30 March 2020
MONDO TV GROUP: The Board of Directors approved the draft of financial statements and the consolidated financial statements for 2019
Return to Net Profit for Euros 3.8 million, reporting a better result respect to preliminary results reported on 16 December 2019 (Euros 3.6 million)
Consolidated results in 2019:
• Value of Production at approximately EUR 26.7 million in 2019, compared to EUR 22.2 million in 2018 with a variation of around 20%
• EBITDA was around EUR 16.4 million in 2019, with a variation of 46% compared to EUR 11.2 million in 2018
• EBIT was positive for around EUR 6.4 million in 2019 compared to negative result of EUR 54.5 million in 2018
• Net result of the Group was a profit for approximately EUR 3.8 million in 2019 compared to a loss of the Group of EUR 39.5 million in 2018
• Net Financial Position as at 31 December 2019 showed an indebtedness at EUR 1.4 million compared to availabilities for around EUR 8.1 million as of 31 December 2018 • Net equity of the Group was at EUR 60.4 million with an increase of EUR 2.2 million compared to EUR 58.2 million as of 31 December 2018
Holding company’s individual results in 2019:
• Value of Production was EUR 19.1 million in 2019, increasing of around 10% compared to EUR 17.3 million in 2018
• EBITDA was positive around EUR 14.2 million in 2019, compared to EUR 11.0 million in 2019 increasing for 29%
• EBIT was also positive at around EUR 6.9 million in 2019 compared to a negative value for EUR 48.2 million in 2018
• Net result was a profit at approximately EUR 3.7 million in 2019, compared to a loss of EUR 38.7 million in 2018
• Net Financial Position recorded availabilities for approximately EUR 3.1 million as at 31 December 2019, of which Euros 1.7 were mid-long term credits towards controlled companies, compared to availabilities for around EUR 16.5 million as of 31 December 2018
• Net equity was around EUR 63.9 million at 31 December 2019 with an increase of around Euros 4.4, compared to EUR 59.5 million as of 31 December 2018
30 March 2020 he Board of Directors of Mondo TV S.p.A. – holding company of a Group working in the production and distribution of cartoons for TV and the cinema –approved the draft financial statements and the consolidated financial statements as at 31 December 2019.
Consolidated results Respect to 2018, the revenues increase, equal to Euros 3.7 million in absolute value and to 19% in percentage, was mainly attributable to the development of new projects by the Parent Company and the increase in turnover of the subsidiary Mondo TV France. The Parent Company reported the production and delivery of the series "Invention story", "Bat Pat 2", "Robot Trains Season 2 and 3" and "MeteoHeroes" while with reference to Mondo TV France, the increase is due to completion of the series “Rocky Kwaternaire” and the production progress of the series “Disco Dragon”.
Capitalized costs relating to the produced series were mainly related to the Holding Company’s productions, and to those by Mondo TV France, and were equal to Euros 3.5 million (Euros 2.7 million in 2018): the increase is due to the higher progress in productions by the same Mondo TV France.
Operating costs decreased for Euros 0.7 million, mainly by virtue of the lower volume of productions costs and for the deletion of the rental costs for the offices as an effect of the IFRS 16 starting from January 1, 2019.
EBITDA passed from Euros 11.2 million in 2018 to Euros 16.4 million in 2019 with an increase equal to Euros 5.2 million; the increase of 47% was mainly caused by increase of the revenues opposed to a lowering of operational costs.
In light of the above, the operating result after amortization, depreciation and provisions (Euros 10.1 million in 2019, compared to Euros 65.7 million in 2018) was positive by Euros 6.3 million, compared to Euros 54.56 million of operating loss for 2018, with an increase of Euros 60.9 million in absolute terms.
In the financial year 2019 the financial management was negative for Euros 0.3 million, compared to a negative result of Euros 0.5 million in 2018. After tax on income for Euros 2.1 million (positive for Euros 11.5 million in 2018 for the recording of anticipated tax), a net profit s was reported, it being equal to Euros 3.8 million, compared to a loss of Euros 39.5 million in preceding year, with a positive variation of Euros 43.3 million in absolute terms.
The consolidated net financial position, showed indebtedness for Euros 1.4 million, compared to a net availability of Euros 8.1 million as at 31 December 2018, by virtue of the investments made in the new productions and the introduction of the new accounting principle IFRS 16, which extended to operative leasing the same accounting regime applied to financial leasing: the effect of the change of accounting principle was a higher debt for Euros 1.5 million: without such effect, the NFP would be positive for Euros 0.1 million.
Net equity of the group went from Euros 58.2 million at 31 December 2018 to Euros 60.4 million at 31 December 2019).
Results of the parent company
Respect to 2018, the revenues increase was equal to Euros 1.7 million in absolute value and to 10% in percentage, and was mainly determined, as said above, by the progress of the new projects by Mondo TV.
Capitalized costs relating to the produced series were equal to Euros 1.1 million (Euros 1.1 million in 2018).
Operating costs were Euros 4.8 million (Euros 6.4 million in 2018) by virtue of the lower volume of productions costs and for the deletion of the rental costs for the offices as an effect of the IFRS 16 starting from January 1, 2019.
EBITDA went from Euros 11.0 million in 2018 to Euros 14.2 million in 2019 with an increase of Euros 3.2 million in absolute; the increase of 30% in percentage was mainly due to the higher volume of revenues opposed to lower operating costs.
In light of the above, the operating result after amortization, depreciation and provisions for Euros 7.4 million (Euros 59.2 million in 2018) was positive for Euros 6.9 million, compared to an operating loss of Euros 48.2 million in 2018, with an increase of Euros 55.1 million in absolute terms.
In the financial year 2019, the financial management was negative for Euros 1.2 million, against a negative result of Euros 1.8 million in 2018, mainly determined by the rectification of the stake into Mondo TV Iberoamérica for Euros 1.1 million (Euros 2.2. million in the preceding year).
After tax for Euros 1.9 million (Euros 11.4 million of fiscal charges in 2018), a net profit was reported, it being equal to Euros 3.7 million, compared to a loss of Euros 38.7 million in preceding year.
The net financial position, showed availabilities for Euros 3.1 million (of which Euros 1.7 were represented by mid-long term financial credits toward the controlled companies), compared to net availabilities for Euros 16.5 million as of 31 December 2018, by virtue of the investments made in the new productions and the introduction of the new accounting principle IFRS 16, which extended to operative leasing the same accounting regime applied to financial leasing: the effect of the change of accounting principle was a higher debt for Euros 1.3 million: without such effect, the NFP would be positive for Euros 4.4 million.
Cash availabilities of Mondo TV amounted to Euros 6.4 million as of 31 December 2019.
Net equity went from Euros 59.5 million at 31 December 2018 to Euros 63.9 million at 31 December 2019 mainly by virtue of the loss profit in the year for Euros 3.7 million.
In terms of management, it should be noted that with regard to Asian customers with whom settlement agreements were reached in 2019, the relationships connected with the existing productions and the cashing of the relevant credits continued regularly.
Destination of the result
The Board of Directors deliberated to propose the carrying forward of the year result.
Business Outlook and important facts after the end of the financial year
The company is implementing the strategic line defined in the Business Plan approved by the Parent Company's Board of Directors on last 10 December, through the acquisition of new productions geared towards the Group's licensing and internationalization. In the first quarter of 2020, the collaboration with the German company Toon2Tango was strengthened, with the start of the development of three further productions and with the worldwide distribution mandate for Mondo TV, both for television rights and licensing, of two further series produced from third parties.
On February 10, 2020, the Company filed a wide appeal against a notice of recovery of the Tax Authority with which it contested, following to the report on 23 May 2019, the compensations made in 2012 by means of the tax credit generated by the "conversion" of deferred tax assets ("DTA") in tax credits made pursuant to art. 2, paragraphs 55-58, d.l. n. 225/2010. In the opinion of the professionals in charge of the defense of the company, there are very valid elements of both a formal nature (pertaining to the forfeiture of the tax power), and substantial (pertaining to the formation of DTA civil credits and their conversion into DTA tax credits), to counteract what has been stated by the Tax Authority. For these reasons, the risk of losing the case is considered unlikely, as has already happened in tax disputes in previous years, all resolved with the acceptance of the appeals presented by the Company and with the loss of the Tax Authority. In any case, in light of the amount of the dispute (2,328 thousand Euros plus penalties and interests) the appeal was preceded by a request for self-protection, in order to keep the dialogue, open with the Agency, which also continued by sending further documentation.
To date, no significant impacts are expected from the crisis relating to COVID-19, as the company has been structured in such a way as to continue normal operations even with remote smart work modalities and there are currently no significant slowdowns by the both domestic and foreign suppliers; as regards the acquisition of new contracts, the group has contracts and sufficient liquidity for the coming months to achieve the objectives set in the business plan; furthermore, the media sector currently appears to be among the least affected by the emergency; on the contrary, the audience of children's television channels is currently on the rise and this may constitute a business opportunity for the group in the coming months.
Therefore, it should be noted that to date there have been no events occurring after 31 December 2019 such as to make the current financial and account statements on substantially different from that resulting from the balance sheet on that date or to require adjustments or supplementary notes to the financial sand accounting statements.
Statement of the Financial Director
The financial director, responsible for the drafting of the company’s accounting statements (Mr. Carlo Marchetti) states, pursuant to sect. 154-bis, 2nd paragraph, of Lgs. Decree Nr. 58/1998, that the accounting information included in this communication reflects the results of the accounting documents, books and records.
The Board also approved the corporate governance and remuneration reports. Independency requirements of the independent directors have been verified.
The income statement, the balance sheet, the cash flow statement and the net financial position with reference to the consolidated and parent company situation are attached to this press release. The relevant data are currently being audited.
The documentation for the shareholders' meeting, the date of which will be postponed from the date of April 29, 2020 but which has yet to be determined in the light of the emergency connected to Covid-19, will be filed within the terms under the applicable legal and regulatory procedures. The date of the meeting will be notified through a separate press release.
Click here to download the file: 30 March 2020 (it & en)
24 March 2020
Calendar of Corporate Events - Update
24 March 2020 Mondo TV S.p.A. informs that the Board of Directors meeting called for the approval of the draft balance sheet and consolidated balance sheet as of 31 December 2019, set on March 27, 2020 will be held on March 30, 2020 due to internal organizational reasons.
Possible further changes to the Calendar of Corporate Events will be timely communicated as applicable.
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18 March 2020
MONDO TV: The Board of Directors of Mondo TV Iberoamérica, S.A. has approved the consolidated financial statements for the 2019 financial year
The related press release was published this morning by the subsidiary through the systems of the Madrid Stock Exchange and reported the following results:
· Consolidated revenues: Euros 2,414,689.79 (+80,57% compared to 2018)
· Consolidated EBITDA: positive for Euros 1,337,293.35 (negative for around Euros 217 thousands in 2018)
· Consolidated Net Profit: positive for Euros 107.162,53 (negative for around Euros 5,570 thousands in 2018)
18 March 2020 Mondo TV informs that the Board of Directors of Mondo TV Iberoamérica, SA, yesterday evening approved the consolidated financial statements for 2019. The subsidiary company published this morning the related press release which is reproduced herein in Italian and English.
Consolidated revenues amounted to Euros 2,414,689.79 (+ 80.57% compared to 2018) while consolidated EBITDA returned to be positive for Euros 1,337,293.35 (negative for Euros 216,737.40 in 2018) and consolidated net profit was Euros 107,162.53 (negative results for Euros 5,568,045.87 in 2018), highlighting that the results in 2018 were just an exception which has been already overcome.
The asset and financial balance was restored through the returning to a positive net equity of Euros 1,110,183.16 and, for the first time, the Group closed the year with positive working capital for Euros 192,758.61. The net financial position improved from being negative for Euros 7,338,813.03 in 2018 to being negative for Euros 2,139,447.65 in 2019.
The above results are currently being audited.
Click here to download the file: 18 March 2020 (it & en)
06 March 2020
MONDO TV:Toon2Tango grants distribution mandate to Mondo TV on two new television series currently in production
The new agreement expands the collaboration between Mondo TV and the German Toon2Tango to an extensive collaboration on worldwide distribution of two series owned by third parties, both for media and for licensing and merchandising rights
The two projects, both of high quality, have a high potential for success both in terms of sales and revenues which will have effects on the turnover of the company in the next three years.
06 March 2020 Mondo TV informs that it has reached a new agreement with the German company Toon2Tango GmbH, the recent joint venture founded by Hans Ulrich Stoef and Jo Daris, based in Munich, for the distribution of two new programs for children produced and owned by third parties.
Mondo Tv will deal, in close collaboration with Toon2Tango (which keeps a main role for distribution in Germany, Austria and Switzerland), of the worldwide distribution of the aforementioned programs with the exception of the territories of Scandinavia and Benelux, as regards on of the project, and the United Kingdom, Ireland and Canada, as regards the other project. The distribution will cover both media rights (and therefore all audiovisual exploitation rights) and licensing & merchandising (with the exclusion of the so-called Master Toy rights which remain reserved for Toon2Tango with a shared commission between the parties).
The commission agreed between the parties, and agreed by Toon2Tango with the IP owners, must be kept confidential, and it will be shared by Mondo Tv and Toon2Tango in light of their intense cooperation in distribution. The only exceptions to the distribution rule concern the territories of Italy, which remains 100% with Mondo Tv, and Germany, Austria and Switzerland which remain 100% with Toon2Tango.
The two projects, which present a high quality and a high commercial appeal, already preliminary verified by the parties during the recent Kidscreen summit in Miami, have a high potential for success in terms of sales and revenues, and will have a positive effect on the turnover in the next three years, although not easily quantifiable to date.
Click here to download the file: 06 March 2020 (it & en)
27 February 2020
MONDO TV: Mondo TV Group strengthens its strategic alliance with Toon2Tango
The parties have agreed upon the development of two new additional animation projects and the replacement of the Oonah project with a further new one
Above all, the essential terms of the strategic cooperation agreement already announced on 20 June 2019 have been confirmed
With the eight projects to be worked with Toon2Tango, the focus on Euro-American IP is growing with the refocusing of the Mondo TV Group business towards European customers and broadcasters for the next few years.
27 February 2020 In addition to the press releases of 20 June 2019, 9 October 2019 and 28 October 2019, Mondo TV informs that it has reached a new agreement with the German company Toon2Tango GmbH, the new company founded by Hans Ulrich Stoef, former CEO of m4e and Chairman of Studio 100, for the development of three new joint projects under the strategic cooperation agreement announced on 20 June 2019.
The development involves the creation of the main graphics, a narrative arc, some scripts and subjects and a presentation of the intellectual property underlying the two projects, whose titles have to be set, as well as a project with working title "Fantasy Factory" which is aimed to replace the "Oonah" project announced on 28 October 2019 and which was decided not to continue. The integration also confirms the essential terms of the cooperation agreement dated 20 June 2019.
Indeed, the total investment at the head of Mondo TV for the development of the three projects is USD 80,000 per project. It should also be noted that the parties have agreed on the full recovery of what has already been paid by Mondo TV for Oonah, so that no further payments by Mondo TV are expected for the development of Fantasy Factory.
It should also be noted that the projects being developed will be brought into production only if the presales should guarantee coverage of the production budget for an amount of at least Euros 2.4 million per project.
In terms of distribution, it is recalled that as already agreed in the cooperation agreement, the parties will cooperate on multi-territorial agreements but will operate independently in some countries; in particular in Europe, Toon2Tango will be responsible for distribution in Germany, Austria, Switzerland, the United Kingdom and Ireland, Scandinavia and Benelux, while Mondo will be responsible for distribution in all other European countries. The distribution includes both audiovisual rights and all licensing and merchandising rights.
Therefore, in light of the above, with the eight projects to be worked with Toon2Tango, the focus is growing on Euro-American IP with refocusing of the Mondo TV Group's business towards European customers and broadcasters for the next few years.
Click here to download the file: 27 February 2020 (it & en)
21 February 2020
Mondo TV: executed the agreement with Ravensburger on MeteoHeroes for Italy and Iberian Peninsula
The licensing plans of MeteoHeroes grow quickly
21 February 2020 Mondo TV announced that Ravensburger S.r.l., a leading Italian company in its sector based in Assago (Milano), has purchased from Mondo TV S.p.A. a license for the territory of Italy, San Marino and Vatican City, Spain, Portugal and Andorra, for the exploitation of the licensing and merchandising rights of the TV series MeteoHeroes for the production of Puzzle 2D, 3D and memory games.
The license provides for the exploitation of the brand for two years starting from January 2021; the agreement provides for the payment by Ravensburger in favor of Mondo TV of a minimum guarantee amount, not significant in itself, as well as royalties for sales exceeding the minimum guaranteed amount.
The agreement confirms the quick development which the property MeteoHeroes is having in the licensing and merchandising from which it is possible to expect important returns in terms of royalties for Mondo TV.
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20 February 2020
Mondo TV reaches a new license agreement with RSI for the broadcasting of Sissi and Meteo Heroes on Swiss national television
20 February 2020 Mondo TV announces that it has reached a license agreement with its subsidiary Mondo TV Suisse with RSI, the Swiss national television in Italian, for the broadcasting on its free TV channels LA1 and LA2 and on the VOD platform of the third season of Sissi and Meteo Heroes.
The agreement, which has a duration of five years, provides a license for exclusive distribution on free TV in Swiss territory. The agreement provides the payment by RSI of a fixed fee.
The conclusion of this further contract highlights the success of these two new series and the distribution strength of the group.
Click here to download the file: 20 February 2020 (it & en)
29 January 2020
Company’s events calendar 2020
29 January 2020 Mondo TV, listed on Star segment of Borsa Italiana, hereby communicates the following calendar of company’s events for the year 2020:
27 March 2020BoD for approval of the draft of balance sheet and consolidated balance sheet as of 31 December 2019
29 April 2020 Shareholders meeting for approval of the balance sheet and consolidated balance sheet as of 31 December 2019
13 May 2020 BoD for approval of the financial interim report as of 31 March 2020
14 September 2020 BoD for approval of the consolidated financial interim report as of al 30 June 2020
13 November 2020 BoD for approval of the financial interim report as of 30 September 2020
Possible changes to the above Calendar will be timely communicated as applicable.
Click here to download the file: 29 January 2020 (it & en)
15 January 2020
Mondo TV: the MeteoHeroes will celebrate Easter with Bauli. The license agreement for the production of food and confectionary products has been closed
15 January 2020 Mondo TV announced that Bauli S.p.A., a leading company in Italy in the food and confectionary sector, has purchased from Mondo TV a license for the territories of Italy, Vatican, San Marino and Canton Ticino for the exploitation of the licensing and merchandising rights of the MeteoHeroes animation TV series. The license grants the rights to Bauli for the production and marketing of various confectionery items for the Easter. It should be remembered that the property is the subject of a new series co-produced with Epson Meteo (see press release of 8 June 2018) and focuses on issues related to the effects of climate change, a topic currently of great relevance and interest.
The license provides for the exploitation of the brand during Easter 2021; the agreement provides for the payment of a minimum guaranteed amount on future royalties, whose amount is interesting although still not particularly significant in itself, and royalties by Bauli in favor of Mondo TV for sales exceeding the amount of the guaranteed minimum. Given also the importance of the licensee and its capillary distribution capacity, royalties exceeding the guaranteed minimum are expected.
This new contract marks a new important step in the development in Italy of the licensing plans associated with the property MeteoHeroes.
Click here to download the file: 15 January 2020 (it & en)
09 January 2020
Mondo TV announced the sale for the airing on the Ukrainian national channel of four programs of the classic library
09 January 2020 Mondo TV informed to have confirmed a new syndication agreement (i.e. agreements for the distribution among local free-tv channels) with the company LLC CAT, based in Kiev, for the granting of free-to-air rights on the First National Channel in Ukraine of four programs of the classic library of Mondo TV.
The agreement has a duration of one year and half, up to July 2021, and is on a non-exclusive basis.
Beyond the economic data, which is not significant in itself, this agreement confirms the restart of the sales of Mondo TV’s classic library programs in Eastern Europe.
Click here to download the file: 09 January 2020 (it & en)