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Romanian Branch Of Swiss Media Group Ringier Reports RON57.6M Loss In 2009

The Romanian branch of the Ringier publishing group reported a turnover of RON124.3 million for 2009, down by 27.6% on the year, with an overall loss of RON57.6 million, Ringier heads told a press conference Tuesday.
Romanian Branch Of Swiss Media Group Ringier Reports RON57.6M Loss In 2009
27 apr. 2010, 14:46, English

Ringier Romania’s financial results were announced by Marius Hagger, CEO, Michael Ringier, president and publisher of the Ringier Group, Christian Unger, CEO, and Marco Castllaneta, Corporate Communications CEO.

According to the company’s financial report, Ringier Romania overall revenue for 2009 was CHF35.3 million, of which CHF16,7 million from sales and CHF12.6 million from advertising.

Hagger added that the Romanian company’s estimates for 2008 and 2009 were incorrect, as the current advertising market is not profitable, and will continue to decrease in 2010. Another problematic aspect of Romanian print media, he said, is distribution. Hagger described the Romanian economy as politically-dependant and said that he foresees no significant changes in that area this year.

Unger said that the Romanian branch recorded the biggest decrease of all Ringier affiliates in 2009, but that the Swiss group does not intend to sell Romanian TV channel Kanal D, or any of its Romanian operations. The company’s main focus for 2010 is the long-term development of print and digital media.

He also announced that Ringier AG and Axel Springer AG have created a new Swiss-based company, set to operate in five East European countries. The CEO reaffirmed the group’s interest in continuing to invest in the area, and added that the company will probably enter the Romanian market as well, pending negotiations between Springer and their Romanian partner, Edipresse.

Unger said that the difficult conditions of 2009 forced the group to reduce its operations, but that it managed to achieve a EUR907 million turnover and a net profit of EUR12 million.

The Swiss media group Ringier entered the Romanian market in 1992. In February 2010, the company sold daily Evenimentul Zilei and business weekly Capital to a company whose major shareholder is Romanian businessman Bobby Paunescu.