Orell Füssli Online Report 2011
Dear shareholder,
Dr. Klaus Oesch
Chairman of the Board of Directors
Chairman of the Board of Directors
Michel Kunz
CEO
CEO
Orell Füssli experienced a difficult year, during which the market environment deteriorated (in particular due to the strength of the Swiss franc) and special effects severely depressed results.
> Editorial Chairman of the Board of Directors
> Editorial Chairman of the Board of Directors
All divisions of Orell Füssli reported unsatisfactory results in the year under review. Provisions at Atlantic Zeiser and in book retailing also had an adverse impact. A significant improvement is expected in 2012.

1 Financial years 2009 and before: values according to IFRS.
2 In 2008: EBIT before recognition of disposal of subsidiaries.
In 2009: EBIT before recognition of disposal of subsidiaries and investment property.
In 2011: EBIT before provisions.
In 2009: EBIT before recognition of disposal of subsidiaries and investment property.
In 2011: EBIT before provisions.