Q2 2024 Atresmedia Corporacion de Medios de Comunicacion SA Earnings Call Transcript
Key Points
- Atresmedia Corporacion de Medios de Comunicacion SA (AIOSF) reported a 10.6% increase in total revenue, reaching EUR523 million year-on-year.
- The company led the TV audience market with a 27.1% share, outperforming its main competitor, Mediaset España.
- Atresmedia's video on-demand platform, Atresplayer, saw a 23% increase in video hours consumed, reaching 22 million hours by the end of June.
- The company's SVOD offer, Atresplayer Premium, reached nearly 625,000 subscribers by the end of the semester.
- Net profit increased by 15.5% compared to the first half of 2023, reaching EUR69 million, with a positive net cash position of EUR64 million after dividend distribution.
- The growth pace in advertising revenue slowed in the second quarter compared to the first quarter of 2024.
- There is uncertainty regarding the advertising market trends for the third quarter, with expectations of flattish performance in TV and digital advertising.
- The potential introduction of a new DTT channel in the Spanish market could increase competition.
- The company does not plan any share buybacks despite a strong cash position, focusing instead on dividend payouts.
- There is no significant change expected in capital allocation strategy, which may limit potential growth opportunities.
Hi, good afternoon, everyone. Thank you very much for attending this conference call in which we are present in the first half of the year 2024. The call will be hosted by Fernando Costi, CFO of Atresmedia and by myself, David Gomez , Equity Financial Director and Head of Investor Relations.
As usual, we will be summarizing the main highlights of the period, and then we will move on the Q&A session. So without further delay, we start with the highlights. So please, Fernando, the floor is yours.
Thanks, David. Let me start by saying that the first half of 2024 has been remarkable for Atresmedia. All the markets in which Atresmedia operates presented positive figures. TV advertising market, including both conventional and digital revenues, increased by around 5% to 6% with a similar trend in radio. Atresmedia audience serves have been very positive.
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