Pres annual results 2011 publi groupe 9  march
Upcoming SlideShare
Loading in...5
×

Like this? Share it with your network

Share

Pres annual results 2011 publi groupe 9 march

  • 1,776 views
Uploaded on

 

  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
  • PubliGroupe with a net result of CHF 14.6 million in 2011 – good results in the online and Search & Find business only partly able to compensate for the unsatisfactory result in Media Sales - Dividend payment at previous year level
    Are you sure you want to
    Your message goes here
    Be the first to like this
No Downloads

Views

Total Views
1,776
On Slideshare
987
From Embeds
789
Number of Embeds
8

Actions

Shares
Downloads
12
Comments
1
Likes
0

Embeds 789

http://www.publigroupe.com 768
http://www.publigroupe.ch 8
http://publigroupe.cobweb.ch 7
http://www.publigroup.ch 2
http://publigroupe.com 1
http://www.publigroup.com 1
http://publigroupe-latin1.cobweb.ch 1
https://publigroupe.cobweb.ch 1

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
    No notes for slide

Transcript

  • 1. AnnualResults 2011 esu ts 0Net profit 2011 of CHF 14.6 million;unchanged dividend of CHF 61
  • 2. Overview presentation order1. Hans-Peter Rohner: Overview of 2011 results & key developments CEO & Chairman of the Board2. Andreas Schmidt: Key financials group Chief Financial Officer3. Hans-Peter Rohner: Segment results CEO & Chairman of the Board4. Andreas Schmidt: Key financials Group under Swiss GAAP FER Chief Financial Officer Process of changing of reporting standard g g p g Update sale real estate portfolio5. Hans-Peter Rohner: Conclusion & outlook 2012 CEO & Chairman of the Board Ch i f th B d6. All Q&A2
  • 3. Overview 2011 figures gGood results in growthsegments; Media SalesunsatisfactoryHans-Peter RohnerCEO & Chairman of the Board3
  • 4. 1. Overview 2011 I 2. Key financials I 3. Segment update I 4. Update finance projects I 5. Conclusion & outlook2011 Group resultsLower net profit; stable EBITL fi bl Volume decline in the order of previous Sales and gross margin, in millions of CHF years: -12% sales; -9% gross margin 12% l 9% i 2010 2011 2000 (at constant fx -9% and -7%) 1474 1500 1304 EBIT stable vs previous year 1000 500 345.3 Net profit of CHF 14.6 million 315.6 significantly under the level of the g y - previous year (CHF 42.6 million), also Sales Gross margin due to much lower positive one-off EBIT and Net profit, in millions of CHF factors than in 2010 2010 2011 50 42.6 Good results in growth segments 40 32.6 30.5 Search & Find and Digital & Marketing 30 Services; unsatisfactory result in Media 20 14.6 Sales 10 0 EBIT Net N t profit fit4
  • 5. 1. Overview 2011 I 2. Key financials I 3. Segment update I 4. Update finance projects I 5. Conclusion & outlook2011 segment resultsVery good result f SV d l for Search & Fi d Z h Find; Zanox not reflected i DMS result fl d in l Unsatisfactory result EBIT, in millions of EBIT, in millions of CHF CHF Loss impacted by goodwill impairment of 2010 2011 2011 2010 CHF 5.1 m in TV business and one-timeMedia Sales 40 means deployed with Publimedia Incisive measures under way to ensure y 30 27 7 28.6 27.7 that segment will achieve a level of sustained profitability corresponding to the level of capital invested in it 20 Good result; EBIT higher than previous 10.1 10 1 10 rch& Find year due organisational efficiencies and strong performance in online & mobile 2.6 2.7 2.7 Turnover of local.ch in the online and 0Sear mobile sectors will exceed print media in -0.4 near future -10 -10.9 Good top line development; Zanox with 20% growth in local currency -20DMS Media Media Sales Search Search & Digital & & Digital Corporate Corporate Very good performance of Zanox and Sales & Find Find Marketing Marketing and others and others Namics not fully reflected in DMS under Services Services current reporting standard p g5
  • 6. 1. Overview 2011 I 2. Key financials I 3. Segment update I 4. Update finance projects I 5. Conclusion & outlookOnline revenues with strong growthGoodG d progress with consolidated and associated online revenue ih lid d d i d li Consolidated online revenue grows Online Revenues millions of CHF Online Revenues, ,inin millions of CHF by 15.5%; incl. b 15 5% i l participations growth ti i ti th PubliGroupe Associated companies PubliGroupe Associated companies represents 18% at constant fx 800 Online revenue reaches 40% of total 710 700 657 business revenue; in terms of gross margin, online represents 50% 600 493 Growth mostly from Zanox and 500 Namics: Zanox CAGR 29% since 548 400 517 creation of the joint venture in 2007; Namics with 14% of continuous 300 380 organic growth since 2004 200 Media Sales with CHF 50 m online 100 140 162 sales 113 - 2009 2010 2011 Total revenue Total revenue Total revenue 2009: 2010: 2011: CHF 1’898 m CHF 1’906 m CHF 1’775 m ( (online 26%) %) ( (online 34%) %) ( (online 40%) %)6
  • 7. 1. Overview 2011 I 2. Key financials I 3. Segment update I 4. Update finance projects I 5. Conclusion & outlookUpdate on CEO recruitmentStart planned f 3Q 2012S l d for Important strategic decisions with regard to the development of the organization taken in 2011: end of dual mandate of Chairman of the Board of Directors and CEO in 2012, which was created for a “limited transitional limited period” in April 2009 Recruitment of new CEO search within and outside the Group now in the p final phase: announcement planned in April 2012, start expected in Q3 2012 End of double mandate of Hans-Peter Rohner who will continue to serve as Chairman of the Board of Directors, subject to re-election at the Annual General Meeting on 25 April 20127
  • 8. Key financials Group y pWell capitalised;solid cash flow lid h flAndreas SchmidtChief Financial Officer8
  • 9. 1. Overview 2011 I 2. Key financials I 3. Segment update I 4. Update finance projects I 5. Conclusion & outlookP&L GroupLower net result mostly d to lL l l due lower fi financial result i l l Change % Ch 2011 2010in millions of CHFRevenue -12% 1304.0 1474.2Gross margin -9% 315.6 345.3Expenses -7% -278.2 -300.5EBITDA -17% 17% 37.4 37 4 44.8 44 8EBIT -6% 30.5 32.6Financial result - -3.5 23.9Taxes -35% -4.7 -7.2Non-controlling interests 15% -7.7 -6.7Net Result -66% 14.6 42.69
  • 10. 1. Overview 2011 I 2. Key financials I 3. Segment update I 4. Update finance projects I 5. Conclusion & outlookExtraordinary items 2011Important gains on divestmentsI i di in millions of CHF Net Result 2011 - Nominal 14.6 Divestment 15.4 Impairments -7.7 Restructuring -0.7 -0 7 Others -1.1 Total non recurring elements 5.9 59 Net Result 2011 - Comparable 8.710
  • 11. 1. Overview 2011 I 2. Key financials I 3. Segment update I 4. Update finance projects I 5. Conclusion & outlook Net result – causes of change Significantly lower comparable result NET RESULT 2010 42.6 42 6One Time Events 2010 16.0 COMPARABLE 2010 26.6 Gross margin 29.7 Expenses 10.9 p Depreciation 2.1 Associated 3.6 Financial result 8.2 Taxes 2.9 Minority interests 0.5 COMPARABLE 2011 8.7One Time Events 2011 5.9 NET RESULT 2011 14.6 CHF mio -10 -5 0 5 10 15 20 25 30 35 40 45 50 11
  • 12. 1. Overview 2011 I 2. Key financials I 3. Segment update I 4. Update finance projects I 5. Conclusion & outlookNet financial resultLast year’s financial result affected by sale of Edipressein millions of CHF 2011 2010Result on loans and receivables 1.3 1.4Result on marketable securities -0.4 7.7Result on available-for-sale securities 0.9 17.0Result on uncommited net assets of employers foundations -0.5 -Changes in fair value of contingent consideration 1.1 1.6Interest expensesI t t -2.6 26 -3.7 37Net currency exchange differences -3.3 -0.1Total -3.5 35 23.9 23 912
  • 13. 1. Overview 2011 I 2. Key financials I 3. Segment update I 4. Update finance projects I 5. Conclusion & outlookCash flow statementStrong cash position at year end dS h ii d despite reduction of b k d b i d i f bank debt Change 2011 2010in millions of CHFCash and cash equivalents as of 1 January 77% 102.6 58.0Cash flows from operating activities -53% 13.8 29.6Cash flows from investing activities -48% 50.3 97.0Cash flows from financing activities -25% -58.9 -78.7Effect fEff t of exchange rates h t - 1.5 15 -3.3 33Cash and cash equivalents as of December 31 7% 109.3 102.613
  • 14. 1. Overview 2011 I 2. Key financials I 3. Segment update I 4. Update finance projects I 5. Conclusion & outlookGroup balance sheetSolid balance sheet secures strategic f dS lid b l h i freedomin millions of CHF Change as of 31 december 2011 as of 31 december 2010Currents assets 3% 428.5 416.7Non-current assets -21% 351.1 444.2Total assets -9% 779.6 860.9Current liabilities -11% 263.8 297.9Non-current liabilities -40% 71.5 118.8Equity, shareholders of PubliGroupe Ltd. - 409.3 410.8Non controllingNon-controlling interests 5% 35.0 35 0 33.4 33 4Total liabilities and equity -9% 779.6 860.9Equity in % of assets 53% 48%Net h t tN t short-term group li idit liquidity 124 118Bank debt 50 93 Equity ratio improved by 5% vs 2010 Bank debt strongly reduced14
  • 15. Key segment results y gTwo out of threesegments with t ithgood resultsHans-Peter RohnerCEO & Chairman of the Board15
  • 16. Media Sales16
  • 17. 1. Overview 2011 I 2. Key financials I 3. Segment update I 4. Update finance projects I 5. Conclusion & outlookMedia SalesUnsatisfactory result; measures underway to strengthen segmentU i f l d h Sales volume down 13%, strongly Sales, in millions of CHF Sales, millions of CHF affected by abandonment of TV 2010 2010 2011 2011 1500 business amounting to CHF 61 m 1181 1026 EBIT result impacted by CHF 5.1 m; y 1000 impairment on TV business; pioneering, future-oriented measures employed for 500 the online platform “AdMarket” led to 0 significantly higher one off operating one-off Sales expenditures with Publimedia Gross margin and and EBIT, of CHF Gross margin EBIT, in millions Solid results in the local & regional in millions of CHF 2010 2010 2011 2011 business in CH where turnaround is 250 confirmed; somewhat lower international 188.6 200 volumes mostly due to fx effects 161.3 150 100 In 2012 for Media Sales d I 2012, f M di S l and DMS 50 (SVBmedia), the revenue disclosed will 0 -0.4 be only the commission earned instead -50 -10.9 of the total billing of ad space Gross margin EBIT17
  • 18. 1. Overview 2011 I 2. Key financials I 3. Segment update I 4. Update finance projects I 5. Conclusion & outlookMedia SalesEconomic and i d t f tE i d industry factors affecting 2011 ff tiUnchanged Media Sales revenue split by geographic External factors:scope, contracts & media over the last 5 years despitesignificant changes in overall volume 1 Economic slowdown in 2nd semester affected print ads Media Sales ~20% ~20% International I t ti l Negative development in job ads segment (print & online) Local Price pressure for large accounts across & ~30% ~30% all media & market segments g Regional Internal factors: Media Sales ~80% ~80% Switzerland Full-year effect of lost of „regie“ contracts ( p (Edipresse & Mittellandzeitung after 1 yr g y of transition period) National ~50% ~50% Significant one-time cost for re- engineering and process standardization projects Publimedia continues to lose market 2007 2011 share due to attractive financial incentive Note: Note 1) Split approximate and illustrative, results not being reported by for di t b ki f direct bookings 18local/regional/national scope;
  • 19. 1. Overview 2011 I 2. Key financials I 3. Segment update I 4. Update finance projects I 5. Conclusion & outlookMedia Sales (1)Update status of measures announced d i IU d f d during Investors’ D ’ Day1st PILLAR Optimization measures being launched: Become yet leaner and more adapted to STRENGTHEN Leaner and market (more sales driven) the traditional more print business Intervention and enrichment of print flexible cost offerings along three areas: Switzerland, structure international, central functions2nd PILLAR Grow digital footprint: ACCELERATE Further investments in digital initiatives Higher the digital agenda & explore new p share of Develop new digital products to drive opportunities digital di it l growth turnover 19
  • 20. 1. Overview 2011 I 2. Key financials I 3. Segment update I 4. Update finance projects I 5. Conclusion & outlookMedia Sales 1st PILLARStrengthen traditional b iS h di i l business Improvement Project Objectives areas Swiss Process Harmonization of sales and back office processes across all branches in business harmonization order to realize efficiency gains Realization of cost savings by consolidating the sales back office Centralization of functions of branches physically and virtually within three regional sales back office centers Sales Improving the effectiveness of the sales force by introducing a value- effectiveness oriented segmentation and go-to-market model Realization f R li ti of cost savings th t i through consolidation of international h lid ti fi t ti l International International sales operations and regional structures. Deepening focus on industry business network segments in order to offer increased specialization to clients Central cost General& Optimization of administrative efficiency and external spend in all areas, Administrative centralizing corporate functions Reduction of IT cost and complexity through simplification of the IT IT landscape and optimization of the IT delivery model20
  • 21. 1. Overview 2011 I 2. Key financials I 3. Segment update I 4. Update finance projects I 5. Conclusion & outlookMedia Sales 1st PILLARSales force and b k office optimization shows good progressS l f d back ffi i i i h d Project Progress Achievements Next steps • New processes for order • New processes in use in all entry and processing branches by April 1st 2012 Process designed harmonization • Trainings for sales force have started • Physical consolidation of first • Mobile office concept will be back-office sales functions in rolled out in waves and will branches leverage existing models Centralization • Development of an inter- within the organization branch collaboration model to realize efficiency gains Sales Project start: effectiveness March 201221
  • 22. 1. Overview 2011 I 2. Key financials I 3. Segment update I 4. Update finance projects I 5. Conclusion & outlookMedia Sales 1st PILLARFurtherF h cost optimization with fi achievements i i i i h first hi Project P j t Progress P Achievements A hi t Next t N t steps • Sale of P-Australia • Strategic and structural • New management in growing adjustments in the Americas International APAC region region i sales network • Strategic adjustments in • Overall strategy development European operations focusing on industry segments • Savings potential in several • Implementation of spend areas detailed reduction and new allocation General & • Spend allocation optimized Administrative with regards to effectiveness and efficiency • Target IT landscape and • Finalize core-system underlying IT delivery model selection process developedIT • Clear roadmap defined22
  • 23. 1. Overview 2011 I 2. Key financials I 3. Segment update I 4. Update finance projects I 5. Conclusion & outlookMedia Sales 2nd PILLARGrow digital agendaG di i l d Initiatives Achievements Next steps • ad4quality: Strengthened relationships with key Swiss market players p y • ad4max: New inventory secured from Bluewin and • Continue and expand Digital portfolio Microsoft initiatives to increase digital competence in all branches • Strong local digital sales growth • passengerTV: further partnerships secured • Select technology partner • Short list of technology providers defined Sell Side • Coordination with DMS • Head of operations on board Platform SSP demand side platform • Recruitment process under way for key account (RTB enabled) • Publisher acquisition managers program begins March23
  • 24. Media Sales24
  • 25. 1. Overview 2011 I 2. Key financials I 3. Segment update I 4. Update finance projects I 5. Conclusion & outlookSearch & FindSuccessful migration to online & mobile, iS f l i i li bil increased profitability d fi bili Sales, in millions CHF Sales, in millions ofof CHF 2010 2010 2011 2011 Sales volume grows marginally by 3%; 160 136.8 141.0 online and mobile sales grow by 36%, 140 120 almost outweighing 14% loss in traditional 100 business b siness 80 60 40 EBIT result up for the first time since 2007 20 due to operational efficiencies achieved 0 after restructuring and positive one brand ft t t i d iti b d Sales strategy (local.ch) EBIT, in millions of CHF Gross margin and EBIT, in millionsof CHF In 2011 order intake for the first time 2010 2010 2011 2011 larger (51%) for online and mobile than 120 98.0 95.5 for print 100 80 Local.ch most prominent search app in 60 Switzerland after Google Maps according 40 27.7 28.6 to Nielsen Net Ratings, allowing it to 20 consolidate leadership position 0 Gross margin EBIT25
  • 26. 1. Overview 2011 I 2. Key financials I 3. Segment update I 4. Update finance projects I 5. Conclusion & outlook Search & Find Established E bli h d #2 position after G ii f Google i search market l in h kNielsen Unique audience1 20112 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 ocal.ch uide.ch ocal.ch help.ch Bluewin ATE24 arch.ch arch.ch arch.ch Gelbe Seiten Google Maps ctories Google onbuch QYPE GA G Direc lo map.lo swissgu h e sea Telefo tel.sea map.seaN t tiNetmetrix Unique clients3 2011 / 2012 50% 11% 9% 7% 8% 4% 5% 7% 8% 4% 2% 1% 3% 0% -50% Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 1 Nielsen/ Netratings 26 2 Average unique audience throughout 2011 3 Source: Netmetrix / Unique clients
  • 27. 1. Overview 2011 I 2. Key financials I 3. Segment update I 4. Update finance projects I 5. Conclusion & outlookSearch & FindSolidS lid usership that k hi h keeps growing i i i in importance Mobile app performance 2011/2012 U Users use app 10 times a month on 7.0 12 avg.2 6.0 10 5.0 8 1.4 14m 4.0 downloads3 6 3.0 600k 4 2.0 apps in use1 2 1.0 0.0 0 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 1 On all platforms (iOS,Android,Blackberry,W7,Nokia) . Source: amount of searches by mobile devices to our server 2 Average usage per device = usage of mobiles app1 / mobile unique users127 3 Source: Apple / amount of searches by mobile devices to our server
  • 28. 1. Overview 2011 I 2. Key financials I 3. Segment update I 4. Update finance projects I 5. Conclusion & outlookSearch & FindNew i i i iN initiatives planned across all platforms l d ll l fTotal Swiss local advertising market Zoom on online business models (excl. online press)CHF m, 2010 CHF m, 2010 625 85 260 90 890 110 100 290 110 100 290 gate24.ch Others 14 15 Others 80 Others 320 green search ch search.ch ti li ti verticalisation CCO 19 Others 45 book 16 Booking 3 Groupon 10 Couponing Deindeal 15 Google Others 205 16 Renovero 14 Lead Generation Blick 140 Directories” “SC Di t i ” 110 video Maturity PG exc. local UX 10 NZZ 190 design 360° Website creation² & content 120 Energy 10 local Online APG 52 content welcome Local.ch 54 website PG exc. local 10 new mobile Various SF1, SF2, Sat1, ProSieben 15 Goldbach Minuten etc. 240 20 offering immoscout24.ch 10 jobscout24.ch 10 Media 25 swissfriends.ch 10 Classifieds Various Goldbach media 30 home.ch homegate.ch 20 Press Online Direct TV, radio, Printed Search & Marketing1 outdoor (Print&Online) Directories Find Local.ch Tamedia Ringier Publigroupe Other Source : Publisuisse Mediaguide, Swisscom, OC&C analysis 1. We assumed that half of the direct marketing is local 28 2. Website creation market sizing assumptions: 15% of SME not owning a website create one, 15% of those with website rebuild it in a given year, average annual spend: CHF 3.500; 3. Emerging segment in 2010, estimated at CHF 1m
  • 29. Media Sales29
  • 30. 1. Overview 2011 I 2. Key financials I 3. Segment update I 4. Update finance projects I 5. Conclusion & outlookDigital & Marketing ServicesGood operational results not reflected in resultsG f Sales, in millions of CHF Sales, in millions of CHF 2010 2011 Contraction of Sales volume by 9% (by 2010 2011 160 139.6 1% without currency impact), due to 140 127.7 lower sales at SVBmedia, linked to 120 100 traditional business (Zanox sales not ( 80 consolidated) 60 40 20 0 Above market growth at Zanox Sales (+20%), fuelled by the ( 20%) f ll d b th acquisition of i iti f M4N in the Netherlands and geographic expansions, sales Gross Profit and EBIT, in millions of CHF 2010 2011 reaching CHF 543 5 m 543.5 EBIT Pro Forma Namics 11% growth: CHF 44.8 m 60.0 50.7 52.5 50.0 40.0 Pro-forma EBIT grew by 7% vs. 2010, g y 30.0 30 0 from CHF 14.8 m to CHF 15.8 m, and 20.0 14.8 15.8 by 19% without currency impact 10.0 2.6 2.7 0.0 All DMS units are cash fl it h flow positive iti Gross Profit G P fit EBIT30
  • 31. 1. Overview 2011 I 2. Key financials I 3. Segment update I 4. Update finance projects I 5. Conclusion & outlookDigital & Marketing ServicesPG two largest digital companies capturing double digits market growth G Performance Marketing - Zanox Zanox Revenue 2004 - 2011 (in EURm) 500 CAGR - Above market growth achieved both 07-11: 400 29% organically and via acquisitions (Digital Window in 2009, Buy.at in 300 2010, 2010 M4N in 2011) 200 - CAGR 29% since creation of the 100 joint venture 0 - Approaching the EUR 500 m mark of 2004 2005 2006 2007 2008 2009 2010 2011 transaction commissions Namics Revenue 2004 - 2011 (in CHFm) Digital solutions - Namics 50 CAGR 14% - 14% of continuous organic growth 40 since 2004 30 - Blue chip clients in CH, DE 20 - Resilient to the last market downturn 10 2004 2005 2006 2007 2008 2009 2010 2011 31
  • 32. Key Financials Group: y pUpdate on accountingchange; real estateAndreas SchmidtChief Financial Officer32
  • 33. 1. Overview 2011 I 2. Key financials I 3. Segment update I 4. Update finance projects I 5. Conclusion & outlookReporting standard change to Swiss GAAP/ FEROverviewO iAs from 2012 onwards, PubliGroupe will change its financial reporting from IFRS tothe Swiss GAAP/ FER standard. This change will have several importantconsequences: Proportional consolidation Revenue presentation p Goodwill accounting Other changes No changes planned in terms of transparency level With the standard change to Swiss GAAP/ FER, PubliGroupes financial FER PubliGroupe s reports will more accurately describe the value creation, the performance and the development of the Groups three operating segments33
  • 34. 1. Overview 2011 I 2. Key financials I 3. Segment update I 4. Update finance projects I 5. Conclusion & outlookReporting standard change to Swiss GAAP/ FERImportant consequencesI Proportional consolidationThe application of the proportional consolidation for the local.ch partnership with Swisscom andthe Zanox joint venture with Axel Springer will allow a higher transparency for the performanceand development of these two core businesses Revenue presentationThe net revenue presentation (commission earned instead of total billing of ad space) from 2012onwards reflects the shift of the Media Sales business away from a predominantly exclusiverepresentation business towards a simple sales representation. In addition, the net presentation betterreflects the weight of a decreased Media Sales within PubliGroupe Goodwill accountingGoodwill of acquisitions will be offset at acquisition date resulting in a lower equity in thebalance sheet and no further write-offs of acquired intangibles in the profit & loss statement Other changesThe standard change will impact the employer foundations presentation, sales expensesactivation, and some other, but less material positions34
  • 35. 1. Overview 2011 I 2. Key financials I 3. Segment update I 4. Update finance projects I 5. Conclusion & outlookReporting standard change to Swiss GAAP/ FERBalance sheet iB l h impact (i di i (indicative, not audited) di d)CHF Mio IFRS Swiss GAAP/ FER Major Changes 2) 2011 2011 1)Current assets 429 487 + proportional zanox/ Swisscom Directories/ local - proportional LTVNon-current assets - goodwill/ intangibles off-set at acquisition date 351 118 - p non-activation of sales expense + proportional zanox/ Swisscom Directories/ local - proportional LTV - employer foundation not on balance sheet - non-activation tax creditsTotal assets 780 605Current liabilities 264 347 + proportional zanox/ Swisscom Directories/ local - proportional LTVNon-current liabilities 72 95 + proportional zanox/ Swisscom Directories/ local - proportional LTVEquity, PG shareholders 409 160Non-controlling interest 35 3 - minority share of LTV to SwisscomTotal liabilities and equity 780 6051) indicative restatement 2011, not audited2) major changes, minor impacts not mentioned35
  • 36. 1. Overview 2011 I 2. Key financials I 3. Segment update I 4. Update finance projects I 5. Conclusion & outlookReporting standard change to Swiss GAAP/ FERProfit lP fi & loss statement i impact (i di i (indicative, not audited) di d)CHF Mio IFRS Swiss GAAP/ FER Major Changes 2) 2011 2011 1)Revenue - net revenue presentation Publicitas/ SvBMedia 1304 606 + proportional zanox/ Swisscom Directories/ local - proportional LTV + proportional zanox/ Swisscom Directories/ localGross margin 316 372 - proportional LTVExpensesE - proportional zanox/ Swisscom Di t i / l ti l /S i Directories/ local l -278 2 8 -319 319 + proportional LTV - non-activation of sales expenseEBITDA 37 53Depreciation & amortisation + non-activation of sales expense -24 -12 + amortisation of intangibles from acquisitions - proportional zanox/ Swisscom Directories/ local + proportional LTVImpairment loss + no annual impairment checks in Swiss GAAP -7 0Share in associates - share of zanox/ Swiscom Directories/local 23 - share of associated press participationsEBIT 31 41Financial result + share of associated press participations -4 2 + proportional zanox/ Swisscom Directories/ local - proportional LTV - proportional zanox/ Swisscom Directories/ localTaxes -5 -13 + proportional LTV - non-activation of tax credits ti ti ft dit - deferred taxes on intangibles amortisationNon-controlling interests + minority share of LTV to Swisscom -8 -1Net result of PG shareholders 15 291) indicative restatement 2011, not audited ) ,2) major changes, minor impacts not mentioned (expressed as impact on net result)36
  • 37. 1. Overview 2011 I 2. Key financials I 3. Segment update I 4. Update finance projects I 5. Conclusion & outlookReporting standard change to Swiss GAAP/ FERTimingTi iPubliGroupe intends to implement segment and standard changein 1st semester 2012: Announcement of intended change: 1st Dec Presentation of new accounting details: March 2012 Planned change of SIX segment: g g May 2012 First financial report in Swiss GAAP/FER: August 201237
  • 38. 1. Overview 2011 I 2. Key financials I 3. Segment update I 4. Update finance projects I 5. Conclusion & outlook PubliGroupe’s real estate assets 4 assets l located i S i d in Switzerland currently f sale l d l for l Bern Lausanne - Mon-Repos Lausanne - Mousquines Lausanne - Toises 1971 | 4551m2 1974 | 3089m2 1980 | 4266m2 1962 | 2345m2 Total rentable area 14251 m2Note: Year of construction | Rentable surface area 38
  • 39. 1. Overview 2011 I 2. Key financials I 3. Segment update I 4. Update finance projects I 5. Conclusion & outlookReal estateTimingTi i PubliGroupe p p plans to divest 4 assets in 2012: − 3 buildings in Lausanne: Mon-Repos, Mousquines, Toises − 1 building in Bern PubliGroupe intends to distribute a large portion of the proceeds from the sale of the properties to its shareholders One main objective is to execute the sales and the return of proceeds to shareholders in the most tax-efficient manner The sale process has already been initiated A frame for a share buy-back via put-options will be proposed to the general assembly on April 25 2012 25,39
  • 40. Conclusion andoutlook 2012 tl kHans-Peter RohnerCEO & Chairman of the Board40
  • 41. 1. Overview 2011 I 2. Key financials I 3. Segment update I 4. Update finance projects I 5. Conclusion & outlookStatus quo key decisions on Group levelCEO search almost concluded, start planned f S h l l d d l d for Summer 2012 PubliGroupe execution of its strategic cornerstones Corporate New CEO search near completion; start planned for Q3 2012 Governance HP Rohner to serve until new CEO is in post; will remain as Chairman of the Board Board, subject to re-election at the Annual General Meeting on 25 April 2012. Sale real estate PubliGroupe plans to divest 4 assets in 2012: 3 Lausanne buildings, 1 in Bern Sale proceeds used as return for shareholders and partly for debt reduction Balance sheet to remain very solid Change accounting By means of a pro rata consolidation and by switching from IFRS to Swiss GAAP standard FER accounting standards, PubliGroupe able to p g , p present most important holdings p g more clearly in financial reporting In 2012, for Media Sales and DMS (SVBmedia), the revenue disclosed will be only the commission earned instead of the total billing of ad space Dividend The Board of Directors will propose to the next General Meeting of Shareholders on 25 April 2012 in Lausanne the distribution of the amount of CHF 6 per share, composed of a dividend of CHF 3.80 and of CHF 2.20 that will be distributed tax-free from reserves from paid-in capital. This dividend corresponds to around 40% of the net proceeds made in the year under review from sales of property and participations and demonstrates the solidity of the Group.41
  • 42. 1. Overview 2011 I 2. Key financials I 3. Segment update I 4. Update finance projects I 5. Conclusion & outlookPubliGroupe profile under new standard“A different animal” diff i l” „Old“ PG under IFRS „New“ PG under Swiss GAAP FER (Revenue: CHF 1‘304 m) 1 304 (Revenue: CHF 606 m) IFRS standard Swiss GAAP FER standard World World 22% 56% CH 44% CH 78% Swiss Gaap standard IFRS standard (estimation) Online Online 12% 57% Print Print 43% 88%42 Note: Swiss GAAP FER with quota consolidation & revenue disclosed according to commissions earned instead of the total billing of ad space for Media Sales and DMS (SVBmedia)
  • 43. 1. Overview 2011 I 2. Key financials I 3. Segment update I 4. Update finance projects I 5. Conclusion & outlookOutlookSolidS lid prospects f growth segments; optimization of print b i for h i i i f i business 1. Media Sales to focus on growing online 3. Search & Find will continue its double sales in Switzerland & abroad, reducing migration from print to online & mobile; administrative costs, harmonizing solid perspectives to consolidate strong processes and IT systems market position and increase profitability 2. DMS will further capitalize on growth 4. PubliGroupe under new operational engine Zanox with its double-digit growth leadership as of 3rd quarter 2012, further developing Group motto “Marketing. More. Effective.” Good further growth is expected in all online business f rther gro th e pected b siness across all segments where further investments are envisioned. Traditional lines of business – especially the print business of Media Sales – is undergoing further restructuring that will improve profitability but affect immediate prospects because of restructuring costs43
  • 44. Back-up slides44
  • 45. Comparable expenses by segment Backupin millions of CHF Change 2011 2010Search & Find 7% -65.9 -61.6Media Sales -8% 8% -162.8 162.8 -177.7 177.7Digital & Marketing Services 4% -51.8 -49.9 1)Corporate & Others -16% -21.2 -25.3Eliminations -18% 8.3 10.2Comparable expenses -4% -293.4 -304.3Non recurring elements - 15.2 15 2 3.8 38Total expenses -7% -278.2 -300.51) includes Custom Publishing45
  • 46. Consolidated income statement Backupin millions of CHF Change 2011 2010Revenue -12% 1304.0 1474.2Purchases -12% -933.3 -1056.6Sales reductions -24% -55.1 -72.3Gross margin -9% 315.6 345.3Personnel expenses -8% -221.9 -241.2General and administrative expenses -2% -79.0 -80.3Other income and expenses 8% 22.7 21.0EBITDA -17% 37.4 44.8Depreciation and amortisation -10% -23.6 -26.1Impairment loss -6.6 -2.0Share in result of associates 47% 23.3 15.9Operating result (EBIT) -6% 6% 30.5 32.6Financial result - -3.5 23.9Result before income tax -52% 27.0 56.5Income tax expense -35% -4.7 -7.2Result -55% 55% 22.3 22 3 49.3 49 3Result attributable to:- Non-controlling interests 15% 7.7 6.7- Sh h ld Shareholders of P bliG f PubliGroupe Ltd -66% 66% 14.6 14 6 42.6 42 646
  • 47. Consolidated balance sheet BackupAssets as of as of 31 december 31 decemberin millions of CHF Change 2011 2010Cash and cash equivalents 7% 109.3 102.6Marketable and available-for-sale securities -6% 14.4 15.3Receivables, accruals and taxes receivables -8% 274.5 298.8Assets held f saleA t h ld for l - 30.3 30 3 -Current assets 3% 428.5 416.7Land and buildings -54% 34.9 75.6Other tangible and intangible assets g g -23% 56.4 72.9Investments in associates 2% 236.3 232.7Financial assets and deferred tax assets -63% 23.5 63.0Non-current assets -21% 351.1 444.2Total assets -9% 779.6 860.947
  • 48. Consolidated balance sheet BackupLiabilities as of as of 31 december 31 decemberin millions of CHF Change 2011 2010Current debts - 0.2 -Payables, accruals and taxes payables -12% 255.1 289.7Long and short term provisions, deferred taxes -9% 27.8 30.4Non-current debtsN t d bt -46% 46% 52.2 52 2 96.6 96 6Total liabilities -20% 335.3 416.7Share capital - 2.5 2.5Treasury s a es easu y shares -17% % -43.9 39 -52.6 5 6Reserves -2% 450.7 460.9Equity, shareholders of PubliGroupe Ltd - 409.3 410.8Non-controlling interests 5% 35.0 33.4Total equity - 444.3 444.2Total liabilities and equity -9% 779.6 860.948
  • 49. Cash flow from operating activities Backupin millions of CHF 2011 2010Result 22.3 49.3Adjustments for non-cash items 2.5 -14.1Dividends paid to non-controlling interests by Group companies -6.0 -9.1Dividends received 16.1 15.0Interest received 1.3 1.4Interest paid -3.1 -4.2Taxes paid -5.6 -8.3Use of provisions -4.4 -7.2Working capital changes -9.3 6.8Cash flows from operating activities 13.8 29.649
  • 50. BackupCash flow from investing activitiesin millions of CHF 2011 2010Acquisitions of tangible assets -2.4 -3.6Disposals of tangible assets 14.3 24.1Acquisitions of intangible assets -11.6 -14.3Disposals of marketable securities 0.4 4.4Acquisitions of subsidiaries, net of cash acquired -2.3 -3.4Acquisitions of associates - -2.0Disposals of subsidiaries, net of cash disposed of 11.5 0.1Disposals of associates 0.3 03 22.7 22 7Investments in financial assets -1.0 -7.0Divestments of financial assets 41.1 76.6Taxes paid - -0.6Cash flows from investing activities 50.3 97.050
  • 51. BackupCash flow from financing activitiesin millions of CHF 2011 2010Increase /(decrease) in bank debts - -65.0Increase in long-term debt 0.2 -Decrease in long-term debt -43.0 -7.0Capital contribution from non-controlling interests - 0.1Purchase of treasury shares -4.7 -1.5Sale of treasury shares (Share-based payments) 5.2 0.2Acquisition of non-controlling interests -2.6 -5.6Increase in additional paid-in capital 0.1 01 0.1 01Dividend paid to shareholders of PubliGroupe Ltd -14.1 -Cash flows from financing activities -58.9 -78.751
  • 52. Standard change - Main accounting changes BackupIFRS P/L versus S i GAAP FER P/L SwissCompany IFRS P/L Swiss GAAP P/L with proportional methodLTV Gelbe Seiten AG 1) All P/L lines presented at 100% 1) All P/L lines presented at 51% 2) Minus one line "non-controlling 2) NO line "non-controlling interests" interests" at - 49%Swisscom Directories One line at 49 % in the EBIT All P/L lines presented at 49%AG (share in result of associates)and local ch AG local.chZanox AG One line at 47.5 % in the EBIT All P/L lines presented at 47.5% (share in result of associates)52
  • 53. Standard change - Main accounting changes BackupGoodwillG d ill accounting + C i li i of sales f i Capitalisation f l force costs Goodwill IFRS Swiss GAAP FER Accounting Balance Sheet Purchase price allocation process to No PPA process for intangibles. intangibles and residual goodwill Offset of acquired goodwill with equity at the date of the acquisition, with a theoretical calculation of amortization over 5 years in the notes Profit and Losses Depreciation of intangibles p g No yearly amortisation, but goodwill y y , g No straight line amortisation of goodwill considered in the profit and losses at the time of the exit from the consolidation scope Capitalisation of sales IFRS Swiss GAAP FER force costs Search & Find Sales commissions incremental to the Sales commissions are recognised contacts acquisition are recognised as directly through the P/L intangible assets and depreciated when revenue is realised (over three years)53
  • 54. Swiss GAAP/ FER Revenue and gross margin, in millions of CHF For ll F all representation b i t ti business IFRS FER Estimation (mainly Media Sales and SvBMedia) 2000 only commission instead of billings are 1304 1500 reported as revenues 1000 606 The proportional consolidation will 500 372.5 impact all lines of the P&L and 315.6 increase revenues, gross margin and - EBIT (and taxes) Revenue Gross margin EBIT and Net profit, in millions of CHF The results (EBIT and Net profit) will 60 IFRS FER Estimation increase because of the elimination of 50 47.0 the PPA amortisation 40 30.5 28.9 30 20 14.6 10 0 EBIT Net profit54
  • 55. Swiss GAAP/ FER BackupConsolidated iC lid d income statement 2011 2011 IFRS FER in millions of CHF estimate Revenue 1304.0 606.0 Purchases -933.3 -233.5 Sales reductions -55.1 55 1 - Gross margin 315.6 372.5 Personnel expenses -221.9 -256.0 General and administrative expenses -79.0 -89.3 Other income and expenses 22.7 22 7 25.8 25 8 EBITDA 37.4 53.0 Depreciation and amortisation -23.6 -12.4 Impairment loss -6.6 - Share in result of associates 23.3 23 3 Operating result (EBIT) 30.5 40.6 Financial result -3.5 2.2 Result before income tax 27.0 42.8 Income tax expense -4.7 4.7 -13.3 13.3 Result 22.3 29.5 Result attributable to: - Non-controlling interests Non controlling 7.7 0.6 - Shareholders of PubliGroupe Ltd 14.6 28.955
  • 56. Swiss GAAP/ FER BackupConsolidated b lC lid d balance sheet hAssets 2011 2011 IFRS FERin millions of CHF estimateCash and cash equivalents 109.3 127.5Marketable and available-for-sale securities 14.4 14.4Receivables, accruals and taxes receivables 274.5 314.4Assets held for sale 30.3 30.3Current assets 428.5 486.6Land and buildings 34.9 34.9Other tangible and intangible assets 56.4 23.9Investments in associates 236.3 49.5Financial assets and deferred tax assets 23.5 10.1Non-current assetsN t t 351.1 351 1 118.4 118 4Total assets 779.6 605.056
  • 57. Swiss GAAP/ FER BackupConsolidated b lC lid d balance sheet hLiabilities 2011 2011 IFRS FERin millions of CHF estimateCurrent debts 0.2 0.3Payables, accruals and taxes payables 255.1 335.9Long and short term provisions, deferred taxes 27.8 22.3Non-current debts 52.2 83.6Total liabilities 335.3 442.1Share capital 2.5 2.5Treasury shares -43.9 -43.9Reserves 450.7 201.8Equity, shareholders of PubliGroupe Ltd 409.3 160.4Non-controlling i tN t lli interests t 35.0 35 0 2.5 25Total equity 444.3 162.9Total liabilities and equity 779.6 605.057