(89.62% of share capital)




It should be noted that the financial data prepared for EXOR consolidated reporting purposes is different from that reported by GEDI. The data consolidated by Exor reflects the period from 1 May 2020 to 31 December 2020 and the differences related to the effects of the application of the acquisition method by Exor to account for the acquisition.

The following information refers to the key consolidated figures of GEDI for the year 2020.

  I Half  
€ million 2020 2019 Change
Net revenues 533 604 (71)
Gross operating profit 2 34 (32)
Adjusted operating profit (12) 28 (40)
Net loss (166) (129) (37)
€ million 12/31/2020 12/31/2019 Change
Shareholders' equity 227 394 (167)
Net financial debt 106 99 7


Results for the year 2020 have been heavily penalized by the performance of the first half of 2020, in which all the activities have been significantly affected by the spread of the COVID-19 virus and the consequent restrictions needed for its containment introduced by national and local authorities.

The crisis has determined, for GEDI, a direct contraction of advertising revenue resulting from the collapse in consumption and the consequent stop of planning and cancellation of some national and local campaigns already previously booked and from the cancellation of scheduled events.

Conversely, all brands have further consolidated their central position and authority in providing accurate information to readers, recording particularly significant increases in digital traffic.

In this context, GEDI prioritized actions to guarantee the health and safety of its workforce and swiftly adopted a series of measures for further rationalization and reduction of costs, aimed at containing the economic and financial effects deriving from the sudden drop in advertising revenue, whilst continuing investment according to the strategic guidelines identified.

€ million 2020 2019 Change
Circulation 278 291 (13)
Advertising 239 291 (55)
Add-ons and others 16 19 (3)
Total 533 604 (71)

Consolidated revenues attested to €533 million, down by 11.6% compared to the year 2019. Revenues from digital activities accounted for 14.7% of consolidated revenues (20.2.% from Repubblica brand). Circulation revenues, for €253 million decreased by 6.1% compared to the previous year. The effects of COVID-19 and restrictive measures introduced at regional and national level impacted negatively on the performance of sales at newsstands.

Meanwhile, sales of digital subscriptions confirmed their positive trend, supported both by continued actions to maximize the consumer-base and increased new activations following growing attention of readers to news regarding the spread of COVID-19. In this context, a promotional policy was introduced for premium products and annual dual-copy subscriptions.

All these measures increased the customer base, which at the end of 2020 had reached 231 thousand subscriptions, higher by about 100 thousand subscriptions compared to the end of December 2019.

Advertising revenues at €239 million, were down by 18.6% compared to the year 2019. The decline is essentially attributable to the COVID-19 effect.

With reference to the Group’s different platforms, print advertising was down 19% and radio down 29.3%, while internet advertising revenues increased by 3.7%.

Net loss

GEDI closed the year 2020 with a loss of €166 million, including the impairment losses on goodwill and on publications for €82 million (net of taxes), restructuring expenses in addition to the other non current components impacting on net profit for €24 million and losses realized on the disposal of local publications for €11 million.

In 2020, impairment losses of €7 million were also recorded on the investment held in Editoriale Libertà and Editoriale Corriere di Romagna and €13 million for adjustments on deferred tax assets due to the worsening forecasts for the recovery of previous tax losses due to COVID-19.

2021 Outlook

At present, with the protraction of the pandemic situation, all the factors contributing to the formulation of forecasts for revenues, particularly those from advertising, both in the press publishing sector (printed and digital) and in radio, continue to be subject to a high degree of uncertainty.

As to the outlook for the performance of the business, GEDI believes that it has adequate operational and financial capacity to ensure its positive medium to long term development, albeit in a macroeconomic context which inevitably will be influenced by the ongoing public health emergency. The measures already taken by the Government to sustain the national economy, which could be amplified and/or extended in time, could provide a further positive contribution to the Company’s economic performance.

Commercial Register No.64236277 Legal notes | Credits