Chrysler 2004 Annual Report Download - page 83

81
Itedi
PUBLISHING AND COMMUNICATIONS — ITEDI
SALES PERFORMANCE
In 2004, sales of Italian newspapers averaged approximately 5.7
million copies a day, a figure that was substantially unchanged
since the previous year. The advertising market grew by 7.3% in
2004. Performance by the various media was far from uniform:
while television advertising grew by 10.4% and radio gained
21.7%, demand for print advertising increased by only 1.5%.
Editrice La Stampa S.p.A. reported an average daily circulation
of 339,000 copies in 2004, down from 358,000 copies in 2003.
This decrease reflected the fact that several joint marketing
arrangements with other papers were discontinued during the
year, as well as lower newsstand sales and a reduction in the
number of subscriptions. Brand extension measures designed
to increase newsstand sales of additional products leveraging
the paper’s brand name continued in 2004.
Revenues from the sale of newspapers and other publishing
products totaled 78 million euros in 2004. This was an increase
of 2 million euros over 2003, as sales of Specchio (for which a
additional charge over the paper’s newsstand price was
introduced in September 2003) and successful brand extension
efforts offset the dropoff in sales volumes.
Advertising revenues amounted to 94 million euros, as against
92 million euros in the previous year.
HIGHLIGHTS
Revenues by business unit
Newspaper publishing Advertising
0 50% 100%
(in millions of euros) 2004 2003 2002
Net revenues 407 383 360
Operating result 12 10 3
EBIT (*) 10 91
Net result before
minority interest 21 (5)
Cash flow (**) 983
Capital expenditures 233
Net invested capital 15 19 40
Number of employees 849 874 923
(*) It includes non-operating income and expenses.
(**) Net result + depreciation and amortization.