2011 Financial Report. Financial Report Media Conference of 4 April 2012

Transcription

1 Financial Report Financial Report Media Conference of 4 April Financial report media conference, 4 April 2012

2 Annual Report : Overview Martin Kall Chief Executive Officer 2 Financial report media conference, 4 April 2012

3 A new dimension of turnover and result Key figures business year in CHF millions +48% EBIT margin* 15.3% 15.2% % % % 179 Turnover EBITDA EBIT Result *The figures relate in each case to the continued operations 3 Financial report media conference, 4 April 2012

4 Turnover exceeds CHF 1 billion for the first time Development of operating income 1980 to in CHF millions 1, The figures relate in each case to the continued operations 4 Financial report media conference, 4 April 2012

5 thanks to the successful merger with Edipresse Suisse Turnover and EBITDA contribution of Edipresse Suisse in CHF millions* 349 Turnover (to Edipresse Suisse) EBITDA margin 17.9% 63 EBITDA High profitability of Edipresse Suisse Edipresse Suisse has succeeded in achieving a high profitability in the last two years The EBITDA margin is at 17.9 percent only slightly below the EBITDA margin of the Group as a whole Effects at Tamedia not included The results do not take into account the improvements in the profitability of Tamedia, which first became possible through the merger Without Epsilon and Terre & Nature Turnover, results and book profits from the sale of Epsilon and Terre & Nature are not taken into account Also not included are the contributions of the associated companies of Edipresse Suisse to the result * The figures relate in each case to the continued operations 5 Financial report media conference, 4 April 2012

6 Significant economic weakness in the second half-year Change in real BIP (in percent) Consumer climate index (index points) 4 2 from July 15 from July Unemployment rate (in percent) 4.5% 4.0% 3.5% 3.0% 2.5% 2.0% from Oct Change in private consumption (in per cent) 5% 4% 3% 2% 1% from July 1.5% Source: Staatssekretariat für Wirtschaft SECO % Financial report media conference, 4 April 2012

7 became a real downturn as from late Autumn Change in net advertising turnover Print in comparison to same month in prior year (in %) 15% 15 13% 11% 11% 10% 10 9% 8% 8% 7% 7% 7% 7% 6% 5 2% 3% 3% 2% 3% % -3% -5% -7% -10-9% % Jan. Mar May July Sept. Nov. Jan. Mar May July Sept. Nov. Source: Advertising statistics / / Financial report media conference, 4 April 2012

8 Print National with an outstanding performance Print Regional in CHF millions Turnover share 48% EBITDA share 44% EBIT share 36% Turnover EBITDA EBIT Print National in CHF millions Turnover share EBITDA share EBIT share % 51% 65% Turnover EBITDA Digital in CHF millions Turnover EBITDA EBIT 8-1 EBIT Turnover share EBITDA share EBIT share 11% 6% -1% 8 Financial report media conference, 4 April 2012

9 Print Regional: Regional daily newspapers and print centers Regional daily newspapers Regional daily newspapers Weekly newspapers Weekly newspapers Print centers Lausanne Berne Print centers Zurich 9 Financial report media conference, 4 April 2012

10 Print Regional: Improvement in result through savings Print Regional * * Change Turnover % EBITDA % EBITDA margin 13% 16% +3% Division in overview Restrained economic development and structural changes affect turnover; good result thanks to cost efficiency First-time inclusion of the regional newspapers of Edipresse Suisse New concept at BZ Berner Zeitung successful Der Bund with its best result for 20 years Significant improvement in result at Tages- Anzeiger thanks to cost savings Reduction of the losses at Le Matin, Tribune de Genève and the Zurich regional newspapers * Figures for and both without areas discontinued in Turnover shares Tamedia as before and Edipresse Suisse in CHF millions 407 Tamedia as before 66% 212 Edipresse Suisse 34% 86 Intersegment 532 Total turnover 10 Financial report media conference, 4 April 2012

11 Structural shift in advertising investments continues Development of distribution and advertising revenues of the Tages-Anzeiger to in CHF millions (including Job classifieds and portion of Alpha) Advertising revenue Distribution revenue -74% -15% % Stable development of the revenues from subscriptions and individual sales Structure-related decline in the advertising revenues Basic change in the business model 59% 11 Financial report media conference, 4 April 2012

12 Bund with best result for 20 years thanks to clever partnership Development of revenue and expense of the daily newspaper Der Bund 2009 to in CHF millions Modest decrease in turnover Increase in subscription amounts Significant cost reduction print and central services Optimization of Logistics and early distribution Cost reduction Editorial Optimization of Publishing Change in trend after two decades of losses +15% -5% -41% -13% -18% -6% Advertising revenue Distribution revenue Production 2009 Distribution costs Editorial Publishing and other costs Result 12 Financial report media conference, 4 April 2012

13 Expansion of Der Bund thanks to partnership with SonntagsZeitung SonntagsZeitung for Der Bund subscribers Reach in selected Swiss economic regions in percent + 21% 19% 19% 18% Overall increase in edition of around 25 percent 16% 16% Subscribers to Der Bund receive in addition the SonntagsZeitung as from Autumn 2012 The introductory phase is free Those of the 44,000 subscribers of Der Bund who do not wish to take advantage of the offer may decline Zurich Lucerne, Zug Berne Grisons Seeland Ob- and Nidwalden 13 Financial report media conference, 4 April 2012

14 Strengthening of BZ Berner Zeitung in the Oberaargau and in Biel Langenthaler Tagblatt The Langenthaler Tagblatt, previously belonging to AZ Medien, complements the BZ Berner Zeitung union as from 1 April 2012 The Langenthaler Tagblatt will be merged with the Oberaargau regional issue of the BZ Berner Zeitung The new daily newspaper will reach more than half of the residents in the Oberaargau Partnership with Bieler Tagblatt The exchange of editorial content between the BZ Berner Zeitung and the Bieler Tagblatt, which has existed since 2001, will be continued and extended in the cover reporting The cooperation in Job classified, which has existed since 2003, will be continued 14 Financial report media conference, 4 April 2012

15 Print National: National newspapers and magazines National daily newspapers National daily newspapers Weekly newspapers Weekly newspapers Magazines Magazines 15 Financial report media conference, 4 April 2012

16 Print National: Growth-projects and structure-effects Print National * * Change Turnover % EBITDA % EBITDA margin 26% 26% -% Division in overview Overall a more robust development in turnover than the Print Regional Division The commuter newspaper 20 minutes with strong growth and a gratifying result Launch of the new commuter newspaper 20 minuti in Ticino in September The strong newspaper titles again make a gratifying contribution to the result Strong Sunday media SonntagsZeitung and Le Matin Dimanche in Western Switzerland * Figures for and both without areas discontinued in Turnover share Tamedia as before and Edipresse Suisse in CHF millions 320 Tamedia as before 71% 130 Edipresse Suisse 29% +4% Intersegment 447 Total turnover 16 Financial report media conference, 4 April

17 20 minuti: Turnover growth and positive reception in Ticino Return-quota of 20 minuti in percent 11.9% 11.2% 10.7% 9.5% 9.5% -48% 8.9% Commuter newspaper 20 minuti in Ticino Western Switzerland 2 Regional issues Readership million German-speaking Switzerland 5 Regional issues Readership million Sept. Oct. Nov. Dec. Jan. Feb. 6.2% Mar. Ticino 1 issue Edition Launch of 20 minuti 36,000 Successful launch in September Initial edition of 36,000 First evaluations suggest a high readership and reach; goal 90,000 readers Cooperation with the leading online portal in Ticino, tio.ch Source: Wemf Mach Basic Financial report media conference, 4 April 2012

18 Media in Western Switzerland strengthened through Tribune des Arts and Bilan New titles strengthen Tamedia Publications romandes Tribune des Arts Watch-making and art Founded 1979 Readership 140,000 Bilan Business magazine Every two weeks Edition 13,111 Readership 95, Financial report media conference, 4 April 2012

19 Digital: News, Market places, Services and E-Commerce News platforms News platforms Market places Services E-Commerce 19 Financial report media conference, 4 April 2012

20 Digital: Strong turnover growth; investments burden result Digital * * Change Turnover % EBITDA % EBITDA margin 15% 10% -5% Turnover shares Tamedia as before and Edipresse Suisse in CHF millions 39 30% Division in overview Digital Division grows in spite of restrained development of advertising market Tamedia invested a double-digit amount in millions in the development of platforms and new projects Negative result because of the heavy expansion of 20 Minuten Online, Newsnet (now also in Western Switzerland) and search.ch Scoup.ch did not come up to the expectations and was discontinued * Figures for and both without areas discontinued in 93 Tamedia as before 70% Edipresse Suisse Intersegment Total turnover 20 Financial report media conference, 4 April 2012

21 Digital: Personnel increases by 206 in Development of number of full-time positions in Digital Division from to EBITDA, depreciation and EBIT of Digital Division of Tamedia in CHF millions Classified Newssites Services Consolidation , ,8 3,2 4,9-1,0 Change EBITDA Publishing rights Impairment Other writedowns EBIT 21 Financial report media conference, 4 April 2012

22 Most successful digital activities with CHF 33 million EBITDA Turnover and EBITDA of the leading seven fully consolidated digital activities of Tamedia in CHF millions 93 EBITDA margin 33 35% Media with outstanding profitability Whilst the Digital Division was burdened with investments and high depreciation, various digital products of Tamedia showed an outstanding profitability The leading seven fully consolidated platforms generated together a turnover of almost CHF 100 million and an EBITDA margin of about 35 percent Strong Division also without expansion projects Should the substantial investments in double-digit amounts in millions, contrary to expectations, not repay themselves, Tamedia could continue to operate these digital platforms also without the current expansion projects Turnover EBITDA 22 Financial report media conference, 4 April 2012

23 Tamedia: four of the ten leading websites in Switzerland Swiss websites by unique clients in thousands in January 2012 inkl. 24heures.ch, tdg.ch und lematin.ch ,371 3,315 3,241 30% 3,188 3,187 3,040 2,730 2,472 2, Minuten*** Microsoft local.ch Newsnet** search.ch Bluewin Blick sf.tv Scout24 Classified Tamedia* Source: NET-Metrix Audit Schweiz January 2012; *Estimate on the basis of individual figures of Net Metrix Audit (Homegate, Jobup, Car4you) and Google Analytics (Swiss-friends); estimate on the basis of the double-user proportion in the NET-Metrix Profile -2 *** incl. 20min.ch Romandie and tio.ch 23 Financial report media conference, 4 April 2012

24 Investment: search.ch multiplied its sales team by five since 2008 Development of the number of full-time positions in the sales team of search.ch at the end of each year since % Investment Tamedia Goal end 2013 Outstanding market position search.ch has an outstanding reach, which could be further extended in The market position in the advertising market remains historically behind the strong reach position Expansion of the sales team Development of the sales team of the directory platform search.ch after the acquisition of the 75 percent participation at the end of 2009 The objective is to transfer the strong links to the users into the advertising market The development continues and meets high expectations 24 Financial report media conference, 4 April 2012

25 Doodle: the world s leading appointment platform Investment in Doodle Unique clients by origin in percent Unique clients worldwide in millions +49% Doodle, founded in 2007, is the world s leading platform for appointment coordination Doodle is available in more than 30 languages Tamedia acquired 49 percent of Doodle in and will take over the rest in 2016 Germany Switzerland USA Premium services offered by Doodle France GB Rest Nov Solo + Business Nov Nov. 11 Enterprise Quelle: Google Analytics, Doodle 25 Financial report media conference, 4 April 2012

26 Prospects of Digital: Investments in expansion and new services News portals Classifieds Services FTE Traffic Turnover FTE Traffic Turnover FTE Traffic Turnover Expansion of Editing is not yet reflected in turnover Challenge of commercialization of mobile utilization Successful classified online organization Expansion of car4you.ch Strengthening of homegate.ch through immostreet.ch Possible sale of swissfriends.ch Investments in search.ch Participation in Doodle Development of fashionfriends.ch Medium-term takeover of building platform Olmero Closing of scoup.ch 26 Financial report media conference, 4 April 2012

27 Strategy: Successful sale of a total of 21 investments Overview of the 21 media and service activities sold Radio and television stations Specialist media Classifieds Other activities Majority shareholdings * * 20 percent participation in Zürcher Oberland Medien AG Minority shareholdings 27 Financial report media conference, 4 April 2012

28 Sale of investments: All employees were taken over Employees sold investments * 20 percent participation in Zürcher Oberland Medien AG * 293 Desired objectives were achieved In selling media, the concept for the further development, the perspectives for the employees, the effects on the media diversity, the sale price and a possible cooperation with the new owners in certain areas, were considered in each case In selling the 21 activities and investments, Tamedia was able to achieve the desired objectives Take-over of the employees All employees, representing in total 293 fulltime positions, were taken over by the new owners and received protection against termination for a limited period of up to twelve months Radio/TV Specialist media Classifieds Total 28 Financial report media conference, 4 April 2012

29 Overall net effect of around CHF 24 million from sales Sale prices achieved in CHF millions E Total Book gains realized in CHF millions E Total Impairment Net effect Sale prices of over CHF 100 million For the total of 21 media and investments disposed of, a total sale price of CHF 103 million was achieved, most of which will be effective in the business year 2012 The sales of Radio 24 and La Télé need the approval of the supervisory authorities 18 of 21 sales resulted in book gains For 18 of the total of 21 investments sold, the book value or a book gain was realized Overall, extraordinary income of CHF 26 million resulted A valuation correction totaling CHF 2 million had to be made for the electronic media E = Expected 29 Financial report media conference, 4 April 2012

30 EBIT margin of 15.3 percent within target-range Development of the EBIT margin of Tamedia since 1991 in percent 20% Target-range EBIT margin 18% 18% 18% 18% 8% 6% 9% 10% 11% 15% 13% 7% 15% 15% 3% 3% 1% 2% 3% -7% Financial report media conference, 4 April 2012

31 and dependence on job advertisements again reduced Development of EBIT margin Tamedia without job advertisements* since % 11% 9% 9% 11% 4% 5% 4% 1% 1% 1% -1% -3% -7% -6% -8% -10% -8% -8% -13% -14% Financial report media conference, 4 April 2012

32 Successful merger with Edipresse Suisse Purchase price of Presse Publication SR S.A. by slices in CHF millions variable purchase price CHF million max. 130 min ,000 Tamedia shares 250,000 Tamedia shares Dividend PPSR Jan. Jan. May Sept. Mar Actual Mar originally Mar expected price currently expected price 32 Financial report media conference, 4 April 2012

33 Successful merger with Edipresse Suisse «Edipresse Suisse» becomes «Tamedia Publications romandes» The new name emphasizes the central position within the Tamedia media group and stands at the same time for independence and establishment in Western Switzerland Common service areas All central service areas were reorganized in Summer Synergies of CHF 23 million were identified and communicated; investments in single-digit millions are necessary for implementation The measures serve to compensate the structural effects in the core business of newspapers Management from Western Switzerland Serge Reymond strengthened as Head of Publications Romandes both Medien Deutschschweiz and the Management Board Of the twelve management positions with more than regional responsibility, which report directly to the Management Board, four are filled by staff members from Western Switzerland and eight are from German-speaking Switzerland 33 Financial report media conference, 4 April 2012

34 Advertising market prospects: 2012 begins as the old year ended Change in net advertising turnover Print in comparison to same month in the prior year (in %) 15% 15 13% 11% 11% 10% 10 9% 8% 8% 7% 7% 7% 7% 6% 5 3% 3% 2% 2% 3% % -3% -5% -7% -10-9% -10% -10% % Jan. Mar. May July Sept. Nov. Jan. Mar May July Sept. Nov. Jan Source: Advertising Statistics / / Financial report media conference, 4 April 2012

35 Prospects: Structural challenges and development of Digital Uncertain economic prospects The forecasts of the economic researchers change every three months; after a recession had been expected at the end of, an economic improvement is now forecast; the strong Swiss franc and the uncertainties in the rest of Europe continue to have a negative impact In view of these heavy fluctuations, Tamedia does not make a forecast as to the development of advertising investments during the current year Media portfolio well situated After the implementation of the new business strategy, Tamedia is well situated and has a strong media portfolio plus sound profitability For the traditional media, the compensation of structural effects remains in the foreground; particular emphasis is given to those media, which did not achieve their goals and do not stand on their own feet economically Development of profitable digital activities In the foreground are the specific expansion of the digital portfolio with promising products, the seizing of opportunities, but also consequent action when objectives are not achieved The commercialization of mobile utilization presents itself as a challenge; as against this risk, there is however the chance to develop with payment-models a supplement to the reach-based news portals 35 Financial report media conference, 4 April 2012

36 Business year : Financial report Sandro Macciacchini Head of Finances 36 Financial report media conference, 4 April 2012

37 Remarks to the year (1/2) Significant changes in the scope of the consolidation during the year since 1 January, Tamedia holds 50.1 percent of PPSR SA, which combines the activities of Edipresse CH (full consolidation) since 1 January, Tamedia AG holds 100 percent of the operator of the online vehicle portal car4you.ch (full consolidation) Tamedia disposed of 25 percent of scoup AG, which was newly founded in the first half of and operates the new activity platform scoup.ch (full consolidation) as of 1 September, Tamedia disposed of 100 percent of FMM Fachmedien Mobil AG, which publishes Automobil Revue and Revue Automobile Significant additions to the investments in associated companies Increases in the participations in Jobsuchmaschine AG to 36.8 percent, Fashion Friends AG to 45 percent and Olmero AG to 24.4 percent Various additions through the first consolidation of PPSR, in particular Payot Naville Distribution SA (35 percent) 37 Financial report media conference, 4 April 2012

38 Remarks to the year (2/2) Significant discontinued operations The Radio and TV activities (Capital FM, Radio 24, TeleBärn, TeleZüri and Belcom) plus the specialist media Mobil (Automobil Revue and Revue Automobile) and the specialist media (Schweizer Bauer, Terre et Nature) are disclosed as discontinued operations The discontinued operations are also disclosed in the prior year comparative figures as discontinued operations. This restatement affects the Income Statement, the Cash Flow Statement and the Segment Reporting. The prior year figures of these components of the financial report have therefore been adjusted Significant events after the date of the balance sheet Sale of TeleBärn, TeleZüri and Belcom as of 1 January 2012 Sale of Capital FM as of 1 May 2012 Purchase of the magazines Bilan and Tribune des Arts as of 1 January 2012 Sale of Radio 24 after receipt of the approval of the UVEK Sale of Schweizer Bauer as of 1 July 2012 Anticipated sale of Terre & Nature in the second half of Financial report media conference, 4 April 2012

39 Revenues increase by 48%; Media revenues grow more strongly Development of operating revenues in business years and in CHF millions +51% +48% % % 31 Media revenues Printing revenues Other operating revenues Operating revenues The figures relate in each case to the continued operations 39 Financial report media conference, 4 April 2012

40 Operating expenses: Above average growth at 47 percent Development of operating expenses business years and in CHF millions +47% % % % Costs of material and services Personnel expenses Other operating expenses Operating expenses The figures relate in each case to the continued operations 40 Financial report media conference, 4 April 2012

41 Increased depreciation and amortization; CHF 15 million on publishing rights Depreciation and amortization business years and in CHF millions +75% 56,8 21,8 +29% 28,1 +160% 25,4 32,4 9,8-91% 0,8 0,1 Depreciation on property, plant and equipment Amortization of intangible assets Other write-downs and value corrections Total The figures relate in each case to the continued operations 41 Financial report media conference, 4 April 2012

42 Capex still at a low level as compared to revenues Investments in operational non-crrent assets (Capex) in CHF millions and in percent of the operating revenues (turnover) 2001 to % 32.9 Ø % % % % % % New building Investments CHF 22.7 million in current year 3% % Capex in percent Capex in CHF millions 1% % Financial report media conference, 4 April 2012

43 Best result of Tamedia; EBITDA margin over 20 percent Revenues and net income business years and in CHF millions % 1,105 EBITDA margin* 19.6% 20.5% +55% +49% % 179 Revenues EBITDA EBIT Net income * The figures relate in each case to the continued operations 43 Financial report media conference, 4 April 2012

44 Financial income of CHF 11 million from adjustment of open purchase price Investment step 49.9 percent 2. Investment step 50.1 percent 3. Investment step 100 percent Still open purchase price liability Recognition of the liability to pay the third slice of the amount of the estimated purchase price as of 1 January Half-yearly review of the liability Recognition of a difference from the Fair Value (expected amount based on agreed price determination) in the financial income Settlement of the liability through payment of the effective purchase price in two slices in 1 st qr and in 1 st qr Financial report media conference, 4 April 2012

45 Cash and cash equivalents increase to CHF 128 million* Cash flow statement business year in CHF millions +20% -3% Cash and cash equivalents CHF million *incl. discontinued operations -92% +352% Cash flow from trading activities Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Change in cash and cash equivalents *incl. discontinued operations 45 Financial report media conference, 4 April 2012

46 Equity ratio 56 percent; recognition of purchase price liability Balance sheet at 31 December and at 31 December in CHF millions Non-current assets Current liabilities Non-current liabilities Equity 25% 6% 68% 16% 29% 56% , Financial report media conference, 4 April 2012

47 Share price: Tamedia with below average development Share price development since 30 December, indexed Tamedia SPI SPI Media = Financial report media conference, 4 April 2012

48 At CHF 5.75 the highest dividend payment since listing Earnings per share and dividends paid 2001 to in CHF Earnings per share (diluted) Dividend per share Dividend yield 4.9 percent Price at balance sheet date * Distribution quota 2001 to in percent, based on income from continued operations 35% 74% 0% 100% 30% 31% 29% 26% 26% 31% 39% 34% Proposal of the Board of Directors/Distribution from capital contribution reserves Financial report media conference, 4 April 2012

49 Thank you for your interest! 49 Financial report media conference, 4 April 2012