MILANO – Record accounts for Mediaset in the third quarter of the year and a great comeback in advertising, which in the first nine months of 2021 exceeded pre-Covid levels. In particular, the group – in sharp rise on the stock market after the results – in the first nine months recorded a net profit of 273.8 million euros, a result that compares with the 10.5 million in 2020 and which, even net of the sale from Towertel and the settlement of the dispute with Dialymotion is higher than 92.1 million in 2019. Group revenues for the first nine months amounted to 1.99 billion euros (+ 11.6%) while in Italy they rose by 18% to 1.388 billion.
The advertising revenue in Italy in the first nine months it improved by 21.5% to 1.346 billion, doing better than the same period in 2019 (1.33 billion). Group operating profit rose to 275 million euros compared to 87.6 million in the same period of 2020 and 188.6 million in 2019.Ebit of Italian assets is 135 million euros. The consensus of analysts on Italian activities was + 21.5% in advertising sales with 1.359 billion in revenues and an Ebit of 105 million. In the third quarter alone, net profit reached 47.1 million (from 29.4 million) on revenues of 605.4 million (+ 8.8%).
“In october, advertising sales in Italy recorded a still positive trend “, underlines the company, and also in the last months of the year” should continue to reflect a market trend that in the presence of the economic recovery underway, for most sectors , should be characterized by the typical high seasonality of demand “.
Mediaset “confirms the forecast of a decisive strengthening of economic results (Ebit and net result) and cash generation characteristic of the group compared to those of the last two years “.
In terms of expenses, Mediaset recorded total operating costs of 1.717 billion in the nine months at group level (from 1.635 billion in 2020) and for 1.253 billion in Italy (from 1.222 billion in 2020 and 1.371 billion in 2019). Consolidated net financial debt as at 30 September amounted to € 919.5 million, a decrease compared to the figure at the beginning of the year (€ 1.06 billion). Excluding the liabilities recognized pursuant to IFRS 16 and the residual debt deriving from the acquisitions of the investment in ProsiebenSat.1, the adjusted net financial debt is equal to 640.4 million euros. The characteristic free cash flow was 423.6 million euros, a clear increase compared to the 236.0 million of the first nine months of 2020.
In the same period, against the 133.9 million euros collected from dividends EI Towers, dividends were also distributed by Mediaset for 340.6 million euro and incurred disbursements for 103.9 million euro for the increase in the investment in ProsiebenSat.1 made by Mediaset Espana.
As for television ratings In Italy, Mediaset obtained 33.5% share in the total day, 33.5% in day time and 33.8% in prime time on the commercial target (15-64 years). In Spain, Mediaset Espana recorded a share of 30.8% in 24 hours and 29.6% in prime time.
The group also has good forecasts for the whole year. Mediaset expects advertising sales “over the entire year of 2021 to be at least + 1.2% compared to 2019”. He said it Matteo Cardani, Publitalia’s General Manager Marketing, in presenting the accounts to analysts. Finally, the group does not intend to sell off its stake in No Towers which, however, remains non-strategic. He reiterated it Marco Giordani, cfo of Mediaset, speaking to analysts on the occasion of the results for the nine months of 2021. “The stake is not a strategy, that is, it is not part of our future strategy, but we do not want to sell off and we will try to obtain the maximum value from our participation”, he Giordani said, specifying that “for the moment there is no news on possible sales prospects.” On Prosiebensat, on the other hand, he confirmed that he was long-term investors.