The turnover level is the result of the strategy of innovation in the fairs, international expansion and the response to new social and business demands Export of know-how The foreign strategy, started some years ago, was consolidated through various lines of business. Firstly, the trade fair consultancy allows Fira to provide its know-how, for instance with two shows in Cuba (HostelCuba and PacGraf Cuba). Secondly, there are foreign spin-offs of benchmark Barcelona shows, including events such as Smart City expo in Kyoto, Casablanca and Buenos Aires, and Alimentaria in Mexico and Lisbon. Additionally, there is the management and operation of venues (doha) along with implementation abroad with local partners to carry out trade fair activity that serves as an export platform for Catalan and Spanish industry. An example is the Fira Barcelona México subsidiary, which was set up in 2017 with a business plan to hold various shows there over the coming years. Fira de Barcelona Income Statement 2011 2012 2013 2014 2015 2016 2017 revenues 114,740 115,270 117,831 152,629 150,504 167,517 187,609 participation 62,850 68,787 53,496 72,014 100,389 109,598 125,198 services 43,612 37,944 48,255 61,794 32,121 34,995 36,381 hostelry 8,278 8,539 16,080 18,821 13,803 12,239 15,561 international – – – – 2,078 8,753 8,636 others – – – – 2,113 1,932 1,834 expenses 103,621 104,259 108,295 132,764 137,208 147,127 167,128 participation 45,426 49,338 40,966 49,733 77,611 79,522 94,833 services 31,440 28,076 34,109 44,544 23,171 25,003 25,154 hostelry 5,665 5,322 10,350 13,433 9,521 9,246 10,920 international – – – – 1,705 7,130 9,153 others – – – – 976 743 544 structure (net) 21,090 21,523 22,870 25,053 24,224 25,483 26,524 ebitda 11,119 11,011 9,536 19,865 13,296 20,390 20,481 % ebitdarevenues/ 10 % 10 % 8 % 13 % 9 % 12 % 11 % BALAnCe — 45