Share Capital € 67,979,168.40

Registered Office in Milan

Administrative Offices in Segrate (Milan)

2021 Annual Report

Mondadori Group Consolidated Financial Statements and

Arnoldo Mondadori Editore S.p.A. Draft Financial Statements at 31 December 2021


2021 was a highly challenging year, due to the persisting effects of the pandemic and the restrictions it brought on a global scale.

Contexts and constraints that the Mondadori Group tackled with a strong sense of responsibility and resolve, but also with confidence and optimism: during this protracted period of health emergency, we have in fact been able to count on the structural strength of our business areas, aided and supported by the extraordinary work, professional qualities and spirit of cooperation of all our people.

The results achieved, the continued buoyancy of the books market, and the keen attention constantly paid to company management, confirm the solidity of our activities and the fairness of our strategic and managerial decisions. We are highly satisfied with our performance, and our targets have exceeded our own expectations and the goals we had originally set: the picture for the year was extremely good overall, and in many areas even better than the pre-pandemic years, with significantly increased profitability and revenue and continued cash generation. Strengthening our finances and capital has also enabled us to pave the way for a return to the dividend.

Against a continuingly uncertain backdrop, our strategic vision has firmly remained our guiding light. We have invested our resources in the businesses with the greatest prospects, confident in the direction taken by our Group.

Culture and education represent the main drivers of development not only for our company, but also for the entire community. As a top player on the Italian scene, we have a responsibility to make our contribution to raising the level of education in our Country.

Amid today’s uncertainty and volatility, building on our beliefs, we have pursued growth and acquired De Agostini Scuola, making the major investment over the last 15 years: a time-honoured publisher with a long-standing tradition and know-how, whose entry into the Group has enabled us to become the leading publisher in the school textbooks segment.

Furthermore, we have laid the foundations for expanding the scope of our activities also in Trade books, strengthening our presence in strategic areas such as distribution, book promotion and children's and non-fiction segments.

The healthy state, operational efficiency and structural strengthening we achieved in 2021 give us the right attitude to face the coming months with confidence and optimism.

The pandemic - which we all hope to leave behind soon once and for all - has forced us to adopt a different focus on the world that surrounds us, to reflect even more deeply on our way of doing business and on the goals that we set ourselves.

The following pages will provide a detailed account of the management of our company, not only in terms of income, finances and business, but also in relation to our approach to sustainability.

Indeed, we have a responsibility to create value not only for our shareholders, but for all our stakeholders. We believe that it is natural and fitting to devote growing attention and commitment to defining strategies and goals that take account of the interests of all our stakeholders in the social, governance and environmental fields.

Our priority lines of action include the enhancement and growth of our people, in professional terms and in terms of ongoing self-improvement and improvement of the quality of life. It is therefore critical to support a work environment that encourages work-life balance and the spread of an inclusive culture.

A strong and healthy company - where uniqueness and gender diversity are core principles - also ensures an extraordinary propensity for attracting and retaining talent.

And a better work environment translates into a company that is more flexible, resilient and, most of all, competitive, capable of achieving an ever-improving performance from an operating and financial point of view.

We turn our gaze to this horizon, to continue to grow and innovate.


Board of Directors*


Marina Berlusconi


Antonio Porro


Pier Silvio Berlusconi

Elena Biffi**

Valentina Casella**

Francesco Currò

Alessandro Franzosi

Paola Elisabetta Galbiati**

Danilo Pellegrino

Alceo Rapagna**

Angelo Renoldi**

Cristina Rossello

Board of Statutory Auditors*


Sara Fornasiero

Standing Auditors

Flavia Daunia Minutillo

Ezio Maria Simonelli

Substitute Auditors

Mario Civetta

Annalisa Firmani

Emilio Gatto

* The Board of Directors and the Board of Statutory Auditors currently in office were appointed by the Shareholders' Meeting of 27 April 2021

** Independent Director