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Corporation
ilfattoquotidiano.it

Investments

1

About Editoriale Il Fatto

Editoriale Il Fatto runs an online news site that provides business, science, technology, and environment related news in Italy.

Headquarters Location

Via Valadier 42

Rome, 00193,

Italy

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Latest Editoriale Il Fatto News

Società Editoriale Il Fatto S.p.a. : The Board of Directors approves the draft financial statement at December 31, 2021

Mar 31, 2022

The Board of Directors approves the draft financial statement at December 31, 2021 03/31/2022 | 12:30pm EDT Message : The Board of Directors approves the draft financial statement at December 31, 2021 Revenue growth in every business area, +4% vs. 2020; strong momentum in media content, +18% vs. previous fiscal year Double-digit EBITDA growth, +13% compared to FY 2020; improved margin on value of production, at 15.4% (+159bps compared to 2020) Significant improvement of the net financial position, positive (cash) for Euro 2.3 million, +67% compared to 31 December 2020 Value of Production of Euro 38,490 thousand, +1.2% compared to Euro 38,027 thousand at December 31 EBITDA of Euro 5.942 thousand, +12.8% compared to Euro 5,266 thousand as at 31 December 2020 EBIT amounting to Euro 466 thousand, +188% compared to Euro 162 thousand as at December 31, 2020 Positive net financial position (cash) and equal to Euro 2,295 thousand, compared to a positive NFP (cash) of Euro 1,373 thousand as at December 31, 2020 (+67.1%) Shareholders' equity of Euro 4,586 thousand compared to Euro 4,147 thousand as at 31 December 2020 + 3,8% Rome, 31 March 2022 - The Board of Directors of SEIF S.p.A. (the "Company" or "SEIF") media content provider and publisher of several editorial and multimedia products, a company whose shares are traded on Euronext Growth Milan, a multilateral system organised and managed by Borsa Italiana S.p.A. and Euronext Growth Paris, announces that, today, the Board of Directors approved the draft financial statements for the year ended December 31, 2021. Cinzia Monteverdi, President and CEO of SEIF, stated, "We are very pleased with the results achieved during 2021. The Company's revenues are growing in every business segment and we underline the excellent performance in the media content sector, moreover EBITDA is growing in double digits compared to 2020. These positive results are rewarding the Company's strategy that has invested in digitalization and technological innovation to offer its customers high value-added products and services, confirming itself more and more as a media company. The year 2021 also saw the birth of our Humanitarian Foundation project, of which we are particularly enthusiastic about the excellent results achieved in just a few months". Financial Highlights 100% The table shows, also for the year 2021, an increase in revenues from sales and services of Euro 1,289 thousand, equal to over 4%, and in the value of production of Euro 463 thousand, up 1.2%. The lower increase in Value of Production is influenced by the lower increase in fixed assets for internal work of Euro 753 thousand, essentially due to lower production costs of the television content of the Loft Produzioni division despite the increase in revenues from the exploitation of rights for the content produced. An analysis of the change in revenues from sales and services reveals the following: A.1 Revenues from sales and services Value at 31.12.2021 4.13% Publishing sector: revenues in the publishing sector grew by more than 2.0% overall, which is a significant result if we consider that, in detail, revenues from subscriptions and digital content were able to grow to such an extent as to totally offset the reduction in revenues from newsstand sales, an across-the-board trend for the entire reference market. Revenues attributable to the publishing segment are essentially made up of revenues from (i) newsstand sales of the daily newspaper for Euro 16,248 thousand, which decreased by over 6% compared to the previous year; (ii) sales of the monthly magazine FQMillennium for Euro 540 thousand, which decreased by over 7% compared to the previous year; (iii) sales of Paper First books in the newsstand and bookshop channel for Euro 1.478 thousand, up 3%; (iv) subscription sales of publishing products and digital content,amounting to Euro 6,059 thousand, up 37% on 2020. Media content sector: revenues from the media content segment show a total increase of around 17.6% and are essentially made up of revenues from (i) the exploitation of television content, amounting to Euro 3,471 thousand, which registered an increase of 18.1% compared with the previous year; (ii) sales of theater shows and events, amounting to Euro 61 thousand, which decreased slightly (down Euro 4 thousand) compared with 2020.. Advertising sector: advertising revenues increased by 5.4%, demonstrating that our media represent channels of interest for advertising investors, maintaining a strong attraction even in complicated periods such as that of the 2021 financial year, where the persistence of tensions on the national economy caused by the persistence of the Covid-19 pandemic should not be forgotten. Revenues essentially include (i) advertising sales for the newspaper (Euro 710 thousand) and (ii) advertising sales for the website (Euro 3,959 thousand). By analyzing the marginality of the business management, the following should be pointed out: (in thousands of Euro) 0.79% EBITDA is defined as: earnings for the year, adjusted for the following components: (i) income taxes for the year, (ii) financial components, and (iii) depreciation and amortization of property, plant and equipment and intangible assets, impairments and other provisions. EBIT is defined as: earnings for the year, adjusted for the following components: (i) income taxes for the year, (ii) financial components. EBT is defined as: earnings for the year, adjusted for the following components: income taxes for the year. The value of EBITDA at 31.12.2021 shows an increase both in terms of incidence on the production value (+159 bps) and in terms of total amount (+ Euro 676 Euro). EBIT shows an increase in margins after amortization and depreciation of around Euro 304 euros. EBT and net income are lower than the previous year because, in 2020, these indicators were positively influenced by the financial income related to the capital gain on the sale of the equity investment which, moreover, being subject to taxation under the participation exemption regime, reduced the taxes due and allocated in the 2020 financial statements. Information regarding the main balance sheet indicators for December 31, 2021 and 2020 is provided below. In particular, the reclassified statement of financial position by sources and uses is provided: Financial Balance Sheet 19,675,773 Shareholders' Equity increased by Euro 166 thousand, following the achievement of the net profit 2021. The item Equity Reserves amounts to Euro 3,073 thousand and consists of the Extraordinary Reserve of Euro 3,695 thousand, the Legal Reserve of Euro 500 thousand, the negative Reserve for treasury shares in portfolio of Euro 1,137 thousand and the Reserve for expected cash flow hedging transactions of Euro 6 thousand. In addition, on November 30, 2021, the last conversion period for warrants issued at the time of the listing in 2019 expired. Following the exercise of conversion rights by the holders, 10,000 shares were issued in exchange for the payment of Euro 9.7 thousand, of which 1 thousand euros was allocated to increase the share capital and Euro 8.7 thousand to share premiums. The following is an analysis of cash flows for 2021 compared to those for the same period last year: Cash flows   Current Net Financial Position, amounting to Euro 3,876 thousand, consists exclusively of cash and cash equivalents, net of the portion of the medium-term loan whose repayment instalments fall due within 12 months of the end of the year. The loan of Euro 2,500 thousand originally intended to support investment in 2020 is regularly being repaid. Once again during the year under review, operations generated positive cash flow, enabling the Company to fund all its current operations as well as self-finance its investment program, without giving up its current cash on hand but rather investing any temporary surpluses. It should be noted that the overall Net Financial Position, net of the portion of loans falling due beyond the next financial year but within five years, amounts to Euro 2,295 thousand, marking an improvement of Euro 922 thousand. Allocation of profit for the year 2021 The Board of Directors resolved to propose that the General Meeting of Shareholders carry forward the net income for the year, amounting to 168,787 euros, to be used to partially cover previous losses. Activities carried out in 2021 In the year under review the Company kept all production branches operational, registering an increase of over 4% in revenues from sales and services. The upward trend in revenues of recent years was thus confirmed in 2021, reaching a total of 32.5 million euros, compared with approximately 31.2 million euros in the previous year. It should be noted that each division achieved an increase in revenues (publishing, media content, advertising sales). The Company also continued its investment program in the digitization of products, technological innovation and the production of television content. The Company's financial structure allowed for adequate management of cash flows capable of supporting both current production activities and the fully self-financed investment program. Significant events occured after the end of the year After December 31, 2021 and up to the date of approval of the draft financial statement, no corporate events have occurred that would have an impact on the reported results of operations. As of today, the Company has not recorded any reductions in operating activities or in the related volumes of revenues and cash flows. Business outlook ? It is foreseeable that in 2022, also due to the negative effects caused by the conflict between Russia and Ukraine on the cost of raw materials, which in the publishing sector are mainly represented by energy, transport and paper, a continuous trend of increases in some industrial costs will be faced, which may weaken the entire production chain of the publishing sector in the broad sense and also cause a reduction in operating margins. The Company is implementing various countermeasures to promptly and flexibly streamline production models in order to reduce the impact on the current year as a whole, an impact that is not expected to affect the Company's production volumes and/or general operating capacity. The country's economic crisis is forcing the Company to accelerate its path towards digitalization,the revenue trend registered so far being in line with development objectives. Calling of Ordinary and Extraordinary General Meeting and filing of documents The Board of Directors granted the Chairman and Managing Director the power to convene the Shareholders' Meeting on April 29, 2022 in order to resolve, in ordinary session, on the approval of the financial statements for the year ended December 31, 2021, on the allocation of the result for the year, on the appointment of the audit firm for the financial years 2022, 2023 and 2024 and on the appointment of a member of the Board of Directors as well as, at an extraordinary session, to make some minor amendments to the Articles of Association requested by Borsa Italiana in order to clarify the Panel's responsibilities with regard to the Tender Offer. The documentation required by current legislation, including the reasoned proposal that will be made by the Board of Statutory Auditors concerning the appointment of the external auditors, will be made available at the registered office in Via di Sant'Erasmo 2, Rome, and on the Company's website www.seif-spa.it , Investor Relations section, within the terms set out by current legislation. Additional information In addition to the financial information referred to in the preceding points, the income statement, balance sheet and cash flow statement are hereby attached. Further information In addition to the above financial information, the income statement, balance sheet and cash flow statement are attached. 1.Ordinary Balance Sheet 3,111,950 3,264,387 SOCIETÀ EDITORIALE IL FATTO S.P.A. (SEIF) is an independent media company, founded in Rome in 2009 and led by Cinzia Monteverdi, President and CEO. The company publishes several editorial and multimedia products, including Il Fatto Quotidiano, founded by Antonio Padellaro and edited by Marco Travaglio, the news website ilfattoquotidiano.it and the monthly magazine FQ Millennium, edited by Peter Gomez, and the publishing house Paper First, edited by Marco Lillo. SEIF has recently embarked on a process of diversification to become more and more of an all-round media content provider, launching a strategy to develop its products in a digital and data-driven key and to produce TV with the LOFT business unit.

Editoriale Il Fatto Investments

1 Investments

Editoriale Il Fatto has made 1 investments. Their latest investment was in Foodscovery as part of their Seed - II on February 2, 2016.

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Editoriale Il Fatto Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

2/16/2016

Seed - II

Foodscovery

$0.89M

Yes

1

Date

2/16/2016

Round

Seed - II

Company

Foodscovery

Amount

$0.89M

New?

Yes

Co-Investors

Sources

1

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