Earnings Release • Mar 3, 2023
Earnings Release
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Regulated information Roularta Media Group
Roularta Media Group realises revenue of € 343 million thanks to strategic acquisitions made in 2021 and 2022. With this, Roularta Media Group maintained a strong EBITDA in a year that was characterised by rising paper, energy and personnel costs.
Consolidated revenue finished at € 343.1 million , representing absolute growth of € 42.9 million compared to the same period last year (or +14.3% YOY). When abstraction is made from the acquisitions and deconsolidations, revenue remained status quo.
In the first half of the year, Roularta Media Group completed the acquisitions of New Skool Media (with EW Magazine as its best-known brand), 50+ Beurs (the largest B2C fair in the Netherlands) and Gezondheid.be (the largest health website in Belgium). These acquisitions boosted Group revenue over the full year by € 37.9 million; last year's acquisitions (the full acquisition of the joint venture brands Plus Magazine Netherlands, Plus Magazine Germany, Télépro, etc. ) also now contributed, for a full year. Revenue from the Immovlan BV entity contributed to the Group's consolidated revenue for only nine months. Immovlan BV was deconsolidated at the end of September 2022 since the Group no longer had control over this entity. The Group did retain its 35% participating interest, as a result of which the results are recognised using the equity accounting method for the share in the net result of Immovlan BV.
In 2022, 70% of revenue came from the magazine brands, representing a further steady increase thanks to the investment in the New Skool Media brands and confirmation of Roularta Media Group's long-term vision of generating a stable cash flow and evolving from a B2B to a predominantly B2C environment.
Due to the general price increases of raw materials and consumables, of which paper in particular (+76% compared to last year), gross margin was impacted: 81.0% in 2022 vs. 84.5% in 2021 or approximately a € 12-million impact on 2022 revenue. Thanks to our privileged relationship with the paper manufacturers, as the largest Benelux magazine printer and a cash payer, there was never a stock shortage at any time during the past year in a difficult European paper market.
Important is the fact that for 2022 compared to 2021, 'personnel charges' and 'services and other goods' were lower as a percentage of revenue, pointing to a strict cost control policy in the current economic climate of inflation and general cost increases.
EBITDA for 2022 finished at € 30.1 million or 8.8% of revenue vs € 36.9 million or 12.3% in 2021. In line with IFRS regulations, the Group then recorded a one-off capital gain of € 5.8 million following the full acquisition of the above-mentioned joint ventures. Without this one-off effect, EBITDA in 2021 amounted to € 31.1 million. The same impact was recorded in 2022 on the acquisition of 50+Beurs and Festival, valued at € 0.9 million. In addition, in 2022, at the time of deconsolidation of Immovlan BV, a one-off capital gain of € 1.5 million was realised on the historic sale of the RMG customer portfolio to Immovlan BV in 2021. EBITDA for 2022 therefore decreased by € 3.4 million or 11% compared to last year, corrected for these one-off effects. The definition of EBITDA has changed slightly since the 2022 half-yearly report: movements in provisions and impairments on inventories and receivables are now included in EBITDA (see annual report note 1 for further explanation).
The 50% joint venture Mediafin (De Tijd/L'Echo) also achieved revenue growth in 2022. Revenue (for 100%) increased by 6.6% compared to last year, to € 78.6 million. EBITDA finished at € 16.9 million (-4.7% vs. last year) and Mediafin posted a net result of € 5.6 million (-23.1% vs. last year) after depreciation of the brands De Tijd/L'Echo. For the 50% participation, this results in a contribution for Roularta of € 2.8 million (€ -0.8 million vs. last year) according to the equity accounting method. Despite the higher revenue, Mediafin also had to deal with the same cost increases as RMG. Mediafin completed the acquisitions of Luxury Leads (a luxury real estate platform) and Openthebox (a B2B data platform) during the course of 2022.
A total of € 27.6 million EBITDA was realised by the fully consolidated Group companies vs. € 32.7 million in 2021; with an additional € 2.5 million from associates and joint ventures (their earnings via the equity method) vs. € 4.2 million last year.
EBIT evolved from € 12.8 million in 2021 to € 5.5 million in 2022, or 1.6% of revenue versus 4.2% in 2021. In 2022, higher depreciation was recorded due to the recent acquisitions (€ 19.6 million depreciation in 2022 or € 3.0 million higher than in 2021). In addition, an impairment loss of € 5.0 million was recorded on the historic customer portfolio of Immovlan BV, but on the other hand an impairment loss of € 7.6 million was recorded last year on several brands of the group that suffered from the continuous impact of the coronavirus. The 'Share in the result of associates and joint ventures' also includes a further € 4.1 million in depreciation of brands and customer relationships.
Taxes(€ -4.6 million) in 2022, in addition to current tax expenses of € 0.9 million, include a deferred tax expense of € 3.7 million, originating on the one hand from a lower deferred tax asset on tax losses carried forward due to uncertainties in tax legislation and future cost developments; on the other hand, a deferred tax expense was booked following the deconsolidation of Immovlan BV. In 2021, deferred tax revenue had arisen from the acquisitions and the establishment of BV Immovlan.
The € -7.1 million minority interest in 2022 is mainly due to BV Immovlan (January to September when it was still fully consolidated), where, in addition to the high depreciation on the brand and customer portfolio, an impairment of the customer portfolio resulted in a negative net result.
The consolidated net result of the Group finished at € 0.6 million, of which € 7.6 million was allocable to the shareholders of Roularta Media Group.
After paying a dividend in 2022 of € 11.8 million, the acquisitions and deconsolidation of BV Immovlan (together € 18.4 million), the Group still maintained a strong balance sheet at the end of 2022. The cash position as at 31/12/2022 amounted to € 84.5 million.
Digitisation is the present and the future, and it continues at Roularta Media Group with the expansion and improvement of the digital reading experience for consuming content tailored to the needs of the reader.
The media brands of Roularta Media Group are increasingly learning from each other's digital successes, with important synergies in the use of expertise and uniform tools across national borders. Which is why Roularta is investing heavily in innovations such as new technology for the new websites, data platforms, the updated app with the 'Mijn Magazines' kiosk, a new multimedia editorial system, a new TV studio in the middle of the editorial offices with webinar and podcast facilities, but also the state-of-the-art equipment of print shop Roularta Printing.
Regarding the print shop, the Group has committed itself to focus even more on sustainability and energy-saving investments in the coming years. This includes investment in three energy-saving drying ovens that will reduce CO2 emissions by 14%.
The Group also remains open to strategically meaningful acquisitions that can make a positive contribution to the group's growth and results.
The Board of Directors will propose to the General Meeting that a gross dividend of € 1.00 per share be paid out for the full year 2022, the same as the previous financial year.
1.1 Consolidated key fgures
| in thousands of euros | 31/12/2022 | 31/12/2021 * | Trend | Trend (%) |
|---|---|---|---|---|
| INCOME STATEMENT | ||||
| Sales | 343,140 | 300,205 | 42,935 | 14.3% |
| Adjusted sales (1) | 300,401 | 300,205 | 196 | 0.1% |
| EBITDA (2) | 30,081 | 36,895 | -6,814 | -18.5% |
| EBITDA-margin | 8.8% | 12.3% | ||
| EBIT (3) | 5,495 | 12,754 | -7,259 | -56.9% |
| EBIT-margin | 1.6% | 4.2% | ||
| Net finance costs | -315 | -183 | -132 | -72.1% |
| Income taxes | -4,625 | 3,465 | -8,090 | -233.5% |
| Net result | 555 | 16,036 | -15,481 | -96.5% |
| Attributable to minority interests | -7,065 | -557 | -6,508 | -1168.4% |
| Attributable to holders of RMG | 7,620 | 16,593 | -8,973 | -54.1% |
| Net result attributable to equity holders of RMG - margin | 2.2% | 5.5% | ||
| Number of full time equivalent employees at closing date (4) | 1,293 | 1,243 | 50 | 4.0% |
(*) Restated for new definition EBITDA (cfr anual report note 1)
(1) Adjusted revenue is the revenue comparable to last year, i.e. excluding changes in the consolidation scope.
(2) EBITDA = EBIT + depreciations, amortizations and impairments (3) EBIT is equal to operating income, including the share in the result of associates and joint ventures.
(4) Excluding joint ventures (Mediafin)
| Consolidated key figures per share (in euros) | 31/12/2022 | 31/12/2021 * | Trend | Trend (%) |
|---|---|---|---|---|
| EBITDA | 2.56 | 3.15 | -0.59 | -18.8% |
| EBIT | 0.47 | 1.09 | -0.62 | -57.1% |
| Net result attributable to equity holders of RMG | 0.65 | 1.42 | -0.77 | -54.3% |
| Net result attributable to equity holders of RMG after dilution | 0.65 | 1.41 | -0.77 | -54.3% |
| Weighted average number of shares | 11,766,209 | 11,719,515 | 46,694 | 0.4% |
| Weighted average number of shares after dilution | 11,797,911 | 11,736,202 | 61,709 | 0.5% |
(*) Restated for new definition EBITDA (cfr anual report note 1)
RMG's two segments are Media Brands and Printing Services. The Media Brands segment refers to all brands that are marketed by RMG and its participations. The Printing Services segment refers to premedia and print shop activities for in-house brands and external customers.
| in thousands of euros | 31/12/2022 | 31/12/2021 | Trend | Trend (%) |
|---|---|---|---|---|
| INCOME STATEMENT | ||||
| Sales | 304,785 | 270,164 | 34,621 | 12.8% |
| Adjusted sales (1) | 260,158 | 270,164 | -10,006 | -3.7% |
| Gross margin | 240,651 | 217,576 | 23,075 | 10.6% |
| Gross margin on sales | 79.0% | 80.5% |
(1) Adjusted revenue is the revenue comparable to last year, i.e. excluding changes in the scope of consolidation.
Revenue from the Media Brands segment increased by € 34.6 million to € 304.8 million. Excluding acquisitions, a decrease of 2.7% can be noted. And this despite the discontinuation of the door-to-door distributed title De Streekkrant and the complimentary magazine Steps. The complimentary Sunday newspaper De Zondag, distributed through the thousands of bakeries and other outlets open on Sundays, provides an effective alternative for all cities and municipalities in Dutch-speaking Belgium.
Advertising income remained stable compared to 2021, but decreased by 6.5% excluding acquisitions. The decline is mainly due to: (i) the complimentary newspapers, since De Zondag and Zondagmagazine do not fully compensate for the decline due to the discontinued brands 'De Streekkrant' and 'Steps' and also (ii) a number of magazine brands.
Revenue from the readership market (subscriptions and newsstand sales) increased by 20.2% compared to 2021. Subscriptions accounted for 79% of the total readership market revenue, with 21% coming from newsstand sales.
Revenue from subscriptions increased by 24.6% in 2022 thanks to the newly acquired brands in the Netherlands (the weekly news magazine EW, the weekly Beleggersbelangen, the monthly magazines Delicious, Seasons, Roots, Columbus, Kijk, Vorsten, Zin, Fiets, Truckstar, etc).
Excluding acquisitions, subscription revenues fell by 3.1%. This is mainly due to the magazine Sport/Voetbal-Foot, which has been published on a monthly basis instead of a weekly basis since 2022, but also due to the negative impact of rising general costs on the purchasing power of our readers/subscribers.
Newsstand sales increased by 5.8% year-over-year, but decreased 13.0% excluding the newly acquired brands.
Miscellaneous revenue increased by 39.9% (18.3% excluding the acquisitions) and is mainly due to the reader trips and events that are experiencing a revival after the corona pandemic.
Gross margin decreased from 80.5% to 79.0% due to rising paper prices, which led to lower margins. Higher energy and personnel costs were also charged as higher technical costs at Media Brands. In absolute value, gross margin increased by € 23.1 million to € 240.7 million.
| in thousands of euros | 31/12/2022 | 31/12/2021 | Trend | Trend (%) |
|---|---|---|---|---|
| INCOME STATEMENT | ||||
| Sales | 78,724 | 63,723 | 15,001 | 23.5% |
| Adjusted sales (1) | 78,724 | 63,723 | 15,001 | 23.5% |
| Gross margin | 38,952 | 37,068 | 1,884 | 5.1% |
| Gross margin on sales | 49.5% | 58.2% |
(1) Adjusted revenue is the revenue comparable to last year, i.e. excluding changes in the scope of consolidation.
Revenue from the Printing Services segment increased by € 15.0 million and amounted to € 78.7 million. The increase is due to (i) higher set-offs in the Media Brands segment due to the passing on of higher technical costs, (ii) the increased volume of printed matter for magazines, leaflets and catalogues for foreign customers (€ +8.2 million) and higher charges being passed on for the rising costs of paper, energy and personnel.
Gross margin decreased as a percentage of revenue by 8.7 percentage points, mainly due to the increased costs mentioned above.
| in thousands of euros | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Net cash flow relating to operating activities (A) | 17,831 | 40,001 |
| Net cash flow relating to investing activities (B) | -26,162 | -25,038 |
| Net cash flow relating to financing activities (C) | -13,849 | 1,138 |
| Total decrease / increase in cash and cash equivalents (A+B+C) | -22,180 | 16,101 |
| Cash and cash equivalents, beginning balance | 106,660 | 90,559 |
| Cash and cash equivalents, ending balance | 84,480 | 106,660 |
The cash flow statement shows a cash outflow of € -22.2 million compared to cash generation of € 16.1 million last year.
Cash flow from operational activities decreased by € 22.2 million to € 17.8 million in 2022. This cash flow is mainly driven by a positive EBITDA (€ 27.0 million - i.e. excluding the result of joint ventures, provisions and impairments on inventories and receivables) and a dividend of € 4.8 million from Roularta's associates and joint ventures, partly offset by higher working capital (€ -9.7 million). In addition, the aforementioned capital gains on 1/ the historical participation in 50+Beurs & Festival BV (€ 0.9 million) and 2/ the deconsolidation of Immovlan BV (€ 1.5 million) are both non-cash revenue.
Cash flow related to investments amounted to € -26.2 million in 2022. The largest cash outflows came from new acquisitions; a total cash outflow of € -18.0 million in 2022 was divided between the purchase of New Skool Media BV, the purchase of the remaining 50% shares of 50+Beurs & Festival BV, and the purchase of Gezondheid NV. In addition, Roularta Media Group deconsolidated Immovlan BV, which also resulted in a cash outflow of € -0.4 million. In addition, € 5.1 million was invested in software and € 4.3 million in tangible fixed assets, the latter investment mainly related to the renovation of the buildings and construction of a new TV studio for Kanaal Z/Canal Z.
The largest cash flows in 2021 resulted from the purchase of intangible fixed assets at the newly established entity Immovlan (€ 11.7 million) and the purchase of assets (mainly customer portfolio worth € 0.7 million) from Black Tiger NV. An additional € 6.6 million was invested in software, and a new saddle stitcher was purchased in our print shop for € 1.9 million. In addition, there was a net cash outflow of € 2.0 million for the purchase of the remaining 50% of Bayard shares in Belgomedia SA and Senior Publications Nederland BV.
Cash flow from financing activities evolved from € 1.1 million in 2021 to € -13.8 million in 2022. The latter includes
the dividend paid of € 11.8 million and the repayment of the IFRS 16 leasing debts of € 2.3 million. In 2021, almost the same transactions took place as in 2022, but there was also the capital contribution to the entity Immovlan BV by the other shareholders Rossel and Belfius (together representing € 14.3 million in cash inflow).
| in thousands of euros | 31/12/2022 | 31/12/2021 | Trend (%) |
|---|---|---|---|
| Balance sheet | |||
| Non-current assets | 221,865 | 208,214 | 6.6% |
| Current assets | 159,189 | 174,476 | -8.8% |
| Balance sheet total | 381,054 | 382,690 | -0.4% |
| Equity - Group's share | 226,039 | 229,564 | -1.5% |
| Equity - minority interests | -247 | 13,027 | -101.9% |
| Liabilities | 155,262 | 140,099 | 10.8% |
| Liquidity (1) | 1.3 | 1.5 | -15.0% |
| Solvency (2) | 59.3% | 63.4% | -6.5% |
| Net financial cash/(debt) (3) | 73,015 | 100,994 | -27.7% |
| Gearing (4) | -32.3% | -41.6% | 22.3% |
(1) Liquidity = current assets / current liabilities.
(2) Solvency = equity (Group's share + minority interests) / balance sheet total.
(3) Net financial cash/(debt) = current cash - financial debt
(4) Gearing = - net financial cash/(debt) / equity (Group's share + minority interests).
On 31 December 2022, equity - group share was € 226.0 million compared to € 229.6 million on 31 December 2021. The movement in equity consists mainly of the 2022 result (€ +7.6 million ) and the dividend of € 11.8 million. Equity – minority interests amounted to € -0.2 million at the end of December 2022 compared to € 13.0 million at the end of 2021. The decrease comes after the deconsolidation of the Immovlan BV entity at the end of September 2022, as a result of which the 65% share of the other shareholders is no longer included in RMG's balance sheet.
As of 31 December 2022, the consolidated net financial cash position (= current cash less financial debts) was € 73.0 million compared to € 101.0 million the year before. RMG remains free of any bank debts.
As of 31 December 2022, Roularta also holds 1,373,589 treasury shares. The intention is to place these on the market at the appropriate time in order to increase the group's free float as well as its equity and cash position.
Total consolidated investments in 2022 amounted to € 9.6 million compared to € 23.1 million in 2021. This amount was mainly invested in software (€ 5.1 million), mostly to optimise the digital reader experience, and tangible fixed assets (€ 4.3 million). In 2021, this was mainly invested in Immovlan's customer portfolio (€ 10.7 million), software (€ 6.6 million) and tangible fixed assets (€ 4.0 million).
The Board of Directors will propose to the General Meeting to pay a gross dividend for the full year 2022 of € 1.0 per share or a yield of 5.7% based on the closing price on 31/12/2022 of € 17.5 per share.
The presentation of the 2022 annual results can be found on our website:
https://www.roularta.be/en/roularta-stock-market/financial/financial-reporting.
This presentation includes additional technical information on the annual results. The annual report with extended commentary and more details will be available on our website from 14 April 2023.
This outlook does not take into account the consequences of a further escalation of the military conflict between Russia and Ukraine. They are future-oriented statements and actual results may differ considerably.
We expect advertising revenue pressure in 2023 given the uncertain economic context and increasing costs faced by advertisers.
Subscription revenues in 2023 are likely to be impacted by the climate of uncertainty and rising costs, which may influence readers' decisions to renew or start subscriptions. On the other hand, the increased efforts to recruit more digital and family subscriptions via the app and the digital kiosk Mijn Magazines will ensure further stable growth in subscription revenue. We expect the trend in newsstand sales to be in line with the current market.
Advertising and subscription prices are gradually being adjusted to reflect rising costs.
With regard to trips and events, we are positive: consumers appear to be making up for time lost during the coronavirus pandemic.
In the Printing Services segment, we noticed increased activity in 2022, especially in folder products, but we expect this to stabilise in 2023.
As was the case during the second half of 2022, we expect increased costs to put further pressure on margins in 2023. General inflation in the countries where Roularta Media Group is active, including that related to energy prices with consequences for wages, wage-based services and raw materials, will have a negative impact on the Group's returns and on the purchasing power of consumers. We expect paper prices to stabilise, albeit at a higher level, provided that gas prices do not rise any further.
The synergies between Belgium and the Netherlands, and between the Dutch operations themselves, provide further cost savings.
The statutory auditor, BDO Bedrijfsrevisoren BV, represented by Veerle Catry, has confirmed that its audit activities, which have been carried out thoroughly, have not revealed any significant adjustments that should be included in the accounting information published in the communiqué.
| Contact persons |
Rik De Nolf (Chairman of the Board of Directors) |
Xavier Bouckaert (CEO) | Steven Vandenbogaerde (CFO) |
|---|---|---|---|
| Tel.: E-mail: URL: |
+32 51 26 61 11 [email protected] www.roularta.be |
+32 51 26 61 11 [email protected] |
+32 51 26 61 11 [email protected] |
| in thousands of euros | 31/12/2022 | 31/12/2021 * | Trend |
|---|---|---|---|
| Sales | 343,140 | 300,205 | 42,935 |
| Own construction capitalised | 2,794 | 3,375 | -581 |
| Raw materials, consumables and goods for resale | -67,828 | -49,963 | -17,865 |
| Gross margin | 278,106 | 253,617 | 24,489 |
| % on sales | 81.0% | 84.5% | |
| Services and other goods | -143,389 | -126,979 | -16,410 |
| Personnel | -110,538 | -98,117 | -12,421 |
| Other operating income and expenses | 2,806 | 8,222 | -5,416 |
| Other operating income | 6,175 | 10,223 | -4,048 |
| Other operating expenses | -3,369 | -2,001 | -1,368 |
| Write-down of inventories and debtors | -536 | 333 | -869 |
| Provisions | 1,147 | -4,413 | 5,560 |
| Share in the result of associated companies and joint ventures | 2,485 | 4,232 | -1,747 |
| EBITDA | 30,081 | 36,895 | -6,814 |
| % on sales | 8.8% | 12.3% | |
| Depreciation, write-down and provisions | -24,586 | -24,141 | -445 |
| Depreciation and write-down of intangible and tangible assets | -19,586 | -16,557 | -3,029 |
| Impairment losses | -5,000 | -7,584 | 2,584 |
| EBIT | 5,495 | 12,754 | -7,259 |
| % on sales | 1.6% | 4.2% | |
| Financial income | 171 | 108 | 63 |
| Financial expenses | -486 | -291 | -195 |
| Operating result after net finance costs | 5,180 | 12,571 | -7,391 |
| Income taxes | -4,625 | 3,465 | -8,090 |
| Net result | 555 | 16,036 | -15,481 |
| % on sales | 0.2% | 5.3% | |
| Net result attributable to: | 555 | 16,036 | -15,481 |
| Minority interests | -7,065 | -557 | -6,508 |
| Equity holders of Roularta Media Group | 7,620 | 16,593 | -8,973 |
| Earnings per share in euros |
|||
| Net result attributable to equity holders of RMG | 0.65 | 1.42 | -0.77 |
| Net result attributable to equity holders of RMG after dilution | 0.65 | 1.41 | -0.77 |
(*) Restated for new definition EBITDA (cfr anual report note 1)
| in thousands of euros | 31/12/2022 | 31/12/2021 | Trend |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | 221,865 | 208,214 | 13,651 |
| Intangible assets | 85,126 | 77,614 | 7,512 |
| Goodwill | 9,852 | - | 9,852 |
| Property, plant and equipment | 67,538 | 65,578 | 1,960 |
| Investments accounted for using the equity method | 55,051 | 55,303 | -252 |
| Investments in financial assets, loans, guarantees | 1,165 | 2,471 | -1,306 |
| Trade and other receivables | 121 | - | 121 |
| Deferred tax assets | 3,012 | 7,248 | -4,236 |
| Current assets | 159,189 | 174,476 | -15,287 |
| Inventories | 12,801 | 9,424 | 3,377 |
| Trade and other receivables | 54,819 | 52,640 | 2,179 |
| Tax receivable | 1,922 | 1,075 | 847 |
| Cash and cash equivalents | 84,480 | 106,660 | -22,180 |
| Deferred charges and accrued income | 5,167 | 4,677 | 490 |
| Total assets | 381,054 | 382,690 | -1,636 |
| in thousands of euros | 31/12/2022 | 31/12/2021 | Trends |
|---|---|---|---|
| LIABILITIES | |||
| Equity | 225,792 | 242,591 | -16,799 |
| Group's equity | 226,039 | 229,564 | -3,525 |
| Issued capital | 80,000 | 80,000 | - |
| Treasury shares | -31,109 | -32,028 | 919 |
| Retained earnings | 175,307 | 180,188 | -4,881 |
| Other reserves | 1,841 | 1,404 | 437 |
| Minority interests | -247 | 13,027 | -13,274 |
| Non-current liabilities | 30,237 | 23,674 | 6,563 |
| Provisions | 6,328 | 7,067 | -739 |
| Employee benefits | 6,601 | 7,455 | -854 |
| Deferred tax liabilities | 8,200 | 4,611 | 3,589 |
| Financial debts | 8,846 | 4,249 | 4,597 |
| Other payables | 262 | 292 | -30 |
| Current liabilities | 125,025 | 116,425 | 8,600 |
| Financial debts | 2,620 | 1,416 | 1,204 |
| Trade payables | 49,182 | 44,750 | 4,432 |
| Advances received | 40,880 | 33,463 | 7,417 |
| Employee benefits | 18,963 | 17,792 | 1,171 |
| Taxes | 903 | 295 | 608 |
| Other payables | 5,336 | 10,794 | -5,458 |
| Accrued charges and deferred income | 7,141 | 7,915 | -774 |
| Total liabilities | 381,054 | 382,690 | -1,636 |
| in thousands of euros | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Cash flow relating to operating activities | ||
| Net result of the consolidated companies | 555 | 16,036 |
| Share in the results of associated companies and joint ventures | -2,485 | -4,232 |
| Dividends received from associated companies and joint ventures | 4,750 | 5,250 |
| Income tax expense / income | 4,625 | -3,465 |
| Interest expenses | 486 | 291 |
| Interest income (-) | -171 | -108 |
| Losses (+)/ gains (-) on disposal of intangible assets and property, plant and equipment | -1,656 | -100 |
| Non-cash items | 23,084 | 22,445 |
| Depreciation of (in)tangible assets | 19,586 | 16,557 |
| Impairment losses | 5,000 | 7,584 |
| Share-based payment expense | 3 | 75 |
| Increase (+)/ decrease (-) in provisions | -1,147 | 4,413 |
| Other non-cash items | -358 | -6,184 |
| Gross cash flow relating to operating activities | 29,188 | 36,117 |
| Increase / decrease in trade receivables | 766 | -119 |
| Increase / decrease in inventories | -3,566 | -4,086 |
| Increase / decrease in trade payables | 1,143 | 4,725 |
| Other increases / decreases in working capital (a) | -8,019 | 4,519 |
| Increase / decrease in working capital | -9,676 | 5,039 |
| Income taxes paid | -1,367 | -970 |
| Interest paid | -486 | -293 |
| Interest received | 171 | 108 |
| NET CASH FLOW RELATING TO OPERATING ACTIVITIES (A) | 17,831 | 40,001 |
(a) Increases and decreases in current other receivables, deferred charges and accrued income, provisions, employee benefits, other payables, advances received and accrued charges and deferred income.
| in thousands of euros | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Cash flow relating to investing activities | ||
| Intangible assets - acquisitions | -5,319 | -19,035 |
| Tangible assets - acquisitions | -4,289 | -4,019 |
| Intangible assets - other movements | - | 503 |
| Tangible assets - other movements | 557 | 99 |
| Net cash flow relating to acquisition of subsidiaries | -17,988 | -1,965 |
| Net cash flow relating to disposal of subsidiaries | -425 | -706 |
| Net cash flow relating to loans to investments accounted for using the equity method | - | 68 |
| Investments in financial assets, loans, guarantees - other movements | 1,302 | 17 |
| NET CASH FLOW RELATING TO INVESTING ACTIVITIES (B) | -26,162 | -25,038 |
| Cash flow relating to financing activities | ||
| Dividends paid | -11,766 | -11,729 |
| Treasury shares | 184 | 340 |
| Capital contribution non-controlling interest | - | 14,300 |
| Repayment of leasing debt | -2,267 | -1,784 |
| Decrease in non-current receivables | - | 11 |
| NET CASH FLOW RELATING TO FINANCING ACTIVITIES (C) | -13,849 | 1,138 |
| TOTAL DECREASE / INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C) | -22,180 | 16,101 |
| Cash and cash equivalents, beginning balance | 106,660 | 90,559 |
| Cash and cash equivalents, ending balance | 84,480 | 106,660 |
| NET DECREASE / INCREASE IN CASH AND CASH EQUIVALENTS | -22,180 | 16,101 |
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