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Affichage Holding S.A. takes steps to counter the economic crisis
The economic crisis has made itself felt in the figures of Affichage Holding S.A. in the first quarter. The Group had to contend with a decline in sales of 16.6%. Far-reaching cost-cutting measures were implemented at the beginning of the year.
Affichage Holding S.A. – a specialist in the field of outdoor advertising – posted a decline in sales of 16.6% in the first quarter of 2009. Whereas the figures for January were still satisfactory, the effects of the economic crisis were clearly felt in the following months.
Already at the beginning of the year, the Executive Board decided on comprehensive savings measures to help offset the decline in revenue – including a hiring freeze, making use of natural headcount fluctuation, cancelling projects and reducing investments. The biggest subsidiary APG introduced short working hours. At the same time, the Board of Directors reduced the bonuses for itself and management by 50%. Further cost-cutting measures are being reviewed and will be implemented if the recession persists.
On the basis of the current figures for the first quarter of 2009 and the economic outlook, Affichage Holding S.A. is assuming that demand will remain weak, which will have an impact on the Group's net result.
Information:
Christian Kauter, Delegate of the Board of Directors & CEO Affichage Holding S.A., Bahnhöheweg 82, CH-3018 Berne
Tel.: +41 31 998 92 17
E-mail: christian.kauter@affichage.com
Ulrich von Bassewitz, CFO Affichage Holding S.A., Giesshübelstrasse 4, 8027 Zurich
Tel.: +41 58 220 77 47
E-mail: ulrich.vonbassewitz@affichage.com