Class Editori S.p.A. and subsidiaries Registered office, Via Marco Burigozzo 5, Milan. Interim Report on Operations 31st March, 2009

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2 Class Editori S.p.A. and subsidiaries Registered office, Via Marco Burigozzo 5, Milan Interim Report on Operations 31st March, 2009 The interim Report on Operations was drawn up on a consolidated basis, because the Company is obliged to draft consolidated accounts. COMMENTS REGARDING INCOME STATEMENT ITEMS The main factors in the financial statement that have characterised performance and contributed to the operating result in the first quarter of 2009 can be summarised as follows: total revenues in the period, amounting to 26.9 million euro, fell by 4.1 million euro, a decrease of 13.2% compared with the same period in the previous year. During the first quarter, the Publishing House was affected by the economic-financial crisis which continues to influence the international markets, the publishing sector in particular, causing falls that have never been seen before in the advertising sector or, though to a much lesser extent, in the distribution sector. Operating costs fell by 2.1 million euro, amounting to -7.5%, with cost savings on purchases, services and staff. Net financial charges (including IAS back discounting) fell from 0.2 million in the first quarter of 2008 to 0.1 million euro in the same period of 2009, mainly thanks to the reduction in interest rates. The gross operating margin (EBITDA) stood at 1.03 million euro (3.02 million euro in the same period of 2008). The group's operating result (EBIT) showed a loss of 0.99 million euro. Pag. 2

3 The consolidated pre-tax loss of the group stood at 0.79 million euro, against a profit of 1.01 million euro in the same period of the previous year. PRINCIPAL ECONOMIC AND FINANCIAL EVENTS IN THE FIRST QUARTER OF 2009 Despite the recession, the Publishing House continued to invest in order to improve the quality and quantity of its media, to diversify its market offer, to reach new segments and to improve its competitive positioning. Concerning costs, in order to address the crisis, the company developed and implemented the Co-operation and Solidarity plan. Among the investments aiming to keep the level of quality high, we should mention the A life for Science initiative, a television series in 12 episodes dedicated to the explanation of science and scientific research by Prof. Umberto Veronesi who, interviewed by Alessandro Cecchi Paone, spoke, for the first time in a complete and analytical way, of his work as a doctor and scientist and of his political and civil passion at the service of other people. The series, sponsored by IBM, was broadcast on the Publishing House's TV channels from 20th March and negotiations immediately began for the sale of broadcasting rights on the leading Italian channels. Concerning costs, in order to address the sharp fall in revenues, the Publishing House developed the Co-operation and Solidarity savings plan, involving savings of 15 million euro in all the business areas, in order to balance its finances starting from this year. All employees actively participated in the plan. Among other things, they individually and unanimously reduced their salaries by approximately 10% for 12 months starting from March, as well as pledging to use up all their residue holidays by the end of the year Thank to this gesture, unique in the Italian publishing panorama, the employees of the Publishing House, without using public money, guaranteed the survival of all the company's media publications, thus preventing the dispersal of part of the corporate heritage. As a result of this co-operation, the company was able to pledge not to make cuts in activities or staff. The circulation figures for the period remain at satisfactory levels, considering the difficulties present in the market for printed publications: Class registers for the period (updated mobile average) a distribution of approximately 82,000 copies (76,500 during the same period of 2008), Capital 98,000 copies (87,800 copies in 2008), and Milano Finanza 100,000 copies Pag. 3

4 (103,600 in 2008). Revenues for period can be broken down as follows: (millions) 31/03/ /03/2008 % Change % Newsstand revenues 2,89 3,11 (7,1%) Subscription revenues 10,03 10,71 (6,3%) Advertising revenues 11,64 15,11 (23,0%) Other revenues 2,33 2,07 12,6% Total 26,89 31,00 (13,3%) The reduction in newsagent revenues was caused by the reduction in distribution which affected the entire printed publications market and which also affected, though to a limited extent, the publishing house's publications. Subscription revenues mainly fell in the financial information and electronic publishing sectors where the cuts made in the banking sector generated repercussions on turnover in the area. Advertising revenues fell by 23% with respect to the same period in the previous year that has been particularly favourable for the Publishing House. The fall was 6 percent less than that in the general market. Counting also April and the first few days of May, advertising revenues for Class Editori improved significantly, with falls no greater than 20% compared with the same period in BALANCE SHEET The balance sheet as at shows a consolidated debt of 32.0 million euro that is broken down as follows: (thousands) 31/03/ /03/ /12/2008 Net long/medium-term indebtedness (3.516) (4.324) (3.053) Pag. 4

5 Net short-term borrowings/net short-term cash flows (28.519) (20.297) (20.584) Of which: Borrowings (30.161) (32.105) (27.566) Cash on hand and receivables Net financial position: Net indebtedness/net cash flows (32.035) (24.621) (23.637) With respect to 31st December 2008, net borrowing increased by 8.4 million euro, mainly due to the payment of the balance for the purchase of the subsidiary, MF Honyvem spa, and partly due to the investments made since the beginning of the year and delays in customer payments. Medium and long-term financial liabilities include financing arrangements with maturities up to 2015, while current financial liabilities include standby and hot money credit lines that have only been partially used. Pag. 5

6 STAFF Average of the period 31/03/ /12/ /03/2008 Managers Journalists and FRTs Clerical staff Total No particular staff changes occurred with respect to 31st December Apprenticeship contracts on 31st March 2009 amounted to 17 units, while full-term contracts amounted to 51 units. ACCOUNTING PRINCIPLES AND POLICIES The accounting principles adopted when drawing up the consolidated quarterly financial statements and figures are the same as those utilised when drafting the consolidated financial statements for the previous financial period. The present interim consolidated Report on Operations was drawn up using the valuation criterion of historic cost, with the exception of the financial instruments available for sale, which were valued at their fair value. Figures for the comparative period are also stated in accordance with IFRS. The interim Report on Operations of was drawn up in compliance of Art. 154-B of Legislative Decree 195/2007, as well as the Issuer Regulation passed by the Consob (Commissione Nazionale per le Società e la Borsa, National Commission for Companies and the Stock Exchange) according to the provisions of Art. 82 of Consob Regulation no /1999 (and its successive modifications and additions) and Annex 3D of the same Regulation. Full details relating to both group consolidated financial statements and the parent company, Class Editori S.p.A., were published as part of the 2008 half-yearly report and the financial statement for the year ending 31/12/2008 to which reference should be made. Pag. 6

7 SCOPE OF CONSOLIDATION The consolidation scope includes the Parent Company, Class Editori S.p.A., and the companies in which it holds a controlling interest, i.e. the power to decide the financial and management policies of a business in order to obtain benefits from its activities. Subsidiaries are consolidated with effect from the date on which control is actually handed over to the Group and stop being consolidated as from the date on which control passes to a party not belonging to the Group. Subsidiaries are consolidated using the line-by-line consolidation method. Consolidated figures were calculated by using the balance sheets, profit and loss accounts and cash flows of the associated and subsidiary companies that were drawn up by the individual group companies as at the accounting reference date having been suitably reclassified and adjusted in order to reflect the application of uniform accounting principles implemented by the group. In drawing up the consolidated quarterly financial statement all intercompany balances and transactions have been eliminated, as have unrealised losses and gains on intercompany transactions. Subsidiary companies which are inactive or in liquidation are consolidated with the equity method or the cost method, in which case their influence on the results of the Group is not significant. Shareholdings in affiliated companies, i.e. those over which the Group exerts a notable influence, are valuated with the equity method, as defined in IAS 28. Profits and losses relevant to the Group are recognized on the consolidated balance sheet from the date on which the notable influence started and until the date on which said influence ended. Pag. 7

8 The consolidation scope of the publishing house on is reported below: Global integration method Percentage of Ownership - Milano Finanza Editori S.p.A. 87,827 % and subsidiaries: - Milano Finanza Servizi Editoriali S.r.l. 99,00 % - MF Editori S.r.l. 100,00 % - Lombard Editori S.r.l. 50,10 % - PMF News Editori S.p.A. (formerly Capitale Sud Editori 89,00 % S.p.A.) - Campus Editori S.r.l. 70,00 % - Milano Finanza Service S.r.l. 75,01 % - Edis S.r.l. 99,50 % - MF Conference S.r.l. 51,00 % - DP Analisi Finanziaria S.r.l. 94,73 % - EX.CO S.r.l. 100,00 % - Class Editori Service S.p.A. (previously MF Interactive TV 100,00 % S.p.A.) - (directly 80%) - (through E-Class 20%) - Classpi S.p.A. 51,00 % and subsidiaries: - Class Click S.p.A. 100,00 % - E-Class S.p.A. (formerly Tenfore Italia S.p.A.) 100,00 % - Global Finance Media Inc. 73,52 % - Class CNBC S.p.A. (1) 2,73 % - CFN/CNBC B.V. 68,43 % - Radio Classica S.r.l. 99,00 % - Fainex S.p.A. 99,89 % - MF Dow Jones S.r.l. (2) 50,00 % - Telesia S.p.A. (2) 50,00 % and subsidiaries: - Classpi Digital S.r.l. (former Telesia Pubblicità S.r.l.) 77,00 % (3) - Country Class Editori S.r.l. 100,00 % - Fashion Work Business Club S.r.l. 100,00 % - Bilanci Italiani S.r.l. 100,00 % and subsidiaries: - MF Honyvem S.p.A. 100,00 % (1) Consolidated using the line-by-line method as it is 63.34% controlled by CFN CNBC Holding B.V.. (2) Consolidated using the line-by-line method as Class Editori S.p.A. has operational control. (3) The remaining 23% is directly held by Class Editori S.p.A. Pag. 8

9 Net equity method The following Class Editori S.p.A. associated companies have been consolidated using the equity method: - Italia Oggi Editori - Erinne s.r.l. and its subsidiaries 48,00 % - Romaintv S.p.A. 13,64 % No changes occurred to the area of consolidation at 31st December IMPORTANT EVENTS OF THE QUARTER IN PROGRESS AND FORECASTED MANAGEMENT TRENDS The main operations implemented to limit and contrast the effects of the fall in revenues affected all corporate areas and functions at all levels (publishing, industrial, central structures). Structural reorganisation plans were developed and implemented. These included centralising graphic and publishing functions, creating synergies, vertically integrating activities in order to achieve maximum efficiency and cost-saving; in the production area, the use of raw materials and third-party services were rationalised and limited; all the structural expenses were reviewed and continue to be reviewed, renegotiating rates and the methods of using the goods and services in order to achieve the maximum savings possible. Management continues to be based on cost-saving and efficiency, and, as previously mentioned, on a reduction in the fall in advertising revenues, allowing us to hope for a significant recovery in profitability starting from this year. For the Board of Directors Vice President and Managing Director Delegate Paolo Panerai Pag. 9

10 CLASS EDITORI S.p.A. and subsidiaries Interim Report on Operations 01/01/ /03/2009 Consolidated financial results (euro x 000) PROFIT AND LOSS ACCOUNT 31/03/08 31/03/09 REVENUES Revenues from sales Other operating revenues Total revenues COSTS Operating expenses Gross operating margin - Ebitda Value adjustments Operating profit/(loss) Ebit 858 (917) Net financial income (charges) (205) (72) Pre-tax profit 653 (989) Minority pre-tax loss (profit) Group pre-tax profit (788) Pag. 10

11 DECLARATION IN COMPLIANCE WITH ART. 154-A PARA. 2 OF LEGISLATIVE DECREE NO. 58 OF 24 FEBRUARY 1998 I, the undersigned, Emilio Adinolfi, in my capacity as the Director responsible for drawing up the company accounting documents of Class Editori S.p.A., hereby declare that the accounting information contained in this document is consistent with the data entered in the books of account. The Responsible Director Emilio Adinolfi Pag. 11

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