ANNUAL REPORT 2021

This copy of the annual report of MFE-MediaForEurope N.V. for the year 2021 is not in the ESEF-format as specified by the European Commission in Regulatory Technical Standard on ESEF (Regulation (EU) 2019/815). The ESEF reporting package is available at

https://www.mfemediaforeurope.com/binary/documentRepository/20/213800DIFN7NR7B97A50-2021-12-31_1787.zip

MFE-MEDIAFOREUROPE N.V.

Registered Office: Amsterdam, Netherlands

Headquarters and Tax Residence: Viale Europa 46, 20093 Cologno Monzese, Milan, Italy Share Capital: EUR 777,186,257.34

Registered with the Dutch Chamber of Commerce (CCI number): 83956859 Italian Tax Code and VAT Number: IT 09032310154.,l

Website:https://www.mfemediaforeurope.com/

Table of Contents

MFE-MEDIAFOREUROPE GROUP - Annual Report 2021

Corporate Boards .............................................................................................................................. 1

Financial Highlights .......................................................................................................................... 2

Introduction ..................................................................................................................................... 3

Directors' Report on Operations ......................................................................................................... 5

Group Strategy and Business Model ..................................................................................................................................... 7

Significant Events, Key Corporate Transactions and Developments in Television-Sector Legislation .................................... 9

Main Group Companies ...................................................................................................................................................... 23

Financial review: main economic and financial results by geographical area and business segment .................................. 63

Reclassified statement of income .................................................................................................................................. 63

Reclassified statement of Financial Position .................................................................................................................. 70

Reclassified Statement of Cash Flows and breakdown of Investments in fixed assets .................................................. 72

Reconciliation between Consolidated and Parent Company Net Profit and Shareholders' Equity ...................................... 76

Business Outlook ................................................................................................................................................................. 77

Definition and reconciliation of alternative performance measures (APMs or non-GAAP measures) ................................. 78

Mediaset Shares .................................................................................................................................................................. 82

Disclosure of the Main Risks and Uncertainties to which the Group is Exposed .................................................................. 85

Consolidated Non-Financial Disclosure ............................................................................................................................... 99

The Values of the MFE Group ...................................................................................................................................... 101

The MFE Group, its business context, and sustainability ............................................................................................. 102

Ethics and Integrity in business ................................................................................................................................... 110

People in the MFE Group ............................................................................................................................................ 117

Effectiveness and Sustainability of the Broadcast and Commercial Offering ............................................................... 139

Community and Territory ............................................................................................................................................ 146

The Environment ......................................................................................................................................................... 171

Additional information ...................................................................................................................................................... 181

Corporate governance report ............................................................................................................................................ 185

Introduction ................................................................................................................................................................ 185

Board of Directors ....................................................................................................................................................... 186

Board Committees ...................................................................................................................................................... 197

Conflict of Interests ..................................................................................................................................................... 200

Remuneration ............................................................................................................................................................. 201

Disclosure pursuant to the decree implementing Article 10 of the EU Directive on Public Purchase Offers ................ 201

Shareholders' Meeting ................................................................................................................................................ 203

Code of Ethics .............................................................................................................................................................. 205

Compliance with the Dutch Corporate Governance Code ........................................................................................... 207

Conformity statement ................................................................................................................................................. 209

Statement by the Board of Directors ........................................................................................................................... 211

Non-Executive Directors Report ......................................................................................................................................... 214

Remuneration Policy ......................................................................................................................................................... 220

Introduction ................................................................................................................................................................ 220

Governance model ...................................................................................................................................................... 223

Scope and Principles of the Remuneration Policy ....................................................................................................... 225

Composition of the Remuneration of the Chief Executive Officer and the other Executive Directors .......................... 227

Remuneration of Chairman and Non-Executive directors ........................................................................................... 239

Remuneration report ......................................................................................................................................................... 240

Report on the Remuneration paid ............................................................................................................................... 240 Comparison between the compensation of Directors, the results of the Group and the average compensation

of employees ............................................................................................................................................................... 243

Consolidated Financial Statements and Explanatory Notes .............................................................. 245

Consolidated Statement of Income ................................................................................................................................... 246

Consolidated Statement of Comprehensive Income .......................................................................................................... 247

Consolidated Statement of Financial Position ................................................................................................................... 248

Consolidated Statement of Financial Position ................................................................................................................... 249

Consolidated Statement of Cash Flows .............................................................................................................................. 250

Consolidated Statement of Changes in Shareholders' Equity ............................................................................................ 251

Explanatory notes ......................................................................................................................... 252

1. General information ...................................................................................................................................................... 252

2. Presentation Basis and Accounting Standards for the Preparation of the Financial Statements .................................... 252

3. Summary of Accounting Standards and Measurement Basis ......................................................................................... 255

4. Key Information relating to the Scope of Consolidation ................................................................................................ 261

5. Segment Reporting ........................................................................................................................................................ 267

Notes on the main items of the Statement of Income ....................................................................... 271

6. Income Statement ......................................................................................................................................................... 271

Notes on main Asset items ............................................................................................................. 284

  • 7. Non-current assets ........................................................................................................................................................ 284

  • 8. Current assets ................................................................................................................................................................ 306

Notes on Main shareholders' equity and Liabilities Items ................................................................. 314

9. Share Capital and Reserves ........................................................................................................................................... 314

10. Non-current liabilities .................................................................................................................................................. 320

11. Current liabilities ......................................................................................................................................................... 329

Notes on main cash flow statement items ....................................................................................... 343

12. Statement of Cash Flows .............................................................................................................................................. 343

Other ........................................................................................................................................... 346

13. Disclosures on Financial Instruments and Risk Management Policies ......................................................................... 346

14. Share-based Payments ................................................................................................................................................ 353

15. Related-party Transactions .......................................................................................................................................... 356

16. Guarantees and Commitments .................................................................................................................................... 359

17. Subsequent Events after 31 December 2021 ............................................................................................................... 360

18. List of equity investments included in the Group's consolidated financial statements as at 31 December 2021 ......... 363

MFE-MEDIAFOREUROPE N.V. Financial Statements and Explanatory Notes ....................................... 367

Statement of Financial Position ......................................................................................................................................... 368

Statement of Financial Position ......................................................................................................................................... 369

Statement of Income ......................................................................................................................................................... 370

Statement of Comprehensive Income ............................................................................................................................... 371

Statement of Cash Flows ................................................................................................................................................... 372

Statement of Changes in Shareholders' Equity .................................................................................................................. 373

General information ..................................................................................................................... 374

1. General information ...................................................................................................................................................... 374

2. Adoption of international accounting standards ........................................................................................................... 374

3. Basis of presentation, accounting policies for the preparation of the financial statements and measurement criteria 375

4. Other information ......................................................................................................................................................... 384

Notes on main asset items ................................................................................................................................................ 395

Notes on main shareholder' equity and liability items ...................................................................................................... 408

Reconciliation between Consolidated and Parent Company Net Profit and Shareholders' Equity .................................... 413

Notes on the main items of the Statement of Income ....................................................................................................... 432

Notes on the main items of the Statement of CASH FLOWS ............................................................................................... 444

commitments and guarantees ........................................................................................................................................... 445

Disclosures on financial instruments and risk management policies ................................................................................. 446

Subsequent Events after 31 December 2021 ..................................................................................................................... 461

Other Information ........................................................................................................................ 467

Indipendent Auditors' Report ........................................................................................................ 469

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MFE-MEDIAFOREUROPE NV published this content on 29 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2022 17:37:02 UTC.