Growing profits and revenues for Ray Way in the first nine months of 2020. The company announced that it had achieved a turnover of 168 million, up 1,4% compared to 165,7 million in the nine months of 2019. Revenues attributable to RAI, equal to 142,8 million, benefit from the growing contribution of evolutionary services, supported by activities related to refarming. Revenues from third party customers amounted to 25,2 million.
On the other hand, Adjusted EBITDA amounted to €104,5 million, up by 3,9% compared to €100,6 million in the first nine months of 2019, thanks to higher revenues and the reduction in operating costs. The margin on revenues stands at 62,2% (60,7% in the nine months of 2019). Considering the impact of non-recurring expenses (€1,1 million in nine months 2020 compared to €0,1 million in nine months 2019), EBITDA amounted to €103,5 million, up 3% compared to 100,5 million in the nine months of 2019.
Operating profit (EBIT) amounted to €70,7 million, up by 0,4% compared to €70,4 million in the first nine months of 2019 despite the presence of one-off factors such as the aforementioned non-recurring charges and the recorded in 2019 deriving from the release of provisions for risks of €1,6 million. Net profit amounted to 50,8 million, up 2,3% compared to 49,7 million in the nine months of 2019.
As at 30 September 2020, investments amounted to €34,2 million, of which €28 million related to development activities (€12,7 million in the nine months of 2019, of which €5,8 million in development activities).
“The third quarter – he commented Aldo Mancino, Chief Executive Officer of Rai Way – characterized by an acceleration of development activities and revenues, with an increase in EBITDA despite the presence of a trend of progressive normalization of costs after the substantial reduction in the first half of the year linked to the emergency due to COVID-19 . On an operational level, the Company's commitment to the refarming project continues. At a national level, the extension of the digital terrestrial network has made it possible to further expand the coverage of RAI's thematic channels and HD broadcasts. At the regional level, following the related tenders called by the Ministry of Economic Development, Rai Way was awarded the rights to use frequencies in Lombardy and Piedmont, in areas therefore characterized by a wide local television offer. The solidity of our business model, already demonstrated in the first phase of the health emergency, allows us to confirm the objectives for 2020 and the commitment to implement our Business Plan."
