Telecom Italia Media: 2006 account approved, Antonio Campo Dall'Orto appointed to the Board, new board of auditors appointed

04/12/2007 - 00:00 PM

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TELECOM ITALIA MEDIA:
2006 ACCOUNTS APPROVED

ANTONIO CAMPO DALL’ORTO APPOINTED TO THE BOARD

NEW BOARD OF AUDITORS APPOINTED

The Telecom Italia Media Shareholders’ Meeting, chaired by Enrico Parazzini, met today in ordinary and extraordinary session to examine and approve Telecom Italia Media S.p.A.’s 2006 accounts.

Consolidated revenues for 2006 were up 15.4% to 207.5 million euro (179.8 million euro in 2005); revenues rose 16.1% on a like-for-like basis. Revenue growth was driven predominantly by domestic advertising (revenue growth exceeded the market average), and by improved revenue from pay-per-view TV, confirming the popularity of broadcaster’s LA7 and MTV’s programming and positive early results from the latest digital terrestrial ventures.

EBITDA grew by 9.3% compared with the preceding year to -82.9 million euro (from -91.4 million euro in 2005), and was up 14.7% on a like-for-like basis. EBIT amounted to -137.5 million euro, down 5.9% on the preceding year (-129.8 million euro in 2005), and down 3.1% on a like-for-like basis, mainly as a result of higher depreciation and amortization linked to the completion of the digital terrestrial network.

The Telecom Italia Media Group’s share of the net result corresponded to -101.1 million euro (800.9 million euro in 2005, following the sale of Virgilio and Tin.it operations).
 
Telecom Italia Media S.p.A. closed its 2006 accounts with revenues up 35.6% to 113.8 million euro (83.9 million euro in 2005). EBITDA improved by 9.0% to -100.6 million euro (compared with -110.5 million euro in 2005); EBITDA grew by 13.3% on a like-for-like basis. EBIT of -122.9 million rose by 6.4% (compared to -131.3 million euro in 2005), up 10.1% on a like-for-like basis.

Telecom Italia Media S.p.A.’s net result for the year was -92.1 million euro (722.9 million euro in 2005, following the sale of Virgilio and Tin.it operations).


Performance for the first quarter 2007 expected  to be positive with consolidated revenues increasing by approximately 30%.
The Shareholders’ Meeting passed a resolution to appoint Antonio Campo Dall’Orto to the Board of Directors. The new director’s CV/résumé is available on the company web site at http://www.telecomitaliamedia.it/.

The Telecom Italia Media Board of Directors now consists of 13 directors, of whom eight are independent.

The Shareholders’ Meeting also appointed a Board of Auditors from the list submitted by shareholder Telecom Italia; no minority shareholder lists were presented in alternative.

Statutory Auditors: Giovanni Fiori, Salvatore Spiniello and Salvatore Marco Fiorenza; Giovanni Fiori was appointed Chairman of the Board of Auditors.

Alternate Auditors: Antonio Mastrapasqua and Stefano Morri.

CVs/résumés for the newly-appointed auditors are available on the company web site.

In extraordinary session, the Shareholders’ Meeting adopted amendments to a number of company bylaws to bring them into line with legal requirements applicable under Law No. 262 of December 28, 2005 (Italian savings protection law), in compliance with and pursuant to the recommendations of the Italian Stock Exchange’s new Code of Conduct.

Following the approval of these amendments to company bylaws, the Shareholders’ Meeting also adopted an amendment to Shareholders’ Meeting Regulations, as per the Shareholders’ Meeting resolution of May 5, 2004.

To conclude, the Shareholders’ Meeting resolved to extend Reconta Ernst & Young S.p.A.’s appointment as external auditors to 2010.

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At a meeting held after conclusion of the Shareholders’ Meeting proceedings, the Board of Directors appointed Antonio Campo Dall’Orto to the post of company CEO, empowering him to manage company operations.

Furthermore, the Board of Directors analyzed and adopted the plan to merge Holding Media e Comunicazioni HMC S.p.A. and HMC Pubblicità S.r.l. (under liquidation) into Telecom Italia Media S.p.A. In compliance with applicable law, the merger – which will not result in any subsequent increase in the capital of the merging company – shall be adopted directly by the three companies’ administrative bodies.