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TWST: Can we start with a brief history and introduction to Edipresse (Zurich : EDTZ.S)?

Mr. Bolton: Edipresse actually goes back a very long way. In fact, the first part of the company (a local newspaper in Lausanne, Switzerland) dates from the late 18 century. Until about 10 years ago Edipresse was a pure newspaper player in the French part of Switzerland, a very local company. At that time, our current CEO, Pierre Lamunière saw that there was a little scope for future growth in the home market. So he began a diversification strategy, moving into general consumer magazines outside Switzerland. The focus for growth outside Switzerland has always been on markets with good development potential. 10 years ago, we started in Southern Europe with Spain, which at that time was a market that was developing very fast, catching up with the rest of Europe. The next market we went into was Portugal, which was in a similar situation. More recently we have been expanding into markets in Eastern Europe, in particular Poland, where we went in about seven years ago and other smaller markets such as Romania and the Ukraine.

TWST: So you are fairly well-positioned in some of the emerging eastern European markets and for expansion of the EU?

Mr. Bolton: Certainly, in Poland we are very strong. We are number three in the market in terms of copy sales, but already number one in terms of magazine advertising revenues. In Romania, which will probably enter the European Union, but a little later than Poland, we are clearly now market leaders, both in copy sales and in advertising revenues.

TWST: Can you give us a quick snapshot of your game plan for the next 12 to 24 months and the objectives you’re looking to accomplish?

Mr. Bolton: As far as the economic environment is concerned, we foresee that current trends will continue next year, so for us it means more of the same in terms of keeping our costs at a very low base. We see, however, in this depressed market a lot of opportunities for strategic acquisitions either to round out our portfolio in existing countries or potentially to enter new promising markets. So, I think over the next two years we will be very much looking at making acquisitions to enhance our long-term strategic position and of course continuing to manage our cost base very tightly.

TWST: What’s the definition of a promising market?

Mr. Bolton: We prefer less developed, emerging markets, preferably with a population in excess of 10 million people, where we can go in, acquire a strong position relatively cheaply, and then invest for the longer term to grow the business.

TWST: Do you always look to enter a new country via acquisition?

Mr. Bolton: Our preferred route is acquisitions, but we would not rule out moving in through new launches provided that we felt we had the right management team to do it.

TWST: When you look longer-term, three years or so down the road, how do you see the company positioned?

Mr. Bolton: I would expect to see Edipresse continuing to be one of the leading players in all its existing markets and also to have moved into several new emerging markets, where it will be in the process of acquiring a strong position. I see Edipresse as being the leading magazine publisher in Southern and Eastern Europe.