RESULTADOS ENERO-JUNIO 2019
26 de julio de 2019
Results for January-March 2021
12 MAY 2021
Vocento, S.A. and Subsidiaries
Results report, January-March 2021
PERFORMANCE OF VOCENTO BUSINESSES
VOCENTO is a multimedia group, whose parent company is VOCENTO, S.A. It is dedicated to the various areas that comprise the media sector. For the organization of management information, a number of business lines have been defined. Reports to the market are based on this organization of information, which covers all the businesses in which VOCENTO is present, assigned to their respective business segments.
NEWSPAPERS (offline and online)
REGIONALS | ABC | SUPPLEMENTS | |
El Correo | El Comercio | ABC | XL Semanal |
La Verdad | Hoy | National printing | Mujer Hoy |
El Diario Vasco | La Rioja | plant | Mujerhoy.com |
El Norte de Castilla | Regional printing plants | Women Now | |
El Diario Montañés | Regional distribution | ||
Ideal | (Beralán) | ||
Sur | News agency (Colpisa) | ||
Las Provincias | Regional sales companies | ||
Other regional companies |
AUDIOVISUAL | CLASSIFIEDS | GASTRONOMY & | ||||
DTT | RADIO | CONTENTS | AGENCIES | |||
National DTT | Analog radio | Veralia distribution | Pisos.com | Madrid Fusión | ||
- Net TV | licenses | Izen | Sumauto | Gastronomika | ||
Digital radio | Tango | |||||
licenses | Pro Agency | |||||
GSR | ||||||
Accounted for by the equity method & divested in 2Q21 | Mateo & Co | |||||
IMPORTANT NOTE
To facilitate the analysis of financial information and understand the organic performance of the Company, it is always indicated in this report when operating expenses, EBITDA, the net result or financial debt are affected by non-recurring or extraordinary items, including adjustments to the workforce. Further detail about these adjustments can be found in Appendix I at the end of this document: Alternative Performance Measures.
https://en.vocento.com/shareholders-investors/financial-information/#informacionperiodica2
Vocento, S.A. and Subsidiaries
Results report, January-March 2021
Highlights of the financial performance of the businesses in 1Q21
Continuity of Group strategy: digital growth areas reinforced, gradual return to
normality in events business
VOCENTO advertising revenues stabilize in March
Positive contribution from the margin on circulation and digital subscriptions
Positive cash flow generation in 1Q21 of €7.1m
- Digital growth and a return to in-person events
- VOCENTO advertising revenues decreased by -11.3%in 1Q21 but were stable in March (-1.6%),supported by local advertising (+3.8%).
- Digital advertising revenues now represent more than half of all advertising at VOCENTO (50.6% in 1Q21, including e-commercerevenues), despite the traditional strength of local print advertising.
- Online advertising increased by +0.5% in 1Q21. Excluding Classifieds, digital advertising rose by +8.5%.
- VOCENTO outperformed the advertising market in total market by +5.4 p.p., by 5.5 p.p. for print and +2.5 p.p. for online.
- The number of paying digital subscribers increased by +16% to 72k in Mar21 (86k in total).
- Gradual return of in-personevents in 2Q21 with Turium, WomenNow and Madrid Fusión.
- Cost controls in a challenging advertising market
- The combined margin on circulation and digital subscriptions improved by +986 thousand euros in 1Q21 from 1Q20. The combined margin in 1Q21 was close to its level from before the launch of the ON+ services (variation from 1Q15-1Q21 -265thousand euros).
- 1Q21 EBITDA rose to 3,037 thousand euros, +2,116 thousand euros higher than in 1Q20, because of the absence of restructuring expenses in 1Q21 vs. 4,190 thousand euros in 1Q20.
- Comparable EBITDA decreased by -2,061 thousand euros in 1Q21 because of the rescheduling of Madrid Fusión to 2Q21 (the comparable EBITDA of Gastronomy fell by -1,295 thousand euros) and also because of Classifieds (down -557 thousand euros).
- Agreements for salary reviews were concluded and are already in effect in 2Q21 for 40% of the workforce (negotiations are ongoing for the remainder).
- Generation of ordinary cash flow
- In 1Q21 the Group generated 7,111 thousand euros of ordinary cash flow, vs. 4,506 thousand euros in 1Q20.
- Net Financial Debt ex IFRS16 was -48,572 thousand euros in 1Q21, vs. -46,590 thousand euros in 2020. NFD/ LTM comparable EBITDA is 2.1x.
- In April a cash entry of 9,863 thousand euros was recorded following the divestment of 45% of Izen (see statement to the CNMV of 27 April), net of 737 thousand euros expenses and closing adjustments.
https://en.vocento.com/shareholders-investors/financial-information/#informacionperiodica3
Vocento, S.A. and Subsidiaries
Results report, January-March 2021
Main financial data
Consolidated income statement | IFRS | |||
IFRS Thousand euros | 1Q21 | 1Q20 | Var Abs | Var % |
Circulation revenues | 28,835 | 31,149 | (2,314) | (7.4%) |
Advertising revenues | 30,681 | 34,581 | (3,899) | (11.3%) |
Other revenues | 18,875 | 23,551 | (4,675) | (19.9%) |
Total revenue | 78,392 | 89,280 | (10,889) | (12.2%) |
Staff costs | (36,648) | (40,982) | 4,334 | 10.6% |
Procurements | (6,106) | (7,312) | 1,206 | 16.5% |
External Services | (32,119) | (39,721) | 7,601 | 19.1% |
Provisions | (482) | (346) | (136) | (39.3%) |
Operating expenses (without D&A) | (75,355) | (88,360) | 13,005 | 14.7% |
EBITDA | 3,037 | 920 | 2,116 | n.r. |
Depreciation and amortization | (4,881) | (4,738) | (142) | (3.0%) |
Impairment/gains on disposal of tan. & intan. assets | 103 | 13 | 90 | n.r. |
EBIT | (1,741) | (3,805) | 2,064 | 54.2% |
Impairments/reversal of other intangible assets | (500) | (500) | 0 | 0.0% |
Profit of companies acc. equity method | (89) | 82 | (171) | n.r. |
Net financial income | (708) | (554) | (154) | (27.9%) |
Net income from disposal of non-current assets | 0 | 0 | 0 | n.a. |
Profit before taxes | (3,038) | (4,777) | 1,739 | 36.4% |
Corporation tax | (931) | (50) | (881) | n.r. |
Net profit for the year | (3,969) | (4,827) | 858 | 17.8% |
Minority interests | (937) | (930) | (7) | (0.7%) |
Net profit attributable to the parent | (4,906) | (5,757) | 851 | 14.8% |
Staff costs ex non recurring costs | (36,635) | (36,792) | 157 | 0.4% |
Operating Expenses ex non recurring costs | (75,342) | (84,170) | 8,828 | 10.5% |
Comparable EBITDA | 3,050 | 5,110 | (2,061) | (40.3%) |
Notes: figures are rounded to the nearest thousand euros.
Operating Revenues
In 1Q21, total revenues fell by -12.2% from 1Q20 to 78,392 thousand euros. It should be noted that digital revenues (digital subscriptions, digital advertising, Classifieds) increased by +2.0% in the same period.
By type of revenue:
- Circulation revenuesfell by -7.4% in 1Q21, similar to the performance in 1Q20.
- Advertising revenuesdecreased by -11.3% in 1Q21.
In 1Q21, VOCENTO's brands clearly outperformed the market, for the overall Group and in both the print and online sectors.
https://en.vocento.com/shareholders-investors/financial-information/#informacionperiodica4
Vocento, S.A. and Subsidiaries
Results report, January-March 2021
Advertising performance, VOCENTO vs the market, 2020
Data in %
Note 1: market source i2p ex social media.
On a month-by-month basis, there has been a stabilisation after a beginning of the year which was marked by Covid-19 restrictions. There has been a clear improvement, from -14.5% and -18.1% in January and February respectively to -1.6% in March.
Monthly advertising performance, VOCENTO vs the market
Data in %
Note: market source i2p ex social media. Advance estimate from 20 April.
In terms of the performance of local and national advertising revenues, national advertising contributed 50.4% of total advertising revenues. Local digital advertising increased by +4.2%.
National vs local advertising1
Data in %
Note 1: Net advertising. Not including Audiovisual, sales companies or eliminations.
https://en.vocento.com/shareholders-investors/financial-information/#informacionperiodica5
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