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(Alliance News) – Mondo TV Spa reported that it closed 2022 with a loss of EUR69.3 million compared to a profit of EUR5.5 million in the previous year.
The figure discounts an extraordinary impairment of EUR73.4 million net of which it would have been EUR4.1 million positive.
Value of production rises 6 percent year-on-year to EUR37.8 million from EUR35.6 million a year earlier.
Ebitda rises 4 percent to EUR25.4 million from EUR24.4 million in 2021.
Net financial position as of December 31, 2022 shows net debt of about EUR12.2 million compared to net debt of about EUR8.5 million as of December 31, 2021. Group equity as of December 31, 2022 was EUR14.1 million, a decrease mainly due to impairment, compared to EUR80.5 million as of December 31, 2021.
“The group has defined a new strategic line defined in the business plan approved by the board of directors on March 17, based on a significant reduction of investments and operating costs, the exploitation of the existing library and from the focus of sales in Western countries. This line has been confirmed in the budget for 2023, which envisages at the consolidated level a value of production of about EUR17 million, an Ebitda of EUR7 million and a net profit of about EUR1 million,” the board explained.
The board also confirmed the targets for the five-year period 20232027, which see an end-of-plan value of production of about EUR22 million, with CAGR of about 7 percent compared to the first year of the plan, a net income of EUR3 million with CAGR of about 30 percent compared to the first year of the plan, and a positive NFP at the end of the plan and consolidated equity at the end of the plan expected to be EUR28 million.
“The new plan envisages a focus on sales in Western countries, excluding China and Russia and a significant reduction in investments, with an annual Capex of less than EUR5 million. Confirmed in 2023 are the launches of both Grisu and Agent203, the group’s flagship products.”
Mondo TV’s stock closed Friday up 6.0 percent at EUR0.37 per share.
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter
Comments and questions to redazione@alliancenews.com
Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.
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