Deutsche Bank 11 Italian Conference · 5/26/2010 · This Presentation has been prepared by Il...

Deutsche Bank11th Italian Conference

Milan, 26 May 2010

2Investor Relations

DisclaimerThis 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. However, no representation or warranty, express or implied, is made or given by or on behalf of the Company, or the directors, officers or employees of the Company, or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this document or any other material discussed at this meeting. Neither the Company nor the directors, officers or employees of the Company, nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of this Presentation or its contents or otherwise arising in connection therewith. This Presentation is not intended for potential investors and does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or solicitation of any offer to purchase or subscribe for, any securities of the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This Presentation does not constitute a recommendation regarding the securities of the Company. This Presentation is for distribution in Italy only to qualified investors as defined in any and all applicable securities laws and regulations applicable in Italy. This Presentation is not addressed to any member of the general public in Italy. In no circumstances should this Presentation, or any information relating to this document, circulate among, or be distributed in Italy to, individuals or entities falling outside the definition of qualified investors as referred to above. 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The Company’s securities have not been and will not be registered under the Securities Act and may not be offered or sold in the United States except pursuant to an exemption from, or transaction not subject to, the registration requirements of the Securities Act. This Presentation is being communicated in the United Kingdom only to persons who have professional experience in matters relating to investments (Article 19(5)) or to persons of a kind described in Article 42(9) (A) to (D) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (all such persons being referred to as “relevant persons”). Persons who are not relevant persons must not rely on or act upon the information contained in this Presentation or any of its contents. This Presentation contains various forward-looking statements that reflect the Company’s management’s current views with respect to future events and financial and operational performance of the Company and its subsidiaries. The words “believe”, “expect”, “anticipate”, “intend”, “may”, “plan”, “estimate”, “should”, “could”, “aim”, “target”, “might”, or, in each case, their negative, or similar expressions identify certain of these forward-looking statements. Others can be identified from the context in which the statements are made. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which are in some cases beyond the Company’s control and may cause actual results or performance to differ materially from those expressed or implied from such forward-looking statements. These risks include, but are not limited to, the Company’s ability to, operate profitably, maintain its competitive position, the Company’s ability to promote and improve its reputation and the awareness of the brands in its portfolio, the Company’s ability to operate its growth strategy successfully, the impact of changes in pricing policies, political and regulatory developments in the markets in which the Company operates, and other risks. The information contained in this Presentation, including but not limited to, forward-looking statements, applies only as of the date of this Presentation and is not intended to give any assurances as to future results. The Company expressly disclaims any obligation or undertaking to update or revise the information, including any financial data and forward-looking statements, and will not publicly release any revisions it may make to this Presentation that may result from events or circumstances arising after the date of this Presentation. Market data used in this Presentation not attributed to a specific source are estimates of the Company and have not been independently verified. This document is strictly confidential and is being provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose. 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.

3Investor Relations

Section 1Gruppo 24 ORE: an overview

4Investor Relations

Gruppo 24 ORE at a glance

A UNIQUELY DIVERSIFIED PROFESSIONAL PUBLISHER

(*) including 90m ordinary shares owned by Confindustria – the leading organization of Italian enterpreneurs with > 142,700 member companies of all sizes(**) As at 31 March 2010

• 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 (FTSE Italia – All Share Index)

• Market Capitalization (*) of approximately €200m

• FY2009 consolidated revenues totalled €502.7m

• Approximately 2,160 employees (**)

5Investor Relations

Online:

website

& the Sh

e-commerce channel

Real-time financial

information

Radiocor press

agency

RadioCorporate, Culture &

Centralized services

R

Gruppo 24 ORE: an overview €m – rounded figures

FY2009Revenues(€m)

FY2009EBITDA(€m)

225.7 187.4 36.4

26.5 (4.6) (2.4)

ProfessionalPublishing

Newspaper Publishing Multimedia System

(Advertising)

158.2

(10.5)

13.1 (118.0)

(1.3) (32.4)*

502.7

(24.7)

(*) FY2009 data includes extraordinary costs amounting to €22.1mIntercompany adj. Consolidated data

Since 01/01/2010 the business units headed by the former Multimedia area (online, agency, real-time financial information)

have been integrated into the Newspaper Publishing area

Newspaper

Magazines

Radio

Web

Culture & Events

Tax & Legal

Software Solutions

Business Media

Education &

Training

Il

the 1st financial

newspaper in

Italy

Add-ons

Top quality

magazines

unique “news &

talk” format

6Investor Relations

Gruppo 24 ORE: business units and products

Daily Newspaper

Magazines

Professional magazines

Books

Radio

Databases

Software

Education & Training

Real-time financial information

Web, Mobile & Video

Third parties’ products & services

Cultural products & events


Newspaper Publishing Multimedia Radio CultureSystem

(Advertising)

Press agency

Add-ons

Add-ons

E-Shop Third-party media

Since 01/01/2010 the business units headed by the former Multimedia area have been integrated into the

Newspaper Publishing area

7Investor Relations

System (Advertising)

Gruppo 24 ORE: structure as at 31 March 2010

24 ORE CulturaS.r.l.

100%

Il Sole 24 ORE UK Ltd 100%

Il Sole 24 ORE Business Media S.r.l. 100% Nuova Radio S.p.A. 100%

Diamante S.p.A. 30%

Italia News S.r.l. 20%

Newton ManagementInnovation S.p.A.

60%

Newton Lab S.r.l.Ex Newton Economics S.r.l. 51%

Alinari 24 ORE 55%

Faenza Editrice Iberica S.L. 100%

Business Media Web S.r.l. 60%

Editorial Ecoprensa S.A. 15.54%

Esa Software S.p.A. 70%

Mondoesa Milano Nordovest S.r.l. 49%

Softlab S.r.l. 40%

Cesaco S.r.l. 48%

Mondoesa Lazio S.r.l. 35%

Mondoesa Umbria S.r.l. 32%

Mondoesa Adige S.r.l. 35%

Mondoesa Emilia S.r.l. 40%

Mondoesa Laghi S.r.l. Ex Mondoesa Cedimega S.r.l. 33.7%

Aldebra S.p.A 20.62%E.Veneto S.r.l.(liquidation) 30%

Mondoesa Varese S.r.l. 30%

Mondoesa Ovest S.r.l.(liquidation) 35%

Company included inthe scope of consolidation

Innovare24 S.p.A. 100%

Plus People S.r.l. 50%

Il Sole 24 ORE S.p.A.

Newspaper PublishingProfessional Publishing Radio Corporate

Source: Interim Management Statement as at 31 March 2010

8Investor Relations

Section 2Professional Publishing

9Investor Relations

Gruppo 24 ORE: a leading player in Professional Publishing

Software Solutions

Databases

Books

&

Magazines

Web Portals

• more than 1,100 titles

• more than 120 titles integrated with websites

• more than 350,000 subscribers

• 73% renewal rate (impacted by switch to other periodicals/databases)

• More than 500 events, master & coursesEducation

&Training

FY2005 FY2009

CAGR +26.9%

PRODUCTS BRANDS PRODUCTS & SERVICES % weight on total Professional Publishingrevenues

• more than 30,000 subscribers• 86% renewal rate• Portfolio increased through acquisitions

• 15 databases on and off-line• more than 44,000 subscribers• 87% maintenance rate

• Web Portal for Professionals• Web Portal for master & training

FORMAZIONE 24 ORE• Technology platform for e-learning• Web Portal for Enterprises• Other websites for ICT, agriculture,

architecture

Education & Others 12.9%

Education & Others

8.7%

Advertising14.5%

Advertising 8.8%

Printing 29.5%

Printing56.4%

Digital 43.1%

Digital26.1%

€144m €226m

10Investor Relations

554631

191

212

FY2005 FY2009

(€m

)

Tax & Legal Others

Professional publishing is growing faster than consumer publishing

Source: Nielsen Media Research FY2005 and FY2009(*) PRESS includes Newspapers (ex. Free Press) and MagazinesOthers include Radio, Internet, Outdoor, Cinema

Source: Databank FY2009(**): IT Pro-Publishing market does not include Business Media and EducationOthers include Medical, Economics-Management, IT, Other Publishing

8,4887,892

745

843

IT ADVERTISING MARKET EVOLUTION(rounded figures)

CAGR -1.8%

CAGR +3.1%

CAGR -6.5%

CAGR +3.3%

IT PROFESSIONAL PUBLISHING (**) MARKET EVOLUTION(rounded figures)

820

2,2862,992

4,359

4,676

1,247

FY2005 FY2009

(€m

)

Press (*) TV Others


Professional publishing is more digital than consumer publishing

Source: Nielsen Media Research FY2005 and FY2009 Source: Databank FY2009(*): IT Pro-Publishing market does not include Business Media and Education

IT ADVERTISING MARKET EVOLUTION(rounded figures)

€8,488m €7,892m €745m €843m

IT PROFESSIONAL PUBLISHING (*) MARKET EVOLUTION(rounded figures)

7.4%

98.4%92.6%

1.6%

FY2005 FY2009

Internet All Other Media

32.5%42.0%

67.5%58.0%

FY2005 FY2009

Digital Others


Gruppo 24 ORE: growing in digital

€180m €158m €144m €226m

CAGR +34.5%CAGR +26.9%

SYSTEM REVENUE SPLIT PROFESSIONAL PUBLISHING REVENUE SPLIT

9.8%2.6%

90.2%97.4%

FY2005 FY2009

Internet Other Media

43.1%

26.1%

56.9%

73.9%

FY2005 FY2009

Digital Others


Section 3Newspaper Publishing


4,500

4,700

4,900

5,100

5,300

5,500

5,700

5,900

6,100

6,300

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Web 2.0 and Social Network development

The new economy phenomenon reached its peak in 2000

Italian newspapers’ sale trend (2000-2009)

CAGR 2009-2000-2.5%

New Economy

Free Press

Web 2.0

Free Press started in Italy in 2000 with Metro, Leggo and City

‘000 copies sold

• Younger generations in search of information have increasingly shifted towards digital sources • The economic downturn has reduced buying power and reading frequency

Source: FIEG


In Consumer publishing we have a leading position in the financial info market …

2009 Italian Newspaper Circulation

2009 EU Financial Newspaper Circulation

Source: Il Sole 24 ORE (ADS FY2009), Handelsblatt (IVW 2009 average), Les Echos (OJD FY2009), FT UK (ABC July-December 2009)

Source: ADS, Average data 12 months January 2009-December 2009

114125155185202

291301

485539

Corriere

della S

era

Repubblic

a

La Stam

pa

Il Mes

saggero

Il Giorn

ale

Il Res

to del Carl

ino

La Naz

ione

Libero

('000

cop

ies/

day)

116125140

291

Handelsblatt Les Echos FT UK

('000

cop

ies/

day)


36%

20%

Average National Newspapers

Source: Audipress 2010/I

…with a top quality reader base

HIGH SPENDING CAPACITY

% of readers with monthly disposable income > €3,250

SUPERIOR EDUCATION

The outstanding professional client base represents an important asset: highly attractive for advertisers and allowing to cross-sell top quality products

% of graduate readers

36%

13%

Average National Newspape


Section 4Financial Breakdown


Professional Publishing Data

-1.7% LFL (i.e. excluding

effects arising from the

disposals made after Q1 2009) mainly

due to advertising decrease

On a LFL basis & netted

against BM, revenues

were basically in line with LY (+0.1%)

Due to Group business areas’reorganization, product IT, falling until 2009 under the Corporate area and centralized services, has been transferred directly to the Newspaper Publishing and Professional Publishing Areas.

These changes came into effect at the beginning of 2010, so to compare the figures of the two periods on a like-for-like basis, the results of Q1 2009 have been reclassified according to the 2010 organisation.

FY 2008 FY 2009 % change (€m - rounded figures) Q1 2009 Q1 2010 % change

175.9 193.1 9.8% Circulation/other revenues 50.7 48.4 -4.5%

42.7 32.6 -23.6% Revenues from advertising 7.3 6.1 -16.6%

218.6 225.7 3.3% Total Revenues 58.0 54.5 -6.1%

37.1 26.5 -28.5% EBITDA 7.7 7.7 0.2%

17.0% 11.8% EBITDA Margin % 13.3% 14.1%

Q1 2010 Revenue Split

44.1%

17.5%

31.4%

7.0%

Tax & Legal Business Media

Software Solutions Education & Training

FY 2008 FY 2009

Acquired Company

Newton+EdutainmentEsa Software

Revenues (€m) 7.2 32.4

Consolidated since

August/November 2008 Ebitda (€m) 1.4 3.9

Contribution of acquisitions completed in H2 2008

(rounded figures)



113.8 88.4 -22.4% Circulation/other revenues 31.1 27.2 -12.4%

137.1 99.0 -27.8% Revenues from advertising 31.3 28.3 -9.5%

251.0 187.4 -25.3% Total Revenues 62.4 55.6 -11.0%

27.7 10.2 -63.3% o/w Add-ons 3.1 2.0 -35.0%

24.7 (4.6) n.m. EBITDA 1.9 (1.0) -153.6%

9.8% -2.4% EBITDA Margin % 3.0% -1.8%

Newspaper Publishing Data

Q1 2010 Revenue Split

75.6%

3.6%

7.5%

10.2% 3.1%

Newspaper Add-ons On line Finance Others

In 2009, the Group reorganized its business areas by reshuffling activities and

responsibilities and reallocating corporate functions.

The main change involves a reduction from 5 to 4 business areas, implemented by integrating

the business units headed by the former Multimedia area (online, finance and agency)

into Newspaper Publishing. Moreover, product IT, falling until 2009 under the Corporate area and centralized services, has been transferred

directly to the Newspaper Publishing and Professional Publishing Areas. These changes

came into effect at the beginning of 2010, so the Group’s financial results cannot be read against

the amounts of the corresponding period last year.

To compare the figures of the two periods on a like-for-like basis, the results of Q1 2009 have

been reclassified according to the 2010 organisation.

The Finance business unit heads up the activities for the sale of real-time information and the Radiocor press agency

8798

291

MF/Milano Finanza Italia Oggi

('000

cop

ies/

day)

61% share

Total Circulation 2009: 476

2009 IT Financial Newspaper Circulation

Source: ADS, Average data 12 months January 2009-December 2009; MF/Milano Finanza Press Release FY2009 Results



33.4 30.7 -8.1% Circulation/other revenues - - n.a.

5.9 5.7 -2.8% Revenues from advertising - - n.a.

39.3 36.4 -7.3% Total Revenues - - n.a.

0.7 (2.4) n.m. EBITDA - - n.a.

1.7% -6.7% EBITDA Margin % n.a. n.a.

Multimedia Data

FY 2009 Revenue Split

49.6%

28.9%

21.2%0.3%

Real-time financial information Online Radiocor Others

In 2009, the Group reorganized its business areas by reshuffling activities and responsibilities and reallocating corporate functions.

The main change involves a reduction from 5 to 4 business areas, implemented by integrating the business units headed by the former Multimedia area (online, finance and agency) into Newspaper Publishing.


System Data

-19.5%

-1%

-8%

-23%

-19% IT ADV Market (**)

Press (***)

Radio

System (*)

Internet (****)

Source: Nielsen Media Research FY2008 and FY2009 for market data(*) Excluding advertising collection for ceased publications(**) IT ADV Market includes Press (except local advertising and Free Press), Radio, Internet (Display only)(***) Press includes Newspaper (except local advertising and Free Press) and Magazine advertising(****) Internet includes Display advertising only

SYSTEM PERFORMANCE vs. IT ADV MARKET (**) FY 2009 vs. FY 2008

System revenues % change (netted against the closure of the free press and the contraction in financial advertising, particularly for funds)

+ 2%

+ 8.8% Display advertising % change

SYSTEM PERFORMANCE Q1 2010 vs. Q1 2009


193.7 147.0 -24.1% Revenues from Group's products 41.9 38.8 -7.4%

10.5 11.2 6.8% Revenues from 3rd parties' products 2.3 2.1 -7.9%

204.1 158.2 -22.5% Total Revenues 44.2 40.9 -7.5%

(2.7) (10.5) n.m. EBITDA (1.4) (2.3) 70.1%

-1.3% -6.7% EBITDA Margin % -3.1% -5.7%

-19.5% excl. ceased

publications


Radio Data

FY 2009 Italian Radio Station Market

6.3

5.3

5.0

5.0

4.5

3.8

3.7

2.3

2.0

1.9

1.9

1.6

1.6

1.5

1.3

1.01.

8

16.0%

13.5% 12.9% 12.9%11.5%

9.7%9.4%

5.9%5.1% 4.8%

4.8% 4.6% 4.1% 4.0% 3.9%3.3% 2.5%

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Rai Radio

unoRtl 1

02.5

Radio Dee

jay

RdsRadio 10

5 Rai R

adiodue

Radio Italia

Radio K

iss K

iss

R101

Rai Radio

treVirg

in Rad

ioRadio M

aria

Rmc Radio C

apita

l

M2oIso

radio

0.00

2.00

4.00

6.00

8.00

10.0

12.0

14.0

16.0

18.0

Average Daily listeners (m) Penetration on average daily listeners (%)

In January 2010, Radio 24 rolled out its new website (www.radio24.it) sporting a new design and structure and packed with audio contents

Page views % change: +67%

Unique users % change: +56%


12.6 12.5 -1.3% Revenues from advertising 2.8 2.9 5.3%

0.4 0.6 64.0% Circulation/other revenues 0.1 0.1 -25.9%

13.0 13.1 0.6% Total Revenues 2.9 3.0 4.1%

(1.3) (1.3) 2.6% EBITDA (0.7) (0.5) -28.5%

-10.2% -9.9% EBITDA Margin % -23.3% -16.0%


(€m - rounded figures) FY 2008 FY 2009 % change Q1 2009 Q1 2010 % change

218.6 225.7 3.3% Revenues 58.0 54.5 -6.1%

37.1 26.5 -28.5% EBITDA 7.7 7.7 0.2%

17.0% 11.8% EBITDA margin 13.3% 14.1%

251.0 187.4 -25.3% Revenues 62.4 55.6 -11.0%

24.7 (4.6) n.m. EBITDA 1.9 (1.0) -153.6%

9.8% -2.4% EBITDA margin 3.0% -1.8%

39.3 36.4 -7.3% Revenues - - n.a.

0.7 (2.4) n.m. EBITDA - - n.a.

1.7% -6.7% EBITDA margin n.a. n.a.

204.1 158.2 -22.5% Revenues 44.2 40.9 -7.5%

(2.7) (10.5) n.m. EBITDA (1.4) (2.3) 70.1%

-1.3% -6.7% EBITDA margin -3.1% -5.7%

13.0 13.1 0.6% Revenues 2.9 3.0 4.1%

(1.3) (1.3) 2.6% EBITDA (0.7) (0.5) -28.5%

-10.2% -9.9% EBITDA margin -23.3% -16.0%0 0

(152.9) (118.0) 22.8% Revenues (34.5) (30.8) -10.8%

(9.2) (32.4) n.m. EBITDA (*) (4.5) (3.4) -23.6%0 0

573.0 502.7 -12.3% Revenues 133.0 123.2 -7.4%

49.3 (24.7) -150.1% EBITDA 3.0 0.5 -84.8%

8.6% -4.9% EBITDA margin 2.3% 0.4%

Radio

Corporate and intercompany

Il Sole 24 ORE Group


NewspaperPublishing

Multimedia

System(Advertising)

Revenue & EBITDA breakdown

In 2009, the Group reorganized its business areas by

reshuffling activities and responsibilities and

reallocating corporate functions.

The main change involves a reduction from 5 to 4 business

areas, implemented by integrating the business units

headed by the former Multimedia area (online, finance and agency) into Newspaper Publishing.

Moreover, product IT, falling until 2009 under the Corporate area and centralized services,

has been transferred directly to the Newspaper Publishing and Professional Publishing Areas. These changes came into effect at the beginning of 2010, so the

Group’s financial results cannot be read against the

amounts of the corresponding period last year.

To compare the figures of the two periods on a like-for-like basis, the results of Q1 2009

have been reclassified according to the 2010

organisation.

(*) FY 2009 corporate data includes extraordinary costs amounting to €22.1m


Section 5Financial Appendix


Consolidated Income Statement


573.0 502.7 -12.3% Revenues 133.0 123.2 -7.4%

15.5 14.4 -7.5% Other operating income 2.2 2.6 18.8%(175.9) (203.2) 15.6% Personnel expense (*) (49.4) (47.5) -3.9%(352.8) (328.6) -6.9% Direct & operating costs (81.4) (75.8) -6.9%(10.6) (9.9) -6.4% Provisions (1.3) (2.0) 50.1%

49.3 (24.7) -150.1% EBITDA 3.0 0.5 -84.8%

8.6% -4.9% EBITDA Margin % 2.3% 0.4%

(31.5) (43.1) 36.7% Depreciation & amortisation and impairment (7.7) (7.4) -3.9%

0.0 0.3 n.m. Capital gains (losses) on disposal of non-current assets 0.0 0.0 n.m.

17.8 (67.5) n.m. EBIT (4.6) (6.9) 48.9%

3.1% -13.4% EBIT Margin % -3.5% -5.6%10.2 2.4 -76.5% Financial income (expenses) 1.0 0.2 -76.5%

(2.7) (1.7) -35.4% Income (expenses) from investments 0.0 0.1 n.m.

25.3 (66.7) n.m. Profit/(Loss) before tax (3.6) (6.6) 83.1%

4.4% -13.3% PBT Margin % -2.7% -5.3%(9.3) 13.4 n.m. Income taxes (0.9) 0.0 -101.4%

16.0 (53.3) n.m. Net Profit/(Loss) (4.4) (6.5) 47.6%

(0.1) (0.8) n.m. Minorities (0.2) (0.1) n.m.

16.1 (52.6) n.m. Net Profit/(Loss) after minorities (4.2) (6.4) 52.1%

2.8% -10.5% Margin % -3.2% -5.2%

(*) FY 2009 personnel expense includes extraordinary costs amounting to €21m


54.5 123.2

3.040.9

55.6


NewspaperPublishing

System Radio Corporate andintercompany

Total

(30.8)

Q1 2010 Consolidated Revenues (€m)

Q1 2010 Revenues by segment – rounded figures

(*): digital revenues do not include advertising collected on @ websites: both Group's websites and 3rd parties' websites

Q1 2010 Revenues by nature

Consolidated revenues % change: -7.4% mainly linked to the drop in revenues from advertising and from sales of the daily and add-ons

Advertising revenues % change: -8.6%

76.782.2

46.550.8

Q1 2009 Q1 2010

Circulation & others Advertising

573.0

502.7

133.0123.2

rounded figures

Print revenues30.6%

Advertising revenues37.7% Other revenues

7.6%

Digital revenues (*)24.1%

In 2009, the Group reorganized its business areas by reshufflingactivities and responsibilities and reallocating corporate functions. The main change involves a reduction from 5 to 4 business areas,implemented by integrating the business units headed by the former Multimedia area (online, finance and agency) into Newspaper Publishing. Moreover, product IT, falling until 2009 under the Corporate area and centralized services, has been transferred directly to the Newspaper Publishing and Professional Publishing Areas. These changes came into effect at the beginning of 2010, so the Group’s financial results cannot be read against the amounts of the corresponding period last year. To compare the figures of the two periods on a like-for-like basis, the results of Q1 2009 have been reclassified according to the 2010 organisation.


Q1 2010 Consolidated EBITDA, EBIT and Net Result After Minorities (€m)

EBITDA EBIT Net Result After Minorities

Q1 2010 EBITDA is negatively affected

• by revenue decrease

and positively affected

• by direct & operating cost decrease (-6.9%) and labour cost decrease (-3.9%), the latter due also to a drop of 89 units in average staff headcount, from 2,239 in Q1 2009 to 2,150 in Q1 2010

Q1 2010 EBIT is negatively affected

• by EBITDA decrease and

• by D&A amounting to €7.4m (amounts in line with Q1 2009)

(6.9)

(4.6)

Q1 2010Q1 2009

(6.4)

(4.2)

Q1 2009

Q1 2009 Q1 20100.5

3.0

Q1 2009 Q1 2010

Q1 2010 Net Result is negatively affected

• by lower financial income

and positively affected

• by lower tax paid from the reduction of taxable income

rounded figures


Consolidated Balance Sheet

(€m - rounded figures) As at 31 Dec 2009 As at 31 Mar 2010

Non-current assets 319.5 313.8Current assets 323.6 333.7Non-current assets available for sale 3.0 -

Total assets 646.1 647.5

Equity attributable to shareholders of parent 296.9 290.8

Equity attributable to minority interests 0.7 0.5

Total equity 297.6 291.2

Non-current liabilities 89.9 87.8Current liabilities 258.2 268.5Non-current liabilities available for sale 0.5 -

Total liabilities 348.5 356.3

Total equity & liabilities 646.1 647.5


Consolidated Statement of Cash Flows

FY 2008 FY 2009 (€m - rounded figures) Q1 2009 Q1 2010

16.1 (52.6) Net Profit/(Loss) after minorities (4.2) (6.4)10.4 19.3 Adjustments 5.0 4.7

(47.6) 10.0 Changes in net working capital (8.1) (3.5)

(21.0) (23.2) Total net cash generated (absorbed) by operating activities (7.3) (5.2)

(73.4) (20.4) Total net cash absorbed by investing activities (4.5) 0.0

(94.4) (43.6) Free cash flow (11.8) (5.2)

1.1 (9.6) Net cash generated (absorbed) by financing activities 1.3 0.3

(93.3) (53.2) Net increase (decrease) in cash & cash equivalents (10.5) (4.9)


Group’s Net Financial Position

(€m - rounded figures) As at 31 Dec 2009 As at 31 Mar 2010

Cash & cash equivalents 95.3 90.6

Bank overdrafts and loans due within 1 year (3.6) (3.5)

Short-term net financial position 91.6 87.2

Non-current financial liabilities (10.9) (10.8)Non-current financial assets and hedging instruments measured at fair value

18.1 18.0

Medium/long-term net financial position 7.2 7.2

Total net financial position 98.8 94.4

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Deutsche Bank 11 Italian Conference · 5/26/2010 · This Presentation has been prepared by Il...

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