Edipresse with lower profit and sales
Edipresse posted a profit of 7.1 million Swiss francs in the first half of 2011, compared with a profit of 20.1 million in the same period of the previous year. Revenue declined by 9.5 percent to 80.4 million Swiss francs.
According to Edipresse, the strong Swiss franc had a negative impact on the result. Calculated at constant exchange rates, sales increased by 1.5 percent. The Group benefited from growth in its sales in Eastern Europe and Asia. Following the sale of its Swiss operations to media group Tamedia, Edipresse posted a loss of 4.6 million francs on continuing operations. Last year, the loss had still amounted to 1.7 million Swiss francs.
Edipresse now still holds 49.9 percent of its Swiss business. This share is to be transferred to Tamedia in two tranches by 2013. Because only the dividend income of the Swiss subsidiary was included in the result due to the change in ownership, it was not comparable with the previous year, Edipresse said. Tamedia had presented its half-year figures at the end of August. Thanks to the first-time inclusion of the business acquired from Edipresse, sales jumped 55.1 percent to CHF 558.9 million.
Edipresse further announced that the delisting of the company from the SIX Swiss Exchange will take place on October 20. The Lamunière family, which currently controls 87.3 percent of the share capital and 93.4 percent of the votes in the entire media group, has launched a public tender offer to buy back the remaining shares. On August 19, Edipresse initiated the required delisting of both bearer and registered shares. The delisting from the SIX Swiss Exchange is scheduled for October 20.
