INVESTMENTS IN QUALITY INTELLECTUAL PROPERTIES, STREAMING AND INTERNATIONAL MARKETS
- Consolidated revenues amounted to €114.2 million (€55.5 million as at 30 June 2020)
- EBIT equal to €15.9 million (€12.2 million as at 30 June 2020)
- Net result of €12.3 million (€9.6 million as at 30 June 2020)
- Consolidated net financial position equal to €17.3 million (€15.6 million as at 31 December 2020)
- Backlog worth €44.2 million
- Activities for projects in development for the next three years 2022-2024 worth €349 million
The Board of Directors of ILBE (Iervolino and Lady Bacardi 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 2021 prepared in accordance with IAS/IFRS international accounting standards.
Andrea Iervolino, president and founder of ILBE, noted: “The excellent results achieved by ILBE in the first half of the year are the result of a series of strategic choices, including investments in quality IP and streaming, and the decision to compete in an international market. We wanted to prioritise long-term growth and value creation over increased short-term profitability, focusing on investments and growth as part of a financial equilibrium. In the future our productions will be increasingly dedicated to streaming platforms and content with a social impact, and since these are qualities that are already associated with our core business, we expect an increase in growth opportunities”.
The half-yearly consolidated financial statements as at 30 June 2021 closed with total revenues of €114.170 million, up by €58.682 million compared to the first half of 2020 (+106%), and with a Group net profit of €12.349 million (+29% compared to the previous year).
The EBIT, before some non-recurring charges of €0.899 million, amounted to €15.903 million, equal to 14% of total revenues, with an increase of €3.722 million compared to the same period of 2020 (+31%).
The NFP as at 30 June 2021 had a negative balance of €17.333 million, with a slight increase of €1.707 million compared to the balance as at 31 December 2020.
As of 30 June 2021, the contracted production portfolio (revenue with a guaranteed minimum yet to be produced) amounted to a total of €44.2 million, while the projects in development for future production, services (executive production) and licensing are generally estimated at €349 million for the next three-year period 2022-2024.
With regard to the restrictions related to the explosion of the COVID-19 pandemic, since the productions of the ILBE Group are mainly intended for streaming platforms they have not suffered significant effects, essentially related to the non-recurring charges incurred for the activation of teleworking (from home with technological adaptations) for the production of cartoons and some limited delays in the shooting of films.
During the half year the company changed its name from “Iervolino Entertainment” to “Iervolino & Lady Bacardi Entertainment”, starting a rebranding process that included the birth of a new logo.