Advertising revenue, make up the vast majority of revenue TVN . group, year-on-year decreased from PLN 1.46 to PL1,29 billion, taking care of revenue – from PLN 200.27 to PLN 171.98 million (in all graphics in the text, the amounts were in thousands of PLN).
Last year, due to the economic stagnation after the outbreak of the epidemic, The value of the Polish advertising market decreased by 8.6 percent. To 9.97 billion PLN, the TV advertising sector itself fell by 10.1 percent. It amounts to 3.94 billion PLN.
Less advertising, more Internet users and operators
On the other hand, subscription revenue increased from PLN 254.55 to PLN 286.02 million. This is revenue primarily from digital platforms and cable TV operators as well as from video-on-demand subscriptions. In August last year, the then-president of TVN said that the broadcaster’s player platform had 375,000. Users who pay, and in February this year. A fully paid offer has been made in it.
Other revenue of the TVN group decreased from PLN 151.38 to PLN 118.84 million. These are mainly revenue from production and technical services, leasing, sale of programming rights, cinema distribution, audio equipment, and SMS.
TVN revenue from Discovery Group (mainly from the sale of programming rights as well as technical and marketing services) On an annual basis, it decreased from PLN 108.22 to PLN 76.19 million, From Canal + Polska (mainly from subscriptions, programming rights, technical and marketing services) it increased from PLN 39.77 to PLN 42.62 million, and from entities in which Discovery holds minority stakes – from PLN 30.02 to PLN 30.68 million.
Costs are 6 percent below
The operating expenses of the TVN group decreased from PLN 1.44 billion to PLN 1.36 billion, ie by 5.7%. Depreciation and impairment costs for capitalized internal production, joint production and film production costs decreased from PLN 593.19 to PL499.87 million, amortization and impairment costs for purchased programming licenses – from PLN 140.25 to PLN 135.19 million.
On the other hand, the cost of goods and services sold decreased from PLN 63.75 to PLN 33.41 million, and spending on television broadcasting – from PLN 12.56 to PLN 6.71 million.
On the other hand Expenditures on salaries and employee benefits increased from PLN 218.97 to PLN 221.67 million (of which the costs of the incentive program for key managers – from PLN 3.61 to PL5.57 million). The company’s board of directors last year earned PLN 13.14 million, compared to PLN 20.25 million in the previous year.
At the end of last year the entire Capital Group employed 1,639 full-time employees, an increase of 14 over the previous year. In the fall of last year, President Piotr Korycki and members of the Board of Directors, Tomasz Marszałł and Maciej Maciejowski, bid farewell to the company.
At the end of last year, the radio fired about 30 people at its headquarters and regional offices, incl. With TVN Media, technology department staff and broadcast truck engineers, and at the beginning of this year. With a dozen or so people from TVN24’s editorial office, including Igor Sokovsky, Maciej Doliga, Alexandra Janic and Anna Kowalska.
Marketing and research costs incurred by TVN Group increased from PLN 84.51 million to PLN 99.84 million, and copyright – from PLN 33.6 million to PLN 66.25 million.. On the other hand, rental expenses decreased from PLN 12.56 million to PLN 6.71 million.
In connection with the purchase of programming assets in 2021 and 2022, TVN Group has PLN 122.99 million to pay, while in terms of broadcasting channels on digital terrestrial TV, it pays PLN 13.29 million annually.
32% of Canal + shares worth 716 million PLN
TVN, through its advertising desk TVN Media, has 32 percent. Channel + Polska shares. Last year they received a dividend of 97.17 million PLN, compared to PLN 23.46 million in the previous year.
The value of these shares last year decreased in the balance sheet of TVN from PLN 758.48 to PLN 716.49 million, which is the effect of the adjustment related to the introduction of IFRS 15 in terms of receipts from clients.
In November last year, Canal + Polska announced a plan to enter the Warsaw Stock Exchange, and TVN Media and its subsidiary Liberty Global (which owns 17% of the shares) wanted to sell their shares for a maximum of 1.3 billion PLN. but The prospectus has been withdrawn “due to the recent volatility in the financial markets”.
Less profit 302 million PLN for reserve capital
The profitability of the TVN group decreased significantly. Operating profit decreased from PLN 671.47 to PLN 548.7 million, gross profit – from PLN 650.76 to PL542.89 million, and net profit – from PLN 540.57 to PLN 486.98 million.
The company paid PLN 55.91 million in income tax last year, compared to PLN 110.19 million in the previous year.
On an independent basis, TVN last year recorded a decrease in sales revenue from PLN 1.73 billion to PLN 1.59 billion and an increase in net profit from PLN 286.47 to PLN 302.97 million. 100 per cent directly owned by the broadcaster’s shares are owned by the Dutch television holding company, which was in August last year. It also absorbed the Netherlands-registered company N-Vision, which previously held 53.3%. Sender share.
Last week, at the general meeting of the Polish Television Holding, it was decided TVN’s independent net profit will be transferred entirely to the broadcaster’s reserve capital.
TVN Media revenue fell 23%.
TVN Media’s advertising office last year recorded PLN 215.71 million in sales revenue, after a 22.8% decline. from 279.51 million PLN in 2019.
Revenue from brokerage activities decreased from PLN 265.98 to PL206 million, and other income – from PLN 13.62 to PL9.71 million. TVN Media sells the advertising show for TVN Group Discovery, as well as to various third-party broadcasters, incl. Canal + Polska, Viacom, The Walt Disney Company, and FOX International. The end of last year lost service Telewizja Puls, which has established a collaboration with Polsat Media.
TVN Media’s operating expenses fell significantly less than revenue – by 13.9%. up to 87.63 million PLN. Spending on salaries and employee benefits decreased from 53.72 zlotys to 50.15 million zlotys, on marketing and research – from 11.32 zlotys to 5.35 million zlotys, and costs defined as other – from 17.59 to 14.63 million zlotys.
TVN Media’s profitability is strongly influenced by Canal + Polska’s earnings. Operating profit increased from 201.45 to PLN 225.54 million, gross profit – from PLN 212.41 to PL230.64 million, and net profit – from PLN 184.06 to PLN 203.54 million.
TVN Media as the sole shareholder of TVN Media has decided that The entirety of last year’s net profit will be used to cover the company’s past losses.
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