The Annual Report 2008 is available here.

TMG (Telegraaf Media Groep N.V.) made significant progress during 2008 on reducing costs, divesting non-core activities, adjusting the multi-media portfolio through acquisitions and divestments. The recurring (normalised) EBITA result achieved by TMG increased from € 61.8 million in 2007 to € 62.4 million in 2008 on revenues of € 700.1 million and € 684.2 million respectively. The recurring EBITA margin increased from 8.8% to 9.1%.

The economic crisis, which deepened during the second half of 2008, resulted not only in an significant restructuring provision (€ 52.3 million), but predominantly led to the impairment of the interests in ProSiebenSat.1 Media AG (€ 294.8 million) and in Expomedia Group Plc (€ 18.7 million).

Including amortisation and tax a net loss of € 360.8 million was incurred in 2008. In 2007, TMG made a net profit of € 399.3 million, mainly due to a gain of € 406.6 million on the sale of interests in SBS Broadcasting S.à.r.l. and Wegener N.V.