MFE-MediaForEurope profit down
April 20, 2023
MFE-MediaForEurope has reported a net profit at group level of €216.9 million, down from €374.1 million in 2021 but an increase of 14 per cent on the pre-Covid 2019.
Net profit at parent company MFE was €27.4 million, a significant drop on the net profit of €214.1 million a year earlier.
Consolidated net revenues amounted to €2.8 billion, down from €2.9 billion; EBIT went from €418 million to €280.1 million, for a negative net financial position of -€873.3 million, in line with the -€869.2 million at December 31st 2021.
The Italian TV channels increased ratings in all the main time slots, achieving a 2.2 per cent growth in the commercial target over 24 hours and 2.9 per cent in prime time, compared to a drop for main rival RAI.
Mediaset’s ratings in the 24 hours grew from 36.4 per cent in 2019 to 40.1 per cent in 2022, extending the gap with the main competitor to more than eight points.
The positive trend continued in Q1 2023, with the Italian TV channels reaching 41.1 per cent in the 24-hour commercial target.
The positive ratings helped Mediaset retain its leadership in advertising share, at 40.5 per cent, while the share of TV advertising grew by 1.2 per cent on 2021.
MFE expects that the cross-border merger by incorporation of Mediaset España, approved by the respective shareholders in March 2023, is completed during Q2 2023.