PubliGroupe Financial results 2012

1. PubliGroupe
Financial results 2012
0Zurich, 8 March 2013

2. Overview presentation order
Agenda 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
CEO
1

3. Net result of CHF 50.2 million;
operating profit
of CHF 1.6 million
Overview FY 2012 figures
Arndt C. Groth, CEO
2

4. Note relating to accounting principles
Additional 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 statements
3

5. FY 2012 group results 1
2
Results 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
1'305.0 million to CHF 1'134.6 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
Result
1) Note: 2011 figures were restated according to Swiss GAAP FER in order to be comparable with 2012
4

6. FY 2012 business segment summary 1
2
3
• Operating loss of CHF -16.1 million, despite Operating result, in millions of CHF
Media 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
22.4
Search & 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 lower
DMS
results at Zanox and start-up costs of Spree7 -5.1
-10
-9.3
-11.7
• Operating result dropped from CHF -9.3 -20 -16.1
Corporate
& 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 associates
5

7. FY 2012 online performance *pro forma (with proportional
1
2
Online 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 Sales
6

8. Strong operating results in
Search & Find & DMS;
unsatisfactory performance
by Media Sales
Overview FY 2012 business segment figures
Arndt C. Groth, CEO
7

9. Media Sales 1
2
Media 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
1'030.9 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 1'066
(FTE) compared to 1'196 at the end of 2011 -15 -13.5
-16.1
-20
Operating Net result
Result
1) Note: 2011 figures were restated according to Swiss GAAP FER in order to be comparable with 2012
8

10. Costs decreased to adjust to lower volumes
Cost reduction measures implemented with noticeable effect for 2013
Billings1, CHF M
• Cost-cutting
Expenses, CHF M Revenue, CHF M
3,000 1'100 1'031
1'966 measures
1'736
2,000 1'296 1'000
1'174 895 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 2012
1) According to Swiss GAAP
2) According to Swiss GAAP, excl. depreciation
3) Excl. the effect of non-recurring
9

11. Decrease of print exceeded expectations and appears to
stay 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 2013
10

12. Major effects on 2012 operating result
Downsizing 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 -16.0
11

13. Strategic initiatives 2013
Continuation of initiated optimization and growth measures
1st 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 relationships
2nd 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 portfolio
12

14. New CEO Media Sales who will push ahead
transformation amidst changing media market
Alain 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. Gallen
13

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. Search & Find 1
2
Strong 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
PubliGroupe's 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
Result
15

17. local.ch 1
2
Order 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. Search & Find * pro forma (with proportional
1
2
Pro 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 segment's 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
Result
17

19. Close-up view local.ch 1
2
Strong online position confirmed, head-to-head with search.ch 3
2012 2011 %
in millions of CHF restated
Revenue
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 2012
18

20. Local.ch reaches top position
Successfully strengthened leading position on mobile
Source: Netmatrix
19

21. Digital & Marketing Services 1
2
Namics sale leads to high net result 3
• Segment's 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
Result
20

22. Digital & Marketing Services * pro forma (with proportional
1
2
Pro 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 segment's 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
Result
21

23. Digital & Marketing Services 1
2
Zanox 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 2012
22

24. Improve Digital 1
2
Leading 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 Award
23

25. Solid balance sheet; Group’s
equity at CHF 195.6 million
Key financials Group
Andreas Schmidt, Chief Financial Officer
24

26. P&L Group 1
2
Cost reduction can not compensate revenue decline 3
2012 2011
in millions of CHF Restated
Billings * -13% 1'134.6 1'305.0
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 1'702 2'173
* Billings represent the gross amounts billed to clients (including the value of ad space).
25

27. Non-operating Result 1
2
Non-operating represents important part of result 3
2012 2011
in 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 20.7
26

28. Operating result by segment 1
2
Unsatisfactory operating result 3
2012 2011
in 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 21.9
27

29. Headcount by segment 1
2
FTE reduction at MS according to plan, smaller DMS (Sale of Namics) 3
2012 2011
FTE End december End december
Media Sales 1'066 1'196
Search & Find 512 512
Digital & Marketing Services 59 387
Corporate & Others 65 78
Total Headcount 1'702 2'173
28

30. Financial Result 1
2
Negative financial income mainly due to Tamedia position 3
2012 2011
in 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 -3.5
29

31. Cash flow statement 1
2
Satisfactory operating cash flow due to Search & Find 3
2012 2011
in millions of CHF Restated
Cash and cash equivalents as of 1 January 109.3 102.5
Cash flows from operating activities 22.0 8.0
Cash flows from investing activities 63.1 61.1
Cash flows from financing activities -31.8 -62.3
Effect of exchange rates on cash and cash equivalents -0.4
Cash and cash equivalents as of 31 December 162.2 109.3
30

32. Group balance sheet 1
2
Strong balance sheet & cash positions 3
as of 31 December as of 31 December
2012 2011
in millions of CHF Restated
Current assets 379.2 368.4
Non-current assets 153.0 173.8
Total assets 532.2 542.2
Current liabilities 250.9 264.2
Non-current liabilities 72.6 90.6
Equity, shareholders of PubliGroupe Ltd 195.6 171.0
Minority interests 13.1 16.4
Total liabilities and equity 532.2 542.2
Equity in % of assets 37% 32%
31

33. Share buy-back programme
Ambition to return CHF 47 million to shareholders
Planned 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 million
32

34. Share buy-back programme
Timing, conditions and result YTD
Key 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 127'559 shares at CHF 149.75 (average price) for
CHF 19.1 million. This repurchase represents 5.09% of all shares outstanding. In
addition, PubliGroupe holds124'500 treasury shares and its Employee Foundation
holds 5'000 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 foreseen
33

35. Key agenda points General Assembly 2013
These are the most prominent agenda points that are submitted
to 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 2013
34

36. Conclusion & outlook 2013
Conclusion
Arndt C. Groth, CEO
35

37. Conclusion 1
2
Preparing 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 position
36

38. PubliGroupe well represented in complex ecosystem 1
2
Strengthen and focus stakes 3
Source: IAB; Google; Press
37

39. Based upon trends and priorities, focus on following 1
2
strategic 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. Group KPIs (on Swiss GAAP FER basis) 1
2
Financial 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 programme
39

41. Backup Slides
40

42. Backup
Consolidated income statement
2012 2011
in millions of CHF Restated
Billings * 1'134.6 1'305.0
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. Backup
Consolidated balance sheet
Assets
as of 31 December as of 31 December
2012 2011
in millions of CHF Restated
Cash and cash equivalents 162.2 109.3
Marketable securities 12.9 14.4
Trade receivables (net) 167.4 198.0
Other receivables 20.9 18.3
Accrued income and prepaid expenses 15.8 28.4
Current assets 379.2 368.4
Investment properties 34.0 42.9
Owner-occupied properties 0.1 22.3
Equipment 7.0 10.8
Intangible assets 5.0 2.1
Investments in associates 79.3 76.8
Financial assets 25.3 14.9
Deferred tax assets 2.3 4.0
Non-current assets 153.0 173.8
Total assets 532.2 542.2
42

44. Backup
Consolidated balance sheet
Liabilities 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 532.2 542.2
43

45. Backup
Cash flows from operating activities
2012 2011
in millions of CHF Restated
Result before minority interests 53.9 34.6
Share in result of associates -27.4 -29.4
Depreciation and amortisation (incl. non-operating) 6.1 7.5
Changes in provisions (incl. deferred income taxes) 2.7 -2.2
Gain/loss on disposals of fixed assets -49.7 -5.0
Gain/loss on disposals of subsidiaries and associates -13.4 -11.6
Adjustments for other non-cash items 13.4 9.4
Dividends received 21.6 16.1
Interest received 0.4 1.4
Interest paid -1.4 -3.1
Taxes paid -5.6 -5.6
Changes in net trade receivables 25.3 23.1
Changes in other receivables, accrued income and prepaid expenses 12.2 -2.9
Changes in trade payables -14.0 -23.3
Changes in other payables, accrued expenses and deferred income -2.1 -1.0
Cash flows from operating activities 22.0 8.0
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46. Backup
Cash flows from investing activities
2012 2011
in millions of CHF Restated
Acquisitions of tangible assets -2.9 -2.4
Disposals of tangible assets 81.4 14.3
Acquisitions of intangible assets -1.4 -0.7
Acquisitions of subsidiaries, net of cash acquired -16.1 -4.9
Disposals of subsidiaries, net of cash disposed of 6.9 13.0
Disposals of associates 3.7 0.7
Investments in financial assets -4.1 -1.0
Divestments of financial assets - 42.1
Taxes paid -4.4 -
Cash flows from investing activities 63.1 61.1
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47. Backup
Cash flows from financing activities
2012 2011
in millions of CHF Restated
Increase in non-current debt - 0.2
Repayment of non-current debt -10.2 -43.0
Purchase of treasury shares -1.8 -4.7
Sale of treasury shares 1.1 5.2
Increase in capital reserves 0.1 0.1
Decrease in capital reserves -5.2 -
Dividend paid to shareholders of PubliGroupe Ltd -8.9 -14.1
Dividends paid to minority interests by Group companies -6.9 -6.0
Cash flows from financing activities -31.8 -62.3
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48. Backup
Share buy-back programme
Situation on March, 7th 2013
Share Capital 2'507'059 %
Treasury shares 124'500 4.97%
Share buy-back 127'559 5.09%
Patronage funds shares 5'000 0.20%
Total 257'059 10.25%
Outstanding shares 2'250'000
Expected remaining share buy-back 41'250
Expected outstanding share after buy-back 2'208'750
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49. Note relating to accounting principles
Additional 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 company's 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