08 03 2013 publi groupe fy 2012 final

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PubliGroupe Financial results 2012

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08 03 2013 publi groupe fy 2012 final

  1. 1. PubliGroupeFinancial results 20120Zurich, 8 March 2013
  2. 2. Overview presentation orderAgenda item Presenter Overview of FY 2012 figures & main Arndt C. Groth: 1 developments & overview segment results CEO Andreas Schmidt: 2 Key financials group & update share buy-back CFO Arndt C. Groth: 3 Conclusion & outlook 2013 CEO1
  3. 3. Net result of CHF 50.2 million;operating profitof CHF 1.6 millionOverview FY 2012 figuresArndt C. Groth, CEO2
  4. 4. Note relating to accounting principlesAdditional information : change to Swiss GAAP FER Additional information regarding PubliGroupe Swiss GAAP FER consolidated financial statements • Income statement: EBIT and EBITDA removed and replaced by Operating result, new line non-operating result added • Balance sheet: equity reduced by the offset of acquired goodwill Net revenue • Revenue now presented net, that means only earned commission as a result of the business model having changed over time (from principal to agent role) Consolidation of local.ch and Zanox – pro forma figures • Proportional consolidation not applied in 2012 • For transparency purposes, a pro forma segment reporting (i.e. with proportional consolidation) was added for Search & Find and Digital & Marketing Services • The pro forma segment reporting is not part of the Swiss GAAP FER consolidated financial statements3
  5. 5. FY 2012 group results 1 2Results impacted by non-recurring elements 3• Net profit for the Group of CHF 50.2 million Net Revenue, in millions of CHF for 2012 after CHF 27.7 million in 2011 400 -17% (restated1)) 343.1 285.1• Media Sales provided disappointing results 300 in 2012 in face of a very difficult print market 200 environment marked by further sharp 100 declines• Search & Find and Digital & Marketing 0 2011 Restated 2012 Services (DMS) with its key associate Zanox provided solid results within expectations Operating and Net Results, in millions of CHF• Small operating result of CHF 1.6 million 2011 Restated 2012 versus CHF 21.9 million in 2011 (restated) 100 +81%• Total billings dropped by 13% from CHF 80 1305.0 million to CHF 1134.6 million 60 -93% 50.2• Net revenue decreased by 17% from CHF 40 21.9 27.7 343.1 million to CHF 285.1 million 20 1.6 0 Operating Net result Result1) Note: 2011 figures were restated according to Swiss GAAP FER in order to be comparable with 20124
  6. 6. FY 2012 business segment summary 1 2 3 • Operating loss of CHF -16.1 million, despite Operating result, in millions of CHFMedia Sales reduced cost base of CHF 14.1 million 2011 Restated 2012 • Downsizing costs reached CHF 6.1 million in 2012 and CHF 3 million in 2011 30 27.2 22.4Search & Find • Search & Find: operating result of CHF 22.4 20 million versus CHF 27.2 million in 2011 • Decrease due to some accounting effects 10 7.4 6.1 related to personnel and sales expenses • Operating result of CHF 6.1 million compared 0 with CHF 7.4 million in 2011 because of lowerDMS results at Zanox and start-up costs of Spree7 -5.1 -10 -9.3 -11.7 • Operating result dropped from CHF -9.3 -20 -16.1Corporate& others million in 2011 to CHF -11.7 million; share Media Search & Digital & Corporate Sales Find Marketing & Others in result of associates was lower than in Services the previous year at Freie Presse Holding and other print media associates5
  7. 7. FY 2012 online performance *pro forma (with proportional 1 2Online revenue over half of business consolidation of local.ch and zanox) 3 Online net revenues, in millions of CHF 400• Group companies registered consolidated online net revenue of CHF 66 million in 2012 -2.2% 350 compared to CHF 82 million in 2011. This CHF 16 million decrease is due to the sale of 43.9 20.7 300 Namics in June 2012• Including the CHF 556 million (not 250 consolidated) revenue posted by Zanox Group and the non-consolidated online 200 264.6 portion of revenue at local.ch, PubliGroupe’s 254.8 activities in the online services business 150 achieved cumulative net revenue of CHF 662 million in 2012 versus CHF 653 million in 100 2011 50 31.2 36.8 - 10.9 11.2 2011 2012 namics DMS (without namics) Search&Find Media Sales6
  8. 8. Strong operating results inSearch & Find & DMS;unsatisfactory performanceby Media SalesOverview FY 2012 business segment figuresArndt C. Groth, CEO7
  9. 9. Media Sales 1 2Media Sales suffers under weak market environment 3• Optimisation measures insufficient to make Net Revenue, in millions of CHF up decline in net revenue of 14% from CHF 200 174.3 -14% 174.3 million to CHF 149.4 million in 2012 149.4• Billings down by 13% in 2012, from CHF 150 1030.9 million to CHF 895.4 million for 2012 100• International business, 24% of MS, down 50 17% to CHF 36.5 million in 2012 (previous year: CHF 44.2 million). Weakness in the 0 Actual Actual 2012 advertising business, especially in the 2011 restated European & US markets, and to the sale of Operating and Net Results, in millions of CHF the business in Australia in 2011 2011 Restated 2012• Break-even result anticipated for Media Sales 0 in 2013 -5• At the end of 2012, the headcount (FTE) in -5.1 -10 -7.4 the business segment Media Sales was 1066 (FTE) compared to 1196 at the end of 2011 -15 -13.5 -16.1 -20 Operating Net result Result1) Note: 2011 figures were restated according to Swiss GAAP FER in order to be comparable with 20128
  10. 10. Costs decreased to adjust to lower volumesCost reduction measures implemented with noticeable effect for 2013 Billings1, CHF M • Cost-cutting Expenses, CHF M Revenue, CHF M 3,000 1100 1031 1966 measures 1736 2,000 1296 1000 1174 895 announced at 1,000 900 the end of 2011 with ,0 800 substantial 293.7 impact but not Op. Expenses2 300 271.7 200 171 sufficient to 157 compensate 250 230.1 lower volumes 150 200 179.7 • Strongly reduced cost 150 100 base for 2013 20 13.0 - -5.1 and continued EBIT, CHF M 0.5 Op. Result1 (5) -9.43 right-sizing to 0 (10) anticipate print -20 -29.0 -29.0 -16.1 market decline (15) -40 (20) 2007 2008 2009 2010 2011 20121) According to Swiss GAAP2) According to Swiss GAAP, excl. depreciation3) Excl. the effect of non-recurring9
  11. 11. Decrease of print exceeded expectations and appears tostay at same pace Swiss print advertising revenue Print outlook 2013 2012 vs. 2011 (estimate Publicitas = -8%) -3% -4% -5% -5% -6% - -8% -10% -8% Ø -9 -10% -11% -11% -11% -12% -14% -16% “Also depending on Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sep. Oct. Nov. Dec. GDP development” Source: WEMF; Prognosis PWC 201310
  12. 12. Major effects on 2012 operating resultDownsizing measures lead to substantial Opex reductions ACT 2011 Gross Profit Realised Opex ACT 2012 decline reductions -0.1 -5.0 -9.4 -5.1 -25.4 -6.7 -16.0 -16.1 Op. Result Non-recurring -25.4 -16.011
  13. 13. Strategic initiatives 2013Continuation of initiated optimization and growth measures1st PILLAR Swiss business & Central cost • Finalize sales efficiency • Reduce IT landscape complexity massively and implement scalable Exploit print system based on standard software business: • Continue right-sizing to anticipate print market decline Leaner and more International flexible cost structure • Accelerate restructuring and leverage industry expertise Transparent service levels and operating autonomy • Redefine publisher relationships2nd PILLAR Grow Digital Accelerate the digital agenda • Accelerate digital and mobile product offering to address multiple & explore new advertising segments opportunities: Higher share of digital turnover and adjacent Grow new business media sales business • Accelerate development of comprehensive media portfolio12
  14. 14. New CEO Media Sales who will push aheadtransformation amidst changing media marketAlain D. Bandle• Swiss (60); master’s degree in business from the University of St. Gallen (lic. oec. HSG)• 2003-2009: In 2003 Bandle took over the management of Dell in Switzerland. As Vice-President and General Manager Public Segment Europe, he oversaw Europe-wide business relations in the public sector• 2009-2011: Bandle became CEO of Versatel AG in Düsseldorf, the third-largest alternative telecommunications company in Germany, which he repositioned and successfully sold to KKR in fall 2011• 2011-2013: Bandle served as Chairman European Operations of Satmap Inc. (www.satmapinc.com). He is also member of the supervisory board of Kooaba AG (www.kooaba.com)• Bandle is a regular guest lecturer for the Executive MBA programme of the University of St. Gallen13
  15. 15. New Board structure at Publicitas• Pascal Böni, Member of the Board of PubliGroupe, President• Arndt C. Groth, CEO of PubliGroupe, Delegate• Andreas Schmidt, CFO of PubliGroupe, Member• Christian Unger, Member of the Board of PubliGroupe, Member (subject to election by the General Assembly of 30 April 2013)14
  16. 16. Search & Find 1 2Strong results; high sales efforts as future investment 3• Search & Find most important earnings driver with Net Revenue, in millions of CHF an operating result of CHF 22.4 million versus CHF 27.2 million in 2011 120 106.4 -3% 103.2• Net revenue of the segment was slightly smaller 80 at CHF 103.2 million against CHF 106.4 million in the previous year 40• The decrease in operating performance in PubliGroupes consolidated figures is partially due 0 to some accounting effects related to personnel 2011 Restated 2012 and sales expenses• In 2012 sales efforts have been ramped up to Operating and Net Results, in millions of CHF profit from a solid online market position in 2011 Restated 2012 Switzerland 40 -18%• Order intake for a three-year period shows strong 30 27.2 -14% growth for the years to come 22.4 19.4 20 16.6• local.ch has been able to maintain performance level due to the very successful double migration 10 from print to online and from broadscreen to mobile and smartphones 0 Operating Net result Result15
  17. 17. local.ch 1 2Order intake for a 3-yr. period shows strong growth for years to come 3 NWE Total REVENUE NWE Online NWE Print 2008 2009 2010 2011 2012• The turnaround in order intake (Nettowerbeerfolg, NWE) was achieved in 2010. Due to the three year contracts, the revenue decline slowed down, but continued in 2011 and 2012. For 2013, local.ch expects the turnaround also in revenue• Key drivers behind online order intake are mobile products as well as new content products (e.g. website production)16
  18. 18. Search & Find * pro forma (with proportional 1 2Pro forma more adequate consolidation of local.ch) 3• On a pro forma basis (proportional consolidation), Net Revenue, in millions of CHF more adequately describing the joint-management 120 111.6 -1% 110.5 and governance structure of the three units LTV AG, Swisscom Directories AG and local.ch AG, the segments operating result decreased from 80 CHF 24.2 million in 2011 to CHF 21.7 million in 2012. The pro forma net revenue of the segment 40 Search & Find decreased slightly by 1% to CHF 110.5 million 0 2011 Restated 2012 Operating and Net Results, in millions of CHF 2011 Restated 2012 40 -10% 30 -14% 24.2 21.7 19.4 20 16.6 10 0 Operating Net result Result17
  19. 19. Close-up view local.ch 1 2Strong online position confirmed, head-to-head with search.ch 3 2012 2011 % in millions of CHF restatedRevenue C-Media 86.1 97.6 -12% E-Media 71.7 61.2 17% Other 51.1 52.1 -2% Total revenue 208.9 210.9 -1%• Online growth also driven by existing and new (mobile) products Online (consolidation 100%), in millions of CHF 80 71.7 61.2 +17% 60 40 20 0 2011 Restated 201218
  20. 20. Local.ch reaches top positionSuccessfully strengthened leading position on mobileSource: Netmatrix19
  21. 21. Digital & Marketing Services 1 2Namics sale leads to high net result 3• Segments net profit was CHF 15.8 million DMS Net Revenue, in millions of CHF (CHF 6.7 million in 2011, restated) as it 60 52.1 benefited from the gain of CHF 10.3 million on 50 -47% the disposal of Namics 40 27.7 30• At the operating level, the 2012 result was 20 CHF 6.1 million compared with CHF 7.4 million 10 in 2011 (restated) 0 2011 Restated 2012• Drop in the operating result primarily due to Operating and Net Results, in millions of CHF start-up costs of Spree7 2011 Restated 2012 40 30• Segment net revenue is down at CHF 27.7 +136% million in 2012 compared with CHF 52.1 20 -18% 15.8 million in the prior year period - contraction 7.4 10 6.1 6.7 mainly from Namics, which was only consolidated from January to mid-June 2012 0 Operating Net result Result20
  22. 22. Digital & Marketing Services * pro forma (with proportional 1 2Pro forma view including Zanox consolidation of zanox) 3• Through the perspective of pro forma, Net Revenue, in millions of CHF including a proportional consolidation of 350 306.1 -5% Zanox, the segments operating result was 291.6 300 CHF 12.9 million compared to CHF 14.2 250 million in 2011, a decline of 9% 200 150• On a pro forma basis, net revenue was CHF 100 291.6 million versus CHF 306.1 million in 2011, 50 a decline of 5% driven by the sale of Namics 0 2011 Restated 2012• In December 2012, PubliGroupe completed the acquisition of 85% of Improve Digital, a Operating and Net Results, in millions of CHF leading European provider of sell-side platform 2011 Restated 2012 (SSP) technology and services. With this 40 acquisition, the Group takes an important step 30 -9% +136% in its development within the digital industry 20 14.2 15.8 12.9 10 6.7 0 Operating Net result Result21
  23. 23. Digital & Marketing Services 1 2Zanox defends top position in competitive European market 3 • In 2012 Zanox revenue reached EUR 461.4 Zanox Net Revenue, in millions of CHF million, an increase of EUR 21.4 million 500 440.0 +5% 461.4 compared to the prior year 400 • Zanox is the clear number 1 in the 300 European Affiliate Marketing segment, 200 ahead of its direct competitor Tradedoubler 100 (EUR 269 million) 0 2011 Restated 2012 • 2012 EBITDA of EUR 28.0 million was slightly down compared to last year (EUR Zanox EBITDA (100%), in millions of EUR 28.3 million), partly due to increased 28.3 -1% 28.0 investments in products, service and the 30 internationalization 25 20 • Zanox operates in a traditional single digit 15 10 margin segment with a 2012 EBITDA 5 margin of 6.1% 0 2011 Restated 201222
  24. 24. Improve Digital 1 2Leading European SSP player 3 Company facts • Founded in 2008 with headquarters in Amsterdam and offices in London, Madrid, Munich and Paris; • Joelle Frijters (CEO) 60 employees • Janneke Niessen (CIO) • Proprietary technology, RTA enabled - the 360 Yield Platform • Over 70 premium European publishers • Billings in 2012 expected to reach CHF 20 mio, more than double compared to last year• PubliGroupe acquires 85% of Improve Digital • Close to 100bln ad impressions running through the• PubliGroupe intends to invest (up to CHF 8 Mio) in the platform company to accelerate its geographical expansion• Publicitas will use Improve Digital technology for its high premium market place Rising Star 2011 Award23
  25. 25. Solid balance sheet; Group’sequity at CHF 195.6 millionKey financials GroupAndreas Schmidt, Chief Financial Officer24
  26. 26. P&L Group 1 2Cost reduction can not compensate revenue decline 3 2012 2011 in millions of CHF Restated Billings * -13% 1134.6 1305.0 Net revenue -17% 285.1 343.1 Purchases -21% -17.1 -21.6 Gross profit -17% 268.0 321.5 Operating Expenses -10% -289.1 -322.6 Depr. & Amort. -24% -4.8 -6.3 Share in associates -7% 27.4 29.4 Operating result -93% 1.6 21.9 Financial result -49% -1.8 -3.5 Ordinary result - -0.2 18.4 Non-operating result - 66.1 20.7 Income taxes 169% -12.0 -4.5 Minority interests -46% -3.7 -6.9 Net Result 81% 50.2 27.7 Headcount (FTE) -471 1702 2173 * Billings represent the gross amounts billed to clients (including the value of ad space).25
  27. 27. Non-operating Result 1 2Non-operating represents important part of result 3 2012 2011in millions of CHF Restated Gain on Namics sale 10.3 Gain on SOP sale 3.1 Real Estate - Gain on sale 49.6 4.8 Real Estate - Rental inc./Cost & depr on properties 4.4 6.6 Gain on EVE sale 12.3 Other (mainly rent elimination) -1.3 -3.0 Non-operating result 66.1 20.726
  28. 28. Operating result by segment 1 2Unsatisfactory operating result 3 2012 2011in millions of CHF Restated Media Sales -16.1 -5.1 Search & Find 22.4 27.2 Digital & Marketing Services 6.1 7.4 Corporate & Others -11.7 -9.3 Eliminations Group 0.9 1.7 Operating result 1.6 21.927
  29. 29. Headcount by segment 1 2FTE reduction at MS according to plan, smaller DMS (Sale of Namics) 3 2012 2011FTE End december End december Media Sales 1066 1196 Search & Find 512 512 Digital & Marketing Services 59 387 Corporate & Others 65 78 Total Headcount 1702 217328
  30. 30. Financial Result 1 2Negative financial income mainly due to Tamedia position 3 2012 2011in millions of CHF Restated Interest income 0.5 1.4 Income from marketable securities and investments 1.3 2.6 Financial income 1.8 4.0 Interest expenses -1.3 -2.6 Loss on marketable securities and investments -1.5 -2.0 Net currency exchange differences -0.8 -2.9 Financial expenses -3.6 -7.5 Net financial Result -1.8 -3.529
  31. 31. Cash flow statement 1 2Satisfactory operating cash flow due to Search & Find 3 2012 2011in millions of CHF RestatedCash and cash equivalents as of 1 January 109.3 102.5Cash flows from operating activities 22.0 8.0Cash flows from investing activities 63.1 61.1Cash flows from financing activities -31.8 -62.3Effect of exchange rates on cash and cash equivalents -0.4Cash and cash equivalents as of 31 December 162.2 109.330
  32. 32. Group balance sheet 1 2Strong balance sheet & cash positions 3 as of 31 December as of 31 December 2012 2011in millions of CHF RestatedCurrent assets 379.2 368.4Non-current assets 153.0 173.8Total assets 532.2 542.2Current liabilities 250.9 264.2Non-current liabilities 72.6 90.6Equity, shareholders of PubliGroupe Ltd 195.6 171.0Minority interests 13.1 16.4Total liabilities and equity 532.2 542.2Equity in % of assets 37% 32%31
  33. 33. Share buy-back programmeAmbition to return CHF 47 million to shareholdersPlanned return of proceeds: • As announced previously, PubliGroupe intends to return a big part of the proceeds generated by the sale of the real estate assets to its shareholders • The ambition of the board is to pay back a total of CHF 47 million • A share buy-back programme of CHF 25 million via a second trading line on the SIX Swiss Exchange, approved by the Board of Directors has been launched the 3rd January 2013 • The Board of Directors will propose at the 2013 Annual General Meeting a dividend of CHF 10 per share, resulting in a dividend payment of about CHF 22 million32
  34. 34. Share buy-back programmeTiming, conditions and result YTDKey characteristics of the share buy-back programme: • Trading period from January 3rd 2013 to April 30th 2013 • The share buy-back is processed via a second trading line on the SIX • The repurchase price on the second line will be driven by the share price on the first line • Based on a current share price, approx. 6.7% of the total shares outstanding will be repurchased to complete the programme by PubliGroupe • YTD PubliGroupe has repurchased 127559 shares at CHF 149.75 (average price) for CHF 19.1 million. This repurchase represents 5.09% of all shares outstanding. In addition, PubliGroupe holds124500 treasury shares and its Employee Foundation holds 5000 shares resulting in PubliGroupe currently holding in total of 10.25% of all outstanding shares • Remaining amount (CHF 5.9 million) is planned to be realized within March/April 2013. Therefore no request for prolongation of the programme but a capital decrease for the repurchased shares is foreseen33
  35. 35. Key agenda points General Assembly 2013These are the most prominent agenda points that are submittedto the shareholders at the General Assembly of 30 April 2013:• The Board will propose to elect Christian Unger (German, 45), a renowned media specialist and who was Chief Executive Officer of Ringier Group from January 2009 until April 2012 Two members of the Board will retire from their functions: Eliane Borter (68) and Peter Brunner (68) will step down as members of the PubliGroupe Board of Directors after nine and ten years of service respectively• The Board of Directors will propose a dividend of CHF 10 per share, resulting in a dividend payment of about CHF 22 million• Immediate implementation of initial elements of the Minder initiative - election and reelections for one year (compared to the previously existing term of three years) - vote on the fixed compensation of the Board of Directors and the management for 201334
  36. 36. Conclusion & outlook 2013ConclusionArndt C. Groth, CEO35
  37. 37. Conclusion 1 2Preparing the Group for the digital marketing world 3• Market conditions are in constant change: print will continue to decline, digital and now especially mobile will continue to gain in importance• PubliGroupe assets need to be refocused to strengthen regional, national and international network• Media business will continue to be primary DNA, but automation of processes necessary• For 2012 the sale of a significant portion of the real estate portfolio and its Namics subsidiaries allowed PubliGroupe to achieve a net profit for the Group of CHF 50.2 million for 2012 after CHF 27.7 million in 2011• On the business level, as in the previous year, Media Sales provided disappointing results in 2012 in face of a very difficult print market environment marked by further sharp declines• In 2013, already-implemented cost reduction measures and new, mostly digital business should allow Media Sales to reach a break-even operating result under the new leadership of Alain D. Bandle - even in a declining print market of 8%• At Search & Find, the excellent performance in the online and mobile areas should help this segment to slightly outperform the prior year level. For DMS expectations are that Zanox will be able to capitalise on market position36
  38. 38. PubliGroupe well represented in complex ecosystem 1 2 Strengthen and focus stakes 3Source: IAB; Google; Press 37
  39. 39. Based upon trends and priorities, focus on following 1 2strategic themes going forward 3 PubliGroupe Digital & Marketing Search & Find Media Sales Corp & Others Services • Further develop • Redefine publisher • Capitalise on • Leaner Group mobile & digital relationships to Zanox leadership structure offering obtain operational in Europe • Management of • Invest in trans- autonomy • Materialise on key non-strategic action-oriented • Accelerate growth trends - RTA, assets fields (ie online initiatives and mobile, data booking) growing digital • Strengthening • Increase sales • Further portfolio through force efficiency harmonising M&A and effectiveness processes + IT “Transformation and growth in sales and services”38
  40. 40. Group KPIs (on Swiss GAAP FER basis) 1 2Financial objectives for Group 3 PubliGroupe Target Target 2015 Result 2011 * indicator Profitability Operating result CHF 40 - 50 m CHF 21.9 m Earnings per share ** CHF 12 - 17 CHF 11.8* restated, Swiss GAAP FER** 2015: after share buy-back programme39
  41. 41. Backup Slides40
  42. 42. BackupConsolidated income statement 2012 2011 in millions of CHF Restated Billings * 1134.6 1305.0 Net revenue 285.1 343.1 Purchases -17.1 -21.6 Gross profit 268.0 321.5 Personnel expenses -211.6 -238.7 General and administrative expenses -78.8 -84.4 Depreciation of tangible assets -3.8 -5.1 Amortisation of intangible assets -1.0 -1.2 Other operating income 1.9 0.5 Other operating expenses -0.5 -0.1 Share in result of associates 27.4 29.4 Operating result 1.6 21.9 Financial result -1.8 -3.5 Ordinary result -0.2 18.4 Non-operating result 66.1 20.7 Result before income taxes and minority interests 65.9 39.1 Income taxes -12.0 -4.5 Result before minority interests 53.9 34.6 Minority interests -3.7 -6.9 Result attributable to shareholders of PubliGroupe Ltd 50.2 27.7 Earnings per share (in CHF) 21.2 11.8 * Billings represent the gross amounts billed to clients (including the value of ad space).41
  43. 43. BackupConsolidated balance sheetAssets as of 31 December as of 31 December 2012 2011in millions of CHF RestatedCash and cash equivalents 162.2 109.3Marketable securities 12.9 14.4Trade receivables (net) 167.4 198.0Other receivables 20.9 18.3Accrued income and prepaid expenses 15.8 28.4Current assets 379.2 368.4Investment properties 34.0 42.9Owner-occupied properties 0.1 22.3Equipment 7.0 10.8Intangible assets 5.0 2.1Investments in associates 79.3 76.8Financial assets 25.3 14.9Deferred tax assets 2.3 4.0Non-current assets 153.0 173.8Total assets 532.2 542.242
  44. 44. BackupConsolidated balance sheetLiabilities and equity as of 31 December as of 31 December 2012 2011 in millions of CHF Restated Current debts 0.9 0.2 Trade payables 122.2 128.1 Other payables 29.3 33.1 Accrued expenses and deferred income 89.5 94.2 Current provisions 9.0 8.6 Current liabilities 250.9 264.2 Non-current debts 40.3 50.0 Share in negative equity of associates 22.8 30.9 Deferred tax liabilities 2.2 3.0 Non-current provisions 7.3 6.7 Non-current liabilities 72.6 90.6 Total liabilities 323.5 354.8 Share capital PubliGroupe Ltd 2.5 2.5 Treasury shares -35.0 -43.9 Capital reserves -0.3 5.6 Retained earnings 228.4 206.8 Equity, shareholders of PubliGroupe Ltd 195.6 171.0 Minority interests 13.1 16.4 Total equity 208.7 187.4 Total liabilities and equity 532.2 542.243
  45. 45. BackupCash flows from operating activities 2012 2011in millions of CHF RestatedResult before minority interests 53.9 34.6Share in result of associates -27.4 -29.4Depreciation and amortisation (incl. non-operating) 6.1 7.5Changes in provisions (incl. deferred income taxes) 2.7 -2.2Gain/loss on disposals of fixed assets -49.7 -5.0Gain/loss on disposals of subsidiaries and associates -13.4 -11.6Adjustments for other non-cash items 13.4 9.4Dividends received 21.6 16.1Interest received 0.4 1.4Interest paid -1.4 -3.1Taxes paid -5.6 -5.6Changes in net trade receivables 25.3 23.1Changes in other receivables, accrued income and prepaid expenses 12.2 -2.9Changes in trade payables -14.0 -23.3Changes in other payables, accrued expenses and deferred income -2.1 -1.0Cash flows from operating activities 22.0 8.044
  46. 46. BackupCash flows from investing activities 2012 2011in millions of CHF RestatedAcquisitions of tangible assets -2.9 -2.4Disposals of tangible assets 81.4 14.3Acquisitions of intangible assets -1.4 -0.7Acquisitions of subsidiaries, net of cash acquired -16.1 -4.9Disposals of subsidiaries, net of cash disposed of 6.9 13.0Disposals of associates 3.7 0.7Investments in financial assets -4.1 -1.0Divestments of financial assets - 42.1Taxes paid -4.4 -Cash flows from investing activities 63.1 61.145
  47. 47. BackupCash flows from financing activities 2012 2011in millions of CHF RestatedIncrease in non-current debt - 0.2Repayment of non-current debt -10.2 -43.0Purchase of treasury shares -1.8 -4.7Sale of treasury shares 1.1 5.2Increase in capital reserves 0.1 0.1Decrease in capital reserves -5.2 -Dividend paid to shareholders of PubliGroupe Ltd -8.9 -14.1Dividends paid to minority interests by Group companies -6.9 -6.0Cash flows from financing activities -31.8 -62.346
  48. 48. BackupShare buy-back programmeSituation on March, 7th 2013Share Capital 2507059 %Treasury shares 124500 4.97%Share buy-back 127559 5.09%Patronage funds shares 5000 0.20%Total 257059 10.25%Outstanding shares 2250000Expected remaining share buy-back 41250Expected outstanding share after buy-back 220875047
  49. 49. Note relating to accounting principlesAdditional information: change to Swiss GAAP FER Additional information regarding PubliGroupe Swiss GAAP FER consolidated financial statements • Income statement: the structure of the income statement was reviewed in order to comply with Swiss GAAP FER. Therefore, a new line “non-operating result” has been added for income and expenses related to investment properties and for gains and losses related to disposals of subsidiaries, associates and properties. As a result, the lines “EBIT” and “EBITDA” (that included “non-operating result”) had to be removed. Instead, PubliGroupe will use the line “operating result” for its external communication. The advantage of these changes is that the pro forma key figures presented in previous years (i.e. excluding non-recurring items) are no longer necessary. • Balance sheet: the significant decrease in the total assets is mainly due to the offset of the acquired goodwill with the equity as allowed by Swiss GAAP FER. Net revenue • Due to both the companys business model having changed over time and the fact that accounting policies and presentation of financial statements were analysed in details as part of the conversion process, PubliGroupe now presents its revenues from the commercialisation of ad space with the net revenue method (commission earned only). Previously the revenues were presented with the gross method including the total value of the commercialised ad space. For sake of clarity, the total amounts billed to clients, including the value of ad space, is presented under the line “Billings” and may be compared to the gross revenue presented in the past. Consolidation of local.ch and Zanox – pro forma figures : • In order to more clearly describe the business development and performance of the segments Search & Find (for local.ch) and Digital & Marketing Services (for Zanox), a pro forma segment presentation has been added. The term “pro forma” refers to the presentation with proportional consolidation. The pro forma segment reporting is not part of the Swiss GAAP FER consolidated financial statements.48

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