Record profits for media colossus Axel Springer
Published: 07 Mar 2012 11:19 GMT+01:00
Updated: 07 Mar 2012 11:19 GMT+01:00
Springer, which publishes Germany's mass-circulation Bild daily, said in a statement that net profit rose by 5.6 percent to €289.4 million last year.
Underlying profits, as measured by earnings before interest, tax, depreciation and amortisation (EBITDA), were up 16.2 percent at €593.4 million on a 10.1 percent increase in sales to €3.185 billion.
"We achieved record results in 2011," said chief executive Mathias Döpfner.
"This development was due to the significant growth of earnings and revenues in the digital media and print international segments as well as the continued high profitability of the national print media."
In addition to Bild, Springer also publishes the daily Die Welt.
Looking ahead to the current year, Springer said that assuming there was no significant economic downturn, it expected to generate a "single-digit percentage increase in total revenues in 2012."
While circulation revenues were expected to decline slightly, they would be "more than offset by higher total advertising revenues and total other revenues," the company predicted.
Any drop in revenue in the national and international print business would be "more than made up´ by higher revenues in the digital media business," Springer said.
Overall, underlying earnings would be slightly higher than in 2011, with lower earnings in the print business, but "substantially higher earnings in the digital business," the company said.