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Gruppo Editoriale L'espresso Spa Receives from Its Parent Company CIR Spa, Services and Advice on Strategic, Administrative, Financial and Tax Matters

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Gruppo Editoriale L'espresso Spa Receives from Its Parent Company CIR Spa, Services and Advice on Strategic, Administrative, Financial and Tax Matters _COP@Bil_Sem_ing_2010col.OK_Copertina 23/12/1109.22Pagina1 Half – Yearly Financial Report at June 30, 2011 Gruppo Editoriale L’Espresso H a l f – Y e a r l y F G i n r a u n p c p i a C o l 1 4 % R E - M e d 9 p 6 % i o t - r G o t 1 0 r 0 a % i a t - N l J 5 e % u S n o L c e ’ i E e 3 t à s 0 C p p , 0 e % r r 2 - e M a 0 s z 1 0 i 1 s 0 o % n 1 o - i G 9 4 % - N 0 % 24546_INT@1-8 Indice_2011_x 23/12/11 09.05 Pagina 1 24546_INT@1-8 Indice_2011_x 23/12/11 09.05 Pagina 2 24546_INT@1-8 Indice_2011_x 23/12/11 09.05 Pagina 3 Gruppo Editoriale L’Espresso Società per azioni Half – Yearly Financial Report at June 30, 2011 24546_INT@1-8 Indice_2011_x 23/12/11 09.05 Pagina 4 24546_INT@1-8 Indice_2011_x 23/12/11 09.05 Pagina 5 | Gruppo Editoriale L’Espresso | 5 Contents Half – Yearly Financial Report at June 30, 2011 Report of the Board of Directors on the Group Operations at June 30, 2011 • Operating performance and consolidated results for the 1st Half of 2011 11 • Market review 11 • Operating performance for the 1st Half of 2011 11 • Results by area 12 • Subsequent events and outlook 16 • Consolidated results at June 30, 2011 17 • Main risks and uncertainties to which the parent company and the Group are exposed 24 • Other information 24 Half – Yearly Condensed Consolidated Financial Statements at June 30, 2011 • Consolidated Statement of Financial Position 26 • Consolidated Income Statement and Consolidated Statement of Comprehensive Income 27 • Consolidated Statement of Cash Flows 28 • Statement of Changes in Shareholders’ Equity 29 Notes to the Half – Yearly Condensed Consolidated Financial Statements of Gruppo Espresso at June 30, 2011 31 Attachments 81 Certification of the Consolidated Financial Statements pursuant to art. 154 bis of Legislative Decree no. 58 February 24, 1998 87 Auditors’ Review Report on the Half – Yearly Condensed Consolidated Financial Statements 91 Summary Reclassified Financial Data of Subsidiaries at June 30, 2011 95 24546_INT@1-8 Indice_2011_x 23/12/11 09.05 Pagina 6 24546_INT@1-8 Indice_2011_x 23/12/11 09.05 Pagina 7 | Gruppo Editoriale L’Espresso | 7 Company Gruppo Editoriale L’Espresso Società per Azioni Share Capital Euro 61,534,498.20 Tax ID and Company Register no. 00488680588 VAT no. 00906801006 Registered office Roma, Via Cristoforo Colombo, 149 Secondary office Roma, Via Cristoforo Colombo, 90 Board of Directors: Chairman Carlo De Benedetti Managing Director and General Manager Monica Mondardini Directors Agar Brugiavini Rodolfo De Benedetti Giorgio Di Giorgio Francesco Dini Sergio Erede Mario Greco Maurizio Martinetti Tiziano Onesti Luca Paravicini Crespi Board of Statutory Auditors : Chairman Giovanni Barbara Statutory Auditors Enrico Laghi Luigi Macchiorlatti Vignat Independent Auditors Deloitte & Touche SpA 24546_INT@1-8 Indice_2011_x 23/12/11 09.05 Pagina 8 24546_INT@9-16 relazINTERM_x 23/12/11 09.06 Pagina 9 Report of the Board of Directors on the Group Operations at June 30, 2011 24546_INT@9-16 relazINTERM_x 23/12/11 09.06 Pagina 10 24546_INT@9-16 relazINTERM_x 23/12/11 09.06 Pagina 11 Half – Yearly Financial Report at June 30, 2011 | Gruppo Editoriale L’Espresso | 11 Report of the Board of Directors on the Group operations at June 30, 2011 Operating performance and consolidated results for and a drastic drop for free press. Periodicals showed the 1 st Half of 2011 greater strength, recording a downturn of 1.4%, with a slightly positive performance by weeklies. Consolidated results 1st Half 1st Half %change With regard to circulations, ADS figures (average (€ million ) 2010 2011 2011/2010 Mobile last 12 months to March 2011, on compa - Sales, of which: 445.1 457.4 +2.8% rable basis) show a 5.3% decline in newsstand sales • circulation 171.2 170.0 -0.7% of newspapers, a 1.5% decline for weeklies and a • advertising 264.9 274.4 +3.6% 7.2% contraction for monthly magazines. • other 8.9 13.0 +45.0% Gross operating profit 74.7 81.5 +9.0% Operating profit 56.7 63.0 +11.1% Operating performance for the 1 st Half of 2011 Pre-tax profit 51.4 55.7 +8.3% Net profit 28.6 31.5 +10.1% Despite the context, the performance of the Espres - so Group in the 1st Half of 2011 was positive, record - June 30 December 31 June 30 ing growth in both sales and results. (€ million ) 2010 2010 2011 Net financial position (183.9) (135.0) (150.7) Consolidated net revenues amounted to €457.4 mil - Shareholders’ Equity before lion, up by 2.8% on the 1st Half of 2010 ( €445.1 minority interests 525.2 543.3 546.0 million). • Group Shareholders’ Equity 515.4 539.4 542.4 • minority interests 9.8 3.9 3.6 Circulation revenues were equal to €170 million, Employees 2,908 2,789 2,752 substantially in line with the €171.2 million in the corresponding period of the previous year. Circulation sales reflect steady sales of la Repubbli - Market Review ca , periodicals and add-on products. Circulation of local newspapers showed weaker performance, but The situation of weak growth in the economy and sales benefited from the price increase implemented uncertainties in the outlook, which characterised at the start of the year on 7 of the Group’s 18 local financial year 2010, is extending also to 2011. publications. This context reflected on the performance of adver - tising investments, which, in the first five months Advertising revenues, amounting to €274.4 mil - of 2011 recorded a drop of 2.8% compared to the lion, recorded growth of 3.6% on the 1st Half of corresponding period of 2010 (Nielsen Media 2010, significantly against the trend in relation Research data). to the critical performance of the market. This negative trend affected all traditional media, The Group’s press recorded an increase of 0.9% in from television, which recorded an overall drop of revenues, despite the difficulties which hit the entire 2.3% despite the development of digital channels segment over the period (-5% in May). The positive and pay-tv, to radio and print, which recorded performance was shown by all publications, from the downturns of 8.4% and 5%, respectively. Only the national newspaper la Repubblica , to the local news - internet segment bucked the trend, once again show - papers and periodicals, and was also achieved due ing a highly sustained increase, +15.6%. to the successful revitalization actions, specifically car - Specifically as regards the press, revenues recorded ried out on L’Espresso and on several of the local a decrease of 7%, with -4% for for-pay newspapers newspapers. 24546_INT@9-16 relazINTERM_x 23/12/11 09.06 Pagina 12 12 | Gruppo Editoriale L’Espresso | Half – Yearly Financial Report at June 30, 2011 The evolution of internet revenues was positive, up sales, though recording a slight drop in the result, by 15.5%, in line with the dynamics of the entire due to the increase in operating costs linked to the segment. Strong performance was also shown by prices of raw materials and the extension of full DeejayTv , which replaced the issuer All Music at the colour. During the year, new reorganization meas - end of 2009 and achieved revenues which increased ures were implemented, in order to rebalance this by 7.7%, confirming the validity of the channel’s increase in the future. repositioning. Lastly, as regards the radio stations, margins on sales Lastly, radio advertising revenues, including those of remained above 40%, despite the slight drop in oper - third parties, reported a decrease of 5.5%, lower than ating profit attributable to the weakness of the adver - the drop recorded by the market (-8.4%). tising market. Other revenues , amounting to €13 million, grew Consolidated net profit amounted to €31.5 million by 45% on the 1st Half of 2010, as a result of against €28.6 million in the 1st Half of 2010. the development of revenues from the lease of digital terrestrial television bandwidth to third The financial surplus for the period, before distribu - party operators. tion of dividends, amounted to €14 million, com - pared to €9.3 million in the corresponding period of Total operating costs recorded an increase of 1.5%, the previous year (to which €15 million in income fully attributable to the development of digital edi - from the sale of equity investments was added). tions and the digital terrestrial television network. Traditional core business costs (press and radio), after The consolidated net financial debt , taking account of the 17% cut achieved at December 31, 2010, showed dividends of €29.8 million, increased from - €135 mil - an additional decrease of 0.9%, offsetting the increas - lion at the end of 2010 to - €150.7 million at June es in the price of paper, postal rates and higher adver - 30, 2011. tising expenses to support products with structural reductions. At the end of June, the Group staff decreased to 2,752 persons (including short-term contracts) and the aver - Consolidated gross operating profit was equal to age staff for the period was 5.9% less than in the €81.5 million, up by 9% on the €74.7 million in 1st Half of 2010. the 1st Half of 2010. Consolidated operating profit amounted to €63 mil - Results by area lion, growing up 11.1% on the €56.7 million of the corresponding period of the previous year, repre - Repubblica Division senting a 13.8% margin on sales (12.7% in the 1st Half of 2010).
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