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  SEIF S.p.A company press release from 28/09/2020

  28/09/2020 - 21:20

The Board of Directors approves the half-yearly financial report at 30 June 2020


PRESS RELEASE

SOCIETÀ EDITORIALE IL FATTO S.P.A.:

The Board of Directors approves the half-yearly financial report at 30 June 2020

Significant increase in revenues from both the sale of editorial products and the media content division

Marginality in strong growth, thanks to the efficiency of production activities

Full operation guaranteed even during the lockdown period, without the use of social safety nets

  • of euro 19,778 thousand (euro 15,159 thousand for the year to June 30, 2019), an increase of 30,47%.
  • equal to euro 2,509 thousand (euro 398 thousand at 30 June 2019, up 530%)
  • Net financial position of euro 557 thousand (euro 1,139 thousand at 30 June 2019)
  • Shareholders' equity of euro 4,207 thousand (euro 4,147 thousand at 30 June 2019)
  • Net profit of euro 73 thousand (euro - 862 thousand at 30 June 2019)

Rome, 28 September 2020 –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, 2020.

Cinzia Monteverdi, Chairman and CEO of SEIF, commented: "SEIF closes the first half of 2020 in a particularly positive way, despite the delicate period experienced by our country due to the Covid emergency. In these difficult times, our publications and television productions have been fundamental in the information and support panorama for our readers and subscribers, as shown by the increase in sales of our editorial products and the revenues of the media content division, which have made our production activities more efficient, allowing a significant increase in margins.

These months have highlighted even more the importance of digital growth alongside a strengthening of the traditional market, confirming that the path of diversification and the production of distinctive value content are fundamental for the sustainability and growth of our Company. For this reason, in the coming months SEIF will continue to work in this direction, focusing on the development of untapped potential and the recovery of revenues from sales and services necessary to achieve industrial objectives".

Main financial data:

(in thousands of Euro) 30.06.20 % P.V. 30.06.19 % P.V.
Production value 19,778 100,00% 15,159 100,00%
EBITDA 2,509 12,69% 398 2,63%
EBIT 228 1,15% -1,078 -7,11%
EBT 229 1,16% -1,073 -7,08%
Net result 73 0,37% -862 -5,69%

 

Profit and Loss Account at Value of Production and Value Added
 
        30.06.20 % P. V. 30.06.19 % P. V.
Revenues from sales and services 15,616,400 78,96% 12.957.602 85,48%
Variations of inventory of raw and auxiliary materials, consumables and supplies 12,166 0,06% (27.665) (0,18%)
Internal production of fixed assets 3,843,300 19,43% 2.104.429 13,88%
Other revenues     305,785 1,55% 124.662 0,82%
Production value   19,777,651 100,00% 15.159.028 100,00%

 

Revenues from sales and services
(in thousands of Euros)
 
Value at 30.06.20 % on revenues Value at 30.06.19 % on revenues Variat. Var %
Publishing sector 11,531 73,84% 9,499 73,31% 2,033 21,40%
Media content sector 2,201 14,09% 1,284 9,91% 917 71,40%
Advertising sector 1,884 12,07% 2,175 16,78% -290 -13,36%
Total 15,616 100,00% 12,958 100,00% 2,659 20,52%

EBITDA is defined as: result for the year, adjusted by the following components: (i) income taxes for the year, (ii) financial components and (iii) depreciation and amortization of tangible and intangible assets, write-downs and other provisions.

EBIT is defined as: result for the year, adjusted by the following components: (i) income taxes for the year, (ii) financial components.

EBT is defined as: result for the year, adjusted by the following components: (i) income tax for the year.

Net Financial Position:

Net Financial Position 30.06.2020 31.12.2019
Current financial receivables    
Liquidity - cash and cash equivalent (3,251,487) (1,138,763)
Current financial payables    
Current financial payables 207,183 -
Current Net Financial Position (3,044,304) (1,138,763)
Non-current financial payables
Non-current financial payables
2,487,500 -
Net Financial Position (556,804) (1,138,763)

The Current Net Financial Position, for approximately Euro 3,044 thousand, is composed exclusively of cash and cash equivalent net of a financial debt consisting of a current account opening, used temporarily and occasionally. Non-current financial payables are made up of a loan of Euro 2,500 thousand, destined for investments, with repayment in 60 months, 12 of which are pre-amortisation. The Company deemed it useful to rebalance the financial structure between short and medium term sources and uses.

Below is an analysis of the cash flows for the first half of 2020, compared with those for the same period of the previous year:

(in thousands of Euros)  
30.06.20 30.06.19
Profit (loss) of the year before taxes on the income, interests and dividends 228 (1,078)
Adjustments for non-monetary elements 2,592 1,878
Changes in net working capital 1,335 100
Other adjustments (355) (87)
Cash flow from operating activities (A) 3,800 813
Cash flow from investment activities (B) (4,364) (3,252)
Cash flow from financing activities (C) 2,677 2,917
Increase (decrease) of cash and cash equivalents (A±B±C) 2,113 478
Cash and cash equivalents at the begging of the year 541 2,212
Cash and cash equivalents at the end of the year 2,654 2,690
Changes in cash and cash equivalents 2,113 478

Main consolidated balance sheet and financial results at 30 June 2020:

Below is the information regarding the main balance sheet indicators as at 30 June 2020, compared with 31 December 2019.

Financial Statement of Assets and Liabilities
 
COMMITMENTS     30.06.2020 31.12.2019 FONTI   30.06.2020 31.12.2019
 
Intangible fixed assets
8,430,455 6,635,247 Share capital 2,500,000 2,500,000
 
Tangible fixed assets
211,093 223,703 Reserves   3,090,442 3,104,100
 
Financial fixed assets
1,150,606 1,144,098 Retained earnings (losses) - 1,456,976 35,407
          Profit (loss) for the year 73,148 -1,492,384
               
   
­­­­­FixedAset
  9,792,154 8,003,048 Net worth 4,206,614 4,147,123
                 
Cash and cash equivalents   266,539 250.720 Consolidated liabilities 5,574,766 2,739,000
 
Deferred Liquidity
  6,665,740 7.079.725        
 
Instant Liquidity
2,653,159 540.435 Current liabilities 9,596,212 8,987,805
                 
 
Circulating asset
9,585,438 7,870,880 Liabilities 15,170,978 11,726,805
                 
 
Invested capital
19,377,592 15,873,928  
 
Financing capital
19,377,592 15,873,928

Gross investments in intangible fixed assets amounted to Euro 4,327 thousand, gross of Euro 324 thousands of fixed assets in progress as at 31.12.2019 which entered into operation in the first half of 2020, and essentially refer to (i) production of television content for Euro 4,039 thousand, for which the company holds all copyright and economic exploitation rights over time; (ii) costs for the development and expansion of the technological infrastructure and for the restyling of the new newspaper, for a total of Euro 288 thousand.

Shareholders' Equity increased by approximately Euro 59 thousand also considering the result for the first half of 2020. The positive variation is due to the net profit recorded in the first half of the year net of a slight increase in the negative reserve for own shares. The company still holds a package of treasury shares equal to 9.46% of the share capital which will be subject to a subsequent placement transaction as soon as market conditions permit, destined to finance a subsequent step of business development.

Significant events during the six-month period ended at June, 30 2020

During the period under review, the Company recorded a positive trend and a clear improvement compared to the first half of 2019. Revenues from sales and services increased significantly for both newsstand and digital publications and television productions. The increase in sales also made it possible to absorb the decline in online advertising resulting from the Covid emergency and the lockdown of the country, which forced the closure of several activities or at least the suspension of several advertising campaigns. The Company has also distinguished itself for having managed to keep its staff structure fully operational, albeit largely in smart working, without using social security benefits, such as redundancy funds.

Significant events after the six-month period ended at June, 30 2020

In consideration of the epidemiological situation caused by Covid-19, it should be noted that all possible actions have been taken to ensure the safety of employees and collaborators within the company's offices in Rome and Milan, while at the same time managing to maintain the production levels necessary to ensure current volumes. The latter, despite the complexity of the management of production activities in this context, are continuing on a regular and seamless basis.

Business outlook

The general economic situation and that of the advertising sector in particular could affect the performance in the second half of 2020. However, the Company is taking all possible actions to maintain current business volumes and in line with operational forecasts and consequent production programs. The business outlook suggests the ability to ensure levels of financial flows that allow for the management of normal production activities and planned investments on a regular basis.

Documentation

Attached to this press release are the Statement of Assets and Liabilities, Income Statement and Cash Flow Statement for the interim period from 1 January 2020 to 30 June 2020.

Other information

The Half-Yearly Financial Report as at 30 June 2020 and the report of the independent auditors KPMG S.p.A. will be made available to the public at the company's registered office and on the website www.seif-spa.it, www.seif-spa.it, in the investor relations/corporate documents section. The report of the KPMG S.p.A. auditing firm will be made available to the public as soon as it is issued. within the terms provided for by applicable laws and regulations.

***

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 ilfattoquotidiano.it 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
www.closetomedia.it
Luca Manzato, Sofia Crosta, Giorgia Cococcioni
luca.manzato@closetomedia.it,
sofia.crosta@closetomedia.it,
giorgia.cococcioni@closetomedia.it
 
SEIF - Investor relations
Cinzia Monteverdi
06 32818514 - ir@seif-spa.it
 
 
 
NomadAlantra Capital Markets
Via Borgonuovo, 16 – 20121 Milano tel. +39 02 63671613 mail: stefano.bellavita@alantra.com
 
 

Attached to this press release are the Statement of Assets and Liabilities, Income Statement and Cash Flow Statement of the Company.

1. Statement of Assets and Liabilities

  30/06/2020 31/12/2019
Assets    
B) Fixed assets    
I – Intangible fixed assets - -
1) start-up and capital costs 1,001,326 988,893
4) concessions, licenses, trademarks and similar rights 19,392 24,073
6) assets under construction and payments on account 612,064 807,607
7) other 6,797,673 4,814,674
Total intangible fixed assets 8,430,455 6,635,247
II – Tangible fixed assets - -
4) other assets 211,093 223,703
Total tangible fixed assets 211,093 223,703
III – Financial fixed assets - -
1) shareholdings in - -
b) parent companies 932,939 932,939
Total shareholdings 932,939 932,939
2) receivables - -
b) receivables from parent companies 122,177 121,277
due within the next year 58,500 27,000
due after the next year 63,677 94,277
d-bis) other receivables 89,882 89,882
due within the next year 4,124 4,124
due after the next year 85,758 85,758
Total receivables 212,059 211,159
4) active derivative financial instruments 5,608 -
Total financial fixed assets 1,150,606 1,144,098
Total fixed assets (B) 9,792,154 8,003,048
C) Current asset    
I - Inventories - -
1) raw, subsidiary and consumable materials 177,995 174,342
4) finished products and goods 88,544 76,378
Total inventories 266,539 250,720
II - Receivables - -
1) trade receivables 4,198,967 4.087,782
due within the next year 4,198,908 4,087,782
due after the next financial year 59 -
5-bis) tax receivables 443,224 1,027,014
due within the next one year 443,224 1,027,014
5-ter) pre-paid taxes 742,379 798,216
5-quater) from third parties 320,683 328,082
due within the next one year 320,683 328,082
Total receivables 5,705,253 6,241,094
III – Financial assets not of a fixed nature - -
6) other assets 598,328 598,328
Total financial assets not of a fixed nature 598,328 598,328
IV – Cash and cash equivalents - -
1) bank and postal deposit 2,648,029 538.023
3) cash at bank and in hand 5,130 2,412
Total cash and cash equivalents 2,653,159 540,435
Total current assets (C) 9,223,279 7 630,577
D) Accrual and deferred income 362,159 240,303
Total assets 19,377,592 15,873,928
Liabilities    
A) Shareholders' equity 4,206,614 4,147,123
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
VII - Reserve for transactions to hedge expected cash flows 4,262 -
VIII – Profit (loss) carried forward (1,456,976) 35,407
IX – Profit (loss) of the year 73,148 (1,492,384)
X – Negative reserve for purchase of own shares (1,108,676) (1,090,756)
Total shareholders' equity 4,206,614 4,147,123
B) Provisions for risks and charges    
2) for taxes, including deferred taxes 1,346 -
4) other 636,289 641,989
Total for risks and charges 637,635 641,989
C) Employee severance indemnity 2,242,448 2,097,011
D) Payables    
4) payables to banks 2,694,683 -
due within the next year 207,183 -
due after the next year 2,487,500 -
12) tax payables 4,441,634 3,718,577
due within the next year 4,441,634 3,718,577
13) amounts payable to social security institutions 345,291 444,255
due within the next year 345,291 444,255
14) other receivables 943,992 1,012,179
due within the next year 943,992 1,012,179
12) tax payables 2,344,581 2,531,000
due after the next year 2,344,581 2,531,000
Total receivables 10,770,181 7,706,011
E) Accrual and deferred income 1,520,714 1,281,794
Total liabilities 19,377,592 15,873,928

2. Income statement

  30/06/2020 30/06/2019
A) Production value    
1) revenues from sales and services 15,616,400 12,957,602
2) variations of inventory of raw and auxiliary materials, consumables and supplies 12,166 (27,665)
4) increases in fixed assets for internal works 3,843,300 2,104,429
5) other revenues and income - -
other 305,785 124,662
Total other revenues and income 305,785 124,662
Total production value 19,777,651 15,159,028
B) Cost of production    
6) for raw and auxiliary materials, consumables and supplies 613,029 822,205
7) for services 8,905,808 7,603,847
8) for use of assets owned by others 1,013,608 654,808
9) for personnel - -
a) salaries and wages 4,659,099 4,001,847
b) social security 1,480,417 1,283,288
c) employee severance indemnity 248,330 219,960
e) other costs 89,607 75,164
Total personnel costs 6,477,453 5.580,259
10) amortization, depreciation and impairment - -
a) depreciation of intangible fixed assets 2,208,360 1,399,354
b) depreciation of tangible fixed assets 43,081 32,152
Total amortization, depreciation and impairment 2,251,441 1,431,506
11) variations of inventory of raw and auxiliary materials, consumables and supplies (3,653) (88,801)
12) provisions for risks 30,218 45,000
14) other operating costs 262,140 188,320
Total of cost of production 19,550,044 16,237,144
Difference between value and costs of production (A - B) 227,607 (1,078,116)
C) Financial revenues and expenses    
16) other financial revenues - -
a) from receivables recorded under fixed assets - -
from affiliated companies - -
Total financial revenues from receivables recorded under fixed assets - -
c) from securities included under the working capital which are not shareholdings 6,043 6,599
d) revenues different from the previous - -
other 14 1,196
Total revenues different from the previous 14 1,196
Total of other financial revenues 6,057 7,795
17) Interests and financial expenses - -
other 5,328 3,162
Total interests and financial expenses 5,328 3,162
17-bis) exchange gains and losses 701 76
Total financial revenues and expenses (15+16-17+-17-bis) 1,430 4,709
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
Total value adjustments to financial assets (18-19) - 186
Result before taxes (A-B+-C+-D) 229,037 (1,073,221)
20) Current, deferred and prepaid taxes on the income of the year    
current taxes 100,052 8,185
deferred and prepaid taxes 55,837 (219,478)
Total current, deferred and prepaid taxes on the income of the year 155,889 (211,293)
21) Profit (loss) for the year 73,148 (861,928)

3. Cashflow statement, indirect method

  Amount at 30/06/2020 Amount at 30/06/2019
A) Cash flows from operating activities (indirect method)    
Profit (loss) for the year 73,148 (861,928)
Income taxes 155,889 (211,293)
Payable (receivable) interest (1,430) (4,633)
1) Profit (loss) for the year before income tax, interest, dividends and capital gains/losses from conveyances 227,607 (1,077,854)
Adjustments to non monetary items that were not offset in the net working capital.    
Allocation to preserves 340,665 446,204
Depreciation of fixed assets 2,251,441 1,431,506
Total adjustments for non-monetary items that were not offset in the net working capital 2,592,106 1,877,710
2) Cash flow before changing net working capital 2,819,713 799,856
Changes in net working capital    
Decrease/(increase) in inventory (15,819) (61,136)
Decrease/(increase) in payables to customers (111,185) 301,348
Increase/(Decrease) in trade payables 723,057 1,061,752
Decrease/(Increase) in accrued income and prepayments (121,856) (320,419)
Increase/(decrease) in accrued income and prepayments 238,920 (75,611)
Other decreases/(Other increases) in net working capital 622,174 (805,774)
Total changes in net working capital 1,335,291 100,160
3) Cash flow after changes in net working capital 4,155,004 900,016
Other adjustments    
Interest received/(paid) 1,430 4,633
(Income tax paid) (155,889) 211,293
(Use of funds) (200,928) (303,051)
Total other adjustments (355,387) (87,125)
Cash flow from operating activity (A) 3,799,617 812,891
B) Cash flow from investment activity    
Tangible fixed assets    
(Investments) (30,471) (111,356)
Intangible assets    
(Investments) (4,326,677) (2,800,173)
Financial fixed assets    
(Investments) (6,508) (340,390)
Not fixed financial assets    
(Investments)   (186)
Cash flow from investment activity (B) (4,363,656) (3,252,105)
C) Cash flow from financing activity    
Own resources    
Opening of bank loan 2,694,683  
Own resources    
Transfer/(purchase) of own shares (17,920) 2,917,440
Cash flow from financing activity (C) 2,676,763 2.917,440
Increase (decrease) in cash and cash equivalents (A ± B ± C) 2,112,724 478,226
Cash and cash equivalents at the beginning of the year    
Bank and postal deposits 538,023 2,211,105
Money and equivalents on hand 2,412 709
Total of cash and cash equivalents at the beginning of the year 540,435 2,211,814
Cash and cash equivalents at the end of the year    
Bank and postal deposits 2,648,029 2,689,530
Money and equivalents on hand 5,130 510
Total cash and cash equivalents at the end of the year
 
2,653,159 2,690,040
     

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  Original Source: SEIF S.p.A