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(Il Sole 24 Ore Radiocor) – Feltrinelli and Mondadori It’s only early days for Adelphi’s future, but it could determine the fate (and perhaps control) of one of Italy’s most prestigious publishing houses, which was led by Roberto Carasso until his death a few years ago. While we wait to learn what role the two publishing groups will play in this complex mix of shares, Adelphi By 2023, record revenues amounted to 17.5 million euros (+4.5%) and a net profit of almost 2 million euros (stable performance). In the near future, thanks to the available cash, the company will be able to “support important new investments in new authors and contract renewals”, as indicated in the report attached to the annual budget, which consulted Redico.
The battle between Calasso partners and heirs is coming, as in recent weeks they have confirmed Teresa Cremisi as president of Adelphi and Roberto Colajanni as CEO, while also registering New Items Paolo Mieli, board member. Carlo takes the first step Feltrinelli The Pellizzi family will retain 3.5% of the shares, which will be more than 10% of the shares. Soon, Mondadori’s reaction was unexpected, and it signed a share agreement with Josephine Calasso (who owns 23.8%), also in this case 10%by Adelphi (but from May 2027, due to an agreement between the heirs, it cannot be sold before this date), the price reflects the “equity value” of the publishing house of €50 million. Therefore, one of the questions is what will happen when the green light comes on in three years.
For analysts, Mondadori’s move is a “defence against Feltrinelli”
In recent days, major brokerage firms have also questioned the reasons for Segrate’s move. fair They remember Adelphi as “a historic publishing house with an important catalogue of non-fiction, narrative and philosophical works”, but whose shares are today “fragmented”, with 23.8% held by his children, Franco Calasso and Josephine Calasso (before exercising the put/call options), and 14.3% by his wife Fleur Jaeggy, who are “united by a shareholders’ agreement committing not to sell until 2027”. They are followed by the CEO Colajanni (9.5%), the Zevi family (15%), the Feltrinelli (10%) and the Pellizzi (3.5%) families. “From a strategic point of view, we see this as a defensive maneuver for Feltrinelli and we believe that it represents an option for Mondadori when the shareholders’ agreement expires, in the event of an agreement with the majority shareholder”. Even according to experts Intermont“, “Although this is a minority stake (and therefore should not raise antitrust issues), it allows the Mondadori Group to become part of the equity of Adelphi, one of the most important independent publishing houses in Italy”.
Turnover increased by 19.5% in 4 years. «New Authors and Renewal Fund»
At the same time, the 2023 budget report attests to the health of the publishing house. The goal for 2024, we read, is to “confirm the management results achieved in 2022, taking into account that the results of 2023 are difficult to repeat and are strongly influenced by two publications with extraordinary and unrepeatable circulation”. The reference is to Carlow’s “White Holes”. Rovelli and Emanuel’s “V13” Karelone of the most respected authors in the group (excluding the Italian copyright of Philip’s works) Rosswhich recently passed from Einaudi to Adelphi). A promotion offering 20% off the entire catalogue between January and February “improved the already excellent sales performance in 2023”.
Specifically, net profit in 2023 exceeds 1.98 million, with a turnover of 17.5 million (+4.5%), “definitely the highest turnover ever achieved by the publishing house”, and EBITDA of 3.17 million (equivalent to 18.7% of revenue). Moreover, turnover has continued to grow in recent years, increasing by 19.5% from 2020 to 2023: from 14.6 million in 2020, an increase of 9.5% over 2019, to 15.6 million in 2021, to 16.7 million in 2022 and finally to 17.5 million in 2023. In book publishing, Adelphi’s market position ranks seventh, with a share of 2% in the total number of publishers and 1.9% in value terms.
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