Board of Directors approves 2011 results
14 Marzo 2012 - 9:45PM
Annunci Borsa (Testo)
Caltagirone Editore: Board of Directors approves 2011
results
· · · ·
Revenues: Euro 226 million (Euro 248.3 million in 2010) Ebitda:
Euro 8.7 million (Euro 27.4 million in 2010) Net loss: Euro 30.7
million (Net income of Euro 6 million in 2010) Dividend proposed:
Euro 0.03 per share (Euro 0.05 per share in 2011)
Rome, March 14th 2011 Â The Board of Directors of Caltagirone
Editore, chaired by Francesco Gaetano Caltagirone, examined and
approved the draft financial statements for the year ended December
31st, 2011. Consolidated Financial highlights (Euro million) 2011
Revenues Ebitda Ebit Financial result Group net profit 226 8.7 -3.5
-28.4 -30.7 2010 248.3 27.4 13.9 0.9 6
The negative economic trend recorded in 2011 affected Caltagirone
Editore Group results ending 2011, which declined on all main
income statement items. Revenues reached Euro 226 million, down by
9% versus the corresponding period of 2010 (Euro 248.3 million)
mainly due to a decline in advertising. Group's newspapers
advertising declined by 10,3% compared to previous year connected
to the persistent and strong advertising market decline. The
advertising revenues reduction was affected by the strong drop on
free press market, than in 2011 the Group's free press Leggo was
subject to a radical restyling of the editorial project. The Group
websites recorded a positive advertising trend (+27%) even though
volumes are not large enough to impact significantly on results.
Newspapers revenues decreased below the national average. Ebitda
reached Euro 8.7 million ((Euro 27.4 million in 2010) due to the
decline in operating revenues and raw material costs increase,
especially the international paper cost. Ebit was negative for Euro
3.5 million net of 12.2 million Euro depreciation and amortization
(Euro 13.8 million in 2010).
Financial charge was Euro 28.5 million (income of Euro 995 thousand
in 2010). This result includes interest income and dividends from
listed companies as well as the negative impact from sale of listed
shares and mark to market to December 31st 2011 of financial
investments in quoted companies. Net loss was Euro 30.7 million
(income of Euro 6 million as of 31 December 2010). Net Cash
declined to Euro 180.9 million from previous year Euro 208.9
million, due to net investments in listed companies and dividends
distribution. As of December the 31st 2011, the number of employees
was 1,060 (1,079 as of December 31st 2010). The Board of Directors
of Caltagirone Editore resolved to propose to the Shareholders'
Meeting, called for April 26th, 2012, the distribution of a
dividend of Euro 0.03 per share. The dividend coupon is proposed
for May 21st, 2011 with a payment date of May 24th, 2011. The Board
of Directors resolved to propose to the Shareholders' Meeting the
allocation of Euro 5 million for the purchase of own shares up to
3% of the Shareholders' equity. The Board of Directors verified
that the Directors Massimo Confortini, Giampietro Nattino and
Franco Luciano Lenti are Independent Directors, according to the
provisions contained in the Legislative Decree No. 58 of February
24, 1998 "Consolidation Act on financial intermediation".
Significant events after 31.12.2011 No significant events occurred
after year end. The Company is continuing its normal operating
activities. Outlook To face the strong uncertainty persisting in
the industry, the Group continues to implement a strict cost
control policy. It's going on a continuous improvement of web
activities to catch new advertising market opportunities and new
readers.
*** The Executive responsible for the preparation of the corporate
accounting documents, Roberto Di Muzio, declares in accordance with
article 154 bis, paragraph 2, of the "Testo Unico della Finanza",
that the accounting information contained in the present press
release corresponds to the underlying documents, records and
accounting entries.
The balance sheet and income statement are attached, currently
being examined by the independent audit firm and by the Board of
Statutory Auditors.
Media Relations Tel.+39 06 4541 2365 Fax.+39 06 4541 2300
ufficiostampa@caltagironegroup.it www.caltagironeeditore.it
Investor Relations Tel.+39 06 32493227 Fax.+39 06 32493277
invrel@caltagironegroup.it
CALTAGIRONE EDITORE GROUP CONSOLIDATED BALANCE SHEET
ASSETS
(in thousands of Euro)
31.12.2011
31.12.2010
Non-current assets Intangible assets with definite life Goodwill
and other indefinite intangible assets Property, plant and
equipment Equity investments valued at net equity Equity
investments and non-current securities Non-current financial assets
Other non-current assets Deferred tax assets TOTAL NON-CURRENT
ASSETS Current assets Inventories Trade receivables
of which related parties
1.918 447.315 73.077 858 76.608 37 616 29.087 629.516 3.665
68.151
1.619
2.258 447.315 79.789 707 107.728 37 632 23.861 662.327 3.316
73.154
1.798
Current investments and securities Current financial assets
of which related parties
11.970 1.548
1.536 4.171
4.211 84 1.804
129
Tax receivables Other current assets
of which related parties
2.229 1.797
-
Cash and cash equivalents
of which related parties
230.294
19.130
256.987
254.686
TOTAL CURRENT ASSETS TOTAL ASSETS
319.654 949.170
339.556 1.001.883
CALTAGIRONE EDITORE GROUP CONSOLIDATED BALANCE SHEET
SHAREHOLDERS' EQUITY AND LIABILITIES
(in thousands of Euro)
31.12.2011
31.12.2010
Shareholders' Equity Share capital Share capital issue costs Other
reserves Profit/(loss) for the year Group shareholders' equity
Minority interest shareholders' equity TOTAL SHAREHOLDERS' EQUITY
LIABILITIES Non-current liabilities Employee provisions Other
non-current provisions Non-current financial liabilities Other
non-current liabilities Deferred tax liabilities TOTAL NON-CURRENT
LIABILITIES Current liabilities Current provisions Trade
payables
of which related parties
125.000 (18.865) 644.974 (30.737) 720.372 127 720.499
125.000 (18.865) 649.836 6.003 761.974 609 762.583
32.627 7.126 28.868 3.661 68.383 140.665
40.138 7.305 33.756 2.746 66.328 150.273
5.722 29.284
158 443
5.993 31.201 18.544
3.684
Current financial liabilities
of which related parties
22.032
2.394
Other current liabilities
of which related parties 12
30.968
17
33.289 89.027 239.300 1.001.883
TOTAL CURRENT LIABILITIES TOTAL LIABILITIES TOTAL SHAREHOLDERS'
EQUITY AND LIABILITIES
88.006 228.671 949.170
CALTAGIRONE EDITORE GROUP CONSOLIDATED INCOME STATEMENT
(in thousands of Euro)
31/12/2011
31/12/2010
Revenues Revenues from sales and supply of services
of which related parties 2.728
218.318
2.930
238.105 10.241
224
Other operating revenues
of which related parties 18
7.672 225.990
TOTAL REVENUES Costs Raw material costs Personnel costs Other
operating charges
of which related parties 6.300
248.346
28.181 94.474 94.657
5.314
25.589 96.405 98.933
TOTAL COSTS EBITDA Amortisation Depreciation Other write-downs EBIT
Net result of the share of associates Financial income
of which related parties 7.009
217.312 8.678 8.927 812 2.428 (3.489) (2) 8.245
5.213
220.927 27.419 9.528 1.788 2.246 13.857 (342) 5.715 (4.720)
(73)
Financial charges
of which related parties (208)
(36.698) (28.453) (31.944) 754 (31.190) (31.190) (30.737) (453)
Net financial result PROFIT/(LOSS) BEFORE TAX Income taxes for the
period PROFIT/(LOSS) FROM CONTINUING OPERATIONS NET PROFIT/(LOSS)
FOR THE YEAR Group net loss Minority interest share
995 14.510 (8.814) 5.696 5.696 6.003 (307)
Earnings per share (Euro per share) Diluted earnings per share
(Euro per share)
(0,246) (0,246)
0,048 0,048
CALTAGIRONE EDITORE SPA BALANCE SHEET
Assets
(in Euro)
31.12.2011
31.12.2010
Non-current assets Intangible assets with definite life Property,
plant and equipment Equity investments valued at cost:
subsidiary companies associated companies other companies
9.669
382.265.194 17.356 2.745.000
2.721 12.680
381.302.011 17.356 2.745.000
Equity investments and non-current securities Deferred tax assets
TOTAL NON-CURRENT ASSETS Current assets Trade receivables
of which related parties
38.960.500 16.869.405 440.867.124 697.378
690.000
69.729.499 11.402.515 465.211.782 847.495
846.556
Current investments and securities Current financial assets
of which related parties
6.930.000 84.315.566
84.304.061
74.159.232
74.118.558
Tax receivables Other current assets
of which related parties
115.115 2.459.302
2.247.791
107.880 958.741
770.985
Cash and cash equivalents
of which related parties
119.577.489
19.045.862
148.085.756
147.934.692
TOTAL CURRENT ASSETS TOTAL ASSETS
214.094.850 654.961.974
224.159.104 689.370.886
CALTAGIRONE EDITORE SPA BALANCE SHEET
SHAREHOLDERS' EQUITY AND LIABILITIES
(in Euro)
31.12.2011
31.12.2010
Shareholders' Equity Share capital Share capital issue costs Other
reserves Profit/(loss) for the year SHAREHOLDERS' EQUITY
LIABILITIES Non-current liabilities Employee provisions Deferred
tax liabilities TOTAL NON-CURRENT LIABILITIES Current liabilities
Current provisions Trade payables
of which related parties
125.000.000 (18.864.965) 554.674.675 (29.627.574) 631.182.136
125.000.000 (18.864.965) 568.254.226 (6.084.288) 668.304.973
54.514 3.607 58.121 2.725.782 180.086
42.761
53.366 37.195 90.561 471.210
324.980
Current financial liabilities
of which related parties
4.099.765
4.099.715
5.718.868
4.314.715
Current income tax payables Other current liabilities
of which related parties
60.657 16.655.427
11.268.763
2.132 14.783.142
8.996.202
TOTAL CURRENT LIABILITIES TOTAL LIABILITIES TOTAL SHAREHOLDERS'
EQUITY AND LIABILITIES
23.721.717 23.779.838 654.961.974
20.975.352 21.065.913 689.370.886
CALTAGIRONE EDITORE SPA INCOME STATEMENT
(in Euro)
31.12.2011 700.845
700.845
31.12.2010 711.625
710.845
Other operating revenues
of which related parties
TOTAL REVENUES Personnel costs Other operating charges
of which related parties
700.845 603.016 2.415.142
1.449.226
711.625 781.767 1.549.147
662.414
TOTAL COSTS EBITDA
3.018.158 (2.317.313) 5.732 (2.323.045) 4.781.776
4.479.532
2.330.914 (1.619.289) 5.343 (1.624.632) 2.594.339
2.510.096
Amortisation,depreciation and provisions
EBIT Financial income
of which related parties
Financial charges
of which related parties
35.509.127
79.330
7.081.511
46.921
Net financial result PROFIT/(LOSS) BEFORE TAX Income taxes for the
period PROFIT/(LOSS) FROM CONTINUING OPERATIONS NET PROFIT/(LOSS)
FOR THE YEAR
(30.727.351) (33.050.396) (3.422.822) (29.627.574) (29.627.574)
(4.487.172) (6.111.804) (27.516) (6.084.288) (6.084.288)
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