CED Caltagirone Editore

Caltagirone Editore: Board of Directors approves results at 31 March 2012
· · · · · Revenues: Euro 51.7 million (Euro 55.1 million as of March 31st 2011) Ebitda: negative Euro 446 thousands (positive Euro 1.9 million as of March 31st 2011) Ebit: negative Euro 3.1 million (negative Euro 1.1 million as of March 31st 2011) Group net pretax profit: negative Euro 3.9 million (negative Euro 790 thousands as of March 31st 2011) Francesco Gaetano Caltagirone confirmed as company's Chairman.

Rome, May 10th 2012 ­ The Board of Directors of Caltagirone Editore, chaired by Francesco Gaetano Caltagirone, approved results for the first quarter 2012. Caltagirone Editore Group ended the first quarter 2012 with results which continue to reflect the deep economic crisis, with the advertising market being particularly affected. Revenues amounted to Euro 51.7 million, a 6.2% decrease compared to the corresponding period of 2011,principally due to both contraction on circulation revenues (-2.8%) and advertising revenues (-9%). About the circulation revenues the Group, at the moment, has not raised its newspapers cover price like almost all of its competitors. About the advertising revenues performance, there is a general decline of advertising expenditure on traditional newspapers and even more so on the Free Press segment. Internet advertising revenues showed an positive trend, even if they are still not large enough to impact significantly on total advertising revenues, recording a +11.8% increase compared to 2011, well above sector average which in the same period recorded a +8,5% increase (Osservatorio FCP Internet, January-March 2012). Ebitda: negative Euro 446 thousands (Euro 1.9 million as of March 31st 2011). Such figure, due to the revenues decline, was only partially offset by the 2.1% reduction in operating costs. Ebit was negative Euro 3.1 million (negative Euro 1.1 million as of March 31st 2011) after Euro 2.7 million of amortization and depreciation charge. Net financial results was negative Euro 978 thousands (Euro 58 thousands as of March 31st 2011), including 1.3 million charge from disposal of quoted stakes. Group net pretax profit was negative euro 3.9 million (negative Euro790 thousands as of March 31st 2011). Net cash position at March 31st 2012 was Euro 168.7 million compared to Euro 180.9 million as of December 31st 2011. The decrease is due to net of investments in listed companies. Shareholders equity reached 721.1 million (Euro 720.4 million at December 31st, 2011) thanks to the valuation at fair value of equity investments held by the Group, net of loss.


Outlook The publishing sector is affected by significant uncertainty due to the persistent economic crisis which is heavily impacting advertising expenditure. Against such backdrop, the Group is keeping a strict cost control policy and it is now proceeding to strengthen its presence on the internet with the objective of attracting new advertising investment and new readers. *** The Board of Directors, gathered for the first time after its appointment by the AGM on April 26th , renewed corporate offices before examining Q1 results. In particular, the Board confirmed Francesco Gaetano Caltagirone as Chairman, Azzurra Caltagirone and Gaetano Caltagirone as Vice Chairman. The Board of Directors also elected the new Internal Control Committee for the period 2012-2014, which shall be composed by Massimo Confortini (Chairman), Giampietro Nattino, Albino Majore, Mario Delfini and Massimo Garzilli. The Board of Directors also confirmed, for 2012, Rag. Roberto di Muzio as Executive responsible for the preparation of the corporate accounting documents. The Board of Director after valued that Directors Giampietro Nattino and Massimo Confortini fulfill the requirements of independence pursuant to the current legislation and appointed them as members of Committee of Independent Directors to value related parties transactions. *** 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.

Consolidated P&L statement at March 31st , 2012 is attached.

Relazioni con i Media Tel. +39 06 45412365 Fax +39 06 45412300 ufficiostampa@caltagironegroup.it

www.caltagironeeditore.it

Investor Relations Tel. +39 06 32493227 Fax +39 06 32403277 invrel@caltagironegroup.it


CALTAGIRONE EDITORE GROUP Consolidated Income Statement

In Euro thousands

Q1 2012 18.312 189 30.763 2.451 51.715 (7.053) (23.487) (21.621) (52.161) (446) (2.672) (3.118) (1) (978) (4.097) (3.922) (175)

Q1 2011 18.846 137 33.802 2.360 55.145 (6.315) (23.731) (23.224) (53.270) 1.875 (2.932) (1.057) (1) 58 (1.000) (790) (210)

% -2,8% 38,0% -9,0% 3,9% -6,2% 11,7% -1,0% -6,9% -2,1% na -8,9% na 0,0% n.a. n.a n.a. -16,7%

Circulation revenues Promotions revenues Advertising revenues Other operating revenues TOTAL OPERATING REVENUES Raw materials costs Labour costs Other operating costs TOTAL OPERATING COSTS EBITDA Amortisation,depreciation & provisions EBIT Net result of the share of associates Net financial income/(charges) Profit/(Loss) before taxes Group Net Income (Loss) Minority interest share

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