It has arrived the moment of truth in the Berlusconi house. In these days, after the disappearance of the ex Cavaliere, the future of the family businesses is being decided. Fininvest before the others, with the meeting scheduled for today. But also Mondadori, which is acquiring new companies and predicts a better-than-expected 2023, e Mfe-Media For Europe. Tomorrow, in Germany, the Prosiebensat meeting will be held which will sanction the entry into the Supervisory board of two members appreciated by Mediaforeurope, one of which – Katharina Behrends – expressed directly by Mediaset.
Waiting to know the wishes of Silvio Berlusconi, passed away on 12 June, the family businesses are reorganized, with a single goal: to give a strong sign of continuity and unit before the testament of the patriarch unveil the new arrangements.
The Fininvest meeting
It starts with the Fininvest meeting. The agenda is one of those that matter: the approval of the budget 2022 and the appointment of the new board of directors. The company's activities "will continue in a line of absolute continuity in every aspect", read a note released by Fininvest last 12 June. To date, Pier Silvio Berlusconi, Barbara Berlusconi, Luigi Berlusconi, Ernesto Mauri, Salvatore Sciascia and Adriano Galliani sit on the Fininvest board chaired by Marina Berlusconi and led by CEO Danilo Pellegrino. Of her children only Eleonora is missing, for her a precise choice of hers: she has decided not to have any operational assignment.
The members of the board are therefore 8 and according to the rumors they should be confirmed en bloc. But they could rise to 9 if the board decides to add a new member for replace Niccolo Ghedini, who passed away last August and whose chair remained vacant.
From a financial point of view, according to forecasts, 2022 will not be a record year like 2021, but the figures should still be considerable: last year Fininvest collected 58 million in dividends from Mfe (of which it owns about 50%), 132 million from Mediolanum (of which it holds 30%) and 12 million by Mondadori (of which it holds 53,3%). 202 million in total from which Fininvest will have to subtract the structural costs and the sums that will be used to offset the losses from other investees.
Mondadori looks to the future: raises its 2023 targets and acquires 51% of comic book stores Star Shop Distribuzione
While the outcome of the board of Fininvest is awaited, important news is coming from Mondadori (+3,4% on the Stock Exchange) which, in the light of the more favorable evolution compared to previous estimates in relation to both the business and the prices of the main production factors, has revised upwards of FY 2023 targets.
In detail, the estimate of the net result has doubled from +10% to +20%. The group confirmed single-digit growth in revenues and forecast a adjusted ebitda up high single-digit/low double-digit (vs. previous single-digit estimate), with a marginality expected between 16% and 17% (from the previous 15%). The Ordinary Cash Flow it is expected to range between 65 and 70 million euros, showing an increase of up to 15% compared to the 2022 figure (previous estimate: 60-65 million euros, +10%). Lnet financial debt (Ifrs 16) at the end of 2023, the Adjusted Ebitda is confirmed at 1x, down from 1,3x at the end of 2022.
But the improvement in guidance isn't the only positive news that arrived today from the publishing company: the group led by Marina Berlusconi announced that it had acquired a 51% stake of the share capital of Star Shop Distribution, operating in the distribution of third-party publishers in the comics channel and in the management of points of sale - direct and franchised - in the same segment. The deal will allow the company to replicate the vertically integrated business model with which Mondadori operates in the book segment in the comics sector. The agreement was defined on the basis of an enterprise value, on a cash free/debt free basis (relating to 100% of the company), of 9 millions of euros.
The wait for Silvio Berlusconi's will is rising
THEopening of the will by Silvio Berlusconi, initially scheduled for June 26, is still postponing. According to some sources, the notary Arrigo Roveda should proceed by July 4th, the day on which the new Mediaset schedules will be presented in the Cologno Monzese studios. Next week we could finally know the will of the former Knight.
All eyes will be focused on the future of Fininvest of which Silvio Berlusconi held a 61% share, with the remaining 39% split equally between his 5 sons. According to forecasts, 40% of that 61% will be divided equally among the children, while the future arrangements will be decided on the remaining 20% that was available to the Knight. In fact, if that 61% were divided equally, Veronica Lario's children would have control and Marina and Pier Silvio would be a minority. More probable instead seems the continuity of direction, with the eldest who could have a more important role of the others also in the estate.
To see, then, how it will be distributed the rest of the assets, starting from the Idra real estate which owns the main real estate properties of the former Prime Minister, from Arcore to Villa Certosa, for a value of 412 million. Into the game, at this point, will also enter Martha Fascina to which the usufruct of Arcore plus 100 million euros could go.
