Mondadori closes the first quarter of 2013 with a loss of 15,3 million euros, a result in clear deterioration compared to the profit of 2,6 million in the same period of 2012. Consolidated turnover drops by 10,8%, to 292,7, 4,6 million, and EBITDA at -15,2 million, against the +31 million euro of 2012 March 100. The Board also gave the green light to the extension of the cost reduction plan with savings of 2015 million per XNUMX.
“The first quarter of 2013 was characterized, as in the previous months, by a global economic scenario of difficulty and uncertainty – explains a note -. In Italy the prolonged recession was confirmed, with all the main macroeconomic data on production, consumption and the level of employment worsening. France too is witnessing a progressive deterioration of the economic situation. The markets in which the group operates were affected in the quarter by the current crisis situation, with sharp declines in circulation and advertising revenues from magazines; even the book market in Italy showed a reduction, albeit to a lesser extent”.
Gross cash flow in the first quarter of 2013 was down by -9,3 million euro compared to the 8,7 million euro of the first quarter of 2012. The net financial position decreased from -267,6 million euro at the end of 2012 to -310,6 million euros at March 31, 2013 (-301,8 million euros at March 31, 2012). As at 31 March 2013, the number of permanent and fixed-term employees employed by group companies consisted of 3.626 units, down by 3,7% (-138 positions) compared to the same period last year: in the first quarter of 2013 the decrease was 77 units.
Personnel costs decreased by 2,5% (-7,5% net of higher restructuring costs) reaching 71,2 million euro. The trend of advertising investments in the first two months of the year recorded a drop of 16,5% compared to 2012, confirming the difficulties encountered in the previous 12 months. Mondadori Pubblicità closed the first quarter of 2013 with total revenues of €29,9 million, down by 29,5% compared to the €42,4 million of the same period of 2012. Radio advertising revenues were down by 25%; in particular R101 recorded a -18,8%. For the Internet medium, Mediamond continued to grow (+38% compared to the first quarter of 2012), with excellent results for all the main Mondadori websites.
At the beginning of the afternoon, Mondadori's stock traded in positive territory by 0,1%.
