Annual report 2018

Summary of the consolidated financial statements

As a result of the operations completed in 2018, or to be completed in 2019, the results of EI Towers and Mondadori France operations are shown in the Result from discontinued operations as required by IFRS 5 (Non-current assets held for sale). In 2017 that item also included the results of the Milan Group and the related gain from disposal.
Finally, for ease of comparison, the figures for 2016 have also been included in the following graphs. They have been re-presented to correspond to the years 2017 and 2018.

Comments on the business performance (in millions of Euro)

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

FINANCIAL DATA 31.12.2017 31.12.2018 % change
vs. 31.12.2017
REVENUES 4,613.7 4,429.5 -4.0%
EBITDA 1,316.9 1,155.1 -12.3%
% of revenues 28.5% 26.1%
Operating profit/(loss) 216.4 129.8 -40.0%
% of revenues 4.7% 2.9%
Net profit from continuing operations 224.8 151.3 -32.7%
% of revenues 4.9% 3.4%
Net result from discontinued operations 657.7 357.6 -45.6%
Group net profit 687.7 204.2 -70.3%
% of revenues 14.9% 4.6%
FINANCIAL DATA 31.12.2017 31.12.2018 Change in value
vs. 31.12.2017
Net invested capital 5,824.1 5,422.4 (401.7)
Shareholders' equity – Group and Minorities 4,514.7 4,543.6 28.9
Financial position (surplus)/deficit 1,309.4 878.8 (430.6)
FINANCIAL DATA 31.12.2017 31.12.2018 Change in value
vs. 31.12.2017
Financial surplus/(deficit) (29.5) 430.6 460.1
Investments 803.8 1,172.5 368.7
WORKFORCE 31.12.2017 31.12.2018 Change in number
vs. 31.12.2017
Workforce (actual numbers) 16,825 16,128 (697.0)

EBITDA 2018 Revenues

The consolidated 2018 revenues of the Fininvest Group amounted to EUR 4,429.5 million, down 4.0% compared to EUR 4,613.7 million in 2017.
Revenues of the Mediaset Group were EUR 3,401.5 million, down by 4.2% compared to EUR 3,550.1 million in the previous year; revenues of the Mondadori Group were 906.7, down by 8.1% compared to EUR 986.9 million in 2017.


Operating profit 2018 Operating profit/(loss)

The operating result was positive at EUR 129.8 million, compared to a positive result of EUR 216.4 million for 2017. The comparison is penalised by the write-downs and provisions following impairment processes carried out by Mediaset in connection with pay TV rights, and also by other non-recurring costs/income. Excluding these items, the 2018 operating result would have been positive by approximately EUR 217 million.


Net profit from continuing operations

This item shows a profit of EUR 151.3 million, compared to EUR 224.8 million in the previous year. Looking at the underlying EBIT items, the balance of financial costs/revenues shows a negative balance of EUR 16.9 million (compared to the negative balance of EUR 23.1 million in 2017) while the result for equity investments shows a positive balance of EUR 75.6 million compared to the EUR 111.5 million in 2017. The largest amount is Fininvest’s share of the net profit in the Mediolanum Group, equal to EUR 77.9 million (EUR 115.2 million as at 31 December 2017), which was penalised by the costs of the tax dispute, of EUR 31 million (pro-rata).


Group net profit

The Group net result was a profit of EUR 204.2 million, compared to a profit of EUR 687.7 million for 2017. The profit from discontinued operations was EUR 357.6 million (compared to a profit of EUR 657.7 million for 2017), this includes the consolidation gains from the sale of EI Towers S.p.A. (of EUR 498.2 million), and the result of EI Towers itself for the months prior to the sale. It also includes a total cost of approximately EUR 192 million relating to the Mondadori France Group, mainly connected to the write-down of the assets and the result for the year. In 2017 this item included the consolidation gains of EUR 611.5 million, from the sale of the Milan Group.
The result pertaining to minority shareholders amounted to a total cost of EUR 304.7 million (compared to EUR 194.8 million in 2017). Net of the non-recurring costs/income, the 2018 result was a profit of approximately EUR 117 million (compared to a profit of approximately EUR 80 million for 2017, again excluding extraordinary costs and income).


Net financial position 2018 Net financial position

The consolidated net financial position is an indebtedness of EUR 878.8 million, compared to indebtedness of EUR 1,309.4 million as at 31 December 2017.


Financial surplus/deficit

In 2018 there was a financial surplus of EUR 430.6 million, compared to the deficit of EUR 29.5 million in 2017.
In 2018 the Mediaset Group posted a financial surplus of EUR 655.8 million, while the Mondadori Group generated a financial surplus of EUR 42.0 million. The parent company had a financial deficit of EUR 321.0 million.


Investments 2018 Investments

Investments in 2018 were EUR 1,172.5 million (EUR 803.8 million on 31 December 2017). They relate to TV and movie rights of EUR 565.0 million (567.9 million in 2017), investments in intangible assets of EUR 34.5 million (EUR 43.1 million in 2017), tangible assets of EUR 57.3 million (EUR 65.0 million as at 31 December 2017) and investments in shareholdings, financial assets and business combinations of EUR 515.7 million (EUR 127.8 million in 2017); the increase in this last item relates mainly to the acquisition of 40% of the capital of 2i Towers Holding S.p.A. of EUR 465.3 million. For more details see the sections on the individual business areas.


Workforce 2018 Workforce

At 31 December 2018 the headcount came to 16,128 employees, a reduction of 697 compared to 31 December 2017. The main reductions were found in Mediaset (-710), mainly due to the deconsolidation of the EI Towers Group, and in Mondadori (-151), due to the sale of Inthera SpA and the publication Panorama. Meanwhile, Mediolanum increased its workforce by 99; the consolidation of Società Sportiva Monza 1912 S.p.A. led to an increase of 48 employees.

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