NRJ GROUP (EPA:NRG) - NRJ GROUP - Press release Half-Year Results 2021

Transparency directive : regulatory news

28/07/2021 17:58

Paris, July 28, 2021 - 5.45pm
2021 half-year results - NRJ Group

                                First half of 2021:
. 15.7% increase in revenue excluding barters
. Significant improvement in the EBITDA and increase of almost EUR20 million of
  the current operating profit excluding barters

The NRJ Group Board of Directors, which met on 28 July 2021, approved the
consolidated accounts for the first half of the 2021 financial year, with its
Media activities in France and Europe still affected by the consequences of the
COVID-19 health crisis.

In millions of euros                        HY 2021   HY 2020   Change
Revenue excluding barters                    163.9     141.6    +15.7%
EBITDAii excluding barters                    21.9       2.9    X 7.5
Current operating profit/loss excluding
barters                                        5.7     (13.9)    n.a
Operating profit/loss                          7.0     (13.4)    n.a
Financial result                              (0.1)     41.0     n.a
Net profit Group share                         5.0      27.4   -81.8%

In millions of euros          As at June 30,  As at Dec 31,
                                   2021           2020           Change
Net cash surplusiii               238.9           248.9          -4.0%
Shareholders'equity Group share   634.2           644.7          -1.6%

For Radio and Television activities, the first half of the 2021 financial year
was characterised by a difficult start given the continuing health
restrictions, followed by a recovery in March thanks to a positive base effect
and a good level of activity in June. Broadcasting activity continued to
develop, with growth of +5.5%. Taking this into account, the Group's revenue(1)
grew by EUR22.3 million (+15.7%) in the first half of 2021 compared to the same
period of the previous year.

Despite the significant growth in activity in the first half of 2021, the Group
managed to maintain its expenses excluding barters at almost the same level as
its expenses in the first half of 2020, with EUR158.2 million compared to
EUR155.5 million. This situation is the result of the Group's continuing policy
to control its expenses and of a higher level of COVID-19 financial aid for
this half-year compared to the same period in 2020.

In the first half of 2021, the Group's significant increase in revenue(1)
combined with a controlled increase in expenses allowed for a notable
improvement in the Group's current operating profit(1) of almost EUR20 million.
It amounted to EUR5.7 million on 30 June 2021, compared to a loss(1) of EUR13.9
million in the first half of 2020.

Given the capital gain generated in the first half of 2020 by selling NRJ
Group's minority share in Euro-Information Telecom, the financial result
recorded a EUR41.1 million drop, totalling -EUR0.1 million on 30 June 2021
compared to EUR41 million in the previous period. The net profit Group share
therefore amounted to EUR5.0 million, compared with EUR27.4 million for the
first half of 2020.

On 30 June 2021, the Group posted a net cash surplusiii of EUR238.9 million,
after taking into account EUR34.8 million in lease liabilities.

Revenue and current operating profit (excluding barters) by activity
In millions of euros             HY 2021   HY 2020    Change
Radio                              92.3      80.7     +14.4%
Television                         38.9      29.9     +30.1%
Broadcasting                       32.7      31.0      +5.5%
Revenue excluding barters         163.9     141.6     +15.7%
Radio                               4.5      (6.7)      n.a
Television                         (7.1)    (15.4)    +53.9%
Broadcasting                        8.7       8.1      +7.4%
Other activities                   (0.4)      0.1       n.a
Current operating profit/loss
excluding barters                   5.7     (13.9)      n.a

RADIO

In these ongoing exceptional circumstances, the Radio division's revenue(1)
totalled EUR92.3 million, an increase of 14.4% (+EUR11.6 million) compared to
the first half of 2020. The Radio division continued the recovery which began
in March and benefitted from a positive base effect in the second quarter, with
growth of 39.8% or +EUR13.9 million.

This global trend masks the considerable differences between the various
markets in which the Group operates, essentially due to the specific health
restrictions. As such, in the first half of 2021, the Group recorded a 4.6%
drop in its international Radio revenue(1), mainly due to the very strict
health measures which significantly impacted revenue(1) in Germany. In France,
revenue(1) for local Radio was up 33.3%, and that for national Radio grew by
+16.0%, with a more significant base effect for 2020 for local than national
radio.

The Radio division's increase in revenue(1) and stability in expenses(1) in the
first half of 2021 compared to the same period last year resulted in a
significant improvement of EUR11.2 million in the current operating profit(1),
to EUR4.5 million, compared to a -EUR6.7 million loss in the first half of
2020.

With the results of the Médiamétrie audience figures for the April-June 2021
wave, marked by another national lockdown in April, the Group has the number
one radio offer in France for the 25-49 age group target(2), with 19.3%(2)
audience share and solid dominant positions. NRJ's editorial and entertainment
offer helped it to regain its position as France's third radio station(3). NRJ
brings together all generations and is France's number 1 radio station for
listeners in the under-65 age group; 'Manu dans le 6/10' is France's number one
morning show for listeners in the under-65 age group, and 'C'Cauet' is France's
number one afternoon radio show for the under-65 age group(4). Every day, 9.4
million French people listen to the Group's radio stations (5).

In France, with its programmes available on all digital devices, NRJ Group is
the number one private audio group: number one private internet radio group(6)
and the radio group most listened to on smart speakers(7). NRJ Group is ranked
as the number one radio for e-commerce(8) and every week it brings together
almost 5.6 million listeners who buy products or services online(8). NRJ is
also France's number 1 private radio in terms of podcast listener numbers(9).

TELEVISION

In the first half of 2021, the combined audience share for both of NRJ Group's
free-to-air channels (NRJ 12 and Chérie 25) was 2.3%(10) for the entire
viewing public, 2.3%(10) for the 25-49 age group target and 2.7%(10) among the
women under 50 responsible for purchases target. In the first half of 2021,
audiences for the TV division, particularly NRJ 12, developed in line with the
division's audience profitability strategy.

Revenue(1) for the TV division amounted to EUR38.9 million, up by 30.1%
compared to the first half of 2020. The TV division continued the recovery
which began in March and benefitted from a positive base effect in the second
quarter, with growth of 86.2% or +EUR10.0 million. This increase is due to each
of the Group's 3 channels, particularly Chérie 25's very strong commercial
performance, which renewed its all-time high for the entire viewing public in
May and June with audience share of 1.3%(11).

Given the EUR9.0 million increase in revenue(1) and the slight increase in
expenses(1), the TV division's current operating result(1) of -EUR7.1 million
is a significant EUR8.3 million improvement compared to the first half of the
2020 financial year.

BROADCASTING

In the second quarter of the 2021 financial year, the Broadcasting division
boosted its commercial momentum and recorded revenue(1) of EUR16.6 million, up
by 7.1% compared to the second quarter of 2020. In the first half of 2021,
revenue(1) for the Broadcasting division totalled EUR32.7 million, a surge of
5.5% compared with the same period in 2020. This is due to growth in all FM,
DAB+ and DTT activities.

Driven by the increase in commercial activity, the Broadcasting division's
current operating profit(1) of EUR8.7 million is EUR0.6 million higher than
that of the first half of the 2020 financial year.

                               ****************

Perspectives:

Visibility remains limited for media revenue(1), particularly for the last 4
months of 2021, which will be decisive for the annual revenue(1).

                               ****************

Next release: Third quarter 2021 financial information: November 3, 2021 (after
market close).

Additional information:

A limited review on the condensed interim consolidated financial statements has
been carried out. The Statutory Auditors' report will be issued with
unqualified opinion once all procedures required to file the half-year
financial report have been completed.

The French version of the 2021 half-year financial report will be available on
the Group's website www.nrjgroup.fr by July 30, 2021 at the latest.

APPENDICES

i Excluding barters:

In millions of euros         HY 2021   HY 2020    Change
Revenue excluding barters         163.9    141.6    +15.7%
Revenue on barters                  4.1      4.8    -14.6%
Revenue                           168.0    146.4    +14.8%
Current operating profit/loss
excluding barters                   5.7    (13.9)     n.a
Current operating profit/loss
on barters                          1.3      0.7    +85.7%
Current operating profit/loss       7.0    (13.2)     n.a

ii EBITDA: Current Operating Profit/Loss excluding barters transactions before
amortisation of tangible and intangible assets and before net change in
provisions recorded in the Current Operating Profit/Loss but after current
depreciation on current assets.

In millions of euros                           HY 2021       HY 2020
Current Operating Profit/Loss excluding
barters transactions                                 5.7        (13.9)
Amortisation and impairment of tangible
and intangible assets, and net change in provisions 15.4         16.1
Change in provision for post-employment benefits
recognised in personnel expenses                     0.8          0.7
EBITDA excluding barter transactions                21.9          2.9

iii Net cash surplus:

In millions of euros            As at June 30,  As at Dec 31,
                                     2021           2020
Cash and cash equivalents           283.4           294.4
Group's outstanding bank
overdrafts and borrowings            (9.7)          (11.8)
Lease liabilities                   (34.8)          (33.7)
Net cash surplus                    238.9           248.9

iv Free cash flow:

In millions of euros                        HY 2021   HY 2020
Cash generated from operations before
interest and taxes                            24.4      4.8
Changes in Working Capital                    (0.9)    19.7
Income taxes including tax credit (paid)
/ reimbursed                                  (2.5)    (4.1)
Net cash flows from operating activities (A)  21.0     20.4
Net cash flows from investing activities (B)  (8.4)    41.8
Free cash flow (A)+(B)                        12.6     62.2

                               ****************
Sources:
(1) Consolidated revenue excluding barters, not audited, and according to IFRS
    standards.
(2) Médiamétrie,126 000 radio, April-June 2021, NRJ Global, Monday-Friday,
    5h-24h, 25-49 age group, AC,QHM and PDA.
(3) Médiamétrie,126 000 radio, April-June 2021, NRJ, Monday-Friday,
    5h-24h,aged 13 years and +,AC, NRJ:8.4%, France Inter:11.3%, RTL:10.0%.
(4) Médiamétrie,126 000 radio, April-June 2021, NRJ, Monday-Friday,13-64 age
    group, 5h-24h (NRJ), 6h00-10h00 (MANU DANS LE 6/10), 15h00-20h00 (C'CAUET),
    AC.
(5) Médiamétrie,126 000 radio, April-June 202, NRJ Global, Monday-Friday,
    aged 13 years and +, 5h-24h, AC, 9,404,000 listeners.
(6) ACPM-OJD, global digital radio broadcasting, June 2021, active listening
    sessions +30 seconds, data for France, NRJ Group: 31,669,884 active
    listening sessions.
(7) Poll&Roll for NRJ Global, 500 people aged from 16 to 70, May 2021. 28% of
    radio listeners.
(8) Kantar Media TGI April 2021. Stations listened to over the last 8 days.
    Internet use to purchase products or services. 15+ age group target.
(9) Médiamétrie, Global Radio, January-March 2021, 5h-24h, Monday-Friday,
    aged 13 years and +, AC in replay.
(10) Médiamétrie-Médiamat, NRJ GROUP TV Division = aggregate NRJ 12 +
     Chérie 25, Audience share, Day of viewing, aged 4 years + or targets
     specified, 03h-27h, Monday to Sunday, HY1 2021.
(11) Médiamétrie-Médiamat, Chérie 25, Audience share, Day of viewing, aged
     4 years +, 03h-27h, Monday to Sunday, May and June 2021.

Notice: Some of the information contained in this financial release may be
provisional. This information reflects either trends or objectives and cannot
be taken as a forecast of results or of any other performance indicator. By its
very nature, such information is subject to risks and uncertainties which may,
in certain cases, be beyond the Company's control. More details on these risks
and uncertainties can be found in the Company's Universal Registration
Document, which is available on its website (www.nrjgroup.fr) in the "Finances/
Publications financières/ Rapports financiers" section.

About NRJ GROUP

NRJ GROUP is one of France's leading private media groups in the publishing,
production and broadcasting sectors and also markets its own media spaces.

In France, the Group tops the private radio market with its four brands (NRJ,
CHERIE FM, NOSTALGIE and RIRE & CHANSONS), is a significant player on the
television market where it operates and develops two free national channels
(NRJ 12 and CHERIE 25) and a paid channel (NRJ HITS, the number 1
cable-satellite-ADSL music channel) and, through its subsidiary towerCast,
ranks number two on the French broadcasting market. Backed by its strong
brands, marketing expertise and commercial performance, in recent years the
Group has also developed a digital ecosystem enabling it to monitor and
anticipate changes in the consumption of media via new delivery mechanisms,
expanding its original brand portfolio through websites, mobile and voice apps,
multi-channel networks and nearly 240 Internet radio stations. Today, NRJ Group
is the number 1 private Internet radio group in France. This digital presence
enables the Group's advertising business to provide its clients with a more
targeted offering thanks to the strategic data collected by the Group.

On the international market, the Group is present in 17 other countries, with
NRJ/ENERGY, the number one international radio brand, and/or
NOSTALGIE/NOSTALGIA, either directly or through partnerships or licensing
agreements.

NRJ GROUP shares are listed on the Euronext in Paris (compartment B).
Codes - ISIN: FR0000121691; Reuters: NRG-FR; Bloomberg: NRG FP.

                      Analyst and Investor Information
NRJ GROUP ? Investor Relations 46-50 avenue Théophile Gautier 75016 Paris -
                              www.nrjgroup.fr
        FTI Consulting ? Arnaud de Cheffontaines | Cosme Julien-Madoni /
        Tel: + 33 1 47 03 68 19 / e-mail: nrjgroup@fticonsulting.com

  NRJ GROUP, a public limited company with capital of 781,076.21 euros Head
                      office: 22, rue Boileau 75016 Paris
                             332 036 128 RCS PARIS

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NRJ GROUP (EPA:NRG) - NRJ GROUP - Press release Half-Year Results 2021

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