4. IMPRESA Publishing
IMPRESA 2015 Annual Report IMPRESA – SGPS, S.A. Publicly Held Company Share Capital Eur 84,000,000 Rua Ribeiro Sanches, 65 1200-787 LISBON Tax Number 502 437 464 Commercial Registry Office of Lisbon SINGLE MANAGEMENT REPORT 2015 In compliance with the requirements imposed by law regarding public companies, the Board of Directors of IMPRESA – Sociedade Gestora de Participações Sociais, S.A. hereby presents its SINGLE MANAGEMENT REPORT relative to the financial year of 2014. In doing so, the Board was careful to include sufficient elements and information for the shareholders and investors in general to be able to assess the activity of the IMPRESA GROUP in a clear and objective manner within the respective horizon of intervention. A. Consolidated Accounts The consolidated financial statements were prepared according to IAS/IFRS provisions, as adopted by the European Union, which include the International Accounting Standards (IAS) issued by the International Standards Committee (IASC), the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), and the respective SIC and IFRIC interpretations issued by the International Financial Reporting Interpretation Committee (IFRIC) and Standing Interpretation Committee (SIC). 1. Executive Summary As anticipated at the end of 2014, IMPRESA's results for 2015 were largely driven by the fall in multimedia revenues, included in the other revenues item, which represented more than the total reduction in revenues. It is also important to mention that the results for 2015 were also impacted by forex losses of 3.6 M€, and restructuring costs of 3.8 M€. IMPRESA achieved a consolidated EBITDA, after adjusting for restructuring costs, of 26.1 M€, in comparison with 32.6 M€ in 2014.
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