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  SEIF S.p.A company press release from 29/09/2021

  29/09/2021 - 18:15

The Board of Directors approves the Half Year Financial Report at June 30, 2021


PRESS RELEASE

SOCIETÀ EDITORIALE IL FATTO S.P.A.:

The Board of Directors approves the Half Year Financial Report at June 30, 2021

Significant increase in revenues from the sale of editorial products,

particularly in the digital version

Significant increase in margins, thanks to streamlining of production activities

Full operations guaranteed, even in lockdown periods, without the use of social shock absorbers

  • Revenues of €20,222 thousand (€19,778 thousand at 30 June 2020), up 2%.
  • EBITDA of €3,450 thousand (€2,509 thousand at 30 June 2020, an increase of 37.5%)
  • EBIT of €862 thousand (€228 thousand at 30 June 2020)
  • Net financial position negative €3,040 thousand (€557 thousand at 30 June 2020)
  • Net equity of €4,946 thousand (€4,207 thousand at 30 June 2020)
  • Net profit of €504 thousand (€73 thousand at 30 June 2020)

Rome, 29 September 2021 –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, 2021.

Cinzia Monteverdi, Chairman and CEO of SEIF, commented: "SEIF closes the first half of 2021 with an excellent result. All indicators are growing, first and foremost the operating result. The final result recorded in the first half of 2021 demonstrates that the investments made have been appropriately directed and that the strategies aimed at diversification, digital drive and technological innovation together with the quality of the content produced are the right path in compliance with the business plan”.

Key Economic Data:

(Euro thousand)        
  30.06.2021 % (variation) 30.06.2020 % (variation).
Production value 20,222 100.00% 19,778 100.00%
EBITDA (*) 3,450 17.06% 2,509 12.69%
EBIT (**) 862 4.26% 228 1.15%
EBT (***) 843 4.17% 229 1.16%
Net income 504 2.49% 73 0.37%

(*) Please note that EBITDA is defined as: result for the year, adjusted for the following components: (i) income taxes for the year, (ii) financial components and (iii) depreciation and amortization of tangible and intangible assets, impairment losses and other provisions.

(**) EBIT is defined as: profit or loss for the period, adjusted for the following components: (i) income taxes for the year, (ii) financial components.

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

Net profit was €504 thousand at 30 June 2021, a significant increase over the €73 thousand at 30 June 2020; the value of production was €20,222 thousand, an increase of 2.2% over the comparison period; EBITDA was €3,450 thousand compared to €2,509 thousand, giving a margin of 17% on the value of production compared to 12.6% at 30 June 2020; EBIT was €862 thousand compared to €228 thousand, equivalent to 4.2% and 1.2% of EBITDA respectively.

Income statements

        ESERCIZIO
        30.06.21 % V.d.P. 30.06.20 % V.d.P.
               
Revenues from sales and services 16,980,396 83.97% 15,616,400 78.96%
Change in stocks of finished goods and work in progress (43.503) -0.22% 12,166 0.06%
internal production of fixed assets 3,161,386 15,63% 3,843,300 19.43%
other revenues       123,662 0.61% 305,785 1.55%
Production value   20,221,941 100.00% 19,777,651 100.00%
                 

 

Revenues from sales and services Value at 30.06.21 % on revenues Value at 30.06.20 % on revenues variation var %
Publishing sector 12,744 75.05% 11,531 73.84% 1,213 10.52%
Media content sector 2,009 11.83% 2,201 14.09% -191 -8.70%
Advertising sector 2,227 13.11% 1,884 12.07% 343 18.18%
Total 16,980 10.,00% 15,616 100.00% 1,364 8.73%

Analyzing the change in revenues from sales and services, the following should be noted that there was an increase of 8.73% in revenues from sales and services for an amount of Euro 1,364 thousand, while the increase in Production value (Euro 444 thousand) was more limited, essentially due to lower capitalisation for investments related to the production of television content. Overall, revenues in the publishing sector increased by 10.5%, mainly due to the growth in digital revenues; revenues in the media content sector decreased by 8.70%, showing that they had almost fully recovered the lack of revenues from the format "Sono Le Venti" produced in Milan for the entire first half of 2020. However, it should be noted that television content productions recorded an increase in margins as a result of efficiency gains in production processes; advertising segment revenues grew by 18.1% due to the growth in website sales in a period in which the reference market partially recovered the contraction resulting from the effects of the covid-19 pandemic.

Net financial position 30.06.2021 31.12.2020
Current financial receivablesi    
Liquidity - cash and cash equivalents (5,531,282) (3,862,715)
Current financial payables    
Current financial payables 603,886 298,415
Net current financial debt (4,927,396) (3,564,300)
Non-current financial payables    
Non-current debt 1,887,764 2,191,255
Net financial debt - NFP (3,039,632) (1,373,045)
     
Average collection days (DSO) 40 56
Average days to pay (DPO) 67 61

The Net Current Financial Position, of euro (4,927) thousand, is composed exclusively of cash and cash equivalents, net of the "within one year" portion of the Unicredit loan. For the purposes of calculating the NFP, the Repurchase Agreements of €500 thousand allocated to financial fixed assets in the balance sheet were reclassified under "current financial receivables". The Company still holds its own shares substantially unchanged, even though, during the half-year under review, the value of the stock has appreciated significantly, showing stability in the values reached. Given the positive financial situation of the company, it is considered useful not to allocate the package on the market until it fully expresses the company value.

The total net financial position is equal to euro (3,040) thousand and takes into account the "over the year" portion of euro 1,888 thousand of the Unicredit loan of euro 2,500 thousand, taken out in June 2020 and intended for investments, with repayment in 48 months plus 12 months of pre-amortisation.

Below an analysis of the cash flows for the first half of 2021, compared to those of the same period of the previous year.

Cash flows:

(in Euro thousands)  
30.06.2021 30.06.2020
Profit (loss) for the year before income tax, interest, dividends 862 228
Adjustments for non-monetary items 2,991 2,592
Changes in net working capital 1,833 1335
Other adjustments -662 -355
Cash flow from operating activities (A) 5,025 3,800
Cash flow from investing activities (B) -3,879 -4,364
Cash flow from financing activities (C) 23 2,677
Increase (decrease) in cash and cash equivalents (A±B±C) 1,169 2,113
Cash and cash equivalents at the beginning of the year 3,264 541
Cash and cash equivalents at the end of the year 4,433 2,654
Change in cash and cash equivalents 1,169 2,113

Key consolidated balance sheet and financial results as at 30 June 2021:

The following information is provided regarding the main balance sheet indicators for the period ending 30 June 2021, compared with 31 December 2020.

Statement of Financial Position          
Investments 30.06.2021 31.12.2020 Fonti   30.06.2021 31.12.2020
Intangible fixed assets   9,193,145 8,263,277 capitale sociale 2,500,000 2,500,000
Tangible fixed assets   186,178 201,916 riserve   3,097,803 3,076,103
Finanzial fixes assets   712,903 215,478 utili (perdite) a nuovo - 1,156,051 - 1,456,976
          utili (perdite) d'esercizio 503,852 300,925
  Fixed assets 10.092.226 8.680.671 Patrimonio Netto 4,945,604 4,420,052
non-liquid assets   86,128 160,038  Passività consolidate 5,090,291 5,175,472
deferred liquidity   6,300,068 7,570,677        
immediate liquidity   4,432,954 3,264,387  Passività correnti 10,875,481 10,080,249
  Current assets 10,819,150 10,995,102 Passività   15,965,772 15,255,721
                 
  Invested capital   20,911,376 19,675,773 Financing capital   20,911,376 19,675,773

 

  30 . 06 . 2021 31 . 12 . 2020
Intangible fixed assets 9,193 8,263
Tangible fixed assets 186 202
Financial assets (adjusted) 213 215
Fixed assets 9 , 592 8 , 681
Inventories 86 160
Trade receivables 3,986 5,051
Trade payables -4,269 -3,727
Net operating working capital -197 1 , 483
Other current assets 1,716 1,922
Other current liabilities -6,003 -6,055
Net working capital -4 , 484 -2 , 649
Provisions for risks -686 -664
Employee severance indemnities -2,517 -2,320
Net invested capital 1 , 906 3 , 047
Shareholders' equity 4,946 4,420
Bank deposits, cash and cash equivalents 4,433 3,264
Other securities and financial receivables 1,098 598
Payables to banks -2,492 -2,490
Other financial liabilities - -
Net financial position 3,040 1,373
Shareholders' equity - net financial position 1 , 906 3 , 047

Shareholders' equity increased by euro 526 thousand, mainly due to the profit for the first half of 2021 and the change in the negative reserve for treasury shares. Shareholders' Equity Reserves amounted to Euro 3,098 thousand and consisted of the Extraordinary Reserve of Euro 3,695 thousand, the Legal Reserve of Euro 500 thousand, the Negative Reserve for treasury shares in portfolio of Euro 1,099 thousand and the Reserve for expected cash flow hedging transactions of Euro 2 thousand.

Gross investments in intangible assets amounted to Euro 4,158 thousand, essentially due to the production of television content and investments in technological innovation.

Moreover, the Company made gross investments in tangible assets amounting to Euro 30 thousand.

Amortisation of intangible assets for the year amounted to Euro 2,423 thousand, while depreciation of tangible assets amounted to Euro 46 thousand. 

As regards financial assets, the table shows an increase in financial receivables due to the investment of part of the liquidity in short-term repurchase agreements.

For the purposes of calculating the NFP, the Repurchase Agreements of € 500 thousand recorded under financial fixed assets in the balance sheet were reclassified under "current financial receivables". 

Significant events during the six-month period ended at June, 30 2021

Subsequent to 30 June 2021 and until the date of approval of the half-yearly report as of 30 June 2021, no business events occurred that would have an impact on the reported financial and economic results. As of the date of preparation of the half-yearly report as of 30 June 2021, the Company has not recorded any reduction in operating activities or in the related volumes of revenues and cash flows. The Company continues to implement its business plan despite the peculiar economic situation following the spread of the Covid-19 pandemic. The reference market is one of the markets least affected by the restrictions issued by the Government and this has allowed the Company to keep its production facilities operational.

Significant events occurring after the end of the six-months period ended on 30 June 2021

During the six-month period ended June 30, 2021, 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 2021.

Foreseeable evolution of operations

The general economic situation and that of the sector in particular could affect performance in the second half of 2021. However, the Company is taking all possible actions to maintain current business volumes in line with operating forecasts and consequent production programmes. The management trend suggests that it will be able to ensure levels of cash flows that allow it to manage normal production activities and planned investments on a regular basis.

Documentation

Attached at the end of this press release are the Balance Sheet, Income Statement and Cash Flow Statement for the interim period from 1 January 2021 to 30 June 2021.

Other information

The Half-Yearly Financial Report as at 30 June 2021 is available to the public at the Company's registered office and on the website www.seif-spa.it, in the investor relations/corporate documents section. The report of the auditing firm KPMG S.p.A. will be made available to the public as soon as it is released.

***

SOCIETA? EDITORIALE IL FATTO S.P.A. (SEIF) is an independent media company, founded in Rome in 2009 and led by Cinzia Monteverdi, President and CEO. The company publishes several editorial and multimedia products, including Il Fatto Quotidiano, founded by Antonio Padellaro and edited by Marco Travaglio, the news website ilfattoquotidiano.it and the monthly magazine FQ Millennium, edited by Peter Gomez, and the publishing house Paper First, edited by Marco Lillo. SEIF has recently embarked on a process of diversification to become more and more of an all-round media content provider, launching a strategy to develop its products in a digital and data-driven key and to produce TV with the LOFT business unit.

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: [email protected]
Sofia Crosta: [email protected],
 

Nomad
Alantra Capital Markets
Via Borgonuovo, 16 – 20121 Milano tel. +39 02 63671613
mail: [email protected]

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

  30/06/2021 31/12/2020
Assets    
B) Fixed assets    
I – Intangible fixed assets    
1) start-up and capital costs 696,490 829,554
4) concessions, licenses, trademarks and similar rights 82,335 98,830
6) assets under construction and payments on account 909,504 1,044,596
7) other 7,504,816 6,290,297
Total intangible fixed assets 9,193,145 8,263,277
II – Tangible fixed assets - -
4) other assets 186,178 201,916
Total tangible fixed assets 186,178 201,916
III – Financial fixed assets - -
2) receivables - -
d-bis) other receivables 709,860 212,960
due within the next year 626,111 129,211
due after the next year 83,749 83,749
Total receivables 709,860 212,960
4) active derivative financial instruments 3,043 2,518
Total financial fixed assets 712,903 215,478
Total fixed assets (B) 10,092,226 8,680,671
C) Current asset    
I – Inventories - -
1) raw, subsidiary and consumable materials 19,041 49,448
4) finished products and goods 67,087 110,590
Total inventories 86,128 160,038
II – Receivables - -
1) trade receivables 3,985,989 5,050,536
due within the next year 3,985,989 5,050,536
5-bis) tax receivables 322,978 499,375
due within the next one year 322,978 499,375
5-ter) pre-paid taxes 574,110 777,529
5-I) from third parties 506,266 421,364
due within the next one year 506,266 421,364
Total receivables 5,389,343 6,748,804
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 4,428,095 3,260,371
3) cash at bank and in hand 4,859 4,016
Total cash and cash equivalents 4,432,954 3,264,387
Total current assets I 10,506,753 10,771,557
D) Accrual and deferred income 312,397 223,545
Total assets 20,911,376 19,675,773
Liabilities    
A) Net asset 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
VII – Reserve for expected cash flow hedging transactions 2,313 1,914
VIII – Profit (loss) carried forward (1,156,051) (1,456,976)
IX – Profit (loss) of the year 503,852 300,925
X – Negative reserve for purchase of own shares (1,099,366) (1,120,667)
Total shareholders' equity 4,945,604 4,420,052
B) Provisions for risks and charges    
2) for taxes, including deferred taxes 730 604
4) other 685,289 663,289
Total for risks and charges 686,019 663,893
C) Employee severance indemnity 2,516,508 2,320,324
D) Payables    
4) payables to banks 2,491,650 2,489,670
due within the next financial year 603,886 298,415
due beyond the next financial year 1,887,764 2,191,255
7) trade payables 4,268,705 3,727,114
due within the next year 4,268,705 3,727,114
12) tax payables 552,380 551,583
due after the next year 552,380 551,583
13) amounts payable to social security institutions 977,798 1,021,870
due within the next year 977,798 1,021,870
14) other receivables 2,787,937 2,836,588
due within the next year 2,787,937 2,836,588
Total receivables 11,078,470 10,626,825
E) Accrual and deferred income 1,684,775 1,644,679
Total liabilities 20,911,376 19,675,773

2.Income statement

  30/06/2021 30/06/2020
A) Production value    
1) revenues from sales and services 16,980,396 15,616,400
2) variations of inventory of raw and auxiliary materials, consumables and supplies (43,503) 12,166
4) increases in fixed assets for internal works 3,161,386 3,843,300
5) other revenues and income    
other 123,662 305,785
Total other revenues and income 123,662 305,785
Total production value 20,221,941 19,777,651
B) Cost of production    
6) for raw and auxiliary materials, consumables and supplies 16,980,396 15,616,400
7) for services (43,503) 12,166
8) for use of assets owned by others 3,161,386 3,843,300
9) for personnel    
a) salaries and wages 123,662 305,785
b) social security 123,662 305,785
c) employee severance indemnity 20,221,941 19,777,651
e) other costs 16,980,396 15,616,400
Total personnel costs 6,046,723 6,477,453
10) amortization, depreciation and impairment    
a) depreciation of intangible fixed assets 2,423,288 2,208,360
b) depreciation of tangible fixed assets 45,420 43,081
d) depreciation of receivable in the fixed assets circulating assets and cash and cash equivalents 40,000  
Total amortization, depreciation and impairment 2,508,708 2,251,441
11) variations of inventory of raw and auxiliary materials, consumables and supplies 30,407 (3,653)
12) provisions for risks 79,319 30,218
14) other operating costs 254,926 262,140
Total costs of the productions 19,359,493 19,550,044
Difference between value and cost of production (A - B) 862,448 227,607
C) Financial income and expenses    
16) other financial income - -
a) from receivables entered as fixed assets - -
From others 900 -
Total finanzial income from accounts receivalbe included in fixed assets from other financial income - -
c) from securities included in current assets other than equity investments 7,286 6,043
d) income other than the above -  
other   14
Total income other than the above 7,286 6,057
T o tal other financial income 8,186 6,057
17) interest and other financial charges    
others 27,125 5,328
Total interest and other financial charges    
17-bis) foreign exchange gains and losses 218 (701)
Total financial income and expenses (15+16-17+-17-bis) (19,157) 1,430
D) Value adjustment on financial assets    
18) revaluations    
c) of securities included under assets forming part of working capital which are not investments    
Total revaluations    
Total value adjustments to financial assets (18-19)    
Result before taxes (A-B+-C+-D) 843,291 229,037
20) Current, deferred and prepaid taxes on the income of the year    
current taxes 136,021 100,052
deferred and prepaid taxes 203,418 55,837
Total current, deferred and prepaid taxes on the income of the year 339,439 155,889
21) Profit (loss) for the year 503,852 73,148

1.Cash flow statement indirect method

  Importo al 30/06/2021 Importo al 30/06/2020
A) Cash flows from operating activities (indirect method)    
Profit (loss) for the period 503,852 73,148
Income taxes 339,439 155,889
Interest expense/(income) 19,157 (1,430)
1) Profit (loss) for the year before income taxes, interest, dividends and gains/losses on disposal 862,448 227,607
Adjustments for non-monetary items that did not have a counterpart in net working capital    
Provisions to funds 522,438 340,665
Depreciation of fixed assets 2,468,708 2,251,441
Total adjustments for non-monetary items not recorded as part of net working capital 2,991,146 2,592,106
2) Cash flow before changes in net working capital 3,853,594 2,819,713
Changes in net working capital    
Decrease/(Increase) in inventories 73,910 (15,819)
Decrease/(Increase) in receivables from customers 1,064,547 (111,185)
Increase/(Decrease) in trade payables 541,591 723,057
Decrease/(Increase) in accrued income and prepaid expenses (88,852) (121,856)
Increase/(Decrease) in accrued expenses and deferred income 40,096 238,920
Other decreases/(Other increases) in net working capital 202,193 622,174
Total changes in net working capital 1,833,845 1,335,291
3) Cash flow after changes in net working capital 5,687,079 4,155,004
Other adjustments    
Interest received/(paid) (19,157) 1,430
(Income taxes paid) (338,642) (155,889)
(Use of funds) (324,254) (200,928)
Total other adjustments (662,053) (355,387)
Cash flow from operating activities (A) 5,025,026 3,799,617
B) Cash flow from investing activities    
Tangible fixed assets    
(Investments) (29,683) (30,471)
Intangible assets    
(Investments) (3,353,157) (4,326,677)
Financial assets    
(Investments) (496,900) (6,508)
Cash flow from investing activities (B) (3,879,740) (4,363,656)
C) Cash flow from financing activities    
Third-party funds    
Financing 1,980 2,694,683
Equity    
Sale/(purchase) of treasury shares 21,301 (17,920)
Cash flow from financing activities (C) 23,281 2,676,763
Increase (decrease) in cash and cash equivalents (A ± B ± C) 1,168,567 2,112,724
Cash and cash equivalents at the beginning of the period    
Bank and post office deposits 3,260,371 538,023
Cash and cash equivalents 4,016 2,412
Total cash and cash equivalents at beginning of period 3,264,387 540,435
Cash and cash equivalents at the end of the period    
Bank and post office deposits 4,428,095 2,648,029
Cash and cash equivalents 4,859 5,130
Total cash and cash equivalents at end of period 4,432,954 2,653,159

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  Original Source: SEIF S.p.A