Return to Net Profit for Euros 3.8 million, reporting a better result respect to preliminary results reported on 16 December 2019 (Euros 3.6 million)
Consolidated results in 2019:
- Value of Production at approximately EUR 26.7 million in 2019, compared to EUR 22.2 million in 2018 with a variation of around 20%
- EBITDA was around EUR 16.4 million in 2019, with a variation of 46% compared to EUR 11.2 million in 2018
- EBIT was positive for around EUR 6.4 million in 2019 compared to negative result of EUR 54.5 million in 2018
- Net result of the Group was a profit for approximately EUR 3.8 million in 2019 compared to a loss of the Group of EUR 39.5 million in 2018
- Net Financial Position as at 31 December 2019 showed an indebtedness at EUR 1.4 million compared to availabilities for around EUR 8.1 million as of 31 December 2018
- Net equity of the Group was at EUR 60.4 million with an increase of EUR 2.2 million compared to EUR 58.2 million as of 31 December 2018
Holding company's individual results in 2019:
- Value of Production was EUR 19.1 million in 2019, increasing of around 10% compared to EUR
- million in 2018
- EBITDA was positive around EUR 14.2 million in 2019, compared to EUR 11.0 million in 2019 increasing for 29%
- EBIT was also positive at around EUR 6.9 million in 2019 compared to a negative value for EUR
- million in 2018
- Net result was a profit at approximately EUR 3.7 million in 2019, compared to a loss of EUR 38.7 million in 2018
- Net Financial Position recorded availabilities for approximately EUR 3.1 million as at 31 December 2019, of which Euros 1.7 were mid-long term credits towards controlled companies, compared to availabilities for around EUR 16.5 million as of 31 December 2018
- Net equity was around EUR 63.9 million at 31 December 2019 with an increase of around Euros 4.4, compared to EUR 59.5 million as of 31 December 2018
30 March 2020. The Board of Directors of Mondo TV S.p.A. - holding company of a Group working in the production and distribution of cartoons for TV and the cinema -approved the draft financial statements and the consolidated financial statements as at 31 December 2019.
Consolidated results
Respect to 2018, the revenues increase, equal to Euros 3.7 million in absolute value and to 19% in percentage, was mainly attributable to the development of new projects by the Parent Company and the increase in turnover of the subsidiary Mondo TV France. The Parent Company reported the production and delivery of the series "Invention story", "Bat Pat 2", "Robot Trains Season 2 and 3" and
"MeteoHeroes" while with reference to Mondo TV France, the increase is due to completion of the series "Rocky Kwaternaire" and the production progress of the series "Disco Dragon".
Capitalized costs relating to the produced series were mainly related to the Holding Company's productions, and to those by Mondo TV France, and were equal to Euros 3.5 million (Euros 2.7 million in 2018): the increase is due to the higher progress in productions by the same Mondo TV France.
Operating costs decreased for Euros 0.7 million, mainly by virtue of the lower volume of productions costs and for the deletion of the rental costs for the offices as an effect of the IFRS 16 starting from January 1, 2019.
EBITDA passed from Euros 11.2 million in 2018 to Euros 16.4 million in 2019 with an increase equal to Euros 5.2 million; the increase of 47% was mainly caused by increase of the revenues opposed to a lowering of operational costs.
In light of the above, the operating result after amortization, depreciation and provisions (Euros 10.1 million in 2019, compared to Euros 65.7 million in 2018) was positive by Euros 6.3 million, compared to Euros 54.56 million of operating loss for 2018, with an increase of Euros 60.9 million in absolute terms.
In the financial year 2019 the financial management was negative for Euros 0.3 million, compared to a negative result of Euros 0.5 million in 2018.
After tax on income for Euros 2.1 million (positive for Euros 11.5 million in 2018 for the recording of anticipated tax), a net profit s was reported, it being equal to Euros 3.8 million, compared to a loss of Euros 39.5 million in preceding year, with a positive variation of Euros 43.3 million in absolute terms.
The consolidated net financial position, showed indebtedness for Euros 1.4 million, compared to a net availability of Euros 8.1 million as at 31 December 2018, by virtue of the investments made in the new productions and the introduction of the new accounting principle IFRS 16, which extended to operative leasing the same accounting regime applied to financial leasing: the effect of the change of accounting principle was a higher debt for Euros 1.5 million: without such effect, the NFP would be positive for Euros 0.1 million.
Net equity of the group went from Euros 58.2 million at 31 December 2018 to Euros 60.4 million at 31 December 2019).
Results of the parent company
Respect to 2018, the revenues increase was equal to Euros 1.7 million in absolute value and to 10% in percentage, and was mainly determined, as said above, by the progress of the new projects by Mondo TV.
Capitalized costs relating to the produced series were equal to Euros 1.1 million (Euros 1.1 million in 2018).
Operating costs were Euros 4.8 million (Euros 6.4 million in 2018) by virtue of the lower volume of productions costs and for the deletion of the rental costs for the offices as an effect of the IFRS 16 starting from January 1, 2019.
EBITDA went from Euros 11.0 million in 2018 to Euros 14.2 million in 2019 with an increase of Euros 3.2 million in absolute; the increase of 30% in percentage was mainly due to the higher volume of revenues opposed to lower operating costs.
In light of the above, the operating result after amortization, depreciation and provisions for Euros 7.4 million (Euros 59.2 million in 2018) was positive for Euros 6.9 million, compared to an operating loss of Euros 48.2 million in 2018, with an increase of Euros 55.1 million in absolute terms.
In the financial year 2019, the financial management was negative for Euros 1.2 million, against a negative result of Euros 1.8 million in 2018, mainly determined by the rectification of the stake into Mondo TV Iberoamérica for Euros 1.1 million (Euros 2.2. million in the preceding year).
After tax for Euros 1.9 million (Euros 11.4 million of fiscal charges in 2018), a net profit was reported, it being equal to Euros 3.7 million, compared to a loss of Euros 38.7 million in preceding year.
The net financial position, showed availabilities for Euros 3.1 million (of which Euros 1.7 were represented by mid-long term financial credits toward the controlled companies), compared to net availabilities for Euros 16.5 million as of 31 December 2018, by virtue of the investments made in the new productions and the introduction of the new accounting principle IFRS 16, which extended to operative leasing the same accounting regime applied to financial leasing: the effect of the change of accounting principle was a higher debt for Euros 1.3 million: without such effect, the NFP would be positive for Euros 4.4 million.
Cash availabilities of Mondo TV amounted to Euros 6.4 million as of 31 December 2019.
Net equity went from Euros 59.5 million at 31 December 2018 to Euros 63.9 million at 31 December 2019 mainly by virtue of the loss profit in the year for Euros 3.7 million.
In terms of management, it should be noted that with regard to Asian customers with whom settlement agreements were reached in 2019, the relationships connected with the existing productions and the cashing of the relevant credits continued regularly.
Destination of the result
The Board of Directors deliberated to propose the carrying forward of the year result.
Business Outlook and important facts after the end of the financial year
The company is implementing the strategic line defined in the Business Plan approved by the Parent Company's Board of Directors on last 10 December, through the acquisition of new productions geared towards the Group's licensing and internationalization. In the first quarter of 2020, the collaboration with the German company Toon2Tango was strengthened, with the start of the development of three further productions and with the worldwide distribution mandate for Mondo TV, both for television rights and licensing, of two further series produced from third parties.
On February 10, 2020, the Company filed a wide appeal against a notice of recovery of the Tax Authority with which it contested, following to the report on 23 May 2019, the compensations made in 2012 by means of the tax credit generated by the "conversion" of deferred tax assets ("DTA") in tax credits made pursuant to art. 2, paragraphs 55-58, d.l. n. 225/2010. In the opinion of the professionals in charge of the defense of the company, there are very valid elements of both a formal nature (pertaining to the forfeiture of the tax power), and substantial (pertaining to the formation of DTA civil credits and their conversion into DTA tax credits), to counteract what has been stated by the Tax Authority. For these reasons, the risk of losing the case is considered unlikely, as has already happened in tax disputes in previous years, all resolved with the acceptance of the appeals presented by the Company and with the loss of the Tax Authority. In any case, in light of the amount of the dispute (2,328 thousand Euros plus penalties and interests) the appeal was preceded by a request for self-protection, in order to keep the dialogue, open with the Agency, which also continued by sending further documentation.
To date, no significant impacts are expected from the crisis relating to COVID-19, as the company has been structured in such a way as to continue normal operations even with remote smart work modalities and there are currently no significant slowdowns by the both domestic and foreign suppliers; as regards the acquisition of new contracts, the group has contracts and sufficient liquidity for the
coming months to achieve the objectives set in the business plan; furthermore, the media sector currently appears to be among the least affected by the emergency; on the contrary, the audience of children's television channels is currently on the rise and this may constitute a business opportunity for the group in the coming months.
Therefore, it should be noted that to date there have been no events occurring after 31 December 2019 such as to make the current financial and account statements on substantially different from that resulting from the balance sheet on that date or to require adjustments or supplementary notes to the financial sand accounting statements.
Statement of the Financial Director
The financial director, responsible for the drafting of the company's accounting statements (Mr. Carlo Marchetti) states, pursuant to sect. 154-bis, 2nd paragraph, of Lgs. Decree Nr. 58/1998, that the accounting information included in this communication reflects the results of the accounting documents, books and records.
* * * * *
The Board also approved the corporate governance and remuneration reports. Independency requirements of the independent directors have been verified.
* * * * *
The income statement, the balance sheet, the cash flow statement and the net financial position with reference to the consolidated and parent company situation are attached to this press release. The relevant data are currently being audited.
* * * * *
The documentation for the shareholders' meeting, the date of which will be postponed from the date of April 29, 2020 but which has yet to be determined in the light of the emergency connected to Covid-19, will be filed within the terms under the applicable legal and regulatory procedures. The date of the meeting will be notified through a separate press release.
Mondo TV, listed in the Star segment of Borsa Italiana, is the holding company of a Group made up of four more companies; the Group is a leader in Italy and among the primary European operators in the production and distribution of television series and cartoon films for TV and the cinema, and is active in the related sectors (audiovisual and musical distribution, licensing, media, publishing and merchandising).
For further information on Mondo TV, visit www.mondotv.it.
ISIN code: IT0001447785 - Acronym: MTV - Negotiated on MTA - Reuters: MTV.MI - Bloomberg: MTV.IM
Contact: |
Mondo TV |
Piergiacomo Pollonio | |
Investor Relator | |
investorrelations@mondotvgroup.com |
MONDO TV GROUP (Thousands of Euros)
Consolidated Income Statement
2019 |
2018 | |
Revenues from sales and services |
23.056 |
18.914 |
Other revenues |
134 |
584 |
Capitalization of internally produced cartoon series |
3.493 |
2.701 |
Raw materials, consumables and goods used |
(59) |
(57) |
Payroll costs |
(4.073) |
(3.816) |
Amortization and impairment of intangible assets |
(9.264) |
(41.701) |
Depreciation and impairment of property, plant and |
(95) |
(140) |
equipment | ||
Amortization of use rights |
(580) |
0 |
Allowances against receivables |
(157) |
(23.879) |
Other operative costs |
(6.111) |
(7.131) |
Operative result |
6.344 |
(54.525) |
Financial availabilities |
328 |
1.431 |
Financial charges |
(662) |
(924) |
Profit (loss) before tax |
6.010 |
(54.018) |
Income taxes |
(2.109) |
(11.513) |
Profit (loss) for the period |
3.901 |
(42.505) |
Profit attributable to non-controlling interests |
69 |
(2.991) |
Profit attributable to the Group |
3.832 |
(39.514) |
MONDO TV GROUP
Consolidated Statement of Financial Position
Thousand of Euros |
31.12.19 |
31.12.18 |
Non-current assets | ||
- Intangible rights |
35.733 |
30.888 |
- Other intangible assets |
40 |
29 |
Intangible assets |
35.773 |
30.917 |
Property, plant and equipment |
246 |
369 |
Use rights on goods in leasing |
1.372 |
0 |
Equity investments |
95 |
0 |
Deferred tax assets |
12.965 |
14.680 |
Receivables |
41 |
31 |
50.492 |
45.997 | |
Current assets | ||
Trade receivables |
24.857 |
20.622 |
Tax credits |
2.562 |
3.688 |
Other assets |
262 |
462 |
Cash and cash equivalents |
7.999 |
12.463 |
35.680 |
37.235 | |
Total assets |
86.172 |
83.232 |
- Share capital |
18.207 |
18.207 |
- Share premium reserve |
30.778 |
45.868 |
- Legal reserve |
3.062 |
3.062 |
- Further reserves |
7.971 |
9.774 |
- Accumulated losses |
(3.489) |
20.784 |
- Profit (loss) for the period |
3.832 |
(39.514) |
Equity attributable to the Group |
60.361 |
58.181 |
Equity attributable to non-controlling interests |
1.211 |
(2.071) |
Total equity |
61.572 |
56.110 |
Non-current liabilities | ||
Employee severance indemnity |
566 |
545 |
Deferred tax liabilities |
66 |
66 |
Financial payables |
3.037 |
1.322 |
Non-current Financial payables on goods in leasing |
1.077 |
0 |
4.746 |
1.933 | |
Current liabilities | ||
Provisions for risks and charges |
27 |
27 |
Trade payables |
13.771 |
21.631 |
Financial payables |
4.829 |
3.007 |
Current financial payables on goods in leasing |
431 |
69 |
Tax payables |
796 |
455 |
19.854 |
25.189 | |
Total liabilities |
24.600 |
27.122 |
Total liabilities + equity |
86.172 |
83.232 |
MONDO TV GROUP
Consolidated Net Financial Position
Thousand of Euros |
31.12.2019 |
31.12.2018 |
Cash and cash equivalents |
7.999 |
12.463 |
Current financial payables towards banks |
(3.298) |
(3.007) |
Current net financial (indebtedness) cash |
(431) |
(69) |
Debts for convertible bonds |
(1.531) |
0 |
Non-current bank payables |
2.739 |
9.387 |
Net non-current indebtedness |
(1.077) |
0 |
Net financial indebtedness as per Consob communication |
(3.037) |
(1.322) |
DEM/6064293 | ||
Non-current receivables to third parties |
(4.114) |
(1.322) |
Consolidated net financial position |
(1.375) |
8.065 |
MONDO TV GROUP
Consolidated statement of cash flows
Thousand of Euros |
2019 |
2018 |
A. OPENING CASH AND CASH EQUIVALENTS |
12.463 |
2.408 |
Profit (loss) of the Group for the period |
3.832 |
(39.514) |
Profit (loss) of third parties interests |
69 |
(2.991) |
Total profit (loss) for the period |
3.901 |
(42.505) |
Amortization and impairment |
10.096 |
65.720 |
Net change in provisions |
21 |
36 |
Deferred tax effects |
1.715 |
(11.578) |
Cash flows from (used in) operating activities before |
15.733 |
11.673 |
changes in working capital | ||
(Increase) / decrease in trade receivables |
(4.402) |
2.779 |
(Increase) / decrease in tax assets |
1.126 |
224 |
(Increase) / decrease in in other assets |
200 |
(128) |
Increase / (decrease) in trade payables |
(7.860) |
6.963 |
Increase / (decrease) in tax liabilities |
341 |
(198) |
Increase / (decrease) in other liabilities |
0 |
(3.611) |
B. NET CASH FROM (USED IN) OPERATING ACTIVITIES |
5.138 |
17.702 |
(Purchase) / Disposal of fixed assets | ||
- Intangible assets |
(14.120) |
(28.470) |
- Property, plant and equipment |
(72) |
(122) |
- Use rights on goods in leasing |
(18) |
0 |
- Financial assets |
(95) |
0 |
C. NET CASH FROM (USED IN) INVESTING ACTIVITIES |
(14.305) |
(28.592) |
Capital movements |
1.766 |
20.906 |
Paid interests |
2.937 |
39 |
D. NET CASH FROM (USED IN) FINANCING ACTIVITIES |
4.703 |
20.945 |
E. NET INCREASE (DECREASE) IN CASH AND CASH |
(4.464) |
10.055 |
EQUIVALENTS (B+C+D) | ||
F. CLOSING CASH AND CASH EQUIVALENTS |
7.999 |
12.463 |
MONDO TV S.p.A.
Income statement of Mondo TV S.p.A.
( Values in euros units) |
2019 |
2018 |
Revenues from sales and services |
17.908.012 |
15.708.023 |
Other revenues |
46.074 |
559.050 |
Capitalization of internally produced cartoon | ||
series |
1.112.811 |
1.086.726 |
Raw materials, consumables and goods used |
(32.022) |
(45.601) |
Payroll costs |
(1.571.823) |
(1.490.454) |
Amortization and impairment of intangible | ||
assets |
(6.818.645) |
(35.982.460) |
Depreciation and impairment of property, |
(66.827) |
(110.667) |
plant and equipment | ||
Amortization of use rights |
(404.099) |
0 |
Allowances against receivables |
(100.000) |
(23.114.504) |
Other operative costs |
(3.220.525) |
(4.859.664) |
Operative result |
6.852.956 |
(48.249.551) |
Financial profit |
398.395 |
1.488.313 |
Financial loss |
(490.149) |
(1.099.726) |
Rectification on financial assets |
(1.100.000) |
(2.231.937) |
Profit (loss) before tax |
5.661.202 |
(50.092.901) |
Income taxes |
(1.915.597) |
11.392.946 |
Profit (loss) for the period |
3.745.605 |
(38.699.955) |
Profit (loss) per share, base and diluted |
0,10 |
(1,30) |
Profit (loss) diluted per share |
0,10 |
(1,30) |
MONDO TV S.p.A.
Statement of Financial Position
(Values in euros units) |
31.12.19 |
31.12.18 |
Non-current assets | ||
- Intangible rights |
33.918.135 |
27.537.140 |
- Other intangible assets |
38.760 |
25.728 |
Intangible assets | ||
33.956.895 |
27.562.868 | |
Property, plant and equipment |
135.033 |
268.858 |
Equity investments |
1.199.708 |
0 |
Use rights on goods in leasing |
9.141.211 |
2.765.173 |
Deferred tax assets |
12.538.812 |
14.268.344 |
Receivables |
1.693.631 |
5.234.628 |
58.665.290 |
50.099.871 | |
Current assets | ||
Trade receivables |
18.940.957 |
18.100.212 |
Financial receivables |
145.013 |
145.013 |
Tax credits |
1.739.832 |
2.817.413 |
Other assets |
261.497 |
461.418 |
Cash and cash equivalents |
6.374.721 |
11.994.290 |
27.462.020 |
33.518.346 | |
Total assets | ||
86.127.310 |
83.618.217 | |
- Share capital |
18.207.106 |
18.207.106 |
- Share premium reserve |
30.777.910 |
45.867.585 |
- Legal reserve |
3.061.555 |
3.061.555 |
- Further reserves |
8.114.216 |
8.136.225 |
- Accumulated profit (losses) |
0 |
22.894.425 |
- Profit (loss) for the period |
3.745.605 |
(38.699.955) |
Total equity |
63.906.392 |
59.466.941 |
Non-current liabilities | ||
Employee severance indemnity |
566.056 |
545.060 |
Provisions for risks and charges |
4.093.868 |
2.993.868 |
Deferred tax liabilities |
65.974 |
65.974 |
Financial payables |
2.567.562 |
251.758 |
Non current financial debts on goods in leasing |
1.062.372 |
0 |
8.355.832 |
3.856.660 | |
Current liabilities | ||
Provisions for risks and charges |
27.247 |
27.247 |
Trade and other payables |
12.015.454 |
19.447.756 |
Financial payables |
1.187.082 |
625.034 |
Current financial debts on goods in leasing |
269.570 |
0 |
Tax payables |
365.733 |
194.579 |
13.865.086 |
20.294.616 | |
Total liabilities | ||
22.220.918 |
24.151.276 | |
Total liabilities + equity |
86.127.310 |
83.618.217 |
MONDO TV S.p.A.
Net Financial Position of Mondo TV S.p.A.
(Values in euros units) |
31.12.2019 |
31.12.2018 |
Cash and cash equivalents |
6.375 |
11.994 |
Current financial receivables |
145 |
145 |
Current financial payables towards banks |
(1.187) |
(625) |
Current financial debts as per IFRS 16 |
(270) |
0 |
Current net financial (indebtedness) cash |
5.063 |
11.514 |
Non current payables towards banks |
(2.568) |
(252) |
Non current financial debts as per IFRS 16 |
(1.062) |
0 |
Non current net indebtedness |
(3.630) |
(252) |
Net financial indebtedness as per Consob communication DEM/6064293 |
1.433 |
11.262 |
Non-current receivable towards controlled companies |
1.694 |
5.235 |
Net Financial Position |
3.127 |
16.497 |
MONDO TV S.p.A.
Statement of cash flows of Mondo TV S.p.A.
Values in euros units |
2019 |
2018 |
A. OPENING CASH AND CASH EQUIVALENTS |
11.994.290 |
1.276.069 |
Profit (loss) for the period |
3.745.605 |
(38.699.955) |
Amortization and impairment |
7.389.571 |
59.207.631 |
Net change in provisions |
1.120.996 |
2.293.198 |
Effects of deferred fiscal charges |
1.729.532 |
(11.571.004) |
Cash flows from (used in) operating activities |
13.985.704 |
11.229.870 |
before changes in working capital | ||
(Increase) / Decrease in trade and other |
(940.745) |
2.891.674 |
receivables | ||
(Increase) / Decrease in tax assets |
1.077.581 |
966.564 |
(Increase) / Decrease in other assets |
199.921 |
(127.634) |
Increase / (Decrease) in trade payables |
(7.432.302) |
5.888.385 |
Increase / (Decrease) in tax payables |
171.154 |
(8.640) |
Increase / (Decrease) in other liabilities |
0 |
(3.610.667) |
B. NET CASH FROM (USED IN) OPERATING |
7.061.313 |
17.229.552 |
ACTIVITIES | ||
(Purchase) / Disposal of fixed assets | ||
- Intangible assets |
(13.212.672) |
(25.880.014) |
- Property, plant and equipment |
(32.679) |
(64.797) |
- Use rights on goods in leasing |
(18.132) |
0 |
- Financial assets |
(6.376.038) |
(633.027) |
C. NET CASH FROM (USED IN) INVESTING |
(19.639.521) |
(26.577.838) |
ACTIVITIES | ||
Capital movements |
895.872 |
20.912.864 |
(Increase) / Decrease in financial receivables |
3.540.997 |
250.233 |
and securities | ||
Increase / (Decrease) in financial payables |
2.521.770 |
(1.096.590) |
D. NET CASH FROM (USED IN) FINANCING |
6.958.639 |
20.066.507 |
ACTIVITIES | ||
E. NET INCREASE (DECREASE) IN CASH AND |
(5.619.569) |
10.718.221 |
CASH EQUIVALENTS (B+C+D) | ||
F. CLOSING CASH AND CASH EQUIVALENTS |
6.374.721 |
11.994.290 |
Attachments
- Original document
- Permalink
Disclaimer
Mondo Tv S.p.A. published this content on 30 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 March 2020 14:12:03 UTC