Companies' Register and Tax Code 07258710586 | |
Economic and Administrative Repository (R.E.A.) of Rome 604174 | |
Mondo TV S.p.A. | |
Share Capital Euro 19,956,584 - fully paid-in | |
Registered office | Via Brenta, 11 - Rome |
Other offices | Via Montenero, 42 - 44 - Guidonia (RM) |
Corso Buenos Aires, 92 - Milan | |
52, Rue Gerard - 75013 Paris (France) | |
Calle Alvarez de Baena, 4 Pt 4A - Madrid (Spain) | |
Via Crocicchio Cortogna, 6 - Lugano (Switzerland) | |
Calle Rambla de Pulido 42 - Tenerife (Canary Islands, Spain) |
Annual Financial Report
as at 31 December 2020
Draft: Board of Directors' Meeting of 22 March 2021
Approved: Shareholders' Meeting of 21 April 2021
MONDO TV S.p.A.
Mondo TV S.p.A.
Registered Office: Via Brenta, 11 - Rome
Share Capital Euro 18,207,106
Companies' Register and Tax Code 07258710586
Economic and Administrative Repository (R.E.A.) of Rome 604174
CONTENTS | PAGE |
Corporate
Governance
Report on Operations
Consolidated Financial Statements
Annual Financial Statements
Board of Directors, Board of Statutory Auditors and Independent Auditors | 3 |
General Commentary | 4 |
Description of the business operating conditions | 6 |
Key data of the Group and Parent Company | 9 |
Library investments, acquisition and incorporation of new companies and significant events | 13 |
in 2020 | |
Information on shareholders and the share price | 16 |
Business outlook and main relevant risks | 17 |
Basis for the adoption of the going concern assumption in the preparation of the financial | 20 |
statements | |
Human resources and research and development activities | 21 |
Treasury shares | 22 |
Significant events after the reporting period | 22 |
Related party and intra-group transactions | 22 |
Statement of reconciliation of consolidated equity and economic result with the parent | 27 |
Proposal for the allocation of profit (loss) for the year | 27 |
Consolidated statement of financial position | 29 |
Consolidated separate income statement | 30 |
Consolidated comprehensive income statement | 30 |
Consolidated statement of changes in equity | 31 |
Consolidated cash flow statement | 32 |
Consolidated financial statements providing related party disclosures | 33 |
Notes to the consolidated financial statements | 37 |
Statement of financial position | 79 |
Income statement | 80 |
Comprehensive income statement | 80 |
Statement of changes in equity | 81 |
Cash flow statement | 82 |
Financial Statements providing related party disclosures | 83 |
Notes to the annual financial statements | 87 |
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MONDO TV S.p.A.
CORPORATE GOVERNANCE
BOARD OF DIRECTORS (1)
Chair and CEO | Matteo Corradi |
Directors | Monica Corradi |
Carlo Marchetti | |
Aurelio Fedele (Independent) | |
Angelica Mola (Independent) | |
BOARD OF STATUTORY AUDITORS (2)
Chair | Maurizio Bernardo |
Statutory Auditors | Adele Barra |
Alberto Montuori | |
Alternate Auditors | Davide Salatino |
Sara Acquarelli | |
INDEPENDENT AUDITORS (3)
BDO Italia S.p.A.
Other bodies of the Parent Company:
Internal Control and Audit Committee
Aurelio Fedele - Chair
Angelica Mola - Member
Supervisory Body (Legislative Decree 231/2001)
Aurelio Fedele - Chair
Paolo Zecca - Member
Samantha Gioia Perri - Member
- The Board of Directors was appointed by the Shareholders' Meeting of 30 April 2018 until the approval of the financial statements ending 31 December 2020. Therefore, the forthcoming Shareholders' Meeting will be called to renew the administrative body.
- Appointed by the Shareholders' Meeting held on 13 May 2020 and in office until approval of the Financial Statements as at 31 December 2022.
- Appointed by the Shareholders' Meeting held on 30 April 2015 and in office until approval of the Financial Statements as at 31 December 2023.
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MONDO TV S.p.A.
REPORT ON OPERATIONS
1. GENERAL COMMENTARY
Shareholders,
The Annual and Consolidated Financial Statements of Mondo TV S.p.A. (Group or Mondo TV Group) as at 31 December 2020, which we submit for your examination and approval, have been prepared in accordance with International Financial Reporting Standards (IFRS).
This report has been prepared in accordance with art. 2428 of the Civil Code; it provides the most significant information on the economic, equity, financial situation and management of Mondo TV S.p.A. and the Group, as defined below.
For the purpose of preparing the annual and consolidated financial statements, Mondo TV S.p.A. has exercised the option granted by current legislation on financial statements, of presenting a single report on operations that accompanies both the individual and consolidated financial statements of the Parent, giving more prominence, unless otherwise indicated, to the phenomena at Group level.
1.1 Consolidated results
Compared to the 2019 financial year, the increase in revenues of Euro 2.1 million in absolute terms and approximately 9% in percentage terms is mainly attributable to the development of existing contracts by the Parent Company.
The capitalisation of internally produced animated series mainly refers to the productions of the Parent Company and Mondo TV France, and was Euro 5 million (Euro 3.5 million in 2019); the increase is mainly due to the greater progress of the subsidiary's productions, with particular reference to the animated series Disco Dragon and Grisù.
Operating expenses increased by Euro 1.3 million, due mainly to higher production costs, both external and internal, offset in part by a reduction in overhead, which was made possible by lower costs incurred to participate in trade shows (suspended due to Covid) and lower product marketing costs.
The Gross Operating Margin went from Euro 16.4 million in 2019 to Euro 18.8 million in 2020, an increase of Euro 2.4 million; the increase of 15% was due to the increase in revenues against a containment of general costs.
In light of the foregoing, the operating result after amortisation, depreciation, impairment and provisions (Euro
10.5 million, compared to Euro 10.1 million in 2019) is positive for Euro 8.3 million, compared to Euro 6.3 million operating profit in 2019, with an improvement of Euro 2.0 million in absolute terms and 32% in percentage terms.
In 2020, financial management was negative by Euro 2.35 million, compared to negative management of Euro
0.3 million in 2019, due to foreign exchange losses caused by the significant deterioration in the exchange rate of the US Dollar against the Euro in the final part of the year in the amount of Euro 1.4 million and the recognition of interest related to the settlement with the Revenue Agency by the parent company in the amount of Euro 0.4 million.
After taxes of Euro 2.1 million (Euro 2.1 million in 2019), which include the recognition of the effects of the settlement signed with the Revenue Agency for an amount of approximately Euro 2.3 million gross of the related deferred effects of Euro 1.5 million, the Group's net profit amounted to approximately Euro 4.4 million compared to a net profit of Euro 3.8 million in the previous year, a positive change of Euro 0.6 million in absolute terms.
The net financial position showed net debt of about Euro 4.1 million compared to net debt of Euro 1.4 million at 31 December 2019, mainly due to the investments made in the production of the new animated series for Euro 18.5 million and the increase in working capital. This position includes financial debt for convertible bonds
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MONDO TV S.p.A.
for an amount of Euro 1.75 million fully converted into shares in January 2021.
The Group's cash and cash equivalents amounted to Euro 9.9 million at 31 December 2020 compared to Euro 8 million at 31 December 2019.
The Group's equity increased from Euro 60.4 million at 31 December 2019 to Euro 68.6 million at 31 December 2020 mainly due to the Group's profit for the year of approximately Euro 4.4 million and the conversion of convertible bonds related to the agreement with Atlas for an amount, net of related stock exchange fees, equal to Euro 4.2 million.
1.2 Results of the Parent Company
Compared to the 2019 financial year, the increase in revenues was Euro 4 million in absolute terms and approximately 22% in percentage terms and was attributable, as noted above, to the progress of Mondo TV new projects.
The capitalisation of internally produced animated series was Euro 1.1 million (Euro 1.1 million in 2019).
Operating expenses amounted to Euro 4.3 million (Euro 4.8 million in 2019) and decreased mainly due to lower costs for participation in trade fairs (not carried out due to Covid) and product marketing costs.
The Gross Operating Margin went from Euro 14.2 million in 2019 to Euro 18.7 million in 2020, an increase of Euro 4.5 million; the increase of 32% was due to the higher volume of revenues together with a containment of operating costs.
In light of the foregoing, the operating result after depreciation, amortisation, impairment and provisions of Euro 9.7 million (Euro 7.4 million in 2019) was positive for Euro 9.1 million, compared to Euro 6.9 million operating profit in 2019, with an improvement of Euro 2.2 million in absolute terms.
In 2020, financial management was negative by Euro 2.2 million, compared to a negative result of Euro 1.2 million in 2019, due to foreign exchange losses caused by the significant deterioration in the exchange rate of the US Dollar against the Euro in the final part of the year for Euro 1.4 million and the recognition of interest related to the settlement with the Revenue Agency for Euro 0.4 million. The previous year's figure included adjustments to the value of equity investments of Euro 1.1 million (Euro 0.25 million in 2020).
After taxes of Euro 2.4 million (Euro 1.9 million of taxes in 2019), which include the recognition of the effects of the settlement signed with the Revenue Agency for an amount of approximately Euro 2.3 million gross of the related deferred effects of Euro 1.5 million, there was a net profit for the year of Euro 4.4 million compared to a profit of Euro 3.7 million in the previous year.
The net financial position showed a balance of essentially zero, compared to net cash of Euro 3.1 million at 31 December 2019 due mainly to the investments made in the production of the new animated series for Euro
15.5 million and the increase in working capital. This position includes financial debt for convertible bonds for an amount of Euro 1.75 million fully converted into shares in January 2021 and financial receivables for a total amount of Euro 1.4 million.
Mondo TV S.p.A. cash and cash equivalents amounted to Euro 7.9 million at 31 December 2020 compared to Euro 6.4 million at 31 December 2019.
Mondo TV S.p.A. equity increased from Euro 63.9 million at 31 December 2019 to Euro 72.6 million at 31 December 2020 mainly due to the profit for the year of Euro 4.4 million and the conversion of convertible bonds related to the agreement with Atlas for an amount net of related stock exchange fees of Euro 4.2 million.
2. DESCRIPTION OF OPERATING CONDITIONS AND IMPLICATIONS OF THE COVID-19 PANDEMIC ON THE FINANCIAL STATEMENTS AT 31 DECEMBER 2020
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Mondo Tv S.p.A. published this content on 20 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 April 2021 10:20:03 UTC.