The Nielsen Company Reports Full Year 2009 Results

The Nielsen Company B.V., a leading global information and measurement company, today announced its financial results for the year ended December 31, 2009.
Reported revenues for the year ended December 31, 2009 were $4,808 million, flat with the reported revenues for the year ended December 31, 2008 of $4,806 million. Excluding the impact of currency fluctuations*, revenues for the year increased 4%.
Reported operating income for the twelve months ended December 31, 2009 was $116 million compared to operating income of $421 million for the twelve months ended December 31, 2008. The 2009 results included a non-cash charge related to the impairment of goodwill and intangible assets of $527 million as well as $62 million of charges relating to restructuring costs. The 2008 results included a non-cash charge related to the impairment of goodwill of $96 million and $118 million of charges relating to restructuring costs. Adjusting for these items, operating income, on a constant currency basis*, increased 15%.
Covenant earnings before interest, taxes, depreciation and amortization and other adjustments permitted under our senior secured credit facilities (“Covenant EBITDA”) was $1,329 million for the year ended December 31, 2009. Covenant EBITDA is a non – GAAP measure. See “Covenant EBITDA” below for a reconciliation of Loss from continuing operations of $427 million for the year ended December 31, 2009 to Covenant EBITDA.
As of December 31, 2009, total debt was $8,658 million, and cash balances were $511 million. Capital expenditures were $282 million for the year ended December 31, 2009, compared with $370 million for the year ended December 31, 2008.