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  SEIF S.p.A company press release from 30/09/2019

  30/09/2019 - 19:00

SEIF - The Board of Directors approves the Half Year Financial Report at June 30, 2019


The Board of Directors approves the Half Year Financial Report at June 30, 2019

Relevant investments in new strategic projects

Doubled revenues in the media content sector, key factor in the company's growth plan

Growth in revenues from digital products and advertising

Total lack of financial and banking indebtedness

Revenues at Euro 15,159 thousand

EBITDA at Euro 398 thousand

Positive net financial position at Euro 3,288 thousand

Shareholders' equity at Euro 4,778 thousand

Rome, 30 September 2019 –SEIF S.p.A. (the “Company” or “SEIF”) media content provider and publisher of several editorial and multimedial products, announces that, today, the Board of Directors has approved the half financial report at June 30, 2019.

The Company has started its development process as outlined in the business plan, aiming at the growth of the digital and media content sector as well as at the promotion of editorial content also distributed through traditional channels.

The final trends of the first half of the year ended June, 30 2019 confirm the value of the analyses and strategic decisions undertaken. In the medium - long term, the Company believes that technological innovation, the digital revolution and the search for as well as the introduction of new information languages will be a significant element in the Company's growth.

Cinzia Monteverdi, Chairman and CEO of SEIF, commented: "The results for the half year just ended show a strong growth in the media content and digital products sectors in line with the business plan. Revenues, influenced by a decrease in sales of the printed daily newspaper, reflect the general trend of the publishing market, which is increasingly evolving towards an innovative trend and a multi-channel approach. For this reason, we are investing and working on the launch of new products that we will announce in the following months and we expect a highly profitable 2020". The following table shows the trend in revenues from sales and services of the Company, indicating the percentage of variation with respect to the same data for the six-month period ended June 30, 2018.

Revenues from sales and services Value at 30.06.19 % on revenues Value at 30.06.18 % on revenues var %
Publishing sector 9,499 73,31% 11,257 80,56% -15,62%
Media content sector 1,284 9,91% 610 4,37% 110,48%
Advertising sector 2,175 16,78% 2,106 15,07% 3,25%
Total 12,958 100,00% 13,973 100,00% -7,27%

Analyzing the change in revenues from sales and services, the following should be noted:

Publishing sector: this category includes revenues from sales in the publishing sector (sales at newsstands of paper copies of the newspaper Il Fatto Quotidiano and of the monthly FQMillennium, sales at newsstands and bookstores of the Paper First publishing series, as well as sales of subscriptions to the paper and digital versions of the newspaper); with reference to this category, the change in revenues is due to a decrease in sales at newsstands of the newspaper partially offset by an increase in revenues from subscriptions to digital publishing products.

Media content sector: this category is made up of revenues from the granting of rights to use television content, both to national television broadcasters and through the LOFT TV App, as well as revenues from the sale of theatre shows. With reference to this category, the volume of revenues more than doubled compared to the same period of the previous year, despite the postponement of some projects that should have started in the first half of 2019.

Advertising sector: this category essentially includes two types of revenues deriving from (i) advertising on the newspaper Il Fatto Quotidiano and on the monthly FQ Millennium and, (ii) advertising on the website. With reference to this category, it should be noted that the overall volume of advertising increased by around 3% compared with the previous year, although it was still up (by around 17%) compared with the downward trend in the sector. This figure confirms the strategy undertaken by the Company to improve the competitive positioning of the brand within the reference advertising market; in this respect, there was an increase in the value of the average RPM (average revenue per page) of over 6%. Advertising on the newspaper also increased by more than 30% on a like-for-like basis.

The analysis of the income statement shows that the incidence on production value of the main production costs increased slightly following the planned expansion of the organizational structure, both technical (new spaces and premises) and logistical, with reference to the television studios in Rome and the offices in Milan. The cost of sales has an incidence on the value of production below 5%, in line with the past data, thus showing a trend in line with the decreased value of sales at newsstands. Costs for services have an impact of about 50%, with a slight increase of 2% in percentage terms. Within the item expenses for services, industrial and variable costs relating to the publishing sector decreased as a result of the lower sales volumes recorded, while there was an increase in general consulting services, also in relation to compliance with the status of listed company on AIM Italia (“AIM Italia”), a multilateral trading facility organized and managed by Borsa Italia S.p.A.. The cost for use of assets owned by others are in line with the development of the structure for technological development and marketing activities in Milan and with that of LOFT in Rome. Finally, personnel costs increased in line with the planned growth in the size of the Company's human resources structure to support production developments. The incidence on the production value increased by about 3% also due to a lower growth in revenues following the postponement of the start of some projects that should have been started in the first half of the year and which, instead, will be implemented by the end of 2019. 

The table below shows the Company's main financial data for the six-month period ended 30 June 2019.

Main financial data

Financial Balance Sheet            
USES     30.06.2019 31.12.2018 SOURCES   30.06.2019 31.12.2018
intangible fixed assets   5,922,966 4,312,978 share capital 2,500,000 2,500,000
tangible fixed assets   202,464 123,260  reserves   3,104,100 186,660
financial fixed assets   1,141,021 800,631  profit (losses) carried forward 35,407 -
          profit (losses) for the year -861,928 35,407
  Fixed asset 7,266,451 5,236,869 Shareholders' equity 4,777,579 2,722,067
cash equivalents   341,194 280,058  consolidate liabilities 2,696,260 2,553,107
deffered liquidity   6,222,123 5,462,629        
current liquidity   2,690,040 2,211,814  current liabilities 9,045,969 7,916,196
  Current Assets 9,253,357 7,954,501 Liabilities   11,742,229 10,469, 303
  Invested capital   16,519,808 13,191,370 Financing capital   16,519,808 13,191,370

The reclassification of the Balance Sheet shows an increase in net fixed assets of Euro 2,029 thousand, mainly due to intangible fixed assets (equal to Euro 1,609 thousand) and financial fixed assets (equal to Euro 340 thousand). 

Gross investments in intangible fixed assets were equal to Euro 3,009 thousand and essentially refer to the production of television contents for Euro 2,005 thousand, for which the Issuer is the holder of all the privative and economic exploitation rights over time, as well as investments for the Issuer's corporate, technological and structural development.

Shareholders' Equity increased by Euro 2,055 thousand net of the result for the first half of 2019. The change is due to the reduction in the negative reserve for own shares of Euro 2,914 thousand, following the placement of a 16.21% stake in the share capital through the admission of the Company's shares to AIM Italia.

Net Financial Position

The Net Financial Position, equal to Euro 3,288 thousand, is composed exclusively of cash and cash equivalents, with total absence of financial payables; it increased by Euro 478 thousand compared to its value as at December 31, 2018.

Cash flow at the six-month period ended at June, 30    
(in thousands of Euro)    
Profit (loss) of the year before taxes on the income, interests and dividends (1,078)  
Adjustments for non-monetary elements 1,878  
Changes in net working capital 100  
Other adjustments (87)  
Cash flow from operating activities (A) 813  
Cash flow from investment activities (B) (3,252)  
Cash flow from financing activities (C) 2,917  
Increase (decrease) of cash and cash equivalents (A±B±C) 478  
Cash and cash equivalents at the begging of the year 2,212  
Cash and cash equivalents at the end of the year 2,690  
Changes in cash and cash equivalents 478  

Significant events during the six-month period ended at June, 30 2019

On 14 March 2019 the Company's shares were admitted for trading on AIM Italia. 

Significant events occurring after the end of the six-months period ended on 30 June 2019

During the six-month period ended June 30, 2019, the Company began the process of admission to trading of its own ordinary shares on the Euronext Growth market, managed by Euronext Paris S.A., which ended on July, 18 2019.

Other information

The Half-Yearly Financial Report at 30 June 2019 is available to the public at the company's registered office and on the website, in the company documents/investor relations section. The report of the external auditors KPMG S.p.A. will be made available to the public as soon as it is issued.


SOCIETA? EDITORIALE IL FATTO S.P.A. (SEIF) is an independent media company, founded in Rome in 2009 and led by Cinzia Monteverdi, Chairman and CEO. The company publishes several editorial and multimedia products, including Il Fatto Quotidiano, founded by Antonio Padellaro and directed by Marco Travaglio, the website and the monthly magazine FQ Millennium, directed by Peter Gomez, the publishing company Paper First and the TV and multimedia content platform Loft. Recently, SEIF has undertaken a process of diversification to become more and more a media content provider at 360° degrees, starting a strategy of development of its products in digital key and data driven.

For further information:

Press Office

Close to Media – Company founded by Elisabetta Neuhoff
Via Caradosso 8 – 20123 Milano
Tel: 02.70006237 
Fax: 02.89694809
Luca Manzato, Sofia Crosta, Giorgia Cococcioni,,
SEIF - Investor relations
Cinzia Monteverdi
06 32818514 -
Alantra Capital Markets
Via Borgonuovo, 16 – 20121 Milano tel. +39 02 63671613

Statement of Assets and Liabilities

  30/06/2019 31/12/2018
B) Fixed assets    
I – Intangible fixed assets - -
1) start-up and capital costs 1,036,819 588,818
4) concessions, licenses, trademarks and similar rights 53,657 63,833
6) assets under construction and payments on account 450,684 241,515
7) other 4,381,806 3,418,812
Total intangible fixed assets 5,922,966 4,312,978
II – Tangible fixed assets - -
4) other assets 202,464 123,260
Total tangible fixed assets 202,464 123,260
III – Financial fixed assets - -
1) shareholdings in - -
b) parent companies 932,939  
d-bis) other companies - 712,939-
Total shareholdings 932,939 712,939
2) receivables - -
b) receivables from parent companies 120,000 -
due within the next year 120,000 -
due after the next year - -
d-bis) other receivables 88,082 87,692
due within the next year 4,334 4,034
due after the next year 83,748 83,658
Total receivables 208,082 87,692
Total financial fixed assets 1,141,021 800,631
Total fixed assets (B) 7,266,451 5,236,869
C) Current asset    
I - Inventories - -
1) raw, subsidiary and consumable materials 277,121 188,320
4) finished products and goods 64,073 91,738
Total inventories 341,194 280,058
II - Receivables - -
1) trade receivables 3,622,281 3,923,629
due within the next year 3,622,281 3,923,629
5-bis) tax receivables 489,483 296,496
due within the next one year 489,483 296,496
5-ter) pre-paid taxes 483,594 264,116
5-quater) from third parties 595,812 276,225
due within the next one year 595,812 276,225
Total receivables 5,191,170 4,760,466
III – Financial assets not of a fixed nature - -
6) other assets 598,328 598,142
Total financial assets not of a fixed nature 598,328 598,142
IV – Cash and cash equivalents - -
1) bank and postal deposit 2,689,530 2,211,105
3) cash at bank and in hand 510 709
Total cash and cash equivalents 2,690,040 2,211,814
Total current assets (C) 8,820,732 7,850,480
D) Accrual and deferred income 424,440 104,021
Total assets 16,511,623 13,191,370
A) Shareholders' equity 4,777,579 2,722,067
I – Share capital 2,500,000 2,500,000
IV – Legal reserve 500,000 500,000
VI – Other reserves, indicated separately - -
Extraordinary reserve 3,694,856 3,694,856
Total other reserve 3,694,856 3,694,856
VIII – Profit (loss) carried forward 35,407 -
IX – Profit (loss) of the year (861,928) 35,407
X – Negative reserve for purchase of own shares (1,090,756) (4,008,196)
Total shareholders' equity 4,777,579 2,722,067
B) Provisions for risks and charges    
4) other 756,339 763,989
Total for risks and charges 756,339 763,989
C) Employee severance indemnity 1,939,921 1,789,118
D) Payables    
7) trade payables 4,222,972 3,161,220
due within the next year 4,222,972 3,161,220
12) tax payables 291,891 412,475
due after the next year 291,891 412,475
13) amounts payable to social security institutions 844,829 942,302
due within the next year 844,829 942,302
14) other receivables 2,483,115 2,129,611
due within the next year 2,483,115 2,129,611
Total receivables 7,842,807 6,645,608
E) Accrual and deferred income 1,194,977 1,270,588
Total liabilities 16,511,623 13,191,370

Income statement

  30/06/2019 30/06/2018
A) Production value    
1) revenues from sales and services 12,957,602 13,973,196
2) variations of inventory of raw and auxiliary materials, consumables and supplies (27,665) (13,461)
4) increases in fixed assets for internal works 2,104,429 1,663,970
5) other revenues and income - -
other 124,662 238,421
Total other revenues and income 124,662 238,421
Total production value 15,159,028 15,862,126
B) Cost of production    
6) for raw and auxiliary materials, consumables and supplies 822,205 624,815
7) for services 7,603,847 7,566,500
8) for use of assets owned by others 654,808 569,270
9) for personnel - -
a) salaries and wages 4,001,847 3,739,193
b) social security 1,283,288 1,193,622
c) employee severance indemnity 219,960 201,733
e) other costs 75,164 105,945
Total personnel costs 5,580,259 5,240,493
10) amortization, depreciation and impairment - -
a) depreciation of intangible fixed assets 1,399,354 1,098,530
b) depreciation of tangible fixed assets 32,152 37,347
Total amortization, depreciation and impairment 1,431,506 1,135,877
11) variations of inventory of raw and auxiliary materials, consumables and supplies (88,801) 118,585
12) provisions for risks 45,000 26,800
14) other operating costs 188,320 163,040
Total of cost of production 16,237,144 15,445,380
Difference between value and costs of production (A - B) (1,078,116) 416,746
C) Financial revenues and expenses    
16) other financial revenues - -
c) from securities included under the working capital which are not shareholdings 6,599 18,777
d) revenues different from the previous - -
other 1,196 14,096
Total revenues different from the previous 1,196 14,096
Total of other financial revenues 7,795 32,873
17) Interests and financial expenses - -
other 3,162 6,432
Total interests and financial expenses 3,162 6,432
17-bis) exchange gains and losses 76 (207)
Total financial revenues and expenses (15+16-17+-17-bis) 4,709 26,234
D) Value adjustment on financial assets    
18) revaluations    
c) of securities included under assets forming part of working capital which are not investments 186  
Total revaluations 186  
19) devaluations - -
c) of securities included under assets forming part of working capital which are not investments   6,160
Total devaluations   6,160
Total value adjustments to financial assets (18-19) 186 (6,160)
Result before taxes (A-B+-C+-D) (1,073,221) 436,820
20) Current, deferred and prepaid taxes on the income of the year    
current taxes 8,185 219,693
taxes related to previous years - 18,536
deferred and prepaid taxes (219,478) 15,719
Total current, deferred and prepaid taxes on the income of the year (211,293) 253,948
21) Profit (loss) for the year (861,928) 182,872

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  Original Source: SEIF S.p.A