the group is above all Napoli-Corriere.it
Football accounts for 92% of the Filmauro group's total revenues, while film activities account for 3%. written in the consolidated financial statements of Filmauro, the leading holding company of Aurelio De Laurentiis which has produced some of the greatest Italian cinematographic successes of recent decades. The data is as of June 30, 2021 but today the situation has essentially not changed. How much is the group worth and how much is Naples alone?
The 2.5 billion that are not seen
They offered me one billion for Napoli but I refused it because in reality they offered me two and a half for my group and I refused those too, said the president of Napoli who won the new championship on TV by Bruno Vespa. It is not clear how formally the operation was proposed to him but to report it publicly it must not have been a chat at the bar. That's a lot of 2.5 billion. And an astronomical figure of one and a half billion net of Napoli: so much is capitalized on the Stock Exchange, for example, by the entire Mfe-Mediaset.
So let's take a trip inside the De Laurentiis group: there must necessarily be some hidden jewel, of those worth many hundreds of millions, in addition to the "jewel" Naples. The ownership of the parent company Filmauro is family and indirect through Cordusio Fiduciaria except for 10% held directly in the name of Jacqueline Baudit, wife of 73-year-old Aurelio De Laurentiis, who has all the powers of ordinary and extraordinary administration in a governance that does not envisage proxies to others and does not include external subjects on the board of directors.
A stone's throw from the Quirinale
The property of great value a few tens of meters from the Quirinale is certainly a valuable piece. L, in via Ventiquattro Maggio in front of the Command of the Carabinieri Gruppo Roma, also the Filmauro headquarters. The bare ownership of the three children Luigi, Edoardo and Valentina, with usufruct to the parents. The house and land (50,000 m2) near Orvieto and 12 other properties in Rome also belong to the family. They are personal assets and family residences which, by the way, could be worth tens of millions but are not strictly part of the entrepreneurial group.
Inside the Filmauro group, on the other hand, dozens of Ferraris, Porsches and Mercedes, new and particularly valuable used cars are "parked", taken at auction, with a total value of almost 20 million at the balance sheet date and destined for resale. Currently, however, only 4 vintage Porsches are presented in the online catalog. one of the holding's secondary activities is the management of pubs and restaurants or the production of ice cream under the Steccolecco brand. However, it is always about "peanuts" and certainly not about assets that explain the 2.5 billion.
The big shot is Napoli and the billion offered is a figure that falls within the (very large) mesh of football prices because it is a healthy company in a square with enormous potential. Although it is not true that the club is debt-free and has a profit balance sheet. The debt as of June 30, 2022 was 258 million, in the last three years of coexistence with Covid, Napoli has lost 130 million; closed two balance sheets in profit in the last 8 years and as at 30 June 2022 the shareholders' equity had dropped to 68 million from 140 in 2021. Only that the debt is "healthy" and sustainable, the club has always been able to independently cope with the losses thanks to the accumulated reserves, without the need for recapitalization (a constant, however, in most of the top clubs). And this year between the journey in the Champions League and the championship, it will be a triumphal balance, with the value of the squad exploded.
A kick to the cinema
Football has been by far De Laurentiis' main business for years, while film production and distribution, after the boom in cinepanettone, is increasingly marginal. Ten years ago Napoli totaled 71% of group revenues, in 2018 87%, in 2021 92% out of 245 million of consolidated turnover, this year it could exceed 95%. For years (even before Covid) the wages and salaries of film production personnel have represented less than 1% of those in football, registered coaches are twice as many employees in the cinema area and three times as many football players, cinema revenues were 3% of the total also in 2019. With the De Laurentiis cinema, it has a turnover of 6-7 million, with other residual activities around ten million. It is not yet understood how this area of activity outside Naples could have been valued at 1.5 billion.
The Los Angeles Society
We are going to the USA because at 16030 Ventura Boulevard in Los Angeles, half an hour's drive from Hollywood, there is the headquarters of a non-consolidated subsidiary in the Filmauro balance sheet, Fast Lane Productions Inc with the managing director Luigi De Laurentiis, the eldest son at 44 years old. But even here there is very little heritage since the company was closed in November 2021. Bari remains in Serie B in full swing for A. In case of promotion it will have to be sold because it is forbidden to own two teams in the same category. That too is a big square but not a top club worth hundreds of millions.
The written request sent to Filmauro for clarification on the perimeter of the group has not received a response. The fact remains that De Laurentiis won't sell even if they offer him not 1 but 2.5 billion for Naples alone. He had said it at a public event in April, a month before the Vespa interview: A year ago they offered me 2.5 billion for Napoli, I asked myself: Do I need it? (...) Does Naples have a value? a toy of the De Laurentiis family, I see no reason to sell it until we get tired of it. If that moment ever comes, for Napoli or for the group, perhaps we will see concrete names and more reliable figures.
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May 24, 2023
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