Imedi TV, the largest player on the Georgian TV market, has submitted its financial report for 2019 to the Service for Accounting, Reporting and Auditing Supervision.
According to the document, Imedi TV earned an income of GEL 28.74 million in 2019 and GEL 29.99 million in 2018. As of the document, this revenue was not enough to cover the operating and financial costs of the TV station and the company suffered a loss of GEL 51.23 million in 2019 and a loss of GEL 34.38 million in 2018.
According to the financial report, the main expenses of "Imedi TV" in 2019 were:
• Remuneration - GEL 24 million;
• Depreciation and amortization - GEL 8.4 million;
• Other operating expenses - GEL 23 million;
• Financial expenses - GEL 13 million;
• Inventory costs - GEL 2.25 million;
• Net loss on foreign exchange transactions - GEL 9.16 million.
According to the financial report, the assets of Imedi TV amount to GEL 31.1 million, liabilities - GEL 180 million. In addition, the television has accumulated losses of GEL 221.5 million.
The published financial report only shows the figures for 2019 and 2018, therefore it is unknown what operating results Imedi TV has in 2020. However, the report submitted to the Communications Commission indicates that in 2020 the channel had revenue of GEL 29.2 million, while in the first half of 2021 its revenue was GEL 12.3 million.
Imedi TV is not the only loss-making TV company on the Georgian TV market. According to the consolidated financial report, the loss of "Rustavi 2" in 2019 was 25.35 million GEL, and in 2018 it was 13.86 million GEL.
