CED Caltagirone Editore

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 ­ 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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