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Agora Media severly underperforms, posts losses exceeding expectation, Equities News - EquitiesPoland.pl
Coverage of high-potential mid-market firms in Poland


Agora Media severly underperforms, posts losses exceeding expectation


Listed media group Agora suffered PLN 8.2 mln in Q1 attributable net loss, versus PLN 3.0 mln net loss expected, financial statements out Friday showed.


Full size
  Q1 2017 consensus Q1 y/y vs Cons.
  PLN mln PLN mln % %
Revenues 301,0 299,1 4,3 0,6
Operating profit 3,6 3,1 20,0 16,1
attributable Net -8,2 -3,0 13,9 173,3

The 4.3% top line gain masked revenue erosion in nearly all segments save for film, where combined revenues were showing a nearly 32% gain y/y, calculations amongst segment results showed. Ticket sales are up 11.3% to roughly match the rise in ticket revenues. Non-ticket sales rose at a slightly faster pace, including nearly 20% ad revenue growth, outpacing estimated market growth of 12.5%.


That film and books segment delivered PLN 20.3 mln in Q1 EBITDA, a 20% annual increase to account for 70% of the group total. EBITDA margins are down 1.8 pps to 22.7% for the period.


The story in the core press segment remains dire. Segment revenues are down 13.6% on a 17.7% decline in ad revenue, including a 16% decline for daily paper Gazeta Wyborcza. That proved deeper than Agora's estimate for 14.5% erosion for the press ad market overall in Q1. The segment trimmed its Q1 EBITDA loss to PLN 0.5 mln on sharp cost cutting.


Outdoor advertising increased Q1 EBITDA to PLN 10 mln on cost savings in excess of a moderate 1.1% annual revenue decline. Internet, radio and print offered fractional EBITDA contributions to the Q1 take.


Agora confirmed its prior ad market outlook and still expects 1-3% growth for the full market this year. The Q1 ad market was up by 2.0% to PLN 1.9 bln.



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