FISCAL YEAR
(amounts in GRD million)

1997

1998

1999

2000

2000 (*)

Circulation revenues

12.134

13.857

17.701

16.740

49,1

Advertising revenues

10.747

12.573

15.648

16.680

48,9

Revenues from promotional products

4.491

4.568

5.783

3.246

9,5

   Total Publishing Sector

27.371

30.998

39.131

36.666

107,6

   Industrial-Printing Sector

10.232

15.776

8.290

   Tourism Sector

4.956

7.176

8.611

Total Turnover

42.560

53.950

56.032

36.666

107,6

Less: Cost of goods sold before depreciation and leasing instalments

34.567

44.919

51.158

36.964

108,5

Gross earnings

7.993

9.031

4.874

(298)

0,9

% of turnover

18,8%

16,7%

8,7%

-0,8%

Plus: Other operating revenues

407

488

1.307

871

2,6

Total

8.400

9.519

6.181

573

1,7

Less: Administration expenses

2.035

2.144

1.887

2.413

7,1

Selling Expenses

754

1.218

1.113

828

2,4

Total administration and selling expenses

2.789

3.362

3.000

3.241

9,5

% of turnover

6,6%

6,2%

5,4%

8,8%

Operating Profit

5.611

6.157

3.181

(2.668)

(7,8)

% of turnover

137

141

556

1.465

4,3

Plus: Income from participations and securities

1.154

9.795

15.201

44,6

Less : Depreciation reserves and expenses & losses from participations and securities

3.041

3.133

9,2

Plus : Extraordinary and non-operating income

1.411

1.530

201

284

0,8

Less : Extraordinary and non-operating expenses

988

539

723

1.255

3,7

Less : Donations

176

279

306

217

0,6

Profits before interest payments, leasing instalments and depreciation

5.994

8.164

9.663

9.677

28,4

% of turnover

14,1%

15,1%

17,2%

26,3%

Plus : Credit interest

95

84

45

16

0,1

Less : Debit interest

527

1.802

1.616

373

1,1

Profits before leasing instalments and depreciation

5.562

6.446

8.092

9.320

27,4

% of turnover

13,1%

11,9%

14,4%

25.4%

Less : Leasing instalments

973

992

297

0

Profits before depreciation

4.589

5.454

7.795

9.320

27,4

% of turnover

10.8%

10.1%

13.9%

25,4%

Less : Depreciation of operating costs

576

1.336

2.044

1.186

3,5

Additional depreciation

2.001

Profits before fiscal year's taxes

4.013

4.118

3.750

8.113

23,8

% of turnover

9,4%

7,6%

6,7%

22,2%