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29 Oct 2018
Impresa reported today after market close its 3Q18 results. 3Q is the smallest quarter in the year for the group. Impresa disclosed 3Q18 EBITDA of €2.1mn (+4.3%y/y), vs. €2.0mn in 3Q17 proforma to reflect the sale of the magazines portfolio, as well as the impact of IFRS15 and IFRS9. Adjusted by restructuring charges, EBITDA grew by 29.3%y/y to €2.8mn. Net loss stood at €1.1mn in 3Q18.
3Q18 revenues came in at €39.4mn (-3.2%y/y). Turnover in the TV segment fell by 4.9%y/y in 3Q18, relative to proforma accounts in 3Q17, to €32.5mn, reflecting the negative evolution posted by advertising revenues (following the end of the Football World Cup). TV advertising revenues declined by 6.1%y/y in 3Q18 to €20.0mn (vs. +3.0%y/y in 2Q18). Subscription revenues rose 1.3%y/y to €9.8mn in 3Q18 (vs. -1.3%y/y in 2Q18).
In the publishing segment, which now includes the Expresso newspaper, the site Blitz, the New Media Solutions, and the commercial management of websites, total revenues rose by 4.4%y/y to €6.2mn in 3Q18 (vs. +7.0%y/y in 2Q18), with advertising revenues up by 1.6%y/y to €3.2mn (vs. +6.0%y/y in 2Q18). Circulation revenues posted a 7.5%y/y decline in 3Q18 to €2.4mn (vs. -0.5%y/y in 2Q18), affected by the closure of the Blitz magazine, and in spite of the increase of the cover price of Expresso in 2Q18. Digital revenues increased 21.6%y/y in 9M18 and represent 14.5% of total circulation.
The adjusted EBITDA margin reached 7.1% in 3Q18 (vs. 5.3% in 3Q17), reflecting a higher margin during the quarter in the Television division (9.9% in 3Q18 vs. 6.7% in 3Q17), but a lower margin in the Publishing division (2.2% in 3Q18 vs. 8.7% in 3Q17). Net financial costs were flat y/y in 3Q18 at €1.6mn.
Opex fell by 2.9%y/y to €37.2mn in 3Q18, penalized by the increase in restructuring costs in the quarter. In the TV segment, operating costs fell by 6.5%y/y. In the publishing segment, the new activities included in the consolidation perimeter led to an increase of 11.8%y/y in operating costs in 3Q18.
Impresa reported net debt & financial leases of €189.6mn, +€3.9mn q/q (-€3.1mn y/y), reflecting the financing of the expansion project of the Impresa building and of new studios.
Impresa will hold a conference call tomorrow at 10:00 local time.
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