Financial highlights

All Italiaonline’s main financial data and results

Highlights Q1 2018

€mQ1 2018Q1 2018 without IFRS 16Q1 2017
Change YoY
Q1 2018 reportedQ1 2018 without IFRS 16
of which digital revenues57.857.854.5+6.1%+6.1%
EBITDA Margin18.2%15.1%14.8%+3.4 pp+0.3 pp
Net Income3.93.91.6n.s.n.s.
€m31/03/2018Q1 2018 without IFRS 1631/12/2017
Change vs 31/12/2017
Q1 2018 reportedQ1 2018 without IFRS 16
Cash Holdings92.192.175.1+22.6%+22.6%
Net Financial Position52.292.172.9(28.5)%+26.2%
Starting from 01 January 2018 Italiaonline S.p.A. has chosen to early adopt the accounting standards IFRS 16 (Leases).

Financial highlights FY 2017

(euro/million)FY 2017
pro-forma (**)
FY 2017FY 2016 pro-forma (**)FY 2016
Financial highlights
Revenue from sales and services338.5335.9376.0389.5
EBITDA (*)67.767.763.963.9
EBIT (*)27.80.7
Profit (loss) attributable to the owness of the parent26.422.7
Unlevered FCF (*)50.454.5
Net financial position (*)(72.9)(122.1)
Profitability ratios
(*) See “Non IFRS performance indicators” below for details on how the items are calculated. (**) The main indicators for the years 2016 and 2017 have been analysed and commented according to a normalized view (pro forma data) to reflect the changes in the perimeter due to the sale of the subsidiary Europages and the 12.54 business segment, the disposal of Moqu’s arbitration activities and to the accounting realignment of the subsidiary Consodata occurred in 2016 and thus to enable comparison with FY 2017 results. As a result of the aforementioned changes, the comparative data as at 31 December 2016 show revenues of € 376.0 million (€ 389.5 million reported in 2016 Annual Financial Report) and EBITDA of € 63.9 million (-€0.1 million vs 2016 reported data) the corresponding figures for 2017 show revenues of € 338.5 million (€ 335.9 million data reported in the 2017 Annual Financial Report) and EBITDA of € 67.7 million (in line with data reported in the 2017 Annual Financial Report).

Non IFRS performance indicators

This section includes several alternative performance indicators as used in the Company’s Financial Reports, in order to provide tools for analyzing the economic and financial performance of the Group, in addition to those based on the financial statements. These indicators are not identified as accounting measures within the IFRS framework, and must therefore not be considered an alternative standard by which to assess the results of the Group or its equity and financial position. As these measures are not governed by the IFRS, the calculation methods used by the Group may not be consistent with those implemented by others. Therefore, these indicators may not be comparable. These indicators are as follows:

  • GOP (Gross Operating Profit) refers to EBITDA before other operating income and expenses, net valuation adjustments, and provisions for risks and charges.
  • EBITDA (Operating profit before amortization, other net non-recurring and restructuring costs) is represented by EBIT (operating profit) before net non-recurring and restructuring costs and operating and non-operating amortization, depreciation and impairment losses.
  • Operating Working Capital and Non-Operating Working Capital are calculated respectively as current operating assets (relating to operating revenue) net of current operating liabilities (relating to operating costs), and as current non-operating assets net of current non-operating liabilities. Both items exclude current financial assets and liabilities.
  • Net Invested Capital is calculated as the sum of operating working capital, non-operating working capital, goodwill, and other “marketing-related” intangible assets and other operating and non-operating non-current assets and liabilities.
  • Net Financial Debt is an indicator of the ability to meet financial obligations, comprising current and non-current Financial Liabilities net of Cash and cash equivalents and Current Loan Assets.
  • OFCF (Operating Free Cash Flow) is determined by EBITDA, adjusted to take into account the effect of capital expenditure and the change in operating working capital and non-current operating liabilities on the net financial position.
  • Unlevered FCF (Unlevered Free Cash Flow) corresponds to OFCF adjusted by the effect of taxes paid.

Revenues breakdown Q1 2018

Net financial position

*NFP at 31 March 2018 is bank debt free. The introduction of IFRS 16, according to which all rents have to be treated as depreciation, implies the accounting of rents NPV as asset and financial liabilities (virtual net debt according to IFRS 16 equal to €40 million).
** Includes Cash and Current financial receivables from third parties.

Reclassified consolidated income statements

(euro/million)Year 2017Year 2016Year 2015*
Revenues from sales and services335.9389.5449.6
Materials and external services(180.6)(204.5)(272.0)
Salaries, wages and employee benefits (77.4)(99.3)(109.7)
% on revenues23.2%22.0%15.1%
Net valuation adjustments and accruals to provisions for risks and charges(10.0)(20.3)(21.6)
Other net operating income (expenses)(0.2)(1.5)(2.2)
Operating income before amortisation, depreciation, non-recurring and restructuring costs, net (EBITDA)67.763.944.1
% on revenues20.1%16.4%9.8%
Operating amortisation, depreciation and impairment losses(30.7)(48.1)(49.5)
Non-operating amortisation, depreciation and impairment losses(5.2)(6.0)(4.7)
Net non-recurring and restructuring expense(4.0)(9.1)(16.9)
Operating income (EBIT)(27.8)0.7(27.0)
% on revenues8.3%0.2%(6.0%)
Interest expense, net0.60.1(2.6%)
Impairment losses recognised on financial assets and losses from subsidiaries disposal-(1.5)(6.6)
Profit (Loss) before income taxes(0.7)(30.3)
Income taxes23.413.7
Profit (Loss) on continuing operations28.422.7(16.6)
Income taxes(2.0)-0.2
Profit (loss) for the period26.422.7(16.4)
of which pertaining to the Group26.422.7(12.6)
of which non-controlling interests--(3.8)
* The comparable data related to full year 2015 include Italiaonline and Seat Pagine Gialle S.p.A. data.



Reclassified consolidated statements of financial position

(euro/million)At 31.12.2017At 31.12.2016At 31.12.2015*
Goodwill and marketing related intangibles assets272.5277.7283.7
Other non-current assets **73.477.691.8
Non-current liabilities(50.5)(59.8)(83.5)
Working capital(52.8)(48.2)(31.2)
Non-current assets held for sale and discontinued operations-(2.1)2.3
Net invested capital242.6245.2263.1
Equity attributable to the owners of the parent315.5367.3288.2
Equity attributable to non-controlling interests--49.5
Total equity (A)315.5367.3337.7
Net financial debt (B)(72.9)(122.1)(74.6)
Total (A+B)242.6245.2263.1
* The comparable data related to full year 2015 include Italiaonline and Seat Pagine Gialle S.p.A. data.
** Includes financial assets available for sale and non current financial assets.



Consolidated cash statement of cash flows

(euro/million)Year 2017Year 2016Year 2015*
Operating income before amortisation, depreciation, non-recurring and restructuring costs, net (EBITDA)67.763.944.1
Gains (losses) from discounting operating assets and liabilities0.7(0.6)0.6
Decrease (increase) in operating working capital11.715.418.9
(Decrease) increase in operating non-current liabilities **(2.6)0.1(3.7)
Capital expenditure(26.3)(23.2)(38.8)
Operating free cash flow51.255.621.1
Income taxes(0.8)(1.1)(1.8)
Unlevered free cash flow50.454.519.3
Collection of interest and financial expense, net0.41.91.0
Payment of non-recurring and restructuring expense (20.6)(17.2)(27.0)
Dividend distribution(80.0)-
Effect from the dissolution of leases agreements-8.023.2
Other movements 0.60.5(0.7)
Change in net financial debt49.247.745.8
* The comparable data related to full year 2015 include Italiaonline and Seat Pagine Gialle S.p.A. data.
** The changes don’t include the non cash effects arising from profit and losses recognised to equity.