2009 results in brief:
-    The merger agreement of Swiss operations with Tamedia was set in motion;
-    CHF 32 million loss in 2009, due to non-recurring expenses amounting to nearly CHF 47 million (restructuring costs and impairments);
-    Return to profitability as of 2010.

2009 was a decisive year for the Edipresse Group, in particular due to the strategic alliance concluded with Tamedia, which will create a large national media group in Switzerland able to face the profound changes in the sector. The first phase of this rapprochement has been carried out: in 2010 PPSR S.A. – which regroups most of Edipresse’s Swiss activities – is held at 50.1 % by Edipresse and at 49.9 % by Tamedia. Following the merger of Edipresse’s Swiss operations with Tamedia, those results are no longer consolidated by Edipresse as in the past, which makes a comparison with previous financial years complex.

The Group’s 2009 consolidated turnover amounted to close to CHF 180 million, about 2/3 of which come from Eastern Europe. Taking into account the revenues from Swiss operations, the Group’s pro forma turnover was CHF 542 million in 2009. On a pro forma basis and at constant exchange rates, pro forma turnover decreased by CHF 132 million compared to 2008 (thus by – 19,5 %). As all other media groups, Edipresse experienced a strong decrease in advertising revenues in 2009.

Several exceptional items weighed on the 2009 financial year by nearly CHF 47 million. In particular, they included important restructuring costs, tied to cost-cutting programmes, as well as adjustments in asset values (“impairments”) carried out as a precaution on certain assets and shareholdings in Switzerland, France, Spain, and Asia. Without these exceptional costs, meant to prepare the future, Edipresse results would have been positive in 2009.

Given the measures taken in 2009 and the improving, yet still fragile economic conditions, the forecast is positive:
·    The Group forecasts a return to profitability in 2010;
·    The strategic alliance with Tamedia is off to a good start; numerous projects have already been carried out. Others are in progress, with the ultimate objective of a complete integration at the end of 2012;
·    Edipresse’s magazine operations continue to develop in a promising manner, especially in Eastern Europe (Poland, Ukraine, Russia) and in Asia;
·    The Group will also strengthen its real estate operations and create and buy-out specialized websites;
·    The Board of Directors decided to set up a stock repurchasing programme amounting to CHF 30 million.  This is subject to the approval of the Swiss Takeover Board.


Download:
2009 Results' Summary

Download:

2009 Result's Presentation

 

For further information:
Tibère Adler, Chief Executive Officer Edipresse Group
Michel Preiswerk, Chief Financial Officer Edipresse Group