Shareholders’ meeting held: 2007 Accounts approved

04/10/2008 - 00:00 PM

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New Board of Directors elected: Berardino Libonati named Chairman

The Telecom Italia Media Shareholders’ Meeting took place today in ordinary and extraordinary session, under the chairmanship of Enrico Parazzini.

In ordinary session, the Shareholders’ Meeting examined and approved the FY 2007 accounts.

Consolidated revenues in 2007 rose 26.8% to 263.1 million euros (compared with 207.5 million euros in 2006). The increase in revenues may be ascribed predominantly to positive domestic advertising income (up 11.6%, outstripping the market average), and to strong digital terrestrial platform growth.

EBITDA amounted to -55.3 million euros (-82.9 million euros in 2006), a significant 33.3% improvement over the previous year. EBIT of -117.1 million euros improved 14.8% over the preceding year (-137.5 million euros in 2006).

Parent company net income amounted to -88.1 million euros (against -101.1 million euros in 2006).
 
Telecom Italia Media S.p.A. closed FY 2007 with revenues of 152.5 million euros, up 34.0% compared with the preceding year figure of 113.8 million euros. EBITDA amounted to -84.5 million euros, up 16.0% compared with the preceding year (-100.6 million euros in 2006). EBIT amounted to -108.7 million euros, an 11.6% improvement over the preceding year (-122.9 million euros in 2006).
Telecom Italia Media S.p.A.’s net income corresponded to -79.4 million euros (-92.1 million euros in 2006).

In a changing environment where traditional TV advertising income is rising only slowly and the industry lacks a clear regulatory framework, the Telecom Italia Media Group has revised its expectations of positive EBITDA for its Television Free to Air + Multimedia operations until after 2008.

In ordinary session, the Shareholders’ Meeting appointed a new Board of Directors. The thirteen directors shall remain in office for three financial years, until adoption of the FY accounts closing on 31 December 2010.

Directors:

Berardino Libonati
Giovanni Stella
Antonio Campo Dall’Orto
Adriano De Maio (independent)
Candido Fois (independent)
Lorenzo Gorgoni (independent)
Gianfranco Negri Clementi (independent)
Alessandro Ovi (independent)
Enrico Parazzini
Sergio Ristuccia (independent)
Fabio Alberto Roversi Monaco (independent)
Giovanni Sabbatucci (independent)
Mario Zanone Poma (independent)

The Shareholders’ Meeting appointed Berardino Libonati as company Chairman.

CVs/résumés of the newly-appointed directors may be viewed on the company web site.

In extraordinary session, the Shareholders’ Meeting adopted a number of amendments to the company articles of association to bring it into line with recent changes in law.

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The company roles within the renewed Board of Directors will be defined at a special meeting called for 11 April 2008.