> Media Capital releases 2013 Full Year Results

FULL YEAR RESULTS 2013

Media Capital’s consolidated net profit reached € 13.7 million, (+15% vs 2012).

2013 recurring EBITDA improved 2% to € 40.7 million, with a margin of 22.4%, which represents an improvement of 0.7pp vs 2012. This performance was possible due to a strict cost control as well as to a reorganization which allowed the Group to adapt its structure to the economic environment and to sector’s secular changes. Media Capital is now more prepared to face the important challenges and opportunities that lie ahead.

Media Capital estimates to have gained market share in 2013 in what advertising is concerned, with the Group’s consolidated operating revenues having decreased by a meagre 1%. Notwithstanding the decrease of the advertising market as a whole, the Group benefited from the development of complementary revenues sources. Finally, it is worth highlighting the fact that the free-to-air (FTA) advertising market showed some recovery signs in the last quarter of the year, with an estimated 4% YoY growth.

For the ninth year in a row, TVI lead audience figures, with an average share of 24.6% and 27.7% in all day and prime time respectively. TVI posted a 3.5pp lead over the second most watched channel in all day and 1.2pp in prime time. TVI’s audience leadership also applies when considering family of channels (i.e. all channels from the same operator), with a 26.5% share in all day (29.3% in prime time). On the financial side, the Television segment had a recurring EBITDA of € 37.0 million (margin of 25.5%), representing an increase of 12% when compared with 2012, due to a good performance of operating revenues and cost control.

The Audiovisual Production segment registered an improvement of its figures in the final quarter of the year, with the EBITDA adjusted for indemnities reaching € 1.4 million (+90% vs Q4’12). The Group continues to bet on the quality of its contents and to promote efficiency at all levels, hence expecting this segment to improve its results in 2014.

Radio’s segment EBITDA was € 3.2 million (margin of 22.4%), in a record year in both profitability and audience levels. The latter allowed for a sizable improvement in MCR’s adverting market share. In fact, MCR kept its advertising revenues stable, although the market should have fallen by 13%. At the end of 2013, Rádio Comercial had its eight consecutive reading as number one radio station in Portugal. 

In Digital, there was an overall growth of 74% in pageviews, with special emphasis in TVI’s brands, which had an aggregate share of 49.5%, thereby clearly leading its segment. As a consequence of the good operating performance, this segment contributed positively to the Group’s EBITDA.

Full document available here: http://www.mediacapital.pt/en/p/595/financial-results/