PRIMEDIA on Friday announced that group EBITDA had declined by 12% to R244,8-million for the year to June 30, and that turnover had increased by 2% to R1 745 million. Primedia CEO William Kirsh said the integrated media group’s results were once again characterised by the resilience of the advertising businesses, but overall, were heavily impacted by the development costs and associated interest costs incurred by Ster Century Europe and Ster Century Middle East. We have had a difficult year,” he said. “Despite this, we have emerged stronger, having successfully implemented a number of key strategies that provide a sound financial and operational base to take the business forward.” These actions included: the proposal to split the advertising and filmed entertainment businesses in order to rebalance the group’s assets and align management focus; the successful rationalisation and turnaround of Ster-Kinekor Theatres; the decisive scaling down of Primecom’s digital communications businesses following the contraction in e-services spending; the continued divesting of under performing or non-core assets, which realised R194-million during the year; and the simplification of the group’s capital structure through the proposal to convert debentures. – Sapa