RESULTADOS9
Results26 deforjulioJanuaryde 2019-September 2022
15 NOVEMBER 2022
Vocento, S.A. and subsidiaries
Results Report January-September 2022
PERFORMANCE OF THE 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. The Group's business lines are used to organise management information. Reports to the market are based on this information, which covers all the businesses in which VOCENTO is present, assigned to their respective business segments.
- El Correo
- La Verdad
- El Diario Vasco
- El Norte de Castilla
- El Diario Montañés
- Ideal
- Sur
- Las Provincias
El Comercio | | ABC | | Relevo | XL Semanal |
Hoy | | National | |||
Mujer Hoy | |||||
La Rioja | printing plant | ||||
Women Now | |||||
Regional printing plants | |||||
Turium | |||||
Regional distr. (Beralán) | |||||
Welife |
- News agency (Colpisa)
- Regional sales companies
- Other regional companies (Donosti Cup, Innevento)
Local DTT | Analog radio | Pisos.com | Madrid Fusión |
Gastronomika | |||
licenses | |||
Sumauto | |||
Mateo & Co | |||
Digital radio | |||
Local Digital Kit | |||
Tango | |||
licenses | |||
Premium Leads | |||
Pro Agency | |||
Yellow Brick Road | |||
Antropico |
IMPORTANT NOTE
This document and the information contained herein have been prepared by Vocento, S.A. exclusively from the consolidated financial results of Vocento, S.A. and in accordance with International Financial Reporting Standards, IFRS.
To facilitate the analysis of financial information and understand the organic performance of the Company, this report includes comparative pro-forma figures for 9M21 which exclude the discontinued businesses of NET TV and Veralia Distribución. When comparing some figures, the impact of Relevo is also indicated. Detailed information about the calculations for the P&L and balance sheet can be found in Appendix I at the end of this document: Alternative Performance Measures.
http://www.vocento.com/accionistas-inversores/informacion-financiera/#informacionperiodica | 2 |
Vocento, S.A. and subsidiaries
Results Report January-September 2022
Main highlights of the financial performance of the businesses in 9M22
Growth in pro-forma revenues1
Profitability impacted by higher costs
Group strategy maintained, strengthening the digital area and diversified
businesses. Relevo development continues
- Solid revenue growth in challenging market conditions
- VOCENTO's pro-forma revenues (adjusted in 9M21 for NET TV and Content) increased by +5.2%.
- Advertising revenues increased by +4.7% in 9M22, offsetting the impact of a fall in circulation. The performance was supported by the beneficial mix of local and national advertising, with local advertising rising by +9% and now representing 52% of the total.
- Other pro-forma revenues (excluding NET TV and Content) rose by +25.2%, driven higher by the diversified businesses and others.
- EBITDA impacted by higher costs for paper and energy
- In 9M22 EBITDA fell by -2,671 thousand euros to 10,124 thousand euros, mainly because of the high costs of energy (-2,177 thousand euros).
- There was a fall in the combined margin on circulation and digital subscriptions of -6,299 thousand euros in 9M22. This was due to factors such as the fall in circulation and the rise in paper prices, partly offset by an improvement in the digital margin.
- The EBITDA target for 2022 is maintained: EBITDA in line with 2021, when adjusted for the pro- forma impact of NET TV and Veralia Distribución and for Relevo in 2022.
- A differentiated debt position
- Net financial debt ex IFRS 16 leases was 10,717 thousand euros in 9M22, vs. 1,721 thousand euros in 2021. Vocento made a dividend payment of 5,419 thousand euros in 9M22.
- Free cash flow was 1,449 thousand euros in 9M22, impacted by higher prices for energy and paper and by changes in the perimeter.
- In 9M22, the cash flow yield (using the market capitalisation of 4 November) was 20%.
- Milestones in digital and diversification
- Digital + diversification mix now contributes 40% of total revenues (+5p.p. vs. 9M21).
- The Relevo website was launched in October. On social media, Relevo has more than 300k followers.
- At Classifieds, in 3Q22 there was a recovery in the revenues of the automotive vertical.
- Also at Classifieds, as part of the Kit Digital programme for the digitalisation of SMEs, Local Digital Kit has won 2.8k clients and sold 3.5k solutions. Potential revenues in this space are around 7 million euros.
Note 1: pro-forma excluding Relevo in 9M22 and NET TV and Veralia Contenidos in 9M21.
http://www.vocento.com/accionistas-inversores/informacion-financiera/#informacionperiodica | 3 |
Vocento, S.A. and subsidiaries
Results Report January-September 2022
Main financial data
A.- Consolidated profit and loss account
IFRS | ||||||
Thousand euros | 9M22 | 9M21 | Var Abs | Var % | 9M21 pro- | Var % |
forma | ||||||
Circulation revenues | 80,004 | 85,299 | (5,295) | (6.2%) | 85,299 | (6.2%) |
Advertising revenues | 104,639 | 99,936 | 4,704 | 4.7% | 99,099 | 5.6% |
Other revenues | 58,644 | 64,267 | (5,623) | (8.7%) | 46,836 | 25.2% |
Total revenue | 243,287 | 249,501 | (6,214) | (2.5%) | 231,234 | 5.2% |
Staff costs | (113,506) | (107,714) | (5,792) | (5.4%) | (107,632) | (5.5%) |
Procurements | (21,303) | (18,782) | (2,521) | (13.4%) | (18,782) | (13.4%) |
External Services | (98,451) | (99,769) | 1,318 | 1.3% | (86,668) | (13.6%) |
Provisions | 97 | (1,553) | 1,651 | n.r. | (1,553) | n.r. |
Operating expenses (without D&A) | (233,163) | (227,818) | (5,345) | (2.3%) | (214,636) | (8.6%) |
EBITDA | 10,124 | 21,683 | (11,559) | (53.3%) | 16,598 | (39.0%) |
Depreciation and amortization | (16,498) | (15,158) | (1,340) | (8.8%) | (15,032) | (9.8%) |
Impairment/gains on disposal of tan. & intan. assets | 287 | 10,855 | (10,568) | (97.4%) | 10,855 | (97.4%) |
EBIT | (6,087) | 17,380 | (23,467) | n.r. | 12,421 | n.r. |
Impairments/reversal of other intangible assets | 0 | (1,500) | 1,500 | 100.0% | 0 | n.a. |
Profit of companies acc. equity method | (101) | (280) | 180 | 64.0% | (280) | 64.0% |
Net financial income | (1,079) | (1,708) | 629 | 36.8% | (1,709) | 36.8% |
Net income from disposal of non-current assets | 24 | (922) | 946 | n.r. | (922) | n.r. |
Profit before taxes | (7,244) | 12,969 | (20,213) | n.r. | 9,510 | n.r. |
Corporation tax | (1,354) | (4,032) | 2,678 | 66.4% | (2,823) | 52.1% |
Profit after taxes | (8,597) | 8,937 | (17,535) | n.r. | 6,686 | n.r. |
BDI assets for sale/discontinued operations | 9,136 | 0 | 9,136 | n.a. | 2,251 | n.r. |
Net profit for the year | 538 | 8,937 | (8,399) | (94.0%) | 8,937 | (94.0%) |
Minority interests | (1,795) | (5,811) | 4,015 | 69.1% | (5,811) | 69.1% |
Net profit attributable to the parent | (1,257) | 3,127 | (4,383) | n.r. | 3,127 | n.r. |
Notes: figures are rounded to the nearest thousand euro. 9M21 pro-forma includes NET TV and Veralia as discontinued.
Operating revenues
In 9M22, total revenues fell by -2.5% to 243,287 thousand euros following the divestments of NET TV and Veralia Distribución. Excluding this effect, in pro-forma terms revenues increased by +5.2%.
By type of revenue:
- Circulation revenuesfell by -6.2% in 9M22 because of a decrease in circulation. The number of digital subscribers increased by +25% to 101k in September, with 66k at Regional (ON+ and KyM) and 35k at ABC (ABC Premium and KyM). The new strategy which was implemented in May, with a focus on centralised management and other improvements, is leading to increased growth in digital subscriptions.
- Advertising revenuesincreased by +4.7% in 9M22, thanks to the strong +8.9% rise in local advertising, consisting of a +17.7% increase in digital and a +5.5% rise in print advertising. National advertising revenues increased by +1.3% thanks to a +6.7% increase in print advertising. In current market conditions, Vocento's balance between local advertising (52.5% of the total in 9M22) and national advertising is a major source of strength.
http://www.vocento.com/accionistas-inversores/informacion-financiera/#informacionperiodica | 4 |
Vocento, S.A. and subsidiaries
Results Report January-September 2022
National and local advertising1 9M22
Data in % | |||||
Local €54,7m (52,5% over total) | National €49,6m (47,5% over total) | ||||
28.5% | 25.0% | ||||
71.5% | 75.0% | ||||
Offline | Online | ||||
Nota 1: Note 1: net advertising data. Not including Audiovisual or Others
In 9M22, VOCENTO brands outperformed the advertising market both in print and online.
VOCENTO advertising performance vs the market 9M22
Data in %
Online | Online | ||
VOCENTO | |||
VOCENTO | |||
ex Classifieds | |||
4.7% | |||
4.5% | 4.5% | ||
2.2% | |||
1.7% |
0.8%
(0.4%)
Total market | Offline1 | Online |
Market2 VOCENTO
Note 1: offline for the market and VOCENTO is the press (excluding Supplements and Magazines). Note 2: market source i2p
excluding social media and search engines.
Including not only digital advertising revenues but also e-commerce booked as other revenues, digital now contributes 51% of total advertising, a similar level as in 9M21 because of the growth in print advertising revenues in the last year
- Other revenues: decreased by -8.7% following the deconsolidation in 9M22 of NET TV and Veralia Distribución. Excluding this, other revenues would have increased by +25.2% thanks to the contribution of Gastronomy, Aagencies, sporting events (e.g. the Donosti Cup), and printing for third parties, among others.
EBITDA
As the chart below illustrates, EBITDA in 9M22 reached 10,124 thousand euros. The performance was impacted by: 1) changes in the perimeter following the deconsolidation of NET TV and Veralia Distribución, 2) the launch of Relevo, the Group's new sporting brand, and 3) increases in the costs of energy and paper.
In the diversified businesses, there was strong growth at Gastronomy (+42%) and Agencies (+33%, excluding the YBR influencer business and the sustainability unit Antrópico) and an improvement in EBITDA in the automotive vertical at Classifieds.
http://www.vocento.com/accionistas-inversores/informacion-financiera/#informacionperiodica | 5 |
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Vocento SA published this content on 15 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 November 2022 13:58:03 UTC.