CALTAGIRONE EDITORE SPA Caltagirone Editore: the Board of Directors approves the
2014 first half results
Revenues: Euro 83.3 million (Euro 89.4 million as of June 30th 2013)
EBITDA: Euro -2.9 million ( Euro -2.2 million as of June 30th 2013)
Pretax result: Euro -3.4 million (Euro -3.6 million as of June 30th 2013)
Group Net Loss: Euro -5 million (Euro - 3.7 million as of June 30th 2013)
Group digital activities growth continues: 710 thousands unique daily users were reached in April; +76% internet advertising revenue compared to H1
2013; 10% contribution to Group Revenue from internet
Rome, July 24th 2014 - The Board of Directors of Caltagirone Editore, chaired by
Cav. Lav. Francesco Gaetano Caltagirone, today approved first half 2014 results.
Caltagirone Editore Group closed the first half of 2014 with results still suffering from the domestic economic downturn and its negative repercussions on the publishing industry. However first half results show the effectiveness of cost control and cost cutting efforts undertaken as well as the positive impact on audience and overall revenue contribution of Group internet investments.
Revenues reached Euro 83.3 million, down by 6.7% compared to the corresponding period of 2013, due to declining circulation and advertising revenues. In particular, circulation revenue amounted to Euro 34.8 million, down by
6.5% compared to H1 2013, suffering from a shrinking printed and digital circulation market declining by 7% from January to May 2014.
On the contrary, the Group websites recorded positive performance, reaching 710 thousand unique daily users in April. Compared to the first half of 2013,
Ilcorriereadriatico.it recorded a 64.2% increase in unique daily users, Ilmattino.it
+63.6%, Ilgazzettino.it +49% and Ilmessaggero.it +41.8%. The Group is today the third digital information provider in Italy.
In particular, Group advertising revenues reached Euro 45.3 million, down by 6.8% compared to the corresponding period of 2013. Advertising revenue on Group titles declined by 12.3%, in line with the industry average (12.4% in the first five months of 2014). Internet advertising keeps bucking the trend, with an increase of
76% compared to H1 2013 against an industry decline of 2.1% and today accounts for around 10% of Group advertising revenue.
In H1 2013 advertising revenues of the free newspaper Leggo were positive too, recording an increase of 9.5% compared to H1 2013 thanks to internet advertising
revenues.
Ebitda was a negative Euro 2.9 million (negative Euro 2.2 million at June 30th 2013). Revenue contraction was partly offset by operating costs reductions (-5.8%
compared to the first half of 2013). In particular, labor cost, net of non-recurring charges, decreased by 5.6% as a result of reorganization plans undertaken in previous years.
Net financial result reached Euro 4.2 million (Euro 3.5 million in H1 2013).
Group pretax loss was Euro 3.4 million (loss of Euro 3.6 million at June 30th 2013).
Group net loss was equal to Euro 5 million (loss of Euro 3.7 million in the corresponding period of 2013) due taxes.
Net cash position reached Euro 132.5 million down by approximately Euro 4.9 million from December 31st, 2013.
Group shareholders' equity declined to Euro 619.3 million (Euro 625.6 million as of
December 31st 2013).
2014 Outlook and events after the first half
The sector backdrop keeps being affected by significant uncertainty against which the Group continues to undertake a strict cost control and cost reduction policy.
The Executive responsible for the preparation of the corporate accounting documents, Roberto Di Muzio, declares in accordance with article 154 bis, paragraph 2, of the "Testo Unico della Finanza", that the accounting information contained in the present press release corresponds to the underlying documents, records and accounting entries.
The balance sheet and income statement are attached, currently being examined by the independent audit firm and by the Board of Statutory Auditors.
Media Relations Investor Relations
Tel. +39 06 45412365 Tel. +39 06 324931
Fax +39 06 45412300 Fax +39 06 32493349 ufficiostampa@caltagironegroup.it invrel@caltagironegroup.it
www.caltagironeeditore.com
(in thousands of Euro)
30 June
2014
31 December
2013
Non-current assets Intangible assets with definite life | 1,040 | 1,285 |
Goodwill and other indefinite intangible assets | 342,735 | 342,735 |
Property, plant and equipment | 55,167 | 58,813 |
Equity investments valued at net equity | 908 | 777 |
Equity investments and non-current securities | 139,171 | 139,704 |
Non-current financial assets | 39 | 43 |
Other non-current assets | 522 | 453 |
Deferred tax assets | 45,794 | 43,461 |
TOTAL NON-CURRENT ASSETS | 585,376 | 587,271 |
Current assets Inventories | 2,494 | 2,317 |
Trade receivables | 56,885 | 59,483 |
of which related parties | 2,023 | 1,971 |
Current financial assets | 14 | 3 |
Tax receivables | 1,569 | 4,121 |
Other current assets | 2,579 | 1,279 |
of which related parties | - | 4 |
Cash and cash equivalents | 187,080 | 186,633 |
of which related parties | 376 | 770 |
TOTAL CURRENT ASSETS | 250,621 | 253,836 |
TOTAL ASSETS | 835,997 | 841,107 |
(in thousands of Euro)
30 June
2014
31 December
2013
Shareholders' Equity
Share capital 125,000 125,000
Share capital issue costs (18,865) (18,865) Reserves 518,142 594,936
Profit/(loss) for the period (5,024) (75,432)
Minority interest shareholders' equity 25 68
TOTAL SHAREHOLDERS' EQUITY 619,278 625,707 LIABILITIES Non-current liabilities
Employee provisions 28,286 29,410
Other non-current provisions 5,806 6,684
Non-current financial liabilities 16,090 18,652
Other non-current liabilities 2,782 2,799
Deferred tax liabilities 65,898 65,480
Current provisions 5,598 5,862
Trade payables 23,491 24,576
of which related parties | 1,588 | 1,230 |
Current financial liabilities | 38,522 | 30,544 |
of which related parties | 8,445 | 5,845 |
Other current liabilities | 30,246 | 31,393 |
of which related parties | 26 | 35 |
TOTAL CURRENT LIABILITIES | 97,857 | 92,375 |
TOTAL LIABILITIES | 216,719 | 215,400 |
st
(in thousands of Euro)
half1 st
half 2014 2013 RevenuesRevenues from sales and supply of services 80,460 86,120
of which related parties 769 796
Other operating revenues 2,885 3,233
of which related parties 48 46
TOTAL REVENUES 83,345 89,353 CostsRaw material costs 9,440 10,373
Personnel costs 40,450 43,101
of which restructuring charges 816 1,106
Other operating charges 36,315 38,044
of which related parties 3,403 3,428
TOTAL COSTS 86,205 91,518 EBITDA (2,860) (2,165)A & D,Provisions and Write-downs 4,912 4,832
EBIT (7,772) (6,997) Net result of the share of associates 127 (167)Financial income 5,258 4,521
of which related parties 3,266 2,526
Financial charges (1,030) (992)
of which related parties (111) (68)
Net financial result 4,228 3,529 PROFIT/(LOSS) BEFORE TAX (3,417) (3,635) Income taxes for the period (1,650) (104) PROFIT/(LOSS) FROM CONTINUING OPERATIONS (5,067) (3,739) NET PROFIT/(LOSS) FOR THE PERIOD (5,067) (3,739) Group net loss (5,024) (3,697) Minority interest share (43) (42)Earnings per share (Euro per share) (0.041) (0.030) Diluted earnings per share (Euro per share) (0.041) (0.030)
CALTAGIRONE EDITORE GROUP Consolidated Comprehensive Income Statement(in Euro thousands) | 1st half 2014 | 1st half 2013 |
Net loss for the period | (5,067) | (3,739) |
Items which may be reclassified subsequently to profit/(loss) for the period Gain/(loss) from recalculation of AFS financial assets, net of fiscal effect | (1,072) | (1,470) |
Total other items of the Comprehensive Income Statement | (1,072) | (1,470) |
Total comprehensive loss for the period | (6,139) | (5,209) |
Attributable to: Parent Company shareholders Minority interest | (6,096) (43) | (5,167) (42) |
in Euro thousands 1st half 2014 1st half 2013
CASH AND CASH EQUIV. AT BEGINNING OF YEAR | 186,633 | 188,902 |
Net loss for the period | (5,067) | (3,739) |
Amortisation & Depreciation | 4,173 | 4,254 |
(Revaluations) and write-downs | 637 | 557 |
Net result of the share of associates | (127) | 167 |
Net financial income/(charges) | (4,230) | (3,669) |
(Gains)/losses on disposals | (5) | (5) |
Income taxes | 1,650 | 104 |
Changes in employee provisions | (1,364) | (2,240) |
Changes in current and non-current provisions | (1,141) | (5,586) |
OPER. CASH FLOW BEFORE CHAN. IN W.CAPITAL | (5,474) | (10,157) |
(Increase) Decrease in inventories | (177) | 462 |
(Increase) Decrease in Trade receivables | 1,963 | 1,507 |
Increase (Decrease) in Trade payables | (1,067) | (2,685) |
Change in other current and non-current liabilities | (2,547) | (1,561) |
Change in deferred and current income taxes | 1,225 | (954) |
OPERATING CASH FLOW | (6,077) | (13,388) |
Dividends received | 2,565 | 1,770 |
Interest received | 1,977 | 2,703 |
Interest paid | (655) | (453) |
Income taxes paid | (2,266) | (899) |
A) CASH FLOW FROM OPERATING ACTIVITIES | (4,456) | (10,267) |
Investments in intangible fixed assets | (90) | (99) |
Investments in tangible fixed assets | (226) | (395) |
Non-current investments and securities | - | (6) |
Sale of intangible and tangible assets | 27 | 22 |
Change in non-current fin. assets | 4 | (63) |
Change in current fin. assets | 7 | (41) |
Altre Var. Attiv. Investimento | 176 | - |
B) CASH FLOW FROM INVESTING ACTIVITIES | (102) | (582) |
Change in non-current fin. liabilities | (2,562) | (2,545) |
Change in current fin. liabilities | 7,858 | 12,801 |
Other changes | (291) | - |
C) CASH FLOW FROM FINANCING ACTIVITIES | 5,005 | 10,256 |
D) Effect exc. diffs. on cash & cash equivalents | - | - |
Change in net liquidity | 447 | (593) |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 187,080 | 188,309 |
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