Your SlideShare is downloading. ×

De Agostini estratto 2012 eng

1,913

Published on

Published in: Business, Sports
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
1,913
On Slideshare
0
From Embeds
0
Number of Embeds
5
Actions
Shares
0
Downloads
11
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. 2 Annual report 2012 ORDINARY EBIT 20122011 (EUR million) 0 100 200 300 400 500 600 700 556 +12% 624 EBITDA (EUR million) 2011 2012 1,124 1,168 0 200 400 600 800 1,000 1,200 1,400 +4% Figures from the “Restated consolidated financial statements”. Net revenues (EUR million) 2011 2012 5,070 5,097 0 1,000 2,000 3,000 4,000 5,000 6,000 +1%
  • 2. 3 Annual report 2012 Net consolidated result (EUR million) 2011 2012 Net consolidated result Comprehensive income (Stat. of Perform. - IAS 1) 86 142139 270 0 200 400 EBT (EUR million) 372 443 (214) (167) 158 276 (400) (200) 0 200 400 600 2011 2012 EBT (A+B)Ordinary EBT (A) No - ordinary EBT (B) Financial structure 31.12.2011 31.12.2012 (EUR million) Group Shareholders' Equity Net financial position 5,000 4,000 3,000 1,000 2,000 0 -2,000 -1,000 -3,000 -5,000 -4,000 (4,296) (4,124) 2,501 2,443 Figures from the “Restated consolidated financial statements”.
  • 3. 4 Annual report 2012 PUBLISHING This is the Group’s traditional business, and is organised by business unit, based on the nature of products provided and the channels used by type of activity. Publishing activities are currently structured by business area, as described below: • Partworks, which includes Italian and international partworks activities, coordinated by De Agostini Publishing; in this area the Group produces collections – sold through newsstands and on subscription - aimed at various target markets. They are also marketed on new digital applications (online, iPhone and iPad). • Direct Marketing, which includes activities managed via Editions Atlas France and Editions Atlas Suisse; in this area the Group operates with the product lines “Print Collectibles”, “Consumables” and “Direct Sales”, and with the “Atlas for Men” catalogue sales offered to customers in various European countries by mail order and direct sales. • Books, which includes the traditional publishing activities of Books, Cartography and School Texts in Italy, coordinated by De Agostini Libri. In Books and Cartography the Group operates through De Agostini Libri, which is active in general and illustrated books, children’s books, maps and travel guides. In School Texts, the Group mainly operates on the Italian market under a number of brands in the primary and secondary school, university and dictionary segments. The Group withdrew from the General Reference business at the end of 2012. The Group is also active in the Digital area, which encompasses activities relating to theme–based TV channels and a series of properties on digital platforms. Specifically, the Group manages an offer for children with the theme- based TV channels “DeA Kids” and “DeA Junior” on the Sky satellite platform, and “Super!”, broadcast simultaneously on free terrestrial TV and the Sky platform. In September 2012, the new, 100% high-definition channel “DeA Sapere” was launched on the satellite platform, with a wide range of broadcasts. The sub-holding company for the Group’s publishing activities is De Agostini Editore S.p.A. (De Agostini Editore), 100%-owned by De Agostini S.p.A., which together with its Italian subsidiaries and associates also constitutes the main company operating in the domestic market. The Publishing business of Grupo Planeta-De Agostini, a 50:50 joint venture with Planeta Corporación - a subsidiary of De Agostini Communications following the merger of De Agostini Communications (S.p.A.) with De Agostini S.p.A. (previously BD Holding di Marco Drago e C. S.a.p.a. - and responsible for activities in Spain, Portugal and Latin America, operates outside the De Agostini Editore group structure. MEDIA COMMUNICATION This business includes the Group’s interests in the production and distribution of content for television, cinema and other media, and in broadcasting. In 2007, the business started to expand its “content” via a build-up process, which initially led to the acquisition of controlling stakes in Magnolia and Marathon Group and subsequently in Zodiak Television (2008) and RDF (2010); all investment made in the business – i.e. the total holdings in Magnolia, Marathon Group, Zodiak Television and RDF Media – are now entirely owned by the holding company Zodiak Media; at December 31, 2012, this was 80% owned by the De Agostini Group, with the remaining 20% owned by institutional investors and managers of the operating companies. Following the merger by incorporation of De Agostini Communications into De Agostini S.p.A. (previously BD Holding di Marco Drago e C. S.a.p.a.), the sub-holding company for Media Communication activities is DeA Communications S.A. (DeA Communications, previously Nova Deuxième), which is wholly owned by De Agostini S.p.A. (formerly BD Holding di Marco Drago e C. S.a.p.a.); at December 31, 2012, apart from the above-mentioned Zodiak Media, the following companies were included in this business: • Antena 3, a Spanish national radio/TV broadcaster listed on the Madrid stock market • DeA Planeta, active in cinema and content distribution in Spain. Antena 3 and DeA Planeta are subsidiaries of Grupo Planeta- De Agostini, a 50:50 joint venture with Planeta Corporación.
  • 4. 5 Annual report 2012 GAMING SERVICES The business comprises the Group’s activities in Gaming Services. The sub-holding company for these activities is Lottomatica Group S.p.A. (Lottomatica), a company listed on the Milan stock market and on the US over-the-counter market as part of the Sponsored Level 1 American Depository Receipt (ADR) programme. Lottomatica is controlled by De Agostini S.p.A. directly and indirectly (through DeA Partecipazioni). De Agostini S.p.A. holds a majority stake of around 59.5% in the company (at December 31, 2012). Lottomatica is the leading global player in the lottery sector in terms of total receipts, and one of the main providers, through its subsidiary GTECH, of technological solutions for lotteries and games worldwide. Lottomatica, the Group’s main operating company in Italy, is active in the following businesses: - Lotteries, as sole licence-holder of Lotto and Gratta Vinci (scratch cards) concession in Italy, and manager of on-line lotteries - Sports betting, holding many licences for managing sports betting (including horse racing), and on-line sports betting - Gaming machines, offering direct management of slot machines (AWPs) and video lottery terminals (VLTs) that have been installed and connected to a central system via a network - Interactive gaming services, offering interactive gaming services such as online poker and other skill games - Commercial Services, offering processing services for high volumes of commercial transactions not connected with lotteries, including top-up services for mobile phones, usage payments, and ticket sales for music and sporting events. GTECH, Lottomatica’s main subsidiary (100%-owned), is the world’s leading operator in the provision of high- security processing systems for online lotteries, and is present in 60 countries. GTECH designs, sells and manages a comprehensive range of terminals for lottery sales points that are electronically linked to a centralised system. This system acts as an intermediary between the sales points where individual transactions are carried out, and the competent lottery authorities. GTECH also provides instant ticket-printing and related services. Its ongoing business includes developing new systems for lotteries, granting new gaming brands under licence to the regulatory authorities in the various jurisdictions, and installing its entire range of new lottery ticket distribution machines. In a growing number of countries it also operates as a private manager, under government supervision, of all lottery operations and the main associated activities. In addition, Lottomatica operates in the field of gaming machines through its subsidiary Spielo International, world leader in the supply of video lotteries, central systems and games in North America and Europe, as well as leading supplier of video lotteries and games in the US. It is also the leading supplier of traditional and video slot machines and leading producer of gaming systems in Europe, Asia, Latin America and the US for Native American casinos, as well as a supplier of slot machines and gaming software in Europe. Through the Spielo International division, Lottomatica also supplies multi-channel gaming products and services, including bingo, poker, casino games and quick games, as well as solutions for processing transactions in real time and IT systems for the sports betting market. Lottomatica’s objective is to become the world’s leading operator and provider of technology for the gaming market by creating best-in-class products and services, while maintaining the highest levels of commitment to integrity, responsibility and the creation of shareholder value. FINANCE This business includes the activities carried out within the Group in alternative investment, particularly private equity investment and alternative asset management, or financial investment activity in general. • PRIVATE EQUITY INVESTMENT • Direct investment in the services sector in Europe and Emerging Europe. Note in particular the strategic shareholding in Générale de Santé, France’s leading private healthcare provider, whose shares are listed on
  • 5. 6 Annual report 2012 the Paris Stock Exchange, and the minority interest in Migros, Turkey’s biggest food retail chain, whose shares are listed on the Istanbul Stock Exchange • Indirect investment in private equity funds of funds, co- investment funds and theme funds • ALTERNATIVE ASSET MANAGEMENT • IDeA Capital Funds SGR, active in the management of private equity funds, funds of funds, co-investment funds and theme funds (with assets under management totalling about EUR 1.2 billion). • IDeA FIMIT SGR, active in the management of real estate funds (with around EUR 9.4 billion assets under management). • IRE/IRE Advisory, which operates in project, property and facility management, as well as real estate brokerage. The sub-holding company for the De Agostini Group’s Finance business is DeA Capital S.p.A. (DeA Capital), which is listed on the FTSE Italia STAR segment of the Milan stock exchange and is directly controlled by De Agostini S.p.A. with a stake of around 58.3% at December 31, 2012. The business also includes a minority shareholding (around 2.43% at December 31, 2012) in Assicurazioni Generali – one of Europe’s leading insurance companies listed on the Milan stock exchange. 2.26% of the stake is held via DeA Partecipazioni (a company directly controlled by De Agostini S.p.A., formerly BD Holding di Marco Drago e C. S.a.p.a.) and 0.17% by BD Finance. HOLDING COMPANY ACTIVITIES Holding company activities are carried out by companies in the holding company structure, which includes, as well as New BD Holding di Marco Drago e C. S.a.p.a., BD Finance and De Agostini S.p.A. (formerly BD Holding di Marco Drago e C. S.a.p.a.), other directly and indirectly controlled companies; specifically, these activities relate to the management of equity investments in the sub-holding companies of the Group’s individual businesses, as well as its interests in non-strategic equity investments and activities. At December 31, 2012, the main companies in the holding company structure were: • BD Finance, which – in addition to the 0.17% stake in Assicurazioni Generali – holds other financial assets and investments in funds • DeA Partecipazioni, which holds 2.26% of the share capital of Assicurazioni Generali (as well as an equity investment in Lottomatica) • De Agostini Invest, which holds a number of investments in non-strategic financial activities • DeA Factor, which mainly carries out factoring of receivables due to Group companies from third parties.
  • 6. 7 Annual report 2012 3.1 Restated consolidated financial statements Below is a summary of the Group’s key financial and operating performance indicators, based on the restated consolidated financial statements, prepared in accordance with the principles mentioned in the section “Information on the consolidated financial statements for the year ending December 31, 2012”: 3. Analysis of the group’s operating performance and financial position Million Euro 2012 2011 Change Abs. % Net revenues 5,097 5,070 27 1% EBITDA 1,168 1,124 44 4% Depreciation and other non monetary items (533) (518) (15) Income/(loss) from equity investments (11) (50) 39 ORDINARY EBIT 624 556 68 12% Net financial charges (181) (184) 3 ORDINARY EBT (A) 443 372 71 19% Impairments - Assicurazioni Generali - (98) 98 Other impairments (121) (99) (22) Other non recurring income/(charges) (46) (17) (29) NON ORDINARY EBT (B) (167) (214) 47 n.a. EBT (A+B) 276 158 118 75% Income taxes (124) (65) (59) n.a. Net result from discontinued operations (10) (7) (3) n.a. Net consolidated result 142 86 56 65% Of which: Net result pertaining to minorities 110 84 26 n.a Net Group result 32 2 30 n.a. Million Euro 31.12.2012 31.12.2011 Change Abs. % Net financial position (4,124) (4,296) 172 4% Of which: Games and services (2,523) (2,726) 203 7%
  • 7. 8 Annual report 2012 3.2 Operating performance Net revenues Consolidated net revenues for 2012 came in at EUR 5,097 million, broadly in line with 2011 (EUR 5,070 million), and are broken down as follows: The Publishing business posted net revenues of EUR 1,252 million, a fall of EUR 49 million (or around 3.8%) compared with 2011, which mainly affected the Partworks (down EUR 39 million) and Books (down EUR 16 million) business areas. Net revenues from Media Communication came in at EUR 683 million, down EUR 57 million on 2011 (approximately 7.7%), reflecting a smaller contribution from both Zodiak Media and Antena 3. Gaming Services generated net revenues of EUR 3,076 million, up EUR 102 million on 2011 (+3.4%); this improvement was mainly due to the positive performance by GTECH Lotteries and Spielo International. Net revenues for the Finance business rose by EUR 34 million versus 2011, totalling EUR 90 million for the year. This was mainly due to fees from Alternative Asset Management. When comparing the results of 2012 with those of 2011, note the significant change in the scope of consolidation of the Alternative Asset Management business, which includes FIMIT SGR’s contribution from 3 October 2011 (the effective date of its integration with FARE SGR). EBITDA The Group recorded EBITDA of EUR 1,168 million for the year ending December 31, 2012, a rise of EUR 44 million (+4%) compared with the previous year. This breaks down as follows: Net revenues Million Euro 2012 % 2011 % Change Publishing 1,252 24,6% 1,301 25.7% (49) Media Communication 683 13,4% 740 14.6% (57) Games and Services 3,076 60,3% 2,974 58.7% 102 Finance 90 1,8% 56 1.1% 34 Holding Companies 4 0,1% 3 0.1% 1 Consolidation adjustments/eliminations (8) -0,2% (4) -0.1% (4) Consolidated Total 5,097 100,0% 5,070 100.0% 27 EBITDA Million Euro 2012 % 2011 % Change Publishing 47 4.0% 33 2.9% 14 Media Communication 63 5.4% 96 8.5% (33) Games and Services 1,032 88.4% 970 86.3% 62 Finance 29 2.5% 56 5.0% (27) Holding Companies 70 6.0% (31) -2.8% 101 Consolidation adjustments/eliminations (73) -6.3% - - (73) Consolidated Total 1,168 100% 1,124 100% 44
  • 8. 9 Annual report 2012 The Publishing business reported EBITDA of EUR 47 million, up EUR 14 million compared with 2011, mainly due to lower services costs and risk and impairment provisions. Note that both the 2012 and 2011 totals include charges relating to restructuring plans. EBITDA for the Media Communication business was EUR 63 million, down EUR 33 million compared with 2011, due to the trends in net revenues reported earlier. Games Services posted EBITDA of EUR 1,032 million, up EUR 62 million compared with 2011 (up approximately 6.4%), chiefly reflecting the growth of GTECH, Spielo International and Gaming Machines in Italy, as well as measures to rationalise operating costs in Italy and a positive foreign exchange effect. EBITDA for the Finance business was EUR 29 million and reflected both the contribution of DeA Capital’s activities and the receipt of a cash dividend of EUR 8 million from Assicurazioni Generali (EUR 17 million in 2011); the EUR -27 million overall decrease on 2011 was due to the absence of income from the distributions received by Kenan Investments in 2011, partly in relation to the placement of Migros shares (EUR +28 million in 2011). EBITDA from Holding company activities was EUR 70 million, up EUR 101 million on 2011. The change mainly reflects higher dividends from the sub-holding companies (EUR 73 million compared with zero in 2011, but eliminated at consolidated level), as well as the proceeds in 2012 from the closing of the relative performance swap on shares of Assicurazioni Generali (EUR 29 million). ORDINARY EBIT The group’s ordinary EBIT for the year ending December 31, 2012 was EUR 624 million, after taking into account depreciation/amortisation and other ordinary non-cash items totalling EUR 533 million and losses from investments valued at equity totalling EUR 11 million. The improvement seen in ORDINARY EBIT in 2012 compared with 2011 (EUR +68 million), is chiefly due to the improvement in EBITDA and lower net losses on shareholdings valued at equity, partly offset by higher amortisation and depreciation charges and other non-cash items. ORDINARY EBIT Million Euro 2012 2011 Change EBITDA 1,168 1,124 44 Deprec., amort. and other non-cash items (533) (518) (15) Income (loss) from equity investments (11) (50) 39 ORDINARY EBIT 624 556 68 Amortisation, depreciation and other ordinary non-cash items break down as follows: • EUR 271 million relating to amortisation and write-downs of intangible assets (EUR 269 million in 2011) • EUR 262 million relating to amortisation and write-downs of tangible assets (EUR 249 million in 2011). In 2012, the Group reported a loss of EUR 11 million from shareholdings valued at equity, compared with a loss of EUR 50 million in 2011; both figures are broadly due to the results of Santé, the Parent Company of GDS and investee company of DeA Capital S.p.A. (a loss of EUR 11 million in 2012 versus a loss of EUR 51 million in 2011).
  • 9. 10 Annual report 2012 Net profit/(loss) The table below shows the relationship between ORDINARY EBIT and consolidated net loss: Net result Million Euro 2012 2011 Change ORDINARY EBIT 624 556 68 Financial income/ (charges) (181) (184) 3 ORDINARY EBT (A) 443 372 71 Impairment on Assicurazioni Generali - (98) 98 Other impairments (121) (99) (22) Other non recurring income/(charges) (46) (17) (29) NON ORDINARY EBT (B) (167) (214) 47 EBT (A+B) 276 158 118 Income taxes (124) (65) (59) Net result from discontinued operations (10) (7) (3) Net consolidated result 142 86 56 o/w: Net result pertaining to minorities 110 84 26 Net Group result 32 2 30 ORDINARY EBT for 2012 showed a positive figure of EUR 443 million, compared with a positive figure of EUR 372 million in 2011, after taking into account net financial income of EUR -180 million (largely unchanged compared with 2011). A breakdown of the net financial income figure for 2012 (compared with the corresponding values for 2011) is as follows: • EUR -10 million relating to the Publishing business (EUR -12 million in 2011) • EUR -22 million relating to the Media Communication business (EUR -21 million in 2011) • EUR -154 million relating to the Gaming Services business (EUR -157 million in 2011) • EUR +5 million relating to holding company activities (EUR +6 million in 2011). Non-ordinary charges of EUR 167 million in 2012 (versus EUR -214 million in 2011) were included in the NON ORDINARY EBT figure. Note in particular the following items recorded in 2012: • Impairment of EUR 121 million, including EUR 78 million relating to Media Communication, EUR 9 million relating to Sigla Luxembourg and EUR 32 million relating to financial assets/investments • Other one-off income/(charges) of EUR 46 million, including EUR 25 million for provisions of costs related to share-based incentive plans in the holding company structure. The tax burden for 2012 was EUR 124 million (compared with EUR 65 million in 2011). “Net loss from discontinued operations” was EUR 10 million in 2012 (compared with a loss of EUR 7 million in 2011), reflecting the contribution of UTET, the Centre Européen de Formation (CEF) and some companies/business units that formed part of Grupo Planeta-De Agostini. In 2012, “Net profit attributable to minorities” came to EUR 110 million, mainly reflecting: • EUR -12 million relating to the pro-rated portion of the net profit/(loss) of the Zodiak Media Group, previously recorded at the consolidated level of the De Agostini S.p.A. Group (previously BD Holding di Marco Drago e C. S.a.p.a.) • EUR +127 million relating to the pro-rated portion of the net profit/(loss) of the Lottomatica Group, including the portion relating to Lotterie Nazionali, the holder of the scratch cards concession • EUR -5 million relating to the pro-rated portion of the net profit/(loss) of the DeA Capital Group, previously recorded at the consolidated level of the De Agostini S.p.A. Group (previously BD Holding di Marco Drago e C. S.a.p.a.). “Net profit attributable to the Group” came in at approximately EUR 32 million in 2012.
  • 10. 11 Annual report 2012 3.4 Balance sheet The table below shows a summary of the Group’s key balance sheet figures: Million Euro 31.12.2012 31.12.2011 Change Goodwill 3,891 3,982 (91) Other intangible assets 1,518 1,715 (197) Tangible assets 1,077 1,129 (52) Investments 1,510 1,509 1 Cash and cash equivalents 792 567 225 Other net assets 120 137 (17) Total 8,908 9,039 (131) Covered by: Liabilities 4,830 4,900 (70) Net Equity 4,078 4,139 (61) Goodwill At December 31, 2012, goodwill was EUR 3,891 million (EUR 3,982 million at December 31, 2011), broken down as follows: • EUR 37 million attributable to the Publishing business (in line with 2011), of which EUR 34 million relates to School Texts, EUR 1 million (after discounting an impairment of approximately EUR 2 million in 2012) to Edizioni White Star, control of which was acquired in 2011, and EUR 1 million to Mutado, control of which was acquired in 2012. • EUR 468 million relating to the Media Communication business (EUR 513 million at December 31, 2011), attributable to acquisitions in content production. The change by comparison with December 31, 2011 reflects foreign currency translation differences (EUR +11 million), particularly on the goodwill of Zodiak Television and RDF Media, as well as impairment during the year totalling EUR 54 million. • EUR 3,208 million relating to the Gaming Services business (EUR 3,252 million at December 31, 2011), of which EUR 2,193 million relates to GTECH Lotteries (EUR 2,237 million at December 31, 2011) and EUR 780 million to Italian Operations (EUR 781 million at December 31, 2011); the overall decrease of EUR 44 million compared with December 31, 2011 is mainly attributable to foreign currency translation differences on goodwill (EUR -43 million). 3.3 Statement of Performance – IAS 1 A summary version of the Comprehensive Income or the Statement of Performance - IAS 1, is shown below. It reports the net income for the year, including the portion posted to the income statement and directly to shareholders’ equity: Statement of Performance - IAS 1 Million Euro 2012 2011 Net consolidated result (A) 142 86 Profits/(losses) relating to available- for-sale financial assets 180 (37) Profits/(losses) on translating foreign operations (44) 94 Profits/(losses) on cash-flow hedge (15) (5) Profits/(losses) on investments valued at equity 2 1 Tax effect 5 - Other comprehensive income/ (loss) (B) 128 53 Total Comprehensive income/ (loss) (A+B) 270 139 Of which: Net profit/(loss) pertaining to minorities 120 113 Net Group profit/(loss) 150 26 The item “Profits/(losses) relating to available-for-sale financial assets” posted a positive balance of EUR 180 million in 2012, attributable to a positive fair value adjustment of EUR 97 million to the investment in Kenan Investments and of EUR 80 million to the investment in Assicurazioni Generali. The item “Profits/(losses) on exchange rate differences” largely reflects the effects of the translation into euro of the financial statements of the Group’s companies that are prepared in different currencies. In summary, “Comprehensive income attributable to the Group” came in at approximately EUR 150 million in 2012, up by 124 million compared to 2011.
  • 11. 12 Annual report 2012 • EUR 178 million relating to the Finance business (EUR 180 million at December 31, 2011), mainly in respect of IdeA FIMIT (EUR 146 million at December 31, 2012, unchanged compared with December 31, 2011). Other intangible assets The item “Other intangible assets” includes intellectual property rights, concessions, licences and trademarks as well as other intangibles. At December 31, 2012, “Other intangible assets” totalled EUR 1,518 million (EUR 1,715 million at December 31, 2011), comprising: • EUR 40 million relating to the Publishing business (EUR 37 million at December 31, 2011) • EUR 38 million relating to the Media Communication business (EUR 57 million at December 31, 2011), the main component of which was TV and cinema rights • EUR 1,334 million relating to the Gaming Services business (EUR 1,501 million December 31, 2011), primarily for customer agreements, concessions, licences and capitalised software • EUR 106 million relating to the Finance business (EUR 120 million at December 31, 2011), chiefly due to customer contracts for asset management, project management and agency agreements relating to DeA Capital. Amortisation and write-downs for the period stood at EUR 271 million. Tangible assets At December 31, 2012, tangible assets totalled EUR 1,077 million (EUR 1,129 million at December 31, 2011), which break down as follows: • real estate totalling EUR 76 million (EUR 87 million at December 31, 2011) • other tangible assets of EUR 1,001 million (EUR 1,042 million at December 31, 2011). The item “Real estate” (EUR 76 million) comprises: • EUR 25 million relating to the Publishing business (EUR 32 million at December 31, 2011) • EUR 3 million relating to the Media Communication business (EUR 4 million at December 31, 2011) • EUR 46 million relating to the Gaming Services business (EUR 51 million at December 31, 2011) • EUR 2 million relating to Finance (zero at December 31, 2011). Depreciation and write-downs for the period stood at EUR 11 million. The item “Other tangible assets”, totalling EUR 1,001 million, comprises: • EUR 10 million relating to the Publishing business (EUR 11 million at December 31, 2011) • EUR 8 million relating to the Media Communication business (EUR 8 million at December 31, 2011) • EUR 974 million relating to the Gaming Services business (EUR 1,013 million at December 31, 2011), mainly for terminals and systems • EUR 1 million relating to the Finance business (EUR 1 million at December 31, 2011) • EUR 8 million relating to holding company activities (EUR 9 million at December 31, 2011). Depreciation and write-downs for the period stood at EUR 250 million. Investments At December 31, 2012, the Group’s investments totalled EUR 1,510 million, in line with the figure of EUR 1,509 million at end-2011. The table below shows a breakdown of this item: Investments Million Euro 31.12.2012 31.12.2011 Change Investment properties 27 28 (1) Shareholdings valued at equity 272 291 (19) Loans and receivables 42 132 (90) Available-for-sale financial assets 1,133 1,025 108 Financial assets at fair value through profit and loss 36 33 3 Group Total 1,510 1,509 1
  • 12. 13 Annual report 2012 At December 31, 2012, “Investment property” totalled EUR 27 million, of which EUR 10 million is attributable to De Agostini S.p.A. and EUR 17 million to Nova Immobiliare. Depreciation of EUR 1 million was charged for the period. ”Investments valued at equity” chiefly include Santé at EUR 226 million (EUR 235 million at December 31, 2011) and Sigla Luxembourg at EUR 12 million (EUR 22 million at December 31, 2011), both of which are included in the scope of consolidation of DeA Capital, and Inmuratori at EUR 4 million (EUR 7 million at December 31, 2011) in relation to holding company activities. “Loans and receivables” totalled EUR 42 million, mainly relating to the quasi-equity loan granted to Santé, the sole shareholder of SDE, as part of the strengthening of the corporate chain of command, as previously described – of EUR 26 million (replacing the mezzanine bond of EUR 25 million at December 31, 2011, issued by SDE, the vehicle company acquiring GDS). At December 31, 2012, “Available-for-sale financial assets” totalled EUR 1,133 million, compared with EUR 1,025 million at December 31, 2011. These mainly include equity investments not held for trading, shares in mutual investment funds, bonds and government securities. A breakdown of “Available-for-sale financial assets” by business area is shown in the table below. Available-for-sale financial assets Million Euro 31.12.2012 % 31.12.2011 % Change Publishing 1 0.1% - - 1 Media Communication 2 0.2% 2 0.2% - Games and services 6 0.5% 5 0.5% 1 Finance 981 86.6% 819 79.9% 162 Holding companies 143 12.6% 199 19.4% (56) Consolidation adjustments/eliminations - - - - - Group Total 1,133 100% 1,025 100% 108
  • 13. 14 Annual report 2012 The largest asset relates to the investment in Assicurazioni Generali, recorded at a value of EUR 484 million, an amount equivalent to the closing price on December 31, 2011 (EUR 13.74 per share). “Available-for-sale financial assets” also includes investments in funds (EUR 179 million, of which EUR 172 million is held through the Finance business and EUR 7 million through holding company activities, compared with EUR 238 million at December 31, 2011) and other equity investments/assets (EUR 470 million, of which EUR 325 million relates to the Finance business and EUR 136 million to holding company activities, compared with EUR 346 million at December 31, 2011). The decrease in funds of EUR -59 million in total is mainly due to distributions/reimbursements in the period totalling EUR 46 million (particularly by IDeA I FOF and Alkimis, totalling EUR 14 million and EUR 20 million respectively) and to the deconsolidation of BD Finance (36 million), offset by subscriptions in the period of EUR 30 million (particularly to IDeA I FOF and ICF II, totalling EUR 17 million and EUR 9 million respectively). The EUR 124 million increase in “Other equity investments/ assets” is largely due to: • EUR +97 million relating to Kenan Investments (EUR 224 million at December 31, 2012, compared with EUR 127 million at December 31, 2011, taking account of the positive change in fair value of EUR 97 million) • EUR +24 million relating to shares of UniCredit acquired in January 2012. At December 31, 2012, “Financial assets at fair value through profit or loss” totalled EUR 36 million (EUR 33 million at December 31, 2011); this breaks down into EUR 18 million relating to holding company activities (EUR 15 million at December 31, 2011), EUR 17 million to the Gaming Services business (unchanged compared with December 31, 2011) and EUR 1 million to the Publishing business (unchanged compared with December 31, 2011). Other net current assets At December 31, 2012, “Other net current assets” totalled EUR 120 million (EUR 137 million at December 31, 2011). The table below shows the items included in this balance, compared with the corresponding values at the end of 2011. Other net assets Million Euro 31.12.2012 31.12.2011 Change Trade receivables/ Payables: net balance (154) (7) (147) Net balance of non current assets/ (liabilities) or of discontinued operations held for sale 11 - 11 Net balance of assets/(liabilities) relating to joint ventures 339 360 (21) Net balance ot tax assets/(liabilities) (128) (187) 59 Net balance of other assets/ (liabilities) 237 138 99 Provisions (185) (167) (18) Group Total 120 137 (17) The balance of “Trade receivables and payables” comprises trade receivables of EUR 1,113 million (EUR 1,068 million at December 31, 2011) and trade payables of EUR 1,267 million (EUR 1,075 million at December 31, 2011). At December 31, 2012, the item “Held-for-sale assets/ liabilities” was EUR 11 million (compared with zero at December 31, 2011), and comprised held-for-sale assets of EUR 17 million (EUR 5 million relating to UTET and EUR 12 million relating to points of sale and barcode readers of the Games Services business), as well as held-for-sale liabilities of EUR 6 million, entirely relating to UTET. “Assets/liabilities relating to joint ventures” chiefly comprise Grupo Planeta-De Agostini and ‘M-Dis’ Distribuzione Media. At December 31, 2012, assets relating to joint ventures totalled EUR 787 million (EUR 756 million at December 31, 2011), while liabilities were EUR 448 million (EUR 396 million at December 31, 2011).
  • 14. 15 Annual report 2012 The balance of the item “Tax assets and liabilities” includes deferred tax assets of EUR 73 million (EUR 68 million at December 31, 2011) and deferred tax liabilities of EUR 182 million (EUR 207 million at December 31, 2011). The net balance of “Other assets/liabilities” includes other assets totalling EUR 648 million (EUR 538 million at December 31, 2011), of which EUR 357 million relates to inventories (EUR 330 million at December 31, 2011), and other liabilities totalling EUR 411 million (EUR 400 million at December 31, 2011). At December 31, 2012, “Provisions” of EUR 185 million (EUR 167 million at December 31, 2011), mainly related to employment severance indemnity (EUR 20 million; EUR 21 million at December 31, 2011), other employee benefits (EUR 25 million; EUR 20 million at December 31, 2011), the agent severance fund (EUR 5 million; EUR 6 million at December 31, 2011) and provisions for risks and charges, including those for investee companies (EUR 132 million; EUR 117 million at December 31, 2011). Shareholders’ equity At December 31, 2012, consolidated shareholders’ equity (Group and minority interests) totalled EUR 4,078 million (versus EUR 4,139 million at end-2011); shareholders’ equity attributable to the Group was EUR 2,443 million, while minority interests accounted for EUR 2,501 million. The change in “Shareholders’ equity: Group” in 2012 reflected the following: • net profit of EUR 32 million for 2012 • dividend distributions of EUR 15 million • the fair value increase in available-for-sale assets of EUR 151 million • deconsolidation of BD Finance EUR -219 million • other decreases of EUR -7 million. Net Financial Position (NFP) The table below shows the Group’s net financial position broken down by business area: Net financial position Million Euro 31.12.2012 31.12.2011 Change Publishing (147) (157) 10 Media Communication (690) (696) 6 Games and services (2,523) (2,726) 203 Finance (122) (102) (20) Holding companies (642) (615) (27) Group total (4,124) (4,296) 172 For more details on the changes in the net financial position relating to Business Activities - the Publishing, Media Communication and Gaming Services businesses - please see the section of the Report on Operations entitled “Primary and secondary reporting formats”. The NFP for the Finance business reflects the figures recorded by DeA Capital, which had an NFP of EUR -124 million at December 31, 2012 (compared with EUR -102 million at December 31, 2011), as well as those for IDeA OF I and for IDeA OF I, consolidated on a line-by-line basis taking into account the minority shareholding held. The change in NFP for the Finance business in 2012 was mainly due to the disbursement for the DeA Capital share buyback plan (EUR 8 million) and the disbursement for payment of dividends to minority shareholders (EUR 6 million), as well as operating cash flow, including investments in funds. Holding company activities recorded a negative net financial position of EUR -642 million at December 31, 2012, including payables to banks of EUR 1,112 million, its portion of the payable relating to the bond issued by De Agostini S.p.A. (previously BD Holding di Marco Drago e C. S.a.p.a.) (EUR 78 million), loans to the Media Communications business totalling EUR 354 million, cash and cash equivalents of EUR 214 million, and other assets and liabilities (including the mark-to-market of equity derivatives on Lottomatica shares) totalling EUR -20 million. At December 31, 2012 the
  • 15. 16 Annual report 2012 net financial position was improved by EUR 116 million on the negative balance at end-2011, attributable to the combined effect of the following factors: • dividend receipts of EUR 90 million • positive effect of the closing of the relative performance swap on shares of Assicurazioni Generali, for EUR 29 million • structure costs and financial/other charges, including on investments, for EUR 3 million in total. * * * As mentioned earlier, the net financial position is calculated using the figures reported in the financial statements, and is the difference between: a) cash and cash equivalents, loans, receivables and certain available-for-sale financial assets or assets at fair value through profit and loss; and b) financial liabilities. The reconciliation statement below shows the key figures in the consolidated balance sheet at December 31, 2012 and the amounts included in net debt. Million Euro Carrying value at 31.12.2012 o/w NFP INVESTMENTS - NON CURRENT ASSETS 1,139 18 Available-for-sale financial assets 1,127 6 Financial assets at fair value through profit and loss 12 12 LOANS AND RECEIVABLES - NON CURRENT ASSETS 34 34 INVESTMENTS - CURRENT ASSETS 30 30 Available-for-sale financial assets 6 6 Financial assets at fair value through profit and loss 24 24 LOANS AND RECEIVABLES - CURRENT ASSETS 8 8 CASH AND CASH EQUIVALENTS 792 792 NON-CURRENT FINANCIAL LIABILITIES (4,056) (4,056) CURRENT FINANCIAL LIABILITIES (774) (774) Net financial position - Group Total (excl. Joint ventures) (2,827) (3,948) Consolidated net financial position of the Planeta-DeA Group JV (176) Consolidated net financial position of the M-Dis Group JV - Net financial position - Group Total (incl. Joint ventures) (4,124)

×