounted as of the balance sheet date.

II. Accounting and valuation policies
Purchased intangible assets are reported at their acquisition
cost less the scheduled depreciation charge. Depreciation
is based on the straight-line method, taking the normallyapplicable useful life of the asset into account.
Tangible fixed assets are valued at acquisition or manufacturingcosts and, provided that their useful life is limited in time,scheduled depreciation is deducted. If necessary, additional
depreciation is applied based on the value appropriate for theassets on the balance sheet date.
Buildings are depreciated on a straight-line basis. Investments
in extensions to buildings are depreciated in accordance with
an elevated assessment basis or so as to match the wholebuilding’s remaining useful life.
The straight-line method is used for depreciation on additions
to movable assets. Straight-line depreciation is calculated pro
rata temporis.
Low-value assets with a value of between EUR 52 and EUR 800
are written off fully in the year of acquisition and are simultaneously reported as disposals in the fixed assets movements
schedule. Based on the tax threshold for low-value items, theceiling for low-value assets is set at EUR 800.
Shares in affiliated enterprises and participations are carriedat the cost of acquisition or at a lower appropriate value.

16

At the shareholders’ meeting on July 13, 2023, theshareholders decided to distribute EUR 30,000k of the 2022 net
profit of EUR 71,597k as of September 29, 2023. The remaining
net profit for the year, totaling EUR 41,597k, was carriedforward to the new account. The distributable profit figure at
December 31, 2023 includes an amount totaling EUR 157,863k,
consisting of profit brought forward from previous years.
The asset-value of direct accruals for pensions is establishedon the basis of actuarial principles following the projected unit
credit method (PUC method), and also applying the 2018 G
standard tables of Dr. Klaus Heubeck. Accruals for pensions are
discounted at a flat rate, this being the average market interest
rate of the last ten years, applicable to an assumed remaining
term of 15 years, as published by the Deutsche Bundesbank(German Federal Bank) for the month of December. This
interest rate was assumed to be 1.82 percent (previous year
1.78 percent). The calculation following the PUC method isbased on the following assumptions regarding trends:- Trend in wages and salaries: 2.7% (previous year: 2.7%)- Trend in the income ceiling forsocial security contributions: 2.7% (previous year: 2.7%)- Trend in pensions:
2.6% (previous year: 2.6%)
In actuarial terms, accruals for anniversary obligations anddeath grants are determined on the basis of biometricalprobabilities (2018 G Heubeck standard mortality tables).
Commitments are calculated using the projected unit credit
method. An average market interest rate with matching time
limits, applicable to the last seven years, and published on amonthly basis by the Deutsche Bundesbank (German Federal
Bank), is used to calculate obligations. The actuarial interest
rate at December 31, 2023 amounts to 1.74 percent (previous
year: 1.44 percent).
In the 2021 financial year, a partial retirement programme
was launched. Part-time work for the elderly is offered in
the so-called block model for a total of 3 years. The offer
expires on December 31, 2023. During the entire term of thepartial retirement contract, employees receive 50 percent of
their previous monthly salaries. In addition, the employee
concerned receives a top-up amount exempt from tax andsocial security payments by way of compensation. In addition,
the Company pays additional contributions to the statutory
pension insurance scheme on the employee’s behalf. The
partial retirement accruals are discounted at a flat rate
based on the average market interest rate published by the
Bundesbank over the last seven years. This market interest
rate corresponds to the remaining term and amounted to
1.03 percent (previous year: 0.52 percent) as of December 31,
2023. As of December 31, 2023, the settlement amount of
the regulated pension entitlements came to EUR 3,093k(previous year (EUR 1,972k). Messe Düsseldorf has taken out
insurance cover for the pension commitments with Allianz
Lebensversicherungs-AG, and the payments made to the asset
value in the business year amounted to EUR 825,000 (previous
year: EUR 709k). The asset value of this reinsurance policy,
now totaling EUR 1,193k (previous year: EUR 77k), has been
offset against the Company’s partial retirement commitments.
All other accruals have been set up at a required payment
level that takes account of all the risks identified as suchup to the reporting date on the basis of a prudent businessassessment. Accruals with a remaining term of more than one
year are discounted on the basis of the actuarial interest rates
published by the Deutsche Bundesbank.
Liabilities are stated at the amounts repayable. The payments
received on account mainly relate to trade fairs and events
scheduled for subsequent years.

Receivables and liabilities in foreign currencies are entered in
the accounts at the rate of exchange applicable at the time,and are then valued at year-end at the rate applicable on
the closing date. As regards receivables and liabilities witha remaining term of more than one year, the principle of thelowest value or highest value is applied, as the case may be.
When deferred taxes are calculated, deferred tax assets exceed
liabilities, this resulting in particular to differences between
tax-law and commercial-law valuations of shares in affiliatedenterprises, participations, and accruals. The tax-deductibleloss carried forward from the previous year was not recognisedin the full amount in the reporting year. The tax rate used as abasis here amounts to 31.23 percent. The option provided forin Section 274 subsection 1 sentence 2 HGB (Commercial Code)of capitalizing the surplus in deferred tax assets, amounting to
EUR 11,554k (previous year: EUR 13,337k) was waived.
As a part of the SAP migration from SAP R3 to SAP S4/Hana, theexpenditure and revenue accounts were checked with regard
to their accounting content and the associated allocation
to the profit and loss items in accordance with Section 275
subsection 2 HGB. Compared with the previous year, there isa shift of EUR 812k from event-related expenditure to otheroperating expenses. The change in presentation mainly
concerns cafeteria and catering expenses.

III. Explanatory notes and disclosures concerning
the Balance Sheet
Fixed assets
Apart from purchased software, the intangible assets mainly
consist of usufructuary rights plus the software purchased.
The additions are essentially the second installment of theusufructuary rights concerning “Flotte! Der Branchentreff” aswell as the first part of the SAP migration. The advance payments
made mainly relate to the stand construction configurator aswell as the extension of the online order system.
The additions to tangible assets are predominantly
attributable to additions to buildings and to business andoffice equipment. As regards the buildings concerned,a matter of particular concern was the repurchase of17

Notes to the Balance Sheet and Income Statement of Messe Düsseldorf GmbH

Messeturm (Tower) B at its residual book value from FIXXUS
Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt
Rheinhalle Düsseldorf KG, Pullach i. Isartal. The purchasesof plant and office equipment mainly relate to purchasesof IT hardware, perimeter surveillance systems as well as
audio-visual technology. The operating and office equipment
disposals mainly result from the asset deal with WISAG Messe
Service GmbH, Düsseldorf.
The additions to financial assets mainly concern shares inaffiliated enterprises, loans to affiliated enterprises andadvance payments on financial assets.
The increases in shares in affiliated enterprises arecharacterised by the write-ups of the book value of the sharesin Messe Düsseldorf ASIA Pte. Ltd., Singapore as well as in
Messe Düsseldorf India Pvt. Ltd., New Delhi/India. With the
COVID-19 pandemic having come to an end, the economic
prospects for the Asian region have noticeably improved. Ina first step, the book value of the shares in Messe Düsseldorf
ASIA was written up by EUR 2,000k. At the same time, the bookvalue of shares in Messe Düsseldorf India was written up by
EUR 722k to EUR 1,500k in total.
The change in loans to affiliated companies results from the
disbursement of the second installment of the loan granted in
the previous year. In a transaction dated May 30, 2022, Messe
Düsseldorf granted a loan for a maximum of USD 17 million to
its wholly owned subsidiary Messe Düsseldorf North America
Inc., Chicago/USA. The loan will be made available in three
installments. The first installment was paid out on June 1,
2022 and the second one on April 1, 2023. The remaining
installment is to be paid out on April 1, 2024. The loan was
granted for the purpose of acquiring the XPONENTIAL event andmay be used solely for this purpose. The loan has an interest
rate of 3.6 percent and is to be repaid as from the 2023 calendar
year in annual installments of at least USD 800,000k.
The additions to the advance payments on financial assets
concern the acquisition of shares in Hannover Messe Ankiros
Fuarcilik Anonim Sirketi A.S., Ankara as well as the purchaseof further shares in Messeturm Düsseldorf Verwaltungsgesellschaft mbH, Düsseldorf.

18

Messe Düsseldorf acquired 44.5 percent of the shares in
Hannover Messe Ankiros Fuarcilik Anonim Sirketi A.S. in acontract dated December 21, 2023. The maximum purchaseprice of EUR 3,900k is divided into four installments. The first
installment of EUR 1,000k was due on the day the contract
was signed. A second installment of EUR 1,000k is due
after all the contractual conditions have been fulfilled. The
third and fourth installments are linked to the achievementof operational corporate objectives (earn-outs). Messe
Düsseldorf also acquired a further 5.5 percent of the sharesin Hannover Messe Ankiros Fuarcilik Anonim Sirketi A.S. from
Hannover Fairs Turkey Fuarcilik A.S., Ankara in a contract dated
January 19, 2024.
Messe Düsseldorf acquired a further 39.9 percent of the sharesin Messeturm Düsseldorf Verwaltungsgesellschaft in a contract
dated December 19, 2023. The sale and assignment of theshares took place on January 1, 2024. The payment of thepurchase price of EUR 11,571k is dated December 21, 2023.

Accruals
The Company’s pension obligations to former managerial staff
are fully covered by pension accruals. In the year under review,
these obligations led to changes in pension accruals amounting
to EUR 191k (previous year: EUR 1,625k), with a net impact on
results. The difference ensuing from the application of the 10-year
average interest rate compared to the 7-year rate results in a
EUR 181k (previous year: EUR 824k) reduction in accruals forpensions.
The accruals underwent the following movements:		
1/1/2023
		€

The tax accruals mainly cover trade tax and corporation tax
relating to the year under review and for the previous year.
The tax-related risks from previous years that have not yet
been audited are taken into account based on empirical values.
The other accruals cover all risks identified up to the reporting
date and have been calculated on the basis of prudent
commercial principles.

Amount€Write-backs€

Additions€

12/31/2023€

1. Accruals for pensions andsimilar obligations

22,241,916.00

574,399.00

0.00

383,738.00 22,051,255.00

2. Tax accruals

8,101,200.00

0.00

570,000.00

4,893,679.59 12,424,879.59

			
3. Other accruals	 	 	 	 	 Risks related to order processing	 	 	 	 	 Receivables and other assets

Outstanding invoices

5,803,438.00

2,621,836.39

1,144,357.39

5,957,262.00

7,994,506.22

Human resources andAs in the previous year, trade receivables have a remaining term
amounting to less than one year.
In the receivables from affiliated enterprises and receivablesfrom enterprises in which participations are held, tradereceivables have been set off against trade payables, the latter
amounting to EUR 555k (previous year: EUR 1,361k). In theprevious year, the receivables from affiliated enterprises also
included other assets from a savings loan against the FIXXUS
in the amount of EUR 4,062k.
The other assets include claims relating to value-added tax
refunds amounting to EUR 1,841k (previous year: EUR 2,291k).
These claims for refunds will not legally arise until the Company
submits its advance VAT return. In addition, the other assets
include advance payments of EUR 1,766k and creditors with
debit balances of EUR 1,919k.

the social sphere	 	 	 	 	 Accruals for vacations
Accruals for anniversaries
Bonuses

149,000.00

149,000.00

0.00

902,501.09

902,501.09

2,855,138.00

170,277.45

33,425.55

115,543.00

2,766,978.00

725,250.00

664,365.10

60,884.90

718,000.00

718,000.00

Partial retirement

3,067,984.00

150,477.04

1,389,586.96

371,844.00

1,899,764.00

Miscellaneous accruals

3,699,595.00

2,413,630.00

0.00

1,790,173.00

3,076,138.00

10,496,967.00

3,547,749.59

1,483,897.41

3,898,061.09

9,363,381.09

		
Risks associated with

benefits and taxes	 	 	 	 	 Fiscal risks in foreign countries

2,500,000.00

0.00

500,000.00

Financial assistance

17,500,000.00

0.00

0.00

		

20,000,000.00

0.00

500,000.00

0.00

2,000,000.00

0.00

17,500,000.00

0.00 19,500,000.00

Miscellaneous	 	 	 	 	 Impending losses

0.00

0.00

0.00

1,913,585.00

1,913,585.00

Annual financial statements costs

291,000.00

144,297.60

7,702.40

227,000.00

366,000.00

Miscellaneous accruals

285,000.00

0.00

0.00

289,305.16

574,305.16

7,702.40

2,429,890.16

2,853,890.16

		576,000.00

144,297.60

		36,876,405.00

6,313,883.58

3,135,957.20 12,285,213.25 39,711,777.47

		67,219,512.00

6,888,282.58

3,705,957.20 17,562,630.84 74,187,912.06

19

Notes to the Balance Sheet and Income Statement of Messe Düsseldorf GmbH

Liabilities
The Company’s liabilities as at December 31, 2023 were classified as follows on the basis of their remaining terms:
Total amount		With a remaining termof up to 1 year

from 1 to 5 years of more than 5 years

€’000

€’000

€’000

€’000

Liabilities to banks

55,00025,00030,000

0

Payments received on account55,102

55,10200Trade payables

9,311

9,311

0

0

Payables to affiliated enterprises

10,452

10,45200which participations are held

590

590

0

0

Payables to shareholders

207

207

0

0

Payables to affiliated enterprises in

Other liabilities

11,206

9,907

1,173

126

141,868

110,569

31,173

126

With a remaining termof up to 1 year

€’000

€’000

€’000

€’000

Liabilities to banks

80,00025,00055,000

0

Payments received on account103,696

103,69600Trade payables

12,56812,5680

0

Payables to affiliated enterprises

9,052

9,052

0

0

2

2

0

0

Other liabilities

11,93910,6161,188

135

161,268

56,188135

Furthermore, Messe Düsseldorf has taken out another threeloans, each amounting to EUR 10,000k, for the purpose offinancing its business operations. The payment date was
January 15, 2021. The loans are to be repaid in one sum on
December 31, 2025/January 15, 2026.

20

from 1 to 5 years of more than 5 years

217,257
In 2020, Messe Düsseldorf took out three loans amounting,in each case, to EUR 16,667k. The loans are to be repaid, ineach case, in eight identical, consecutive installments eachamounting to EUR 2,083k. Repayment will commence withthe first installments in March 2023 and will terminate in
December 2024.

The payables to the shareholder amounting to EUR 207k
(previous year EUR 2k) are to the City of Düsseldorf.

The differentiation between event-related expenditure andother operating expenses was effected via an assessmentof the individual costs. The event-related expenditureconsists of costs that are directly allocable to a cost unit.
Deliveries of fabricated goods are recorded under “cost of raw
materials, auxiliary materials and supplies, and of purchased
merchandise”. Construction work and other services areincluded in “cost of purchased services”.

The other payables are mainly made up of accounts receivablewith credit balances amounting to EUR 8,930k (previous year:
EUR 9,190k).

Sales

		

Payables to shareholders

EUR 1,335k is mainly attributable to the sale of factory andoffice equipment to WISAG Messe Service GmbH, Düsseldorf.
The write-ups of Messe Düsseldorf ASIA (EUR 2,000k) and Messe
Düsseldorf India (EUR 722k) resulted in revenue from writeups of financial assets amounting to EUR 2,722k (previous
year EUR 0k).
Event-related expenditure

IV. Explanatory notes on the Income Statement

The Company’s liabilities as at December 31, 2022 were classified as follows on the basis of their remaining terms:
Total amountIn the payables to affiliated enterprises and payables toenterprises in which participations are held, trade receivables
and other assets amounting to EUR 1,074k (previous year:
EUR 763k) have been set off against trade payables.
Furthermore, the payables to affiliated enterprises include aloan that can be terminated at short notice, involving Messe
Düsseldorf China and amounting to EUR 9,597k (previous year:
EUR 9,597k).

Furthermore, in 2020, Messe Düsseldorf concluded contracts
regarding three overdraft facilities with various banks.
These three contracts provide for a total overdraft facility of
EUR 50,000k, broken down into two overdrafts each totaling
EUR 13,333k and one overdraft amounting to EUR 23,333k.
As at December 31, 2023, the overdraft facilities were notbeing used.
Furthermore, there is a revolving credit facility of EUR 7,500k
with Stadtsparkasse Düsseldorf; on the return date, EUR 1,220k
of this was being utilized via guarantees.
Of the Company’s total liabilities to banks, liabilities consistingof loans in the amount of EUR 130,000k were secured by
mortgages.

Business segment

2023
€’000

2022
€’000

Events in Germany
Foreign events
Other revenues

358,501
14,95817,912
391,371

263,076
10,14021,723294,939

The sales revenue from abroad stems mainly from events in the
People’s Republic of China, India and the United Arab Emirates.
EUR 1,042k of sales (previous year: EUR 609k) are related toevents of previous years.
Other operating income
Income not relating to the accounting period mainly consists of
EUR 3,136k (previous year: EUR 11,975k) in the form of income
deriving from write-backs of accruals. The non-operating
income mainly consists of income from the sale of interest
rate swaps amounting to EUR 4,530k and refunds amounting
to EUR 1,999k as a result of the German act to introduce anenergy price cap. Income from currency translation amounted
to EUR 14k in the financial year under review (previous year:
EUR 227k). The income from the disposals of assets totaling

It is mainly energy costs, workshop consumables, andexpenditure on advertising materials that are shown under“cost of raw materials, auxiliary materials and supplies, andof purchased merchandise”, whereas the “cost of purchased
services” item mainly covers expenditure on commissions,stand construction services purchased, rental charges, andadvertising expenditure.
Other operating expenses
In addition to exhibition site maintenance costs, the otheroperating expenses mainly consist of rental charges forpremises, legal and consultancy expenses, expenditure on
advertising and IT expenses, insurance policies, site security
and cleaning services, and additions to accruals. Expenses
not relating to the accounting period and totaling EUR 217k
(previous year: EUR 304k) mainly result from exchange rate
losses amounting to EUR 139k (previous year EUR 118k).
Expenses from disposals of assets classified as tangible assets
are attributable to disposals of operating and office equipment.
The other taxes incurred in the business year concerned andshown as part of other operating expenses amounted to
EUR 1,998k (previous year: EUR 1,767k).

21

Notes to the Balance Sheet and Income Statement of Messe Düsseldorf GmbH

Income from participations

Messeturm Düsseldorf Verwaltungsgesellschaft mbH
OOO Messe Düsseldorf Moscow

2023
€’000

2022
€’000

583

543

0
583

4,786
5,329

business year under review. The provisions for tax risks fromprevious years were reduced by EUR 180k.

Appropriation of profits
The management proposes that EUR 31,490k of the net profit
for the year, totaling EUR 87,326k, be distributed and theremaining amount of EUR 55,836 be carried forward to the
new account.

Interest and similar income

Report on post-balance sheet events

This consists of interest income on overnight money and
fixed-term deposits amounting to EUR 1,967k (previous year
EUR 96k) and income from interest rate swap transactions
amounting to EUR 121k (previous year EUR 0).

In connection with the acquisition of 39.9 percent of theshares in Messeturm Düsseldorf Verwaltungsgesellschaft andthe associated transfer of the shares on January 1, 2024, a
reclassification of EUR 11,571k from advance payments onfinancial assets to shares in affiliated companies will take placein 2024. There will be no financial impact in 2024.

V. Other disclosures

Other financial obligations and contingent liabilities

Consolidated financial statements

For financial reasons, in the business years from 1999 to 2003,
two sale and lease-back transactions were carried out withFIXXUS Grundstücks-Vermietungsgesellschaft mbH & Co.
Objekt Rheinhalle Düsseldorf KG, Düsseldorf (abbreviatedto FIXXUS) regarding real estate items hitherto owned by
Messe Düsseldorf GmbH.

In its capacity as the parent company, Messe Düsseldorf GmbH
includes the following subsidiaries, in which it has either adirect or an indirect majority holding, fully in its consolidated
financial statements:- Messe Düsseldorf China Ltd., Hong Kong/China- Messe Düsseldorf (Shanghai) Co., Ltd., Shanghai/China- Messe Düsseldorf North America Inc., Chicago/USA- Messe Düsseldorf ASIA Pte. Ltd., Singapore- Messeturm Düsseldorf Verwaltungsgesellschaft mbH,
Düsseldorf- FIXXUS Grundstücks-Vermietungsgesellschaft mbH & Co.
Objekt Rheinhalle- Düsseldorf KG, Pullach( The company was deconsolidated at the end of
December 30, 2023)

Write-downs on financial assets
Write-downs on financial assets of EUR 193k (previous year
EUR 0) cover the price adjustments to the loan to Messe
Düsseldorf North America in US dollars.

Interest and similar expenditure
In addition to interest paid on long-term loans amounting
to EUR 1,108k (previous year: EUR 1,224k), the item also covers
expenditure from the discounting of accruals in the amountof EUR 437k (previous year: EUR 422k). Expenditure on
interest arising from loans cancelable at short notice andinvolving affiliated companies amounts to EUR 446k (previous
year: EUR 62).

Taxes on income and profits
The item mainly shows expenditure on corporation tax and thesolidarity surcharge amounting to EUR 14,021k (previous year:
EUR 4,102k), and also expenditure on trade tax amounting to
EUR 11,807k (previous year: EUR 3,992k) in both cases for the22

Messe Düsseldorf acquired 44.5 percent of the shares in
Hannover Messe Ankiros Fuarcilik Anonim Sirketi A.S. in acontract dated December 21, 2023. The maximum purchaseprice is EUR 3,900k. The first installment of EUR 1,000k
will be recognized in the advance payments on financial
assets as of December 31, 2023. The maximum outstanding
installments of EUR 2,900k are taken into account in otherfinancial obligations. Messe Düsseldorf also acquired a further
5.5 percent of the shares in Hannover Messe Ankiros Fuarcilik
Anonim Sirketi A.S. from Hannover Fairs Turkey Fuarcilik A.S.,
Ankara in a contract dated January 19, 2024. The outstanding
amount is taken into account in other financial obligations
as of December 31, 2023. The shares will be recognized inparticipations once economic ownership has been transferred
to Messe Düsseldorf.

Furthermore, the Company’s shareholdings in Düsseldorf
Congress GmbH, Düsseldorf, and its shareholding in CIOSH
Asia Co. Ltd., Beijing/China are included in the Company’s
consolidated financial statements as associated enterprises.
The Company will be included in the consolidated financial
statements for Düsseldorf, capital of North-Rhine Westphalia.
This entry will not be disclosed.

Human resources
In addition to the 3 members of management, on average as
many as 605 (previous year: 608) staff members were employedduring the business year. The workforce is subdivided into
480 full-time employees (previous year: 487) and 125 part-time
employees (previous year: 120). These numbers correspond toa staff of 537 (previous year: 543) calculated on a full-timebasis. In addition, the casual staff and apprentices employed
numbered on average 168 (previous year: 97) and 3 (previous
year: 10), respectively.

In a contract dated December 15, 2003, Messe Düsseldorf
GmbH sold FIXXUS part ownership rights relating to
Messeturm (Tower) B for a purchase price of EUR 12,000k. As
at December 31, 2021, the annual rental payments amounted
to EUR 799k. The leasing agreement runs until December 29,
2023. The right of purchase agreement concluded under thiscontract gives Messe Düsseldorf GmbH a repurchase right whenthe 20th rental year has elapsed. An appropriate purchaseprice is to be paid, but at least the fiscal residual book value
amounting to EUR 5,100k. In accordance with the agreement,
the right of purchase was exercised and Messeturm (Tower) B
was acquired in a contract dated December 19, 2023. Exhibition
Hall 6 from the first sale-and-lease-back transaction was
acquired in the previous year.
Further obligations amounting to EUR 580k (previous year:
EUR 107k) stem from the leasing rates payable in future underother leasing agreements; in addition, there are commitments
totaling EUR 7,408k (previous year: EUR 12,456k) based onrental agreements and leases as well as purchase contracts inconnection with the acquisition of shares in Ankiros of EUR 3,382k(previous year EUR 0). Accordingly, on the balance sheet date,the other financial obligations totaled EUR 11,370k (previous
year: EUR 13,401k), EUR 4,214k (previous year: EUR 8,027k) of
these being obligations vis-a-vis affiliated enterprises.
On the balance sheet date, the Company’s purchasecommitments totaled EUR 36,448k (previous year:
EUR 14,605k).
On the balance sheet date, guarantees amounting to EUR 618k
had been issued in favor of employees to cover employees’
investment loans. In addition, there were guarantees amounting
to EUR 602k relating to trade-related transaction relationships.

23

Messe Düsseldorf GmbH grants its employees benefits under
the occupational pension scheme; for this purpose, employees
have been insured with the Rhenish Supplementary Pension
Fund, Cologne. The Fund’s pension commitment covers oldage pensions, pensions for reduction in earnings capacity, andsurvivors’ pensions for the insured persons’ widows, widowers, andorphans. To the best of our current knowledge, the institutional
assets of the public supplementary pension funds and thecontributions system in its existing structure do not adequately
or completely cover the existing pension commitments of theemployers participating in the scheme. The cover shortage thus
ensuing comes to a substantial sum - a financial obligation thatwill hit public employers hard in the future. By way of exercising
the option, as provided for under commercial law, of reporting
indirect pension obligations as a liability (Section 28 subsection 1
EGHGB/Introductory Act to the German Commercial Code), in thebusiness year under review, as in previous years, no accrual was
set up. The Supplementary Pension Fund (RZVK) levy shown on the
Messe Dusseldorf GmbH Income Statement under human resources
expenses amounts to EUR 3,056k for the year under review(previous year: EUR 2,857k). The contribution levied amounts
to 4.25 percent of the compensation on which contributions arepayable – EUR 38,775 (previous year: EUR 36,275). In addition,
a 3.5 percent financial reorganization charge is also imposed.
The contribution rate can be regarded as remaining constant.
The level of the financial reorganization charge is likely to increase
even further pending on the establishment of definitive capital
cover for the supplementary pension system. As at December 31,
2023, the possibility of a claim arising from the above contingent
liabilities cannot be ruled out.

Messe Düsseldorf GmbH had concluded a total of three previous
interest rate swap transactions designed to hedge againstinterest rate-related payment flow risks relating to variableinterest liabilities to banks – entered into for the purpose offinancing future capital projects. These three interest rate swap
transactions had a nominal value of EUR 60,000k. Due to thepositive trend in the market values of the interest rate swaps,
the Company decided to sell the financial instruments. The
sales revenue was EUR 4,530k.

Auditors’ fees
In accordance with Section 285 subsection 17 HGB (Commercial Code), the disclosure of auditors’ fees has been waived,
as the latter are included in the Company’s consolidated­financial statements.

Transactions contrary to market principles
No transactions contrary to market principles involving
companies or persons close to the Company have been performed.

Disclosures regarding the Company’s bodies
The compensation paid to the Managing Board of Messe Düsseldorf
GmbH in the business year concerned totaled EUR 1,510k(previous year: EUR 1,416k). The compensation paid to former
members of the Managing Board and their surviving dependants
amounted to EUR 1,368k (previous year: EUR 1,290k).

Hedging policy and financial derivatives
Due to it being an internationally-operating Company, boththe business operations and financing transactions of Messe
Düsseldorf GmbH are exposed to financial risks. The risks
involved may arise in particular as a result of interest ratechanges and exchange rate fluctuations.
In accordance with the Company’s risk management system,
action is taken to limit these risks not only by identifying,
analyzing, and assessing them but also by using financial
derivative instruments. Pursuant to a management directive, it is
not permissible to use such derivatives for speculative purposes.

24

Under occupational pension schemes, in the business year
under review, direct insurance contributions were incurred forMr. Diener, Mr. Stempfle, and Mr. Wienkamp, these amounting
to EUR 166k, EUR 134k, and EUR 100k, respectively.
An accrual amounting to EUR 22,051k (previous year:
EUR 22,242k) has been set aside to cover pension obligations to former members of the Managing Board and their­surviving dependants.
In the business year concerned, expenses for the Supervisory
Board amounted to EUR 91k (previous year: EUR 93k).

25

Combined Group andCompany Management Reportof Messe Düsseldorf GmbH for the 2023 business year

Explanations regarding the Report
Pursuant to Section 315 subsection 5 HGB (Commercial Code),
this report combines the Management Report of the Messe
Düsseldorf Group consisting of Messe Düsseldorf GmbH andits consolidated subsidiaries and the Management Report ofMesse Düsseldorf GmbH.

The economic situation in North America has turned out morepositive than expected. Both private consumption and capital
investments had a tangible impact in the US. Expansive fiscal
policy gave the US stable growth. In South America, theeconomy remains weak in Argentina, Chile, Peru, and Colombia.
Argentina, in particular, is battling runaway inflation and arecessionary trend. Brazil is a positive exception, with an
expanding economy.

According to economists at the Organisation for Economic
Cooperation and Development (OECD), the German economy
is expected to grow by just 0.3 percent in 2024. Germany isthus lagging behind Spain, Italy, and France in international
comparison. This is mainly due to the energy-intensive
industries in the German economy compared to other eurozone
countries. Economic growth in the US is once again expected
to be at a level of 2.6 percent.

In China, industrial production, business investment andexports fell due to weakening foreign demand and geopoliticaluncertainties. The problems in the domestic real estate market
had a clear impact on the economy. Uncertainties in thelabour market also affected private consumption. Unlike theIndian economy, which was able to reach the high level of theprevious year in 2023 as well. Once again, private investment
shaped the Indian economy, while the high level of exports
was maintained. The Japanese economy benefited from thedepreciation of the yen and the related increase in exports inthe first half of 2023.

The trade fair industry has almost recovered from the COVID-19
pandemic worldwide. In 2023, revenue reached a levelcomparable to 2019 on average. This is shown by the latest
survey by the UFI, the global association of the exhibitionindustry.

Basic information
Business model
The present-day Messe Düsseldorf GmbH was founded on
January 7, 1947 under the name of Nordwestdeutsche
Ausstellungs­gesellschaft mbH – NOWEA. Today, the Messe­Düsseldorf Group’s product portfolio includes roughly
70 events encompassing a wide variety of sectors both athome and abroad and it employs worldwide a workforce of
700 persons. Both in terms of floor space rented out and interms of sales, the Group ranks among the world’s major trade
fair organizers. As at December 31, 2023, 12 companies in
6 countries belonged to the Messe Düsseldorf Group. The
majority of the Group’s foreign sales are in China, India andthe US.
Economic survey
Macroeconomic and sector-specificboundary conditions
The economic recovery from the collapse due to the COVID-19
pandemic has been slowed down in many regions of the world
by high inflation, geopolitical conflicts, and disruptions ofsupply chains.
In the European Union, interest rate increases have reduced therate of inflation. As a result of reduced price competitiveness,
industrial enterprises suffered from weak global demand,
partly caused by the appreciation of the euro. However, thedecrease in new orders did not fully impact the production
sector given the still full order books. The construction industry
is also suffering from higher financing costs and increased
construction costs.

26

In Germany, private consumption proved vulnerable toeconomic weaknesses, in addition to a fall in exports.
Continuing tension between China and the West also affected
growth in foreign trade. The fall in energy prices in the second
half of the year did not provide sufficient relief for businesses
and households to compensate for other negative factors. The
significant increases in interest rates had a dampening effecton the economy and led to a significant reduction in demand forindustrial goods and housing construction. Companies often
tried to cushion the fall in demand by reducing existing orders.

In an initial forecast by the Association of the German Trade
Fair Industry (AUMA), the number of exhibitors in Germany
increased by 28.6 percent and the number of visitors even by
52 percent. With the COVID-19 restrictions having come to anend, the leading German trade fairs are showing a recovery.

The Messe Düsseldorf Group’s business performance
Sales and profitability situation
The Group’s revenue improved again compared with theprevious year. The main reason for the renewed increase insales from EUR 111,535k to EUR 422,475k was the domestic
trade fair business in Düsseldorf. The share of consolidated
sales attributable to the foreign subsidiaries amounted to
EUR 42,746k, with the bulk of these being generated in China,
Singapore and the US.
Major items in other operating revenue (EUR 12,755k) consistedof the write-backs of other accruals amounting to EUR 3,706k
plus revenue from the sale of interest rate swaps amounting
to EUR 4,530k. Event-related expenditure (EUR 178,888k)
was linked to the increases in sales revenue and showed anincrease of EUR 56,547k. Major items in other operating
expenses (EUR 44,239k) consisted of expenditure on repairs
and maintenance (EUR 12,225k), IT costs (EUR 5,630k) and
expenses for buildings and grounds (EUR 5,422k). The Group’s
net profit for the year after tax amounted to EUR 94,560k(previous year: EUR 60,529k).
Net asset position and financial situation
Compared with the previous year, the Messe Düsseldorf
Group’s total assets decreased by 1.5 percent to EUR 765,965k(previous year: EUR 778,866k). As in the past, the Group’s net
asset position is greatly influenced by the fixed assets figure(64.7 percent) and by the level of liquid assets (32.3 percent).
The addition to intangible assets essentially results from thesecond installment of the usufructuary rights concerning“Flotte! Der Branchentreff”, the first part of the SAP migrationfrom SAP R/3 to SAP S4/Hana as well as the shares acquired in
the Plastics & Rubber Indonesia and Plastics & Rubber Thailand
events as part of a cooperation. By contrast, the reduction intangible fixed assets results from scheduled depreciation andthe disposals of operating and office equipment from the asset
deal with WISAG Messe Service GmbH in Düsseldorf. Cash andcash equivalents remained almost unchanged at EUR 247,169k(previous year: EUR 246,062k).

27

Combined Group and Company Management Report of Messe Düsseldorf GmbH for the 2023 Business YearOn the equity and liabilities side, Group equity increased fromEUR 483,308k to EUR 546,309k. This corresponds to an equity
ratio of 71.3 percent. Due to the positive result, tax provisions
in particular increased by EUR 5,268k. The increase in shortterm accruals is mainly due to the addition of accruals foroutstanding incoming invoices and to set up provisions foronerous contracts. On the other hand, there is a reduction in
the provision for partial retirement. The decrease in payments
received on account relates, inter alia, to the drupa, EuroCis,
boot, and ProWein events that are to take place in 2024.
The financial situation was mainly affected by the trade fairbusiness and by the advance payments that consequently
became due as well as by the Group’s positive annual result.
Overall, on the return date, the Group owed loans totaling
EUR 55,000k (previous year: EUR 80,500k). The Group’s cash
and cash equivalents remained virtually unchanged from theprevious year at EUR 247,169k.
Apart from that, the reader’s attention is drawn to theConsolidated Cash Flow Statement attached hereto as Annex II.
Liquidity
Messe Düsseldorf can draw on a credit line of EUR 57,500k,
EUR 1,220k of which was being used as collateral as at
December 31, 2023. On the whole, the Company was in aposition to settle its liabilities at all times.
Overall assessment of the GroupThe Group’s net worth, financial situation and profitability givean accurate picture corresponding to its actual circumstances,thus reflecting the overall success of the Group’s business year.
Messe Düsseldorf GmbH’s business performance
Sales and profitability situation
Following rather difficult years due to the pandemic, theplanned trade fair programme was implemented for the
first time in the 2023 trade fair year. Messe Düsseldorf took
advantage of these conditions for a successful year of events.
In 2023, 16 self-organized events (previous year: 14) and10 guest events (previous year: 10) were held, with a total

28

of 26,877 exhibiting companies (previous year: 21,594) and
1,181,474 visitors (previous year: 817,598).
In addition to the boot, ProWein, CARAVAN SALON, BEAUTY, TOP
HAIR, and MEDICA annual events, interpack, EuroShop, A+A, and
the GIFA/METEC/THERMPROCESS/NEWCAST metallurgy trade
fairs had an impact on sales development as leading trade fairs
for their industries. With 2,729 exhibitors and over 142,000
visitors, interpack presented itself as a highlight of its industry.
The following events – shown in comparison with the previous
year – were staged at the Düsseldorf site:
2023

2022

16

14

10

10

Fairs and exhibitions:
Own events
Guest events
Net floor space rented out

1,024,567 m2 827,829 m2

Number of exhibitors

26,877

21,594

Number of visitors

1,181,474

817,598

Self-organized events were attended by 1,073,670 visitorsand 24,480 exhibitors, with net floor space rented out being
889,814 m2. One major challenge was interpack, which
occupied the whole of the Düsseldorf exhibition grounds.
The other trade fairs that take place on different cycles were
EuroShop, A+A, and the GIFA/METEC/THERMPROCESS/NEWCAST
metallurgy trade fairs. The annual self-organized event to kickoff the year was boot, while MEDICA, as the strongest annual
self-organized event in 2023, ended the year.
Guest events included expopharm, PSI, Solar Solutions, and“Flotte! Der Branchentreff” acquired in the business year underreview, as strong guest events. Guest organizers brought a
total of 2,397 exhibitors and 107,804 visitors to our grounds
in Düsseldorf. Due to pandemic experiences and geopoliticalconflicts, the number of international exhibitors and visitors
was slightly consolidated. The international share of exhibitors
at self-organized events was 78.4 percent and the international
share of visitors was 39.3 percent. The internationality ofevents, therefore, remained at a very high level despite slightly
fewer foreign visitors. MEDICA showed the highest level ofinternationality, with 88.1 percent of exhibitors and 77 percent
of visitors.

In addition to the 16 self-organized events, a further 10 guest
events covering a total exhibition space of 134,753 m² weresuccessfully carried out in Düsseldorf. Expopharm, the biggest
guest event in 2023, occupied a space of 67,230 m² with its
530 exhibitors and 29,000 visitors.
In the international trade fair business, Messe Düsseldorf canlook back on a successful business year with 18 commissioned
events and 7 self-organized events and participations. The
majority of the events took place in China and India.
In the year under review, Messe Düsseldorf achieved a total
revenue of EUR 391,371k. Compared to the previous year,
this represents an increase in sales of EUR 96,432k. Other
operating revenue was mainly affected by the write-backs ofother accruals amounting and revenue from the sale of interest
rate swaps. Personnel costs are rising due to wage increases
and the new hires, but remain almost at the same level as theprevious year due to the diminishing effect of the transfer of
employees to WISAG Messe Düsseldorf GmbH. On a par with theincrease in revenue, event-related expenditure also exhibiteda EUR 50,244k rise. The net profit for the year amounted to
EUR 87,326k (previous year: EUR 71,597k).
Net asset position and financial situation
Compared with the previous year, Messe Düsseldorf’s total
assets only decreased insignificantly by 1.54 percent to
EUR 708,267k (previous year: EUR 719,362k). The fixed assets
item is dominated by real estate and buildings. The increase
in intangible assets essentially results from the acquisitionof the usufructuary rights to the “Flotte! Der Branchentreff”
event as well as the first part of the SAP migration from SAP
R/3 to SAP S4/Hana. The reduction in tangible fixed assets
mainly results from scheduled depreciation and the disposals
of operating and office equipment from the asset deal withWISAG Messe Service GmbH, Düsseldorf. In the previous
year, the Company provided the first installment of the longterm loan to Messe Düsseldorf North America. The second
installment of EUR 5,552k was paid out in April 2023. The bookvalue of shares in Messe Düsseldorf ASIA Pte. Ltd., Singapore
was written up by EUR 2,000k as well as those in Messe
Düsseldorf India Pvt. Ltd., New Delhi/India by EUR 722k. The
write-up is due to the improvement in the economic prospects

for the Asian region after the end of the COVID-19 pandemic
and also contributes to the increase in financial assets. Cashand cash equivalents decreased slightly by EUR 9,644k to
EUR 218,200k.
On the liabilities side, equity increased by 13.2 percent to
EUR 492,211k due to the net profit for the year minus the
distribution of profit. Due to the similar total assets, theequity ratio improved by 0.9 percentage points to 69.5 percent(previous year: 60.5 percent). In addition to accruals forpensions, the accruals totaling EUR 74,188k mainly include
accruals for risks relating to state aid payments and taxes,
and for outstanding invoices and miscellaneous humanresources costs. Due to the reduction in advance payments on
canceled events, the advance payments received dropped from
EUR 103,696k to EUR 55,102k.
Liquidity
The liquidity trend was significantly influenced by the positive
result, taking into account the distribution of profit for theprevious year, and by the reduction in advance payments
received. Messe Düsseldorf GmbH’s cash and cash equivalents
decreased by 4.2 percent to EUR 218,200k. Of the existing
credit line of EUR 57,500k, EUR 1,220k was used as collateral.
Overall assessment of Messe Düsseldorf GmbHThe Company’s net worth, financial situation, and profitability give an accurate picture corresponding to the Company’s­actual circumstances.

29

Combined Group and Company Management Report of Messe Düsseldorf GmbH for the 2023 Business YearBusiness performance of theGroup’s international subsidiaries
Overall, the international and national subsidiaries benefited
from the revival of the events industry. The following figures
have been taken from local financial statements as ofDecember 31, 2023.

a result of the return of Chinese exhibitors to Düsseldorf.
Chinaplas, which was held again for the first time in 2023,
contributed to the annual result with income of EUR 4,035k.
There is, therefore, a significantly improved annual resultfor 2023 of EUR 7,926k (previous year: net loss for the year:
EUR -1,561k).
Business performance of the Group’s national subsidiaries

Messe Düsseldorf North America Inc. is a wholly owned
subsidiary of Messe Düsseldorf. The Company’s main task is
to obtain business in terms of exhibitors and visitors from theUS, for trade fairs at the Düsseldorf site as well as to organizeand stage trade fairs, exhibitions, and similar events in theAmerican region. On April 18, 2022, the Company concluded
a collaboration agreement with the Association for Unmanned
Vehicle Systems International (“AUVSI”) and acquired
60 percent of the financial assets and commercial rights to theresults of the XPONENTIAL events. The XPONENTIAL event is theworld’s largest trade fair in the USA for unmanned locomotion
and robotics. Messe Düsseldorf North America Inc.’s revenue of
EUR 9,158k (previous year: EUR 5,142k) are mainly attributable
to the American Organization for Joint Exhibition Stands in
Düsseldorf and its own events XPONENTIAL and valve world
North America. The Company reported a net profit for the yearof EUR 1,129k (previous year: a net profit of EUR 344k).
The Singapore-based Messe Düsseldorf ASIA Pte. Ltd., a wholly
owned subsidiary of Messe Düsseldorf, organizes its own trade
fairs in the Asian region while also obtaining business in termsof exhibitors and visitors for events in Düsseldorf. Significant
revenue factors in 2023 included Medical Fair Thailand, wire
& tube Southeast Asia and Pack Print International Thailand.
Medical Fair Thailand in particular benefited from the returnof Chinese exhibitors. Revenue increased by EUR 3,317k fromEUR 5,966k to EUR 9,283k. Overall, the net profit for theyear improved by EUR 1,606k to EUR 2,175k (previous year:
EUR 569k).
Messe Düsseldorf China Ltd., in which Messe Düsseldorf holds
a 100 percent stake, is responsible together with its wholly
owned subsidiary Messe Düsseldorf Shanghai Co., Ltd. forobtaining business in the form of exhibitors and visitors forevents in Düsseldorf as well as organizing these companies’
own events in China. The sub-group’s sales increased fromEUR 6,786k to EUR 23,264k. The positive trend in sales is

30

Messe Düsseldorf’s 50-percent subsidiary Düsseldorf Congress
Sport & Event GmbH provides services for congresses and otherevents, including events held, inter alia, in the CCD Congress
Center, Düsseldorf, in the CCD Ost, and in the HORISUM
complex (Messe Düsseldorf’s exhibition halls). The increasein sales revenue is due in particular to an increase in capacity
utilization in the marketing of exhibition halls compared withthe previous year. Sales amounted to EUR 13,601k (previous
year: EUR 9,955k), while the Company returned a profit of
EUR 584k for the year (previous year: EUR 248k).
Messeturm Düsseldorf Verwaltungsgesellschaft mbH is a
50-percent subsidiary of Messe Düsseldorf. The Company rents
out Messeturm (Tower) A, which it owns. Messe Düsseldorf
acquired a further 39.9 percent of shares in Messeturm
Düsseldorf Verwaltungs-Gesellschaft with effect fromJanuary 1, 2024. The rental income from Messeturm (Tower)
A was EUR 3,505k with an annual result of EUR 1,065k (previous
year: EUR 1,167k).
With a 94 percent stake in the company, Messe Düsseldorf was alimited partner of FIXXUS Grundstücks-Vermietungsgesellschaft
mbH & Co. Objekt Rheinhalle Düsseldorf KG until the end of
December 29, 2023. The Company purchased Exhibition Hall
6 together with part ownership of Messeturm (Tower) B from
Messe Düsseldorf GmbH under a sale-and-lease-back scheme,
and leased these buildings back to the latter on a long-termbasis. Messe Düsseldorf made use of its right to purchase bothproperties with a contract dated September 19, 2022 (Hall 6)
and one dated December 19, 2023 (Tower B). The company
seized trading at the end of December 29, 2023 as part of its
merger. In the business year under review, FIXXUS returned
a net loss for the year of EUR 23k (previous year: a net profit
of EUR 22k), while generating sales revenue of EUR 446k
(previous year: EUR 3,453k).

Financial and non-financial performance indicators

Statement with regard to company management(quota for women)

Financial performance indicators
Major control parameters applicable both to the Group andthe Company are sales, earnings before tax (EBT), and capital
expenditure on fixed assets, including expenditure on repairs
and maintenance. A comparison between the results andforecasts is made in the section entitled “Forecast report”.
Non-financial performance indicators
The Group’s business performance is not only manifested inbusiness indicators. Messe Düsseldorf has been continually
improving its standards of service and quality for years tomaintain its top position in an international environment
among the leading trade fair companies at the national andinternational level. Furthermore, the Group is resolutely
pursuing the strategic course that it has set for itself. The aimsof this strategy are to secure and develop the trade fair programat the Düsseldorf site and to expand international business bymeans of the Group’s own activities or in joint ventures withpartners. To this end, with the exception of a few fairs for highquality consumer goods, Messe Düsseldorf is concentrating
its activities on exhibitions covering capital goods. The
goal is to become the number one company as regards theorganization of capital goods trade fairs. A prerequisite forthis is highly-capable staff – which is why Messe Düsseldorf
invests in training and advanced training schemes as well as
occupational safety.
On average, the Group employed a staff of 711 (previous
year: 756) plus casual staff numbering 168 (previous year:97) throughout the 2023 business year. To train its employees
and managers, Messe Düsseldorf offers advanced training
courses on the following topics within the framework of
an in-house academy: IT, Communication & Social Skills,
Methods & Techniques, Languages & Intercultural Skills andLeadership. Furthermore, employees and managers participate
in individual, e.g., subject-specific training, measures.
Managers can attend business coaching sessions and request
team development for their employees. The existing exchange
programs with partners in Finland, Sweden, and the US is being
revised and will be resumed in 2024.

At the shareholders’ meeting of November 26, 2021, theshareholders set the necessary target value for the Supervisory
Board of at least 7 female members based on the “Actsupplementing and amending the regulations for the equal
participation of women and men in management positions bothin the private and in the public sectors (Second Management
Positions Act – FüPoG II)”. The corresponding target value forthe management was stipulated as being at least one female
managing director. Simultaneously, a resolution was passed
stipulating a quota of 20 percent (1 person) for the level ofauthorized representatives and 27 percent (8 people) for thelevel of senior executives. The date for achieving the targets has
been set for November 25, 2026. As of December 31, 2023, theproportion of women on the Supervisory Board was 38 percent(8 people). The Executive Board was a purely male body atthat time. This is due to long-term management employment
contracts with the active managers. As of December 31, 2023,
the proportion of women on the two management levels below
the Executive Board was 20 percent (1 person) at the level ofauthorized representatives and 25 percent (6 people) at thelevel of senior executives.
Reports on risks, forecasts, and opportunities
Risk report
Risk management system
The Group has a risk management system into which all thedivisions of Messe Düsseldorf GmbH and those of its subsidiaries
are integrated. The task of the risk management system is to
identify, assess, and communicate/report any possible risks oropportunities so as to enable countermeasures or mitigating
action to be initiated in good time. The risk management
system is managed by the Company’s internal auditing bodyand is closely dovetailed with Messe Düsseldorf’s internal
auditing system. All these systematic monitoring operations
have, in their entirety, the aim of guaranteeing the security
and efficiency of business operations, the reliability of financial
reporting, and the conformity of all Company activities withthe statutes and regulations.

31Combined Group and Company Management Report of Messe Düsseldorf GmbH for the 2023 Business Year

What Messe Düsseldorf defines as a risk is an exposure tolosses, ensuing from events or actions, which may have anegative impact on the Group’s net worth, financial situation,or profitability.
Individual risk categories are defined on the basis of thisoverall risk definition. The various risk categories express
the severity of the repercussions to which the Group’s net
worth, financial situation, or profitability will be exposed if
a risk materializes. In this classification, the following risk
categories have been laid down:- Operating risks- Ad-hoc risks
Operating risks are risks whose expected level of loss would
not have the effect of jeopardizing the Group’s existence, butwhich, viewed separately or in their interaction with otheroperating risks, would have a more than negligible impact
on the Group’s net worth, financial situation, or profitability.
Ad-hoc risks are risks whose expected level of loss andprobability of materialization would trigger an immediate
report to the Board of Management and from the Board ofManagement to the Supervisory Board.
In the risk committee, the risks reported by the risk owners
are evaluated and discussed. Subsequently, the risk committee
chairperson reports directly to the management.
Risks
Individual risks are assessed on the basis of the anticipatedlevel of loss and the probability of the risk actuallymaterializing within the framework of a risk inventory. The
level of loss is subdivided into minor, relevant, and critical.
The probability of materialization is divided into low, medium,
high, and very high. Risks with a low level of loss and a low
to medium probability of materialization are not shown in
the following overview. In the year under review, the risks
affecting the parent company and those affecting the Group
were identical.

32

As at December 31, 2023, the following risks were identified:
Level of loss
Probability ofmaterialization:very high (75%-100%)high (50%-75%)

Relevant

Critical

–

1

5

–

The trade fair industry was already affected by the risk withthe highest probability of materialization and critical levelof loss in the form of a global pandemic. The effects of travel
restrictions, official bans, and even including nationwide
lockdowns led to record negative results in the entire trade fairand exhibition sector. Messe Düsseldorf is countering future
pandemic risks with a hygiene concept and various protective
measures for exhibitors, visitors, and employees.
A risk with a high probability of materialization relates to theworldwide travel restrictions. Restrictions on freedom of travel
due to wars, border closures, or strikes affect, in particular,
trade fairs with a high degree of international orientation. In
this regard, Messe Düsseldorf is trying to obtain an up-to-dateassessment of its worldwide network of representatives abroad
through its subsidiaries and in cooperation with AUMA.
One risk is geopolitical conflicts. Travel restrictions andsecurity concerns may affect the trade fair industry. Barriers totrade and sanctions may hinder the international flow of goods
and services, which may have a negative impact on the variety
of products presented. Political instability in the countries may
put exhibitors off and thus affect the size and quality of events,
leading companies to reassess their participation in trade fairs
and change their priorities.
Another danger to trade fairs and investment projects,
which are often planned over the long term, is also posedby rising prices. The price increases are mainly driven byenergy prices, material shortages, and supply bottlenecks
are additional factors.

Messe Düsseldorf is trying to counter the latter risk by making
inquiries to its suppliers at an early stage in order to guarantee
prices and the availability of materials.
In times of a lack of skilled workers or increasing concentration,
there is a risk of dependence on process-relevant service
providers and suppliers. Messe Düsseldorf’s operational
processes could be affected, especially if these service providers
support critical functions. Disruptions or failures at thesecompanies could lead to significant impairments in organizing
and staging trade fair events or construction work. To avoid
the risk of dependence on a few process-relevant suppliers andservice providers, the process partners are carefully monitored
and evaluated.
The increase in cybercrime poses another risk to any business.
In this case, the loss ranges from actual financial losses due
to counterfeit invoices, the blocking of systems and the lossof sensitive customer data. Messe Düsseldorf is investingin additional resources to implement and maintain security
systems. The cost of restoring data and reputational damageis relevant.
In the business year under review, no risks were establishedthat, either individually or cumulatively, might be susceptible
to jeopardizing Messe Düsseldorf’s existence.
Risk reporting with regard to the use of financial instruments
As at December 31, 2022, Messe Düsseldorf GmbH had concluded
another three interest rate swap transactions designed to hedge
against interest rate-related payment flow risks relating tovariable-interest liabilities to banks – entered into for the
purpose of financing future capital projects. These three interest
rate swap transactions are designed to provide a hedge for
future loans with a total volume of EUR 60,000k. Due to thepositive trend in the market values of the interest rate swaps in
2023, the Company decided to sell the financial instruments. No
financial instruments exist as at December 31, 2023.

Forecast report
Messe Düsseldorf
Group

Forecast
for 2023

Results
2023

Forecast
for 2024

Sales (€ ’000)

326,710422,475

382,160

Pre-tax
result (€ ’000)

37,882120,937

54,050Capital expenditure(€ ’000)

33,90821,597

46,962* Including repairs and maintenance

The Messe Düsseldorf Group can look back on a successful
year in 2023. The 73 events gave the Group revenue of
EUR 422,475k. This represents a further increase in revenueof EUR 111,535k compared with the previous year. The majorityof the Group’s revenue is generated at its home location in
Düsseldorf, with a consolidated revenue contribution of
89.5 percent. In addition to the other domestic events,
interpack in particular has been able to make a significant
contribution to improving results. Abroad, Messe Düsseldorf
along with its 6 foreign subsidiaries organized 47 eventsand participations. The consolidated revenue of the foreignsubsidiaries is EUR 42,746k. Medical Fair Thailand, wire &tube Southeast Asia, and Pack Print International Thailand
performed better than expected. The nine new events abroad in
total in 2023 include XPONENTIAL, REHACARE China (Suzhou),
Valve World Southeast Asia (Singapore), GIFA Southeast Asia
(Bangkok, Thailand), GIFA and METEC Indonesia (Jakarta),
GIFA, METEC, wire & Tube Middle East Africa (Cairo, Egypt),
Central Asia Plast World (Almaty, Kazakhstan), Wine & Gourmet
Japan, Tokyo as well as wire Eurasia and Tube Eurasia (bothIstanbul, Turkey). Five more new trade fairs abroad will follow
in 2024: wire Mexico (Monterrey), GIFA Mexico, Mexico City,
Plastics & Rubber Indonesia (Jakarta), Plastics & Rubber
Thailand, Bangkok and ANKIROS/TURCAST Turkey, Istanbul.
The foreign subsidiaries’ contribution to the consolidated net
profit/loss for the year before tax amounted to EUR 17,958k(previous year EUR -2,946k).

33

Messe Düsseldorf
GmbH

Forecast
for 2023

Results
2023

Forecast
for 2024

Sales (€ ’000)

331,934

391,371

349,056

Pre-tax
result (€ ’000)

33,739113,290

46,403

Capital expenditure(€ ’000)

33,792

25,22245,587

Self-organized and guest events
Net hall space
rented out m2

816,293

1,024,567

791,450

Numbers of
exhibitors

21,973

26,877

20,685

Numbers of visitors

934,450

1,181,474

1,042,500

Opportunity report
International business development is to receive a boost in
Turkey through the joint venture with Deutsche Messe AG,
Hannover. XPONENTIAL EUROPE will also be held for the firsttime in 2025, as the spin-off to the successful XPONENTIAL
Denver, in the US. XPONENTIAL is a trade fair for unmanned
and autonomous locomotion.
The technologically optimally-equipped exhibition site in
Düsseldorf is to be developed further as a success factor. In theyears from 2024 to 2028, Exhibition Hall 9 is to be modernizedsuccessively for EUR 160 million. Furthermore, investments areto be made in the digital transformation as well as in national
and international business development.

* Including repairs and maintenance

Messe Düsseldorf’s revenue was higher in 2023 than forecast
and compared to the previous year. The planned sales revenue
was improved by a strong increase in sales of floor space atinterpack, CARAVAN, A+A, and MEDICA as well as the GIFA/METEC/THERMPROCESS/NEWCAST trade fair quartet. The
number of visitors also exceeded expectations. Together
with the unplanned non-operating effects from the sale ofinterest rate swaps, the write-ups of participations andrefunds from the energy price cap, Messe Düsseldorf reported
earnings before tax of EUR 113,290k. Due to the trade faircycle, Messe Düsseldorf expects a slight decrease in the key
KPIs in 2024. In addition to the annual events, drupa, wire &tube, and glasstec will decisively shape the sales revenue.
The modernization of the exhibition halls and entire grounds
will be pressed ahead with next year, and so investment in theinfrastructure will reach more than EUR 45 million in 2024.
In 2024, a total of 15 self-organized and 8 guest events arescheduled in Düsseldorf. Highlights include the number one
position for the global printing industry as well as wire &Tube as the world’s leading trade fairs for the wire, cable, andtube industries.

Statement regarding compliance with the Company’s
public objective and the attainment of the corporate
purpose in accordance with Section 108 subsection 3 item
2 GO NRW and Section 65 subsection 1 item 1 of the NRWbudgetary regulations.
In accordance with the articles of association of Messe
Düsseldorf GmbH, the object of the Company is to organizeand stage fairs, exhibitions and other events that serve topromote industry, craft industries, trade and services, andto provide the counseling, project development, and orderplacement services necessary for this purpose.
We are absolutely convinced of the fact that we have oriented
the business policy and strategic position of Messe Düsseldorf
in a suitable fashion.
Düsseldorf, March 31, 2024
Messe Düsseldorf GmbH
The Management
Wolfram Nikolaus Diener

Bernhard Johannes Stempfle

34

Erhard Wienkamp

35

Messe Düsseldorf GmbH Group
Messe Düsseldorf GmbH (Date: 12/31/2023)

Messe Düsseldorf GmbH

CIOSH
Asia Co., Ltd.
Beijing 50%

Messe Düsseldorf(Shanghai) Co., Ltd.
Shanghai 100%

Messe Düsseldorf
ASIA Pte. Ltd.
Singapore 100%

Düsseldorf Congress GmbH
Düsseldorf 50%

Messe Düsseldorf
China Ltd.
Hong Kong 100%

Messeturm Düsseldorf
Verwaltungsgesellschaft mbH
Düsseldorf 50%

Messe Düsseldorf
India Pvt. Ltd.
New Delhi 100%

GEC – German Exposition
Corp. Int. GmbH
Berlin 33.33%

Messe Düsseldorf
Japan Ltd.
Tokyo 100%

WISAG Messe Service GmbH
Düsseldorf 24.9%

Shanghai New International
Expo Centre Co. Ltd.
Shanghai 50%

Messe Düsseldorf
North America Inc.
Chicago 100%3637

Consolidated Balance Sheetof Messe Düsseldorf GmbH as at December 31, 2023

Assets							

12/31/2023€

12/31/2022€

Equity and liabilities
				

Fixed assets

EquityIntangible assets

Subscribed capital

Concessions acquired for valuable consideration, industrial property rights purchased andsimilar rights and assets purchased, plus licenses in such rights and assets
Advance payments made12/31/2023€

15,625,000.00

12/31/2022€

15,625,000.00

Capital reserves

78,269,191.41

78,269,191.41

22,701,524.45

Revenue reserves

119,773,458.00

119,773,458.00

673,400.00

3,562,509.51

Difference in equity due to currency translation

27,070,662.22

26,264,033.96

26,397,262.22

678,787.45

1,651,800.52

Retained profits brought forward

237,142,391.19

207,198,227.48

Tangible assets

Consolidated net profit for the year

94,027,510.75

59,944,163.12

Land, land rights, and buildings, including buildings

Adjusting item for minority interests

792,451.39

846,290.02

546,308,790.19

483,308,130.55

				on third-party land
Other equipment, factory and office equipment
Advance payments made and assets under construction

405,787,189.73

427,192,579.56

6,126,440.08

6,836,121.73

				Accruals

20,470,331.55

19,200,960.17

Accruals for pensions and similar obligations

22,051,255.00

22,241,916.00

432,383,961.36

453,229,661.46

Tax accruals

13,637,822.46

8,370,201.89

Other accruals

41,210,701.08

38,229,672.17

Shares in affiliated enterprises

1,500,000.00

778,350.60

				

76,899,778.54

68,841,790.06

Shares in associated enterprises

10,397,919.26

10,291,006.99

Liabilities

Participations

11,893,108.78

11,889,175.85

Liabilities to banks

55,000,000.00

80,500,000.00

Advance payments on financial assets

12,620,312.67

0.00

Advance payments received in respect of orders

60,094,521.10

109,834,632.55

				Financial assets

				36,411,340.71

22,958,533.44

Trade payables

15,280,337.78

22,568,046.69

				495,865,964.29

502,452,228.86

Payables to affiliated enterprises

88,634.06

12,568.59

Current assets

Payables to enterprises in which participations are held

590,143.25

0.00

Inventories

Payables to shareholders

207,274.60

1,500.00

11,495,897.56

12,799,170.16

142,756,808.35

225,715,917.99

Raw materials, auxiliary materials and supplies

70,208.09

62,279.70

Other liabilities(of which taxes €1,027,156.69; previous year €719,032.05)

Receivables and other assets
Trade receivables

8,602,409.50

12,323,808.27

Receivables from affiliated enterprises

36,776.97

64,241.98

Receivables from associated enterprises

1,764,152.83

715,379.50

Other assets

5,846,748.77

10,455,087.63

				16,250,088.07

23,558,517.38

Cash-in-hand, bank balances

247,168,692.75

246,061,954.88

				

263,488,988.91

269,682,751.96

Expenses prepaid and receivables deferred

5,456,356.32

5,485,172.93

Deferred tax assets

1,154,067.56

245,684.85

765,965,377.08

777,865,838.60

Sum total		

38

Total			39Consolidated Income Statementof Messe Düsseldorf GmbH for the Period from January 1 to December 31, 2023

				
				
Sales		

12/31/2023€

12/31/2022€

422,474,640.51

310,939,391.83

0.00

29,087.56

12,755,403.01

19,147,839.29a) Cost of raw materials, auxiliary materials and supplies, and of purchased merchandise

19,137,984.62

6,983,340.88b) Cost of purchased services

159,750,397.12

115,358,389.89

				

178,888,381.74

122,341,730.77

52,076,851.36

51,159,350.07

Own work capitalized
Other operating income(of which due to currency conversion EUR 35,939.97; previous year: EUR 2,564,770.80)
Event-related expenditure

Human resources expensesa) Wages and salariesb) 	Social security charges and costs of retirement pensions and other welfare benefits

13,756,450.88

15,122,012.15

		 (of which for pensions EUR 4,161,527.64; previous year: EUR 5,796,452.44)

65,833,302.24

66,281,362.22

					Depreciation on intangible and tangible fixed assets

26,849,658.49

27,371,139.93

Other operating income

44,239,066.46

38,889,557.21

774,353.27–988,751.45(of which due to currency conversion EUR 206,452.12; previous year: EUR 160,314.18)
Result from shareholdings in associated enterprises

40

Other interest and similar income

2,294,056.34

232,499.36

Interest and similar expenses

1,551,017.59

4,510,759.21

Taxes on income and profits

26,377,064.52

9,436,786.56

Net profit for the year

94,559,962.09

60,528,730.69

Profit attributable to minority interests–532,451.34–584,567.57

Consolidated net profit for the year

94,027,510.75

59,944,163.12

41

Movements in the Consolidated Fixed Assets
of Messe Düsseldorf GmbH in the 2023 Business Year

Depreciation

Cost of acquisition/manufacture				Book values

Status at
Currency Changes in
Additions
ReclassifcaDisposals
Status at
Status at
Currency
Changes
AdditionsWriteDisposals
Status at
Status at
Status at
1/1/2023
translation the scope of		tions		12/31/2023
1/1/2023
translation
due to 		ups		
12/31/2023
12/31/2023
12/31/2022
			consolidation							the scope of																consolidation
€

€

€

€

€

€

€

€

€

€

€

€

€

€

€

€

Intangible
assetsConcessions acquired forvaluable consideration, industrial
property rights and similar
rights and assets, andlicenses in such rights
Rights and assets

83,433,582.71-617,517.31

0.00

Goodwill

2,400,420.12

0.00-3,284.96

Advance payments made

3,562,509.51

0.00

0.00

4,768,161.34 3,331,504.13

503,399.55

90,412,331.32

60,732,058.26-49,940.58

0.00

3,394,917.49

0.00

61,966.07

64,015,069.10

26,397,262.22

22,701,524.45

0.00

0.00

2,397,135.16

2,400,420.12

0.00-3,284.96

0.00

0.00

0.00

2,397,135.16

0.00

0.00

818,962.50 3,331,504.13

376,567.88

673,400.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

673,400.00

3,562,509.51

66,412,204.26

0.00

Total intangible
assets		

89,396,512.34-617,517.31 -3,284.96

5,587,123.84

0.00

879,967.43

93,482,866.48

63,132,478.38-49,940.58-3,284.96

3,394,917.49

0.00

61,966.07

27,070,662.22

26,264,033.96

959,189.80 1,077,565,028.37

651,133,346.37

0.00

0.00

21,589,140.49

0.00

944,648.22 671,777,838.64 405,787,189.73

427,192,579.56

Tangible assets
Land,leasehold rights, andbuildings, including
buildings on third-party
land		

1,078,325,925.93

0.00

0.00

198,292.24

0.00

54,730,311.42-34,763.51

0.00

2,317,937.66

0.00

9,828,437.47

47,185,048.10

47,894,189.69-32,555.98

0.00

1,865,600.51

0.00

8,668,626.20

41,058,608.02

6,126,440.08

6,836,121.73

and assets under construction

19,200,960.17

0.00

0.00

1,269,371.38

0.00

0.00

20,470,331.55

0.00

0.00

0.00

0.00

0.00

0.00

0.00

20,470,331.55

19,200,960.17

Total tangible fixed assets

1,152,257,197.52-34,763.51

0.00

3,785,601.28

0.00

10,787,627.27 1,145,220,408.02

669,027,536.06-32,555.98

0.00

23,454,741.00

721,649.40

9,613,274.42 712,836,446.66 432,383,961.36

453,229,661.46

5,768,128.17

0.00

0.00

0.00

0.00

0.00

5,768,128.17

4,989,777.57

0.00

0.00

0.00

0.00

0.00

4,268,128.17

1,500,000.00

778,350.60

enterprises

11,265,470.57-667,441.00

0.00

1,748,816.85

0.00

0.00

12,346,846.42

974,463.58

0.00

0.00

974,463.58

0.00

0.00

1,948,927.16

10,397,919.26

10,291,006.99

Participations

11,889,175.85

0.00

0.00

3,392.93

0.00

0.00

11,893,108.78

0.00

0.00

0.00

0.00

0.00

0.00

0.00

11,893,108.78

11,889,175.85

0.00

12,620,312.67

0.00

0.00

12,620,312.67

0.00

0.00

0.00

0.00

0.00

0.00

0.00

12,620,312.67

0.00

0.00 14,373,062.45

0.00

0.00

42,628,396.04

5,964,241.15

0.00

0.00

974,463.58

721,649.40

0.00

6,217,055.33

36,411,340.71

22,958,533.44

11,667,594.70 1,281,331,670.54

768,124,255.59-82,496.56-3,284.96

27,824,122.07

721,649.40

9,675,240.49 785,465,706.25 495,865,964.39

502,452,228.86

Other equipment, factoryand office equipment
Advance payments madeFinancial assets
Shares inaffiliated enterprises
Shares in associatedAdvance payments madeon financial assets
Total financial assets
Sum total

42

0.00

0.00

28,922,774.59-667,441.00

1,270,576,484.45-1,319,721.82-3,284.96

23,745,787.57

0.00

43

Explanatory Notes
on the Consolidated Balance Sheet and Income Statement of Messe Düsseldorf GmbHI. General principles
The annual financial statements of Messe Düsseldorf GmbH,
Düsseldorf (entered in the Commercial Register of the
Düsseldorf District Court/Amtsgericht under HRB No. 63)
have been prepared in compliance with the mercantile law
provisions relating to large joint-stock companies. Pursuant to
Section 290 HGB (Commercial Code), the Company is obligatedto prepare consolidated financial statements. The consolidated
financial statements of Messe Düsseldorf GmbH have been
prepared in compliance with the provisions of the GmbH Act(Act concerning limited-liability companies).
For the Messe Dusseldorf GmbH Income Statement, the total
costs (type of expenditure) method has been opted for. The
peculiarities of trade fair business are taken into consideration.

II. Scope and principles of consolidation
In addition to Messe Düsseldorf GmbH, the consolidated
financial statements also fully include the following
subsidiaries in which Messe Düsseldorf GmbH has a direct orindirect majority holding:– Messe Düsseldorf North America Inc., Chicago/USA– Messe Düsseldorf ASIA Pte. Ltd., Singapore– Messe Düsseldorf China Ltd., Hong Kong/China– Messe Düsseldorf (Shanghai) Co., Ltd. Shanghai/China– Messeturm Düsseldorf Verwaltungsgesellschaft mbH,
Düsseldorf– FIXXUS Grundstücks-Vermietungsgesellschaft mbH & Co.
Objekt Rheinhalle Düsseldorf KG, Pullach i. Isartal(The company was deconsolidated at the end of
December 30, 2023.)
Pursuant to Section 296 subsection 2 HGB (Commercial Code),the inclusion in the consolidated financial statements of Messe
Düsseldorf Japan Ltd., Tokyo/Japan, Messe Düsseldorf India
Pvt. Ltd., Bangalore/India, has been waived.
Pursuant to Section 312 HGB, the shareholding in
Düsseldorf Congress GmbH, Düsseldorf, has been includedin the consolidated financial statements at equity. As at
December 31, 2023, the equity of Düsseldorf Congress GmbH44

totaled EUR 2,389k (previous year: EUR 2,141k), the company’s
reported carrying amount being EUR 1,487k (previous year:
EUR 1,195k).
In a contract dated March 18, 2020, Messe Düsseldorf(Shanghai) Co., Ltd. purchased a 50 percent share in CIOSH Asia
Co., Ltd., Beijing, from China Textile Commerce Association,
Beijing. The company’s sole purpose is to carry out the China
International Occupational Safety & Health Goods Expo event,which takes place in spring. Pursuant to Section 312 HGB,
the shareholding in CIOSH Asia Co., Ltd. has been includedin the consolidated financial statements at equity. The first
application of the equity valuation at December 31, 2020
resulted in a positive difference of EUR 8,091k. In 2022, thispositive difference was increased by the subsequent purchasing
costs of EUR 680k. As at December 31, 2023, the positive
difference, reduced by the write-downs, came to EUR 6,821k.
As at December 31, 2023, the equity of CIOSH Asia Co., Ltd.
amounted to EUR 2,975k, the reported carrying amount being
EUR 8,911k.

The capital consolidation of the companies included in the
consolidated financial statements was based on book values
in the case of first-time consolidation up to December 31,
2008. Pursuant to Section 301 subsection 1 item 2 HGB, therevaluation method has been applied for consolidation since
January 1, 2009.
The positive differences arising from capital consolidation
are partly allocated to the assets of the subsidiary concernedand depreciated on the basis of their useful life. Any positive
differences remaining have been posted as goodwill anddepreciated over a four-year period in all cases. Unscheduled
write-downs are applied whenever necessary. As at
December 31, 2023, all items of goodwill had been written
off completely.
Pursuant to Section 309 HGB, the amounts of negative goodwill
arising from the capital consolidation of Messeturm Düsseldorf
Verwaltungsgesellschaft mbH (EUR 3,987k) have been posted
to capital reserves.

Consolidated Income Statement, intragroup sales revenues
and other intragroup income items are set off against thecorresponding expenditure. Intragroup interim profits were
eliminated in the year under review.
Pursuant to Section 308a HGB, foreign currency amounts on
the balance sheets of the foreign subsidiaries included in the
consolidation are translated on the basis of the spot exchange
middle rates applicable on the balance sheet date. The
income statements have been translated at the average rates
applicable to the accounting period. Any currency translationdifferences ensuing have been posted to the adjusting items
set up for this purpose and, therefore, they have no effect onearnings.
The Company will be included in the consolidated financial
statements for Düsseldorf, capital of North- Rhine Westphalia.
This entry will not be disclosed.

III. Accounting and valuation principles
Messe Düsseldorf GmbH holds 33.33 percent of the shares inGerman Exposition Corporation International GmbH, Berlin.
Pursuant to Section 311 subsection 2 HGB, the inclusion of
GEC as an associated company has been waived.
Messeturm Düsseldorf Verwaltungsgesellschaft mbH,
Düsseldorf and FIXXUS Grundstücks-Vermietungsgesellschaft
mbH & Co. Objekt Rheinhalle Düsseldorf KG, Pullach i. Isartal,
have been included in the consolidated financial statements
pursuant to Section 290 subsection 2, item 4 HGB (specialpurpose entities). With a 94 percent stake in the company,
Messe Düsseldorf was a limited partner of FIXXUS GrundstücksVermietungsgesellschaft mbH & Co. Objekt Rheinhalle
Düsseldorf KG until the end of December 29, 2023. Messe
Düsseldorf made use of its right to purchase both leasing
properties with a contract dated September 19, 2022 (Hall6) and one dated December 19, 2023 (Tower B). FIXXUS
Grundstücks-Vermietungs-gesellschaft mbH & Co. Objekt
Rheinhalle Düsseldorf KG ceased trading due to its merger
into FIXXUS Grundstücks-Vermietungsgesellschaft mbH at theend of December 29, 2023. The deconsolidation of the company
as at December 31, 2023 resulted in a deconsolidation loss of
EUR 24k.

The negative goodwill arising from the initial consolidationof Messe Düsseldorf China Ltd. is shown in the adjusting item
set up during capital consolidation. In 2014, the adjusting
item was added to the consolidated distributable profit for theyear. In a contract dated October 29, 2012, Messe Düsseldorf
acquired the remaining shares in Messe Düsseldorf China Ltd.,amounting to 20 percent of the total, for a purchase price of
EUR 3,500k. As part of the initial consolidation of the sharesacquired, the Group acquired an intangible right to a trade fair
for a sum of EUR 3,138k, which was to be written off over a fiveyear period. Furthermore, deferred tax liabilities amounting
to EUR 549k were to be taken into account.
The EUR 21k negative goodwill arising from the initialconsolidation of Messe Düsseldorf (Shanghai) Co., Ltd.,
Shanghai, was set off against consolidated profit brought
forward. The inclusion process was carried out via the financial
statements of the Messe Düsseldorf China Ltd., Hong Kong/
China, sub-group as the latter company is the sole shareholder
of Messe Düsseldorf Shanghai.
Any reciprocal receivables and liabilities between the fullyconsolidated companies are set off against each other. In the

The individual companies’ financial statements on which fullconsolidation is based are uniformly prepared in accordancewith the accounting and valuation guidelines laid down by
the parent company. Uniform valuation policies have not been
applied to the associated enterprises.
Purchased intangible assets are reported at their acquisition
cost less the scheduled depreciation charge. Depreciation
is based on the straight-line method, taking the normallyapplicable useful life of the asset into account.
Tangible fixed assets are valued at acquisition or manufacturingcosts and, provided that their useful life is limited in time,scheduled depreciation is deducted. If necessary, additional
depreciation is applied based on the value appropriate for theassets on the balance sheet date.
As a matter of principle, buildings are always depreciated ona straight-line basis. Investments in extensions to buildings
are depreciated so as to match the whole building’s remaining
useful life.

45

Notes to the Consolidated Balance Sheet and Income Statement of Messe Düsseldorf GmbHThe straight-line method is used for depreciation on additions
to movable assets. Straight-line depreciation is calculated pro
rata temporis.
Low-value assets with a value of between EUR 52 andEUR 800 are written off fully in the year of acquisition andare simultaneously reported as disposals in the fixed assets
movements schedule. In line with the increase in the tax
threshold for low-value items, in 2018 the ceiling for low-value
assets was increased from EUR 410 to EUR 800.
Shares in affiliated companies and participations arecarried at cost of acquisition or at such lower value as
may be appropriate. The values of any participations inassociated enterprises that are reported are stated with due
consideration to the adjustments made as part of the “atequity” valuation procedure.
The values of inventories are assessed at the reporting date on
the basis of the lower of acquisition or manufacturing cost oron that of the lower of stock exchange or market price.
Receivables and other assets are shown at their nominal value.
Appropriate individual write-downs are made to cover any risks
that are identifiable. Interest-free receivables and other assets
with a remaining term of more than one year are discounted asof the balance sheet date.
The asset-value of direct accruals for pensions is establishedon the basis of actuarial principles following the projected unit
credit method (PUC method), and also applying the 2018 G
standard tables of Dr. Klaus Heubeck. Accruals for pensions are
discounted at a flat rate, this being the average market interest
rate of the last ten years, applicable to an assumed remaining
term of 15 years, as published by the Deutsche Bundesbank(German Federal Bank) for the month of December 2023. This
interest rate was assumed to be 1.82 percent (previous year:
1.78 percent). The calculation following the PUC method isbased on the following assumptions regarding trends:– Trend in wages and salaries: 2.7% (previous year: 2.7%)– Trend in the income ceiling forsocial security contributions: 2.7% (previous year: 2.7%)– Trend in pensions
2.6% (previous year: 2.6%)

46

In actuarial terms, accruals for anniversary obligations anddeath grants are determined on the basis of biometricalprobabilities (2018G Heubeck standard mortality tables).
Commitments are calculated using the projected unit credit
method. An average market interest rate with matching time
limits, applicable to the last seven years, and published
on a monthly basis by the Deutsche Bundesbank (German
Federal Bank), is used to calculate obligations. The actuarial
interest rate as at December 31, 2023 amounts to 1.74 percent(previous year: 1.44 percent).
In the 2021 financial year, a partial retirement program
was launched. Part-time work for the elderly is offered in
the so-called block model for a total of 3 years. The offer
expires on December 31, 2023. During the entire term of thepartial retirement contract, employees receive 50 percent of
their previous monthly salaries. In addition, the employee
concerned receives a top-up amount exempt from tax andsocial security payments by way of compensation. In addition,
the Company pays additional contributions to the statutory
pension insurance scheme on the employee’s behalf. The
partial retirement accruals are discounted at a flat rate
based on the average market interest rate published by the
Bundesbank over the last seven years. This market interest
rate corresponds to the remaining term and amounted to
1.03 percent (previous year: 0.52 percent) as at December 31,
2022. As at December 31, 2023, the settlement amount of
the regulated pension entitlements came to EUR 3,093k(previous year (EUR 1,972k). Messe Düsseldorf has taken out
insurance cover for the pension commitments with AllianzLebensversicherungs AG, the payments made to the asset
value in the business year amounted to EUR 825k (previous
year: EUR 709k). The asset value of this reinsurance policy,
now totaling EUR 1,193k (previous year: EUR 677k), has been
offset against the Company’s partial retirement commitments.
All other accruals have been set up at a required payment
level that takes account of all the risks identified as suchup to the reporting date on the basis of a prudent businessassessment. Accruals with a remaining term of more than one
year are discounted on the basis of the actuarial interest rates
published by the Deutsche Bundesbank.
Liabilities are stated at the amounts repayable. The payments
received on account mainly relate to trade fairs and events
scheduled for subsequent years.

Receivables and liabilities in foreign currencies are entered in
the accounts at the rate of exchange applicable at the time,and are then valued at year-end at the rate applicable on
the closing date. As regards receivables and liabilities with aremaining term of more than one year, the principle of lowest
value or highest value is applied, as the case may be.
As part of Messe Düsseldorf’s SAP migration from SAP R3 to SAP
S4/Hana, the expenditure and revenue accounts were checkedwith regard to their accounting content and the associatedallocation to the profit and loss items in accordance with
Section 275 subsection 2 HGB. Compared with the previous year,
there is a shift of EUR 812k from event-related expenditure toother operating expenses. The change in presentation mainly
concerns cafeteria and catering expenses.

IV. Explanatory Notes and Disclosures concerning
the Consolidated Balance Sheet
Fixed assets
Apart from purchased software, the intangible assets mainly
consist of usufructuary rights plus the software purchased.
The additions are essentially the second installment of theusufructuary rights concerning “Flotte! Der Branchentreff”,
the first part of the SAP migration as well as shares acquired in
the Plastics & Rubber Indonesia and Plastics & Rubber Thailand
events as part of a cooperation. The advance payments mademainly relate to the stand construction configurator as well as
the extension of the online order system.
The purchases of plant and office equipment mainly relate
to purchases of IT hardware, perimeter surveillance systems
as well as audio-visual technology. The operating and officeequipment disposals mainly result from the asset deal withWISAG Messe Service GmbH, Düsseldorf.
The changes in shareholdings in the associated companies
relate to CIOSH Asia Co., Ltd., Beijing/China and Düsseldorf
Congress GmbH, Düsseldorf, and were predominantly brought
about by the equity valuation of the shares. Taking the results,
the positive difference and currency adjustments into account,the shares in associated enterprises increased by EUR 107k.

The additions to the advance payments on financial assets
concern the acquisition of shares in Hannover Messe
Ankiros Fuarcilik Anonim Sirketi A.S., Ankara as well as
the purchase of further shares in Messeturm Düsseldorf
Verwaltungsgesellschaft mbH, Düsseldorf.
Messe Düsseldorf acquired 44.5 percent of the shares in
Hannover Messe Ankiros Fuarcilik Anonim Sirketi A.S. in acontract dated December 21, 2023. The maximum purchaseprice of EUR 3,900k is divided into four installments. The first
installment of EUR 1,000k was due on the day the contract was
signed. A second installment of EUR 1,000k is due after all thecontractual conditions have been fulfilled. The third and fourth
installments are linked to the achievement of operational
corporate objectives (earn-outs). Messe Düsseldorf alsoacquired a further 5.5 percent of the shares in Hannover Messe
Ankiros Fuarcilik Anonim Sirketi A.S. from Hannover Fairs Turkey
Fuarcilik A.S., Ankara in a contract dated January 19, 2024.
Messe Düsseldorf acquired a further 39.9 percent of the sharesin Messeturm Düsseldorf Verwaltungsgesellschaft in a contract
dated December 19, 2023. The sale and assignment of theshares took place on January 1, 2024. The payment of thepurchase price of EUR 11,571k is dated December 21, 2023.
For further details, the reader is referred to the fixed assets
movements schedule attached to the Notes to the Financial
Statements as Annex I.
The list of subsidiaries and other holdings is attached to theNotes as Annex 2.
Receivables and other assets
The trade receivables item contains, as in the previous year, noreceivables with a remaining term exceeding one year.
As in the previous year, the other assets item contains noreceivables with a remaining term exceeding one year.
A portion of other assets consists of tax receivables. These
claims for refunds will not legally arise until the Company
submits its advance VAT and tax returns.
As in the previous year, the receivables from affiliatedenterprises relate to trade receivables from the subsidiaries

47

Notes to the Consolidated Balance Sheet and Income Statement of Messe Düsseldorf GmbH

that, pursuant to Section 296 subsection 2 HGB (Commercial
Code), have not been included in the consolidated financial
statements. As in the previous year, the receivables concerned
have a remaining term amounting to less than one year. As in
the previous year, no trade receivables have been offset against
trade payables.
As in the previous year, the receivables from associatedenterprises relate to trade receivables from the subsidiaries
that are included in the consolidated financial statements at
equity. As in the previous year, the receivables concerned havea remaining term amounting to less than one year.

Deferred tax assets
Liabilities
The deferred tax assets shown in the amount of EUR 1,154k(previous year: EUR 246k) are due to consolidation measuresrelating to Messe Düsseldorf GmbH in compliance with Section
304 HGB. Deferred tax assets were calculated at a tax rateof 31.23 percent. The capitalization of deferred tax asset
differences between the commercial law and fiscal balance
sheet valuations in the amount of EUR 6,242k was waived after
said assets had been set off against the existing deferred tax
liabilities.

The Group’s liabilities as at 12/31/2023 were classified as follows on the basis of their remaining terms:
Total amountThe accruals underwent the following movements:
Write-backs€

Additions€

12/31/2023€

1. Accrualsof up to 1 year

€’000

€’000

€’000

€’000

Liabilities to banks

55,00025,00030,000

0

Payments received on account60,09560,09500Trade payables

15,28015,280

0

0

89

89

0

0

which participations are held

590

590

0

0

Payables to shareholders

207

207

0

0

Payables to affiliated enterprises in

Other liabilities

for pensions andsimilar commitments
2. Tax accruals

22,241,916.00

574,399.00

0.00

0.00

383,738.00 22,051,255.00

8,370,201.89

269,001.89

0.00

570,000.00

6,106,622.46 13,637,822.46

3. Other accruals	 	 	 	 	 5,743,381.13

2,567,687.39-3,383.08

1,144,357.39

6,244,269.47

Accruals for vacations

149,000.00

149,000.00

0.00

902,501.09

902,501.09

2,855,138.00

170,277.45

0.00

33,425.55

115,543.00

2,766,978.00

797,717.37

734,831.90-2,000.57

60,884.90

788,466.80

788,466.80

Partial retirement

3,067,984.00

150,477.04

0.00

1,389,586.96

371,844.00

1,899,764.00

Miscellaneous

3,775,689.80

2,487,080.42-2,644.38

0.00

1,872,965.15

3,158,930.15

10,645,529.17

3,691,666.81-4,644.95

1,483,897.41

4,051,320.04

9,516,640.04

Fiscal risks in foreign countries

2,500,000.00

0.00

0.00

5,000,000.00

0.00

2,000,000.00

Benefits

17,500,000.00

0.00

0.00

0.00

0.00

17,500,000.00

		

20,000,000.00

0.00

0.00

5,000,000.00

Accruals for anniversaries
Bonuses	 	
Risks associated with benefits and taxes

0.00 20,000,000.00

Miscellaneous	 	 	 	 	 Impending losses
Annual financial statements costs

0.00

0.00

0.00

0.00

1,913,585.00

1,173

126

31,173

126

With a remaining term		of up to 1 year

€’000

€’000

€’000

€’000

Liabilities to banks

80,50025,50055,000

0

Payments received on account109,835

109,83500Trade payables

22,56817,635

4,933

0

12

12

0

0

which participations are held

0

0

0

0

Payables to shareholders

2

2

0

0

Payables to affiliated enterprises

from 1 to 5 years of more than 5 years

Payables to affiliated enterprises in

Other liabilities

12,79911,4731,191

135

225,716

164,457

61,124135

1,913,585.00

392,054.64

243,292.81-1,819.43

7,942.40

333,478.84

472,478.84

Miscellaneous

1,448,707.23

1,156,894.24

2,862.99

0.00

1,246,824.46

1,535,774.46 		

		

1,840,761.87

1,400,187.05-4,682.42

7,942.40

3,493,888.30

3,921,838.30

		38,229,672.17

7,659,541.25-12,710.45

3,136,197.20 13,789,477.81 41,210,701.08 		

68,841,790.06

8,502,942.14-12,710.45

3,706,197.20 20,279,838.27 76,899,778.54

48

10,197
111,458

Total amount

8,272,222.74

Human resources and social sphere	 	 	 	 	 11,496
142,757

The Group’s liabilities as at 12/31/2022 were classified as follows on the basis of their remaining terms:

Risks related to order processing	 	 	 	 	 Outstanding invoicesfrom 1 to 5 years of more than 5 years

		

Payables to affiliated enterprises		
1/1/2023
Utilization
Currency				 translation
		
€
€
€

With a remaining term

49

Notes to the Consolidated Balance Sheet and Income Statement of Messe Düsseldorf GmbHAccruals
The Company’s pension obligations to former managerial
staff are fully covered by pension accruals. In the year underreview, these obligations led to changes in pension accruals
amounting to EUR 191k (previous year: EUR 1,625k), with a net
impact on results. The difference ensuing from the applicationof the 10-year average interest rate compared to the 7-year
rate results in a EUR 181k (previous year: EUR 824k) reductionin accruals for pensions.
The tax accruals mainly cover national and foreign taxes on
business profits relating to the year under review and for theprevious year. The tax-related risks from previous years thathave not yet been audited are taken into account based on theempirical values.
The other accruals cover all identifiable risks and have been
calculated on the basis of prudent commercial principles.

In 2020, Messe Düsseldorf took out three loans amounting,in each case, to EUR 16,667k. The loans are to be repaid, ineach case, in eight identical, consecutive installments eachamounting to EUR 2,083k. Repayment will commence withthe first installments in March 2023 and will terminate in
December 2024.

V. Explanatory Notes on the Income Statement

Event-related expenditure

Sales

Furthermore, Messe Düsseldorf has taken out another threeloans, each amounting to EUR 10,000k, for the purpose offinancing its business operations. The payment date was
January 15, 2021. The loans are to be repaid in one sum on
December 31, 2025 and on January 15, 2026.

Business segment

The differentiation between event-related expenditure andother operating expenses was effectuated via an assessmentof the individual costs. The event-related expenditureconsists of costs that are directly allocable to a cost unit.
Deliveries of fabricated goods are recorded under “cost of raw
materials, auxiliary materials and supplies, and of purchased
merchandise”. Construction work and other services areincluded in “cost of purchased services”.

Furthermore, in 2020, Messe Düsseldorf concluded contracts
regarding three overdraft facilities with various banks.
These three contracts provide for a total overdraft facility of
EUR 50,000k, broken down into two overdrafts each totaling
EUR 13,333k and one overdraft amounting to EUR 23,333k.
As at December 31, 2023, the overdraft facilities were notbeing used.
Of the Company’s total liabilities to banks, liabilities consistingof loans to the amount of EUR 130,000k were secured by
mortgages.
The payables to affiliated companies mainly relate to trade
payables.

Consolidated sales in the business year under review can be broken
down according to the following business segments and regions:

2023

2022

€’000

€’000

Own events

401,001

260,146

Guest events

15,129

8,591

6,345
422,475

42,202

Miscellaneous accruals
RegionGermany

50

2023

2022

€’000

€’000

366,045278,704

China

27,454

6,518

Singapore

9,773

5,746

US

9,450

4,348

India

3,089

128

United Arab Emirates

1,999

0

929

151

0

12,000

3,736

3,344

Other operating expenses

EUR 1,010k of sales (previous year: EUR 526k) are related toevents of previous years.

In addition to exhibition site maintenance costs, the otheroperating expenses mainly consist of rental charges forpremises, legal and consultancy expenses, expenditure on
advertising and IT expenses, insurance policies, site security
and cleaning services, and additions to accruals. Expenses
not relating to the accounting period and totaling EUR 313k
(previous year: EUR 176k) mainly result from exchange rate
losses amounting to EUR 206k (previous year: EUR 160k).
In addition, other operating expenses consists of miscellaneoustaxes relating to the business year under review and amounting
to EUR 2,094k (previous year: EUR 2,086k).

Other operating income

Result from shareholdings in associated enterprises

Income not relating to the accounting period mainly consists of
EUR 3,136k (previous year: EUR 11,976k) in the form of income
deriving from write-backs of accruals. The non-operating
income mainly consists of income from the sale of interest
rate swaps amounting to EUR 4,530k and refunds amounting
to EUR 1,999k as a result of the German act to introduce anenergy price cap. Income from currency translation amounted
to EUR 36k in the financial year under review (previous year:
EUR 2,565k). Disposals of assets classified as tangible fixed
assets resulted in income amounting to EUR 1,335k (previous
year: EUR 15k).

As in the previous year, the result from associated companies
relates to CIOSH Asia Co., Ltd. and Düsseldorf Congress GmbH.

TurkeyRussiaOther countries
Total foreign sales

Deferred tax liabilities
There were deferred tax liabilities totaling EUR 5,312k(previous year: EUR 5,589k) based on consolidation entries
pursuant to Section 306 HGB, having an impact on the
result and concerning the parent company. In accordancewith Section 274 HGB, this sum was set off against deferred
tax assets for the same amount. The latter ensue from thedifferences between the commercial law and fiscal balance
sheet valuations of accruals. A tax rate of 31.23 percent wasapplied, this being identical to the rate applied in the previous
year.

310,939

It is mainly energy costs, auxiliary materials and supplies, andexpenditure on advertising materials that are shown under“cost of raw materials, auxiliary materials and supplies, andof purchased merchandise”, whereas the “cost of purchased
services” item mainly covers expenditure on commissions,stand construction services purchased, rental charges, andadvertising expenditure.

56,43032,235422,475

310,939

Interest and similar income
This mainly consists of interest income from overnight andfixed-term deposit assets of EUR 1,967k (previous year:
EUR 96k).

51
41

Notes to the Consolidated Balance Sheet and Income Statement of Messe Düsseldorf GmbHInterest and similar expenditure

VI. Other disclosures

In addition to interest paid on long-term loans amounting to
EUR 1,108k (previous year: EUR 2,845k), the item also covers
expenditure from the discounting of accruals in the amount of
EUR 437k (previous year: EUR 422k).

Human resources

Taxes on income and profits
To the amount of EUR 26,381k, the taxes on income and profits
consist of German taxes on business profits, and to that of
EUR 1,084k, foreign taxes on business profits. The provisions
for tax risks from previous years were also reduced by EUR 180k.
The changes in deferred taxation have given rise to revenue
amounting to EUR 908k (previous year: EUR 142k).
Proposal for appropriation of the parent company’s profits
The management proposes that EUR 31,490k of the net profit
for the year, totaling EUR 87,326k, be distributed and theremaining amount of EUR 55,836 be carried forward to the
new account.

In addition to the three members of the management, on
average 711 (previous year: 756) staff members were employedduring the business year. The workforce is subdivided into
581 full-time employees (previous year: 607), 130 part-time
employees (previous year: 149), and 3 apprentices (previous
year: 10). In addition, the casual staff employed numbered on
average 168 (previous year: 97).

Messe Düsseldorf acquired 44.5 percent of the shares in
Hannover Messe Ankiros Fuarcilik Anonim Sirketi A.S. in acontract dated December 21, 2023. The maximum purchaseprice is EUR 3,900k. The first installment of EUR 1,000k will berecognized in the advance payments on financial assets as ofDecember 31, 2023. The maximum outstanding installments of
EUR 2,900k are taken into account in other financial obligations.
Messe Düsseldorf also acquired a further 5.5 percent of theshares in Hannover Messe Ankiros Fuarcilik Anonim Sirketi A.S.
from Hannover Fairs Turkey Fuarcilik A.S., Ankara in a contract
dated January 19, 2024. The outstanding amount is taken into
account in other financial obligations as of December 31, 2023.
The shares are expected to be included in the consolidated
financial statements using the equity method once economic
ownership has been transferred to Messe Düsseldorf.

52

was recorded as an expense in the business year under review.
Here, EUR 135k (previous year: EUR 120k) was accounted forby auditing services, EUR 18k (previous year: EUR 26k) being
attributable to other certification services.
Transactions contrary to market principles
No transactions contrary to market principles involving
companies or persons close to the Company have been
performed.

Hedging policy and financial derivatives
Disclosures regarding the Company’s bodies

Other financial obligations and contingent liabilities
On the balance sheet date, the other financial obligations
totaled EUR 46,763k (previous year: EUR 21,310k), EUR 3,194k(previous year: EUR 5,374k) of this stemming from long-term
rental agreements and leases.
On the balance sheet date, guarantees amounting to EUR 618k
had been issued in favor of employees to cover employees’
investment loans. In addition, there were guarantees amounting
to EUR 602k relating to trade-related transaction relationships.

Report on post-balance sheet events
In connection with the acquisition of 39.9 percent of the sharesin Messeturm Düsseldorf Verwaltungsgesellschaft and theassociated transfer of the shares on January 1, 2024, the newly
acquired shares are consolidated in the 2024 consolidated
financial statements.

to 4.25 percent of the compensation on which contributions arepayable - EUR 38,775 (previous year: EUR 36,275). In addition,
a 3.5 percent financial reorganization charge is also imposed.
The contribution rate can be regarded as remaining constant.
The level of the financial reorganization charge is likely toincrease even further pending the establishment of definitive
capital cover for the supplementary pension system. As at
December 31, 2023, the possibility of a claim arising from theabove contingent liabilities cannot be ruled out.

Messe Düsseldorf GmbH grants its employees benefits under
the occupational pension scheme; for this purpose, employees
have been insured with the Rhenish Supplementary Pension
Fund, Cologne. The Fund’s pension commitment covers oldage pensions, pensions for reduction in earnings capacity,and survivors’ pensions for the insured persons’ widows, widowers, and orphans. To the best of our current knowledge,
the institutional assets of the public supplementary pension
funds and the contributions system in its existing structure
do not adequately or completely cover the existing pension
commitments of the employers participating in the scheme.
The cover shortage thus ensuing comes to a substantial sum- a financial obligation that will hit public employers hard in
the future. By way of exercising the option, as provided forunder commercial law, of reporting indirect pension obligations as a liability (Art. 28 para 1 EGHGB/Introductory Act
to the German Commercial Code), in the business year underreview, as in previous years, no accrual was set up. The Supplementary Pension Fund (RZVK) levy shown on the Messe
Dusseldorf GmbH Income Statement under human resources
expenses amounts to EUR 3,056k for the year under review(previous year: EUR 2,857k). The contribution levied amounts

Due to it being an internationally-operating Company, boththe business operations and financing transactions of Messe
Düsseldorf GmbH are exposed to financial risks. The risks
involved may arise in particular as a result of interest ratechanges and exchange rate fluctuations.
In accordance with the Company’s risk management system,
action is taken to limit these risks not only by identifying,
analyzing, and assessing them but also by using financial
derivative instruments. Pursuant to a management
directive, it is not permissible to use such derivatives for
speculative purposes.
Messe Düsseldorf GmbH had concluded a total of three previous
interest rate swap transactions designed to hedge againstinterest rate-related payment flow risks relating to variableinterest liabilities to banks – entered into for the purpose offinancing future capital projects. These three interest rate
swap transactions had a nominal value of EUR 60,000k. Dueto the positive trend in the market values of the interest rate
swaps, the Company decided to sell the financial instruments.
The sales revenue was EUR 4,530k.

The compensation paid to the Managing Board of Messe
Düsseldorf GmbH in the business year concerned totaled
EUR 1,510k (previous year: EUR 1,416k). The compensation
paid to former members of the Managing Board and theirsurviving dependants amounted to EUR 1,368k (previous year:
EUR 1,290k).
Under occupational pension schemes, in the business year
under review, direct insurance contributions were incurred forMr. Diener, Mr. Stempfle, and Mr. Wienkamp, these amounting
to EUR 166k, EUR 134k, and EUR 100k, respectively.
An accrual amounting to EUR 22,051k (previous year:
EUR 22,242k) has been set aside to cover pension obligations to former members of the Managing Board and theirsurviving dependants.
In the business year concerned, expenses for the Supervisory
Board amounted to EUR 91k (previous year: EUR 93k).

Cash and cash equivalents
The cash and cash equivalents item shown in the Consolidated
Cash Flow Statement corresponds to the “cash in hand / bankbalances” item shown on the Balance Sheet.
Auditors’ fees
Of the total fee calculated for the auditing of Messe Düsseldorf
GmbH’s annual and consolidated financial statements by theauditor appointed, a sum of EUR 153k (previous year: EUR 146k)

53
41

Statement of Changes
in Messe Düsseldorf GmbH Group Equity
for the 2023 business year

Parent company

Parent company

Subscribed

CapitalRetained

Currency

Consolidated

Consolidated net

Capitalreserveearnings

translation

profit carriedincome for				
differences

Status at 12/31/2021

Minority interests
EquityProportion ofcapital held

Share of profit

Total sales
EquityConsolidated

or loss		

equity capitalforwardthe year

€’000

€’000

€’000

€’000

€’000

€’000

€’000

€’000

€’000

€’000

€’000

15,62579,718

119,773–396

230,113–22,915

421,918

262

543

805

422,723

–

–

–

–

						
Carried forward to new account–22,915

22,915

-

543

–543

-

-

Consolidated net income for the year

–

–

–

–

-

59,94559,945

-

584

584

60,529Distribution of dividends

–

–

–

–

-

-

-

–543

-

–543

–543

Changes in the scope of consolidation––1,449––---1,449----1,449Currency translation differences

-

-

-

2,048

-

-

2,034

-

-

-

2,048

15,62578,269119,773

1,652

207,198

59,945482,462

262

584

846

483,308

Status at 12/31/2021
Carried forward to new account

–

–

–

–

59,945-59,945

-

584

–584

-

-

Consolidated net income for the year

–

–

–

–

-

94,02894,028

-

532

532

94,560Distribution of dividends

–

–

–

–

-30,000--30,000

-583

-

-583

-30,583

Changes in the scope of consolidation

–

–

–

–

-

-

-

-3

-

-3

-3

Currency translation differences
Status at 12/31/2023

–

–

–

-973

-

-

-973

-

-

-

-973

15,62578,269119,773679

237,143

94,028545,517

260

532

792

546,309

		
Except for the amount posted to deferred tax assets,
the Group equity generated is fully available for distribution to the shareholders.

54

55

Consolidated Cash Flow

Shareholdingsof Messe Düsseldorf GmbH for the 2023 business yearof Messe Düsseldorf GmbH at December 31, 2023

				
				

2023
€’000

Consolidated net profit/loss for the year
94,028Portions of profit/loss accruing to minority interests
532
Write-ups/depreciation on tangible and intangible		
fixed assets
26,850on financial assets
252
Increase (+)/decrease (–) in accruals
8,058
Other income and expenses without impact on cash flow
-656
Cash flow		
129,064
Profits (–)/Losses (+) due to the disposals of fixed assets items-1,327
Expenditure on/income from interest-743
Tax on business profits paid
26,377
Payments of tax on business profits-23,043
Increase (–)/decrease (+) in inventories, in trade receivables,
and in other assets that are not attributable to investment or financial activities
7,300
Increase (+)/decrease (–) in payments received on account-49,740
Increase (+)/decrease (–) in trade payables and other liabilities
that are not attributable to investment or financial activities–11,481
Inflow of funds due to regular business operations
76,407
Inflows due to disposals of tangible and		
intangible assets
3,320
Inflows due to disposals of financial assets
0
Outflows due to capital expenditure on intangible assets–5,587
Outflows due to capital expenditure on tangible assets–3,786
Outflows due to capital expenditure on financial assets–14,373
Interest payments received
2,376
Dividends received0
Outflow of funds due to capital investment-18,050Dividend payments to parent company shareholders-30,000
Dividend payments to other shareholders-584
Outflow due to the repayment of financial loans-25,500
Interest payments made
–1,430
Outflow of funds due to capital investment–57,514
Changes in cash and cash equivalents
843
Cash and cash equivalents at the beginning of the accounting period
246,062
Changes in liquid assets due to the scope of consolidation and exchange rates
264
Cash and cash equivalents at the end of the accounting period
247,169

56

2022
€’000
59,945584
27,371
974
-191
4,019
92,702
-7
4,278
9,437
-3,6262,846
66,513Company

Proportion of

Equitycapital held

12/31/2023

in %

T€

T€

Messe Düsseldorf North America Inc., Chicago/USA

100.00		

4,536

1,126

Messe Düsseldorf Japan Ltd., Tokyo/Japan

100.00		

1,875

535

Messe Düsseldorf ASIA Pte. Ltd., Singapore

100.00		

6,449

2,175

Messe Düsseldorf India Pvt. Ltd., New Delhi/India*

100.00		

3,166

303

Messe Düsseldorf China Ltd., Hong Kong/China

100.00		

35,9384,723

Messe Düsseldorf (Shanghai) Co., Ltd. Shanghai/China

100.00 indirectly

14,9104,002

CIOSH Asia Co., Ltd., Beijing/China

50.00 indirectly

2,975

2,913

Messeturm Düsseldorf Verwaltungsgesellschaft mbH, Düsseldorf

50.00		

1,585

1,065

Düsseldorf Congress GmbH, Düsseldorf

50.00		

2,973

584

German Exposition Corporation International GmbH, Berlin

33.33		

47,542–231

WISAG Messe Service GmbH, Düsseldorf**

24,90		

25

0*

Result2023 		

Closing date 3/31/2023.

** We did not have the annual financial statements as of December 31, 2023.

–16,483
155,660
31354–20,577–2,497
–810
241
1,281
-21,9770-543-10,242–2,690-13,475
120,208
126,506-652
246,06257

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58

messeduesseldorf

Messe Düsseldorf GmbH
Postfach 10 10 06
40001 Düsseldorf _ Germany
Tel. +49 211 4560 01

www.messe-duesseldorf.de