Income statement

CONSOLIDATED INCOME STATEMENT

(in thousands of euro) Note (*) FY 2008 FY 2007
1) Continuing operations      
Revenue from newspapers, books and magazines (30) 191,394 226,276
Revenue from advertising (31) 244,631 237,254
Other revenue (32) 136,997 108,563
Total revenue   573,022 572,093
Other operating income (33) 15,521 10,298
Personnel expense (34) (175,858) (152,175)
Change in inventories (9) (1,414) 4,442
Purchase of raw materials and consumables (35) (40,337) (48,313)
Services (36) (267,405) (267,397)
Use of third party assets (37) (33,116) (36,809)
Other operating costs (38) (10,518) (8,311)
Provisions (22) (3,939) (4,903)
Provisions for bad debts (10) (6,673) (4,563)
Gross operating profit (GOP)   49,283 64,362
Amortization of intangible assets (3) (15,226) (19,077)
Depreciation of property, plant and equipment (1) (11,067) (13,154)
Impairment losses on property, plant and equipment and on intangible assets (39) (5,197) (1,147)
Capital gains/(losses) on disposal of non-current assets (40) 8 323
Operating profit   17,801 31,307
Financial income/(expenses)      
Financial income (41) 11,557 4,198
Financial expenses (41) (1,349) (1,518)
Total financial income (expenses)   10,208 2,680
Other income from investment assets and liabilities (42) (2,480) 13,527
Gains/(losses) from equity-accounted investees (43) (186) (700)
Profit before tax   25,343 46,814
Income taxes (44) (9,329) (19,240)
Net profit from continuing operations   16,014 27,574
2) Discontinued operations      
Profit from discontinued operations   - -
Profit for the year   16,014 27,574
Profit for the year attributable to minority interests   97 120
Profit for the year attributable to shareholders of the parent   16,111 27,694
       
Basic EPS (€)   0.1227 2.54
Diluted EPS (€)   0.1205 2.51

(*) Section 11 of the explanatory notes (notes to the financial statements)

As required by CONSOB (the Italian securities & exchange commission) resolution no. 15519 of 27 July 2006, the effects of related-party transactions on the balance sheet, income statement, and cash flow statement of the parent company, Il Sole 24 ORE S.p.A., are reported in Section 13.5 and detailed in Section 13.2. Income-forming components stemming from non-recurring events or transactions, or from transactions or events that do not recur frequently, are also reported in Section 13.5.