Annual report 2017

Summary of the consolidated financial statements.

Following the sale of the subsidiary A.C. Milan S.p.A., which was completed during 2017, within the consolidation of the Fininvest Group, in accordance with IFRS 5(“Non-current assets held for sale”), the business of the Milan Group was classified as a discontinued operation and has been shown as such in this report.

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 31.12.2016 31.12.2017 % Change
vs. 31.12.2016
REVENUES 5,048.4 4,997.1 -1.0%
EBITDA 1,217.5 1,466.3 20.4%
% of revenues 24.1% 29.3%
EBIT (188.7) 311.5 n.s.
% of revenues -3.7% 6.2%
Net profit/(loss) from continuing operations (123.8) 291.9 n.s.
% of revenues -2.5% 5.8%
Net profit/(loss) from discontinued operations (*) (95.0) 590.6 n.s
Group net profit/(loss) (120.2) 687.7 n.s.
% of revenues -2.4% 13.8%
BALANCE SHEET FIGURES 31.12.2016 31.12.2017 Change in amount
vs. 31.12.2016
Net invested capital 5,548.6 5,824.1 275.5
Shareholders' equity – Group and non-controlling interests 4,268.7 4,514.7 246.0
Financial position (surplus)/deficit 1,279.9 1,309.4 29.5
CASH FLOW STATEMENT FIGURES 31.12.2016 31.12.2017 Change in amount
vs. 31.12.2016
Financial surplus/(deficit) (302.2) (29.5) 272.7
Investments 1,063.3 861.8 (201.5)
WORKFORCE 31.12.2016 31.12.2017 Change in number
vs. 31.12.2016
Workforce (number) 17,398 16,825 (573)

(*) Mainly includes results of the Milan business

 

Revenues2017 Revenues

The consolidated revenues of the Fininvest Group for the year 2017 amounted to EUR 4,997.1 million, a decrease of 1.0% compared to the EUR 5,048.4 million for 2016. The Mediaset Group recorded revenues of EUR 3,631.0 million, a decrease of 1.0% compared to EUR 3,667.0 million in the previous year; the revenues of the Mondadori Group were EUR 1,289.3 million, an increase of 0.7% compared to the EUR 1,280.2 million in 2016.


 

NetResult2017 EBIT

EBIT was positive by EUR 311.5 million, compared to a negative result of EUR 188.7 million in 2016. 2016 was heavily penalised by the major impact that largely derived from the write-downs and provisions following the impairment processes carried out by Mediaset and by other non-recurring costs. The impact on EBIT of these costs, write-downs and provisions totalled EUR 336.4 million; excluding these costs the EBIT for 2016 would have been positive by EUR 147.7 million.


 

Net profit/(loss) from continuing operations

The net profit/(loss) from continuing operations showed a profit of EUR 291.9 million compared to a loss of EUR 123.8 million for the previous year. In addition to the comments made above in relation to operating profit, it should also be noted that there was a positive change in financial charges of EUR 57.1 million compared to -93.8 million in 2016, a figure that included extraordinary costs of 41.7 million pertaining to hedging contracts and the early termination of credit facilities connected to the Vivendi agreement. Profit/(loss) from equity investments reported a profit of EUR 111.5 million, compared to the positive balance of EUR 129.9 million for 2016. Fininvest’s net share of profits in the Mediolanum Group was EUR 115.2 million (EUR 119.1 million as at 31 December 2016).


 

Group net profit/(loss)

Group net profit/(loss) amounted to a profit of EUR 687.7 million, compared to a loss of EUR 120.2 million in 2016. The result from discontinued operations, a profit of EUR 590.6 million (against a loss of 95.0 million in 2016) includes the consolidation gain from the sale of AC Milan S.p.A. (of EUR 611.5 million), the loss of Milan itself for the months prior to the sale, and finally the costs per- taining to the disposal. The profit/loss attributable to non-controlling interests included a cost of EUR 194.8 million compared to the profit of 98.6 million in 2016); excluding the effects of discontinued operations, and all the non-recurring income and charges, the 2017 result showed a profit of around EUR 80 million (compared to the profit of EUR 47 million in 2016, again excluding the non-recurring income and charges).


 

NetFinancialPosition2017 Net financial position

The consolidated net financial position was a debt of EUR 1,309.4 million, compared to a debt of EUR 1,279.9 million as at 31 December 2016.

Financial deficit

In 2017 there was therefore a financial deficit of EUR 29.5 million, compared to a financial deficit of EUR 302.2 million in 2016. In 2017 the Mediaset Group had a financial deficit of EUR 229.8 million and the Mondadori Group had a surplus of EUR 74.3 million. The parent company shows a financial surplus of EUR 145.5 million.


 

Investments2017 Investments

Investments for 2017 amounted to EUR 861.8 million (EUR 1,063.3 million as at 31 December 2016) and pertain to television and movie broadcasting rights for EUR 567.9 million (EUR 640.7 million in 2016), investments in intangible assets for EUR 61.8 million (EUR 36.1 million in 2016), investments in tangible assets for EUR 80.8 million (EUR 64.0 million as at 31 December 2016) and equity in- vestments, financial assets and business combinations for EUR 151.3 million (EUR 322.5 million in 2016). For more details, refer to the sections on the individual business segments.


 

Employees2017 Workforce

The workforce on 31 December 2017 was 16,825 employees, a de- crease of 573 compared to 31 December 2016. This is due to the deconsolidation of the Milan Group business (328 staff) and the sale of the Mondadori books area logistics business (100 employees).

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