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Agora SA 
Exchanges:  AGO - Warsaw

The Group's principal activities are the production, sale and promotion of Gazeta Wyborcza the daily newspaper and other magazines and periodicals in Poland. It also controls or exercises significant influence over a number of radio operating companies and provides various advertising services including online. The Group has a number of subsidiaries, all located in Poland.

http://www.agora.pl



Agora Group report for 4Q 2009
23-02-2010
PLN milion 4 q 2009 4 q 2008 yoy % change 1-4 q 2009 1-4 q 2008 yoy % change 
Revenue 291.1 335.9 (13.3%) 1 110.1 1 277.7 (13.1%) 
Net profit / loss: 14.9 (30.6) - 37.3 23.3 60.1% 
Attributable to Equity holders of the parent 14.9 (30.7) - 38.3 23.4 63.7% 
EBIT (1) 19.5 (25.4) - 52.9 44.6 18.6% 
EBIT margin (1) 6.7% (7.6%) 14.3 pp 4.8% 3.5% 1.3 pp 
EBITDA(1) 39.5 (2.8) - 133.7 127.8 4.6% 
Operating EBITDA(1, 2) 42.6 0.8 5 225% 143.9 155 (7.2%) 
Operating EBITDA margin(1, 2) 14.6% 0.2% 14.4 pp 13% 12.1% 0.9 pp 
Net cash from operating activities 65.9 42.1 56.5% 152.7 189.6 (19.5%) 
Figures for 1-4q 2009 (yoy comparison): 
•  According to Agora's estimates, advertising spending for all media amounted to PLN 7.11 billion (down almost 13%).
•  Despite the slowdown on the advertising market Agora Group increased its net profit attributable to the equity holders of the parent to PLN 38.3 million (up 63.7%) and improved profitability, increasing operating EBITDA margin(1,2) to 13% (up 0.9pp). Such a good performance was based on adjusting the cost base of the Group to the level of its revenues.
•  Revenues of the Group amounted to PLN 1,110.1 billion (down 13.1%). Advertising sales reached PLN 732.2 million (down 20.1%), revenues from copy sales PLN 193.4 million (down 3.4%) and Special Projects, including book sales, brought PLN 79.8 million (up 26.3%).
•  Total net operating cost of the Group in 2009 declined to PLN 1,057.2 million (down 14.3%) while in 4q09 it dropped by 24.8% to PLN 271.6 million. The decrease of operating cost in 2009 effected, inter alia, from the operating efficiency improvement plan implemented since December 2008, which included, inter alia, reduction of marketing expense (down 31.2%), reduction of staff costs (down 10.2%, excluding non-cash expense relating to share-based payments) and decrease in cost of printing services.

•  In line with the operating efficiency improvement plan announced in December 2008, the Group on the daily basis undertook cost curtailment measures, which include, inter alia, staff reduction. 393 employees received dismissal notices in 2009 and the headcount of the Group as of December 31, 2009 amounted to 3 143 FTEs (down 530 FTEs as compared to December 31, 2008).

Agora Group report for 3Q 2009
10-11-2009
PLN milion 3Q 2009 3Q 2008 yoy % change 1-3Q 2009 1-3Q 2008 yoy % change 
Revenue 246.8 284.7 (13.3%) 819 941.8 (13%) 
Net profit 9.6 13.7 (29.9%) 22.4 53.9 (58.4%) 
Operating EBITDA (1) 33.3 37.9 (12.1%) 101.3 154.2 (34.3%) 
Net cash from operating activities 21 65.3 (67.8%) 86.8 147.5 (41.2%) 
Figures for 1-3q 2009 (yoy comparison): 
•  According to Agora's estimates, advertising spending for all media amounted to PLN 4.96 billion (down 13%).
•  Revenues of the Group amounted to PLN 819 million (down 13%). Advertising sales reached PLN 533.8 million (down 21.3%), revenues from copy sales PLN 145.2 million (down 4.3%) and Special Projects, including book sales, brought PLN 64.6 million (up 61.5%).
•  Gazeta's advertising sales reached PLN 252.3 million (down 31.8%) and its copy sales generated PLN 113 million (down 2%). Gazeta sold 376 thou. copies on average and its share in total newspaper advertising expenditure reached ca 38.5% (down 3pp). Once the influence of the drop in the recruitment ads is factored out, Gazeta's share in ad expenditure in dailies in 1-3q 2009 remains on the same level as in 1-3q08.
•  Ad revenues of free daily Metro amounted to PLN 23.4 million (down 15.5%). The lower than the market rate (down 26%) dynamics of advertising revenue decrease in Metro resulted in the increase of the title's share in advertising expenditure in dailies by 0.5 pp to almost 4%.
•  Revenues from the Group's Internet operations grew to PLN 58.5 million (up 9.8%), including PLN 12.3 million from the operations of Trader.com (Polska) for external clients. In August 2009 total reach of online services from Gazeta.pl Group reached 58%. (2)
•  Revenues of AMS amounted to PLN 122.2 million (down 9.2% while the advertising expenditure in outdoor dropped by 13%). The company increased its share in outdoor advertising expenditure to 26.6% (up 2%).
•  Revenues of Magazines reached PLN 70 million (down 16.5%) and segment's operating EBITDA1 stood at PLN 13.8 million.
•  Revenues of Radio stations amounted to PLN 54.2 million (down 11.3%). Segment posted positive operating EBITDA (1) of PLN 2.3 million.
•  Total net operating cost of the Group in 1-3q09 declined to PLN 785.6 million (down 9.9%) while in 3q09 it dropped by 12.5% to PLN 234 million. The decrease of operating costs in 1-3q09 effected from the operating efficiency improvement plan implemented since December 2008, which included, inter alia, reduction of marketing expense (down 31.7%), reduction of staff costs (down 7.7%, excluding non-cash expense relating to share-based payments) and decrease in cost of printing services (by 11.1%).
•  In line with the operating efficiency improvement plan announced in December 2008, the Group on the daily basis undertakes cost curtailment measures. On 31 October 2009, the process of group lay-offs in the Company was finalized. By the end of September 2009, 377 employees received dismissal notices and by the end of October 2009, the number grew to 393. The headcount of the Group as of September 30, 2009 amounted to 3 200 FTEs (down 473 FTEs as compared to December 31, 2008). The full effects of the plan should be visible in the Company's financial results in 2010.
•  Operating EBITDA (1) of the Group stood at PLN 101.3 million (down 34.3%) while its operating EBITDA margin reached 12.4%. The Group's net profit attributable to the equity holders of the parent amounted in 1-3q 2009 to PLN 23.4 million.
•  At the end of September 2009, the Group's cash and short-term monetary assets amounted to PLN 247.8 million, out of which PLN 125 million in cash and cash equivalents and PLN 122.8 million in secure short-term securities. The Group's debt amounted to PLN 119.6 million as the Company paid three installments of the credit line used in the previous years. The accessible credit line for further drawing down was PLN 200 million.

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