(89.62% of share capital)




The financial data prepared for EXOR consolidated reporting purposes differs from those reported by GEDI since the data consolidated by Exor reflects the effects of the application by Exor of the acquisition method to account for its acquisition of GEDI.
The following information refers to the key consolidated figures of GEDI.

  I Half  
€ million 2021 2020 Change
Net revenues 248
Gross operating profit (loss)
Adjusted operating (loss) profit (6)
Net loss
€ million 06/30/2021 12/31/2020 Change
Shareholders' equity 213 227 (14)
Net financial debt 116 106 10


In 2020 the national and international scenario was characterized by the spread of the COVID-19 virus and the restrictive measures adopted by national and local authorities to contain, it which had and continue to have direct consequences on the organization and efficiency of GEDI’s activities. In particular, the decline in consumption directly impacts the level of investment in advertising.  

The start of 2021 has also been affected by the ongoing impact of COVID-19 and its related restrictive measures. In Italy, the number of cases started to grow in February and reached a peak in the last ten days of March. Since mid-April, the situation has been improving and has made it possible to slowly phase out restrictions and reopen commercial activities. 

The evolution of the pandemic continues to have a significant impact on macro-economic projections and although the progress of the vaccination campaign is positive for the medium-term horizion, the timing and pace of the recovery are still uncertain. 

GEDI monitors the evolution of the situation on a daily basis in order to minimize its effects on the business, both in terms of work-place health and safety and of GEDI’s economic performance and financial position. GEDI has established and promptly implemented the necessary action plans, while continuing at the same time to invest accordingly with the individual strategies identified.

€ million I Half 2021 I Half 2020 Change
Circulation 111
Advertising 115
Add-ons and others 22
Total 248

In the context described above consolidated revenues totaled €248 million, which was in line with for the first half of 2020 of €249 million (+5% on a like-for-like basis). Revenues from digital activities represent 15.7% of consolidated sales (21.0% for the la Repubblica brand). 

Circulation revenues from traditional products and digital subscriptions amounted to €111 million, a decline of 11.8% compared to the corresponding period in 2020 (-3.1% on a like-for-like basis).  

In 2021, the actions to increase the sales of digital subscriptions have continued: the subscriber base, which has grown compared to the close of 2020, has attained higher profitability compared to the same period in 2020. This improvement is principally due to the transition of the customer base from promotional offers made in 2020 to full pricing. It is a measure of the continued interest of subscribers in GEDI’s digital products – going beyond the effects of the COVID-19 emergency and in spite of the ending of the promotional period – and of the effectiveness of the new customer retention and engagement initiatives designed to reduce churn and to increase readers’ consumption of products. 

On 25 May 2021 a new digital product was launched, Zero Pubblicità. When purchased alone or combined with one or more existing digital products, allows the user to navigate the site and to access all content without any advertising. 

Furthermore, in May 2021 the new Repubblica App was released which combines in one single app all the newspaper’s digital offerings (both free of charge and subscription) with state of the art functionalities. 

GEDI, across all its websites, registers 29.7 million unique users per month and an average of about 5.9 million unique users per day (Source: Audiweb, average for the period of January to May 2021). 

During 2021, the strategy of releasing Content Hubs continued, with Moda & Beauty, il Gusto and Italian Tech, distributed across la Repubblica, La Stampa and all the local daily newspapers, in multichannel format (digital and paper) with a digital focus and a unified organizational structure. In 2020, the Green & Blue and Salute Content Hubs were successfully launched. 

The purpose of the Content Hubs is to increase digital subscriptions, host interesting content for advertisers and ensure production and sales efficiency along the vertical themes. 

Advertising revenues, amounting to €115 million, grew by 13.4% compared to the first half of 2020 (+16.2% on a like-for-like basis).  

In terms of the various media within the Group, GEDI’s advertising revenue from print newspapers increased by 13.5%, radio broadcasting by 26.3% and internet by 16.6% respectively.

Net loss

The consolidated net result was a loss of €11 million after the recognition of exceptional components attributable to the COVID-19 pandemic with an impact of €1 million on the net result. In the first of 2021 the sale of Editoriale Corriere di Romagna was completed and produced a disposal gain of €0.1 million. An agreement was also signed for the sale of the holdings in Editoriale La Libertà, Telelibertà and Altrimedia at a loss of €1 million (book value €9 million, selling price €8 million), with the sale completed in July 2021.

For the first half of 2020 the net loss was €121 million, including impairment losses on goodwill and publications of €74 million net of taxation, restructuring expenses and extraordinary components with an impact of €6 million on the company's result. Over the six-month period, impairment losses of €6 million were also recorded on the holdings in Editoriale Libertà and Editoriale Corriere di Romagna and €9 million were recorded for negative adjustments to deferred tax assets due to the worsening forecasts for the recovery of tax loss carryforwards due to COVID-19.

Adjusting to exclude the above components, the adjusted net loss for the first half of 2021 was €10 million compared to an adjusted net loss for the corresponding period of 2020 of €26 million.

2021 Outlook

In a context in which the outlook is still unclear, the main agencies and institutions are predicting that Italy’s GDP will partially recover in 2021, thanks also to the progressive introduction of the measures included in the National Recovery and Resilience Plan.

This prospect, however, is highly susceptible to developments in the pandemic, which depend on the one hand on the spread of COVID-19 variants and on the other on the timing and efficacy of the ongoing vaccination campaign.

At present, therefore, the factors that contribute to the construction of revenue forecasts, and in particular of advertising revenues, both for the editorial (printed and digital) and the radio broadcasting segments continue to be subject to major uncertainty.

To mitigate the effects of these external events, GEDI's management is implementing a series of incisive actions to contain the main cost categories. The aim is to achieve further savings while at the same time continuing to invest according to the the individual strategies identified, in particular, seizing all the opportunities offered by the digital revolution to make the transformation needed to reach an ever-larger customer base on any platform.

This strategic context includes the agreements signed during 2021 for the purchase of the portals “alfemminile” and “AutoXY” which enrich and complete the services and content offered by GEDIs brands, both for readers and for advertising customers.

Further, at the beginning of June 2021 a preliminary agreement was reached with The Huffington Post LLC for the acquisition of the entire stake of the company Huffington Post Italia, one of the best-known and respected national on-line information brands, which produces and distributes daily articles, comment and original analysis on national and international events. Under the terms of the agreement, GEDI will acquire the 51% of the capital of the joint venture at present held by The Huffington Post LLC (BuzzFeed group). As a result, GEDI’s holding in the company will increase to 100%; the completion of the transaction, which is subject to the customary regulatory authorizations, is expected by the end of the third quarter of the year.

With regard to forecast about the current year, considering the actions already taken and those planned, GEDI believes that, in the absence of a tightening of measures to contain the spread of the virus, it will be possible in 2021 to achieve higher margins compared to those reported in 2020.

The actions undertaken by the Government to sustain the national economy may, also, provide a positive contribution to the Company’s results.

Commercial Register No.64236277 Note legali | Credits