De Agostini

In 2009, the Publishing business and its sub-holding company De Agostini Editore saw a continuation of the difficult conditions prevailing in its business areas, partly as a result of the recession and the drop in consumer spending in its key reference markets.

Key financial and operating performance indicators for the Publishing business are shown in the table below.

Revenues

Revenues in 2009 totalled EUR 1,389 million, including the contribution from joint ventures. This represents a decrease of EUR 160 million versus 2008, involving almost all business areas (particularly Partworks and Direct Marketing).

The table below shows revenues for 2009, broken down by sphere of operations, compared with the previous year.

EBITDA / EBIT

In 2009, EBITDA for the Publishing business was EUR 11 million, a decline of EUR 11 million versus 2008.

This drop in profitability is the result of the sharp fall in revenues, the impact of which was only partly offset by the efficiency measures and cost-cutting measures implemented during the year. The restructuring process initiated in 2009 involving the Italian companies (with the exception of Educational) and the French Direct Marketing business brought with it additional costs, the full benefits of which will only be felt from 2010 onwards. The businesses managed by the joint venture Planeta–De Agostini Group also reported a drop in EBITDA in 2009, particularly Partworks, which was hit by further revenue erosion and a decrease in profitability.

EBIT came in at EUR 1 million in 2009, compared with the zero balance reported in 2008.

Net profit (loss)

The net loss attributable to the group in 2009 was EUR 24 million, an improvement of EUR 2 million compared with the previous year. Unlike the EBIT figure of EUR 1 million discussed above, the net loss attributable to the group takes into account financial charges, taxes and charges relating to discontinued operations totalling EUR 25 million.