The financial statements of the parent company, Arnoldo Mondadori Editore SpA, for the year to 31 December 2010, show a net profit of €51.7 million (€53.2 million at 31 December 2009), while gross operating profit came to €68.1 million (€42.3 million in 2009).
The improvement of gross operating profit was the result of a good performance by the Magazine area and the effects of staff reductions resulting from the restructuring plan first introduced in 2009.
The net profit figure was impacted by non-recurring tax charges of €8.7 million, resulting from the acceptance of a settlement of pending tax litigation introduced by law n° 73 of 22 May 2010.
The payment in this case is related to pending litigation with the Milan tax authorities relating to financial 1991.