FININVEST GROUP – 2017 FINANCIAL STATEMENTS

 

 

CONSOLIDATED REVENUES: EUR 4,997.1 MILLION (-1%) CONSOLIDATED EBIT: EUR 311.5 MILLION (EUR -188.7 MILLION IN 2016) CONSOLIDATED NET PROFIT: EUR 687.7 MILLION (LOSS OF EUR 120.2 MILLION IN 2016) NET PROFIT BEFORE NON-RECURRING ITEMS: EUR 80 MILLION (EUR 47 MILLION IN 2016) INVESTMENTS: EUR 862 MILLION DEBT STABLE AT EUR 1.3 BILLION 

 

Chaired by Marina Berlusconi, the Shareholders’ Meeting of Fininvest S.p.A. approved today the financial statements of the parent company and examined the consolidated financial statements for the year ended 31 December 2017.

 

* * * Faced with continuing instability in the macroeconomic framework, which is adversely affecting investment and consumption, and a market environment shaped by growing competitive pressures and ongoing transformation, Fininvest Group companies in 2017 continued to sharpen their focus on their core businesses, consolidating their respective positions of leadership while pursuing greater efficiencies and profit margins. Those efforts contributed to driving positive consolidated EBIT up to over EUR 300 million, a remarkable improvement – even before non-recurring items – on 2016. Consolidated net profit was boosted considerably by the EUR 600 million gain realised on the sale of A.C. Milan (whereas at the holding level, no gain was recognised as the sale price was line with the carrying amount, which included the investments made over the years to support the club). But even when excluding that windfall and other nonrecurring items, the Group posted major growth in profit. Finally, while the Group pushed ahead with more new investments during the year, Group debt remained substantially stable, also thanks to positive cash flow from continuing operations.

 

*** FININVEST GROUP 2017 CONSOLIDATED FINANCIAL STATEMENTS Key highlights for the year 2017:* Consolidated revenues for Fininvest Group in 2017 amounted to EUR 4,997.1 million, down by 1% on the EUR 5,048.4 million posted in 2016. EBITDA rose to EUR 1,466.3 million, up by 20.4% on the EUR 1,217.5 million figure for the previous year. Group EBIT posted a positive EUR 311.5 million, versus a negative EUR 188.7 million in 2016. The 2016 figure was heavily affected by the negative impact of non-recurring items, driven by the non-fulfilment by Vivendi of contractual commitments with Mediaset. Excluding those expenses, EBIT in 2016 would have amounted to a positive EUR 147.7 million. Consolidated net profit amounted to EUR 687.7 million, compared to a loss of EUR 120.2 million in 2016. The figure was driven up in particular by the EUR 611.5 million gain realised on the sale of the subsidiary A.C. Milan S.p.A. Excluding the effect of the sale and other non-recurring income and expenses, net profit for 2017 would have amounted to around EUR 80 million (compared to a net profit of EUR 47 million in 2016, net of non-recurring items). The net financial position of Fininvest Group as at 31 December 2017 posted a total debt of EUR 1,309.4 million, showing substantial stability on the EUR 1,279.9 million figure for 31 December 2016. Group investments in 2017 totalled EUR 861.8 million. Total consolidated shareholders’ equity as at 31 December 2017 amounted to EUR 4,514.7 million.

 

* The AC Milan Group business unit was reclassified as “discontinued operations” in accordance with IFRS 5.

 

*** FININVEST S.P.A. 2017 FINANCIAL STATEMENTS The parent company Fininvest S.p.A. posted a separate net profit of EUR 45.4 million (versus a profit of EUR 3.1 million in 2016). We report that the sale of the equity investment in AC Milan S.p.A. had no impact in terms of gains or losses on the 2017 financial statements of Fininvest S.p.A.