Shareholders’ Meeting held

04/24/2012 - 07:00 PM

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  • 2011 Annual Report approved
  • Approved the Remuneration Report
  • Luigi Vannini appointed Alternate Auditor
  • Articles 13 and 22 of the By-laws amended
 

2011 Annual Report approved

Approved the Remuneration Report

Luigi Vannini appointed Alternate Auditor

Articles 13 and 22 of the By-laws amended

The Telecom Italia Media Shareholders’ Meeting met today in ordinary and extraordinary session, chaired by Severino Salvemini.
 

In ordinary session, the Shareholders examined and approved the 2011 Annual Report.

Consolidated revenues for 2011 amounted to 238.2 million euro, down by 20.3 million euro compared to 2010. This performance was characterised by a significant rise in advertising sales on the La7 channels (+32.1%), which partially offset the decline in revenues of the Network Operator and MTV.

EBITDA was positive at 28.0 million euro, up 14.8 million euro compared to 2010 (13.2 million euro).

EBIT and Net Result were affected by the results of the impairment test carried out on 31 December 2011, which led to the writedown of Group’s goodwill of 56.7 million euro, attributable to the business units MTV and the Network Operator TIMB.

EBIT was -87.4 million euro, down 41.4 million euro compared to 2010 (-46.0 million euro).

Net result was -83.0 million euro, down 28.6 million euro compared to 2010 (-54.4 million euro).

Revenues of the Parent Company Telecom Italia Media S.p.A. for 2011 amounted to 139.9 million euro, up 24.3 million euro compared to 2010 (115.6 million euro). EBITDA was -1.5 million euro, up 34.1 million euro compared to the 2010 (-35.6 million euro). EBIT and Net Result of the Parent Company were also affected by the effects of the above-mentioned impairment test as of 31 December 2011, which led to a total writedown of goodwill of 38.1 million euro in the separate financial statements of Telecom Italia Media S.p.A. EBIT therefore was -67.2 million euro, up 92.0 million euro compared to 2010 (-159.2 million euro), whereas Net Result amounted to -60.8 million euro, up 92.4 million euro compared to 2010 (-153.2 million euro). The General Shareholders’ Meeting resolved to replenish such loss by withdrawing the same amount from the Share Premium Account.

In ordinary session, the Shareholders also approved the first section of the Report on the Company’s Remuneration Policy ex Article 123-ter of Legislative Decree No. 58 of 1998.

The Shareholders' Meeting also appointed Luigi Vannini Alternate Auditor, to replace Antonio Mastrapasqua, who resigned. The curriculum vitae of Luigi Vannini is available on the Company’s website.

In extraordinary session, the General Shareholders’ Meeting approved several amendments (Articles  13 and 22) to the By-laws aimed at implementing the statutory provisions introducing into Italian national law the principle of gender diversity on the Boards of Directors and the Boards of Statutory Auditors of listed companies (Law No. 120 of 12 July 2011 which amended Articles 147-ter and 148 of Legislative Decree No. 58 of 24 February 1998).

Rozzano (Milan), 24 April 2012