Approval of the draft financial statement at 31 December 2021
Adjusted EBITDA up 5% supported by development activities; recurring cash generation exceeding € 90 million
- Key results for the year ended 31 December 2021 (vs 31 December 2020):
- Core revenues of € 229.4m (+2.4%);
- Adjusted EBITDA* of € 142.9m (+5.1%);
- Operating profit (EBIT) of € 91.1m (+1.9%);
- Net profit of € 65.4m (+2.1%);
- Investments** of € 85.0m (€ 60.6m in 2020)
- Recurring cash generation*** of € 93.3m
- Net debt of € 87.9m (compared to € 46.1m in 2020)
- Proposed dividend of 24.36 €cent/share, for a total amount in line with 2021 Net income and a dividend yield equal to 4.5%****
- Ordinary Shareholders' Meeting scheduled for 27 April 2022
- Proposed new authorization to the Shareholders' Meeting for the purchase and disposal of treasury shares
Rome, 17March 2022 - The Board of Directors of Rai Way S.p.A. (“Rai Way” or the “Company”), met today under the chairmanship of Giuseppe Pasciucco, examined and unanimously approved the Company’s draft of the financial statements for the year ended 31 December 2021.
Aldo Mancino, CEO of Rai Way, stated: “Performance in 2021 was satisfactory and above our initial expectations, with Adjusted EBITDA up 5% and development investments at over €70 million. Year on year, we have steadily improved our results, bringing recurring cash generation around €30 million above the 2014 IPO’s levels. Activities for RAI aimed at the transition to the new digital TV were accompanied by those related to the development of networks for local broadcasters - again in the context of refarming – and to the design of new infrastructure and services envisaged in the Industrial Plan, such as the edge data centre network. Finally, we are proud to say that, also thanks to the completion of several initiatives of the Sustainability Plan, the improvement of financial results has been accompanied by the development of the company's ESG profile, as recognised by the main international rating providers”.
The Press Release is available in PDF format.
* The Company assesses performance also on the basis of certain measures not considered by IFRS. Set out below is a description of the components of the indicators that are important for the Company:
- EBITDA (earnings before interest, taxes, depreciation and amortization): this is calculated as profit before income taxes, depreciation, amortization, write-downs and financial income and expenses.
- Adjusted EBITDA: this is calculated as profit before income taxes, depreciation, amortization, write-downs, financial income and expenses and non-recurring expenses/income.
- Operating profit or EBIT (earnings before interest and taxes): this is calculated as profit before income taxes and before financial income and expenses.
- Net Debt: the format for the calculation of Net Debt is the one provided in paragraph 127 of CESR Recommendation 05-054b, which implements Regulation (EC) no. 809/2004.
** Excluding investments related to the application of new IFRS 16 Accounting Standard, equal to €6.5m in 2020
*** Recurring cash generation calculated as Adjusted EBITDA – Leases – Net Financial Charges (excluding lease component) – Normalised P&L Taxes – Maintenance Capex. Leases estimated as sum of leasing right of use depreciation (excl. dismantling) and financial charges on leasing contracts
**** Dividend yield based on the closing price recorded on 16 March 2022 on MTA Stock Exchange managed by Borsa Italiana (5.36 €/share)