April 1, 2019 / 12:48 PM / 6 months ago

BRIEF-Mondo TV FY Net Result Turns To Loss Of EUR 39.5 Mln

April 1 (Reuters) - Mondo TV SpA

* REPORTED ON FRIDAY FY PRODUCTION VALUE OF EUR 22.2 MLN VS EUR 34 MLN YEAR AGO

* FY NET LOSS EUR 39.5 MLN VS PROFIT OF EUR 12.8 MLN YEAR AGO

* MAIN CLIENT OF ANIMATED SERIES “ROWLY POWLYS” AND “DEE AND DUH” WITHDREW FROM PROJECTS AFTER THAT THEIR CREATIVE DIRECTOR, MONDO TV FOUNDER ORLANDO CORRADI, PASSED AWAY

* DETERIORATION IN INTERNATIONAL ECONOMIC OUTLOOK AND SLOWDOWN IN CHINESE ECONOMY DUE TO U.S.-CHINA TRADE WAR LED TO LOWER INVESTMENTS IN MEDIA PRODUCTS, WESTERN ONES IN PARTICULAR

* THREE “IMPORTANT” ASIAN CLIENTS SAID IN SECOND HALF OF NOV THAT THEY WANT TO “SIGNIFICANTLY” REVISE INVESTMENTS IN SIX PROJECTS

* THE SIX PROJECTS ARE: “NARAKA”, “FINAL FIGHT”, “PLAY TIME BUDDIES”, “BEAST KEEPERS”, “PARTIDEI” AND “ADVENTURES IN DUCKPORT”

* HAS SUSPENDED INVESTMENTS AS WELL IN THE SIX PROJECTS AS ESTIMATED FUTURE REVENUES CANNOT COVER THEM

* CANCELLATION OF CONTRACTS WITH CHINESE CLIENTS TOGETHER WITH OTHER MINOR DIFFICULT EVENTS LED TO ASSET WRITE-DOWNS OF EUR 57 MLN

* CONFIRMS TARGETS IN BUSINESS PLAN APPROVED ON DEC. 10, 2018

Source text for Eikon:

Further company coverage: (Gdynia Newsroom)

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