AFP: 3.7% increase in 2011 budget
The Board of Directors at its meeting of 27 January 2011 took note of the estimated 2010 results and unanimously adopted the budget for 2011.
For 2010, the Agency expects revenues of around 279 million euros, an operating profit of 16.2 million euros and net profit at breakeven. The targets that were set for 2010 have therefore been largely achieved, helped by better than expected sales and costs which remain under control.
The 2011 budget reflects a number of strategic objectives listed among the 14 projects which aim to adapt the Agency to a new competitive environment, to ensure its development and improve working conditions.
Revenues are projected at 280.5 million euros, producing an operating profit of more than 15 million euros and a positive net result.
For 2011, revenues are projected to increase by 5 million euros, based largely on an increase of 2 million euros in the State Convention (according to the COM signed on December 18, 2009) and the contract with the European Union won by fully-owned subsidiary, AFP-Services, to the tune of 4.8 million euros. International revenues are expected to be up by 1.7 million euros. These revenue gains partly offset the 3.5 million euro erosion in the French client base. In the 2011 budget, the regional daily press and the national daily press represent less than 6.5% of AFP sales. Important revenue growth is expected in multimedia, video and photography. Overall, the Agency is seeing a growing number of clients wordlwide, with an increase of 30 percent since 2005.
Total costs amount to 265.4 millions euros and remain managable. Personnel expenses rose by 2.3 percent compared with 2010, to implement the first stage of the Agency's strategy, including stronger multimedia, video and Arabic language units. The investment budget increases to 24.7 million euros, a rise of more than 50 percent compared to 2010, provides for the introduction of the new-generation IRIS console, renovation of the headquarters and the supply of updated equipment to journalists on the ground. The increased investment budget also allows for the first phase of putting the archives into digital form and exploiting this resource subsequently.
About AFP:
AFP is a global news agency delivering fast, accurate, in-depth coverage of the events shaping our world from wars and conflicts to politics, sports, entertainment and the latest breakthroughs in health, science and technology. With 2,900 journalists spread across almost every country, AFP covers the world 24 hours a day in six languages in video, text, photo, multimedia and graphics.
Contact :
Maud Forlini - 0140418112 –maud.forlini@afp.com Tel : 33 (0) 1 4041 8112