Half-Year Report 2012 Media Conference and Financial Report Thursday, 30 August 2012, Zurich 1 Half-Year Report 2012, 30 August 2012
Summary 1st Half-Year 2012 Martin Kall Chief Executive Officer 2 Half-Year Report 2012, 30 August 2012
Turnover and net income decline in comparison to the prior year Turnover and net income in the first half-year 2012 in CHF mill. -5% 554 524 EBIT Margin* 2011 15.9 percent 2012 11.5 percent 2011 2012-22% 115 89 88-32% 60 88-16% 74 Turnover EBITDA EBIT Result *The figures relate in each case to the continuing operations 3 Half-Year Report 2012, 30 August 2012
The economic environment has tended to deteriorate in 2012 Change in real GDP in percent against same quarter in previous year 2,5% 2,0% 1,5% 1,0% 0,5% 0,0% 2,5% 1st Quarter 2011 Unemployment rate -0,5 2,0% 1st Quarter 2012 Change in private consumption in percent against same quarter in previous year +1,5 2,0% 1,8% 1,5% 1,0% 0,5% 0,3% 0,0% 1st Quarter 2011 1st Quarter 2012 Index of consumer confidence (points) 5,0% 4,0% 3,0% 2,0% 1,0% 0,0% +0,1 2,6% 2,7% June 11 June 12 Source: Staatssekretariat für Wirtschaft SECO 30 15-7 0-1 -8-15 April 11 April 12 4 Half-Year Report 2012, 30 August 2012
Decline in advertising since autumn 2011 continues Change in net advertising turnover Print against same month in previous year (in percent) 15 10 5 2% 3% 15% 8% 8% 7% 13% 11% 7% 11% 10% 3% 7% 6% 9% 7% 2% 3% 0-5 -2% -3% -5% -7% -5% -6% -10-15 -13% -9% -10% -10% -13% -13% Jan. 10 Mar. 10 May 10 July 10 Sept. 10 Nov. 10 Jan. 11 Mar. 11 May 11 July 11 Sept. 11 Nov. 11 Jan. 12 Mar. 12 May 12 Soure: Inseratestatistik Verband Schweizer Presse 5 Half-Year Report 2012, 30 August 2012
and leads to a decrease of 9.5 percent in press advertising Net advertising turnover of Swiss press by type: first half-year 2012 compared to 2011 Categories CHF mill. 2011 CHF mill. 2012 Change in percent Change in CHF mill. Daily newspapers 447 404-9.6 % -43 Reg. weekly newsp. 23 21-7.5 % -2 Sunday newspapers 77 73-4.5 % -4 Finance and business* 22 19-14.9 % -3 Newspapers 569 517-9.0 % -51 General public 189 165-12.8 % -24 Specialist publications 25 24-2.3 % -1 Technical publications 34 32-5.1 % -2 Magazines 248 221-10.7 % -26 Total Print 816 739-9.5 % -78 Sources: Advertising statistics Verband Schweizer Presse; * not identical to the title «Finanz und Wirtschaft» 6 Half-Year Report 2012, 30 August 2012
Decreased turnover of Print Regional, strong result Print National Print Regional in CHF mill. 315 278 2011 2012 Turnover share EBITDA share EBIT share 53 42 34 23 53% 47% 37% Turnover EBITDA Print National in CHF mill. 223 214 EBIT Turnover share EBITDA share EBIT share 56 51 54 49 41% 58% 78% Turnover EBITDA Digital in CHF mill. 64 64 6 1 EBIT Turnover share EBITDA share 12% -4% EBIT share -14% -4-11 Turnover EBITDA EBIT Source: Tamedia Finances 7 Half-Year Report 2012, 30 August 2012
Print Regional: regional daily newspapers and printing centres Regional daily newspapers Regional daily newspapers Classifieds Classifieds Printing centres Printing centres Bussigny Berne Zurich 8 Half-Year Report 2012, 30 August 2012
Print Regional: EBITDA margin decreases to 15 percent Business division in summary Stable development of distribution turnover Heavy decrease in job advertising accounts for more than half of the turnover decline of Print Regional Extension of cooperation between Zürcher Unterländer and Zürichsee-Zeitung Successful integration of Langenthaler Tagblatt into BZ newspaper system Step by step transfer of production of individual adverts to an external partner Prospects for selected projects Printing of Bieler Tagblatt and Journal du Jura now in Berne printing centre Measures to improve profitability are central in the second half-year Division Print Regional in summary 315-12% Turnover 278 EBITDA margin* 2011 16.7 percent 2012 15.0 percent 53-21% EBITDA 2011* 2012 42 * 2011 and 2012 figures each without discontinued operations 9 Half-Year Report 2012, 30 August 2012
Print Regional: Decreased job advertisements but stable distribution income Print Regional division in summary Turnover shares of the business area Distribution income Commercial advertisements Classified advertisements Job advertisements 12% Various (esp. print) 10% 30% 21% Distribution income increases by 5 percent in spite of decreased edition Decrease of -11 percent accounts for about a quarter of the decline in turnover of Print Regional 2/3 due to economy and 1/3 to structure Slight decline in other classified advertisements (real estate, vehicles, obituary notices) Decrease in job advertisements of -33 percent accounts for one half of the decline in the turnover of Print Regional 2/3 due to structure, 1/3 due to economy 10 Half-Year Report 2012, 30 August 2012
EBIT margin 15 percent possible thanks to numerous measures Already identified and communicated measures to improve profitability, in CHF mill. 8 13 6 27 Improvement in result In recent months, Tamedia has already identified and communicated measures to improve profitability in the Print Regional division by 27 CHF mill. in total The expected structural decreases in the job advertising are already compensated through these measures Target margin continues to be realistic With the measures already implemented and intended, the achievement of the target EBIT margin of 15 percent still appears to be possible 2013 2014 2015 Total 11 Half-Year Report 2012, 30 August 2012
Result improvement: Service areas with a significant contribution Selected contributions of the central service areas towards improved profitability Printing centres Central management Information technology Utilization of selected printing centres (estimate) DZ Lausanne 95% DZ Berne 91% DZ Zurich 83% NZZ 72% AZ Medien 32% BAZ 23% New orders: printing portfolio of the media-house Gassmann in Biel Regional media German-speaking Switzerland + Merger of Espace Media and Medien Zürich to Regional media German-speaking Switzerland Ueli Eckstein, Head of Espace Media, takes over the management as from July 2013 Tamedia s main IT locations as from 2 nd Quarter 2012 Berne Lausanne Geneva Zurich Insourcing IT services in Zurich New IT organization System-harmonization Reduction of IT costs by a double-digit percentage 12 Half-Year Report 2012, 30 August 2012
Espace Media as the success model of a regional media-house Publishing: Bernese model Complete merger of the publishing of BZ Berner Zeitung and Der Bund with full journalistic competition Editing: Cooperation Close editorial cooperation between Der Bund and Tages- Anzeiger Shared content with Bieler Tagblatt and FR-Nachrichten + + Biel Bienne Langenthal Burgdorf Berne Thun Interlaken + + Printing: high utilization Increasing utilization with internal printing orders Obtaining outside orders such as the Bieler Tagblatt from W. Gassmann AG Market: Consolidation Strengthening the BZ newspaper system through the inclusion of regional daily newspapers such as, recently, BZ Langenthaler Tagblatt Services: Centralization Distribution: Adapt subs. Centralization of all service areas with Tamedia and Tamedia Publications romandes to achieve economies of scale + + Adaptation of the previously too low subscription prices to an internationally competitive price level 13 Half-Year Report 2012, 30 August 2012
Print National: nationally focussed newspapers and magazines National daily newspapers National daily newspapers Weekly newspapers Weekly newspapers Magazines Magazines 14 Half-Year Report 2012, 30 August 2012
Print National: strong result with high profitability Strong national and commuter newspapers Print National demonstrates strength with a high level of profitability Ticino commuter newspaper 20 minuti develops positively; 20 Minuten as first national newspaper union in three language regions First-time inclusion of the Western-Swiss business magazine Bilan and the magazine Tribune des Arts Finanz und Wirtschaft and Le Temps did not meet the expectations Prospects of selected projects Lifestyle supplement Encore now also a supplement in German-speaking Switz. New national automobile supplement Combined subscription for Der Bund and Sonntagszeitung from September 2012 Print National division in summary 223-4% Turnover 214 EBITDA margin* 2011 25.1 percent 2012 24.0 percent * 2011 and 2012 figures each without discontinued operations 15 Half-Year Report 2012, 30 August 2012 56-9% EBITDA 2011* 2012 51
Print National: Decrease in staff with stable distribution income Print National division in summary Turnover shares of the business area Distribution Vertriebserlöse income Commercial advertisements Rubrikenanzeigen Classified advertisements Job advertisements Various 28% 6% 1% 62% Stable development of distribution income Increase in the distribution income per example Decrease by -5 percent Decrease accounts for about 2/3 of the turnover decrease of Print National Primarily economic reasons Decrease in the other classified advertisements (real estate, vehicles, obituary notices) by -11 percent However, turnover share low Decrease in job advertisements of -20 percent The job advertisements, which are sensitive to the economy, have however only a minimal influence on the business area 16 Half-Year Report 2012, 30 August 2012
Strategy: unique national products in the advertising market National newspaper union 20 Minuten with 20 minuti Romandie Germanspeaking Switzerland National Lifestyle magazine supplement Encore Germanspeaking Switzerland Automobile supplement to regional daily newspapers Ticino Commuter newspaper 20 minuti reaches profitability already in the second halfyear after launching Readership of the newspaper union 20 Minuten increases to about 1.9 mill. Romandie The magazine encore! of Le Matin Dimanche now appears also as a supplement to the SonntagsZeitung This creates a far-reaching national Swiss Lifestyle magazine New national supplement «Auto» from October 2012 Eleven regional daily newspapers in German- and French-speaking Switzerland with shared content Unique national coverage and reach 17 Half-Year Report 2012, 30 August 2012
Digital: News, Marketplace, Service and E-Commerce platforms News platforms News platforms Marketplaces Services E-Commerce 18 Half-Year Report 2012, 30 August 2012
Digital: stagnating turnover; investments depress result Business area in summary Decline in digital advertising market Strong growth in the weakly commercialized mobile traffic as a challenge for die online industry Investments in Newsnet Romandie, 20 Minuten Online, piazza.ch and car4you.ch plus search.ch depress the result The special offer platform scoup.ch, in the meantime discontinued, had a heavy loss Internet advertising market in CHF mill. 69-14% 59 Share of total advertising market in % 3% Digital division in summary 64-1% 64 EBITDA margin* 2011 9.6 percent 2012-5.9 percent 6-161% 2011* 2012-4 2011 2012 Turnover EBITDA * 2011 and 2012 figures each without discontinued operations Source: Mediafocus Werbemarktstatistik; gross amounts 19 Half-Year Report 2012, 30 August 2012
Strong position in News portals, Marketplaces and Services News portals Marketplaces Service portals Core business News Leading News portals with 20 Minuten Online and Newsnet Core business Marketplaces Leading pages such as homegate, Jobup and car4you.ch Core business Services Innovative products such as search.ch and doodle Unique clients in thousands Unique clients in thousands Unique clients in thousands 20 Min. 3 673 Newsnet 3 586 Blick 2 731 Scout24 2 318 Tamedia Class. 2 298 homegate.ch 1 137 search.ch 3 328 Microsoft 2 996 local.ch 2 986 sf.tv 2 552 jobs.ch 829 Bluewin 2 923 NZZ Netz 1 856 jobup.ch 635 moneyhouse 1 475 Source: NET-Metrix-Audit June 2012; 20 Minuten incl. tio.ch; *Estimate on the basis of individual values Net Metrix Audit June (Homegate, Jobup, Car4you) respectively Google Analytics (Swiss-friends) 20 Half-Year Report 2012, 30 August 2012
News portals: robust business model in the foreground Leading Swiss news portal by unique clients in thousands in June 2012 3 673 3 586 2 731 2 552 1 856 Demands placed on news portals In recent years, priority was given to the successful expansion of the reach; now the development of robust business models for news portals stands in the foreground Sales activities and payment models This objective is to be pursued through investments in the sales activities and also through the development of new payment models for the news portals of the subscribed daily newspapers Convergent Print and Online editing On the cost-side, it is also important to utilize the opportunities of convergent Print and Online editing 20 Minuten* Newsnet** Blick sf.tv NZZ-Netz Souce: NET-Metrix Audit Schweiz June 2012; *20 Minuten Online National incl. tio.ch; **Newsnet National 21 Half-Year Report 2012, 30 August 2012
News: Investments lead to a significant increase in reach, Employees of 20 Minuten Online and Newsnet June 2012 to June 2011, in fulltime positions Unique clients of Newsnet National* and 20 Minuten Online** June 2012 to June 2011, in thousands 229 +18% 271 Newsnet Romandie Newsnet Deutschschweiz +77% 3,586 tio.ch 20 Minuten Online +43% 3,673 2,577 2,025 June 2011 June 2012 2011 2012 2011 2012 Source: Net Metrix Audit June 2012 and June 2011; *June 2012 incl. Newsnet Romandie; ** June 2012 incl. tio.ch 22 Half-Year Report 2012, 30 August 2012
which results primarily from mobile utilization Development of visits to 20 Minuten Online by type of equipment, in millions of visits 40 35 30 Free tablet application Smartphone application Mobile page Basic page +64% 25 20 15 10 5 0 2008 2009 2010 2011 2012 Source: Google Analytics, internal figures 23 Half-Year Report 2012, 30 August 2012
Already 29 to 55 percent of users utilize mobile access to News Newsnet National share of visits from mobiles in June 2012 in percent 20 Minuten Online (without tio.ch) share of visits from mobiles in June 2012 in percent 29% 45% 55% 71% Mobile Total Rest Source: NET-Metrix Audit June 2012; NET-Metrix Mobile June 2012 24 Half-Year Report 2012, 30 August 2012
Commercialization - mobiles 90 percent lower than desktop Advertising market (turnover per visit, indexed) Tages-Anzeiger 100 2011-79% 21 1) Monthly figures divided by 30; average p.a. Source: Evaluation of WEMF NET-Metrix-Data by Newsnet 20 Minuten 100 2011 Desktop 1 Mobile -92% 9 Turnover mobiles The turnover so far achieved with mobiles lags behind the rapid growth in mobile utilization With the increasing utilization, the importance as an advertising platform also increases The challenge for the Online market is to approach the commercialization of the desktop utilization 25 Half-Year Report 2012, 30 August 2012
Zattoo: Successful commercialization of the mobile application Share of mobile advertising to total advertising 16% Growth in turnover with mobiles +115% +1,200% Share of mobile inventory to total inventory (switchable advertising spots) 2010 2011 2012 Average commercialization mobile and desktop inventory (indexed) 33% 126 47 100 Mobile Desktop May/June 2012 May/June 2012 26 Half-Year Report 2012, 30 August 2012
Examination of structure of a payment model for tagesanzeiger.ch Metered model Premium model «Hard» paywall Content Free Payment barrier Subject to payment Content Premium Payment barrier Free Content Subject to payment Payment barrier Utilization intensity (Number of articles) Utilization intensity (Number of articles) Utilization intensity (Number of articles) selected media selected media selected media 27 Half-Year Report 2012, 30 August 2012
Convergency: Tages-Anzeiger reaches more users than ever before Total users of the Tages-Anzeiger 2004 to 2011 +1% 12 603 30 +235% 609 101 40 561 468 2004 tagesanzeiger.ch exclusive Double users Tages-Anzeiger and tagesanzeiger.ch Tages-Anzeiger exclusive 2011-2 Source: MACH Basic 2004; Total Audience 1.1 (Key: LpA = Readers per issue / UUpT = individual users per day); estimate UUpT & overlapping Print/Online 28 Half-Year Report 2012, 30 August 2012
Convergency: Utilize the opportunities of the new media world Current situation of the editing of Tages- Anzeiger Print, ipad and Online Target situation of convergent editing within the media brand Tages-Anzeiger Users Users Organizationally separate editing with only partial cooperation 29 Half-Year Report 2012, 30 August 2012
Investment in tio.ch makes national news portal union possible Investment in news portal tio.ch 20 Minuten made a 25.8 percent investment in TicinOnline SA, the operator of the leading Ticino news portal tio.ch This has strengthened the existing partnership between the commuter newspaper 20 minuti and tio.ch With the union of 20 Minuten Online and tio.ch, a national news portal in all three large Swiss language regions comes into existence for the first time National union of the news portals 20 Minuten Online and tio.ch Exchange of content 30 Half-Year Report 2012, 30 August 2012
Real estate advertisements: further growth at a high level homegate.ch Number of objects entered 2002 to 2012 400 350 300 250 200 The most important facts Homegate AG was founded in 2001 Edipresse and Tamedia each acquired 14.5 percent investments in 2005 and increased these to 45 percent in 2008 Homegate is today held by Tamedia (90 percent) and ZKB (10 percent) 150 100 50 0 02 03 04 05 06 07 08 09 10 11 12E 31 Half-Year Report 2012, 30 August 2012
Real estate advertisements: strengthening of homegate.ch through immostreet.ch Step by step takeover of immostreet.ch Attractive addition in Western Switzerland Strong position of immostreet.ch in Western Switzerland promotes the homegate.ch portfolio ideal homegate.ch has acquired a 20 percent investment in the real estate portal immostreet.ch The complete takeover of the company ImmoStreet.ch SA by 2016 is planned The business of immostreet.ch is to be continued independently of homegate.ch Strong Management Team The Management Team with Chairman of the Board Gérard Paratte and Chief Executive Officer Romain Thalmann remains 32 Half-Year Report 2012, 30 August 2012
Classified platforms: heavy investments in development Marketplaces Small advertisement platform Piazza.ch Online marketplace Piazza.ch has been integrated into Classified Online Investments in product development and intensification of the marketing efforts Development of number of employees Marketplaces, in full-time positions 100 2011 +21% 122 2012 Source: Status June 2011/ June 2012 as per Tamedia personnel statistics Car4you.ch Takeover of car4you.ch in 2011 after an investment of 15 percent in 2010 Further technical development of platform and launching of new applications Introduction of free sales advertisements for private users 33 Half-Year Report 2012, 30 August 2012
Service: search.ch with a clear No. 1 position for users Development of unique users per month search.ch 2007 to 2012 2,2 2,0 1,8 1,6 1,4 1,2 1,0 0,8 0,6 +59% Unique users per day search.ch and local.ch 212 258 +27% 269 search.ch local 242-6% 0,4 0,2 0,0 Investment by Tamedia 2007 2008 2009 2010 2011 2012 2011-2 2012-1 Source: NET Metrix Profile 2007-1 to 2012-1 Source: NET Metrix Profile 2012-1 34 Half-Year Report 2012, 30 August 2012
Investment: search.ch sales team increased five times since 2008 Development of number of full-time positions in the sales team of search.ch since 2008 Development of number of directory customers of search.ch since 2005 +588% 121 +1,491% 95 Investment Tamedia 56 Investment Tamedia 18 23 2008 2009 2010 2011 2012 2005 2006 2007 2008 2009 2010 2011 2012 35 Half-Year Report 2012, 30 August 2012
Acquired turnover only affects result after some delay Key figures search.ch for the first half-year 2012 +163% +21% +57% Turnover shown Invoiced amount Contract value acquired Orders on hand Already acquired directory turnover in relation to directory turnover 2011 Directory turnover 2012 Directory turnover 2013 Directory turnover 2014 124% 104% 59% 2011 2012 2011 2013 2011 2014 Acquired directory turnover as at 30 June 2012; source: Reporting search.ch 36 Half-Year Report 2012, 30 August 2012
Tamedia: Four of the twelve leading websites in Switzerland Swiss websites by unique clients per month in thousands in June 2012 incl. 24heures.ch, tdg.ch and lematin.ch 3 673 3 586 3 328 2 996 2 986 2 923 2 902 2 731 2 552 2 318 2 298 1 856 20 Minuten* Newsnet** search.ch Microsoft local.ch Bluewin sbb.ch Source: NET-Metrix Audit Schweiz June 2012; *20 Minuten Online National incl. tio.ch; **Newsnet National ***Estimate on basis of individual amounts Net Metrix Audit June (Homegate, Jobup, Car4you) resp. Google Analytics (Swiss-friends) Blick sf.tv Scout24 Classified Tamedia*** NZZ-Netz 37 Half-Year Report 2012, 30 August 2012
Digital: new member of Management Team Christoph Brand Brief biography of Christoph Brand 1998 to 2002 CEO of Bluewin 2002 to 2006 with Swisscom, finally as Chief Strategy Officer Christoph Brand was CEO of Sunrise from 2006 to 2010 Demonstrated experience in telecommunications and information technology in Switzerland and abroad The engagement of Christoph Brand evidences Tamedia s ambition to further develop the Digital division Tamedia s platforms Tamedia s investments 38 Half-Year Report 2012, 30 August 2012
Digital division with CHF 170 mill. turnover from 2013 FashionFriends jobsuchmaschine.ch Olmero Online shopping club with heavily reducedprice offers of highquality fashion and accessoire brands Search engine for job advertisements on job platforms, management and personnel consulting websites Tender platform for, builders, architects and building contractors renovero.ch for private persons Together with the digital media newly consolidated as from 2013, FashionFriends, jobsuchmaschine.ch and Olmero, Digital will, on the basis of 2012, achieve in future a turnover of about CHF 170 mill. 39 Half-Year Report 2012, 30 August 2012
and online advertising market with clear growth potential Market share of online advertising in percent of the total advertising market in 2010 by country 28 29 25 25 19 percent 14 16 17 20 21 11 12 8 Source: IAB ADEX Studie 2010 0 10 percent 11 20 percent 21 30 percent A I CH E F FIN D S NL N DK GB 40 Half-Year Report 2012, 30 August 2012
Overall net effect of about CHF 27 mill. from disposals Sale prices obtained in CHF mill.* 104.7 41.0 46.5 17.2 2011 2012-1 2012-2 E Total Book gains realized in CHF mill.** 27.0 1.7 20.1 5.3 2011 2012-1 2012-2 E Net effect E = Expected/ *incl. dividends/ **before taxes Sale prices of over CHF 100 mill. Overall, more than CHF 104 mill. has been realized from the sale of media and investments In the first half-year 2012, more than CHF 46 mill. was received from the sale of media and investments Book gain of CHF 20 mill. In the first half-year 2012, the sale of media and investments lead to a book gain of about CHF 20 mill. In the case of 17 of a total of 21 investments sold, the book value or a book gain was realized The net effect amounts in total to CHF 27 mill. The payments for Terre & Nature and Schweizer Bauer have not yet been made 41 Half-Year Report 2012, 30 August 2012
The new Management Team as from 2013 is established Martin Kall Christoph Tonini Rolf Bollmann Ueli Eckstein Sandro Macciacchini Serge Reymond Andreas Schaffner Function Martin Kall: Resignation at the end of 2012. GV 2013: Anticipated election to the Board of Directors of Tamedia Chief Executive Officer Deputy CEO Digital & 20 Minuten Media Zurich Espace Media Finances Publications romandes Media Eastern Switzerland Publishing services Rolf Bollmann: Retirement at the end of July 2013. Remains contractually tied to Tamedia Christoph Tonini Christoph Brand Ueli Eckstein Marcel Kohler Sandro Macciacchini Serge Reymond Andreas Schaffner Chief Executive Officer From January 2013 Digital From October 2012 Regional media Eastern Switzerland From July 2013 20 Minuten From January 2013 Finances Publications romandes Media Eastern Switzerland Publishing services 42 Half-Year Report 2012, 30 August 2012
Outlook: How will the economic environment develop? Economic prospects open In spite of the robust development in international comparison, the economic development in the second half-year is, from Tamedia s point of view, open Tamedia therefore anticipates an continuing difficult advertising market environment in the second half-year Print advertising market -7 percent No change in the trend is perceptible in the advertising market as a whole According to the advertising market statistics of the Verband Schweizer Medien for July 2012, the Print advertising market had declined by -7 percent Change in net advertising turnover Print in comparison to the same month in the previous year (in percent) 15 10 5 0-5 -10-15 11% 10% Jan. 11 7% 6% 3% Mar. 11 May 11-5% 9% 7% July 11 2% 3% Sept. 11-7% -9% -10% Nov. 11 Jan. 12-5% -10% -13% -13% Mar. 12 May 12-6% -7% July 12 Source: Advertising statistics Verband Schweizer Presse 43 Half-Year Report 2012, 30 August 2012
Outlook Digital: from reach growth to benefit growth Print Regional: Improvement in result In the business area Print Regional, Tamedia will concentrate on achieving the target of a 15 percent EBIT margin through profitability improvement measures Print National: Development of new products In the business area Print National, Tamedia must address the structural challenges at the title Finanz und Wirtschaft and the daily newspaper Le Temps The development of 20 minuti will be further pursued and new turnover in the national advertising market will be possible with the national supplements Encore and Auto Model project: start of the cooperation between SonntagsZeitung and Der Bund Digital: Convergence and commercialization After a strong growth in user numbers and coverage, the increase in turnover and sustainable profitability are the key focusses of the Digital division News: devlopment of convergent editing and commercialization of mobile use, in particular at 20 Minuten and examination of the payment model at tagesanzeiger.ch Classifieds: further strengthen the position of homegate.ch in the real estate market with immostreet.ch, consolidate the market positions of the job platforms of Jobup and bring the investments in the platforms car4you.ch and piazza.ch to success Service: further extension of the directory platform search.ch and gaining market share Digital division achieves a new level of turnover with CHF 170 mill. as from 2013 44 Half-Year Report 2012, 30 August 2012
Thank you for your interest 45 Half-Year Report 2012, 30 August 2012
Summary 1st Half-Year 2012 Sandro Macciacchini Head of Finances 46 Half-Year Report 2012, 30 August 2012
Comments to the first half-year 2012 (1/2) Significant changes in the scope of the consolidation At the beginning of January 2012, Tamedia sold its 100 percent investment in Belcom AG (marketing organization of Radio 24 and TeleZüri) to AZ Medien AG Activities included for the first time The newly acquired media Bilan and Tribune des Arts were included for the first time Significant discontinued operations The Radio and TV activities (Belcom, Capital FM, Radio 24, TeleBärn, TeleZüri) and the specialist media Mobil (Automobil Revue and Revue Automobile) and also the technical media Agrar (Schweizer Bauer and Terre et Nature) are shown as discontinued operations Significant changes after the balance sheet date At the beginning of July 2012, Tamedia sold its 100 percent investment in Radio 24 AG to BT Holding AG Dominique Hiltbrunner will take over FMA Fachmedien Agrar AG from Espace Media AG in the second half of 2012 and the 49 percent investment in Schweizer Bauer Gassmann will take over the newspaper Terre et Nature from Tamedia Publications romandes in the second half of 2012 47 Half-Year Report 2012, 30 August 2012
Comments to the first half-year 2012 (2/2) Adjustment of the prior period figures The discontinued activities were also shown under the discontinued operations in the prior period figures. The income statement, the cash flow statement and the segment information are affected by these restatements. The prior year figures of these components of the financial reporting have therefore been adjusted As a result of the merger of Edipub SA into Tamedia Publications romandes SA, the third party turnover is allocated directly to the products. The effects of these restatements lead to a reduction in turnover and a corresponding cost reduction in Print Regional of CHF 29.6 mill. In Print National a reclassification of CHF 29.6 mill. from IC turnover to Third party turnover arises 48 Half-Year Report 2012, 30 August 2012
Media income and operating income decrease by 5 percent in CHF mill. -5% 510.2 484.5 2011 2012 554.2-5% 524.0-3% -22% 27.7 26.9 16.4 12.7 Media income Print turnover Other operating income Operating income *The figures relate in each case to the continuing operations 49 Half-Year Report 2012, 30 August 2012
Operating expenses sink slightly by 1 percent in CHF mill. 2011 2012 439.1-1% 434.8 +2% 208.6 212.1-1% 87.7-8% 80.8 142.8 141.9 Material costs and outside services Personnel expenses Other operating expenses Operating expenses *The figures relate in each case to the continuing operations 50 Half-Year Report 2012, 30 August 2012
Depreciation and amortization increase by 7 percent because of an impairment in CHF mill. 2011 2012 +7% 27.0 29.0-1% +17% 14.4 14.3 12.4 14.5-6% 0.2 0.2 Depreciation of fixed assets Amortization of intangible assets Other write-downs and valuation adjustments Total depreciation and amortization *The figures relate in each case to the continuing operations 51 Half-Year Report 2012, 30 August 2012
Below average Capex in spite of investments in new building and IT Investments in fixed assets (Capex) CHF mill. and percent of operating income 120 110 100 90 80 70 60 50 40 30 20 10 0 4.9% 40 2000 4.4% 33 2001 4.5% 29 2002 * Gross-up of half-year income by factor 2 9.0% 51 2003 6.0% 34 2004 3.4% 22 2005 Ø3.7% 1.2% 8 2006 1.5% 11 2007 New building Investment of CHF 18.2 mill. in current year 2.6% 23 2008 1.6% 12 2009 Capex in percent Capex in CHF mill. 1.3% 11 2010 3.8% 2011 3.2% 52 Half-Year Report 2012, 30 August 2012 43 34 2012 E*
Concentration at Werd site thanks to investment in new building New building with 300 workplaces Tamedia is building a new Media house for about 300 employees at Stauffacher The innovative wood-frame building was designed by architect Shigeru Ban The amount of the investment is about CHF 50 mill., of which ultimately ca. CHF 9 mill. in 2013 Concentration at Werd site The building makes possible the concentration of the Zurich media at the Werd site Through this, inefficient locations can be discontinued and buildings sold Further, the new building makes possible through an increased area more efficient services and the replacement of formerly rented space by own space Completion in Spring 2013 The project should be completed by March 2013 and is progressing as planned 53 Half-Year Report 2012, 30 August 2012
Result includes gains on disposals of CHF 14.2 mill. before taxes in CHF mill. 32% 2011 2012 109.7-32% -32% -16% 88.1 87.3 87.7 74.9 73.7 60.3 59.3 EBIT Income before tax Income from continuing operations Net income 54 Half-Year Report 2012, 30 August 2012
Cash & cash equivalents after financing of PPSR now at CHF 57 mill. in CHF mill. +22% 2011 2012 Cash & cash equivalents 30.06.2012 57.1 CHF mill. 1) 87.5 106.4 31.12.2011 127.8. CHF mill. 1) +23% 7.1-542% +155% 24.9 30.7-31.4-69.3-176.5 Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Cash flow of the discontinued operations 1) incl. discontinued operations 55 Half-Year Report 2012, 30 August 2012
Presse Publication SR S.A. purchase price reduction of CHF 5 mill. Development of purchase price of Presse Publication SR S.A. in CHF mill. CHF 14 mill. plus shares still open 538 349 158 31 11 527 128 31 19 250,000 Tamedia shares 5 522 250,000 Tamedia shares Originally Payment up to expected 31 Dec. 2011 purchase price Open liability as on 31 Dec. 2011 Adjustment of purchase price liability Expected purchase price as on 31 Dec. 2011 Payment up to 30 June 2012 Open liability as on 30 June 2012 Adjustment of purchase price liability Expected purchase price as on 30 June 2012 56 Half-Year Report 2012, 30 August 2012
Equity ratio increases again to 60 percent; reduced purchase price liability for 49.9 percent investment in PPSR in CHF mill. 16% Current assets Non-current assets 10% 29% 55% Current liabilities Non-current liabilities 30% 60% Equity 410.2 506.6 307.3 487.9 278.6 170.5 1,330.8 1,329.0 955.8 977.9 2011-06 2011-06 2012-06 2012-06 57 Half-Year Report 2012, 30 August 2012
Thank you for your interest 58 Half-Year Report 2012, 30 August 2012