Financial Reporting 2008
1 Analyst‘s Conference 2008, 8 April 2009 Annual Report 2008: Overview
Martin Kall Chief Executive Officer (CEO)
2 Analyst‘s Conference 2008, 8 April 2009 Tamedia increases sales in 2008 with a decline in net income
An overview of financial years 2007 and 2008 EBIT margin 2007 18.0% in CHF mill.+21% in CHF mill. 2008 13.3% 900 200 -4% -30% 800 898 180 -11% 160 700 743 160 140 154 151 600 120 134 500 119 100 106 400 80 300 60
200 40
100 20
0 0 Sales EBITDA EBIT Net income 2007 2008 3 Analyst‘s Conference 2008, 8 April 2009 Multi-year comparison: Significant decline in operating profits overall
Tamedia in CHF mill. 2004 2005 2006 2007 2008 07/08 Sales (operating revenues)* 567 650 658 743 897 21% Operating income before 103 127 141 160 154 -4% depreciation & amortisation (EBITDA) EBITDA margin 18% 20% 21% 21% 17% - Operating income (EBIT) 63 95 118 133 119 -11% EBITDA margin 11% 15% 18% 18% 13% - Net income 51 80 103 162 110 -32% Net income per share (in CHF) 4.98 7.95 9.85 13.45 10.27 -31%
Dividends per share (in CHF) 1.50 2.50 3.00 4.00 3.00** -25%
* Operating revenues from third parties ** Recommendation of the Board of Directors
4 Analyst‘s Conference 2008, 8 April 2009 The economy slips into a recession for the first time in five years
Recession and an increase in unemployment rates • During the course of the second half of the year 2008, for the first time in five years the economy slipped into a recession. In 2008, real growth was at 1.8 per cent (previous year 3.3 per cent) • While exports and investments dropped dramatically, especially in the fourth quarter, consumer spending continued to be stable • The unemployment rate, which in June was at 2.3 per cent, the lowest level for the last six years, increased significantly to 3.0 per cent by the end of the year Negative consumer confidence • The consumer confidence index continued its decline that began in 2007 and was at - 27 points in the fourth quarter of 2008, its lowest level in five years Significant decline in advertising spending • After a cautious start into the year, gross advertising investments declined significantly beginning in June. On average, based on statements from Media Focus, investments reached positive growth of 2.6 per cent. However, net advertising spendings were likely significantly lower • The Publicitas Index, which shows long-term changes in advertising expenditures in daily media, was at 89.8 index points or 8 per cent lower than in the previous year (98.1). During this economic cycle, the index lagged significantly behind the achieved mean value of the previous economic cycle Source: Swiss State Secretariat for Economic Affairs SECO; Mediafocus, Publicitas 5 Analyst‘s Conference 2008, 8 April 2009 Volume of ad insertions in daily newspapers declining since February 2008
Publicitas Index: Change in commercial advertising spending in daily media (12/1993=100) in index markers 140 Change to previous year 12/2008 to 12/2007 -8 per cent 130
120
110
100
90
80 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Source: Publicitas 6 Analyst‘s Conference 2008, 8 April 2009 The economic decline began having an effect in June 2008
Comparison of commercial advertising in national daily newspapers 2008 to 2007 in CHF mill. -11% -14% -12% +6% -8% 220 -0% -15% 202 201 206 200 192 2007 196 185 185 180 182 181 2008 181 180 +6% 174 -12% 180 +3% 160 151 154 -2% 143 147 136 140 140 -7% 130 124 122 120 106 99 100
80
60 40
20
0 Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec. Source: WEMF Advertising statistics 7 Analyst‘s Conference 2008, 8 April 2009 Job ads declining since the third quarter of 2008
Publicitas Index Jobs: Change of job ad insertions in the daily press (12/1993=100) in index points 350 Changes to previous year 12/2008 to 12/2007 -2 per cent 300
250
200
150
100
50 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Source: Publicitas 8 Analyst‘s Conference 2008, 8 April 2009 Print Media holds 2008 market share in advertising market
Advertising spending in CHF mill.* 2005 2006 2007 2008 07/08 Daily, regional weekly and Sunday media 1077 1205 1288 1306 1.4% Public, financial and economic media 335 362 400 383 -4.3% Special interest publications 367 359 386 387 0% Trade press 81 80 79 82 3.8% Print 1861 2008 2154 2160 0% TV 795 877 1038 1102 6.2% Radio 133 133 134 132 -1.5% Billboard 379 400 413 424 2.6% Cinema 49 49 47 42 -10.7% Teletext 13 11 10 12 20% Online 36 46 52 74 42.3% Total 3266 3524 3848 3946 3.5% * Source: Media Focus 9 Analyst‘s Conference 2008, 8 April 2009 Newspapers division: Structural changes accelerate
Newspapers 2008 CHF mill. 2004 2005 2006 2007 2008 2007/08 Sales 347 447 475 551 641 16% EBIT 47 72 85 97 70 -29% EBIT margin 14% 16% 18% 18% 11% -
General Issues • Investments in the commuter papers and the Sunday market reach peak numbers • Regional dailies lose additional market share in the reader and advertising market Tamedia • Berner Zeitung with a slight drop in sales; After balanced results for the most part in the previous year, Der Bund once again shows losses • Sales and net income of Tages-Anzeiger continue to show a declining trend • Thurgauer Zeitung shows a distinctive improvement in sales and net income in the newspaper network Nordostschweiz
10 Analyst‘s Conference 2008, 8 April 2009 Three commuter papers among the top ten leading dailies
Readership numbers of leading daily newspapers in Switzerland in thousands
1244 20 Minuten 1365 Blick 672 651 516 Tages-Anzeiger 479 427 Mittelland Zeitung 415 407 Berner Zeitung and Bund 388 291 Blick am Abend (heute) 313 Neue Zürcher Zeitung 297 294
News 276 2008-1 Neue Luzerner Zeitung 284 269 2009-1 233 Südostschweiz 229
0 100200 300 400500 600 700 800 900 1000 1100 1200 1300 1400 MLZ since Basic 2006-2 incl. Basellandsch. Zeitung; St. Galler Tagblatt Total: City edition St. Gallen and Ostschweizer Tagblatt merged since March 2006;) Basler Zeitung: All household circulation not included; source: MACH Basic 2009-1 11 Analyst‘s Conference 2008, 8 April 2009 Impressive growth of 20 Minuten continues
Number of readers of 20 Minuten and 20 minutes in Switzerland in thousands
2000 1,853 1800
1600 488 470 1400 276 1200
1000
800 1,365 1'296 600 1039 1'212 948 400 720 782 526 200 314 0 MACH 2001 MACH 2002 MACH 2003 MACH 2004 MACH 2005 MACH 06-2 MACH 07-2 MACH 08-2 MACH 09-1
Source: Wemf Mach Basic
12 Analyst‘s Conference 2008, 8 April 2009 Romandie: 20 minutes and Le matin bleu are titles with the widest reaching range
Readership range commuter papers in Romandie, MACH Basic 2007-2/2008-2
+48%
+70% 550 524 2007-2 500 470 2008-2 450
400 353 350
300 276 250
200
150
100
50
0 Le Matin bleu 20 minutes
Source: MACH Basic 2008-2/2007-2 13 Analyst‘s Conference 2008, 8 April 2009 The volume of commuter papers reaches peak numbers in 2008
Number of daily commuter papers per 100 residents 14 and older in Europe
In copies
0.40 36 35
0.30
0.20 14 13
0.10 9 9 8 7 6 6 Weight average 5.5 5 4 3 3 2 0 0.00 D-CH W-CH SWE DK NL ESP ITA CZ FRA FIN UK HUN P AUT GRE D
Circulation 1,530 480 1,000 586 1,200 3,001 3.950 586 2,718 220 2,144 369 275 200 217 0 (thousands) 14+ 4,251 1,377 6,901 4,511 13,428 34,497 47,913 8,736 48,910 4,000 47,265 8,754 8,268 6,796 9,132 71,936 (thousands)
Source: Metro, 20 Minutes, University of Amsterdam, publishing house 20 Minuten 14 Analyst‘s Conference 2008, 8 April 2009 The commuter paper boom has surpassed its zenith
General Issues • The evening paper Heute is discontinued and replaced with Blick am Abend • After the distribution concept failed, .ch fundamentally changed its concept • Multimedia network Cash fails; Commuter paper Cash discontinued in the spring of 2009 Tamedia • 20 Minuten and 20 minutes once again increase their sales volume despite intense competition • News successful in the reader’s market; Evidence is still outstanding in the advertising market • L’essentiel exceeds expectations in the reader’s market, both in terms of sales and net income Outlook: • 20 minutes and Le matin bleu showing continued losses despite success in the reader's market • Edipresse and Tamedia plan to merge the commuter papers 20 minutes and Le matin bleu in French-speaking Switzerland after the approval from the Swiss Competition Commission
15 Analyst‘s Conference 2008, 8 April 2009 Daily newspapers have been losing commercial ads for years …
Advertising revenue by media groups 1998 – 2008 * 0% 0% 1% 1% 1% 1% 1% 1% 1% 2% 1% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% Internet 3% 3% 3% 3% 3% 2% 1% 1% 1% 1% 1% 4% 4% 2% 4% 2% 4% 1% 3% 1% 3% 0% 90% 10% 11% 11% 12% Teletext 13% 13% 12% 12% 11% 11% 11% 1% 80% Cinema 18% 19% 19% 20% Radio 19% 21% 70% 23% 24% 25% 27% 28% Billboard 3% 3% 3% Television 60% 8% 3% 3% 8% 9% 2% 2% 10% 10% 2% 2% 2% Trade press 10% 2% 50% 12% 12% 11% 10% Special interst 12% 11% 10% 10% 12% 12% publications 11% 40% 10% 10% 10% 10% 10% Consumer magazines 30%
44% 20% 43% 41% 38% 38% 37% Daily and weekly 35% 33% 34% 33% 33% newspapers 10%
0% 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Source: Mediafocus; * without industry events; Internet display ads only 16 Analyst‘s Conference 2008, 8 April 2009 …and suffer from the structural shifts in job ads
Job ads in Tages-Anzeiger (Alpha and Stellenanzeiger) in pages 1988 to 2008
-58%
11.000 10.293 10.000 9.691 9.017 9.000 9.000 8.668 8.025 8.000
7.000 6.666 5.919 6.000 5.305 5.000 4.521 4.269 4.352 4.310 3.877 4.052 4.000 3.581 3.729 2.907 3.101 3.000 2.653 2.850
2.000
1.000
0 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Source: Income statements by periods (Paper archive and MIK) Tamedia 17 Analyst‘s Conference 2008, 8 April 2009 Tamedia examines the outlook for the regional papers in three projects
Project Tages-Anzeiger Project TagesBund Berner Zeitung & Der Bund • New journalistic concept • Close collaboration between • Merger of the editorial offices • Four bundle newspaper Bund and Tages-Anzeiger of Berner Zeitung and Der • Upgrade of regionalisation • Preservation of Berner Modell Bund • Reduction of costs with two titles in Berne • Strong voice for Berne • Establishment of an economic • Preservation of the economic foundation foundation 18 Analyst‘s Conference 2008, 8 April 2009 Four pillar strategy of Tages-Anzeiger as the formula for the future Top main News paper news- Online anchor etwork quality section n Regional Commuter
Journalistic quality as basis
19 Analyst‘s Conference 2008, 8 April 2009 Tages-Anzeiger: New co-editors-in-chief as of 1 June 2009
Markus Eisenhut (46) Res Strehle (58) New four bundle concept • New concept involving four newspaper bundles and reduced volume • New high-quality layout as of autumn 2009 and at the same time strong improvements in reader navigation Adaption of cost structure • Adaption of the cost structure based on significant decrease in revenues Continuing with strong editorial staff • Continuing with strong departments as well as strong developed network of correspondents • Co-Editor-in-Chief as of • Co-Editor-in-Chief as 1 June 2009 of 1 May 2009 • Take full advantage of the strengths of • Up to now Co-Editor-in- • Up tp now deputy the media group in partnership with Chief of Berner Zeitung Editor-in-Chief at Newsnetz and News • Previously at, among Tages-Anzeiger • Strengthening of the regionalisation by others, 20 Minuten, • Previously at, among merging the regional reporting into one Tages-Anzeiger, others, Magazin, bundle in the main section SonntagsZeitung Weltwoche, Bilanz,
Wochenzeitung 20 Analyst‘s Conference 2008, 8 April 2009 News was able to continuously lower its remmission rate and reaches 276,000 readers
Returned copies per calendar week compared to printed copies
in per cent Shift print copies of 35 Mittelland issue to issues of News Basler Zeitung, News Berner 30 Zeitung and News Tages-Anzeiger
25
20
15
10 Readership figures
(Sept. 2007-Oct. 2008) 5 Mach Basic 2009-1 276,000 Current estimate publisher ~ 400,000
0 5152 1 2 3 4265 62872983931101 1213141 161718192 21222324 2 27 3233 34 3 3637 38 39 4 4142 43 44 4 46 4748 4 50515253 2 3 4 5 6 7 9 10 1 5 0 5 0 5 0 5 9
21 Analyst‘s Conference 2008, 8 April 2009 The concept for News is continuously being enhanced
New readers for the media networks • Merely a minority of the readership of News are simultaneously readers of one of the three daily papers, the majority of readers receive their information through News exclusively Further developments of the commuter paper • Since December 2008, News has concentrated on the three issues News Balser Zeitung, News Berner Zeitung and News Tages-Anzeiger • Continuous enhancement of the layout and improvements in the reader navigation • During the current year, a closer partnership between News and Newsnetz will be reviewed
22 Analyst‘s Conference 2008, 8 April 2009 Successful start of Online Newsnetz in August 2008
More partners?
Key points Newsnetz Development of unique clients in thousands since September 2008 • The news network 2,000 Newsnetz has been Online 1,900 since August 2008 1,800 1,730 1,727 1,678 • A total of close to 54 full- 1,700 1,638 1,635 time positions, thereof 48 1,600 1,503 full-time position in the 1,500 editorial offices Sept.Oct. Nov. Dec. Jan. Feb. March 23 Analyst‘s Conference 2008, 8 April 2009 Thanks to Newsnetz, regional papers in second place
Leading German-Swiss media websites in July 2008, unique clients in thousands
3'883 4'000
3'000 2'579
2'000 1'530 1'387 1'315 1'301 929 1'000 696 337 333 311 290 277 226 226 173 0 Blue- sear- Blick NZZ 20min- sf.tv tages- swiss- drs.ch tele- es cash news- baz.ch* Zisch Pro7- win ch.ch Online Online uten.ch anzei- info.ch text.ch pace- .ch .ch ger.ch* .ch* Leading German-Swiss media websites in February 2009, unique clients in thousands
4'000 3'782
3'000 2'652 + 29% + 9% (not incl. 2'007 + 65% 2'000 1'768 1'727 1'674 espace.ch) 1'389 1'202 914 1'000 471 425 374 340 330 280 200 0 Blue- search- 20min- sf.tv News- Blick NZZ tages- swiss- tele- drs.ch baz.ch* bern- cash news- Zisch win .ch uten.ch netz.ch Online Online anzei- info.ch text.ch erzei- .ch ger.ch* tung.ch* Source: NET-Metrix-Audit July 2008 and February 2009; * Newsnetz partners
24 Analyst‘s Conference 2008, 8 April 2009 The media group Tages-Anzeiger already reached 530,000 users in the Zurich region in summer of 2008
Readers and users in the economic area 43 Contacts media network Tages-Anzeiger in EA 43 530,000 +14% 85,000 73,000 double users Exklusiv readers* 641 * Soummer 2008 1,000 563 125 25,000 73,000 73 News 16,000 News 66,000 126 Exklusiv users* tagesanzeiger.ch 43,000 bevor launch of 66,000 Newsnetz Newsnetz
490 390 306,000 Tages- 306,000 Exklusiv readers Tages-Anzeiger Anzeiger
Source: MA Strategy Basic 2008/2001, MACH Basic 2009-1 2008 2001 2008
25 Analyst‘s Conference 2008, 8 April 2009 Der Bund: Over the last 16 years, five publishers were involved
Publisher family NZZ Berne model The majority of NZZ takes on a Espace Media takes on Bund is owned by 45 per cent 40 per cent of Bund and the family Jent, investment in launches the Berner Pochon and Stuber, Bund, 10 per Modell, NZZ holds 40, which sales after cent held by Publicitas 20 per cent 1992 Publicitas 1993 until 1850 until 1994 1998 2004 2007 1992 1994
First issue Ringier NZZ and Publicitas Espace and Tamedia First issue The publishing NZZ increases its Espace Media merges published on house takes on the investment to 80 per with Tamedia, NZZ 1 October 1850, majority of cent and Publicitas and Publicitas sell shortly after the ownership and to 20 per cent, the shares in Bund foundation of the launches a regional expansion strategy Federal State strategy
26 Analyst‘s Conference 2008, 8 April 2009 Further savings at Bund without fundamental changes are possible, but would put the foundation of the newspaper at risk
Sales Berner Zeitung Number of issues according Full-time employees in the editorial and Der Bund 2007 to Wemf 2008 in thousands office and publishing section
180 120 158 160 100 97 96 140 * 120 80 Publishing section 100 60 58 80 ** 60 54 40 40 20 20 0 0 * Berner Zeitung not incl. bernerzeitung.ch, Berner Oberland Medien and Solothurner Tagblatt; ** Der Bund not incl. derbund.ch Source: Controlling Tamedia and WEMF 2008 27 Analyst‘s Conference 2008, 8 April 2009 On average, Bund is losing CHF 3 million each year; Without collaborative partners, there are no future prospects
Sales and net income Bund Verlags AG Persistent losses since twelve years Average of the year 1999 to 2008, as of • Der Bund has not generated a profit once 2004 in the Berner Modell over the last twelve years, nor has it even in CHF mill. broken even 40 Sales • Alone the losses of the last ten years come to a total of close to CHF 30 million 35 Net income • The average sales figures for Bund (as of 30 2004 in the Berner Modell) over the last 25 tens years were slightly above CHF 40 20 million 15 • The average loss of Bund over the last ten years was at approx. CHF 3 million each 10 year 5 0 -5 -10
28 Analyst‘s Conference 2008, 8 April 2009 Over the next ten years, Bund will presumably lose another quarter of its readership
Development of Bund readership while taking 50 per cent of the population growth into account (indexed, readership 2008 = 100) 120
100 100 2008 until 2018 - 27 per cent
80 73
60
40
20
0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
29 Analyst‘s Conference 2008, 8 April 2009 Commuter paper L’essentiel exceeded expectations in 2008
Increase in circulation • The circulation of the first commuter paper in Luxembourg was successfully increased in stages since its launch in the autumn of 2007 • Currently, the daily circulation is close to 90,000 issues Expectations surpassed • L’essentiel was able to increase its sales continuously last year • The expectations with regard to advertising sales and net income were definitely surpassed • Notwithstanding the low-price offensive launched by the competition, L’essentiel is still clearly in the lead, even in regard to the number of advertising pages
30 Analyst‘s Conference 2008, 8 April 2009 Decrease of remissions while expanding distribution network at the same time…
Remission rate in per cent Number of locations of boxes
35.0% 1'150 1'116 1'084 1'100 30.0% 1'037 1'050
1'000 979 25.0% 24.6% 950 927
20.0% 900 17.3% 844 850 15.0% 797 13.4% 800 9.4% 9.0% 10.0% 10.5% 8.4% 8.9% 750 699 10.1% 7.9% 6.8% 8.8% 700 5.0% 8.3% 8.2% 7.9% 650 1.1% 582 0.0% 600 Okt. Dez. Feb. Apr. Juni Aug. Okt. Dez. Feb. 550 Okt Dez Feb Apr Jun Aug Okt Dez Feb
Source: Controlling Edita 31 Analyst‘s Conference 2008, 8 April 2009 …and also in the readership market, L‘essentiel is far ahead of the competition
Range of daily newspapers in Luxembourg as a percentage of the population 15 and older 44 45
40
35
30 -49%
25 24
20
15 14 12 10 7 7 5
0 WortL’essentiel Tageblatt Point 24 Le Quotidien La Voix Source: TNS Ilres 32 Analyst‘s Conference 2008, 8 April 2009 Magazine Division: Trade magazines lead to a drop in profits
Magazines 2008 2004 2005 2006 2007 2008 2007/08 Sales 90 88 84 94 105 11% EBIT 8 7 13 15 12 -19% EBIT margin 9% 8% 16% 16% 12% -
General Issues • Various new launches of special interest titles and side extensions Tamedia • Start of the new free people magazine 20 Minuten Friday at the end of October 2008 • Annabelle reporting slight decrease in sales; Since January of this year, the women’s magazine is being issued in a new layout • Automobil Revue and Revue Automobile continue to expand their market share in the advertising market; sales of Moto Sport Schweiz and Moto Sport Suisse decrease once again • Despite the decrease in sales and net income, the magazine remains profitable • Positive sales trend for Schweizer Bauer; other agrictultural media do not add to the net income of the Magazine division • Schweizer Familie again shows an increase both in sales and net income 33 Analyst‘s Conference 2008, 8 April 2009 Schweizer Familie wins, Annabelle and Magazin lose readers
Readers of leading Swiss magazines in Switzerland in thousands
TV täglich 1'037 981 975 Beobachter 910
Schweizer Illustrierte 943 918 696 Schweizer Familie 719
Das Magazin 654 630
NZZ Folio 641 612
Tele 556 526
SI Style 406 410
Weltwoche 391 345
Glückspost 385 384 351 Annabelle 325
0 100 200 300 400 500 600 700 800 900 1'000 1'100 Source: MACH Basic 2009-1 34 Analyst‘s Conference 2008, 8 April 2009 20 Minuten Friday managed to distribute 128,000 issues as of its launch date and achieved a distinctively low remission rate
Distributed copies 20 Minuten Friday Remission rate 20 Minuten Friday
In thousands in per cent Forecast readership Number of copies 180 increased to 155,000 35% Readers / copy 3 issues 33% Readership 453,000 160 151 30% 140 28% 25% 120 23% 100 20% 18% 80 15% 60 13%
Christmas break 10% 40 8%
20 5% 2.46% 3% 0 0% October November December January February October November December January February
35 Analyst‘s Conference 2008, 8 April 2009 E-media division: Strong growth of Online media
E-Media 2008 2004 2005 2006 2007 2008 2007/08 Sales 67 53 52 62 85 37% EBIT -6 -3 2 2 1 -34% EBIT margin -8% -6% 4% 3% 2% - General Issues • Strong growth in Online advertising continues in 2008 • Strong market position of large foreign suppliers in the Swiss market Tamedia • 20minuten.ch and 20minutes.ch increase sales significantly once again in the reporting year • Capital FM and TeleBärn show a decrease in sales; relocation to the new multimedia building • Radio 24 increases sales and net income despite decreases in the market environment • TeleZüri shows an increase in net income; decides against taking action against the licensing decision • Last year Homegate increases sales and net income once again • alpha.ch and jowinner.ch showing a stable net income despite the economy • Newsnetz was able to establish itself as a leading news platform in a short period of time 36 Analyst‘s Conference 2008, 8 April 2009 Radio 24 increases sales and net income once again in 2008 …
Karin Müller Andrea Haemmerli New executive team • After several staff changes, Radio 24 has a renewed team since 2008 • Under the new programme management, new programme formats were launched Increase in sales and net income • Despite the negative market environment and new competitors, the radio station was able to increase its • Programme • Commercial sales and net income in 2008 Director of Radio Director since Licence until 2019 24 since 2008 2008 • Last autumn, UVEK renewed the VHF broadcasting • Was previously • Previously, among licence of the oldest privately owned radio station in the programme other things, CEO Switzerland for an additional ten years director of, of Eurosport among others, Munich, built up Radio Pilatus, the marketing Editor-in-Chief at organisation Radio DSR 3, interactive media Radio Basilisk throughout Europe
37 Analyst‘s Conference 2008, 8 April 2009 …and again defend its leading position in the listener market
Listeners private radios Zurich region 2nd half of 2008 to 2nd half of 2007 in thousands -2%
270 256 250 2007 -4% 240 2008 -6% +1% 208 210 200 187 184 185 180 176
150
120
90 75
60 32 30
0 Radio24 NRJ ZH Top Zürisee Radio 1 (Tropic) Source: Radiocontrol (2nd half of 2007/2008)
38 Analyst‘s Conference 2008, 8 April 2009 Capital FM and TeleBärn: Relocation into the new multimedia building in Berne
New multimedia building Capital FM TeleBärn
• In autumn 2008, the new • Capital FM has been • TeleBärn moved to the multimedia building of broadcasting from the multimedia building in Espace Media opened its multimedia building since October doors in Berne 27 September 2008 • Sales and net income • The multimedia building • Sales and net income declined in a difficult allows the editorial showed a decrease in the market collaboration between difficult radio market in • TeleBärn is expanding its the various media of 2008 information services Espace Media • The programme and significantly in 2009 and information services were is transferring to a 16:9 expanded in 2008 format
39 Analyst‘s Conference 2008, 8 April 2009 TeleZüri decides to operate in a broadcasting region without a licence and is expanding its broadcasting region significantly
No new licence was issued • The decision was made at the end of October 2008 by the Swiss Federal Department for Environment, Transport Sector, Energy and Communication to not re-issue the licence for TeleZüri • Last autumn, TeleZüri decided not to take action against the incomprehensible decision and to continue its broadcasting operations without a licence Expansion of the broadcasting area • By spring of 2009, TeleZüri will expand its broadcasting region by 75 per cent to more than 2.4 million people • TeleZüri can now be picked up in entire German-speaking Switzerland digitally Core region analogously and in the Zurich region as well as in Digital distribution Appenzell and St. Gallen analogously
40 Analyst‘s Conference 2008, 8 April 2009 TeleZüri and TeleBärn report a smaller viewing audience in 2008
Viewers of the leading Swiss regional TV broadcasters in 2008 and 2007 in tousands -6%
500 484 2007 454 450 2008
400
350 -10% 300 258 250 232 +3% -2% 200 -13% 167 171 +6% +4% 150 136 133 -3% 119 -6% 104 97 100 92 86 90 -5% 67 64 55 52 50 28 26
0 TeleZüri Tele Bärn Tele M1 Tele Tell Tele Basel TV Tele TOP Tele Ticino Léman bleu Tele SO Source: Telecontrol Ostschweiz
41 Analyst‘s Conference 2008, 8 April 2009 Tamedia has invested in 2008 in the expansion of its news platforms…
20 Minuten Online Newsnetz
• Continued expansion of the editorial office to • Start-up of one of the leading Online editorials 55 full-time jobs in German-speaking and in Switzerland with four regional editorial Western Switzerland offices • The programme expansion was entirely funded • Expansion with the new partner derbund.ch in through own means autumn of 2008 as well as thurgauerzeitung.ch • Integration of the small ad platform piazza.ch in March 2009 in the spring of 2009 • Strong growth in the number of visitors to the • In January 2009, for the first time more than 2 site since its launch in August 2008 million visitors • Expansion through collaboration with the commuter paper News planned for 2009 42 Analyst‘s Conference 2008, 8 April 2009 … and strengthened the real estate and job column platforms homegate.ch Stellenmarkt Online jobsuchmaschine.ch
• More than 45,000 • Integration in the Espace • A job-search portal properties listed Media Online platforms founded in 2000 • Most successful Swiss • Separation from the printing • In Switzerland, the portal real-estate portal business and spinning off into reaches 101,000 unique • Edipresse and Tamedia an independent organisation clients each increase their so as to be able to take better • In 2008, Tamedia took over investment to 45 per cent advantage of the growth 20 per cent of the company • In 2008, Homegate takes opportunities and will increase its share over Nexpage AG with • Strengthening management in stages up to 100 per anzeiger.ch and immo.ch with Urs Hügli and Yves cent until 2013 Maeder (Ebay)
43 Analyst‘s Conference 2008, 8 April 2009 In addition, Tamedia expanded its portfolio in stages in 2008… eload24.com tillate.com zattoo.ch
• Advise portals eload24.com • Tilllate is the leading nightlife • Peer-to-peer TV network and ratschlag24.com platform in Switzerland launched in 2006 • At this time, eload24.com • Tilllate.com offers tips on • It broadcasts 700 offers more than 400 e- where to go, party images and television channels booklets on various community functions • Round to 800,000 users different subjects • Tamedia increased its in Switzerland • 15 per cent investment by investment in the Swiss • In 2009, Tamedia took Tamedia; by 2012, the business to 86 per cent as of 1 over 24.5 per cent investment will increase to January 2009 49 per cent
44 Analyst‘s Conference 2008, 8 April 2009 … and plans to take over 75 per cent of search.ch
Majority investments planned • Included in the plan to assign the early morning delivery activities to the Swiss Postal Service, Tamedia will take over 75 per cent of Räber Information Management GmbH (RIM) • RIM operates the Online portal search.ch Leading Online portal • search.ch was established in 1995 and is the second most frequently visited website in Switzerland • seach.ch consists of a search engine, a directory service, interactive maps, a real estate platform, a weather service and a news platform • The platform has 37 employees
45 Analyst‘s Conference 2008, 8 April 2009 As a result, 263 people will already be working in the Online sector…
Projection full-time employees in Online media and products based on February 2009
2495 2500 2232 263
2000
1500
1000
500
0 Other employees Online employees Total number of employees
Source: FTE Statistik Tamedia; incl. search.ch; not incl. minority ownership in Eload24, Jobsuchmaschine, Zattoo
46 Analyst‘s Conference 2008, 8 April 2009 …and Tamedia will own three of the top 10 websites in the future
Leading Swiss websites 2009 and 2008 in unique clients in 1,000s
-4%
4,000 3,947 3,782 February 2008 3,500 February 2009 +4% +8% 3,000 2,652 2,553 +56% 2,443 2,500 +8% +63% 2,252 +29% +25% 2,007 1,951 2,000 1,824 1,768 1,694 1,727 1,674 1,430 1,500 1,288 1,342 1,336 1,085 1,000
500
0 Bluewin search.ch local.ch 20min.ch ricardo.ch Scout24 sf.tv Newsnetz Blick Online gmx.ch
Source: NET-Metrix Audit; ricardo.ch, GMX.ch in February 2008 not reported; Addition gross value single pages, deduction overlap basis February 2009
47 Analyst‘s Conference 2008, 8 April 2009 Services Division: Strong growth in revenue and net income
Services 2008* 2004 2005 2006 2007 2008 2007/08 Sales 195 215 208 205 291 42% EBIT 13 20 18 19 35 88% EBIT margin 7% 9% 9% 9% 12% -
General Issues • Due to the economic environment, expectations are that the price of news print paper will fall Tamedia • NZZ group and Tamedia plan to assign the early morning delivery services to Swiss Post after the approval of the Swiss Competition Commission • Bevo increased sales and net income thanks to new contracts; Zuvo reported a drop in sales • Reader’s market services and pre-print services were merged in 2008 • Druckzentrum Bubenberg and the newspaper printing segment of Büchler Grafino AG, managed jointly as of 2009, increased sales and net income thanks to new contracts • The job sheet-feed printing segment of Benteli Hallwag was assigned to Weber Benteli in the summer of 2008 * Figures for 2008 and 2007 not incl. Bevo and Benteli Hallwag; figures for 2008, 2007 and 2006 not incl. Zuvo
48 Analyst‘s Conference 2008, 8 April 2009 Merger of Espace Media and Tamedia is progressing
Executive Central Customer Printing Procurement Management Services & Pre-Print & Purchase
November 2007 until May 2008 until July 2008 until July 2008 • New Tamedia executive • Facility Management • Integration of Production • Purchasing of paper and management • Financial Department & Services and Digital other products integrated • New corporate Controlling Services DGS Benteli • Contracts copiers and organisation with a • Reader's Market Services Hallwag (customer printers re-negotiated geographic focus • Human Resources printing services) sold • Project Services • Legal & Corporate Communications
Employee contracts Reorganisation Printing & Subscribtions to & pension fund Companies distribution daily newspapers until December 2008 until December 2008 until December 2008 until the end of the 1st half of 2009 • Standardisation of • Stake in Espace Media • Assignment of early • Comparison revenue and cost agreements and Groupe increased to 100 morning delivery services structures, editorial concepts conditions of employment per cent to the Swiss Post • Assessment of possible partner- • Adaptation employee • Corporate structure of • Optimisation of publishing ships benefits pension fund Espace Media Groupe logistics • Three sub-projects finalised simplified • Optimisation of printing services
49 Analyst‘s Conference 2008, 8 April 2009 Annual synergy contribution identified at over CHF 20 million
Financial contribution resulting from the merger projects 2008-2011 to EBITDA in CHF mill.
24 23,2 0,5 22 20 7,9 18 16 14 12 10 11,1 8 6 4 3,6 2 0 2008 2009 2010 2011 2009-2011
50 Analyst‘s Conference 2008, 8 April 2009 Espace Media Groupe reports sales in the amount of CHF 225 million in 2008
Sales, operating expenses and EBIT of Espace EBIT margin at 9 per cent Media Groupe for 2008 in CHF mill. • The EBIT margin for Espace Media Groupe was at 9.2 per cent in 2008 240 225 204 • Already last year decisive cost-saving 220 synergies were realised between Espace 200 Media Groupe and Tamedia 180 • Profitability was negatively affected by 160 investments in the new media projects News and Newsnetz 140 Profit participation for employees 120 • As a means to recognise employees for 100 their dedication, the staff at Espace 80 Media Groupe receives profit participation benefits on the EBIT level in 60 2008 for the first time 40 21 • The amount per employee and full-time 20 position is CHF 738 0 SalesOperating EBIT Expenses 51 Analyst‘s Conference 2008, 8 April 2009 Increase in editorial positions; total number of employees is lower
Number of full-time employees at Espace Number of full-time employees at Espace Media Groupe in December 2007 Media Groupe in December 2008 * 789 1000 984 800
900 700 280 800 284 704 600 700 505 500 600 Share: 28% Share: 36% 500 400
400 300 300 200 200 100 100
0 0 Other Editorial staff Employees Other Editorial staff Employees departments departments * All organisational units considered that belonged to Espace Media Groupe prior to 1 January 2008 52 Analyst‘s Conference 2008, 8 April 2009 Ueli Eckstein is the new head of Espace Media
Up to now Vice President of AZ Medien • Typograf training at the Kunstgewerbeschule (School of Applied Arts) Zurich • As early as 1976 up until 1997 at Tamedia, among other things employed in the executive management staff, head of the accounting department, Director of Controlling and Vice President of the publishing department of Tages-Anzeiger • Played a crucial role in introducing the culture association and the communications concept «Wir bleiben dran.» • From 1995 until 1997 Publishing Director of SonntagsZeitung • Since 1997 Vice President of AZ Medien Head of Espace Media • Ueli Eckstein will start heading the corporate division Espace Media • He is the successor of Martin Kall, who managed the corporate division Espace Media ad interim since autumn 2008
53 Analyst‘s Conference 2008, 8 April 2009 Tamedia’s EBIT operating income showing a decline compared to 2007
Development in Tamedia's EBIT operating income since 1980
180 164 160 137 141 140 119 118 119 120 100 95 79 80 63 60 54 52 47 43 45 36 40 33 35 32 32 32 26 21 14 14 18 20 11 11 8 0 -20 -40 -41 -60 1980 1990 2000
54 Analyst‘s Conference 2008, 8 April 2009 EBIT margin also showing a decline to 13 per cent …
Development in Tamedia's EBIT margin since 1990
25%
20% 18%
15% 13%
10%
5%
0%
-5%
-7% -10% 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
55 Analyst‘s Conference 2008, 8 April 2009 … and is now at 4 per cent without all job ads
Development in Tamedia's EBIT margin without job ads* since 1990 (external view)
15% 12% 9% 10% 8%
5% 4%
0%
-5%
-10%
-15% 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Tamedia without Stellen-Anzeiger+Alpha Tamedia without all job ads**
* The EBIT net income per unit was deducted from the Tamedia EBITDA until 1995. For the years 1990-1994, the EBIT was calculated by means of an average marginal revenue and an 80 per cent margin; Facts/Basilisk/HPP/Huber/Benteli Hallwag treated as discontinued operations **Job ads include: Stellen-Anzeiger, Alpha, BZ/Bund, Thurgauer Zeitung and 20 Minuten (average net income per page 80% margin until 2007 and 70% margin after 2008) 56 Analyst‘s Conference 2008, 8 April 2009 Profit participation for employees is declining; Espace Media Groupe employees are participating in profits for the first time
Development of the profit participation for Tamedia employees since 2002 in CHF In CHF 4'000 3'515 3'500
3'000 2'910
2'500 2'420 2'226
2'000 1'620 1'500
1'000 738 610 500 0 0 2002 2003 2004 2005 2006 2007 2008 2008 Espace Media Tamedia
57 Analyst‘s Conference 2008, 8 April 2009 The economic environment is not expected to recover in 2009
Recession and an increase in unemployment rates • For the current year, the Swiss State Secretariat for Economic Affairs (Seco) expects a significant decrease in the gross domestic product by 2.2 per cent • According to Seco, the unemployment rate will rise in 2009 to 3.8 per cent and could even reach a peak level the following year at 5.2 per cent Decrease in advertising investments expected • The increasing unemployment number and the decrease in economic growth are expected to lead to a significant decline in advertising spending • Tamedia expects that this development will spur structural changes in the media sector and also have a negative effect on advertising customers, who will increasingly be sensitive to advertising costs • At the end of last year, Tamedia already taken measures to reduce costs and in 2009 will continue to monitor, as it has in the past, those media activities that are not reaching their goals Recovery not expected until 2010 • Tamedia does not expect advertising investments to recover until the autumn of 2010, and only to a marginal extent
Source: Swiss State Secretariat for Economic Affairs SECO
58 Analyst‘s Conference 2008, 8 April 2009 The decline in job ads is expected to continue in 2009
Change in job ads during the course of the current economy, change to previous year in per cent 40 P-Index job ads VSW jod ads daily media 1 Tamedia job ad inserts BZ job ad inserts 20 Forecast
0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
-20
-40 -35
Source: Swiss State Secretariat for Economic Affairs SECO
59 Analyst‘s Conference 2008, 8 April 2009 Despite the economic crisis Tamedia invests in Edipresse
Merger in three steps • Tamedia will, in three steps, take over the majority ownership in PPSR, which encompasses the most essential media of Edipresse in Switzerland • In a first step, Tamedia will take a 49.9 per cent interest in PPSR in early 2010 • In a second step, Tamedia will take an additional 0.2 per cent interest in early 2011 Edipresse investment in Tamedia • In a third take-over step, Tamedia will increase its interest in Edipresse to 100 per cent early in 2013 • In return, Groupe Edipresse will invest in a Tamedia share package
60 Analyst‘s Conference 2008, 8 April 2009 Perfect Complement: Tamedia is especially active in German- speaking Switzerland …
Berne Zurich
Basel
Lucerne 9000 St. Gallen
Solothurn Frauenfeld
Kerzers
Murten
Lausanne
Thun
Geneva
61 Analyst‘s Conference 2008, 8 April 2009 … and Edipresse in Romandie
Payerne Lausanne
Pully
Morges Bussigny
Nyon
Genève
62 Analyst‘s Conference 2008, 8 April 2009 The first two investment steps will be funded for the most part with equity
Purchase price for the first two steps CHF 226 million • The purchase price for the first two investment steps totalling 50.1 per cent of the share capital in Edipresse Switzerland will be CHF 226 million • The majority of this purchase price can be funded from existing cash and cash equivalents, which at the end of 2008 were CHF 88.3 million, and the amount of free cash flow yet to be earned by the end of 2009 • Any bridge financing needed is completely covered by existing, not yet used lines of credit • Tamedia expects to be able to have completely paid off the bridge loan by the third investment step The purchase price of the third step will depend on the overall performance • The price for the third investment step in Edipresse Switzerland will depend on the overall performance of Edipresse Switzerland. • Based on today’s expectations, it will be necessary to borrow a significant amount of capital for the third step • At this time, the plan is to fund the step with convertible bonds and by creating conditional share capital
63 Analyst‘s Conference 2008, 8 April 2009 The merger will result in a media company with 3,700 employees…
Number of employees of both companies Solothurn 25 Zurich 1‘502 Thurgau 96 • Full-time employees in Switzerland
4'000 3'661 3'500 Berne 717
3'000
2'500 2'463 St. Gallen 15 2'000
1'500 1'198 1'000
500
0 Geneva 180 Waadt 1‘065 Other Cantons 51 Edipresse Tamedia New company
64 Analyst‘s Conference 2008, 8 April 2009 …and around 1,300 jobs for journalists
Share of journalists employed at Edipresse Share of journalists employed at Tamedia • Full-time positions in Switzerland • Full-time positions in Switzerland 1'198 1'200 2'600 2'463 1'100 2'400 1'000 379 2'200 900 2'000 952 819 800 1'800 1'600 1'511 700 1'400 600 1'200 500 1'000 400 800 300 600 200 400 100 200 0 0 Other Journalists Employees Other Journalists Employees employees employees
65 Analyst‘s Conference 2008, 8 April 2009 Sales in Switzerland will be approx. at CHF 1.25 billion; the new company will then be in fourth place
Leading Swiss publishing companies by sales in CHF mill. in 2007 and comparison with the initial estimates on forecasted sales of the new company
Publigroupe
SRG
Ringier
Neues Unternehmen
Groupe Edipresse Incl. international transactions Tamedia
NZZ
Affichage
Orell Füssli
0 250 500 750 1'000 1'250 1'500 1'750 2'000 2'250 Sources: Financial reports, estimate 66 Analyst‘s Conference 2008, 8 April 2009 Sales generated in four different divisions
Rough estimate of future operating income by divisions and totals in CHF mill.
Services Total sales CHF 1,250 million 115 Electronic Media 115
Magazines 150
Newspapers 870
Source: Controlling Tamedia; rough estimate not including minority shareholdings 67 Analyst‘s Conference 2008, 8 April 2009 Merger of commuter papers 20 minutes and Le matin bleu
Key figures new commuter paper • Strong commuter paper for young people on the go • Number of copies more than Objectives new commuter papers 210,000 issues • To create a daily newspaper with • The potential to reach a half a the largest amount of readers in million readers Western Switzerland • Integration into the national advertising programme of 20 • Total coverage at the level of Minuten Le matin bleu • Strong Online presence • Attractive offers for regional and • Regional strategy remains national advertising customers unchanged 68 Analyst‘s Conference 2008, 8 April 2009 The national advertising combination remains unchanged
Basel St. Gallen
Waadt Zurich
Geneva Romandie Berne Lucerne
69 Analyst‘s Conference 2008, 8 April 2009 Merger Edipresse and Tamedia: Goal Swiss media company
Collaboration between Publicistic achievement for A plurality of cultures all Romandie and German- Switzerland under one roof speaking Switzerland
Swiss identity Jobs with future potential
Innovation and growth + Independent media company
Overcome structural challenges Counter the pressure from competition from abroad
70 Analyst‘s Conference 2008, 8 April 2009 Outlook: Challenges for Tamedia in the current year
Further developments of regional papers • Further Development of the concept for regional newspapers in Berne and Zurich; decisions on the new concept for Tages-Anzeiger as well as for Berner Zeitung and Der Bund Continue to successfully advance current projects • Finalise the most critical elements of the merger between Espace Media Groupe and Tamedia by the end of 2009 • Overcome the structural shift in the user and advertising market and take advantage of opportunities • Continue to expand activities Online; Goal – to increase Tamedia’s share of income from Online activities to around 25 per cent by 2012 First steps in a new direction with Edipresse • Approval from the Swiss Federal Competition Commission on the planned transaction • Merger of the two commuter papers 20 minutes and Le matin bleu • Expansion of the existing collaboration in the area of Online column ads
71 Analyst‘s Conference 2008, 8 April 2009 Fiscal Year 2008: Financial Report
Sandro Macciacchini Chief Financial Officer
72 Analyst‘s Conference 2008, 8 April 2009 Comments on the financial year 2008 (1/2)
Critical changes in consolidation scope • Espace Media Groupe is consolidated for the first time for an entire year • Tamedia increased its investment in Homegate AG as of 1 January 2008 from 16.5 per cent to 45 per cent (quota consolidation) • Tamedia increased its investment in Tilllate Switzerland AG in May by 15 per cent and as of 31 December 2008 by 51 per cent to 86 per cent • Numerous subsidiary mergers with the purpose of simplifying the group structure Discontinued operations • Sale of various printing and publishing activities of the Huber groupe in autumn 2007 • The printing business of Benteli Hallwag was sold to Farbendruck Weber AG on 1 June 2008 • Early morning delivery activities (especially the shareholdings in Zuvo AG and Bevo AG) assigned to the Swiss Postal Services (completion pending the approval of the Competition Commission)
73 Analyst‘s Conference 2008, 8 April 2009 Comments on the financial year 2008 (2/2)
New IFRS standards • During the financial year 2008, various new and revised standards (IFRS) and interpretations (IFRIC) found application for the first time • The most significant impact resulted from IFRIC 14. This new interpretation of IAS 19 provides general guidance on how to assess the limit in employee benefits on the amount of the surplus that may be recognised as «performance-oriented». The new calculations were applied with retroactive effect as of 1 January 2007. Affected in particular were the personnel expenses, the financial income and the deferred taxes as stated in the income statement.
74 Analyst‘s Conference 2008, 8 April 2009 Media sales increase especially thanks to Espace Media, 20 Minuten and Homegate in CHF mill. +20.8% 1000 +18% 897.5 900 819.8 800 743.2 694.8 700 600 500 400 300 200 +69.9% +48.9% 100 26.8 45.5 21.7 32.3 0 Media sales Printing sales Other sales from Total sales operations 2007 2008
These figures relate to continued operations 75 Analyst‘s Conference 2008, 8 April 2009 New projects and merger with Espace Media result in a disproportionate increase in operating expenses in CHF mill. +27.5% 800 743.7 700 583.4 600
500 +26.6% 400 +26.7% +29.4% 293.6 300 224.2 231.8 225.9 200 176.9 174.6
100
0 Costs of materials and Personnel expenses Other operating Operating expenses contracted services expenses 2007 2008 These figures relate to continued operations 76 Analyst‘s Conference 2008, 8 April 2009 EBITDA declines by 3.7 per cent – margin is 17.1 per cent
EBITDA margin in CHF mill. 2007 21.5% +20.8% 2008 17.1% 1000 897.5 +27.5% 900 800 743.2 743.7 700 583.4 600 500
400 -3.7% 300 200 159.8 153.9 100 0 Sales Operating expenses EBITDA 2007 2008 These figures relate to continued operations 77 Analyst‘s Conference 2008, 8 April 2009 Depreciation and amortisation increases by 30.6 per cent and are reported at CHF 34.5 million in CHF mill. 40 +30.6% +22% 34.5 35
30 26.6 26.4 25 21.8 20
15 +68.9% 10 7.6 -200% 4.5 5 0.1 0.3 0 D&A of fixed assets D&A of intangible Other D&A and value Total D&A assets adjustments 2007 2008
These figures relate to continued operations 78 Analyst‘s Conference 2008, 8 April 2009 Capex slightly below average at CHF 22.8 million
Investments in capital equipment (Capex) in CHF mill. 60 51.0 50
40.1 40 32.9 33.8 29.1 30 27.3 ø CHF 26.6 mill. 22.3 22.8 20 13.9 11.0 10 8.0
0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
79 Analyst‘s Conference 2008, 8 April 2009 Net income drops in 2008 by 30 per cent - high sales and tax effects in the previous year in CHF mill. -3.7% -32.1% 180 -29.7% 159.8 162.3 160 153.9 -10.6% 150.6
140 133.5 119.4 120 110.2 105.8 100
80
60
40
20
0 EBITDA EBIT Net income of Net income 2007 2008 continued operations
80 Analyst‘s Conference 2008, 8 April 2009 Sales per employee dropped dramatically to CHF 361.5 in 2008
Sales per employee Number of employees in CHF tousands in FTE
450 2'700
2'500 400
2'300 350 2'100 300 1'900
250 1'700
200 1'500 2002 2003 2004 2005 2006 2007 2008 Sales per capita Change in employees
81 Analyst‘s Conference 2008, 8 April 2009 Positive change in cash and cash equivalents
in CHF mill. Status of cash and cash equivalents 300 31.12.2008 CHF 88.3 million -15.2% 250 200 159.9 150 135.7 -79.1% +97.4% 100 +72% 50 15.1 1.3 0 -50 -49.0 -100 -62.8 -71.9 -150 -200 -250 -223.9 -300 Cash flow from Cash flow from Cash flow from Change in cash flow business activities investment activities financing activites 2007 2008
82 Analyst‘s Conference 2008, 8 April 2009 Equity ratio continues to increase to 68 per cent
in CHF mill. 1200 1100 287.9 315.2 1000 270.6 285.8 900 101.0 800 65.5 700 600 500 931.6 400 828.1 300 803.1 65.8% 68% 200 747.4 100 0 12.2007 12.2007 12.2008 12.2008
Fixed assets Current assets Equity Long-term liabilities Current liabilitie
83 Analyst‘s Conference 2008, 8 April 2009 All stocks in media companies declined significantly in 2008 …
110 105 100 95 90 85 80 75 70 65 60 55 50 45 40 35 30 25 Tamedia Publigroupe 20 Goldbach Affichage 15 Edipresse NZZ 28.12.2007 = 100 10 12.07 02.08 04.08 06.08 08.08 10.08 12.08
84 Analyst‘s Conference 2008, 8 April 2009 … and performed worse than the market as a whole
110 105 100 95 90 85 80 75 70 65 60 55 50 45 40 28.12.2007 = 100 35 30 SPI Media = 37.49% % Publigroupe N; 25 17.23 % Tamedia N; 13.34% % Affichage N; 10.96 % Edipresse I; 20 10.38% % Orell Füssli N; 5.89% % Agen 15 SPI SPI Medien Tamedia N; 4.69% % Goldbach Media AG N 10 12.07 02.08 04.08 06.08 08.08 10.08 12.08
85 Analyst‘s Conference 2008, 8 April 2009 Dividend rate of return achieves a peak value with 6 per cent
Share price (in CHF) Dividend in %
200 8
7
150 6
5
100 4
3
50 2
1
0 0 2002 2003 2004 2005 2006 2007 2008 Share price as of 31.12 Dividend yield
86 Analyst‘s Conference 2008, 8 April 2009 Thank you very much for your attention!
87 Analyst‘s Conference 2008, 8 April 2009 Tamedia results for the year 2008
Appendix
88 Analyst‘s Conference 2008, 8 April 2009 Management Board of Tamedia: team with huge amount of experience
Zurich & Media Publishing Chairman Espace Media Northeastern Finances Switzerland Switzerland Services
Martin Kall Ueli Eckstein Rolf Bollmann Christoph Tonini Urs Schweizer Sandro Macciacchini • In this position • Recently accepted • Member of • Member of • Since early 2008 • Member of since 2002 this position management board executive and up to the end management board • Previously was, • At this time Vice since 2005 management since of 2009 in this since 2008 among others, President of AZ • Previously was, 2003 position • Previously was, member of executive Medien and prior among others, • Previously in • Previously Vice among others, Group management to that publishing general manager of various positions President of head of Tamedia at Ringier and director at 20 Minuten and at Ringier Espace Media legal services general manager of SnntagsZeitung publishing director • Has been in the Groupe • Has been in the Bertelsmann • Has been in the at Aargauer media industry • Has been in the media industry Fachinformation media industry Zeitung since 1994 and in media industry since 1997 and in • Has been in the since 1976 and in • Has been in the executive since 1987 and in executive media industry since executive media industry positions since executive positions since 1989, in executive positions since since 1969 and in 1995 positions from the 2003 positions since 1990 1982 executive beginning positions since 1986 89 Analyst‘s Conference 2008, 8 April 2009