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Vocento Social

2010 Results

Vocento obtains EBITDA of 60.2 million euros (+63.4%), double the level of two years ago, with a financial position that differentiates it from the rest of the sector

  • EBITDA is now double the level of 2008, with the margin up by 5 percentage points to 8.4%, thanks to cost reductions and improvements across all areas, and despite the generalized fall in advertising in the market.
  • Operating expenses have been cut by 164 million euros over the course of the last two years.
  • The group's strategy, based on its leading brands, has reinforced the positioning of the Internet and Audiovisual areas, which now account for 20.1% of advertising revenues.

Madrid, 25 February 2011.- In 2010, Vocento obtained EBITDA, adjusted for non-recurring expenses, of 60.2 million euros, 63.4% more than in the previous year. This is double the level of EBITDA that was achieved in 2008, while the adjusted EBITDA margin increased by 5 percentage points from 2009, to 8.4%.

EBITDA improved in all business areas, thanks to cost reduction measures that totalled 164 million euros in the 2008-2010 period, offsetting the impact of the fall in advertising. At the same time, the group's strategy, based around leading brands that are focused on generating multi-channel content, has been able to win new audiences and new advertisers, and has reinforced the group's position on the Internet and in the Audiovisual market, which now provide 20.1% of the group's advertising revenues.

Excluding non-recurring costs, in 2010 the Company would have posted a profit of 1,4 million euros.

Thanks to its ranking as the leading multimedia group in Spain, its brand-based strategy, and its positioning on the Internet and in the Audiovisual market, combined with its solid financial position, with net debt of 120.6 million euros and cash of 69.0 million euros, Vocento enjoys a privileged platform for growth in the media sector of the future.

More than three years after the start of the recession, Vocento is continuing to demonstrate a high capacity to respond proactively, to the current environment and to the transformation in the media sector, from a business based on different media vehicles to a business based on brands. The group is focused on cost controls, on the integration of the editorial teams of print and online editions, which is the key to the group's positioning on the Internet and to the generation of multi-channel content, and on rolling out its differentiated offering in the Audiovisual sector, with the launch of two new television channels (MTV and La 10).

Results by business area

In the print media, Vocento consolidated its undisputed leadership of both the written press, with 4.5 million readers (according to the third EGM survey of 2010), and also the Internet, with 10.7 million unique monthly users of its online editions (Nielsen Netview December 2010).

The regional newspapers continue to have the highest market share in circulation, at 26% (source: OJD), with 2,250,000 readers (source: EGM). Advertising on the regional online editions increased by 12.2%, and now represents 10.7% of the total advertising revenues of the regional press.

In the national press, ABC was the only title to increase its market share and improve its results continuously. Circulation sales increased by 1.7%, and advertising revenues outperformed the market, slowing by 3.6%, compared to 4.0% for the market, according to i2p. 

A particular highlight has been the growth of Abc.es, whose audience increased by 24.5%, faster than its competitors, with advertising increasing by +25%.

ABC recorded the best circulation performance, maintaining its level of kiosk and subscription sales, in a market which declined by 4.6% in the year. In a very competitive environment, ABC cut the average circulation gap with El Mundo to less than 37,000 copies, from over 108,000 thousand in 2007, and throughout the fourth quarter it had a higher circulation on Sundays than the Unedisa newspaper.

The supplements and magazines area also consolidated its position, with XL Semanal continuing to be the leading Sunday supplement in Spain, and Mujer Hoy the most widely read women's supplement. The advertising revenues of the area increased by 6.5%. Meanwhile, in the free press, Qué! reached 1,496,000 readers, according to the latest EGM survey, remaining the number two free daily and the number three general newspaper in Spain.

The adjusted EBITDA of the print media area was more than 41 million euros, 32.2% higher than in the preceding year. Despite the fall in revenues that the sector has experienced since the start of the recession, ABC has improved its results, and the regional press is continuing to expand its margins and stabilize its levels of EBITDA.

In the Audiovisual area, revenues increased by 1.2% to 112.8 million euros, due to the positive performance from national television, based on the launch of La 10 and MTV, the increased activity from the production companies, in Spain and in exports of formats abroad, and the incorporation of Onda Ramblas. EBITDA improved by 1.1 million euros to 10.9 million euros, thanks to the DTT and Content strategy, combined with cost reduction efforts in all areas.

In January 2011, the four NET TV channels, which are all focused on niche audiences, obtained a combined audience share in DTT of 4.0% (source: Kantar Media).

Another highlight has been the solid audience figures of Punto Radio, which now has over 537,000 listeners, and which has extended its network of broadcasters, following the award of frequencies in Asturias and the acquisition of Onda Ramblas in 2009.

The commitment of VOCENTO to the Internet can be seen in the growing contribution that the area is making to the group's advertising revenues, with it now providing 11.2% of the total. Advertising revenues on the online editions increased by 23.6%, outpacing the 19.2% increase of the market, according to i2p. All the business segments recorded growth, in particular the Classifieds area, where advertising rose by 32.4%, and where the group consolidated its leadership positions in the key categories: employment (Infoempleo top#2), real estate (over a million users for Pisos.com, in the top#3), and automotive (Autocasión top#5).

The increase in advertising in all areas, combined with the cost control measures, enabled an improvement in the EBITDA of the Internet area of 5.7 million euros, or 127.3%, to a positive 1.2 million euros.

Vocento's portals consolidated their leadership, with over 10 million unique users and a 10.5% rise in monthly users, according to Nielsen NetView data for December 2010.


Vocento is a leading multimedia company in Spain, thanks to the strength of its brands, which have a significant presence in all areas of information and entertainment, including the press, supplements, magazines, television, radio, audiovisual production, movie distribution, and the Internet.
The strength of Vocento's nationwide and regional brands, and its permanent commitment to innovation, enable the company to extend its reach beyond its competitors, covering over 29.4 million people, according to the EGM. For more information, go to www.vocento.com.