Vocento, S.A.BME: VOC

Vocento: Key financials 1Q21

· Issued by Vocento, S.A.
Disclaimer
DISCLAIMER
This document contains forward-looking statements regarding intention, expectations or estimates of the Company or its management at the date of issue thereof, relating to various aspects, including the growth of various lines of business and the business overall, the market share, the results of the Company and other aspects of the activity and status thereof. Analysts and investors should bear in mind that such estimates do not amount to any warranty as to the future behaviour or results of the Company, and they shall bear all risks and uncertainties with regard to relevant aspects, and thus, the real future results and behaviour of the Company might be substantially different from what is stated in the said predictions or estimates.The statements in this statement should be taken into account by any persons or entities who may have to make decisions or prepare or disseminate opinions on securities issued by the Company and, in particular, by the analysts who handle this document. All are invited to consult the documentation and information published or registered by the Company before the National Securities Market Commission. The financial information contained in this document has been prepared under International Financial Reporting Standards (IFRS). This financial information is unaudited and, therefore, is subject to potential future modifications. This document is only provided for information purposes and does not constitute, nor may it be interpreted as, an offer to sell or exchange or acquire, or solicitation for offers to purchase or accept any kind of compromise.
P&L
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Thousand EuroIFRS
1Q211Q20Var AbsVar %
Circulation revenues28,83531,149(2,314)(7.4%)
Advertising revenues30,68134,581(3,899)(11.3%)
Other revenues18,87523,551(4,675)(19.9%)
Total revenue78,39289,280(10,889)(12.2%)
Staff costs(36,648)(40,982)4,33410.6%
Procurements(6,106)(7,312)1,20616.5%
External Services(32,119)(39,721)7,60119.1%
Provisions(482)(346)(136)(39.3%)
Operating expenses (without D&A)(75,355)(88,360)13,00514.7%
EBITDA3,0379202,116n.r.
Depreciation and amortization(4,881)(4,738)(142)(3.0%)
Impairment/gains on disposal of tan. & intan. assets1031390n.r.
EBIT(1,741)(3,805)2,06454.2%
Impairments/reversal of other intangible assets(500)(500)00.0%
Profit of companies acc. equity method(89)82(171)n.r.
Net financial income(708)(554)(154)(27.9%)
Net gains on disposal of non- current assets000n.a.
Profit before taxes(3,038)(4,777)1,73936.4%
Corporation tax(931)(50)(881)n.r.
Net profit for the year(3,969)(4,827)85817.8%
Minority interests(937)(930)(7)(0.7%)
Net profit attributable to the parent(4,906)(5,757)85114.8%
Staff costs ex non recurring costs(36,635)(36,792)1570.4%
Operating Expenses ex non recurring costs(75,342)(84,170)8,82810.5%
Comparable EBITDA3,0505,110(2,061)(40.3%)

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Balance Sheet
CONSOLIDATED BALANCE SHEETS
Thousand EuroIFRSThousand EuroIFRS
1Q212020Var abs1Q212020Var abs
ASSETSEQUITY AND LIABILITIES
NON CURRENT ASSETSEQUITY
Intangible assets144,717146,306(1,588)Of the Parent186,667191,734(5,067)
Goodwill94,42494,924(500)Share capital24,86424,994(130)
Intangible assets50,29351,382(1,088)Reserves175,338199,035(23,697)
Property, plant and equipment99,00198,345657Treasury shares(8,628)(10,542)1,914
Use of leases18,82119,619(798)Net profit for the year
Investments accounted for using the equity method16,89017,121(232)Of minority interest(4,906)(21,753)16,847
Financial assets3,7093,6941563,19664,523(1,327)
Non-current investment securities2,6422,642(0)
Other non current financial assets1,0671,05215NON CURRENT LIABILITIES
Other non current receivables2,2362,2360Deferred income4651(5)
Deferred tax assets55,19255,333(141)Provisions1,4021,198204
340,566342,654(2,087)Bank borrowings and other financial liabilities51,50353,696(2,193)
CURRENT ASSETSOther non-current payables15,41815,4171
Inventories17,46419,149(1,685)Deferred tax liabilities11,17010,959212
Trade and other receivables66,17379,073(12,901)79,53881,320(1,782)
Tax receivables2,1703,440(1,270)CURRENT LIABILITIES
Cash and cash equivalents22,87425,065(2,191)Bank borrowings and other financial liabilities40,47239,0271,446
108,682126,728(18,046)Trade and other payables76,53886,700(10,162)
Tax payables9,92013,160(3,241)
Assets held for sale and discontinued operations7,0837,0830126,930138,887(11,957)
TOTAL ASSETS456,331476,465(20,134)TOTAL EQUITY AND LIABILITIES456,331476,465(20,134)

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Net Debt
NET DEBT
Thousand EuroIFRS
1Q212020Var AbsVar %
Bank borrowings and other financial liabilities (s.t.)40,47239,0271,4463.7%
Bank borrowings and other financial liabilities (l.t.)51,50353,696(2,193)(4.1%)
Gross debt91,97592,722(747)(0.8%)
+ Cash and cash equivalents22,98725,175(2,188)(8.7%)
+ Other non current financial asstes(519)1,599(2,118)n.r.
Deferred expenses(1,019)1,332(2,351)n.r.
Net cash position/ (net debt)(68,487)(67,280)(1,208)(1.8%)

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CashFlow
CASH FLOW STATEMENT
Thousand EuroIFRS
1Q211Q20Var Abs% Var
Net profit attibutable to the parent(4,906)(5,757)85114.8%
Adjustments to net profit8,6307,0441,58622.5%
Cash flows from ordinary operating activities before changes in working capital3,7241,2872,437n.r.
Changes in working capital & others7,3474,6752,67257.1%
Other payables(663)2,089(2,752)n.r.
Income tax paid6(0)6n.r.
Interests deduction for tax purposes(804)(693)(111)(16.1%)
Net cash flow from operating activities (I)9,6097,3572,25130.6%
Acquisitions of intangible and property, plan and equipment(7,673)(2,866)(4,807)n.r.
Acquisitions of financial assets, subsidiaries and associates(408)(347)(60)(17.4%)
Interests and dividends received1084266n.r.
Other receivables and payables (investing)30(428)458n.r.
Net cash flow from investing activities (II)(7,943)(3,599)(4,343)n.r.
Interests and dividends paid(2,832)(2,747)(86)(3.1%)
Cash inflows/ (outflows) relating to bank borrowings(285)16,993(17,278)n.r.
Other receivables and payables (financing)(736)3,632(4,368)n.r.
Equity related instruments without financial cost000n.a.
Equity related instruments with financial cost000n.a.
Net cash flows from financing activities (III)(3,854)17,879(21,732)n.r.
Net increase in cash and cash equivalents (I + II + III)(2,188)21,637(23,825)n.r.
Cash and cash equivalents from acquired companies000n.a.
Cash and cash equivalents of discounted operations000n.a.
Cash and cash equivalents at beginning of the year25,17517,6967,47942.3%
Cash and cash equivalents at end of year22,98739,333(16,346)(41.6%)

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CAPEX
CAPEX: (Additions to PPE and intangible assets)
Thousand EuroIFRS
1Q211Q20Var Abs
Inmat.Mat.TotalInmat.Mat.TotalInmat.Mat.Total
Newspapers8982,6743,5721,1381,4742,612(240)1,200960
Audiovisual05502222(0)(17)(17)
Classified488568128108(33)(20)(53)
Gastronomy & Others314028283(27)(24)
Corporate71118125668(5)(45)(50)
TOTAL9562,6993,6551,2311,6082,838(275)1,091816

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Line of Activity
LINE OF ACTIVITY
Thousand EuroIFRS
1Q211Q20Var AbsVar %
Circulation Revenues
Newpapers28,83531,149-2,314-7.4%
Audiovisual000n.a.
Classified000n.a.
Gastronomy and Agencies000n.a.
Corporate and adjustments0000.0%
Total Circulation Revenues28,83531,149-2,314-7.4%
Advertising Revenues
Newpapers24,62627,529-2,903-10.5%
Audiovisual471758-287-37.9%
Classified5,6076,302-695-11.0%
Gastronomy and Agencies02-2-100.0%
Corporate and adjustments-22-10-12n.r.
Total Advertising Revenues30,68134,581-3,899-11.3%
Other Revenues
Newpapers9,53110,533-1,002-9.5%
Audiovisual7,0067,789-783-10.0%
Classified35735151.5%
Gastronomy and Agencies2,9215,968-3,047-51.1%
Corporate and adjustments-939-1,0911510.5%
Total Other Revenues18,87523,551-4,675-19.9%
Total Revenues
Newpapers62,99269,211-6,219-9.0%
Audiovisual7,4778,546-1,070-12.5%
Classified5,9646,653-689-10.4%
Gastronomy and Agencies2,9215,970-3,049-51.1%
Corporate and adjustments-962-1,10013912.6%
Total Revenues78,39289,280-10,889-12.2%
EBITDA
Newpapers3,143-1,0144,157n.r.
Audiovisual2,2702,339-69-3.0%
Classified1,1381,627-489-30.1%
Gastronomy and Agencies-6431,117-1,760n.r.
Corporate and adjustments-2,871-3,1492788.8%
Total EBITDA3,0379202,116n.r.
EBITDA Margin
Newpapers5.0%(1.5%)6.5 p.p.
Audiovisual30.4%27.4%3.0 p.p.
Classified19.1%24.5%(5.4) p.p.
Gastronomy and Agencies(22.0%)18.7%(40.7) p.p.
Corporate and adjustmentsn/sn/sn/s
Total EBITDA Margin3.9%1.0%2.8 p.p.
EBIT
Newpapers-848-5,1304,28283.5%
Audiovisual2,2362,253-17-0.8%
Classified7531,224-472-38.5%
Gastronomy and Agencies-8861,094-1,981n.r.
Corporate and adjustments-2,995-3,2472527.7%
Total EBIT-1,741-3,8052,06454.2%
EBIT Margin
Newpapers(1.3%)(7.4%)6.1 p.p.
Audiovisual29.9%26.4%3.5 p.p.
Classified12.6%18.4%(5.8) p.p.
Gastronomy and Agencies(30.3%)18.3%(48.7) p.p.
Corporate and adjustmentsn/sn/sn/s
Total EBIT Margin(2.2%)(4.3%)2.0 p.p.
Comparable EBITDA
Newpapers3,1502,46568527.8%
Audiovisual2,2702,340-69-3.0%
Classified1,1391,696-557-32.8%
Gastronomy and Agencies-6391,131-1,770n.r.
Corporate and adjustments-2,871-2,522-349-13.8%
Total comparable EBITDA3,0505,110-2,061-40.3%

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Newspapers
NEWSPAPERS
Thousand EuroIFRS
1Q211Q20Var AbsVar %
Circulation Revenues
Regionals21,11222,421-1,309-5.8%
ABC6,8737,774-901-11.6%
Supplements & Magazines2,3772,953-575-19.5%
Adjustments intersegment-1,527-1,99847123.6%
Total Circulation Revenues28,83531,149-2,314-7.4%
Advertising Revenues
Regionals16,87618,570-1,694-9.1%
ABC6,5057,476-971-13.0%
Supplements & Magazines1,2441,482-238-16.1%
Adjustments intersegment101n.a.
Total Advertising Revenues24,62627,529-2,903-10.5%
Other Revenues
Regionals7,0717,403-332-4.5%
ABC4,0224,205-182-4.3%
Supplements & Magazines17264-248-93.7%
Adjustments intersegment-1,580-1,339-241-18.0%
Total Other Revenues9,53110,533-1,002-9.5%
Total Revenues
Regionals45,05948,394-3,335-6.9%
ABC17,40119,455-2,054-10.6%
Supplements & Magazines3,6384,699-1,061-22.6%
Adjustments intersegment-3,106-3,3372316.9%
Total Revenues62,99269,211-6,219-9.0%
EBITDA
Regionals4,1571813,976n.r.
ABC-1,042-497-545n.r.
Supplements & Magazines28-697726n.r.
Total EBITDA3,143-1,0144,157n.r.
EBITDA Margin
Regionals9.2%0.4%8.9 p.p.
ABC-6.0%-2.6%-3.4 p.p.
Supplements & Magazines0.8%-14.8%15.6 p.p.
Total EBITDA Margin5.0%-1.5%6.5 p.p.
EBIT
Regionals2,111-1,9014,012n.r.
ABC-2,882-2,370-513-21.6%
Supplements & Magazines-77-86078391.1%
Total EBIT-848-5,1304,28283.5%
EBIT Margin
Regionals4.7%-3.9%8.6 p.p.
ABC-16.6%-12.2%-4.4 p.p.
Supplements & Magazines-2.1%-18.3%16.2 p.p.
Total EBIT Margin-1.3%-7.4%6.1 p.p.
Comparable EBITDA
Regionals4,1613,24391828.3%
ABC-1,042-497-545n.r.
Supplements& Magazines31-281312n.r.
Total comparable EBITDA3,1502,46568527.8%

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Audiovisual
AUDIOVISUAL
Thousand EuroIFRS
1Q211Q20Var AbsVar %
Advertising Revenues
DTT461750(289)-38.5%
Radio97227.2%
Content000n.a.
Adjustments intersegment0(0)0100.0%
Adjustments intersegment471758(287)-37.9%
Other Revenues
DTT5,8906,640(750)-11.3%
Radio759834(76)-9.1%
Content4103733710.0%
Adjustments intersegment(52)(58)610.2%
Total Other Revenues7,0067,789(783)-10.0%
Total Revenues
DTT6,3517,390(1,039)-14.1%
Radio768842(74)-8.7%
Content4103733710.0%
Adjustments intersegment(52)(58)610.2%
Total Revenues7,4778,546(1,070)-12.5%
EBITDA
DTT1,3071,438(131)-9.1%
Radio651655(4)-0.6%
Content3122466626.7%
Total EBITDA2,2702,339(69)-3.0%
EBITDA Margin
DTT20.6%19.5%1.1 p.p.
Radio84.8%77.8%7.0 p.p.
Content76.0%66.0%10.0 p.p.
Total EBITDA Margin30.4%27.4%3.0 p.p.
EBIT
DTT1,3201,406(86)-6.1%
Radio649652(3)-0.4%
Content2671957236.7%
Total EBIT2,2362,253(17)-0.8%
EBIT Margin
DTT20.8%19.0%1.8 p.p.
Radio84.5%77.5%7.1 p.p.
Content65.1%52.4%12.8 p.p.
Total EBIT Margin29.9%26.4%3.5 p.p.
Comparable EBITDA
DTT1,3071,439(132)-9.1%
Radio651655(4)-0.6%
Content3122466626.7%
Total comparable EBITDA2,2702,340(69)-3.0%

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Classified
CLASSIFIED
Thousand EuroIFRS
1Q211Q20Var AbsVar %
Circulation Revenues
Classified000n.a.
Total Circulation Revenues000n.a.
Advertising Revenues
Classified5,6076,302(695)-11.0%
Total Advertising Revenues5,6076,302(695)-11.0%
Other Revenues
Classified35735151.5%
Total Other Revenues35735151.5%
Total Revenues
Classified5,9646,653(689)-10.4%
Total Revenues5,9646,653(689)-10.4%
EBITDA
Classified1,1381,627(489)-30.1%
Total EBITDA1,1381,627(489)-30.1%
EBITDA Margin
Classified19.1%24.5%(5.4) p.p.
Total EBITDA Margin19.1%24.5%(5.4) p.p.
EBIT
Classified7531,224(472)-38.5%
Total EBIT7531,224(472)-38.5%
EBIT Margin
Classified12.6%18.4%(5.8) p.p.
Total EBIT Margin12.6%18.4%(5.8) p.p.
Comparable EBITDA
Classified1,1391,696(557)-32.8%
Total comparable EBITDA1,1391,696(557)-32.8%

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Gastronomy & Agencies
GASTRONOMY & AGENCIES
Thousand EuroIFRS
1Q211Q20Var AbsVar %
Circulation Revenues
Gastronomy000n.a.
Agencies000n.a.
Total Circulation Revenues00083.6%
Advertising Revenues
Gastronomy02(2)-100.0%
Agencies000n.a.
Total Advertising Revenues02(2)-156.5%
Other Revenues
Gastronomy3493,097(2,749)-88.7%
Agencies2,5722,870(298)-10.4%
Total Other Revenues2,9215,968(3,047)-156.5%
Total Revenues
Gastronomy3493,100(2,751)-88.7%
Agencies2,5722,870(298)-10.4%
Total Revenues2,9215,970(3,049)-51.1%
EBITDA
Gastronomy(345)952(1,297)-136.3%
Agencies(298)165(463)-280.0%
Total EBITDA(643)1,117(1,760)-157.6%
EBITDA Margin
Gastronomy(99.1%)30.7%(129.8) p.p.
Agencies(11.6%)5.8%(17.3) p.p.
Total EBITDA Margin(22.0%)18.7%(4,073.6%)
EBIT
Gastronomy(359)949(1,308)-137.9%
Agencies(527)146(673)-461.5%
Total EBIT(886)1,094(1,981)-181.0%
EBIT Margin
Gastronomy(99.1%)30.7%(129.8) p.p.
Agencies(11.6%)5.8%(17.3) p.p.
Total EBIT Margin(30.3%)18.3%
Comparable EBITDA
Gastronomy(342)953(1,295)-135.9%
Agencies(297)179(475)-266.0%
Total comparable EBITDA(639)1,131(1,770)-156.5%

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