Beneficial interest Sofinim: 25.25%
AvH Contact: Jan Suykens
Corelio was able in 2015 to reap the full benefits of a number of strategic initiatives that were implemented in recent years.
The joint venture Mediahuis (Corelio 62% - Concentra 38%) fully lived up to the high expectations. On the readership market, Het Nieuwsblad / De Gentenaar, Gazet van Antwerpen, De Standaard and Het Belang van Limburg were able to increase their combined market share and launch additional digital innovations. In combination with virtually stable advertising revenue and firm cost control, this led to a significantly better operating result. The major acquisition which Mediahuis was able to finalize with NRC Media in the Netherlands at the beginning of 2015 also contributes to the group’s positive results.
At the beginning of 2015, the European competition authority gave its final approval to the entry of Telenet (50%) in De Vijver Media. Production company Woestijnvis can once again count public broadcaster VRT among its customers, alongside Telenet and Proximus. The investments in SBS channels Vier and Vijf generated a satisfactory increase in advertising revenue. The Loft International, however, did not appeal to American cinemagoers, and weighed heavily on the results.
In line with previous years, radio station Nostalgie succeeded in enlarging its market share in both the northern and southern parts of Belgium, and reported good commercial and financial figures.
Despite persistently difficult market conditions, the printing divisions made substantial progress. Printing Partners managed to realize a strong annual result at both sites. Corelio Printing reaped the benefits of a reorganization process that started in 2014 to centralize all its operations at the site in Erpe-Mere. In a market characterized by overcapacity, pressure on prices and margin erosion, the management continues its efforts to optimize production and costs.
The impact of the restructuring that was implemented in 2014 became fully apparent in 2015. In combination with the favourable development of the Mediahuis publications and the acquisition of NRC Media, this led to a significant improvement in the EBITDA (67.6 million euros compared with 27.3 million euros in 2014). The net profit increased to 11.4 million euros (1.8 million euros in 2014), but was negatively impacted by Corelio’s share in the loss recorded on The Loft. The increase in the net financial debt is attributable to the acquisition of NRC.