Earnings Release • Aug 19, 2022
Earnings Release
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AS OF 30 JUNE 2022
Regulated information EMBARGO – 19 August 2022 at 8.00 CET Roularta Media Group
Roularta Media Group has reached the milestone of 1 million paying subscribers. This is thanks to years of focusing on raising subscriber numbers and honing the skills we need to achieve this, as well as to strategic acquisitions and high-quality journalism.
The strategic choice to be a consolidator in the media market is clearly yielding results. All the lines of revenue experienced an increase in 1H22 compared to 1H21 – advertising, subscriptions, loose sales, printed matter, events and line extensions – totalling € 28.0 million. Even without acquisitions (like-for-like), the line of revenue experienced an increase of € 7.9 million.
In the first half of the year, Roularta Media Group completed the acquisition of New Skool Media (with EW Magazine as its most prominent brand), the acquisition of 50+ Beurs, the largest B2C trade fair in the Netherlands, and the acquisition of Gezondheid.be, the biggest health website in Belgium. These acquisitions boosted the Group's revenue by € 13.3 million in the first half of the year; last year's acquisitions have had an impact of € 6.8 million this year. Mediafin, Roularta's 50% joint venture, completed the acquisition of Luxury Leads, a luxury real estate platform, and the acquisition of Openthebox, a B2B data platform.
The revenue amounted to € 169.7 million, an absolute increase of € 28.0 million compared to the same period last year (or +19.7% YOY).
Two thirds of the revenue in 1H22 comes from magazine brands, compared to one third in 1H18, confirming Roularta Media Group's long-term vision of generating stable cash flow by these means and evolving from a B2B to a predominantly B2C environment.
The joint venture Mediafin (De Tijd/L'Echo) also performed well in 1H22. The revenue (at 100%) rose by 9.6% YOY to € 38.3 million, the EBITDA came in at € 10.1 million (+15.8% YOY) and the net result was € 4.4 million (+32.6% YOY) after depreciation of the De Tijd/L'Echo brands. For the 50% participation, this meant a contribution of € 2.2 million within RMG (+ € 0.5 million YOY) according to the equity method.
Digitisation is continuing within Roularta Media Group, with the extension of multiple digital methods for consuming content, tailored to the reader's wishes. The Roularta Media Group media brands are increasingly learning from each other's digital successes, with significant future synergies due to the use of tools across national borders.
The price rises for consumables in general and paper in particular compared to last year have impacted the gross margin: 81.0% in 1H22 compared to 84.0% in 1H21 or pro rata approx. € 5 million on the revenue for 1H22. We expect this tendency to continue over several quarters, but we do not expect it to increase any further. Thanks to the privileged relationship with paper manufacturers, as the biggest magazine printer in the Benelux and one that pays in cash, we have not suffered from a disruption to our supply at any time, despite the difficult European paper market.
An important factor to note is that 'Personnel charges' and 'Services and other goods', respectively 33% and 40%, have remained stable in 1H22 in comparison to 1H21 in terms of the percentage of revenue, which indicates a strict cost policy in the current economic climate of inflation and generally rising prices.
The EBITDA has ended at € 17.8 million, compared to € 22.2 million last year, or double digit 10.5% of revenue. Last year the group booked a one-off capital gain, in line with the IFRS guidelines, of € 5.8 million due to the full acquisition of joint ventures. Without this one-off effect, the EBITDA would have amounted to € 16.4 million in 1H21. This year, a similar impact was achieved on the acquisition of 50+ Beurs & Festival, worth € 0.8 million. Thus the EBITDA in 1H22 has risen by € 0.7 million YOY, correcting for these one-off effects. If we make the same comparison between 1H22 and 1H19 (pre-covid year and therefore well representative), the EBITDA of 1H22 is €6.6m
higher or +63.8%. The definition of the EBITDA has been slightly revised: increases/decreases of provisions and write-downs on stocks and amounts receivable are henceforth included in the EBITDA (please find more information in chapter 6.2.1 of the half-yearly report).
Depreciations in 1H22 generally rose due to the aforesaid acquisitions. This is why the total depreciations (including tangible fixed assets) are € 9.6 million in 1H22 or € 1.6 million higher than in 1H21. The 'Share in the result of associated companies and joint ventures' also includes another € 0.6 million in depreciations on brands and customer relationships.
Thanks to the strong EBITDA and despite higher depreciations, the final EBIT stands at € 8.3 million compared to € 6.6 last year, although the latter did include a one-off impairment of € 7.6 million and a one-off revaluation surplus of € 5.8 million.
The financial charges (- € 0.2 million) and taxes (- € 10 million or an effective tax rate of 15.4%) are limited, given the net cash position of the Group (free from bank debts) and the extensive historic losses carried forward on the parent company. Last year, the taxes included the deferred tax revenue amounting to € 2.5 million resulting from the foundation of the Immovlan BV entity, whereby RMG sold its customer portfolio for a capital gain of € 8.3 million.
The net result in 1H22 ended at € 7.2 million. The result for the shareholders ended at € 7.7 million or € 0.66 per share, compared to € 0.72 per share in 1H21.
Roularta has maintained a strong balance sheet, even after paying out a dividend of € 11.8 million in 1H22 and the impact of the acquisitions on the cash flow, amounting to € 18.0 million. The cash position is € 81.5 million as compared to € 106.7 million at the end of 2021.
1.1 Consolidated key figures
| in thousands of euros |
30/06/2022 | 30/06/2021* | Trend | Trend (%) |
|---|---|---|---|---|
| INCOME STATEMENT | ||||
| Sales | 169,678 | 141,724 | 27,954 | 19.7% |
| Adjusted sales (1) | 149,632 | 141,724 | 7,908 | 5.6% |
| EBITDA (2) | 17,841 | 22,156 | -4,315 | -19.5% |
| EBITDA - margin | 10.5% | 15.6% | ||
| EBIT (3) | 8,288 | 6,621 | 1,667 | 25.2% |
| EBIT - margin | 4.9% | 4.7% | ||
| Net finance costs | -170 | -87 | -83 | -95.4% |
| Income taxes | -953 | 1,563 | -2,516 | -161.0% |
| Net result | 7,165 | 8,096 | -931 | -11.5% |
| Attributable to minority interests | -527 | -298 | -229 | -76.8% |
| Attributable to equity holders of RMG | 7,692 | 8,394 | -702 | -8.4% |
| Net result attributable to equity holders of RMG - margin | 4.5% | 5.9% | 1 | |
| Number of full time equivalents at closing date (4) |
1,342 | 1,268 | 74 | 5.8% |
(*) Restated with new definition EBITDA
(1) Adjusted sales = sales on a like-for-like basis with 1H last year, i.e. excluding changes in the consolidation scope
(2) EBITDA = EBIT + depreciations, amortizations and impairments
(3) EBIT = operating profit, including the share in the result of associated companies and joint ventures
(4) Joint ventures (mainly Mediafin) not included
| Consolidated key figures (€ per share) in euro |
30/06/2022 | 30/06/2021* | Trend |
|---|---|---|---|
| EBITDA | 1.52 | 1.89 | -0.37 |
| EBIT | 0.71 | 0.57 | 0.14 |
| Net result attributable to equity holders of RMG | 0.66 | 0.72 | -0.06 |
| Net result attributable to equity holders of RMG after dilution | 0.66 | 0.72 | -0.06 |
| Weighted average number of shares | 11,719,515 | 11,699,693 | 19,822 |
| Weighted average number of shares after dilution | 11,736,202 | 11,707,070 | 29,132 |
(*) Restated with new definition EBITDA
| in thousands of euros | 30/06/2022 | 30/06/2021 | Trend | Trend (%) |
|---|---|---|---|---|
| INCOME STATEMENT | ||||
| Sales | 149,168 | 126,904 | 22,264 | 17.5% |
| Gross margin | 116,685 | 100,874 | 15,811 | 15.7% |
| Gross margin on sales | 78.2% | 79.5% | 1 |
The 'Media Brands' segment refers to all brands that are operated by RMG and its shareholdings.
Revenue from the Media Brands segment has increased by 17.5% or € 22.3 million, from € 126.9 million to € 149.2 million.
The largest increase here comes from the magazines (+ 25.4%), to a great extent due to the acquisitions (the magazines EW, Beleggers Belangen, Seasons, Roots, Kijk, Fiets, Delicious, Knipmode, Truckstar, etc. in the Netherlands), but also due to growth in the Belgian magazines Knack, Trends & Tendances, Libelle, Feeling, etc. The paid newspapers also rose by 5.5%. Roularta Local Media (i.e. De Zondag, Regiotalent, Mijn Stad, Roularta Digital, Immovlan, GoCar et Sterck) decreased only by 3.0%. De Zondag and the Zondagmagazine achieved striking growth of 39.0% and can largely compensate for the discontinuation of the Streekkrant and Steps magazine, together with 'Mijn Stad TV' (in shops) and digital localised advertising.
Subscriber revenue has grown appreciably by + € 13.4 million, representing growth of 29.8% YOY thanks to the extra subscription portfolio of the acquired magazines. Excluding these acquisitions, a decrease of 2.2% was observed. This is mainly due to Sport/Voetbal-Foot magazine, which is appearing monthly rather than weekly in 2022. Newsstand sales have risen by 15.6%, but without the acquisitions, they decreased by 3.6%.
In the first half of 2022, advertising income rose by 6.2%, with growth in both print (+5.4%) and digital (+10.7%). Excluding acquisitions, advertising revenue is at a status quo.
Other revenue has risen by 33.0% YOY (4.2% excluding acquisitions), thanks to readers' travel and events that have restarted after two difficult years of Covid-19.
The gross margin has decreased from 79.5% to 78.2%. The reason for the lower margin is the increasing price of consumables and higher production costs. In absolute value, the gross margin has increased by € 15.8 million to € 116.7 million.
| in thousands of euros | 30/06/2022 | 30/06/2021 | Trend | Trend (%) |
|---|---|---|---|---|
| INCOME STATEMENT | ||||
| Sales | 41,132 | 31,741 | 9,391 | 29.6% |
| Gross margin | 21,351 | 18,858 | 2,493 | 13.2% |
| Gross margin on sales | 51.9% | 59.4% | 1 | -100.00% |
The 'Printing Services' segment refers to pre-press and print shop activities for internal brands and external customers.
The revenue from the Printing Services segment increased by € 9.4 million or 29.6%, from € 31.7 million to € 41.1 million.
The increase of € 9.4 million is a combination of a € 5.7 million increase in printing for third parties and a € 3.6 million increase in in-house printing. The former experienced a remarkable recovery this year, partly as a volume effect of the many advertising brochures for the French market printed on our heat-set presses, and partly as a price effect due to the steep increase in paper prices.
In absolute value, the gross margin has grown from € 2.5 million to € 21.4 million. However, in percent of revenue, it has fallen from 59.4% to 51.9%. This can mainly be explained by an increase in the price of paper and consumables.
| Balance sheet | in thousands of euros |
30/06/2022 | 31/12/2021 | Trend (%) |
|---|---|---|---|---|
| Non-current assets | 238,402 | 208,214 | 14.5% | |
| Current assets | 157,943 | 174,476 | -9.5% | |
| Balance sheet total | 396,345 | 382,690 | 3.6% | |
| Equity - Group's share | 225,708 | 229,564 | -1.7% | |
| Equity - minority interests | 12,500 | 13,027 | -4.0% | |
| Liabilities | 158,137 | 140,099 | 12.9% | |
| Liquidity (5) | 1.2 | 1.5 | -16.7% | |
| Solvency (6) | 60.1% | 63.4% | -5.2% | |
| Net financial cash/(debt) (7) | 69,932 | 100,995 | -30.8% | |
| Gearing (8) | -29.4% | -41.6% | -29.5% | |
(5) Liquidity = current assets / current liabilities
(6) Solvency = equity (Group's share + minority interests) / balance sheet tota
(7) Net financial cash/(debt) = current cash - financial debts
(8) Gearing = - net financial cash/(debt)/equity (Group's share + minority interests)
The equity – group share amounted to € 225.7 million on 30 June 2022 compared to € 229.6 million on 31 December 2021. The change in equity mainly consists of the profit attributable to RMG shareholders in the first half of 2022 (€ 7.7 million) and the payment of the dividend on the 2021 result (€ 11.8 million).
RMG remains free of any bank debts. As of 30 June 2022, the consolidated net financial cash position (= current cash less financial debts) amounted to € 69.9 million compared to € 101.0 million as of December 2021, or a decrease of € 31.1 million. This is mainly due to the acquisitions (€ 18.0 million) and dividend paid out (€ 11.8 million). In the net financial cash position, the financial debts have risen by € 5.9 million, mainly because the Group has taken on a loan of € 3.0 million from its subsidiary Mediafin NV (reclass from other liabilities) and because of the € 2.1 million IFRS 16 leasing debts recorded on the acquisitions.
Total consolidated investments (CAPEX) in the first half of 2022 amounted to € 3.8 million (2021: € 17.2 million), representing € 2.3 million in investments in new software, mainly to optimise the digital reader experience, and also € 1.5 million in tangible fixed assets. RMG also invested a similar amount in new software last year (€ 2.7 million). Furthermore, the € 15.9 million invested in intangible fixed assets in the first half of 2021 mainly covered customer portfolios valued at € 10.7 million, purchased from Rossel and CTR Media, and the 'Immovlan' brand (€ 1.0 million), upon the foundation of the Immovlan entity.
Investments in shareholdings are discussed in the next paragraph.
other magazine brands in the Netherlands, including Plus Magazine and Landleven and their many line extensions, RMG became the second biggest publisher of magazine brands in the Netherlands. That has turned the Netherlands into RMG's second home. The results of NSM were included in the Group's consolidated results from 1 March 2022 onwards.
These prospects do not take into account any possible, substantial waves of Covid-19 or possible lockdowns, or the consequences of a further escalation of the military conflict between Russia and the Ukraine. These are futureoriented predictions, of which the actual results may differ considerably.
After a good first half of the year in 2022 in terms of advertising revenue, large fluctuations from month to month and late bookings continue, resulting in insufficient visibility to make a further forecast for 2022. Even after a positive first half of the year in 2022, events and travel remain greatly dependent on the possible occurrence of Covid waves and decisions by the various governments.
The prospects for income from subscriptions in 2022 remain stable but challenging. We need to be alert to the impact of readers' purchasing power on their decision to continue or start subscriptions. Roularta Media Group has succeeded in converting the desire of Belgians for high-quality magazine brands into long-term subscriptions and has the same intentions for the brands it has acquired in the Netherlands. The launch of digital and family subscriptions will continue to ensure stable growth in subscription revenue. We expect the trend in newsstand sales to be in line with the current market.
In the Printing Services segment, we are noting increased activity, certainly in terms of brochure production, and we expect this to continue only partially in the second half of 2022.
In terms of costs in the second half of the year, we expect margins to be impacted by rising inflation in the countries where Roularta Media Group is active, related among other things to energy prices with repercussions on wages and wage-based services or other unexpected effects on prices or demand. We expect paper prices to stabilise, on the condition that gas prices do not continue to increase.
A full report on the half-yearly results can be found on our website: https://www.roularta.be/en/roularta-stock-market/financial/financial-reporting
| Contact persons Rik De Nolf | (Chairman BoD and IR) | Xavier Bouckaert (CEO) | Jeroen Mouton (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 | 30/06/2022 | 30/06/2021* | Trend |
|---|---|---|---|
| Sales | 169,678 | 141,724 | 27,954 |
| Own construction capitalised | 1,575 | 1,860 | -285 |
| Raw materials, consumables and goods for resale | -33,847 | -24,568 | -9,279 |
| Gross margin | 137,405 | 119,016 | 18,389 |
| % on sales | 81.0% | 84.0% | |
| Services and other goods | -68,431 | -56,766 | -11,665 |
| Personnel | -55,310 | -48,128 | -7,182 |
| Other operating result | 911 | 6,660 | -5,749 |
| Other operating income | 2,951 | 7,838 | -4,887 |
| Other operating costs | -2,039 | -1,178 | -861 |
| Write-down of debtors and inventories | 264 | -59 | 323 |
| Provisions | 1,077 | -449 | 1,526 |
| Share in the result of associated companies and joint ventures | 1,924 | 1,882 | 42 |
| EBITDA | 17,841 | 22,156 | -4,315 |
| % on sales | 10.5% | 15.6% | |
| Depreciation and impairment losses | -9,553 | -15,535 | 5,982 |
| Depreciation and write-down of intangible and tangible assets | -9,553 | -7,951 | -1,602 |
| Impairment losses | - | -7,584 | 7,584 |
| Operating result - EBIT | 8,288 | 6,621 | 1,667 |
| % on sales | 4.9% | 4.7% | |
| Interest income | 78 | 61 | 17 |
| Interest expenses | -248 | -148 | -100 |
| Operating result after net finance costs | 8,118 | 6,534 | 1,584 |
| Income taxes | -953 | 1,563 | -2,516 |
| Net result | 7,165 | 8,096 | -931 |
| % on sales | 4.2% | 5.7% | |
| Net result of the consolidated companies | 7,165 | 8,096 | -931 |
| Attributable to: | |||
| Minority interests | -527 | -298 | -229 |
| Equity holders of Roularta Media Group | 7,692 | 8,394 | -702 |
| Earnings per share | |||
| Basic earnings per share | 0.66 | 0.72 | -0.06 |
| Diluted earnings per share | 0.66 | 0.72 | -0.06 |
(*) Restated with new definition EBITDA.
| in thousands of euros | 30/06/2022 | 30/06/2021 |
|---|---|---|
| Net result of the consolidated companies | 7,165 | 8,096 |
| Other comprehensive income of the period | ||
| Other comprehensive income to be reclassified to profit or loss in subsequent periods | ||
| Other comprehensive income not te be reclassified to profit or loss in subsequent periods | ||
| Other comprehensive income of the period | - | - |
| Total comprehensive income of the period | 7,165 | 8,096 |
| Attributable to: | ||
| Minority interests | -527 | -298 |
| Equity holders of Roularta Media Group | 7,692 | 8,394 |
| ASSETS | in thousands of euros |
30/06/2022 | 31/12/2021 | Trend |
|---|---|---|---|---|
| Non-current assets | 238,402 | 208,214 | 30,188 | |
| Goodwill | 9,518 | - | 9,518 | |
| Intangible assets | 100,466 | 77,614 | 22,852 | |
| Property, plant and equipment | 67,770 | 65,578 | 2,192 | |
| Investments accounted for using the equity method | 51,946 | 55,303 | -3,357 | |
| Investments in financial assets, loans and guarantees | 1,186 | 2,471 | -1,285 | |
| Trade and other receivables | 337 | - | 337 | |
| Deferred tax assets | 7,179 | 7,248 | -69 | |
| Current assets | 157,943 | 174,476 | -16,533 | |
| Inventories | 10,689 | 9,424 | 1,265 | |
| Trade and other receivables | 53,490 | 52,640 | 850 | |
| Tax receivable | 1,036 | 1,075 | -39 | |
| Cash and cash equivalents | 81,545 | 106,660 | -25,115 | |
| Deferred charges and accrued income | 11,182 | 4,677 | 6,505 | |
| Total assets | 396,345 | 382,690 | 13,655 | |
| LIABILITIES | in thousands of euros |
30/06/2022 | 31/12/2021 | Trend |
| Equity | 238,208 | 242,591 | -4,383 | |
| Group's equity | 225,708 | 229,564 | -3,856 | |
| Issued capital | 80,000 | 80,000 | - | |
| Treasury shares | -31,109 | -32,028 | 919 | |
| Retained earnings | 177,443 | 180,188 | -2,745 | |
| Other reserves | -626 | 1,404 | -2,030 | |
| Minority interests | 12,500 | 13,027 | -527 | |
| Non-current liabilities | 31,568 | 23,674 | 7,894 | |
| Provisions | 6,621 | 7,067 | -446 | |
| Employee benefits | 6,894 | 7,455 | -561 | |
| Deferred tax liabilities | 8,719 | 4,611 | 4,108 | |
| Financial debts | 9,067 | 4,249 | 4,818 | |
| Other payables | 266 | 292 | -26 | |
| Current liabilities | 126,569 | 116,425 | 10,144 | |
| Financial debts | 2,546 | 1,416 | 1,130 | |
| Trade payables | 42,123 | 44,750 | -2,627 | |
| Advances received | 40,446 | 33,463 | 6,983 | |
| Employee benefits | 20,089 | 17,792 | 2,297 | |
| Taxes | 1,773 | 295 | 1,478 | |
| Other payables | 5,258 | 10,794 | -5,536 | |
| Accrued charges and deferred income | 14,334 | 7,915 | 6,419 | |
| Total liabilities | 396,345 | 382,690 | 13,655 |
| Cash flow relating to operating activities | in thousands of euros |
30/06/2022 | 30/06/2021 |
|---|---|---|---|
| Net result of the consolidated companies | 7,165 | 8,096 | |
| Share in the results of associated companies and joint ventures | -1,924 | -1,882 | |
| Dividends received from associated companies and joint ventures | 4,750 | 5,250 | |
| Income tax expense / income | 953 | -1,563 | |
| Interest expenses | 248 | 148 | |
| Interest income (-) | -78 | -61 | |
| Gains (-) / losses (+) on disposal of intangible assets and property, plant and equipment |
-75 | -51 | |
| Non-cash items | 7,421 | 10,236 | |
| Depreciation of (in)tangible assets | 9,553 | 7,951 | |
| Impairment losses | - | 7,584 | |
| Share-based payment expense | 34 | 38 | |
| Increase (+) / decrease (-) in provision | -1,077 | 449 | |
| Other non-cash items | -1,091 | -5,786 | |
| Gross cash flow relating to operating activities | 18,459 | 20,174 | |
| Increase / decrease in trade receivables | 3,496 | 3,689 | |
| Increase / decrease in inventories | -1,145 | -600 | |
| Increase / decrease in trade payables | -6,854 | -5,245 | |
| Other increases / decreases in working capital (a) | -5,808 | -1,790 | |
| Increase / decrease in working capital | -10,311 | -3,947 | |
| Income taxes paid | -291 | -541 | |
| Interest paid | -248 | -132 | |
| Interest received | 78 | 40 | |
| NET CASH FLOW RELATING TO OPERATING ACTIVITIES (A) | 7,687 | 15,594 |
(a) Changes in current other receivables, deferred charges and accrued income, provisions, employee benefits, other payables, advances received and accrued charges and deferred income.
| Cash flow relating to investing activities | in thousands of euros |
30/06/2022 | 30/06/2021 |
|---|---|---|---|
| Intangible assets - acquisitions | -2,308 | -15,866 | |
| Tangible assets - acquisitions | -1,462 | -1,374 | |
| Intangible assets - other movements | - | 4 | |
| Tangible assets - other movements | 334 | 70 | |
| Net cash flow relating to acquisition of subsidiaries and sector acquisitions Net cash flow relating to loans to investments accounted for using the equity |
-17,987 | -1,965 | |
| method | - | 68 | |
| Investments in financial assets, loans, guarantees - other movements | 1,276 | 15 | |
| NET CASH FLOW RELATING TO INVESTING ACTIVITIES (B) | -20,147 | -19,050 | |
| Cash flow relating to financing activities | |||
| Dividends paid | -11,766 | -11,729 | |
| Treasury shares | 184 | 76 | |
| Capital contribution non-controlling interests | - | 14,300 | |
| Repayment of leasing debt | -1,073 | -825 | |
| Decrease in non-current receivables | - | 3 | |
| NET CASH FLOW RELATING TO FINANCING ACTIVITIES (C) | -12,655 | 1,824 | |
| TOTAL DECREASE / INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C) | -25,115 | -1,631 | |
| Cash and cash equivalents, beginning balance | 106,660 | 90,559 | |
| Cash and cash equivalents, ending balance | 81,545 | 88,928 | |
| NET DECREASE / INCREASE IN CASH AND CASH EQUIVALENTS | -25,115 | -1,631 |
| in thousands of euros | Issued capital |
Treasury shares |
Retained Earnings |
Other reserves |
Equity - Group's share |
Minority Interests |
Total equity |
|---|---|---|---|---|---|---|---|
| Balance as of 01/01/2022 | 80,000 | -32,028 | 180,188 | 1,404 | 229,564 | 13,027 | 242,591 |
| Total comprehensive income of the period |
- | - | 7,692 | - | 7,692 | -527 | 7,165 |
| Total comprehensive income | - | - | 7,692 | - | 7,692 | -527 | 7,165 |
| Exercise of options | - | 184 | - | - | 184 | - | 184 |
| Recognition of share-based payments | - | - | - | 34 | 34 | - | 34 |
| Dividends | - | - | -11,766 | - | -11,766 | - | -11,766 |
| Effect of transactions with own shares | - | 735 | 1,329 | -2,064 | - | - | - |
| Balance as of 30/06/2022 | 80,000 | -31,109 | 177,443 | -626 | 225,708 | 12,500 | 238,208 |
| in thousands of euros | Issued capital |
Treasury shares |
Retained Earnings |
Other reserves |
Equity - Group's share |
Minority Interests |
Total equity |
|---|---|---|---|---|---|---|---|
| Balance as of 01/01/2021 | 80,000 | -34,924 | 174,335 | 4,070 | 223,481 | 383 | 223,864 |
| Total comprehensive income of the period |
- | - | 8,394 | - | 8,394 | -298 | 8,096 |
| Total comprehensive income | - | - | 8,394 | - | 8,394 | -298 | 8,096 |
| Exercise of options | - | 76 | - | - | 76 | - | 76 |
| Recognition of share-based payments | - | - | - | 38 | 38 | - | 38 |
| Dividends | - | - | -11,729 | - | -11,729 | - | -11,729 |
| Capital contribution by minority interests |
- | - | - | - | - | 14,300 | 14,300 |
| Consideration for business combination through treasury shares |
- | 1,225 | - | - | 1,225 | - | 1,225 |
| Written put option on minority interests |
- | - | - | - | - | -394 | -394 |
| Balance as of 30/06/2021 | 80,000 | -33,623 | 171,001 | 4,107 | 221,486 | 13,991 | 235,477 |
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