Impresa - Sociedade Gestora de Participações Sociais, S.A. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Announces Impairments for the Fourth Quarter Ended December 31, 2017; Provides Earnings Guidance for 2018
March 05, 2018
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Impresa - Sociedade Gestora de Participações Sociais, S.A. reported consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported total revenues of EUR 55,384,590 against EUR 56,171,416 a year ago. Total EBITDA was EUR 5,191,679 against EUR 6,788,436 a year ago. EBIT was EUR 4,266,992 against EUR 5,894,806 a year ago. Results before taxes and minorities were EUR 2,738,476 against EUR 4,584,157 a year ago. Net loss was EUR 21,488,978 against profit of EUR 3,345,538 a year ago.
For the full year, the company reported total revenues of EUR 201,821,209 against EUR 205,997,090 a year ago. Operating loss was EUR 13,035,733 against income of EUR 12,024,653 a year ago. Loss before taxes was EUR 19,765,233 against profit of EUR 4,692,174 a year ago. Consolidated net loss was EUR 21,654,037 against profit of EUR 2,759,895 a year ago. Net debt, including financial leases, stood at EUR 178.4 million at the end of 2017. In 2017 the total capital expenditure was EUR 3.7 million, value which includes the expansion of the IMPRESA building, which has started in March 2017, which will allow the concentration in the same premises of all IMPRESA activities in Lisbon. Total EBITDA was EUR 13,815,431 against EUR 15,525,898 a year ago. EBIT was EUR 10,163,886 against EUR 12,024,653 a year ago. Results before taxes and minorities were EUR 3,434,386 against EUR 4,692,174 a year ago.
For the quarter, the company reported impairments of EUR 23,199,619.
With the re-dimensioning of the IMPRESA group at the beginning of 2018, and the restructuring measures implemented during recent quarters, along with more favourable macro-economic context, the company expected that the group's profitability in terms of EBITDA and net profits will improve, underpinning the objectives of the strategic plan.
Impresa, SGPS, S.A. is Portugal's leading communications group. Net sales break down by activity as follows:
- operation of TV channels (82.2%): 8 channels operated (SIC, SIC Internacional, SIC News, SIC Radical, SIC Mulher, SIC K, SIC Caras et Txillo) at the end of 2021. The group also offers an activity of streaming exclusive content by subscription (OPTO) and operation of a sports content portal (ADVNCE);
- publishing of newspapers and magazines (12.5%): weekly newspapers Expresso, Blitz, Boa Cama Boa Mesa, Tribuna, etc.;
- other (5.3%): primarily publishing and distribution of multimedia and digital content (operating primarily through the portals Olhares and InfoPortugal).
Net sales break down primarily by source of income into sales of advertising space (65.4%), sales of TV subscriptions (16.8%) and sales of newspapers and magazines, individually or by subscription (5.4%).
Portugal accounts for 95.9% of net sales.
Impresa - Sociedade Gestora de Participações Sociais, S.A. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Announces Impairments for the Fourth Quarter Ended December 31, 2017; Provides Earnings Guidance for 2018