The Ordinary Shareholder’s meeting approved the financial statements as at December 31 2022
April 17, 2023
ILBE: THE ORDINARY SHAREHOLDER’S MEETING APPROVED THE FINANCIAL STATEMENTS AS AT DECEMBER 31 2022
– 2022 net income allocated to extraordinary reserve
– Appointment of Matteo Colafigli as standing auditor
Rome, 14 April 2023 – The Shareholders’ Meeting of ILBE (Iervolino and Lady Bacardi Entertainment) – a company active in the production of film and television content (Euronext Growth Milan – IT0005380602 – IE and Euronext Growth Paris – IT0005380602 – ALIE) – held today in ordinary session – approved the Iervolino & Lady Bacardi Entertainment S.p.A. financial statement as at 31 December 2022, the Directors’ report on Operations, the Statutory Auditors’ and the Independent Auditors’ reports.
Furthermore, the Ordinary Shareholders’ Meeting resolved to allocate to extraordinary reserve the Iervolino & Lady Bacardi Entertainment S.p.A. 2022 net income, amounting to Euro 1.201.311. To conclude, the OGM appointed Matteo Colafigli as standing auditor.
The consolidated financial statements as at 31 December 2022 closed with total revenue of Euro 161.0 million, up 5.7% compared to 2021 (Euro 152.3 million last year). The net operating margin, EBIT, amounted to Euro 20.8 million (Euro 24.4 million last year), before non-recurring charges of Euro 11.0 million. The EBIT margin was 12.9% (16.0% last year). The year 2022 ended with a Net Profit that without non-recurring expenses would have amounted to Euro 14.6 million, compared to Euro 19.4 million in FY 2021.
The “adjusted NFP” (Debt) improved to Euro 23.1 million, compared to Euro 29.3 million as of 31 December 2021 (net of the net effect of Euro 2.7 million for the application of IFRS 16 relating to new lease agreements) due to the effect, essentially, of using resources to finance third-party production activities with significant margins.
Net invested capital reached Euro 115.2 million, up from Euro 114.9 million, financed by the NFP and by the net equity of Euro 89.4 million (Euro 85.6 million as of 31 December 2021). Cash and cash equivalents amounted to Euro 12.5 million, up sharply from the balance at the beginning of the period of Euro 3.2 million, mainly due to the raising of resources for the financial requirements of productions with important payments in the first quarter of 2023.