Luxembourg, 5th February 2009 - Metro International S.A. ("Metro International" or the "Group") (MTROA, MTROB), today announced its financial results for the fourth quarter ended 31st December 2008. Information was submitted for publication on 5th February 2009 at 8:00 A.M. CET. FOURTH QUARTER HIGHLIGHTS * Total net sales decreased year-on-year in the fourth quarter by 14 percent to ? 83.5 million (2007: ? 97.6 million). Sales declined by 10 percent excluding closed and divested operations (Stockholm Bostad and the Czech Republic). * The operating loss in the fourth quarter was ? 1.9 million (2007: operating profit of ? 3.4 million). Excluding the restructuring costs of ? 2.5 million in the fourth quarter, the operating result was a profit of ? 0.6 million. * Metro International reported a net loss in the fourth quarter of ? 9.8 million (2007: profit of ? 3.9 million). * Following the decision to re-finance the Group and due to contractual terms in Metro International's financing arrangements, the ? 28.7 million bank facility will be fully re-paid in April 2009. * In November, Metro International expanded in Monterrey, Mexico. In December, Metro International entered into a franchise agreement with Moscow's Gazeta Metro, which will be re-launched and re-branded to be consistent with Metro International's newspaper concept. * Readership overall increased year-on-year by 10 percent for the Group. * The net loss per share for the fourth quarter was ? 0.01 (2007: profit of ? 0.01). FULL YEAR HIGHLIGHTS * Total net sales decreased year-on-year for the full year by 11 percent to ? 295.5 million (2007: ? 331.1 million). Sales declined by 5 percent excluding closed, divested operations (Stockholm Bostad and Czech Republic) including adjustments for the operations which did not publish during July and / or August 2008 (Sweden, Denmark and Spain). * The operating profit was ? 17.3 million (2007: loss of ? 15.3 million) in the full year 2008. Excluding the restructuring costs of ? 3.8 million in the full year, the operating result was a profit of ? 21.1 million. * Excluding the capital gain from the Schibsted transaction (? 35.2 million) and the 24 Timer acquisition (? 2.4 million), the operating loss is ? 20.0 million (2007: loss of ? 18.6 million). Including capital gains, Metro reported a net profit of ? 4.1 million (2007: net loss of ? 20.1 million). * For the full year Sweden, Northern Europe and the Rest of the World segments reported EBIT profits totalling ? 14.0 million. The US and Southern Europe reported EBIT losses of ? 14.3 million in total, out of which ? 10.8 million were generated in the US and Spain. * The net profit per share for the full year was ? 0.02 (2007: loss of ? 0.04). SUBSEQUENT EVENTS * On 29th January 2009, a decision was made to close down Metro International's fully owned operations in Spain with immediate effect. * The reorganization and relocation of the group functions from London to Stockholm, will come into effect during 2009 and will be finished before the end of 2009. * The Board of Directors of Metro International has resolved to ask for a general meeting of shareholders' authorization to raise approximately SEK 550 million through a new issue of Swedish Depository Receipts (SDRs) over subordinated debentures and warrants with preferential rights for existing holders of series A and B SDRs over Metro International's shares. The Board of Directors has resolved to summon an Extraordinary General Meeting which is to be held on 24th February 2009 (separate notice to be distributed on even date herewith). The Group's largest shareholder Investment AB Kinnevik has, subject to certain conditions, agreed to fully underwrite the contemplated transaction. See also the section Strategic Update and Funding Requirements, page 19. CONFERENCE CALL Metro International will host a conference call today at 10.00 A.M. CET which will be broadcast live on the internet and as a conference call. Participants can take part in the call either through the audiocast or the conference call. To view the Internet Audiocast: A live audiocast of the presentation will be available on www.metro.lu, 5th February 2009 at 10.00 A.M. CET. To participate in the conference call, please dial in on the following numbers: Sweden Tel: +46 (0)8 505 598 53 UK / International Tel: +44 (0)20 3043 2436 US free phone number Tel: +1 866 458 40 87 Conference call participants can access the presentation slides on http://www.metro.lu/node/79/2008. For those unable to listen to the live broadcast, a replay will be available at Metro's website www.metro.lu approximately one hour after the event. For further information, please visit www.metro.lu or contact: Per Mikael Jensen, CEO and President tel: +44 (0)20 7016 1300 Anders Kronborg, CFO tel: +44 (0)79 12 540 800 Ingrid Selden, IR contact tel: +44 (0)77 25 245 881 *** ABOUT METRO INTERNATIONAL AND METRO Metro is the largest international newspaper in the world. Metro is published in over 100 major cities in 20 countries across Europe, North & South America and Asia. Metro has a unique global reach - attracting a young, active, well-educated Metropolitan audience of over 20 million daily readers. Metro's advertising sales have grown at a compound annual rate of 38% since the launch of the first edition in 1995. Metro International 'A' and 'B' shares are listed on the OMX Nordic Exchange's Nordic List under the symbols MTRO SBD A and MTRO SBD B. This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement. http://hugin.info/132142/R/1287669/289311.pdf Copyright © Hugin AS 2009. All rights reserved.
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- METRO INTL SDB A : FINANCIAL RESULTS FOR THE FOURTH QUARTER AND TWELVE MONTHS ENDED 31ST DECEMBER 2008