In the first nine months of the year Mondadori recorded a consolidated net loss of 32,3 million compared to a profit of 16,3 million in the same period of 2012. Revenues fell by 9,5% to 931 million, with Mondadori advertising decreased by 18,6% to 105 million and that of Mediamond (a joint venture with Publitalia for the Internet) increased by 18,3%. Renegotiated lines of credit with the banks for a total of 570 million.
For the renegotiation of the credit lines, a new loan agreement was signed with a pool of 5 banks for an amount of 270 million euro with maturities of the same amount in 2016-2017-2018, replacing close maturities for approximately 380 million overall. The existing credit lines amounting to 300 million were also renegotiated, consisting of a loan of 200 million granted by Intesa Sanpaolo expiring at the end of 2016, and a loan of 100 million granted by Mediobanca expiring at the end of 2017. publishing group was able to renegotiate on the basis of the current extremely low interest rates and 'waivers' were defined for the current net debt/Ebitda covenants for the years 2013 and 2014.
”For the last part of the year we can expect a gross operating margin (before restructuring charges and extraordinary items) in line with that of the same period of the previous year” while ”as regards the whole of 2013, in permanence of a market context that does not yet show signs of improvement, the EBITDA was confirmed to be substantially lower than the previous year, also due to the strong difference in non-recurring items and restructuring costs”, explains Mondadori. In particular, in the first nine months the consolidated EBITDA net of non-recurring income and charges is 36 million euros, down by 33,5% compared to 2012 while the gross cash flow is negative for 13,8 million compared to the previous positive figure of 34,8 million. The net financial position is negative by 376 million against 346 at 30 September 2012 and 267 at the end of 2012. Further savings were identified in the third quarter for a total of 80 million, confirming the target of 100 million in 2015.
After the results, the Mondadori Editore share in Piazza Affari fell by 5% a €1,47 per share.
