RAI Amsterdam Annual report 2022

BACKIN BUSINESS FULLYUP & RUNNING ANNUALREPORT2022

2022: Back in business

From zero to one hundred and beyond in just one year… That’s perhaps the best way to summarise 2022. Our conversation below with Paul Riemens (CEO) and Maurits van der Sluis (COO) barely mentions January and February. The first two months of the year under review saw the doors of the RAI remain firmly closed. Thankfully, that feels like a long time age ago now and events have since returned to a degree that has exceeded all expectations. One thing’s for sure… RAI Amsterdam is very much back in business.

How did you personally experience 2022?

Paul: “For me, the past year was all about resilience. The way people and markets recovered could be felt in so many places, including within the walls of our exhibition and conference centre.”

After a brief moment of thought, Maurits continues: “We were always convinced that COVID would not limit the desire and necessity for physical meetings in the long term Naturally, everyone hoped that business would return soon and we fought extremely hard to make it so To see the results pan out has been a wonderful and experience ” “Yes,” Paul agrees, ”the increasing excitement in the runup to an event, the opening itself, the enormous pleasure of people bumping into each other again on the exhibition floor for the first time in two or sometimes even three years The rich sense of satisfaction when looking back on a successful event To experience all this as a team again has been amazing ”

Do you have any specific moments in mind?

Paul: “We have facilitated a number of sector-leading events over the past year, such as PLMA, Money20/20 Europe, IBC and METSTRADE These international gatherings serve as a central meeting place for the entire industry but I’m not sure it’s fair to single one out ” His hesitation doesn’t last long “Ok, let’s say IBC This major broadcasting convention was celebrating its 30th anniversary in the RAI I found myself immensely enjoying the return of such a world-class event to Amsterdam after a hiatus of two years It was wonderful to welcome so many professionals from around the world to the RAI, to our city "

Maurits: “I’ve attended nearly all the exhibitions and conferences held in the RAI over the past year The joy and energy of physical meetings was clearly perceptible during them all Naturally, I enjoyed the RAI’s own titles hosted here and abroad, including Intertraffic, Interclean, Aquatech, Greentech and METSTRADE One of the stand-outs for me was TwitchCon: this hybrid event in a cheerful and colourful setting for the global livestream and gaming community was truly something different.”

The RAI was still completely closed in early 2022. Take us back to the reopening.

Maurits: “It feels like a lifetime ago All our efforts during 2020 and 2021 had gone into moving forward planned events We also had some successful acquisitions during that time, adding new international exhibitions to the agenda. This meant that our 2022 programme was bursting with events. From the moment the Dutch government reopened access to conferences and exhibitions in February we hit the ground running.”

Paul: “Some organisers had too little time to prepare their event for the second quarter of the year. Or too little

certainty, because behind the organisers there’s an entire sector of exhibitors and visitors who can’t easily be mobilised in a matter of weeks. Nevertheless, business returned and did so incredibly quickly in hindsight. By the second quarter we faced the challenge of upscaling at full speed ”

What did this challenge entail?

Paul: “A key factor was to ensure that as an organisation we had enough people in place who could quickly get used to working together again. We had taken the decision to reorganise during the pandemic to address the reality and uncertainty it was causing. This meant saying goodbye to many colleagues. Others left while our doors were closed, flowing into other sectors This also applied to the entire team of temps Over the past year we have expanded our formation, welcoming on balance over 100 new employees in 2022 Our suppliers and partners went through a similar process It was a huge operation, but the resilience shown by our organisation, employees and suppliers was impressive ”

Was it difficult to find staff in the tight labour market?

Paul: “To be honest it wasn’t too bad, especially compared to the stories I’ve heard The RAI has a good reputation so, with the exception of a few specific positions, we did pretty well in attracting the right people ” Maurits: “Working at the RAI is a challenge and a great experience Young people are given lots of responsibility and can learn fast This is all due to the speed of events: preparation, realisation and evaluation come after each other quickly ”

Over the past years the RAI has placed itself more at the service of the city Will it continue to do so?

Maurits: “We did a lot for the GGD municipal health service, facilitating them in many ways and becoming the largest vaccination station in the Netherlands In partnership with the municipality we also provided space to the Red Cross as they supported refugees from Ukraine The RAI functioned as a key coordination centre, and we welcomed some 200 refugees a day – a process that continued 24/7 We also provided support on other fronts ” Paul: “And we worked on our future vision for 2030 As a location, too, the RAI aims to structurally improve its connections to the city We want to be more of a place where locals eat, exercise and enjoy cultural activities Our goal is to better serve visitors to and residents of Amsterdam and enhance the liveability of the RAI area For this purpose, we started a multifunctional area development programme to help us prepare the convention centre for the coming decades, and make use of all the social and societal opportunities in a sustainable way ”

How do you see 2023 panning out and what are your personal goals?

Maurits: “I have a positive outlook and am sure this will be a good year My goal is to ensure stability in our operations and bring an end to the hectic nature of such a rapid return to business In those moments we saw that the pressure on the organisation was too great for our people and to consistently deliver the quality we expect This is something we’re working on and we do so by learning from the unique year that was 2022 ”

Paul: “Our confidence in the future is strong After all, very few companies could go from zero to one hundred in such a short time like we did. Not all exhibition and conference organisations recovered so quickly and fully. The RAI is privileged to facilitate many events that are world leaders in their sector. The added value of online working and meeting has proven itself in the past two years, but the moments when a sector comes together physically has proven to still be the best experience. They are so valuable that no one wants to miss out.”

Any final thoughts?

Paul: “Yes, I would like to thank our people for the responsibilities they took on and their incredible perseverance. None of the above would have been possible without them.”

Maurits: “Absolutely. Together we have ensured that the RAI is back in business.”

RAI Amsterdam is an international exhibition and conference organisation. Its convention centre in Amsterdam – known simply as ‘the RAI’ – facilitates a wide range of events from small to large. In addition, RAI Amsterdam owns a range of trade and public events which it organises onsite and in other cities outside of Europe.

RAI Amsterdam convention centre

Our venue on the Europaplein square in Amsterdam hosts a large number of events every year From trade shows and congresses that fill the RAI with 50,000 people to meetings of ten: everything is taken care of down to the smallest detail as the RAI ensures a hospitable reception All the multifunctional facilities one could need are available, and we continuously strive to increase sustainability and enhance our business operations, products and service provision

RAI Amsterdam is located on the edge of the city centre next to the A10 ring road, and is easy to reach by air, public transport and car The Amsterdam RAI train/metro station and Europaplein metro station are adjacent It takes just ten minutes to get to the main hall at Schiphol Airport and even less to the heart of the Dutch capital At just four kilometres, the distance from the RAI to the middle of the city centre is very short and visitors can easily combine their business trip with a pleasant urban stay in Amsterdam

RAI events in the Netherlands and abroad

RAI Amsterdam has a portfolio of its own events that are organised in Amsterdam and other convention centres outside of Europe We are active in various key sectors including professional cleaning, remanufacturing, traffic technology, maritime, water technology and horticulture We also have our own national events, including trade exhibitions such as Horecava (food service and hospitality) and consumer events like the Huishoudbeurs (lifestyle) All in all, the RAI has a well-rounded portfolio of titles which generates turnover, protects our market share and facilitates knowledge sharing, network expansion and business in the relevant sectors

Stimulating sustainable development and innovation in leading sectors

The (international) meetings we organise and the networks which are created as a result are crucial to the exchange of knowledge, information and capital They enable us to contribute to the (sustainable) development of people, markets and society, as well as meeting the United Nations’ sustainable development goals (SDGs) in various sectors

Sustainable and social business

We are constantly focused on our ecological footprint and social environment. Preventing any damage or nuisance from goods, visitor flows and noise is a major spearhead At the same time, we continually seek out ways to increase our contribution to society, for instance by working with local suppliers and social partners, and by helping organisers develop sustainable and responsible events

Value for the region

Hotels, restaurants, museums, transport operators and suppliers all benefit from the exhibitors and visitors who come to the city for the (often international) exhibitions, conventions and events in RAI Amsterdam Business visitors who stay for a few days are also good for the city and the wider region, contributing more to the local economy on average than recreational tourists

Overview of certifications

RAI Amsterdam has the following certifications:

Recognised conference venue

YOIN excellent meeting places (previously 5-hammers)

AIPC Gold

EarthCheck 4 0 Platinum*

ITs (Integrated Access Standard)

ISO-9001 (Quality management)

ISO-14001 (Environmental management

UN Global Compact

BREEAM-Excellent certification (for construction of the Amtrium)

Recognised training company (Samenwerkingsorganisatie Beroepsonderwijs - Bedrijfsleven)

Strategy and value creation

RAI Amsterdam aims to be a respected and profitable event location while contributing to the wellbeing and development of visitors, the city and society as a whole. Our primary commercial focus is on multi-day international business-to-business events using the appeal and reachability of Amsterdam as a basis. From a social perspective we are especially keen to contribute to the city and local region. The RAI is for everyone and we set ourselves apart by offering modern, innovative and sustainable facilities and a genuinely hospitable organisation.

Six strategic pillars

To clearly communicate and implement our strategy we have defined the following six pillars:

Portfolio development: we work on the ongoing development, purchasing and acquisition of (new) titles, with a focus on business-to-business events in Amsterdam and abroad;

Client solutions: we provide clients with an even better service by constantly expanding our service portfolio and helping them realise safe, responsible and hospitable events;

Data & digitalisation: we apply the latest technological developments to generate value for our clients and work more efficiently We also use it to develop new business models;

Multifunctional area development: we are a meeting place for everyone We aim to facilitate business meetings and spontaneous encounters at our unique location in the heart of Amsterdam The RAI should be an attractive environment before, during and after events;

Building & infrastructure: we offer an accessible and safe place for valuable meetings We increase the available square metres of exhibition space within the existing options and substantially improve logistics and traffic management The location is fully equipped for business and leisure purposes;

A learning organisation: we challenge ourselves to constantly work in smarter ways and ensure the best possible working environment for our employees

The Executive Board report provides details for each pillar, including the related developments in 2022 Corporate Social Responsibility (CSR) is an integral part of our strategy and the six pillars: we aim to do what we do in a socially responsible way We work with clients and suppliers every day to integrate CSR within our operations and are proud that many of our activities have social value This also allows us to create added value for the city and society, as is further detailed in a separate section of the Executive Board report Recognising that our operations make use of resources, take up space, generate noise and can potentially impact society in other ways, we work hard to minimise any effects This issue is also clarified further elsewhere in this report

IBC 2022

Value creation

The diagrams on the following pages show how we create value for our stakeholders and to which Sustainable Development Goals we mainly contribute

Composition of the Executive Board

The statutory Executive Board consists of two people.

Paul Riemens (1962), CEO

Appointed to first term on 7 April 2016. Reappointed on 16 December 2019 to second term until 16 December 2023. Dutch national. Areas of expertise: Finance, HR, ICT, Legal and Venue. Supervisory Board (RvC) memberships: none.

Additional functions: member of the Supervisory Board (RvT) of NEMO Science Museum, member of the Advisory Board of the University of Amsterdam for economics & business, chair of Concours Hippique International Jumping Amsterdam.

Maurits van der Sluis (1965), COO

Appointed to first term on 7 April 2016. Reappointed on 16 December 2019 to second term until 16 December 2023. Dutch national. Areas of expertise: Marketing & Communications, Commercial, Events & CSR. Supervisory Board (RvC) memberships: none.

Additional functions: chair of The Leading Centers of Europe, treasurer of the Voorfinanciering- en Garantie Fonds foundation, vice-chair of Nederlandse Ski Vereniging, vice-president EMECA (European Major Exhibition Centre Association), board member of Stichting Vrienden Stadsarchief Amsterdam, member of the Supervisory Board (RvT) of Stichting Cardiologie Centra Nederland, ambassador for Ambassadeurs tegen Armoede

Paul Riemens (right) and Maurits van der Sluis (left)

Composition of the Supervisory Board

The Supervisory Board consists of five members.

Otto Ambagtsheer (1969), chair

Appointed member to first term on 1 November 2020 until first general meeting after 1 November 2024. Dutch national. CEO of VIA Outlets.

Annemarie Macnack-van Gaal (1962), vice-chair

Member of the Remuneration Committee, member of the Selection and Appointment Committee Appointed on 15 September 2015 Reappointed to second term on 16 December 2019 until first general meeting after 16 December 2023. Dutch national. Chair and speaker, columnist for the De Telegraaf newspaper, member of Supervisory Board of Pathé Holding BV, member of Supervisory Board of Stichting Waarborgfonds Eigen Woningen, board member of Start Foundation, member of Committee of Recommendation for the foundation Het Vergeten Kind, member of Advisory Board of Dienst Uitvoering Onderwijs (DUO), ambassador for SOS Kinderdorpen.

Michiel Boere (1982)

Chair of the Audit Committee. Appointed to first term on 1 November 2020 until first general meeting after 28 October 2024. Dutch national. Vice President Finance at Uber Delivery.

Mariëlle de Macker (1967)

Chair of the Remuneration Committee Chair of the Selection and Appointment Committee Appointed to first term on 17 March 2017 Reappointed to second term on 21 April 2021 until first general meeting after 21 April 2025 Dutch national. Owner of MCKR-in-business. Advisor Human Capital & Leadership to Innovation Industries, member of Supervisory Board of MSD Animal Health, board member of Talent to the Top foundation, member of Supervisory Board of Teamshape, vice-chair of Supervisory Board of Maastro Clinics, vice-chair of Supervisory Board of Maastro Protonen, vice-chair of Supervisory Board of Stichting Cancer Foundation.

René Takens (1954)

Member of the Audit Committee. Appointed to first term on 1 October 2021 until first general meeting after 1 October 2025 on recommendation of shareholder RAI Association. Dutch national.

left to right: Michiel Boere, Annemarie Macnack-van Gaal, Otto Ambagtsheer, Mariëlle de Macker, René Takens

Events, portfolio development and solutions

Events, visitors, valuation

The RAI organised and facilitated a total of 300 events in 2022 By facilitating we mean that external organisers use our exhibition and conference venue in Amsterdam for their event while we provide an hospitable welcome This was the case for over 90 percent of events held in the RAI, with 23 events being organised by RAI Amsterdam Twenty of these took place in the RAI itself with the other three being organised abroad

Nearly 12,000 exhibitors presented their products, services, concepts and ideas during these events, 72% of which came from abroad This underlines the largely international nature of events in RAI Amsterdam

Some 1.19 million visitors were welcomed in 2022, less than the previous year total of 1.66 million. RAI Amsterdam was largely closed to the public in 2021 due to COVID measures and many of the visitors to the RAI came to get tested for the virus and/or vaccinated (1.14 million compared to 285,000 in 2022).

Satisfaction scores among our customers are a key indicator which we gauge structurally using a grade scale that ranges from 1 (minimum score) to 10 (maximum), with 6 considered sufficient. The organisers gave RAI Amsterdam an average of 7.7, the exhibitors 7.9 and visitors an 8.0. There are no comparative figures for 2021 when the venue was mostly closed. Although pleased with the scores we received, the hectic nature of 2022 meant we were unable to provide the desired quality at all times. It is pleasing then that our customers graded their experiences as ‘good’ in such circumstances

Investing in Dutch 'top sectors'

The Netherlands is doing well on the international trade and industry stage To remain competitive the government is investing in various ‘top sectors’, and works closely with businesses and scientists This impressive collaboration has received praise from around the world The economy is also strengthened by this partnership via innovations, the utilisation of international opportunities, the resolution of social challenges, the increase of human capital and investments in scientific research

RAI Amsterdam represents, connects and strengthens the Dutch top sectors and their ecosystems by stimulating knowledge exchange, innovation and social initiatives This makes the RAI – and the city of Amsterdam – a meeting place of the highest stature, a place where government officials, scientists, business people, subcontractors and other key players join forces to share knowledge, do business and work together

Examples of such events in 2022 include:

ECTRIMS

International medical science congress on Multiple Sclerosis Sector: Life Sciences & Health

Thousands of scientists from around the world came to Amsterdam in October to participate in ECTRIMS, with around 7,000 physically in the RAI and some 2,000 participating online

The Amsterdam Metropolitan Region is at the heart of the European Life Sciences & Health sector, with a high concentration of research institutes, universities, medical centres, businesses and startups They work together and form partnerships in specialised hubs, and use the most advanced technology and AI to resolve future challenges in the field of life, science and health Recent research shows that Amsterdam holds third place worldwide when it comes to cities with the most scientific influence, scoring especially high in the field of Life Sciences & Health

Money20/20

Largest Fintech event

in Europe Sector: (Fin)Tech

The future of money and payments was showcased and discussed in June during the annual Money20/20 event, where professionals in payment systems exchanged experiences, enhanced their knowledge and met with existing and new relations All major European banks were represented, as well as new and well-known financial and legal institutions such as Visa, Klarna, Adyen and PayPal.

Amsterdam is considered the home base for Money20/20 due to the city’s leading position as a financial centre and hub. Amsterdam is the second most important FinTech city in the EU after Berlin and holds 12 spot in the world rankings. th

International Broadcasting Convention (IBC)

Media, broadcast and tech

Top sector: Creative

In September IBC celebrated its 30th anniversary in the RAI Over 37,000 visitors from 170 countries came together in Amsterdam to expand their networks, share knowledge and work together in person. More than 250 world-class speakers addressed the full theatres and halls, and over 1,000 leading exhibitors presented innovations and advanced technologies. This was the first physical edition of IBC since 2019.

Over 200,000 people from more than 20 nationalities work in the creative industry in the Amsterdam region. They create everything from games to memorable global ad campaigns, and have helped the region build an international reputation for creative excellence, with an eye for sustainability and inclusivity.

Events outside of the Netherlands

In 2022 we organised a total of three events abroad, with others being cancelled:

COVID measures in Shanghai, Hangzhou and Guangzhou meant that Aquatech China, Interclean China and ReMaTec Asia could not proceed.

The hurricane-force storm Ian which hit Florida in late September resulted in the cancellation of IBEX 2022, the main B2B event for pleasure craft in the USA, in order to ensure the safety and wellbeing of all team members, exhibitors and visitors. The exhibition floor had nearly sold out, with 170 exhibitors from 15 countries including Canada, the US, India, Turkey, Denmark, France, Germany, Italy Spain, Belgium, Mexico and the Netherlands due to take part.

The economic situation and associated hyperinflation led to the decision to cancel Intertraffic Istanbul

Our events abroad in 2022 were therefore limited to Mexico, which hosted the spin-off-editions Aquatech Mexico, Greentech Americas and Intertraffic Mexico.

New future events

RAI Amsterdam is constantly working to enhance its portfolio with leading events In 2022 it was announced that various new events had chosen Amsterdam and the RAI, and we also introduced a new event of our own

New in 2023: Coldwater Seafood

In 2022 we worked on the world’s first international trade exhibition and conference dedicated to coldwater fisheries. The event will attract exhibitors from the main fisheries and aquaculture sectors in Iceland, the Faroes, the UK, Ireland, Norway, Sweden, Denmark and the Netherlands. Coldwater Seafood is a joint project between RAI Amsterdam and the renowned Norwegian company Aqkva. See https://coldwaterseafood.eu/ for more details.

“Having an expert partner like RAI Amsterdam offers extra assurance that Coldwater Seafood will be the networking hub for the coldwater fisheries sector

Vidar Onarheim CEO of Aqkva

New in 2024: HLTH Europe

In 2024, HLTH will bring the European ecosystem of health care together in Amsterdam to tackle the most complex challenges and identify the most promising opportunities in health care HLTH is the world’s largest event for innovation in the health care sector, and its event in Las Vegas in 2022 broke all records It was during this fifth edition of the event that the launch of HLTH Europe was announced. HLTH Europe will take place in RAI Amsterdam from 18 to 20 June 2024.

“

As one of the most centrally located cities in Europe, with a world-class venue, Amsterdam has been selected as the home base for HLTH Europe

Jonathan Weiner CEO of HLTH Inc

Services and certifications

RAI Hotel Services

RAI Hotel Services is the largest accommodation intermediary in Amsterdam and the surrounding region, mainly booking hotel reservations for conferences, exhibitions and other events. Its team looks for the perfect places to stay and uses its extensive knowledge and many years of experience to offer organisers, exhibitors and visitors the best hotels at the most favourable prices. RAI Hotel Services offers additional support, provides a custom range of hotels, and offers accommodation at the lowest prices and best conditions during events via an online application that allows clients to make changes if necessary

Bookings gradually started coming in after the RAI reopened in February 2022, with RAI Hotel Services booking more rooms in June than for the 2019 editions of the same events. A total of 26,936 bookings were processed in the year under review, involving more than 89,625 overnight stays. In the last fully operational pre-COVID year of 2019 we processed 31,500 bookings, involving over 105,000 overnight stays

Food & Beverages

The food & beverages experience is an important component of every exhibition, conference, stage show or other event RAI Amsterdam facilitates all aspects of this for organisers, exhibitors and visitors alike From stand socials to professional baristas and exciting cocktail shakers to fully catered receptions and gala dinners, we can provide a custom solution for any occasion ourselves and with selected suppliers

Heartwarming Amsterdam

Our ‘Heartwarming Amsterdam’ catering concept features a deliberate choice to work with regional products and make sustainable choices and partnerships All catering requests can be met using regional and/or seasonal products, with a clear positive impact on society being assured by working with suppliers from the region and other measures

Former Holland Restaurant becomes 'The Food Collective’

A new restaurant concept was introduced in 2022 The Food Collective accommodates three unique formulas: the Sushi Club, with a rotating sushi belt; the Twelve Restaurant, with a delicious lunch menu and accompanying wines; and the Balcony Bar Lounge, which serves a great cup of coffee, beers and snacks

Sustainable catering during Sibos 2022

In the run-up to Sibos 2022, an international event for financial services, the organisers and our Food & Beverage team expressed their joint ambition to focus on sustainability and quality The partnership resulted in new themes and creative dishes for a fully catered Food Court, including Plant Based Bars Our Basement Chefs served up a tasty vegetarian and vegan catering range, much to the liking of exhibitors and visitors alike.

Design & Build

Exhibition organisers and exhibitors are supported by the Design & Build team to make the most of their event A wide range of services include developing floor plans and stand design & construction to setting up registration rooms, hospitality suites, pods and internet zones

In addition to personal service, we offer many different products and services via our webshops Exhibition organisers regularly choose a total solution in which modular stand construction is often an attractive choice – we build a wide range of stands in a relatively short time while maintaining a focus on sustainability

Of all the stands placed in the RAI in 2022, 63% were supported by Design & Build. IBC also chose to have the team realise a large part of the stand construction in 2022. It included 1,200m2 of balcony suites, 1,000m2 of modular stand construction and 2,800m2 of uniform stand construction, all of which were completed to the full satisfaction of organisers and exhibitors The partnership will therefore be continued for the 2023 edition

Over 300 exhibitors at METSTRADE 2022 were given the opportunity to visualise the graphics for their stand using a 3D tool. This resulted in a 31% increase in the number of orders % compared to 2019 (128 in 2022 versus 98 in 2019), with graphics printed on reusable materials. The new tool will be rolled out further in other exhibitions in 2023 The METSTRADE 2022 exhibition floor also featured a new modular stand for 2023 that will be used in the SuperYacht Pavilion at the next edition

Data and digitisation

Connectivity

Great connection anywhere and at any time with wifi6 Wi-Fi connectivity is a constant challenge for exhibition and conference venues. Events require a huge network capacity and that network has to be suitable for the number of guests and devices that need to connect. In addition, no two events are the same and each has its own unique IT needs and setting requirements. In 2021 we started upgrading and stabilising our Wi-Fi network using the latest equipment and proven technology All our halls were equipped with wifi6 in 2022, which is the fast new standard for wireless internet communication

OpenRoaming

In addition to the fast wifi6 standard for wireless internet communication, OpenRoaming was also implemented in the RAI in 2022. This allows mobile devices to quickly, automatically and safely connect to the Wi-Fi network in our exhibition and conference complex OpenRoaming brings an end to the need to search for a network, type in Wi-Fi passwords and click pop-up windows Strong continuous connections and reachability contribute to a positive experience for exhibitors and visitors

Cyber security

In 2022 we also worked hard in the field of cyber security, rewriting the policy and making all the preparations for an ISO 27001-audit.

Applications

Migration to new content management system for all websites complete

The websites of all RAI Amsterdam exhibition titles were migrated to a new online environment in 2022, making them quicker and easier to manage We also added various options for personalisation and marketing automation The migration of the corporate website www rai nl is due to start in early 2023

App for uniform stand construction

A new mobile application for uniform stand construction was launched especially for METSTRADE, the exhibition with the most examples of this type of stand The app offers exhibitors the option to quickly explore a wide range of services, from stand furnishings to the delivery of materials and products

Twitchcon 2022

Building and infrastructure

Our exhibition and conference venue on the Europaplein square in Amsterdam hosts many events each year. Every conceivable multifunctional facility is available and we continuously strive to increase sustainability and enhance our business operations, products and service provision. At the same time, we also realise that our activities consume natural resources, take up space, make noise and have other impacts on society that we constantly strive to minimise or avoid.

Facilities overview

RAI Amsterdam Convention Centre facilities

Properties

Total surface area

Conference centres

Facilities

116,600 m2

3 interlinked conference locations

Halls 12 interconnected halls, expandable with two semi-permanent halls

Rooms

Foyers and lounges

Entrances

Restaurants and bars

Parking garages

2 auditoriums, one large ballroom with 2,000 seats A total of 70 conference and meeting rooms Accommodation for 10 to 10,000 people per room

Multifunctional space for exhibitions, parties and celebrationsn

9 separate entrances: own entrance for each event

9 restaurants, bars and lounges From buffet to à la carte

Capacity for 4,000 spaces on the premises

Marina Own marina directly connected to the Amsterdam canals

Train station called Amsterdam RAI, adjacent to RAI Amsterdam Convention Centre

Two metro stations

Hotel (nhow)

Amsterdam RAI Station connects to the metro line that forms a circle around the city

The new Europaplein station is situated just 50 m from the entrance to the RAI and connects the RAI to the city centre

On-site congress hotel with 650 rooms and 200 parking spaces

Traffic and logistics

RAI Logistics Management System

The RAI Logistics Management System (LMS) was used in 2022 for all events that took place in the halls of the RAI. It allows us to manage truck transport from departure to arrival and help drivers optimise their journey, ensuring they reach their final destination at the right time and avoid inactivity once there. The aim is to further reduce the number of vehicles roaming the neighbourhood and any congestion from cargo transport. The new system was used for over 10,000 bookings in 2022

Use of buffer zones

During exhibitions for which busy build-up and/or breakdown periods are expected, 15,000 m² of external premises in Westpoort (outside the Amsterdam ring-road) or parking areas 17 and 18 adjacent to Amstelpark (a smaller zone closer to the RAI) are used as a buffer zone Incoming traffic is directed to this area, where the vehicles are registered before being invited to drive through to RAI Amsterdam in an orderly fashion This significantly spreads lorry traffic around the RAI The buffer zones can accommodate 90 trucks and were used on 64 days in 2022 (2021: 16 days)

Combi-deals: public transport and event tickets

We proactively stimulate the use of public transport to offer visitors an alternative to driving. Deals that combine tickets to exhibitions and transport, offered in partnership with public transport companies NS and GVB, are more convenient and cheaper. Our webshop realised over 36,900 transactions online in 2022 (2021: 18,700).

Parking facilities

RAI Amsterdam has over 4,000 parking spaces, around 200 of which are beneath the nhow Amsterdam RAI hotel Some 50 parking spaces at the RAI have charging stations for electric vehicles Concentrating parking spaces on the premises strengthens our position by increasing customer satisfaction, stimulating smooth traffic flows and reducing any nuisance to the neighbourhood The concept of registration-based payment for parking reduces the use of physical tickets and stimulates the flow at peak times, which in turn reduces traffic on surrounding access roads

Making parking facilities available for the city

Garages P1 to P4 are open as a P+R option for the city on days when no large events are taking place. They are accessible at an attractive rate to visitors to Amsterdam who can then travel further into the city by bike, tram, metro, bus or taxi. Visitors to Amsterdam used this service more than 263,000 times in the past year (2021: 213,000).

Safety at work

The RAI has had a Safety at Work policy since 2010 Unique in the event industry, the policy is aimed at minimising injuries during the build-up and breakdown of events in our halls These build-up and breakdown processes are subject to change, with the scope and complexity of events often increasing, while back-to-back events demand greater speed from the parties involved We regularly adapt our Safety at Work policy to address this issue, and did so again in 2022 The resulting experience, knowledge, policy and communication tools are actively shared by RAI Amsterdam with other event locations in the Netherlands and abroad within the framework of the RAI Amsterdam Safety Programme

RAI Amsterdam organised a ‘safety at Work’ meeting in the RAI at the start of 2023, welcoming representatives from various other event locations

A structured approach to building assets

An assessment of the condition of the built environment in accordance with NEN2767-1 helped the RAI map out the status of approximately 8,000 assets which comprise the convention centre. The baseline measurement was then used to plan an investment agenda for the coming years.

We try to prevent excessive noise as much as possible using a so-called acoustic map. This enables us to accurately predict when we need to apply for a noise exemption permit – four such permits are allowed per year. Monitoring the standards enables us to take preventive measures when necessary. In 2022 we applied for and were granted four noise exemption permits (2021: 0).

Reduced energy consumption and CO2 emissions

Despite the RAI welcoming a far larger number of events to Amsterdam in 2022 our energy consumption only rose slightly to 99 TJ (terajoule of energy) Some 55 6TJ was generated as electricity, 42 9 TJ as district heating and 3 5 by our own solar panels Our gas consumption was very limited

All energy consumed by the RAI is green power and leaves no CO2 footprint We receive certificates from Centriq confirming the purchase from Vattenfall of green power generated by hydroelectric plants in Scandinavia

RAI Amsterdam has 1,806 solar panels in use, including 1,632 on the roof of Hall 8. The roof of the Amtrium accommodates an additional 174 panels. A total of 2,164 panels have been placed on the nhow Amsterdam RAI hotel As the generated energy is provided to and used by the hotel, this does not affect our CO2 footprint

which generated by RAI solar panels (GJ)

Percentage of green electricity purchased

* no data available due to company closure

In 2022 RAI Amsterdam took the initiative to start a stakeholder dialogue with a range of parties related to the future generation and consumption of energy. Various meetings were held under the ‘Energy Table’ banner, focused on how the RAI area can become a net energy resource. A pilot project will now be started with Dutch agency InvestNL to equip Hall 7 with ultra-light solar cells to see how the roof surfaces might be optimally used. Other topics discussed included (drilling for) geothermal energy in a possible cooperation with Vattenfall. Various energy suppliers and Amsterdam council took part in the Energy Table

In the period from 20 July to 14 August various employees looked at how energy consumption might be further reduced when no events are being held in the RAI. The various measures resulted in a reduction of 38% (334 MWh) compared to a similar summer period the year before. These savings are equivalent to the annual energy consumption of some 134 Dutch households.

Co2 footprint/Net Zero Carbon Event Pledge

RAI supports the Net Zero Carbon Event Pledge (https://netzerocarbonevents.or...). This is developing a roadmap for the industry that shows how the organisations involved can move towards net zero in 2050 and halve their footprint

CO footprint

We have been calculating our carbon footprint since 2012. The calculation method was evaluated in 2019 under the supervision of an energy consulting firm and various changes were made to the principles: scope 3 was partially included and the reported emissions increased. Total emissions in 2021 were 2,948 tonnes of CO2. District heating, which is distributed via the city grid, is a more sustainable energy source than natural gas as it is based on the residual heat produced during industrial processes, power generation and/or waste separation. No figures are available for 2020 as the company was closed due to the COVID pandemic

Like many other companies, increasingly stringent European energy legislation (EED) means the RAI is subject to energy audits to prove we are implementing sustainable energy savings. Having now transitioned to the EarthCheck 4.0 certification, no further energy audits will be required.

CO2 emissions

Water

*no data available due to company closure

* no data available due to company closure

Waste management

The RAI aims to ensure that both its consumption and production are sustainable, with everything possible done to prevent waste. Where waste is unavoidable we work closely with partner CSU and subcontractor Beelen to enable high-quality recycling.

The RAI applies the ‘polluter pays’ principle whenever possible, making the parties who produce waste responsible for its proper separation (separated waste is cheaper and more eco-friendly than unseparated) We also use reusable materials whenever possible and actively search for market demand outside of the RAI to ensure valuable residual streams are identified and repurposed. The entire chain is involved and an example is provided in the ‘Value to city and society’ section.

Multifunctional area development

We aim to further strengthen our position and add value to our surroundings by being a place where Amsterdam and the world meet, both now and in the future. Social, ecological and economic value creation all play a role herein. Part of the transition plan is to adapt the logistics process for deliveries. We are also looking to add public functions to our neighbourhood and make space available to the city.

Municipal vision

In line with the new policy framework for ‘connected parties’, the City of Amsterdam’s municipal executive has combined the various public interests involving the RAI in a unilateral vision. The vision can be summarised as working towards ‘a flourishing RAI in a flourishing environment’. It is the council’s starting point for reaching agreements with the RAI on how public interests can best be served and how Amsterdam, the RAI and other partners can contribute. The municipal executive is positive about the plans and sees the potential added value of the masterplan. At the same time, there are many steps to take toward its realisation and many choices remain open. The executive plans to make these choices within the frameworks of the formulated vision and in close consultation with the RAI

“We will work closely with the RAI to see how we can develop the area to make it greener and more sustainable, realise residential development and strengthen Amsterdam’s position as a conference city.

Text from the coalition agreement, 25 May 2022 Amsterdam municipal council coalition

In the interest of the city

The public added value of the masterplan translates into the addition of residential housing, making the RAI premises more accessible to local residents by adding a ‘non-RAI’ element, and reducing pressure on the surrounding road network Arcadis performed a social costs and benefits analysis of the masterplan in 2020 on behalf of the RAI, concluding that it will make a positive contribution to the earning capacity of the Netherlands and improve the living environment of Amsterdam and the region.

Significant positive effects of the masterplan include an improved flow-through on the Dutch road network, improved traffic safety and air quality in the city and a reduction of noise pollution for the neighbourhood. These effects are mainly related to the logistical aspects of the masterplan. The urban effects in the field of air quality, noise and traffic safety are important to the residents of Amsterdam, and contribute to city council goals related to its programmes for reducing traffic in the city (Amsterdam Autoluw) and realising cleaner air (Actieplan Schone Lucht). The construction of a green strip on Wielingenstraat and green roofs contribute to council goals related to

biodiversity and climate. The masterplan also includes a reduction in the number of traffic movements (because of the hub and developments in standbuilding/circularity, among other things), which has a positive effect on the climate This in turn allows Amsterdam to contribute to the national climate agreement

Modern convention centre at the heart of the city

The masterplan is initially focused on investing in the digitisation and modernisation of the venue. These investments are crucial for preserving the economic spin-off value of the RAI for the city. Secondly, the masterplan is focused on transforming the RAI premises into a sustainable and multifunctional meeting place. The starting point is the installation of an underground tunnel infrastructure which will make the logistical processes of the RAI more efficient, effective and flexible

In addition to new real estate for RAI functions, the masterplan also has potential opportunities for the significant housing challenges facing Amsterdam. Adding residential buildings and the related infrastructure and facilities will make the RAI premises more accessible to non-exhibition visitors. The transformation and blending of RAI and nonRAI functions will make our premises more attractive to Amsterdam residents in a recreational and sporting sense

A limited addition of retail and hospitality in the area along Europaweg will enhance the appeal of the route from the RAI train station via the hotel nhow to the RAI premises Further development of the plan aims to ensure that the route design and any limited addition of commercial facilities on the RAI premises does not affect the already available retail and hospitality venues in the nearby area, instead having a strengthening and complementary effect

A well-organised and safe (main) cycling route from Beatrixpark through the heart of the RAI premises to the surrounding neighbourhoods (Kop Zuidas, Rivierenbuurt) and vice versa is a major pillar of the masterplan In addition, the RAI aims to reduce waste streams and recycle any remaining waste via various routes, including modular and circular standbuilding

One of many sketches made in the framework of the Masterplan2030

Next steps

The masterplan is not strictly outlined and needs to be further developed by the RAI and the council into financial, programme-based and legal agreements It will be crucial to simplify this process, reduce the number of dependencies and integrate flexibility and freedom of choice into the detailed plan The masterplan will be shaped step-by-step as a growth and choice selection in which development areas are prepared and realised in stages

Extending the North/South metro line to Schiphol Airport in 2028

Amsterdam will benefit from a major redevelopment after an agreement was reached with the Dutch government to extend the North/South metro line from Amsterdam Zuid via Schiphol to Hoofddorp. According to the current planning the activities will start in 2028. They will create a direct and high-frequency connection to the airport directly from the Europaplein metro station located right in front of the main entrance of the RAI.

Learning organisation

RAI Amsterdam is a company for people, by people. Our employees are the outward face of the RAI and function as hosts during events. We realise our company goals to a large extent by empowering employees with responsibilities, streamlining their tasks and enabling them to make the most of their talents. The RAI is for everyone –and this includes candidates in the labour market. Our diversity profile is designed to be in line with society and our stakeholders.

Employee satisfaction

Employee satisfaction is a crucial yardstick and instrument for the continuous improvement of our company The long period without physical events in 2021 and abrupt return of business in 2022 made it even more important to monitor employee satisfaction on a regular basis The focal point of the latest survey, performed in late 2022, was to map the experience of the employees and collect their suggestions for improvement 78% of all employees gave working at the RAI an average score of 4 or 5, with 70% grading their work 8 or higher, and 80% feeling a (very) strong connection to the company. Work pressure is a focal point: 44% felt a (very) high work pressure in their daily activities. There is a broad recognition herein that this first year after our closure was a tumultuous year. We will use the valuable input from this survey to increase the satisfaction, involvement and enthusiasm levels of our staff, and improve our operational processes.

Labour market and acquisition

Despite the tight labour market in 2022, we were able to attract employees for relevant positions in the organisation This was partly due to our participation in the National Career Fair (Nationale Carrièrebeurs) which took place in our halls in April 2022 We used the event to further strengthen the employer branding of RAI Amsterdam and succeeded in filling various vacancies, both permanent and internship-related In late 2022 the occupancy was at nearly the level of formation In total we welcomed 108 new colleagues in 2022

RAI overall winner at MT500 Media

RAI Amsterdam achieved four number one positions in the MT500, a survey by the University of Amsterdam (UvA) of the 500 companies with the best reputation in the Netherlands We are the leader in the ‘Media’ category, and in the ‘customer-orientation’, ‘sustainable business’ and ‘good employership’ sub-categories The MT500 is the annual benchmark of the reputation of Dutch companies among managers, decision-makers and directors

Event visit ECTRIMS 2022

Diversity and inclusion

RAI Amsterdam for everyone

We strive to ensure the diversity of our departments in terms of age, experience, gender and competencies, and aim to further broaden the concept in the years to come. To anchor diversity in the organisation requires creating a place where everyone feels safe, equal and welcome to contribute, act and decide in all aspects.

In 2022 we started research into diversity and inclusion in the RAI The first step was to gain insight into our current situation This baseline measurement will be the start of a sustainable policy along with associated interventions in coming years that were initiated in 2022.

Inclusive acquisition and selection

In terms of acquisition and selection we apply a method that avoids discrimination It includes communicating in a culture-neutral way and not asking questions about gender, age and place of birth

The percentage of vacancies for managers and Executive & Supervisory Board members that was filled with our inclusive acquisition and selection method cannot be provided as none of these functions were filled in 2022

Balanced male/female ration

At the end of 2022 we had a well-balanced employee database with 52% female and 48% male staff (on an FTE basis)

Goal of Talent to the Top charter achieved

The objective in the field of gender diversity as described in the Talent to the Top charter was also met: the share of women in the policy team and second echelon of managers is 50% (2021: 47%)

Employee contract terms

In late 2022, 76% of the RAI Amsterdam employees had a permanent contract and 24% a temporary contract

Temporary staff

As an organiser and facilitator of events, the RAI faces major peaks in staff occupancy. This is why we often make use of temporary employees. In 2022 this involved 4,047 people. Adding up all hours, their joint effort amounted to 156 FTE.

Interns

The RAI offers work experience to many interns from a wide range of schools/institutions. In 2022, we accommodated around 80 interns, including three work experience spots for intermediate vocational (MBO 1 and 2) students, and one in the framework of BBL & BOL practical training programmes. RAI Amsterdam also took part in the SDG House Traineeship in 2022. This programme for young consultants offers them and the companies they work for the chance to further develop in the field of sustainable operations and business

Personnel composition

Below are some cross-sections of the RAI’s employees.

Balance at the end of the year

Personnel, by age

Percentage / FTE (stand ultimo jaar)

Personnel, by specialism

Percentage / FTE (balance at the end of the year)

Vitality

Focus on maintaining employee fitness

Absence due to illness in the year under review was 4 9% (2021: 5 0%) This can still be considered limited, especially when compared to other companies The effects of COVID-19 and an increase in long-term illness has had less impact on our organisation than is the national trend

Absence due to illness

Organisational development

Back

in business programme and R.E.I.S. Academy

The major reduction of the personnel database in 2020 and long operational standstill – both due to COVID –complicated the restart of events. The 'Back in Business' programme was established in late 2021 to map bottlenecks in the organisation and facilitation of events. Improvement teams comprised of managers and employees sought out the underlying causes of bottlenecks and implemented solutions to prevent them The programme was linked to the four competencies relevant to the RAI, namely result-orientation, taking responsibility, innovation and cooperation (abbreviated as R E I S in Dutch) A custom training programme was developed in 2022 called the R E I S Academy to enhance these competencies among management and staff All RAI employees were offered two training sessions in 2022 focused on giving and receiving feedback, personal talent development, impactful influencing, mindset enhancement and coaching leadership We evaluated the sessions at the end of 2022 after which a selection of managers and staff worked together on a wish list for a new training programme in 2023

Flat organisational structure

In implementing the reorganisation in 2020 due to the COVID crisis, we applied a horizontal organisational structure without too many intermediary management layers In 2022 the Clients and Operations departments merged into a single Events department

Pay ratio

Remuneration policy in line with market average Directors, managers and employees are paid salaries in line with the market average The pay ratio that reflects the total remuneration of the best-earning director compared to the average employee is 7 1 (end 2021: 7 3)

Works council

Frequent and constructive dialogue

A frequent and constructive dialogue was held with the works council in 2022. This year’s meetings mainly focused on [belangrijkste onderwerp], and [overig]. In addition to formal meetings with the Board, the dialogue continued in a number of subcommittees such as the HRM Committee, Financial Committee, Working Conditions Committee, Terms of Employment Committee, Pensions Committee and Temps Committee

Value for city and society

Economic value for the city

RAI Amsterdam contributes to the prosperity of Amsterdam and its hinterland as well as society as a whole, and the events bring revenue into the city. Ecorys was commissioned by Amsterdam council in 2022 to research the economic value of the RAI for the city. Based on the figures from 2019 when we had a turnover of around 690 million euros, the RAI’s added value represented some 580 million euros and employment for 6,300 FTEs. On average, one euro of turnover in the RAI generates seven euros for the region.

Value for society

From linking leftover items to social initiatives in the region that can benefit from them to connecting our facilities and knowledge, expertise and network with social initiatives that need them…. All these projects and more help prevent value going to waste on a daily basis and find ways to be of value to society.

Zuidas Sustainability Award 2022

The first Zuidas Sustainability Award was presented on 18 May 2022. The RAI’s submission ‘From waste to social value’ won the ‘society’ category. We mainly focus on preventing waste from a circular perspective, building awareness among organisers, exhibitors and employees, choosing reusable materials where possible and working with our partners on circular solutions for items like stand building and carpets.

We actively search for needs outside of the RAI to repurpose materials and products and prevent items from becoming waste. Our donation programme was implemented during all RAI-organised events and various facilitated events in 2022, including IBC and Sibos. This connected social initiatives in the region to leftover items after the events.

GGD

The municipal health service GGD had been using the halls and rooms of the RAI since 2020 to test the public for COVID-19. In January 2021 it added a vaccination facility to the existing test facility in RAI Amsterdam. GGD was able to scale the use of space up or down depending on the COVID situation in the Netherlands and the measures applicable during certain periods.

The vaccination capacity was at its largest by the end of the year as the government hoped to achieve a high level of immunity among the Dutch population. For a while we were was the largest (booster) location in the Netherlands, and former health minister Hugo de Jonge visited the GGD location in the RAI where 17,000 booster shots were given.

Since the reopening of the RAI in February 2022 the GGD has used a temporary pavilion in front of the Holland Complex and adjacent to Europaplein for testing and vaccinating. Around 285,000 people visited the GGD’s RAI Amsterdam location in 2022, bringing the total visits since it opened in 2020 to 1,825,000

Coordination centre for Ukrainian refugees

The war in Ukraine forced millions of Ukrainians to flee to countries across Europe. In consultation with the municipality, we provided space to the Red Cross in March to allow the organisation to shelter refugees from Ukraine at the RAI. We served as a coordination centre where refugees could register. The RAI also provided space for them to rest before being assigned to locations in Amsterdam and surroundings The Red Cross organised and coordinated this process around the clock, welcoming an average of 200 refugees a day

Queen Máxima and Amsterdam’s mayor Femke Halsema visited the Humanitarian Service Point in the RAI on 16 March, speaking to employees from the Red Cross, the council and the RAI about the aid provision and temporary accommodation. The visit was concluded with a round-table meeting with staff from the Red Cross, Salvation Army, Dutch Refugee Council (Vluchtelingenwerk Nederland) and Takecarebnb, the organisation that brings refugees and host families together in the Netherlands

Voting and vote-counting location

In mid-March the RAI was at the heart of Amsterdam democracy as the municipal elections took place. All the votes from local polling stations were counted in the RAI and Amsterdam mayor Femke Halsema visited the RAI to take a look at the activities

The RAI was also open to other social initiatives, including being used by ROC Amsterdam, Vrije University (VU), the University of Amsterdam (UvA) and Amsterdam University of Applied Sciences as a teaching and exam location. It also provided parking facilities for teaching staff and sporting space for students, and served as a logistics centre for providing food parcels to vulnerable Amsterdam residents.

Prospects

The impressive recovery in 2022 has enhanced our confidence in the future. The RAI expects a further resurgence of the event industry and an increasing number of international exhibitions and conferences. While inflation, rising prices, the war in Ukraine and measures against any new COVID wave in Asia may limit this expected growth, the overall expectations for RAI Amsterdam’s turnover in 2023 are positive.

Geopolitical tensions remain relevant

The geopolitical tensions resulting from the war in Ukraine continue Although the turnover from Russia and Ukraine is very limited and non-material, and while even substantial, increases in energy costs and inflation do not (as things stand) pose a risk to our continuity, international events are always dependant on the willingness of exhibitors and visitors to travel. The past year has shown that their appetite remains the same as ever. Based on bookings and reservations, we can see – for now – that this also applies to 2023 and beyond. We will continue to monitor developments closely.

An end to COVID restrictions

With the exception of specific (and impactful) measures in Asia to combat COVID, we see the situation normalising worldwide. Organisers and exhibitors are confident there will be no more COVID restrictions and the RAI agrees. Nonetheless, RAI Amsterdam is prepared and has its protocols and measures up-to-date and ready to use.

Prospects

The events that took place in the RAI in 2022 have rekindled the fire. Exhibitor and visitor numbers have returned to the level of 2019 sooner than we expected. The RAI event calendar has also been enriched with a variety of exhibition and conferences over the coming years, including in the field of Life Sciences & Health, Technology and the creative industry, where scientists, business people and investors come together to discuss developments and challenges. We have entered into contract extensions with major international organisers who are keen to have their events take place in the heart of Amsterdam until at least 2028. These developments have confirmed our belief in the chosen course and continuity of RAI Amsterdam This trust is further underlined by our personnel occupancy rate and the clear enjoyment and satisfaction of employees who are doing their utmost to make each and every event a major success

In conclusion

The Board thanks all stakeholders for their involvement, efforts, understanding and perseverance.

Amsterdam, 20 April 2023

Executive Board of RAI Holding BV, P. (Paul) Riemens, CEO M. (Maurits) van der Sluis, COO

While the Welcome to the RAI (01) and Governance and risk management (04) sections of this report are part of the Executive Board report, they are provided separately for presentation purposes

The Board declares that these consolidated financial statements have been prepared assuming that the company will continue as a going concern

Foreword

Dear reader,

The RAI organises and facilitates meaningful meetings. It brings together people, connects communities and inspires them in a wide range of sectors and focal areas; local, regional, national and, for the most part, international The pandemic had limited and at times prevented these activities from taking place over the last couple of years Thankfully, we saw a significant recovery in 2022 Events returned after the first quarter, gradually reaching pre-COVID levels and, in some cases, surpassing them This recovery confirmed what we already knew, that the demand for physical meetings is enormous and of a lasting nature Nonetheless, seeing everything and everyone come together again, sometimes even more so than we could have hoped, has been a genuine pleasure

With its well-filled agenda the RAI’s prospects are very positive, giving us lots of confidence for the road ahead We will continue to prepare for the future by redeveloping the RAI premises and improving its connections to the city At the same time we are increasing the sustainability of the logistics processes related to the build-up and breakdown of events based on the belief that a flourishing meeting place should also be an eco-friendly one A meeting place for leading players on the world stage from countless sectors, but also for the people of the city and region In other words, a place for everyone The goal for us in our role as Supervisory Board is to support the Executive Board in making the RAI the best exhibition and event company in the world In doing so we generate optimal value for our stakeholders, while structurally working toward a flourishing RAI in a flourishing environment

We would like to thank the Executive Board for all their hard work in 2022 and the good results Finally, thanks to the shareholders and other stakeholders for their ongoing involvement, support and cooperation

On behalf of my fellow Supervisory Board members,

Otto Ambagtsheer, chair

Supervisory Board statement

The Supervisory Board hereby presents the Annual Report of RAI Holding BV

It was compiled by the Executive Board and includes the financial statement for 2022 Deloitte Accountants BV has checked the financial statement and provided it with an approved audit statement

Consultations between Supervisory Board and committees

The Supervisory Board held four scheduled meetings in 2022. Recurring topics included the progress report (monitoring both financial and non-financial goals), the business update (focused on the main issues related to markets, clients and events) and the corporate annual plan.

The Supervisory Board includes three committees: the audit committee, remuneration committee and the selection & reappointment committee.

Audit committee

In 2022, the audit committee – comprised of Michiel Boere (chair) and René Takens – met four times in the presence of the Executive Board and financial director Items discussed include the 2022 audit plan, the annual report, the financial statement and the accounting report for 2021. Other topics were the extension of the financing, the budget, planned investments, the dividend policy, inflation, high energy costs and their impact on the result. The audit committee also discussed in detail developments in the field of compliance and risk management. It found that the risks were well embedded in the business operations of the RAI and was pleased with the progress made in this regard.

Remuneration committee

The remuneration committee, made up of Mariëlle de Macker and Annemarie Macnack-van Gaal, met twice with the Executive Board and HR manager in 2022. Issues discussed included a safe working environment, diversity & inclusion, and the personal development programme. The committee also oversaw the annual evaluation of the Executive Board.

Selection and reappointment committee

The selection & reappointment committee, which also consists of Mariëlle de Macker and Annemarie Macnack-van Gaal, had no reason to meet in 2022.

Vision 2030 steering group

The Future Vision of the RAI is for ‘a flourishing RAI in a flourishing environment’ The Vision 2030 steering group includes representatives from both shareholders, the CEO, the financial director, the RAI company secretary, and Supervisory Board members Annemarie Macnack-van Gaal (chair of the steering group) and Otto Ambagtsheer It discusses all aspects relevant to and required for this vision Decision making takes place within the formal governance structures, which in this case is the general meeting, Supervisory Board and Executive Board

Presentation of annual report

The audit committee discussed the financial statement and annual report 2022 with the Executive Board and external accountants Deloitte The financial statement 2022 that will be presented to the general meeting on 20 April 2023 was approved by the Supervisory Board The Supervisory Board proposes that the financial statement be approved, that the Executive Board be given discharge for its management and that the Supervisory Board be given discharge for its supervision.

Amsterdam, 20 April 2023

Supervisory Board RAI Holding BV

O (Otto) Ambagtsheer, chair

A M H (Annemarie) Macnack-van Gaal,vice-chair

M P (Michiel) Boere

W.C.M. (Mariëlle) de Macker

R.J. (René) Takens

Corporate governance

RAI Holding BV is a private company in accordance with Dutch law. Our governance is based on Book 2 of the Dutch Civil Code (BW), the statutes, various internal regulations and the Dutch Corporate Governance Code. The governance structure of RAI Holding BV includes a general meeting, a Supervisory Board, an Executive Board and a works council.

Wherever this annual report mentions ‘RAI Amsterdam’, this should be understood to refer to RAI Holding BV and all its group companies.

Organisational structure

The RAI’s management team comprises the statutory Executive Board, which consists of two members plus three titular directors and three business support managers.

Corporate Governance Code

The Executive Board and Supervisory Board of RAI Amsterdam recognise the 2016 Dutch Corporate Governance Code and apply the principles and best practice definitions therein insofar as they can be said to apply to RAI Holding BV. The principles and best-practice definitions do not apply in some cases as RAI Holding BV is not listed on the stock exchange and only has two shareholders. The following recommendations from the code are not or not fully applied:

provision 2.8.3 (publication of standpoint in takeover situations); principle 4.2 (supplying information to the general meeting).

In addition, RAI Holding BV deviates from the code regarding the terms of employment contracts for the Executive Board which has an indefinite employment contract. The management agreement applies for a period of four years, which means provision 2.2.1 of the Code is recognised.

As the Code prescribes, regulations for the Supervisory Board, its committees and the Executive Board also state that they endorse the code. In addition, a large part of the Code has been made part of the regulations. Said regulations serve as a supplement to the regulations and provisions that apply based on Dutch law. All regulations, the step-down roster and the Supervisory Board profile are published on https://www.rai.nl/organisatie-enorganogram/.

Shareholders

RAI Amsterdam (RAI Holding BV) has two shareholders: the RAI Association and the City of Amsterdam. While they are in principle paid a fixed dividend, this has not recently been possible due to the COVID pandemic.

RAI Association

The RAI Association owns 75% of the shares in RAI Amsterdam This trade association promotes the interests of manufacturers and importers of passenger cars, trucks, trailers, bodywork and special vehicles, motorcycles and scooters, mopeds and bicycles

City of Amsterdam

The remaining shares are owned by the City of Amsterdam

Dividend policy and decisions

Although it had previously been common practice to determine the dividend policy for a five-year period, this did not take place in 2019 A one-off dividend of €9 9 million was due to be paid in 2020, €3 75 million of which remains unpaid As a result of the pandemic it was decided in the spring of 2020 not to make any dividend decisions for the remaining part In 2020 and 2021 the RAI had negative results In April 2022 it was decided not to pay any dividend, which is also one of the conditions of the government’s corporate financing guarantee (GO-C) Dividend payments are not possible before the GO-C has been fully paid off and the solvency requirements met

Own strength

During the COVID pandemic, RAI Amsterdam faced several periods in which the company was fully shut down We then used national schemes to contribute to our wage costs, for financing and to delay tax payments Shareholders were not compelled to contribute extra capital, however The RAI therefore survived the pandemic through to 2022 on its own strength

Risk management

RAI Amsterdam continued and further enhanced its risk management activities during 2022, with policy steps taken in relation to the structural and systematic control of risks. Risk management is embedded in the strategic and operational processes. The integrated risk management system covers all levels of the business operations and all parts of the company.

Risk and control measures are periodically analysed, recorded in a register and monitored, as was the case in 2022.

This analysis also includes the fraud risks identified by the RAI A risk & compliance board oversees progress every quarter, with the Executive Board, senior management and risk & compliance officer taking part The Board monitors the effective functioning of the system and, together with the company, aims for continuous improvement and strengthening.

Focus on realising goals

RAI Amsterdam aims to analyse and manage any (fraud) risks that may arise in realising its strategic, tactical and operational goals Management measures taken in this framework are focused on reducing the chance that the risk will occur and/or reducing any impact that the risk might have should that be the case The risk management system set up by the RAI is based on the principles and starting point of standards such as ISO 31000 and COSO.

Although we try to limit them as much as possible, it cannot be excluded that certain (fraud) risks not currently identified or considered significant may later have a negative effect on the capacity of the RAI to realise its goals

Risk attitude and tolerance

Entrepreneurship is one of the core values of the RAI and involves having the tolerance to take risks in a controlled way The goal of risk management is therefore not to exclude risks but to gain insights that enable us to properly address opportunities and threats

RAI Amsterdam does limit its risk tolerance in other ways Financial risks, for instance, may not threaten the financial resilience of the RAI The RAI always aims for a healthy safety margin with regard to its main financing ratio (net debt/EBITDA) of 15%

In addition, we reduce all safety and health risks as much as possible Compliance with laws and regulations is the starting point The RAI seeks to minimise the risks of non-compliance and applies a very low tolerance in this field

Integrity is important and the RAI applies a zero-tolerance policy with regard to bribery and corruption. The risk attitude of RAI Amsterdam can be schematically represented as follows

RAI Amsterdam’s risk attitude

In setting up its risk management system, RAI Amsterdam applied the 'three lines of defence' model, a structure of measures comprised of an operational line, risk management function and internal audit function.

The first line of defence takes ownership of controlling related risks The second line of defence consists of the risk & compliance function that supervises the set-up and functioning of the risk management system The second line supports the first line, coordinates and reports to the Board and line management The third line of defence comprises an independent internal audit function Based on an internal audit plan, which is updated annually, the function supervises the set-up, existence and functioning of the administrative organisation, internal audit and control measures

Supervision

The Supervisory Board approves (changes to) the risk management policy, and risk management is regularly included on the agendas of meetings of the audit committee and Supervisory Board The Supervisory Board employs the external accountants and approves their audit plan on an annual basis

The external accountants also act as supervisor and monitor the set-up, existence and functioning of the administrative organisation and internal supervision based on an annually updated audit plan The external accountants report to the Supervisory Board via a management letter and a statement in the annual report

Risk assessment

An integrated update of the risk assessment was implemented during 2022 in light of the cyclical evaluation of current developments and any adjusted organisation goals Due to the explicit connection to the goals of RAI Amsterdam, risk management strengthens the performance management In total there are 17 risks which are considered most relevant and these are often interconnected The RAI has determined sub-risks for these 17 domains and defines, implements and monitors control measures

Main risks and mitigating measures

Evaluating the actual risks for RAI Amsterdam involves assessing both the current risk of an incident occurring and the likely consequences (measured in financial terms) this might have

Strategy formation and execution

A strategy evaluation took place in 2022 The six strategic pillars of the RAI remained applicable The evaluation systematically mapped out the risks and insecurities related to the Masterplan 2030, and closely aligned them with the various stakeholders (shareholders, Supervisory Board, municipality and works council)

Market and competition

The commercial playing field and competitive position of RAI Amsterdam can be affected by activities or developments by competitors and potential market partners With this in mind, the RAI has developed a strategic portfolio policy and keeps a close eye on the market position of this portfolio The merits of and conditions related to potential partners are identified and we proactively assess the available options in this field

Changing environmental factors

The COVID pandemic continued to have major consequences in 2022, with events not being restarted until the spring Thankfully, the insecurity related to restrictions and a reluctance to travel and visit events has declined The RAI continues to believe in the strength of personal meetings and the very successful restart of events in 2022 is seen as encouraging in this sense

Another major outside factor that manifested itself in 2022 was the energy crisis resulting from the war in Ukraine. An energy transition is essential, both in the framework of costs and for the necessary increased sustainability of the RAI It is a complex issue with many uncertain variables that cannot be easily resolved RAI Amsterdam is

preparing for this factor in close consultation with many external stakeholders and other interested parties.

Tight labour market

The labour market has been under pressure for a longer period. While RAI Amsterdam manages in general to fill its vacancies, it remains difficult to attract and preserve suitable talent in a few specific segments. This could make the organisation vulnerable to staff turnover. Bespoke recruitment policies and strategic personnel planning mitigate this risk significantly. The temp market is also tight, leading to uncertainty regarding finding sufficient competent staff. This in turn puts pressure on the RAI’s business operations. The risk can be mitigated by proactively and closely aligning the expected capacity demand in advance with temporary staff agencies and service providers

Cybercrime

Cybercrime is one of the greatest threats to businesses worldwide, and RAI Amsterdam is not immune. We have therefore defined a cyber security policy and are taking organisational and physical measures to mitigate this risk as much as possible. The intention is also to reduce consequential risks such as operational disruptions and the loss of privacy-sensitive information A periodic external audit of the soundness of these measures is part of this approach

Economic conjuncture

The economic outlook worsened in 2022. Sky-high inflation is a global issue that also affects the RAI. Rising costs are putting pressure on the profitability of our business operations. Dedicated cost savings and margin management are used to minimise the effect of these developments as much as possible

Safety and security

RAI Amsterdam is a multifunctional venue where lots of people come together and that can have health & safety risks for visitors and employees. The RAI has therefore developed an integrated safety management system that involves a risk-based focus on strategic and operational safety management issues. It also mitigates as much as possible the risk of business interruption caused by calamities The effective functioning of these measures is monitored

Financial risks

Financial risks usually originate from underlying strategic, operational or compliance risks, and the related control measures take place within the spectrum of financial management and treasury. The RAI responded to the COVID crisis by cutting costs, introducing a financing programme and having a maximum focus on cashflows Cash management was strengthened via scenario-based planning and helped support the organisation through these turbulent times

Reputation

As any damage to the reputation of the RAI can have major long-term consequences a range of mitigation instruments have been deployed A compliance management system has been set up to ensure that laws and regulations are closely observed An integrity policy helps prevent undesirable or dishonest behaviour Intensive stakeholder management is partly focused on consolidating the good reputation of the RAI, while a corporate communication policy ensures effective communication to all stakeholders

Compliance management

RAI Amsterdam aims to comply with all legal and licencerelated requirements and guidelines that apply to the organisation.

RAI Amsterdam aims to comply with all legal and licence-related requirements and guidelines that apply to the organisation.

The RAI aims to minimise the risks of non-compliance as much as possible It has a low tolerance in this respect and has established a compliance management system In setting this up we closely followed the starting points and principles of the ISO 19600 standard for compliance management wherever possible. Key starting points included:

A dedicated, structured approach to a continuous process;

A clearly defined scope and a risk analysis-based prioritisation in the context of the specific characteristics of the RAI organisation;

A clear division and appointment of tasks and responsibilities, with a leading and committed role for senior management;

A cyclical process that enables the RAI to be a learning organisation;

A focus on culture and behaviour in line with the core values;

Transparency regarding the compliance approach and the way non-compliance is handled

The compliance management system has comprehensively mapped out the obligations of the RAI and secured compliance via programmes. The progress is constantly monitored and discussed in the risk & compliance board, which includes the Board, senior management and the risk & compliance officer.

1.1. Consolidated balance sheet (before proposed appropriation of results)

Consolidated balance sheet

Before proposed appropriation of results, Amounts x €1,000

2.1. Consolidated profit and loss account

Consolidated profit and loss account

Consolidated cash flow statement

Consolidated cash flow statement

Consolidated overview of total result

Consolidated overview of total result

General

RAI Holding BV has its registered office in Amsterdam (Europaplein 24), Chamber of Commerce number 33093880

The company’s financial year runs from 1 January to 31 December

Activities

RAI Holding BV is a holding company. The main activities of the RAI are accommodating RAI-organised events and providing facilities to third parties for exhibitions, conferences, corporate events, theatre productions and niche events

Continuity

These consolidated financial statements have been prepared assuming that the company will continue as a going concern

Continuity assumption still applies

The year 2022 was marked by the return of events following the lockdown in its first quarter For the RAI, the COVID19 crisis lasted from early 2020 to March 2022 In this period, the RAI maximised its focus on savings, postponed non-essential investments and focused on liquidity As a result, the continuity assumption included in the previous financial statement proved to be correct

General principles for valuation

The annual accounts were drawn up in accordance with the generally accepted principles for financial reporting in the Netherlands and meet the legal provisions regarding the annual accounts recorded in Title 9, Book 2 of the Netherlands Civil Code (BW) The principles for the valuation of assets and liabilities were applied consistently during the previous and current year The principles for valuation and result determination apply to both the consolidated and company annual accounts

Shareholder structure

The RAI Association has a 75 per cent interest in RAI Holding BV. The remaining 25 per cent of the shares are held by the City of Amsterdam.

Principles of consolidation

The financial data of RAI Holding BV and all its group companies are consolidated Group companies are participations over which RAI Holding BV has decisive control The other participating interests are not consolidated

The financial information of companies acquired during the year under review is consolidated from the moment that RAI Holding BV acquires decisive control over the companies concerned until the moment this control is terminated Transactions between companies that are consolidated are eliminated

The company owns 100% of the shares in the following participations: RAI Amsterdam BV, Amsterdam, and Arfora BV, Amsterdam

These group companies include the results of the following indirect participations (100%): RAI Solar Energy BV, Amsterdam; RAI USA, Inc., Delaware; Rui Ang Exhibition and Convention Co., Ltd., Shanghai; RAI TURKEY ULUSLARARASI FUARCILIK VE GOSTERI HIZMETLERI ITHALAT IHRACAT TICARET LIMITED SIRKETI, Istanbul. The company in Turkey was established in 2016 The results of the indirect participation (50%): IBEX LLC, Maine USA

Functional currency

The items in the annual accounts of the group companies are valued in accordance with the currency of the economic environment in which the group company mainly performs its activities (the functional currency). The consolidated annual accounts were drawn up in euros; the functional and presentation currency of RAI Holding BV.

Transactions, receivables and liabilities

Transactions in foreign currencies are converted at the exchange rates at the time of the transaction

Monetary assets and liabilities are converted into the functional currency at the exchange rates on the balance sheet date The resulting exchange differences are included in the profit and loss account, unless hedge accounting is applied

Non-monetary assets that are valued in a foreign currency at acquisition cost are converted at the exchange rates valid at the time of transaction.

Non-monetary assets valued in a foreign currency at the current value are converted at the exchange rates which applied at the time the current value was determined.

Conversion differences in long-term inter-group loans that are actually an expansion or reduction of the net investment of foreign participations will be credited or charged directly to the equity in the statutory reserve for exchange differences.

If loans were entered into in a foreign currency to finance or cover the net investment in a foreign participation, the exchange rate differences resulting from the loan will be processed in the statutory conversion differences reserve insofar as the loan is effective as coverage for the exchange differences on the net investment in the foreign participation

The assets and liabilities of the participations included in the consolidation at a functional currency that is different than the presentation currency will be converted at the exchange rates on the balance sheet date The profits and losses are converted at the exchange rates at the time of transaction The resulting conversion differences will be credited or charged directly to the equity in the statutory conversion differences reserve

Use of estimates

The management of RAI Holding BV makes certain estimates and suppositions in accordance with the generally accepted principles of financial reporting in order to help determine the included figures when drawing up the annual accounts. The factual results can deviate from these estimates.

The estimates and underlying suppositions are regularly evaluated The consequences of the COVID pandemic and the related uncertainties have been included in the annual account estimates Revisions of estimates are recorded in the period in which the estimate is revised and in future periods affected by the revision

Financial instruments

Financial instruments include both primary financial tools such as receivables or debts, and financial derivatives

Please see the description for each balance sheet item for the principles of the primary financial instruments

RAI Holding BV applies hedge accounting based on documentation for each individual hedge relationship, and documents how the hedge relations fit in with the goals of the risk management, hedge strategy and expectations regarding the effectiveness of the hedge

The effective part of the financial derivatives assigned to cost-price hedge-accounting is measured at cost value while the ineffective part is measured at fair value. The valuation changes of the fair value of the ineffective part are immediately processed in the profit and loss account.

Principles for the valuation of assets and liabilities

The assets and liabilities are valued at nominal value unless the notes for the individual items indicate otherwise

Intangible fixed assets

Externally acquired exhibition titles are valued at cost price or market value if lower, and are depreciated over their economic life, which is assumed to be 20 years at most

The economic life of the IBEX exhibition title is assumed to be 15 years at most

Software is valued at historic cost and depreciated over its economic life, which is assumed to be ten years at most. Operating rights are valued at acquisition price and depreciated annually based on the term of these rights.

Tangible fixed assets

Tangible fixed assets are valued at their acquisition price, minus straight-line depreciation based on their economic life and minus any special depreciation.

Maintenance costs for buildings owned are immediately charged to the results, or entered as assets and depreciated if the asset criteria allow The depreciation calculation takes the residual value into account, which is expected to be nil in all cases.

Financial fixed assets

Participating interests over which significant control is exercised over business and financial policy are stated at their net asset value, determined on the basis of the accounting principles of RAI Holding BV Participating interests over which no significant control is exercised are stated at the acquisition price or current value if lower. Receivables from and loans to participating interests as well as other receivables are stated at the fair value in the initial processing, then valued at the amortised cost minus the necessary provisions.

Special depreciation of fixed assets

An evaluation is made each year to check for any indications of intangible, tangible or financial fixed assets being subject to special depreciation Special depreciations apply when the balance sheet value of the asset is higher than the realisable value In such cases the relevant asset is devalued to the realisable value The loss is immediately processed as an expense in the profit and loss accounts

Receivables

Receivables are stated at fair value in the initial processing, then valued at the amortised cost, which is the same as the nominal value minus any provisions for doubtful debts These provisions are determined based on an individual assessment of the receivables

The receivables have an expected term of up to one year, unless stated otherwise.

Stock

The stock mainly involves food & beverage products of which the valuation is determined at acquisition costs, minus a provision for obsolescence where necessary.

Securities

Securities are stated at their cost or market value on the balance sheet date, whichever is the lower The market value is in principle equal to the value quoted on the stock exchange. If a sale is expected in the short term, the directly realisable value is considered the market value.

Liquidities

Liquidities are at the disposal of the company

Provisions

Provisions are included for all legally binding or factual obligations resulting from an event before the balance sheet date where an export of capital is expected to be required for the fulfilment thereof and of which the scope can be reliably estimated

A provision for long-service payments is included based on the valid long-service scheme per balance sheet date, taking into account the likelihood of continued employment, future labour cost developments and discount provisions

A provision is included for bonus schemes and participations based on relevant performance schemes This provision is included under current liabilities

Pension scheme

The company has two active pension schemes for its employees Those who started working for the company before 1 January 2013 are subject to a pension provision that qualifies as a defined benefit plan, in which the defined pension payments are based on average pay This pension scheme has been placed with a pension insurer It is processed in the financial statement as a defined contribution scheme due to the fact that the obligations for realising this pension scheme are entirely reinsured

Employees who started working for the company since 1 January 2013 or those who have voluntarily switched to the new pension scheme are subject to a premium scheme with the nature of a defined contribution agreement in which the company obligations are limited to making an annual contribution to the insurance company Future payable contributions will partly depend on the development of the employment conditions and the returns on the invested contributions achieved by the insurer

Long-term liabilities

Long-term liabilities include debts with a remaining term of over one year. These debts are stated at the fair value in the first processing and then valued at the amortised cost

Current liabilities

Current liabilities are stated at their fair value in the first processing and then at the amortised costs. They have an expected term of less than one year. A provision is included for bonus schemes and participations based on relevant performance schemes. There is also a provision included for contractual agreements with employees.

(Deferred) corporation tax

Temporary differences between the determination of profit for commercial and tax purposes are stated at their nominal value in the balance sheet as a tax deferral or asset. Deferred claims for corporation tax on account of taxdeductible losses are valued at the future tax rate on the balance sheet date in so far as it can reasonably be expected that the claims are realisable.

RAI Holding BV is the leading company of a group that is treated as a single entity for tax purposes. The other members of the group are RAI Amsterdam BV, RAI Solar Energy BV and Arfora BV.

Principles for determination of results

Revenue

The financial statements have been prepared on the basis of historical cost The revenue recognition applies to all categories as specified under 2 1 1 The net turnover includes revenue from the delivery of goods and services as specified under 2 1 1, minus discounts and the like and turnover tax Revenue and expenses are accounted for in the period during which the activity is performed For exhibitions and events this is the period in which the event takes place Profits are accounted for in that period Losses and risks that originated before the end of the financial year are processed if and insofar as they became known before the annual accounts were drawn up

The revenue and expenses for participations in which the RAI plays a deciding role are consolidated proportionally For participations in which the RAI does not play a deciding role, the result attributable to RAI Holding BV is included

Costs of outsourced work

The costs for outsourced work and other external costs involve direct and indirect costs, including purchasing costs of sold catering stock that can be attributed to the turnover

NOW wage cost support

In the reporting year 2022, the RAI benefitted from the Dutch government’s COVID-related support schemes, including the NOW scheme. The sum processed as a contribution in 2022 is €2.3 in subsidies. The NOW scheme was included in the profit and loss accounts as an individual item. The definitive determination of the subsidy amount had not yet been made on the date the financial statement was drawn up.

Compensation of fixed costs (TVL) scheme

In the reporting year 2022, the RAI benefitted from the Dutch government’s TVL support scheme The sum processed as a contribution in 2021 is €0 5 million in subsidies The TVL scheme was included in the profit and loss accounts as an individual item, together with the NOW scheme The definitive determination of the subsidy amount had not yet been made on the date that the financial statement was drawn up

Depreciation

The depreciation of tangible fixed assets is calculated on a linear basis by reference to the expected economic life The applied depreciation rates are between 2% and 20% The depreciation of the intangible fixed assets is related to the acquisition value, and ranges between 5% and 20% Possible residual values of tangible and/or intangible fixed assets are not taken into account

Financial revenue and expenditure

The financial revenue and expenditure involve the exchange rate differences, interest income and expenses and similar results attributable to the period concerned

Participating interest results

The participating interest results concern the share of the company in the results of the net asset value of the participating interests The share that the company is due is stated as the result of a specific participating interest in the participating interest results

Corporation tax

Corporation tax is calculated on the commercial pre-tax profit, taking into account tax facilities The change in the provision for deferred corporation tax is taken into account in the calculations

A continuous evaluation is made as to whether the financial reporting should or could be adapted in the framework of new fiscal legislation

Cash flow statement

The cash flow statement has been drawn up in accordance with the indirect method The resources in the cash flow statement consist of liquidities

Notes on the consolidated balance sheet as on 31 December 2022

1.1.1. Intangible fixed assets

Intangible fixed assets

Investments in exhibition titles (paid goodwill) are depreciated over a maximum period of 20 years. An impairment test on titles that were externally acquired in the past is performed annually. The latest test gives no rise to depreciate the externally acquired titles. Software is depreciated over a period of ten years at most, calculated from the time it is first used.

The ‘other’ category primarily concerns the use of a lounge in the Johan Cruijff ArenA. These rights will be depreciated until the year 2026. Divestments are related to assets that are no longer used. The work in progress concerns investments in software for projects that have not yet been taken into use.

Tangible fixed assets

Amounts x €1,000

Buildings and land are depreciated over a period of five to 50 years, the Convention Centre over a period of 20 years, and installations over a period of 10 to 20 years. The other fixed assets are depreciated over a period of five to 20 years. A trigger analysis is performed on the tangible fixed assets every year. As no triggers were identified in 2022 an impairment test was not necessary and there was no reason to depreciate the tangible fixed assets.

In 2017 the RAI renewed its long-term land lease retroactively from 1 November 2016 The paid land lease until 2066 amounts to €2,893,397 79 (2021: €2,959,407) The paid land lease is depreciated over the entire canon period until 2066. Divestments are related to fixed assets that are no longer used.

1.1.3. Financial fixed assets

Financial fixed assets

Amounts

The financial fixed assets refer to a capital interest in Stadion Amsterdam CV of 1/9 share of the limited capital. The valuation of this capital interest is valued at the acquisition price or current value if lower.

1.1.4. Current assets, receivables

Current assets, receivables

The trade receivables include, among other items, receivables for future events to an amount of €7,447,918 (2021: €8,532,838)

The other receivables include, among other items, yet to be billed invoices to an amount of €2,428,757(2021: €3,721,154)

The accrued assets include, among other items, costs paid in advance to the amount of €1,643,940 (2021: €913,826) and paid personnel and other costs for future exhibitions to an amount of €3,962,590 (2021: €1,583,628 ) of which a sum of €663,161 applies to exhibitions longer than one reporting period (2021 €53,000)

1.1.5. Shareholder equity

For an explanation of the changes in the shareholder equity in 2021 and 2020 see the notes on the company annual accounts of RAI Holding BV (see 4 1 2 )

Amounts x €1,000

The other provisions mainly involve a provision for long-service payments and other personnel-related provisions The above provisions are primarily of a long-term nature

1.1.7. Long-term liabilities

Overview of long-term loans

On 31 December 2021, Amounts x €1,000

RAI Holding was refinanced in 2020. After the financing trajectory, a financing agreement with three banks – ING Bank NV, Deutsche Bank AG and Coöperatieve Rabobank UA – was concluded in April 2020. Each bank has provided 1/3 of the loan.

The RAI entered into an additional financing agreement with the same banks in December 2020, divided in the same way and based on the Corporate Financing Guarantee C (GO-C) This agreement amounts to €20 million over a term of three years. The interest on the GO-C loan is Euribor with a margin of + 2.65%.

In 2022 the refinancing was extended to April 2026 under the same conditions.

The credit agreement consists of the GO-C loan and:

An overdraft facility to an amount of €30 million; Long-term loans with a total scope of €60 million

The interest on the loans is Euribor with a margin of 1 5%

In the years 2020 to 2022 the RAI entered into an interest swap contract with the aforementioned banks to the tune of €28 5 million Based on this interest swap, RAI Holding BV pays an interest rate of -0 46% (excluding margin)

From April 2024 to March 2026 RAI Holding will pay an interest rate of 1 58% (excluding margin)

The business premises at Europaplein have been mortgaged as security for the repayment of the long-term debts and overdraft facility

A credit agreement with the Triodos Bank for the financing of solar panels was concluded in 2014. It consists of a loan of €0.29 million for the period until 1 January 2034. The loan is being repaid in 79 quarterly terms, starting 1 July 2014 The interest rate is 3 5% on an annual basis for the period until 17 January 2026

A credit agreement to finance solar panels was concluded with the Amsterdam Investment Fund of the Municipality of Amsterdam in 2014. It consists of a loan of €0.1 million for the period until 5 March 2029. The loan will be repaid at the latest by 5 March 2029 and the interest rate is 0%.

The other long-term liabilities concern a lump-sum payment received in 1988 from the Municipality of Amsterdam for the operating losses of the convention centre in the period until 2038. This lump-sum payment was acquired in the past for an interest of 7 46% This lump-sum payment is mainly of a long-term nature The release benefits the operational costs The annual interest increase is at the expense of the financial revenue and expenditure

Of the long-term liabilities, a total of €5.5 million has a term of over five years.

1.1.8. Short-term debts

Short-term debts

The accrued liabilities largely consist of receivable invoices for incurred costs of €10,135,287 (2021: €10,674,339) and accrued liabilities related to personnel to an amount of €3,318,746 (2021: €1,687,846).

The sums paid in advance include an amount of €879,053 which applies to exhibitions that take place after a reporting period (2021 €415.791).

Off-balance sheet information

1. Since the start of 2020 the RAI has had the parking facility of the nhow hotel available. The rental contract started as soon as the garage was completed and has a term of 20 years The rent for 2023 is €771,664 (2022: €674,884) a year and will be indexed annually The total contractual obligation is €13,118,288 (2022: €12,620,043) of which €771,664 (2022: €674,844) is due within a year, and a sum of €3,858,320 (2022: €3,321,064) is due in five years The remainder involves the period 2028 to 2039

2 There were bank guarantees issued to an amount of €219,975 (2021: €219,975)

3 There are operational lease commitments for 21 (2021: 21) cars At the end of the financial year the contractual commitments totalled €364,237 (2021: €441,777), due within one year The remainder is due within five years

4 In the year 2022 a total of €411,439 (2021: €396,489) in lease payments was made

5. In 2017 an agreement was reached with the Land Lease and the Land Issuance and Development department of the Municipality of Amsterdam on an advanced change of the long-term land lease agreement. This new agreement has a term of 50 years until 30 October 2066 The available part of the capitalised acquired longterm land lease as of 1 November 2016 will be depreciated over the new term of 50 years The total liability for long-term land lease (until 2066) is €12,373,915 of which €281,225 is due in one year and €1,406,127 in five years The remaining sum involves the period from 2028 to 2066 The amounts due are indexed annually

6 RAI Holding BV is the leading company of a group that is treated as a single entity for corporation tax purposes The other members of the group are RAI Amsterdam BV, RAI Solar Energy BV and Arfora BV Each company is severally liable for the liabilities of the fiscal entity

Financial instruments

The risks associated with the financial tools are clarified below

Credit risk

Exposure is constantly monitored and acted upon in order to manage the credit risk There was no major concentration of credit risks at the end of the financial year Credit risks relate to debtors and other short-term receivables Sufficient provisions were included accordingly

Currency risk

There are no substantial currency risks as the operational cash flows and financing activities mainly take place in euros

Interest risk

Interest risks mainly concern long-term loans RAI Amsterdam BV has interest rate swap contracts to cover interest risks In order to fix the interest rates, interest rate swaps were concluded in 2020 for the period until March 2024 amounting to €26 5 million at the end of 2022 RAI Amsterdam BV pays an interest rate of -0 46% on the interest swap with ING Bank NV, Deutsche Bank AG and Coöperatieve Rabobank UA The amounts covered by the interest swaps are smaller than or equal to the outstanding principle of the loans from ING Bank NV, Deutsche Bank A and Coöperatieve Rabobank UA

In 2022 interest swaps were concluded with the aforementioned financers due to the extension of the financing agreement From 2024 RAI Holding will pay a fixed interest rate of 1 58% excluding margin over a sum of €24 million

On 31 December 2022 the interest swaps had a fair value of €1,796,892 (2021: €99,197)

The nominal value will be reduced to zero over the remaining interest swap period (until 2026).

A variable interest rate of three months Euribor plus an individual surcharge is paid on the bank overdrafts.

Notes on the consolidated profit and loss account 2022

2.1.1. Turnover

Turnover

Amounts x €1,000

As was the case in 2021, the RAI rented out its premises to the Amsterdam health service (GGD) to use as a COVID19 test and vaccination location GGD Amsterdam is a municipal institution connected to the city council We gave a significant discount on the normal rates in recognition of the social aspect of these services, the letting term and the demand from society for accessible test locations

2.1.2.

Costs of outsourced work and other external costs

Costs of outsourced work and other external costs Amounts x €1,000

2.1.3. Personnel costs

RAI has two pension schemes in its working conditions:

Premium pension scheme (the standard from 2013)

Defined benefit plan based on average pay (for employees working for the company before 2013)

The average pay is a conditional indexed average in which indexation occurs under specific conditions indexed.

The reservations for 2022 were processed in the results

The salary (including benefits) paid to (two) Board members totalled €835,875 (in 2021: €766,255)

The salary paid to Supervisory Board members (an average of five) amounted to €143,126 (in 2021: €124,102, average of 5)

Personnel, by discipline

/ FTE (at the end of the year)

2.1.4. Depreciation on intangible and tangible fixed assets

The depreciation on intangible and tangible fixed assets consists of €13 8 million in regular depreciations There are no book losses on divested tangible fixed assets

2.1.5. Other operating costs

Accountancy costs

In accordance with Article 382a Book 2 of the Netherlands Civil Code, an amount of €168,045 (2021: €164,975) is due to Deloitte Accountants BV in the book year, of which €125,000 (2021: €122,500) relates to the annual audit and €43,045 to other audit assignments

2.1.6. Interest revenue and costs and similar

Interest revenue and costs and similar

Amounts x €1,000

The interest costs and similar expenses such as financing costs consist of €2,250,909 in owed interest and €43,715 in costs from exchange rate results and similar results.

2.1.7. Taxes

The effective taxation rate over 2022 is 29 7% (2021: 148 1%) which is above the generally applicable tax rate for negative results in the Netherlands The reason for the difference is the implementation of the WOZ write-off restriction for buildings in own use as of 1 January 2019

In 2022 the RAI met with the direct tax inspector to establish a tax maintenance provision for book year 2017 in which changes have been made from the commercial qualifications within the applicable tax legislation, regulations and jurisprudence

The effective tax burden can be specified as follows.

Taxes, specified

4.1. Company balance sheet (before proposed appropriation of results)

Company balance sheet

Before proposed appropriation of results, Amounts x €1,000

5.1. Company profit and loss account

Company profit and loss account

Amounts x €1,000

Company result after taxes -

Result from participating interests after taxes

result

The company profit and loss account has been drawn up in accordance with Article 402 of Book 2 of the Netherlands Civil Code.

-2,361

The financial data of RAI Holding BV is included in the consolidated annual account As a result, the profit and loss account of RAI Holding BV only states the share in profits after taxation of participating interests and the other result after taxes, in accordance with Article 402 of Book 9 of the Netherlands Civil Code.

Notes on the company balance sheet as on 31 December 2022

4.1.1. Financial fixed assets

Financial fixed assets

Amounts x €1,000

as on 31-12-2022

The company owns 100 percent (unless otherwise stated) of the shares in the following major participations: RAI Amsterdam BV, Amsterdam; Arfora BV, Amsterdam.

The results of these group companies include those of the following indirect participations (100%): RAI Solar Energy B V , Amsterdam; RAI USA, Inc , Delaware; Rui Ang Exhibition and Convention Co , Ltd , Shanghai and RAI TURKEY ULUSLARARASI FUARCILIK VE GOSTERI HIZMETLERI ITHALAT IHRACAT TICARET LIMITED SIRKETI, Istanbul

4.1.2. Shareholder equity

Shareholder equity

Amounts x €1,000

The authorised capital is €13,650,000, divided into 225,000 ordinary ‘A’ shares and 75,000 ordinary ‘B’ shares, each having a nominal value of €45 50 Of these, 45,000 ‘A’ shares and 15,000 ‘B’ shares have been issued and fully paid up

4.1.3. Receivables from group companies

Receivables from group companies

Amounts x €1,000

Debts to group companies

Balance as on 1-1-2022 1,657

Dividend payment

Other changes

Balance as on 31-12-2022 1,657

The determined dividend for the year 2018 is paid via the subsidiary RAI Amsterdam BV to the shareholders and charged to RAI Holding via a current account relationship. No interest applies to receivables from group companies.

Corporate tax is passed on to the subsidiaries if they are independently taxable, and in a similar way to the calculation method at the level of the mother company As such, no latency or corporate tax benefits are included in the non-consolidated financial statement

Personnel

As was the case in 2021, the holding did not employ any staff in 2022.

Off-balance sheet information

Letters of liability in accordance with Article 403 of Book 2 of the Netherlands Civil Code have been issued and deposited for the participating interests in RAI Amsterdam BV and RAI Solar Energy BV

Amsterdam, 20 april 2023

Executive Board of RAI Holding BV

P. (Paul) Riemens, CEO

M. (Maurits) van der Sluis, COO

Supervisory Board of RAI Holding BV

O (Otto) Ambagtsheer, chair

A M H (Annemarie) Macnack-van Gaal, vice-chair

M.P. (Michiel) Boere

W.C.M. (Mariëlle) de Macker

R.J. (René) Takens

Proposed appropriation of profit

Proposed appropriation of profit

The result after tax over 2022 is included in the unappropriated profit item under shareholder equity In line with the agreements made for the refinancing and the requirements of the GO-C financing, the result after taxes will be included in the ‘Other reserves’ item in the shareholder equity

Events after the balance sheet date

There were no notable events after the balance sheet date

Result appropriation in accordance with the statutes

Article 24 of the company statutes states the following regarding the appropriation of profit

Article 24

1 In addition to several other reserves, the company can keep a general reserve, a share premium reserve A, a share premium reserve B, a dividend reserve A, and a dividend reserve B in its books The respective rights to these reserves go to owners of shares A and shares B, pro rata to the number and type of shares they own

2 Payments to shares A and shares B that exceed the nominal value of those shares are added to the share premium reserve concerned

3 Without prejudice to that determined elsewhere in this article, the distributable profit is freely at the disposal of the general meeting for the payment of dividend, reservations or other such purposes within the company’s goal as determined by the general meeting.

4. The general meeting can determine, with the prior approval of the owners of shares of the type concerned, to not pay profit on those shares but to reserve that part of the profit and add it to the dividend reserve A or B respectively. Payment against dividend reserve A or B respectively can only be made to the owners of the type of shares concerned if the general meeting determines as such after prior approval by a meeting of those owners.

5 Without prejudice to that determined elsewhere in this article, if the general meeting decides to reserve profit or pay dividend on all shares regardless of the type, equal amounts of the profit will be reserved or paid as dividend

6 The company can only make payments to shareholders and other parties that have a right to the payable profits insofar as the shareholder capital is larger than the paid and requested part of the capital increased by the reserves that must be applied in accordance with the law or statutes

The shares kept in the capital of the company are not included in the calculation of the appropriation of profit

7 Appropriation of profit will occur after the determination and approval of the annual accounts which show that payment is permissible

8 The general meeting is authorised to determine payments on one or more interim dividends, with due regard to point seven

9 Unless the general meeting determines another date, dividends are payable immediately after determination 10. The right to claim for payment of dividend lapses after a period of five years.

Reference to the audit statement by the independent accountant

RAI Holding B V prepares its annual financial statements in the Dutch language In order to be able to distribute the financial statements to international stakeholders, management has decided to prepare an exact translation into the English language of the 2022 financial statements

The financial statements of RAI Holding B V for the year ended 31 December 2022 have been prepared on the date of 20 April 2023 On that same date, Deloitte Accountants B V issued an unqualified independent auditor’s report on these financial statements

Amsterdam, 20 April 2023

Deloitte Accountants BV

Signed by: F.E.

Mijinke

Key figures for five years

* No comparative figures available. Due to the COVID pandemic and restrictions imposed by the government the RAI was closed for a large part of 2021.

Customer satisfaction

Score (from 1 to 10) for satisfaction with RAI Amsterdam Convention Centre

Percentage with the scores 4 (‘agree’) and 5 ('strongly agree') on a five-point scale for general satisfaction. Biennial survey, intensified in 2021

resources

Energy: consumed and generated CO2 emissions, involves scope 1 and 2, and, from 2019, some scope 3 See clarification in Executive Board report

Turnover and result