Vocento S A : Key financials 9M22

Disclaimer

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.

P&L

CONSOLIDATED PROFIT AND LOSS ACCOUNT
Thousand Euro	9M22	9M21	Var Abs	Var %
Circulation revenues	80,004	85,299	(5,295)	(6.2%)
Advertising revenues	104,639	99,936	4,704	4.7%
Other revenues	58,644	64,267	(5,623)	(8.7%)
Total revenue	243,287	249,501	(6,214)	(2.5%)
Staff costs	(113,506)	(107,714)	(5,792)	(5.4%)
Procurements	(21,303)	(18,782)	(2,521)	(13.4%)
External Services	(98,451)	(99,769)	1,318	1.3%
Provisions	97	(1,553)	1,651	n.r.
Operating expenses (without D&A)	(233,163)	(227,818)	(5,345)	(2.3%)
EBITDA	10,124	21,683	(11,559)	(53.3%)
Depreciation and amortization	(16,498)	(15,158)	(1,340)	(8.8%)
Impairment/gains on disposal of tan. & intan. assets	287	10,855	(10,568)	(97.4%)
EBIT	(6,087)	17,380	(23,467)	n.r.
Impairments/reversal of other intangible assets	0	(1,500)	1,500	100.0%
Profit of companies acc. equity method	(101)	(280)	180	64.0%
Net financial income	(1,079)	(1,708)	629	36.8%
Net gains on disposal of non- current assets	24	(922)	946	n.r.
Profit before taxes	(7,244)	12,969	(20,213)	n.r.
Corporation tax	(1,354)	(4,032)	2,678	66.4%
BDI assets for sale/discontinued operations	9,136	0	9,136	n.a.
Net profit for the year	538	8,937	(8,399)	(94.0%)
Minority interests	(1,795)	(5,811)	4,015	69.1%
Net profit attributable to the parent	(1,257)	3,127	(4,383)	n.r.

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Balance Sheet

CONSOLIDATED BALANCE SHEETS
Thousand Euro	9M22	2021	Var abs	Thousand Euro	1H22	2021	Var abs
ASSETS	EQUITY AND LIABILITIES
NON CURRENT ASSETS	EQUITY
Intangible assets	136,605	139,216	(2,612)	Of the Parent	196,639	204,512	(7,873)
Goodwill	87,418	88,513	(1,096)	Share capital	24,864	24,864	0
Intangible assets	49,187	50,703	(1,516)	Reserves	180,814	174,241	6,573
Property, plant and equipment	94,262	94,812	(550)	Treasury shares	(7,782)	(8,213)	431
Use of leases	20,116	20,114	1	Net profit for the year	(1,257)	13,620	(14,877)
Investments accounted for using the equity method	3,124	4,385	(1,261)	Of minority interest	56,165	64,182	(8,017)
Financial assets	3,852	3,629	222
Non-current investment securities	2,642	2,642	0
Other non current financial assets	1,210	988	222	NON CURRENT LIABILITIES
Other non current receivables	5,184	1,145	4,039	Deferred income	6	15	(9)
Deferred tax assets	48,776	50,191	(1,415)	Provisions	1,215	1,332	(117)
311,918	313,494	(1,576)	Bank borrowings and other financial liabilities	27,287	24,927	2,359
CURRENT ASSETS	Other non-current payables	12,753	16,218	(3,466)
Inventories	18,972	12,151	6,821	Deferred tax liabilities	11,794	11,299	494
Trade and other receivables	65,090	62,665	2,425	53,054	53,792	(737)
Tax receivables	5,006	1,845	3,160	CURRENT LIABILITIES
Cash and cash equivalents	20,748	29,373	(8,625)	Bank borrowings and other financial liabilities	26,580	27,758	(1,178)
109,816	106,035	3,781	Trade and other payables	80,157	75,159	4,997
Tax payables	10,548	9,828	720
Assets held for sale and discontinued operations	1,410	15,702	(14,292)	117,285	112,745	4,540
TOTAL ASSETS	423,144	435,231	(12,087)	TOTAL EQUITY AND LIABILITIES	423,144	435,231	(12,087)

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Net Debt

NET DEBT
Thousand Euro	9M22	2021	Var Abs	Var %
Bank borrowings and other financial liabilities (s.t.)	26,580	27,758	(1,178)	(4.2%)
Bank borrowings and other financial liabilities (l.t.)	27,287	24,927	2,359	9.5%
Gross debt	53,867	52,686	1,181	2.2%
+ Cash and cash equivalents	20,888	29,356	(8,467)	(28.8%)
+ Other non current financial asstes	996	801	195	24.4%
Deferred expenses	266	470	(204)	(43.5%)
Net cash position/ (net debt)	(32,248)	(22,999)	(9,249)	(40.2%)

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CashFlow

CASH FLOW STATEMENT
Thousand Euro	9M22	9M21	Var Abs	% Var
Net profit attibutable to the parent	(1,257)	3,127	(4,383)	n.r.
Adjustments to net profit	10,254	20,335	(10,081)	(49.6%)
Cash flows from ordinary operating activities before changes in working capital	8,997	23,462	(14,465)	(61.7%)
Changes in working capital & others	7,218	8,110	(892)	(11.0%)
Other payables	(3,464)	(3,263)	(201)	(6.2%)
Income tax paid	232	(1,325)	1,557	n.r.
Interests deduction for tax purposes	0	(804)	804	n.r.
Net cash flow from operating activities (I)	12,983	26,179	(13,196)	(50.4%)
Acquisitions of intangible and property, plan and equipment	(11,232)	(12,435)	1,203	9.7%
Acquisitions of financial assets, subsidiaries and associates	(2,439)	22,249	(24,688)	n.r.
Interests and dividends received	405	155	250	n.r.
Other receivables and payables (investing)	(1,258)	610	(1,868)	n.r.
Net cash flow from investing activities (II)	(14,524)	10,579	(25,103)	n.r.
Interests and dividends paid	(11,359)	(5,145)	(6,214)	n.r.
Cash inflows/ (outflows) relating to bank borrowings	2,417	(5,853)	8,270	n.r.
Other receivables and payables (financing)	(4,408)	(26,245)	21,837	83.2%
Equity related instruments without financial cost	(621)	0	(621)	n.a.
Equity related instruments with financial cost	(98)	(96)	(2)	(1.6%)
Net cash flows from financing activities (III)	(14,069)	(37,339)	23,270	62.3%
Net increase in cash and cash equivalents (I + II + III)	(15,610)	(580)	(15,029)	n.r.
Cash and cash equivalents from acquired companies	0	0	0	n.a.
Cash and cash equivalents of discounted operations	7,142	0	7,142	n.a.
Cash and cash equivalents at beginning of the year	29,356	25,175	4,180	16.6%
Cash and cash equivalents at end of year	20,888	24,595	(3,707)	(15.1%)

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CAPEX

CAPEX: (Additions to PPE and intangible assets)
Thousand Euro	9M22	9M21	1S20	Var Abs
Inmat.	Mat.	Total	Inmat.	Mat.	Total	Inmat.	Mat.	Total
Newspapers	2,914	5,980	8,893	3,525	4,378	7,903	(611)	1,601	990
Audiovisual	0	5	6	2	0	2	(2)	5	4
Classified	462	60	522	301	28	329	161	32	193
Gastronomy & Others	500	72	572	78	29	107	422	43	465
Corporate	95	24	119	197	31	229	(102)	(8)	(109)
TOTAL	3,972	6,140	10,111	4,104	4,466	8,570	(132)	1,673	1,541

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Line of Activity

LINE OF ACTIVITY
Thousand Euro	1Q22	1Q21	Var Abs	Var %	1H22	1H21	Var Abs	Var %	9M22	9M21	Var Abs	Var %
Circulation Revenues
Newpapers	27,221	28,835	(1,614)	(5.6%)	53,700	57,348	(3,648)	(6.4%)	80,004	85,300	(5,295)	(6.2%)
Audiovisual	0	0	0	n.a.	0	0	0	n.a.	0	0	0	n.a.
Classified	0	0	0	n.a.	0	0	0	n.a.	0	0	0	n.a.
Gastronomy and Agencies	0	0	0	n.a.	0	0	0	n.a.	0	0	0	n.a.
Corporate and adjustments	(0)	0	(0)	0.0%	(0)	(0)	(0)	n.a.	(0)	(0)	(0)	n.a.
Total Circulation Revenues	27,220	28,835	(1,615)	(5.6%)	53,699	57,348	(3,649)	(6.4%)	80,004	85,299	(5,295)	(6.2%)
Advertising Revenues
Newpapers	26,030	24,626	1,404	5.7%	58,781	56,489	2,291	4.1%	84,509	81,876	2,633	3.2%
Audiovisual	95	471	(376)	(79.8%)	215	906	(692)	(76.3%)	321	1,113	(791)	(71.1%)
Classified	6,291	5,607	684	12.2%	13,107	11,524	1,583	13.7%	19,684	17,228	2,456	14.3%
Gastronomy and Agencies	41	0	41	n.a.	98	133	(36)	(26.8%)	217	176	41	23.4%
Corporate and adjustments	(4)	(22)	18	n.r.	(27)	(89)	61	n.r.	(93)	(458)	365	n.r.
Total Advertising Revenues	32,452	30,681	1,771	5.8%	72,173	68,965	3,208	4.7%	104,639	99,936	4,704	4.7%
Other Revenues
Newpapers	9,873	9,531	342	3.6%	23,116	20,435	2,681	13.1%	38,949	32,102	6,847	21.3%
Audiovisual	1,012	7,006	(5,994)	(85.6%)	2,032	13,731	(11,699)	(85.2%)	3,012	20,416	(17,404)	(85.2%)
Classified	279	357	(77)	(21.7%)	557	683	(126)	(18.5%)	820	1,041	(221)	(21.3%)
Gastronomy and Agencies	6,607	2,921	3,687	n.s.	14,309	9,437	4,872	51.6%	19,294	13,731	5,564	40.5%
Corporate and adjustments	(1,112)	(939)	(173)	(1.4%)	(2,227)	(2,025)	(202)	0.8%	(3,431)	(3,023)	(408)	(0.0%)
Total Other Revenues	16,660	18,875	(2,215)	(11.7%)	37,787	42,261	(4,474)	(10.6%)	58,644	64,267	(5,623)	(8.7%)
Total Revenues
Newpapers	63,124	62,992	132	0.2%	135,596	134,273	1,323	1.0%	203,463	199,278	4,185	2.1%
Audiovisual	1,107	7,477	(6,369)	(85.2%)	2,247	14,638	(12,391)	(84.6%)	3,333	21,529	(18,195)	(84.5%)
Classified	6,570	5,964	606	10.2%	13,664	12,207	1,457	11.9%	20,504	18,270	2,235	12.2%
Gastronomy and Agencies	6,649	2,921	3,728	n.r.	14,407	9,570	4,836	50.5%	19,511	13,907	5,605	40.3%
Corporate and adjustments	(1,117)	(962)	(155)	(16.2%)	(2,255)	(2,113)	(141)	(6.7%)	(3,525)	(3,481)	(43)	(1.2%)
Total Revenues	76,333	78,392	(2,059)	(2.6%)	163,659	168,574	(4,915)	(2.9%)	243,287	249,501	(6,214)	(2.5%)
EBITDA
Newpapers	361	3,143	(2,782)	(88.5%)	9,940	14,208	(4,268)	(30.0%)	11,475	19,289	(7,814)	(40.5%)
Audiovisual	611	2,270	(1,659)	(73.1%)	1,215	4,483	(3,268)	(72.9%)	1,842	6,675	(4,833)	(72.4%)
Classified	570	1,138	(567)	(49.8%)	1,678	2,358	(680)	(28.8%)	2,881	3,667	(786)	(21.4%)
Gastronomy and Agencies	618	(643)	1,261	n.r.	1,120	830	290	34.9%	1,234	989	245	24.8%
Corporate and adjustments	(2,087)	(2,871)	784	27.3%	(5,157)	(5,920)	763	12.9%	(7,308)	(8,936)	1,629	18.2%
Total EBITDA	73	3,037	(2,964)	(97.6%)	8,796	15,959	(7,163)	(44.9%)	10,124	21,683	(11,559)	(53.3%)
EBITDA Margin
Newpapers	0.6%	5.0%	(4.4) p.p.	7.3%	10.6%	(3.3) p.p.	5.6%	9.7%	(4.0) p.p.
Audiovisual	55.2%	30.4%	24.8 p.p.	54.1%	30.6%	23.5 p.p.	55.3%	31.0%	24.3 p.p.
Classified	8.7%	19.1%	(10.4) p.p.	12.3%	19.3%	(7.0) p.p.	14.1%	20.1%	(6.0) p.p.
Gastronomy and Agencies	9.3%	(22.0%)	31.3 p.p.	7.8%	8.7%	(0.9) p.p.	6.3%	7.1%	(0.8) p.p.
Corporate and adjustments	n/s	n/s	n/s	n/s	n/s	n/s	n/s	n/s	n/s
Total EBITDA Margin	0.1%	3.9%	(3.8) p.p.	5.4%	9.5%	(4.1) p.p.	4.2%	8.7%	(4.5) p.p.
EBIT
Newpapers	(3,815)	(848)	(2,966)	n.r.	1,272	16,708	(15,436)	(92.4%)	(1,998)	17,633	(19,631)	n.r.
Audiovisual	596	2,236	(1,640)	(73.3%)	1,190	4,377	(3,187)	(72.8%)	1,807	6,491	(4,684)	(72.2%)
Classified	44	753	(708)	(94.1%)	688	1,555	(868)	(55.8%)	1,436	2,450	(1,013)	(41.4%)
Gastronomy and Agencies	318	(886)	1,204	n.r.	518	344	174	50.5%	331	113	218	n.r.
Corporate and adjustments	(2,202)	(2,995)	793	26.5%	(5,393)	(6,167)	773	12.5%	(7,664)	(9,307)	1,643	17.7%
Total EBIT	(5,059)	(1,741)	(3,318)	n.r.	(1,725)	16,819	(18,544)	n.r.	(6,087)	17,380	(23,467)	n.r.
EBIT Margin
Newpapers	(6.0%)	(1.3%)	(4.7) p.p.	0.9%	12.4%	(11.5) p.p.	(1.0%)	8.8%	(9.8) p.p.
Audiovisual	53.9%	29.9%	24.0 p.p.	53.0%	29.9%	23.1 p.p.	54.2%	30.2%	24.1 p.p.
Classified	0.7%	12.6%	(11.9) p.p.	5.0%	12.7%	(7.7) p.p.	7.0%	13.4%	(6.4) p.p.
Gastronomy and Agencies	4.8%	(30.3%)	35.1 p.p.	3.6%	3.6%	(0.0) p.p.	1.7%	0.8%	0.9 p.p.
Corporate and adjustments	n/s	n/s	n/s	n/s	n/s	n/s	n/s	n/s	n/s
Total EBIT Margin	(6.6%)	(2.2%)	(4.4) p.p.	(1.1%)	10.0%	(11.0) p.p.	(2.5%)	7.0%	(9.5) p.p.

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Newspapers

NEWSPAPERS
Thousand Euro	1Q22	1Q21	Var Abs	Var %	1H22	1H21	Var Abs	Var %	9M22	9M21	Var Abs	Var %
Circulation Revenues
Regionals	19,792	21,112	(1,319)	(6.2%)	38,956	41,778	(2,821)	(6.8%)	58,026	62,068	(4,042)	(6.5%)
ABC	6,689	6,873	(185)	(2.7%)	13,278	13,901	(623)	(4.5%)	19,780	20,762	(982)	(4.7%)
Sports	0	0	0	n.a.	0	0	0	n.a.	0	0	0	n.a.
Supplements & Magazines	2,124	2,377	(254)	(10.7%)	4,190	4,711	(521)	(11.1%)	6,268	7,019	(751)	(10.7%)
Adjustments intersegment	(1,384)	(1,527)	143	9.4%	(2,724)	(3,042)	317	10.4%	(4,070)	(4,550)	480	10.5%
Total Circulation Revenues	27,221	28,835	(1,614)	(5.6%)	53,700	57,348	(3,648)	(6.4%)	80,004	85,300	(5,295)	(6.2%)
Advertising Revenues
Regionals	18,101	16,876	1,224	7.3%	40,409	38,347	2,062	5.4%	58,139	55,892	2,247	4.0%
ABC	6,843	6,505	338	5.2%	15,497	15,379	118	0.8%	22,087	22,248	(161)	(0.7%)
Sports	0	0	0	n.a.	0	0	0	n.a.	74	0	0	n.a.
Supplements & Magazines	1,088	1,244	(156)	(12.5%)	2,876	2,765	111	4.0%	4,211	3,737	474	12.7%
Adjustments intersegment	(2)	1	(2)	n.r.	(1)	(1)	0	15.3%	(1)	(0)	(1)	n.r.
Total Advertising Revenues	26,030	24,626	1,404	5.7%	58,781	56,489	2,291	4.1%	84,509	81,876	2,633	3.2%
Other Revenues
Regionals	8,038	7,071	967	13.7%	16,863	14,954	1,909	12.8%	28,985	23,656	5,329	22.5%
ABC	4,011	4,022	(11)	(0.3%)	9,239	8,052	1,187	14.7%	14,411	12,130	2,281	18.8%
Sports	0	0	0	n.a.	0	0	0	n.a.	0	0	0	n.a.
Supplements & Magazines	92	17	75	n.r.	576	619	(44)	(7.1%)	672	947	(275)	(29.0%)
Adjustments intersegment	(2,268)	(1,580)	(689)	(43.6%)	(3,563)	(3,191)	(372)	(11.7%)	(5,119)	(4,631)	(488)	(10.5%)
Total Other Revenues	9,873	9,531	342	3.6%	23,116	20,435	2,681	13.1%	38,949	32,102	6,847	21.3%
Total Revenues
Regionals	45,931	45,059	872	1.9%	96,228	95,078	1,150	1.2%	145,149	141,616	3,534	2.5%
ABC	17,542	17,401	142	0.8%	38,014	37,332	682	1.8%	56,278	55,140	1,138	2.1%
Sports	0	0	0	n.a.	0	0	0	n.a.	74	0	74	n.a.
Supplements & Magazines	3,304	3,638	(334)	(9.2%)	7,641	8,095	(454)	(5.6%)	11,151	11,703	(551)	(4.7%)
Adjustments intersegment	(3,654)	(3,106)	(548)	(17.6%)	(6,288)	(6,233)	(54)	(0.9%)	(9,190)	(9,180)	(9)	(0.1%)
Total Revenues	63,124	62,992	132	0.2%	135,596	134,273	1,323	1.0%	203,463	199,278	4,185	2.1%
EBITDA
Regionals	2,328	4,157	(1,829)	(44.0%)	10,311	12,542	(2,231)	(17.8%)	14,284	16,993	(2,709)	(15.9%)
ABC	(1,322)	(1,042)	(280)	(26.8%)	427	1,001	(574)	(57.3%)	519	1,502	(983)	(65.4%)
Sports	(439)	0	(439)	n.a.	(1,278)	0	(1,278)	n.a.	(3,803)	0	(3,803)	n.a.
Supplements & Magazines	(206)	28	(234)	n.r.	479	665	(186)	(27.9%)	475	794	(319)	(40.2%)
Total EBITDA	361	3,143	(2,782)	(88.5%)	9,940	14,208	(4,268)	(30.0%)	11,475	19,289	(7,814)	(40.5%)
EBITDA Margin
Regionals	5.1%	9.2%	(4.2) p.p.	10.7%	13.2%	(2.5) p.p.	9.8%	12.0%	(2.2) p.p.
ABC	(7.5%)	(6.0%)	(1.5) p.p.	1.1%	2.7%	(1.6) p.p.	0.9%	2.7%	(1.8) p.p.
Sports	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
Supplements & Magazines	(6.2%)	0.8%	(7.0) p.p.	6.3%	8.2%	(1.9) p.p.	4.3%	6.8%	(2.5) p.p.
Total EBITDA Margin	0.6%	5.0%	(4.4) p.p.	7.3%	10.6%	(3.3) p.p.	5.6%	9.7%	(4.0) p.p.
EBIT
Regionals	184	2,111	(1,927)	(91.3%)	5,815	18,986	(13,171)	(69.4%)	7,414	21,429	(14,015)	(65.4%)
ABC	(3,231)	(2,882)	(349)	(12.1%)	(3,478)	(2,725)	(754)	(27.7%)	(5,679)	(4,249)	(1,429)	(33.6%)
Sports	(439)	0	(439)	n.a.	(1,280)	0	(1,280)	n.a.	(3,809)	0	(3,809)	n.a.
Supplements & Magazines	(329)	(77)	(252)	n.r.	216	447	(232)	(51.8%)	77	454	(377)	(83.1%)
Total EBIT	(3,815)	(848)	(2,966)	n.r.	1,272	16,708	(15,436)	(92.4%)	(1,998)	17,633	(19,631)	n.r.
EBIT Margin
Regionals	0.4%	4.7%	(4.3) p.p.	6.0%	20.0%	(13.9) p.p.	5.1%	15.1%	(10.0) p.p.
ABC	(18.4%)	(16.6%)	(1.9) p.p.	(9.2%)	(7.3%)	(1.9) p.p.	(10.1%)	(7.7%)	(2.4) p.p.
Sports	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
Supplements & Magazines	(9.9%)	(2.1%)	(7.8) p.p.	2.8%	5.5%	(2.7) p.p.	0.7%	3.9%	(3.2) p.p.
Total EBIT Margin	(6.0%)	(1.3%)	(4.7) p.p.	0.9%	12.4%	(11.5) p.p.	(1.0%)	8.8%	(9.8) p.p.

&"Century Gothic,Negrita"&12&K00B6F6VOCENTO, S.A. AND SUBSIDIARIES - 1H22

&"Century Gothic,Negrita"&9&K0071BDInvestor Relations &"Century Gothic,Negrita"&9&K0071BD&P &"Century Gothic,Negrita"&9&K0071BD&A

Audiovisual

AUDIOVISUAL
Thousand Euro	1Q22	1Q21	Var Abs	Var %	1H22	1H21	Var Abs	Var %	9M22	9M21	Var Abs	Var %
Advertising Revenues
DTT	85	461	(376)	(81.6%)	195	888	(693)	(78.0%)	298	1,094	(795)	(72.7%)
Radio	10	9	0	5.2%	20	19	1	5.2%	23	19	4	22.6%
Content	0	0	0	n.a.	0	0	0	n.a.	0	0	0	n.a.
Adjustments intersegment	0	0	0	n.a.	0	0	0	n.a.	0	0	0	n.a.
Adjustments intersegment	95	471	(376)	(79.8%)	215	906	(692)	(76.3%)	321	1,113	(791)	(71.1%)
Other Revenues
DTT	198	5,890	(5,692)	(96.6%)	409	11,537	(11,128)	(96.5%)	586	17,223	(16,637)	(96.6%)
Radio	783	759	25	3.3%	1,572	1,511	61	4.1%	2,355	2,263	92	4.1%
Content	55	410	(355)	(86.5%)	99	788	(688)	(87.4%)	143	1,086	(943)	(86.8%)
Adjustments intersegment	(24)	(52)	28	53.6%	(49)	(105)	56	53.6%	(73)	(157)	84	53.6%
Total Other Revenues	1,012	7,006	(5,994)	(85.6%)	2,032	13,731	(11,699)	(85.2%)	3,012	20,416	(17,404)	(85.2%)
Total Revenues
DTT	283	6,351	(6,068)	(95.5%)	604	12,425	(11,821)	(95.1%)	885	18,317	(17,432)	(95.2%)
Radio	793	768	25	3.3%	1,592	1,530	62	4.1%	2,378	2,282	96	4.2%
Content	55	410	(355)	(86.5%)	99	788	(688)	(87.4%)	143	1,086	(943)	(86.8%)
Adjustments intersegment	(24)	(52)	28	53.6%	(49)	(105)	56	53.6%	(73)	(157)	84	53.6%
Total Revenues	1,107	7,477	(6,369)	(85.2%)	2,247	14,638	(12,391)	(84.6%)	3,333	21,529	(18,195)	(84.5%)
EBITDA
DTT	(80)	1,307	(1,387)	n.r.	(162)	2,597	(2,759)	n.r.	(213)	3,887	(4,101)	n.r.
Radio	686	651	34	5.3%	1,377	1,298	79	6.1%	2,056	1,939	117	6.0%
Content	5	312	(307)	(98.5%)	1	589	(588)	(99.9%)	(1)	848	(849)	n.r.
Total EBITDA	611	2,270	(1,659)	(73.1%)	1,215	4,483	(3,268)	(72.9%)	1,842	6,675	(4,833)	(72.4%)
EBITDA Margin
DTT	(28.2%)	20.6%	(48.7) p.p.	(26.9%)	20.9%	(47.8) p.p.	(24.1%)	21.2%	(45.3) p.p.
Radio	86.4%	84.8%	1.6 p.p.	86.5%	84.8%	1.6 p.p.	86.5%	85.0%	1.5 p.p.
Content	8.4%	76.0%	(67.6) p.p.	0.7%	74.7%	(74.0) p.p.	(0.6%)	78.1%	(78.7) p.p.
Total EBITDA Margin	55.2%	30.4%	24.8 p.p.	54.1%	30.6%	23.5 p.p.	55.3%	31.0%	24.3 p.p.
EBIT
DTT	(87)	1,320	(1,407)	n.r.	(177)	2,602	(2,779)	n.r.	(235)	3,861	(4,095)	n.r.
Radio	681	649	32	4.9%	1,370	1,276	94	7.4%	2,048	1,916	133	6.9%
Content	3	267	(264)	(99.0%)	(3)	500	(503)	n.r.	(7)	715	(722)	n.r.
Total EBIT	596	2,236	(1,640)	(73.3%)	1,190	4,377	(3,187)	(72.8%)	1,807	6,491	(4,684)	(72.2%)
EBIT Margin
DTT	(30.9%)	20.8%	(51.7) p.p.	(29.3%)	20.9%	(50.2) p.p.	(26.5%)	21.1%	(47.6) p.p.
Radio	85.8%	84.5%	1.3 p.p.	86.1%	83.4%	2.7 p.p.	86.1%	83.9%	2.2 p.p.
Content	5.0%	65.1%	(60.2) p.p.	(3.1%)	63.5%	(66.5) p.p.	(4.6%)	65.8%	(70.4) p.p.
Total EBIT Margin	53.9%	29.9%	24.0 p.p.	53.0%	29.9%	23.1 p.p.	54.2%	30.2%	24.1 p.p.

&"Century Gothic,Negrita"&12&K00B6F6VOCENTO, S.A. AND SUBSIDIARIES - 1H22

&"Century Gothic,Negrita"&9&K0071BDInvestor Relations &"Century Gothic,Negrita"&9&K0071BD&P &"Century Gothic,Negrita"&9&K0071BD&A

Classified

CLASSIFIED
Thousand Euro	1Q22	1Q21	Var Abs	Var %	1H22	1H21	Var Abs	Var %	9M22	9M21	Var Abs	Var %
Circulation Revenues
Classified	0	0	0	n.a.	0	0	0	n.a.	0	0	0	n.a.
Total Circulation Revenues	0	0	0	n.a.	0	0	0	n.a.	0	0	0	n.a.
Advertising Revenues
Classified	6,291	5,607	684	12.2%	13,107	11,524	1,583	13.7%	19,684	17,228	2,456	14.3%
Total Advertising Revenues	6,291	5,607	684	12.2%	13,107	11,524	1,583	13.7%	19,684	17,228	2,456	14.3%
Other Revenues
Classified	279	357	(77)	(21.7%)	557	683	(126)	(18.5%)	820	1,041	(221)	(21.3%)
Total Other Revenues	279	357	(77)	(21.7%)	557	683	(126)	(18.5%)	820	1,041	(221)	(21.3%)
Total Revenues
Classified	6,570	5,964	606	10.2%	13,664	12,207	1,457	11.9%	20,504	18,270	2,235	12.2%
Total Revenues	6,570	5,964	606	10.2%	13,664	12,207	1,457	11.9%	20,504	18,270	2,235	12.2%
EBITDA
Classified	570	1,138	(567)	(49.8%)	1,678	2,358	(680)	(28.8%)	2,881	3,667	(786)	(21.4%)
Total EBITDA	570	1,138	(567)	(49.8%)	1,678	2,358	(680)	(28.8%)	2,881	3,667	(786)	(21.4%)
EBITDA Margin
Classified	8.7%	19.1%	(10.4) p.p.	12.3%	19.3%	(7.0) p.p.	14.1%	20.1%	(6.0) p.p.
Total EBITDA Margin	8.7%	19.1%	(10.4) p.p.	12.3%	19.3%	(7.0) p.p.	14.1%	20.1%	(6.0) p.p.
EBIT
Classified	44	753	(708)	(94.1%)	688	1,555	(868)	(55.8%)	1,436	2,450	(1,013)	(41.4%)
Total EBIT	44	753	(708)	(94.1%)	688	1,555	(868)	(55.8%)	1,436	2,450	(1,013)	(41.4%)
EBIT Margin
Classified	0.7%	12.6%	(11.9) p.p.	5.0%	12.7%	(7.7) p.p.	7.0%	13.4%	(6.4) p.p.
Total EBIT Margin	0.7%	12.6%	(11.9) p.p.	5.0%	12.7%	(7.7) p.p.	7.0%	13.4%	(6.4) p.p.

&"Century Gothic,Negrita"&12&K00B6F6VOCENTO, S.A. AND SUBSIDIARIES - 1H22

&"Century Gothic,Negrita"&9&K0071BDInvestor Relations &"Century Gothic,Negrita"&9&K0071BD&P &"Century Gothic,Negrita"&9&K0071BD&A

Gastronomy & Agencies

GASTRONOMY & AGENCIES
Thousand Euro	1Q22	1Q21	Var Abs	Var %	1H22	1H21	Var Abs	Var %	9M22	9M21	Var Abs	Var %
Circulation Revenues
Gastronomy	0	0	0	n.a.	0	0	0	n.a.	0	0	0	n.a.
Agencies	0	0	0	n.a.	0	0	0	n.a.	0	0	0	n.a.
Total Circulation Revenues	0	0	0	n.a.	0	0	0	33.9%	0	0	0	17.2%
Advertising Revenues
Gastronomy	28	0	28	n.a.	72	133	(61)	(45.9%)	179	176	3	1.6%
Agencies	13	0	13	n.a.	25	0	25	n.a.	38	0	38	n.a.
Total Advertising Revenues	41	0	41	n.r.	98	133	(36)	33.9%	217	176	41	17.2%
Other Revenues
Gastronomy	3,933	349	3,585	n.r.	6,269	3,660	2,610	71.3%	7,476	4,535	2,941	64.9%
Agencies	2,674	2,572	102	4.0%	8,039	5,777	2,262	39.2%	11,818	9,196	2,622	28.5%
Total Other Revenues	6,607	2,921	3,687	n.r.	14,309	9,437	4,872	33.9%	19,294	13,731	5,564	17.2%
Total Revenues
Gastronomy	3,961	349	3,613	n.r.	6,342	3,793	2,549	67.2%	7,655	4,711	2,944	62.5%
Agencies	2,687	2,572	115	4.5%	8,065	5,777	2,288	39.6%	11,856	9,196	2,661	28.9%
Total Revenues	6,649	2,921	3,728	n.r.	14,407	9,570	4,836	50.5%	19,511	13,907	5,605	40.3%
EBITDA
Gastronomy	927	(345)	1,273	n.r.	1,017	820	197	24.0%	810	570	240	42.0%
Agencies	(309)	(298)	(12)	(3.9%)	103	10	93	n.r.	424	419	5	1.3%
Total EBITDA	618	(643)	1,261	(157.6%)	1,120	830	290	34.9%	1,234	989	245	24.8%
EBITDA Margin
Gastronomy	23.4%	(99.1%)	122.5 p.p.	16.0%	21.6%	(5.6) p.p.	10.6%	12.1%	(1.5) p.p.
Agencies	(11.5%)	(11.6%)	0.1 p.p.	1.3%	0.2%	1.1 p.p.	3.6%	4.6%	(1.0) p.p.
Total EBITDA Margin	9.3%	(22.0%)	31.3 p.p.	7.8%	8.7%	(0.9) p.p.	6.3%	7.1%	(0.8) p.p.
EBIT
Gastronomy	862	(359)	1,222	n.r.	886	792	94	11.8%	614	382	233	61.0%
Agencies	(545)	(527)	(18)	(3.3%)	(367)	(447)	80	17.9%	(284)	(269)	(15)	(5.5%)
Total EBIT	318	(886)	1,204	n.r.	518	344	174	50.5%	331	113	218	n.r.
EBIT Margin
Gastronomy	23.4%	(99.1%)	122.5 p.p.	16.0%	21.6%	(5.6) p.p.	10.6%	8,1%	(1.5) p.p.
Agencies	(11.5%)	(11.6%)	0.1 p.p.	1.3%	0.2%	1.1 p.p.	3.6%	(2.9%)	(1.0) p.p.
Total EBIT Margin	4.8%	(30.3%)	35.1 p.p.	3.6%	3.6%	0.0 p.p.	1.7%	0.8%	0.0 p.p.

&"Century Gothic,Negrita"&12&K00B6F6VOCENTO, S.A. AND SUBSIDIARIES - 1H22

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