5th Italian Mid Cap Conference
Investors Presentation
Milan, 19th January 2023
AGENDA
- Latest Highlights
- Investment Case
- FY 2022 Outlook
- 9M 2022 Results
- Annexes/9M 2022 Business Areas
Latest Highlights
Ongoing strong M&A strategy supports
Group repositioning
In the first week of
2023
Further development of book | Completed reduction in the |
activities through the control of | magazines segment through |
A.L.I. | Grazia & Icon disposal |
Core business competitive strengthening
Disposal of non-core asset
3
Key Highlights
Transaction
structure
Price -
Financials
Target
Acquisition of an additional 25% of the share capital
Put&call agreements: Mondadori has the option to acquire the remaining 25% from the approval of the 2024 financial statements (by 30 July 2025)
Price (25%) € 9.5 million; the additional 25% will be based on average EBITDA 2023-2024
FY 2021 (€ mn, ITA GAAP): Revenue 65.8
EBITDA 8.9
Net profit 6.0
Expected FY 2022 NFP (€ mn): cash at €17.9
Impact on the Group | FY 22 | FY 23 |
Consolidation effect | At equity as from 1 | Full as from 1 January |
May | ||
- € 19.0 mn * | ||
PFN Impact | - € 10.8 mn | + € 17.9 mn |
= - € 1.0 mn | ||
* Includes the current valuation of the Put&Call option to be eventually exercised in FY 2025
4
Key Highlights
Transaction
structure
Price -
Financials
Target
Disposal of the print and digital publishing operations of Grazia and Icon brands
including their international licensing network
Transfer of the business operations disposed of to a NewCo and concurrent disposal to Reworld Media of 100% of its share capital
Enterprise Value € 11 million including € 2 million as earn-out conditioned to the
achievement of certain 2023 financial results
Price € 8.5 million (incl. earn-out, € 6.5 million cashed-in at the closing date), net of the difference between average NWC of the last 12M and the NWC at the closing date
FY 2021 Revenue : € 18 million
9 | |||||||
2018-2023 | brands | ||||||
Media titles trend | |||||||
2018-2023 | Media Print: from 30% to | ||||||
6% | 5% | 3% | 3% | 2% | 1% | < 10% of Group Revenues | |
Print Adv Rev. on Tot. Rev. | |||||||
5 | |||||||
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Arnoldo Mondadori Editore S.p.A. published this content on 19 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 January 2023 09:30:08 UTC.