Mediaset closed the first nine months of the year with net profits of 27 million euro (-21,7% over the year) and net revenues of 2,433 billion (-1,6%). Numbers that the Stock Exchange doesn't like: at 11 am the share is down +8% to 2,446 euros compared to -1,2% in the Ftse Mib.
In the third quarter alone, advertising sales increased by 3,5% thanks to the contribution of the World Cup and the positive performance of the radio sector.
Net revenues for the third quarter decreased from 667 to 629 million euros while operating costs decreased from 487 million to 475,4 million euros. The operating result thus went from -42,2 to -9,1 million euro while the net result from continuing operations improved from -46,1 million to -22,8 million euro.
"Also during the fourth quarter of the year, the economic results and cash flow generation should show a better trend than in the same period of the previous year" reads the company's note
For the whole of 2018, the company estimates an operating result - "the size of which will depend on the trend in advertising revenues on which visibility is still limited" - "slightly higher than that recorded in the previous year, while the net financial debt at 31 December will further decrease compared to 30 September 2018, also by virtue of the net collection of 179,1 million euros which took place at the beginning of October following the completion of the tender offer for EI Towers". The positive consolidated net result will benefit from the net capital gain of 503 million euros following the deconsolidation of EiTowers.
In the nine months, Mediaset's gross advertising revenues in Italy increased by 2,5% to 1,458 billion euros, while operating costs fell by 1,3% to 2,319 billion euros. Ebitda (from 858,5 million to 753,7 million), ebit (from 123,6 to 114,5 million euros) and net result (27 million euros), writes the company in a note, "are decidedly better compared to those indicated in the plan 'Mediaset 2020 Guidelines' presented to the market in January 2017”. Net financial debt fell to 961,4 million euros at the end of September (a figure that does not include EiTowers' liabilities) compared to 1,392 billion at the end of December.
(Last update at 11am on November 14th).
