The group’s operating result up to September amounted to 243.3 million euros
Vocento closed the first nine months of 2022 with an operating result of 243.3 million euros, a decrease of 2.5% compared to the same period last year. This decrease is explained by the departure from the perimeter of NET TV and Veralia Distribución. Excluding these activities, revenue increased 5.2% year-on-year.
The Group’s Ebitda amounts to 10.1 million, implying a reduction in the constant scope of 2.7 million (it has been adjusted for the impact of the new digital newspaper, Relevo, and due to the deconsolidation of the DTT and Content activities in 2021) due to high energy and paper costs (an estimated four million euros). In this context, the group has strictly controlled costs, with savings in the press and in the structure. And it maintains its Ebitda target for this year in line with last year.
The digital margin improvement stems from the 25% growth in digital subscribers to 101,000 in September. The new strategic approach to digital subscriptions is already having an effect on the further growth of digital subscriptions.
Advertising revenues increased by 4.7% thanks to the good performance of the local, which improved by 8.9%, with a positive evolution both in digital format (up 17.7%) and offline (+17.7%) .increase of 5.5%). National ads increased by 1.3% thanks to offline (6.7% more). Digital advertising represents 51% of the group, similar to that of 2021.
The operating result (Ebit) amounts to -6.1 million, which represents a decrease of 23.5 million due to the operational evolution of Ebitda following the capital gains of 10.6 million euros on the sale of the headquarters of the newspaper El Basque in 2021.
The group’s ordinary cash generation amounted to 1.4 million until September, impacted by higher investments in inventories (-6.8 million euros) and by the scope effect (-3.2 million). Among the non-ordinary cash movements, the payment of 5.4 million euros in dividend to Vocento’s shareholders stands out.
Source: La Verdad
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