Italian Media Day
Milan, 2 April 2009 Disclaimer
This Presentation has been prepared by Il Sole 24 Ore S.p.A. (“Il Sole 24 Ore” or the “Company”). As used herein, “Presentation” means this document, any oral presentation, the question and answer session and any written or oral material discussed or distributed during this meeting. The Presentation comprises written material/slides which provide information on the Company and its subsidiaries. The information contained in this Presentation has not been independently verified by any independent third party. Save where otherwise indicated, the Company is the source of the content of this Presentation. Care has been taken to ensure that the facts stated in this Presentation are accurate, and that the opinions expressed are fair and reasonable. 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By accepting this document you agree to be bound by the foregoing limitations and restrictions. STATEMENT As required by Article 154-bis, Section 2, of the Uniform Finance Law (Legislative Decree No 58/1998), Giuseppe Crea, in his capacity as “Dirigente preposto alla redazione dei documenti contabili societari” of Il Sole 24 Ore S.p.A., attests that the accounting information contained in this presentation is consistent with the data in the Company’s documents, accounting records and other records.
Investor Relations 2 Section 1 Our strengths, our markets, our positioning
Investor Relations 3 Gruppo 24 ORE at a glance
A UNIQUELY DIVERSIFIED PROFESSIONAL PUBLISHER
► An unrivalled, strong and authoritative brand synonymous of trusted and high quality content with a top quality customer base – our products are a “must have” for professionals and business people ► A multi-platform publisher with a leading position in core markets ► Listed in Milan (MIBTEL Index) ► Market Capitalization (*) of approximately €240m ► FY2008 consolidated revenues totalled €573m ► Approximately 2,260 employees
(*) including 90m ordinary shares owned by Confindustria – the leading organization of Italian enterpreneurs with > 126,000 member companies of all sizes
Investor Relations 4 Gruppo 24 ORE: an overview
FY2008 consolidated revenues totalled €573.0m (*)
Professional Newspaper Advertising Multimedia Radio Publishing Publishing (System)
► Tax, Legal & PA ► 1st financial ► Multi-product & ► 1st financial ► Unique “news & ► Business Media newspaper in multi-channel website in Italy talk” format ► Software Italy offer www.ilsole24ore. Solutions ► Top quality ► Taylor-made com ► Education & magazines client-driven ► Real time Training approach financial information ► Financial press agency (Radiocor)
FY2008 revenues 218.6 251.0 204.1 39.3 13.0 (€m)
(*) FY2008 consolidated revenues are net of €152.9m for intercompany adjustments
Investor Relations 5 Professional publishing is growing faster than consumer publishing
IT ADVERTISING MARKET EVOLUTION IT PROFESSIONAL PUBLISHING (**) MARKET EVOLUTION
CAGR +0.4%
8,587 8,448 CAGR +3.5% 820 1,101
827 745 4,676 4,596 195
(€m) 191 (€m)
632 554 CAGR +4.5% 2,992 2,890 CAGR -1.2%
2005 2008 2005 2008
Press (*) TV Others Tax & Legal Others
Source: Nielsen Media Research FY2005 and FY2008 Source: Databank FY2008 (*) PRESS includes Newspapers and Magazines (**): IT Pro-Publishing market does not include Business Media and Education Others include Radio, Internet, Outdoor, Cinema and Cards Others include Medical, Economics-Management, IT, Other Publishing
Investor Relations 6 Professional publishing is more digital than consumer publishing
IT ADVERTISING MARKET EVOLUTION IT PROFESSIONAL PUBLISHING (*) MARKET EVOLUTION
€8,448m €8,587m €745m €827m
80.0% 77.4%
98.4% 96.3%
20.0% 22.6%
1.6% 3.7%
2005 2008 2005 2008
Internet All other media Electronic Publishing Others
Source: Nielsen Media Research FY2005 and FY2008 Source: Databank FY2008 (*): IT Pro-Publishing market does not include Business Media and Education
Investor Relations 7 How digital is the Gruppo 24 ORE?
GRUPPO 24 ORE SYSTEM GRUPPO 24 ORE PROFESSIONAL PUBLISHING REVENUE SPLIT REVENUE SPLIT
€180m €204m €144m €219m
68.5% 73.9%
92.5% 97.4%
% CAGR +22.5 31.5% 26.1%
CAGR +47.9% 7.5% 2.6%
2005 2008 2005 2008
Internet Other Media Digital Others
Investor Relations 8 In Consumer publishing our leading position in the financial info market …
2008 Italian Newspaper Circulation
621 556 5% share Total Circulation 2008: 6,695 335 309 211 193 165 ('000 copies/day) ('000 137 125
a a E o o e r c a r le n ro e li R p e a li e S b O m n r ion b a a gg r a z ll 4 t a io C a Li e 2 S s l N d pub e s G e e l La e Il d e R o La r S M to ie La Il Il s r e or R C Il
Source: ADS, Average data 12 months January 2008-December 2008 2008 IT Financial Newspaper Circulation 2008 EU Financial Newspaper Circulation
62% share 335 335
Total Circulation 2008: 545 146 135 101 87 ('000 copies/day) ('000 copies/day) ('000 22
i E a ia R gg il tt nz c RE la O a O i b 4 n a S 2 li i Fi a d 24O le It le dels es Echos o no n L S a no l il ia Ha I d IL So M ti F/ o M u Q
Source: ADS, Average data 12 months January 2008-December 2008; MF/Milano Finanza Press Release FY2008 Results Source: Il Sole 24ORE (ADS FY2008), Les Echos (OJD FY2008), Handelsblatt (IVW Q4 2008)
Investor Relations 9 …led to our significant outperformance relative to our peers…
IT NEWSPAPER (*) CIRCULATION EVOLUTION IL SOLE 24 ORE CIRCULATION EVOLUTION (‘000 copies/day) (‘000 copies/day)
CAGR -1.9%
2,229 2,102 14.6%
15.8% CAGR -0.8% 6.3% 6.3% 343 335 10.3% 11.4%
42.0% 39.0% 79.1% C AGR -2.4% 77.9%
47.7% CAGR +0.5% 49.6%
2005 2008 2005 2008
Newsstand Subscription Mail Other Newsstand Subscription Mail Other
Source: ADS FY2005 and FY2008 (*) IT Newspaper includes Corriere della Sera, Repubblica, La Stampa, Il Messaggero, Il Giornale, Libero and Italia Oggi
Investor Relations 10 …also thanks to our highly difensive profile
2008 Circulation per distibution channel
61.0%
93.8%
39.0%
6.3%
Italian Market (*) Il Sole 24 ORE
Subscription Mail Newsstand & Other
• Our unique offer translates into a much higher % of subscribers relative to peers
• Very loyal customer base: approximately 90% renewal rate
• Active management of subscriptions between newsstand and mail to address customer needs
Source: ADS FY2008 (*) Italian Market includes Corriere della Sera, Repubblica, La Stampa, Il Messaggero, Il Giornale, Libero and Italia Oggi
Investor Relations 11 Gruppo 24 ORE System outperformed the Italian advertising market both in 2007 and 2008
2007 Italian Advertising market 2008 Italian Advertising market
System (*) 17.0% System (*) 2.4%
IT ADV Market 3.1% -2.8% IT ADV Market
PRESS(**) 3.0% -7.1% System (*) PRESS (**)
Radio 8.0% Radio 2.3%
Internet 42.7% Internet 13.9%
Source: Nielsen Media Research FY2007 and FY2008 for market data (*) Excluding advertising collection for the publisher San Paolo (**) PRESS includes Newspaper and Magazine advertising
Investor Relations 12 www.sole24ore.com: a leading player in the Italian online financial information market
News & Information segment market Financial News & Information segment shares market reach
Il Sole 24 ORE 42.5%
33.0% Yahoo! Finance 16.5% 30.2% La Repubblica Economia 15.8%
Leonardo Business 13.6%
Corriere Economia 11.0%
13.8% Virgilio Economia 7.6%
9.2% finanzaonline.com 6.4%
Class Editori 6.4%
Borsa Italiana 6.2% La Repubblica Corriere della Il Sole 24 ORE Editrice La Sera Stampa TGFIN 5.1%
Reuters 3.8%
Borse.it 2.8%
Teleborsa 2.8%
Source: Source: Nielsen - NetViewReport: Standard Metrics/Unique Audience* Period: Month of February, 2009 Panel Type: Home and Work
Investor Relations 13 Radio 24: the best performer in the Italian Radio Station Market in 2008
8.00 13.7% 15.0%
7.00 10.0%
6.00 -6.0% 6.6% 5.0% 4.5% 5.0% 5.00 3.7% 2.6% 2.0% 0.4% -1.4% 0.6% 4.00 0.3% 0.0% 6.9 6.7 3.00 -3.9% 5.6
5.4 -5.0% -5.0% 5.3 5.2 5.2 -5.6% 5.0 5.0 4.9 -5.3% 2.00 -12.6% 4.0 4.0 3.8 3.8
-10.0% 2.4 2.2 2.1 1.00 2.1 2.0 2.0 1.9 1.9 1.9 1.9 1.8 1.8 1.7 1.6 1.5 1.4 1.2 1.2 0.5 0.5 - -15.0%
Rds R101 Rmc M2o Rtl 102.5 Radio 24 Radiotre Isoradio Radiouno Radio 105 Kiss Kiss Radio Italia Rai Radio Maria Rai Radio DeejayRai Radiodue Radio Capital Radio Radio Radicale
2007 average daily listeners (m) 2008 average daily listeners (m) % change 2008/2007
Source: Audiradio FY2008
Investor Relations 14 Section 2 FY2008 Financial Data
Investor Relations 15 Consolidated Revenues (€m)
2008 Revenues by nature 572.1 573.0 Digital revenues (*) 17.0% Advertising revenues 42.7% 334.8 328.4 Other revenues 6.9%
237.3 244.6 Print revenues 33.4%
(*): digital revenues do not include advertising collected on @ websites: both Group's websites FY 2007 FY 2008 and 3rd parties' websites Advertising Circulation & others
2008 Revenues by segment - rounded figures Consolidated revenues % change: +0.2% 39.3 13.0 Consolidated revenues % change (net of effects relating to the 204.1 change in the scope of consolidation totalling €29.9m): -4.8% mainly due to a decrease in add-on sales 573.0 (152.9) 218.6 Advertising revenues % change: +3.1%
251.0
Newspaper Professional System Radio Multimedia Intercompany Total Publishing Publishing
Investor Relations 16 Consolidated EBITDA (€m)
STATED EBITDA ADJUSTED EBITDA
64.4
59.7
49.3 46.4
FY 2007 FY 2008 FY 2007 FY 2008 FY 2007 Stated EBITDA 64.4 FY 2008 Stated EBITDA 49.3
(less: one off positive effect of IFRS-compliance accounting (less: higher EBITDA due to the changes in the scope of (2.9) treatment of post employment benefits following legislative (4.7) consolidation) changes to the latter's allocation)
FY 2007 Adjusted EBITDA 59.7 FY 2008 Adjusted EBITDA 46.4
Investor Relations 17 Consolidated EBIT (€m)
31.3
17.8
FY 2007 FY 2008
FY 2008 EBIT is positively affected by lower D&A for:
• the revision of the useful life of radio broadcasting frequencies (€7.9 million)
• the revision of the useful life of the printing machines (€2.1 million)
and negatively affected by:
• goodwill write-downs and amortizations of other tangible and intangible assets (€5.2 million)
• higher amortizations regarding the purchase price allocation of the newly-acquired companies
Investor Relations 18 Net Profit After Minorities (€m)
27.7
16.1
FY 2007 FY 2008
FY 2007 figure benefited from the gross capital gain of €13.3m from the sale of all the London Stock Exchange Group (LSEG) shares obtained following take-up of the Public Exchange Offer launched by LSEG on the shares of Borsa Italiana SpA
Investor Relations 19 Section 3 FY2008 Financial Breakdown
Investor Relations 20 Group’s Revenues & EBITDA by segment
(€m - rounded figures) FY2007 FY2008 % change
Revenues 283.0 251.0 -11.3% Newspaper EBITDA 36.0 24.7 -31.4% Publishing EBITDA margin 12.7% 9.8%
Revenues 191.6 218.6 14.1% Professional EBITDA 36.9 37.1 0.7% Publishing EBITDA margin 19.3% 17.0%
Revenues 200.0 204.1 2.1% Advertising EBITDA (0.8) (2.7) n.m (System) EBITDA margin -0.4% -1.3%
Revenues 13.3 13.0 -2.0% Radio EBITDA (0.7) (1.3) -82.3% EBITDA margin -5.5% -10.2%
Revenues 39.9 39.3 -1.6% Multimedia EBITDA 0.6 0.7 15.7% EBITDA margin 1.4% 1.7%
Revenues (155.6) (152.9) 1.7% Corporate and intercompany EBITDA (7.6) (9.2) -21.6%
Revenues 572.1 573.0 0.2% Il Sole 24 ORE Group EBITDA 64.4 49.3 -23.4% EBITDA margin 11.3% 8.6%
Investor Relations 21 Professional Publishing Data
(€m - rounded figures) FY2007 % FY2008 % % change
Circulation/other revenues 154.6 80.7% 175.9 80.5% 13.8%
Revenues from advertising 37.0 19.3% 42.7 19.5% 15.5%
Total Revenues 191.6 100.0% 218.6 100.0% 14.1%
EBITDA 36.9 37.1 0.7%
EBITDA Margin % 19.3% 17.0%
FY2008 Revenue Split FY2008/FY2007 main changes in the scope of consolidation (rounded figures)
Acquired Consolidated Revenues EBITDA 5.2% Companies since (€m) (€m) ESA Software November 2008 6 1 23.5% Newton Management 43.4% August 2008 2 0 Innovation April Il Sole 24ORE Business Media July Data Ufficio 20 2 August STR 27.9% 2007 Total Professional Publishing 27 3 Tax, Legal & Public Administration Business Media Corporate 3 n.m. Software Solutions Education & Training Total S24 Group 30 3
Investor Relations 22 Newspaper Publishing Data
(€m - rounded figures) FY2007 % FY2008 % % change
Circulation/other revenues 142.5 50.4% 113.8 45.4% -20.1%
Revenues from advertising 140.4 49.6% 137.1 54.6% -2.3%
Total Revenues 283.0 100.0% 251.0 100.0% -11.3% o/w Add-ons 54.1 27.7 -48.8%
EBITDA 36.0 24.7 -31.4%
EBITDA Margin % 12.7% 9.8%
2008 IT Circulation trend – rounded figures
-6.1% FY2008 Revenue Split 2,238 2,101 6.5% 11.0%
82.5%
Newspaper Add-ons Magazines & Free Press ('000 copies/day) -2.5%
343 335
Newspaper Market (*) Il Sole 24 ORE
Source: ADS 2008 FY 2007 FY 2008 (*) Newspaper Market includes Corriere della Sera, Repubblica, La Stampa, Il Messaggero, Il Giornale, Libero and Italia Oggi
Investor Relations 23 System (Advertising) Data
(€m - rounded figures) FY2007 % FY2008 % % change
Revenues from Group's products 190.7 95.4% 193.7 94.9% 1.6%
Revenues from 3rd parties' products 9.3 4.6% 10.5 5.1% 12.6%
Total Revenues 200.0 100.0% 204.1 100.0% 2.1%
EBITDA (0.8) (2.7) n.m.
EBITDA Margin % -0.4% -1.3%
2008 IT ADVERTISING PERFORMANCE SYSTEM PERFORMANCE 2006-2008 YoY % change
2.4% FY 2008 vs. FY 2007 (*) +2% PRESS (**) YoY change IT Total Market YoY change FY 2007 vs. FY 2006 (*) +17% SYSTEM YoY change (L4L*) FY 2008 vs. FY 2006 (*) +19% -2.8% (*) excluding advertising collection for the publisher San Paolo
-7.1%
Source: Nielsen Media Research FY2008 (*) excluding FY 2007 advertising collection for the publisher San Paolo (**) PRESS includes Newspapers and Magazines advertising
Investor Relations 24 Multimedia Data
(€m - rounded figures) FY2007 % FY2008 % % change
Circulation/other revenues 35.4 88.6% 33.4 85.0% -5.6%
Revenues from advertising 4.5 11.4% 5.9 15.0% 29.3%
Total Revenues 39.9 100.0% 39.3 100.0% -1.6%
EBITDA 0.6 0.7 15.7%
EBITDA Margin % 1.4% 1.7%
2008 S24 online ADV FY2008 Revenue Split PERFORMANCE vs MARKET
18.4%
53.0% 29.3% 28.6%
Real-time financial information Online Radiocor 13.9% In October 2008, our web site www.ilsole24ore.com had the BEST PERFORMANCE since its inception: 4.6m(*) UNIQUE VISITORS (+87% YoY) with 85.9m TOTAL PAGE VIEWS IT online ADV Market YoY % S24 online ADV Revenues YoY % Change change
(*): Source: Nielsen//NetRatings Source: Nielsen Media Research FY2008
Investor Relations 25 Radio Data
(€m - rounded figures) FY2007 % FY2008 % % change
Revenues from advertising 12.5 94.2% 12.6 97.1% 1.0%
Circulation/other revenues 0.8 5.8% 0.4 2.9% -50.7%
Total Revenues 13.3 100.0% 13.0 100.0% -2.0%
EBITDA (0.7) (1.3) -82.3%
EBITDA Margin % -5.5% -10.2%
17.9% 2008 Italian National Radio Station Trend
RADIO24 Average daily listeners (m) 14.1% 13.7% 13.7% Average Italian daily listeners: 38.4m 2.113 12.8% Penetration on Italian population: 72.3% 10.4% 9.9% % .7 13 5.8% + 5.4% 4.7% 5.5% 4.2% 6.9 5.2% 4.5% 3.8% 1.859 5.2 4.9 5.4 5.3 4.0 3.8 2.1 2.1 2.2 2.0 1.8 1.5 1.7 1.6
5 S s 4 1 l o FY 2007 FY 2008 1 . y 2 rk ia s 0 3 C ia a I 2 D a I l i 2 1 I M r t 2 A 0 R J A o a K o A a i m R 1 e R w It s i R R R p t s d M a io L De io e io a io o c d T d n d Ki R d i o R io 5 a d i 0 io a d Ra d Ra 1 R Ra R a d R Ra io a d R Ra Source: Audiradio FY2008 Average daily listeners (m) Penetration on average IT daily listeners (%)
Investor Relations 26 Section 4 Financial Appendix
Investor Relations 27 Consolidated Income Statement
(€m - rounded figures) FY2007 FY2008 % change
Revenues 572.1 573.0 0.2% Other operating income 10.3 15.5 50.7% Personnel expense (152.2) (175.9) 15.6% Direct & operating costs (356.4) (352.7) -1.0% Provisions (9.5) (10.6) 12.1%
EBITDA 64.4 49.3 -23.4% EBITDA Margin % 11.3% 8.6% Depreciation & amortisation and (33.4) (31.5) -5.7% impairment Capital gains (losses) on disposal of non- 0.3 0.0 n.m. current assets
EBIT 31.3 17.8 -43.1% EBIT Margin % 5.5% 3.1% Financial income (expenses) 2.7 10.2 n.m. Income (expenses) from investments 12.8 (2.7) n.m.
Profit before tax 46.8 25.3 -45.9% PBT Margin % 8.2% 4.4% Income taxes (19.2) (9.3) -51.5%
Net Profit 27.6 16.0 -41.9% Minorities 0.1 0.1 n.m. Net Profit after minorities 27.7 16.1 -41.8% Margin % 4.8% 2.8%
Investor Relations 28 Consolidated Balance Sheet
As at 31 Dec As at 31 Dec (€m - rounded figures) 2007 2008 Non-current assets 261.7 331.1 Current assets (*) 461.4 397.1 Total assets 723.1 728.2
Equity attributable to shareholders of parent 346.4 357.1
Equity attributable to minority interests 1.4 1.4
Total equity 347.8 358.5
Non-current liabilities 116.0 108.2 Current liabilities 259.3 261.5 Total liabilities 375.3 369.7
Total equity & liabilities 723.1 728.2
(*) of which :
As at 31 Dec As at 31 Dec (€m - rounded figures) 2007 2008 Inventories 21.4 20.0 Trade receivables 179.6 215.6 Other receivables 10.6 4.6 Other current assets 6.8 6.8 Cash and cash equivalents 243.1 150.1 Total 461.4 397.1
Investor Relations 29 Consolidated Statement of Cash Flows
(€m - rounded figures) FY2007 FY2008 Net Profit after minorities 27.7 16.1 Adjustments 6.9 10.4 Changes in net working capital 2.2 (47.6) Total net cash generated (absorbed) by operating 36.9 (21.0) activities Total net cash absorbed by (51.7) (73.4) investing activities
Free cash flow (14.9) (94.4)
Net cash generated (absorbed) by financing 172.1 1.1 activities Net increase (decrease) in 157.2 (93.3) cash & cash equivalents
Investor Relations 30 Group’s Net Financial Position
As at 31 Dec As at 31 Dec (€m - rounded figures) 2007 2008 Cash & cash equivalents 243.1 150.1
Bank overdrafts and loans due (4.5) (4.8) within 1 year
Short-term net financial position 238.6 145.3 Non-current financial liabilities (16.4) (14.1) Non-current financial assets and hedging instruments measured at 18.0 17.8 fair value Medium/long-term net financial position 1.6 3.7
Total net financial position 240.2 149.0
Investor Relations 31