1. “
FINANCIAL
RESULTS HY1 2012 “
PubliGroupe shows net profit 2012 of CHF 10.8 million –
online revenue continues to gain in importance –
Media Sales posts loss – announced measures
largely implemented
1

2. Overview presentation order
Agenda 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 Board
2

3. Overview HY1 2012 Figures
“
Good results in search &
online business; Media Sales
posted loss
“
Hans-Peter Rohner
CEO & Chairman of the Board
3

4. Note relating to accounting principles
Additional 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. HY1 2012 group results 1
2
Results 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 proportional
5 consolidation of local.ch and zanox)

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 2012
Media 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
& Find
Search
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 operating
DMS
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
-8.2
Corporate
& others
• Prior-year benefited from Emphasis Video Media Search Digital & Corporate
Entertainment in Hong Kong that was sold in 2011. Sales & Find Marketing & others
Services
6

7. HY1 2012 online performance *pro forma (with proportional
1
2
Online 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%
PubliGroupe's 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 2012
7

8. Media Sales 1
2
Media 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. Measures taken along two pillars
Strengthen traditional business and accelerate growth of digital activities
1st 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 functions
2nd 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
opportunities
9

10. Costs decreased to adjust to lower volumes
Cost reduction measures continue at accelerated pace
3,000 530 517
Revenue
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 more
Expenses
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 gradually
EBIT
(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 HY2012
1. According to Swiss GAAP
2. According to Swiss Gaap excluding of depreciation
3. Including the effect of non-operating income and expenses
10

11. Search & Find 1
2
Very 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 result
11

12. Search & Find *pro forma (with proportional
1
2
Online 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 result
12

13. Consolidation local.ch 1
2
Strong 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%
0.0
Profitability
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 2012
13

14. Local.ch 1
2
Successfully 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 2012
Source: Official platform Stores (iOS,Android,Blackberry,W7,Nokia)
Source: Usage rating by Apple
14

15. Digital & Marketing Services 1
2
Solid 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 result
15

16. Digital & Marketing Services *pro forma (with proportional
1
2
Pro 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 result
16

17. Digital & Marketing Services 1
2
Zanox 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 2012
17

18. Digital & Marketing Services 1
2
Spree7: DSP service provider founded as a JV with MediaMath 3
BACKGROUND & 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 solutions
MARKET
• 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 market
CURRENT 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 sales
18

19. Key Financials Group
“
Solid balance sheet;
Group’s equity at “
CHF 174.1 million
Andreas Schmidt
Chief Financial Officer
19

20. P&L Group 1
2
Stable revenue thanks to Search & Find; negative financial result 3
in millions of CHF 1st half year 2012 1st half year2011
restated
Billings * -8% 582.6 634.4
Net revenue 0% 152.3 153.0
Purchases -16% -7.0 -8.3
Gross profit 0% 145.3 144.7
Expenses -2% -153.7 -157.3
Depr. & Amort. -28% -2.3 -3.3
Share in associates -34% 13.1 20.0
Operating result -43% 2.3 4.1
Financial result - -2.8 1.2
Ordinary result - -0.5 5.3
Non-operating result 0% 15.4 15.4
Income taxes - -1.7
Minority interests - -2.4 2.6
Result -53% 10.8 23.3
Headcount (FTE) -421 1'784 2'205
* Billings represent the gross amounts billed to clients (including the value of ad space).
20

21. Non-operating Result 1
2
Non-operating represents important part of result 3
1st half year 2012 1st half year 2011
in millions of CHF restated
Gain on Namics sale 10.3
Gain on SOP sale 3.1
Gain on EVE sale 11.6
Gain on City Media & Huashang sale 1.9
Real Estate income 2.7 2.8
Ordinary offices charges for investment properties -0.1 -0.2
Real Estate depreciation (investment properties) -0.6 -0.6
Non-operating result 15.4 15.4
21

22. Operating result by segment 1
2
Very good Search & Find 3
1st half year 2012 1st half year 2011
in millions of CHF restated
Media Sales - -8.2 -1.7
Search & Find - 14.3 3.8
Digital & Marketing Services -57% 2.0 4.6
Corporate & Others +85% -6.5 -3.6
Operating result -43% 2.3 4.1
22

23. Headcount by segment 1
2
FTE reduction at MS according to plan, smaller DMS (without Zanox) 3
FTE End June 2012 End June 2011
Media Sales -100 1’128 1’228
Search & Find -2 530 531
Digital & Marketing Services -313 53 366
Corporate & Others -7 73 80
Total Headcount -421 1’784 2’205
23

24. Financial Result 1
2
Lower financial income mainly due to Tamedia position 3
1st half year 2012 1st half year 2011
in 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 2.7
Financial Income -2.1 2.7
Fincancial Expenses -0.7 -1.5
Net Financial Result -2.8 1.2
24

25. Cash flow statement 1
2
Unsatisfactory operational cash flow 3
1st half year 2012 1st half year 2011
in millions of CHF restated
Cash and cash equivalents as of 1 January 109.3 102.5
Cash flows from operating activities 2.6 -25.1
Cash flows from investing activities 4.9 22.6
Cash flows from financing activities -21.2 -19.1
Cash and cash equivalents as of 30 June 95.6 80.9
25

26. Group balance sheet 1
2
Strong balance sheet & cash positions 3
as of 30 June 2012 as of 31 December 2011
in millions of CHF restated
Current assets 335.7 368.4
Non-current assets 175.8 173.8
Total assets 511.5 542.2
Current liabilities 250.2 264.2
Non-current liabilities 76.0 90.6
Equity, shareholders of PubliGroupe Ltd 174.1 171.0
Minority interests 11.2 16.4
Total liabilities and equity 511.5 542.2
Equity in % of assets 34% 32%
26

27. Events subsequent to the balance sheet date 1
2
Real 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. Conclusion
“
Conclusion &
outlook 2012
“
Hans-Peter Rohner
CEO & Chairman of the Board
28

29. Conclusion & outlook 1
2
Significant 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 properties
29

30. Backup Slides
30

31. Backup
Consolidated 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. Backup
Consolidated balance sheet
Assets
as of 30 June 2012 as of 31 December 2011
in millions of CHF Restated
Cash and cash equivalents 95.6 109.3
Marketable securities 12.6 14.4
Trade receivables (net) 167.0 198.0
Other receivables 18.6 18.3
Accrued income and prepaid expenses 41.9 28.4
Current assets 335.7 368.4
Investment properties 46.7 42.9
Owner-occupied properties 17.8 22.3
Equipment 10.0 10.8
Intangible assets 1.8 2.1
Investments in associates 70.8 76.8
Financial assets 24.5 14.9
Deferred tax assets 4.2 4.0
Non-current assets 175.8 173.8
Total assets 511.5 542.2
32

33. Backup
Consolidated balance sheet
Liabilities and equity
as of 30 June 2012 as of 31 December 2011
in millions of CHF Restated
Current debts 10.0 0.2
Trade payables 121.3 128.1
Other payables 26.8 33.1
Accrued expenses and deferred income 86.3 94.2
Current provisions 5.8 8.6
Current liabilities 250.2 264.2
Non-current debts 40.0 50.0
Investments in associates 26.4 30.9
Deferred tax liabilities 3.0 3.0
Non-current provisions 6.6 6.7
Non-current liabilities 76.0 90.6
Total liabilities 326.2 354.8
Share capital PubliGroupe Ltd 2.5 2.5
Treasury shares -34.5 -43.9
Capital reserves -0.3 5.6
Retained earnings 206.4 206.8
Equity, shareholders of PubliGroupe Ltd 174.1 171.0
Minority interests 11.2 16.4
Total equity 185.3 187.4
Total liabilities and equity 511.5 542.2
33

34. Backup
Cash flows from operating activities
1st half year 1st half year
in millions of CHF 2012 2011 restated
Result before minority interests 13.2 20.7
Share in result of associates -13.1 -20.0
Depreciation and amortisation (incl. non-operating) 3.0 3.9
Changes in provisions (incl. deferred income taxes) -2.3 -4.3
Gain/loss on disposals of fixed assets -0.1 -0.1
Gain/loss on disposals of subsidiaries and associates -13.4 -13.4
Adjustments for other non-cash items 5.2 -0.6
Dividends received 16.7 10.0
Interest received 0.2 0.7
Interest paid -0.7 -1.7
Taxes paid -2.3 -2.2
Change in net trade receivables 22.6 34.4
Change in net assets from other receivables, accrued income and prepaid expenses -16.4 -23.0
Change in trade payables -6.2 -22.3
Change in other payables, accrued expenses and deferred income -3.8 -7.2
Cash flows from operating activities 2.6 -25.1
34

35. Backup
Cash flows from investing activities
1st half year 1st half year
in millions of CHF 2012 2011 restated
Acquisitions of tangible assets -2.1 -1.6
Disposals of tangible assets 0.2 0.4
Acquisitions of intangible assets -0.3 -0.2
Acquisitions of subsidiaries, net of cash acquired -0.2 -4.3
Disposals of subsidiaries, net of cash disposed of 6.9 13.2
Disposals of associates 3.7 0.3
Investments in financial assets -3.3 -1.0
Divestments of financial assets - 15.8
Cash flows from investing activities 4.9 22.6
35

36. Backup
Cash flows from financing activities
1st half year 1st half year
in millions of CHF 2012 2011 restated
Increase / decrease (-) in bank debts - 0.9
Repayment of non-current debt -0.1 -
Purchase of treasury shares -1.3 -1.1
Sale of treasury shares 1.1 1.1
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 -21.2 -19.1
36