News
27-02-2014
ADVERTISING SPAIN & PORTUGAL
LATAM
PAY TV
COSTS AND CAPEX
REFINANCING
EDUCATION
Revenues (738.30 million Euros) remain flat (+0.6%) on the back of the negative FX impact. At constant currency revenues grow by 10.8%. We highlight the growth in Digital Learning Systems. Revenues from UNO System grow by +61.3% in 2013.
Adjusted EBITDA reaches 173.40 million Euros, a 7.3% fall. At constant currency, EBITDA grows by 4%.
RADIO
Revenues (342.88 million Euros) remain flat (+0.1%) versus 2012, mainly on the back of the lower advertising in Spain (-5.0%) and the improvement of Latin America advertising (+3.4%) with a strong performance in Colombia (+3.1%), Chile (+4.2%) and Mexico (+13.0%).
We highlight the improvement in advertising revenues throughout 2013, especially in the fourth quarter standalone.
Latam Revenues represent 44% of total Radio revenues.
EBITDA for the Radio division reached 54.77 million Euros in 2013 (+0.8%) of which 91% come from Latam.
PRESS
Press revenues (282.49 million Euros) fell by 10.2% compared to 2012. This is explained by the weakness in advertising (-4.0%) which has shown an important improvement in the third and fourth quarters standalone, and the lower circulation numbers (down by -16.3%).
Digital advertising revenues grew by 15.3% in the year and already represent 25.5% of total adjusted advertising revenues for the division.
MEDIA CAPITAL
Revenues (181.72 million Euros) fell by 1.4% impacted by the 7.4% fall in advertisement (although the third and fourth quarters standalone show an improvement with a fall of 0.4% and a growth of 3.2% respectively and compared to the falls of 11.6% and 19% in the first and second quarters of the year respectively). Recurring EBITDA (41.0 million Euros) fell by 4.0%, thanks to its development strategy and to the important effort in cost control. TVI maintains the leadership in 24hrs and Prime time with daily average audience shares of 24.6% and 27.7% respectively.
PAY TV
Pay TV (Canal+) revenues reached 1,166.17 million Euros (+9.2%) and recurring EBITDA reaches 32.51 million Euros (-82.1%) on the back of the new football rights exploitation model.
DIGITAL
Digital advertising showed a growth of 10.0% in 2013 compared to a market fall of 2.5%. In 2013, the Digital Area received a monthly average number of daily browsers of 83.7 million (+17%) thanks to the strong growth in El País sites, International Radio and AS.com
CONSOLIDATED GROUP RESULTS
The comparison of the results of 2013 and 2012 is affected by extraordinary items recorded under both revenues and expenses and which mainly correspond to:
a) the registry criteria of the sponsorship of certain events (although it has no impact at EBITDA level)
b) the redundancy expenses on the back of the personnel restructuring
c) the writedowns registered
d) the resolution of certain legal disputes which impact taxes
e) the provision for the ONO agreement.
f) in 2012, an adjustment was made for the consolidation of Dédalo which has not been made in 2013
To conduct a homogeneous comparison, we are presenting a profit and loss account adjusting these extraordinary items.
The new football exploitation model makes difficult the analysis of total Group figures evolution and in order to see the underlying performance of the rest of the businesses we present below the consolidated Group results excluding the impact of Canal+, adjusted by extraordinaries and showing the geographical split of Revenues, EBITDA and EBIT.
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