MediaForEurope (MFE) achieved a net profit of 10.1 million in the first quarter, compared to 2.7 million in the same period of 2022, and an operating result growing to 19.3 million on substantially stable revenues (-1%) at 646.6 million euros. The improvement in the net result is also due to the increase in the stake held in Mediaset Espana (from 55.69% to 84.45% compared to 2022 and before the merger which ended a few weeks ago).
Consolidated net financial debt as at 31 March 2023 amounted to 731.7 million euros, an improvement compared to 873.3 million in the previous year, and core cash generation (free cash flow) was positive by 158.9 million euros, from 222.4 million in the first three months of 2022. In Italy, gross advertising revenues increased by 0.4% in the first quarter against the +3.1% of the overall advertising market according to Nielsen estimates: the period, reports Mfe, is traditionally in favor of Rai. In Spain, gross advertising revenue fell by 4.6% compared to the same period in 2022.
