Mecom Group Plc (MEC.L), a European consumer publishing company, announced its results for the year ended 31st December 2012 reporting that loss attributable to shareholders widened to 29.9 million euros from 23.1 million euros in the previous year. Loss per share was 25.9 euros cents, compared to a loss of 21.0 euros cents in the prior year.
Pre-tax loss widened to 102.3 million euros from 27.7 million euros in the previous year.
On a Non-IFRS basis, earnings per share were 34.3 euros cents, compared with 45.6 euros cents per share in 2011.
Revenue for the year declined to 910.5 million euros from 997.5 million euros in the prior year.
The Board has proposed a final dividend of 5.5 euros cents a share, giving a total dividend for the year of 11.5 euro cents, including the interim dividend paid on the earnings of Edda Media in the first half of 2012. The final dividend of 5.5 euros cents per share will be paid on 28 June 2013.
The Group expects full-year 2013 results to be influenced by continued pressure on advertising revenue and declines in circulation revenue arising from lower single copy sales. Further cost reductions, from the full-year effect of 2012 cost-savings and additional 2013 restructuring plans, will partly offset falls in revenue.
In a separate press release, Mecom Group announced that its Dutch subsidiary, Wegener Nederland B.V. has agreed the sale of its online automotive classifieds business, AutoTrack, to De Persgroep Nederland B.V. Aggregate consideration on a debt- and cash-free basis is 26 million euros, and is payable in full at completion, subject to adjustment if necessary through a customary completion accounts process.
As part of the Sale, De Persgroep will also acquire the intellectual property rights to the Jobtrack brand name and related internet domains, which are currently owned by another Wegener subsidiary.
Wegener has also entered into a separate commercial agreement with De Persgroep, under which De Persgroep has acquired the right to buy future advertisement space in the print and online media of Wegener against a down payment of 2 million euros.
Mecom said it expects to use the proceeds of the Sale to continue to pay down outstanding bank borrowings.
Separately, Mecom Group announced that it has agreed the sale of its remaining Polish operations in two separate, but related, transactions for an aggregate consideration on a debt and cash free basis of approximately 4 million euros.
The Transactions consist of the disposal of Media Regionalne sp. z o.o. to Polskapresse sp. z o.o, and the sale of the shares in the companies which operate the Radio Gra stations to Multimedia sp. z o.o.
Mecom said it agreed to sell Media Regionalne sp. z o.o. to Polskapresse sp. z o.o. for consideration on a debt and cash free basis of about 2 euros million. The Group expects total cash proceeds to be 21 million euros, taking into account the substantial cash balance held by Media Regionalne.
Mecom also agreed to sell the shares in the companies which operate the Radio Gra stations to Multimedia sp. z o.o. for consideration on a debt and cash free basis of 2 million euros.
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