Gruppo Editoriale L Espresso Società per azioni

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1 Gruppo Editoriale L Espresso Società per azioni Interim Report as of September 30, 2008 The Interim Report as of September 30, 2008 has been translated from that issued in Italy, from the Italian into the English language solely for the convenience of international readers. Gruppo Editoriale L Espresso SpA Via Cristoforo Colombo, Roma Capitale Sociale i.v ,20 i.v. - R.E.A. Roma n P.IVA Codice Fiscale e Iscriz. Registro Imprese di Roma n Società soggetta all attività di direzione e coordinamento di CIR S.p.A.

2 CONTENTS Report of the Board of Directors at September 30, 2008 Operating performance and consolidated results for the first nine of 2008 page 3 Operating results for the 3 rd Quarter of 2008 page 6 Results by area for the first nine of 2008 page 7 Subsequent events and outlook page 11 Attestation pursuant to art. 37 of Consob Resolution no.16191/07 (Stock Market Regulations) page 12 Consolidated Interim Financial Statements at September 30, 2008 Consolidated Income Statement for the first nine of 2008 page 14 Consolidated Income Statement for the 3 rd Quarter of 2008 page 15 Consolidated Balance Sheet at September 30, 2008 page 16 Statement of Consolidated Cash Flows page 17 Statement of Changes in the Consolidated Net Financial Position page 18 Consolidated Net Financial Position page 19 Notes to the Consolidated Interim Report as of September 30, 2008 Foreword page 21 Consolidation area page 21 Income Statement page 22 Balance Sheet page 25 Certification pursuant to article 154 bis, paragraph 2 of Italian Decree n. 58 of February 24, 1998 page 28

3 Report of the Board of Directors at September 30, 2008

4 REPORT OF THE BOARD OF DIRECTORS AT SEPTEMBER 30, 2008 Operating performance and consolidated results for the first nine of 2008 The tables that follow show consolidated operating results for the first nine of 2008 and Consolidated results ( million) % change 2008/2007 Revenues % Gross operating profit % Operating profit % Pre-tax profit % Net profit % ( million) September 30, 2007 December 31, 2007 September 30, 2008 Net financial position (266.2) (264.9) (283.3) Shareholders Equity including minority interests Group Shareholders Equity Minority interests Employees 3,405 3,414 3,412 Profits for the first nine of 2007 benefited from a non-recurring gain of 11.6 million ( 7.8 million at the net profit level) due to the different accounting of Employee Termination Indemnities (TFR) subsequent to normative changes. Net of this component, the comparison between the two periods is as follows: Consolidated results ( million) % change 2008/2007 Revenues % Gross operating profit before TFR impact % Operating profit before TFR impact % Pre-tax profit before TFR impact % Net profit before TFR impact % ***** Espresso Group s results of the first nine of 2008 are to be considered in the difficult market framework that is currently affecting the economies of the entire world. 3

5 The increasingly worsening conditions of the current financial crisis and of the uncertainty involved at both the short and the medium terms have, actually, had a very negative impact on both the households propensity to consume and on the companies productive activity: over the first seven of 2008 Italy has witnessed a decline in consumer demand equal to 2.2%, and between May and July also the industrial production has been decreasing to the lowest ever level of the last four years. The crisis has affected and will affect especially consumption, and therefore advertising, where the drop in orders and sales is already inducing companies to postpone any launch of new products and to reduce their expenditure budgets. In this market context, results of the Espresso Group were strongly affected by a decline in revenues (from advertising and, to a lesser extent, from the circulation of newspapers and magazines), offset only in part by steady profits from the sale of add-on products and cost reductions. To counter the effect of declining revenues, partly due to the current downturn but also to structural factors, a series of actions have been started over costs which, on a steady regime also through the company reorganization plans linked to the adoption of new technologies shall enable to reduce costs by over 50 million with respect to 2007 ( 13 million are the savings achieved up to September), and involve staff reduction by over 150 units over a three-year period. As expectations have been further seriously disappointing as regards the general development of the macroeconomic framework, all the indications are that the decline in consumption and investments might get even worse. The current situation has induced and will induce the Espresso Group s management to identify in all the sectors of activity of the Group additional actions to reduce operating costs, even involving staff reduction. ***** Advertising revenues over the first nine of 2008 (-4.6% over the first nine of 2007) have been heavily affected in particular by both the drop of the national display advertising in la Repubblica, magazines and local dailies, and the decline of the radio and TV sectors; in contrast, increase was recorded in both local advertising and internet advertising, with rates over the average market trend. Despite a slight decline in circulation and the number of items sold, add-on products registered instead an increase in terms of margins, up from 28.9% in the first nine of 2007, to 32.2% in the same period in 2008, and of contribution to the consolidated operating profit (up from 25.3% to 30.5%), achieving positive results in a market experiencing a strong contraction. A feature common to all publications of the Group was the increase in traffic of the respective Internet sites, as well as readerships, which were either stable or growing, with an overall readership of 8.6 million contacts with the Group s publications. Circulation registered instead an uneven performance among the various publications due in part to the decision to modify a number of marketing initiatives. 4

6 This situation has entailed a decrease in la Repubblica circulation, which reached a total number of 575 thousand average copies per issue (-6.6% with respect to the first nine of 2007), and in L espresso circulation, which showed a 4.7% decline (from 409 thousand average weekly copies over the first nine of 2007 to 390 thousand in 2008) partly due to a lower impact of optional products sales on newsstands sales. Both titles have achieved positive results in terms of readership: la Repubblica maintained a total number of around 3.1 million daily readers and through the internet confirming its first position among the Italian news websites has reached 12.2 million unique users in September (over 1.1 million average daily unique users), while L espresso has confirmed its 2.4 million readers. Local newspapers, finally, reported an average circulation of 471 thousand copies per issue (as compared with 477 thousand in the same period in 2007), reaching over 3.1 million readers and 1.3 million unique users of their Internet sites. According to the last Audiradio poll (July-Aug. 2008), Radio Deejay registered a decline in daily audience to an average of 4.9 million listeners (and a weekly audience of 12.5 million), losing its leadership among private Italian radio stations. A good audience was instead registered by listeners who downloaded programs in streaming and podcasts. More than 300 thousand files per week were downloaded from the Radio Deejay site, many of which rank at the top of the most downloaded files domestically. Radio m2o also registered a good performance with an average of over 1.5 million daily listeners (3.7 million in the week), while Radio Capital s average daily audience and average weekly audience remained stable at respectively 1.6 million and 5.7 million. Over this period the experiments of distribution of contents produced by the Group on a variety of digital platforms have continuously been carried out and new products have been developed for the mobile phone market which in the future will be the most promising sector for advertising. The expansion of services and contents offered to mobile users has enabled to reach in September a peak of 1.1 million pages views through connections via mobile phones. ***** Consolidated net financial debt at September 30, 2008 amounted to million, up on million at December 31, 2007 due to the payment of 68.8 million in dividends, the capital expenditure amounting to 40.2 million and the acquisition of 3,930,000 treasury stock for 8.5 million, that more than offset cash flow from operating activities. At September 30, 2008, the Group employed 3,412 persons as compared with 3,414 at December 31, 2007 and 3,405 at September 30, Excluding persons hired on term contracts, at September 30, 2008 personnel amounted to 3,305 (3,286 at the end of 2007 and 3,263 at September 30, 2007), inclusive, though, of 39 employees hired at the beginning of the year due to the decision to transfer in-house the printing of la Repubblica in Milan, formerly outsourced, allowing to improve efficiency and generating operating 5

7 cost savings. The increase of personnel relating to the above operation was absorbed almost in full by the initial effect of the restructuring plan implemented in some Group companies. Operating results for the 3 rd Quarter of 2008 Consolidated results ( million) 3 rd Quarter rd Quarter 2008 % change 2008/2007 Revenues % Gross operating profit % Operating profit % Pre-tax profit % Net profit % In the 3 rd Quarter of 2008 advertising revenues have shown an amplification of the same serious problems affecting the previous quarters (-7% with respect to the corresponding 2007 period) but, on the other side, a cost reduction slightly below 6 million over the same period of the prior year has been achieved, following the effect of the cost improvement actions aimed at reducing the main expenditure items. In fact, over the period under consideration many interventions started during the first part of the year have become effective, reducing production costs (paper and printing) of the Group s titles and limiting operating costs in the various sectors of activity. Moreover, since July the cover price of Il Venerdì and D-la Repubblica delle Donne supplements increased from 1.30 to 1.50 including the price of the newspaper. Finally, Net Profit of 3 rd Quarter 2008 has benefited from the lower regional tax (IRAP) and income tax (IRES) rates introduced by the 2008 Finance Law. 6

8 RESULTS BY AREA FOR THE FIRST NINE MONTHS OF 2008 Repubblica Division ( million) 2007 * 2008 % change 2008/2007 Revenues % Operating and personnel costs (345.7) (325.6) -5.8% Gross operating profit % Depreciation, amortization and write-downs (9.5) (9.4) -1.9% Operating profit % Employees Figures for the division include the share in revenues and costs of the Parent Company that may not be attributed to a specific activity * Figures expressed net of the restatement of the provision for Employee Termination Indemnity The strong growth of advertising sales on the Repubblica.it site, up over 30% on the 3 rd Quarter of 2007, was not sufficient in absolute terms to offset the decline of advertising on the newspaper and its supplements. In the first nine of 2008, advertising sales of the division thus declined by 7.3% on the corresponding period in Add-on products produced instead a positive contribution reporting, despite a decline in quantities sold, an operating profit of 22.1 million, up 4.9% on the corresponding period in Net of add-on products, circulation revenues were stable (down 0.7%) thanks to a higher number of issues (in April 2007 six issues were lost to a journalist strike) and the increase in the cover price of supplements Il Venerdì and D-la Repubblica delle Donne, allowing to offset the 6.6% decline in circulation, partly due, as mentioned, to the decision to modify a number of marketing initiatives. Among these is the educational program which concentrated further on the Internet site of the newspaper, with the creation of a specific section in the Repubblica.it site, and a consequent reduction of printed copies of the newspaper in favor of its digital version. The full implementation of cost reduction measures more than offset the decline in profits caused by the lower advertising sales, allowing the operating margin of the division to grow from 7.8% of sales in the first nine of 2007, to 8.4% in the first nine of Internet site Repubblica.it, with its strong 1.1 million daily unique users, continued to enrich the site with new multimedia contents, new interactive channels and wider coverage of local news. The test launch of a new local edition for the Parma area, published exclusively online, has already achieved positive results. In September, unique users were more than 400 thousand, adding to about 1.8 million users of the local editions network of the newspaper. 7

9 Particular attention was dedicated to the development of new products for mobile telephones. Repubblica Mobile, Repubblica s digital newspaper, has in fact enriched its offer with news and service information (movies, restaurants,...) that vary according to the location of the user at the time of the request. The possibility to signal the user s position automatically from the mobile phone and to personalize preferences and interests of the reader will also be introduced in the next. Recently, Repubblica.it became part of the bouquet of services available on Apple s iphones. Periodicals division ( million) 2007 * 2008 % change 2008/2007 Revenues % Operating and personnel costs (58.7) (55.0) -6.3% Gross operating profit % Depreciation, amortization and write-downs (0.8) (0.8) -2.9% Operating profit % Employees Figures for the division include the share in revenues and costs of the Parent Company that may not be attributed to a specific activity * Figures expressed net of the restatement of the provision for Employee Termination Indemnity The profitability of the periodicals division were negatively affected by the decline in advertising sales (down 10.2% on the first nine in 2007), whose effect was only partly countered by the increase in profits generated by add-on products, the increase in the cover price of L espresso to 2.90 in March, and the cost reductions. The latter were made possible thanks to the devising and implementation, already in the first half of the year, of a number of measures aimed at reducing paper consumption and at streamlining the acquisition of new subscribers, expected, once fully operative, to generate substantial cost savings. Alongside with cost reduction measures, a further impulse was imparted to activities on the Internet site of L espresso, enhancing the offer of contents and interactive channels, allowing users to read and comment the anticipation of articles to be published in the printed edition and to hold debates with journalists on issued selected by readers. In the last year the number of users of the site has passed steadily the 1 million monthly mark. The contribution of other periodicals of the division (National Geographic, Limes, Micromega and Guide de L espresso) was positive both in terms of circulation and profits. Circulation of monthly magazine National Geographic averaged 119 thousand copies per issue, and those of Limes and Micromega averaged respectively 13 and 15 thousand copies per issue. In the first nine of 2008, operating profit of these publications amounted to 0.9 million. 8

10 Local newspapers ( million) 2007 * 2008 % change 2008/2007 Revenues % Operating and personnel costs (152.1) (154.8) +1.8% Gross operating profit % Depreciation, amortization and write-downs (9.6) (9.8) +2.5% Operating profit % Employees 1,284 1,260 * Figures expressed net of the restatement of the provision for Employee Termination Indemnity In the first nine of 2008, local newspapers of the Group maintained an operating margin above 18% thanks, on the one hand, to the positive contribution of local advertising (up 3.4% on the first nine of 2007, though with a slight decline in the 3 rd Quarter) that more than offset the decline in national advertising (down 12.5%) and, on the other hand, by the good performance of add-on products, whose margins were higher than in the correspondent period in the previous year. Circulation declined slightly from an average of 477 thousand copies per issue in the first nine of 2007 to 471 thousand in the first nine of 2008 (down 1.3%). The Gazzette and il Tirreno encountered the strongest difficulties due to the lunch of new newspapers in the respective areas and the increasing recourse made by competitors of joint offers with other newspapers. Circulation of Il Centro (up 1.3%) and those of the Trentino Alto Adige newspapers (up 0.6%) increased, while the circulation of newspapers La Città (up 1.1%) and Nuova Sardegna (up 2.1%) benefited from promotions that supported sales. In the first nine of the year, local newspapers of the Group continued to develop their Internet sites, both in terms of editorial content and advertising sales. In September, the Internet site network of local newspapers as a whole registered an average of more than 1.3 million unique users, more than doubling advertising revenues with respect to the first nine of 2007, thanks primarily to the contribution of classified ads (commercial and personnel recruitment ads). 9

11 Radio ( million) 2007 * 2008 % change 2008/2007 Revenues % Operating and personnel costs (29.8) (34.5) +15.7% Gross operating profit % Depreciation, amortization and write-downs (2.7) (3.2) +18.7% Operating profit % Employees * Figures expressed net of the restatement of the provision for Employee Termination Indemnity Results of the Group s radio stations for the first nine of 2008 were affected by a 4.8% decline in advertising revenues on the first nine of 2007, coupled with an increase in costs for the broadcasting of the signal (the average number of broadcasting stations grew from 887 in the first nine of 2007 to 914 in the corresponding period in 2008) and of promotional costs, affected by the bringing forward to the 3 rd Quarter of the Radio Deejay autumn promotional campaign. Despite this, the three radio stations reported a strong operating margin of 36.4% of sales thanks to their ability to use their brands to promote initiatives and products on media other than radio. Contents produced by the three radio stations are in fact available on the web either in streaming or for download through podcasting, on Sky s satellite channels as part of the interactive bouquet of domestic radio stations, on traditional mobile phones, and on the new iphone handsets launched by Apple through an offer allowing access both live and through podcasts to the most popular Radio Deejay programs. Two new web radios were launched in September: Deejay +2, allowing to listen to all of Radio Deejay s programs with a 2 hour lag, and Deejay Juice, offering a synopsis of the most interesting and humorous contributions to programs broadcasted. Social networking activities were enhanced with the launch for all three radio stations of peer-to-peer links and the creation on You Tube of an official Radio Deejay channel through which users of the radio station s Internet community can interact by exchanging and publishing their video contents. 10

12 Rete A - All Music ( million) 2007 * 2008 % change 2008/2007 Revenues % Operating and personnel costs (16.9) (16.9) +0.3% Gross operating profit (0.4) (2.5) n.s. Depreciation, amortization and write-downs (2.2) (2.6) +19.5% Operating profit (2.6) (5.2) n.s. Employees * Figures expressed net of the restatement of the provision for Employee Termination Indemnity The higher operating loss recorded by All Music was determined by the negative performance of advertising sales (down 6.4% on the first nine of 2007), that did not benefit from investments made to improve the television station s image and, particularly, to make its programming richer and qualitatively better. It was therefore decided to reduce, from the second half of the year, the expenditure on programs, giving more emphasis on the music component and exploiting, wherever possible, synergies with the Group s radio station. Such decision will imply the restructuring of the television station starting with the last quarter of 2008 and will allow to bring forward the break-even point of the station even in presence of a weak advertising demand. SUBSEQUENT EVENTS AND OUTLOOK The deepening of the economic crisis and the ensuing recession foster fears of a long downturn in the economy. The publishing sector, in particular, is affected and will be affected in the future by the strong decline in household consumption and above all by the contraction in the advertising expenditure of companies, confirmed by the last projections available for the last quarter of the year pointing to a further decline in advertising expenditure. In this framework, results for 2008 are expected to be positive, though declining substantially from 2007, also net of the non-recurrent gain recorded in the previous year. It is therefore likely that further action towards a structural reduction in costs will be taken. 11

13 CERTIFICATION PURSUANT TO ART. 37 OF CONSOB RESOLUTION NO.16191/07 (Stock Market Regulations) With regard to requirements established in article 2.6.2, paragraph 15, of the Italian Stock Market Regulations, and keeping into account the provisions of article 37 of Consob Resolution 16191/2007, it is hereby certified that there do not exist conditions such as to inhibit the listing of the shares of Gruppo Editoriale L'Espresso S.p.A. on the Italian Stock Market organized and managed by Borsa Italiana S.p.A. In this regard, it is noted that the company, being subject to the direction and coordination of its parent CIR S.p.A. (CIR), has complied with disclosure requirements dictated in article 2497-bis of the Italian Civil Code, has independent bargaining powers vis-à-vis its customers and suppliers and does not share with CIR a centralized treasury management. Moreover, as reported in the Annual Report 2007 in the section Corporate Governance Report, it is noted that Independent Directors of the Company are, by number and authority, such as to ensure that their judgement bears a significant weight in resolutions taken by the Board of Directors. 12

14 Consolidated Interim Financial Statements at September 30, 2008

15 Espresso Group Consolidated Income Statement Jan - Sept Jan - Sept ( million) Revenues Change in inventories (0.6) (1.1) Other operating income Purchases (122.3) (113.5) Services received (310.8) (290.9) Other operating charges (13.7) (16.0) Investments valued at equity Personnel costs (206.3) (227.8) Depreciation, amortization and write-downs (31.4) (32.0) Operating profit Financial income (expense) (14.0) (13.6) Pre-tax profit Income taxes (52.3) (36.4) Net profit Minority interests (0.6) (0.6) GROUP NET PROFIT Earnings per share, basic Earnings per share, diluted Unaudited figures 14

16 Espresso Group Consolidated Income Statement 3 rd Quarter 3 rd Quarter ( million) Revenues Change in inventories Other operating income Purchases (38.8) (33.2) Services received (97.7) (87.9) Other operating charges (3.5) (3.0) Investments valued at equity Personnel costs (66.0) (68.9) Depreciation, amortization and write-downs (10.8) (10.8) Operating profit Financial income (expense) (4.7) (4.7) Pre-tax profit Income taxes (9.8) (6.6) Net profit Minority interests (0.2) (0.2) GROUP NET PROFIT Unaudited figures 15

17 Espresso Group Consolidated Balance Sheet ASSETS December, 31 September, 30 ( million) Intangible assets with an indefinite useful life Other intangible assets Intangible assets Property, plant and equipment Investments valued at equity Other investments Non-current receivables Deferred tax assets NON-CURRENT ASSETS Inventories Trade receivables Marketable securities and other financial assets Tax receivables Other receivables Cash and cash equivalents CURRENT ASSETS TOTAL ASSETS 1, ,438.5 LIABILITIES AND SHAREHOLDERS' EQUITY December, 31 September, 30 ( million) Share capital Reserves Retained earnings (loss carry-forwards) Net profit (loss) for the period Group Shareholders' Equity Minority interests SHAREHOLDERS' EQUITY Financial debt Provisions for risks and charges Employee termination indemnity and other retirement benefits Deferred tax liabilities NON-CURRENT LIABILITIES Financial debt Provisions for risks and charges Trade payables Tax payables Other payables CURRENT LIABILITIES TOTAL LIABILITIES TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 1, ,438.5 Unaudited figures 16

18 Espresso Group Statement of Consolidated Cash Flows Jan - Sept Jan - Sept ( million) OPERATING ACTIVITIES Net profit (loss) for the period, including minority interests Adjustments: - Depreciation, amortization and write-downs Accruals to provisions for stock option costs Net change in provisions for personnel costs (14.9) (3.0) - Net change in provisions for risks and charges Losses (gains) on disposal of fixed assets (0.7) (1.5) - Adjustments for investments valued at equity (0.1) (0.6) - Dividends (received) - (0.1) Cash flow from operating activities Change in current assets and other flows CASH FLOW FROM OPERATING ACTIVITIES of which: Interest received (paid) through banks Received (outlay) for income taxes (18.9) (18.9) INVESTING ACTIVITIES Outlay for purchase of fixed assets (33.9) (46.0) Received on disposals of fixed assets Public grants received Dividends received CASH FLOW FROM INVESTING ACTIVITIES (30.5) (40.2) FINANCING ACTIVITIES Increases in capital and reserves (Acquisition) sale of treasury stocks (41.2) (8.5) Issue (repayment) of other financial debt (8.7) (8.9) Dividends (paid) (67.2) (68.8) Other changes (0.3) (0.8) CASH FLOW FROM FINANCING ACTIVITIES (117.1) (87.1) Increase (decrease) in cash and cash equivalents (0.6) (15.5) Cash and cash equivalents at beginning of the period CASH AND CASH EQUIVALENTS AT END OF THE PERIOD Unaudited figures 17

19 Espresso Group Changes in the Consolidated Net Financial Position Jan - Sept Jan - Sept ( million) SOURCES OF FUNDS Net profit (loss) for the period, including minority interests Depreciation, amortization and write-downs Accruals to provisions for stock option costs Net change in provisions for personnel costs (14.9) (3.0) Net change in provisions for risks and charges Losses (gains) on disposal of fixed assets (0.7) (1.5) Adjustments for investments valued at equity (0.1) (0.6) Cash flow from operating activities Decrease (Increase) in non-current receivables Increase in liabilities/decrease in deferred tax assets Increase in payables/decrease in tax receivables Decrease (Increase) in inventories Decrease (Increase) in trade and other receivables Increase (Decrease) in trade and other payables (5.7) (42.6) Change in current assets CASH FLOW FROM OPERATING ACTIVITIES Net disinvestments in equity investments Increases in capital and reserves TOTAL SOURCES OF FUNDS USES OF FUNDS Net investment in fixed assets (31.8) (43.7) (Acquisition) sale of treasury stocks (41.2) (8.5) Dividends (paid) (67.2) (68.8) Other changes (0.3) (0.9) TOTAL USES OF FUNDS (140.6) (121.9) Financial surplus (deficit) (3.4) (18.5) BEGINNIG NET FINANCIAL POSITION (262.7) (264.9) ENDING NET FINANCIAL POSITION (266.2) (283.3) Unaudited figures 18

20 Espresso Group Consolidated Net Financial Position September, 30 December, 31 September, 30 ( million) Financial receivables from Group companies Financial payables to Group companies Cash and bank deposits Current account overdrafts (5.0) (0.0) (8.0) Net cash and cash equivalents Marketable securities and other financial assets Bond issue (319.5) (307.9) (318.9) Other bank debt (116.6) (107.8) (100.4) Other financial debt (1.7) (1.4) (0.8) Other financial assets (liabilities) (437.8) (417.0) (420.0) NET FINANCIAL POSITION (266.2) (264.9) (283.3) Unaudited figures 19

21 Notes to the Consolidated Interim Report at September 30, 2008

22 NOTES TO THE CONSOLIDATED INTERIM REPORT AS OF SEPTEMBER 30, 2008 Foreword The Interim Report as of September 30, 2008 of the Espresso Group has not been audited and was prepared under international accounting principles (IFRS). Valuation criteria used in the preparation of the Consolidated Balance Sheet and Consolidated Income Statement are in line with those used in the preparation of the Financial Statements at December 31, The present interim report was prepared in compliance with article 154-ter, paragraph 5 of the Testo Unico della Finanza. Provisions of international accounting principle on interim reports (IAS 34 Interim reports ) were therefore not adopted. Consolidation area Changes in the consolidation area occurred from September 30, 2007 were as follows: on December 27, 2007, Gruppo Editoriale L'Espresso SpA acquired the residual 50% in the share capital of Saire Srl it did not already own, thus becoming its sole shareholder. For this reason, in the Interim Report as of September 30, 2008, the investment in Saire was consolidated line-by-line and no longer on equity, as in the 3 rd Quarter of from January 1, 2008, Rotonord SpA, a wholly-owned subsidiary of Rotocolor SpA, was fully consolidated. At the same date the company took over the printing of part of copies of newspaper la Repubblica, formerly contracted to others. 21

23 INCOME STATEMENT Revenues Circulation Advertising Other revenues TOTAL REVENUES Circulation and advertising revenues are commented upon in the first part of this report, to which we refer. The 5.9 million reduction in other revenues is due primarily to the downsizing of activities in the business solutions sector and a decline in sales of add-on products market outside of Italy. Initiatives in the Internet and mobile sectors produced instead a positive contribution. Other operating income The item includes extraordinary gains, capital gains on the disposal of assets and all the categories of grants received, and is in line with the first nine of 2007, though the breakdown of individual items is partly different. Purchases Paper for newspapers and magazines (82.0) (73.7) Other purchases (40.3) (39.8) TOTAL PURCHASES (122.3) (113.5) Purchases of paper for newspapers and magazines declined by 8.3 million on the first nine of 2007 due primarily to the decline in the average purchase price of paper (down 1.5%) and the reduction in paper consumption due to the cost reduction plan described in the first part of the present report. Other purchases include printing materials (ink and plates) and costs for the acquisition of add-on products. The item is in line with the first nine of 2007 thanks to the lower production cost of add-on products which offset the increase in printing material costs resulting from the transfer in-house, into subsidiary Rotonord, of the printing of newspaper la Repubblica in Milan, formerly outsourced. 22

24 Services received Printing of newspapers and magazines (43.8) (35.8) Other printing costs (12.8) (6.9) Promotions (20.2) (19.3) Distribution costs (26.6) (26.2) Publishers fees (11.1) (10.0) Agent and agency fees (27.8) (24.7) Rights (22.9) (23.6) Other operating costs (145.6) (144.4) TOTAL SERVICES RECEIVED (310.8) (290.9) Costs incurred in the first nine of the year for the printing of newspapers and magazines declined by 8 million on the corresponding period in the previous year thanks to savings resulting from the mentioned decision to transfer in-house the printing of newspaper la Repubblica in Milan. Related costs were therefore included in the respective cost items of the consolidated income statement (e.g. printing materials, personnel, depreciation and amortization, etc.). Other printing costs relate to add-on products. The 5.9 million decline on the first nine of 2007 reflects the streamlining of quantities produced and the consequent decline in returns. Promotion costs decline by 0.9 million on the first nine of 2007 due to a different promotion of add-on products that offset the bringing forward to the 3 rd Quarter of the autumn television promotional campaign of Radio Deejay. Copyright costs include primarily royalties paid for add-on products, radio and television broadcasting rights and reproduction rights for contents of Internet sites. The 0.7 million increase is due primarily to higher rights paid for book collections, CDs and DVDs sold optionally with la Repubblica and L espresso. The 1.1 million decline in other operating costs relates to the containment of editing costs (freelances and photos) and of general costs, in addition to the mentioned downsizing of activities in the business solutions sector. Other operating charges These include primarily accruals to provisions for risks and charges, extraordinary losses and the write-down of receivables. The 2.2 million increase on the first nine of 2007 is due to estimated risks and charges on legal proceedings (libel suits, common to all publishers), commercial, tax and contractual litigation of Group companies. 23

25 Personnel costs In the first nine of 2008, personnel costs amounted to million, and included 2.6 million of personnel costs incurred by newly incorporated subsidiary Rotonord. In the same period in 2007, the item included the 11.6 million benefit resulting from the restatement under IFRS of Employee Termination Indemnities following the reform introduced with the 2007 Budget Law. Net of this effect and of changes in the consolidation area, personnel costs grew by 3.3% on the first nine of 2007 due mainly to the effect of automatic salary increases. Depreciation, amortization and write-downs Depreciation, amortization and write-down costs amount to 32 million, up 0.5 million on the first nine of 2007 due primarily to the capital expenditure on new radio recording studios, in addition to the upgrade of rotary presses and other printing equipment. Financial income (expense) Net financial expense amount to 13.6 million, down 0.4 million on the first nine of 2007 due primarily to lower interest charges on loans as a result of the reduction in the principal amount outstanding at September 30,

26 BALANCE SHEET Intangible assets amount to million, up 6.3 million on December 31, 2007 ( million) due primarily to the capital expenditure made on frequencies by subsidiary Elemedia ( 5.9 million) and Rete A ( 1 million). Purchases of new licenses and software for 1.2 million were more than offset by amortization charges of 1.7 million. Property, plant and equipment amount to million, up 3.2 million on December 31, 2007 ( million). Capital expenditure for the period amounted to 33.4 million, and was only partly offset by 30.2 million in depreciation charges. Investments amount to 31.4 million, in line with 31 million at December 31, Non-current receivables amount to 1.9 million and relate to security deposits and tax receivables on advances paid on Employee Termination Indemnities. The item is unchanged on December 31, Deferred tax assets amount to 40.3 million and include temporary differences between amounts reported in the accounts and those recognized for tax purposes. The 5.4 million decline on December 31, 2007 is mainly due to the use by subsidiary Elemedia of the provision for deferred tax assets to offset taxes payable for the period. Inventories amount to 30.5 million and include inventories of paper, printing materials, publications and add-on products. The item is in line with December 31, Trade receivables amount to million, down 64.5 million on December 31, 2007 due to the decline in advertising sales and seasonal swings in the collection of related receivables. The value of tax receivables at September 30, 2008 may not be compared with the same at December 31, 2007 as, at such date, advances were reported net of the theoretical tax liability, while at September 30, 2008 tax payables and tax receivables accrued at the time of payment of the advance were recorded separately. The net amount of tax receivables/payables declined from a payable of 1.7 million at December 31, 2007 to a payable of 5.9 million at September 30, Other receivables amount to 30.6 million and include 6.3 million of subsidies on interest charges relating to loans stipulated at the end of 2005, advances to suppliers, agents and associates, in addition to prepaid rent and rights of add-on products and of radio and television programs to be produced in the last of the year. 25

27 Cash and cash equivalents, held in short-term bank deposits, decline by 7.5 million on December 31, The positive cash flow from operating activities ( million) was absorbed by the payment of 68.8 million in dividends, the acquisition of treasury stock ( 8.5 million), the scheduled reimbursement of principal of bank loans outstanding ( 8.9 million) and the capital expenditure made in the period ( 40.2 million). Shareholders Equity amounted at September 30, 2008 to million (down from million at December 31, 2007), of which million belonging to the Group ( million at the end of 2007), and 10.8 million to minority interests ( 11.1 million at December 31, 2007). In compliance with the resolution taken by the Shareholders Extraordinary Meeting of April 17, 2008, the annulment of 25,215,000 treasury stock and the contemporary reduction in the share capital from 65,167, to 61,384, was carried out in September. As a result of this operation, the Reserve for treasury stock, recorded as a reduction of the Shareholders Equity in compliance with IFRS, was reduced by 95.3 million against a 3.8 million nominal reduction in the share capital, the write-off of the Share premium reserve, written down by 80.6 million, and the reduction in the Voluntary reserve by 11 million. As a result of the annulment, treasury stock held by the Parent Company at September 30, 2008, whose value is recorded as a reduction in the Shareholders' Equity, were 6,180,000, representing 1.51% of the share capital. Non-current financial debt amounts to 388 million and includes the 300 million bond issued on October 27, 2004, in addition to 10-year subsidized loans stipulated in the last quarter of The provision for Employee Termination Indemnities and other retirement benefits amount to 89.6 million ( 92.6 million at December 31, 2007). The 3 million reduction is due to Employee Termination Indemnities and Fixed Indemnities for newspaper managers paid out in the period ( 7.1 million), only partly offset by the financial effect of the valuation of provisions (interest cost) and the discounted back value of provisions related to Fixed Indemnities (service cost), amounting to 4.1 million. Deferred tax liabilities amount to million ( million at December 31, 2007) and include 38.5 million relating to the tax effect of the recording of television frequencies of All Music. The 3.6 million increase is due primarily to the non-recurrent reversal of accumulated amortization of intangible assets with an indefinite useful life. Current financial debt amounts to 40 million, up 19.4 million on December 31, 2007 due to interest accrued on the bond issue and the increase in short-term bank loans. 26

28 Trade payables amount to million, down 44.3 million as a result of the reduction in payables on capital expenditure (down 3.7 million), the decline in production costs (paper and printing) of the Group s newspapers and periodicals, the savings in the production and launch of add-on products and a different timing in payment terms. Other payables amount to 89.5 million, down 2 million on 91.4 million at December 31, 2007 due to the payment of Employee Termination Indemnities to complementary pension funds (as provided by new regulations) and lower payables for paid leave, that more than offset payables to personnel for thirteenth monthly wage and salary payments. 27

29 Certification pursuant to article 154 bis, paragraph 2 of Italian Decree n. 58 of February 24, 1998 The undersigned Oliviero Maria Brega, dirigente preposto alla redazione dei documenti contabili societari (manager in charge of drafting the corporate and accounting documents) of Gruppo Editoriale L Espresso S.p.A. certifies, pursuant to article 154 bis, paragraph 2 of Italian Decree n. 58 of February 24, 1998, that the accounting information contained in the Interim Report of Gruppo Editoriale L Espresso S.p.A. as of September 30, 2008, is in accordance with the documentary results, with the corporate books and the accounting records. Rome, October 22, 2008 Signed by Oliviero Maria Brega This certification has been translated into the English language solely for the convenience of international readers Gruppo Editoriale L Espresso SpA Sede legale Via Cristoforo Colombo Roma Tel. 06/84781 Fax 06/ Cap. Soc. Euro ,20 i.v. - R.E.A. Roma n P.IVA Codice Fiscale e Iscriz. Registro Imprese di Roma n Società soggetta all attività di direzione e coordinamento di CIR S.p.A.

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