The Board of Directors of Iervolino Entertainment – a company listed on the AIM Italia stock exchange engaged in the production and co-production of cinematographic and television content for the international market – today approved the Consolidated Half-Yearly Financial Report as at 30 June 20201 prepared in accordance with IAS/IFRS international accounting standards.
Moreover, today the Extraordinary Shareholders’ Meeting approved the amendment and updating of the delegated power to increase the share capital. The amendment provides for the possibility of increasing the share capital to serve the issuance of warrants to be offered to shareholders and others.
Andrea Iervolino, president and founder of Iervolino Entertainment, noted: “The results of these first six months demonstrate the soundness of the investment choices in quality Intellectual Properties and film production and web series intended essentially for international markets, and mainly for streaming. Indeed, the top rankings on Apple TV of the films The Poison Rose, Waiting for the Barbarians and the first collections of Arctic Friends confirm the company’s strategic orientation”.
In the first half of 2020 EI continued to develop various film production and R&D activities to lay the foundations for sustainable development over time.
The interim financial year ended on 30 June 2020 with revenues of €55.488 million and a net profit of €9.589 million. The results were mainly driven by the production of web series, which represent about 87% of revenues (63% in 2019).
The EBIT as at 30 June 2020 amounted to €12.001 million (€2.923 million as at 30 June 2019), representing approximately 22% of revenues.
The NFP as at 30 June 2020 had a negative balance of €4.828 million, an increase of €4.279 million compared to the balance as at 31 December 2019.
In light of the results of the first half of the year, the Company confirms the expectations of significant revenue growth and relative profitability for 2020. At the date of approval of the half-year report, the pre-closing estimates for the first nine months of 2020 show revenues of approximately €78 million and EBIT of approximately €17 million.
Analysis of the economic and financial management of Iervolino Entertainment
Revenues as at 30 June 2020 amounted to €55.488 million (€9.642 million as at 30 June 2019), mainly related to Waiting for the Barbarians (€5,474 thousand), Arctic Friends (€33,406 thousand), Puffins (€13,654 thousand) and Together Now (€1,359 thousand).