"Scope" for a more expensive look

Publishers "Increase in profits despite drop in business", reports Switzerland's largest media company The protagonist at Ringier's annual press conference on Zurich's Dufourstrasse this time was not the publisher, but its CFO. Firstly, because the Group only survived the catastrophic year 2002 without a major slump thanks to Martin Werfeli's rigid cost management. And secondly, because the long-standing CFO and COO will rightly take over Michael Ringier's role as CEO in June. The patron himself becomes Chairman of the Board of Directors and withdraws from the operational business. Werfeli's successor Ulrich Flörchinger also made a significant contribution to the "reasonably satisfactory result" (Ringier) - albeit twelve years ago, as co-initiator and financial strategist of the Eastern and Central European business. This area also grew the most in 2002 (+15.6%), ahead of Asia (+12.5%). By contrast, the Swiss business segments shrank - across all areas, with business media (-19.5%) falling the furthest under the economic wheels.
However, newspapers also lost a further 6.5 percent and now contribute just under 202 million francs to the overall result. In addition to advertising revenues (-11 million francs), sales revenues (-3 million francs) also fell for the first time. For Michael Ringier, however, a price increase for the two newsstand newspapers Blick and SonntagsBlick will only be discussed "if we can offer readers something additional in return". Werfeli also sees "room for maneuver of 30 or 40 centimes", but would first like to research the price sensitivity of tabloid customers in more detail.
Ringier AG: Business results 2002In CHF million 2002 2001 +/- %
Total sales 1033.3 1062.9 -2.8
Profit for the year after taxes 39.2 34.8 +12.6
Cash flow 124.1 121.1 +2.5
Employees 5419 6079 -10.9
(oc)