Board of Directors approves consolidated financial statements as of december 31, 2020

March 25, 2021

GROUP’S FIRST CONSOLIDATED FINANCIAL STATEMENTS, ALSO INCLUDING THE ACQUIRED COMPANIES ARTE VIDEO AND R.E.D. CARPET

(the FY 2019 figures refer to the Parent Company only)

Revenues total €120.7 million, up 51% compared to FY 2019 (€80 million)
EBIT before non-recurring expenses amount to €22.8 million (19% of total revenues), +1% compared to FY 2019 (€22.6 million)
Net income amounts to €19.5 million (€20.2 million in 2019)
NFP in debt by €15.6 million (€0.5 million as of December 31, 2019)
The Ordinary Shareholders’ Meeting will be convened to approve the financial statements and appoint a new Board of Directors and Board of Statutory Auditors on first call on April 19 (second call on May 5)

Iervolino Entertainment (“IE” or “the Group”), a company specialized in producing film, television, web series and short content listed on the AIM Italia market, announces that its Board of Directors, meeting today, approved the Consolidated Financial Statements as well as the Draft Financial Statements for the year ended on December 31, 2020, prepared in accordance with the international accounting standards IAS/IFRS.

The financial statements as of December 31, 2020 represent the Group’s first consolidated financial statements, including the holdings Arte Video S.r.l., R.E.D. Carpet S.r.l., Iexchange S.r.l., and Iervolino Studios d.o.o.

Andrea Iervolino, the founder and President of Iervolino Entertainment, stated: “FY 2020 brought with it excellent achievements, the result of our investment in quality Intellectual Properties and the production of web series and film works destined for international markets and tailored for streaming audiences. The Millennial mindset and that of the new generations are witnessing an increasing presence of the online approach in all domains, from e-commerce to e-learning, to entertainment, and this trend is destined to continue over time, also under the influence of the lifestyle imposed on us by the pandemic rewarding businesses distinguished by a solid digital footprint. Following this trend, our future productions will increasingly focus on streaming, with content of social impact, following the path that already sets us apart from others and which is proving to be rewarding, as demonstrated by the positioning of certain films of ours at the top of the charts on the major TV platforms”.