Gruppo Editoriale L’Espresso – Interim Report as of March 31, 2009
Personnel costs Personnel costs amounted to €74.1 million, down €7.0 million on the 1stQuarter of 2008 as the reduction in personnel carried out in 2008 and new cost reduction plans launched in the current year resulted in considerable personnel cost savings, offset only in part by automatic contractual increases. Depreciation, amortization and write-downs Depreciation, amortization and write-down costs amount to €10.6 million, up €0.4 million on the first three months of 2008 due primarily to the capital expenditure on the upgrade of rotary presses and other printing plant. Financial income (expense) Net financial expense amounts to €5.1 million, up €0.7 million on the first three months of 2008 due primarily to the combined effect of lower cash and cash equivalents and lower interest rates in the period.
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