DOCSLIB.ORG

7. IMPRESA in the Stock Market

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
7. IMPRESA in the Stock Market IMPRESA 2011 Results IMPRESA SGPS SA Publicly Held Company Share Capital EUR 84,000,000 Rua Ribeiro Sanches, 65 Tax Number 502 437 464 Commercial Register Office of Lisbon Lisbon, 14th March 2012 SINGLE MANAGEMENT REPORT 2011 In compliance with the demands required 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 2011. In doing so, the Board was concerned to include sufficient elements and information, so that shareholders and investors in general are able to evaluate IMPRESA GROUP business in the universe in which it operates, in a clear and objective manner. 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 for 2011 Consolidated revenue decreased by 7.9% to 249.7 M€, influenced by the reduction of 11.2% in advertising revenue, in line with the advertising market. Operating costs fell by 4.2% in 2011, compared with 2010. At the end of 2011, net income, before impairment, restructuring charges and capital losses reached 1.3 M€. The net profits were affected significantly by impairment loss of 33.3 M€, mainly registered on the previous quarters, reaching a negative loss of 35.1 M€. Net remunerated debt, on average terms, decreased by 5.6 M€ in 2011, relative to the values for 2010. By the end of 2011, net debt stood at 213.0 M€, a value below than that at the end of 2010. According to Francisco Pinto Balsemão, CEO of IMPRESA “IMPRESA got positive results, excluding extraordinary factors, in a year particularly challenging for the sector. We act prudently, and in face of the worsening economic conditions and advertising market, in Jul, the board decided to register an impairment loss. Also worth mentioning, IMPRESA has managed to reduce its net debt during 2011, which will remain its main objective in forthcoming years. 2 Table 1. IMPRESA Main Indicators IMPRESA 4th Qt 4th Qt (Values in 000 €) Dez-11 Dec-10 ch % ch % 2011 2010 Total Revenues 249.791 271.147 -7,9% 67.174 77.222 -13,0% Television Revenues 164.136 172.997 -5,1% 45.105 50.233 -10,2% Publishing Revenues 81.594 95.310 -14,4% 21.531 26.569 -19,0% Other Revenues 4.061 2.840 43,0% 537 420 27,8% EBITDA 22.271 33.745 -34.0% 10.169 15.827 -35,8% EBITDA margin 8,9% 12,4% 15,1% 20,5% EBITDA Televisão 22.635 25.000 -9,5% 11.229 12.982 -13,5% EBITDA Publishing 3.363 10.515 -68,0% 986 3.519 -72,0% EBITDA Outras -3.728 -1.771 -110,5% -2.047 -690 -205,6% EBITDA adj (1) 26.107 35.778 -27,0% 12.280 17.505 -29,8% Margem EBITDA 10,5% 13,2% 18,3% 22,6% Net Profits -35.059 10.059 n.a. -1.004 7.996 n.a. Net Profits (2) 1.317 11.502 -88,5% 5.169 8.253 -37,4% Net debt (M€) 213,0 213,3 -0,2% 213,0 213,3 -0,2% Note: EBITDA = Net Operating Income + Depreciation + Impairement. Operating costs 2011 include 2.6 M€ of restructuring costs for 2011. (1) EBITDA is adjusted for restructuring charges and losses in assets disposals. (2) Net profit adjusted for restructuring charges, losses in assets disposals and impairement gains. 2. IMPRESA Consolidated Accounts Table 2. Total Revenues 4th Qt 4th Qt (Values in 000 €) Dec-11 Dec-10 ch % ch % 2011 2010 Total Revenues 249.791 271.147 -7,9% 67.174 77.222 -13,0% Advertising 133.608 150.514 -11,2% 35.786 44.151 -18,9% Channel Subscriptions 43.109 42.081 2,4% 10.428 11.064 -5,8% Circulation 34.545 37.446 -7,7% 8.257 9.002 -8,9% Multimedia 17.989 19.660 -8,5% 5.830 4.776 22,1% Associated Products 4.920 7.231 -32,0% 1.440 1.769 -18,6% Others 15.621 14.215 9,9% 5.433 4.122 31,8% In 2011, IMPRESA achieved consolidated revenues of 249.7 M€, corresponding to a decrease of 7.9% relative to the turnover recorded for 2010. During the 4th quarter, this decrease was sharper, standing at 13%. Relative to main sources revenues in 2011: Decrease of 11.2% in advertising revenue, with a generalised reduction that affected free-to-air television and the press, and which was not offset by the rise in the thematic channels. During the 4th quarter of 2011, the drop was even stronger, of 18.9%. 2.4% growth from thematic and international channel subscriptions revenues. 7.7% decrease in publications sales, caused by the generalised fall in copies sold and discontinuation of various publications during 2010 and 2011. 3 8.5% decrease in multimedia revenues, arising from the reduction recorded during the 1st quarter of 2011, due to the distortion of the values in the 1st quarter of 2010, due to the final stage of the programme "Idols", in February 2010. During the 2nd semester of 2011, with the launch of new competitions, multimedia revenue resumed its growth. Over the 4th quarter, multimedia revenue rose by 22.1%, year-on-year. 32% decline in the sale of associated products, affected by the retraction in private consumption in 2011. Increase in other revenue by 9.9%, due to the rise in revenue from InfoPortugal, GMTS, Customer Publishing and Academia Olhares, which offset the lower non-recurrent revenues. Operating costs reached 227.5 M€, corresponding to a reduction of 4.2% in relation to 2010. This decrease was influenced by the variable costs, which fell by 6.8%, as a consequence of the business reduction. Fixed costs decreased by 1.5%, reflecting the effort of containment and reorganisation carried out over the past few years. The evolution of the main costs was as follows: Restructuring costs stood at 2.6 M€ in 2011, representing an increase of 31.8% in relation to 2010. After this reorganisation, IMPRESA average number of employees in 2011 stood at 1.297. At the end of 2011, with the sale AEIOU portal business, it was registered a capital loss of 1.15 M€, at the operating costs level. Programming costs decreased by 5.9%, in spite of the launch of the channel "Peso Pesado", and influenced by the reduction in the programming costs in the morning and afternoon periods, in exchange for the reinforcement of prime time schedule. Staff costs decreased by 1.7%, as a consequence of the reduction in staff numbers. It should also be noted that in September 2011 there was a voluntary reduction of 10% in the salaries of the members of the Board of Directors and senior staff of IMPRESA. Costs related to paper only fell by 1.1%, in spite of the lower number of publications and advertising pages, as a result of the higher price of paper during 2011. Marketing costs decreased by 14.1%, due to the lower number of events in 2011, in contrast to 2010. Costs related to Associated Products and Multimedia increased by 25.9%, as a result of the fall in business of these two areas. General costs, known as External Supplies and Services, fell by 1.3%. Adjustments for bad debt reached 1.6 M€, an increase of 73.2%. 4 Table 3. Profit & Loss 4th Qt 4th Qt Dec-11 Dec-10 ch % ch % (Values in 000 €) 2011 2010 Total Revenues 249.791 271.147 -7,9% 67.174 77.222 -13,0% Television 164.136 172.997 -5,1% 45.105 50.233 -10,2% Publishing 81.594 95.310 -14,4% 21.531 25.567 -19.0% Other & Inter-Segments 4.061 -2.840 n.a. 537 -420 n.a. Operating costs (1) 227.521 237.458 -4,2% 57.005 61.398 -7,1% Total EBITDA 22.271 33.689 -33,9% 10.169 15.776 -35,5% EBITDA margin 8,9% 12,4% 15,1% 20,4% Television 22.636 25.001 -9,5% 11.230 12.982 -13,5% Publishing 3.363 10.515 -68,0% 986 3.520 -72,0% Others&Inter-Segments -3.728 -1.771 -110,5% -2.047 -670 -205,6% Total EBITDA (2) 26.107 35.722 -26,9% 12.280 17.447 -29,6% EBITDA margin 10,5% 13,2% 18,3% 22,6% Depreciations 8.174 8.127 0,6% 1.990 2.063 -3,6% EBIT 14.097 25.518 -44,9% 8.180 13.769 -40,6% EBIT Margin 5,6% 9,4% 12,2% 17,8% Resultados Financeiros (-) 13.420 11.852 13,2% 3.579 3.619 -1,1% Res. bef Taxes & Minorities 677 13.766 -95,1% 4.600 10.149 -54,1% Taxes (IRC)(-) 2.404 3.769 -36,2% 1.811 2.218 -18,3% Minorities Interests (-) 15 -117 n.a. 3 -120 n.a. Net Profits (3) 1.317 11.502 -88,5% 5.169 8.253 -37,4% Impairements 33.317 56 n.a. 3.789 56 n.a. Net Profits -35.059 10.059 n.a. -1.004 7.996 -112,6% Note: EBITDA = Net Operating Income + Depreciation + Impairement.
Load more

Recommended publications
  • Unidade De Monitorização/ERC
    Volume II VOLUME II DADOS DE CONTEXTO RELATÓRIO DE ACOMPANHAMENTO DA OBSERVÂNCIA DO PRINCÍPIO DO PLURALISMO POLÍTICO INFORMAÇÃO TELEVISIVA DIÁRIA E NÃO DIÁRIA RTP1,RTP2, RTPN/RTPI, RTPA, RTPM, SIC e TVI 2011 i Volume II FICHA TÉCNICA Título Relatório de Acompanhamento da Observância do Carla Martins Pluralismo Político – Informação Televisiva Diária e Não-Diária Catarina Páscoa Edição Entidade Reguladora para a Comunicação Social Eulália Pereira Av. 24 de Julho, 58, 1200-869 Lisboa Filipa Menezes Tel. 210 107 000 Henrique Dias Gonçalves Fax 210 107 019 Pedro Puga Internet www.erc.pt Vanda Calado E-mail [email protected] Vanda Ferreira Coordenação Técnica Departamento de Análise de Media Conceção Gráfica Entidade Reguladora para a Comunicação Tãnia de Morais Soares (coordenadora) Social Alexandra Figueiredo Bruna Afonso Lisboa, novembro de 2013 ii Volume II ÍNDICE ÍNDICE ................................................................................................................................................................... I INTRODUÇÃO GERAL AO VOLUME II .....................................................................................................................1 ACOMPANHAMENTO DA OBSERVÂNCIA DO PRINCÍPIO DO PLURALISMO POLÍTICO NOS SERVIÇOS DE PROGRAMAS TELEVISIVOS DE ACESSO NÃO CONDICIONADO LIVRE .......................................................................................................................................... 3 CAPÍTULO I - METODOLOGIA .................................................................................................................................3
    [Show full text]
  • Uma Comparação Entre Rádios Temáticas Informativas E Generalistas
    Perfil dos noticiários em rádios portuguesas: Uma comparação entre rádios temáticas informativas e generalistas Rute Isabel Palma Fidalgo Dissertação submetida como requisito parcial para a obtenção do grau de Mestre em Jornalismo Trabalho realizado sob a orientação de Prof. Adjunto Rui Simões e co-orientação de Prof. Adjunto Convidado Carlos Andrade DECLARAÇÃO Declaro ser a autora original deste trabalho. É um trabalho original, que nunca foi submetido para avaliação noutra instituição de ensino superior para a obtenção de um grau académico ou qualquer outra habilitação. Certifico ainda que todas as citações estão devidamente identificadas. Tenho também consciência que o plágio poderá levar à anulação do trabalho agora apresentado. A candidata, ________________________ II RESUMO Este trabalho é um estudo sobre a informação transmitida diariamente pelas rádios. Existem inúmeros estudos sobre a informação radiofónica das emissoras temáticas de notícias, mas poucos ou nenhuns sobre a informação que é veiculada pelas generalistas, que representam uma parte substancial das mais ouvidas em Portugal. A presente tese divide-se em três capítulos: o primeiro onde se expõem alguns elementos do percurso histórico da Rádio em Portugal, bem como do jornalismo radiofónico e as suas especificidades, que fazem dele único face ao jornalismo televisivo e escrito. A seguir procede-se a uma análise do trabalho do jornalista de rádio e um escrutínio daquilo que é escrever noticias para a rádio, e quais as principais decisões que estão por detrás deste trabalho. No terceiro capítulo, são feitas então as conclusões da análise do conteúdo das quatro rádios mais ouvidas em Portugal1, excluindo as rádios destinadas para o público juvenil, cujos blocos informativos são praticamente nulos, não se podendo assim fazer uma comparação com espaços noticiosos de hora a hora.
    [Show full text]
  • SOCIAL JUSTICE DECENT WORK the ILO and Portugal 100 Years of History Copyright © International Labour Organization 2019
    SOCIAL JUSTICE DECENT WORK The ILO and Portugal 100 years of History Copyright © International Labour Organization 2019 Publications of the International Labour Office enjoy copyright under Protocol 2 of the Universal Copyright Convention. Nevertheless, short excerpts from them may be reproduced without authorization, on condition that the source is indicated. For rights of reproduction or translation, application should be made to ILO Publications (Rights and Permissions), International Labour Office, CH-1211 Geneva 22, Switzerland, or by email: [email protected]. Libraries, institutions and other users registered with reproduction rights organizations may make copies in accordance with the licences issued to them for this purpose. Visit www.ifrro.org to find the reproduc- tion rights organization in your country. The ILO and Portugal 100 years of History Bureau International Labour Office - Geneva: ILO, 2019 Coordination: António Casimiro Ferreira Editorial coordination: Fernando Sousa Jr., Joana Gomes e Cristina Bettencourt Auhors: ALMEIDA, Carlos Castro; ANDRÉ, Helena; BÁRCIA, Paulo; CADETE, Joaquina Philimore; CAETANO, Maria Liseta; FELICIANO, Paulo; FERREIRA, António Casimiro; FERREIRA, Pedro Almeida; HENRIQUES, Marina Pessoa; LEITÃO, Maria Josefina; LIMA, Teresa Maneca; JERÓNIMO, Miguel Bandeira; JORDÃO, Albertina; PEREIRA, Irina Bettencourt; PINHEIRO, Vítor Moura; MONTEIRO, José Pedro; PACCETTI, Maria Teresa; RODRIGUES, Cristina; RODRIGUES, Henrique Nascimento; SILVA, Rui Gonçalves; THOMAS, Albert; TRONCHO, Mafalda. ISBN: 9789220314937
    [Show full text]
  • As Reações À Mensagem De Natal De António Costa
    Ano 59 . Nº 52| www.portugalemfoco.com.br Rio de Janeiro, 31 dezembro 2018 RIO . R$ 3,00 | SP . R$ 3,00 As reações à mensagem de Natal de António Costa À esquerda e à direita, não “Ao contrário do que o primei- Mensagem de Ano Novo do tardaram as reações à mensa- ro-ministro afirma, assistimos a Presidente da República gem de Natal de António Costa, uma política que dificulta a vida que assegurou empenho para das pessoas, nomeadamente no aproveitar melhor o território e SNS e na escola pública. O cres- ortugal é onde se encontre um português. Nas nossas fronteiras inverter a tendência demográfica. cimento econômico está muito físicas ou, por todo o mundo, nas nossas fronteiras espirituais. Aí “Neste momento os portugue- aquém das necessidades do país vivendo ou servindo em missão nacional. ses estão a pagar os impostos e só é possível com uma política PA todos saúdo e agradeço os Portugais novos que criam dia após dia. mais altos de sempre para servi- econômica e de esquerda”, afir- Estranho e contraditório ano esse, que ontem terminou, e que exigiu ços mínimos. CDS é a única alter- mou Jorge Pires, do Partido Co- tudo de todos nós. nativa ao PS para 2019”, vincou munista Português. Estranho e contraditório ano no mundo, com tão veementes procla- mações de paz e de abertura econômica, e tão preocupantes ameaças Pedro Mota Soares, dirigente do Do lado do PS, a mensagem de tensão e protecionismo, pondo à prova a paciência e a sensatez de CDS-PP. foi considerada serena, realista e muitos, e, em particular, do Secretário-geral António Guterres.
    [Show full text]