The Annual Report 2009 can be downloaded here.

The recession took a heavy toll on the revenues of TMG. The fact that, ultimately, TMG’s operating result held relatively firm has everything to do with the rigorous focus on implementing the announced cost-cutting programme.

Revenues declined by € 69.1 million, to clearly over € 611 million (2008: € 681 million).
Advertising revenues declined in 2009 by € 54.4 million.

Including a decrease of approximately € 46.9 million in restructuring expenses, operating expenses declined by € 104.5 million. The operating results (EBIT) improved by € 34.4 million, from negative € 37.3 million to negative € 2.9 million.

The recurring EBITA result declined from € 62.0 million in 2008 to € 49.6 million in 2009.

The EBITA margin declined from 9.1% in 2008 to 8.1% in 2009.

The net result of € 69.3 million includes a € 56 million revaluation of the interest in ProSiebenSat.1 Media AG besides the share in the result of this participation of € 8.6 million.