2021 Strategic repositioning

Major business model de-risking path.

The positive results, the good business outlook and the further improvement in operating performance and cash generation capacity, paint a picture of a very solid Group, allowing it to look forward with greater confidence to the results achievable in the new year, despite the recent challenges posed by the increase in energy prices and the purchase of raw materials, paper first.

From a strategic point of view, the Group will continue to strengthen its core business and therefore its leadership in the Books Area, increasing its relevance and influence on the overall Group business. This path will see Mondadori both expand horizontally through entry into new segments of book publishing, including contiguous areas, and continue and consolidate the process of vertical integration launched through the recent acquisitions in the field of book promotion and distribution.

Mondadori will concurrently continue to develop its digital skills and range of products, and to rationalize its non-strategic activities, also through M&As.

Outlook 2021

Fy2022 Targets* 

  • Economic targets
  • mid-single digit increase in revenue 
  • adjusted EBITDA up by more than 20%.

On a like-for-like basis, top-line and low single-digit margin growth, confirming the ongoing cost containment actions aimed also at offsetting in 2022 the negative impact of the increase in costs relating to raw materials and energy consumption

  • Net profit expected to grow double-digit.

  • Cash Flow and Net Financial Position – significant cash generation capacity confirmed:
    • Ordinary Cash Flow in line with2021 due, on the one hand, to the positive contribution of D Scuola, and, on the other, to a “one-off” increase in the Group’s capital expenditure 
    • Free Cash Flow in the region of €40/45 million before dividend payout but net of the forecasted cash-out for the extraordinary transactions announced
    • a Group Net Debt (IFRS16) lower than 1.1x Adjusted EBITDA (0.6x before IFRS16).
  • Dividend Policy 2022-2024:

distribution of 40% of Ordinary Cash Flow per year, maintaining a minimum floor equal to the Dividend Per Share of 2021 (€8,5 cents).

* Scope includes the transactions concluded in 2021, therefore the consolidation of D Scuola and the deconsolidation of the activities referring to the titles sold in December 2021.

Evolution 2014 - 2020

2014 – 2016: First phase of strategic repositioning
Operational improvement and efficiency recovery


Trasformational deals aiming at:

  • strengthening of the books core business
  • digitalisation of the magazines area
  • Rizzoli Libri acquisition
  • Banzai Media acquisition
  • Radio business disposal
  • Roma offices disposal
  • Divestment of other non strategic activities
  • Adj. EBITDA from 14 to 67 € mn
  • Adj. EBITDA from 1% to 7%
  • Net debt from -363 to -264 € mn, incl. about €130 mn for acquisitions
2017 – 2019: Second phase of strategic repositioning
Economic and financial stabilisation:

  • Books area margins in increase
  • Magazines area margins stable


Finalisation of the second phase of strategic repositioning

  • Achievement of synergies from integration
  • Development of digital activities
  • Mondadori France disposal
  • Disposal of 6 Italian magazines
  • Inthera disposal
  • Logistic outsourcing
  • Disposal of the Verona building
  • Renegotiation of the printing agreement
  • Adj. EBITDA from 67 to 95 € mn
  • Adj. EBITDA from 6.8% to 10.7%
  • Net result at €30.5 mn
  • Net debt from -264 to -55 € mn, incl. about €80 mn for disposals
2020: Resilience in the year of emergency
Timely and effective response to ensure business continuity and defense of profitability
  • Increased efficiency and further financial deleverage
  • Books: over 90% of Group margins
  • Adj. EBITDA from 82 € mn, > 11%
  • Net debt -15 € mn