The Board of Directors of Iervolino Entertainment – a company engaged in the production of cinematographic and television content for the international market and listed on the AIM Italia stock exchange – examined and approved the Group’s final results for the nine-month period as at 30 September 2020. The comparative data of the previous year refer only to the parent company as the year 2020 is the first year in which the Company presented consolidated financial statements.
The data confirm the growth in Q3 and show consolidated revenues of €75.717 million (+58.6% compared to €47.742 million as at 30 September 2019) and consolidated EBIT of €16.747 million (+17.8% compared to €14.213 million as at 30 September 2019).
The Group’s Net Profit at 30 September 2020 amounted to €14.268 million, with an increase of 2.6% compared to the €13.902 million of the same period in 2019.
Consolidated net intangible assets consisting of film and audiovisual productions in progress or under amortisation amounted to €66.081 million compared to €49.219 million as at 31 December 2019. The increase is due to the development of the ongoing productions of Arctic Friends, Puffins, Together Now and, in the last quarter, the film Eddie & Sunny, the production in Serbia Puffins: impossible and the works in development Belle Bimbe Addormentate, State of Consciousness and E quindi uscimmo a riveder le stelle.
Shareholders’ Equity amounted to €62.211 million, up by €14.561 million compared to €47.650 million as at 31 December 2019.
The consolidated net financial position as at 30 September 2020 had a balance of €10.317 million compared to €549,000 as at 31 December 2019, an increase mainly due to investments in film and audiovisual works in progress.
It should be noted that as the contribution of the subsidiaries is very limited, almost all the results are attributable to the parent company.