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.