text:
Consolidated annual report and results for the year to 31 December 2010
Consolidated revenues of €1,558.3 million: +1.2% on the €1,540.1 million of 2009
Gross operating profit of €140.2 million: +32% compared with €106.2 million in 2009
Consolidated operating profit of €114.2 million: +59.1% on the €71.8 million of 2009
Consolidated net profit of €42.1 million: +22.7% compared with €34.3 million in 2009
Adjusted consolidated net profit of €50.8 million: more than double the €23.8 million of 2009
Proposed dividend of: €0.17 per ordinary share
Proposal for the cancellation of part of the treasury stock corresponding to 5% of the share capital
Renewal of authorisation to buy back and utilise own shares
The Board of Directors of Arnoldo Mondadori S.p.A. met today, under the Chairmanship of Marina Berlusconi, to examine and approve the consolidated balance sheet and management report for the year to 31st December 2010 as presented by the Group's Deputy Chairman and Chief Executive, Maurizio Costa.
GROUP PERFORMANCE FOR THE YEAR ENDED 31 DECEMBER 2010
In terms of profitability, 2010 showed a substantial improvement on the previous year. In addition to an increase in revenues, all of the objectives for the year relating to reorganisation and the reduction of staff and operating costs were achieved.
In particular, the personnel rationalisation plan and reorganisation activities led to a reduction of 347 people in 2010, taking to around 700 the number for the three-year period (excluding the effects of the sale of the Printing division and the consolidation of Mondolibri). Further improvements are foreseen during 2011.
There was also a reduction in personnel costs for the year of 10.3%.
The year also saw the attainment of 93% of the plan to contain operating costs, which foresaw a saving of €170 million for the three-year period 2009/2011.
Consolidated revenues came to €1,558.3 million, an increase of 1.2% on the €1,540.1 million of 2009.
Consolidated gross operating profit totalled €140.2 million, up 32% from the €106.2 million of the previous year. While benefitting from lower restructuring costs than in 2009, this item was negatively impacted, for an analogous amount, by higher postal charges and, above all, by extraordinary charges from writedowns and the results of joint ventures in countries severely affected by the recession.
As a proportion of revenues, this represented a rise from 6.9% in 2009 to 9%.
Consolidated operating profit came to €114.2 million, a jump of 59.1% compared with the €71.8 million of 2009, with amortizations and depreciations on tangible assets of €26 million (€34.4 million in 2009).
As a proportion of revenues, this represented a rise from 4.7% in 2009 to 7.3%.
Consolidated pre-tax profit came to €90.3 million, an increase of 41.3% on the €63.9 million of 2009, with higher financial charges of €16 million due largely to a capital gain in 2009 of €14.5 million following the closure of a private placement and related derivatives.
Consolidated net profit amounted to €42.1 million, a 22.7% increase on the €34.3 million of the previous year: the result was affected by the payment of €8.7 million in line with new norms regarding the definition of pending tax litigation.
Consolidated net profit for 2010, adjusted to take account of the aforementioned extraordinary item (tax charges for previous years) would amount to €50.8 million, more than double the €23.8 million net profit recorded in 2009, adjusted for capital gains.
With regard to the company's assets, net assets as of 31 December 2010 amounted to €581 million, compared with €546.3 million at the end of 2009.
The Group's net financial position went from -€372.9 million at the end of 2009 to -€342.4 million on 31.12.2010, an improvement of €30.5 million.
During the period 2008-2010, the level of indebtedness has been reduced by around € 200 million.
Information concerning personnel
On 31 December 2010 permanent and temporary contract staff employed by the companies of the Group amounted to 3,649.
An analysis of this figure, compared with the figure on 31.12.2009 and excluding the effects of the consolidation in April of Mondolibri (246 employees last year), clearly shows the benefits of the cost containment actions carried out.
As already indicated, there was total reduction of staff in 2010 of 347, which corresponds to 8.7% of the whole, when account is also taken of the reduction during the period at Mondolibri. Of this figure, 80% is related to the realisation of programmed reductions for the year foreseen by the restructuring plan and involving the Italian companies Arnoldo Mondadori Editore S.p.A. and Mondadori Pubblicità S.p.A., as well as the foreign subsidiary Mondadori France SA.
Significant rationalisation efforts have also involved the Direct area where, following reorganisation and a strategic review of sales outlets, a reduction of 7% in headcount was achieved.
THE BUSINESS AREAS
· BOOKS
Total revenues generated by the Books area to 31 December 2010 amounted to €413.9 million, a slight fall (-2.2%) on the €423.1 million of 2009, with the second half of the year showing an improvement compared with the same period of the previous year.
Also in 2010 the Group confirmed its leadership in the sector with a market share of 27.1% and a high level editorial offer. Special note during 2010 were the prestigious successes of the novel Canale Mussolini by Antonio Pennacchi, winner of the Premio Strega 2010, and runner-up also in the Premio Campiello 2010; and Accabadora by Michela Murgia, winner of the Premio Campiello. Also of note was the award of the Nobel Prize for Literature to Mario Vargas Llosa.
The fall in revenues recorded by the school textbooks sector is the result of recently introduced educational reforms.
Operating profit was affected by losses suffered by the Random House Mondadori joint venture in markets severely affected by the international financial crisis. Adjusted to take account of non-recurring items, operating profit for 2010 was in line with that of the previous year.
October saw the launch of e-book sales, with a catalogue that by the end of the year had reached a total of 1,500 titles, available from the principal Italian e-commerce stores, including Bol.it. Prices are, on average, 40% lower than print editions for new titles and 25% lower for backlist titles. The biggest selling titles were La caduta dei giganti by Ken Follett, Io e te by Niccolò Ammaniti and La solitudine dei numeri primi by Paolo Giordano.
· MAGAZINES ITALY
The Italian consumer magazine market in 2010 was again characterised by the recessionary trend that has affected the world's leading economies since the second half of 2008, with a decline in circulation, advertising investments and add-on sales.
The actions which have allowed Mondadori to successfully contrast this still problematic scenario – with a performance above that of the reference market – can be identified along tow distinct lines: the first aimed at exploiting the benefits of the multi-year reorganisation plan, and the second focused on sustaining the development of the product portfolio.
Magazine revenues in Italy in 2010 amounted to €471.4 million, a fall of 4.1% on the €491.8 million of the previous year.
After the marked slump in 2009, this result was achieved, in particular with regard to Mondadori titles, the main component of the area's business, by a series of phenomena:
a 4% fall in circulation revenues, in line with the market of reference and the consequent maintenance of leadership and market share (34.2%);
a fall of 8.7% in revenues from add-on sales, a markedly better performance than the market as a whole (-23.6%, in terms of value);
a moderate slide in advertising revenues (-1.9%), which was better than the market (-5.4%, Source: Nielsen, in terms of value) and decidedly more resistant than the most qualified competitors in the magazine market;
the particularly positive overall turnover of the Magazines area was the result of a good performance by weeklies. Meanwhile, with some significant exceptions for products involved in specific re-launches, the performance of monthlies was markedly weaker.
· DIGITAL
With the overall advertising market in 2010 showing growth (+3.8%, Source: Nielsen) compared with 2009, a very difficult year for advertising, the most dynamic medium in the year was the Internet, which grew by 20.1%.
Mondadori web sites, for which advertising is sold by Mediamond, saw a 40% increase in gross revenues, above all thanks to the performance of sites for women, in first place Donnamoderna.com, followed by Graziamagazine.it.
The Italian advertising market ended 2010 with total growth of 3.8%, confirming the progressive improvement – compared with 2009, a particularly bad year for advertising (Nielsen -13.4%) – in line with the positive signals that were first seen in the middle of the year, above all for certain media.
Mondadori Pubblicità closed the year with revenues of €233.9 million, a fall of 6.6% on the €250.4 million of 2009. On a comparable basis in terms of media, the fall was of just 1.9%.
Among the changes that characterised the year was the interruption of sales for il Giornale from November 2009, for the internet (passed to Mediamond) and the addition to the portfolio of Radio Kiss Kiss.
In magazines, after a positive final quarter, the titles published by Mondadori ended 2010 essentially in line (-0.8%), on a like-for-like basis, with the previous year, and distinguishing themselves, in a competitive context particularly affected by uncertain forecasts and a high level of volatility in advertising investments. There was a positive performance by weeklies (+1%), which benefitted from the strength of the entire women's segment.
With regard to radio, where there was overall growth of 16.5%, R101 sales were up (+5.1%) and sales for Radio Kiss Kiss, which began in March, were also positive.
· MAGAZINES FRANCE
Revenues generated in 2010 by Magazines in France amounted to €344.2 million, an increase of 0.2% on the €343.5 million of 2009 (+6.2% net of titles sold and the effect of the launch of Grazia).
In a magazine market in which there was a healthy recovery in advertising pages and a slight fall in circulation, the results of Mondadori France demonstrate the wisdom of focusing on the portfolio of high-circulation titles and the success of the launch of Grazia, with figures clearly better than the market.
Mondadori France recorded a increase in circulation volumes of 1.7% (Diffusion France Payée), compared with a – 2.1% by competitors.
Circulation revenues (69% of the total) – which include both newsstand sales and subscriptions – were down by 1.3% at the consolidated level.
Excluding the titles sold or closed, there was an increase of 3.9%, mainly due to the positive sales of Grazia (51 issues compared with 18 in 2009) and a marked growth in subscription revenues, which, being less exposed to economic cycles, constitute an important asset (32.5% of magazine revenues in the period).
With regard to advertising, there was an 8% increase in consolidated revenues compared with the previous year. If the titles sold or closed are excluded, the increase was of 19.1%. These excellent results are above all due to a marked increase in advertising revenues for the Mondadori France "haut de gamme" women's titles, which now account for 27% of total advertising sales (13% in 2009).
Volume sales in the magazine advertising market in France in 2010 was up by 9.5% (Source: Kantar Media). In the same period Mondadori France recorded an excellent performance (+24.9% in terms of volume), increasing its market share by 1.2%.
· INTERNATIONAL ACTIVITIES
In the period to 31 December 2010 the international activities of Mondadori Magazines generated total revenues of €142 million.
The 50-50 joint ventures in Russia and China performed decidedly better than the previous year and budget expectations, in particular with regard to advertising sales.
The Attica subsidiary was affected by the financial crisis in Greece and the Balkans, with a reduction in advertising revenues of around 27% (-21% on a like-for-like basis). Decisive ongoing efforts to reduce costs had a big impact on containing the loss of revenues in 2010 and are aimed at further contributing to re-balancing the results of 2011.
Other figures for the period show that licensing revenues were up by 36.4%, thanks to the positive performance of Grazia UK and Grazia Holland, as well as the German and French editions of the title, that had still to be launched in the first part of the previous year.
There was also an increase in revenues from advertising services in Italy for the network, both thanks to the new editions and the positive performance of existing titles (Grazia UK +14%, Grazia Russia +67%).
· DIRECT & RETAIL
Total revenues generated by Direct and Retail at year-end came to €279.7 million, an increase of 30.2% compared with the €214.8 million of 2009, also thanks to the consolidation of Mondolibri S.p.A. from April 2010.
On a like-for-like basis, the increase would be of 6.5%, mainly thanks to new affiliations in the franchising network.
There was a slight recovery in the market for direct communications in 2010 was characterised and, in this context, Cemit Interactive Media S.p.A. identified both new clients and new operations that resulted in a 14.3% increase in revenues compared with 2009, while also maintaining high value added activities.
In the e-commerce (Bol.it) area, the company recorded strong growth (+28%) compared with the previous year. This increase, the highest in the sector among the relevant operators in the book sector, was achieved also thanks to improvements in customer service and the adoption of a more aggressive commercial policy.
During 2010 the expansion of the network in Italy continued, resulting in the generation of combined revenues of around € 202.7 million. By normalising franchising revenues (i.e. converting them from the disposal value to the retail price), the total reaches around €250 million and gives the area in a highly significant position in Italian bookselling and a predominant position in terms of the number of outlets (with a combined total of 517 outlets under the Edicolè, Librerie Mondadori, Gulliver and Mondadori Multicenter fascia).
· RADIO
In 2010 the radio market saw revenues increase by 7.7% compared with the previous year, once again making it one of the best performing media.
The trend was markedly different between the first (+14.7% compared with 2009) and second halves of the year, which while remaining positive, was markedly less so, (+0.8%; Source: FCP Assoradio).
Advertising sales for R101 generated net revenues of €14.5 million, an increase of 5.1% on the €13.8 million of 2009. Such revenues are essentially the company's share of total gross advertising sales of around €20.5 million.
There was also a big difference in the sales for R101 between the first and second halves of the year, due to a lower number of special initiatives and a performance that was decidedly better than the market average in the latter part of the year.
With regard to ratings, publication of the Audiradio national figures has been suspended: the last published figures refer to the first quarter of 2010 where R101 notched up a daily average of 2.5 million listeners and around 7 million over 21 days).
RESULTS OF THE PARENT COMPANY ARNOLDO MONDADORI EDITORE S.P.A.
The Annual Report of the parent company, Arnoldo Mondadori Editore SpA, for the year to 31 December 2010, shows a net profit of €51.7 million (€53.2 million on 31 December 2009), while gross operating profit came to €68.1 million (€42.3 million in 2009).
The improvement in the latter was due to the positive performance recorded by the Magazines area and the effects of staff reductions resulting from the implementation of the restructuring plan introduced in 2009.
The net profit figure was impacted by the payment of extraordinary tax charges of €8.7 million, resulting from new norms for the definition of pending tax litigation introduced by law N° 73 of 22 May 2010. This operation is related to an ongoing dispute with the Milan tax office regarding the year 1991.
DIVIDEND PROPOSAL
The Board of Directors agreed to propose to the Annual General Meeting of the Shareholders, called Thursday 21 April 2010 (or Friday 22 April on second calling), the distribution of a gross dividend of €0.17 per for each ordinary share (net of treasury stock) in circulation on the ex-dividend date.
In line with the dispositions of the "Regulations for organised markets managed by Borsa Italiana SpA" dividends will be paid as follows: coupon detachment 23 May 2011, payable from 26 May 2011.
FORECAST FOR THE FULL YEAR
With the absence of any changes in the trend and with no improvements in the forecasts, figures for consumer spending in the markets of relevance to the Mondadori Group for the first two months of 2011 do not show any significant signs of improvement in the short term or for the year as a whole.
Regarding the main areas of business:
– in Magazines, some slight signs of a recovery in advertising allow for reasonable optimism in terms of a recovery in revenues, thanks to the strength of the portfolio of titles both in Italy and in France and the ongoing commitment to the quality of the offer;
– the trade books area may be able to count on an important editorial programme, while Mondadori's commitment to the development of e-books will continue to be strong;
– over the whole year, the maximum focus will be on digital activities, both in terms of the interaction with all of the other activities of the Group and in the development of new businesses, also linked to editorial content, the brands and the Mondadori communities.
Over the year, the reorganisation plan will continue, along with ongoing efforts to contain operating costs which have so far allowed the Group to recover profitability, also in extremely difficult trading conditions.
As a result of the above, Mondadori could improve both revenues and operating profitability in 2011, with a determined commitment to the development of digital activities. Caution is, however, necessary in a period of such economic instability, heightened, as it is, by international tensions that could have a negative impact on the already weak recovery underway.
PROPOSAL TO CANCEL PART OF THE TREASURY STOCK HELD AND CORRESPONDING TO 5% OF THE SHARE CAPITAL
Arnoldo Mondadori Editore S.p.A. directly holds 17,850,101 company shares, equivalent to 6.88% of the share capital and acquired at an average price of around €6.1697 per share. With an additional 4,517,486 Mondadori shares held by the subsidiary Mondadori International S.p.A., the total number of shares held, directly or indirectly, amounts to 22,367,587, or 8.62% of the share capital.
The board of directors will propose to an extraordinary meeting of the Shareholders the cancellation of 12,971,492 shares, with a nominal value of €0.26 per share, and corresponding to 5% of the share capital, while keeping in the portfolio, also to service stock option plans, 4,878,610 shares, in addition to the 4,517,486 held by Mondadori International.
The proposal to cancel a part of the shares held as treasury stock is explained by the fact that, in recent years, there have not been opportunities to use such stock as foreseen by the authorisations made by the shareholders, such as share swaps or conversions in financial instruments.Cancellation, and the consequent reduction in the number of shares making up the share capital, would – while maintaining the necessary solidity to support future growth objectives – result in the optimisation of the company's capital structure and have a positive impact in terms of increasing both earnings per share and dividend per share.
In terms of the impact on the company's accounts, the "treasury stock", in compliance with international accounting principles, as a reduction in net assets would be reduced by around €80,030,000, against a reduction in the share capital of a nominal €3,372,587.92 – corresponding to 12,971,492 shares with a cancelled nominal value of €0.26 – and a reduction of the "share premium reserve" of around €76,658,000.
If approved by the Shareholders, the reduction in the share capital would become effective, subject to no objections being submitted, only after a period of ninety days from the registration of the resolution, as foreseen by article 2445 of the Italian Civil Code.
RENEWAL OF AUTHORISATION TO BUY BACK AND UTILISE COMPANY SHARES
Following the expiry, with the approval of the annual report for 2010, of the authorisation given by the Shareholders at the AGM of 27 April 2010, and with the aim of maintaining the legal conditions for eventual buy-backs and, in consequence, the possibility of pursuing eventual investment opportunities or other treasury stock operations, the board of directors will propose to the forthcoming Annual General Meeting the renewal of authorisation to buy back company shares.
The AGM of 27 April 2010 provided authorisation to effect share buy-backs up to a limit, considering the shares already held in the portfolio, of 15% of the share capital, or 38,914,474 ordinary shares.
Given the total of 22,367,587 shares (8.62% of the share capital) already directly or indirectly held at the date of the AGM, the authorisation thereby awarded the board the faculty to acquire a maximum number of 16,546,887 additional shares. No buy backs were made on the basis of the authorisation of 27 April 2010.
The Annual General Meeting of the Shareholders will also be asked to authorise the use of shares involved in such buy back operations or already in the company's portfolio, as per Art. 2357 of the Civil Code.
The highlights of the board of directors' proposal are as follows:
Underlying motivation
The underlying reason for the request for authorisation to effect buy-backs and make use of company shares is that it will allow the Board of Directors to:
– use company shares for the exercise of options for the purchase of shares assigned to participants in the stock option plans put in place by the Shareholders;
– use company shares, either bought or in the portfolio, for the exercise of rights, also conversion rights, deriving from financial instruments issued by the company, its subsidiaries or third parties;
– use company shares, either bought or in the portfolio, as part or whole payment in any eventual acquisitions or equity investments that fall within the company's stated investment policy;
– take advantage, where and when considered strategic for the company, of investment opportunities, also in relation to available liquidity
Until the approval of the Anuual Report for 2011.
Cap on the number of shares that may be bought
In line with the expiring authorisation, the new authorisation would allow for the possible purchase of a maximum of 16,546,887 additional shares, given the number already directly or indirectly held by the company, as outlined above, an overall maximum of 15% of the current share capital.
If the proposed operation for the cancellation of 12,971,492 shares held in treasury stock is approved, with the consequent reduction in the share capital as outlined above, the authorisation would allow for the buy back of up to 10.52% of the share capital.
Method of acquisition and the price range
Buy-backs would be effected on regulated markets as per art. 132 of the legislative decree of 24 February 1998 n. 58 and art. 144 bis, para. 1, B of Consob regulation 11971/99 according to operating procedures established by the regulations for the organisation and management of the markets themselves, which, does not permit the direct combination of offers to buy with predetermined offers to sell.
Consequently, the corresponding minimum and maximum price of sale will be determined at the same conditions that applied to previous authorisations agreed by the Shareholders, i.e. at a unit price not less than the official market price on the day prior to any operation, less 20%, and not more than the official market price on the day prior to any operation, plus 10%.
In terms of price and daily volumes, acquisition operations will in any case be conducted in line with the norms foreseen by the EU regulation 2273/2003.
Today at 3pm, at the company's headquarters in Segrate, the deputy chairman and chief executive, Maurizio Costa, and the CFO, and Carlo Maria Vismara, will present the results for 2010 approved today by the board of directors, to the financial community.
During the presentation management will also provide information regarding current activities and mid-term plans relative to the business in which the Group operates.
The executive responsible for the preparation of the company's accounts, Carlo Maria Vismara, declares that, as per art. 2, 154 bis of the Single Finance Text, the accounting information contained in this release corresponds to that contained in the company's formal accounts.
The Annual Report for the year ended 31 December 2010, containing the management report and the reports of the statutory auditors and the external auditors, along with all other legally required documentation, will be made publicly available by 31 March at the company's corporate offices, at the Borsa Italiana S.p.A., as well as on the corporate web site www.gruppomondadori.it (in the Investor Relations section).
CONSOLIDATED ANNUAL REPORT AND RESULTS FOR THE YEAR TO 31 DECEMBER 2010 (306 kb)
Mondadori and Google announce a partnership
Mondadori Group's titles will be availble through Google Books and Google eBooks
Mondadori and Google have signed a partnership that will make Mondadori Group's wealth of Italian trade books available in electronic format around the world through Google Books and Google eBooks.
This partnership makes Mondadori, the biggest Italian publisher, to join Google Books and Google eBooks programme, and it means that a wealth of Italian literature and culture will be full text searchable and available for sale to readers around the world.
Google Books is already available in Italy and through Google Books readers around the world will be able to search for and find Mondadori Books through Google, to see an online preview of the books and to purchase physical copies of these books through online and physical retailers. Google eBooks–Google's online bookstore–will launch in Europe in 2011. Through today's announcement, Google will also sell Mondadori ebooks.
The trade catalogue of the Mondadori Group (Edizioni Mondadori, Einaudi, Sperling & Kupfer and Edizioni Piemme) includes over 10,000 titles, 1600 of which are already available as ebooks. All of the titles in the catalogue will gradually form part of the Google Books programme.
Mondadori is the leading company in the Italian book market with a share of 28.4% in 2009. The Group's editorial production is mainly focused on fiction and essays, paperbacks and children's books, with over 2000 new titles every year.
"The partnership with Google represents confirmation of Mondadori's focus on growth and innovative solutions", stated CEO of the Mondadori Group, Maurizio Costa. "Consistent with this vision we have decided to join forces with an authoritative platform such as the one belonging to Google both to offer a preview of our titles and to make the considerable range of titles produced by our publishing houses available for purchase", he continued. "The agreement with Google without doubt represents a significant opportunity to promote the quality of our content and our editorial production on a large scale", concluded Costa.
"This is a fantastic step for the promotion of Italian culture, and it will mean more opportunity for Italian writers, and readers around the globe," said Santiago de la Mora, Director of Google Books for EMEA. "We want Google eBooks to help stimulate the online books environment, and by working with important publishers like Mondadori we can achieve this goal."
With Google eBooks, readers can discover and buy books from the Google eBookstore or independent online booksellers who have partnered with Google. This provides a myriad of ways for books to be discovered and purchased online. Whether a consumer buys a Google eBook from Google or from an online bookseller, they are all stored in a single online library. Readers can view their Google eBooks on devices from laptops to netbooks to tablets to smartphones to e-readers.
Mondadori: publication of the documentation of Shareholders' Meeting of last 11 November
Arnoldo Mondadori Editore S.p.A. today announced that it has made available, at both the company's headquarters and Borsa Italiana S.p.A., the minutes of the extraordinary part of the Shareholders' Meeting held the last 11 November 2010.
The above-mentioned documentation is also available at the website www.gruppomondadori.it ('Governance' section).
Board of Directors approves interim report on the year to 30 September 2010
Results for the period confirm a significant increase in the principal profitability indicators
Consolidated revenues of €1,130.2 million: +1.4% on the €1,114.3 million on 30 September 2009
Gross operating profit of €103.1 million: +51.2% compared with the €68.2 million on 30 September 2009
Consolidated operating profit of €85.6 million: +71.2% on the €50 million on 30 September 2009
Consolidated net profit of €30.7 million: +13.3% on the €27.1 million on 30 September 2009
Adjusted net profit, net of extraordinary items,more then double compared with 30 September 2009
Further reduction in debt to €369 million, an improvement of €275.5 million in two years
Full-year forecast: significant growth in operating and net profit levels for the full year
Shareholders' meeting: approval for the appointment of three new directors
The Board of Directors of Arnoldo Mondadori S.p.A. met today to examine and approve the interim report for the first nine months of the year to 30th September 2010, as presented by the Group's Deputy Chairman and Chief Executive, Maurizio Costa.
THE MARKET SCENARIO IN THE THIRD QUARTER
There were no significant changes in the economic trends in the sectors of reference for Mondadori in the third quarter of the year. In particular, both circulation figures and advertising investments remained at lower levels than the previous year. Despite this unfavourable context, the company has been able to achieve in the third quarter a level of gross operating profit 73.2% higher than the same period of last year, bringing the increase for the first nine months of 2010 to 51.2%
A SUMMARY OF BUSINESS PERFORMANCE
The elements that have determined such a conspicuous improvement in profitability, with just a slight increase in revenues (+1.4%), are further confirmation of what was already stated in the report for the first six months, ie:
– a good level of stability in terms of magazine circulation, with a performance clearly ahead of the market average both in Italy and in France;
– a further increase in profitability in the book business, where revenues in the third quarter were also up on 2009;
– a constant improvement of the results from the international network and the ongoing success of Grazia France, both in terms of circulation and advertising sales;
– the increasing contribution of the plan for the reduction of operating costs – which has already realised 85% of the target savings of €170 million over the three-year period 2009-2011 – and which will continue for the whole of next year.
Activities related to digital content have continued with even greater impulse with the stipulation of agreements with operators in production, telecoms and retail; since the beginning of September the digital area has also taken on a locomotive role, both for its own activities and in support for other business sectors, above all magazines and books.
Thanks to the introduction of a new business model and the redefinition of the organisational structure – which will become fully operational from the beginning of next year – will encourage and stimulate the involvement and cooperation of all of the business areas in response to new market opportunities.
GROUP PERFORMANCE IN THE PERIOD TO 30 SEPTEMBER 2010
Il Consolidated revenues came to €1,130.2 million, an improvement of 1.4% on the €1,114.3 million of the first nine months of 2009.
Consolidated gross operating profit amounted to €103.1 million, an increase of 51.2% compared with the €68.2 million of last year, despite higher costs due to increased postal charges of €5.5 million.
This is equal to a figure of 9.1% as a proportion of revenues, compared with 6.1% for the same period of 2009.
Consolidated operating profit reached €85.6 million, a 71.2% increase on the €50 million of 30 September 2009, with amortizations and depreciations of tangible and intangible assets for a total of €17.5 million (€18.2 million in 2009). As a proportion of revenues, an increase from 4.5% in 2009 to 7.6%.
Consolidated profit before taxation amounted to €67.5 million, an increase of 35% on the €50 million of the first nine months of 2009, with net financial charges of €18.1 million. For an appropriate comparison with the previous year, account should be taken of a capital gain of €14.5 million in the third quarter resulting from the closure of a private placement and relative derivatives.
Consolidated net profit came to €30.7 million, a 13.3% increase on the €27.1 million of 30 September 2009: this result was affected by the payment of €8.7 million to clear a pending fiscal suit.
Consolidated adjusted net profit, which takes account of the net impact of the extraordinary elements outlined above (financial capital gains in 2009 and tax charges for previous years paid in 2010), was more than double that of the same period of 2009.
Gross cash flow in the first nine months of 2010 amounted to €48.2 million, compared with €45.3 million in 2009.
The Group's net financial position went from -€372.9 million on 31 December 2009 to -€369 million. The improvement compared with 30 September 2009 was of €47.9 million and €275.5 million compared with 30 September 2008.
On 30 September 2010 staff employed by the companies of the group, on both permanent and temporary contracts, totalled, a tempo 3,717.
On a comparable basis, in other words excluding the impact of the recent consolidation of Mondolibri S.p.A., there was a reduction of 260 (-7%) compared with 31 December 2009. This is mainly attributable to the ongoing restructuring process at the parent company, as well as constant efforts to improve efficiencies at all of the companies in the group.
There was a reduction in staff numbers of 688, which corresponds to 89% of the plan 2008/2011.
The action taken to date has been conducted in full compliance with the approved restructuring plan and has made it possible, in nine months and on a comparable basis, to reduce staff by 8% in Italy and almost 5% in France.
As a consequence, the cost of contract staff, which amounted to €198.2 million (€217,9 million on 30 September 2009) was down by 9%.
Finally, it should be noted that the national contract for printing and publishing employees, which expired in March 2010, has, to date, still not been renewed.
RESULTS OF THE BUSINESS AREAS
Market data for the first nine months of 2010 (source: Nielsen) confirm the leadership of the Mondadori Group in trade books, with an overall market share of 26.7%, with Edizioni Mondadori and Einaudi in the top two places on the list of publishers.
Revenues in the Books area at 30 September 2010 totalled €294.5 million, a fall of 3.8% on the €306 million of the same period of the previous year.
Sales in the third quarter, especially in September, showed signs of a recovery in market share. Of note during the period were the awards of the Premio Strega 2010 to Antonio Pennacchi for Canale Mussolini (Mondadori), the Premio Campiello for the novel Accabadora by Michela Murgia (Einaudi), and the Nobel Prize for Literature to Mario Vargas Llosa, a historic author of Einaudi, as well as the success of the new novel by Ken Follett, and a series of other important new title that augur well for the Christmas season for all of the group's publishing houses.
To 30 September 2010 Edizioni Mondadori generated revenues of €85.9 million, a 2.8% fall compared with the previous year.
The autumn season was characterised by the simultaneous world publication of the new novel by Ken Follett, La caduta dei giganti, which immediately entered the bestsellers list with an initial print run of 500,000 copies. Among the successful titles in foreign fiction were Sophie Kinsella's, I love mini shopping, with sales of more than 160,000 copies and first-time author Maria Dueñas with La notte ha cambiato rumore che, that began with sales of 40,000 copies, confirming a great interest among readers for Spanish fiction.
In Italian fiction, Canale Mussolini by Antonio Pennacchi continued to perform well, selling 200,000 copies (making a total of 265,000) and the new novel by Andrea Camilleri, L'intermittenza (already in its fourth printing) has sold more than 150,000 copies.
In non-fiction there was a confirmation of the success of I segreti del Vaticano by Corrado Augias (160,000 copies), while in the unclassified segment the Fabio Volo phenomenon continued (with sales of over 160,000 copies of Il tempo che vorrei two years after it was first published, making a total of 750,000 copies). There were excellent results form the Oscar Mondadori campaign with an increase in sales of around 8% compared with the previous year. The protagonist during the summer months was the Oscar Grandi Bestsellers paperback edition of Paolo Giordano's La solitudine dei numeri primi, which sold 280,000 copies in just three months, returning to the top of the bestsellers list with the release of the film based on the novel.
In the third quarter of 2010 Einaudi imporved its performance compared with the situation at 30 June 2010, with total net revenues of €33.8 million (-2% compared with the first nine months of 2009).
Among the best performing titles were: Accabadora by Michela Murgia (120,000 copies in 2010); Tre secondi by Roslund-Hellstrom (51,000); Per l'alto mare aperto by Eugenio Scalfari (51,000); Il giovane Holden by J.D. Salinger (77,000) and the recent Mia suocera beve by Diego De Silva with sales of more than 40s000 copies, La vendetta by Anne Holt (35,000). There was confirmed success for La parola contro la camorra by Roberto Saviano and Prima di morire addio by Fred Vargas. It should also be noted that the editorial plan of Einaudi foresees the publication of numerous titles in the last quarter of the year.
In the first nine months of 2010, Sperling & Kupfer recorded revenues of €18.4 million, a fall of 3.7% compared with the first nine months of 2009, mainly due to a fall in revenues from the sale of rights for add-on initiatives. Of particular note was the great success of Sveva Casati Modignani's Mister Gregory, published at the end of the first half, which has sold almost 190,000 copies.
Cumulative revenues at Piemme to 30 September 2010 amounted to €34.9 million, an increase of 3.6% compared with the same period of last year.
Fiction and non-fiction lines saw an overall fall of 5.1% compared with 2009, mainly due to a different editorial programme for new titles.
The Junior sector continued its positive trend, in the Stilton line the most significant new titles were Sesto viaggio nel Regno della Fantasia (126,000 copies) and Viaggio nel tempo 3 (79,000 copies). Also of significance during the period was the publication of a celebrative volume to mark the tenth anniversary of Stilton, Caccia al libro d'oro (45,000 copies).
Total revenues by Mondadori Electa were down by 17.6% on the same period of 2009, this was due to the effects of a slowdown in all of the segments in which the company operates. The fall of revenues in the bookshop channel (-29.7%) and the substantial disappearance of add-on sales were not, unlike other years, compensated by revenues on the Cultural Heritage area (-12% compared with 2009) mainly due to the loss of certain museum bookstore concessions (Brera and Cenacolo in Milan, and the Musei Civici in Venice) and Sponsorship sales (-16%). There was, however, a recovery in co-editions (sales of foreign rights), penalised by the strength of the euro against the dollar and the pound.
During the first nine months 2010 Mondadori Education generated revenues of €66.8 million, a fall of 1.8% on the same period of the previous year, essentially confirming its share of the textbook adoptions market. The primary school segment confirmed the results of the previous year, thanks to the five-year rule on adoptions. The first level secondary segment saw an overall fall, despite good results for new titles and new editions.
The second level secondary segment saw a slight fall but confirmed excellent results in the subjects in which Mondadori Education is the market leader. There were good results in the scientific subjects affected by the reforms in high schools. Note should also be made of trend for price reductions in both secondary levels.
MAGAZINES ITALY
Magazine sales during the summer months, traditionally positive for the magazine market, were positive and resulted in a recovery in terms of circulation.
In this context Mondadori performed better than the market, both in terms of advertising sales and single copy sales through the different channels.
The revenues of Magazines Italy in the first nine months of the year came to €362 million, a slight fall (-1.2%) on the €366.5 million of the same period of the previous year.
Even more significant with respect to the market of reference was the increase in profitability, despite the impact of the cancellation of postal subsidies.
This encouraging performance was based on the following factors:
– a 2.9% fall in circulation revenues, markedly better than the performance of the competitors in a market that lost around 5% (around 9% in terms of copies);
– essential stability in revenues from add-on sales (+1.4%), in absolute contrast to a market that slumped by 22%;
– a moderate re-balancing in advertising revenues (-2.4%), even more contained on a like-for-like basis.
Among the most significant factors during the period were:
– the re-launch at the end of July of Tu Style, supported throughout August by a big advertising campaign and promotional initiatives: to date the weekly has achieved notable results (with sales of over 200.000 copies);
– strong support for weeklies, that made it possible in the summer season to grow newsstand revenues close to the levels of 2009;
– the launch of an intensive campaign of launches of add-on sales, some of which are achieving much better than expected results;
– the ongoing programme of reorganisation in editorial and management structures;
– the reinforcement of the activities of Press-Di, the wholly-owned Mondadori subsidiary operating in distribution and subscription management for the group's titles and third-party publishers. In addition to the numerous contracts for the distribution of newspapers and magazines acquired in recent years, since 1 October the company will also distribute the products of Sergio Bonelli Editore, leader in comic books;
– the conclusion, at the end of July, of the negotiation between Fieg and the Italian postal for an agreement on postal charges, following the cancellation from 1 April of subsidies which for many years compensated publishers for the inefficiencies of the service. The agreement will make it possible to reduce by around 50%, from 1 September, the charges resulting from the application of the new conditions for the delivery of subscription products.
As already mentioned, the market saw an overall drop in newsstand circulation of 9% in terms of copies and around 5% in terms of value, compared with the above indicated -2.9% by Mondadori.
Among the group's weekly titles, there was a marked improvement in the performance of Tu Style; TV guides held up well, as did Chi, Grazia and Donna Moderna. For monthlies, there was an increase in circulation revenues for the titles in the interiors and cooking segments.
Add-on sales
The add-on sales market, which saw a big slump (-22%), was characterised during the period by some particular phenomena, including an increase in the number of initiatives, the maintenance of relatively high prices and a strong downturn in average sales.
In this context Mondadori confirmed also in the third quarter a performance in marked contrast to the market that is expected to continue for the rest of the year.
The various initiatives in the home video segment and collectables were markedly up on 2009; those in music and editorial products, while less brilliant, were nevertheless satisfactory. In a portfolio of articulated activities, the operations linked to the major titles, including TV Sorrisi e Canzoni and Panorama, remain fundamental
The international activities of Mondadori Magazines generated excellent result to 30 September 2010, with licensing revenues up by 46%, following the good performance of Grazia UK, Grazia Olanda and the contribution of Grazia Germania and Grazia Francia launched during the period.
Revenues for the sale of advertising in Italy for the international network more than doubled, both on account of new editions and for growth in revenues for existing titles (Grazia UK +10%, Grazia Russia +67%).
The performance of 50-50 joint ventures in Russia and China was decidedly better than last year and markedly better than the budget, particularly in terms of advertising sales.
The Attica subsidiary has felt the effects of the financial crisis in Greece and the Balkans with a fall in advertising revenues of around 22% (-20% on a like-for-like basis). A strong cost reduction programme is already being implemented in order to at least partially compensate for the fall in revenues by the end of the year.
The online advertising market grew significantly, with, in particular, an increase in display advertising of 17.7% compared with the same period of the previous year (source: Nielsen in terms of value, August 2010).
Advertising sales for Mondadori sites, managed by Mediamond, in the first nine months of 2010 saw an increase of 36%, thanks to a significant push by DonnaModerna.com, the positive results of which confirm the validity of the group's decision to focus on the women's market.
MAGAZINES FRANCE
Mondadori France ended the first nine months of the year with total revenues of €252.6 million (-0.9% on the €254.8 million of the same period of last year). Excluding the operations that have affected the consolidation area (the sale of titles to the joint venture Editions Mondadori Axel Springer S.n.c., the launch of Grazia and the restructuring of the magazine portfolio), revenues would be up by 6.7% compared with 2009.
Circulation revenues totalled €175.8 million, a 2.1% fall (+4,5% on a like-for-like basis, compared with the same period of last year, thanks mainly to the launch of Grazia and a significant increase in subscriptions). Being less exposed to economic cycles, the subscription channel, which makes up around 33% of circulation revenues, is an important asset for the group.
This positive performance demonstrates the appropriateness of the strategy of repositioning the portfolio of titles towards the "grand public" market that the group has been pursuing since 2007 and has been accompanies by a constant improvement in the editorial quality of the titles. These results are even more remarkable given the current situation in the magazine sector and have been recognised by the market which has, over the last two years, awarded ten prizes for editorial excellence to our products.
In terms of copies Mondadori France recorded an increase of 3% in circulation, while the market as a whole saw a fall of 1.8%. In addition to the effect of Grazia, the excellent performance of other titles in the portfolio should be underlined, in particular Modes et Travaux (+6.2%), Science et Vie Découverte (+5.7%), Biba (+5.1%), Science et Vie Junior (+4.8%), L'Ami des Jardins et de la Maison (+2.5%), Science et Vie (+2.4%) and Closer (+1.7%).
Advertising sales were up 5.5% on the previous year, an improvement that was even more significant on a like-for-like basis (+19.1%).
This excellent performance is above all explained by the growth in advertising sales for the up market (haut de gamme) women's titles (the weekly Grazia and the monthly Biba) that now account for 26% of total advertising revenues.
The magazine advertising market to the end of September recorded an increase of 8.8% in page numbers (source: Kantar Media). In the same period Mondadori France recorded a very positive performance with an increase of 25.8% in pages and a 1.2 percentage point increase in market share.
Activities during the period
The strategic decisions taken in 2009, the launch of Grazia, the concentration in the joint venture with Axel Springer of the auto sector titles and the closure of marginal titles, have had a positive impact of the accounts in 2010.
Despite strong competition from two new titles (Be and Envy, which, however, interrupted publication at the end of September) the positive performance of Grazia continued with an average of 30 advertising pages in 2010 and newsstand circulation of 177,000 copies.
The activities of the joint venture Editions Mondadori Axel Sprinter, following the concentration of the auto sector titles, continued to show positive results, increasing newsstand sales; the editorial structure is evaluating new formulas for Sport Auto and Auto Plus and working on the development of digital activities.
The policy of cost reduction, began in recent years, continued, with particular attention on industrial costs and general expenses.
Advertising investments in the first nine months of 2010 continued the generally positive trend noted in the first half of the year (+4.8% to August, source: Nielsen) showing, on the one hand, a progressive recovery in "healthy" media, including internet, radio and television, while on the other, ongoing difficulties for print media, within which newspapers (with the exception of the free press) and national commercial advertising remained essentially stable.
Magazine advertising, meanwhile, saw a fall of 8.4%, with the positive changes recorded in certain sectors, FMCGs, fashion, cosmetics and lately even furniture, only partially compensating the downturn in other segments. Despite positive August sales, a general uncertainty continues to hang over the medium in the latter part of the year characterised by different client behaviour on different titles, some of which have bucked the general trend in the market.
Mondadori Pubblicità ended the first nine months of the year with total revenues of €170.2 million, essentially in line, on a comparable basis, with 30 September 2009 (€181.6 million).
Marked changes in the revenue breakdown, such as the termination in November 2008 of the contract with Società Europea di Edizioni S.p.A. and the shift of online advertising sales, from January, to Mediamond, have had a negative impact on 2010 of around 7 percentage points.
After a third quarter in slight decline, the Mondadori titles have remained essentially in line with the first nine months of 2009 (-1.2%): on a like-for-like basis -2.4%.
Weeklies have held up well (+1.2%), thanks mostly to the performance of women's titles, particularly Donna Moderna, Chi and Tu Style, that was supported by a targeted sales campaign that resulted in a total increase in sales of 35%, coinciding with the re-launch in July (+50% in the third quarter alone). The monthlies remained below the levels of 2009.
In concert with the publisher, activities have continued in the development of digital projects, including the launch of iPad versions of Panorama and Grazia, and the realisation of new events with innovative promotional formats. These include "Fashion & Design 2.0", organised by Grazia and Interni during the Milan Fashion Week and "Milano Design Weekend", an event dedicated to the interiors sector that took place in October.
In radio, the positive trend of R101 continued, up 6.2% in the first nine months of the year, and progressively recovering compared with the trend in the market in recent months. The figure is even more significant when account is taken of the comparison with an excellent first quarter in 2009, 7 percentage points ahead of the market. Sales were also good for Radio KissKiss, which began in March of last year.
DIRECT and RETAIL
The Direct and Retail area generated revenues in the first nine months of 2010 of €181.2 million, a 29.2% increase on the €140.2 million of the same period of 2009.
It should be pointed out that the figures for last year did not include Mondolibri S.p.A., which has only been consolidated since April 2010; on a comparable basis, the increase was of around 7%.
Cemit saw a 25% increase in revenues, in a market that grew by just 2%.
Since May 2010, Cemit has been joined by Mondolibri, which with its seven thematic book clubs operates in mail-order sales with around 800,000 members.
The revenues of the book clubs were down by 6% compared with 2009; though this was compensated by growth in the e-commerce channel through the Bol.it web site (+34%).
Retail sales which, from May also include sales from the Mondolibri book shops, grew by 12.1% (5% on a like-for-like basis) compared with the same period of last year.
This increase in turnover was largely due to the expansion of the network, which now totals 570 book shops and multicenters, including both directly owned and franchised stores and Edicolè outlets
Advertising for R101 generated total net revenues in the period of €10.2 million (+5.2% on the €9.7 million in the first nine months of 2009). These are essentially the company's share of the gross advertising revenues of around €14.7 million, up by 6.2% on the same period of last year.
In particular, in September, R101 recorded growth in advertising sales of 5.3% compared with 2009, in a market of reference that was down (-0.5%; +11.2% cumulative to the end of September: source FCP Assoradio).
The figure, overall lower than the market average, is however positive when account is taken of the fact that in the period display advertising on R101 (which makes up 91% of the radio station's advertising) grew by 10% on 2009. The fall is therefore entirely attributable to a lower number of special initiatives compared with the first nine months of last year.
R101 is currently examining new projects to be introduced in the early part of next year aimed at further improving the station's positioning in its targets, revamping the schedule and continuing to build the audience.
EXPECTATIONS FOR THE FULL YEAR
The third quarter saw a confirmation of the indications outlined in the half yearly report: all of the businesses achieved better revenue performance than the market benchmarks and, at the same time, continued to pursue the development of new activities.
Reorganisation objectives were also achieved, both in terms of simplifying processes and reducing operating costs.
These have resulted in a substantial recovery of profitability, which, failing any particular changes in market trends, we expect to continue during the last months of the year, allowing the company to significantly increase its operating profit for 2010, despite higher costs resulting from increased postal charges.
Also the estimate for net profit for the year, the improved operating performance should compensate for the impact of extraordinary items (positive in 2009 and negative in 2010) making it possible to post a significantly better final result than last year.
SHAREHOLDERS MEETING: APPROVAL OF THE APPOINTMENT OF THREE NEW DIRECTORS
A Shareholders' Meeting, held prior to the board of directors meeting, approved the enlargement of the board from 11 to 14 members, appointing as directors Roberto Briglia, as an executive director given his role as Group Editorial Director, and Angelo Renoldi, professor of economics and business administration at the University of Bergamo and Carlo Sangalli, chairman of Confcommercio (the Italian association of retailers) as independent non-executive directors.
The board of directors verified the requisites of independence, foreseen by the Code of Conduct for listed companies, of both Renoldi and Sangalli. The other independent non-executive directors already in office are Martina Mondadori, Marco Spadacini, Mario Resca and Umberto Veronesi.
The appointments, approved by the Shareholders, therefore will result in the enlargement of the independent component of the board, in line with the progressive reinforcement of the role of the same, as defined, in particular, by soon to be introduced Consob regulations regarding operations with related parties. These appointments will also further consolidate and support respect for the functions and activities of the board of directors' internal committees.
The board of directors itself has consequently redefined the composition of the Internal Control Committee and the Remuneration Committee. In particular, the Internal Control Committee is entirely made up of independent non-executive directors, Marco Spadacini, Angelo Renoldi and Mario Resca; and the Remuneration Committee by the independent directors Marco Spadacini and Carlo Sangalli and the non-executive director Bruno Ermolli.
The report for the period to 30 September 2010 is made available, as per current legislation, at the company's corporate headquarters, Borsa Italiana S.p.A. and on the web site www.gruppomondadori.it
Mondadori: publication of documentation for the Shareholders' Meeting of 11/12 November 2010
Arnoldo Mondadori Editore S.p.A. today announced that it has made available, at both the company's headquarters and Borsa Italiana S.p.A., the illustrative reports of the directors for the following items on the agenda of the Shareholders' Meeting called for 11November 2010 (12 November on second calling).
Ordinary part:
the appointment of directors, prior to the increase in the number of the members of the board of directors; consequent deliberations.
Extraordinary part:
changes to articles 9, 11, 12, 14, 16, 17, 27 and 28 of the company statute, also in line with the provisions of legislative decree n. 27 of 27 January 2010 (in compliance with EU Directive 2007/36/CE regarding the exercise of certain shareholders' rights for listed companies) legislative decree n. 39 of 27 January 2010 (in compliance with EU Directive 2006/43/CE regarding the mandatory annual auditing of accounts and consolidated accounts); consequent deliberations and relevant mandates.
The above-mentioned documentation is also available at: https://www.mondadorigroup.com/Governance/Shareholders-meeting.
Shareholders' Meeting 11 November 2010: proposal to appoint new members of the Board of Directors
Carlo Sangalli and Angelo Renoldi as non-executive independent directors
Roberto Briglia as an executive director
The board of directors of Arnoldo Mondadori Editore S.p.A. will present a proposal to the Shareholders' Meeting called for 11 November 2010 (12 November 2010 on second calling) for the appointment following an increase in the number of the members of the board.
Specifically, the Shareholders will be asked to approve the appointment of two non-executive independent directors and one executive director.
The proposed independent non-executive directors will be Carlo Sangalli, the current President of Confcommercio (the Italian retailers' association), and Angelo Renoldi, professor of economics and business administration at the University of Bergamo.
This increase in the number of non-executive directors is consistent with the ongoing reinforcement of the role and function of independent directors indicated, in particular, by soon to be introduced Consob regulations concerning operations with related parties.
The nominations put forward would also further consolidate and provide additional support for the functions and activities of internal committees (specifically, the Internal Control Committee and the Remuneration Committee) established by the board of directors of Arnoldo Mondadori Editore S.p.A. as part of the company's system of corporate governance.
The proposed new executive director is Roberto Briglia, who will bring to the board, as the Group's Editorial Director, a contribution based on his vast experience in the publishing sector.
The current board of directors, which will remain in office until the AGM for the approval of the Annual Report for the year 2011, is made up by Marina Berlusconi (chairman), Maurizio Costa (deputy chairman and chief executive), Pier Silvio Berlusconi, Pasquale Cannatelli, Bruno Ermolli, Martina Mondadori, Roberto Poli, Mario Resca, Marco Spadacini, Umberto Veronesi and Carlo Maria Vismara.
The Extraordinary Shareholders' Meeting of 11 (12) November 2010 will also receive proposals concerning a series of statutory changes concerning compliance with the EU Directive 2007/36/CE relating to the exercise of certain rights by shareholders of listed companies.
Illustrative reports concerning the items on the agenda of the Shareholders' Meeting, including professional profiles of the proposed new directors, will be available to the public at the company's headquarters, Borsa Italiana S.p.A. and on the web site www.gruppomondadori.it (Governance sector) in line with current rulings.
Stefano De Alessandri new general manager of Magazines Italy
Stefano De Alessandri has been appointed the new general manager of Magazines Italy of the Mondadori Group.
De Alessandri, 50, was born in Milan and has a degree in economics and business administration from Milan's Bocconi University. He has an extensive and wide-ranging knowledge of the Italian magazine market and has, over the years, also built up considerable managerial experience with important positions at large International publishers.
De Alessandri began his professional life at RCS in 1989, where he held a series of jobs with growing responsibility until 1999, when he moved to Condé Nast as deputy general manager and director.
In 2003 De Alessandri was appointed managing director and general manager of Gruner+Jahr/Mondadori, where he remained until 2005, when he was appointed chief executive and general manager of Hachette Rusconi, the Italian arm of the Lagardére Active group, where he remained until now.
The Mondadori Group wishes to thank Gianni Vallardi for his valuable contribution, made with competence, passion and professionalism during the whole of his time with the company.
Telecom Italia and the Mondadori Group sign deal: Italy's first e-Book store opens
1,200 books from the Segrate-based publishers inaugurate Telecom Italia's Bibletstore
Telecom Italia and the Mondadori Group today signed an e-book distribution deal in Frankfurt, at a ceremony attended by Telecom Italia CEO Franco Bernabè and Mondadori Group Deputy Chairman and CEO Maurizio Costa.
As a result of this deal, Bibletstore Italy's first digital bookshop opens for business today, offering over 1,200 e-books from the Mondadori publishing group.
Eight hundred titles from Mondadori, Einaudi, Sperling & Kupfer and Piemme's back catalogue will be sold through Telecom Italia's e-book store (www.biblet.it) along with over 400 new books published simultaneously in paper and electronic form.
Telecom Italia CEO Franco Bernabè declared: "We are particularly pleased about this deal with the Mondadori Group. It is a significant testament to our ability to innovate, which allows us to position the company as a driver of high-tech-led markets. Telecom Italia's launch of Bibletstore spells the adoption of a new business model that differs from models adopted in other countries. Telecom Italia is developing this model in partnership with publishers, which retain the greatest possible freedom in terms of commercial positioning and setting price points."
Maurizio Costa, Deputy Chairman and CEO of the Mondadori Group, stated: "The global transition currently underway in the book market, prompted by the uptake of new technologies, is set to have a significant impact also in Italy. Rapid mobile device growth will free reading. People will have more time to explore new content, which will lead to an increase in consumption in step with worldwide trends for increasing demand for information, learning and cultural entertainment. This partnership with Telecom Italia is a significant first step for the Mondadori Group's leveraging of its publishing assets, which will also become available over the main platforms and devices available on the market." Mr Costa concluded: "In the near future, our focus on the customer/reader will increasingly become our most precious resource. By sharing expertise with Telecom Italia, we will be able to offer our users an increasingly personalized service."
Ken Follett's latest novel, Fall of Giants, is one of the first new Mondadori books available on Telecom Italia's e-book store shelves. Back catalogue titles from the Group's publishing imprints include literary masterpieces by Jane Austen and Thomas Mann and recent bestsellers such as Jonathan Franzen's The Corrections and Dan Brown's The Da Vinci Code, along with books by leading lights on the contemporary book scene such as Philip Roth and Gabriel Garcia Marquez, and genre literary greats ranging from Agatha Christie to John Grisham. Also available are great thinkers of the past such as Descartes and Seneca, and more recent Italian and international non-fiction, as well as classic children's books from Hans Christian Andersen's Fables and the latest generation of children's heroes such as Geronimo Stilton.
In a world first, the partnership between Telecom Italia and the Mondadori Group will see the launch this Christmas of three subscription-based themed e-book channels: high-brow lit, genre lit (thrillers and romance), and books for children. This new development will completely revolutionize the way readers are offered books. For a set monthly fee, readers will have access to a theme-based reading list. Subscribers can read as many books as they like from this list, one book at a time.
Telecom Italia's dedicated new e-book platform will carry ePub and PDF format e-books protected by a Digital Rights Management (DRM) system to protect authors' copyright.
Customers can, starting from today, buy e-books on Bibletstore from their PCs and pay by credit card. In the near future, TIM e-book readers will be launched that offer straightforward and direct access to the e-book store via 3G phone connection. Customers will pay nothing to browse the store, and will only be charged for the books they purchase. Using this method, payments will be accepted by credit card or by charging against credit on the SIM card. E-books may also be purchased and read using Olivetti's OliPad, a new tablet that is being launched over the next few months, and on other devices that download dedicated applications free of charge.
Marco Casareto appointed editor of Geo
From next week, Marco Casareto will be the new editor of the monthly magazine Geo.
Marco Casareto, 43, was born in Chelmsford, England. After studying physics at the University of Milan, he began freelancing for a number of magazines including, from 1993, Focus.
He joined the editorial staff of the Gruner+Jahr/Mondadori monthly three years later and in 2000 was appointed section chief with responsibility for coordinating the Focus Extra brand extension. Managing editor from 2002, in 2004 he became the coordinator of the new Gruner+Jahr/Mondadori title, Focus Storia, of which he became deputy editor in 2006 and editor in 2008. The same year he was appointed editor of Geo, a role he kept until November 2009, when he focused on the monthly Focus Storia and related editorial projects.
Following the launch of three new titles in 2010 (Wars, Biografie and Collection), Casareto today re-takes the helm at Geo.
Electa and Réunion des Musées Nationaux form a joint venture for the management of museum services in Italy
A partner of undisputed international prestige for the joint preparation in the upcoming bids for the management of services at state-owned museums and archaeological sites in Italy
Electa, a leader in art book publishing and museum services management, and Réunion des Musées Nationaux have drawn up an agreement for the creation of a 50-50 joint venture for the management of bookshop services at museums and archaeological sites owned by the Italian state.
Réunion des musées nationaux (RMN) – the biggest commercial operator in France and Europe in the culture sector, with revenues of over €100 million and over 1,000 employees, has a long-standing reputation for quality in the different areas in which it operates: publishing, sales, merchandising, exhibition organisation, picture agency and the valorisation of museum sites.
The French company is also the world's biggest distributor of editorial products and gadgets, through the management of over 40 "librairies-boutiques", including those at the Louvre and the other leading museums in Paris.
The newly-established company – Electa Rmn – aims to participate in all of the forthcoming bids for the management of bookshops in Italian state-owned museums and the creation of high-quality publishing and merchandising activities, which – thanks to the complementary experience and know-how of the two companies – makes it a qualified interlocutor for the valorisation of Italy's historic artistic and museum assets.
"What is clear from the numbers is that there is a gap, in terms of best practice in museum services, between the offer in the Italian market and in other European countries," explained Martin Angioni, managing director of Electa. "This is why, confident of the great potential for development offered by Italy's outstanding historical and artistic heritage, Electa has decided to share with a partner, that we consider to be the best possible, the crucial transition for our sector," continued Angioni.
"Access to a great store of knowledge and management skills and the opportunity of creating a system together with that of France, in general, and Paris in particular, gives a sense of the qualitative leap that our country can make in the so-called "additional services" sector, which is so strategic for our development. One figure is enough to illustrate the point. The Louvre, on its own, generates more bookshop revenues than all our museum bookshops put together," concluded Angioni.
"Electa's detailed knowledge of the Italian market, allied with Rmn's experience as the world leader in museum bookshops, will enable Electa Rmn to make an attractive proposal for the valorisation of the extraordinary assets of Italy's museums and archaeological sites," claimed Thomas Grenon, managing director of Rmn.
Completion of the operation is subject to the necessary authorisation of the relevant authorities.
For more than 60 years Electa has played a dynamic role in the documentation and study of different areas of the visual arts. The company's innovative editorial models, the quality of research, the unmistakable image and the great care taken in the preparation of reproductions are part of the history of illustrated publishing.
A success that has also led to an extensive network of co-editions with the world's leading publishers in the sector and in the direct sales sector abroad, especially in the English-language markets.
Electa is currently the leader in the art and architecture sectors. But over the years the activities of the publishing house have expanded and it is now Italy's leading player in the organisation of exhibitions and the management of museum services.
Réunion des Musées Nationaux is the world's biggest commercial operator in the culture sector. In addition to the most important museums in Paris (Louvre, Musée d'Orsay, Grand Palais, Petit Palais, Musée Guimet, Musée du Quai Branly), it manages museum services and organises exhibitions across the whole of France (from Versailles to the Musée Cezanne in Aix-en-Provence).
Rmn is also part of the Louvre Abu Dhabi Project. In 2009 the company organised 28 exhibitions, including "Picasso et les Maîtres", which, with 800,000 visitors and 94,000 catalogues' sales, was one of the world's biggest exhibitions of the year.


text:
Harris stomach cramps Like America's got concentration camps"
Music admin June 13, 2019 May 29, 2019
Harris BakerDr. Tani SanchezAFAS 371January 22, 2018Essay1https://www.youtube.com/watch?v=S-HQR2-s1J4 The popularhip-hop song, "How We Gonna Make the Black Nation Rise"by Brother D talks abouthow racism is taking place and no one is realizing the problem that's occurring.In S.
Craig Watkins's paper: Representing:Hip Hop Culture and the production of Black Cinema, he says "Blues music appearedafter the Civil War and reconstruction. Its presence coincides with a time ofbroken promises of citizenship and with lynching, hangings and burning of Blackpeople by white mobs ". I felt this was a very significant quote because the authoris describing how harsh the time was after the civil war for African Americansand how they used the blues to help them overcome this tragedy. African Americans have gonethrough a lot of brutality through the years and have been able to recoverthrough music.
Serration played a major role throughoutsociety if African Americans hadn't stood up The Civil War wasa major event that took place in the United States witch helped shape our nationas a whole. The Civil war started during 1861 over the controversy of slavery.The Confederates attacked Fort Sumter shortly after Abraham Lincoln was inaugurated.The war between the north and the south ended up going for over four years.
Following the war "620,00 of 2.4 million soldiers killed, millions more injuredand much of the South left in ruin." This war was long and harsh Serration played a major role throughoutsociety if African Americans hadn't stood up for there Inthe song "How We Gonna Make the Black Nation Rise" the artist Brother D writesabout all the problems African Americans faced.
"What's really goin' on? Unemployment's high, the housing's bad And the schools areteaching wrong." The reason this song was writing is to let people here how African Americans were being treated. "The story might give you stomach cramps Like America's got concentration camps" In this part of thesong the artist is comparing how harsh African Americans were treated to how Jewswere treated in concentration camps. The author uses this simile to show strengthand how if we could overcome the holocaust then African Americans can overcome segregation.Serration played a major role throughout society ifAfrican Americans hadn't stood up for thereFollowing the Civil War many AfricanAmericans were left in destress and hurt.
But they didn't let this come in theway of them gaining their rights back. Many African Americans following the civilwar would express there feeling through music. This was a crucial time forAfrican Americans since they were able to let people know how they are actuallybeing treated and be able to gain there rights back. After the Civil War Lincolnwas able to issue a preliminary witch was the Emancipation Proclamation witchfreed all slaves in the rebellion state. Serration played a major role throughoutsociety if African Americans hadn't stood up Throughout the years many AfricanAmericans has suffered a significant amount and didn't have a say in oursociety. Music played a major role during this time when African Americans weretrying to improve their rights.
People were able to share to people what's actuallyoccurring in our society and are trying to figure out ways to improve it. Fromlistening to a lot of songs I was able to draw the conclusion that music thattook place around the time of the civil war are songs that show hope and strengthof African Americans during such a harsh time. Works Cited"A Brief Overview of the American Civil War." CivilWar Trust, Civil War Trust,www.civilwar.org/learn/articles/brief-overview-american-civil-war.
"Brother D(Ft. Collective Effort) – How We Gonna Make the Black Nation Rise." Genius,1 Jan. 1980,genius.com/Brother-d-how-we-gonna-make-the-black-nation-rise-lyrics. victornewman06.
"Brother D – How We Gonna Makethe Black Nation Rise?" YouTube, YouTube, 6 Feb. 2008,www.youtube.com/watch?v=S-HQR2-s1J4.
A would be sent to concentration camps.Prisoners would
the was concentration. The strongest concentration 100% hydrogen
lab with the different concentration. The different concentration
Thomas in the Americas, and the publication of
Interpretation of Poem Child of the Americas
Americas street corner in America, you will find
Across Americas 35th president: John Fitzgerald Kennedy. Rose
Into and the guiltiness of David Harris. The
Science makes the chemical record." (Harris, Tom) If
Gastritis bleeding in the stomach caused by
White and her bowels were out.her stomach
Nuclear of the victims developed stomach problems, which
Boosters to the brain, liver, spleen, stomach, and
ENOIntroduction stomach. It is produced and distributed
effects camps were started, invented the theory
its Christian Europe into hostile camps, because
Camps training programmes of the O.K. on a
#57—- and assist actively in medical camps organized
Juvenile Rehabilitation in Boot Camps
"Refuge refuge. The camps that DWB setup provide
The I'll be discussing two theories and explaining
One are also equipped with a broad

redpajama_set_name: RedPajamaCommonCrawl


From energy to litter, climate change to food security, sustainability is an issue that affects us all. It's an important element in all three of Countryside Classroom's key themes: food, farming and the natural environment, so it's not surprising we have some good resources on the subject, ranging from a single factsheet to a complete website. To find a selection, click here.


A bit of a slapstick theme running through these next three entries, plus several hundred words about three clips that probably make up less than a minute between them. Anyway, as Tiswas was to the kids and teens of the late seventies and early eighties, so The Big Breakfast was to the mid-nineties in terms of its popularity and influence, and it only looks less impressive twenty years on as it was ripped off by virtually every other programme on TV. Of course the responsibility for the show's success rests firmly on the shoulders of Chris Evans who appeared to spring from nowhere (in reality, TV-am and GLR) to become the ultimate unflappable TV host. The amount of originality and innovation in the first year or so was staggering as the show subverted all the clichés of television and this brilliant moment is a great example. Sadly until someone puts the full version (which was on the Best Of VHS they released) on YouTube, this truncated clip is the best we've got, so to set the scene, the news was over and Peter Smith handed back to Chris and Gaby, though as the camera panned across to their seats… they were hiding! A lovely bit of spur-of-the-moment improvisation, there are few other places on TV where you could have a daft idea like that and then immediately do it. So far so amusing at half seven on a Monday morning, certainly compared to the opposition, but of course the highlight is when Evans got a bit overexcited by the gag, jumped onto his chair and promptly went flying, crashing head first into the coffee table to hysterics from the crew. After that, a slightly dazed Evans continued with the link, then after a moment's reflection, announced "That was a major stumble!" The energy of the whole thing is a wonderful example of how The Big Breakfast broke away from the relentless blandness that characterised breakfast TV up to that point. Incidentally, the other moment of TV history in that clip is that Evans is in the midst of asking viewers what lies they were told as a child, which we believe was the first ever appearance on television of that story about the ice cream van ringing its bells meaning they've run out of ice cream, as repeated on every single TV and radio show ever since.


Air conditioning systems are systems that can fail any time, and especially if they are working most of the time. And air conditioning systems are necessary for our daily lives, even in our homes.
Mention the hospitals, factories, large halls, conference centers, study rooms – you need this equipment.
If your air conditioning systems have started behaving weirdly, your first reaction will be to contact an HVAC repair services. And this is a recommended move, especially when you have no idea on how to diagnose such a complicated system as your HVAC.
There are many HVAC repair services out there these days – you need not find it a hard task choosing the best professional to fix your air conditioning system, especially when you know the qualities of the best one that you need. What can be challenging, though, is when you do not know the elements that will help you identify the best air conditioning repair services that you need.
Here are important insights that should help you make the right air conditioning restoration expert that you deserve. You deserve to hire a qualified and experienced HVAC repair agent.
To begin with; you need to ensure that you are hiring services from a highly reputable HVAC agency out there. You see, highly reputed air conditioner repair professional will always assure the best services that you need. It is essential that you ask around; talk to people whom you know are trustworthy, such as your peers, friends, relatives and even your neighbors. If you can do so, you will not miss locating the best recommendation.
You may also have to analyze the reviews and comments that they get from their past and clients. Reviews, in most cases, are genuine – and they will tell you about the professional you are about to hire.
You might also want to ensure that you are working with an experienced air conditioning repair professional. Typically, hiring professionals that have been around for some times are worth and are pretty converting.
It is a fact that we have new and exceptionally great HVAC systems these days, and it is prudent that you choose a skilled repair services that will give you the services you deserve. You see, having an air conditioning system is something that will take you sacrifice and effort, and so you will not want to hire an individual who will only make things worse.
And more essentially, you will want to make sure that you repair agent have the right approval documents. If they are unwilling to share their license and other related permits, then you are not limited to options, seek other services that you can find.


The LANTRONIX EPS2-100 is available from Keyways.
The EPS2-100 can also be represented as EPS2100.
We have over 75,000 parts in our 30,000 square foot warehouse. We repair or exchange most items. Contact us to see if we repair or exchange the LANTRONIX EPS2-100.


Users enter their child's symptoms into the interactive tool and receive up-to-date advice about how to treat minor illnesses at home, or when to call the doctor immediately.
Learn more about a particular childhood illness,t a diagnostic test or therapeutic procedure that has been recommended for your childor get some advice on how to prepare your child for surgery so you can ease his/her apprehension. NewYork-Presbyterian Morgan Stanley Children's Health Library offers easy-to-understand information on a wide range of pediatric health and medical topics.
Provide you with vaccine information more regularly than your family's doctor visits Establish a place where you can easily get up-to-date information and answers to your vaccine questions.
Visit this page to get answers to your questions about the safety of vaccines, the history of diseases, how to know when to trust the information you read on the Web, and more.
The Office of School Health (OSH) is a joint program of the Department of Education and the Department of Health and Mental Hygiene. Its mission is to promote the health of the 1.3 million schoolchildren enrolled in public and non-public schools in New York City.
Here you will find a wealth of information from across all of the CDC, covering everything from safety at home and the community to immunization schedules and developmental milestones. Let the CDC Parent Portal help you keep your child healthy and safe!


text:
Q: Can Mathematica be used as a proof assistant? Mathematica have an extensive gallery of mathematical results, as well as a strong rule-based deduction system. Since v12.*, automated proving features have been added to it too.
I believe for mathematicians, Mathematica have always been a useful tool for validating guesses, but I wonder if is it possible to use Mathematica in the proving phase. Thus I want to ask:

*

*Is Mathematica now a strong enough machine prover?

*Is it possible to integrate it with SOTA prove assistants, e.g. Coq?

redpajama_set_name: RedPajamaStackExchange


request parameter lost with sendredirect() ?
URGENT! -- Retrieving data from Oracle database?
Having trouble with Filters - I cannot get this code to work. It compiles but doesn't run correctly.
how to assign variable in text area?


text:
The Decatur County Board of Commissioners Meetings are held on the second Tuesday of every month at 9 a.m. and on the fourth Tuesday of the month at 7 p.m. Please join us. For agenda details on the Board's next meeting, go to County News.
Decatur County Commissioners
DISTRICT 1 – GEORGE ANDERSON
District 1 covers southeastern Decatur County and the City of Attapulgus
Commissioner George Anderson
In May 2014, Commissioner George Anderson was elected District 1 Commissioner that covers the Southeastern portion of Decatur County. Commissioner Anderson is a retired veteran who served 20 years in the U.S. Army. He is a Gulf War Veteran of Desert Storm who served as Tank Platoon Sergeant. While in the Army, George graduated from several military leadership schools; Basic Leadership Course, Basic Non-Commissioned Officer Course, and Advanced Non-Commissioned Officer Course. His service consists of Germany, Korea, Iraq and Saudi Arabia. After his military retirement, Commissioner Anderson attended Correctional Officer School and served as Captain at the Decatur County Prison, in charge of the daily operations of the prison. George retired after serving 21 years at the Decatur County Prison. Commissioner Anderson is now active as a certified County Commissioner.
Commissioner Anderson is a native of Decatur County and a 1971 graduate of Bainbridge High School.
Commissioner Anderson and his wife, Shelia, have four children, Angela, Georgiana, Brittany and Myasia. He is a member of the St. Thomas Baptist Church of Fowlstown, Ga.
Decatur County Commissioners Office
Attn: George Anderson
Ph: 229-248-3030 (County Commissioner Office)
Email: captgeorgea96@yahoo.com
DISTRICT 2 – STEVE BROCK
Commissioner Steve Brock
District 2 covers eastern Decatur County and the City of Climax
Steve Brock, a long time resident of the Vada Community, graduated from Bainbridge High School in 1978 and attended Bainbridge College before pursuing his career in agriculture. He is the owner and operator of Steve Brock Farms and has been involved in agricultural activities for more than 33 years.
Commissioner Brock has served on the Farm Service Agency committee and on Decatur County Gin Company's board of directors. He has also served on the Decatur County Farm Bureau's board of directors. Commissioner Brock has been a dedicated supporter and volunteer for the Mount Pleasant Volunteer Fire Department for more than 30 years.
Commissioner Brock and his wife, Sherry, have two grown children and three grandchildren. When he is not attending to the responsibilities of the farm, Commissioner Brock enjoys watching sports, reading and spending time with his grandchildren.
Attn: Steve Brock
Phone: (229) 248-3030 (County Commission Office)
Email: sbrc78@msn.com
DISTRICT 3 – DENNIS BRINSON/VICE CHAIRMAN OF THE BOARD
District 2 covers eastern Decatur County and the City of Bainbridge
Dennis Brinson is a native of Decatur County. He is a 1994 graduate of Bainbridge High School and a graduate of Euro Hair Designs Institute, formerly of Tallahassee, Fla. He holds a State of Georgia Master Barber License and is the owner of Classic Designs Barber & Beauty Salon and Classic Car Care and Detailing, LLC, located at 215 N. Scott St. in Bainbridge. He has worked in the public as a businessman for more than 27 years, lending his services to the people of Decatur County. Commissioner Brinson serves as the full-time assistant pastor of the St. Paul Missionary Baptist Church. He has served on various committees and boards throughout Decatur County and surrounding counties.
He is married to the former Kesha King, also of Decatur County. Together they have two daughters, Elizabeth and Jamya Brinson. His hobbies includes watching documentaries, playing golf and wood construction. Commissioner Brinson has served this community with integrity through his business and religious affiliations. He plans to continue his service as a County Commissioner. He is serving as Vice Chairman of the Board.
Decatur County Commission Office
Attn: Dennis Brinson
229-248-3030 (County Commission Office)
Email: dennisbrinson@bellsouth.net
DISTRICT 4 – RUSTY DAVIS
District 4 covers central Decatur County, southeast Bainbridge
Commissioner Rusty Davis
Thomas R. "Rusty" Davis is a native of Decatur County. He graduated from Bainbridge High School in 1977. He and his brother, Jerry Davis, own and operate Davis Farms. He is the Vice-President of Sowega Cotton, Inc. and a member of Decatur County Farm Bureau. He has served on the Decatur County Tax Assessor Board and the FSA County Committee.
Commissioner Davis is the husband of Charlotte Smith Davis. They have one daughter, Amanda. They are members of First United Methodist Church. His hobbies include golf and wood working.
Attn: Rusty Davis
Email: tjdavisfarms@gmail.com
DISTRICT 5 – GREG MURRAY
District 5 covers southwestern Decatur County, Lake Seminole area
Commissioner Greg Murray
Gregory B. Murray is a native of Decatur County. He is a semi-retired farmer and works for a farm products company in Bainbridge. Commissioner Murray is a member of Sylvania Methodist Church, serves on the Apalachicola-Chattahoochee-Flint Stakeholder Committee, the Decatur County Farm Bureau Board of Directors and has previously served as county president and chairman of the state vegetable committee. He is a graduate of Bainbridge High School and Abraham Baldwin Agricultural College with a degree in agricultural equipment technology.
Commission Murray and his wife, Joyce, live in the Faceville community. They have two daughters, Cathy Willis and Shelia McClendon, five grandchildren and three great-grandchildren. His interests are racing, boating, motorcycling, reading, studying water issues and tinkering in his shop.
Attn: Greg Murray
Phone: 229-248-3030 (County Commission Office)
DISTRICT 6 – PETE STEPHENS/CHAIRMAN OF THE BOARD
District 6 covers northwestern Decatur County and the City of Brinson
Commissioner Pete Stephens
Pete Stephens has served on the Chamber Board, the Planning Commission in the early 1980s and the Georgia Peanut Commission. Also, has served as President of the Decatur County Farm Bureau along with other local civic and government organizations. In 1994, he retired from farming and started working with a national hardware company where he excelled from a local representative to a regional manager. Commissioner Stephens is available at any time for anyone requiring help. He is serving as Chairman of the Board. Commissioner Stephens is a graduate of Bainbridge High School.
Commissioner Stephens is the husband of the former Joan M. Morton of Bainbridge, Ga. He is a lifelong resident of Decatur County.
Attn: Pete Stephens
Email: petestephensdistrict6@gmail.com


PuzzleMazement is OC's only puzzle shop and three story Puzzle Challenge Room (escape room). Our team has been designing themed events and team building classes for decades. Our clients have included Walt Disney Imagineering, San Diego Zoological Society, The Improv Comedy Clubs, The YMCA and over 40 city recreation departments throughout California. Theatrically minded and focused on guest experience our products are top rated in the industry.
You're old professor created a weapon of mass destruction and he needs your help to retrieve it before it falls into the wrong hands!
Reunited the long lost lovers before Little Brother turns you into a porcelain doll and you live eternity in the Doll House!
A Reindeer is in a coma! An Elf is missing! Santa is canceling Christmas! Solve the crime in time to Save Christmas!


"HAVE WINGS" A GOURMET GRILLED CHICKEN WING REVOLUTION.
Our first store is in the trendy vibey suburb of Melville.
Chicken wings have fast become an international snack food sensation and at Have Wings, we have selected our favorite flavors from around the world to give you 5 mouthwatering options, Hot & Smokey, Extra Hot & Smokey, Sweet & Sticky, Oriental, Lemon & Coriander.
Our wings go through a trice cooked process, prepared freshly every day and finished of for you on the flame grill to order. This process not only ensures the wings are beautifully moist but that each wing is thoroughly cooked, drained of excess fat and packed to brim with our secret flavors which are unmistakably the yummiest #Wings ever.
Our promise: Our Wings are organic free range, always fresh and are not injected with any unnatural nastiness.
Flavor Ways: Hot & Smokey, Extra Hot & Smokey, Sweet & Sticky, Oriental, Lemon & Coriander.
Dips: Although our wings are more than juicy and filled with our delicious flavors, you can make a selection from 3 different dips – Spicy Mayo, Creamy Ranch, Blue Cheese and a good old Fiery Hot Hot Hot sauce.
Sides: Our sides have been perfectly created to offer you a healthy tasty alternative, all our sides are fresh and light and can be ordered with a combo or on their own.
Our menu will have Surprise and Delight specials on our menu throughout the year, e.g. "spice Jalapeno corn and bean soup for winter", turkey wings over Christmas etc.
Find us at 27 Boxes, 4th Ave Melville.
Have Wings is a taste sensation. This new restaurant and take-away specialises in a variety of flavoured chicken wings with nutrious sides, complimented with unique sauces.