ITA ENGContactsStore Locator About us Our brands Governance Investors Sustainability Media Work with us Strategy HomeInvestors Strategy Strategic repositioning confirmed Major business model de-risking path. 24 Nov 2021 Revenue 2020 Ebitda Adjusted 2020 74.0% 22.0% 4.0% Books andretail Media - Print Media - Digital 0 20 40 60 80 92.0% 1.0% 7.0% Books andretail Media - Print Media -Digital 0 20 40 60 80 100 Books make for over 90% of Group margins. The rest is generated by digital. The ability demonstrated by the Mondadori Group in 2020 to react promptly to a strongly deteriorated context, as well as the financial solidity shown by the capital position at year end, give reasons, from an operational point of view, to be optimistic all in all on the future development of the business and the results that the Group can achieve in the new year. From a strategic point of view, the Group has all the managerial and financial resources required to continue along the path of strengthening its core businesses, of expanding into new segments in or adjacent to publishing, and of rationalizing, if possible, non-strategic activities consistently pursued in recent years, including through M&A operations. More specifically, in 2021 Mondadori intends to continue to consolidate its leadership in the Books area – both in the school textbooks and Trade publishing segments, increasing its relevance and impact on the Group’s overall activities – and to complete its skills and solutions in the digital area. The current financial strength gives reasons to believe that during the year the Group will be able to firmly and actively pursue any acquisition opportunities that may arise, as well as to pave the way for a possible return to a shareholder remuneration policy from 2022, applied to the net result of 2021. You can refer to: Nicoletta Pinoia Investor relator Tel. +39 02 7542 2632 Contacts Outlook 2021 The positive performance recorded in the third quarter of the year by all business areas, the continued strong cash flow generation, as well as the improved trend forecast for the books market throughout the year, allow the Group to look forward with increased confidence to its development in the coming months, and therefore to increase – based again on the current scope – the estimates previously disclosed for the current year. Performance targets Consolidated revenue is expected to grow single-digit (from low single-digit). Adjusted EBITDA – in percentage terms – is forecast to be over 13% of consolidated revenue (compared with the previous estimate of an EBITDA margin of 12%), therefore over € 100 million. The net result for 2021 is confirmed on a sharp rise, propelled by the improvement in operations and by the non-recurring benefits from the tax realignment of intangible assets already recorded. Cash Flow and Net Financial Position Additionally, with regard to the Group’s financial debt, one can reasonably estimate a further increase in cash flow from ordinary operations, in a range between € 60 and 65 million (from the previous forecast between € 50 and 55 million), a Free Cash Flow of approximately € 50 million and, therefore, the achievement – before the impacts from the adoption of IFRS 16 – of a positive consolidated net financial position at year end equal to approximately € 35 million. As previously anticipated, the financial strength achieved by the Group has paved the way for a possible return to a shareholder remuneration policy from 2022 (applied to the net result of 2021). Evolution 2014 - 2020 2014 – 2016: First phase of strategic repositioning GUIDELINES ACTIONS RESULTS Operational improvement and efficiency recovery Trasformational deals aiming at: strengthening of the books core business digitalisation of the magazines area Rizzoli Libri acquisition Banzai Media acquisition Radio business disposal Roma offices disposal Divestment of other non strategic activities Adj. EBITDA from 14 to 67 € mn Adj. EBITDA from 1% to 7% Net debt from -363 to -264 € mn, incl. about €130 mn for acquisitions 2017 – 2019: Second phase of strategic repositioning GUIDELINES ACTIONS RESULTS Economic and financial stabilisation: Books area margins in increase Magazines area margins stable Finalisation of the second phase of strategic repositioning Achievement of synergies from integration Development of digital activities Mondadori France disposal Disposal of 6 Italian magazines Inthera disposal Logistic outsourcing Disposal of the Verona building Renegotiation of the printing agreement Adj. EBITDA from 67 to 95 € mn Adj. EBITDA from 6.8% to 10.7% Net result at €30.5 mn Net debt from -264 to -55 € mn, incl. about €80 mn for disposals 2020: Resilience in the year of emergency GUIDELINES ACTIONS RESULTS Timely and effective response to ensure business continuity and defense of profitability Increased efficiency and further financial deleverage Books: over 90% of Group margins Adj. EBITDA from 82 € mn, > 11% Net debt -15 € mn Headquarters Contacts Store Locator Menu About us Our brands Governance Investors Sustainability Media Work with us Info How to reach us Sitemap FAQ Glossary Legal Legal notice Personal data management Privacy Policy Cookie Policy Credits Social Our websites Books Magazines Stores Ecommerce ITA ENG © 2021 2014 Arnoldo Mondadori Editore S.p.A. – P. iva 08386600152 Diffusione e stoccaggio delle informazioni regolamentate. Utilizzo dei Cookie Questo sito utilizza cookie necessari al suo funzionamento e per ulteriori finalità come mostrarti contenuti in linea con le tue preferenze e per misurare le prestazioni del sito stesso. Cliccando su "Accetto" acconsenti all'utilizzo dei cookie. Se vuoi negare in tutto o in parte l'utilizzo dei cookie consulta la nostra "Cookie Policy". Cookie Policy Accetto