Earnings Release • Mar 14, 2025
Earnings Release
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Roularta Media Group generated revenue of € 320.3 million and an EBITDA of € 27.1 million in 2024, thanks to relatively stable revenue and ongoing cost control.
The €320.3 million of revenue generated represents a decrease of € 3.2 million on 2023. This decline is mainly due to a decrease in revenue from the Printing Services segment and, to a lesser extent, a decline in advertising revenue. The readership market1 is performing better than last year, however.
The adjusted consolidated revenue2 , which is comparable to the consolidated revenue of 2023, ended the year at € 311.7 million, which is an absolute decrease of € 11.8 million (or -3.6%). The difference between the consolidated and adjusted figures is explained by: 1/ the RMN Mindstyle BV figures (the mindfulness brands Happinez, Yoga and Psychologie), which only count for two months in 2024 because the acquisition only happened at the beginning of November 2023; 2/ the German magazines that are included for the full year of 2024, although the sale of those magazines to Herder Verlag and Agentur2 happened at the beginning of November 2024. Please refer to '2. Discussion of group segment results' for an explanation of each type of revenue.
The gross margin compared to revenue is 84.0%, or 2.7 percentage points better than last year, partly due to a fall in paper prices.
The EBITDA as of 31 December 2024 stood at € 27.1 million or 8.4% of revenue, compared to € 21.6 million or 6.7% of revenue at the end of 2023. The costs of services and other goods increased, mainly due to the acquisition of the Mindfulness brands at the end of 2023. Without these additional costs
associated with the acquisition of the aforementioned brands, there is a decrease in the costs for services and other goods, partly due to lower energy costs combined with an ongoing policy of strict cost control, which has also led to a drop in personnel costs year on year. Conversely, higher distribution costs have had a negative impact. With regard to the other items in the EBITDA, other operating income is not comparable year on year, since it inclufded the following amounts in 2024: (1) the capital gain on the sale of two buildings for a sum of € 2.2 million, whereas the sale of a different building in 2023 led to the inclusion of a capital gain of € 1.1 million in the EBITDA; (2) the capital gain on the sale of the German magazines for € 2.6 million. The provisions at the end of 2023 included a recuperation of the Infobase provision of €3.4 million.
The 50% joint venture Mediafin (De Tijd/L'Echo) experienced good growth in revenue in 2024. In combination with cost control, this led to a growth in EBITDA. The revenue from Mediafin (at 100%) rose by 5.8% year on year to € 88.5 million. The EBITDA ended up at € 18.6 million (+2.0% YOY), and Mediafin achieved a net result of € 7.3 million (+22.8% YOY), even after the amortisation of the De Tijd/L'Echo brands. For the 50% participation, this resulted in a contribution for Roularta of € 3.6 million (+€ 0.7 million YOY) according to the equity accounting method.
In total, the fully consolidated businesses in the Group achieved € 25.3 million EBITDA compared to € 18.9 million in 2023, with another € 1.8 million from the associates and joint ventures (their earnings under the equity method), compared to € 2.7 million last year. The lower result from the associates and joint ventures is purely the result of a write-down of € -1.3 million that the Group recorded on its consolidated participation in Immovlan BV under the equity method.
1 Readership market = the revenue generated by the Group from the sale of subscriptions and newsstand sales of its magazines.
2 Adjusted revenue = comparable sales to last year, i.e.
excluding changes due to acquisitions and sales of brands. Management considers this performance measure relevant because it allows external readers to compare inherent revenue evolutions year-on-year.
The EBIT evolved from € 3.2 million in 2023 to € 3.6 million in 2024, or 1.1% of revenue versus 1.0% in 2023. 2024 includes an impairment of € 2.6 million on the brand 50+Beurs & Festival and the related goodwill following disappointing results and difficult perspectives for the future.
Taxes in 2024 (€ +1.3 million) mainly consist of higher current tax yields in the Netherlands. In 2023 (€ -1.3 million) these were mainly current tax expenses.
The minority interest is zero, as it was in 2023.
The consolidated net result of the Group finished at € 6.1 million, (€ +3.8 million YOY), of which the same amount was allocable to the shareholders of Roularta Media Group.
After paying out the optional dividend of € 4.6 million in 2024, the purchase of treasury shares (€ 2.4 million) and the significant investments in intangible and tangible fixed assets (€ 15.3 million altogether), the Group maintained a strong balance sheet at the end of 2024. The cash position on 31 December 2024 is € 70.0 million (€ 68.3 million on 31 December 2023).
Investments in intangible fixed assets have mainly focused on the readership market, with the aim of offering the reader a pleasant and diverse reading experience. Magazine readers are switching more and more to digital publications, at an increasing tempo, and thanks to the MijnMagazines app – in which family members can read as well for free – Roularta's brands are present in every household, always and everywhere, both in Belgium and the Netherlands, where the app has also been launched. In addition, the Group is also continuing to make
further investments in other (media) channels, such as the daily podcast "Z 7op7"/ "Z sur7" by Trends Kanaal Z. Listeners can start their day with fascinating economic stories, the most recent stock market analyses and acute analyses of current events. Whereas the news brand Trends, along with the television broadcaster Kanaal Z, has grown into the largest business community in the country, the launch of "Trends Beleggen Live"– a unique and innovative platform that supports investors at every level – has led to a considerable expansion of that community, which now extends far further than the entrepreneur segment alone.
The Group has also continued to develop its sustainability ambitions with the purchase of a new, energy-efficient installation to package magazines in sustainable paper wraps. This investment is a way for the printing works to anticipate the phasing out of plastic packaging and reinforce its position as an innovative, sustainable printing partner for domestic and foreign media titles. Such investments in innovative, sustainable technologies are being introduced in rapid succession at the printing works. Early last year, three eco-efficient drying ovens were installed to reduce CO2 emissions by 14%. Partly thanks to these conscious choices, Roularta Printing has been chosen by renowned publishers such as The New York Times and the Financial Times as a strategic printing partner.
The Group also remains open in 2025 to strategically meaningful acquisitions that can make a positive contribution to its growth and results.
The board of directors will propose to the general meeting that no dividend should be paid out for the full year of 2024.
1.1 Consolidated key fgures
| in thousands of euros | 31/12/2024 | 31/12/2023 | Trend | Trend (%) |
|---|---|---|---|---|
| INCOME STATEMENT | ||||
| Sales | 320,307 | 323,526 | -3,219 | -1.0% |
| Adjusted sales (1) | 311,728 | 323,526 | -11,798 | -3.6% |
| EBITDA (2) | 27,059 | 21,595 | 5,464 | 25.3% |
| EBITDA-margin | 8.4% | 6.7% | ||
| EBIT (3) | 3,646 | 3,236 | 410 | 12.7% |
| EBIT-margin | 1.1% | 1.0% | ||
| Net finance costs | 1,147 | 392 | 755 | 192.6% |
| Income taxes | 1,331 | -1,261 | 2,592 | 205.6% |
| Net result | 6,124 | 2,368 | 3,756 | 158.6% |
| Attributable to minority interests | 51 | 18 | 33 | 183.3% |
| Attributable to holders of RMG | 6,073 | 2,350 | 3,723 | 158.4% |
| Net result attributable to equity holders of RMG - margin (4) | 1.9% | 0.7% | ||
| Number of full time equivalent employees at closing date (5) | 1,185 | 1,214 | -29 | -2.4% |
(1) Adjusted sales = the revenue comparable to last year, i.e. excluding changes resulting from acquisitions and sales of brands.
(2) EBITDA = EBIT + depreciations on tangible and intangible fixed assets and special write-downs.
(3) EBIT is equal to operating income, including the share in the result of associates and joint ventures.
(4) Net result attributable to RMG shareholders - margin = net result attributable to RMG shareholders relative to revenue.
(5) Excluding joint ventures (principally Mediafin).
(4) Net result attributable to RMG shareholders - margin on 31/12/2024 = € 6,073 K / € 320,307 K = 1.9% Net result attributable to RMG shareholders - margin on 31/12/2023 = € 2,350 K / € 323,526 K = 0.7%
The net result allocable to RMG shareholders thus amounts to €6.1 million or 0.49 euros per share.
| Consolidated key figures per share (in euros) | 31/12/2024 | 31/12/2023 | Trend | Trend (%) |
|---|---|---|---|---|
| EBITDA | 2.16 | 1.83 | 0.33 | 18.0% |
| EBIT | 0.29 | 0.27 | 0.02 | 6.1% |
| Net result attributable to equity holders of RMG | 0.49 | 0.20 | 0.29 | 143.4% |
| Net result attributable to equity holders of RMG after dilution | 0.49 | 0.20 | 0.29 | 143.6% |
| Weighted average number of shares | 12,510,872 | 11,781,577 | 729,295 | 6.2% |
| Weighted average number of shares after dilution | 12,510,872 | 11,794,665 | 716,207 | 6.1% |
The two segments of RMG are Media Brands and Printing Services. The Media Brands segment refers to all brands that are operated by RMG and its shareholdings. The Printing Services segment represents the pre-media and printing works activities for in-house brands and external customers. The (adjusted) revenue shown at segment level includes both external revenue (i.e. from external customers) and internal revenue (i.e. from the other segment).
| in thousands of euros | 31/12/2024 | 31/12/2023 | Trend | Trend (%) |
|---|---|---|---|---|
| INCOME STATEMENT | ||||
| Sales | 291,902 | 290,158 | 1,744 | 0.6% |
| Adjusted sales (1) | 283,323 | 290,158 | -6,835 | -2.4% |
| Gross margin | 231,998 | 226,748 | 5,250 | 2.3% |
| Gross margin on sales | 79.5% | 78.1% |
(1) Adjusted sales = revenue comparable to last year, i.e. excluding changes due to acquisitions and sales of brands.
Revenue in the Media Brands segment increased by €1.7million to €291.9million. Revenue comparable with last year decreased by € 6.8 million.
The increase is mainly thanks to the extra revenue generated by the readership market (subscriptions and newsstand sales). The latter grew by 2.7% on the previous year, thanks to the acquisition of the Mindstyle brands (Happinez, Yoga, Psychologie and Flow) at the end of 2023. Without this external growth, the readership market decreased by 1.6%. This decrease is limited because increasing numbers of subscribers are being recruited digitally.
The miscellaneous revenue3 increased slightly by 1.0% but dropped by 4.5% on a comparable basis.
The advertising market experienced a decrease of 2.0 % (2.1% on a comparable basis), but this is far less pronounced than last year (-10.4%).
The gross margin on sales increased from 78.1% to 79.5% due to lower paper prices and lower energy costs, although labour costs increased. Along with the higher revenue, this meant that the gross margin increased by € 5.3 million.
| in thousands of euros | 31/12/2024 | 31/12/2023 | Trend | Trend (%) |
|---|---|---|---|---|
| INCOME STATEMENT | ||||
| Sales | 63,289 | 72,650 | -9,361 | -12.9% |
| Adjusted sales (1) | 61,997 | 72,650 | -10,653 | -14.7% |
| Gross margin | 37,126 | 37,403 | -277 | -0.7% |
| Gross margin on sales | 58.7% | 51.5% |
(1) Adjusted sales = revenue comparable to last year, i.e. excluding changes due to acquisitions and sales of brands.
Revenue in the Printing Services segment fell by € 9.4 million to € 63.3 million and by € 10.7 million on a comparable basis (because the acquired Mindstyle magazines are printed internally in Printing Services).
The is mainly due to the lower printing volume for magazines, leaflets and catalogues for foreign customers, but also to less being charged through to the Media Brands segment as a result of lower paper prices and energy costs. More than half of Printing Services' revenue is generated within the Group, from the Media Brands segment.
The gross margin on sales increased from 51.5% to 58.7%, for the same reasons as in the Media Brands segment.
3 Miscellaneous revenue = all revenue that is not related to advertising, subscription, newsstand or printing activities. It includes, for example but not exclusively, revenue from line extensions, events, etc.
Line extensions = specific category of revenue under 'miscellaneous revenue'. This includes income from the purchase and sale of trade goods (e.g. books, self-care products, jewellery, holidays, etc.), income from ticket deals or income from licencing agreements).
| 2024 | Media Brands | Printing Services |
Intersegment elimination |
Consolidated total |
|---|---|---|---|---|
| Sales of the segment | 291,902 | 63,289 | -34,885 | 320,307 |
| Sales to external customers | 291,811 | 28,495 | - | 320,307 |
| Sales from transactions with other segments | 91 | 34,794 | -34,885 | - |
| Changes due to acquisitions or sales of brands | -8,579 | -1,293 | 1,293 | -8,579 |
| Changes in external customers | -8,579 | - | - | -8,579 |
| Changes in transactions with other segments | - | -1,293 | 1,293 | - |
| Adjusted sales | 283,323 | 61,997 | -33,591 | 311,728 |
| in thousands of euros | 31/12/2024 | 31/12/2023 |
|---|---|---|
| Net cash flow relating to operating activities (A) | 25,630 | 13,787 |
| Net cash flow relating to investing activities (B) | -11,392 | -15,455 |
| Net cash flow relating to financing activities (C) | -12,456 | -14,545 |
| Total decrease / increase in cash and cash equivalents (A+B+C) | 1,781 | -16,213 |
| Cash and cash equivalents, beginning balance | 68,267 | 84,480 |
| Cash and cash equivalents, ending balance | 70,048 | 68,267 |
The cash flow statement shows a cash inflow of € 1.8 million compared to a cash outflow of € -16.2 million last year.
The cash flow relating to operating activities increased by € 11.8 million to € 25.6 million in 2024. This cash flow is mainly driven by a positive EBITDA (€ 24.1 million – i.e. excluding the result of the joint ventures, provisions and impairments on inventories and receivables), and the dividend of € 5.6 million received from Roularta's associates and joint ventures. Moreover, the EBITDA includes a capital gain of € 2.2 million from the sale of two buildings and € 2.6 million from the sale of the German magazines that is still to be deducted.
Last year, this cash flow amounted to € 13.8 million, made up of the following: a positive EBITDA of € 16.1 million (i.e. excluding the result of the joint ventures, provisions and impairments on inventories and receivables) but the EBITDA included a capital gain of € 1.1 million resulting from the sale of a building that was still to be deducted. The dividend of € 4.0 million received from Roularta's associates and joint ventures was entirely cancelled out at the end of 2023 by an increase of € 4.7 million in the working capital.
The cash flow relating to investing activities amounted to € -11.4 million in 2024 This is mainly attributable to investments in new tangible (€ -8.3 million) and intangible (€ -7.0 million) fixed assets. For further information, please refer to point 5: Investments (CAPEX). Additionally, two buildings were also sold for € 2.3 million, and the German magazines were sold to Herder Verlag and Agentur2 for € 1.3 million.
Last year, this cash flow amounted to € -15.5 million, consisting of investments in new tangible (€ -8.5 million) and intangible (€ -7.6 million) fixed assets. Furthermore, there was an investment of € 1.2 million in the acquisition of RMN Mindstyle BV, and a building was sold for € 1.5 million.
The cash flow relating to financing activities amounted to €-12.5 million in 2024. The latter amount is the sum of the optional dividend of € 4.6 million paid out, the purchase of treasury shares for € 2.4 million, the repayment of the remaining debt to Mediafin NV worth € 2.5 million and, finally, the repayment of the IFRS 16 leasing debts (€ 3.0 million).
Last year, this cash flow amounted to € -14.5 million, consisting of the paid out dividend of € 11.8 million and the
repayment of the IFRS 16 leasing debts (€ 2.5 million).
| in thousands of euros | 31/12/2024 | 31/12/2023 | Trend (%) |
|---|---|---|---|
| Balance sheet | |||
| Non-current assets | 212,747 | 223,272 | -4.7% |
| Current assets | 140,260 | 140,184 | 0.1% |
| Balance sheet total | 353,007 | 363,456 | -2.9% |
| Equity - Group's share | 216,765 | 217,003 | -0.1% |
| Equity - minority interests | -178 | -228 | 21.9% |
| Liabilities | 136,420 | 146,681 | -7.0% |
| Liquidity (1) | 1.2 | 1.1 | 6.1% |
| Solvency (2) | 61.4% | 59.6% | 2.9% |
| Net financial cash/(debt) (3) | 61,590 | 56,794 | 8.4% |
| Gearing (4) | -28.4% | -26.2% | -8.5% |
(1) Liquidity = current assets / current liabilities.
(3) Net financial cash/(debt) = current cash - financial debt
(4) Gearing = - net financial cash/(debt) / equity (Group's share + minority interests).
Management considers these ratios relevant as performance measures to evaluate the financial position (year on year).
(1) Liquidity on 31/12/2024 = € 140,260 K / € 115,640 K = 1.2%
Liquidity on 31/12/2023 = € 140,184 K / € 122,642 K = 1.1%
(2) Solvability on 31/12/2024 = € 216,588 K / € 353,007 K = 61.4%
Solvability on 31/12/2023 = € 216,774 K / € 363,456 K = 59.6%
(3) Net financial cash/(debt) on 31/12/2024 = € 70,048 K - € 4,973 K - € 3,486 K = € 61,590 K
Net financial cash/(debt) on 31/12/2023 = € 68,267 K - € 6,029 K - € 5,444 K = € 56,794 K
(4) Gearing on 31/12/2024 = € -61,590 K / € 216,588 K = -28.4%
Gearing on 31/12/2023 = € -56,794 K / € 216,774 K = -26.2%
On 31 December 2024, the equity – group's share was € 216.8 million compared to € 217.0 million on 31 December 2023. The movement in equity mainly consists of the 2024 result (+ € 6.1 million ), the proportion of the optional dividend that was paid out (€ 4.6 million) and the purchase of treasury shares (€ 2.4 million). The equity – minority interests has remained stable at € -0.2 million .
As of 31 December 2024, the consolidated net financial cash position (= current cash minus financial debts) amounted to € 61.6 million compared to € 56.8 million the previous year. RMG remains free of any bank debts.
As of 31 December 2024, the Group also holds 1,611,984 treasury shares after the Group bought up 265,237 Roularta shares from Shopinvest NV at the end of September.
The total consolidated investments in 2024 amounted to € 15.3 million compared to € 16.1 million in 2023. Under intangible fixed assets (€ 7.0 million), investments were once again mainly made in software (€ 6.9 million). Optimisation of the Mijn Magazines app is ongoing, and further investments are being made, among other things, in the new production management system for the printing works.
In 2023, investments under intangible fixed assets were also made in several new brands (€ 2.6 million), as well as, principally, in software (€ 4.9 million).
(2) Solvency = equity (Group's share + minority interests) / balance sheet total.
Investments in tangible fixed assets (€ 8.3 million) remained high, due to new hardware in our IT department (€ 3.5 million), the renovation and furnishing of the offices in Brussels (€ 1.5 million), the new paper wrap blister machine (€ 1.1 million), new printers in the printing works (€ 0.5 million) and the final payment for the new drying ovens in the printing works (€ 0.4 million), etc.
In the 2023 financial year (€ 8.5 million), the main investments were in the sustainable, eco-efficient drying ovens in the printing works (€ 4.2 million), the new Kanaal Z-TV studio (€ 0.9 million), new PCs and computer screens (€ 0.9 million), and the renovations and furnishing of the offices in Brussels (€ 0.9 million).
The board of directors will propose to the general meeting that no dividend should be paid out for the full year of 2024.
The presentation of the 2024 annual results can be found on our website: https://www.roularta.be/en/roularta-stock-market/financial/financial-reporting This presentation contains additional details and explanations of the annual results.
The annual report for the 2024 financial year will be available on our website from 18 April 2025.
This outlook contains forward-looking statements based on best-effort estimates, the actual results of which may differ considerably.
Based on the trend in the first three months of 2025, the Group is not experiencing growth in advertising revenue. The Group is taking into account the fact that the behaviour of advertisers is quite volatile and unpredictable. A negative development in the economic climate could have a negative impact on the expenditure of our advertisers.
The Group's digital strategy is bearing fruit, with more subscriptions being successfully obtained by digital means. In 2025, Roularta will continue to focus on recruiting more print, digital and family subscriptions, and on sealing partnerships with strategic partners to ensure stable and sustainable growth in revenue.
Newsstand sales are evolving in line with the market trend, which is continuing downward in both Belgium and the Netherlands.
Revenue from line extensions and events will remain more or less stable.
In the Printing Services segment, the Group also expects revenue to remain approximately stable.
With the exception of a price indexation, distribution costs for 2025 will remain in line with the second half of 2024. However we do expect an increase in distribution costs compared to the first half of 2024. Several internal adjustments to the distribution procedure, combined with tax credit, may partially compensate for the increased costs.
We expect stable to slightly rising costs for energy and raw materials. Nonetheless, the Group is continuing to commit to efficiency measures to counter the persisting inflation, including the uniformization of the Dutch and Belgian processes and systems.
In its annual report on the 2024 financial year, the Group will report for the first time in accordance with the CSRD guidelines.
The statutory auditor, EY Bedrijfsrevisoren BV, represented by Lieve Cornelis, has confirmed that its monitoring activities, which have been conducted thoroughly, have not brought any significant correction to light that needs to be made to the accounting information included in the press release.
| Contact persons | Rik De Nolf (Chair of | Xavier Bouckaert (CEO) | Steven |
|---|---|---|---|
| board of directors) | Vandenbogaerde (CFO) | ||
| Tel: | +32 51 26 61 11 | +32 51 26 61 11 | +32 51 26 61 11 |
| E-mail: | [email protected] | [email protected] | steven.vandenbogaerde @roularta.be |
URL: www.roularta.be
| in thousands of euros | 31/12/2024 | 31/12/2023 | Trend |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | 212,747 | 223,272 | -10,525 |
| Goodwill | 7,975 | 9,852 | -1,877 |
| Intangible assets | 79,765 | 85,686 | -5,921 |
| Property, plant and equipment | 72,357 | 70,830 | 1,527 |
| Investments accounted for using the equity method | 49,622 | 53,511 | -3,889 |
| Investments in financial assets, loans, guarantees | 440 | 494 | -54 |
| Deferred tax assets | 2,589 | 2,899 | -310 |
| Current assets | 140,260 | 140,184 | 76 |
| Inventories | 8,637 | 10,889 | -2,252 |
| Trade and other receivables | 52,718 | 52,777 | -59 |
| Tax receivable | 3,208 | 1,949 | 1,259 |
| Cash and cash equivalents | 70,048 | 68,267 | 1,781 |
| Deferred charges and accrued income | 5,649 | 6,301 | -652 |
| Total assets | 353,007 | 363,456 | -10,449 |
| in thousands of euros | 31/12/2024 | 31/12/2023 | Trends |
|---|---|---|---|
| LIABILITIES | |||
| Equity | 216,587 | 216,775 | -188 |
| Group's equity | 216,765 | 217,003 | -238 |
| Issued capital | 84,816 | 80,000 | 4,816 |
| Treasury shares | -31,801 | -30,020 | -1,781 |
| Retained earnings | 160,030 | 166,366 | -6,336 |
| Other reserves | 3,720 | 657 | 3,063 |
| Minority interests | -178 | -228 | 50 |
| Non-current liabilities | 20,779 | 24,038 | -3,259 |
| Provisions | 3,080 | 2,901 | 179 |
| Employee benefits | 3,866 | 5,887 | -2,021 |
| Deferred tax liabilities | 8,860 | 9,208 | -348 |
| Financial debts | 4,973 | 6,029 | -1,056 |
| Other payables | - | 13 | -13 |
| Current liabilities | 115,641 | 122,643 | -7,002 |
| Financial debts | 3,486 | 5,444 | -1,958 |
| Trade payables | 40,975 | 43,824 | -2,849 |
| Advances received | 40,098 | 41,732 | -1,634 |
| Employee benefits | 16,969 | 18,728 | -1,759 |
| Taxes | 1,137 | 1,422 | -285 |
| Other payables | 5,295 | 5,091 | 204 |
| Accrued charges and deferred income | 7,681 | 6,402 | 1,279 |
| Total liabilities and equity | 353,007 | 363,456 | -10,449 |
| in thousands of euros | 31/12/2024 | 31/12/2023 | Trend |
|---|---|---|---|
| Sales | 320,307 | 323,526 | -3,219 |
| Own construction capitalised | 1,330 | 1,865 | -535 |
| Raw materials, consumables and goods for resale | -52,491 | -62,249 | 9,758 |
| Gross margin | 269,146 | 263,142 | 6,004 |
| % on sales | 84.0% | 81.3% | |
| Services and other goods | -137,804 | -135,533 | -2,271 |
| Personnel | -112,600 | -114,658 | 2,058 |
| Other operating income and expenses | 5,370 | 3,104 | 2,266 |
| Other operating income | 8,580 | 5,282 | 3,298 |
| Other operating expenses | -3,210 | -2,178 | -1,032 |
| Write-down of inventories and debtors | -371 | -846 | 475 |
| Provisions | 1,523 | 3,707 | -2,184 |
| Share in the result of associated companies and joint ventures | 1,793 | 2,678 | -885 |
| EBITDA | 27,059 | 21,595 | 5,464 |
| % on sales | 8.4% | 6.7% | |
| Depreciations, amortisations and impairments | -23,413 | -18,359 | -5,054 |
| Depreciation and amortisations of (in)tangible assets | -20,862 | -18,359 | -2,503 |
| Impairment losses | -2,551 | - | -2,551 |
| EBIT | 3,646 | 3,236 | 410 |
| % on sales | 1.1% | 1.0% | |
| Financial income | 1,849 | 853 | 996 |
| Financial expenses | -702 | -461 | -241 |
| Operating result after net finance costs | 4,793 | 3,629 | 1,164 |
| Income taxes | 1,331 | -1,261 | 2,592 |
| Net result | 6,124 | 2,368 | 3,756 |
| % on sales | 1.9% | 0.7% | |
| Net result attributable to: | 6,124 | 2,368 | 3,756 |
| Minority interests | 51 | 18 | 33 |
| Equity holders of Roularta Media Group | 6,073 | 2,350 | 3,723 |
| Earnings per share in euros |
|||
| Net result attributable to equity holders of RMG | 0.49 | 0.20 | 0.29 |
| Net result attributable to equity holders of RMG after dilution | 0.49 | 0.20 | 0.29 |
Management considers EBITDA to be a relevant performance measure to assess the results, given that - unlike EBIT - it excludes depreciations, amortisations and impairments.
| in thousands of euros | 31/12/2024 | 31/12/2023 |
|---|---|---|
| Cash flow relating to operating activities | ||
| Net result of the consolidated companies | 6,124 | 2,368 |
| Share in the results of associated companies and joint ventures | -1,793 | -2,678 |
| Dividends received from associated companies and joint ventures | 5,590 | 4,000 |
| Income tax expense / income | -1,331 | 1,261 |
| Interest expenses | 702 | 461 |
| Interest income (-) | -1,849 | -853 |
| Losses (+)/ gains (-) on disposal of intangible assets and property, plant and equipment | -2,446 | -1,222 |
| Non-cash items | 19,863 | 15,528 |
| Depreciation of (in)tangible assets | 20,862 | 18,359 |
| Impairment losses | 2,551 | - |
| Share-based payment expense | -29 | 30 |
| Increase (+)/ decrease (-) in provisions | -1,523 | -3,707 |
| Other non-cash items | -1,997 | 845 |
| Net cash flows from operations before changes in working capital | 24,861 | 18,863 |
| Increase / decrease in trade receivables | -1,164 | 3,611 |
| Increase / decrease in inventories | 1,911 | 2,158 |
| Increase / decrease in trade payables | -2,831 | -7,508 |
| Other increases / decreases in working capital (a) | 2,062 | -2,934 |
| Increase / decrease in working capital | -22 | -4,673 |
| Income taxes paid | -533 | -645 |
| Interest paid | -440 | -461 |
| Interest received | 1,764 | 702 |
| NET CASH FLOW RELATING TO OPERATING ACTIVITIES (A) | 25,630 | 13,787 |
(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 | 31/12/2024 | 31/12/2023 |
|---|---|---|
| Cash flow relating to investing activities | ||
| Intangible assets - acquisitions | -7,018 | -7,574 |
| Tangible assets - acquisitions | -8,288 | -8,480 |
| Intangible assets - sale | 200 | - |
| Tangible assets - sale | 2,369 | 1,624 |
| Net cash flow relating to acquisition of subsidiaries | - | -1,231 |
| Net cash flow relating to disposal of subsidiaries | 1,310 | - |
| Investments in financial assets, loans, guarantees - other movements | 35 | 206 |
| NET CASH FLOW RELATING TO INVESTING ACTIVITIES (B) | -11,392 | -15,455 |
| Cash flow relating to financing activities | ||
| Dividends paid | -4,589 | -11,783 |
| Treasury shares | -2,404 | 221 |
| Redemption of current financial debts | -2,500 | - |
| Redemption of non-current financial debts | - | -500 |
| Repayment of leasing debt | -2,963 | -2,484 |
| NET CASH FLOW RELATING TO FINANCING ACTIVITIES (C) | -12,456 | -14,545 |
| TOTAL DECREASE / INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C) | 1,781 | -16,213 |
| Cash and cash equivalents, beginning balance | 68,267 | 84,480 |
| Cash and cash equivalents, ending balance | 70,048 | 68,267 |
| NET DECREASE / INCREASE IN CASH AND CASH EQUIVALENTS | 1,781 | -16,213 |
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