Chrysler 2004 Annual Report Download - page 84

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Publikompass S.p.A. booked advertising billings of 330 million
euros, compared with 307 million euros in 2003. This increase
was partly due to new licensing agreements, and was achieved
despite the termination of a major advertising arrangement
which the publisher involved decided to manage independently
mid-way through the year.
In December 2004, a plan was approved to invest in new
web offset presses, which starting in January 2007 will make
it possible to produce a full-color 96-page product in the
new compact 31x45 cm format.
In April 2004, Itedi acquired a 58% interest in BMI S.p.A.,
the licensee who broadcasts “Radio Nostalgia”, aired chiefly
in Liguria.
RESULTS FOR THE YEAR
Itedi posted net revenues of 407 million euros in 2004, an
increase over the previous year’s 383 million euros achieved
thanks to additions in the pool of newspapers whose advertising
space is managed by the Sector, sales of Specchio, and the
year’s brand extension initiatives. It should be noted that the
revenues reported for 2004 do not include those generated
by BMI, which have temporarily been accounted for under
the equity method of consolidation.
Operating income was 12 million euros, as against 10 million
euros in 2003. This improvement stemmed from the better
margins achieved with the new newspaper clients, lower paper
costs, and the Sector’s across-the-board efforts to rationalize
costs, which continued throughout the year.
Net income for the year was 2 million euros (up from 1 million
in 2003), despite the heavy tax burden, and the impact of IRAP,
the regional tax on production activities, in particular.