Media For Europe increases revenues, reduces debt and achieves a positive net result up to June
Media For Europe (MFE), the group that owns Mediaset, has posted a positive net profit of 84.6 million in the first half of 2022, it said in a statement.
MFE highlighted that Mediaset España’s revenues remained stable (415 million euros), as well as costs (319 million), and that the group’s networks maintain their absolute leadership in the 24 hours with a 29.5% share of the commercial target, and that Telecinco is confirmed as the most watched Spanish channel in the commercial target in the total daytime (14.1%).
It also indicated that MFE has increased its consolidated net revenues to 1,388 million euros, a positive operating profit (EBIT) of 112 million euros and a free cash flow of 270 million euros. Consolidated net financial debt at 30 June 2022 amounted to EUR 630 million compared to EUR 869 million at the beginning of the period.
The company points out that these positive results have been achieved in a context of geopolitical and economic crisis characterised by rising inflation, energy emergency and declining propensity to consume, and that the group was not affected by significant impacts thanks to its immediate management reactivity.
Consolidated net revenues increased compared to the same period last year and the Group’s advertising sales, despite a very difficult second quarter, recorded a decidedly better-than-market trend thanks to the television leadership of Mediaset channels both in Italy (more than 40% share of the commercial target in prime time) and in Spain.
It also argues that through “careful cost control despite rising inflation and energy prices”, MFE managed to achieve a positive net result in the first half of the year, a sharp decrease in debt and a significant free cash flow.
Results in Spain
Regarding the evolution of results in Spain, MFE highlights that revenues amounted to 415 million euros, a similar figure to that of 2021 (423 million) 2021. Gross advertising revenues amounted to 385 million compared to 406 million in 2021, a figure in line with that of the local television market (-5.0%, according to Infoadex data).
Meanwhile, costs in Spain remained stable at €319 million, the same figure as in the same period last year.
It adds that in Spain, the Group’s networks maintain their 24-hour leadership with a 29.5% share of the commercial target. Telecinco is confirmed as the most watched Spanish channel in the commercial target in the total daytime (14.1%).
Regarding the foreseeable development of operations, MFE points out that the forecasts of the main research studies are progressively outlining possible recessionary scenarios for the last quarter of 2022 and for the beginning of next year. But it points out that, even in this context, “thanks to the strong editorial positioning, the considerable market share maintained in the advertising market and the ability to quickly adjust costs to the trend in advertising sales, the MFE Group confirms its objective of achieving results for the 2022 financial year”.
