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PubliGroupe, half-year results 2913, presentation of the 26th August 2013

PubliGroupe, half-year results 2913, presentation of the 26th August 2013

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    26 08 2013 publi groupe hy1 2013 26 08 2013 publi groupe hy1 2013 Document Transcript

    • 1 0 PubliGroupePubliGroupe Half-year results 2013Half-year results 2013 Zurich, 26 August 2013Zurich, 26 August 2013 1 Presentation order PART 1: HALF-YEAR RESULTS 2013 Arndt C. Groth Overview of 2013 half-year results & key developments CEO & segment results (MS, S&F, DMS) Andreas Schmidt Key financials Group CFO PART 2: STRATEGY UPDATE MEDIA SALES Arndt C. Groth Introduction CEO Alain D. Bandle Strategy update CEO Publicitas PART 3: OVERALL CONCLUSION Arndt C. Groth Conclusion and outlook CEO All Q&A
    • 2 2 PubliGroupe to post half-year loss of CHF -9.5 million PART 1: HALF-YEAR RESULTS 2013 Arndt C. Groth Andreas Schmidt CEO PubliGroupe CFO PubliGroupe 3 Group overview Half-year results 2013 • PubliGroupe posted unsatisfactory half-year result for 2013 • Media Sales turnaround will take more time, investments planned to leverage traditional strengths in media sales and processing • Search & Find and DMS continued to strengthen their online mobile businesses and increase their positions in their respective markets • Strict cost management across Group on plan; to be upheld going forward • Online revenue growth across the Group in all segments • At the end of June 2013 1'732 FTE compared with 1'784 in June 2012 • Update planned on 27 November 2013 at Investors' Day
    • 3 4 Overall revenue performance Half-year results 2013 Operating and Net Results, in millions of CHF Net Revenue, in millions of CHF -17% -93% +81% 152.3 122.5 0 100 200 HY 2012 HY 2013 2.3 10.8 -9.9 -9.5 -15 -10 -5 0 5 10 15 Operating result Net Result HY 2012 HY 2013 -20% • The net revenue decreased substantially (2/3 of the decline explained by the sale of namics) • Drop in net result due to 3 elements: - lower result of Media Sales - shift of a large part of the profit of the well performing Search & Find segment in the second half-year - absence of gains on disposal of assets • The non-operating result amounted to CHF 1.2m versus CHF 15.4m in 2012 5 Business segment summary Half-year results 2013 Search&Find • Achieved costs reductions: OPEX down CHF 6.9m (-9% vs. 1st HY 2012) • Growth steps not materialised at expected speed Corporate &others DMS • Strong growth in online & mobile • Decline due to shift of profits towards 2nd HY • Development costs in young growth enterprises • Result also affected by sale of Namics in June 2012 • Stronger FTE reduction vs. budget • Press investment position positive but lower in line with weakness of Swiss print market MediaSales Operating result, in millions of CHF -8.2 14.3 2.0 -6.5 -8.6 4.6 0.3 -6.2 -15 -10 -5 0 5 10 15 Media Sales Search & Find Digital & Marketing Services Corporate & Others HY 2012 HY 2013
    • 4 6 4.6 4.6 5.1 12.3 15.6 17.9 0.3 0.3 2.6 0 10 20 30 HY 2011 HY 2012 HY 2013 Media Sales Search & Find DMS HY 2013 online performance Online revenue continues to gain in importance • Online revenue grows across the Group in all segments • Overall online growth of 26% • Media Sales online growth: 10% • Continuing to focus growth initiatives and investments on digital media PG net revenues, in millions of CHF +26% Online revenues in the main associates of PubliGroupe (not consolidated), in millions of CHF % HY HY in millions of CHF 2013 2012 local.ch 100% 15% 39.4 34.2 zanox 100% 4% 226.3 218.5 7 Media Sales Half-year results 2013 Operating and Net Results, in millions of CHF Net Revenue, in millions of CHF -14% 74.3 67.1 0 20 40 60 80 HY 2012 HY 2013 -8.2 -5.5 -8.6 -9.0 -15 -10 -5 0 5 Operating result Net Result HY 2012 HY 2013 -10% • Growth initiatives & operational improvements could not outweigh stronger than expected revenue decline • Net loss higher than last year (2012 non-operating proceed of CHF 3.1m) • Operating result on similar level than last year’s • At 30 June 2013 Media Sales had 1'030 FTEs worldwide (end of June 2012: 1'128 FTEs)
    • 5 8 509 448 Swiss print net ad volume, in millions of CHF Swiss print market Double digit decline exceeded expectations 1. Excluding general interest, special and trade press Source: WEMF Inseratestatistik 06/2013 • Perpetual and stronger than expected Swiss print market decline • Print net ad volume excluding magazines and special publications declined ~ -12% June YTD 2012 June YTD 2013 ~ -12%1) 9 Search & Find Half-year results 2013 -18% -14% -3% Operating and Net Results, in millions of CHF Net Revenue, in millions of CHF 51.2 48.0 0 10 20 30 40 50 60 HY 2012 HY 2013 14.3 10.5 4.6 4.4 0 5 10 15 20 Operating result Net Result HY 2012 HY 2013 -6% • White-page telephone books (previously mainly published in 1st half) and its yellow-page telephone books into a new book format • Decline in reported results mainly due to shift towards 2nd half • 66% of order intake with digital products in 2013 so far • At the end of June 2013, the headcount in the business segment Search & Find was 547 FTE, up 3% against the same period last year
    • 6 10 Uncontested #1 on mobile with 2.6m downloads of local app Local.ch Source: Official platform Stores (iOS,Android,Blackberry,W7,Nokia); Netmetrix Mobile iOS (http://netreport.net-metrix.ch/mobile/) Local.ch app download (m) 11 23% ahead of number 2 in overall mobile reach Local.ch Unique clients (k) Source: Official platform Stores (iOS,Android,Blackberry,W7,Nokia); Netmetrix Mobile iOS (http://netreport.net-metrix.ch/mobile/)
    • 7 12 #1 internet page of Switzerland in terms of unique visitors (4.4m) Local.ch Source: Netmetrix Unique visitors 13 20.7 3.5 2.7 2.3 0 10 20 30 HY 2012 HY 2013 other DMS namics Improve Digital Digital & Marketing Services Half-year results 2013 Operating and Net Results, in millions of CHF DMS Net Revenue, in millions of CHF -79% • Segment results down due to Namics sale • At the operating level, lower results due to developments costs in growth enterprises (Spree7 & Improve Digital) • € 13.4m billings for Improve Digital in 1st half 2013, + 22% • Headcount (excluding Zanox) up from 53 (June 2012) to 94 at June 2013 driven by the addition of Improve Digital 2.0 11.8 0.3 0.7 0 5 10 15 Operating result Net Result HY 2012 HY 2013 10.9 namics 24.2 5.0 0.9
    • 8 14 Zanox Half-year results 2013 Zanox EBITDA (100%), in millions of EUR Zanox Net Revenue (100%), in millions of EUR -1% +5% 218.5 226.3 0 100 200 300 HY 2012 HY 2013 10.4 9.8 0 5 10 15 HY 2012 HY 2013 +4% • Revenue growth despite competitive landscape in affiliate domain • Confirmation of top position in Europe; international expansion continues • New CEO Thomas Joosten to develop new growth segments in the performance advertising market • Generally, 2nd half of year stronger due to Christmas shopping season 15 Key financials Group Andreas Schmidt CFO PubliGroupe
    • 9 16 P&L Group Gross Profit decline not fully compensated by cost reduction * Billings represent the gross amounts billed to clients (including the value of ad space) 1st half year 1st half year in millions of CHF 2013 2012 Billings * -11% 518.9 582.6 Net revenue -20% 122.5 152.3 Purchases 42% -9.9 -7.0 Gross profit -23% 112.6 145.3 Operating Expenses -15% -131.1 -153.7 Depr. & Amort. 1% -2.4 -2.4 Share in associates -16% 11.0 13.1 Operating result - -9.9 2.3 Financial result -79% -0.6 -2.8 Ordinary result - -10.5 -0.5 Non-operating result -92% 1.2 15.4 Income taxes -71% -0.5 -1.7 Minority interests - 0.3 -2.4 Net Result - -9.5 10.8 Headcount (FTE) -52 1'732 1'784 17 Non-operating result Positive non-operating result, but no gains on disposal of assets 1st half year 1st half year in millions of CHF 2013 2012 Gain on Namics sale 10.3 Gain on SOP sale 3.1 Real Estate income 1.8 2.7 Ordinary offices charges for investment properties -0.1 -0.1 Real Estate depreciation (investment properties) -0.5 -0.6 Non-operating result 1.2 15.4
    • 10 18 Operating result by segment All operating segments below past year 1st half year 1st half year in millions of CHF 2013 2012 Media Sales -8.6 -8.2 Search & Find 4.6 14.3 Digital & Marketing Services 0.3 2.0 Corporate & Others -6.2 -6.5 Eliminations Group - 0.7 Operating result -9.9 2.3 19 Headcount by segment Headcount reduction in Media Sales and HQ Corporate continues End June End June FTE 2013 2012 Media Sales 1'030 1'128 Search & Find 547 530 Digital & Marketing Services 94 53 Corporate & Others 61 73 Total Headcount 1'732 1'784
    • 11 20 Financial Result Slightly negative but improvement versus last year 1st half year 1st half year in millions of CHF 2013 2012 Interest income 0.5 0.1 Income from marketable securities and investments 0.6 0.7 Financial income 1.1 0.8 Interest expenses -0.8 -0.7 Loss on marketable securities and investments -0.8 -1.7 Net currency exchange differences 0.0 -1.2 Financial expenses -1.6 -3.6 Net financial Result -0.6 -2.8 21 Cash flow statement High negative financing flow due to returns to shareholders 1st half year 1st half year in millions of CHF 2013 2012 Cash and cash equivalents as of 1 January 162.2 109.3 Cash flows from operating activities -3.5 2.6 Cash flows from investing activities -3.5 4.9 Cash flows from financing activities -52.8 -21.2 Effect of exchange rates on cash and cash equivalents 0.5 - Cash and cash equivalents as of 30 June 102.9 95.6
    • 12 22 Group balance sheet Drop of equity due to share buy-back, dividends and 1st semester loss as of 30 June as of 31 December 2013 2012 in millions of CHF Current assets 331.8 379.2 Non-current assets 146.3 153.0 Total assets 478.1 532.2 Current liabilities 263.1 250.9 Non-current liabilities 71.4 72.6 Equity, shareholders of PubliGroupe Ltd 137.3 195.6 Minority interests 6.3 13.1 Total liabilities and equity 478.1 532.2 Equity in % of assets 29% 37% 23 Automation and broaden media portfolio PART 2: STRATEGY UPDATE MEDIA SALES Arndt C. Groth Alain D. Bandle CEO PubliGroupe CEO Publicitas
    • 13 24 Repositioning of Media Sales will need more time Automated marketplace and optimisation of Media Sales • Portfolio and automation approach across media categories as presented during Investors' Day 2012 remain key strategic pillars • New leadership needed for more profound transformation • Experienced turnaround manager Alain D. Bandle appointed in March 2013 Publicitas| August 2013 | 25 Alain D. Bandle, CEO | Zurich | August 26, 2013 Publicitas Strategy update
    • 14 Publicitas| August 2013 | 26 Publicitas Historically thriving on strong advertising and global network fundamentals… Highlights • Number 1 marketer • Historic track record as marketer for 123 years • Unique partner for advertisers, agencies and media owners, offering a wide media portfolio with over 7,000 products • International footprint with local offices in more than 20 countries including emerging markets, access to media in more than 100 countries Operations with local offices Operations only Number 1 marketer … …with an international footprint Billings 2012 in Mio. CHF 1) Annual Report 2012: Net Sales 2) Annual Report 2012: Operating Revenue Sources: Company Information, Publicitas 895 445 322 Publicitas Goldbach Publisuisse1 2 Publicitas| August 2013 | 27 1 2 3 4 Declining print ad market Shifts between media types and owners Increasing automation • Pressure on current full service business model • Commission levels and total addressable volume in digital are too low • Limited media portfolio available for advertisers and agencies • International growth potential limited with current go-to-market approach Resulting in Publicitas core issues Trends Publicitas …but market changes continue to challenge Publicitas’ business model Pressure on sales commissions
    • 15 Publicitas| August 2013 | 28 Publicitas Findings on status quo at Publicitas… • Delayed adaption and development of concepts to face market changes • High organizational complexity, lack of accountability and execution weaknesses • Unprofitable business despite reasonable gross margins - due to a lack of automation and high operational cost • Employees with strong commitment and high willingness to perform • Unique sales network with unparalleled advertising client base and media handling capabilities • Unique relationship base with media partners across Switzerland and International • Migration to new IT platform reducing cost and enhancing efficiency already ongoing + - Publicitas| August 2013 | 29 Publicitas …and answers to the market challenges and issues resting on four strategic pillars Full Automation Full Portfolio Variabilization Focus Become efficient and cost leader in marketing advertising space Offer the most relevant media portfolio to advertisers “Flexed” cost base to address contract gains or losses Focus on core activities A B C D
    • 16 Publicitas| August 2013 | 30 Transactions Domestic media owners “Regie” / “Eigenregie” Underlying technology technologyDomestic campaigns National advertisers SMEs Newspapers Clearing/Processing (partlymanuallytoday,automatedgoingforward) Large and medium-size media owners Long tail Clients Servicing of clients Automated marketplace Clearing Sourcing of inventory Agencies Pan-regional campaigns Outbound campaigns Automated direct booking via front-end Services Analytics Planning Reporting Digital & Mobile Classifieds Magazines Cinema OOH TV & Radio International premium media owners Exclusive representation Personalselling International advertisers Agencies International advertisers Manual booking (no focus activity) Individuals Ad Factory Future business model Publicitas is developing its existing systems into a fully automated platform for media booking Performance Marketing Publicitas| August 2013 | 31 Full automation An integrated web front-end based on Improve Digital and Mediaspectrum is core for the automated marketplace CRMDedicated front- end tools for client segments Automated Marketplace Improve Digital Automated sales support and reporting Self-service web front-ends Mediaspectrum Order to print media Analytics Reporting Order to online media Real time bidding Real time inventory Agency/ National SME/ Individuals LandingPage …. Clearing and processing ERP Mediaspectrum A
    • 17 Publicitas| August 2013 | 32 Full portfolio Complementation of media inventory and modular pricing Leverage existing assets Extend portfolio Set up modular pricing • Focus on increase of digital, mobile, OHH and TV inventory marketed by Publicitas • Complementation of portfolio • Set up of transparent and modular pricing fostering standardization and automation • Price per module decreases as publisher purchases increasing number of modules Modular pricing enabling attractive offers at reasonably profitable conditions • Strength in marketing newspapers and magazines (>3700 titles and combinations) and cinema (>300 screens) to be kept • Good publisher relationships groundwork to aggregate more relevant media inventory B Publicitas| August 2013 | 33 Full portfolio Matrix organisation to ensure effective portfolio sales approach and successful management of different media types B D-CH Ticino W-CH Media Mgmt. Media & Product Mgmt. Sales CH Europe APAC Americas Pricing & Contracts Mgmt. Research Portfolioapproach Portfolioapproach Portfolioapproach Newspapers Magazines Classifieds Digital & Mobile Performance Marketing Cinema OOH TV & Radio International Automated marketplace Portfolioapproach Portfolioapproach Portfolioapproach Portfolioapproach Portfolioapproach National Portfolioapproach
    • 18 Publicitas| August 2013 | 34 Variabilization Automated processing, modular pricing and flexing of cost for local offices enable Publicitas to mirror market developments Automated processing Modular pricing Flexing of cost for local offices • Pricing structure to reflect actual value-add for customers • Pricing will consist of fixed per transaction price and volume-based component and will incentivize standardization and automation • Headcount reduction of up to 115 FTE in 2013 Synergies by centralisation of processing and corporate services • Mediaspectrum and Improve Digital allowing for highly automated and more cost efficient media sales • Set up of self-service web front-end to lower cost for sales and booking Variabilization of cost • BPO contract with xentive / Mediaspectrum to variabilize cost structure • Variablization to lead to significant IT and processing cost reduction xentive Publicitas BPO contract (Mediaspectrum software solution) BPO Contract 1 1) Ownership: 49% PubliGroupe, 51% Mediaspectrum (pending Comco approval) C Publicitas| August 2013 | 35 Focus International strategy: From “everything everywhere” to a focused strategy D The strategy: Market pan-regional audiences to advertisers Fully exploit market potential in (pan-)Asian outbound advertising across all media types and focus on operational excellence Systematically pursue opportunity to tap into domestic advertising markets The strategy: Continue the turn around based on new management and Globe & Mail contract Develop expansion strategy for Latin America Extend pan-regional business The strategy: Aggregation and marketing of a European audience - based on two core activities: − Sourcing and aggregation of the most relevant inventory across all types of media − Selling audiences to pan-regional advertisers Broaden current media portfolio by including other media types Europe APAC Americas
    • 19 Publicitas| August 2013 | 36 Focus Publicitas has adjusted its organisational structure to the new strategy WORK IN PROGRESS D CEO A. D. Bandle National Sales Sales German- speaking Switzerland Sales Switzerland vacant Sales Romandie Sales Ticino Technology vacant Media Management M. Cavaliere Finance & Controlling R. Petrikowski Corporate Services A. D. Bandle International J. Braun Engineering Processing IT Pricing & Contract Management Media & Product Management Performance Marketing1) Research Accounting Controlling & MIS Finance International Corporate Development Human Resources Corporate Communications Legal Europe APAC North America Latin America 1) Instanz Publicitas| August 2013 | 37 on track Financial figures 2013 Planned cost measures on track, but higher market decline and delay in growth initiatives lead to a negative result in 2013 Half year operating result June 2013 -8.6m in m CHF Delay in growth initiatives and non-materialized customer and portfolio expansion ~ -3.5 m Planned cost measures driven by rightsizing Higher market decline in Switzerland & Europe ~ -4 m Restructuring expenses ~ -1 m
    • 20 Publicitas| August 2013 | 38 FTE development based on the strategy Reducing organizational complexity, flexibilization of cost structure and focus on core activities 191 210 225 -245 Q1 2014e 785 445 70 45 1.030 HY 2013 108 669 Closing 2012 1.066 716 117 42 43 Switzerland EMEA Americas APAC FTE actual and outlook • Rightsizing of organization in Switzerland (100 FTE) & Europe (40FTE) with a total of 140 FTE • Year end 2013 will be effected by sale of majority of xentive and contract termination by a total of 125 FTE • Developing business in Asia and India • 2015 is effected by termination of exclusive contract with NZZ Mediengruppe Rightsizing of organisation Publicitas| August 2013 | 39 Publicitas First results underlying feasibility of new approach Full Automation Full Portfolio Variabilization Focus • Mediaspectrum for highly automated processing to go live in the beginning of 2014 • 75% of ad4max GEO revenue generated by sales network • All media sales of Financial Times in South East Asia as of Sep 2013 • Carve out and partial sales of xentive to be completed EoY 2013 • BPO with xentive to variabilize and reduce IT and processing costs • Commitment of NZZ and Le Temps to process booking via booking machine of Mediaspectrum • Clear responsibility and ownership assigned A B C D
    • 21 Publicitas| August 2013 | 40 Publicitas AG Mürtschenstrasse 39 PO Box CH-8010 Zürich www.publicitas.ch Alain D. Bandle Chief Executive Officer T +41 44 250 35 17, M +41 79 211 73 19 alain.bandle@publicitas.com 41 Conclusion & Outlook by the CEO PART 3: OVERALL CONCLUSION Arndt C. Groth CEO PubliGroupe
    • 22 42 Conclusion and outlook Half-year results 2013 • Unsatisfactory half-year result 2013 • Repositioning of Publicitas will require more time and investment • Media Sales to develop new fully automated market place offering booking services for a broad range of media • Search & Find and DMS will continue strengthening their online mobile businesses and increasing strong positions in their respective markets • Strict cost management across Group on plan; to be upheld going forward • Strengthening our marketing service portfolio with further investments • For the full year 2013, PubliGroupe expects an overall operating result around break-even with a negative net result in the order of the first half 2013 • Next update at Investors' Day on 27 Nov 2013 43 Backup Slides
    • 23 44 Consolidated income statement Backup * Billings represent the gross amounts billed to clients (including the value of ad space) 1st half year 1st half year in millions of CHF 2013 2012 Billings * 518.9 582.6 Net revenue 122.5 152.3 Purchases -9.9 -7.0 Gross profit 112.6 145.3 Personnel expenses -95.6 -115.6 General and administrative expenses -36.8 -39.2 Depreciation of tangible assets -1.2 -1.9 Amortisation of intangible assets -1.2 -0.5 Other operating income 1.5 1.4 Other operating expenses -0.2 -0.3 Share in result of associates 11.0 13.1 Operating result -9.9 2.3 Financial result -0.6 -2.8 Ordinary result -10.5 -0.5 Non-operating result 1.2 15.4 Result before income taxes and minority interests -9.3 14.9 Income taxes -0.5 -1.7 Result before minority interests -9.8 13.2 Minority interests 0.3 -2.4 Result attributable to shareholders of PubliGroupe Ltd -9.5 10.8 Earnings per share (in CHF) -4.3 4.6 45 Consolidated balance sheet Assets Backup as of 30 June as of 31 December 2013 2012 in millions of CHF Cash and cash equivalents 102.9 162.2 Marketable securities 12.5 12.9 Trade receivables 160.6 167.4 Other receivables 23.2 20.9 Accrued income and prepaid expenses 32.6 15.8 Current assets 331.8 379.2 Investment properties 33.1 34.0 Owner-occupied properties 0.6 0.1 Equipment 6.2 7.0 Intangible assets 7.6 5.0 Investments in associates 69.4 79.3 Financial assets 25.6 25.3 Deferred tax assets 3.8 2.3 Non-current assets 146.3 153.0 Total assets 478.1 532.2
    • 24 46 Consolidated balance sheet Liabilities and equity Backup as of 30 June as of 31 December 2013 2012 in millions of CHF Current debts 2.0 0.9 Trade payables 144.3 122.2 Other payables 25.4 29.3 Accrued expenses and deferred income 87.6 89.5 Current provisions 3.8 9.0 Current liabilities 263.1 250.9 Non-current debts 40.0 40.3 Share in negative equity of associates 19.6 22.8 Deferred tax liabilities 4.0 2.2 Non-current provisions 7.8 7.3 Non-current liabilities 71.4 72.6 Total liabilities 334.5 323.5 Share capital PubliGroupe Ltd 2.5 2.5 Treasury shares -60.0 -35.0 Capital reserves -0.3 -0.3 Retained earnings 195.1 228.4 Equity, shareholders of PubliGroupe Ltd 137.3 195.6 Minority interests 6.3 13.1 Total equity 143.6 208.7 Total liabilities and equity 478.1 532.2 47 Cash flows from operating activities Backup 1st half year 1st half year in millions of CHF 2013 2012 Result before minority interests -9.8 13.2 Share in result of associates -11.0 -13.1 Depreciation and amortisation (incl. non-operating) 2.8 3.0 Changes in provisions (incl. deferred income taxes) -4.7 -2.3 Gain/loss on disposals of fixed assets 0.1 -0.1 Gain/loss on disposals of subsidiaries and associates - -13.4 Adjustments for other non-cash items 0.6 5.2 Dividends received 16.3 16.7 Interest received 0.4 0.2 Interest paid -0.8 -0.7 Taxes paid -4.5 -2.3 Changes in trade receivables 6.6 22.6 Changes in other receivables, accrued income and prepaid expenses -19.9 -16.4 Changes in trade payables 21.7 -6.2 Changes in other payables, accrued expenses and deferred income -1.3 -3.8 Cash flows from operating activities -3.5 2.6
    • 25 48 Cash flows from investing activities Backup 1st half year 1st half year in millions of CHF 2013 2012 Acquisitions of tangible assets -0.6 -2.1 Disposals of tangible assets - 0.2 Acquisitions of intangible assets -3.6 -0.3 Acquisitions of subsidiaries, net of cash acquired -0.2 -0.2 Disposals of subsidiaries, net of cash disposed of 0.2 6.9 Disposals of associates - 3.7 Investments in financial assets - -3.3 Divestments of financial assets 0.7 - Cash flows from investing activities -3.5 4.9 49 Cash flows from financing activities Backup 1st half year 1st half year in millions of CHF 2013 2012 Increase in bank debts 1.5 - Repayment of bank debts -0.3 - Repayment of non-current debt -0.3 -0.1 Purchase of treasury shares -25.2 -1.3 Sale of treasury shares - 1.1 Increase in capital reserves - 0.1 Decrease in capital reserves - -5.2 Dividend paid to shareholders of PubliGroupe Ltd -22.1 -8.9 Dividends paid to minority interests by Group companies -6.4 -6.9 Cash flows from financing activities -52.8 -21.2