Business News
Edipresse Group 2010 half-year results
Tuesday 28. September 2010 - Edipresse improves its results
· The alliance with Tamedia is fruitful, achieving a number of synergistic projects.
· Turnover of continuing operations grew by 5.9% at CHF 88.9 million. By including all Swiss PPSR activities (held at 50.1% until 31.12.2010), turnover remained stable at CHF 265.3 million.
· EBITDA of discontinued operations (before Group overheads) rose from CHF 20.9 million to CHF 36.5 million (for 100%). EBITDA of continuing operations (before Group overheads) increased by CHF 9.7 million to CHF 8 million.
· The net income for the group amounted to CHF 20 million compared to a loss of CHF 1 million in 2009. The gain on the disposal of 49.9% of PPSR to Tamedia was accounted for in equity and thus did not impact net profit.
The first phase of the rapprochement between Tamedia and PPSR, which regroups most of Edipresses Swiss activities, was achieved at January 1, 2010. From now on, PPSR is held at 50.1% by Edipresse and at 49.9% by Tamedia. Numerous common projects have been realized (merger of the free dailies, development of an online national job portal, pooling of purchases, etc.). Other projects are also in progress for a total integration at the end of 2012.
In the Groups other subsidiaries, the cost cutting programs and the uptake in turnover allowed for a better operational margin.
The positive trends observed during the first half of the year should confirm themselves during the second half. However, one should remain cautious due to the still fragile upturn in the global economy and the revaluation of the Swiss Franc.