Financial Results 2004

Transcription

1 Financial Results 24 1

2 Year 24 under review: Agenda General environment 24 Financial Results 24: Overview Tamedia s key issues 24 Outlook and plans 25 Remarks to Financial Results 24: Summary 24 Operating revenues EBITDA Net income Segment information Depreciation & Amortization Impairment Cash flow statement Balance Sheet 2

3 Martin Kall Chief Executive Officer 3

4 General environment and Tamedia 24: Overview 2) Source: Mediafocus gross ad expenditures without media sector; from 24 AIS without media. Not comparable to previous year because supplements and classiffieds are included * GDP growth (real) 1.6% 3.2%.9%.2%.% 1.7% 1) Unemployment rate (year end) 3.% 2.7% 2.6% 3.2% 4.1% 4.% Advertising expenditures in CHF mill ) (MediaFocus) 2) Tamedia in CHF mill.* Operation revenues EBITDA EBIT Net income from continuing operations * Tamedia figures: before 2 not on IAS basis 1) Estimate

5 Swiss economy recovers General environment 24 Growth of Swiss economy mainly export driven (estimated GDP 24: 1.7% compared to.% in 23) Ad expenditures slightly higher than in 23 Consumer Confidence Index gently higher (-1 indexpoints in January 25 compared to 28 indexpoints in January 24) Job classifieds still negatively influenced by high unemployment rate (December 24 4.% compared to 4.1% in 23) Ongoing consolidation in the Zurich media market 5

6 Bottom reached after years of recession Gross Advertising in 24 in CHF mill. 1) WEMF Advertising Statistics Switzerland WEMF AIS /4 Newspapers % Magazines % Professional journals % Print % Television excl. Sponsoring % Radio excl. Sponsoring % Movie theaters % Teletext/Online from % Outdoor advertising % Total % (1) Source: WEMF Advertising Statistics (new typology from 22), incl. media. On a net basis WEMF Advertising Index Switzerland (AIS), without media. Not comparable to previous year. Gross expenditures (TV, Movie theaters). 6

7 Nevertheless, for the media industry 24 was an annus horribilis with regard to ads Publicitas-Index: Development of ad spendings in daily papers P-INDEX Source: Publigroupe 7

8 ... and in the job market there is potential too Job ads: Publicitas / Tamedia / Manpower Jan 95 Apr 95 Jul 95 Okt 95 Jan 96 Apr 96 Jul 96 Okt 96 Jan 97 Apr 97 Jul 97 Okt 97 Jan 98 Apr 98 Jul 98 Okt 98 Jan 99 Apr 99 Jul 99 Okt 99 Jan Apr Jul Okt Jan 1 Apr 1 Jul 1 Okt 1 Jan 2 Apr 2 Jul 2 Okt 2 Jan 3 Apr 3 Jul 3 Okt 3 Jan 4 Apr 4 Jul 4 Okt 4 Publ. Stellenindex Tamedia Stellenindex Manpower Stellenindex

9 Tamedia achieves reversal of trend with regard to EBIT Financial Results 23 and 24: Overview Operating revenues EBITDA EBIT Net income

10 Key issues in Newspapers division Key figures 24: Revenues: CHF mill (+.2%) EBITDA: CHF mill ( %); margin: 15.9% (prior year 3.7%) EBIT: CHF mill (py: CHF mill. 3.6); margin: 13.6% (py 1.%) General issues: Daily papers still lose commercial ads Job ads reached bottom; job management ads increase Ongoing consolidation in the Zurich market Tamedia specific issues: Operating revenues stable in the most important division; EBITDA more than tripled Soft face-lift of «Tages-Anzeiger» in March 24 and decision for expansion in the Zurich area Formation of advertising package Metropool with BaZ, BZ und Tages-Anzeiger Cooperation with the same titles for «Das Magazin» 2 Minuten expands to Lucerne Combination of Print and Online in Tamedia Job Market; relaunch of internetplatform jobwinner.ch Edipresse and Tamedia take part in homegate.ch Launch of car4you-newspaper in cooperation with car4you 1

11 Job ads development slightly positive Annual number of ad pages in ALPHA and Stellen-Anzeiger in comparision to Manpower Index Switzerland Source: Manpower and Tamedia Job Market, Total pages ALPHA and Stellenanzeiger per year Manpower Index Switzerland in March

12 2 Minuten number one in readers market Top daily newspapers Readership in thousand Top Swiss daily newspapers 1) 24 by gross advertising revenue In CHF mill Tamedia and Associates Other titles 2Minuten Blick Tages-Anzeiger Berner Zeitung 1) Mittelland Zeitung 2) Neue Zürcher Zeitung Neue Luzerner Zeitung Südostschweiz St. Galler Tagblatt Basler Zeitung Tages-Anzeiger Neue Zürcher Zeitung Berner Zeitung 2) 2 Minuten Blick Neue Luzerner Zeitung St. Galler Tagblatt Mittelland Zeitung 3) Basler Zeitung Südostschweiz 1) BZ from 24 incl. Bund; 2) AZ was integrated in MLZ in 22 2) Source: MACH Basic Source: AIS 24 excl. media Notes: 1) incl. supplements and classifieds 2) BZ from 24 incl. Bund 3) incl. split editions

13 Success story 2 Minuten Revenues and readership from 2 to Revenues in CHF mill Readership Revenues in CHF mill. Readership in thousand 13

14 SonntagsZeitung in advertising market far ahead of competitors Weekly & Sunday newspapers 24 Readership in thousand Top Swiss weekly & Sunday newspapers 1) 24 by gross advertising revenue in CHF mill. 1' SonntagsBlick SonntagsZeitung NZZ am Sonntag Cash Handelszeitung Finanz und Wirtschaft SonntagsZeitung SonntagsBlick NZZ am Sonntag Finanz und Wirtschaft Cash Handelszeitung Tamedia Others SOURCE: MACH Basic SOURCE: AIS 24 excl. media Note: 1) incl. supplements and classifieds

15 Key issues in Magazines division Key figures 24: Revenues: CHF mill. 9.3 (-7.7%) EBITDA: CHF mill. 8.7 (py CHF mill. 9.3); margin: 9.6% (py 9.4% ) EBIT: CHF mill. 8.5 (py CHF mill. 9.6); margin: 9.4% (py 9.8%) General issues: Still strong competition in the weekly market Tamedia specific issues: Turnaround on EBITDA level one year earlier than expected; on EBIT level even two years earlier; Improvement of CHF mill. 18 in EBIT Decrease of revenues mainly due to divestiture of smaller products Relaunch of newsmagazine «Facts» Soft face-lift of «Schweizer Familie» Slight editorial and layout modifications of «annabelle» Sale of childrens magazine «Spick» as of

16 Magazines: Turnaround earlier than expected Revenues, EBITDA and EBIT of magazines from 22 to Revenues EBITDA EBIT

17 Top Swiss Magazines 24 by readership in thousand ' ' Tamedia Others Source: MACH Basic Tamedia with strong position in the magazines market Top Swiss Magazines 24 by gross advertising revenue in CHF mill Source: AIS 24 excl. media TVtäglich Beobachter Schweizer Illustrierte Schweizer Familie NZZ Folio Magazin Glückspost Facts Weltwoche Bilanz annabelle Schweizer Illustrierte annabelle Beobachter Weltwoche Facts Bilanz Schweizer Familie Magazin NZZ Folio Bolero

18 Tamedia and Jean Frey with similar turnaround *Jean Frey 23; Results in an 18 months period Tamedia s magazines in the black earlier than expected Jean Frey 23* Jean Frey 24 Tamedia 23 Tamedia 24 Revenues EBIT Margin in % 18

19 Key issues in Electronic media division Key figures 24: Revenues: CHF mill (+25.1%) EBITDA: CHF mill. 2.1 (py CHF mill. 7.5); margin: 3.2% (py 14.6%) EBIT: CHF mill. 5.6 (py CHF mill. 34.2); margin 8.4% (py 66.1%) General issues: RTVG still in parliamentary hearing TV ads strongly asked for due to popular sports events Tamedia specific issues: For the first time in the black on EBITDA level TeleZüri again with a substantial gain in revenues and viewers Radio 24 and Radio Basilisk defend their leading position Change of management responsable for programme and sales according to plan at Radio Basilisk; business on track for the first time Restatement 23 due to barter deals that had not been accounted for in the previous year 19

20 E-Media: In the black for the first time Revenues, EBITDA and EBIT in E-Media from 22 to Revenues EBITDA EBIT

21 Radio 24: by far the market leader 3 Daily audiance in the German speaking part of Switzerland, 24 in thousand Source: Radiocontrol, 24, Radio Munot not part of data set of Radiocontrol Gross advertising revenues in CHF mill., Tamedia & Others 8 Associates Radio 24 Argovia Basilisk Z/NRJ Pilatus Zürisee Top Basel 1 32 Sunshine Extra Bern BE 1 Aktuell Grischa Central Munot Radio 24 Z/NRJ Top Argovia Zürisee Pilatus Central 32 Sunshine Basilisk BE 1 Basel 1 BeO Aktuell Extra Bern Eviva Munot Source: AIS 24 excl. media 21

22 TeleZüri: most successful private TV station Daily viewers (age 3+) 24 in thousand Gross advertising revenues in 24 in CHF mill TeleZüri Tele M1 Tele Bern Tele Tell Tele Basel QUELLE: AIS 24 ohne Medien TeleZüri Tele Bärn Tele M1 Tele Tell Tele Basel Tele Ostschweiz Tele Top Tele Südostschweiz Tamedia and Associates Other TV-Stations Source: Telecontrol 24, 24h average in German speaking Switzerland, (age 3+) 22

23 Key issues in Services division Key figures 24: Revenues: CHF mill. 195, incl. Internal revenues (-14%) EBITDA: CHF mill (+17.5%); margin: 19% (py 13.9%) EBIT: CHF mill (py CHF mill..5); margin: 6.6% (py.2%) General issues: Pressure on margins in printing industry still high New collecitve labour agreement in printing industry Tamedia specific issues: Significantly lower investments in Rota5 and placing into operation of the most modern printing machines Prining plant Bubenberg wins additional contracts (2 Minuten Lucerne and Zurich, Migros Magazin, Landbote) Zuvo broadens its market position with partner companies ARO crisis solved with Ziegler as general contractor for Tamedia s magazines Magazine converting facility taken back and later sold to Ferag subsidiary pmc. Discontinuation of revenues of BD Bücherdienst Sale of lettershop Regor as of Implementation of a profitcenter structure 23

24 Headcount significantly lower 2 Year end headcount of Tamedia from 22 to 24 in full time employees Number of employees at year end 24

25 Revenues/payroll costs Lower personnel expenses responsible for entire increase in results Revenues, personnel costs and personnel costs in % of revenues from 2 to In percent Revenues in CHF mill. Payroll costs in CHF mill. Payroll costs in % of revenues 25

26 Further Topics Restructuring measures implemented decisively -> significantly lower payroll costs IT-Outsourcing with Swisscom IT Services Changes in management responsibilities as of October 1, 24 Appointment of Uli Rubner as Head of Magazines division as of January

27 Remarkable EBIT in 24 EBIT Tamedia in CHF mill. since Source: Annual reports (in CHF mill.) 27

28 In 24, Tamedia reached the fourth best EBIT within 15 years EBIT margin of Tamedia* since 199 2% 15% 1% 5% % -5% -1% * Until 1995 the result of the products on EBIT level were deducted from Tamedia s EBITDA 28

29 Without job ads Tamedia reached best EBIT and best earnings structure since 15 years EBIT margin of Tamedia without job ads* since 199 1% 5% % -5% -1% -15% -2% * Until 1995 the result of the products on EBIT level were deducted from Tamedia s EBITDA. Between EBIT was calculated along an average revenue per page and with a 8 percent margin. 29

30 Outlook and Plans 25 Economic data Growth of Swiss economy flattens Unemployment rate remains high Consumer confidence still cautious Media industry No positive signs in ad expenditures No increase in job classifieds expected; rebound in management job ads continues Tamedia Integration of 2 Minuten with positive effect on revenues and net income Cooperation with Ziegler Druck- und Verlags AG with positive operating effects Continuation of the regionalisation strategy of «Tages-Anzeiger» Implementation of engagement with homegate.ch Examination of expansion of 2 Minuten to St. Gall 3