Down profit and turnover of the L'Espresso group. In 2013, revenues fell by 12,4% to 711,6 million euros and profit stood at 3,7 million (from 21,8 million in 2012). The group will not distribute dividends. Circulation revenues amounted to 248 million (-5,8% on an annual basis) and advertising revenues fell by 15,4% to 403 million: in particular, advertising revenues in the press sector had a decrease (-19,5 %) lower than that of the entire sector (-21,2%).
Radios down (-9,5%) in line with the sector (-9,3%), internet better (-0,9%) against the slight decline in the market (-1,8%). Total costs in 2013 decreased by 9,6% while the workforce, including fixed-term contracts, decreased during 2013 by 111 units to 2.425 employees. Margins are also going down. The gross operating margin decreased to 63,5 million from 102,4 million in 2012, the operating result to 31,3 million (60,4 million in 2012) and the pre-tax result to 17,3 million (44,1 million in 2012).
Advertising revenues amounted to 403 million (-15,4% on an annual basis). Improve net borrowing. The net financial position as at 31 December 2013 was negative by 73,5 million (-108,1 million as at 31 December 2012) while the group's shareholders' equity and non-controlling interests amounted to 562,2 million. (557,7 million in 2012). Visibility in 2014 remains limited: the results are highly dependent on the evolution of the advertising market, where there are uncertain signals. If, on the one hand, radio appears to be recovering, the company believes that, on the other hand, the evolution of print advertising remains critical.
