(Finance) – The board of directors of The sun 24 hours, a publishing group listed on Euronext Milan, has approved the draft financial statements at 31 December 2021 and the consolidated financial statements of the group. The results are affected by non-recurring charges associated with the restructuring organizational and to writedowns from impairment tests carried out in the period. THE consolidated revenues rose by 6.6% to 203.5 million euros. In particular, advertising revenues grew by 11.8% to € 88.2 million, publishing revenues were down by 1% to € 100.9 million, while other revenues grew by 42.3 % to 14.4 million euros.
The consolidated results show a EBITDA positive for 11.3 million euros (positive for 20.1 million at 31 December 2020) and a Net income negative for 21 million euros (negative for 1 million at 31 December 2020). The results net of non-recurring income and charges mark a EBITDA positive for 22.6 million euros (positive for 17.7 million at 31 December 2020) and a negative net result for 0.7 million euros (negative for 2.9 million at December 31, 2020).
There net financial position at 31 December 2021 it was negative for 63.8 million euros and compared with a negative value at 31 December 2020 of 50.9 million euros, worsening by 13.0 million euros. The change in the net financial position mainly refers to the cash flows of investing activities and the payment of non-recurring charges relating to the incentives paid out during the year. The consolidated shareholders’ equity is equal to 13.9 million euros compared to 35.3 million at December 31, 2020.
The staff Price, equal to 90.4 million euros, is up by 11.7 million euros (+ 14.9%) compared to 2020, when it was 78.7 million euros. Net of non-recurring restructuring charges, equal to 13.9 million euros (2.7 million euros in 2020), personnel costs increased by 0.6 million euros (+ 0.8%). L’organic average number of employees, equal to 821 units, records a decrease of 43 units (mainly referring to graphic and printing staff) compared to the previous year when it was 863 units.