IMPRESA, SGPS, S.A. IMPRESA
Results 3rd quarter 2015
Publicly Held Company Share Capital Eur 84,000,000
Rua Ribeiro Sanches, 65 1200-787 LISBON
Tax Number 502 437 464 Commercial Registry Office of Lisbon
Press Release: IMPRESA accounts 3rd Quarter 2015
Main facts:
Return to profit in the 3rd quarter. In the 3rd quarter of 2015, IMPRESA achieved a positive consolidated net income of 416,645 euros, in comparison to the negative net income of 384,743 euros registered in the same period of the previous year. At the end of September 2015, profits reached 1.1 M€, in comparison to 5.6 M€ recorded in the same period of 2014.
In the 3rd quarter of 2015, EBITDA came to 4.0 M€, in comparison to 3.4 M€ registered in the 3rd quarter of 2014, i.e. an increase of 16.3%.
In the 3rd quarter of 2015, IMPRESA revenues decrease only 0.9%, reaching 53,0 M€, impacted by the decline in circulation revenues and other revenues, which was not offset by the increase in advertising revenues - which rose by 1.5%, and channel subscriptions (+12.4%).
IMPRESA continued to reduce its net remunerated debt (bank debt and leases), having decreased from 197.6 M€ at the end of September 2014 to 195.6 M€ at the end of September 2015.
From January to September 2015, over the whole day, SIC ended with a share of 19.0% in the SIC universe and was leader, in the universe of generalist channels, in the commercial target A/B C D 25/54 with a share of 19.6%.
During prime time, SIC continued its leadership in the commercial target A/B C D 25/54, in the universe of generalist channels, with a share of 24.9%. During weekday prime time, SIC maintained its leadership, in the universe of generalist channels, of the commercial targets A/B C D 15/54 and A/B C D 25/54, with shares of 25.1% and 26.2%, respectively.
The good performance of «Jornal da Noite», the absolute leadership on Portuguese television of the soap opera «Mar Salgado» and the most recent novela of SIC, «Coração d'Ouro», which has already conquered viewers' preferences, contributed to these good results.
During the 3rd quarter of 2015, IMPRESA concluded the sale of its stake in the share capital of Noniussoft, resulting in a cash inflow of 1.5 M€.
IMPRESA was chosen by Linkedin to be responsible for the advertising management of its platforms in the Portuguese market.
Table 1. Main Indicators
(Values in €)
set-15
set-14
ch %
3rd Qt 2014
3rd Qt 2013
ch %
Total Revenues
164.459.373
172.809.685
-4,8%
52.969.559
53.460.612
-0,9%
Television
123.108.403
129.567.490
-5,0%
39.578.888
39.238.736
0,9%
Publishing
40.381.219
42.090.903
-4,1%
13.116.378
13.970.910
-6,1%
InfoPortugal & Others
1.650.355
1.587.365
4,0%
480.960
439.077
9,5%
Intersegments
-680.604
-436.073
56,1%
-206.667
-188.111
9,9%
Operating Costs
150.220.548
152.990.951
-1,8%
48.989.347
50.039.241
-2,1%
EBITDA
14.238.825
19.818.734
-28,2%
3.980.212
3.421.371
16,3%
EBITDA Margin
8,7%
11,5%
7,5%
6,4%
EBITDA Television
14.351.044
20.802.289
-31,0%
4.029.047
3.496.727
15,2%
EBITDA Publishing
2.344.908
1.880.188
24,7%
723.031
814.737
-11,3%
EBITDA Infoportugal & Others
-2.457.127
-2.863.743
14,2%
-771.866
-890.093
13,3%
Net Profits
1.089.241
5.554.051
-80,4%
416.645
-384.743
n.a
Net Debt & Leasing (M€)
195,6
197,6
-1,0%
195,6
197,6
1,0%
Note: EBITDA = Operating Results + Amortisations and Depreciation + Impairment Losses. Net Debt = Loans (ST+MLT) - Cash and Cash Equivalents. (1) Does not consider Amortisations and Depreciation and Impairment Losses.
Analysis of the Consolidated Accounts
In the 3rd quarter of 2015, IMPRESA registered an improvement in its revenue performance, with a year-on-year decrease of only 0.9% to 53 M€. At the end of September 2015, consolidated revenues of 164.5 M€ were achieved, which represented a year-on-year decrease of 4.8%.
From the overall business activity, the following outstanding facts in the 3rd quarter of 2015 occurred:
12.4% increase in channel subscription revenues, with similar growth through to September (12.3%).
1.5% growth in advertising revenues in the 3rd quarter, improving the September accumulated figures to just -0.4%.
5.6% decline in publication sales.
20,5% decline in other revenues, negatively impacted by the slowdown in sales of Customer Publishing, Content sales, Multimedia and Associated Products.
Total Revenues | 164.459.373 | 172.809.684 | -4,8% | 52.969.559 53.341.399 -0,7% |
Advertising | 84.758.413 | 85.133.082 | -0,4% | 26.418.102 25.896.768 2,0% |
Channel Subscriptions | 37.841.938 | 33.699.546 | 12,3% | 12.566.033 11.175.901 12,4% |
Circulation | 18.764.980 | 19.326.005 | -2,9% | 6.654.441 7.047.307 -5,6% |
Others | 23.094.042 | 34.651.051 | -33,4% | 7.330.983 9.221.423 -20,5% |
Operating costs fell 2.1% in the 3rd quarter. In accumulated terms, operating costs, without considering amortisations and depreciation, reached 150.2 M€, which represented a year- on-year decrease of 1.8%. It should be noted that SIC continues to cover the total cost of its national fiction at first emission.
In the 3rd quarter of 2015, consolidated EBITDA increased once again, reaching 4.0 M€, in comparison to 3.4 M€ obtained in the same period of last year, which represents an increase of 16.3%. Consolidated EBITDA at the end of September 2015 came to 14.2 M€, in comparison to 19.8 M€ in the same period of 2014.
In the 3rd quarter of 2015, depreciation charges rose by 11.1%. The volume of depreciation fell by 0.3% to 2.9 M€ by the end of September 2015.
Financial results registered a significant improvement in the 3rd quarter, having decreased year-on-year by 19.6% to 2.2 M€. This decline resulted from the renegotiation of various credit lines, which enabled funding costs to be reduced from the 3rd quarter onwards, and those savings more than offset the exchange rate losses that were registered. At the end of September 2015, the negative financial results still increased by 13.7% to 9.2 M€.
The consolidated net income of the 3rd quarter of 2015 was positive, having reached 416,645 euros, in comparison to the negative net income of 384,743 euros registered in the 3rd quarter of 2014. The consolidated net income, at the end of September 2015, came to 1.1 M€, in comparison to the net income of 5.6 M€ achieved in the same period of 2014.
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