Net sales: €1,111.2 million (-10,9%)

• share of circulation income: 60% (-3%)
• share of advertising income: 29% (-23%)

Operating profit: €96,3 million (+12,4%)

• non-recurring capital gains: €17,1 million

Average number of employees: 5,452 (full-time equivalents)

Number of magazine titles: 295 (-49)

Annual Results 2009

Our net sales decreased to €1,111.2 million (12.5%) in 2009, because of challenging market conditions and unfavourable currency exchange rates. Adjusted for changes in our company structure our net sales decreased by 10.9%. Our operating profit excluding non-recurring items increased by 11.5% to to €95.7 million. The company has initiated several programmes to improve the profitability of its business units. Annual Report 2009