Financial and market
performance
3Q 2009
November 10, 2009
Source: consolidated financial statements according to IFRS, 3Q09 ¹ excluding Special Projects
² excluding non-cash cost of share-based payments
Financial performance of the Group
PLN mln
3Q 2009
yoy %
change
1-3Q 2009
yoy %
change
Revenues, incl.:
246.8
(13.3%)
819.0
(13.0%)
- advertising¹
- copy sales¹
- Special Projects, incl. collections
160.9
48.2
12.5
(21.4%)
(1.6%)
86.6%
533.8
145.2
64.6
(21.3%)
(4.3%)
61.5%
Operating cost, incl.:
234.0
(12.5%)
785.6
(9.9%)
- raw materials, energy and
consumables
46.6
6.4%
167.1
7.0%
- staff cost
61.6
(16.6%)
201.4
(7.7%)
- non-cash expense of share-based
payment
-
-
7.1
(69.9%)
- marketing and promotion
30.6
(29.2%)
109.6
(31.7%)
- D&A
20.6
(1.4%)
61.2
0.2%
- operating efficiency improvement plan
-
-
2.3
-EBIT
12.8
(25.6%)
33.4
(52.3%)
Operating EBITDA²
33.3
(12.1%)
101.3
(34.3%)
Net profit
10.1
(27.3%)
23.4
(56.7%)
Employment (FTE at the end of period)
3 200
(13.2%)
3 200
(13.2%)
- Copy price increase
introduced twice this
year partly
compensates decline in
copy sales;
- Incl., i.a., decrease by
473 FTEs vs 31
December 2008
- Material & energy cost
remains flat yoy;
- Increase due to higher
cost of launching new
projects in Special
Projects Division;
- Lower prices of media
purchase;
- Limited number and
scale of promotional
campaigns;
25.2
24.2
12.5
6.7
48.2
49.0
160.9
204.8
0 150 3003Q 2008
3Q 2009
Ad revenue
¹
Copy sales
¹
Special Projects
Other
85.7
74.6
20.6
20.9
30.6
43.2
46.6
43.8
61.6
73.9
0 150 3003Q 2008
3Q 2009
13% D&A 9% Other 32% Staff 26% 20%Revenue performance
PLN
ml
n
Operating cost performance
Gazeta
47%
Metro
3%
Radio
5%
Outdoor
14%
Other
1%
5%
Magazines
9%
Internet
8%
Contract
printing
8%
Revenue structure by line of business
Operating cost structure
21.4%
yoy % change
4.1%
1.6%
86.6%
13.3%
33
3 673 3 505 3 317 3 200 0 2000 4000 4Q08 1Q09 2Q09 3Q09Employment
Num be r of em pl oy ees (FTE s at t he end of p e rio d )Reduction of 473 FTEs
3Q 2009
PLN
ml
n
16.6%
yoy % change
1.4%
6.4%
29.2%
12.5%
Staff
Marketing
Other
& promotion
D&A
Raw materials, energy
& consumables
13.0%
3Q 2009
yoy pp change
4pp
2pp
1pp
3pp
0.5pp
1pp
0pp
0pp
0.5pp
Marketing &
promotion
yoy pp change
0pp
1.5pp
3pp
3.5pp
1pp
Raw materials, energy &
consumables
Source: consolidated financial statements according to IFRS, 3Q09 ¹ excluding Special Projects
Financial performance of the Group
4
Radio
8%
Magazines
14.5%
Dailies
12.5%
Internet¹
13%
Outdoor²
9%
Television
43%
-30%
-20%
-10%
0%
10%
20%
30%
40%
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
Internet¹
Television
Radio
Outdoor²
Magazines
Dailies
Quarterly ad spend performance
yo
y
%
chan
ge
0 pp
2 pp
1.5 pp
yoy pp change
Ad market structure
Source: 2008-3Q09 ad spend estimates by: Agora (press based on Expert Monitor and monitoring of Agora, radio based on Expert Monitor), Starlink (TV, Internet – in 2008 display, search engines, since 1Q09 additionally classifieds, e-mail marketing), IGRZ (outdoor);
¹ since1Q09 media house Starlink changed the methodology of Internet ad market measurement; Internet ad market includes now: display, SEM, e-mail marketing and classifieds. Previously it included only display and SEM; the historical data, concerning the estimates for Internet ad market for previous reporting periods has not been adjusted adequately therefore the data is not fully comparable;
² IGRZ, since 1Q 09 data based on a new definition of outdoor market redefined as „out-of-home” market incl. stationary, mobile and digital advertising; the historical data has been adjusted adequately and is fully comparable.
Ad market performance
1 pp
1 pp
1.69
5.73
1.45
4.96
0
3
6
1-3Q
3Q
2008
2009
Ad spend
PL
N b
ln
yoy % change
15%
13%
3Q 2009
0.5 pp
-70% -35% 0% 35% 70%
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
recruitm ent
real estate
autom otive
announcem ents
financial products
retail chains
entertainm ent
education
9% recruitment 6% automotiv e 8% 14% 7% 8% education 8% 8% other 32%
Gazeta
38%
Metro
4%
Rzeczpospolita
9%
2.5%
Polskapresse
14.5%
Mecom (local)
7.5%
Super Express
3%
Fakt
7.5%
Other
9.5%
Dziennik²
4.5%
5
Newspaper ad spend structure
¹
3Q 2009
PLN 0.2 bln
0pp
Top ad categories in dailies
3Q 2009
PLN 0.2 bln
retail chains
3pp
y2pp
yoy pp change
yoy pp change
3pp 0.5pp 1pp y1pp y1pp y2pp 6.5ppGazeta slightly strengthens
its market share in dailies
ad spend in 3Q09 if
recruitment ads are
excluded
Source: dailies ad market: display ads, Agora’s estimates; ¹ comparison of major dailies only;
² till September 12, 2009;
³ the title appeared on the market on September 14, 2009 from the merger of Gazeta Prawna and Dziennik. The ad revenue for the period July 1 – September 11 relates to the ad revenue of Gazeta Prawna.
real estate
yo
y
%
c
h
a
n
ge
Dailies ad market performance
1pp
y4.5ppy1.5pp
entertainment
1.5pp
y2.5pp2pp
y0.5pp
y0.5pp
0pp
Dziennik Gazeta Prawna
(till Sep 11, 09 Gazeta Prawna³)financial products
announcements
6
Segment performance: Newspapers
PLN mln
3Q 2009
yoy % change
1-3Q 2009
yoy % change
Revenues, incl.:
156.4
(12.3%)
518.9
(15.5%)
- advertising in GW
77.5
(27.2%)
252.3
(31.8%)
- copy sales in GW
37.6
4.2%
113.0
(2.0%)
Financial performance
¹
Operating cost, incl.:
122.1
(12.2%)
418.9
(13.8%)
- raw materials, energy and
consumables
49.5
6.2%
177.3
4.5%
- staff cost excl. non-cash
cost of share-based payments
31.3
(13.3%)
97.5
(11.0%)
- marketing & promotion
20.5
(33.0%)
73.0
(36.7%)
- operating efficiency improvement plan
-
-
1.4
-EBIT ²
34.3
(12.7%)
100.0
(22.0%)
Operating EBITDA³
41.1
(15.8%)
123.8
(27.0%)
- Decline in number of
recruitment ads (by 61%)
in which Gazeta holds
a leader’s position;
- Material & energy cost
remains flat yoy;
- Higher volume & production
cost of publishing projects;
- Lower prices of media
purchase;
- Lower number of
promotional campaigns;
- Lower number of Gazeta’s
editions with dual pricing
offer;
Source: financials: consolidated financial statements according to IFRS, 3Q 09; recruitment ads: display ads, 3Q09 vs 3Q08; ¹ incl. Gazeta, Metro, Special Projects, contract printing;
² excluding allocations of general overhead cost of Agora SA;
³ excluding non-cash cost of share-based payments and allocations of general overhead cost of Agora SA.
- Increase in copy price
brings effects despite lower
effectiveness of dual pricing
offer;
7
Newspapers segment performance: Gazeta
0 150 300 450 600
Jan08 Feb08 Mar08 Apr08 May08 Jun08 Jul08 Aug08 Sep08 Oct08 Nov08 Dec08 Jan09 Feb09 Mar09 Apr09 May09 Jun09 Jul09 Aug09 Sep09
Fakt
Gazeta
Super Express
Rzeczpospolita
Dziennik
Dziennik Gazeta Praw na
Everyday cover priceup to PLN 1.8
183 K
356 K
443 K
139 K
Monday-Thursday cover price up to PLN 2.0, Friday-Saturday PLN 2.5
Monday-Wednesday and Saturday cover price up to PLN 1.3
thou.
copi
es
Everyday cover price up
to PLN 1.8, Saturday PLN 2.0 Monday-Thursday cover price up toPLN 2.0, Friday-Saturday PLN 2.5
Everyday cover price up to PLN 3.4
Friday cover price up to PLN 1.5 Thursday and Friday cover price up to PLN 1.6
Monday-Thursday cover price up to PLN 1.3
Friday-Saturday cover
price up to PLN 2.9
98.9 K³
Gazeta Prawna (till Sep 11, 09):Tuesday-Thursday editions cover price: PLN 3.5; Monday, Friday: PLN 3.99²Copy sales of dailies¹
Source: copy sales: ZKDP, total paid circulation, Jan 08 – Sep 09, comparison; volume and copy sales GW: ZKDP, average single press run, total paid distribution, 3Q 08, 3Q 09, auto presentation; financials: consolidated financial statements according to IFRS, 3Q 09; readership: Polskie Badania Czytelnictwa, execution MillwardBrown SMG/KRC, Jul-Sep09, N=12 100, CCS indicator (weekly readership), elaboration Agora SA;
¹ selected dailies with nationwide reach;
² Gazeta Prawna: basic prices on days without special additions; price with additions from PLN 4.99 to PLN 6.99;
³ the title appeared on the market Sep 14, 09 from the merger of Dziennik and Gazeta Prawna. The data from Jul 1, 09 till Sep 11, 09 relate to copy sales of Gazeta Prawna; The copy sales of new title Dziennik Gazeta Prawna amounted to 126 thou. copies (Sep 14-30, 09);
due to the fact that a new title appeared on the market on Sep 14, 09 from the merger of Dziennik and Gazeta Prawna, according to Polskie Badania Czytelnictwa the data on these titles for September can be treated only as a rough estimate.
– New online service of Saturday
addition to GW Wysokie Obcasy
(High Heels) – generated significant
increase in no. of users
– Pociąg osobowy – weekly video
online program on important social
and moral issues available on
Wyborcza.pl
– Enriching the offer of classifieds
online
Volume and copy sales of Gazeta
0
300
600
3Q 2008
3Q 2009
0
10
20
30
40
volume
copy sales
copy sales revenue
thou.
copi
es
PLN
ml
n
z
13.3%
z
10.0%
y
4.2%
yoy % change
Gazeta’s online development
Dziennik Gazeta Prawna (from Sep 14, 09):Monday-Thursday: PLN 2.6, Friday: PLN 2.9
4.1%
6.5%
6.7%
14.0%
14.0%
2.3%
3.6%
0% 4% 8% 12% 16%Gazeta Prawna
Dziennik
Rzeczpospolita
Metro
Super Express
Gazeta
Fakt
% reach
4.2 mln
2.0 mln
No of readers
4.2 mln
1.3 mln
0.7 mln
1.9 mln
1.1 mln
Weekly readership reach in 3Q 2009¹
(till Sep 11, 09 Gazeta Prawna³)
4 4
11.5%
2.4%
3.6%
0%
5%
10%
15%
Warsaw
Local
National
3.5%
6.5%
0%
5%
10%
Weekly
Average issue
8
Metro ad market share in 3Q 2009
Readership reach in 3Q 2009
% reach
Newspapers segment performance: Metro
1.9
mln
readers
1.1
mln
readers
Total
4%
% share
PLN mln
3Q 2009
change
yoy %
1-3Q 2009
change
yoy %
Ad revenues
7.1
(24.5%)
23.4
(15.5%)
Operating EBITDA¹
(0.4)
-
(1.3)
-Financial performance
(maintained share)
yoy pp change
Readership structure
38.5%
75.5%
46.3%
72.6%
45.2%
0%
20%
40%
60%
80%
Age 15-34
Secondary school and
high education
Cities 500K+
Cities 100K+
Managers,
professionals, white
collars, business
owners
% share
Source: financials: consolidated financial statements according to IFRS, 3Q 09; ad expenditure on dailies: Agora, display advertising; 3Q09; readership: Polskie Badania Czytelnictwa, execution MillwardBrown SMG/KRC, Jul-Sep 2009, N=12 100, CCS indicator (weekly readership), CPW (average issue readership), elaboration Agora SA;
¹ excluding non-cash cost of share-based payments and allocations of general overhead cost of Agora SA;
² Polskie Badania Czytelnictwa, execution MillwardBrown SMG/KRC, Jul-Sep 09, N=12 100, CPW (average issue readership), elaboration of Agora SA.
#3
among most daily read
newspapers in Poland²
9
3Q 2009
1-3Q 2009
Series
4
10
One offs
7
26
Total:
11
36
Copies sold (mln)²
0.6
3.5
Statistics
Newspapers segment performance: Special Projects
(incl. collections)
Series
Queen (1 vol.) "A Kind of Magic" – Triple platinum
Queen (2 vol.) "A Night at the Opera" – Double platinum
Queen (other volumes) – Platinum
Operas – Diamond
Financial performance
PLN mln
3Q 2009
change
yoy %
1-3Q 2009
change
yoy %
Revenues
12.5
86.6%
64.6
61.5%
EBIT ¹
1.5
-
13.8
-One-off projects
Nasz Niemen – Platinum
Pogadaj ze mna – Gold
Chlip-Hop (DVD) – Gold
Source: financials: consolidated financial statements according to IFRS, 3Q 09; CDs ranking: The Polish Society of the Phonographic Industry (ZPAV); ¹ excluding non-cash cost of share-based payments and allocations of general overhead cost of Agora SA;
10
Segment performance: Internet
20% 40% 60% 80% J an06 Mar0 6 Ma y 0 6 Ju l0 6 S ep06 Nov 0 6 J an07 Mar0 7 Ma y 0 7 Ju l0 7 S ep07 Nov 0 7 J an08 Mar0 8 Ma y 0 8 Ju l0 8 S ep08 Nov 0 8 J an09 m a r-0 9 Ma y 0 9 Ju l0 9
Reach of Internet portals
Financial performance¹
% reach
methodology change77.3%
69.8%
56.1%
41.3%
37.8%
72.7% Onet.pl
Group
62.4% Wirtualna Polska
Group
55.2% o2.pl
Group
58.0% Gazeta.pl
Group
59.6% Interia.pl
Group
PLN mln
3Q 2009
change
yoy %
1-3Q 2009
change
yoy %
Revenues, incl.:
19.9
2.6%
58.5
9.8%
- display ads
11.9
32.2%
33.3
5.7%
- incl. Trader.com (Polska)
0.5
(44.4%)
1.5
66.7%
- vortals ad sales
5.4
(18.2%)
16.7
6.4%
- incl. Trader.com (Polska)
2.7
17.4%
7.4
221.7%
Operating cost, incl.:
22.2
2.3%
66.1
10.5%
- staff cost excl. non-cash cost of
share-based payments
10.2
0.0%
32.0
30.1%
- promotion and marketing
5.0
13.6%
13.8
(31.3%)
- operating efficiency improvement plan
-
-
0.4
-EBIT ²
(2.3)
0.0%
(7.6%)
(16.9%)
- incl. LLC Agora Ukraine
(0.3)
70.0%
(1.4)
12.5%
Operating EBITDA³
(0.3)
72.7%
(2.3)
37.8%
Source: financials: consolidated financial statements according to IFRS, 3Q 09; Internet statistics: Megapanel PBI/Gemius, reach – Jan 06-Aug 09; thematic categories – real users, Aug 09;
¹ Internet division, Agora Ukraine, Trader.com (Polska) including print revenues; ² excluding allocations of general overhead cost of Agora SA;
³ excluding non-cash cost of share-based payments and allocations of general overhead cost of Agora SA.
– Launch of new home page Gazeta.pl
– Launch of MSN.gazeta.pl, joint portal
of Agora & Microsoft Inc.
– Launch of business service
Wyborcza.biz – cooperation of Gazeta’s
journalists with Internet segment
Position in thematic categories
Category
No. of real users
(mln)
Gazeta.pl position
Community
6.2 #2
Information, journalism, media
4.7
#2
- Local and regional information
2.8
#1
Lifestyle
3.4 #4
- Children, family
1.0
#2
Sports
3.0 #3
Recruitment
1.9 #1
Building, real estate
1.2
#2
- Furnishing and garden
0.7
#1
Excl. data for
Domiporta.pl which has
ca. 524 thou. real users
AMS 13%
11
AMS ad market share
yoy % and pp change
AMS
26%
y3pp
3Q 2009
PLN 135 mln
z
21%
Segment performance: Outdoor
– Simplifying organizational structure of AMS group –
merging Akcent Media and planned merger of Media
System with AMS SA;
– Reduction of system maintenance cost.
PLN mln
3Q 2009
change
yoy %
1-3Q 2009
change
yoy %
Revenues, incl.:
35.8
(13.1%)
122.2
(9.2%)
- ad revenues
35.8
(11.9%)
120.5
(9.2%)
Operating cost, incl.:
43.1
(0.3%)
130.7
1.5%
- execution of campaigns
6.7
(29.3%)
23.4
(25.7%)
- maintenance cost
19.8
(0.9%)
59.6
9.2%
- staff cost excl. non-cash
cost of share-based payments
4.6
(7.7%)
14.2
(4.6%)
- D&A
5.9
27.6%
17.9
34.7%
- promotion & marketing
1.4
(13.1%)
3.0
(23.2%)
EBIT
(7.3)
(262.7%)
(8.5)
-Operating EBITDA¹
(1.5)
-
9.6
(53.5%)
Financial performance
Source: financials: consolidated financial statements according to IFRS, 3Q 09; outdoor ad market: IGRZ, 3Q 09, excluding cross-promotion of Agora’s other media on AMS panels if such promotion was executed without prior reservation; Premium panels segment: AMS number of panels – AMS, Sep 08 and Sep 09, share of AMS in Premium segment – IGRZ, Jun 09;
¹ excluding non-cash cost of share-based payments.
0
1 100
2 200
Septem ber 2008
Septem ber 2009
Increase in premium panels in 3Q 2009
number
o
f Pr
emi
u
m
panel
s
1.5
thou.
panels
2
thou.
panels
y39%
y
5pp
Premium
panels
yoy pp changeCurrent activities
Lower than market decline
of ad revenues
- Less printing services for
external clients
- Decrease in maintenance
cost as an element of
operating efficiency
improvement plan
Increase in D&A cost due
to investment activities last
year
12
Segment performance: Magazines
Axel Springer
2.6%
Edipresse
7.1%
Bauer
13.7%
Media Point
Group
6.2%
Gruner+Jahr
11.8%
Agora
12.0%
Marquard
12.4%
Burda Media
Polska
9.9%
Murator
9.6%
Other
14.7%
Monthlies ad spend structure
3Q 2009
PLN mln
3Q 2009
change
yoy %
1-3Q 2009
change
yoy %
Revenues, incl.:
22.4
(17.3%)
70.0
(16.5%)
- copy sales
10.4
(14.0%)
30.9
(12.2%)
- ad revenues
12.0
(18.4%)
38.8
(19.7%)
Operating cost, incl.:
17.6
(19.6%)
56.8
(14.8%)
- raw materials, energy and
consumables
7.5
(10.7%)
24.0
(7.3%)
- staff cost excl. non-cash cost
of share-based payments
4.1
(19.6%)
13.3
(12.5%)
- promotion & marketing
4.2
(37.3%)
13.9
(29.1%)
- operating efficiency improvement plan
-
-
0.1
-EBIT ¹
4.8
(7.7%)
13.2
(22.8%)
Operating EBITDA²
4.9
(7.5%)
13.8
(25.0%)
Financial performance
Source: financials: consolidated financial statements according to IFRS, 3Q 09; monthlies ad market: monitoring of Expert Monitor based on rate card data, 122 titles in 3Q09 and 126 in 3Q08, excl. specialist titles; copy sales: ZKDP, total paid circulation, Jan-Jul 09, comparison (luxurious women monthlies: Twój Styl, Joy, Avanti, Glamour, Cosmopolitan, Elle, Hot Moda & Shopping; interior design monthlies: Cztery Kąty, M jak
Mieszkanie, Moje Mieszkanie, Dobre Wnętrze, Dom & Wnętrze, Elle Decoration; parenting monthlies: Mamo To Ja, Dziecko, Mam Dziecko, Twoje Dziecko, Rodzice, M jak Mama); readership: Polskie Badania
Czytelnictwa, execution MillwardBrown SMG/KRC, Jan-Sep 08 (N=35 724), Jan-Sep 09 (N=36 801), CPW (readership of average issue), elaboration Agora SA; ¹ excluding allocations of general overhead cost of Agora SA;
² excluding non-cash cost of share-based payments and allocations of general overhead cost of Agora SA.
Maintained copy sales position in selected magazine segments
85.0
97.9
163.8
0
100
200
Avanti
Cztery Katy
Dziecko
thou.
copi
es
#2
in parenting monthlies
#1
interior home design
monthlies
#3
in women luxurious
monthlies
Readership reach
1.8%
5.3%
3.2%
1.6%
5.1%
3.2%
0%
2%
4%
6%
Avanti
Cztery Katy
Dziecko
1-3Q 08
1-3Q 09
% r
each
Limited number of
promotional
campaigns
0.1pp
0.4pp
0.9pp
0.3pp
0.6pp
0.1pp
0.4pp
0.7pp
1.0pp
0.8pp
yoy pp change
2
nd
13
Segment performance: Radio
6.1%
11.4%
0%
6%
12%
TOK FM
M usic stations
Radio ad market structure
Other
6.5%
Eurozet
26%
Polskie
Radio
8.5%
Agora
11%
Time
20%
Broker
28%
3Q 2009
PLN 110 mln
Financial performance¹
PLN mln
3Q 2009
% change
yoy
1-3Q 2009
% change
yoy
Revenues, incl.:
13.8
(25.8%)
54.2
(11.3%)
- ad revenues
13.6
(26.1%)
52.9
(11.8%)
Operating cost, incl.:
13.6
(26.1%)
54.5
(7.6%)
- staff cost excl. non-cash cost
of share-based payments
5.0
(30.6%)
18.2
(15.3%)
- promotion & marketing
1.7
(41.4%)
12.9
24.0%
EBIT
0.2
0.0%
(0.3)
-Operating EBITDA²
0.9
12.5%
2.3
(55.8%)
% r
each
0.2 pp
0 pp
yoy pp change
Daily reach
yoy pp change
Source: financials: consolidated financial statements according to IFRS, 3Q 09; ad market: Agora based on Expert Monitor, Agora’s share incl. TOK FM, excl. brokerage; daily reach: Radio Track, MillwardBrown SMG/KRC, cities of broadcasting, 15+, TOK FM – Jul-Sep 2008: N=8 055, Jul-Sep 2009: N=7 758, music stations – Jul-Sep 2008: N=11 360, Jul-Sep 2009: N=10 456;
¹ local radio stations (incl. TOK FM);
² excluding non-cash cost of share-based payments;
³ according to share in listening time, Radio Track, MillwardBrown SMG/KRC, Jul-Sep 09, cities of broadcasting,15+, Aglomeracja Slaska N=1270, Bialystok N=458, Bydgoszcz N=456, Czestochowa N=454, Jelenia Gora N=154, Krakow N=909, Lublin N=455, Lodz N=911, Nowy Sacz N=35 [the researched group below the level recommended by SMG/KRC (nonrepresentative group)], Opole N=226, Poznan N=910, Rzeszow N=306, Szczecin N=454, Trojmiasto N=906, Walbrzych N=151, Warszawa N=1268, Wroclaw N=904, Zielona Gora N=229.
z
2pp
2pp
z
1pp
1pp
0.5pp
z
0.5pp
1
st
3
rd
4
th
3
cities
10
cities
4
cities
1
city
Lublin, Lodz, Poznan Aglomeracja Slaska, Czestochowa, Jelenia Gora, Krakow, Opole, Szczecin, Trojmiasto, Walbrzych, Warszawa, Wroclaw Bialystok, Bydgoszcz, Nowy Sacz, Rzeszow Zielona Gora- Lower prices of media
purchase
- Limited number of
promotional campaigns
Position of Golden Oldies in local stations ranking on particular
14
Appendix: Changes in reporting of Group’s operating segments
Newspapers
Newspapers
and Internet
and Internet
- Gazeta
- Metro
- Collections
- Internet
(incl. Trader.com
(Polska)* and LLC Agora
Ukraine)
- Corporate Sales
- Management Board
cost and the overhead
cost of support divisions
Magazines
Magazines
-
magazines
- Agora Press Ltd
(Company in Ukraine)
Outdoor
Outdoor
- AMS Group
Radio
Radio
- local stations
(excl.
superregional TOK FM)
¹ incl. publishing activities of Trader.com (Polska) Sp. z o.o. since June 30, 2008
