Mfe, profits rising in the first quarter of 2024: revenues, advertising and operating profit also grow
The Mfe group led by Pier Silvio Berlusconi ended the first quarter of 2024 with a net profit of 16.8 million euros, up 66.5% on the same period of 2023. Among other data, i net revenues amounted to 699.8 million euros, up 8.2%, the operating result rose by 21.8% to 23.5 million. Following the positive results of the first months of the year, a note states, Mfe confirms all guidance on year-end targets previously given, with “definitely positive operating result, net result and consolidated cash generation, the extent of which in relation to the results achieved in 2023 will mainly depend on the level of advertising sales on own media managed in the second part of the year”. Mfe after the quarterly accounts: A shares fall by 0.13% while B shares rise by 0.15%.
Mfe’s characteristic cash generation (Free Cash Flow) grew by 34% to 213 million euros, compared to 158.9 million euros in the same period of 2023. Consolidated net financial debt at 31 March 2024 amounted to 676.9 million euros, a decrease compared to the figure at 31 December 2023 when it stood at 902 .8 million euros. Excluding liabilities recognized starting from 2019 pursuant to IFRS 16, adjusted net financial debt is equal to €567.2 million.
The group, explains a note, “strengthened by these results and its solid editorial positioning, both linear and digital, confirms for the current financial year the objective of consolidating its market shares, taking into account the general context which is still extremely unstable and of the contingent elements of the television market expected for the remaining part of the year, with the central part, in any case seasonally less interesting for investors, conditioned by important sporting events (European football championships in June and July and Olympics between July and August) not in the availability of the group, and the last months which will be faced with an extremely sustained trend in advertising revenues in Italy in 2023”.
The Mfe group “as a long-term shareholder of Prosiebensat remains focused on constantly monitoring its investment, supporting the company’s management to concretely implement the strategy of focusing on the core business of entertainment and valorising non-strategic assets”. According to the note in the quarterly report, Mfe, based on the evidence of progressive improvement of the advertising context in Germany, Austria and Switzerland and the efficiency actions undertaken in the second part of last year“we expect an improvement in economic results, cash generation and debt for the current financial year compared to 2023”.
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