Axel Springer slumps to FY net loss of 288 mln eur on PIN writedown

Axel Springer AG said it posted a full-year net loss of 288 mln eur, compared with a year-earlier profit of 291 mln, after the company wrote down the value of postal service unit PIN Group AG.

Axel Springer already said last year it expects to write down the value of PIN Group, in which it holds a majority stake, by up to 620 mln eur after talks with the other owners to finance the business failed.

Earnings before interest, tax and amortization, adjusted for one-time items, rose 12.5 pct year-on-year to 422 mln eur, Axel Springer said in a statement today.

Sales rose to 2.578 bln eur from 2.376 bln a year earlier, excluding revenues from PIN Group, which is reported under discontinued activities.

Axel Springer also said it will hike dividend payments to shareholders to a record level of 4.00 eur per share from 3.50 eur in 2006.

Axel Springer AG said it posted a full-year net loss of 288 mln eur, compared with a year-earlier profit of 291 mln, after the company wrote down the value of postal service unit PIN Group AG.

Axel Springer already said last year it expects to write down the value of PIN Group, in which it holds a majority stake, by up to 620 mln eur after talks with the other owners to finance the business failed.

Earnings before interest, tax and amortization, adjusted for one-time items, rose 12.5 pct year-on-year to 422 mln eur, Axel Springer said in a statement today.

Sales rose to 2.578 bln eur from 2.376 bln a year earlier, excluding revenues from PIN Group, which is reported under discontinued activities.

Axel Springer also said it will hike dividend payments to shareholders to a record level of 4.00 eur per share from 3.50 eur in 2006.