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Press release Vetrya S.p.A – September 28, 2016
Vetrya: net increase of the half-year results 2016


Approved by the Board of Directors the Financial Report to June 30, 2016:


- Consolidated turnover at of 22.7 million euro (+36% compared with 06/30/2015);

- Consolidated EBITDA amounted to 1.2 million euro (+638%), net profit to 198,000;

- Consolidated net financial position at June 30, 2016 negative for 3.6 million euro (10.2 million euro at 12/31/2015).


Confirmed the consolidated forecast target for the full year 2016:


- Revenues: EUR 46.3 million;

- EBITDA: EUR 6.3 million;

- EBIT: EUR 4.5 million.


Orvieto, September 28, 2016 - The Board of Directors Vetrya S.p.A. [VTY.MI], whose shares are listed on AIM Italy (Alternative Capital Market) from July 29, 2016, approved the Financial Report to June 30, 2016, prepared in accordance with Italian accounting principles and subject to a limited Audit entrusted to PricewaterhouseCoopers.


The consolidated financial results do not account of the proceeds of the net increase in share capital connected to the IPO on AIM Italy, occurred at a later date after the date of closure at the end of the semester.


It is noted that the economic data at June 30, 2015 are management figures not subject to audit and reported only for explanatory purposes of the growth trend underway.


Principal Economic Data


Consolidated net revenues amounted to 22.7 million euro at June 30, 2016, and increase of 36% compared to consolidated revenues of the first half of 2015 (16.8 million euro). The company continues its consolidation in the market and this has resulted in an increase of recurring revenues in the first half of 2016.


Consolidated EBITDA amounted to 1.2 million euro at June 30, 2016 and also presents a significant increase (+683%) compared to the same period last year, which amounted to 155 thousand euro. As shown also in the Admission Document, some activities of the Group are subject to seasonal trends, related mainly to periods in which the user consumer audience enjoys entertainment services (ref. Summer seasons), and, in particular, as evident in comparison of EBITDA figures at 30 June 2015 (155 thousand euro) and those at 31 December 2015 (EUR 4.908 million), the increase in both turnover and profitability is historically higher in the second half of the year.


The Consolidated Net Profit for the period it is equal (amounted) to 198 thousand euro.


The net financial position was negative by EUR 3.6 million, improving significantly compared to 10.2 million euro at December 31, 2015. This improvement is related to optimization working capital, influenced by positive seasonality. The company demonstrates, therefore, a significant cash generation capabilities and the use of proceeds of the recent IPO will allow for the investments necessary to the improvement of the business plan target.


The consolidated shareholders' equity was approximately EUR 4.9 million (about 4.7 million at December 31, 2015) and, as mentioned above, does not take into account about the recent share capital increase purpose of admission to trading on AIM of Italy ordinary shares of the company.


The Board of Directors also confirmed the forecasts given in the document of Admission to trading and approved at (the) April 4, 2016, during the approval of the Business Plan 2016/2018; in particular, the Board is expected, therefore, for the full year 2016, the following consolidated results:


•           Revenues: EUR 46.3 million;

•           EBITDA: EUR 6.3 million;

•           EBIT: EUR 4.5 million.


“The results of this semester makes us proud of a path that will allow us to achieve the forecasts for exercise 2016” said Luca Tomassini, President and Group CEO. “In the first half of 2016 – continues Tomassini – the Group has continued its investment policy, aimed at the growth of the market share, focusing on the expansion and consolidation of its role as leader in the domestic and international market. We have introduced important innovations in the world of broadband TV, mobile services and applications, digital advertising and completed some telco and media services. We will continue to make investments to enhance our offering and international presence, increasing the quality of services and our market presence”.


The half-yearly financial report to June 30, 2016 will be available to the public at the registered office and on the website, Investors section in the terms prescribed by the regulations.