Annual report 2021

Notes on the performance of the financial statements (EUR million)

The main economic, capital and financial indicators are summarised in the following table:

INCOME STATEMENT FIGURES 31.12.2020 31.12.2021 % Change
vs. 31.12.2020
CONSOLIDATED REVENUES 3,459.1 3,817.9 10.4%
EBITDA 854.8 921.6 7.8%
% of revenues 24.7% 24.1%
EBIT 209.1 373.8 78.8%
% of revenues 6.0% 9.8%
Net profit from continuing operations 300.7 648.8 n.s.
% of revenues 8.7% 17.0%
Group net profit/(loss) 141.2 360.2 n.s.
% of revenues 4.1% 9.4%
BALANCE SHEET FIGURES 31.12.2020 31.12.2021 Change in amount
vs. 31.12.2020
Net invested capital 6,037.4 6,037.9 0.5
Shareholders' equity – Group and non-controlling interests 4,640.5 4,892.0 251.5
Financial position (surplus)/deficit 1,396.9 1,145.9 (251.0)
CASH FLOW STATEMENT FIGURES 31.12.2020 31.12.2021 Change in amount
vs. 31.12.2020
Financial surplus/(deficit) 136.0 251.0 115.0
Investments 601.0 760.2 159.2
WORKFORCE 31.12.2020 31.12.2021 Change in number
vs. 31.12.2020
Workforce (year-end No.) 15,745 16,272 527.0

Revenues 2021 Revenues

Consolidated revenues for the year 2021 of the Fininvest Group amounted to EUR 3,817.9 million and recorded an increase of EUR 358.8 million, equal to +10.4% compared to EUR 3,459.1 million in 2020 and a substantial realignment (-1.7%) compared to the levels of revenues recorded in 2019, the last pre-pandemic year.
The MFE Group reported revenues of EUR 2,914.3 million, up 10.5% on the EUR 2,636.8 million for the previous year; Mondadori Group revenues amounted to EUR 819.8 million, up 7.1% on the EUR 765.4 million in 2020.



EBIT was positive by EUR 373.8 million, amounting to 9.8% of revenues, compared to the positive EBIT of EUR 209.1 million in 2020 (8.7% of revenues), up almost EUR 165 million equal to +78.8%. The MFE Group recorded a positive EBIT of EUR 418.0 million, compared to EUR 269.7 million in 2020, up to 55.0% and a profitability on revenues up from 10.2% in 2020 to 14.3% in 2021. The Mondadori Group showed a positive result of EUR 45.2 million (EUR 14.8 million in the previous year).


Net profit from continuing operations

The net profit/(loss) from continuing operations was a profit of EUR 648.8 million compared to EUR 300.7 million for the previous year. Under EBIT items, the balance of financial expenses/income showed a positive balance of EUR 47.3 million (compared with the negative balance of EUR 24.8 million in 2020). In 2021, the main impact was the income of EUR 20.7 million resulting from the alignment with the fair value of the shares sold by Mediobanca (this item had constituted a charge of the same amount in 2020), as well as the income of EUR 20.4 million recorded by the MFE Group against the early closure of a derivative contract entered into at the time with the aim of setting a maximum price for the acquisition of additional shares of ProSiebenSat.1. The result of equity investments recorded a positive balance of EUR 329.3 million, compared to EUR 179.7 million in 2020; the most significant amounts concern the net profit attributable to Fininvest in the Mediolanum Group, equal to 216.4 million (EUR 132.1 million at 31 December 2020) and the result attributable to MFE relating to EI Towers S.p.A., equal to EUR 99.6 million, largely resulting from the capital gain deriving from the sale of Towertel S.p.A. In 2020 there was a capital gain of EUR 31.2 million, relating to the sale of Molmed shares by Fininvest S.p.A.


Group net profit/(loss)

Group net profit/(loss) is equal to a profit of EUR 360.2 million, compared to the profit of EUR 141.2 million in 2020. The profit/(loss) attributable to non-controlling interests was equal to EUR 288.7 million (EUR 159.5 million in 2020).


Net financial position 2021 Net financial position

The consolidated net financial position before IFRS 16 showed a debt of EUR 962.1 million, compared to a debt of EUR 1,203.0 million as at 31 December 2020. The total financial position was instead equal to EUR 1,145.9 million, compared to a debt at 31 December 2020, amounting to EUR 1,396.9 million.


Finacial surplus 2021 Financial surplus

In 2021, therefore, there was a financial surplus of EUR 251.0 million, compared to the financial surplus of EUR 136.0 million in 2020.
In 2021, the MFE Group recorded a financial surplus of EUR 195.2 million, while the Mondadori Group generated a financial deficit of EUR 81.5 million, including the effect of EUR -134.4 million attributable to the acquisition of D Scuola. Finally, the Parent Company Fininvest S.p.A. recorded a financial surplus of EUR 123.1 million.



Investments for 2021 amounted to EUR 760.2 million (EUR 601.0 million as at 31 December 2020) and consisted of EUR 331.5 million for television and movie broadcasting rights (EUR 390.3 million in 2020), EUR 72.0 million of investments in intangible fixed assets (EUR 54.4 million in 2020), EUR 70.3 million of investments in tangible fixed assets (EUR 67.2 million as at 31 December 2020) and EUR 286.4 million equity investments, financial assets and business combinations (EUR 89.1 million in 2020); in 2021, equity investments and investments in business combinations mainly concerned the purchase of additional shares of ProSiebenSat.1 Media SE by the MFE Group (EUR 115.3 million, i.e., 3.8% of the share capital) and the purchase by Mondadori of D Scuola for an amount of EUR 151.9 million.


Workforce 2021 Workforce

The workforce at 31 December 2021 (including Mediolanum staff and sales networks) amounted to 16,272 staff members, an increase of 527 compared to 31 December 2020. Mediaset was down 17 and Mondadori down by 37. The Mediolanum Group grew by 571 staff members (employees + sales network).

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