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Half-year figures 2015, 20 August 2015, BMK
Half-year figures 2015 Media and analyst information Thursday, 20 August 2015, Zurich
Half-year figures 2015, 20 August 2015, BMK 2
Christoph Tonini Chief Executive Officer
First-half 2015: overview
Half-year figures 2015, 20 August 2015, BMK 3
Stable profitability despite economic slowdown
Revenue and net income 2015-6 in CHF millions
EBIT margin
2015-6 13.6%
2014-6 13.9%
59.276.4
111.3
551.4
71.672.4107.0
530.7
-5%
Net income Revenue
-4%
-4%
EBITDA
+21%
EBIT
2015-6
2014-6
EBITDA margin
2015-6 20.2%
2014-6 20.2%
Half-year figures 2015, 20 August 2015, BMK 4
Digital offerings with 27% revenue and 36% net income share
Pro-forma revenue share of digital offering in per cent
6.4%
20.3%
Digital publishing offerings
Digital business division
6.0%
30.8%
8.7%
27.5%
Revenue and net income of regional and national digital news platforms now in the
Publishing Regional and Publishing National business divisions respectively
Pro-forma EBITDA share of digital offering in per cent
Pro-forma EBIT share of digital offering in per cent
Half-year figures 2015, 20 August 2015, BMK
The economic environment is deteriorating overall…
Source: advertising statistics from Verband Schweizer Presse
Change in net revenue for print advertising
5
-6% -19% -13%
-4%
-9% -8%
June May April March February January July
-14%
2015
2014
Source: State Secretariat for Economic Affairs SECO
Change in GDP compared to prior quarter
-0.2
0.50.6
0.2
0.5
2014-4 2015-1 2014-3 2014-2 2014-1
Euro effect at Tamedia
• Cheaper paper purchasing from 2016 • Lower expenditure at Metroxpress • Around 10 per cent of expenses in
foreign currency (EUR and DKK)
Economy is key
• Direct EUR/CHF exchange rate effects are manageable
• Impact on the domestic economy and advertising spending by businesses are key factors
+
• Lower contributions to net income by commuter newspaper L’essentiel and vintage fashion platform Trendsales
• Around 5 per cent of revenue is in foreign currency (EUR and DKK)
Half-year figures 2015, 20 August 2015, BMK 6
Net advertising revenue in CHF millions in comparison with the prior year
… and this has contributed to a decline in print advertising
197
236
152
-3%
-1%
-6%
-10%
-16%
-14%
Daily press I
149
Daily press II/III
16 17
Regional weekly press
63 70
Sunday press
85
14 17
General press (magazines)
87
Financial and business press
2014-6
2015-6
Publishing Regional
Publishing National Publishing National Publishing National
Publishing Regional
Publishing National
Source: advertising statistics from Verband Schweizer Presse
Publishing Regional
Half-year figures 2015, 20 August 2015, BMK 7
Online advertising revenue 2005-2014 (in CHF millions)
Source: MediaFocus online report 2005 to 2014
Online advertising continues to increase in importance in 2015
4039
6763
9688
417352
210
186
224
2006
156
2005
107
300
2007 2008
452
2009
16
2012
674
2011
359
2010
521
848
18
Annual growth rate +26%
2014
+14%
2013
744
Job classified
Affiliate marketing
Search & find
Display advertising
Real estate classified
Car classifieds
74
2015-6 2014-6
86
+17%
Growth in display advertising
in CHF millions as per
Mediafocus advertising
market report*
Further growth of overall online market in 2015
* The statistical basis cannot be compared like-for-like with the MediaFocus online report.
Half-year figures 2015, 20 August 2015, BMK
Tamedia total
Digital
Publishing National
Publishing Regional
8
Organic revenue growth of 3 percent in the Digital segment
Organic revenue growth in CHF millions
-7%
-21
2015-6
263
2014-6
284
-6% -11
2015-6
187
2014-6
198
+3% +3
2015-6
102
2014-6
99
552**
-5%
2015-6
-29
2014-6
581*
Tamedia total
Digital
Publishing National
Publishing Regional
Consolidated revenue growth in CHF millions
102
+9%
108 +9
2015-6
5
2014-6
99
581
557**
2015-6
-4%
-23
2014-6
552
5 581*
*Figures before intersegment eliminations of CHF 29 million ** Figures before intersegment eliminations of CHF 27 million
-21
-7%
284
2014-6 2015-6
263
2015-6 2014-6
-11
187 198
-6%
Half-year figures 2015, 20 August 2015, BMK 9
Digital with strong growth and significant EBIT share
27.347.1
255.8
23.842.3
237.3
EBIT EBITDA Revenue
Publishing Regional in CHF millions
Digital in CHF millions
Revenue share
Publishing National in CHF millions
35.538.6
196.6
33.336.3
185.5
EBIT EBITDA Revenue
EBITDA share
45%
EBIT share
37%
Revenue share EBITDA share EBIT share
Revenue share EBITDA share EBIT share
29%
16.728.798.9
21.234.3107.8
EBIT EBITDA Revenue
2015-6
2014-6
35% 32% 43%
20% 31% 28%
Third-party revenue, excluding intersegment revenue
Half-year figures 2015, 20 August 2015, BMK 10
Publishing Regional: regional media and printing facilities
Regional media Regional media
Weekly newspapers
Printing facilities
Weekly newspapers
Printing facilities
Until 31.12.2015
Half-year figures 2015, 20 August 2015, BMK
Regional: drop in advertising revenue leads a fall in net income
Business division overview
• Revenue fell due to a significant drop in advertising revenue
• Efficiency gains helped to partially offset the drop in advertising revenue
• Successful introduction of digital payment model at 24 heures and Tribune de Genève
• Zürcher Regionalzeitung ZRZ with new news platforms since spring
• Sale of local newspapers La Broye and Le Régional successfully concluded
Outlook
• Ziegler Druck to close at the end of 2015
• Ziegler Druck premises to be sold in mid-2016
Publishing Regional segment overview
EBITDA margin
2014-6 16.6 per cent
2015-6 16.1 per cent
47
284
42
263
-10%
-7%
EBITDA Revenue
2015-6
2014-6
11
Half-year figures 2015, 20 August 2015, BMK
All regional newspapers introduce digital payment model
12
Introduction of digital payment model – timeline
Tages-Anzeiger March 2014
Introduction of new “best-of” app • The best 12 Tamedia media
items each day • Additional images and videos • Theme-based special editions
Der Bund October 2014
24 heures and Tribune de Genève January 2015
BZ Berner Zeitung Sept. 2015
Zürcher Regional Zeitungen 2016
Launch of new digital offerings based on existing digital payment models; Over 11’000 subscriptions sold
Half-year figures 2015, 20 August 2015, BMK
Successful start of LENA alliance
Cooperations and partnerships strengthen publishing business
13
Additional acquisition of print orders
NZZ am Sonntag
140,000 copies
Neue Zürcher Zeitung
117,000 copies
Areas of cooperation
• Joint research, e.g. on sanctions against Russia
• Interview and article sharing
1 2
3
4 5
6
7
1 2 3
4 5 6 7
Coopzeitung
1,240,000 copies
L’express
19,000 copies
L’impartial
12,000 copies
Half-year figures 2015, 20 August 2015, BMK 14
Publishing National: national newspapers and magazines
National media National media
Weekly newspapers
Magazines
Weekly newspapers
Half-year figures 2015, 20 August 2015, BMK 15
National: structural pressure on national print advertising market
Business division overview
• The 20 Minuten media network improved on its high level of net income and further increased digital revenue
• Finanz und Wirtschaft significantly improved revenue and net income in both the print and digital segments
• Sunday newspapers and magazines felt significant pressure from the print advertising market
Outlook
• Investments in further readership growth at Metroxpress
• Continued planning for 20 Minuten Deutschland
Publishing National segment overview
EBITDA margin
2014-6 19.5 per cent
2015-6 19.5 per cent
39
198
36
187
-6%
-6%
EBITDA Revenue
2015-6
2014-6
Half-year figures 2015, 20 August 2015, BMK
Media publications: unique users per day in thousands*
16
20 Minuten on track for success; launch of new app at end-August
New 20 Minuten app
Launch of 20 Minutes Friday Online • Expansion of people and lifestyle
platform to French-speaking Switzerland
• Start date: 28 August 2015
Newsnet NZZ network
240
541
Blick/ Blick am Abend
693
20 Minuten
1,126
Source: Net Metrix profiles 2015-1 ** luzernerzeitung.ch, nzz.ch, Nordwestschweiz Netz, St. Galler Tagblatt
• Launch of new 20 Minuten app at end of August 2015
• Readers to play a key role with greater scope for interaction
Live feed / social media • Comments published
in a live feed • Live publication of images sent in • App also acts as a console: quizzes,
games, live TV or videos on demand • Due to start at the end of August 2015
Half-year figures 2015, 20 August 2015, BMK
Excellent position in commuter newspaper markets
17
Metroxpress readership in 1,000*
307
-40%
Jyllands-Posten
243
Politiken
512
*Source: TNS Gallup 4. kvartal 2014 + 1. kvartal 2015; **Source: TNS Plurimedia 2015
Tageblatt
136
50
Luxemburger Wort
175
L’essentiel readership in 1,000**
Metroxpress overview
• Positive trend in readership figures and and percentage of copies picked up
• Further investments are necessary to break even
• mx.dk performing well and already making a positive contribution to net income this year
L’essentiel overview
• L’essentiel continues to perform well in its readership market
• essentiel.lu news platform is growing strongly and now the second-ranked news site
• The German-language news platform launched in cooperation with 20 Minuten is performing well
• Launch of Radio L’essentiel at end-2015
Half-year figures 2015, 20 August 2015, BMK
Successful pilot project – 20 Minuten Deutschland
18
20 Minuten Deutschland
Successful digital trial
• A digital 20 Minuten offering was trialed for Germany during a one-month pilot in June
• 20 Minuten Deutschland was produced by a team in Berlin in close consultation with 20 Minuten in Zurich
• Test users’ verdict on 20 Minuten Deutschland was very positive
Talks with potential partners
• The 20 Minuten Deutschland concept is currently being refined on the basis of the findings made during the pilot
• Talks with potential cooperation partners are currently ongoing
Half-year figures 2015, 20 August 2015, BMK
Hor
izon
tal
Real estate
General classifieds
Fashion e-com-merce
Tickets TV
Ver
tica
l
Services Digital advertising & services
News
*
* *
Jobs
* * *
*
19
Vintage Fashion
Online classifieds
E-com-merce
Cars
* Participations ** Weko approval pending
Horizontal and vertical platforms in the Digital portfolio
Digital: news, market places, services and e-commerce
Finan-cing
*
E-commerce
Market-place
Building & reno-vation
*
**
**
**
Half-year figures 2015, 20 August 2015, BMK 20
Strong net income thanks to organic growth and acquisitions
Overview of Digital business division
• Digital remains the business division with the highest profitability
• Doodle and Trendsales taken into account for the first time during the whole period under review
• JobCloud AG job platforms and homegate.ch real estate platform performing well
• Completed acquisition of Schibsted stakes in tutti.ch and car4you.ch
• search.ch transferred to Swisscom Directories after balance sheet date; Tamedia now holds 31 per cent stake in joint subsidiary
Outlook
• Ricardo Group: Competition Commission decision expected at the end of October
Digital segment overview
EBITDA margin
2014-6 29.0 per cent
2015-6 31.8 per cent
29
99
34
108
+9%
EBITDA Revenue
+19%
2015-6
2014-6
Half-year figures 2015, 20 August 2015, BMK
Ricardo Group: Competition Commission decision pending
21
Planned acquisition of Ricardo Group – timeline
Tamedia announces planned acquisition of Ricardo Group
Tamedia announces planned full acquisition of tutti.ch und car4you.ch
Competition Commission decides to carry out an in-depth assessment of Ricardo acquisition
Competition Commission gives green light to acquisition of tutti.ch and car4you.ch
Competition Commission decision on Ricardo Group acquisition
February February June June October
Half-year figures 2015, 20 August 2015, BMK
Online marketplace
Tamedia: strong positions in marketplaces
22
General classifieds
Car market
Real estate
Job market
1 1 2
1 1
*
* Participation
* *
*
Half-year figures 2015, 20 August 2015, BMK
Axel Konjack Track record as managing director of immonet.de and the hamburg.de city website
• Successful market presence with good revenue and net income performance
• Acquisition of immostreet.ch in 2016
• homegate.ch under new management
23
Homegate is easily the leading real estate platform in Switzerland
Revenue performance Page impressions in millions*
* Source: Net-Metrix audit
200
150
100
50
0
+12%
Jun Apr Feb Dec Oct Aug Jun Apr Feb Dec Oct Aug Jun
home.ch
newhome.ch
immoscout24.ch
homegate.ch
2015-6 2014-6 2013-6
+18%
Net income performance
+55%
2015-6 2014-6 2013-6
Half-year figures 2015, 20 August 2015, BMK 24
JobCloud: good performance despite difficult job market
• Increase in advertised jobs
• JobCloud benefited from the continued transfer of job advertisements to the Internet
• Considerable increase in revenue and net income
JobCloud – revenue and EBITDA
EBITDA Revenue
+15%
+9% 2015-6
2014-6
Visits per month in thousands*
2015-3
2015-6
2014-12
2014- 9
2014- 6
2014- 3
2013 2012 2011
1,312
2,436
3,370
2,231
JobCloud WCH
JobCloud DCH
* Source: Net-Metrix audit
Order volumes
+11%
+14%
WCH DCH
2015-6
2014-6
Half-year figures 2015, 20 August 2015, BMK
• Sharp rise in mobile use following launch of new iOS and Android apps for smartphones
• Further growth in advertising revenue
• Further promotion of Doodle Premium
• Establishment of a branch in Berlin at beginning of year, focusing on European growth and development
25
Doodle: new apps and and strong international growth
Sessions by device
* Source: Net-Metrix audit
Sessions by country
16%
54%
12%
Tablet Mobile Desktop
2015-6
2014-6
14% 22%
27%
23%
SWITZERLAND USA FRANCE GERMANY
2015-6
2014-6
Half-year figures 2015, 20 August 2015, BMK 26
Swiss websites sorted by number of unique clients in thousands in June 2015
Tamedia owns five of the 10 leading websites in Switzerland
Source: NET-Metrix audit 2015-06 *Total based on the individual figures from the Net-Metrix audit 2015-06 (car4you, homegate.ch, JobCloud AG, tutti.ch)
NZZ network
3,110
search.ch
3,994
srf.ch
4,033
Newsnet National
local.ch
4,591
sbb.ch
4,527 4,802
20 Minuten Online &
Tio.ch combined
6,794
4,310
Blick Online
4,274 4,474
Scout24 network
Tamedia Classifieds*
Half-year figures 2015, 20 August 2015, BMK
Advertising market today
27
Readership market today
Strong centralised advertising and readership markets at the latest from 2017
Tamedia advertising
market
Client/agency
20 Minuten
RMDCH
TPR
Digital
MDCH
Tamedia contacts Publications Readers
MDCH
RMDCH
TPR
20 Minuten
Pa
ym
en
t
mo
de
ls
Lesermarkt
Lesermarkt
Lesermarkt
Lesermarkt
Lesermarkt
Lesermarkt
MDCH
RMDCH
TPR
20 Minuten
BE
ST
P
RA
CT
IC
E
TE
CH
NO
LO
GY
Advertising market in future Readership market in future
New positions for Marcel Kohler, Serge Reymond & Ueli Eckstein
• Ueli Eckstein, Head of Regional Media German-speaking Switzerland, will leave the Tamedia Executive Management team at the end of 2016
• He will continue to serve Tamedia beyond his ordinary retirement (scheduled for mid-2017) – as Head of Special Projects in the area of publishing
• Responsible for planning the target organisation structure
• Responsible for transformation process
• Will take on responsibility for the advertising market from 2017
• Will continue to head the 20 Minuten Group
• From 1 January 2017: Head of Payment Media, incorporating readership market, product management and editorial offices
• Tasked with developing joint readership market and product management teams
• Heads the chief editorial offices that continue to report on content to the Publishing Committee of the Tamedia Board of Directors
28 Half-year figures 2015, 20 August 2015
Advertising & Commuter Media – Marcel Kohler
Payment Media – Serge Reymond
New role – Ueli Eckstein
Half-year figures 2015, 20 August 2015, BMK 29
Sandro Macciacchini Chief Financial Officer
First-half 2015: financial report
Half-year figures 2015, 20 August 2015, BMK
Significant changes to the consolidated companies and activities • On 25 March 2015, Tamedia sold its 100 per cent stake in the Aktiengesellschaft des
Winterthurer Stadtanzeiger AG to Zürcher Oberland Medien AG. Pro memoria: significant changes in the previous year • On 28 July 2014, Tamedia AG acquired a 88 per cent holding in Trendsales ApS,
Copenhagen. • Tamedia acquired a further 51 per cent holding in Doodle AG on 11 November 2014,
thus increasing its stake in the company to 100 per cent.
Discontinued operations There were no significant discontinued operations in the period under review.
Changes in reporting / restatement of first-half 2014
• The Print Regional and Print National are now referred to as the Publishing Regional and Publishing National business divisions respectively. Publishing Regional and Publishing National now also cover the revenue and net income of the digital publishing offerings that were previously assigned to the Digital business division.
30
Notes on first-half 2015 (1/2)
Half-year figures 2015, 20 August 2015, BMK
Changes in reporting / restatement of first-half 2014 (continued) • The net income share of associated companies and joint ventures is now reported as
part of EBITDA in the consolidated income statement and the segment information. The dividends of associated companies and joint ventures are now reported as cash flow from trading activities in the consolidated cash flow statement.
• The effect of IAS 19 “Employee Benefits” is now shown outside the business segments in the segment information. The segments’ operating expenses only contain the standard employer contributions as employee benefit expenses. The difference between employer contributions and employee benefit expenses is shown in the elimination column in accordance with IAS 19.
• The prior-period figures in the consolidated income statement, the segment information and the consolidated cash flow statement were subsequently adjusted as a result of the restatement. The restatement has no effect on the consolidated balance sheet, earnings per share or the consolidated statement of total comprehensive income.
Changes in the accounting standard No new or revised standards or interpretations were introduced in the period under review.
31
Notes on first-half 2015 (2/2)
Half-year figures 2015, 20 August 2015, BMK
New business divisions and adjusted segment reporting
32
• Daily and weekly newspapers, including supplements, that generate more than 60 per cent of revenue in two economic regions
• Regional digital news platforms
• Printing facilities • Prepress • Overheads
• Regional digital news platforms
• National digital news platforms
• Classified platforms • Services platforms • Digital platforms
• Daily and weekly newspapers, including magazines, that generate less than 60 per cent of revenue
• National digital news platforms
Publishing Regional Publishing National Digital
• Net income share of associated companies and joint ventures
• IAS 19 effect no longer under expenses but in the elimination column instead
• Net income share of associated companies and joint ventures
• IAS 19 effect no longer under expenses but in the elimination column instead
• Net income share of associated companies and joint ventures
• IAS 19 effect no longer under expenses but in the elimination column instead
Half-year figures 2015, 20 August 2015, BMK 33
Operating expenses fall at a disproportionately high rate in relation to revenue
Revenue and EBITDA in 2015-6 in CHF millions
424
35 72107
531
Depreciation and amortisation
EBIT EBITDA Net income share of associated
companies & JVs
1
Operating expenses Revenue
-3.8% -4.3%
-78.5% -3.9% -1.0% -5.2%
Half-year figures 2015, 20 August 2015, BMK 34
Net income significantly up on prior year due to one-off effects
EBIT and net income in 2015-6 in CHF millions
17 18
89
72 72
Net income
0
Net income from discontinued operations
9**
63*
Income taxes Net income before taxes
Financial result EBIT
-5.2% +695.7% +13.8%
-7.1% n.s. +21.0%
*Number of Tamedia shareholders **Number of minority shareholders
Half-year figures 2015, 20 August 2015, BMK 35
Net income includes over CHF 16 million in one-off effects
Net income in 2015-6 in CHF millions
5516
1
Net income excluding one-off effects
Tax effects on one-off effects
Gain on the sale of investments
Gain on the sale of property, plant and equipment
1
Net income
72
63*
9**
e.g. sale of La Broye
e.g. sale of LS Distribution
*Number of Tamedia shareholders **Number of minority shareholders
Half-year figures 2015, 20 August 2015, BMK
0.6
-5.1
-104.5
109.6
136.6
-26.9
-132.7
-11.9
71.4
107.0
+2,477% -89%
-35%
-22%
Change in cash flow* Cash flow from financing activities
Cash flow from investment activities
Cash flow from operating activities
Cash flow from trading activities
2015-06
2014-06
Drop in cash flow from financing activities; job loan amortisation
Cash flow statement for first-half 2015 in CHF millions Status of cash and cash equivalents
30.06.2015 CHF 58.4 million
*Incl. discontinued operations
36
0,7
47,1 Cash-flow from discontinued operations
Half-year figures 2015, 20 August 2015, BMK
Investment in property, plant and equipment (Capex)1 in CHF million and as a percentage of operating income
1) Excluding acquisitions of holdings and business units
29.1 51.0 33.8 22.3 8.0 11.0 23.4 12.1 10.7 43.5 21.0 25.3 10.9 7.5
5%
9%
6%
3%
1% 1%
3%
2% 1%
4%
2% 2%
1% 1%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
0
10
20
30
40
50
60
70
80
90
100Capex in CHFmillions
Ø = 24.3
37
Capex to operating income remains at 1 per cent
Half-year figures 2015, 20 August 2015, BMK
236.9 244.0
462.2371.3
368.0310.7
1,428.1
2015-06
1,457.0
2015-06
1,732.7
2014-12 2014-12
1,788.2
Equity
Non-current liabilities
Current liabilities
Non-current assets
Current assets
68%
11%
21%
70%
12%
18%
In CHF millions
38
Equity ratio increases to 70 per cent
Half-year figures 2015, 20 August 2015, BMK 39
Thank you for your attention!