Il Sole 24 ORE S.p.A. reported consolidated interim management statement for the first quarter ended March 31, 2014. For the period, the company reported revenues of €98.8 million against €98.8 million a year ago. EBITDA was €1.0 million against LBITDA of €6.7 million a year ago. LBIT was €4.2 million against €12.2 million a year ago. Pretax loss was €5.0 million against €12.5 million a year ago. Net loss from continuing operations was €5.7 million against €10.4 million a year ago. Loss attributable to owners of the parent was €5.8 million against €10.4 million a year ago; the growth in revenue was driven by a circulation revenue, increasing by 6.4% against first quarter 2013. The positive performance of electronic publishing revenue from the Tax& Legal Area; system's advertising sales, against the relevant market's contracting backdrop; revenue generated by the Culture Area rose by €3.3 million against 31 March 2013; and revenue generated by the Training Area, increasing by 32.5%, or €1.9 million, driven by the positive performance of the Business School. EBITDA achieved due to Management and all the Company's focus on the implementation of the digital strategy and integration of the platforms, and on the measures adopted to contain costs and achieve process efficiency. Total cash flow from operating activities was €3.3 million against cash outflow from operating activities of €34.0 million a year ago. Investments in intangible assets and property plant and equipment were €1.8 million against €2.4 million a year ago.

The company provided earnings guidance for 2014. The recession continues to impact negatively on revenue and margins in the publishing industry. In 2013, GDP deteriorated by 1.9%, and forecasts for 2014 point to a moderate growth (+0.6%). Forecasts on advertising market developments for 2014 remain uncertain, while latest estimates released by the main Media Centres indicate an overall market still shrinking versus 2013. Consequently, forecasts for 2014 show an improvement in EBITDA. The sale of the Group's Software Area, which is expected to be finalized within the first half of the year, will entail the recognition of a significant capital gain and proceeds of approximately €97 million.