• EBITDA in line with the guidance and maintenance of high margins thanks to effective cost-containment measures, despite the decrease in revenues due to the difficult economic context.
• Consolidated REVENUES amounted to € 1,209.8 million, down 11.1% with core business in Italy outperforming the reference market, containing the decrease to 7.7% mainly thanks to the strong development of the online business.
• In Italy online REVENUES increased 20%, with a performance about twice the growth rate of the market, and PAGINEGIALLE.it® traffic revenues showed a 25.6% growth.
• Consolidated EBITDA amounted to € 527.6 million, in line with the guidance, and margins remained stable (43.6%) thanks to the strategy that led to operating and industrial costs savings at Group level amounting to over € 40 million, of which over € 20 million in Italy.
• EBIT improved to € 245.7 million (+7.6%), thanks to the decrease in non-operating amortization and write-downs.
• INCOME BEFORE TAXES was positive at € 31.2 million (negative at 19.9 million in 2008), as it benefitted from the sharp reduction in interest expense (-13.5%).
• NET FINANCIAL DEBT at € 2,762.8 million, in line with the guidance excluding the impact of € 12 million related to the unwinding of hedging amounting to € 12 million approximately, as a result of the bond issue. Debt decreased by € 319.2 million compared to 2008, thanks to the capital increase, lower interest expenses and the strong operating cash generation.

Turin, 21 April 2010 – The Shareholders’ Meeting of Seat Pagine Gialle, chaired by Enrico Giliberti, held today on second call approved the Annual Report for 2009 of Parent Company Seat Pagine Gialle S.p.A.

In 2009, at consolidated level, revenues of the Seat Pagine Gialle Group amounted to € 1,209.8 million, down by 11.1% compared to 2008.

Gross operating profit (GOP) amounted to € 588.6 million in 2009, down by € 69.0 million compared to 2008. GOP margin increased to 48.7% (48.3% in 2008). This result was achieved through targeted measures aimed at containing operating costs, which permitted the Group to offset, more than proportionally, the decline in revenues.

Operating income before depreciation, amortization and net non-recurring and restructuring charges (EBITDA) was € 527.6 million, down 12.5% compared to 2008 (€ 602.7 million); EBITDA margin was 43.6%, substantially stable compared to the previous year.

Income before taxes was positive at € 31.2 million, whereas the result for the year, negative at € 37.7 million in 2009 (negative at € 179.7 in 2008) improved by € 142.0 million compared to the previous year. Excluding the € 91.3 million impairment of goodwill referred to Thomson, the result for the year would have been positive at € 53.5 million.

Net financial debt amounted to € 2,762.8 million at 31 December 2009, down by € 319.2 million compared to 31 December 2008 and in line with the guidance, if costs related to the unwinding of hedging, as a result of the issue of the Senior Secured Bond, are excluded.

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The Shareholders’ Meeting also appointed Alberto Cappellini and Marco Tugnolo as Directors; they had already been co-opted during 2009 to replace Luca Majocchi and Marco Lucchini. At the Board meeting following the Shareholders’ Meeting, Alberto Cappellini was confirmed as Chief Executive Officer and Marco Tugnolo as member of the Internal Audit Committee.
The Shareholders’ Meeting also resolved to integrate the fee of the Independent Auditors consistently with the increased activities required pursuant to Legislative Decree 173 of 3 November 2008.

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Seat Pagine Gialle Legal and Corporate Affairs
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Federico Vercellino – f.vercellino@barabino.it