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June 29, 2015

South East Europe: Prague Congress Centre Increased Revenues 9 Percent in 2014

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2014 was the last year in which the financial performance of the Prague Congress Centre (PCC) was effected by the debt arising from the reconstruction and expansion of the venue in preparation for the annual meeting of the board of the International Monetary Fund and World Bank in 2000.

The PCC generated a total income of 458.9 million Czech Crowns (CZK) in 2014, a 9 percent rise on the previous year. Nevertheless, due to one-off expenses for the transfer of operating rights for the Holiday Inn Prague Congress Centre to the PCC, and final payment and servicing of the above-mentioned debt, the venue’s final balance for the year was a loss of CZK 69 million. Earnings before interest, taxes, depreciation, and amortization (EBITDA) totalled CZK 91.7 million.

“The Prague Congress Centre’s financial performance in 2014 was not bad at all. We hosted a large number of international congresses and cultural events attracting over 400,000 delegates and visitors,” PCC General Manager Michal Kárník commented on the results.

The largest congress hosted at the PCC in 2014 was the Conference of the European Association for International Education (EAIE), which was attended by over 5000 delegates from over 90 countries. Some 200 of the world’s leading universities exhibited and the conference.

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