Fininvest break even and changes CEO – The Republic

MILAN – The Fininvest Group, the holding company of the Berlusconi family, ended 2015 at breakeven (-0.1 million euro), compared net profit of 9.9 million in 2014. revenues were up 1% to 4.736 billion. The meeting confirmed the outgoing board of directors, which at its next meeting appointed new CEO Danilo Pellegrino, the current general manager. Pellegrino takes the place of Pasquale Cannatelli, who becomes vice president. On the board, whose members increased from 9 to 10, falls Bruno Ermolli, existing from 2005 to 2012.
Other balance sheet data of Fininvest, the gross operating margin rose by 1.9% to 1.403 billion Euros, the operating result down by 6.8% to 226.3 million. The debt falls to 789 million, compared with 1.055 billion at the end of 2014. The parent company closed with a net profit of 221.4 million, compared to the previous 52.1 million, while the net financial position was a net liquidity of 330.6 million, compared to 162.

in 2015, says a note, “continued the work on the efficiency of production processes and cost control, and have started very significant project for the future of the entire Group, some of which materialized in 2016 and aimed, as appropriate, to consolidate its leadership in the core business, to expand the perimeter of the core activities or to forge international partnerships to face the new challenges of the market. “

in this picture “the financial results achieved in 2015 are particularly significant, given that the macroeconomic environment remains uncertain and that the sector in which the Group operates mainly, that of the media, is ever changing: revenues started to increase after four years; improves EBITDA; the pre-tax profit amounted to 239 million euros, an increase of 54% compared to 2014; net income was at breakeven despite non-recurring charges of approximately Euro 18 million. Very significant, finally, the figure relating to indebtedness, which at December 31, 2015 recorded a decline of 267 million euros, confirming a trend that since 2012 has seen the debt of the Group more than halved (from 2 billion euros to 790 million ). “

As for dividends, the retained earnings of 130 million, was instead carried forward (ie reserves). the previous year Fininvest had distributed reserves to shareholders for 90 million and he drew on reserves to ensure a coupon to the Berlusconi family exercising before. in the previous three years instead members had remained dry.

Topics:

fininvest

Berlusconi family

Starring: