Sole 24 Ore: capital increase up to 70 million

Il Sole 24 Ore closed 2016 with a loss of 90 million euros. The shareholders' equity has gone negative, therefore the group will be forced to a capital increase for an amount between 50 and 70 million euros. The numbers have been certified by the company's board of directors, which deems the recapitalization "necessary and sufficient to restore the company's financial and equity balance". In parallel, however, negotiations with the banks to renegotiate the credit lines have started, a necessary step to give oxygen to the cash register. The definition of the industrial plan with a horizon to 2020 also continues. The Board of Directors confirmed that the recovery also passes from a “irrevocable and binding” reduction in the cost of the workforce by 30% by 2019.
 
As far as the accounts are concerned, last year Il Sole 24 Ore recorded a turnover of 284,1 million, down 6,2% (net of sales) compared to 316,2 million in 2015. decrease in revenues from advertising and print products. The gross operating margin fell to -27,5 million (from +0,8 million in the previous year), while the net operating result amounted to -38,1 million. The total loss amounts to 91,9 million euros, against 25,6 in the previous financial statements, causing the group's shareholders' equity to fall, which at 31 December 2015 amounted to 87,2 million euros, down by 11,7 million .