Financial Results 2016
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Annual Report 2016 Key fi gures in CHF mn 2016 2015 Change Income statement Revenues 1 004.8 1 063.8 –5.5% Operating income before depreciation and amortisation (EBITDA) 201.0 243.4 –17.5% Margin 20.0% 22.9% –12.6% Operating income (EBIT) 113.5 130.6 –13.1% Margin 11.3% 12.3% –8.0% Net income 122.3 334.0 –63.4% of which attributable to Tamedia shareholders 104.7 321.4 –67.4% attributable to non-controlling interests 17.6 12.6 39.5% Operating revenue by division (third parties) Publishing Regional 425.2 468.8 –9.3% Publishing National 354.0 374.0 –5.4% Digital 225.6 221.0 2.1% Balance sheet Current assets 308.9 343.2 –10.0% Non-current assets 2 112.2 2 165.6 –2.5% Balance sheet total 2 421.1 2 508.9 –3.5% Liabilities 665.0 847.4 –21.5% Equity 1 756.1 1 661.5 5.7% Financial key data Equity ratio 72.5 66.2 9.5% Return on equity 7.0 20.1 –65.3% Employee key data Headcount as of balance sheet date 1 3 296 3 366 –2.1% Revenue per employee 2 in CHF 000 306.2 318.7 –3.9% Key fi gures per share Net income per share in CHF 9.89 30.32 –67.4% Dividends per share in CHF 4.50 3 4.50 0.0% Dividend yield 4 2.9% 2.6% 9.6% Price/earnings ratio 4 x 15.8 5.6 179.8% 1 Number of full-time equivalents 2 Based on the average number of employees 3 Proposed appropriation of profi t by the Board of Directors 4 Based on year-end price The annual report 2016 of Tamedia is also available as mobile app for iOS and Android. Editorial by the Chairman of the Board of Directors Connectivity and innovation Dr. Pietro Supino, Publisher and Chairman Ladies and Gentlemen A second good example of this strategic thrust is TaDaM, As publisher, one of my personal highlights of the last Tamedia Data Mining – a tool kit of software and storage year was the research conducted by Barnaby Skinner for and processing capacity that allows journalists to process 1 the article entitled “Das Parteibuch der Richter beeinflusst and analyse large volumes of data in all manner of different die Asylentscheide” (“How judges’ party membership influ- formats. Potential applications range from monitoring ences decisions on asylum”), which was published in the current websites, for instance the number of accidents Tages- Anzeiger on 10 October 2016. He was one of three reported to various police authorities, through to major jour- Tamedia representatives to complete the Lede Program for nalistic projects like the Panama Papers story. This will bring Data Journalism at Columbia University in New York the both a marked increase in efficiency and an improvement in previous summer. Over several months of intensive training, quality. The stored data will thus become like an enormous participants learn how to programme and work with data- journalistic memory, while computer-aided analysis will bases. These skills enabled over 30,000 rulings of the Swiss enable datasets to be processed in hitherto inconceivable Federal Supreme Court to be downloaded and the names volumes. This will also simplify and cultivate work between of the judges involved to be extracted and linked with their journalists. The project is one offshoot of our innovation affiliation to a political party. The research shows a clear fund launched two years ago and has its roots in an initiative correlation between judges’ party membership and how set up by the investigative journalist Titus Plattner from they ruled in asylum proceedings brought before the Swiss Le Matin Dimanche. Together with his colleagues Didier Orel Federal Administrative Court. This research would not have from our IT department and Olivier Steiner from Corporate been possible only a few short years ago. The example Development, he presented the innovation last autumn at Editorial by the Chairman of the Board of Directors illustrates how to harness technological development to serve Stanford University’s Computation + Journalism Symposium, our profession and core values, how we can exploit new sparking a great deal of interest. opportunities to generate publicity on the key issues faced A somewhat different but just as exciting development is by democratic society and how we can help foster dialogue the voting surveys that have been carried out across the based on fact. Another four Tamedia candidates will be taking Group’s news plattforms for one year now. Swiss voters are part in the next Lede Program this summer. being asked for their opinions on the relevant proposals in The overriding objective is to develop technological several waves before the vote and in a follow-up survey. expertise in all our editorial teams alongside honing skills in Since our digital offerings reach 80 per cent of the popu- conventional journalism. For one thing, journalists will need lation, the surveys guarantee a large number of participants to be technologically competent in future and for another, weighted according to demographic, geographic and political this competence can be integrated into the increasingly inter- variables, meaning they can provide observations and in- disciplinary make-up of our editorial teams. depth analyses that are representative of a wide range of people and places. The results are used by our editorial we know from experience how demanding the associated teams and give us an extensive insight into people’s political changes will be. We cannot avoid further consolidation opinions and voting patterns. measures and are considering how we can retain critical These examples demonstrate that technological deve- mass in order to preserve – and ideally further expand – the lopment not only leads to disruptions that challenge us but level of journalistic services, both internally by setting up cen- also opens up new opportunities. I am therefore delighted tres of expertise and in the wider industry by forging smart that the initiative to establish a professorship and media partnerships. The expansion of 20 Minuten (“20 Minutes”) 2 technology centre at ETH Zurich, an endeavour that we have into Austria and the organic development of Doodle are been pursuing since November 2015, was launched in good examples of how else we can generate growth again. We December of last year with wide support. The initiative aims will strive to take the next major steps this year. to generate the knowledge required to develop future media Although it would be dangerous to underestimate offerings, to consolidate Switzerland’s position as a centre for the challenges ahead, we are well-positioned to overcome media, to have an impact across the world and to tap into new them. Having been in the pipeline for quite some time and perspectives – on behalf of both the media industry itself and seamlessly implemented at the turn of the year, the company’s media graduates. new organization will also play a key role in our future. Thanks Networking and innovation were also our reasons for to the strategy of digital transformation and diversification getting involved in Matter, a Californian venture capital in across an attractive participation portfolio which we have vestment fund. Matter focuses on start-ups in the publishing pursued for many years, our media group is in a good sector whose mission is to “inform, empower and connect”. position despite the unfavourable market trend of the last It takes a “design thinking” approach, which centres on cus- financial year, enabling us to pay out an unchanged divi dend tomer needs and also shows a lot of promise for us at Tamedia. of CHF 4.50 per share and, most of all, giving us confidence for As its first partner outside the US, we are working to expand the future trend. our horizons and to discover new ideas and approaches that The Management Board headed by Christoph Tonini and Editorial by the Chairman of the Board of Directors will help us develop. We are planning for at least three project all my colleagues deserve my utmost compliments and teams to take part in Matter’s partner programmes this year. heartfelt thanks for making this financial year a success under All these efforts and initiatives are necessary if we are to the given circumstances and for putting us in a good position face the inevitable structural shift in the way the media in - for further development. dustry does business. Despite some outstanding inno- vations, even including numerous new digital advertising offerings, advertising revenues last year declined sharply. It is reassuring to see that revenues from the user market are stable and that losses in print revenues affecting commuter media are largely being offset by growing digital revenues. I am also pleased to see that we have numerous ideas and starting points at our disposal to address the Dr. Pietro Supino falling revenue and keep our business profitable. However, Publisher and Chairman of the Board of Directors Board of Directors Pietro Supino Martin Coninx Martin Kall Pierre Lamunière Marina de Planta 3 Konstantin Richter Iwan Rickenbacher Pietro Supino, Publisher und Management GmbH in Vienna as well Martin Coninx Chairman of the Board of Directors, as being Vice Chairman of Edita SA in Member of the Nomination and Board of Directors Chairman of the Journalism Committee, Luxembourg and a member of the Board of Compensation Committee and of the Chairman of the Nomination and Directors of the Swiss news agency Schweiz- Audit Committee Compensation Committee, Chairman of erische Depeschenagentur AG. Pietro the Business Development Committee Supino is also Chairman of the Swiss Media Martin Coninx (CH/1970) has been a member and Chairman of the Advisory Board for Asso ciation, a member of the Board of Trust- of the Board of Directors since April 2016.