Key financials 9M21

DISCLAIMER

This document contains forward-looking statements regarding intention, expectations or estimates of the Company or its management at the date of issue thereof, relating to various aspects, including the growth of various lines of business and the business overall, the market share, the results of the Company and other aspects of the activity and status thereof. Analysts and investors should bear in mind that such estimates do not amount to any warranty as to the future behaviour or results of the Company, and they shall bear all risks and uncertainties with regard to relevant aspects, and thus, the real future results and behaviour of the Company might be substantially different from what is stated in the said predictions or estimates.

The statements in this statement should be taken into account by any persons or entities who may have to make decisions or prepare or disseminate opinions on securities issued by the Company and, in particular, by the analysts who handle this document. All are invited to consult the documentation and information published or registered by the Company before the National Securities Market Commission. The financial information contained in this document has been prepared under International Financial Reporting Standards (IFRS). This financial information is unaudited and, therefore, is subject to potential future modifications. This document is only provided for information purposes and does not constitute, nor may it be interpreted as, an offer to sell or exchange or acquire, or solicitation for offers to purchase or accept any kind of compromise.

VOCENTO, S.A. AND SUBSIDIARIES - 9M21

CONSOLIDATED PROFIT AND LOSS ACCOUNT

Thousand Euro		IFRS
	9M21	9M20	Var Abs	Var %
Circulation revenues	85.299	88.030	(2.731)	(3,1%)
Advertising revenues	99.936	95.759	4.177	4,4%
Other revenues	64.267	57.705	6.561	11,4%
Total revenue	249.501	241.495	8.007	3,3%
Staff costs	(107.714)	(106.620)	(1.094)	(1,0%)
Procurements	(18.782)	(19.466)	684	3,5%
External Services	(99.769)	(102.135)	2.366	2,3%
Provisions	(1.553)	(1.720)	167	9,7%
Operating expenses (without D&A)	(227.818)	(229.941)	2.123	0,9%
EBITDA	21.683	11.554	10.130	87,7%
Depreciation and amortization	(15.158)	(14.748)	(410)	(2,8%)
Impairment/gains on disposal of tan. & intan. assets	10.855	(126)	10.981	n.r.
EBIT	17.380	(3.321)	20.701	n.r.
Impairments/reversal of other intangible assets	(1.500)	(4.507)	3.007	66,7%
Profit of companies acc. equity method	(280)	425	(706)	n.r.
Net financial income	(1.708)	(1.997)	288	14,4%
Net gains on disposal of non- current assets	(922)	(218)	(704)	n.r.
Profit before taxes	12.969	(9.618)	22.587	n.r.
Corporation tax	(4.032)	(1.365)	(2.667)	n.r.
Net profit for the year	8.937	(10.983)	19.920	n.r.
Minority interests	(5.811)	(3.147)	(2.664)	(84,6%)
Net profit attributable to the parent	3.127	(14.130)	17.256	n.r.
Staff costs ex non recurring costs	(107.714)	(102.376)	(5.338)	(5,2%)
Operating Expenses ex non recurring costs	(227.818)	(225.697)	(2.121)	(0,9%)
Comparable EBITDA	21.683	15.797	5.886	37,3%

Investor Relations

2

P&L

VOCENTO, S.A. AND SUBSIDIARIES - 9M21

CONSOLIDATED BALANCE SHEETS

Thousand Euro		IFRS
	9M21	2020	Var abs
ASSETS
NON CURRENT ASSETS
Intangible assets	143.343	145.396	(2.053)
Goodwill	92.245	94.014	(1.769)
Intangible assets	51.098	51.382	(284)
Property, plant and equipment	95.476	98.345	(2.869)
Use of leases	17.859	19.619	(1.760)
Investments accounted for using the equity method	4.385	17.121	(12.736)
Financial assets	3.662	3.694	(32)
Non-current investment securities	2.642	2.642	(0)
Other non current financial assets	1.020	1.052	(31)
Other non current receivables	5.665	2.236	3.428
Deferred tax assets	53.585	55.333	(1.748)
	326.750	342.654	(15.904)
CURRENT ASSETS
Inventories	14.351	19.149	(4.798)
Trade and other receivables	63.727	79.073	(15.346)
Tax receivables	2.718	3.440	(722)
Cash and cash equivalents	24.473	25.065	(592)
	105.270	126.728	(21.459)
Assets held for sale and discontinued operations	1.410	7.083	(5.673)
TOTAL ASSETS	433.429	476.465	(43.036)

Thousand Euro		IFRS
	9M21	2020	Var abs
EQUITY AND LIABILITIES
EQUITY
Of the Parent	194.593	191.734	2.858
Share capital	24.864	24.994	(130)
Reserves	174.936	199.035	(24.099)
Treasury shares	(8.334)	(10.542)	2.208
Net profit for the year
Of minority interest	3.127	(21.753)	24.879
	66.854	64.523	2.331
NON CURRENT LIABILITIES
Deferred income	17	51	(34)
Provisions	1.354	1.198	156
Bank borrowings and other financial liabilities	44.492	53.696	(9.204)
Other non-current payables	17.772	15.417	2.355
Deferred tax liabilities	11.930	10.959	971
	75.565	81.320	(5.755)
CURRENT LIABILITIES
Bank borrowings and other financial liabilities	17.297	39.027	(21.729)
Trade and other payables	68.743	86.700	(17.958)
Tax payables	10.377	13.160	(2.783)
	96.417	138.887	(42.470)
TOTAL EQUITY AND LIABILITIES	433.429	476.465	(43.036)

Investor Relations

3

Balance Sheet

VOCENTO, S.A. AND SUBSIDIARIES - 9M21

NET DEBT

Thousand Euro		IFRS
	9M21	2020	Var Abs	Var %
Bank borrowings and other financial liabilities (s.t.)	17.297	39.027	(21.729)	(55,7%)
Bank borrowings and other financial liabilities (l.t.)	44.492	53.696	(9.204)	(17,1%)
Gross debt	61.789	92.722	(30.933)	(33,4%)
+ Cash and cash equivalents	24.595	25.175	(580)	(2,3%)
+ Other non current financial asstes	801	1.599	(798)	(49,9%)
Deferred expenses	544	1.332	(788)	(59,2%)
Net cash position/ (net debt)	(36.937)	(67.280)	30.342	45,1%

Investor Relations

4

Net Debt

VOCENTO, S.A. AND SUBSIDIARIES - 9M21

CASH FLOW STATEMENT

Thousand Euro

IFRS

9M21

9M20 Var Abs

% Var

Net profit attibutable to the parent	3.127	(14.130)	17.256	n.r.
Adjustments to net profit	20.335	27.296	(6.961)	(25,5%)
Cash flows from ordinary operating activities before	23.462	13.167	10.295	78,2%
changes in working capital
Changes in working capital & others	8.110	4.665	3.445	73,9%
Other payables	(3.263)	1.714	(4.977)	n.r.
Income tax paid	(1.325)	(2.074)	749	36,1%
Interests deduction for tax purposes	(804)	(899)	94	10,5%
Net cash flow from operating activities (I)	26.179	16.573	9.607	58,0%
Acquisitions of intangible and property, plan and equipment	(12.435)	(11.692)	(743)	(6,4%)
Acquisitions of financial assets, subsidiaries and associates	22.249	(1.551)	23.800	n.r.
Interests and dividends received	155	312	(157)	(50,3%)
Other receivables and payables (investing)	610	997	(387)	(38,8%)
Net cash flow from investing activities (II)	10.579	(11.934)	22.513	n.r.
Interests and dividends paid	(5.145)	(4.533)	(612)	(13,5%)
Cash inflows/ (outflows) relating to bank borrowings	(5.853)	176	(6.029)	n.r.
Other receivables and payables (financing)	(26.245)	1.195	(27.440)	n.r.
Equity related instruments without financial cost	0	0	0	n.a.
Equity related instruments with financial cost	(96)	0	(96)	n.a.
Net cash flows from financing activities (III)	(37.339)	(3.162)	(34.177)	n.r.
Net increase in cash and cash equivalents (I + II + III)	(580)	1.477	(2.057)	n.r.
Cash and cash equivalents from acquired companies	0	0	0	n.a.
Cash and cash equivalents of discounted operations	0	0	0	n.a.
Cash and cash equivalents at beginning of the year	25.175	17.696	7.479	42,3%
Cash and cash equivalents at end of year	24.595	19.173	5.421	28,3%

Investor Relations

5

CashFlow