Annual report 2020

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

The main items of the financial statements are summarised in the table below:

INCOME STATEMENT FIGURES 31.12.2019 31.12.2020 % Change
vs. 31.12.2019
REVENUES 3,886.4 3,459.1 -11.0%
EBITDA 967.8 854.8 -11.7%
% of revenues 24.9% 24.7%
EBIT 338.0 209.1 -38.1%
% of revenues 8.7% 6.0%
Net profit from continuing operations 437.5 300.7 -31.3%
% of revenues 11.3% 8.7%
Profit/(loss) from discontinued operations (1.1) 0.0 100%
Group net profit/(loss) 220.3 141.2 -35.9%
% of revenues 5.7% 4.1%
BALANCE SHEET FIGURES 31.12.2019 31.12.2020 Change in amount
vs. 31.12.2019
Net invested capital 6,033.8 6,037.4 3.6
Shareholders' equity – Group and non-controlling interests 4,500.9 4,640.5 139.6
Financial position (surplus)/deficit 1,532.9 1,396.9 (136.0)
CASH FLOW STATEMENT FIGURES 31.12.2019 31.12.2020 Change in amount
vs. 31.12.2019
Financial surplus/(deficit) (654.1) 136.0 790.2
Investments 1,166.6 601.0 (565.6)
WORKFORCE 31.12.2019 31.12.2020 Change in number
vs. 31.12.2019
Workforce (year-end No.) 15,586 15,745 159.0
 

Revenues 2020 Revenues

Fininvest Group’s consolidated revenues for 2020 amount to EUR 3,459.1 million and show a decrease of 11.0% compared to EUR 3,886.4 million in 2019, largely attributable the impact of the Covid-19 pandemic, which heavily influenced the performance of the reference markets in which the Group operates.
The Mediaset Group reported revenues of EUR 2,636.8 million, down 9.9% on the EUR 2,925.7 million for the previous year; Mondadori Group revenues amounted to EUR 765.4 million, down 14.7% on the EUR 897.1 million in 2019.


 

EBIT 2020 EBIT

EBIT was positive for EUR 209.1 million, amounting to 6.0% of revenues, compared to the positive result of EUR 338.0 million in 2019 (8.7% of revenues). The Mediaset Group reported a positive EBIT of EUR 269.7 million, compared to EUR 354.6 million in 2019, with a reduction of 23.9%. The Mondadori Group showed a positive result of EUR 14.8 million (EUR 62.3 million in the previous year). To deal with the pandemic, all Group companies launched projects aimed at reducing costs as much as possible to safeguard satisfactory profitability profiles, in the presence of significant revenue losses.


 

Net profit from continuing operations

The net profit/(loss) from continuing operations was a profit of EUR 300.7 million compared to EUR 437.5 million for the previous year. Below EBIT items, financial expenses/income show a negative balance of EUR 24.8 million (compared with the positive balance of EUR 18.5 million in 2019). In 2020, EUR 20.7 million related to the re-measurement at fair value of Mediobanca shares had a negative impact, as did the lack of dividends from companies accounted at fair value amounting to around EUR 15.7 million in 2019 (Mediobanca and Prosiebensat 1). The result of the investments shows a positive balance of EUR 179.7 million, compared with EUR 186.2 million in 2019; the most significant amounts relate to Fininvest’s share of the net profit in the Mediolanum Group, amounting to EUR 132.1 million (EUR 171.8 million at 31 December 2019) and, only for 2020, a capital gain amounting to EUR 31.2 million, recorded for the sale of Molmed’s shares following Fininvest S.p.A.’s acceptance of the full takeover bid launched by AGC Biologics Italy S.p.A., concluded at the end of July 2020.


 

Group net profit/(loss)

Group net profit/(loss) is equal to a profit of EUR 141.2 million, compared to the profit of EUR 220.3 million in 2019. The profit/(loss) attributable to non-controlling interests was equal to EUR 159.5 million (EUR 216.1 million in 2019).


 

Net financial position 2020 Net financial position

The consolidated net financial position before IFRS 16 shows a debt of EUR 1,202.9 million, compared to a debt of EUR 1,304.9 million as of 31 December 2019. The total financial position was instead equal to EUR 1,396.9 million, compared to a debt at the end of 2019, which amounting to EUR 1,532.9 million.


 

Finacial surplus 2020 Financial surplus

2020 shows a financial surplus of EUR 136.0 million, compared to the financial deficit of EUR 654.1 million in 2019 (which included the impact of the first application of IFRS 16 and the significant investment made in ProSiebenSat.1). In the financial year 2020, the Mediaset Group showed a financial surplus of EUR 283.9 million, while the Mondadori Group generated a financial surplus of EUR 53.7 million. Finally, the Parent Company showed a financial deficit of EUR 191.9 million.


 

Investments

Investments for 2020 amounted to EUR 601.0 million (EUR 1,166.6 million as at 31 December 2019) and consisted of EUR 390.3 million for television and movie broadcasting rights (EUR 534.0 million in 2019), EUR 54.4 million of investments in intangible fixed assets (EUR 30.8 million in 2019), EUR 67.2 million of investments in tangible fixed assets (EUR 63.5 million as at 31 December 2019) and EUR 89.1 million equity investments, financial assets and business combinations (EUR 538.3 million in 2019); both in 2020 and 2019, investments mainly related to the purchase of shares of ProSiebenSat.1 Media SE by the Mediaset Group (EUR 72.9 million in 2020, equal to 4.99% of the share capital; EUR 503.5 million in 2019, equal to 15.1% of the share capital).


 

Workforce 2020 Workforce

The workforce at 31 December 2020 (including Mediolanum staff and sales networks) amounted to 15,745 staff members, an increase of 159 compared to 31 December 2019. Mediaset was down 78 and Mondadori down by 173. The Mediolanum Group grew by 386 staff members (employees + sales network).

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