Annual report 2019

Summary of the consolidated financial statements

Following transactions that took place in 2018 or were finalised in 2019, the results of the activities relating to EI Towers and Mondadori France were shown in the Net profit/(loss) from discontinued operations, as required by the IFRS 5 accounting standard (Non-current assets held for sale). To provide greater comparability of the economic figures, the figures in the following graphs for 2017, have also been restated on a like-for-like basis with the 2018 and 2019 financial years.

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 31.12.2018 31.12.2019 % Change
vs. 31.12.2018
REVENUES 4,429.5 3,886.4 -12.3%
EBITDA 1,155.1 967.8 -16.2%
% of revenues 26.1% 24.9%
EBIT 129.8 338.0 n.a.
% of revenues 2.9% 8.7%
Net profit from continuing operations 148.3 437.5 n.a.
% of revenues 3.3% 11.3%
Profit/(losses) from discontinued operations 202.8 (1.1) n.a.
Group net profit/(loss) 357.6 220.3 8.6%
% of revenues 4.6% 5.7%
BALANCE SHEET FIGURES 31.12.2018 31.12.2019 Change in amount
vs. 31.12.2018
Net invested capital 5,419.4 6,033.8 614.4
Shareholders' equity – Group and Minorities 4,540.6 4,500.9 (39.7)
Financial position (surplus)/deficit 878.8 1,532.9 654.1
CASH FLOW STATEMENT FIGURES 31.12.2018 31.12.2019 Change in amount
vs. 31.12.2018
Financial surplus/(deficit) 430.6 (654.1) (1,084.7)
Investments 1,172.5 1,166.6 (5.9)
WORKFORCE 31.12.2018 31.12.2019 Change in number
vs. 31.12.2018
Workforce (year-end number) 16,133 15,608 (525.0)

EBITDA 2019 Revenues

Fininvest Group revenues for 2019 amounted to EUR 3,886.4 million and show a fall of 12.3% compared to the EUR 4,429.5 million in 2018, largely due to the loss of advertising revenues within Mediaset related to sporting events (end of the football pay offer, absence of the 2018 World Cup and free Champions League matches 2018) and the termination of Mediaset Premium revenues. The Mediaset Group reported revenues of EUR 2,925.7 million, down 14.0% on the EUR 3,401.5 million for the previous year; Mondadori Group revenues amounted to EUR 897.1 million, down 1.1% on EUR 906.7 million in 2018.


Net financial position 2019 EBIT

EBIT was positive for EUR 338.0 million, amounting to 8.7% of revenues, compared to the positive result of EUR 129.8 million in 2018 (2.9% of revenues). On a like-by-like basis, or leaving aside the accounting effects in the two financial years, of the write-downs and provisions made by Mediaset in 2018, following the impair ment processes in the context of pay TV rights, as well as other non-recurring costs/income, the Group’s EBIT would move from EUR 217 million in 2018 to EUR 297 million in 2019.


Operating profit 2019 Net profit from continuing operations

The net profit/(loss) from continuing operations was a profit of EUR 437.5 million compared to EUR 151.3 million for the previous year. Looking at the items under EBIT, the balance of financial expenses/ income shows a positive balance of EUR 18.5 million (compared to the negative balance of EUR 16.9 million in 2018), while the profit/ (loss) from equity investments recorded a positive balance of EUR 186.2 million, compared to EUR 72.6 million in 2018; the most significant amount refers to the net profit pertaining to Fininvest in the Mediolanum Group, equal to EUR 171.8 million (EUR 77.9 million at 31 December 2018).


Group net profit/(loss)

Group net profit/(loss) is equal to a profit of EUR 220.3 million, compared to the profit of EUR 202.8 million in 2018. The net profit/ (loss) from discontinued operations is equal to a loss of EUR 1.1 million (against the profit of EUR 357.6 million in 2018), which included the gains deriving from the sale of EI Towers S.p.A., for an amount of ER 498.2 million, and the net profit/(loss) of EI Towers itself relating to the months prior to the sale, as well as the overall charge of approximately EUR 192 million referable to the write-down of asset values ​​and the related profit/(loss) of Mondadori France. The profit/(loss) attributable to non-controlling interests was equal to EUR 216.1 million (compared to EUR 303.1 million in 2018).
Excluding the effects deriving from non-recurring expenses and income, the result for 2019 is equal to a profit of approximately EUR 213 million (compared to the profit of approximately EUR 117 million in 2018, again excluding the expenses and income of a non-recurring nature).


Net financial position

The consolidated net financial position shows a debt position of EUR 1,532.9 million, compared to a debt position of EUR 1,127.3 million on 1 January 2019, after the adoption of the IFRS 16 accounting standard, which led to the recognition of payables for an amount of EUR 248.5 million. The financial position at 31 December 2018, which excluded payables related to IFRS 16, was equal to EUR 878.8 million.


Financial deficit

Therefore, in 2019 there was a financial deficit of EUR 426.1 million, excluding the impact deriving from the application of the new IFRS 16 accounting standard (the total financial deficit, including the recognition of IFRS 16 payables is EUR 654.1 million). In 2018 there was a financial surplus of EUR 430.6 million. In the 2019 financial year, the Mediaset Group showed a financial deficit of EUR 479.7 million, excluding the impacts deriving from the application of the new IFRS 16 standard, while the Mondadori Group generated a financial surplus of EUR 91.9 million, again excluding the impact of IFRS 16. Finally, the Group Parent shows a financial deficit of EUR 38.4 million.


Investments 2019 Investments

Investments for 2019 amounted to EUR 1.166,6 million (EUR 1.172,5 million as at 31 December 2018) and consisted of EUR 534.0 million for television and movie broadcasting rights (EUR 565.0 million in 2018), EUR 30.8 million of investments in intangible fixed assets (EUR 34.5 million in 2018), EUR 63.5 million of investments in tangible fixed assets (EUR 57.3 million as at 31 December 2018) and EUR 538.3 million equity investments, financial assets and business combinations (EUR 515.7 million in 2018); the increase in the year of investments mainly relates to the purchase of 15.1% of the capital of ProSiebenSat.1 Media SE for an amount of EUR 503.5 million; in 2018, this item included the investment in 40% of the capital of 2i Towers Holding S.p.A. for EUR 465.3 million. For more details, refer to the sections on the individual business segments.


Workforce 2019 Workforce

The workforce at 31 December 2019, amounted to 15,608 with a decrease of 525 compared to 31 December 2018. The most significant reduction was in the Mondadori Group (-862) mainly due to the deconsolidation of Mondadori France (-743). The Mediaset Group increased its staff by 224, the Mediolanum Group grew instead by 63 (employees + sales network).

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