Arnoldo Mondadori Editore SpA Announces Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016; Provides Earnings Guidance for the Year 2016
For the six months, the company announced revenues amounted to EUR 562.6 million against EUR 518.0 million a year ago. Adjusted EBITDA was EUR 26.7 million against EUR 23.8 million a year ago. This performance was the result of a constant and focused management policy successfully implemented in all of the Group's business areas. EBITDA was EUR 22.5 million against EUR 19.0 million a year ago. On a like-for-like basis, the increase amounts to 24%: a result that confirms the Group's strong efficiency gains from its ability to stabilize revenue and the industrial and organizational review actions launched and implemented over the past two years.EBIT was EUR 8.5 million against EUR 9.2 million a year ago. Result before taxes for the period was EUR 0.6 million against EUR 0.6 million a year ago. Loss from continuing operations was EUR 3.8 million against EUR 3.4 million a year ago. Net loss was EUR 3.8 against EUR 12.2 million a year ago. Cash flow used in ordinary operations was EUR 26.1 million against EUR 23.5 million a year ago.
Including the effects of the consolidation of Rizzoli Libri (for 9 months) and of Banzai Media (for 7 months), revenue is expected to grow by approximately 14% versus 2015, while adjusted EBITDA is expected to increase by approximately 30%. The net financial position is expected to increase versus the figure at 31 December 2015, with a NFP/EBITDA ratio of about 3.5x, lower than the bank covenant of 4.5x.