During a meeting with the Works Council, the Managing Board of N.V. Holdingmaatschappij De Telegraaf stated that it expected:
- the result for the whole of 1999 to be slightly lower than the corresponding figure for 1998 despite a marginally higher result for the first six months. In August, the Board had forecast that the record result of 1998 was unlikely to be equalled. The decline is attributable to: initial costs of Sp!ts since June 1999, consultancy costs relating to the takeover of De Limburger Group and the provision to be made in connection with the social plan for Limburgs Dagblad. Without these developments during the year, 1999 would have been closed with a higher result;
- the result for 2000 to be significantly lower than that achieved in 1999. Of a substantial impact on the result are:
- a cost budget of NLG 30 million has been allocated for speeding up the company's involvement in the Internet. Cost items include an increase in manpower and operational potential such as De Financiële Telegraaf-i, the stake in Autobytel Nederland, a major publicity campaign, and an amount of money reserved for 'new business'.
- the initial costs of Sp!ts during the whole year;
- due to the slowing effect of the NMa (Netherlands Competition Authority) procedures that have to be gone through, the synergy to be generated by the takeover of De Limburger group will still be fairly insignificant during 2000;
- the aggregate result of the current activities is expected to remain virtually unchanged.