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href='?wpfpaction=add&postid=18881' title='' rel='nofollow'></a></span><a href="/en/pages/my-bookmarks/" class="wpfp-page" title="Go to My bookmarks">Go to My bookmarks</a><a href="https://www.rcsmediagroup.it/en/press-release/press-release-results-at-30-june-2019-approved/" class="favor" rel="sidebar">Add to favorites</a></div> <div id="breadcrumb"></div> </div> <div class="row"> <div id="primary" class="site-content"> <div id="content" role="main"> <article id="post-18881" class="post-18881 comunicati type-comunicati status-publish has-post-thumbnail hentry comunicati-tag-comun-corporate"> <header class="entry-header"> <h1 class="entry-title">Press Release: Results at 30 June 2019 approved</h1> </header> <div class="entry-content"> <div class="row"> <div class="col-md-8 col-sm-8 col-xs-12"> <div class="meta"><span class="pull-left">Corporate</span><span class="pull-right">July 31, 2019 - 15:30</span><hr class="sfum-verde"></div><div class="contenuto_editoriale"><p style="text-align: center"><strong><u>Results at 30 June 2019 approved<a href="#_ftn1" name="_ftnref1">[1]</a></u></strong></p> <p style="text-align: center"><strong> </strong><strong>Consolidated revenue € 475.5 million</strong></p> <p style="text-align: center"><strong>EBITDA € 84.1 million<a href="#_ftn2" name="_ftnref2"><strong>[2]</strong></a>, € 71 million net of IFRS 16 impact</strong></p> <p style="text-align: center"><strong>Positive EBIT of € 58.3<sup>2</sup> million, € 56.9 million net of IFRS 16 impact</strong></p> <p style="text-align: center"><strong>Profit of € 38.4 million, € 38.8 million net of IFRS 16 impact</strong></p> <p style="text-align: center"><strong>Net Financial Debt of € 177.5 million (€ -10.1 million vs. 31.12.2018 after distribution of dividends for approximately € 31 million)</strong></p> <p><em>Milan, 31 July 2019</em> – The Board of Directors of RCS MediaGroup met today under the chairmanship of Urbano Cairo to review and approve the consolidated results at 30 June 2019.</p> <table style="width: 94%"> <tbody> <tr> <td width="53%"> <p><strong>Income statement (€ millions)</strong></p> </td> <td width="27%"> <p><strong>30/06/2019 </strong></p> </td> <td width="19%"> <p><strong>30/06/2018 </strong></p> </td> </tr> <tr> <td width="53%"> <p>Consolidated revenue</p> </td> <td width="27%"> <p>475.5</p> </td> <td width="19%"> <p>503.6</p> </td> </tr> <tr> <td width="53%"> <p>EBITDA<sup>2</sup></p> </td> <td width="27%"> <p>84.1</p> </td> <td width="19%"> <p>83.1</p> </td> </tr> <tr> <td width="53%"> <p>EBIT<sup>2</sup></p> </td> <td width="27%"> <p>58.3</p> </td> <td width="19%"> <p>65.8</p> </td> </tr> <tr> <td width="53%"> <p>Profit</p> </td> <td width="27%"> <p>38.4</p> </td> <td width="19%"> <p>45.4</p> </td> </tr> </tbody> </table> <p> </p> <table style="width: 94%"> <tbody> <tr> <td width="53%"> <p><strong>Statement of financial position (€ millions)</strong></p> </td> <td width="27%"> <p><strong>30/06/2019</strong></p> </td> <td width="19%"> <p><strong>31/12/2018</strong></p> </td> </tr> <tr> <td width="53%"> <p>Net financial debt<sup>1</sup></p> </td> <td width="27%"> <p>177.5</p> </td> <td width="19%"> <p>187.6</p> </td> </tr> </tbody> </table> <p>Against a backdrop of persisting uncertainty and shrinking core markets, the advertising market in Italy and Spain in particular, which posted a lower-than-forecast performance, with an impact on revenue in the period, in first half 2019, the Group continued to generate highly positive margins and cash flows and achieved its targets to gradually reduce financial debt (which fell by € 10.1 million versus end 2018 after distributing dividends for approximately € 31 million).</p> <p>Group<strong> consolidated net revenue </strong>at 30 June 2019 amounted to € 475.5 million, down by € 28.1 million versus 30 June 2018. The change is attributable to publishing revenue of € -12.7 million, advertising revenue of € -8.2 million and sundry revenue of € -7.2 million versus the same period of 2018. <strong>Digital revenue</strong>, which amounted to approximately € 80.1 million, <strong>grew by approximately 4%</strong> versus the same period of 2018, with a percentage <strong>on total revenue of </strong><strong>16.8</strong><strong>%.</strong></p> <p><strong>Advertising revenue</strong> in the first half of the year totaled € 197.9 million versus € 206.1 million in the same period of 2018. The decrease was due mainly to Unidad Editorial (€ -6.4 million3), Newspapers Italy (€ -4.8 million<a href="#_ftn3" name="_ftnref3">[3]</a>), and Magazines Italy (€ -1.6 million3). Total <strong>advertising sales on online media</strong> amounted to € 61.8 million, <strong>up by approximately 3.7% </strong>versus the same figure of first half 2018. In Spain, advertising sales on online media accounted for approximately 50.5% of total net advertising revenue and grew by 6.8% versus the first half 2018.</p> <p><strong>Publishing revenue</strong> amounted to € 199.8 million versus € 212.5 million in the first six months of 2018. The decrease is due to the drop in sales of add-on products (€ -4.7 million in Italy and € -0.8 million in Spain versus first half 2018) and to the drop in circulation in Italy and Spain. In the newsstands channel, the dailies <em>Corriere della Sera</em>, <em>La Gazzetta dello Sport </em>(<em>ADS January-May 2019</em>), <em>Marca</em> and <em>Expansión</em> continue to lead their respective segments, while <em>El Mundo</em> was once again the second most popular general daily in Spain (<em>OJD</em>). In Italy in particular, as regards the comparison with the market, the newsstands channel (channels required by law) performed better, with both <em>Corriere</em> <em>della Sera, </em>-4.8% versus the market’s -7.6%, and <em>La Gazzetta dello Sport, </em>-4.1% versus the market’s -7.2% (<em>ADS January-May</em>).</p> <p>At the end of June, the total active customer base for <em>Corriere </em><em>della Sera </em>(<em>digital edition</em>, <em>membership</em> and <em>m-site) </em>was 143 thousand subscribers, up by 14% versus the same period of 2018.In Spain, the figures published by EGM (Estudio General de Medios: latest update June 2019) confirm Unidad Editorial’s leadership in the daily newspapers segment; through its brands, the daily reaches approximately 2.5 million readers/day, approximately 400 thousand readers more than its main competitors.</p> <p>Efforts continued on the development of publishing content, the ongoing enrichment and strengthening of the RCS Group’s range of publishing products, and the enhancement of the sporting events portfolio. In Italy, the period saw the <strong>restyling of <em>Amica</em></strong> (out on newsstands on 19 February) and the new <strong><em>Corriere Milano</em> </strong>(6 March); the <strong><em>Motors</em> column </strong>of <em>La Gazzetta dello Sport</em> was expanded (7 March), <strong><em>economia.corriere.it</em></strong>, the new website of the business-related section of daily <em>Corriere della Sera</em> was launched (25 March), <strong><em>Corriere del Mezzogiorno-Puglia e Matera</em></strong> made its debut (26 March), while 28 March saw the kick-off of the activities of<strong> RCS Academy</strong>, the Business School launched at the beginning of 2019. The new, revamped <strong><em>Gazzetta dello Sport,</em></strong> with its improved graphics and content, debuted on 7 May, followed by the new release of the website <strong><em>gazzetta.it</em></strong> (8 May). Additionally, the new <strong><em>Corriere Salute</em></strong> was launched (9 May), out every week on Thursdays, followed by the debut of the restyled weekly analysis magazine <strong><em>7 </em></strong>(10 May). Lastly, the <strong><em>mobile site of Corriere della Sera </em></strong>was renewed with a view to greater accessibility and readability.</p> <p>In Spain, the period saw the creation of <strong><em>BeStory</em></strong>, a digital content production area for social networks also involving <em>marketing influencers,</em> the restyling of <strong><em>Telva</em></strong> (20 February) and of the <strong><em>El Mundo</em></strong> website (4 March). May saw the launch of <strong><em>UEtv, </em></strong>an audiovisual production structure, set up with the aim of enhancing multimedia content for both the Group and the external market, and the revamped format and content of <strong><em>Metropoli</em>, </strong>supplement of El Mundo. The period also witnessed the launch of <strong><em>Expansion Juridico</em></strong>, the weekly supplement of Expansion (3 June), and <strong><em>Marca Claro USA</em></strong> (10 June), the portal established from the partnership between Marca and Claro already operating in Argentina, Colombia and Mexico, which lands in the USA too to address Spanish users, offering them news on all the most popular sports in the United States.</p> <p>As a result of the adoption of IFRS 16 from 1 January 2019, the income statement amounts for first half 2019 are not immediately comparable with the corresponding amounts for the same period of the prior year.</p> <p><strong>EBITDA </strong>amounted to<strong> € 84.1 million</strong><strong>. </strong>Net of the effects of the new standard, EBITDA, equal to € 71 million, fell by € 12.1 million – due also to the effect of net non-recurring expense (€ -1.2 million) – versus € 83.1 million in the first six months of 2018, when the results had been positively affected by the significant contribution of the “Giro d’Italia’s Grande Partenza” from abroad. The commitment to efficiency produced, in the first six months of 2019, benefits of € 12.7 million, of which € 5.9 million in Italy and € 6.8 million in Spain.</p> <p>The table below shows a breakdown of the trend in revenue and EBITDA before IFRS 16 (i.e. net of the effects of the new IFRS 16) relating to each business segment (please refer to the press release).</p> <p><strong>EBIT </strong>in the first half of the year amounted to <strong>€ 58.3</strong><strong> million.</strong> Excluding the effects of IFRS 16 (€ 1.4 million), the figure drops by € 8.9 million, due to the EBITDA trend, only partly offset by lower amortization and depreciation (€ 3.2 million).</p> <p>Group <strong>profit</strong> in first half 2019 amounted to € 38.4 million (profit of € 45.4 million at 30 June 2018) and basically reflects the trends explained above. Excluding the effects of IFRS 16, profit would amount to € 38.8 million</p> <p><strong>Net financial debt</strong> stood at € 177.5 million (€ -10.1 million versus 31 December 2018). The boost from ordinary operations, amounting to a positive € 51.1 million, more than offset the payment of dividends (approximately € 31 million) and the outlays for capital expenditure made during the six months (€ 8.1 million), as well as the amount paid for net non-recurring expense. Overall, in the period from end July 2016 to June 2019, RCS achieved a significant reduction in net debt of over € 248 million, together with a sharp rise in margins, with a clear, positive effect on the financial structure of the Group.</p> <p><strong>Total net financial debt</strong>, which includes financial payables from leases pursuant to IFRS 16 (mainly property leases), amounting to € 189.4 million, stood at € 366.9 million.</p> <p><strong>Business outlook</strong></p> <p>Against a backdrop of persisting uncertainty and shrinking core markets, the advertising market in Italy and Spain in particular, which posted a lower-than-forecast performance, in first half 2019, the Group continued to generate positive margins and cash flows and achieved its targets to gradually reduce financial debt.</p> <p>In consideration of the actions already implemented and those planned and in the process of being defined to maintain and develop revenue, as well as for the ongoing pursuit of operating efficiency, given the absence of unforeseeable events at this time, the Group confirms its target of achieving, also in the second half of 2019, a further significant reduction in net financial debt and marginality levels basically in line with those recorded in 2018.</p> <p>Developments in the overall economic climate and in the core segments could, however, affect the full achievement of these targets.</p> <p style="text-align: center"><em>***</em></p> <p><em>Under paragraph 2, article 154-bis of the Consolidated Finance Law (TUF), Roberto Bonalumi, in his capacity as Financial Reporting Manager, attests that the accounting information contained herein is consistent with the Company’s document results, books and accounting records.</em></p> <p style="text-align: center"><em>***</em></p> <p>RCS MediaGroup is one of the leading multimedia publishing groups, active mainly in Italy and Spain across all publishing segments, spanning from newspapers to magazines and books, from TV to new media and training, as well as being one of the top players in the advertising market, organizing iconic events and prominent sports formats such as the Giro d’Italia. The RCS Group publishes the daily newspapers <em>Corriere della Sera</em>, <em>La Gazzetta dello Sport</em>, <em>El Mundo</em>, <em>Marca </em>and <em>Expansion</em>, and numerous magazines, the most popular including <em>Oggi</em>, <em>Amica</em>, <em>Io Donna</em>, <em>7</em> and <em>Telva</em>.</p> <p><a href="#_ftnref1" name="_ftn1">[1]</a> For the definitions of <em>EBITDA</em><em>,</em><em> EBIT</em>, <em>net financial debt </em>and <em>total net financial debt</em>, reference should be made to “Alternative performance measures” in this press release.</p> <p><a href="#_ftnref2" name="_ftn2">[2]</a> The half year financial statement at 30 June 2019 incorporates the new IFRS 16 – <em>Leases</em>, which came into force as from 1 January 2019.</p> <p>For the adoption of the new standard, the Group followed the modified retrospective transition method (i.e. with the cumulative effect of the adoption recognized as an adjustment to the opening balance of retained earnings at 1 January 2019, without restating comparative information). The income statement figures for first half 2019, therefore, cannot be directly compared with the corresponding amounts of the same period of the prior year.</p> <p>The application of the new standard at 30 June 2019 resulted in:</p> <ul> <li>the recognition under property, plant and equipment of rights of use on leasing assets for a total of € 172.9 million;</li> <li>the recognition of a financial liability (finance payables from leases under IFRS 16 previously classified as operating leases) of approximately € 189.4 million;</li> <li>the reversal of lease payments of € 13.1 million, offset by higher depreciation and amortization of € 11.7 million and higher financial expense of € 1.8 million; with an impact on EBITDA, EBIT and the result for the period of € +13.1 million, € +1.4 million and € -0.4 million, respectively;</li> <li>a decreasing impact on initial equity of € 9.2 million, net of the accounting effects of the tax component, the latter concurrently recorded under non-current financial assets and other assets of € 3.5 million.</li> </ul> <p><a href="#_ftnref3" name="_ftn3">[3]</a> Includes advertising revenue generated through the Group’s ad agency.</p> </div> </div><div class="col-sm-4 col-md-4 col-xs-12 dx"><div class="feat-img"><img width="400" height="377" src="https://www.rcsmediagroup.it/en/wp-content/uploads/sites/2/img/2014-10/RCS.jpg?v=8183" class="attachment-medium size-medium wp-post-image" alt="RCS" srcset="https://www.rcsmediagroup.it/en/wp-content/uploads/sites/2/img/2014-10/RCS-318x300.jpg 318w, https://www.rcsmediagroup.it/en/wp-content/uploads/sites/2/img/2014-10/RCS.jpg 400w" sizes="(max-width: 400px) 100vw, 400px" /></div><div class="blocco allegati"><h2>Downloads</h2><div class="allegati-wrap"><div class="allegato riga"><a href="https://www.rcsmediagroup.it/en/wp-content/uploads/sites/2/doc/2019-07/PR-BoD-RCS-H1-2019.pdf" target="_blank" class="allegato">Download the Press Release</a><span class="filesize">(67.8 KB)</span></div></div></div></div> </div> </div> <footer class="entry-meta"> <div class="last-update">Last update: <span><time class="entry-modified-date" datetime="2019-07-31T15:32:19+00:00">July 31, 2019 - 3:32 pm</time></span></div> </footer> </article>  <div id="comments" class="comments-area"> </div> </div> </div> <div id="secondary" class="widget-area" role="complementary"> <aside id="text-2" class="widget widget_text"> <div class="textwidget"><style> .single-author #secondary .widget_text { margin: 0; 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