PRESS RELEASE
SOCIETÀ EDITORIALE IL FATTO S.P.A.:
The Board of Directors approves the half-yearly financial report at 30 June 2020
Significant increase in revenues from both the sale of editorial products and the media content division
Marginality in strong growth, thanks to the efficiency of production activities
Full operation guaranteed even during the lockdown period, without the use of social safety nets
- of euro 19,778 thousand (euro 15,159 thousand for the year to June 30, 2019), an increase of 30,47%.
- equal to euro 2,509 thousand (euro 398 thousand at 30 June 2019, up 530%)
- Net financial position of euro 557 thousand (euro 1,139 thousand at 30 June 2019)
- Shareholders' equity of euro 4,207 thousand (euro 4,147 thousand at 30 June 2019)
- Net profit of euro 73 thousand (euro - 862 thousand at 30 June 2019)
Rome, 28 September 2020 –SEIF S.p.A. (the “Company” or “SEIF”) media content provider and publisher of several editorial and multimedial products, announces that, today, the Board of Directors has approved the half financial report at June 30, 2020.
Cinzia Monteverdi, Chairman and CEO of SEIF, commented: "SEIF closes the first half of 2020 in a particularly positive way, despite the delicate period experienced by our country due to the Covid emergency. In these difficult times, our publications and television productions have been fundamental in the information and support panorama for our readers and subscribers, as shown by the increase in sales of our editorial products and the revenues of the media content division, which have made our production activities more efficient, allowing a significant increase in margins.
These months have highlighted even more the importance of digital growth alongside a strengthening of the traditional market, confirming that the path of diversification and the production of distinctive value content are fundamental for the sustainability and growth of our Company. For this reason, in the coming months SEIF will continue to work in this direction, focusing on the development of untapped potential and the recovery of revenues from sales and services necessary to achieve industrial objectives".
Main financial data:
(in thousands of Euro) | 30.06.20 | % P.V. | 30.06.19 | % P.V. |
Production value | 19,778 | 100,00% | 15,159 | 100,00% |
EBITDA | 2,509 | 12,69% | 398 | 2,63% |
EBIT | 228 | 1,15% | -1,078 | -7,11% |
EBT | 229 | 1,16% | -1,073 | -7,08% |
Net result | 73 | 0,37% | -862 | -5,69% |
Profit and Loss Account at Value of Production and Value Added | |||||||
30.06.20 | % P. V. | 30.06.19 | % P. V. | ||||
Revenues from sales and services | 15,616,400 | 78,96% | 12.957.602 | 85,48% | |||
Variations of inventory of raw and auxiliary materials, consumables and supplies | 12,166 | 0,06% | (27.665) | (0,18%) | |||
Internal production of fixed assets | 3,843,300 | 19,43% | 2.104.429 | 13,88% | |||
Other revenues | 305,785 | 1,55% | 124.662 | 0,82% | |||
Production value | 19,777,651 | 100,00% | 15.159.028 | 100,00% |
Revenues from sales and services | ||||||
(in thousands of Euros) | Value at 30.06.20 | % on revenues | Value at 30.06.19 | % on revenues | Variat. | Var % |
Publishing sector | 11,531 | 73,84% | 9,499 | 73,31% | 2,033 | 21,40% |
Media content sector | 2,201 | 14,09% | 1,284 | 9,91% | 917 | 71,40% |
Advertising sector | 1,884 | 12,07% | 2,175 | 16,78% | -290 | -13,36% |
Total | 15,616 | 100,00% | 12,958 | 100,00% | 2,659 | 20,52% |
EBITDA is defined as: result for the year, adjusted by the following components: (i) income taxes for the year, (ii) financial components and (iii) depreciation and amortization of tangible and intangible assets, write-downs and other provisions.
EBIT is defined as: result for the year, adjusted by the following components: (i) income taxes for the year, (ii) financial components.
EBT is defined as: result for the year, adjusted by the following components: (i) income tax for the year.
Net Financial Position:
Net Financial Position | 30.06.2020 | 31.12.2019 |
Current financial receivables | ||
Liquidity - cash and cash equivalent | (3,251,487) | (1,138,763) |
Current financial payables | ||
Current financial payables | 207,183 | - |
Current Net Financial Position | (3,044,304) | (1,138,763) |
Non-current financial payables Non-current financial payables | 2,487,500 | - |
Net Financial Position | (556,804) | (1,138,763) |
The Current Net Financial Position, for approximately Euro 3,044 thousand, is composed exclusively of cash and cash equivalent net of a financial debt consisting of a current account opening, used temporarily and occasionally. Non-current financial payables are made up of a loan of Euro 2,500 thousand, destined for investments, with repayment in 60 months, 12 of which are pre-amortisation. The Company deemed it useful to rebalance the financial structure between short and medium term sources and uses.
Below is an analysis of the cash flows for the first half of 2020, compared with those for the same period of the previous year:
(in thousands of Euros) | ||
30.06.20 | 30.06.19 | |
Profit (loss) of the year before taxes on the income, interests and dividends | 228 | (1,078) |
Adjustments for non-monetary elements | 2,592 | 1,878 |
Changes in net working capital | 1,335 | 100 |
Other adjustments | (355) | (87) |
Cash flow from operating activities (A) | 3,800 | 813 |
Cash flow from investment activities (B) | (4,364) | (3,252) |
Cash flow from financing activities (C) | 2,677 | 2,917 |
Increase (decrease) of cash and cash equivalents (A±B±C) | 2,113 | 478 |
Cash and cash equivalents at the begging of the year | 541 | 2,212 |
Cash and cash equivalents at the end of the year | 2,654 | 2,690 |
Changes in cash and cash equivalents | 2,113 | 478 |
Main consolidated balance sheet and financial results at 30 June 2020:
Below is the information regarding the main balance sheet indicators as at 30 June 2020, compared with 31 December 2019.
Financial Statement of Assets and Liabilities | ||||||||
COMMITMENTS | 30.06.2020 | 31.12.2019 | FONTI | 30.06.2020 | 31.12.2019 | |||
Intangible fixed assets | 8,430,455 | 6,635,247 | Share capital | 2,500,000 | 2,500,000 | |||
Tangible fixed assets | 211,093 | 223,703 | Reserves | 3,090,442 | 3,104,100 | |||
Financial fixed assets | 1,150,606 | 1,144,098 | Retained earnings (losses) | - 1,456,976 | 35,407 | |||
Profit (loss) for the year | 73,148 | -1,492,384 | ||||||
FixedAset | 9,792,154 | 8,003,048 | Net worth | 4,206,614 | 4,147,123 | |||
Cash and cash equivalents | 266,539 | 250.720 | Consolidated liabilities | 5,574,766 | 2,739,000 | |||
Deferred Liquidity | 6,665,740 | 7.079.725 | ||||||
Instant Liquidity | 2,653,159 | 540.435 | Current liabilities | 9,596,212 | 8,987,805 | |||
Circulating asset | 9,585,438 | 7,870,880 | Liabilities | 15,170,978 | 11,726,805 | |||
Invested capital | 19,377,592 | 15,873,928 |
Financing capital | 19,377,592 | 15,873,928 |
Gross investments in intangible fixed assets amounted to Euro 4,327 thousand, gross of Euro 324 thousands of fixed assets in progress as at 31.12.2019 which entered into operation in the first half of 2020, and essentially refer to (i) production of television content for Euro 4,039 thousand, for which the company holds all copyright and economic exploitation rights over time; (ii) costs for the development and expansion of the technological infrastructure and for the restyling of the new newspaper, for a total of Euro 288 thousand.
Shareholders' Equity increased by approximately Euro 59 thousand also considering the result for the first half of 2020. The positive variation is due to the net profit recorded in the first half of the year net of a slight increase in the negative reserve for own shares. The company still holds a package of treasury shares equal to 9.46% of the share capital which will be subject to a subsequent placement transaction as soon as market conditions permit, destined to finance a subsequent step of business development.
Significant events during the six-month period ended at June, 30 2020
During the period under review, the Company recorded a positive trend and a clear improvement compared to the first half of 2019. Revenues from sales and services increased significantly for both newsstand and digital publications and television productions. The increase in sales also made it possible to absorb the decline in online advertising resulting from the Covid emergency and the lockdown of the country, which forced the closure of several activities or at least the suspension of several advertising campaigns. The Company has also distinguished itself for having managed to keep its staff structure fully operational, albeit largely in smart working, without using social security benefits, such as redundancy funds.
Significant events after the six-month period ended at June, 30 2020
In consideration of the epidemiological situation caused by Covid-19, it should be noted that all possible actions have been taken to ensure the safety of employees and collaborators within the company's offices in Rome and Milan, while at the same time managing to maintain the production levels necessary to ensure current volumes. The latter, despite the complexity of the management of production activities in this context, are continuing on a regular and seamless basis.
Business outlook
The general economic situation and that of the advertising sector in particular could affect the performance in the second half of 2020. However, the Company is taking all possible actions to maintain current business volumes and in line with operational forecasts and consequent production programs. The business outlook suggests the ability to ensure levels of financial flows that allow for the management of normal production activities and planned investments on a regular basis.
Documentation
Attached to this press release are the Statement of Assets and Liabilities, Income Statement and Cash Flow Statement for the interim period from 1 January 2020 to 30 June 2020.
Other information
The Half-Yearly Financial Report as at 30 June 2020 and the report of the independent auditors KPMG S.p.A. will be made available to the public at the company's registered office and on the website www.seif-spa.it, www.seif-spa.it, in the investor relations/corporate documents section. The report of the KPMG S.p.A. auditing firm will be made available to the public as soon as it is issued. within the terms provided for by applicable laws and regulations.
***
SOCIETA? EDITORIALE IL FATTO S.P.A. (SEIF) is an independent media company, founded in Rome in 2009 and led by Cinzia Monteverdi, Chairman and CEO. The company publishes several editorial and multimedia products, including Il Fatto Quotidiano, founded by Antonio Padellaro and directed by Marco Travaglio, the website ilfattoquotidiano.it and the monthly magazine FQ Millennium, directed by Peter Gomez, the publishing company Paper First and the TV and multimedia content platform Loft. Recently, SEIF has undertaken a process of diversification to become more and more a media content provider at 360° degrees, starting a strategy of development of its products in digital key and data driven.
For further information: Press Office Close to Media – Company founded by Elisabetta Neuhoff Via Caradosso 8 – 20123 Milano Tel: 02.70006237 Fax: 02.89694809 www.closetomedia.it Luca Manzato, Sofia Crosta, Giorgia Cococcioni luca.manzato@closetomedia.it, sofia.crosta@closetomedia.it, giorgia.cococcioni@closetomedia.it SEIF - Investor relations Cinzia Monteverdi 06 32818514 - ir@seif-spa.it |
NomadAlantra Capital Markets Via Borgonuovo, 16 – 20121 Milano tel. +39 02 63671613 mail: stefano.bellavita@alantra.com |
Attached to this press release are the Statement of Assets and Liabilities, Income Statement and Cash Flow Statement of the Company.
1. Statement of Assets and Liabilities
30/06/2020 | 31/12/2019 | |
---|---|---|
Assets | ||
B) Fixed assets | ||
I – Intangible fixed assets | - | - |
1) start-up and capital costs | 1,001,326 | 988,893 |
4) concessions, licenses, trademarks and similar rights | 19,392 | 24,073 |
6) assets under construction and payments on account | 612,064 | 807,607 |
7) other | 6,797,673 | 4,814,674 |
Total intangible fixed assets | 8,430,455 | 6,635,247 |
II – Tangible fixed assets | - | - |
4) other assets | 211,093 | 223,703 |
Total tangible fixed assets | 211,093 | 223,703 |
III – Financial fixed assets | - | - |
1) shareholdings in | - | - |
b) parent companies | 932,939 | 932,939 |
Total shareholdings | 932,939 | 932,939 |
2) receivables | - | - |
b) receivables from parent companies | 122,177 | 121,277 |
due within the next year | 58,500 | 27,000 |
due after the next year | 63,677 | 94,277 |
d-bis) other receivables | 89,882 | 89,882 |
due within the next year | 4,124 | 4,124 |
due after the next year | 85,758 | 85,758 |
Total receivables | 212,059 | 211,159 |
4) active derivative financial instruments | 5,608 | - |
Total financial fixed assets | 1,150,606 | 1,144,098 |
Total fixed assets (B) | 9,792,154 | 8,003,048 |
C) Current asset | ||
I - Inventories | - | - |
1) raw, subsidiary and consumable materials | 177,995 | 174,342 |
4) finished products and goods | 88,544 | 76,378 |
Total inventories | 266,539 | 250,720 |
II - Receivables | - | - |
1) trade receivables | 4,198,967 | 4.087,782 |
due within the next year | 4,198,908 | 4,087,782 |
due after the next financial year | 59 | - |
5-bis) tax receivables | 443,224 | 1,027,014 |
due within the next one year | 443,224 | 1,027,014 |
5-ter) pre-paid taxes | 742,379 | 798,216 |
5-quater) from third parties | 320,683 | 328,082 |
due within the next one year | 320,683 | 328,082 |
Total receivables | 5,705,253 | 6,241,094 |
III – Financial assets not of a fixed nature | - | - |
6) other assets | 598,328 | 598,328 |
Total financial assets not of a fixed nature | 598,328 | 598,328 |
IV – Cash and cash equivalents | - | - |
1) bank and postal deposit | 2,648,029 | 538.023 |
3) cash at bank and in hand | 5,130 | 2,412 |
Total cash and cash equivalents | 2,653,159 | 540,435 |
Total current assets (C) | 9,223,279 | 7 630,577 |
D) Accrual and deferred income | 362,159 | 240,303 |
Total assets | 19,377,592 | 15,873,928 |
Liabilities | ||
A) Shareholders' equity | 4,206,614 | 4,147,123 |
I – Share capital | 2,500,000 | 2,500,000 |
IV – Legal reserve | 500,000 | 500,000 |
VI – Other reserves, indicated separately | - | - |
Extraordinary reserve | 3,694,856 | 3,694,856 |
Total other reserve | 3,694,856 | 3,694,856 |
VII - Reserve for transactions to hedge expected cash flows | 4,262 | - |
VIII – Profit (loss) carried forward | (1,456,976) | 35,407 |
IX – Profit (loss) of the year | 73,148 | (1,492,384) |
X – Negative reserve for purchase of own shares | (1,108,676) | (1,090,756) |
Total shareholders' equity | 4,206,614 | 4,147,123 |
B) Provisions for risks and charges | ||
2) for taxes, including deferred taxes | 1,346 | - |
4) other | 636,289 | 641,989 |
Total for risks and charges | 637,635 | 641,989 |
C) Employee severance indemnity | 2,242,448 | 2,097,011 |
D) Payables | ||
4) payables to banks | 2,694,683 | - |
due within the next year | 207,183 | - |
due after the next year | 2,487,500 | - |
12) tax payables | 4,441,634 | 3,718,577 |
due within the next year | 4,441,634 | 3,718,577 |
13) amounts payable to social security institutions | 345,291 | 444,255 |
due within the next year | 345,291 | 444,255 |
14) other receivables | 943,992 | 1,012,179 |
due within the next year | 943,992 | 1,012,179 |
12) tax payables | 2,344,581 | 2,531,000 |
due after the next year | 2,344,581 | 2,531,000 |
Total receivables | 10,770,181 | 7,706,011 |
E) Accrual and deferred income | 1,520,714 | 1,281,794 |
Total liabilities | 19,377,592 | 15,873,928 |
2. Income statement
30/06/2020 | 30/06/2019 | |
---|---|---|
A) Production value | ||
1) revenues from sales and services | 15,616,400 | 12,957,602 |
2) variations of inventory of raw and auxiliary materials, consumables and supplies | 12,166 | (27,665) |
4) increases in fixed assets for internal works | 3,843,300 | 2,104,429 |
5) other revenues and income | - | - |
other | 305,785 | 124,662 |
Total other revenues and income | 305,785 | 124,662 |
Total production value | 19,777,651 | 15,159,028 |
B) Cost of production | ||
6) for raw and auxiliary materials, consumables and supplies | 613,029 | 822,205 |
7) for services | 8,905,808 | 7,603,847 |
8) for use of assets owned by others | 1,013,608 | 654,808 |
9) for personnel | - | - |
a) salaries and wages | 4,659,099 | 4,001,847 |
b) social security | 1,480,417 | 1,283,288 |
c) employee severance indemnity | 248,330 | 219,960 |
e) other costs | 89,607 | 75,164 |
Total personnel costs | 6,477,453 | 5.580,259 |
10) amortization, depreciation and impairment | - | - |
a) depreciation of intangible fixed assets | 2,208,360 | 1,399,354 |
b) depreciation of tangible fixed assets | 43,081 | 32,152 |
Total amortization, depreciation and impairment | 2,251,441 | 1,431,506 |
11) variations of inventory of raw and auxiliary materials, consumables and supplies | (3,653) | (88,801) |
12) provisions for risks | 30,218 | 45,000 |
14) other operating costs | 262,140 | 188,320 |
Total of cost of production | 19,550,044 | 16,237,144 |
Difference between value and costs of production (A - B) | 227,607 | (1,078,116) |
C) Financial revenues and expenses | ||
16) other financial revenues | - | - |
a) from receivables recorded under fixed assets | - | - |
from affiliated companies | - | - |
Total financial revenues from receivables recorded under fixed assets | - | - |
c) from securities included under the working capital which are not shareholdings | 6,043 | 6,599 |
d) revenues different from the previous | - | - |
other | 14 | 1,196 |
Total revenues different from the previous | 14 | 1,196 |
Total of other financial revenues | 6,057 | 7,795 |
17) Interests and financial expenses | - | - |
other | 5,328 | 3,162 |
Total interests and financial expenses | 5,328 | 3,162 |
17-bis) exchange gains and losses | 701 | 76 |
Total financial revenues and expenses (15+16-17+-17-bis) | 1,430 | 4,709 |
D) Value adjustment on financial assets | - | - |
18) revaluations | - | - |
c) of securities included under assets forming part of working capital which are not investments | - | 186 |
Total revaluations | - | 186 |
Total value adjustments to financial assets (18-19) | - | 186 |
Result before taxes (A-B+-C+-D) | 229,037 | (1,073,221) |
20) Current, deferred and prepaid taxes on the income of the year | ||
current taxes | 100,052 | 8,185 |
deferred and prepaid taxes | 55,837 | (219,478) |
Total current, deferred and prepaid taxes on the income of the year | 155,889 | (211,293) |
21) Profit (loss) for the year | 73,148 | (861,928) |
3. Cashflow statement, indirect method
Amount at 30/06/2020 | Amount at 30/06/2019 | |
---|---|---|
A) Cash flows from operating activities (indirect method) | ||
Profit (loss) for the year | 73,148 | (861,928) |
Income taxes | 155,889 | (211,293) |
Payable (receivable) interest | (1,430) | (4,633) |
1) Profit (loss) for the year before income tax, interest, dividends and capital gains/losses from conveyances | 227,607 | (1,077,854) |
Adjustments to non monetary items that were not offset in the net working capital. | ||
Allocation to preserves | 340,665 | 446,204 |
Depreciation of fixed assets | 2,251,441 | 1,431,506 |
Total adjustments for non-monetary items that were not offset in the net working capital | 2,592,106 | 1,877,710 |
2) Cash flow before changing net working capital | 2,819,713 | 799,856 |
Changes in net working capital | ||
Decrease/(increase) in inventory | (15,819) | (61,136) |
Decrease/(increase) in payables to customers | (111,185) | 301,348 |
Increase/(Decrease) in trade payables | 723,057 | 1,061,752 |
Decrease/(Increase) in accrued income and prepayments | (121,856) | (320,419) |
Increase/(decrease) in accrued income and prepayments | 238,920 | (75,611) |
Other decreases/(Other increases) in net working capital | 622,174 | (805,774) |
Total changes in net working capital | 1,335,291 | 100,160 |
3) Cash flow after changes in net working capital | 4,155,004 | 900,016 |
Other adjustments | ||
Interest received/(paid) | 1,430 | 4,633 |
(Income tax paid) | (155,889) | 211,293 |
(Use of funds) | (200,928) | (303,051) |
Total other adjustments | (355,387) | (87,125) |
Cash flow from operating activity (A) | 3,799,617 | 812,891 |
B) Cash flow from investment activity | ||
Tangible fixed assets | ||
(Investments) | (30,471) | (111,356) |
Intangible assets | ||
(Investments) | (4,326,677) | (2,800,173) |
Financial fixed assets | ||
(Investments) | (6,508) | (340,390) |
Not fixed financial assets | ||
(Investments) | (186) | |
Cash flow from investment activity (B) | (4,363,656) | (3,252,105) |
C) Cash flow from financing activity | ||
Own resources | ||
Opening of bank loan | 2,694,683 | |
Own resources | ||
Transfer/(purchase) of own shares | (17,920) | 2,917,440 |
Cash flow from financing activity (C) | 2,676,763 | 2.917,440 |
Increase (decrease) in cash and cash equivalents (A ± B ± C) | 2,112,724 | 478,226 |
Cash and cash equivalents at the beginning of the year | ||
Bank and postal deposits | 538,023 | 2,211,105 |
Money and equivalents on hand | 2,412 | 709 |
Total of cash and cash equivalents at the beginning of the year | 540,435 | 2,211,814 |
Cash and cash equivalents at the end of the year | ||
Bank and postal deposits | 2,648,029 | 2,689,530 |
Money and equivalents on hand | 5,130 | 510 |
Total cash and cash equivalents at the end of the year | 2,653,159 | 2,690,040 |
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