20 Minutes/Minutos 2009 results
The combined losses (EBITA) of the Schibsted free dailies in Spain (20 Minutos) and France (20 Minutes) amounted to €2.7 million in 2009. The French operation made a small profit of €0.9m while there was a total loss in Spain of €3.6m according to the annual report.
The results, however, were better than in 2008 when the total loss was €5m. The publisher is positive about the results nonetheless because at the end of 2009 and the beginning of 2010 results improved in both markets.
Revenues (± €50m) and profit in France (Schibsted holds 50% of the French operation) were almost the same in 2008 and 2009 although the number of employees decreased from 192 to 175.
In Spain were Schibsted bought the 20% share of Zeta in 2009, revenues declined sharply from €37 to €28. The number of employees went down from 241 to 188.
The free newspapers in Lithuania (15 Min) and Estonia (Linnaleht) went non-daily in 2009.