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First Half 2020 RESULTS

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First Half 2020 RESULTS First Half 2020 RESULTS IMPRESA – SOCIEDADE GESTORA DE PARTICIPAÇÕES SOCIAIS, S.A. Publicly Held Company Share Capital: Eur 84,000,000 Head Office: Rua Ribeiro Sanches, 65, 1200–787 Lisboa NIPC 502 437 464 Commercial Registry Office of Lisbon 1 Contents 1. HALF-YEARLY HIGHLIGHTS .......................................................................................... 3 1.1. IMPRESA Brands ....................................................................................................... 4 2. ANALYSIS OF THE CONSOLIDATED ACCOUNTS ........................................................ 5 2.1. Income Statement ....................................................................................................... 5 2.2. Sources of Revenue ................................................................................................... 6 2.3. Net Debt...................................................................................................................... 6 2.4. Segments .................................................................................................................... 7 2.4.1. Television (SIC) .................................................................................................... 7 2.4.2. IMPRESA Publishing ............................................................................................ 9 2.4.3. IMPRESA Other.................................................................................................. 10 3. IMPRESA GROUP SECURITIES ................................................................................... 11 3.1. IMPRESA Shares ..................................................................................................... 11 4. AWARDS ........................................................................................................................ 12 5. PROSPECTS .................................................................................................................. 14 2 FIRST HALF 2020 RESULTS IMPRESA posted a positive Net Income, despite COVID-19 pandemic EBITDA reached M€ 8.347 for the first half of the year SIC is audience leader with a share of 20.6% Number of Expresso readers and digital subscribers increases once again 1. HALF-YEARLY HIGHLIGHTS IMPRESA praises the profound sense of commitment of its employees, in the face of the new reality brought by the COVID-19 pandemic. It is at times like these that the values and culture we have built together allow us to overcome all the challenges we face to achieve our goals and fulfil our mission. In the first 3 months of 2020, IMPRESA's half-yearly net income IMPRESA’s Net Income increased reached M€ 0.2, representing a decrease 22% year-on-year. EBITDA grew of M€ 3.3 compared to the first 6 months of 18% to M€ 2.431. the previous year. In the second quarter, Net Income fell 76% and EBITDA declined 38%, EBITDA exceeded M€ 8.3, registering a compared to the same period of decrease of 28% relative to the first half of 2019, because of the effects of the 2019. COVID-19 pandemic. 3 With regard to indebtedness, the net The Group’s total revenues reached interest-bearing debt of the Group M€ 78.4, reflecting a decrease of 12% increased M€ 1.5 year-on-year to M€ relative to turnover in the first half of 169.1 at the end of June 2020. 2019. Of this decrease, 88% occurred in 248,6 the second quarter, as a result of the 235,6 214,1 201,1 200,6 196,6 189,1 185,7 effects of the Covid-19 pandemic. 167,6 169,1 Operating costs fell 9% relative to the same period of 2019. jun-11 jun-12jun-13jun-14jun-15jun-16jun-17jun-18jun-19jun-20 1.1. IMPRESA Brands The Expresso is the best selling newspaper in Portugal, with an average of 89 thousand paper and digital copies per edition, according to data from the APCT, with reference to the period covering January to March 2020. It is the leading Portuguese publication in paid digital circulation, with average sales of more than 34 thousand copies per edition, with SIC maintains audience leadership, reference to the first three months of the with an average share of 20.6% and 18 year. programmes in the top 20 of national preferences. In the second quarter of 2020, EXPRESSO reached 100 thousand SIC's generalist and thematic channels copies sold and an average of 43 closed the month of June in first place, thousand copies of paid digital with a collective market share of 24.5%. circulation (internal data not yet audited by the APCT). In terms of half-yearly performance, SIC's websites obtained the highest ever The universe of the brand's websites monthly average: 2,392,490 Unique achieved the best half-yearly result Visitors. recorded, with an average of 2,689,212 Unique Monthly Visitors. SIC’s generalist channel represents a market share of 53.2% in advertising investment, having grown 5.4 percentage points year-on-year. 4 2. ANALYSIS OF THE CONSOLIDATED ACCOUNTS 2.1. Income Statement (values in Euros) 1º Sem 20 1º Sem 19 var % Total Revenues 78 358 071 88 797 597 -11,8% Television 67 275 239 75 339 324 -10,7% Publishing 10 237 532 12 094 663 -15,4% Infoportugal & Others 1 014 100 1 237 076 -18,0% Intersegments -168 800 126 534 -233,4% Operating Costs (1) 70 010 955 77 192 231 -9,3% Total EBITDA 8 347 116 11 605 366 -28,1% EBITDA Margin 10,7% 13,1% Television 8 996 180 12 459 844 -27,8% Publishing 587 224 38 365 1430,6% Infoportugal & Others -1 236 288 -892 843 -38,5% Total EBITDA (2) 8 348 231 11 981 593 -30,3% EBITDA Margin (2) 10,7% 13,5% Depreciation 2 730 006 2 975 328 -8,2% EBIT 5 617 110 8 630 038 -34,9% EBIT Margin 7,2% 9,7% Financial Results -4 519 784 -3 186 221 -41,9% Res. Bef Taxes & Minorities 1 097 326 5 443 817 -79,8% Provisions 186 500 171 000 9,1% Income Tax (IRC)(-) 732 621 1 807 659 -59,5% Net Profit 178 205 3 465 158 -94,9% Notes: EBITDA = Operating Results + Amortisations and Depreciation + Provisions + Impairment in non-current assets. (1) Does not consider Amortisation and Depreciation, Provisions and Impairment Losses in non-current assets. (2) EBITDA adjusted for restructuring costs. The IMPRESA Group reached M€ 78.4 in Operating costs, without considering consolidated revenues, which represents amortisation, depreciation, provisions a year-on-year reduction in total income of and impairment losses in non-current 11.8%. assets, decreased 9.3% compared to 2019. 5 As highlighted above, consolidated Net income at the end of June was EBITDA exceeded M€ 8.3, having fallen positive, having reached M€ 0.2 million. 28% in comparison with the 1st half of 2019, in which the accounts showed an EBITDA of M€ 11.6. 2.2. Sources of Revenue (values in Euros) 1º Sem 20 1º Sem 19 var % Total Revenues 78 358 071 88 797 597 -11,8% Advertising 47 414 003 55 466 034 -14,5% Channel Subscription 16 518 866 17 568 567 -6,0% Multimedia 6 796 859 6 402 218 6,2% Circulation 4 970 900 4 836 970 2,8% Other revenues 2 657 442 4 523 807 -41,3% Regarding sources of revenue, Advertising revenues fell 15% in relation the positive performance of IVRs stands to the 1st half of 2019, as a result of the out, with a 6% increase in revenues, as effects of the Covid-19 pandemic. well as a 58% increase in margin, relative to 2019. Considering only performance in the 1st quarter of 2020, the 6% growth of total In the first 6 months of 2020, there was also advertising revenues is noteworthy. a 3% increase in total sales of paper and digital publications. 2.3. Net Debt (values in Euros) 1º Sem 20 1º Sem 19 Var % Financial debt 171 653 819 170 462 607 0,7% Cash and cash equivalents 2 544 723 2 853 560 -10,8% Net debt 169 109 096 167 609 048 0,9% With regards to the indebtedness figures, The increase of M€ 1.2 in financial debt, there was an increase in net debt of less combined with the decrease in cash and than 1 percentage point relative to the cash equivalents, because of the effect of same period of 2019. the COVID-19 pandemic, contributed to this result. 6 2.4. Segments 2.4.1. Television (SIC) (values in Euros) 1º Sem 20 1º Sem 19 var % Revenues 67 275 239 75 339 324 -10,7% Advertising 42 641 122 49 258 274 -13,4% Channel Subscriptions 16 518 866 17 568 567 -6,0% Multimedia 6 796 859 6 402 218 6,2% Other revenues 1 318 392 2 110 264 -37,5% Operating Costs (1) 58 279 059 62 879 479 -7,3% EBITDA 8 996 180 12 459 844 -27,8% EBITDA Margin (%) 13,4% 16,5% EBITDA (2) 8 997 056 12 461 236 -27,8% EBITDA Margin (2) (%) 13,4% 16,5% Notes: EBITDA = Operating Results + Amortisations and Depreciation + Provisions + Impairment in non-current assets. (1) Does not consider Amortisation and Depreciation, Provisions and Impairment Losses in non-current assets. (2) EBITDA adjusted for restructuring costs. SIC achieved M€ 67.3 of revenue, Subscription revenues generated by the reflecting a reduction of 11% in comparison 8 SIC channels, distributed over cable and with the first half of the previous year. satellite, in Portugal and abroad, fell 6% in the 1st half of 2020 to M€ 16.5. This Advertising revenues exceeded M€ decrease was mainly due to the negotiation 42.6, representing an increase of 5.4 p.p. of contracts with international operators. on market share, and a decrease of 13%, as a result of the impact of the COVID-19 IVR revenues grew more than 6% to M€ pandemic on the advertising market. 6.8. The 7% reduction (equivalent to M€ 4.6) In the 1st quarter of 2020, SIC's in operating costs partly offset the positive performance in all lines of decrease in revenue (by M€ 8.1), resulting advertising revenues stood out, with in an EBITDA of M€ 9. a year-on-year growth of 9%. 7 Audiences SIC ended the 1st half of 2020 as audience SIC was the television channel most leader in the universe of generalist watched by the Portuguese in the 1st channels, having reached an average half of the year, with 18 programmes share of 20.6% in terms of consolidated in the top 20 of national preferences.
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