Yesterday, July 25, Manuela Cacciamani, CEO of Cinecittà, released a statement accompanying the financial statement for the year ended December 31, 2024, approved today by the Shareholders’ Meeting: “Today, Cinecittà takes off again. In July 2024, I accepted the role of CEO, and, let me say, also on behalf of the entire Board of Directors, I had expected to find a healthy company. That’s how the situation had been presented to the public by my predecessor. Instead, I found €8 million in negative adjustments for 2023 and €13.6 million in losses by July 2024. This left a total of over €21.5 million in inherited losses from the previous governance, and obviously, a negative cash balance, which consequently eroded our net worth. These economic and financial figures were unfortunately agreed upon by everyone: old and new stakeholders, technicians, and auditing firms. Contracts for new productions were at zero, except for a framework agreement with Fremantle, which still had negative margins. Apparently, the agreement brought in high revenue but burnt wealth instead of generating it.

The path to recovery has been incredibly difficult. 2024 still bears the scars of the past. However, the entire Board of Directors remained united, and it deserves to be thanked. The Ministry of Culture also deserves thanks for its unwavering support. We tackled a difficult situation with conviction, and today, Cinecittà has the grounds to look ahead with confidence. The return to a state of substantial balance and the approval of the Business Plan are proof of the fact that the revitalization is concrete. Counting on a rising amount of profitable orders is also the foundation for a new season. Perhaps less revenue, but revenue that provides positive margins, not negative ones like in the past. Providing quality services is key to remaining attractive. That’s why we’ve given great attention to the PNRR (National Recovery and Resilience Plan), and we are meeting every single commitment made. Cinecittà is truly becoming a protagonist again, both in Italy and on the international stage.”

In only six months, the new leadership has slashed costs by €5 million, consequently reducing projected losses. They’ve also given a green light to the 2025-2029 Business Plan. After a challenging start to the year, marked by significant economic and operational hurdles, Cinecittà has closed 2024 with clear signs of a rebound. While the 2024 financial statement still shows a loss of €11.6 million, this represents an improvement of over €2 million compared to initial forecasts. Crucially, the company has maintained a positive net worth of €4.2 million.

When Cacciamani took the helm on July 17, 2024, she inherited a company in such dire financial straits that it faced the very real risk of liquidation, requiring interventions under Articles 2446 and 2447 of the Civil Code. Undeterred, the new governance quickly implemented a strategic action plan that delivered structural savings of over €5 million, a resurgence in commercial orders, with some already invoiced in 2024, an improvement in revenues of approximately €1.2 million compared to earlier projections.

The approval of the new 2025-2029 Industrial Plan consolidates this trend reversal while tracing an ambitious but clear development trajectory. The Plan foresees: Doubling of revenues: from 26.7 to 51.9 million euros, Positive EBITDA at €6.3 million, with an operating margin of 7.5%, Production capacity +60%, with the construction of 5 new sound stages and the restructuring of another 4 by 2026 and the net worth growing to 25.2 million euros by 2029. 

The Plan rests on six strategic pillars: Optimization, Quality, Support, People, Diversification, Sustainability. Among the salient points: the strengthening of technological services, the enhancement of the Luce Archive and of the MIAC – the Italian Museum of Audiovisual and Cinema of Cinecittà, the adoption of sustainable practices, and a strong investment in human capital, with new hirings, training paths, and growth of corporate welfare. The path of a full recovery is still long, but today the company can count on a new, true relaunch of its activity.

Moreover, yesterday’s Shareholders’ Meeting has deliberated the appointment of Dr. Antonio Saccone as President of Cinecittà SpA. To him, go the compliments of CEO Cacciamani, together with the wish for a fruitful collaboration for the growth of Cinecittà and the constant support to all Italian Audiovisual.