In the first half of 2022, Media For Europe reported consolidated net revenues of EUR 1.388.5 million and declining debt despite the international crisis situation.
MFE-Media For Europe was established in 2021 after Mediaset moved its registered office to the Netherlands. Its fiscal and operational offices are located in Italy and Spain.
As stated in the press release issued by the holding company, this positive result in revenues is accompanied by a positive EBIT of EUR 112 million and a free cash flow of EUR 270.2 million. Finally, net profit stood at EUR 84.6 million.
Analysing the figures in more detail, it can be seen that net revenue increased, albeit slightly, in 2022: 1.388.5, as compared to 1.387.2 in the first half of 2021, which is even more positive in light of the price hikes caused by the international crisis. Advertising revenues helped in this respect: in Italy they recorded a gain of EUR 976.4 million, in addition to the EUR 385.5 million earned by the Spanish market.
An increase in revenue was also accompanied by an increase in costs compared to 2021: EUR 1,276.5 million in 2022 compared to EUR 1,188.5 million in the previous year. This increase is mostly related to the Italian market, which recorded costs of EUR 957.5 million in the first half of 2022 compared to EUR 869.1 million in 2021. Influencing this result were, in addition to the price increase, the opening of new contracts by MFE, specifically regarding the Coppa Italia, Supercoppa and Serie A advertising sales. In contrast, the figure remained practically unchanged with regard to Spain, with costs of EUR 319.3 million in the first half of 2022 compared to EUR 319.8 million in the previous year.
These positive results were accompanied by an increase in TV ratings in both the Italian and Iberian markets: in Italy, Mediaset channels recorded a peak share of 40.9% in prime time, while in Spain the share stood at 29.5% over 24 hours.
Finally, MFE predicts a contraction in earnings in the last quarter of 2022 due to inflation generated by rising energy prices.
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