Chrysler 2000 Annual Report Download - page 71

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DATI SIGNIFICATIVIHIGHLIGHTS
Alberto Nicolello,
Itedi’s Chief Executive Officer.
(in millions of euros) 2000 1999 1998
Net revenues 354 413 437
Operating income 10 17 19
As a % of revenues 2.8 4.1 4.3
Net income 211 –
Cash flow 819 11
Capital expenditures 17 89
Net invested capital 46 25 21
Number of employees 954 934 1,473
Publishing and Communications – ITEDI
Fiat has been active in the publishing business since 1926,
when it established Editrice La Stampa, the eponymous
publisher of Turin’s newspaper.
OPERATING PERFORMANCE
In 2000, sales of Italian newspapers totaled about 6 million
copies a day, roughly the same as in 1999.
Over the same period, the print advertising market expanded
by about 15%.
Editrice La Stampa S.p.A. reported an average daily
circulation of 391,000 copies, up slightly from 390,000
copies in 1999.
Major developments that occurred during the year included
the launch of La Stampa – CiaoNordovest, a horizontal portal
specifically designed for the Piedmont, Liguria and Valle
d’Aosta Regions, and the start of new business tie-ins linking
La Stampa with local newspapers in major Italian cities. In
addition, the Sector continued to carry out a series of editorial
projects designed to improve product quality, broaden the
newspaper readership base (contests for students) and
increase reader loyalty (bonus coupon programs).
At the beginning of the year, Editrice La Stampa underwrote
its pro-rata share (41.4%) of a capital increase carried out by
the associated company EDM S.r.l., at a cost of 8.6 million
euros. EDM S.r.l. used these new resources to acquire several
specialized periodicals and the Corriere dell’Umbria, which
is the leading newspaper in the Umbria region.
Since September, the magazine Specchio has been
distributed free of charge with La Stampa.
Revenues from sales of newspapers and promotional items
totaled 69 million euros in 2000, compared with 74 million
euros in 1999. The main reasons for this decline are the
revenue shortfall caused by the free distribution of the weekly
magazine Specchio and lower sales of copies coupled with
promotional items (CDs, videocassettes, etc.).
Advertising revenues totaled 108 million euros (about 13%
more than in 1999), accounting for about 61% of Editrice
La Stampa’s total revenues.
In 2000, Publikompass S.p.A. booked advertising billings
in excess of 281 million euros, or 14.2% more than in 1999.
All segments of its business performed well, with an especially
strong gain in television advertising (+147%), where the Sector
Itedi focused its resources on the publishing field, which enabled it to accelerate the development of a multi-location brand for
La Stampa, and in the area of licensed advertising sales.
Revenues by business unit
Newspaper publishing
Advertising
20%
80%