Impresa ends the semester with a profit to reach 3.3 million euros – Meios & Publicidade

Francisco Pedro Balsemão, CEO of Impresa

Impresa’s total revenues in the first half of this year reached values ​​close to 92 million euros. In addition to reflecting a growth of 17.4% compared to a homologous period very marked by the impact of the pandemic on the group’s accounts, in which revenues fell to 78.4 million euros, this figure even exceeded the financial income recorded. in the first half of 2019. In the first six months of the last year without covid-19, revenues were around 88.8 million euros. A return to pre-pandemic numbers that is at the origin of a recovery in the profits of the group led by Francisco Pedro Balsemão to values ​​very close to those reported two years ago, before the pandemic blasted the net results in the first six months of last year . In 2020, it should be remembered, the owner of SIC and Expresso ended the first half of the year with profits falling 94.9%, from 3.5 million euros to just 178 thousand euros. Now it is approaching that value again, closing the last year with profits soaring 1776.4% to 3.3 million euros.

The recovery of the advertising market was one of the decisive factors for the results now achieved by Impresa, which between the months of January and June of this year invested approximately 10 million euros more in advertising investment compared to the same period in 2020. “The leaders of SIC and Expresso allowed Impresa to continue to improve its results. Advertising investment grew after a very difficult year and SIC managed to capture more than 50% of the advertising market share among generalist channels”, highlights Francisco Pinto Balsemão, CEO of the group. According to the report sent this Wednesday to the CMVM, Impresa’s advertising revenue grew 21.2%, from 47.1 million euros in the first half of 2020 to 57.1 million euros in the first six months of this year.

Analyzing the group’s sources of revenue, the performance in terms of IVR (called value added) revenues, which registered a growth of 38.1%, from 6.8 million to 9.4 million of euros. Also with a positive evolution were circulation revenues, as well as the item Other Revenues, the first to increase 5%, to 5.2 million euros, and the second to grow 30.6%, from 2.9 million to the 3.8 million euros. Channel subscription, which continues to be the group’s second line of revenue in volume, is the only one to register a decline, decreasing slightly to 16.4 million euros (-0.6%).

On the operating costs side, considering depreciation, amortization, provisions and impairment losses on non-current assets, there is an increase of 15.9%, from 70 million euros recorded in the first half of 2020 to 81.1 million euros in these first six months of 2021. With the figures now reported, Impresa achieves a financial performance with a positive evolution, as EBITDA advances to 10.9 million euros in the first half, an increase of 30.3% in relation to the financial results in the same period of the previous year, which placed EBITDA at 8.3 million euros.

In the analysis by segment, the television business area reaches an EBITDA of around 10 million euros at the end of the accounts for the first six months of 2021, representing an improvement of 11.1% compared to the value close to the 9 million euros reported. in the same period in 2020. SIC’s revenues reached the threshold of 80 million euros, which represents a growth of around 18.9% compared to the 67.3 million euros registered between January and June of the previous year. Contributing to this result was mainly an increase of 22% in advertising revenues, which increased from 42.3 million euros to close to 51.7 million, and 38.1% in IVR revenues, which rose from 6.8 million to 9.4 million euros, as well as Other Revenues, which soared 59.2%, from 1.6 million to almost 2.6 million euros. On the other hand, as mentioned above, channel subscription revenues decreased by 0.6%. On the cost side there is an increase in the order of 20.2%, from 58.3 million euros to 70 million. Despite the higher weight of costs, the increase in revenue (12.7 million euros) was greater than the increase in operating costs (11.7 million euros), which justifies the improvement in the EBITDA of this business area.

Despite a less expressive growth in total revenues, compared to the television area, by keeping operating costs in line with the same period of the previous year, the publishing segment has seen its financial performance improve significantly more in percentage terms, with an increase in the EBITDA that even matches, in terms of volume, the increase achieved by the television area. At the end of this first half of 2021, this business area, where the group owns the weekly Expresso, reported an EBITDA of 1.5 million euros, a figure that represents an increase of 163% compared to an EBITDA of close to 587 thousand euros reported in the last year, ie, as in the television area, an increase in the order of one million euros. In this segment, total revenues rose 9.3%, from 10.2 million euros to 11.2 million euros, leveraged by a 14.6% increase in advertising revenues, which came close to 5.5 million euros. euros. The other revenue lines also registered increases: circulation revenue reached 5.2 million euros, a growth of 5% and Other Revenues stood at around 507 thousand euros (+2.1%).

The Impresa Others segment, which includes Infoportugal’s accounts, the group closes the first half of this year with a negative result of around -637 thousand euros, a figure that represents, however, an improvement of around 47.1% compared to negative EBITDA of -1.2 million euros recorded in the same period of the previous year. A 30.7% cut in operating costs contributed mainly to this result, from 2.1 million to 1.4 million euros, with a more significant impact on the final balance than the 7.3% drop in revenues, from 845 thousand euros to approximately 784 thousand euros.

In terms of indebtedness, Impresa reaches the end of the first half of 2021 with a net interest-bearing debt of 154.4 million euros, a reduction of 14.7 million euros compared to the figure reported in the same period in 2020 (169 million euros euros) and 1.6 million euros in relation to the group’s debt at the end of last year’s accounts (152.8 million euros) and which was appointed as “the lowest value since 2005, the year in which Impresa became hold 100% of SIC’s capital”.

“Despite the uncertainty related to the pandemic, Impresa will seek to reinforce these good results and the leadership of its main brands, improving its operating margin and continuing to reduce its debt”, says Francisco Pedro Balsemão, commenting on the results now presented and anticipating the second half. The group “will also continue to grow into new platforms, consolidating the projects launched, namely Opto and Advnce, and reaching out to more and new audiences through the diversification of its content portfolio”, also points out the CEO of Impresa.


Source: Meios & Publicidade by www.meiosepublicidade.pt.

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