First Half
2020 Results
Grupo Média Capital, SGPS, S.A.
First Half 2020 Results
GRUPO MÉDIA CAPITAL SGPS, SA
Sociedade Aberta
Sede: Rua Mário Castelhano, n.º 40, Barcarena, Oeiras
Matriculada na Conservatória do Registo Comercial de Cascais sob o n.º 17831 (Oeiras)
Pessoa Coletiva n.º 502 816 481 | Capital Social: 89.583.970,80 euros
FIRST HALF 2020 RESULTS
- In the first half of 2020, and as a result of the combined effect of the pandemic and the reduction of TVI's generalist channel audience share when compared against the first six months of 2019, the Group's consolidated operating revenues took a toll, namely in terms of advertising revenues. These impacts were more pronounced from March to May. In fact, until June consolidated operating revenues came down by 36% (37% in the case of advertising), with the main YoY variations starting in March (when the pandemic was declared), having its peak in April and showing a significant slowdown in May and especially in June. As mentioned, besides the effect of the pandemic, it is important to recall that in 2019 TVI was leading all day audience share until February while keeping the leadership in prime time until June. On the contrary, in the same period of 2020 TVI was not the leading channel in any of those important time slots.
- In this framework, and fully conscious of its relevance and responsibility as a reference Portuguese media group, both operating and strategic measures were implemented as a way to properly address such difficult challenges, simultaneously guaranteeing the quality of the journalistic coverage and the quality of the remaining contents to the general public. The Group also successfully adopted the applicable health security measures deemed necessary to ensure the protection of its human resources and related third parties, including the prophylactic stoppage of some activities (e.g. audiovisual productions), the promotion of remote work and exceptional hygiene and control measures. Such procedures had an unavoidable negative impact on operating costs and profitability, which management considers justified considering the prominent role of the Group in the Portuguese society.
- At the same time, several operating efficiency enhancement measures were implemented in order to minimize the above-mentioned negative impacts. These encompassed the reduction of various operating costs, the delay of capital expenditures and a very strict management of working capital. As such, operating costs before depreciations and amortizations were down 8% YoY (9% if adjusted for restructuring charges), reaching € 66.5 million until June.
- As a result of the combined evolution of operating revenues and costs, EBITDA came down from a positive figure of € 14.2 million in 1H 2019 to € -11.2 million in the first half of 2020. Excluding restructuring costs, EBITDA decreased from € 14.9 million to € -9.9 million. In terms of EBIT, these came from € 9.8 million to € -15.9 million. Net income was € 14.4 million in 1H 2020, comparing against € 5.9 million in the comparable period of 2019.
- In terms of net financial debt, and resulting from a careful cash management, it increased by only € 5 million since YE 2019 (from € 88.5 million to € 93.5 million).
- The mix of gradual convergence towards the normalization of economic activity, coupled with a clear improvement in TV audiences, as well as the maintenance of the leadership in radio, on top of the reactivation of the content production activity are all good prospects regarding the improvement of both operating and financial KPI's over the coming months.
Queluz de Baixo, 25th September 2020
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First Half 2020 Results
Impacto of subsequente events:
With the exception of the information mentioned below, between 30th June of 2020 and the date when the condensed consolidated financial statements were approved, there were no relevant events nor additional uncertainties concerning the evolution of the pandemic and the Group's future activity that have had or might have material impacts in such financial statements.
On the 4th September 2020, Promotora de Informaciones, S.A. ("Prisa") announced to the market that it had reached several agreements regarding the sale of its 64.47% stake in Media Capital's equity through Vertix, SGPS, S.A. It further detailed that such deals followed a prospection conducted by a financial institution near potential investors. As reported, Vertix, SGPS, S.A. signed on that date various sale and purchase agreements with regards to its entire stake in Media Capital (64.47%), whose conclusion is subject to the competent authorizations by the applicable Portuguese regulatory institutions. On the same date, it was also reported to the market the revocation the by-law agreement between Pluris Investments, S.A. and Vertix SGPS, S.A. which took place on 14th May 2020 regarding the equity stakes held by both entities in Media Capital's share capital, with effect as of that date.
1. Consolidated P&L
€ thousand | 1H 2020 | 1H 2019 | % Var | Q4 2019 |
Total operating revenue | 55,301 | 86,383 | (36%) | (62,956) |
Television | 46,251 | 70,269 | (34%) | (48,025) |
Audiovisual Production | 11,111 | 15,267 | (27%) | (14,338) |
Radio & Entertainment | 6,245 | 12,101 | (48%) | (10,772) |
Others | 7,003 | 8,009 | (13%) | (5,099) |
Consolidation Adjustments | (15,309) | (19,263) | 21% | 15,278 |
Total Operating Ex penses ex -D&A | 66,513 | 72,142 | (8%) | (40,435) |
Restruturing Costs | 1,309 | 686 | 91% | (110) |
Total Opex ex -D&A, Restruturing C osts | 65,203 | 71,456 | (9%) | (40,325) |
EBITDA | (11,211) | 14,241 | n.a. | (22,521) |
EBITDA M argin | (20 .3%) | 16 .5% | (36 .8pp) | 35 .8% |
EBITDA ex -Restruturing C osts | (9,902) | 14,927 | n.a. | (22,631) |
EBITDA M argin ex -Restruturing C osts | (17 .9%) | 17 .3% | (35 .2pp) | 35 .9% |
Television | (9,284) | 9,149 | n.a. | (13,274) |
Audiovisual Production | (2,516) | (1,136) | (122%) | (2,038) |
Radio & Entertainment | 934 | 5,803 | (84%) | (6,625) |
Others | 159 | 807 | (80%) | (1,004) |
Consolidation Adjustments | 804 | 304 | 165% | 310 |
Depreciation and Amortisation | 4,693 | 4,399 | 7% | (2,304) |
Operating incom e (EBIT) | (15,904) | 9,843 | n.a. | (20,217) |
- | ||||
Financing Results | (981) | (1,383) | 29% | 721 |
Profit / (Loss) Before Inc. Tax and N o C ontrl. Int. | (16,885) | 8,459 | n.a. | (19,496) |
Income Taxes | 2,473 | (2,570) | n.a. | 3,899 |
Profit / (Loss) from C ontinued Operations | (14,412) | 5,890 | n.a. | (15,597) |
N et Profit / (Loss) for the Period | (14,412) | 5,890 | n.a. | (15,597) |
As explained, in the first six months of 2020, operating revenues came down 36% to € 55.3 million.
Excluding D&A and restructuring charges, opex had a decrease of 9%, coming from € 71.5 million to
- 65.2 million.
Excluding restructuring costs, consolidated EBITDA
was € -9.9 million, which compares with € 14.9
million in the comparable period of 2019. The adjusted EBITDA margin moved from 17.3% to - 17.9%.
As for EBIT, it reached € -15.9 million, vs € 9.8 million a year ago.
Net financial results improved by 29% to € -1.0 million, due to lower interest costs.
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First Half 2020 Results
Net profit was € -14.4 million (€ 5.9 million in 1H 2019) chiefly as a result of worse operating performance.
€ thousand | 1H 2020 | 1H 2019 | % Var | Q4 2019 |
Operating revenue | 55,301 | 86,383 | (36%) | (62,956) |
Advertising | 37,346 | 58,986 | (37%) | (41,363) |
Other revenues | 17,956 | 27,397 | (34%) | (21,593) |
In 1H 2020, advertising revenues came down 37% (-36% in TV, -40% in Radio & Entertainment and -37% in the Other segment). The main driver for such performance was the pandemic.
Other operating revenues, mostly composed by sale of contents, multimedia and retransmission
fees, were down 34%, mostly due to multimedia and retransmission fees. It is worth highlighting that the comparable period of 2019 benefited from the € 1.0 million related with the sale of tangible fixed assets in the Radio & Entertainment segment.
2. Television
€ thousand | 1H 2020 | 1H 2019 | % Var |
Operating revenue | 46,251 | 70,269 | (34%) |
Advertising | 30,372 | 47,335 | (36%) |
Other revenues | 15,879 | 22,934 | (31%) |
Operating Ex penses, ex D&A | 56,593 | 61,533 | (8%) |
Restruturing Costs | 1,059 | 414 | 156% |
Total Opex ex -D&A, Restruturing C osts | 55,534 | 61,119 | (9%) |
EBITDA | (10,342) | 8,735 | n.a. |
EBITDA margin | (22.4%) | 12.4% | (34.8pp) |
EBITDA ex -Restruturing C osts | (9,284) | 9,149 | n.a. |
EBITDA Margin ex-Restruturing Costs | (20.1%) | 13.0% | (33.1pp) |
Depreciation and amortisation | 2,101 | 1,973 | 6% |
Operating incom e (EBIT) | (12,443) | 6,762 | n.a. |
In the first six months of 2020, the aggregate all day audience share of TVI, TVI24, TVI Ficção and TVI Reality was 16.8%, while in prime time (8:00PM
- 00:00AM) it was 19.3%. In the Adults target, the percentages were 17.5% in all day and 19.9% in prime time.
All Day (%) | UNIVERSE | ADULTS | |
TVI Group | 16.8 | 17.5 | |
SIC Group | 24.1 | 25.2 | |
RTP Group | 16.2 | 17.0 | |
Prime Time (%) | |||
UNIVERSE | ADULTS | ||
TVI Group | 19.3 | 19.9 | |
SIC Group | 28.0 | 28.7 | |
RTP Group | 16.2 | 17.0 |
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It is worth highlighting that, as result of the effort put in place in contents, especially in prime time, there was a clearly improvement of audience figures. As an example, TVI's generalist channel ended the first half of 2020 with an audience share in adults prime time of 17.9% in the month of June, which compares with 16.4% in January.
Moreover, in August, such metric further improved to 20.3%. Given the most recent changes in content strategy, the Group has high hopes that the path of audience recovery will keep up over the following months.
FINANCIAL PERFORMANCE
Operating revenues were down 34% in the period under analysis.
Advertising revenues dropped by 36% YoY, although the evolution was milder closer to the end of the period, due to the soften of the harsh overall economic environment and to the recovery in TVI audiences.
First Half 2020 Results
Other revenues, which include, among other, retransmission fees, sale of contents and multimedia, were down 31%, mostly due to multimedia and retransmission fees.
Opex excluding restructuring charges were down 9%, despite of the investment made in contents.
As such EBITDA adjusted for restructuring charges reached € -9.3million (€ 9.1 million in 1H 2019).
3. Audiovisual Production
€ thousand | 1H 2020 | 1H 2019 | % Var |
Operating revenue | 11,111 | 15,267 | (27%) |
Advertising | - | - | - |
Other revenues | 11,111 | 15,267 | (27%) |
Operating Ex penses, ex D&A | 13,816 | 16,575 | (17%) |
Restruturing Costs | 189 | 172 | 10% |
Total Opex ex -D&A, Restruturing C osts | 13,627 | 16,403 | (17%) |
EBITDA | (2,705) | (1,307) | (107%) |
EBITDA margin | (24.3%) | (8.6%) | (15.8pp) |
EBITDA ex -Restruturing C osts | (2,516) | (1,136) | (122%) |
EBITDA Margin ex-Restruturing Costs | (22.6%) | (7.4%) | (15.2pp) |
Depreciation and amortisation | 1,605 | 1,517 | 6% |
Operating incom e (EBIT) | (4,310) | (2,825) | (53%) |
Plural continues to be one the main players in the audiovisual production sector, also with a relevant
presence in the associated technical services/equipment and scenic design and construction.
In terms of the financial performance, this segment had operating revenues of € 11.1 million, thus down by 27% YoY, due to the pandemic, which
actually lead to a full stoppage of the activity, meanwhile normalized by the mid of May.
Due to the lower activity, opex was lower 17% YoY.
Adjusted for restructuring charges, EBITDA was
- -2.5million, comparing with € -1.1 million registered a year ago.
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First Half 2020 Results
4. Radio & Entertainment
€ thousand | 1H 2020 | 1H 2019 | % Var |
Operating revenue | 6,245 | 12,101 | (48%) |
Advertising | 5,928 | 9,933 | (40%) |
Other revenues | 317 | 2,168 | (85%) |
Operating Ex penses, ex D&A | 5,310 | 6,318 | (16%) |
Restruturing Costs | - | 20 | (100%) |
Total Opex ex -D&A, Restruturing C osts | 5,310 | 6,298 | (16%) |
EBITDA | 934 | 5,783 | (84%) |
EBITDA margin | 15.0% | 47.8% | (32.8pp) |
EBITDA ex -Restruturing C osts | 934 | 5,803 | (84%) |
EBITDA Margin ex-Restruturing Costs | 15.0% | 48.0% | (33.0pp) |
Depreciation and amortisation | 784 | 651 | 20% |
Operating incom e (EBIT) | 151 | 5,132 | (97%) |
In the three radio audience readings published in 2020, the data continues to point out the outstanding performance of the various formats that belong to Media Capital.
MCR's aggregate radio formats posted an average audience share of 39.8% in the first three readings, corresponding to their best performance ever. In the same period, the average reach (AAV) was 25.3%, which compares with 27.5% in the previous year. On the other hand, the reduction in AAV reflects the temporary reduction of radio consumption as a side effect of the pandemic. It is worth noticing that the radio market as a whole performed even worse on this metric, as its AAV came down from 60.1% to 55.0%). MCR remains as the number one Group in terms of AAV, having won 11 of the last 13 audience readings.
In terms of formats, Rádio Comercial had an average share of 24.4%, thus improving vs 2019 (when it had 22.2%).
In turn, M80 had a remarkable evolution, with an average share of 9.8%, with the last of this year's three readings being 10.6%, its highest ever. M8O continues to stand out as the third most listened to radio station, despite not having a license for nationwide coverage.
As regards other formats, Cidade FM had an average share of 2.7%.
Regarding innovation, the formats M80 and SmoothFM continued the process started last year, having now a total of 22 web radios (12 by M80, 6 by radio Comercial, 5 by Smooth FM and 2 by
Cidade FM), on top of the 3 FM radios also available online. These are streaming radios that segment the most relevant clusters (both in genre and decades) for these FM formats. Such radios are not based on algorithms but rather on carefully playlists cherry picked by each format's team, both with a vast experience. This offer is available also through apps, and provides an invaluable extension of the FM products, thus increasing contact and brand awareness among listeners and advertisers, while proving that the Group's radios are already fully immerged in the digital transformation process
Financially wise, advertising revenues came down 40% YoY, notwithstanding the good performance in terms of audience share. The impacts of the pandemic were harder in the last four months of the semester, although in the last one (June) the YoY reduction of advertising was about half of the figure registered in May. This supports the case for the ability to rebound both quickly and profoundly.
Other operating revenues were down 85% towards
- 0.3 million, resulting from a reduction in the activities of events and the production of spots, although the lion share of the impact has to do with the sale of tangible assets back in 2019, which then positively affected this line by € 1.0 million.
As for opex, it fell by 16% YoY, excluding restructuring charges.
Adjusted EBITDA decreased by 84% to € 0.9 million, with the margin over revenues being 15%.
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First Half 2020 Results
5. Other
€ thousand | 1H 2020 | 1H 2019 | % Var |
Operating revenue | 7,003 | 8,009 | (13%) |
Advertising | 1,194 | 1,893 | (37%) |
Other revenues | 5,809 | 6,115 | (5%) |
Operating Ex penses, ex D&A | 6,906 | 7,283 | (5%) |
Restruturing Costs | 61 | 81 | (24%) |
Total Opex ex -D&A, Restruturing C osts | 6,845 | 7,202 | (5%) |
EBITDA | 97 | 726 | (87%) |
EBITDA margin | 1.4% | 9.1% | (7.7pp) |
EBITDA ex -Restruturing C osts | 159 | 807 | (80%) |
EBITDA Margin ex-Restruturing Costs | 2.3% | 10.1% | (7.8pp) |
Depreciation and amortisation | 204 | 257 | (21%) |
Operating incom e (EBIT) | (106) | 469 | n.a. |
This segment includes the remaining activities of the Group, including digital, holding and shared services.
When comparing with the similar period of 2019, the number of visits and pageviews increased by 16% and 9% respectively, whereas video plays jumped by 40%.
On financial grounds, advertising revenues were down 37%, while other revenues decreased 5%.
Adjusted for restructuring charges, EBITDA was
- 0.2 million (vs € 0.8 million in 2019).
6. Cash Flow
€ thousand | 1H 2020 | 1H 2019 | % Var |
Receipts | 77,449 | 105,522 | (27%) |
Payments | (78,236) | (89,631) | 13% |
C ash flows op. activities (1) | (787) | 15,891 | n.a. |
Receipts | 116 | 1,581 | (93%) |
Payments | (2,306) | (3,002) | 23% |
C ash flows inv . activities (2) | (2,190) | (1,421) | (54%) |
Receipts | 61,136 | 38,736 | 58% |
Payments | (52,522) | (53,332) | 2% |
C ash flows fin. activities (3) | 8,613 | (14,596) | n.a. |
Cash at the begining of the period | 2,966 | 382 | 676% |
Variation of cash (4) = (1) + (2) + (3) | 5,636 | (126) | n.a. |
Effect of FX differences | 0 | (0) | n.a. |
C ash at the end of the period | 8,603 | 256 | >999% |
Operating cash flow was € -0.8 million, comparing with € 15.9 million of 1H 2019, mainly due to lower receipts in advertising, as activity plunged. Notwithstanding the Group managed not to fully reflect the reduction in EBITDA into cash flow, through a strict management of working capital.
Cash flow from investing was € -2.2million, comparing with € -1.4million in 1H 2019. Looking strictly to the portion related with tangible and intangible assets, it was € -2.3million, thus better than the € -3.0million a year ago. The cash flow
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can have a meaningful time mismatch, depending on the payables period, which in this case justifies why cash out flow in 1H 2020 was significantly bigger than the capex.
First Half 2020 Results
Cash flow from financing stood at € 8.6 million (€ -14.6million in 1H 2019), reflecting the movements in operating and investing cash flow, as well as the variation of cash and equivalents.
7. Net debt
€ thousands | Jun 19 |
Group financial debt | 102,130 |
Bank loans / Commercial paper / Bonds | 93,162 |
Other debt | 8,969 |
C ash & equivalents | 8,603 |
N et debt | 93,527 |
Net debt was € 93.5 million at the end of June, thus representing an increase of € 5.0 million vs the end of 2019.
Dec 19 | Abs Var | % Var |
91,508 | 10,622 | 12% |
88,723 | 4,438 | 5% |
2,785 | 6,184 | 222% |
2,966 | 5,636 | 190% |
88,542 | 4,986 | 6% |
8. Outlook
Forward looking wise, the Group business continuity is not at stake, considering:
- The Group's both long and recent historical of leadership and profitability;
- Despite its strong economic impacts, all things point out that the pandemic is a temporary event;
- In the period under analysis coincided two important negative events: the abnormal audience decrease and the pandemic, thus having a multiplying effect on profitability;
- Given the essence of the TV business, the historical performance shows that audience shares can and do vary quite a lot;
- Over the last months, there is evidence of recovery regarding TVI's audience shares, which supports the normalization scenario described previously. Furthermore, new and better contents will be on air as early as next September.
-
Last June there was a softening of the pandemic negative impacts, com a namely with a sense of being under control, which improved the economic agents sentiment and outlook. That had an immediate positive impact on the Group's KPI's and financials.
Such improvement is further confirmed in the more recent indications on the third quarter, notwithstanding the uncertainty regarding the future outcome of the COVID-19 pandemic; - Both the radio and digital operations show robustness in their main performance indicators (audience related)
Hence, through the continuation of both external and internal contexts the Groups expects to reinforce its competitive position in the sector and therefore and improvement of the Group's financials during the second half of the year.
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First Half 2020 Results
GRUPO MEDIA CAPITAL, S.G.P.S, S.A.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2020 AND 2019
(Amounts stated in Euro thousand) | |||||||
6 months ended | 3 months ended | ||||||
30/06/2020 | 30/06/2019 | 30/06/2020 | 30/06/2019 | ||||
OPERATING REVENUES: | |||||||
Services rendered | 39,391 | 62,450 | 18,848 | 35,754 | |||
Other operating revenue | 15,911 | 23,933 | 6,915 | 11,321 | |||
Total operating revenue | 55,301 | 86,383 | 25,763 | 47,076 | |||
OPERATING EXPENSES: | |||||||
Cost of programs broadcasted and goods sold | (15,224) | (12,874) | (6,976) | (3,421) | |||
Subcontrats and third party supplies | (30,233) | (38,021) | (13,267) | (19,958) | |||
Payroll expenses | (21,585) | (20,845) | (9,903) | (10,273) | |||
Depreciation and amortization | (4,693) | (4,399) | (2,336) | (2,239) | |||
Provisions | 1,407 | (20) | 856 | (10) | |||
Impariment losses | (629) | (19) | (203) | 70 | |||
Other operating expenses | (249) | (363) | (55) | (246) | |||
Total operating expenses | (71,206) | (76,540) | (31,884) | (36,076) | |||
Net operating profit | (15,904) | 9,843 | (6,121) | 10,999 | |||
FINANCIAL EXPENSES: | |||||||
Financial expense | (994) | (1,410) | (592) | (782) | |||
Financial income | 13 | 27 | - | - | |||
Finance costs, net | (981) | (1,383) | (592) | (782) | |||
Profit before tax | (16,885) | 8,459 | (6,713) | 10,217 | |||
Income tax expense | 2,473 | (2,570) | 625 | (2,942) | |||
Consolidated net profit | (14,412) | 5,890 | (6,088) | 7,276 | |||
Attributable to: | |||||||
Equity holders of the parent | (14,412) | 5,890 | (6,088) | 7,276 | |||
Earnings per share (Euros) | |||||||
Basic | (0.1705) | 0.0697 | (0.0720) | 0.0861 | |||
Diluted | (0.1705) | 0.0697 | (0.0720) | 0.0861 | |||
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First Half 2020 Results
GRUPO MEDIA CAPITAL, S.G.P.S, S.A. CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF 30 JUNE 2020 AND 31 DECEMBER 2019 (Amounts stated in Euro thousand)
ASSETS | 30/06/2020 | 31/12/2019 |
NON-CURRENT ASSETS: | ||
Goodwill | 92,032 | 92,032 |
Intangible assets | 8,625 | 9,075 |
Tangible fixed assets and right-of-use assets | 10,826 | 13,423 |
Investment in financial assets | 5 | 5 |
Transmission rights and TV programs | 50,534 | 50,838 |
Other non-current assets | 2,007 | 2,141 |
Deferred income tax assets | 1,466 | 1,670 |
174,381 | 178,864 | |
CURRENT ASSETS: | ||
Transmission rights and TV programs | 22,173 | 27,766 |
Trade and other account receivable | 20,413 | 35,595 |
Current tax assets | 3,691 | 196 |
Other current assets | 5,490 | 5,051 |
Cash and cash equivalents | 8,603 | 2,966 |
60,370 | 71,575 | |
TOTAL ASSETS | 234,750 | 250,439 |
EQUITY AND LIABILITIES | ||
EQUITY: | ||
Share capital | 89,584 | 89,584 |
Reserves | (875) | 53,866 |
Profit for the period | (14,412) | (54,729) |
Equity attributable to controlling interests | 74,297 | 88,721 |
Total Equity | 74,297 | 88,721 |
LIABILITIES: | ||
NON-CURRENT LIABILITIES: | ||
Borrowings | 52,050 | 59,000 |
Leases liabilities | 5,452 | 5,886 |
Provisions | 1,934 | 3,366 |
Deferred income tax liabilities | 990 | 1,024 |
60,426 | 69,276 | |
CURRENT LIABILITIES: | ||
Borrowings | 41,162 | 23,012 |
Leases liabilities | 3,466 | 3,611 |
Trade and other payables | 33,483 | 40,820 |
Current tax liabilities | 5,311 | 5,152 |
Other current liabilities | 16,605 | 19,849 |
100,027 | 92,443 | |
Total liabilities | 160,453 | 161,718 |
TOTAL EQUITY AND LIABILITIES | 234,750 | 250,439 |
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First Half 2020 Results
GRUPO MEDIA CAPITAL, SGPS, S.A.
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020 AND 2019
(Amounts stated in Euro thousand) | ||||
30/06/2020 | 30/06/2019 | |||
OPERATING ACTIVITIES: | ||||
Cash receipts from customers | 77,449 | 105,522 | ||
Cash paid to suppliers | (50,874) | (51,135) | ||
Cash paid to employees | (19,679) | (21,318) | ||
Cash generated from operations | 6,896 | 33,069 | ||
Cash received/(paid) relating to income tax | (68) | (56) | ||
Other cash received/(paid) relating to operating activities | (7,615) | (17,122) | ||
Net cash from operating activities (1) | (787) | 15,891 | ||
INVESTING ACTIVITIES: | ||||
Cash received relating to: | ||||
Disposal of fixed tangible and intangible assets | - | 1,448 | ||
Investment subsidies | 116 | 134 | ||
116 | 1,581 | |||
Payments resulting from: | ||||
Acquisition of tangible assets | (2,049) | (2,585) | ||
Acquisition of intangible assets | (257) | (417) | ||
(2,306) | (3,002) | |||
Net cash from /(used in) investing activities | (2) | (2,190) | (1,421) | |
FINANCING ACTIVITIES: | ||||
Cash received relating to: | ||||
Borrowings | 61,136 | 38,736 | ||
Cash paid relating to: | ||||
Borrowings | (50,099) | (50,761) | ||
Leases | (1,808) | (1,489) | ||
Interest and other similar expenses | (432) | (923) | ||
Interest and other similar expenses IFRS 16 | (93) | (77) | ||
Other financial expenses | (90) | (84) | ||
(52,522) | (53,332) | |||
Net cash from/(used in) financing activities | (3) | 8,613 | (14,596) | |
Cash and equivalents at the begining of the period | 2,966 | 382 | ||
- | - | |||
Net increase in cash and cash equivalents (4) = (1) + (2) + (3) | 5,636 | (126) | ||
Exchange rate effect | 0 | (0) | ||
- | - | |||
Cash and equivalents at the end of the period | 8,603 | 256 |
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Media Capital SGPS SA published this content on 25 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 September 2020 13:34:05 UTC