Caltagirone Editore S.p.a. MIL:CED

Board of Directors approves 2024 results 12 03 2025 19:07

Published March 12, 2025 at 6:21 p.m. UTC

Source: MarketScreener

Caltagirone Editore:

the Board of Directors approves 2024 results

THE GROUP CLOSES THE YEAR WITH EUR 8.2 MILLION NET PROFIT

(EUR 16.2 MILLION IN 2023)

DIVIDEND: EUR 0,04 PER SHARE

Revenues reached EUR 112 million (EUR 116.5 million in 2023)
Ebitda reached EUR 784 thousand (EUR 5.6 million in 2023)
Ebit reached EUR -21.5 million (EUR -1.6 million in 2023) also due to the EUR 15 million write-down on intangible assets with an indefinite life (no write-down in 2023)
Net financial result reached EUR 21.8 million (EUR 16.7 million in 2023)
Group net profit reached EUR 8.2 million (EUR 16.2 million in 2023)
The Board of Directors has resolved to propose to the Shareholders' Meeting to distribute a dividend of EUR 0,04 per share (unchanged compared to the previous financial year)

Rome, March 12th 2025 - The Board of Directors of Caltagirone Editore, chaired by Mrs Azzurra Caltagirone, examined and approved the draft financial statements for the year ended on December 31st, 2024.

Group Performance

Caltagirone Editore Group closed the 2024 financial year with a positive result of EUR 8.2 million (EUR 16.2 million in 2023).

Operating revenues reached EUR 112 million (EUR 116.5 million in previous year) down by 3.8% due the decrease in circulation and in publishing revenues partly mitigated by the growth of other revenues. In particular, advertising revenues were affected by the new regulatory framework on legal advertising which eliminated the obligation for contracting authorities to publish extracts and tender notices in newspapers.

Circulation revenues, including sales of digital copies and subscriptions, recorded an 7.3% decrease compared to 2023. Advertising revenues recorded a decrease of 5.9%. On December 2024 the websites of the Caltagirone Editore network

recorded 4,054 million average daily Total Audience PC or Mobile users, up by 2% compared to the same month of the previous year.

Operating costs amounts to EUR 111.2 million and are in line with previous year (EUR

110.9 million in 2023). The cost of raw materials decreased by 17.6% during the year. The cost of labour increased by 3.4% due the strengthening of the marketing area of the advertising agency.

Ebitda reached EUR 784 thousand (EUR 5.6 million in 2023).

Ebit reached EUR -21.5 million (EUR -1.6 million as of December 2023) after EUR 15 million write-down on intangible assets with an indefinite life (no write-down in 2023), amortizations of EUR 6.5 million (EUR 6.4 million as of 2023), provisions of EUR 291 thousand (EUR 623 thousand as of 2023) and credits write-downs for EUR 437 thousand (EUR 138 thousand as of 2023).

Net financial result reached EUR 21.8 million, up 30.4% compared to 2023 (EUR 16.7 million) and includes dividends on listed shares collected in the period.

Net financial position reached EUR -2.7 million down by EUR 15.4 million compared the amount as of December 31st, 2023 (EUR 12.7 million) mainly as a result of investments in listed shares and titles, of dividends distributed net of dividends incomes from listed shares.

Consolidated Group Shareholders' Equity reached EUR 526.8 million (EUR 435.4 million as of December 31st 2023). The increase is mainly due to the positive effect in the fair value valuation of the equity investments held by the Group and to the result of the year.

On December 31st, 2024 the Group employed 577 people (576 on December 31st 2023).

***

The Board of Directors resolved to propose to the Shareholders' Meeting the distribution of a dividend of EUR 0,04 for each of the n. 106.790.262 ordinary shares currently in circulation, considering the treasury shares in portfolio, currently equal to n. 18.209.738. The dividend will be paid on May 21st (coupon detachment on the Stock Exchange on May 19th) and with record date on May 20th.

The Ordinary Shareholders' Meeting will be held on first call, on April 16th, 2025 and on second call on May the 5th, 2025 to approve the financial statement at December 31st, 2024 and the Remuneration Report. The Board of Directors, pursuant to art. 11 of the By Law, has resolved that the participation of the Members

in the Ordinary Shareholders' Meeting will take place exclusively through Computershare, the Representative Designated by the Company pursuant to current legislation.

The Board of Directors has approved the Report on corporate governance pursuant to art. 123-bis of Legislative Decree n. 58/1998 as well as the Remuneration Report pursuant to art. 123-ter of Legislative Decree n. 58/1998 and art. 84-quater of the "Regolamento Emittenti", which will be made available in the time required by the law at the registered office, on the company website www.caltagironeeditore.comin the Governance/Shareholders' Meetings section and on the website www.emarketstorage.com (storage mechanism operated by Teleborsa srl and authorized by CONSOB).

The Board of Directors confirmed that Mr Francesco Gianni, Mrs Federica Barbaro, Mr Massimo Confortini, Mrs Annamaria Malato and Mrs Valeria Ninfadoro possess the requirements of independence in compliance with the provisions contained in the Legislative Decree n. 58 of February 24th, 1998 "Testo unico delle disposizioni in materia di intermediazione finanziaria".

The Board of Directors confirmed Luigi Vasta as the Manager in charge of preparing accounting documents for 2025.

***

Outlook

The Group continues its initiatives to enhance the multimedia versions and improve internet activities to increase new advertising flows and to acquire new readers. The Group will also continue to implement measures to contain all discretionary costs and to reduce direct and operating costs.

Luigi Vasta, as the Executive responsible for preparing the Company's financial reports, declares in accordance with article 154 bis, paragraph 2, of the "Testo Unico della Finanza", that the accounting information contained in this press release corresponds to the underlying documents, records and accounting entries.

Enclosed the financial statements, currently being examined by the independent audit firm and by the Board of Statutory Auditors.

Media and Investor Relations

Tel. +39 06 45412365 Fax +39 06 45412300

[email protected]

www.caltagironeeditore.com

CALTAGIRONE EDITORE GROUP CONSOLIDATED BALANCE SHEET

Assets

(in Euro thousands)

Non-current assets

Intangible assets with definite life Intangible assets with indefinite life

Newspaper titles

Property, plant and equipment

of which related parties

Equity investments and non-current securities Other non-current assets

Deferred tax assets

TOTAL NON-CURRENT ASSETS

Current assets

Inventories

Trade receivables

of which related parties

Current financial assets

Tax receivables

Other current assets

of which related parties

Cash and cash equivalents

TOTAL CURRENT ASSETS

TOTAL ASSETS

31.12.2024

538

76,803

37,670

10,535

386,876

144

57,033

559,064

2,050

39,280

19,833

153

12,091

3,966

77,373

636,437

31.12.2023

430

91,803

40,316

11,259

270,449

139

55,559

458,696

2,175

35,933

105

18,162

4,375

16,041

76,686

535,382

CALTAGIRONE EDITORE GROUP CONSOLIDATED BALANCE SHEET

SHAREHOLDERS' EQUITY AND LIABILITIES

(in Euro thousands)

Shareholders' Equity

Share capital

Share capital issue costs

Other reserves

Profit/(loss) for the year

Group shareholders' equity

TOTAL SHAREHOLDERS' EQUITY

LIABILITIES

Non-current liabilities

Employee provisions

Other non-current provisions

Non-current financial liabilities

of which related parties

Other non-current liabilities

Deferred tax liabilities

TOTAL NON-CURRENT LIABILITIES

Current liabilities

Current provisions

Trade payables

of which related parties

Current financial liabilities

of which related parties

Tax payables

Other current liabilities

of which related parties

TOTAL CURRENT LIABILITIES

TOTAL LIABILITIES

TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES

31.12.2024

125,000

(18,865)

412,443

8,191

526,769

8,958

216

8,624

7,544

1,196

17,853

36,847

8,087

27,027

358

17,894

3,189

19,813

72,821

109,668

636,437

31.12.2023

125,000

(18,865)

313,007

16,231

435,373

10,041

234

9,606

8,395

978

18,685

39,544

8,868

21,138

724

11,899

3,085

18,547

60,466

100,009

535,382

CALTAGIRONE EDITORE GROUP CONSOLIDATED INCOME STATEMENT

(in Euro thousands)

Revenues

Revenues from sales and supply of services

of which related parties

Other operating revenues

of which related parties

TOTAL REVENUES

Costs

Raw material costs

Personnel costs

of which restructuring charges

Other operating charges

of which related parties

TOTAL COSTS

EBITDA

Amortisation and depreciations

Leasing depreciations

of which related parties

Provisions

Intangible assets with indefinite life depreciation Other write-downs

Amortisation, depreciation, write-downs & provisions

EBIT

Financial income

Financial charges

of which related parties

Net financial result

PROFIT/(LOSS) BEFORE TAX

Income taxes for the period

PROFIT/(LOSS) FROM CONTINUING OPERATIONS

NET PROFIT/(LOSS) FOR THE YEAR

Group net loss

Earnings per share/Diluted earnings per share

2024

102,219

174

9,783

112,002

(9,214)

(49,916)

(1,154)

(52,088)

(961)

(111,218)

784

(2,554)

(3,985)

(3,207)

(291)

(15,000)

(437)

(22,267)

(21,483)

24,177

(2,342)

(121)

21,835

352

7,839

8,191

0.077

2023

108,652

145

7,813

116,465

(11,177)

(48,292)

(634)

(51,428)

(765)

(110,897)

5,568

(2,521)

(3,899)

(3,155)

(623)

(138)

(7,181)

(1,613)

18,437

(1,690)

(150)

16,747

15,134

1,097

16,231

0.152

CALTAGIRONE EDITORE GROUP

Consolidated Comprehensive Income Statement

(in Euro thousands)

Net loss for the year

Items which are not reclassified subsequently to profit/(loss) for the period

Effect of actuarial gain/loss, net of tax effect

Gain/Loss on disposal of investments in equity instruments, net of fiscal effect

Gain/(loss) from recalculation of capital instruments assets, net of fiscal effect

Total other items of the Comprehensive Income Statement

Total comprehensive loss for the year

Attributable to:

Parent Company shareholders

2024

8,191

3,374

84,175

87,564

95,755

2023

16,231

(109)

1,210

36,449

37,550

53,781

CALTAGIRONE EDITORE GROUP

Statement of changes in consolidated shareholders' equity

(in Euro thousands)	Share	Quotation	Treasury	Fair Value	Other	Net	Group net	Minority interest net	Total net
Capital	charges	shares	reserve	reserves	profit/loss	equity	equity	equity
Balance at January 1st 2023
125,000	(18,865)	(23,641)	5,387	290,382	6,996	385,259	-	385,259
Previous year result carried forward					6,996	(6,996)	-		-
Dividends distributed					(3,204)		(3,204)		(3,204)
Amount set aside to BoD					(411)		(411)		(411)
Total operations with shareholders	-	-	-	-	3,381	(6,996)	(3,615)	-	(3,615)
Change in fair value reserve				36,449			36,449	-	36,449
Change in employment termination reserve					(109)		(109)		(109)
Change in other reserve					1,210		1,210		1,210
Net Result						16,231	16,231	-	16,231
Comprehensive Profit/(Loss) for the year	-	-	-	36,449	1,101	16,231	53,781	-	53,781
Other Changes					(52)		(52)		(52)
Balance at December 31st 2023	125,000	(18,865)	(23,641)	41,836	294,812	16,231	435,373	-	435,373

Balance at January 1st 2024	125,000	(18,865)	(23,641)	41,836	294,812	16,231	435,373	-	435,373
Previous year result carried forward					16,231	(16,231)	-		-
Dividends distributed					(4,272)		(4,272)		(4,272)
Amount set aside to BoD					(80)		(80)		(80)
Total operations with shareholders	-	-	-	-	11,880	(16,231)	(4,351)	-	(4,351)
Change in fair value reserve				84,175			84,175	-	84,175
Change in employment termination reserve					15		15		15
Change in other reserve					3,374		3,374		3,374
Net Result						8,191	8,191	-	8,191
Comprehensive Profit/(Loss) for the year	-	-	-	84,175	3,389	8,191	95,755	-	95,755
Other Changes						(8)	(8)		(8)
Balance at December 31st 2024	125,000	(18,865)	(23,641)	126,011	310,081	8,183	526,769	-	526,769

Caltagirone Editore Group

Consolidated Cash Flow Statement

(in Euro thousands)

CASH AND CASH EQUIV. AT BEGINNING OF YEAR Net loss for the year

Amortisation & Depreciation (Revaluations) and write-downs Net financial income/(charges) (Gains)/losses on disposals Income taxes

Changes in employee provisions

Changes in current and non-current provisions

OPER. CASH FLOW BEFORE CHAN. IN W.CAPITAL (Increase) Decrease in inventories

(Increase) Decrease in Trade receivables Increase (Decrease) in Trade payables Change in other current and non-current liabilities Change in deferred and current income taxes

OPERATING CASH FLOW

Interest received

Interest paid

Other incomes received/(expenses paid)

Income taxes paid

CASH FLOW FROM OPERATING ACTIVITIES Dividends received
Investments in intangible fixed assets Investments in tangible fixed assets Non-current investments and securities Sale of intangible and tangible assets
Sale of equity investments and non-current securities Change in current fin. assets
CASH FLOW FROM INVESTING ACTIVITIES Change in current fin. liabilities
Dividends Distributed
CASH FLOW FROM FINANCING ACTIVITIES Change in net liquidity
CASH AND CASH EQUIVALENTS AT END OF PERIOD

2024

16,041

8,191

6,539

15,439

(21,837)

(9)

(7,839)

(1,395)

(798)

(1,709)

125

(3,784)

5,890

(6,493)

4,624

(1,347)

1,978

(838)

132

(416)

(490)

18,897

(366)

(395)

(53,782)

28,165

(715)

(8,115)

803

(4,272)

(3,469)

(12,075)

3,966

2023

23,994

16,231

6,420

138

(16,747)

(1,097)

(1,814)

241

3,372

357

(1,826)

1,228

(2,078)

1,114

954

(760)

245

(349)

1,204

17,161

(185)

(375)

(16,904)

8,864

(10,180)

(1,619)

(4,334)

(3,204)

(7,538)

(7,953)

16,041

CALTAGIRONE EDITORE SPA

BALANCE SHEET

Assets

(in Euro)

Non-current assets

Property, plant and equipment

of which related parties

Equity investments valued at cost:

subsidiary companies other companies

Equity investments and non-current securities Deferred tax assets

TOTAL NON-CURRENT ASSETS

Current assets

Trade receivables

of which related parties

Current financial assets

of which related parties

Other current assets

of which related parties

Cash and cash equivalents

TOTAL CURRENT ASSETS

TOTAL ASSETS

31.12.2024

1,188,660

1,186,916

327,670,449

77,719,500

50,317,120

456,895,740

226,218

47,333,833

7,947,023

7,876,783

68,061

55,575,135

512,470,875

31.12.2023

1,413,858

353,838,620

54,435,000

47,065,453

456,752,941

456,098

17,552,713

9,570,990

5,013,497

4,990,338

181,044

23,203,352

479,956,293