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Half-year figures 2017 Media and analyst information
29 August 2017
Page 3
Pietro Supino Publisher & Chairman of the Board of Directors
29 August 2017
Page 4
Christoph Tonini Chief Executive Officer
29 August 2017
Page 5
Results and market environment
Strong result despite drop in revenue
77 127
EBIT Net income
-6%
+37% +28%
+55%
EBITDA
95 61 56
504
100
Revenue
475
2017-6 2016-6 Revenue and net income in 2017-6 in CHF millions
-11
24
+35
Pension costs pursuant to IAS 19 in CHF millions
56 55
-1
Normalised result in CHF millions
Page 6
Results and market environment
Accelerated downturn in the advertising market
-20
-15
-10
-5
0
5
May 17
Nov 16
Sept 16
July 16
May 16
Mar 16
Jan 16
Nov 15
Sept 15
July 15
May 15
Mar 15
Jan 15
Nov 14
Sept 14
July 14
May 14
Mar 14
Jan 14
Jan 17
Mar 17
-12% 2017-6
Year-on-year change in net revenue for print advertising (in per cent)
-11% 2016
-9% 2015
-4% 2014
Page 7
Results and market environment
Daily newspapers and magazines suffer heavy losses
Net print advertising revenue in CHF millions compared to the prior-year period
14
-20
70
-16
-15% -9%
-14%
-26%
+21%
-8%
-9%
Specialist press
18 21
Special press
13
Consumer press
117
136
Financial and business press
10 13
Sunday press
39 52
13 11
Daily press II/III
152 167
64
Regional weekly press
-19%
Daily press I
2017-6 2016-6
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Half-year results 2017-6
Digital offerings: 37% revenue and 50% EBITDA share
7.7%
23.2% 41.0%
8.9% 14.7%
37.9%
2017-6 2017-6
2016-6 2016-6 2016-6
Pro forma EBITDA share of digital products in per cent
Pro forma EBIT share of digital products in per cent
Pro forma revenue share of digital products in per cent
12.2%
24.9%
8.9%
40.8%
12.0%
37.2%
2017-6
Employee pension costs pursuant to IAS 19 were allocated per segment, based on the headcount
Publishing Print Publishing Digital
Marketplaces and Ventures
31% 50% 53%
Page 9
Results and market environment
Digital offerings sees significant organic growth
Organic revenue growth* in CHF millions
Consolidated revenue growth in CHF million
-7%
-23
2017-6 294
2016-6 317
-1%
-1
2017-6 70
2016-6 71
+5%
+5
2017-6 114
2016-6 109
2017-6 468
2016-6 485 -3%
-16
-7%
-24
2017-6 296
2016-6 320
-10%
-8
2017-6 72
2016-6 79
2016-6 117 0%
0
2017-6 117
-6%
-29
2017-6 475
2016-6 504
Paid Media
Free Media
Marketplaces and Ventures
Tamedia total
*Pertaining to products that were taken into account in the consolidation covering all six months in both 2016-6 and 2017-6 respectively
Page 10
New segmentation
New segmentation reflects business areas
Paid Media Free Media Marketplaces & Ventures
All subs newspapers and magazines (including news
platforms), as well as gazettes
Newspaper printing and service activities
All products of the 20 Minuten Group (including news platforms and foreign
activities)
All consolidated digital Classifieds, Marketplaces and
Services
All minority holdings in Services and Ventures
Advertising Advertising
Page 11
Half-year results 2017-6
Marketplaces and Ventures with biggest EBIT contribution
37 23
EBIT
27
EBITDA
47
Revenue
296 320
Paid Media in CHF millions Free media in CHF millions Marketplaces and Ventures in CHF millions
18
EBITDA
18
EBIT
19 19
Revenue
79 72
117 117
45 48 31
EBITDA EBIT Revenue
27
2017-6 2016-6
EBITDA margin: 12.5%
2016-6: 14.7%
EBIT margin:
7.7%
2016-6: 8.5%
EBITDA margin: 26.4%
2016-6: 23.8%
EBIT margin: 24.3%
2016-6: 22.0%
EBITDA margin: 40.6%
2016-6: 38.4%
EBIT margin: 26.5%
2016-6: 23.4%
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Paid Media
Page 13
Paid Media
Above-average downturn in the advertising market
Paid Media segment overview in CHF millions
47
320
37
296
Revenue
-7%
EBITDA
-21%
2016-6 2017-6 The key points
− Advertising market declined sharply for supraregional newspapers and consumer magazines
− Significant growth in digital subscriptions and launch of new digital offerings such as the Day Pass
− Introduction of one editorial team each for the regional newspapers in German-speaking and French-speaking Switzerland respectively
Page 14
Paid Media
Significant growth in subscriptions for digital offerings
Subscriptions for digital offerings of regional daily newspapers compared to subscription circulation as at June 2017
93%
Digital
7%
5%
2016-12
Subscriptions for digital offerings of regional daily newspapers
16%
2017-6 2016-12
25,197
29,139 Day Pass
Weekend
Digital+
Digital
Digital light
Page 15
The new organisation
The key points
«Tamedia Editorial
Office» and «Editorial Services»
Retaining the «Signature»
− Each newspaper will continue to have its own newspaper editorial office that is responsible for «Signature» content and is headed by an editor-in-chief at the existing locations
− «Signature» in this context refers to the individual positioning, basic alignment, and conceptual design of each publication; the newspaper editorial offices are responsible for the front page and for comments pieces
− Cross-publication themes pooled into one Tamedia Editorial Office” each for German-speaking and French-speaking Switzerland respectively
− Supporting processes (production, layout, images, proofreading) pooled into the respective «Editorial Services» divisions for German-speaking and French-speaking Switzerland
Exploiting digital growth
potential
− The new organisation will safeguard economic and editorial independence and take advantage of digital publishing opportunities
− Priorities include hyperlocal content, voice and podcast services, data mining, data analytics, increasing the number of digital subscriptions, and expanding moving-images content
− Our media brands and products have a long tradition, and we want to continue producing Switzerland’s best newspapers and news portals
Page 16
The new organisation
Each editorial office still has its own editor-in-chief
Tamedia Editorial Office for Romandy
Tamedia Editorial Office for German-speaking Switzerland
Tribune de Genève
Le Matin Dimanche
Tages-Anzeiger
Sonntags- Zeitung
Der Bund Berner Zeitung
ZRZ
Publ
icat
ion
Tam
edia
Ed
itoria
l Offi
ce
Edito
rial
Serv
ices
Editorial Services for German-speaking Switzerland Editorial Services for French-speaking Switzerland
(in development)
Paid Media
Judith Wittwer A. Rutishauser Patrick Feuz Peter Jost B. Geiger Ariane Dayer Pierre Ruetschi tbd
Simon Bärtschi
A. Rutishauser Adrian
Zurbriggen
Layout, text production, image
editing, photography, proofreading
Stefan Ryser
Swiss news, foreign affairs, economy, panorama, sport, magazine: culture, science, society, consumer, research
desk
Swiss news, foreign affairs,
economy, sport, research
desk
24 heures
C. Ansermoz
Michael Marti A. Dayer F. Muhieddine X. Alonso
Page 17
Digital growth strategy examples
Exploiting growth potential and driving innovation
Moving-image
content
Increase in digital subs
− Measures: enhanced usability; personalisation of news; new offerings such as the 12 App; improved visibility of paywalls and newsletters; targeted marketing and pricing initiatives
− Collating and pooling hyperlocal information via digital channels to achieve greater local readership proximity
− Planned launch of pilot project in 2018
Hyperlocal content
− Developing voice and podcast services, e.g. for Amazon Alexa, Apple HomePod or our own digital platforms
Voice & podcast services
Data mining & data
analytics
− Board of Directors has approved growth strategy for video content − Current launch of the Horus video app is the first key innovation related to
moving-image content
− Continuing to develop data journalism expertise
Page 18
Free Media
Page 19
Free Media
Strong result amid ongoing digitalisation
Free Media segment overview in CHF millions
19
79
19
72
Revenue EBITDA
0%
-10% 2017-6 2016-6
The key points − Continued high level of profitability
despite advertising market downturn − Declining print advertising market and
deconsolidation of Metroxpress are resulting in lower revenue
− Growth in digital revenue continues to be significant as a result of new offerings related to targeting, native advertising, and cross-media content
− Launch of convergent editorial office for Heute and heute.at, and launch of new heute.at app
− Successful launch of partnership between BT and Metroxpress in Denmark
Page 20
Editorial offices 20 minutes & Le Matin
20 minutes & Le Matin bundle their editorial forces
− Content produced by a joint team
− Both brands will retain their signature
− Strong joint position with two popular brands in a highly competitive market in French-speaking part of Switzerland
− The two brands will further develop their digital activities with joint forces now
− The existing successful collaboration is to be continued: NewsExpress and Sport Center
− Co-Editor in Chief
− Strong leadership team
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Popu
latio
n U
sage
In
tera
ctio
n
German-speaking CH
5.4
Austria
8.6
German-speaking CH
33,000
Austria
1,500
Population (in millions)
Number of users per day
300
10
German-speaking CH
Austria
Number of comments per article
BT* and Metroxpress* in Denmark
Heute* in Austria
20 Minuten in Switzerland
L’essentiel in Luxembourg
* Published with partner
Free Media
Heute.at has considerable growth potential
Page 22
Marketplaces and Ventures
Page 23
Marketplaces and Ventures
Marketplaces and Ventures: biggest EBITDA contribution
Marketplaces and Ventures segment overview in CHF millions
45
117
48
117
EBITDA Revenue
0%
+6%
2017-6 2016-6
The key points − The performance of the JobCloud and
homegate.ch platforms translated into improved revenue and net income
− The marketplace ricardo.ch defended its number one position, posting slightly lower net income not least as a result of investments in the modernisation of the platform
− The classified advertisement platform tutti.ch further reinforced its leading position and is steadily approaching break-even
− Following the Competition Commission’s rejection of the merger with a ticketing market competitor, Tamedia will continue to develop the Starticket brand itself
Page 24
Marketplaces and Ventures
Outstanding positions for classifieds and marketplaces
Real estate Jobs Marketplaces General classifieds
Car
Switzerland’s strongest classified and marketplaces portfolio makes a key contribution to the data quality of Tamedia Advertising products
Page 25
Marketplaces and Ventures
Marketplaces has achieved a turnaround in performance
EBITDA 43
Revenue 76
EBITDA 0
Revenue 25
EBITDA 2
Revenue 17
EBITDA margin: 56.0 per cent
Classifieds 2017-6
Marketplaces 2017-6
Services & Ventures 2017-6
In CHF millions
EBITDA margin: 1.6 per cent
EBITDA margin: 13.6 per cent
Investments in tutti.ch Tradono and Trendsales are having a negative impact on Marketplaces EBITDA
Page 26
Marketplaces and Ventures
Homegate achieves impressive revenue growth
Broadly based revenue growth due to improvements in the corporate and private clients segment
+5%
+11%
EBITDA Revenue
2017-6 2016-6
Revenue and EBITDA
+4%
+14%
Private clients Corporate clients
Page 27
Marketplaces and Ventures
JobCloud undisputed no. 1; hailed for its user-friendliness
+5%
+7%
EBITDA Revenue
2017-6 2016-6
Revenue and EBITDA
− In a recent survey, jobs.ch and jobup.ch were the clear winners among job searchers who were asked which portals first came to mind when they were looking for jobs online
− The JobCloud offering is very popular on account of its user-friendliness and large number of advertisements
− jobup.ch: new apps are currently in development
− jobs.ch: optimisation of the jobs platform search function
Page 28
Marketplaces and Ventures
Continued investment in the online market
Revenue EBITDA
-28%
-6%
2017-6 2016-6
Revenue and EBITDA
−Gradual modernisation of and improvements to the Ricardo website
− Lower net income due to investment in modernising the platform
− Significant improvement in client satisfaction
Page 29
Digital
Doodle with further revenue and user growth
+92%
+53%
Mobile Desktop
Page impressions
− Launch of new “invite by Mail” feature −Redesign of Doodle was rolled out in
Switzerland in mid-August − Around 1.8 million new app installations in
one half-year, generating some 24 million additional sessions
− Significant increase in desktop and mobile advertising revenue
2017-6 2016-6
Page 30
Sandro Macciacchini Chief Financial Officer & Human Resources
29 August 2017
Page 31
Half-year results 2017-6
New depreciation period having a positive impact on EBIT
Revenue, EBITDA and EBIT in 2017-6 in CHF millions
EBIT
95
Depreciation and amortisation as
a result of company mergers
18
Depreciation and amortisation
15
EBITDA
127
Net income share of associated
companies/JVs
7
Operating expenses
354
Revenue
475
-6% -14% -5% 28% -30% -1% 55%
Printing centres – change in depreciation
and amortisation in CHF millions
-4
Page 32
Half-year results 2017-6
Extension of expected life cycle of printing facilities
Berne, Lausanne and Zurich printing centres – depreciation and amortisation in CHF million
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
20
15
10
5
0
-7
New depreciation/amortisation Old depreciation/amortisation
Page 33
Half-year results 2017-6
Tax rate of 19.1%; previous period considerably lower due to one-off effects (CHF 5.4 million)
EBIT and net income in 2017-6 in CHF millions
95
EBIT Net income before taxes Financial result
1 95
77
Income taxes
18
66*
11**
Net income
55% n.s. 55% 237% 37%
* Attributable to Tamedia shareholders **Attributable to minority shareholders
Page 34
Half-year results 2017-6
Net income before taxes includes a one-off effect of CHF 28 million pursuant to IAS 19
Adjusted net income in 2017-6 in CHF millions
Net income
28
IAS 19
66
11
77
Net income excluding one-off effects
55 6
Tax effects
Adjustment to the Tamedia pension fund conversion rate
56
Net income excluding one-off effects 2016-6
Page 35
Half-year results 2017-6
Further reduction of Ricardo credit facility
Cash flow statement for first-half 2017 in CHF millions
-9%
-106%
+14% +17%
Change in cash and cash equivalents
11
-45
Cash flow from (used in) financing activities
-98 -108
Cash flow from (used in) investing activities
2
-31
Cash flow from (used in) operating activities
107 94
Cash flow from (used in) operating activities before financial result
and taxes
124 107
2017-6 2016-6
Cash and cash equivalents, 30 June
2017: CHF 74.4 million
Page 36
Half-year results 2017-6
Capex still below one per cent
Investment in property, plant and equipment (Capex)* in CHF millions and as a percentage of revenue
*Excluding acquisition of holdings and business units
7
1411
2521
44
1112
23
11
22
4
0
10
20
30
40
50
60
2%
0%
10%
6%
8% 9%
5%
7%
1%
3% 4%
2017-6 2016 2013 2012 2011 2010 2009 2008 2007 2006
8
2005 2004
34
2003
51
2015 2014
29
2002
In CHF millions In per cent
Page 37
Half-year results 2017-6
Equity ratio reaches a high level of 76 per cent
In CHF millions
275
1,756 2,112
2016-12
259 390 243
2017-6 2017-6
2,135
309
1,815
336
2016-12
Current liabilities Non-current liabilities
Non-current assets Current assets
Equity
73%
11%
16%
76%
10% 14%
Excluding minority holdings, the equity ratio is 67 per cent
Page 38
