The net loss in the first quarter was 53,9 million, an improvement on the loss of 107,1 million as at 31 March 2013. These are the accounts of Rcs Media Group, which saw the group's consolidated net revenues fall by 7,8% to 262,9 million. A change, explains the company, attributable to the decrease in circulation revenues and to a lesser extent in advertising revenues, partially offset by other publishing revenues, which show an increase of 5,5 million. Revenues from digital activities grew instead by 3,8% reaching 35,3 million, equal to 13,4% of the group's total revenues. The net financial position went from -474,3 million as at 31 December 2013 to -520,8 million.
In the first quarter, EBITDA before non-recurring income and expenses was negative by 29 million, an improvement compared to -39,3 million in the first quarter of 2013, particularly due to the performance of the Media Italy and Media Spain areas. In the quarter, non-recurring expenses totaled €16,9 million (€75,5 million in the same period of 2013), mainly related to staff departures. Ebitda after non-recurring income and expenses amounted to -45,9 million (-114,8 million in the first quarter of 2013).
Efficiency and cost containment actions led in the first quarter, compared to the same period of 2013, to benefits of 14 million in terms of ebitda, which position the prospect of overall benefits for 2014 in the high range of the annual target of 50/60 million.
The exact workforce as at 31 March 2014 amounted to 3.993 resources, recording a decrease of 808 units compared to the same period of 2013, in relation to the reorganization plans which involved almost all areas of the group. At the end of March, the resources on the Extraordinary Redundancy Fund amounted to 27. The average workforce, including activities destined for disposal and dismissed, amounted to 4.044 resources, down by 814 units.
In the first quarter of the year, the RCS group recorded advertising revenues of 47,5 million in Italy, down 14,9% on the previous year. Excluding the revenues from the magazines sold and discontinued, the decrease is reduced to 6,3 million (-11,8%). Revenue from online media reaches 24,2% of advertising revenues in the area.
Overall, the Media Italy area recorded revenues of 122,7 million in the quarter (-9,1%). Excluding the magazines sold from the 2013 perimeter, the decrease amounts to 6,1 million (-4,7%) due to the contraction in advertising sales and newsstand sales induced by the drop in consumption in general and in particular in the reference market , partly offset by the development of the digital sector.
Half an hour after the closing, the Rcs stock dropped 2,66%, a 1,462 euro.
