Operating result and margin

The operating result and the margin have increased significantly compared to the previous year. Operating costs were reduced by CHF 3.3 million compared with the previous period. Personnel costs (including IAS 19) in particular decreased significantly, despite the acquisition of Clear Channel Switzerland. The investment in SMG Swiss Marketplace Group generated a positive contribution in terms of its share of net income of CHF 3.4 million, an increase of CHF 10.7 million to the previous period.