In This Article:
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Total Revenue: EUR523 million, a 10.6% increase year on year.
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Audiovisual Net Revenues: EUR487.1 million, up 10.9% compared to the first half of 2023.
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Net Advertising Revenue (Audiovisual): EUR412.6 million, a 9.5% increase.
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Content Production and Distribution Revenue: EUR49 million, up 17.4%.
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Other Division Revenue: EUR26 million, a 22.7% increase.
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Radio Net Advertising Revenue: EUR41 million, a 6.5% increase.
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Total Operating Expenses (OpEx): EUR431 million, a 9.6% increase.
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EBITDA: EUR102 million, 15.3% higher than the first half of 2023, with a 19.5% EBITDA margin.
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Net Profit: EUR69 million, a 15.5% increase compared to the first half of 2023.
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Net Cash Position: Positive EUR64 million by the end of June.
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Atresplayer Premium Subscribers: Near 625,000 by the end of the semester.
Release Date: July 24, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Atresmedia Corporacion de Medios de Comunicacion SA (AIOSF) reported a 10.6% increase in total revenue, reaching EUR523 million year-on-year.
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The company led the TV audience market with a 27.1% share, outperforming its main competitor, Mediaset Espana.
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Atresmedia's video on-demand platform, Atresplayer, saw a 23% increase in video hours consumed, reaching 22 million hours by the end of June.
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The company's SVOD offer, Atresplayer Premium, reached nearly 625,000 subscribers by the end of the semester.
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Net profit increased by 15.5% compared to the first half of 2023, reaching EUR69 million, with a positive net cash position of EUR64 million after dividend distribution.
Negative Points
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The growth pace in advertising revenue slowed in the second quarter compared to the first quarter of 2024.
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There is uncertainty regarding the advertising market trends for the third quarter, with expectations of flattish performance in TV and digital advertising.
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The potential introduction of a new DTT channel in the Spanish market could increase competition.
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The company does not plan any share buybacks despite a strong cash position, focusing instead on dividend payouts.
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There is no significant change expected in capital allocation strategy, which may limit potential growth opportunities.
Q & A Highlights
Q: Can you explain the working capital performance during the first half of the year? A: Fernando Costi Perez, CFO, explained that the strong market performance in the first half led to good sales results. There was better performance in inventory management, with consumption outpacing production. Payments were generally deferred to July, contributing to positive working capital, but nothing unusual was noted beyond standard business operations.