De Agostini SpA - Bilancio 2019 ENG

Financial statements for the year ended 31 December 2019
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1. The Group
De Agostini S.p.A. owns a group of operating companies organised by business sector:
 Publishing
 Media & Communication
 Gaming & services
 Financial (Alternative Asset Management)
Each business sector comes under the purview of a sub-holding company which co-ordinates,
manages and controls all the operating companies in that sector.
Alongside this are holding company activities carried out by companies in the holding
company structure, which includes De Agostini S.p.A. as well as other directly and indirectly
controlled financial companies.
A diagram summarising the Group structure at 31 December 2019 is given below, followed by a
brief description of the activities carried out in each sector.
De Agostini
S.p.A.
Ass. Generali
De Agostini Editore
DeA
Communications
IGT (Plc.) DeA Capital
Italy
Partworks
North America Gam.
and Inter.
Alternative
Investment
Books
Grupo Pl.-
DeA (JV)
Banijay
Group
Holding
North America Lottery
Alternative Asset
Management
PUBLISHING MEDIA & COMM. GAMING & SERVICES FINANCE
Digital / Direct
Marketing
International
AtresmediaPublishing Activities

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PUBLISHING
This sector is organised by business unit, based on the nature of products provided and the
channels used:
 Partworks, which includes Italian and international activities managed by the subsidiary
De Agostini Publishing. With regard to this business unit, the Group supplies collectable
products aimed at various target markets, ranging from hobbies to cinema, products for
children and cooking classes, through news-stands, the Internet and subscriptions.
 Books, which includes traditional publishing activities in Italy, in the school texts and
bookshop business areas. In the school texts business, the Group mainly operates in the
Italian market through De Agostini Scuola, under a number of brands, in the primary
and secondary school, university and dictionary sectors. In the bookshop business, the
Group operates through the affiliate DeA Planeta Books, with a presence primarily in
the areas of “Children’s books”, “General reference” and “Fiction”;
 Digital, which includes activities relating to thematic TV channels, real estate advertised
on digital platforms and websites managed partly directly by the company and partly by
its associated companies;
 Direct Marketing, for which a progressive phase-out process was decided in the
previous financial years, includes mail-order channel activities aimed at consumers in
many European countries.
The sub-holding company for the Publishing activities is De Agostini Editore S.p.A. (De
Agostini Editore), which is fully owned directly by De Agostini S.p.A.

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MEDIA & COMMUNICATION
The sector includes the Group's interests in media & communication; the relevant sub-holding
company is DeA Communications S.A. (DeA Communications), which is fully-owned directly
by De Agostini S.p.A.
At 31 December 2019, the business included the following companies:
 Banijay Group Holding (parent company of the Banijay Group), which is approximately
34% held on a fully diluted basis through LDH, a holding company that is 49.9% owned
by DeA Communications which, in turn, is the holder of a 68.6% controlling stake in
Banijay Group Holding. Banijay Group Holding is the largest independent producer of TV
and multimedia content in the world, and is present in 16 countries (with fiction, factual,
reality entertainment and docu-drama entertainment productions, and children’s and
animation programs) and 61 brands (with a catalogue of over 20,000 hours of content
distributed worldwide);
 Grupo Planeta-De Agostini, a 50:50 joint venture with Planeta Corporación, which
controls:
- Atresmedia, a Spanish national radio/TV broadcaster listed on the Madrid stock
exchange;
- DeA Planeta, active in cinema and content distribution in Spain.
It should be noted that, based on the IAS/IFRS international accounting standards adopted by
the Group when preparing the consolidated financial statements, the activities in question are
recorded under "Investments in associates and joint ventures" and measured at equity.

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GAMING & SERVICES
The sector includes the Group’s activities in Gaming & Services. The sub-holding company for
these activities is IGT Plc, with its registered office in the UK, and is listed on the NYSE. It is
50.59% controlled by De Agostini S.p.A. (at 31 December 2019).
IGT operates with the following structure:
 North America Gaming & Interactive (NAGI). Based in Las Vegas, Nevada, the business
offers a complete suite of casino products and solutions for the US and Canadian markets
through the development and delivery of games, systems and solutions for traditional casinos
and interactive online betting systems, and develops, sells and licenses casino management
systems that help casinos to improve their operational efficiency and to provide customised
services and promotional offerings. The business's revenues are generated both by the sale
and rental of gaming machines and software to casinos and by services relating to the
maintenance of machines and systems.
 North America Lottery (NALO). This business, which is based in Providence, Rhode Island,
develops and provides innovative solutions for lotteries and performs research and
development for all lottery-related products worldwide. These solutions have enabled IGT to
become the sole point of contact for most WLA (World Lottery Association) customers in
North America by providing support to 37 of the 46 lotteries in the US. Business revenues
are derived from both the sale and rental of hardware, software and terminals for lotteries,
and from the direct management of two lotteries in Indiana and New Jersey through LMA
(Lottery Management Agreement) contracts. Lastly, NALO generates revenues from the sale
of instant lottery tickets.
 International. In this business area, IGT is the world's leading provider of innovative
services and end-to-end solutions for all the regulated gaming channels and areas; it also
provides a variety of interactive games, such as poker, casino and bingo. The area is
responsible for the strategic development and operational management of IGT's full product
portfolio for the following markets: Europe (excluding Italy), the Middle East, Central
America, Latin America, the Caribbean, Asia and Oceania. Business revenues are generated
by both the sale and rental of gaming machines, software, centralised systems and other
services to casinos, the sale of games and interactive solutions and sport betting, the sale
and rental of hardware, software, terminals and services for lotteries, and the sale of instant
lottery tickets, professional services in the form of lottery facility management, and lottery
operation fees. Another source of revenues is the provision of processing services to a
number of lotteries in Latin America and the Caribbean, such as top-up services for mobile
phones and utility payments.
 Italy. This business area provides a broad range of business-to-consumer (B2C) games with
five product lines: (i) lotteries; (ii) gaming machines; (iii) sports betting; (iv) commercial
services; (v) interactive games.
- Lotteries: since 1998, IGT has been the concession-holder for Gioco del Lotto in Italy,
allowing it to capitalise on its significant experience in managing all activities
throughout the entire lottery value chain (collection of bets through high-security
processing systems, management of electronically connected terminals at retail
outlets, advertising and promotion, staff training, assistance for license-holders and
management of back office activities). In 2016, IGT was awarded a new nine-year
concession for Lotto, through its subsidiary Lottomatica, acting in a consortium with
other Italian and foreign operators. Since 2004, Lottomatica has also acted as the
sole concession-holder for Scratch & Win acting in a consortium with other Italian and
foreign operators;

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- Gaming machines: IGT directly operates amusement with prizes (AWP) gaming
machines and video lottery terminals (VLT) that are installed in various retail outlets
and connected to a central system. The company also sells and rents systems,
machines and games to other concession-holders;
- Sports Betting: in Italy, IGT manages, as a dealer, an extensive network of agencies
and “corners” with the "Better" brand for the collection of sports and non-sports
betting linked to a proprietary platform; it also provides call centre solutions and
services, Internet betting technology and other services related to sports betting;
- Interactive games: IGT provides interactive games authorised in the Italian market,
such as online poker, casino, bingo, roulette, blackjack and other skill-based games,
sports and horse race betting, as well as betting on car and motorcycle races in
addition to the lotteries such as ‘10 e Lotto’, ‘MillionDay’, ‘Eurojackpot’ and online
‘Scratch & Win’.
- Commercial services: IGT offers processing services for high volumes of commercial
transactions not connected with lotteries, including top-up services for mobile phones,
payments for utilities and taxes and stamp duties, reloading prepaid cards, and
transport ticketing services.

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FINANCE
The sector includes the Group’s activities in Alternative Asset Management, as well as
management solutions and management mandates for real estate and private equity
investments.
The sub-holding company for the 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 67.1% at 31 December 2019.
With combined assets under management of more than EUR 22,600 million and an Investment
Portfolio of approximately EUR 390 million, DeA Capital S.p.A. is Italy's principal alternative asset
management operator (for assets under management).
DeA Capital’s main shareholdings are:
- full ownership of DeA Capital Real Estate SGR (100%), Italy’s largest independent
real-estate asset management company, with assets under management of about
EUR 9.9 billion and 51 managed funds (including two listed funds);
- full ownership of DeA Capital Alternative Funds SGR (100%), which manages
alternative investment fund assets under management (private equity and credit
funds), with over EUR 4.9 billion in assets under management and 14 managed funds;
- a majority stake in Quaestio SGR (38.8%, held indirectly through Quaestio Holding),
primarily providing investment solutions for institutional investors, with assets under
management of around EUR 7.6 billion;
- a controlling holding in DeA Capital Real Estate France (70.0%) and DeACapital
Real Estate Iberia (73.0%), together with a joint controlling interest in DeA Capital
Real Estate Poland (50.0%), a company established between the end of 2018 and
the end of 2019 to develop real-estate advisory business for raising funds and for
real-estate consultancy and management in the French, Spanish and Polish markets.
In this sector, it also has a minority stake, of about 1.45% at 31 December 2019, in
Assicurazioni Generali, one of the largest insurance companies in Europe and listed on the
Milan Stock Exchange. In this regard, it should be pointed out that a 1.28% stake in Assicurazioni
Generali is held directly by De Agostini S.p.A., while a further 0.17% is held through DeA
Communications, which is fully controlled by De Agostini S.p.A. itself.
Holding company activities
Holding company activities include the activities carried out by the companies within the holding
company structure, which encompasses De Agostini S.p.A. as well as other directly or
indirectly controlled financial companies. Specifically, these activities relate to the management
of shareholdings in the sub-holding companies of the Group’s individual businesses, as well as
its interests in non-strategic shareholdings and activities.

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2. Significant events during the year
Publishing
 Disposal of the entire shareholding in New Picture Library
On 30 September 2019, De Agostini Editore sold its entire stake in the New Picture Library for
EUR 1.4 million (realising a capital gain of EUR 1.5 million). The company, established in
September 2019 and to which the "Picture Library" business branch was assigned, operates in
the implementation, maintenance and development of an iconographic archive and in the
marketing of the rights to the relevant images.
 Disposal of the entire shareholding in Super! Broadcast
On 18 October 2019, De Agostini Editore sold all of its shares in Super! Broadcast for EUR 12.5
million (realising a capital gain of EUR 10.6 million).
 Disposal of Canale 59 (Alpha)
DeA 59, fully owned by De Agostini Editore, managed broadcasting by the "Alpha” channel,
mainly targeting male audiences, until 20 December 2019, when the digital terrestrial television
(DDT) licence and associated LCN 59 channel were sold to Discovery Italia, for a total of EUR
5.6 million (realising a net consolidated capital gain of around EUR 4.6 million).
Gaming & services
 Disposal of the shareholding in Yeonama Holdings Co. Limited
In May 2019, IGT Group sold its entire shareholding (equal to 30% of the equity) in Yeonama
Holdings Co. Limited, which in turn holds 2.4% of OPAP, for a total of EUR 49.6 million (realising
a capital gain of EUR 30.4 million).
Financial activities
 Internationalisation of the Alternative Asset Management platform
On 27 February 2019, DeACapital Real Estate Iberia was incorporated under Spanish law, 73%
of its shares being held by Gruppo DeA Capital, with the remainder being owned by local key
managers. The company's objective is to develop real-estate advisory activities for raising funds
and for real-estate consultancy and management in the Spanish and Portuguese markets, with
a particular focus on the core+, value-added and opportunistic sectors.

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On 18 December 2019, DeA Capital Real Estate Poland was incorporated under Polish law to
develop real-estate management activities in the Polish market. The company is 50% owned by
the DeA Capital Group, with the remainder being owned by Ksiazek Holding, which, in turn,
controls Marvipol Development, a company listed on the Warsaw stock exchange (a real-estate
services provider and with which a collaborative agreement has also been signed).
These initiatives have enabled DeA Capital S.p.A. to pursue its goal of developing a Platform in
the real-estate segment on a pan-European basis, through subsidiary, jointly controlled and
associated companies with local senior management teams (a project already started with the
establishment in 2018 of DeA Capital Real Estate France).
 Acquisition of minority shareholdings in DeA Capital Real Estate SGR
On 1 March 2019, the acquisition from Fondazione Carispezia of the residual minority
shareholding (5.97%) in DeA Capital Real Estate SGR was completed (now fully owned). The
price, of EUR 8 million (in addition to an earn-out of a maximum of EUR 0.9 million, to be paid
in cash on the achievement of certain targets set for obtaining new assets under management),
was settled through the contribution of treasury shares of DeA Capital S.p.A. (5,174,172 shares,
corresponding to approximately 1.7% of the share capital, valued at EUR 1.555 per share).
 Cancellation of 40,000,000 treasury shares of DeA Capital S.p.A.
On 16 August 2019, 40,000,000 treasury shares were cancelled, as approved by the
extraordinary general meeting of DeA Capital S.p.A. on 18 April 2019. The operation led to a
reduction in share capital from EUR 306,612,000 to EUR 266,612,100 and the resulting changes
to Article 5 of the Articles of Association.
 Acquisition of a controlling interest in Quaestio SGR
Pursuant to the agreements signed in July 2019, the acquisition of the relative majority
stake (38.8%) in Quaestio Holding was completed on 6 November 2019. Quaestio Holding
is the parent company of Quaestio SGR, a company now refocused – following divestment of
NPL Management and NPL Servicing assets, completed between the end of 2019 and the
beginning of 2020 – on investment solutions for institutional investors (with asset under
management of around EUR 7,500 million).
The transaction was valued at approximately EUR 14.5 million, corresponding to an equity value,
for full ownership of the company, of about EUR 37.4 million. This is in addition to an earn-out
(EUR 22.3 million) substantially equating to the company’s share of liquidity of the Quaestio
Group holding company deriving from the disposals of the NPL Management and NPL Servicing
activities. In view of the parties' commitment to distributing this liquidity to the shareholders as
soon as possible, the Group has incorporated this amount (EUR 22.3 million) into the Net
Financial Position management indicator.
Finally, it is pointed out that a new, five-year shareholder agreement has been signed
between Quaestio Holding shareholders relating to the corporate governance of the
Quaestio Group; it should be noted that in the wake of the acquisition, Quaestio Holding’s
shareholder base is as follows:
- DeA Capital S.p.A., with a 38.82% stake;
- Fondazione Cariplo, with a 34.01% stake;
- Other institutional partners (Cassa Italiana di Previdenza ed Assistenza dei
Geometri Liberi Professionisti, Fondazione Cassa di Risparmio di Forlì, Direzione
Generale Opere Don Bosco), holding a total 27.17% of the shares.

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 Disposal of shares in Migros
On 22 November 2019, Kenan Investments and the wholly-owned Moonlight Capital completed
the partial divestment of an 11% stake in Migros through accelerated book building, the
proceeds, of EUR 11.2 million, reverting to DeA Capital S.p.A. In addition to this transaction,
DeA Capital S.p.A.'s fully diluted stake in Migros was approximately 2% (valued in the
consolidated financial statements at 31 December 2019 at EUR 15.7 million).
 Start of the IDeaMI liquidation process
It should be noted that, the duration of the company, as laid down in the Articles of Association,
having been reached on 11 December 2019 without any business combination with a "Target”
company, IDeaMI began the process of closing down the company through liquidation and at
the same time removed its common shares and outstanding warrants from listing on the
Alternative Investment Market (AIM) - Italy. It is expected to complete this process by the third
quarter of 2020, with DeA Capital S.p.A. expected to receive EUR 22.4 million (corresponding to
the value of the shareholding at 31 December 2019).
Holding company activities
 Resolution of the Banca Network Investimenti dispute
On 6 March 2019, De Agostini S.p.A. agreed to the settlement proposed by Sopaf -
in liquidation - of an out-of-court settlement of the dispute relating to the commitment by Sopaf
to purchase all the shares in Banca Network Investimenti - currently in compulsory
administrative liquidation - owned by De Agostini Group. Under the settlement, De Agostini
S.p.A. would receive EUR 2.5 million.
 Purchase of shares of De Agostini S.p.A.
In 2019, De Agostini S.p.A. acquired 357,881 class D own shares (reclassified as class B on 1
January 2020) from Investendo Due, corresponding to around 0.86% of the equity capital, for a
total outlay of some EUR 1.0 million.
 Cancellation of De Agostini S.p.A. treasury shares
In 2019, the nominal value of outstanding shares was eliminated and the 4,327,157 class A
shares and 2,423,208 class C shares of De Agostini S.p.A. held as treasury shares by the
company were cancelled. Given that the shares had no nominal value, their cancellation did not
result in any reduction in the share capital.

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 Corporate reorganisation project for De Agostini S.p.A., B&D Holding S.p.A. and
B&D Finance, a fully owned subsidiary of B&D Holding S.p.A.
In 2019, a corporate reorganisation project involving De Agostini S.p.A., B&D Holding and the
wholly owned subsidiary of B&D Finance was drawn up and rolled out. It was aimed at:
 merging the participatory management and investment activities of B&D Holding and
B&D Finance into those of De Agostini S.p.A.;
 structuring the B&D Holding and De Agostini S.p.A. shareholder base in the most
appropriate way, as agreed unanimously by the members.
In concrete terms, the reorganisation included:
 a partial non-proportional split of B&D Holding in favour of De Agostini S.p.A., with the
transfer to the latter of the holding in B&D Finance;
 the simultaneous merger of B&D Finance into De Agostini S.p.A.
In addition, the following were also approved at the extraordinary meeting:
 subject to the completion of the above operations, the adoption of a new text of the
Articles of Association of both De Agostini S.p.A. and B&D Holding;
 the cancellation of De Agostini S.p.A.'s own shares equating to approximately 14% of its
share capital.
As a result of this reorganisation, which came into effect on 1 January 2020, B&D Holding's
shareholding in De Agostini S.p.A. stood at 65.3% of the latter's share capital (i.e. 61.2%
allowing for the special share class held by Investendo Due).
 Dividends received/paid
In June 2019, the Shareholders' Meeting of De Agostini S.p.A. approved the Financial Statements
at 31 December 2018, which closed with a net profit of EUR 45.0 million, and agreed to the
distribution of a dividend of EUR 0.60 per share or EUR 24.9 million for eligible shares (to be
taken from the net profit for the period).
In 2019, De Agostini S.p.A. recorded dividends from the associated companies amounting to a
total of EUR 103.7 million, of which EUR 64.1 million related to IGT, EUR 21.5 million to DeA
Capital and EUR 18.1 million to Assicurazioni Generali.

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3. Analysis of the Group’s operating performance and financial
position
3.1 Introduction
 Legislative framework for preparation of the financial statements
The consolidated financial statements for the year ended 31 December 2019 were prepared on
the basis of the international accounting standards (IAS/IFRS) approved by the European Union.
All the interpretations issued by the International Financial Reporting Interpretations Committee
(IFRIC), including those previously issued by the Standing Interpretations Committee (SIC),
approved by the European Union, were also applied in preparing the Consolidated Financial
Statements.
The Consolidated Financial Statements at 31 December 2019 were prepared under the same
accounting standards as those used in the previous year, the sole exceptions resulting from the
application, from 1 January 2019, of accounting principle IFRS 16 – Leases, which establishes
a new definition for leases and introduces a criterion based on the right of use of an asset.
In particular, with a lease contract, one party (the lessor) conveys to the other party (the lessee)
the right to use an asset (the so-called Right of Use) for a period of time in exchange for a
consideration. This means that the definition of a "lease agreement", based on the new IFRS 16
standard, not only applies to leases but also to rental, hire, tenancy and loan for use contracts,
thereby eliminating the previous distinction made between operating leasing and financing
leasing from the lessee’s perspective. All contracts that fall within the definition of leases (except
short-term leases and low-value-item leases, for which the lessee has the option of not recording
them on the balance sheet) must be recorded in the lessee’s statement of financial position as
an asset, consisting of the right of use, with a corresponding liability, booked on the basis of the
present value of the lease payments payable over the lease term and discounted at the rate
implicit in the lease or, if that is difficult to determine, at the incremental borrowing rate. Lessees
must account separately for the interest expenses on the lease liability and for amortisation of
the right-of-use asset.
The impact of the application of IFRS 16 on the Group's Consolidated Financial Statements is
material in terms of the statement of financial position, although there was no impact on
shareholder’s equity at the start of the financial period given that the Group adopted the Modified
retrospective approach, applying the option of recording assets consisting of a right of use of
the underlying asset in the balance sheet for an amount equal to the leasing liability. The 2018
Income Statement did not require any restatement following the application of the new principle,
the Group having adopted the Modified retrospective approach.
The "Restated consolidated financial statements" included in the financial statements for the
year ended 31 December 2018 are given below. These statements were revised in the light of
the provisions of IFRS 16 to ensure that they are comparable with the statements for 2019:

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The provisions of Legislative Decree 38/2005 and of the IAS/IFRS constitute the legislative
framework for the Company in preparing the Consolidated Financial Statements.
In accordance with the provisions of Legislative Decree 38/2005, the Company prepares its
financial statements in accordance with arts. 2423 et seq. of the Italian Civil Code.
Figures in EUR million
Goodwill 5,046 - - 5,046
Other intangible assets 1,835 - - 1,835
Tangible assets 1,400 (39) - 1,361
Right of use assets (IFRS 16) - 39 353 392
Investments 1,690 - - 1,690
Cash and cash equivalents 555 - - 555
Other net assets 1,135 11 (1) 1,145
TOTAL 11,661 11 352 12,024
for hedging:
Financial liabilities 8,421 11 352 8,784
Shareholders' equity 3,240 - - 3,240
Financial
leasing
reclassification 1.1.2019
IFRS 16
Effect
31.12.2018
"As Reported"

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 Restated Consolidated Financial Statements
The Consolidated Financial Statements and explanatory notes in this document have been
supplemented with a number of performance indicators that enable the management to provide
information on the performance of the Group’s businesses, in line with analysis and control
parameters.
For this reason, a set of restated Consolidated Financial Statements was prepared showing
performance indicators more commonly used by the management than those shown in the
aforementioned Consolidated Financial Statements and explanatory notes. These are:
 Net revenues. This represents the turnover of individual businesses and the Group as
a whole, calculated as the income from sales and services.
 EBITDA. This represents operating profit/(loss) before tax, financial income/charges,
one-off items, profits/losses of shareholdings valued at equity, depreciation and
amortisation, and other non-cash items (e.g. impairment losses and gains/losses on the
sale of tangible and intangible assets). Given the nature of the business carried out by
the companies in the Finance business and the holding company structure, the net
financial income relating to these activities is included in EBITDA (Earnings before
interest, tax, depreciation and amortisation).
 ORDINARY EBIT. This is calculated using the EBITDA figure plus the profits/losses from
shareholdings valued at equity, depreciation and amortisation and other ordinary non-
cash items.
 ORDINARY EBT. This is calculated by subtracting the figure for net financial
income/expenses from ORDINARY EBIT.
This figure – like ORDINARY EBIT – does not include the effects of any
impairment or other non-recurring items included in the NON-ORDINARY EBT
figure, which is shown separately.
 NET FINANCIAL POSITION (NFP). This represents the difference between: (+) cash
and cash equivalents, as well as loans, receivables and certain financial assets with
changes in fair value recognised in Comprehensive Income (OCI) or in the Income
Statement; (-) financial liabilities.
Net revenues, EBITDA, ORDINARY EBIT/EBT and net financial position are alternative
performance indicators not determined according to IAS/IFRS; they are reported to help show
performance trends, as well as to provide useful information on the Group’s ability to manage
debt, and to assist in estimating the value of group assets.
The restated Consolidated Financial Statements show the same net profit/(loss) and
shareholders’ equity as the Consolidated Financial Statements and are used below to
comment on both the consolidated results and those of the individual business areas.

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3.2 Restated Consolidated Financial Statements
A summary is given below of the Group’s key financial and operating performance indicators,
based on the restated Consolidated Financial Statements, prepared in line with the above
explanations.
It should first be noted that comparison of the revenues recorded in 2019 with those recorded
in 2018 is affected by the introduction, on 1 January 2019, of IFRS 16 - Leases. In particular,
following the introduction of IFRS 16 from that date, rental, hire, tenancy and loan for use
contracts previously recorded at the EBITDA level are no longer booked and are replaced in the
balance sheet by amortisation of the right-of-use asset and the interest on the lease liability.
(*) At 1 January 2019 (EUR -7.188 million at 31 December 2018).
Figures in EUR million 2019 2018 Absolute %
REVENUES 4,627 4,497 130 3%
EBITDA 1,641 1,546 95 6%
Deprec., amort. and other non-cash items (909) (813) (96)
Income (loss) from equity investments 26 27 (1)
ORDINARY EBIT 758 760 (2) 0%
Financial income/(charges) (420) (382) (38)
ORDINARY EBT (A) 338 378 (40) -11%
Impairment (54) (166) 112
Other non-recurring income/(charges) (61) 67 (128)
NO - ORDINARY EBT (B) (115) (99) (16) n.a.
EBT (A+B) 223 279 (56) n.a.
Taxes (155) (155) -
Consolidated net profit (loss) 68 124 (56) n.a.
Of which:
Net profit (loss) pertaining to minorities 49 7 42 n.a.
Net profit (loss) pertaining to group 19 117 (98) n.a.
Net Financial Position (7,521) (7,952) 431 n.a.
Of which:
Gaming and Services (7,144) (7,522) 378 n.a.
Change
(*)

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3.3 Operating performance
 Net revenues
Consolidated net revenues in 2019 were EUR 4,627 million, a decrease of around 3% as
compared with 2018 (EUR 4,497 million). These figures break down as follows:
Net revenues from Publishing Activities were EUR 288 million, a decline of EUR -45 million
compared to 2018 (-14.0%), attributable to both Partworks (EUR -25 million, mainly due to the
fall in volumes of the Europe Core, especially in Germany and the UK, and of the Kids business),
and of Direct Marketing (EUR -22 million, following the business phase-out process).
The Gaming & Services business reported net revenues of EUR 4,274 million, up on 2018 (EUR
4,101 million), also due to the favourable effect of the USD/EUR exchange rate (EUR +105
million).
The Financial Activities business posted net revenues of EUR 66 million, substantially in line
with 2018. The revenue in question derived primarily from Alternative Asset Management fees
and income from service activities, and in particular those relating to consultancy, management
and the sale of properties in the real-estate funds portfolios
 EBITDA
The Group recorded EBITDA of EUR 1,641 million for the year ended 31 December 2019, an
increase as compared with the previous year. This breaks down as follows:
It should be noted that comparison of the results for 2019 with those for 2018 is affected by the
introduction on 1 January 2019 of IFRS 16 – Leases, which, as previously indicated, has had a
beneficial effect in terms of EBITDA but a negative effect in terms of amortisation and
depreciation and other non-cash items and for Financial income and charges.
The EBITDA for Publishing Activities was EUR 18 million, down by EUR -7 million as compared
to 2018, mainly due to the ongoing phase-out of Direct Marketing and to the performance of
Partworks.
Net Revenues
Figures in EUR million 2019 % 2018 % Change
Publishing 288 6.2% 333 7.4% (45)
Gaming & Services 4,274 92.4% 4,101 91.2% 173
Finance 66 1.4% 65 1.4% 1
Holding Companies / (1) 0.0% (2) 0.0% 1
Consolidated Total 4,627 100.0% 4,497 100.0% 130
EBITDA
Figures in EUR million 2019 % 2018 % Change
Publishing 18 1.1% 25 1.6% (7)
Gaming & Services 1,603 97.7% 1,482 95.9% 121
Finance 42 2.6% 70 4.5% (28)
Holding Companies / Eliminations (22) -1.3% (31) -2.0% 9
Consolidated Total 1,641 100.0% 1,546 100.0% 95

26
The EBITDA for Gaming & Services was EUR 1,603 million, a marked improvement as
compared to 2018, as a result of the impact of the application of IFRS 16 (EUR +68 million), as
well as the favourable effect of the USD/EUR exchange rate (EUR +31 million).
The EBITDA for the Financial Activities was EUR 42 million (EUR 70 million in 2018) and
reflected both the contribution of DeA Capital’s activities and the receipt of a dividend from
Assicurazioni Generali (of EUR 21 million as compared with EUR 19 million in 2018). It should
be remembered that DeA Capital’s activities in 2018 reflected a capital gain from the disposal of
Corin (EUR +51 million).
The EBITDA for the Holding Company Activities/Other business was down by EUR -22
million, an improvement as compared with 2018 due to lower costs for services and due to fewer
negative adjustments to the fair value of non-strategic funds and shareholdings.
 ORDINARY EBIT
The Group’s ORDINARY EBIT for the year ended 31 December 2019 was EUR 758 million, after
deduction of depreciation/amortisation charges and other ordinary non-cash items totalling
EUR 909 million, and positive income of EUR 26 million from shareholdings measured at equity.
Amortisation, depreciation and other ordinary non-cash items break down as follows:
 EUR 74 million for amortisation and write-downs of right-of-use assets recorded following
the adoption of the IFRS 16 accounting standard on 1 January 2019 (zero value in 2018);
 EUR 443 million for amortisation and write-downs of intangible assets (EUR 433 million
in 2018), especially for customer relationships;
 EUR 392 million relating to depreciation and write-downs of tangible assets (EUR 380
million in 2018).
In 2019, the Group reported a profit of EUR 26 million from shareholdings measured at equity,
compared with a profit of EUR 27 million in 2018; in particular, the 2019 figure included the
profit from Grupo Planeta-De Agostini of EUR +29 million (EUR +26 million in 2018) and from
DeA Planeta Libri of EUR -3 million (EUR -1 million in 2018).
 Net profit (loss)
The table below shows the relationship between ORDINARY EBIT and consolidated net
profit/(loss):
ORDINARY EBIT
Figures in EUR million 2019 2018 Change
EBITDA 1,641 1,546 95
Deprec., amort. and other non-cash items (909) (813) (96)
Income (loss) from equity investments 26 27 (1)
ORDINARY EBIT 758 760 (2)

27
ORDINARY EBT for 2019 was positive at EUR 338 million, after deducting a negative financial
management balance of EUR 420 million. With regard to financial management, the balance in
2019 (compared with the corresponding values of 2018) breaks down as follows:
 EUR -3 million relating to the Publishing business (EUR -2 million in 2018);
 EUR -390 million relating to the Gaming and Services business (EUR -353 million in
2018);
 EUR -27 million relating to Holding company activities (EUR -27 million in 2018).
It should be noted that the financial position for 2019 reflects the discounting of the financial
charges related to the introduction of IFRS 16 on 1 January 2019 and amounting to a total
amount of EUR -24 million.
Non-ordinary charges totalling EUR -115 million in 2019 (versus non-ordinary income of EUR -
99 million in 2018) were included in the NON-ORDINARY EBT figure. Particular note should be
taken of the following items recorded in 2019:
 Impairment of EUR -54 million, of which EUR -52 million related to the Gaming and
Services business, primarily related to goodwill on international activities. This alignment
in value, which has no monetary impact and therefore no bearing on the company's NFP,
was based on the outcome of an impairment test conducted following the 2019 results
(lower than expected);
 Other non-recurring income/(expenses) of EUR -61 million (EUR +67 million in 2018), of
which EUR +43 million relating to the USD/EUR exchange rate effect (principally from the
conversion of IGT loans in foreign currencies), EUR -11 million relating to IGT liability
management costs and EUR -89 million relating to the minority interest in the Lottoitalia
profit, reported in the consolidated financial statements as remuneration for the financial
debt recorded and not as income attributable to minority interests (by virtue of the
specific contractual clauses existing between Lottomatica, the controlling shareholder of
Lottoitalia, and third party shareholders).
In terms of taxes, a charge of EUR -155 million was posted in 2019, in line with the figure for
2018.
Net profit (loss)
Figures in EUR million 2019 2018 Change
ORDINARY EBIT 758 760 (2)
Financial income/(charges) (420) (382) (38)
ORDINARY EBT (A) 338 378 (40)
Impairment (54) (166) 112
Other non-recurring income/(charges) (61) 67 (128)
NO - ORDINARY EBT (B) (115) (99) (16)
EBT (A+B) 223 279 (56)
Taxes (155) (155) 0
Consolidated net profit (loss) 68 124 (56)
Of which:
Net profit (loss) pertaining to minorities 49 7 42
Net profit (loss) pertaining to group 19 117 (98)

28
To summarise, the Consolidated Net Income was positive at EUR 68 million in 2019, compared
with the figure of EUR +124 million in 2018, with a positive Net Income attributable to the
Group of EUR +19 million, compared with a Net Income of EUR +117 million in 2018.
The Net Income attributable to minority interests, which was positive at EUR +49 million in 2019
(compared with the figure of EUR +7 million in 2018), mainly reflected the EUR +46 million
relating to IGT’s pro-rata share of the Group Net Income (EUR -12 million in 2018) and the EUR
+3 million relating to the pro-rata share of the Group Net Income accruing to DeA Capital/IDeA
OPI I (EUR +19 million in 2018).
 Statement of Performance – IAS 1
A summary version of the Comprehensive Income or Statement of Performance – IAS 1, is
shown below. It reports the net profit/(loss) for the year as the sum of the portion recorded in
the Income Statement and that posted directly to shareholders' equity:
Gains/(losses) on financial activity measured at fair value amounted to a positive balance of EUR
+83 million in 2019 (negative balance of EUR -19 million in 2018, which included a reduction in
the fair value of Assicurazioni Generali of EUR -14 million), attributable in particular to fair value
increases for Assicurazioni Generali (EUR +87 million).
Exchange-rate gains/(losses) mainly reflect the impact of the conversion into EUR of the
Financial Statements of Group companies drawn up in various currencies, particularly in relation
to the Gaming and Services business (EUR +32 million, compared to EUR +19 million in 2018,
mainly due to the revaluation of the USD versus the EUR).
To summarise, comprehensive income totalled EUR +183 million in 2019, compared with the
figure of EUR +130 million in 2018; the portion attributable to the Group was positive, amounting
to EUR +121 million, as compared with the figure of EUR +114 million in 2018.
Statement of Performance - IAS 1
Figures in EUR million 2019 2018
Net Profit/(Loss) (A) 68 124
Items that could be subsequently reclassified within the profit (loss) for the period
Profit / (loss) on traslating foreign operations 35 19
Profit / (loss) on cash flow hedge (2) 1
Profit / (loss) on investments valued at equity 1 1
Tax effect - 1
Items that could be subsequently reclassified within the profit (loss) for the period
Profit / (loss) on financial assets at Fair Value 83 (19)
Profit/(loss) on remeasurement of defined benefit plans (1) 4
Tax effect (1) (1)
Other comprehensive income/(loss) (B) 115 6
Total comprehensive income/(loss) (A+B) 183 130
Of which:
Net profit (loss) pertaining to minorities 62 16
Net profit (loss) pertaining to group 121 114

29
3.4 Statement of financial position
The table below provides a summary of the Group’s key figures from the statement of financial
position.
Goodwill
At 31 December 2019, goodwill was EUR 5,072 million (EUR 5,046 million at 31 December 2018),
which breaks down as follows:
 EUR 34 million relating to the Publishing Activities (unchanged from 31 December 2018),
entirely attributable to the School segment;
 EUR 4,933 relating to the Gaming and Services business (EUR 4,918 million at 31
December 2018); the change with respect to 31 December 2018 of EUR +15 million is
due to the change in the difference from conversions of goodwill in foreign currencies
(EUR +77 million), partly offset by the impairment posted for International Activities (EUR
-51 million) and from the disposal of BillBird (EUR -12 million);
 EUR 105 million for the Financial Activities business (EUR 94 million at 31 December
2018) relating to DeA Capital Alternative Funds SGR (EUR 42 million, also including the
NPL Management branch acquired from Quaestio SGR from 2019) and DeA Capital Real
Estate SGR (EUR 62 million).
Other intangible assets
Other intangible assets include intellectual property rights, concessions, licenses and
trademarks, as well as other intangibles.
At 31 December 2019, Other intangible assets totalled EUR 1,702 million (EUR 1,835 million at
31 December 2018), comprising:
 EUR 30 million relating to the Publishing business (EUR 34 million at 31 December 2018),
mainly in respect of investments in the publishing of school texts, intellectual property
rights and basic software and applications;
 EUR 1,629 million relating to the Gaming & Services business (EUR 1,780 million at 31
December 2018), primarily for customer agreements, concessions, licenses and
capitalised software. The decrease recorded in 2019 for a total of EUR -151 million was
mainly due to depreciation for the period (EUR -242 million), arising from translation
differences (EUR +32 million) and net gains made during the year (EUR +59 million);
Change
Goodwill 5,072 5,046 26 5,046
Other intangible assets 1,702 1,835 (133) 1,835
Tangible assets 1,313 1,361 (48) 1,400
Right of use assets (IFRS 16) 350 392 (42) -
Investments 1,858 1,690 168 1,690
Cash and cash equivalents 876 555 321 555
Other net assets 880 1,145 (265) 1,135
TOTAL 12,051 12,024 27 11,661
for hedging:
Financial liabilities 8,815 8,784 31 8,421
Shareholders' equity 3,236 3,240 (4) 3,240
31.12.2019 31.12.20181.1.2019

30
 EUR 43 million relating to the Financial Activities (EUR 21 million at 31 December 2018),
chiefly due to customer contracts and performance fees. The increase recorded in 2019
is attributable to contractual rights held by DeA Capital to the payment of a total of around
EUR 22 million pursuant to commitments by the parties under a contract for the purchase
of a majority share in Quaestio Holding.
Tangible assets
At 31 December 2019, Tangible assets totalled EUR 1,313 million (EUR 1,400 million at 31
December 2018, or EUR 1,361 million at 1 January 2019 following the application of IFRS 16),
which breaks down as follows:
 Real estate equating to EUR 62 million (EUR 72 million at 31 December 2018, or EUR 65
million at 1 January 2019 following the application of IFRS 16);
 Other tangible assets totalled EUR 1,251 million (EUR 1,328 million at 31 December 2018,
or EUR 1,296 million at 1 January 2019 following the application of IFRS 16).
The real estate, amounting to a total of EUR 62 million, included:
 EUR 12 million relating to Publishing Activities (EUR 12 million at 31 December 2018);
 EUR 50 million relating to the Gaming and Services business (EUR 59 million at 31
December 2018, or EUR 53 million at 1 January 2019 following the application of IFRS
16).
Other tangible assets totalled EUR 1,251 million, including:
 EUR 2 million relating to Publishing Activities (EUR 3 million at 31 December 2018);
 EUR 1,245 million relating to the Gaming & Services business (EUR 1,320 million at 31
December 2018, or EUR 1,288 million at 1 January 2019, following the application of
IFRS 16), mainly for terminals and contract-related systems;
 EUR 4 million relating to Holding Company Activities (EUR 5 million at 31 December
2018).
Investments
At 31 December 2019, the Group’s investments totalled EUR 1,858 million. A breakdown of this
item is given below:
At 31 December 2019, investment property totalled EUR 33 million (EUR 40 million at 31
December 2018) attributable to the Venere Fund (managed by DeA Capital Real Estate SGR),
De Agostini S.p.A. and Immobiliare San Rocco; the decrease from 31 December 2018 was due
to sales of real-estate units held by the Venere Fund. Depreciation and write-downs of EUR 2
million (EUR 1 million in 2018) were charged for the period.
Shareholdings measured at equity included Grupo Planeta-De Agostini at EUR 357 million and
LDH/Banijay Group at EUR 128 million.
Investments
Figures in EUR million 31.12.2019 1.1.2019 Change 31.12.2018
Investment properties 33 40 (7) 40
Equity Investments 540 538 2 538
Loans and receivables 346 236 110 236
Financial assets at fair value through OCI 441 345 96 345
Financial assets at fair value through profit or loss 498 531 (33) 531
Total group 1,858 1,690 168 1,690

31
Loans and receivables totalled EUR 346 million, an increase of EUR 110 million on the balance
at 31 December 2018 (EUR 236 million), and mainly include IGT customer financing receivables
and the amount receivable by DeA Factor from B&D Holding, expiring in its entirety in 2020.
Financial assets valued at fair value with changes recognised in the other components of the
comprehensive income statement (OCI) amounted to EUR 441 million; these mainly reflected
the investment, recognised under Financial assets, in Assicurazioni Generali, recorded for a value
of EUR 420 million on the basis of the closing price on 31 December 2019 (EUR 18.395/share,
compared with EUR 14.60/share at 31 December 2018). At 31 December 2019, the Group held
1.45% of the share capital of Assicurazioni Generali, i.e. 22,830,815 shares (unchanged as
compared with 31 December 2018).
Financial assets valued at fair value with changes recognised in the Income Statement amounted
to EUR 498 million:
 Derivatives for EUR 174 million, mainly attributable to the positive mark-to-market of
the Dauphine Project;
 Investments in funds for EUR 177 million, of which EUR 144 million related to the
Financial Activities business, EUR 27 million to the Holding Company Activities business
and EUR 6 million to the Gaming and Services business;
 Other equity investments/assets for EUR 147 million, of which EUR 73 million related to
the Financial Activities business, EUR 68 million to the Holding Company Activities
business and EUR 6 million to the Gaming and Services business.
Other net current assets
At 31 December 2019, other net current assets totalled EUR +880 million. The table below shows
the items included in this balance:
The net balance of trade receivables and payables comprised trade receivables of EUR 956 million
and trade payables of EUR 985 million.
The net balance of tax assets and liabilities included deferred tax assets of EUR 47 million and
deferred tax liabilities of EUR 332 million.
The net balance of other assets/liabilities included other asset items totalling EUR 2,040 million
(EUR 2,411 million at 31 December 2018, or EUR 2,410 million at 1 January 2019 following the
application of IFRS 16) and other liabilities totalling EUR 712 million (EUR 674 million at 31
December 2018, or EUR 663 million at 1 January 2019 following the application of IFRS 16).
At 31 December 2019, provisions amounting to EUR 61 million, mainly consisting of provisions
for employee severance indemnities of EUR 21 million, other provisions relating to personnel for
EUR 6 million, the agent severance fund for EUR 4 million and provisions for future risks and
charges for EUR 30 million.
Other net assets
Trade receivables/payables: net balance (29) (89) 60 (89)
Net balance of tax assets/liabilities (358) (422) 64 (422)
Net balance of other assets/liabilities 1,328 1,747 (419) 1,737
Provisions (61) (91) 30 (91)
Total group 880 1,145 (265) 1,135

32
Shareholders' equity
At 31 December 2019, consolidated shareholders’ equity (Group and minorities) totalled EUR
3,236 million (EUR 3,240 million at 31 December 2018); Group shareholders’ equity was EUR
1,864 million (EUR 1,763 million at 31 December 2018), while minority interests accounted for
EUR 1,372 million (EUR 1,477 million at 31 December 2018).
The increase in shareholder’s equity attributable to the Group is mainly reflected by the
following:
 a net gain of EUR +19 million for 2019;
 the payment of dividends totalling EUR -25 million;
 other changes for a total of EUR +107 million, related in particular to the revaluation of
the investment in Assicurazioni Generali totalling EUR +87 million.
The decrease in shareholder’s equity attributable to minority interests was due to the following:
 a net gain of EUR +49 million for 2019;
 payment of dividends totalling EUR -139 million (to minority shareholders of IGT and DeA
Capital);
 other changes totalling EUR -15 million.
Net Financial Position (NFP)
The table below shows the Group’s net financial position broken down by business area:
With specific reference to Holding Company Activities, the net financial position at 31 December
2019 was a negative figure of EUR -442 million, including payables to banks of EUR -533 million,
a De Agostini S.p.A. convertible bond with a nominal value of EUR -80 million, cash and cash
equivalents of EUR +142 million and other assets/liabilities of EUR +29 million; the net financial
position at 31 December 2019 improved by EUR 53 million over the balance at 1 January 2019
(restated to reflect the application of IFRS 16 from 1 January 2019) attributable to the combined
effect of dividends received from investee companies of +EUR 117 million, dividends paid to
shareholders of EUR -25 million and structural and financial/other charges totalling EUR -39
million.
As mentioned earlier, the net financial position is calculated using the figures reported in the
financial statements, and is the difference between: (+) cash and cash equivalents, as well as
loans, receivables and certain financial assets with changes in fair value recognised in
Comprehensive Income (under other comprehensive income) or in the Income Statement; (-)
financial liabilities.
The reconciliation statement below shows the key figures in the Consolidated Statement of
Financial Position at 31 December 2019 as compared with the amounts included in the Net
Financial Position.
Net Financial Position
Publishing (45) (71) 26 (64)
Gaming & Services (7,144) (7,522) 378 (7,186)
Finance 110 136 (26) 154
Holding (442) (495) 53 (493)
Total group (7,521) (7,952) 431 (7,589)

33
The differences seen, in particular between Financial Activities with variations in fair value
recognised under Comprehensive Income (OCI) or in the Income Statement, are essentially
related to the classification within these items of activities that qualify for inclusion in the Net
Financial Positions management indicator in accordance with the Group Accounting Principles;
in particular, at 31 December 2019, as was the case at 31 December 2018, the most significant
differences related to the value of investments in Assicurazioni Generali, in funds and in other
financial investments.
For information on the use of financial instruments, pursuant to art. 2428(2)(6-bis) of the Italian
Civil Code, please refer to the Notes to the consolidated financial statements for the year ending
31 December 2019.
* * *
In addition to the commentary on the consolidated results, with the related breakdown by
business, see the following websites for details of the financial information for the Group’s main
businesses, which mainly consist of companies whose shares are traded on regulated markets:
 www.atresmedia.com
 www.igt.com
 www.deacapital.it
 www.generali.com
Carrying
amount at
31.12.2019
of which in
Net Financial
Position
INVESTMENTS - NON-CURRENT ASSETS 911 23
Financial assets at fair value through OCI 427 7
Financial assets at fair value through profit or loss 484 16
LOANS AND RECEIVABLES - NON-CURRENT ASSET 117 117
INVESTMENTS - CURRENT ASSETS 28 28
Financial assets at fair value through OCI 14 14
Financial assets at fair value through profit or loss 14 14
LOANS AND RECEIVABLES - CURRENT ASSETS 229 229
CASH AND CASH EQUIVALENTS 876 876
NON-CURRENT FINANCIAL LIABILITIES (7,786) (7,786)
CURRENT FINANCIAL LIABILITIES (1,029) (1,029)
OTHER ASSETS 21
Net Financial Position - Group (6,654) (7,521)

34
3.5 Main risks and uncertainties to which the Parent Company and consolidated
Group companies are exposed
As mentioned in the first section of the Report on Operations, the Group operates in a number
of business sectors and is organised accordingly; each business activity comes under a sub-
holding company, which is responsible for the coordination, management and control of all the
companies that pertain to it. In addition, companies in the Holding Company structure – including
the Parent Company and other directly and indirectly-controlled financial companies – carry out
holding company activities in tandem with the above-mentioned businesses.
Given its structure and the international arena in which it operates, the Group is exposed to a
number of risks and uncertainties, which can be categorised as either systemic risks or specific
risks.
Such risks may significantly affect the operating performance and financial position of the Parent
Company and the other companies included in the Group's Consolidated Financial Statements.
Systemic risks relate to trends in macroeconomic variables in the different countries in which
the Group operates, and at global level, including GDP, interest rates, inflation, exchange rates
and unemployment, as well as the state of the financial markets – which particularly affects
access to capital and return on investment (especially financial investment). In relation to the
important events following the end of the financial year, and in particular with reference to the
macro-economic framework, the recent global spread of COVID-19, which is a new and material
factor in the instability of the framework itself, should be noted.
Specific risks can be analysed according to individual business areas, and include:
 for the Publishing business, risks connected with the demand for published products (i.e.
partworks, school texts and others), the costs of producing these items, legislative
changes and the efficiency and effectiveness of logistics systems;
 for the Media & Communications business, risks associated with the performance of TV
broadcasters (in turn affected by trends in advertising revenues) and the creative abilities
required to launch new program formats on the market;
 for the Gaming & Services business, risks connected with the renewal of existing contracts
or licenses, the innovation required to launch new gaming and services products,
production capacity for new gaming/lottery management systems, the possibility of a
technological malfunction (system and/or terminals) that prevents collection of receipts,
and fixed-odds sports betting, where the operator bears the bookmaking risk;
 for Financial Activities, risks connected with typical alternative investment and alternative
asset management activity (undertaken by DeA Capital Real Estate SGR, DeA Capital
Alternative Funds, DeA Capital Real Estate France and DeA Real Estate Iberia), and the
performance of the investments made.
Risks for each business, common to all business areas in which the Group is highly diversified,
are also associated with the attitude of management, relationships with employees and
suppliers, integration policies and debt management.
The specific risks relating to the Holding Company Activities business – in addition to those
connected with the management of operations in the aforementioned business sectors and the
associated effects on cash flow or dividends – include exposure to specific sectors or investments
and the difficulties of identifying opportunities for investments or disposals.

35
Although we stress the significance of the aforementioned risks for the Group’s economic and
operating performance and financial position, we have put in place appropriate measures to limit
the impact of any serious negative developments.
With regard to systemic risks, in early 2000 the Group started to diversify its investments – both
by sector and by geographical area. It now has a widely diversified portfolio of activities
combining resilient businesses (such as lotteries and asset management) with others that have
good long-term growth prospects (such as media and content production), all with a strong
international footprint.
With regard to specific risks, the Group believes it has adopted a modern system of governance
for its businesses, facilitating the effective management of complexity and the achievement of
the strategic goals of the sub-holding companies and the Group. Specifically, this governance
system has set out the procedures for managing relationships between the Parent Company and
sub-holding companies, and the responsibilities of the latter concerning the coordination,
management and control of all operating companies under their responsibility.

De Agostini SpA - Bilancio 2019 ENG

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