Financial Statements 2023
Notes on the performance of the financial statements (EUR million)
The main economic, capital and financial indicators are summarised in the following table:
| — INCOME STATEMENT FIGURES | 2022 | 2023 | Change % vs 31/12/2022 |
| Consolidated revenues | 3,822.5 | 3,870.5 | 1.3% |
| EBITDA | 860.1 | 850.2 | -1.2% |
| % of revenues | 22.5% | 22.0% | – |
| EBIT | 248.4 | 266.1 | 7.1% |
| % of revenues | 6.5% | 6.9% | – |
| Net profit from continuing operations | 391.3 | 411.9 | 5.3% |
| % of revenues | 10.2% | 10.6% | – |
| Group net profit/(loss) | 195.7 | 252.9 | 29.2% |
| % of revenues | 5.1% | 6.5% | – |
| — BALANCE SHEET FIGURES | 2022 | 2023 | Change in amount vs 31/12/2022 |
| Net invested capital | 5,790.1 | 5,959.8 | 169.7 |
| Shareholders’ equity – Group and non-controlling interests | 4,557.3 | 4,699.6 | 142.3 |
| Financial position (surplus)/deficit | 1,232.8 | 1,260.2 | 27.4 |
| — CACHE FLOW STATEMENT FIGURES | 2022 | 2023 | Change in amount vs 31/12/2022 |
| Financial surplus/(deficit) | (86.9) | (27.4) | 59.5 |
| Investments | 563.2 | 639.7 | 76.5 |
| — WORKFORCE | 2022 | 2023 | Change in amount vs 31/12/2022 |
| Workforce (Year-end No.) | 16.758 | 17.223 | 465.0 |
Revenues 2023
The 2023 consolidated revenues of the Fininvest Group amounted to EUR 3,870.5 million, up 1.3% from EUR 3,822.5 million in 2022. The MFE Group recorded revenues of EUR 2,810.4 million, in line with EUR 2,801.2 million in the previous period; the Mondadori Group also reported revenues in line with the previous year, reaching EUR 927.0 million (EUR 923.8 million at 31 December 2022).
EBIT
EBIT was positive at EUR 266.1 million (6.9% of revenues), compared to the positive EBIT of EUR 248.4 million in 2022 (6.5% of revenues), with an increase of EUR 17.7 million (+7.1%). The MFE Group recorded a positive EBIT of EUR 302.3 million, compared to EUR 280.1 million in 2022 (+7.9%), and return on sales up from 10.0% in 2022 to 10.8% in 2023. The Mondadori Group posted a result of EUR 84.2 million, compared to EUR 72.7 million in the previous year, a positive change on EUR 11.5 million, corresponding to +15.8%. Mondadori’s return on sales is equal to 9.1%. (7.9% at 31 December 2022).
Net profit from continuing operations
The net profit/(loss) from continuing operations was a profit of EUR 411.9 million compared to EUR 391.3 million for the previous year. Below EBIT, the balance of finance expenses/income recorded a negative balance of EUR -37.4 million (compared to a positive balance of EUR 33.7 million in 2022), representing a variation of EUR -71.1 million. This was due to approximately EUR -40 million for lower dividends received by MFE from ProSiebenSat.1, and the remaining part to a general increase in interest rates. The result of equity investments recorded a positive balance of EUR 256.0 million, compared with EUR 176.9 million in 2022; the most significant amounts concern the net profit attributable to Fininvest in the Mediolanum Group, equal to EUR 248.2 million (EUR 153.7 million at 31 December 2022), the loss attributable to MFE relating to the second half of 2023 of ProSiebenSat.1, equal to EUR -11.3 million (not present in the previous year) and finally the profit attributable to MFE relating to EI Towers S.p.A, amounting to EUR 9.6 million (EUR 14.0 million in the reporting period 2022).
Group net profit/(loss)
The net profit/(loss) pertaining to the Group was equal to a profit of EUR 252.9 million, compared to the profit of EUR 195.7 million in 2022. The profit/(loss) due to non-controlling interests was equal to EUR 159.0 million (EUR 195.6 million in 2022).
Net financial position
The consolidated net financial position before IFRS 16 showed and indebtedness of EUR 1,075.6 million, in line with an indebtedness of EUR 1,072.6 million at 31 December 2022. The total financial position was instead equal to EUR 1,260.2 million, compared to a debt at 31 December 2022, amounting to EUR 1,232.8 million.
Financial surplus (deficit)
In 2023 there was a financial deficit of EUR 27.4 million, compared to a financial deficit of EUR 86.9 million in 2022.
The MFE Group showed a financial deficit of EUR 29.5 million, while the Mondadori Group generated a financial surplus of EUR 18.8 million. Finally, the Parent Company Fininvest S.p.A. recorded a financial deficit of EUR 13.6 million.
Investments
Investments for 2023 amounted to EUR 639.7 million (EUR 563.2 million at 31 December 2022) and consisted of EUR 421.0 million for television and movie broadcasting rights (EUR 339.3 million in 2022), EUR 77.8 million for investments in intangible fixed assets (EUR 78.2 million in 2022), EUR 62.6 million for investments in tangible fixed assets (EUR 51.6 million at 31 December 2022) and 78.3 million for equity investments, financial assets and business combinations (EUR 94.1 million in 2022).
Workforce
The workforce at 31 December 2023 (including Mediolanum staff and sales networks) amounted to 17,223 staff members, an increase of 465 compared to 31 December 2022. MFE increased its workforce by 113, the Mondadori Group’s workforce by 45. The Mediolanum Group grew by 307 staff members (employees + sales network).
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