(Alliance News) - Mondo TV Spa has announced that it has approved new business plan outlines and targets due to the lack of expected results from the Asian market.

The company expects, in 2023, a group production value of about EUR17 million, Ebitda of EUR7 million with a return to profit of about EUR1 million, and then at the end of the plan in 2027 a production value of about EUR22 million and a net profit of more than EUR3 million.

Underlying the plan are the exploitation of Grisu, MeteoHeroes and Agent203.

Capex over the five-year period is less than EUR5 million per year, with NFP already decreasing in 2023 and estimated positive at the end of the plan. Lower expected sales volume from the Asian market resulted in an impairment adjustment on the library as of December 31, 2022 of approximately EUR73 million.

In 2022, collection of trade receivables continued smoothly, largely collected to EUR6.5 million from EUR20.5 million as of December 31, 2021. No uncertainty about the collection of the remaining receivables of about EUR6.5 million as of December 31, 2022, further decreased by about EUR1 million in early 2023.

The reference shareholder and the CEO "confirm confidence in the new plan and state that they will be able to proceed with share purchases after the end of the 'blackout period,' as evidence of this confidence," Mondo TV explained.

In addition, the CEO, in light of the operating cost containment target in the new business plan, announced that he is waiving 50 percent of his compensation within the parent company for 2023.

Mondo TV's stock is unchanged at EUR0.70 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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