(Tiper Stock Exchange) – ILBE (Iervolino and Lady Bacardi Entertainment), a company active in the production of film and television content, closed the first quarter of 2023 with revenues equal to 32.5 million euro, up compared to 26.9 million in the first quarter of 2022, and a EBIT equal to 3.2 million, compared to 4 as at 31 March 2022 – as a percentage equal to 10% of revenues (14.9% in the first quarter of 2022). The decline in margins, explains the company, is caused by the change in strategy implemented in the last quarter of last year, concerning the sale of distribution rights for “family movies”, with the accounting of higher amortisations.
L’Net income is equal to 2.5 million euros (3.3 million in Q1 2022). The backlogequal to 172.9 million euros as at 31 December 2022, reached 186.9 million as at 31 March 2023, thanks to the new orders for Tik Toks and animated films in 2023.
“We closed a positive and profitable quarter, maintaining a considerable order book – commented the president Andrea Iervolino – Our balance sheet solidity is confirmed, albeit affected by seasonality and related payments concentrated in the quarter. I am very satisfied to say that we continue to work at full speed on many projects, including innovative ones, thanks also to the consolidation recorded by the business in 2022 which represented an extremely important objective for us”.
There Net Financial Position payable at March 31, 2023 amounted to €37.6 million, adjusted for the net effect of €3 million of IFRS 16 relating to new lease agreements (vs €23.1 million at December 31, 2022 and €28.9 million at March 31, 2022 ). The increase is “physiological” in relation to the payments of important productions concentrated in the period (Verona, Paradox effect, Skincare, Kill them all, Tik Tok, Animation film: Baby Puffins & Bunny), it is underlined.
for thefinancial year 2023 the forecast of a growth in revenues and capitalized works is confirmed, with a more limited trend in margins compared to previous years.