Mecom is a major, multi-platform European media group. The Group publish over 40 paid-for daily titles and over 250 free-sheet papers and operates over 200 digital channels, giving Mecom leading positions within the Netherlands, Denmark, Norway and Poland, with a combined print readership of over 18 million and over 42 million online users every month.
Group highlights 2010
- Adjusted EBITDA up 28 per cent to €155.5 million: margin up 2.6 percentage points to 11.0 per cent
- Net debt down €62.7 million to €310.7 million. Net debt and pace: EBITDA ratio of 2.0 times at 31 December 2010 (2009: 3.1 times)
- Advertising revenues down 4 per cent to €656.3 million
- Circulation revenues resilient, up 1 per cent to €564.1 million
- Underlying digital revenue growth of 23 per cent
- Total costs reduced by a further 5 per cent, or €62.0 million
- Adjusted earnings per share of 44.0 euro cents, up from 6.5 euro cents in 2009
- Inaugural dividend payment expected in autumn 2011
| 2010 €m |
2009 €m |
2010 vs 2009 |
|
|---|---|---|---|
| Advertising revenue | 656.3 | 680.6 | (4)% |
| Circulation revenue | 564.1 | 556.7 | +1% |
| Other revenue | 194.4 | 205.2 | (5)% |
| Total revenue1 | 1,414.8 | 1,442.5 | (2)% |
| Costs1 | (1,259.3) | (1,321.3) | 5% lower |
| Adjusted EBITDA1 | 155.5 | 121.2 | +28% |
| Adjusted earnings per share (euro cents) | 44.0 | 6.5 | +37.5 cents |
| Net debt | (310.7) | (373.4) | €62.7m lower |
Note:
1Revenue and costs from ongoing businesses stated at constant currency and before exceptional items and the amortisation of acquired intangibles; in 2009, adjusted EBITDA of €121.2 million excludes an amount of €5.9 million from operations disposed of in early 2009. 2009 EBITDA from ongoing businesses at prior year exchange rates was €119.6 million, with total 2009 EBITDA including discontinued operations at prior year exchange rates of €125.5 million.
Chairman’s statement
2010 has been a year of further good progress, strategically, operationally and financially.
Strategically, we continue to transform our business from being a newspaper company to being a media group which leverages its content across multiple platforms
Read Chairman’s statementStrategy, 2010 review and 2012 targets
Our strategy is transforming Mecom from traditional print-only business into a modern multi-media group, leveraging our content across a range of digital channels to become a leading online player in each of our markets.
Read Mecom’s strategy Read 2010 review and 2012 targets