Vertice 360 ​​loses finanical edge

Iaki Ferreras RapidTVNews | 03-05-2012

Spanish producer Vertice 360 has ​​ended its first quarter of the year with a net loss of 2.6 million compared to net income of 27,000 euros for the same period last year.

The company attributes the change in fortune to time costs for the restructuring of the group's businesses, as well as increased depreciation and financial expenses, as reported by the company to the CNMV.

The revenues of the audiovisual group in the first three months of 2012 amounted to 27.71 million, 26% less than the same quarter of 2011. The company explained that this decrease in revenues resulted from the divestment of Lavinia and the lower content production.
In particular, the turnover of the Services division during this period fell by 8.9% compared with the same period of 2011, to 19.41.

The company explained that the total net debt of 9.6 million - 27% of the total was due to a discount of contracts and bills. Thus, the net debt, excluding those secured liabilities, amounted to 25.26 million.