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THE COMPANY behind the Irish Times has reported a return to operating profit for 2011, according to accounts filed at the Companies Registration Office.
The Irish Times Limited reported a profit of €2.5 million before exceptional items, up from €0.6 million in 2010, based on an increase in group turnover to €90.9 million and a significant fall in its administrative expenses.
The group also incurred an exceptional charge of €3 million as a result of a restructuring programme which involved considerable layoffs, however.
The accounts show that the group spent almost €3.9 million on an internal reorganisation – with the costs largely coming through redundancy costs, as staff numbers fell from 509 to 462 – and wrote down the value of investments by €754,000.
When interest and other charges were included, the company ran a pre-tax loss of €1.14 million, and a post-tax loss of €1.9 million.
The accounts also show that the deficit at the company’s defined benefit pension scheme rose by €15.3 million – which directors attribute to an increase in its liabilities due to a reduction in bond yields. The effects of this were mitigated, however, by securing a special ‘Section 50′ pensions status from the Pensions Board.
The company’s cash balances fell by 10.8 per cent to €10.3 million.
The directors’ report accompanying the accounts say the company “continues to face a challenging economic environment” and that it would continue to reduce its cost base, but that it was “well placed to participate in an economic recovery”.
The size of the deficit in the pensions scheme is listed as a principal risk to the company, however, with directors noting that its deficit is significant relative to the size of the company.
Advertising revenue at the Irish Times newspaper fell by 4.1 per cent across 2011, though the report said the rate of decline had eased over the year, and that the paper had retained its share of the market. Continued deterioration of the advertising market is also listed as a corporate risk.
The accounts also reveal that current Irish Times editor Kevin O’Sullivan is paid significantly less than his predecessor Geraldine Kennedy; the editor’s salary of €319,000 per annum earned by Kennedy, prior to her retirement in June 2011, was cut by 31 per cent to O’Sullivan’s current level of €220,000.
Similarly, current deputy editor Denis Staunton is paid €150,000, a cut of €20,000 from the salary of his predecessor Paul O’Neill who earned €170,000 per annum up until his departure in July of last year.
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I didn’t think John Waters would be in favour of artificial contraception…
“Nobody knows where my Johhny has gone”" or as the song goes “Its my std and I will cry if I want to “
Cringe.com
Whats with the thumbs down? Cringe multiplied with poor communication and stupidity..
Quick question, do condoms still have that luxury tax attached to them?
I think so…along with tampons!!
You can get condoms for free in any HSE clinic or STI clinics, or you can get 12 for a €1.49 in the euro shops and dealzs.
Won’t somebody think of the Youth Defence types? We’ll have another 300 billboards saying No to Johnny because of this.
Maybe backed up by the song Johnnie I Hardly Knew Ya?
What’s the point! In one ear out the rubber!
Pretty unimaginative. I am surprised its not a model in a pair of short shorts holding a sign though. Pretty much what advertising and marketing can stretch to on this island.
Should he not be playing a flute?
Don’t be silly wrap you’re willy… Or you will get aids and die
Ah come on! You leave the aids joke there but take down my monkey comment??
Despite everything they seem to b out of touch as usual and spending money they don’t have on cringe campaigns…nReign in they HSE and start to cut out the useless middle management in it and let’s get on with revitalising the health sector…
It’s not babies that are the problem its the aids and herpes that are the real problem
Oh great work there lads. An Irish Ali G!! And what has the effing ukulele got to do with condoms??
maybe the message is that if you dont use a condom you could bring a sad git like this to life!
How about a simple STOP MAKING BABIES! campaign?
Don’t have sex! You’ll get COOTIES !
Zip up your mickey.
I liked the think contraception ones, garden of eden backing track
WTF … Does’nt even begin to “cover” this ….
There’s nothing I love more than watching elderly HSE members desperately try to connect with the youth of the country… and failing miserably…
Great ad. With super acting.
Ná bí id’ amadán, cur clúdach ar do dhóchán.
Serious subject. Dire ad…STD’s still on the increase. What is the message here (if any)? Not a reflection of any good management.
Yep, you’re right.
You can get an STI from oral to. Zip up your mouth. LOL
@ Mark
LOL
Low budget, quick, non informative and lacking the care needed to execute the intended goal. Its the perfect add for the HSE.
How much did this add cost to make? Was it a professional advertising agency ? It looks like an amateurish effort ?
How the hell can you find 3 actors so bad in a 10 second ad? Take a bow HSE- CRINGE
It is supposed to be real sister, not actors.
The Dutch do much better condom ads http://www.youtube.com/watch?v=–7Fxg6_jzU
It’s a belgian ad (they speak french and the stores mentioned are in Belgium)
This does not make my johnny jump up!
Cringe!
Oh god that’s so cringe inducing, huge fail on the part of the HSE
Budget cuts to important services and then they spend money on that shite. Unbelievable!
johnny needs to sort out his bush!
Ok, it is kinda stalkery to have a guy strumming a guitar outside a tent when people are getting it on but I’m more concerned that there is: no mention of STDs/AIDS, protecting yourself, they guy is NOT prepared with a condom in his pocket (girl has the condom), there’s a focus on a heterosexual couple and not a gay couple (tho there might be other adverts that have a gay couple, but I doubt that) etc etc. The salience of the ‘don’t die of ignorance’ advert seems to have been completely lost here. I don’t see the point of the advert and it is an utter waste of money tbh. And, oh, sponsored by ‘The Inbetweeners’ (about a group of hapless virgin boys who actually know nothing about sex) seems just an appropriate choice of sponsor given the advert’s design!
have your say