LZ Medien: Sales down slightly

The decrease in sales of 1.3 million Swiss francs is mainly the result of lower printing revenues. Advertising revenues totaled 52.4 million Swiss francs, which is 2.1 million Swiss francs or 4.2 percent higher than the previous year. According to the press release, the increase is due to the acquisition of Anzeiger Luzern; however, due to the difficult market environment that has prevailed since the fall, there would have been a slight decrease in advertising revenues after adjustment for the acquisition. A decrease of CHF 0.9 million or 2.1 percent to a total of CHF 41.1 million was recorded in subscription and single copy sales. The decrease is influenced by the sale of the newspaper title Die Region, but also by declining newspaper circulations. Revenues from the printing and calendar business segments declined, mainly due to the integrated "Anzeiger Luzer" (newspaper printing contract in the previous year) and lower revenues in the commercial business as a result of restructuring. Sales amounted to 46.8 million Swiss francs, 3.4 million Swiss francs or 6.8 percent behind the previous year. Revenues from electronic media and other income amounted to 24.8 million Swiss francs and were 0.9 million Swiss francs or 3.7 percent higher than in the previous year thanks to increased radio advertising.

Operating expenses increased only slightly by CHF 0.7 million. On the one hand, the acquisition of Anzeiger Luzern resulted in additional expenses. On the other hand, costs were significantly reduced in the commercial business due to restructuring. Finally, the increase in costs compared to the previous year was mainly due to expenditure on digital product developments. In the year under review, expenses amounted to CHF 151.5 million, corresponding to an increase of 0.5 percent. Ebit amounts to 13.6 million Swiss francs. Compared to the previous year, this represents a decrease of 2.0 million Swiss francs or 12.7 percent. The operating profit margin (Ebit) decreased from 9.4 percent to 8.3 percent.

The financial result was negative at 2.6 million Swiss francs, down 1.8 million Swiss francs on the previous year. Particularly in the case of strategic securities investments, losses in value had to be accepted in capital markets characterized by uncertainty. The other result showed a plus of CHF 1.1 million. Net profit for the year under review amounted to CHF 10.6 million, which corresponds to a year-on-year decline in profit of CHF 1.4 million or 11.7 percent. Total assets amounted to CHF 150.3 million at the end of 2011, of which equity accounted for CHF 95.2 million or 63.4 percent. There are an unchanged 78,000 shares issued, of which 3300 shares are held in treasury as a result of the share buyback program. The Board of Directors proposes to the Annual General Meeting a dividend of 105 Swiss francs per share (previous year: 100 Swiss francs).

At the end of 2011, the LZ Group employed 555 people (previous year 562), who shared 476 positions (previous year 485).

> NZZ Media Group with improved result in 2011