2012 Financial Report
Financial Report Media Conference of 21 March 2013
1 Financial Report Media Conference 2012, 21 March 2013 Annual Report 2012: Overview
Christoph Tonini Chief Executive Officer
2 Financial Report Media Conference 2012, 21 March 2013 Net income reflects economic situation and structural changes
Key figures 2012 in CHF millions EBIT margin* 2012 13.6% -6% 2011 16.2% 1117 1052
2011 2012
-14% -21% -15% 238 203 181 179 143 152
Revenue EBITDA EBIT Net income
*The figures relate in each case to the continued operations 3 Financial Report Media Conference 2012, 21 March 2013
Unstable economic development in Switzerland…
Change in real BIP (in percent) Consumer climate index (index points)
-0.9 30 1.9% 2.0% 15 1.5% +13 1.0% 0 1.0% -6 0.5% -15 -19 0.0% -30 20111 20122,3 Jan. 12 Jan. 13 Unemployment rate (in percent) Change in private consumption (in percent) 5,0% +0.1 +1,6 4,0% 3,3% 2.8% 3,0% 3% 3,0% 2% 2,0% 1.2% 1,0% 1% 0.0% 0% Dec. 2011 Dec. 2012 Q4 2011 Q4 2012
Sources: 1 Swiss Federal Statistical Office, national accounts 2 Estimate, 3 Staatssekretariat für Wirtschaft SECO 4 Financial Report Media Conference 2012, 21 March 2013
…results in consistently negative revenues for printed advertising
Change in net revenue for printed advertising in comparison to the same month in the prior year (in percent) 15 11% 10% 10 9% 7% 7% 6% 5 3% 2% 3%
0
-5 -5% -5% -7% -6% -7% -8% -10 -9% -10% ø-11% -10% -13% -13% -15 -13% -13% -16% -20 -18% Jan Mar May July Sept Nov Jan Mar May July Sept Nov 2011 2011 2011 2011 2011 2011 2012 2012 2012 2012 2012 2012
Source: Advertising statistics from Verband Schweizer Medien / Verband Schweizerischer 5 Financial Report Media Conference 2012, 21 March 2013 Werbegesellschaften VSW 2011/2012/2013
Newspapers and magazines continue losing share of advertising market
Advertising income according to media type, from 2000 to first half 2012 (in percent) 1% Internet** 0% 3% 0% 3% 1% 5% Teletext 11% 1% 11% Cinema Radio 19% Bill posters***
29% TV 3% 9%
2% Periodicals 12% Speciality 15% press
65% 7% Consumer magazines 49% 41% Daily and 28% weekly newspapers
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Source: MediaFocus 2000 to June 2012; **Only display advertising on the Internet; ***Bill posters also includes digital ad space from 2009
6 Financial Report Media Conference 2012, 21 March 2013
Print National and Regional continue to generate strong EBITDA‘s
Print Regional in CHF millions Revenue share EBITDA share EBIT share 532 484 46% 46% 39% 98 95 61 56
Revenue EBITDA EBIT Print National in CHF millions Revenue share EBITDA share EBIT share
447 420 40% 48% 115 97 109 91 64%
Revenue EBITDA EBIT Digital in CHF millions 2011 Revenue share EBITDA share EBIT share 2012 6% -3% 138 148 14% 25 12 11 -4
Turnover EBITDA EBIT 7 Financial Report Media Conference 2012, 21 March 2013 Print Regional: regional daily newspapers and print centers
Regional daily newspapers Regional daily newspapers
Weekly newspapers Weekly newspapers
Print centres Print centres Lausanne Berne
Zurich
8 Financial Report Media Conference 2012, 21 March 2013 Print Regional: decrease in advertising revenues, but increase in efficiency
Print Regional *2011 *2012 Change Zürcher Unterländer Revenue 531.8 484.3 -9% Der Landbote EBITDA 98.3 94.5 -4% EBITDA margin 16% 17% +1% Zürcher Oberländer Division overview • The 2012 decrease was characterised by a downturn in Print advertising income
(particularly in job and classified Zürichsee-Zeitung advertisements)
• The EBITDA margin grew thanks to a • Zurich regional newspapers (ZRZ) and successful realignment of the media the Tages-Anzeiger renew journalistic offerings and an increase in efficiency competition since June 2012
• The Langenthaler Tagblatt was successfully • Significantly reduced losses recorded at integrated into the Berner Zeitung Unterländer and improved net income newspaper family achieved at the Zürichsee-Zeitung
• New third-party print orders ensure improved efficiency at Tamedia print centers
•The figures for 2011 and 2012 do not include 9 Financial Report Media Conference 2012, 21 March 2013 operations discontinued in 2012
Print Regional: Decline in advertising despite stable sales income
Overview of Print Regional segment
Revenue share across the division
Sales income Commercial advertising Classified advertising Job advertising
11% Various 8% 30% 23%
• Sales stable income • Commercial • 6% drop in other • 22% loss in job despite a 5% loss in advertisements classified advertisements circulation decrease by 16% in advertisements (real • Simultaneous drop • Revenue for each a declining overall estate, vehicles, in online business obituaries) publication market indicative of an continues to • Decrease accounts • Structural change economic effect increase slightly goes on for around half of
the loss in revenue for Print Regional
10 Financial Report Media Conference 2012, 21 March 2013 Print centers make great contribution towards cost reduction
Improved net income recorded by print centers also Performance of selected print due to improved performance centers (estimate) Lausanne 95% Berne 91% Zurich 83% Printing plant 4 72% Printing plant 5 32% Printing plant 6 23% Basel New printing collaboration Zurich • Acquisition of the printing Biel portfolio of Gassmann Biel Berne • Printing of Basler Zeitung and Freiburg ? Basler Stab will start from April 2013 Lausanne • Acquisition of printing job (partially) of Coop Zeitung as of 2013 • Higher circulation of SoZ due to cooperation with Bund/BaZ 11 Financial Report Media Conference 2012, 21 March 2013 Opportunity to establish a digital payment model for regional newspapers
Metered model Premium model Hard paywall
Premium Subject to a fee o a fee t
Free Paywall
Content Content Content Paywall
Subject Free Paywall
Frequency of use Frequency of use Frequency of use (number of articles) (number of articles) (number of articles)
Selected media Selected media Selected media
12 Financial Report Media Conference 2012, 21 March 2013 Challenge: the editorial department must meet all requirements
Working method for the convergent editorial department of the Tages-Anzeigers
News Analysis
Mobile / Tablet Live ticker with live Push to iPhone ortion Speed stream
Computer Prop Summary with picture gallery
Reader opinions
Initial reactions Print
Video interviews
Commentaries
Reactions II in-depth reporting
Background II In-depth reporting Background
Time
13 Financial Report Media Conference 2012, 21 March 2013 Payment model to be used for all regional newspapers
Introduction of payment models – Overview of the individual media groups
• After having introduced the Tages-Anzeiger payment model successfully, all regional and Sunday newspapers will implement a payment model as of Q2 2014
• All Tamedia news platforms will be based on the same technical solution • The payment models are to be implemented consistently across all digital channels in order that no unwanted free access remain open
• Each medium will be reviewed individually in order to determine the appropriate payment model to be implemented
• In future, Newsnet will take care of the marketing of the regional newspaper news platforms in the online advertising market
14 Financial Report Media Conference 2012, 21 March 2013 Print National: national newspapers and magazines
National daily newspapers National daily newspapers
Weekly newspapers Weekly newspapers Magazines
15 Financial Report Media Conference 2012, 21 March 2013 Print National: high profitability level despite structural effects
Print National *2011 *2012 Change Convergence of 20 Minuten • The online and print editorial Revenue 447.4 420.3 -6% departments for 20 Minuten are
under joint management since EBITDA 114.5 97.1 -15% autumn 2012 EBITDA margin 26% 23% -3% • The convergent editorial Division overview department will draw up all
• 20 minuti profitable one year after its launch; L‘essentiel content for all platforms in the
established as the only commuter newspaper in future
Luxembourg and with increasing profits • New logo for all 20 Minuten • 20 Minuten media network expanded with the acquisition newspapers and news platforms
of the Danish publications metroXpress/24 timer to be launched in May 2013 for
• Expansion of market position in German-speaking the convergence of 20 Minuten Switzerland thanks to cooperation with Der Bund und New logo for 20 Minuten, 20 Basler Zeitung minutes and 20 minuti • Successful research desks for SonntagsZeitung and Le Matin Dimanche
• Financial publication: declining printed advertising market and eroding business with investment advertising
The figures for 2011 and 2012 do not include operations discontinued in 2012 16 Financial Report Media Conference 2012, 21 March 2013
Print National: Fall in advertising despite stable sales income
Overview of Print National segment
Revenue share across the division
SalesVertriebserlöse income Commercial advertising Classified advertising Job advertising
Various
6% 2% 28% 63%
• Sales income • Suffered an 8% loss • 17% loss in other • 22% loss in job records stable • Print National classfied advertisements growth therefore affected advertisements (real • Economically • Increase in sales much less by the estate, vehicles, sensitive job obituaries) income for each downturn in the advertisements, publication advertising market • Low revenue share however only an insignificant effect than Print Regional on the division
17 Financial Report Media Conference 2012, 21 March 2013 SonntagsZeitung: Reinforcement thanks to partnership with Der Bund and Basler Zeitung
Launch of combi-offer with Basler Zeitung Successful launch of Bund+ in 2013
+ +
• Bund subscribers have also been receiving the SonntagsZeitung since • Basler Zeitung subscribers have also autumn 2012 been receiving the SonntagsZeitung since March 2013 • 92% of Bund subscribers* opted for the new offer • Thanks to the cooperation with Basler Zeitung and Der Bund, SonntagZeitung • The early-morning-delivery area of early- now has a circulation considerably morning delivery Sundays has also been greater than 250,000, which is also expanded having a positive effect on readership • The SonntagsZeitung readership in Berne figures is increasing considerably as a result * Only subscribers in the early-morning-delivery area Financial Report Media Conference 2012, 21 March 2013 have been taken into consideration in this figure 18
New multilingual offerings on the advertising market
Natura magazine: exclusive Encore: National Auto magazine: supplements supplement in regional supplement in the Sunday in our own publications, as newspapers newspapers well as those of partners German- speaking Switzerland
Romandy
• New national supplement, to • Since 2012, Encore has • The new national «Auto» be launched mid-May 2013 been insert in Le Matin supplement first released in Dimanche and the • Focuses on the beauty and October 2012 nature of Switzerland SonntagsZeitung • It is carried in 11 regional
• Published four times a year • The lifestyle magazine daily newspapers in has a large readership Romandy and German- • Carried in ten newspapers base throughout with a 21.1% coverage speaking Switzerland Switzerland • Circulation: 540’000 • Unique national coverage • Circulation: 337’000 • Circulation: 607’000
19 Financial Report Media Conference 2012, 21 March 2013 20 Minuten media network: pleasing growth in Switzerland…
20 Minuten 20 minutes 20 minuti in German-speaking in Romandy in Ticino Switzerland
• Launched in Zurich 1999 • Launched 2006 with • Founded 2011 • Expanded to include Geneva and Vaud • Generating profit one year regional editions in Berne, editions after launch Basel, St. Gallen and • 2009 merger with Le Lucerne Matin Bleu Readership* in German- Readership* in Romandy Readership* in Ticino in speaking Switzerland in in thousands thousands thousands
20 Minuten 1.397 20 minutes 507 Corriere del Ticino 122 Blick a.A. 633 Le Matin 245 La Regione Ticino 107 Blick 613 24 heures 233 20 minuti 70
* Source: WEMF MACH-Basic 2012-2 20 Financial Report Media Conference 2012, 21 March 2013
…as well as with L‘essentiel in Luxembourg…
L‘essentiel in Luxembourg Key points on L‘essentiel • Joint-venture with Editpress, founded in 2007 in Luxembourg
• In addition to the commuter newspaper, a successful news site and mobile apps are also being released in Luxembourg
• Profitable since 2009 • Distributed in the same way as in Switzerland, i.e. via newspaper boxes in well-frequented locations
• No competiton; Point 24–F ceased being published at the end of 2012
Readership* in Luxembourg in thousands
Luxemburger Wort 172
L’essentiel 125
Point 24 - F 64 Ceased being published in 2012
Source: TNS ILRES PLURIMEDIA 2011/2012 21 Financial Report Media Conference 2012, 21 March 2013 …and good chances of success in Denmark
Relaunch with new format and layout metroXpress in Denmark • metroXpress will be publis hed with a new layout and in tabloid format as of 2 April 2013; 24timer will merge with MetroXpress at the same time • Target audience are young commuters, as in Switzerland
• Circulation of 350,000 to 400,000 copies • Start with the launch of the Copenhagen edition, regional editions for Århus and Odense by the end of 2013
• Web platform technology and editing system acquired from 20 Minuten Switzerland
Readership* in Denmark in thousands before relaunch Politiken 353 metroXpress 340 Target of 700 Jyllands-Posten 331 24timer 271 Merged with MetroXpress Weekendavisen 257
Source: TNS Gallup Q2/Q3 2012 22 Financial Report Media Conference 2012, 21 March 2013 Financial and economic publications suffer from crisis on financial markets
Banking crisis proving to be a burden Bilan • The crisis in the banking and • Released in 2013 with a new design financial industry has effected the and three-column concept: available financial and economic media in printed form, digital media and at conferences • Economic publications have suffered an huge drop of advertising income • Print: new writers and a wider journalistic over the last six years offering; Digital: dedicated blog with new articles and videos every day; Conferences: Advertising in financial and economic publications* improving event operations
81.981 Finance and the economy • Saving measures being introduced -54% to reduce costs for personnel, printing, paper and office space 37.966 • Modified newspaper architecture since the start of 2012 and launch of a comprehensive online offering
• Online version of Finanz und Wirtschaft has a large usership and shows good growth 2007 2008 2009 2010 2011 2012
* Advertising statistics from the WEMF for the years 2007–2012 23 Financial Report Media Conference 2012, 21 March 2013
Digital: news, market places, services and E-commerce
News platforms
Market places
Services E-commerce
24 Financial Report Media Conference 2012, 21 March 2013 Digital: strong growth in revenue; Investments as a burden on net income
Digital * 2011 * 2012 Change Explanation for the decrease in EBITDA • The revaluation of homegate.ch in 2011 Revenue 138.0 147.8 7% is mainly responsible for the fall of the
EBITDA margin between 2012 EBITDA 24.8 11.7 -53% • Jobup AG experienced a difficult year in EBITDA margin 17% 8% -9% the job market
Division overview • The number of postings on Jobup decreased after the announcement of • Clearly holds the number one position on the purchase of jobs.ch in September the job and real estate markets 2012 • Successful development of users on the • Costs for scoup.ch and investments for news platforms and on search.ch the expansion of news sites (search.ch,
• Disappointing growth in the display piazza.ch and car4you.ch) have affected
advertising market net income to the same extent as the
• Commercialisation of mobile usage still majority acquisition of FashionFriends
behind schedule shopping platform
* The figures for 2011 and 2012 do not 25 Financial Report Media Conference 2012, 21 March 2013 include operations discontinued in 2012
homegate.ch revaluation gains distrot comparison with previous year
2011 key figures in CHF 2011 key figures in CHF 2012 key figures in CHF millions, annual report millions, restatement millions, annual report
Revenue 126 Revenue 126 12 138 Revenue 148
EBITDA 13 EBITDA 12 25 EBITDA 12 13
EBIT -1 EBIT 12 11 EBIT -4 -1 Revaluation gain/loss in operating income • Up to and including 2011 financial year, revalu ation surplus assets have been recorded in financial income. From 2012 on, such revaluation gains will be posted in other operating income
• The revaluations gains recorded in financial income in 2011 for homegate.ch and other digital products are now capitalised in the Digital operating income as part of a restatement of the 2011
figures, thus distorting the comparison with the previous year
• In addition, the closure of scoup.ch and the initial consolidation of FashionFriends AG from 1 October 2012 reduced the net income of the Digital division by CHF 5.4 million
26 Financial Report Media Conference 2012, 21 March 2013 Real estate adverts: continued growth at a already high level
homegate.ch Number of advertised properties from 2002 to 2012 +11% 400
350
300
250
200
Key facts 150 • Homegate AG was founded in 2001 100 • Edipresse and Tamedia took a share of 14.5% each in 2005 and increased it to
45% each in 2008 50
• Today, Homegate is managed by 0 Tamedia (90%) and ZKB (10%) 02 03 04 05 06 07 08 09 10 11 12 27 Financial Report Media Conference 2012, 21 March 2013 Real estate advertisement: strengthening homegate.ch through the acquisition of immostreet.ch
Gradual acquisition of immostreet.ch homegate: continuous increase in visitor numbers*
+90% 868 664 690 701 547 456
2007-2 2008-2 2009-2 2010-2 2011-2 2012-2 • homegate.ch took a 20% share in the • The number of visitors to the platform has almost doubled over immostreet.ch real estate portal almost five years • The complete acquisition of ImmoStreet.ch SA is planned by 2016 • The homegate.ch real estate platform has therefore been able • The immostreet.ch offering will continue to be to reaffirm its position as market independent to that of homegate.ch leader over the past few years
* Source: visitors in thousands, Net Metrix Profile; Financial Report Media Conference 2012, 21 March 2013 UUpM 2007-2, 2008-2, 2009-2, 2010-2, 2011-2, 2012-2 28
Successful merger: together, jobs.ch and Jobup have a strong market position jobs.ch is in a strong position in German-speaking Switzerland
Job portals belonging to jobs.ch • jobs.ch, jobup.ch, alpha.ch, topjobs.ch, ictcareer.ch, ingjobs.ch,
jobs4finance.ch, jobs4sales.ch, jobsuchmaschine.ch, jobwinner.ch, medtalents.ch and stellen.ch • Has a 49% holding in karriere.at jobup.ch: strongly positioned in Milestones in the acquisition of jobs.ch Romandy • Acquisition announced on September 12, 2012
• WEKO approval received on November 5, 2012
• Acquisition of jobs.ch by Tamedia and Ringier on November 30, 2012
• Organisational integration of jobup.ch
in jobs.ch on January 1, 2013
Financial Report Media Conference 2012, 21 March 2013 29 Cyclical job advertisements, but continual online growth
Development of job advertising in the Swiss print and online media, in CHF millons
585 Online 6 560 Print 8
443 427 418 36% 60 327 68 64% 337 10 340 292 39 289 277 579 552 223 231 265 243 237 240 250 246 15 18 27 73 58 89 180 88 367 350 317 301 238 216 208 213 192 188 158 2010 2011 2006 2007 2008 2009 1999 1996 1997 1998 2005 1993 1994 1995 2000 2001 2002 2003 2004 2012
Source: Market estimate Classified Online 30 Financial Report Media Conference 2012, 21 March 2013 18% EBITDA margin realistic for Digital from 2013/2014
Revenue in CHF millions 218 6 Newly consolidated Digital media Effects from first 76 consolidation not • In 2013, a range of Digital media 148 considered will be consolidated for the first 0 time or for the first time for a
full year
• One-time effects in 2012, such as the closure of scoup.ch, will
have a negative effect on net
Actual 2012 One-time Fully IFRS 3 2012 pro income effects consolidated forma For the first time for 12 holdings pro EBITDA margin:
EBITDA in CHF millions forma 17.7% months
6 39 For the first Effects from first time for 12 consolidation not months 30 considered EBITDA margin: 7.9% Will be 12 consolidated 3 in January Will be consolidated in Actual 2012 One-time Fully IFRS 3 2012 pro April effects consolidated forma
holdings pro 31 Financial Report Media Conference 2012, 21 March 2013 forma
Service: search.ch clear favourite among users
Unique user growth per month for Unique users of search.ch and local.ch per day search.ch from 2007 to 2012, in millions
search.ch 2.2 +55% local.ch 2.0 +20% 1.8 258 254 1.6 237 -8% 1.4 212 1.2 1.0 0.8 0.6 0.4 0.2 Tamedia investment 0.0 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
32 Financial Report Media Conference 2012, 21 March 2013 Investment: search.ch quintupled sales team since 2008
Growth of the search.ch sales team since Growth of index clients since 2005 2008 +639% +1.702% 130
95
Tamedia Tamedia investment 56 investment
23 18
2008 2009 2010 2011 2012 2005 2006 2007 2008 2009 2010 2011 2012
33 Financial Report Media Conference 2012, 21 March 2013 Acquired revenue has a delayed effect on net income
search.ch key figures for 2012
+64%
+23% +46%
Disclosed revenue Amount invoiced Acquired contract value Order volume
Already acquired index revenue in relation to index revenue in 2011/2012
2012 index revenue 2013 index revenue 2014 index revenue
155% 86% 57%
2011 2012 2012 2013 2012 2014
Acquired index revenue as at 31 December 2012; Source: Reporting search.ch 34 Financial Report Media Conference 2012, 21 March 2013
Tamedia: owns four of the ten leading websites in Switzerland
Swiss websites according to unique clients in thousands in January 2013
4438 3983 3880 3609 3552 3194 3073 2998 2969
20 Minuten local.ch Newsnet search.ch Classified Blick Bluewin Scout24- srf.ch National National** Tamedia* Netzwerk (20minuten.ch, 20minutes.ch, tio.ch)
Source: NET-Metrix Audit January 2013 *Estimate based on individual values from the Net Metrix audit (Car4you Homegate, jobs.ch and Jobup) or Google Analytics (piazza)
35 Financial Report Media Conference 2012, 21 March 2013
Good news: commercial revenue for Print & Digital already comparable
Advertising market (commercial revenue per reader, revenue per user), indexed
*
+7% -10% 107 100 100 90
Print Digital Print Digital * Commercial revenue of Tages-Anzeiger without classifieds 36 Financial Report Media Conference 2012, 21 March 2013
However, the growth has been particularly in the Mobile sector…
Growth in number of visits to 20 Minuten Online according to device type, in millions of visits 40 Free tablet app +64% 35 Smartphone app
Mobile website
30 Basic website
25
20
15
10
5
0 2008 2009 2010 2011 2012
Source: Google Analytics, internal figures 37 Financial Report Media Conference 2012, 21 March 2013
… and Mobile is 90% lower in terms of commercialisation
Advertising market (revenue per visit), indexed
-79% -91% 100 100
21 9
Desktop Mobile Desktop Mobile
38 Financial Report Media Conference 2012, 21 March 2013 Digital outlook: investment in expansion and new offerings
News portals Classifieds Services
À À À À À À À À À FTEs Traffic Revenue FTEs Traffic Revenue FTEs Traffic Revenue •Convergence with Print •Improving market posi- •Investment in search.ch editorial department tion and profitability of •Majority acquisition of •Creation of a paywall job portals due to jobs.ch FashionFriends for the Tages-Anzeiger and /jobup.ch merger •Majority acquisition of other regional newspapers •Consolidation of Olmero/Renovero •Increase in homegate.ch market posi- platforms as of April 2013 commercialisation of Mobile tion due to investment in
immostreet.ch39 Financial Report Media Conference 2012, 21 March 2013
New building ready in June; Newsrooms for 20 Minuten & Tages- Anzeiger
New building with 400 workstations Modern newsrooms
• New building at Stauffacher in Zurich ready • The new building will primarily house staff to move into as of June 2013, with some from 20 Minuten and the Tages-Anzeiger
400 workstations • Moving to the new offices allows both
• The innovative architecture from Shigeru editorial teams to fully converge their Ban provides a top-quality working working methods and gives them access to environment in bright and open office space modern newsroom equipment
• Theinvestmentvolumerequiredforthenew • In total, around 1,200 staff will move to
building is around CHF 50 million other places within the Werd site
40 Financial Report Media Conference 2012, 21 March 2013 EBIT target margin of 15% not quite achieved
Development of Tamedia EBIT margin
20% 18% 18% 18% 18% EBIT target margin: 15% 15% 15% 15% 13% 14% 11% 10% 9% 8% 7% 6%
3% 2% 3% 1%
-7%
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
41 Financial Report Media Conference 2012, 21 March 2013 Outlook: From a growth in readership to a growth in profit
Print Regional: high level of net income generated • The focus of the Print Regional division is to maintain the high level of net income in an environment that continues to be structurally challenging
• Tamedia remains open to establishing coop erations with internal and external partners Print National: setting up new offerings • Products in the Print National division also have to face up to structural challenges; further measures to increase efficiency are required
• New revenue is being developed thanks to the national supplements Auto, Encore and Natura, as well as the cooperation with the SonntagsZeitung
• The relaunch of MetroXpress in Denmark wil l bring us back on track towards growth Digital: jobs.ch, launch of payment model s Bezahlmodelle und Kommerzialisierung • The acquisition of jobs.ch with Ringier and the integration of Jobup was successfully completed
• Launch of payment model for tagesanzeiger.ch in Q4 2013, followed by the gradual introduction for all subscribed daily and weekly newspapers
• Commercialisation of mobile traffic must continue to make steady progress • Expansion of the skills and the offering in th e Digital Advertising & Services department in order to improve self-marketing and the full utilisation of advertising potential
42 Financial Report Media Conference 2012, 21 March 2013 2012 financial year: Financial report
Sandro Macciacchini Chief Financial Officer
43 Financial Report Media Conference 2012, 21 March 2013 Notes on 2012 (1/2)
Newly consolidated companies and activities • On 1 October 2012, Tamedia increased its interest in Fashion Friends AG from 45% to 65% (full consolidation)
• Tamedia and Ringier acquired a 100% stake in jobs.ch Holding AG as of 30 November 2012 (full consolidation)
• In addition, the Bilan economic publication, the Tribune des Arts magazine and the Langenthaler Tagblatt were acquired in the 2012 financial year
Disposal of consolidated companies and activities • At the beginning of January 2012, Tamedia sold TV activities TeleBärn and TeleZüri, as well as its 100% stake in Belcom AG (marketing organisation for Radio 24 and TeleZüri) to AZ Medien AG
• The Capital FM radio station was sold to Zürichsee Media AG on 27 April 2012 • In July 2012, Tamedia sold its 100% stake in Radio 24 AG to BT Holding AG • On 30 September 2012, Multimedia Gassma nn AG acquired the Terre&Nature newspaper from Tamedia
• The Economic and Public Welfare Society of the canton of Berne (OGG) acquired FMA Fachmedien Agrar AG and a 49% interest in Schweizer Bauer on 12 December 2012
44 Financial Report Media Conference 2012, 21 March 2013 Notes on 2012 (2/2)
Adjustment to the figures from the previous period • From this financial year onwards, Tamedia will disclose any revaluation gains in the case of gradual acquisition of investments under other operating income. As a result of the change in disclosure, the CHF 12.1 million gain posted in 2011 from revaluations (e.g. Homegate) shall be reclassified from financial income to other operating revenue. The CHF 2.3 million revaluation gain from the gradual acquisition of Fashion Friends AG is included in other operating revenue 2012 in accordance with these new guidelines
• The discontinued activities will also be disclosed in the previous period under discontinued operations. The income statement, statement of cash flows and the segment information are all affected by this reclassification. The previous year‘s figures in these parts of the report have therefore been amended
45 Financial Report Media Conference 2012, 21 March 2013 Media revenue falls by 6%; CHF 12.1 million revaluation in other operating revenues in previous year (current year CHF 2.3 million) in CHF 2011-12 millions 2012-12 -6% -6% 1117.2 1052.4 1018.5 962.4
-1% -18% 55.1 54.4 43.5 35.6
Media revenue Print revenue Other operating revenue Operating revenue
The figures relate in each case to the continued operations 46 Financial Report Media Conference 2012, 21 March 2013
Operating expenses drop by 3%; CHF 15 million lower employee benefit expense year-on-year as per IAS 19
in CHF million 2011-12 -3% 2012-12 879.5 849.0
-3%
415.3 404.0 -3% 287.5 279.3 -6%
176.7 165.7
Costs of materials Personnel expenses Other operating expenses Operating expenses and services The figures relate in each case to the continued operations
47 Financial Report Media Conference 2012, 21 March 2013 Depreciation and amortisation up 6%; CHF 2.3 million impairment on goodwill (prior year: CHF 3.2 million)
in CHF millions 2011-12 2012-12 +6% 60.3 56.8
+12% +2% 28.1 28.7 28.6 25.4
-29% +1046%
3.2 2.3 0.1 0.8
Depreciation and Depreciation and Impairment Other depreciation Total depreciation amortisation on amortisation on real- on goodwill and amortisation, and amortisation property, plant estate investments and impairments and equipment
The figures relate in each case to the continued operations 48 Financial Report Media Conference 2012, 21 March 2013
Capex continues to be posted at a low level in relation to operating income
Investment in property, plant and equipment (Capex) in CHF million and as a percentage of operating income 9% 120 Capex in percent 180 110 Capex in CHF million 160 100 140 90 6% 80 120 70 5% 100 60 51 4% 3% 80 50 43.5 40 33.8 3% 21.5 60 29.1 30 Ø 2% 22.3 23.4 2% 40 24 1% 20 1% 1% 11 12.1 8 10.7 20 10 0 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1) Excluding acquisitions 49 Financial Report Media Conference 2012, 21 March 2013
CHF 14.2 million disposal gain in net income from the discontinued operations in CHF 2011-12 millions 2012-12 -18% 215.7 -21% -22% -15% 180.8 177.3 177.1 178.8
152.0 143.0 137.7
EBIT Net income before tax Net income of Net income continuing operations
50 Financial Report Media Conference 2012, 21 March 2013 CHF 18 million reduction in Presse Publication SR S.A purchase price leads to excellent financial income
Development of Presse Publication SR S.A. purchase price in CHF million
538 527 11 508 19 18 31 158 128 349 250,000 31 Tamedia shares
250,000 Tamedia shares
Originally Payment up to Outstanding Adjustment to Purchase price Payment up to Outstanding Adjustment to Purchase price anticipated 31 Dec 2011 obligations purchase price anticipated as 31 Dec 2012 obligations final purchase purchase price as at 31 Dec obligation at 31 Dec at at 31 Dec price 2011 2011 2012 obligation
51 Financial Report Media Conference 2012, 21 March 2013 High level of investment, particularly in jobs.ch
Status of cash and cash Statement of cash flows for FY2012 in CHF millions equivalents 31.12.2012 CHF 111.75 m -5% +6% 218.0 206.8 179.8 190.6
74.3 +919% -46%
-20.2 -16.1 -62.3
-114.9 2011 2012 -206.2
Cash flow from Cash flow from Cash flow from Cash flow from Change in cash flow* trading activities operating activities investing activities financing activities
*incl. discontinued operations 52 Financial Report Media Conference 2012, 21 March 2013
Drawing from the credit facility to finance the acquisition of jobs.ch
Distribution of the CHF 235 million credit facility to individual projects Total as at 31.12.2012 Total as at 28.02.2013 235 10 23 30 205 180 22
50% jobs.ch Repayment Remaining Remaining Total Repayment Total of loans for payment for credit
jobs.ch PPSR/metroXpress 53 Financial Report Media Conference 2012, 21 March 2013
The equity ratio amounts to 57%; without non-controlling interests the ratio amounts 48%
Current assets in CHF 16% Non-current assets 21% millions Current liabilities 55% 57% 29% Non-current liabilities 22%
Equity
324.9 458.2
410.2 506.6 434.4
278.6 1756.0 1330.8 1188.3 955.8
2011-12 2011-12 2012-12 2012-12
54 Financial Report Media Conference 2012, 21 March 2013 Share price: Tamedia records below-average growth
Share-price development since 30 December 2011, indexed
135 Tamedia SPI 130 SPI Media 125 120 115 110 105 100 95 90 85 80
75 30.12.2011 = 100 70
55 Financial Report Media Conference 2012, 21 March 2013 Thank you for your attention!
56 Financial Report Media Conference 2012, 21 March 2013