Il Sole 24 ORE S.p.A.: annual general shareholder' meeting

Milan, April 14, 2010 – The Annual General Shareholders’ Meeting of Il Sole 24 ORE S.p.A., chaired today by Cav. Lav. dr. Giancarlo Cerutti, approved the financial statements for the year ended 2009 and appointed the new corporate bodies.

Appointment of the Board of Directors
The Meeting appointed the Board of Directors, which will remain in office until the Shareholders’ Meeting called to approve the financial statements for the year ending December 31, 2012.
Those appointed were Giancarlo Cerutti, Francesco Caio, Marco Tani, Donatella Treu, Luigi Abete, Antonio Favrin, Marino Vago, Diana Bracco, Giampaolo Galli, Pierluigi Ceccardi, Alberto Meomartini, Antonello Montante, Piero Gnudi, Aurelio Regina and Mario d’Urso. The first 14 directors were drawn from the list presented by Confindustria, the majority shareholder, while the remaining director was drawn from the list presented by The Gabelli Equity Trust Inc, the minority shareholders, together with six other shareholders.
Among the appointed directors, Francesco Caio, Marco Tani and Mario d’Urso stated their independence as provided for by the law. 
Giancarlo Cerutti was confirmed Chairman of the Board of Directors.

Appointment of the Board of Auditors
The Meeting also appointed the Board of Auditors, which will remain in office, like the Board of Directors, until the Shareholders’ Meeting called to approve the financial statements for the year ending December 31, 2012.
The statutory auditors are Luigi Biscozzi, Demetrio Minuto and Maurilio Fratino, and the alternate auditors are Fabio Fiorentino and Maria Silvani. Demetrio Minuto, Maurilio Fratino and Maria Silvani were drawn from the list presented by Confindustria, the majority shareholder, while Luigi Biscozzi and Fabio Fiorentino were drawn from the list presented by Edizione S.r.l., the minority shareholder. Luigi Biscozzi is Chairman of the Board of Auditors.

Approval of FY09 financial statements 
In FY09, 24 ORE Group consolidated revenues amounted to €502.7 million versus €573.0 million in FY08. EBITDA was -€24.7 million versus +€49.3 million in FY08. Group profit attributable to shareholders of the parent company was -€52.6 million versus +€16.1 million in FY08.

 

The Parent Company closed FY09 with a turnover of €407.2 million versus €486.2 million in FY08. EBITDA was -€19.7 million versus +€41.8 million in FY08. Net profit was -€46.4 million versus +€20.9 million in FY08.

The Meeting resolved not to distribute any dividend and to cover the entire loss by using items in the shareholders’ equity:

• Capital contribution reserve under law 416/81 for euro 9,374,495
• Profit carried forward for  euro 37,061,730

 
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Under paragraph 2, article 154-bis of the Consolidated Finance Act, Giuseppe Crea, in his capacity as corporate financial reporting manager, attests that the accounting information contained in this press release corresponds to the document results, books and accounting records.