Slimmed down and trimmed fit
PubliGroupe The Lausanne-based media and advertising group plugged significant loss holes last year and took radical action to adapt to the harsh environment.
PubliGroupe The Lausanne-based media and advertising group plugged significant loss holes last year and adapted to the harsh environment with a radical overhaul, eliminating sources of loss, divesting itself of investments outside its strategic priorities and cutting costs: The radical overhaul imposed last year has done PubliGroupe good. Operating costs fell by a total of 233 million francs (-34%) in 2002. The remaining business units also succeeded in reducing expenses by CHF 54 million (-11%). The media and advertising group's result is once again respectable and is positive at CHF 41 million, although the Directories division was the only one to defy the increasingly unfavorable economic environment and record a small increase. On the other hand, continuing operations recorded a 13 percent drop in sales. Sales by Swiss advertising intermediaries (PubliPresse) also fell by 13 percent. The main reason for this was the decline in job advertisements, which fell by 38 percent. Turnover from commercial advertisements was 5 percent down on the previous year.
Strong position for upswing
Despite adverse economic conditions, PubliGroupe CEO Hans-Peter Rohner was able to present a balance sheet that was considerably stronger than in the previous year. Debt had been reduced by CHF 99 million to CHF 136 million at the end of 2002 and equity increased by CHF 75 million to CHF 356 million. At the same time, net liquidity rose by CHF 63 million to CHF 18 million.
On the other hand, the reduction in the workforce was significant: As a result of the restructuring and the exit from the American Panoramic Communications, the number of employees was reduced by almost 20 percent or 721 employees to 2953 in 2002. By the end of the current year, the number of employees is to be reduced to around 2800. "PubliGroupe will have the best cards at its disposal to bring about a turnaround during the economic upturn", says Rohner.
PubliGroupe CEO Hans-Peter Rohner: Equipped for the future.
PubliGroupe in figuresIn CHF million 2001 2002 +/- in %
Turnover 2612 2150 -17.7
PubliPresse 1892 1646 -13.0
Publicitas Promotion Network 411 341 -17.0
PubliDirect 114 115 +0.9
PubliService, central services, and miscellaneous* 196 48 -75.5
Operating result -30 41 -
Net loss -185 -30 -
Dividend 0 0 -
Employees 3674 2953 -19.6
* Panoramic (2001 and 3 months in 2002), Real Media (2001), Namics Source: PubliGroupe
Daniel Schifferle
Strong position for upswing
Despite adverse economic conditions, PubliGroupe CEO Hans-Peter Rohner was able to present a balance sheet that was considerably stronger than in the previous year. Debt had been reduced by CHF 99 million to CHF 136 million at the end of 2002 and equity increased by CHF 75 million to CHF 356 million. At the same time, net liquidity rose by CHF 63 million to CHF 18 million.
On the other hand, the reduction in the workforce was significant: As a result of the restructuring and the exit from the American Panoramic Communications, the number of employees was reduced by almost 20 percent or 721 employees to 2953 in 2002. By the end of the current year, the number of employees is to be reduced to around 2800. "PubliGroupe will have the best cards at its disposal to bring about a turnaround during the economic upturn", says Rohner.
PubliGroupe CEO Hans-Peter Rohner: Equipped for the future.
PubliGroupe in figuresIn CHF million 2001 2002 +/- in %
Turnover 2612 2150 -17.7
PubliPresse 1892 1646 -13.0
Publicitas Promotion Network 411 341 -17.0
PubliDirect 114 115 +0.9
PubliService, central services, and miscellaneous* 196 48 -75.5
Operating result -30 41 -
Net loss -185 -30 -
Dividend 0 0 -
Employees 3674 2953 -19.6
* Panoramic (2001 and 3 months in 2002), Real Media (2001), Namics Source: PubliGroupe
Daniel Schifferle
