Axel Springer Verlag posts losses in 2007

 
The German media group and publisher of the Bild newspaper Axel Springer posted a loss in 2007 due to a write-down on the Group's postal service provider Pin.  
Last year's balance sheet now shows a loss of 288 million euros, after the company had generated a profit of 291 million euros in the previous year. Springer announced this in a press release on Monday. However, in view of the positive operating earnings development in the core business, the dividend is to be raised to a record level of 4.00 (previous year: 3.50) euros. Earnings before interest, taxes and goodwill amortization, adjusted for non-recurring effects, increased to EUR 422 (375) million.
 
Axel Springer's consolidated revenues increased by 8.5 percent to 2.58 billion euros last year. This figure does not include revenues of the Pin Group. Springer plans to publish the complete financial statements for 2007 and a forecast for the current fiscal year on March 12.