Today, the meeting of the Board of Directors of Arnoldo Mondadori Editore S.p.A., chaired by Marina Berlusconi, reviewed and approved the draft Parent Company and Group consolidated financial statements at 31 December 2015[1] presented by CEO Ernesto Mauri.

2015 was a truly important year in the history of the Mondadori Group, a year in which we laid the structural foundations to address the challenges of our new phase of growth.
We confirmed the positive outcome of the path taken for some years now which, thanks to the steadfast commitment to the reduction in operating and overhead costs, brought a sharp improvement in our results, with a positive profitability touching all business areas, and in Mondadori’s ability to generate financial resources.
We continued to successfully focus on our core businesses, through the strategic rationalization of the portfolio of activities: the extraordinary transactions for the disposal of a number of non-strategic assets completed in 2015 (transfer of the majority interest in R101, a property in Rome, and 50% of the Harlequin Mondadori joint venture) have further increased available financial resources.
These positive results were used to reduce consolidated debt – which was almost halved in less than 24 months – and to provide adequate resources to the strategic lines of the Group’s development.
2015, in fact, was a year of transition to a new phase for Mondadori, in which the Company has returned to investing in order to strengthen its competitive edge in the Group’s strategic businesses and sustain the growth process.
In July, Mondadori increased its investment in Gruner+Jahr/Mondadori to 100%, adding even further value to its portfolio with a successful brand such as Focus, in line with its strategy to strengthen Group leadership in the magazine market by focusing on the key titles with the highest growth potential in the digital segment.
In October, the Group took a crucial step in its strategic development, signing the agreement to acquire RCS Libri, which will allow Mondadori, from 2016, to extend its foothold in the Italian trade books and school textbooks market, and in the international illustrated books business (United States in particular).

GROUP PERFORMANCE AT 31 DECEMBER 2015

In 2015 consolidated net revenue came to 1,122.8 million euro, down by 4% versus 1,169.5 million euro in 2014. The Magazines Italy area includes revenue generated by Gruner+Jahr/Mondadori, consolidated since 1 July 2015 (9 million euro) – now Mondadori Scienza; net of this change, at the Group level, the drop in revenue would amount to 4.7%.

In 2015 consolidated EBITDA improved strongly (+14%), reaching 81.6 million euro versus 71.5 million euro in 2014, due also to the benefits from non-recurring items such as the gain from the disposal of a property in Rome and of 50% of the Harlequin Mondadori joint venture.
Even net of non-recurring items, EBITDA grew by 7.5%, from 67.9 million euro in 2014 to 73 million euro in 2015, increasing its percentage on revenue from 5.8% to 6.5%. The consolidation of Gruner+Jahr/Mondadori contributed a positive 0.4 million euro, while the disposal of the Harlequin Mondadori joint venture contributed a negative 0.2 million euro.

The quarter-by-quarter results confirm the Group’s increasing efficiency, achieved despite the difficult market scenario in which it operates, deriving from the industrial revision actions and re-organization launched and implemented over the last two years, while maintaining continuous improvement in the quality of the publishing programme as a key objective.
Profitability (net of non-recurring items) recovered thanks to the lower percentage of the cost of items sold by over 2 percentage points (from 41.1% to 38.8% of revenue, improving across all business areas), and to the reduction in fixed costs (from 11% to 10.4% of revenue), higher than the reduction in revenue, partly alleviated by the rising percentage of variable costs on revenue (from 23.3% to 24.9%).

At 31 December 2015, the headcount dropped by 1.5% (3,076 units versus 3,123 in 2014), as a result of the ongoing review of the organizational process both in Italy and in France (like-for-like: -3%, or 94 units); net of non-recurring restructuring costs, the cost of personnel in 2015 fell by 3.4% versus 2014 (-5.3% like-for-like).

In 2015 consolidated EBIT amounted to 54.5 million euro, up by approximately 13% versus 48.2 million euro in 2014, as a result of the abovementioned growth in EBITDA, despite increased amortization, depreciation and impairment mainly from the impairment of the interest held in the Greek Attica Publications subsidiary (4 million euro), and from the impairment of goodwill of Kiver and Mondadori UK (3 million euro).
Depreciation of tangible assets (6.9 million euro versus 9.8 million euro in 2014) and amortization of intangible assets (13.1 million euro versus 13.5 million euro in 2014) continued to fall as a result of lower capital expenditure.

Consolidated profit before taxes came to a positive 38.3 million euro, up by 52% versus 25.2 million euro in 2014; financial costs in 2015 amounted to 16 million euro, falling sharply versus 23 million euro in 2014, as a result of reduced average net debt and average total cost of debt, and of the contribution of 1.6 million euro from the derecognition of a number of put options.
Tax costs in the reporting period came to 20.4 million euro (16.7 million euro in 2014), and include the impairment of deferred tax assets on prior-years’ losses, following the tax rate reduction introduced by the 2016 Stability Law (IRES rate from 27.5% to 24% from 1 January 2017).

The consolidated net profit from continuing operations, net of minority interests, almost tripled versus 31 December 2014, and came to 15.1 million euro versus 5.3 million euro in 2014.
The result from discontinued operations, which came to a negative 8.7 million euro in 2015, includes the period net result of the Radio Business area (improving from -4.7 million euro at 31 December 2014 to -3.1 million euro), as well as the loss of 5.6 million euro from the impairment of Monradio operations, disposed of in September 2015.

The Group’s net profit at 31 December 2015, net of the result from discontinued operations, came to a positive 6.4 million euro, up by 5.8 million euro versus 0.6 million euro in 2014, despite the inclusion of the depreciation of Monradio operations.

The Group’s net financial position at 31 December 2015 came to -199.4 million euro, improving sharply (92.4 million euro) versus -291.8 million euro at 31 December 2014, as a result of the Group’s twelve-month cash generation, deriving both from improved ordinary operations and extraordinary operations.

At 31 December 2015, cash flow from operations came to a positive 70 million euro; ordinary cash flow (after the cash-out for financial charges and taxes for the year) amounted to 45.4 million euro, continuing the improvement witnessed in the previous five quarters.

Cash flow from extraordinary operations came to a positive 47 million euro, mainly as a result of the gain generated by the disposals completed in the period, totalling 54.8 million euro, from the transfer of 80% of Monradio and 50% of the Harlequin Mondadori joint venture, previously recognized at 30 September 2015, as well as a property in Rome completed in December.

BUSINESS AREAS

• BOOKS

In 2015, after years of constant decline, the Books market rose by 0.9% versus 2014 (GFK, December): against this backdrop, the Mondadori Group retained its leadership in the trade segment with a 24% market share (versus 25.3% in 2014).
In the school textbooks market, Mondadori Education held to its third place in the segment, with a 12.5% share, adoptions-wise (AIE).

In 2015, the Books Area revenue amounted to 320.8 million euro, down by 5.7% versus 340.1 million euro in 2014, with a good performance achieved by the Educational area, and a drop reported by the Trade segment.

• Trade Books: the reduction in revenue witnessed in trade in 2015 versus the previous year (from 182.4 million euro to 160.4 million euro) is attributable to the selective publishing policy focused on improving efficiency, therefore, profitability; specifically, in 2015, the amount of new titles and average print run was cut to reduce future unsold stock. These targeted actions have and will be taken maintaining the priority objective of research and ongoing improvement of the quality of the publishing schedule, as shown by the ranking of the top ten bestselling titles in 2015, with 5 of the Group’s titles in the charts (Grey, La ragazza del treno, È tutta vita, After and Cinquanta sfumature di grigio);
• Educational Books: in this segment, the Group grew by 2.8% versus 2014, driven by the good performance of Mondadori Electa (+17.5%), as part of the management of museum concessions and the organization of exhibitions, and by EXPO Milano 2015, which more than offset the decline in revenue in the school textbooks segment (-4.3%).

Revenue from the download of e-books, amounting to 10 million euro, rose by 15% versus 2014, with digital sales accounting for 6.2% of total trade (4.8% at 31 December 2014).

Reported EBITDA for the Area came to 45.9 million euro, up from 45.1 million euro in 2014, and includes the 7.6 million euro gain from the transfer of the interest held in the Harlequin Mondadori joint venture (completed on 30 September 2015), and a higher percentage of restructuring costs versus 2014 (4.3 million euro in 2015 versus 0.9 million euro in 2014).

EBITDA, net of non-recurring items, fell from 46 million euro to 42.7 million euro, parallel to the drop in revenue.
The figure was basically steady as a percentage on revenue (13.3% versus 13.5% in 2014), as a result of the good performance in the Educational area, and of greater efficiency in managing operating processes, achieved thanks to the deep organizational and product review implemented in the Trade segment.

• MAGAZINES ITALY

In 2015, the Mondadori Group retained its leadership with a market share of 31.2% at 31 December 2015 (internal source Press-di; December 2015).

In 2015, Magazines Italy posted revenue totalling 296.3 million euro, down by 2.1% versus 302.7 million euro in 2014 (-4.9% like-for-like, net of the 50% acquisition of Gruner+Jahr/Mondadori), outperforming the relevant segment in terms of advertising, while being in line circulation-wise:

• circulation revenue dropped by 1.7%; on a like-for-like basis, the drop was 7.5%, in line with the market, due also to the decline in the subscription channel caused by the rationalization of low-profit subscriptions;
• revenue from add-on products dropped by 8.8% versus 2014, as a result of the rationalization process implemented, which targeted increased project profitability (-10.6% like-for-like);
• total advertising revenue fell by 1.8%; on a like-for-like basis, gross advertising sales on Mondadori brands in Italy (print + web) were down by 3.7%.

International activities, through Mondadori International Business, increased revenue by 2.4% versus 2014, thanks mainly to the performance of the Grazia International Network and the launch of the international editions of Il mio Papa.

EBITDA for the Magazines Italy area, net of non-recurring items, posted a remarkable improvement, rising from -0.7 million euro to a positive 5.8 million euro, despite the decline in revenue caused by the market conditions and by the implementation of targeted project selection policies, as a result of the effective review of the publishing and operating organization, and the containment of promotional activities, while retaining the traditional focus on the publishing quality of the titles.

Reported EBITDA confirmed the growth trend, rising from -1 million euro to a positive 2.6 million euro, as a result of the abovementioned actions and of the lower reduction in advertising sales, despite higher restructuring costs and non-recurring items of approximately 1 million euro in 2014, deriving from the contribution of advertising operations to Mediamond.

Traffic data of Mondadori websites showed an overall audience rate of 9.5 million unique users (Audiweb, December 2015), up by 16% versus 2014, due also to the inclusion in the scope of the Nostrofiglio.it brand (Gruner+Jahr/Mondadori), which boasted over 1.3 million unique users in December 2015 (+19% versus 2014).

MAGAZINES FRANCE
In the reporting period, Mondadori France revenue came to 334.6 million euro, down by 1.9% versus 2014 (340.9 million euro), halving last year’s decline (-3.7% in 2014).
Revenue from print activities was down by 2.9%, while digital activities stepped up their growth (+27%), thanks to the development of the digital activities on the properties (+26%: advertising revenue and revenue from the sale of digital copies) and of NaturaBuy (+31%).

Against a sliding market backdrop and despite a rather poor start to the year following the January terrorist attacks, Mondadori France’s advertising revenue (print + digital) dropped by 3.3% versus 2014. Specifically:

• print advertising sales were down by 5% in value versus 2014, outperforming the market (-6.3%; Kantar Media, December); Mondadori France retained its position as the second player in the magazine advertising market, with its share in terms of volumes at 10.9%.
• digital advertising revenue rose by almost 30% (versus the market’s 5.5% increase; SRI-Udecam-PwC), making for almost 15% of total advertising revenue, as a result of the sharp increase in audience (+20%).

Circulation revenue (newsstands and subscriptions), which accounts for more than 70% of the total, showed an overall 1.8% decline, slightly improving versus 2014, thanks to the performance of subscriptions, which make for over half the total.
Specifically:

• newsstand channel revenue dropped by 5.8%; the comparison with 2014 results is affected, on the one hand, by the poor start of the market in 2015, as a result of the challenging national environment and, on the other, by the outstanding performance in January 2014, driven by the publication of the “Hollande scoop” on Closer;
• on the other hand, subscription channel revenue posted a 0.8% growth versus 2014, thanks to the good trend in volumes, propelled by the ongoing promotional initiatives and steady prices, confirming the strategic opportunity to further invest in this channel.

These positive performances were made possible thanks to the constant attention paid to publishing quality and innovation.

EBITDA, net of non-recurring items, was basically steady versus 2014, totalling 36 million euro, with margins on revenue again above 10% (10.8% in 2015 versus 10.5% in 2014). A positive result achieved by Mondadori France, which continued to rationalize structures and curb editorial costs, while retaining its ability to invest in publishing quality and in diversification, with a view to further adjusting the organization to market changes and to sustaining profitability.
Specifically, two projects were launched in 2015, critical to countering the market downturn and to transforming the company into a truly digital organization: a restructuring plan based on voluntary staff leaving, launched in May; and the reorganization of the editorial teams, to be fully completed from end 2016.
As forecast, digital activities achieved a positive EBITDA in 2015.

Reported EBITDA, amounting to 32.4 million euro, was down by 7.5% versus 2014 (35 million euro), due to higher restructuring costs of approximately 2.8 million euro resulting from the above plan in effect.

Digital and diversification activities (over 8% of total revenue) grew by 14% thanks mainly to the growth of digital activities (+26.9%), regarding both the titles (+26.2%) and the NaturaBuy website (+30.9%).
The total number of readers of Mondadori France magazines reached 8.8 million unique users (Mediamètre Net Ratings MNR, average figure January-December 2015), up by approximately 23.8% versus 2014, also as a result of the steady digitization of the editorial teams.

• RETAIL

In the Retail area, the Group continued to implement strategic actions to align the organization and the sales channels to the developments of the market, which showed the first signs of recovery in 2015, focusing on operating costs reduction, on gradual network revision and format.

In 2015, the Retail area’s revenue fell by 7.2% to 196 million euro versus 211.2 million euro in 2014, mainly as a result of the disposal of the flagship store in corso Vittorio Emanuele in Milan (which had contributed 14.2 million euro in 2014). In the Books segment, which made for 77% of store revenue, Mondadori Retail has a 14.2% market share.

The analysis by channel showed the following:

• the growth of directly-managed book stores: +2.0% on a like-for-like basis;
• franchised bookstores: slight downturn of revenue in the books segment, but a slight increase overall with stores like-for-like (+0.8%);
• net of the disposal of the flagship store in corso Vittorio Emanuele in Milan, books in Megastores posted a good performance (+6.8%), while consumer electronics returned to growth (+2.3%);
• in the online segment, revenue was down by 5.7% overall (-1.8% in the books segment);
• book clubs performed in line with the structural reduction expected in the medium term development plan (-14.3%).

In 2015, Mondadori Retail posted a positive EBITDA, net of non-recurring items, of 2.2 million euro, improving sharply versus 0.2 million euro in 2014. The recovery of one percentage point of profitability is due largely to the improved product margins, specifically in the Books segment and in consumer electronics, and to the extended implementation of cost reduction measures, which led to a lower percentage of fixed and personnel costs.

Reported EBITDA in 2015 amounted to 1.8 million euro versus 8.9 million euro in 2014, which included the contribution of 9.3 million euro from the gain generated by the disposal of the flagship store in corso Vittorio Emanuele in Milan.

PERFORMANCE OF ARNOLDO MONDADORI EDITORE S.P.A.
The financial statements of the Parent company, Arnoldo Mondadori Editore S.p.A., for the year ended 31 December 2015, show a loss of 32 million euro (12.9 million euro in 2014).
As a result of the transfer of the business unit relating to publishing and distribution activities in the Books area, effective 1 January 2015, the two years are not comparable. The net profit in 2014 included operating profit of 11.7 million euro from the transferred BU, in addition to over 20.1 million euro in dividends received from a number of subsidiaries in the Books area.
The net profit was also affected by:

• EBITDA before non-recurring items amounting to -7.5 million euro, as a result of the structural costs of the Digital and Corporate area (-12.2 million euro), offset by the positive result in the Magazines Italy area (4.8 million euro);
• the adjustment to equity of the measurement of subsidiary and associated companies, amounting to 24.7 million euro versus 28.2 million euro in 2014, in addition to the charges from the disposal of Monradio and resulting exit from the radio business, amounting to 1.9 million euro;
• positive non-recurring items of 7.2 million euro, as a result of the gain from the disposal of the property in Rome, net of restructuring costs for incentives granted to employees and contractors.

SIGNIFICANT EVENTS AFTER YEAR END
On 22 January 2016, the Antitrust Authority announced the opening of an investigation into the acquisition of RCS Libri. The investigation will be completed within 45 days from 21 January 2016. An additional 30 days will be needed to receive an opinion from the Communications Authority.

2016 OUTLOOK
In 2015, the Group continued to vigorously implement its efficiency measures, consistent with the dynamics of its relevant markets, and the strategic rationalization of its portfolio of activities. The success of these strategies, coupled with the improvement of business performance, allowed it to achieve EBITDA of over 80 million euro and a positive net profit, on the rise versus 2014, as well as a strong reduction in the net financial position.

In 2016, the Group will continue to strengthen its core businesses – this also includes the mentioned agreement on the acquisition of RCS Libri – through constant focus on publishing quality and on the optimization of operating processes and cost structure, in order to further strengthen its competitive position and implement the development plan in the digital segment.

In light of the current relevant context and the Group’s positive performance in the opening months, it is reasonable to expect for the current year basically steady revenue (on a like-for-like basis) versus 2015 and a “high-single digit” growth of operating EBITDA (on a like-for-like basis), with a resulting increase in marginality.

In line with the above and notwithstanding a recovery in investments, the net financial position (on a like-for-like basis) is expected to further improve versus 31 December 2015.

To date, these projections do not include the consolidation of RCS Libri and the relating synergies from the integration, the impact on the outlook for the current year of which will be readily disclosed to the market once the transaction is completed.
§

The Board of Directors of Arnoldo Mondadori Editore S.p.A. also aligned financial and non-financial disclosures by approving its 2015 Sustainability Report, drafted according to the GRI Guidelines, standard G4, based on the “in accordance” – core rating.
A summary of the Sustainability Report in line with the provisions contained in the 2014/95/EU directive adopted by the EU Parliament and Council on 22 October 2014 will be supplemented in the Annual Report; the complete document will be made available at the Shareholders’ Meeting.

§

The Board of Directors of Arnoldo Mondadori Editore S.p.A. called the Shareholders’ Meeting on Thursday 21 April 2016 in first call.

PROPOSAL TO COVER THE LOSS OF THE PERIOD BY USING AVAILABLE RESERVES
The Board of Directors will propose to the Shareholders’ Meeting to entirely cover the loss of the year of 31,981,679.37 euro at 31 December 2015 by using the available reserves as follows:

• 1,100,690.02 euro by fully resorting to the stock option reserves under item “Other reserves and profit (loss) carried forward”;
• 30,880,989.35 euro by partially resorting to the available portion of the extraordinary reserve under item “Other reserves and profit (loss) carried forward”;

§

RENEWAL OF THE AUTHORIZATION TO PURCHASE AND SELL TREASURY SHARES
Following the expiry of the preceding authorization resolved upon by the Shareholders’ Meeting on 23 April 2015, with the approval of the financial statements at 31 December 2015, the Board of Directors will propose to the next Shareholders’ Meeting the renewal of the authorization to purchase Treasury Shares with the aim of retaining the applicability of law provisions in the matter of any additional re-purchase plans and, consequently, of picking up any investment and operational opportunities involving Treasury Shares.
The Shareholders’ Meeting of 23 April 2015 authorized the purchase of Treasury Shares up to a maximum of 10% of the share capital made up of No. 26,145,834 ordinary shares.

In relation to the authorization of 23 April 2015, Arnoldo Mondadori Editore S.p.A. did not proceed, either directly or indirectly through its subsidiaries, to purchase any Treasury Shares.

On the occasion of the next Shareholders’ Meeting the proposal for the renewal of the authorization to sell the treasury shares acquired by the Company will also be made pursuant to article 2357 ter of the Italian Civil Code.
Here below are the main elements of the proposal made by the Board of Directors:

• Motivations

The motivations underlying the request for the authorization to purchase and sell treasury shares refer to the opportunity to attribute to the Board of Directors the power to:

• to use the treasury shares purchased as compensation for the acquisition of interests within the framework of the Company’s investments;
• to use the treasury shares purchased against the exercise of option rights, including conversion rights, deriving from financial instruments issued by the Company, its subsidiaries or third parties and to use the treasury shares for exchange or transfer transactions or to support extraordinary transactions on the Company’s capital or financing transactions that imply the transfer or sale of treasury shares;
• to possibly rely on investment or divestment opportunities, if considered strategic by the Company, also in relation to available liquidity;
• To sell treasury shares against the exercise of option rights for the relevant purchase granted to the beneficiaries of the Stock Option Plans established by the Shareholders’ Meeting.

• Duration

Until the Shareholders’ Meeting called to approve the financial statements at 31 December 2016 and, in any case, for a period not exceeding 18 months from the effective date of the resolution made by the Shareholders’ Meeting.

• Maximum number of purchasable Treasury Shares

The renewed authorization will enable the Company to reach the cap of 10% of its share capital, in line with the previous authorization.
Considering that, as indicated above, the Company does not hold any treasury shares, either directly or indirectly, the authorization would refer to the purchase of maximum No. 26,145,834 treasury shares (10% of the share capital).

• Criteria for purchasing Treasury Shares and indication of the minimum and maximum purchasing cap

Purchases shall be made on the regulated markets pursuant to article 132 of Italian Legislative Decree n. 58 of 24 February 1998 and article 144 bis, paragraph 1, letter B of Consob Regulation n. 11971/99 according to the operating criteria established in the organization and management regulations of the same markets, which do not allow the direct combination of the purchase negotiation proposals with pre-determined sale negotiation proposals, and also in compliance with any additional applicable regulations
The minimum and maximum purchase price would be determined under the same conditions established by the preceding Shareholders’ Meeting authorizations, i.e. at a unit price not lower than the official Stock Exchange price of the day preceding the purchase transaction, reduced by 20%, and not higher than the official Stock Exchange price of the day preceding the purchase transaction, increased by 10%.
In terms of daily prices and volumes the purchase transactions would be completed in compliance with the conditions established in EC Regulation n. 2273/2003.

§

The 2015 results, approved today by the Board of Directors, will be presented by the Mondadori Group Management to the financial community today, 3.30 PM, at the Mondadori Megastore in piazza Duomo, Milan.
The corresponding documentation will be made available on 1Info a twww.1info.it, www.borsaitaliana.it and www.gruppomondadori.it (Investor Relations).

§

The Executive Manager responsible for the drafting of the corporate accounting documentation – Oddone Pozzi – hereby declares, pursuant to Art. 154 bis, par. 2, of the Finance Consolidation Act, that the accounting documentation contained in this press release corresponds to the Company’s accounting entries, books and results.

[1] On 30 September 2015 the transfer of 80% of the share capital of Monradio S.r.l. to R.T.I. S.p.A. was completed for a consideration of 36.8 million euro. Pursuant to IFRS 5 (“Non-current assets held for sale”), the Group’s radio business was listed as “discontinued operations” and as such entered in these consolidated financial statements. As a result, in the income statement of 2015 and of 2014 included for comparison purposes, the results achieved in the radio business area in the period, along with the depreciation of operations made in order to bring their value in line with the fair value resulting from the offer, were classified under “Result from discontinued operations”.

Mondadori Group informs that the renegotiation of the existing committed credit lines amounting to a total of euro 515 million has been completed. Today a new amortizing loan agreement with a five year maturity date (December 2020) was signed with a pool of six leading banks (BNP Paribas, Banca Popolare di Milano, Intesa Sanpaolo, Mediobanca – Banca di Credito Finanziario, UniCredit, UBI Banca), replacing the current loan agreement which provided for shorter repayments (2016-2017-2018), and including the financing of RCS Libri acquisition.

At 30 September 2015, Mondadori Group NFP was equal to euro -243.6 million.

The new agreement envisages more favorable economic conditions for the Group in terms of lower interest rates and fees: the initial cost of the credit lines for 2016 will be equal to 325 bps – in addition to the reference Euribor rate – with a reduction of approximately 90 bps against the current cost. This rate can also further decrease, on an annual basis, according to the positive evolution of the net debt/EBITDA ratio.

In order to sustain the Group’s core business development, new covenants (net debt/EBITDA) were also negotiated for 2016 (4.50x) and 2017 (3.75x), against the current 3.50x, which will be applied upon completion of the acquisition of RCS Libri.

The Board of Directors of Arnoldo Mondadori Editore S.p.A., held on today’s date and chaired by Marina Berlusconi, examined and approved the interim report at 30 September 2015[1] presented by the CEO Ernesto Mauri.

GROUP PERFORMANCE AT 30 SEPTEMBER 2015

In the first nine months of 2015 consolidated net revenues totalled euro 817.1 million, down 4.1% against euro 851.9 million in the corresponding period of 2014.[2]

Consolidated EBITDA was up 21.3% at euro 48.8 million against euro 40.2 million at 30 September 2014, also as a result of the positive contribution of non-recurring items (specifically the capital gain generated by the transfer of 50% of the interest held in the Harlequin Mondadori joint venture). EBITDA net of non-recurring items shows profitability up by nearly one percentage point: EBITDA before non-recurring items was up 10%, from euro 43.6 million in the first nine months of 2014 to euro 48 million in 2015,[3] with an incidence on revenues rising from 5.1% to 5.9%.

This performance is the result of a rigorous and focused management policy that holds research and the continuous improvement of editorial products as its key objective. In particular:

• reduced incidence of the cost of goods sold by over 2% (from 41% to 38.7% of revenues), resulting in a better performance in all business areas and, specifically, in the Books area due to a more effective management of operating processes and to a targeted pricing policy, and, in the Magazines Italy area, due to effective publishing revision actions;
• the rising incidence of variable costs on revenues from 19.9% to 21.7% is mainly attributable to the Magazines France area and is referred to increased mail tariffs for subscriptions;
• the reduction in fixed costs (-8.8% against the first nine months of 2014) exceeded the reduction in revenues and was obtained through a cost containment policy implemented in all corporate areas;
• employee headcount at the end of the period (3,090 people) was down by 3.3% against the same period in 2014 due to the ongoing review of the organizational structures in Italy and in France (the reduction on a like-for-like basis would be equal to -5.6%).

Quarter after quarter, these results confirm the greater efficiency achieved by the Group as a result of the industrial and organizational review implemented over the last two years and achieved despite the difficult market scenario.

Consolidated EBIT in the first nine months of 2015 amounted to euro 30 million, up approximately 25% against euro 24 million of 2014 as a result of the abovementioned increased EBITDA, despite increased amortization and impairment deriving from the devaluation of the interest held in the Greek Attica Publications subsidiary (in the Magazines Italy area) equal to euro 4 million.

Consolidated profit before taxes is positive for euro 16.1 million against euro 6.2 million at 30 September 2014; in the first nine months of 2015, financial costs amounted to euro 13.7 million, considerably down against euro 17.8 million of the same period of the previous year, as a result of reduced average net debt for the period and average total cost of debt. Taxes in the period totalled euro 7.7 million (euro 8 million in 2014).

Consolidated net result from continuing operations, after minority interest, was positive for euro 6.6 million, up by over euro 10 million against a loss of euro 3.8 million registered at 30 September 2014. The result from discontinued operations in the first nine months of 2015, negative for euro 9.4 million, includes the period net result of the Radio Business area (up from euro -3.8 million at 30 September 2014 to euro -3.1 million), as well as the depreciation of Monradio operations for euro 6.3 million. The Group’s net result at 30 September 2015, after the result from discontinued operations, amounted to euro -2.8 million, up euro 4.7 million against the loss recorded in the previous year (euro -7.5 million), despite the inclusion of the depreciation of Monradio operations for euro 6.3 million.

The Group’s net financial position at 30 September 2015 was equal to euro -243.6 million, considerably up against euro-327.4 million of 30 September 2014 as a result of the Group’s cash generation over the last twelve months, equal to euro 83.8 million, deriving both from ordinary operations (euro 34.4 million) and extraordinary operations (euro 49.4 million).

At 30 September 2015, cash flow from operations in the last twelve months was positive for euro 59.9 million; ordinary cash flow (after the cash-out relative to financial charges and taxes for the period) was equal to euro 34.4 million, continuing the positive trend registered in the previous three quarters. Cash flow from extraordinary operations was positive for euro 49.4 million mainly as a result of the capital gain generated by the disposals completed in the period, amounting comprehensively to euro 56.4 million (of which euro 45.1 million include the transfer of 80% of Monradio and 50% of the Harlequin Mondadori joint venture).

BUSINESS AREAS

BOOKS
In the first nine months of 2015 the Trade Books market posted a 2% overall reduction, though showing a progressive improvement quarter after quarter.

In this context, Mondadori Group confirmed its leadership position with a 25% market share (25.9% at 30.09.2014; source GFK).

In the period the Group had 5 titles in the 10 top best-selling books in the first nine months of 2015 (Grey, La ragazza del treno, Cinquanta sfumature di grigio, La vigna di Angelica, Storia di una ladra di libri) and La ferocia by Nicola Lagioia (Einaudi) won the Strega Prize for 2015.

In the first nine months of 2015, revenues in the Books area amounted to euro 232.7 million, down 2.6% against euro 238.9 million of the same period in 2014. In particular:

• revenues from the Trade Books area registered a sharper decline than the market, also due to the performance of the large retail channel and the Paperback segment and, above all, due to a selective publishing policy aimed at increasing profitability;
• Educational Books posted growing revenues by 5.8% against the same period of 2014, mainly due to the management of museum concessions and the positive performance of school textbooks (+2%). In the period the Group confirmed its position as the third top player in the market of school textbooks.

Revenues from the download of e-books rose by 19% against the previous year, in line with the trend recorded in the first half of 2015, with a 7.3% share of digital sales on the total (5.3% at 30 September 2014).

EBITDA, net of non-recurring items and despite reduced revenues, remained essentially steady compared to the previous year, totalling euro 35.5 million as a result of a more effective management of operating processes deriving from the radical reorganization process and product revision implemented in the Trade Area, including actions aimed at reducing the number of titles and the average number of copies but still maintaining research and continuous improvement in the quality of the publishing programme.

Reported EBITDA for the area was equal to euro 39.6 million, up from euro 34.8 million recorded in the first nine months of 2014. It includes the capital gain equal to euro 7.6 million deriving from the transfer of the interest held in the Harlequin Mondadori joint venture (completed on 30 September 2015) and a higher incidence of restructuring costs compared to last year (euro 3.5 million in 2015 against 0.6 million in 2014).

MAGAZINES ITALY
In Italy, despite the negative scenario recorded in the market in terms of both circulation (newsstand channel in August: -7.2%; internal source) and sales from advertising (source: Nielsen in August: -3.6%), Mondadori confirmed its position as market leader with a 32% market share in circulation (slightly up from 31.8% recorded in August 2014).

Overall revenues of the Magazines Italy area amounted to euro 224 million, down by 3% (-5% on a like-for-like basis, net of the acquisition of 50% of Gruner+Jahr/Mondadori completed on 1 July 2015) against euro 231 million at 30 September 2014. In particular:

• revenues from circulation decreased by 3% (-7.3% on a like-for-like basis), also due to the rigorous policy adopted in the selection of the most profitable promotional initiatives in subscription and newsstand channel;
• revenues from advertising sales in the print+web segment of Mondadori brands in Italy dropped by 4% (-5% on a like-for-like basis); more specifically, advertising sales in the print media posted a 5.5% reduction on a like-for-like basis, while web advertising was up 0.3%, performing better than the reference market trend (-2.1% source: Nielsen, in August);
• revenues from add-on products decreased by 6.8% (-8.1% on a like-for-like basis), showing a progressive recovery in the third quarter.

EBITDA of the Magazines Italy area, net of non-recurring items, posted a remarkable improvement, going from a loss of euro 0.4 million to a positive value of euro 4.1 million,[4] as a result of the effective review of the publishing and operating organization as well as of promotional activities. Despite the downward revenue trend determined by market conditions and by the implementation of targeted project selection policies the Group managed to maintain both its traditional publishing quality and its market leadership.

Reported EBITDA confirmed the growth trend, rising from euro 0.4 million to euro 3.3 million as a result of the above mentioned actions and of the progressive recovery of advertising sales, even if the previous year benefited from non-recurring items amounting to approximately euro 1 million, deriving from the contribution to Mediamond. The overall contribution of the international operations consolidated at equity was positive for euro 1.2 million, in line with the same period of the previous year.

Traffic data showed an overall audience rate equal to 6.7 million unique users; more specifically, the latest survey (August 2015) showed significant growth in the performance of Donnamoderna.com (+8%), Grazia.it (+13%) and Salepepe.it (+48%).

MAGAZINES FRANCE
In France, the magazines market showed a bearish trend both in terms of sales from advertising, down 8% (source: Kantar Media, data at July) and circulation, which fell by 3.9% at newsstands (internal source, data at August excluding the extraordinary edition of Charlie Hebdo in February).

In the first nine months of 2015, revenues from Mondadori France equalled euro 246.8 million, down 2.9% against euro 254.2 million of the same period in the previous year, mainly confirming the trend recorded in the first half of 2015.

Revenues from circulation (accounting for approximately 72% of the total) posted a 2.4% downturn against the previous year. In particular:

• the newsstand channel recorded a 6.2% reduction against the first nine months of 2014 (period including the publication of the “Hollande scoop” on Closer);
• the subscription channel instead posted a 0.2% increase.

These positive performances were made possible thanks to the constant attention paid to publishing quality and innovation.

Revenues from advertising sales were down 6.1% against the same period of the previous year, but performance differed between offline and online products: digital advertising was up (+24%) and now represents more than 14% of total advertising revenues, partially offsetting the drop in traditional print advertising (-9.8%). In this context Mondadori France confirmed its position as second top player in the magazine advertising market, with a market share of 11%.

EBITDA, net of non-recurring items, was equal to euro 22.1 million, down by 4.7% against the previous year, mainly as a result of increased mail tariffs and the extraordinary contribution, included in the same period of 2014, of the “Hollande scoop” published in January 2014 by the magazine Closer.

Mondadori France continued the process for the rationalization of structures and the implementation of the policy targeting editorial cost containment. These actions are expected to be continued through 2015 with a view to further adjusting the organization to the changes and to sustaining profitability, while keeping its ability to make investments in quality and in the progressive digitalization of editorial activities.

Reported EBITDA, equal to euro 20 million, was down 10% against the first nine months of 2014 (euro 22.3 million), due to higher restructuring costs for approximately euro 1.1 million.

The total number of readers of Mondadori France magazines reached 8.1 million unique users, up approximately 28% against 2014, also as a result of the progressive digitalization of the editorial teams.

RETAIL
In the first nine months of 2015, the Retail area posted revenues of euro 131.6 million, down by 9.2% against euro 144.9 million of the same period of the previous year, also as a result of the transfer (completed in 2014) of the flagship store located in corso Vittorio Emanuele in Milan (whose contribution in the first nine months of 2014 was equal to euro 10.4 million).

Books represent the predominant product category (accounting for 77.5% of the total) and outperform the market of reference on a like-for-like basis by approximately 1 percentage point. As for the distribution channels, the following is worth mentioning:

• direct bookstores: -4.3% (+1.8% on a like-for-like basis);
• franchised bookstores: slight downturn in the revenues of the book category and a more substantial drop in the non-book segment;
• megastores: dropping revenues as a result of the transfer of the flagship store of corso Vittorio Emanuele in Milan; on a like-for-like basis the performance of the book segment was positive (+7.8%) and consumer electronics products were back on a growing trend;
• in the online segment revenues were down comprehensively by 4.2% (-0.6% in the book segment).

EBITDA, net of non-recurring items, was equal to euro -3.1 million, sharply up against euro -5.4 million of the corresponding period in 2014.

Two main causes drove this result:

• the improved product margin, especially in the book category (thanks to actions aimed at network and format review and promotion containment activities) and in consumer electronics thanks to a more targeted and well-studied product assortment focused on accessories and services;
• the extended implementation of cost reduction measures, which resulted in a lower incidence of operating costs and overhead.

Reported EBITDA increased substantially in the period, by euro 3.2 million against the same period of the previous year (euro -6 million including restructuring costs for euro 0.6 million), totalling euro -2.8 million.

DIGITAL
In the first nine months of 2015 total revenues from digital activities posted an 8.4% increase against 30 September 2014 (euro 38.3 million against euro 35.3 million).

The purely digital activities that cut across all business areas posted increased revenues by 11.1% against the first nine months of 2014; revenues from digital marketing service activities were stable.

The incidence of digital activities on the Group’s total revenues was equal to 4.7% against 4.1% recorded at 30 September 2014.

2015 FULL YEAR OUTLOOK
In the third quarter of 2015 the Group continued the non core assets disposal plan, which, increasing the availability of the consolidated financial resources, also contributed to supporting the future development of the Group and its competitive position consistently with the strategic guidelines announced. In line with the Group’s focus on core business, the Group recently signed an agreement to acquire RCS Libri. This transaction will enable the Group to consolidate its presence in Italy in the Trade and Educational segments and in illustrated books at the international level.

Based on the Group’s positive performance in these first nine months and on the ongoing optimization of operating processes and cost structure, as well as on the measures aimed at rationalizing the portfolio of activities and mitigating the downturn in revenues due to the performance of the market, it is reasonable to confirm the 2015 projections of a growing EBITDA at the Group level.

In the light of the aforementioned positive outlook, the recently completed disposals and the recovery of investments in the market, the Group’s net financial position is also expected to significantly improve against 2014 year end.

§

The documentation relating to the presentation of the results for the first nine months of 2015 to analysts is made available to the public on the authorized storage device 1info (www.1info.it) and on www.gruppomondadori.it (Investor Relations section).

§

The Executive Manager responsible for drafting the corporate accounting documentation – Oddone Pozzi –hereby declares, pursuant to Art. 154 bis, par. 2, of the Finance Consolidation Act, that the accounting documentation contained in this press release corresponds to the Company’s accounting entries, books and results.

§

INTERIM REPORT ON OPERATIONS AT 30 SEPTEMBER 2015
This interim report at 30 September 2015 was approved by the Board of Directors and is made available starting from today’s date at the Company’s legal offices, on the authorized storage device 1info (www.1Info.it) and on www.gruppomondadori.it (Investor Relations).

[1] On 30 September 2015 the transfer of 80% of the share capital of Monradio S.r.l. to R.T.I. S.p.A. was completed for a price equal to euro 36.8 million. Pursuant to IFRS 5 (“Non-current assets held for sale”) the Group’s radio business was qualified as “discontinued operations” and as such it was entered in the tables at 30.09.2015.. As a result, in the income statement of the first nine months of 2015 and of 2014 included for comparison purposes, the results achieved in the radio business area in the period, along with the depreciation of operations made in order to bring their value in line with the fair value resulting from the offer, were classified under “Result from discontinued operations”.

[2] The Magazines Italy area includes revenues generated from Gruner+Jahr/Mondadori consolidated since 1 July 2015 (euro 5.3 million) following the acquisition by Mondadori of 50% of the joint venture; net of this variation, at the Group level, the reduction in revenues would be equal to 4.7% in line with the performance recorded in the first half of 2015 (-4.8%).

[3] The consolidation of Gruner+Jahr/Mondadori as of 1 Juy 2015 contributed positively with euro 0.7 million.

[4] of which euro 0.7 mlllion generated from the consolidation of Gruner+Jahr/Mondadori

On newsstands on October 15th, the new issue of Icon Design, magazine the design, architecture and interiors magazine, a spin-off of Icon, Mondadori’s upscale male fashion and lifestyle title, edited by Michele Lupi.

Following the success of the first issue, published in April as a free supplement with Panorama to mark the Milan Design Week, the magazine will now hit the newsstands as a stand-alone title with a launch price of €3.50. After three weeks on newsstands, it will then be distributed as a free supplement with Panorama from 12 November, in addition to targeted distribution at a 150 design and fashion showrooms and luxury and super luxury hotels in Milan.

Once again the focus of Icon Design is the stories behind the objects, homes and cutting edge design projects, covered in the now consolidated Icon style, with a special focus on the development of some of the design world’s most creative personalities: architects visionaries, as well as great photographers, artists and designers of outstanding talent, among the most original creations from around the world.

The cover story of this second issue of Icon Design features Martino Gamper, the Italian interpreter of artisanal design 2.0, who, from his studio in London, discusses how the design profession must keep freedom, curiosity and research at the core of its vocation.

On the advertising front, the new issue of Icon Design has had an excellent response from the market with 77 pages and the inclusion of over fifty leading Italian and international brands from the ‘living’ and other sectors. The launch will coincide with the Milano Design Film Festival (for which the magazine is a media partner), at which the editor Michele Lupi will present, on, 18 October at 6 pm at the Anteo Spazio Cinema, the film Andermatt – Global Village by Leonidas Bieri, selected, in collaboration with Samsung, among the films on the festival programme.

Following the meeting of the Board of Directors of Arnoldo Mondadori Editore S.p.A., chaired today by Marina Berlusconi, CEO Ernesto Mauri has signed the agreement to acquire RCS Libri S.p.A.

The agreement will allow Mondadori Group to strengthen its foothold in the trade books market and educational publishing field in Italy, and in the illustrated books segment on an international level.

The scope of the transaction includes the entire interest, amounting to 99.99% held by RCS MediaGroup S.p.A. in RCS Libri S.p.A., with the underlying subsidiaries – which, at closing date, will include 94.71% of Marsilio Editore S.p.A. – with the exception of 58% held in Adelphi Edizioni S.p.A.

In FY 2014, this scope reported the following pro-forma figures: revenues of euro 221.6 million; EBITDA before non-recurring items of euro 8.8 million, and capex of euro 11 million, euro 1.7 million of which made to renew the Rizzoli bookstores.

Consideration for the transaction amounts to euro 127.5 million, and reflects an average NFP (to counter the effects of business seasonality) and adjusted (also to include the buy-back of minorities of Marsilio), amounting to euro -2.5 million.

Since the consideration reflects expectations on this year’s result, price adjustment mechanisms of up to +/- euro 5 million have been included, based on the achievement of pre-set financial targets in 2015.

The agreement also provides for an earn-out of up to euro 2.5 million to RCS MediaGroup S.p.A., based on the achievement of specific results in the books segment in 2017.

The transaction provides the customary representations and warranties in favour of the acquiror.

The acquisition, the consideration of which will be settled in cash at closing date, will be financed by credit lines; the Group has recently signed an agreement with the lending banks in order to reschedule the existing lines in connection with the transaction, reviewing deadlines and conditions.

By the transaction, Mondadori will acquire exclusive ownership over all the trademarks in the books segment, including Rizzoli. Under the agreement, RCS MediaGroup media titles are allowed to carry on their book publishing business in line with their existing activities.

Completion of the transaction is subject to approval by the appropriate regulatory authorities; any conditional clearance provisions will not compromise the completion of the transaction.

The presentation of the transaction will be made available tomorrow at the authorized storage system 1Info (www.1info.it) and on www.gruppomondadori.it (Investor Relations section).

Arnoldo Mondadori Editore S.p.A. informs that on today’s date, in line with its non-core assets disposal plan, it has completed the sale of 80% of Monradio S.r.l.’s share capital to R.T.I. S.p.A. and the sale to Harlequin Italia S.r.l. of the entire interest held, through Mondadori Libri S.p.A., in the joint venture Harlequin Mondadori S.p.A. for a total amount, cashed today, of euro 45.1 million.

The two transactions, increasing the availability of the consolidated financial resources, contribute to support the future development of the Group and its competitive position in the core businesses, consistently with the strategic guidelines announced during the year.

In detail, the sale agreement of 80% of Monradio’s share capital was signed today with R.T.I. (Mediaset Group) for a total price of euro 36.8 million (cash/debt free), according to the terms included in the information document regarding transactions of greater relevance with related parties disclosed to the public on 24 September 2015.
In 2014 Monradio contributed to the Group’s consolidated financials revenues of euro 11.7 million and a negative EBITDA of euro 4.4 million[1].

The sale of the 50% interest held by Arnoldo Mondadori Editore, through Mondadori Libri, in Harlequin Mondadori to Harlequin Italia (HarperCollins Publishers) was also finalised today.
Established in 1980, Harlequin Mondadori is a 50/50 joint venture operating in the women’s fiction mainly through the sale of the series Harmony in the newsstand channel.
In 2014 the company, consolidated on an equity basis, generated revenues of euro 9.1 million with a net profit of euro 1.0 million.
The value of the transaction amounts to euro 8.3 million, including an adjusted NFP (for 50%) positive for euro 1.6 million.

[1] Pursuant to IFRS5, the Group’s radio business was qualified as “discontinued operations” already in the income statement for the first half of 2015. Therefore, Monradio’s result in the period was recognized under item “result from discontinued operations”, which includes the writedown of Monradio’s assets equal to euro 7.1 million in order to align the value to the fair value resulting from the transaction (euro 46 million for 100%).

Arnoldo Mondadori Editore S.p.A. informs that pursuant to article 5 of Consob Regulation No. 17221/2010 and subsequent amendments, an information document regarding transactions of greater relevance with related parties has been made available in relation to the transfer – approved by the Company’s Board of Directors on today’s date (following the positive opinion given by the Committee of the independent directors on the transactions with related parties pursuant to Consob Regulation and the procedures adopted by the Company) – of 80% of Monradio S.r.l.’s share capital (a company fully owned by Arnoldo Mondadori Editore S.p.A.) to R.T.I. S.p.A. (a company fully owned by Mediaset S.p.A. and subject also to the joint control with Arnoldo Mondadori Editore S.p.A.).

The transaction qualifies as a “transaction of greater relevance” as the relevance indexes pursuant to article 4, par. 1, letter a) of the aforementioned Consob Regulation are exceeded and endorsed on a 2.5% ratio in the Procedure adopted by the Board of Directors of Arnoldo Mondadori Editore S.p.A..

The information document regarding the transaction above is made available at the Company’s legal offices, on the Company’s web site www.gruppomondadori.it (Governance section) and on the authorized storage web site www.1info.it.

Cracking Art, a group of artists known around the world for over twenty years for their installations of giant animals in recyclable coloured plastic, has chosen the Niemeyer Building, the headquarters of the Mondadori Group, as the stage for a spectacular collective installation of their works.

The art proposed by Cracking Art is colourful, lively, original and interactive, and designed for real contact with the public. All of the creations are characterised by an innovative use of plastic materials: recycling plastics means avoiding toxic and environmentally devastating disposal and making works of art which is then placed in urban, monumental and historical contexts means communicating by means of an innovative aesthetic language, and expressing a special sensitivity towards nature, support for cultural organisations and the recovery of historical sites and monuments. Hence the slogan Art that regenerates art, which has been used for years to present the colourful invasion called Rigeneramento (Regeneration).

Cracking Art has already made 375 invasions of giant animals all over the world: from Bangkok to Moscow, New York and Brussels, as well as Milan, Rome, Florence and Trieste, before arriving today at the Niemeyer Building in Segrate, on the outskirts of Milan. Thanks to this initiative – promoted by Mondadori Portfolio, the Mondadori photo agency and a partner of Cracking Art – the Niemeyer Building will be embellished by more than 280 gigantic works of art depicting wolves, frogs, snails, meerkats and swallows.

The creations will be placed all around the headquarters of the Mondadori Group: the pillars and paving of the building designed by Oscar Niemeyer, and the waterfront and park by landscape architect Pietro Porcinai. The installations of giant animals will also be the focus of a series of activities involving the Mondadori brands, including an exclusive cocktail party La moda fa bene all’arte (Fashion is good for art) organised by Grazia International Network in collaboration with Cracking Art.

The message of the Cracking Art animals

The artists of Cracking Art artists decided to invade the headquarters of Mondadori with five types of animals, each with a colour and a specific meaning:

– The wolf communicates the idea of ​​the herd, of acting for the common good, but also solidity and individual strength;

– The meerkat is a social animal and transmits an idea of ​​endurance thanks to its capacity for cooperation;

– The frog symbolises a metamorphosis, the transformation and the connection between water and the earth. It is the most onomatopoeic of animals: from croak, croak – stagnation; to cracking, cracking – movement.

– The snail, a highly topical animal because its home is associated with communication, the symbol a e-mail, and recalls the organ we use to hear, and therefore the gift of hearing;

– Finally, the swallow suggests the idea of ​​travel but, at the same time, also of coexistence, because it nests in inhabited houses.

Cracking Art Group

Six international artists, who since the birth of the Cracking Art Movement in 1993 with the exhibition Epocale in Milan, curated by Tommaso Trini and Luca Beatrice, underline the Group’s intention to change the history of art through a marked social and environmental commitment combined with a revolutionary and innovative use of plastic materials that evoke the close relationship between the natural and the artificial.

From today Simonetta Bocca has taken up the position of director of human resources and organisation of the Mondadori Group, reporting directly to the chief executive Ernesto Mauri.

Born in Biella in 1963, Simonetta Bocca has a degree in mathematics and information science from the University of Turin. She began her career at Alenia Aeronautica in 1987, with increasing responsibilities in the planning and control, total quality, business processes, reengineering and organisation areas.

She joined Fiat Auto in 1998 as head of Processes, organisation and IT systems for the suppliers and manufacturing areas and, from 2000, of the sales and marketing areas in Italy and Europe. In 2002 she moved to Aprilia and Moto Guzzi (the Piaggio Group) as head of human resources, organisation and strategic planning. She was subsequently appointed head of human resources staff and organisation, development, training and internal communications at Trenitalia; before joining the Coin – Upim Group, as head of human resources, organisation, ICT and legal affairs.

In 2011 she was appointed vice president for human resources and organisation at Seda International Packaging Group for the creation of a new company in the United States. In 2015 she became group senior vice president for human resources, organisation and ICT at Nicotra Gebhardt CBI Group with the position of chief executive of Industrie CBI and CBI Service.

St-Art, artist of the month is the latest cultural project by Mondadori Store, developed in collaboration with Milo Goj’s Art Relation, which aims to present and enhance the reputations of young artists while also expanding the audience for contemporary art.

From 8 September, and then every month, until March 2016, a young exponent of the contemporary art scene will be the protagonist of an month-long exhibition at the Mondadori Megastore in Piazza Duomo in Milan. The first seven artists are three Italian – Marco Abisso, Giovanni Manzoni Piazzalunga and Stefany Savino – and four non-Italian – Alban Met Hasani, Jang Sung An, Kalina Danailova and Lucia Guadalupe Guillen, all of whom have trained in Italy at the Brera Academy of Fine Arts.

The cycle of seven exhibitions will begin 8 September at 6pm with Marco Abisso, a Milanese sculptor and painter, with a music-inspired show that will run until 11 October 2015. In his work Abisso tries to re-establish a symbolic value in the romantic gesture of creating an manufactured object. The artist will also use a live performance to interact with the public using his artistic language to bend and beat sheet metal.

Each show will be inaugurated with a performance by the artist who will complete, in front of an audience, a work-in-progress – a painting, installation or digital form – inspired by a specific theme: from music to fashion, to literature, to travel. The finished works will then be put on sale in an effort to bring a wider public closer to art.

“In the contemporary world it is important to support the creative explorations of young artists with fresh ideas and hopes,” said Giacinto di Pietrantonio – curator and art expert who will introduce the Marco Abisso exhibition tomorrow. “This is what is at the heart of St-Art, Artist of the month, promoted by Mondadori Store, a project that brings young artists into direct contact with the public and offers a space to discuss and debate new ideas and forms also for the future. And also to understand, through exposure to the work, the and emerging new trends.”

Patron of the St-Art, Artist of the Month project is the artist Marco Lodola, who, for the Mondadori Megastore in Piazza Duomo, created Eden, a neon installation that can be seen on the façade of the store and which represents a luminous, a female symbol of an uncontaminated Eden holding a red apple, the colour of passion. A precise reference to the large illuminated advertising signs that from 1915 onwards appeared on the facades of the buildings around Piazza Duomo until they were forcibly removed in 1999.

ST-ART, ARTIST OF THE MONTH

Mondadori Megastore, Piazza Duomo Milano

Open from: 9am – 11pm

Entrance: free

For a complete calendar of the exhibitions go to: mondadoristore.it

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