Migrazione comunicati Telecomitalia Media 2002 ITA

07/24/2003 - 00:00 PM

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SEAT PG GROUP

• Operating income fourfold increase to Euro 80 million

• Revenues grew by 5.2% in comparable terms

• In the 2nd quarter, revenues from the Directory Assistance increased by 21.5% and the Internet Area achieved a positive operating income

Today, the Board of Directors of Seat Pagine Gialle, chaired by Riccardo Perissich, reviewed the (unaudited) preliminary results for the first half 2003.

- Consolidated revenues for the first half of the year amounted to Euro 863 million and decreased by 0.9% compared to the same period of 2002, mainly due to the divestments carried out over the last year: on a constant consolidation area and net of the exchange-rate effect, revenues increased by 5.2%. In the second quarter, revenues amounted to Euro 518 million, with a 4.2% increase in comparable terms versus the same period 2002.
- Due to the performance of almost all business areas, consolidated gross operating profit (GOP) for the semester amounted to Euro 246 million, with an increase of 17.3% compared to Euro 209 million recorded in the first half of the previous year.
- Consolidated operating income for the half year (after amortization of the goodwill) was positive at Euro 80 million, for a fourfold increase compared to Euro 19 million for the first half 2002. 
- The cash flow for the period further improved the net financial position that reached Euro 606 million compared to Euro 680 million at December 31, 2002.
The definitive figures of the half-year report 2003 of the Seat Pagine Gialle Group will be submitted for approval to the Board of Directors on September 1, 2003.

Performance of the Business Areas

During the six-month period, the Directories Area, in relation to substantial stability of revenues at Euro 453 million (-0.8% compared to the first half of 2002), improved operating income by 9.7%, reaching Euro 143 million. In an advertising market that is still strongly recessive, and due also to the devaluation of the pound against the euro, the Directories Area just ended what will probably be the most difficult quarter of the year (based also on the trend seen in the order portfolio): revenues for Q2 2003 amounted to Euro 315 million, 1.8% less than the same period of 2002.
The Directory Assistance Area closed the first half of the year with revenues that rose by 9.6% to Euro 87 million, due to an increase by 21.4% in Q2 2003, and with a strong increase in GOP to Euro 16 million compared to the figure of Euro 5 million for the first half 2002.
Revenues from the Internet Area for the first half of 2003 amounted to Euro 118 million, with an increase by 79.1% compared to 2002, due also to the new revenue recognition procedure applied to dialup Internet traffic and introduced in 2003. Gross operating profit from the area showed a strong increase to Euro 20.7 million compared to Euro 1.2 million for the first half of 2002. It is to be noted that in Q2 2003, the Internet Area showed a positive operating income for the first time ever (approximately Euro 100 thousand after amortization of the goodwill), whereas the portals segment recorded positive figures in terms of GOP.
Lastly, the Television Area closed the six-month period with revenues up 22% to Euro 50.6 million (Euro 41.5 million for the first half of 2002) and an operating loss that has shrunk to Euro 36 million compared to Euro 43 million for the previous period.

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The Board of Directors also appointed the members of the Supervisory Committee – as per Legislative Decree 231/2001: Stefano Braidotti (Internal Control); Giovanni Fiori (Member of the Board of Statutory Auditors); Mario Zanone Poma (“Independent” Director).