Half-year figures Media and analyst information Friday, 22 August 2014, Zurich

Transcription

1 Half-year figures 2014 Media and analyst information Friday, 22 August 2014, Zurich

2 First-half 2014: overview Christoph Tonini Chief Executive Officer 2

3 Improvement in net income thanks to acquisitions and efficiencyincreasing measures Revenue and net income in first-half 2014 in CHF millions +3% EBIT margin per cent per cent % % % 59.2 Revenue EBITDA EBIT Net income 3

4 All business divisions enjoy better results than in previous year Print Regional in CHF millions Revenue share EBITDA share EBIT share % 42% 34% Revenue EBITDA Print National in CHF millions EBIT Revenue share EBITDA share EBIT share % 31% 42% Revenue EBITDA Digital in CHF millions EBIT Revenue share EBITDA share EBIT share 23% 27% 24% Revenue EBITDA EBIT 4

5 Print Regional: regional newspapers and printing facilities Regional daily newspapers Sunday newspaper Regional daily newspapers Weekly newspapers Weekly newspapers Printing facilities Printing facilites 5

6 Print Regional: growth in revenue and net income Business division overview First-time consolidation of Ziegler Druckund Verlags-AG (Der Landbote as well as commercial and digital printing) The structural decline of print advertising has slowed down Efficiency-increasing measures and lower IT and real estate costs had a positive effect on results Successful start to the collaboration between the Zurich regional newspapers and the BZ Berner Zeitung The digital payment model for the Tages- Anzeiger was launched at the end of March 2014 Increase in revenue and net income at newspaper printing facilites thanks to new third-party orders (Basler Zeitung) Print Regional segment overview % Revenue 275 EBITDA margin per cent per cent % EBITDA

7 thanks to the consolidation effect of Ziegler and the increase in efficiency Pro-forma revenue Print Regional growth excluding Ziegler Druck- und Verlags-AG 260-6% 243 Pro-forma cost growth Print Regional excluding Ziegler Druck- und Verlags-AG % Revenue growth Print Regional including Ziegler Druck- und Verlags-AG % 275 Cost growth Print Regional including Ziegler Druck- und Verlags-AG %

8 The structural decline of print advertising has slowed down Change in net revenue for printed advertising in comparison to the same month in the prior year (in per cent) % 10% 7% 6% 3% 9% 7% 2% 3% -9% -11% -6% % -7% -9% -10% -5% -10% -6% -13% -13% -7% -13% -16% -18% -8% -7% -11% -13% -11% -18% -3% -3% -4% -7% -6% -9% -9% -9% -11% -12% -13% -11% -12% -16% Jan 11 Mar 11 May 11 July 11 Sept 11 Nov 11 Jan 12 Mar 12 May 12 July 12 Sept 12 Nov 12 Jan 13 Mar 13 May 13 July 13 Sept 13 Nov 13 Jan 14 Mar 14 May 14 8 Source: advertising statistics from Verband Schweizer Presse

9 but all print markets are continuing to lose advertising revenue Net advertising revenue for June 2014 in comparison with the prior year and according to press type -14% % % % % -6% Daily press I Daily press II/III Regional weekly press Sunday press Financial and business press General press (magazines) Print Regional Print Regional Print Regional Print National Print National Print National Print National Source: MediaFocus advertising statistics for the Swiss press from Verband Schweizerischer Werbegesellschaften VSW 9

10 Print Regional: fall in advertising market despite stable sales income Print Regional segment overview Revenue share across the division Sales income Commercial advertising Job- and classified advertising 30% 17% Various 15% Stable sales income Revenue per copy continues to rise slightly Commercial advertising suffers a 3 per cent loss in a declining overall market This loss accounts for around a tenths of the organic decrease in revenue in the Print Regional business division 17 per cent loss in job- and other classified advertising (real estate, vehicles, obituaries) The loss accounts for almost nine-tenths of the organic decrease in revenue in the Print Regional business division 10

11 Tages-Anzeiger payment model: number of subscriptions exceeds expectations Digital offering of tagesanzeiger.ch Overview of digital subscriptions 66% Digital light Digital Weekend 7% 27% First experiences with the payment model To date, 7,400 digital subscriptions have been sold totally exceeding expectations Greater than expected drop in traffic (page hits) at tagesanzeiger.ch Successful launch of the new Android app for tagesanzeiger.ch 11

12 1 million payment notifications per month tagesanzeiger.ch: payment notifications over the course of July '000 35'000 30'000 25'000 20'000 15'000 10'000 5'000 Mobile Webseite Website Desktop iphone + ipad-app

13 Gradual launch of payment model for all paid-for newspapers Newspaper and launch date of the payment model The payment model for Der Bund is expected to be launched at the beginning of November heures and Tribune de Genève are likely to follow suit at the end of 2014 In 2015, digital payment offerings will be launched by BZ Berner Zeitung, the Zurich regional newspapers and Le Matin 13

14 Regional media variety thanks to editorial and service cooperations Responsibilities in terms of content and services Cooperation Media competition Media competition Cooperation Collaboration between BZ and the Zurich regional newspapers The collaboration between the Zurich regional newspapers and the BZ Berner Zeitung got off to a good start The two-section newspaper concept was positively received by readers 1st section: reports on the reader s own respective region 2nd section: canton and city of Zurich, culture, domestic and foreign news, and sport The Wirtschaft section is repositioned according to geographical criteria 14

15 Print National: national newspapers and magazines National daily newspapers National daily newspapers Weekly newspapers Financial publications Magazines 15

16 Print National: structural pressure on national print advertising market Business division overview The continued, albeit lessening, decline experienced by the print advertising market is placing strain on 20 Minuten and 20 minutes, as well as Sunday publication Le Matin Dimanche The consolidation of commuter newspapers in Denmark and the withdrawal of the Natura supplement has lead to a drop in revenue Stable net income growth thanks to successfully implemented efficiencyincreasing measures Schweizer Familie matched last year s figures, while Annabelle, Finanz und Wirtschaft and Das Magazin increased net income Repositioning of SonntagsZeitung and expansion of the SonntagsZeitung und Le Matin Dimanche digital offering planned for spring Stake in Le Temps sold to Ringier 16 Print National segment overview 194-7% Revenue 179 EBITDA margin % % 34 0% EBITDA

17 Print National: fall in commercial advertising Print National segment overview Revenue share across the division Sales income 27% Commercial advertising 63% Job- and classified advertising Various 7% Sales income remains between constant and slightly declining Sales income per copy increasing slightly Suffered an 6 per cent loss The fall in commercial advertising is the main reason for the drop in revenues for Print National 9 per cent loss in job- and other classified advertising (real estate, vehicles, obituaries) Economically sensitive job advertisements only have a slight impact on the division 17

18 20 Minuten enjoys good net income and an increase in online revenues 20 Minuten EBITDA vs % Desktop revenue for 20 Minuten news sites 20min.ch 20minutes.ch +34% +23% The national commuter newspaper significantly increased its net income despite a declining advertising market Increase in net income due to improved efficiency in Paper Purchasing, Production and Distribution Mobile revenue for 20 Minuten news sites +66% +96%

19 New SonntagsZeitung design introduced in April 2014 New features of the SonntagsZeitung Six-section concept used since April 2014: The Gesellschaft section features articles on the latest issues in society and now includes pieces on fashion, cuisine and knowledge; The Kultur section now also features travel reports Fresh, new design: the logo is now displayed on a white background; a more low-key colour scheme is used and there is more space for attractive images and graphics Expansion of digital offering on Sunday SonntagsZeitung and Le Matin Dimanche have new web apps with responsive design, which automatically adjust to screen sizes New offerings ranging from annual subscriptions to individual editions 19

20 Metroxpress greatly improves print and online position Readership figures* % Politiken 319 0% 256 Jyllandsposten 271 Berlingske Tidende 195-7% 182 B.T % 182 Ekstrabladet 181-8% 167 Dagbladet Børsen 148-8% % Number of unique users of mx.dk in thousands At relaunch Before summer 2013 After summer 2013 Spring 2014 Rank vs. other websites in Denmark Current day #64 #57 #43 #21 #17 20 * Source: TNS Gallup 2./Q2 2013/2014

21 Le Temps: sale close to conclusion Le Temps sale: next steps With Ringier as the buyer, Tamedia has found a good solution to ensure the future of Le Temps, which will increase media variety in French-speaking Switzerland The Competition Commission is expected to finish their review over the coming weeks The final sale of the company s stake in Le Temps should be able to be carried out in Q3 2014, after receiving approval from the Competition Commission The newspaper will in future be printed in the Tamedia printing facility in Lausanne 21

22 Digital: news, market places, services and e-commerce Horizontal and vertical platforms in the digital portfolio * Horizontal General classifieds * * Vertical * Cars Real estate * * Jobs Online classifieds Fashion ecommerce Tickets * Building & renovation Video * * Services News Digital advertising & services * 22 * Participations

23 Surge in net income thanks to acquisitions and organic growth Overview of Digital business division Increase in revenue thanks to solid organic growth Ticket marketer Starticket included for the first time JobCloud AG, held together with Ringier, continued to record pleasing growth; Ringier adjusted its stake to 50%, as agreed Real estate portal homegate.ch maintained a high level of revenue and net income The 20 Minuten news platforms significantly increased revenue and net income, while Newsnet recorded slight losses Overview of Digital segment % 125 EBITDA margin per cent per cent % Revenue EBITDA 23

24 JobCloud AG and homegate.ch enjoy good results Net revenue +16% Profit before tax +26% Number of advertisements on homegate.ch Other* Corporate clients Private clients +31% 16% 16% 16% 16% 16% 15% 16% 13% 16% 13% 16% 13% 18% 12% 18% 12% 18% 12% JobCloud AG recorded an increase in revenue and net income Good trend in the sale of new contingents The summer advertisement slowdown failed to materialise on the JobCloud AG platforms 84% July 13 84% 84% 84% 84% 85% Aug 13 Sept 13 Oct 13 Nov 13 Dec 13 71% Jan 14 71% Feb 14 71% Mar 14 70% Apr 14 homegate.ch mortgage market growing slower than expected 69% May 14 70% Jun * Including holiday homes, shared accommodation, etc.

25 Tamedia systematically invests in expanding the online portfolio Digital activities of Tamedia und its holdings 100% 26% 49% 65% 50% 20% 75% 15% 90% 20% 93% 96% 45% 25% 20% 24% 50% 75% 88% % Revenue share Revenue share 23% 25

26 Acquisition of vintage fashion platform Trendsales in Denmark Information on Trendsales Acquisition of 88% stake in trendsales.dk on 28 July 2014 The vintage fashion platform is being further developed with the founders and the current management team trendsales.dk is the leading vintage fashion platform in Denmark The platform is also internationally active in Germany, Finland, Norway and Sweden trendsales.dk is the company s second investment in Denmark The vintage fashion platform will be further developed using synergies with Metroxpress trendsales.dk employs 50 staff in Copenhagen 26

27 Tamedia improves its finance offering with MoneyPark Leading advice platform Acquisition of a 20.4 per cent stake in MoneyPark on 20 August 2014 MoneyPark is Switzerland s leading technology-based advice platform for financial products with around 60 FTEs Focus on providing independent advice and not promoting our own financial products Specialises in providing independent advice on mortgages, pension products and asset management services Provides customers with independent advice, as MoneyPark does not supply its own financial products Advice is either imparted online via the advisory tool or personally in the branch 27

28 local.ch uad search.ch: strong Swiss directory platforms Two strong brands under one roof + Continuation of both offerings Both platforms will continue to be operated on the user market Together, the platforms attract 4.8 million users per month Swisscom will hold a 69% stake and Tamedia a 31% stake in the joint subsidiary The partnership is subject to the approval of the Competition Commission 28 Milestones of the takeover bid 17 April 2014: advance notification of the offer of purchase for PubliGroupe by Tamedia 16 May 2014: advance notification of the public offer of purchase for PubliGroupe by Swisscom 28 May 2014: Swisscom and Tamedia agree on a common approach in the market for directory services 6 August 2014: Swisscom tenders 90 percent of shares Positive effects for Tamedia Stake in a high-net-income-generating directory service company from 2015 Approx. CHF 20 million accounting profit on PubliGroupe shares in the first half-year The stake in search.ch is likely to be reassessed in second-half 2014

29 First-half 2014: Financial report Sandro Macciacchini Chief Financial Officer 29

30 Notes on first-half 2014 (1/2) Significant changes to the consolidated companies and activities In January and February 2014, Tamedia AG acquired an 80 per cent stake in Ziegler Druckund Verlags-AG, which publishes Der Landbote, thereby raising its share in the company to 100 per cent On 25 March 2014, Tamedia sold its 80 per cent stake in Glattaler AG Pro memoria: significant changes in the previous year In March and June 2013, Tamedia AG increased its holding in Olmero AG from 24.4 per cent to per cent. Olmero AG was fully consolidated as of April 2013 In September 2013, Tamedia also acquired a 75 per cent holding in Starticket AG and consolidated this on 1 October 2013 As of October 2013, Schibsted Media Group and Tamedia have been jointly running the tutti.ch and car4you.ch platforms. In connection with this, Car4you AG was deconsolidated without affecting net income Discontinued operations There were no significant discontinued operations in the period under review. 30

31 Notes on first-half 2014 (2/2) Changes in the accounting standard Tamedia has adopted the following new and revised standards and interpretations. Their first-time application did not lead to any significant changes in the consolidation and valuation principles or in the assets and income situation IAS 32, Offsetting Financial Assets and Financial Liabilities (amended) IAS 39, Novation of Derivatives and Continuation of Hedge Accounting (amendments to IAS 39 Financial Instruments: Recognition and Measurement) IFRS 10, IFRS 12 and IAS 27, Investment Companies (amended) 31

32 Media and printing revenues increased due to acquisitions Furthermore, organic growth in the Digital division in CHF millions +2% % % % 26.3 Media revenues Printing revenues Other operating revenues Revenues 32 The figures relate in each case to continued operations

33 Personnel expenses up CHF 6 million as a result of acquisitions in CHF millions % % % +6% Cost of materials and services Personnel expenses Other operating expenses Operating expenses The figures relate in each case to continued operations 33

34 Increased depreciation and amortisation on plant, property and equipment, in particular following the commissioning of the new building at the Werd location and the acquisition of ZDV in CHF millions % % % Depreciation and amortisation on plant, property and equipment Depreciation and amortisation on intangible assets The figures relate in each case to continued operations Impairment on goodwill 34 Other depreciation and value adjustments Total depreciation and amortisation

35 Capex falls to 1 per cent after completion of new building Investment in property, plant and equipment (Capex) in CHF million and as a percentage of operating income 100 9% Capex in Capex CHF millions in MCHF Capex in in Prozent percent 10% 9% 8% % 5% 4% 3% 3% 2% 2% 2% 1% 1% 1% 1% % 6% 5% 4% 3% 2% 1% 0% 1) Excluding acquisitions of holdings and business units 35

36 Overall result influenced by financial success of 2.7 Mio CHF (sale Glattaler) in CHF million +15% 73,2 63,8 66,9 +17% 78, % 59,4 54,8 54,7 +8% 59,2 EBIT Net income before taxes Net income from continuing operations Net income 36

37 Investments made in ZDV and the PubliGroupe holding Cash flow statement for first-half 2014 in CHF millions Status of cash and cash equivalents CHF 54.8 million +37% % % -87% Cash flow from trading activities Cash flow from operating activities Cash flow from investing activities 37 Cash flow from financing activities Change in cash flow* *incl. discontinued operations

38 Equity ratio remains at 64 per cent; current assets increase following investment in PubliGroupe in CHF millions 18% 17% 65% Current assets Non-current assets Current liabilities Non-current liabilities 19% 17% 64% Equity

39 Thank you for your attention! 39