PubliGroupe Half-Year Results 2012

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  • In case someone is asking the background to adjustment in respect of Media Sales (note 3). The adjustments consists of: + 2.7m for SOP (elimination of SOP operating effect, see Q&A) – 1.2 restructuring expenses – 2.9 ATK (restructuring) fee =-1.4m.
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  • PubliGroupe Half-Year Results 2012

    1. 1. “FINANCIALRESULTS HY1 2012 “PubliGroupe shows net profit 2012 of CHF 10.8 million –online revenue continues to gain in importance –Media Sales posts loss – announced measureslargely implemented1
    2. 2. Overview presentation orderAgenda item Presenter Overview of HY1 2012 figures & main Hans-Peter Rohner: 1 developments & overview segment results CEO & Chairman of the Board Andreas Schmidt: 2 Key financials group & update real estate Chief Financial Officer Hans-Peter Rohner: 3 Conclusion & outlook 2012 CEO & Chairman of the Board2
    3. 3. Overview HY1 2012 Figures“Good results in search &online business; Media Salesposted loss “ Hans-Peter Rohner CEO & Chairman of the Board3
    4. 4. Note relating to accounting principlesAdditional information re: change to Swiss GAAP FER Additional information regarding PubliGroupe Swiss GAAP FER 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 in-vestment 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 (and related intangible assets) with the equity as allowed by Swiss GAAP FER. Net revenue: • Due to changes in the business models, 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 & Zanox – pro forma figures: • Due to the current discussion with the SIX Exchange Regulation, local.ch and Zanox will not be consolidated proportionally in the half year results 2012 as announced earlier by PubliGroupe. Instead the previous consolidation methods are applied, which means that LTV is fully consolidated with presentation of the minority interests and Swisscom Directories/ local.ch and Zanox are presented with the equity method. In order to more clearly describe the business development and performance of the affected segments (Search & Find for local.ch and Digital & Marketing Services for Zanox), a pro forma segment presentation for the two segments 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 interim financial statements.4
    5. 5. HY1 2012 group results 1 2Results impacted by non-recurring elements; stable net revenue; 3 • Net result of CHF 10.8 million for the first six Net Revenue, in millions of CHF months 2012 under Swiss GAAP FER (previous 200 0% year CHF 23.3 million 2011) 153.0 152.3 • Operating result CHF 2.3 million (previous year: 150 CHF 4.1 million) 100 • Results benefited from non-operating elements 50 of CHF 15.4 million, same as last year • Reported net revenue remained stable at CHF 0 1st half year 1st half 152.3 million (previous year CHF 153 million), 2011 restated year 2012 drop in revenue at Media Sales offset by higher revenue at Search & Find Operating and Net Results, in millions of CHF • On the basis of billings, group generated 1st half year 2011 restated 1st half year 2012 revenues in the first half-year of CHF 582.6 million (previous year: CHF 634.4 million). -53% 23.3 • With pro forma* inclusion of revenue generated 25 by Zanox and local.ch accumulated online 20 15 -43% revenue of CHF 147.3 million (+1.5% and +6% 10.8 at constant exchange rates). 10 4.1 2.3 • Online revenue accounts for 52% of 5 PubliGroupe’s total business on a pro forma* 0 Operating result Net result basis. *Pro forma (with proportional5 consolidation of local.ch and zanox)
    6. 6. HY1 2012 business segment summary 1 2 3 Operating result, in millions of CHF • Lower 1st half results due to a stronger-than-expected 1st half year 2011 restated 1st half year 2012Media Sales downturn in the market overall • Cost-cutting measures announced at the end of 2011 15 14.3 introduced more rapidly than had been planned; over course of 2012 they will gradually contribute to a further reduction in the cost base 10 • Affirmation of impressive earnings power and 5 3.8 4.6& FindSearch successful shift to online and mobile business. 2.0 • Difference at the operating level also due to seasonal pattern changes at LTV, which generated more 0 business in first half -1.7 • Drop in operating result because of lower operatingDMS results at Zanox, launch costs for start-up Spree7 and -5 -3.6 differences in valuation of purchase options of the Zanox subsidiary Digital Windows -6.5 -10 -8.2Corporate & others • Prior-year benefited from Emphasis Video Media Search Digital & Corporate Entertainment in Hong Kong that was sold in 2011. Sales & Find Marketing & others Services6
    7. 7. HY1 2012 online performance *pro forma (with proportional 1 2Online revenue over half of business consolidation of local.ch and zanox) 3 Online revenues, in millions of CHF• With the pro forma* inclusion of 160 +1.5% PubliGroupes share of revenue generated by the Zanox Group (PubliGroupe holds 47.5%) 4.6 4.6 Media Sales 140 and local.ch (in which PubliGroupe holds a 15.3 17.5 Search & Find 49% stake), PubliGroupe achieved 120 accumulated revenue of CHF 147.3 million (+1.5% and +6% at constant exchange 100 rates). 80• Online revenue accounts for 52% of PubliGroupe’s total business on a pro forma* 60 125.3 125.2 Digital & basis. Marketing Services• At Publicitas numerous online initiatives are 40 under way that should have a positive impact 20 on online sales; currently level highly unsatisfactory (especially in Switzerland 0 where online revenue is below 5%) 1st half year 1st half 2011 restated year 20127
    8. 8. Media Sales 1 2Media Sales suffers under weak market environment 3 Net Revenue, in millions of CHF • Downturn in net revenue concentrated in two main areas: major daily newspaper/financial 120 -14% press as well as in so-called national market 86.6 74.3 80 • Management contracts ("Regieverträge") still play an important role, relative importance 40 lessened again • Volume of international business, around 25% 0 of business, with decline of 15% to CHF 17.5 1st half year 1st half million in 2012 (CHF 20.6 million). Downturn 2011 restated year 2012 due to weakness, in particular in the European and US markets, and the sale of the business Operating and Net Results, in millions of CHF in Australia. In contrast, the Asian markets 1st half year 2011 restated 1st half year 2012 performed well 0 • The net result of CHF -5.5 million (previous -2 year: CHF -2.3 million) benefited from non- -1.7 -4 -2.3 operating proceeds stemming from the disposal of its share in Südostschweiz -6 -5.5 Publicitas and were negatively impacted by re- -8 structuring costs at Publicitas -10 -8.2 • -100 FTEs; 1,128 FTEs worldwide (end of Operating result Net result June 2011: 1,228 FTEs)8
    9. 9. Measures taken along two pillarsStrengthen traditional business and accelerate growth of digital activities1st PILLAR Optimisation measures being launched:  Become yet leaner and more adapted STRENGTHEN Leaner and to market the traditional more flexible print business  Intervention and enrichment of print cost offerings along three areas: Switzerland, structure international, central functions2nd PILLAR Grow digital footprint: ACCELERATE  Further invest in digital initiatives the digital Higher share agenda  Develop new digital products to drive of digital & explore new growth turnover opportunities9
    10. 10. Costs decreased to adjust to lower volumesCost reduction measures continue at accelerated pace 3,000 530 517Revenue 1,966 Billings1 1,736 Cost-cutting 2,000 1,296 1,174 1,029 measures 480 1,000 449 announced at CHF M ,0 CHF M 430 the end of 2011 293.7 are being Op. Expenses2 300 271.7 120 85 78 introduced moreExpenses 230.1 250 70 rapidly than had 179.7 been planned 200 166 20 CHF M 150 CHF M -30 Over the course 20 13.0 - 0.5 of 2012 they will Op. Result1 0 -1.7 graduallyEBIT (5) -6.83 contribute to a -29.0 -29.0 -20 -11.5 further reduction -8.2 in the cost base -40 CHF M (10) CHF M 2007 2008 2009 2010 2011 HY2011 HY20121. According to Swiss GAAP2. According to Swiss Gaap excluding of depreciation3. Including the effect of non-operating income and expenses10
    11. 11. Search & Find 1 2Very good result of Search & Find with local.ch 3• Very strong year of Search & Find thanks to Net Revenue, in millions of CHF local.ch: operating result was CHF 14.3 million for 60 +50% 51.2 2012 versus CHF 3.8 million in 2011 due to seasonal pattern changes with LTV, which 40 34.1 generated more business in the first half of the year 20• Revenue for online and mobile products up 16.3%; use of traditional telephone books 0 1st half year 1st half continues to perform at a high level. 2011 restated year 2012• Overall, online and mobile products make up 32% of the business. 55% of order intake is with digital Operating and Net Results, in millions of CHF products, while 45% is with print products. 1st half year 2011 restated 1st half year 2012• In the first half-year of 2012, local.ch continued strategy to move from being a provider that 14.3 +32% 15 operates exclusively in the area of “find” to one 10.5 that is also a provider in the areas of “search, 10 8.0 find, book”. 5 3.8• Stable headcount for segment 0 Operating result Net result11
    12. 12. Search & Find *pro forma (with proportional 1 2Online and mobile very strong consolidation of local.ch) 3• On a pro forma* basis, proportional Net Revenue, in millions of CHF consolidation of the entire business of local.ch, 60 +8% 56.2 52.0 the operating result grew to CHF 13.4 million for 2012 from CHF 10.8 million in 2011 40• On a pro forma* level the revenue is up 8% at CHF 56.2 million. At local.ch revenue for online 20 and mobile products was up 16.3%. At the same time, the use of traditional telephone 0 1st half year 1st half books continues to perform at a high level 2011 restated year 2012 Operating and Net Results, in millions of CHF 1st half year 2011 restated 1st half year 2012 +24% +32% 15 13.4 10.8 10.5 10 8.0 5 0 Operating result Net result12
    13. 13. Consolidation local.ch 1 2Strong online position confirmed, head-to-head with search.ch 3 In millions HY1 2012 HY1 2011 % Unique audience HY1 2012, in millions of CHF restated 3.5 3.0 Print 47.5 42.4 12%Revenue 2.5 2.0 Online 34.2 29.4 16% 1.5 Other 24.9 26.0 -4% 1.0 0.5 Total revenue 106.6 97.8 9% 0.0Profitability EBITDA growth (*HY1 2011 restated) +13% EBIT growth (*HY1 2011 restated) +21% Online (consolidation 100%), in millions of CHF 40 34.2 29.4 +16% • Print growth due to seasonal 30 pattern changes 20 • Online growth also driven by 10 0 existing and new (mobile) products HY1 2011 HY1 201213
    14. 14. Local.ch 1 2Successfully strengthened leading position on mobile 3• 1.8 million down- 2.0 1.8 million downloads Monthly use all platforms, in millions loads of local app on 1.8 all mobile platforms App downloads, in millions 1.6 (iOS,Android,Black- Cumulative downloads berry,W7,Nokia) 1.4 on all platforms• 54% usage growth 1.2 of local.ch app on 1.0 iPhone since August 54% usage growth 2011 0.8 0.6• Uncontested #1 in Mobile search & find 0.4 0.2 0.0 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 2011 2012Source: Official platform Stores (iOS,Android,Blackberry,W7,Nokia)Source: Usage rating by Apple14
    15. 15. Digital & Marketing Services 1 2Solid first half for DMS; Zanox strengthens leading market position 3• Slight reduction in net revenue of 3% and high net DMS Net Revenue, in millions of CHF result (+186%) due to the sale of Namics Digital SVB• In addition to Zanox and SVBmedia, Spree7 JV with 30 25.0 24.2 -3% MediaMath, the leading demand-side platform 3.9 3.6 20 provider, contributed to the DMS result. PubliGroupe owns 80% of the new company, 21.1 10 20.6 MediaMath 20%• Lower operating result due primarily to the lower 0 HY1 2011 HY1 2012 operating results at Zanox, investment costs during Note: Zanox Group not included, Namics Jan-May the launch phase of the start-up Spree7 and a Operating and Net Results, in millions of CHF temporary high financial gain last year in connection with foreign exchange effects in the valuation of 1st half year 2011 restated 1st half year 2012 purchase options of the Zanox subsidiary Digital +186% Windows, which was acquired in 2009 15 11.8• Headcount (excluding Zanox) down from 366 (end -57% 2011) to 53 at June 2012. On a comparable basis 10 (excluding Namics) a decrease of 16% (66 to 53 4.6 4.1 5 2.0 FTEs). 0 Operating result Net result15
    16. 16. Digital & Marketing Services *pro forma (with proportional 1 2Pro forma view including Zanox consolidation of zanox) 3• On a pro forma* basis (including a proportional Net Revenue, in millions of CHF consolidation of Zanox), net revenue is CHF 149.1 180 +3% million versus CHF 144.6 million in 2011, a growth 144.6 149.1 150 of 3% 120• On a pro forma* basis, the operating result is CHF 90 60 5.2 million versus CHF 7.4 million in 2011, a drop of 30 30%. 0 1st half year 1st half• Negative currency exchange effect impacts EUR 2011 restated year 2012 businesses (Zanox, SVBmedia, Namics Deutschland for the months before sale) with about Operating and Net Results, in millions of CHF -5%. 1st half year 2011 restated 1st half year 2012 +186% 15 -30% 11.8 10 7.4 5.2 4.1 5 0 Operating result Net result16
    17. 17. Digital & Marketing Services 1 2Zanox defends top position in competitive European market 3 Zanox Sales (100%), in millions of EUR • Zanox maintains its top position in European affiliate network segment with a 250 207.9 218.5 5% increase in net revenue to a total of 200 +5% EUR 218.5 Mio (Previous Year +22%) 150 100 50 • Investments in technology and new 0 markets - on top of a very competitive HY1 2011 HY1 2012 market environment - lead to a temporary reduction in profitability Zanox EBITDA (100%), in millions of EUR • While the strong position in Europe has been maintained, the international 15.0 13.3 expansion into attractive markets -22% 10.4 10.0 continues (Brazil, Poland, Turkey) 5.0 0.0 HY1 2011 HY1 201217
    18. 18. Digital & Marketing Services 1 2Spree7: DSP service provider founded as a JV with MediaMath 3BACKGROUND & POSITIONING self- managed• Joint Venture with MediaMath - a leading DSP technology provider top RTB service DSPs -service DSPs spree7 tech +• Service provider for efficient buying of digital ad space and result independ ent & driven campaign optimization poor RTB agency trading- specialists RTB me-toos (e.g. lead, retargeting) desks• Operating in DACH region, headquartered in Berlin tech no/low managed campaign service service solutionsMARKET• Strong interest in DSP-RTB in the market - window of opportunity is open now• International players have positioned themselves, new local players still entering the marketCURRENT STATUS AND NEXT STEPS• Core team hired and operational, further recruiting in progress• First campaigns successfully set-up, focus on ongoing sales & execution efforts• Emphasis in coming months on further ramp up of operations and sales18
    19. 19. Key Financials Group“Solid balance sheet;Group’s equity at “CHF 174.1 million Andreas Schmidt Chief Financial Officer19
    20. 20. P&L Group 1 2Stable revenue thanks to Search & Find; negative financial result 3in millions of CHF 1st half year 2012 1st half year2011 restatedBillings * -8% 582.6 634.4Net revenue 0% 152.3 153.0Purchases -16% -7.0 -8.3Gross profit 0% 145.3 144.7Expenses -2% -153.7 -157.3Depr. & Amort. -28% -2.3 -3.3Share in associates -34% 13.1 20.0Operating result -43% 2.3 4.1Financial result - -2.8 1.2Ordinary result - -0.5 5.3Non-operating result 0% 15.4 15.4Income taxes - -1.7Minority interests - -2.4 2.6Result -53% 10.8 23.3Headcount (FTE) -421 1784 2205* Billings represent the gross amounts billed to clients (including the value of ad space).20
    21. 21. Non-operating Result 1 2Non-operating represents important part of result 3 1st half year 2012 1st half year 2011in millions of CHF restatedGain on Namics sale 10.3Gain on SOP sale 3.1Gain on EVE sale 11.6Gain on City Media & Huashang sale 1.9Real Estate income 2.7 2.8Ordinary offices charges for investment properties -0.1 -0.2Real Estate depreciation (investment properties) -0.6 -0.6Non-operating result 15.4 15.421
    22. 22. Operating result by segment 1 2Very good Search & Find 3 1st half year 2012 1st half year 2011in millions of CHF restatedMedia Sales - -8.2 -1.7Search & Find - 14.3 3.8Digital & Marketing Services -57% 2.0 4.6Corporate & Others +85% -6.5 -3.6Operating result -43% 2.3 4.122
    23. 23. Headcount by segment 1 2FTE reduction at MS according to plan, smaller DMS (without Zanox) 3FTE End June 2012 End June 2011Media Sales -100 1’128 1’228Search & Find -2 530 531Digital & Marketing Services -313 53 366Corporate & Others -7 73 80Total Headcount -421 1’784 2’20523
    24. 24. Financial Result 1 2Lower financial income mainly due to Tamedia position 3 1st half year 2012 1st half year 2011in millions of CHF restated Interest income 0.1 0.7 Currency exchange differences -1.2 -0.7 Tamedia 0.7 0.5 China - 2.1 Income from marketable securities 0.7 2.6 Tamedia -1.8 -0.0 Others 0.1 0.1 Gains (loss) on marketable securities -1.7 0.1 Income from investments -0.0 0.0 Income from marketable securities and investments -1.0 2.7Financial Income -2.1 2.7Fincancial Expenses -0.7 -1.5Net Financial Result -2.8 1.224
    25. 25. Cash flow statement 1 2Unsatisfactory operational cash flow 3 1st half year 2012 1st half year 2011in millions of CHF restatedCash and cash equivalents as of 1 January 109.3 102.5Cash flows from operating activities 2.6 -25.1Cash flows from investing activities 4.9 22.6Cash flows from financing activities -21.2 -19.1Cash and cash equivalents as of 30 June 95.6 80.925
    26. 26. Group balance sheet 1 2Strong balance sheet & cash positions 3 as of 30 June 2012 as of 31 December 2011in millions of CHF restatedCurrent assets 335.7 368.4Non-current assets 175.8 173.8Total assets 511.5 542.2Current liabilities 250.2 264.2Non-current liabilities 76.0 90.6Equity, shareholders of PubliGroupe Ltd 174.1 171.0Minority interests 11.2 16.4Total liabilities and equity 511.5 542.2Equity in % of assets 34% 32%26
    27. 27. Events subsequent to the balance sheet date 1 2Real estate assets sold in August 3 • Three buildings in Lausanne (Toises 12, Mon Repos 22 and Mousquines 4) and one building in Bern (Seilerstrasse 8) were sold in August 2012 • The disposal of four real estate properties in August 2012 will produce an after-tax book profit in the amount of CHF 39 million, a major part of which to be returned to the shareholders of PubliGroupe, as announced in early 2012. • In the fourth quarter of 2012 the details on how these proceeds will be distributed to shareholders will be announced.27
    28. 28. Conclusion“Conclusion &outlook 2012 “ Hans-Peter Rohner CEO & Chairman of the Board28
    29. 29. Conclusion & outlook 1 2Significant additional steps needed, implementation speed continues 3• Trend towards advertisers paying only for marketing that delivers specific, demonstrable results continues; in the digital area, the number of users via smartphones is exploding• Digital forms of advertising are continually growing in importance, while the business models in these segments are subject to constant change.• Amidst this challenging market environment, PubliGroupe achieved a weaker result compared to the previous year, while online continues to grow in importance; a negative result from Media Sales, was again only partially offset by very good numbers from Search & Find and a solid result from DMS.• Measures announced in December 2011 have been introduced and implemented to a large extent• At Media Sales, for the full year 2012, PubliGroupe anticipates a loss that will be made up of two equally poor half-year periods. At Search & Find, the very good performance in the online and mobile areas should help this segment to slightly outperform the prior-year level. The second semester will not profit from the seasonal effects as witnessed during the first semester. The different participations of DMS should confirm or slightly beat the trends witnessed during the first half year 2012.• On a group level, the annual result 2012 will profit from strong non-operating results, namely the sale of the real estate properties29
    30. 30. Backup Slides30
    31. 31. BackupConsolidated income statement 1st half year 2012 1st half year 2011 in millions of CHF restated Billings * 582.6 634.4 Net revenue 152.3 153.0 Purchases -7.0 -8.3 Gross profit 145.3 144.7 Personnel expenses -115.6 -119.4 General and administrative expenses -39.2 -38.4 Depreciation of tangible assets -1.9 -2.7 Amortisation of intangible assets -0.5 -0.6 Other operating income 1.4 0.5 Other operating expenses -0.3 - Share in result of associates 13.1 20.0 Operating result 2.3 4.1 Financial result -2.8 1.2 Ordinary result -0.5 5.3 Non-operating result 15.4 15.4 Result before income taxes and minority interests 14.9 20.7 Income taxes -1.7 - Result before minority interests 13.2 20.7 Minority interests -2.4 2.6 Result attributable to shareholders of PubliGroupe Ltd 10.8 23.3 Earnings per share (in CHF) 4.5 9.9* Billings represent the gross amounts billed to clients (including the value of ad space).31
    32. 32. BackupConsolidated balance sheetAssets as of 30 June 2012 as of 31 December 2011in millions of CHF RestatedCash and cash equivalents 95.6 109.3Marketable securities 12.6 14.4Trade receivables (net) 167.0 198.0Other receivables 18.6 18.3Accrued income and prepaid expenses 41.9 28.4Current assets 335.7 368.4Investment properties 46.7 42.9Owner-occupied properties 17.8 22.3Equipment 10.0 10.8Intangible assets 1.8 2.1Investments in associates 70.8 76.8Financial assets 24.5 14.9Deferred tax assets 4.2 4.0Non-current assets 175.8 173.8Total assets 511.5 542.232
    33. 33. BackupConsolidated balance sheetLiabilities and equity as of 30 June 2012 as of 31 December 2011in millions of CHF RestatedCurrent debts 10.0 0.2Trade payables 121.3 128.1Other payables 26.8 33.1Accrued expenses and deferred income 86.3 94.2Current provisions 5.8 8.6Current liabilities 250.2 264.2Non-current debts 40.0 50.0Investments in associates 26.4 30.9Deferred tax liabilities 3.0 3.0Non-current provisions 6.6 6.7Non-current liabilities 76.0 90.6Total liabilities 326.2 354.8Share capital PubliGroupe Ltd 2.5 2.5Treasury shares -34.5 -43.9Capital reserves -0.3 5.6Retained earnings 206.4 206.8Equity, shareholders of PubliGroupe Ltd 174.1 171.0Minority interests 11.2 16.4Total equity 185.3 187.4Total liabilities and equity 511.5 542.233
    34. 34. BackupCash flows from operating activities 1st half year 1st half yearin millions of CHF 2012 2011 restatedResult before minority interests 13.2 20.7Share in result of associates -13.1 -20.0Depreciation and amortisation (incl. non-operating) 3.0 3.9Changes in provisions (incl. deferred income taxes) -2.3 -4.3Gain/loss on disposals of fixed assets -0.1 -0.1Gain/loss on disposals of subsidiaries and associates -13.4 -13.4Adjustments for other non-cash items 5.2 -0.6Dividends received 16.7 10.0Interest received 0.2 0.7Interest paid -0.7 -1.7Taxes paid -2.3 -2.2Change in net trade receivables 22.6 34.4Change in net assets from other receivables, accrued income and prepaid expenses -16.4 -23.0Change in trade payables -6.2 -22.3Change in other payables, accrued expenses and deferred income -3.8 -7.2Cash flows from operating activities 2.6 -25.134
    35. 35. BackupCash flows from investing activities 1st half year 1st half yearin millions of CHF 2012 2011 restatedAcquisitions of tangible assets -2.1 -1.6Disposals of tangible assets 0.2 0.4Acquisitions of intangible assets -0.3 -0.2Acquisitions of subsidiaries, net of cash acquired -0.2 -4.3Disposals of subsidiaries, net of cash disposed of 6.9 13.2Disposals of associates 3.7 0.3Investments in financial assets -3.3 -1.0Divestments of financial assets - 15.8Cash flows from investing activities 4.9 22.635
    36. 36. BackupCash flows from financing activities 1st half year 1st half yearin millions of CHF 2012 2011 restatedIncrease / decrease (-) in bank debts - 0.9Repayment of non-current debt -0.1 -Purchase of treasury shares -1.3 -1.1Sale of treasury shares 1.1 1.1Increase 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 -21.2 -19.136

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