Press release - Group Fininvest 2019 financial statements

Press release - Group Fininvest 2019 financial statements

Press release of 27-06-2020

PRESS RELEASE

FININVEST GROUP - FINANCIAL STATEMENTS 2019

CONSOLIDATED REVENUES: EUR 3,886.4 MILLION

EBIT: EUR 338 MILLION (130 MILLION IN 2018)

NET PROFIT: EUR 220 MILLION
(203 MILLION IN 2018)
NET PROFIT BEFORE NON-RECURRING ITEMS: EUR 213 MILLION (117 MILLION IN 2018)

INVESTMENTS: EUR 1,166.6 MILLION

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Adriano Galliani and Niccolo' Ghedini appointed to the Fininvest S.p.A. Board of Directors

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Milan, 26 June 2020 - The Shareholders' Meeting of Fininvest S.p.A., held today and chaired by Marina Berlusconi, has approved the financial statements of the parent company and examined the consolidated financial statements for the year ended 31 December 2019.

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The macroeconomic scenario during the 2019 financial year was affected by many of the downside factors that emerged in prior years, including above all a fall in consumption, which has especially hurt the media sector and advertising revenues.
In this problematic background, the Fininvest Group further increased its commitment to focusing on its core businesses and to identifying new growth opportunities, even internationally. In this context both Mediaset and Mondadori carried out major strategic transactions.

This course of action made it possible to achieve highly satisfactory operating results, with EBIT positive at about EUR 340 million and a consolidated net profit of over EUR 220 million. In addition, despite having made significant investments of over EUR 1.1 billion, the Group maintained solid capital stability, thanks in part to a strong and rising ordinary cash generation (EUR 330 million).

Lastly, it should be noted that the Group's 2020 results will inevitably be affected by the crisis caused by the Covid-19 pandemic, whose future course is currently impossible to accurately predict. However, the strong strategic, earnings and financial consistency outlined above have enabled all Group companies to take effective steps to cope with the emergency and minimise its negative effects on their respective businesses.

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FININVEST GROUP CONSOLIDATED FINANCIAL STATEMENTS 2019

The main results for 2019 are as follows:

Fininvest Group consolidated revenues for the year 2019 amounted to EUR 3,886.4 million compared to EUR 4,429.5 million in 2018 (-12.3%). This decrease is largely due to the loss of advertising revenues for Mediaset linked to a number of sporting events (e.g. the 2018 Football World Cup) and the discontinuation of the pay-TV business.

EBITDA was EUR 967.8 million (24.9% of revenues), compared to EUR 1,155.1 million in the previous year.

Group EBIT was positive at EUR 338 million, almost three times the EUR 129.8 million recorded in 2018. Leaving aside the accounting effects of extraordinary transactions over the two years, EBIT in 2019 was positive at approximately EUR 297 million, in any case a significant increase on EUR 217 million in 2018.

Consolidated net profit totalled EUR 220.3 million, an increase on the profit of EUR 202.8 million in 2018.
Excluding non-recurring expenses and income, Group net profit in 2019 was approximately EUR 213 million, a significant improvement on the EUR 117 million recorded in the previous year (again excluding non-recurring items).

The net financial position of the Fininvest Group as at 31 December 2019 was a debt of EUR 1,305 million, compared to EUR 878.8 million as at 31 December 2018 (considering adjustment to IFRS 16, debt stood at EUR 1,533 million compared to EUR 1,127 million at the end of 2018).

The financial deficit of EUR 426 million was mainly due to strategic investments made during the year (in particular by Mediaset).
Ordinary cash generation reached EUR 330 million, up from EUR 270 million in 2018.

In 2019 the Group made investments of EUR 1,166.6 million (EUR 1,172.5 million in 2018).

Total consolidated shareholders' equity as at 31 December 2019 amounted to EUR 4,500.9 million.

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FININVEST S.P.A.

The separate net profit of the parent company Fininvest S.p.A. was EUR 84.2 million in 2019 (compared to a profit of EUR 57.8 million in the previous year).

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The Shareholders' Meeting of Fininvest S.p.A. also appointed the new Board of Directors. The directors Marina Berlusconi (Chairman), Danilo Pellegrino (Chief Executive Officer), Barbara Berlusconi, Luigi Berlusconi, Pier Silvio Berlusconi and Salvatore Sciascia were confirmed in post. In addition, the Shareholders' Meeting appointed Adriano Galliani and Niccolo' Ghedini to the Board of Directors.

The Meeting thanked the outgoing directors Pasquale Cannatelli, Bruno Ermolli and Roberto Poli for their significant contribution over the years.

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Adriano Galliani

Adriano Galliani, born in Monza on July 30, 1944, is an entrepreneur, manager and politician.
Previously he has been President of Lega Calcio, AC Milan Chief Executive Officer from 1986 to 2017, Mediaset Chief Executive Officer from 1986 to 1998, President of Mediaset Premium and President and Chief Executive Officer of Elettronica Industriale. He is currently Senator of the Republic, President of Fininvest Real Restate & Services and AC Monza Chief Executive Officer. In 2010 he was awarded with the career’s Global Soccer Award and in 2011 he was included in the Italian football Hall of fame, manager category.

Niccolo' Ghedini

Niccolo' Ghedini was born in Padova on December 22, 1959.
Lawyer, he carries out the legal profession since 1985. He has been from 1996 to 2000 member of the Giunta dell’Unione delle Camere Penali and National Secretary.
Member of Parliament of the Republic from 2001 to 2006 and from 2008 to 2013; Senator of the Republic from 2006 to 2008, from 2013 to 2018 and from 2018 until now. He is currently member of the justice commission of the Senate of the Republic.

 




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