Media and analyst information Tuesday, 15 March 2016, Zurich Relations/Englisch... · Annual...

Annual results 2015, 15 March 2016

Annual results 2015 Media and analyst information Tuesday, 15 March 2016, Zurich

Annual results 2015, 15 March 2016 2

Christoph Tonini Chief Executive Officer

Financial year 2015: overview


Revenue and net income 2015 in CHF millions

+109%

-23%

+1%

-5%

Net income

334

160

EBIT**

131 170

EBITDA**

243 241

Revenue

1,064 1,114

2015 2014*

* Figures adjusted as a result of a restatement ** Influenced by substantial profit-sharing and impairments (from stage EBIT)

EBIT margin

2015 12.3%

2014 15.3%

EBITDA margin

2015 22.9%

2014 21.6%

321***

*** attributable to Tamedia shareholders

Outstanding result thanks to search.ch revaluation gain


Source: advertising statistics from Verband Schweizer Presse

Year-on-year change in net revenue for print advertising (in per cent)

4

-20

-18

-16

-14

-12

-10

-8

-6

-4

-2

0

2

Sept 13

Sept 14

Nov 14

May 14

Nov 13

Mar 14

July 14

July 15

Jan 14

July 13

May 13

Mar 13

Jan 13

Nov 12

Sept 12

July 12

May 12

Mar 12

Jan 12

Sept 15

May 15

Mar 15

Jan 14

Nov 15

-11% -4% -9% -9%

2015: Accelerated decline in print advertising …


Net advertising revenue per press type in CHF millions compared to the prior year

… with high-circulation daily newspapers among the losers …

389

451

304

-2%

-4%

-7%

-10%

-14%

-7%

Daily press I

292

Daily press II/III

33 35

Regional weekly press

124 139

Sunday press

167

27 29

General press (magazines)

170

Financial and business press

2014 2015

Publishing Regional Publishing Regional

Publishing National Publishing National Publishing National

Publishing Regional

Publishing National

Source: advertising statistics from Verband Schweizer Presse


Tamedia total

Digital*

Publishing National

Publishing Regional

6

Organic revenue growth in CHF millions

-6% -34

2015-12

517

2014-12

551

-7% -28

2015-12

376

2014-12

404

+7% +12

2015-12

188

2014-12

176

-5%

-58

2015-12

1,117***

2014-12

1,175**

Tamedia total

Digital

Publishing National

Publishing Regional

Consolidated revenue growth in CHF millions

** Figures before intersegment eliminations of CHF 60.6 million *** Figures before intersegment eliminations of CHF 53.1 million

-7%

-40

2015-12

520

2014-12

560

-7% -28

2015-12

376

2014-12

404 +10

+5%

2015-12

221

2014-12

211

1.135

-3%

-40

2015-12

1,117***

2014-12

1,175**

* Excluding search.ch revenue respectively

…which is reflected in a decline in the Publishing segments


Online advertising revenue 2005-2015 (in CHF millions)

Source: MediaFocus 2005 to 2015

But online advertising is continuing to gain ground

726763

1039688

515

417352

259

210

186

300

2007

224

2006

156

2005

107

2013

744

39

16

2012

674

2011

521

2010

452

2009

359

2008

18 20

2014

848

40

Annual growth rate +25%

+19%

2015

1.012

43

Search & find

Display advertising

Job classifieds

Affiliate marketing

Real estate classifieds

Car classifieds

259

+23% 210

Display advertising

Search & find

417 +23%

515

103

+7% 96

Classifieds


Digital segment with growth and significant EBITDA share

EBIT

35 64

EBITDA

82 103

Revenue

469 504

Publishing Regional in CHF millions

Digital in CHF millions

Revenue share

Publishing National in CHF millions

EBIT

53 76

EBITDA

73 82

Revenue

374 400

EBITDA share

44%

EBIT share

36%

Revenue share EBITDA share EBIT share

Revenue share EBITDA share EBIT share

31%

EBIT

24 38

EBITDA

70 63

Revenue

221 211 2015

2014*

35% 32% 47%

21% 31% 22%

Third-party revenue, excluding intersegment revenue

* Figures adjusted as a result of a restatement


Pro-forma revenue share of digital offering in per cent

7.6%

20.8%

Digital publishing offerings

Digital business division

8.6%

30.7%

15.8%

21.9%

Revenue and net income of regional and national digital news platforms now in the Publishing Regional and Publishing National business divisions respectively

Pro-forma EBITDA share of digital offering in per cent

Pro-forma EBIT share of digital offering in per cent

5.4% 18.9%

5.1% 27.5%

10.2% 21.2%

Digital offerings with 28% revenue and 39% EBITDA share

2014 2014 2014

2015 2015 2015


Regional media Regional media

Gazettes Gazettes

Printing facilities

Publishing Regional: regional media and printing facilities


Business division overview

• Economic effects are exacerbating the structural decline within the segment

• Drop in revenue due to closure of Ziegler Druck

• Acquisition of third-party client orders related to newspaper printing: NZZ, NZZaS, Coop

• Launch of 12-App

• Launch of digital payment model for regional newspapers is progressing as planned

Outlook

• Close cooperation between Berner Oberländer and Thuner Tagblatt

• June 2016: acquisition of Zehnder Druck printing orders

• Introduction of digital payment model at Zürcher Regionalzeitungen

Publishing Regional segment overview

EBITDA margin

2014* 18.5 per cent

2015 15.7 per cent

-21%

-7%

EBITDA

82 103

Revenue

520 560

2015

2014

11 * Figures adjusted as a result of a restatement

Economic effects exacerbating structural decline


All regional newspapers introduce digital payment model

12

Introduction of digital payment model – timeline

Tages-Anzeiger March 2014

• The 12 best Tamedia media items each day

• 15,000 users daily • Additional images and videos • Theme-based special editions

Digital subscriptions payment model

Der Bund October 2014

24 heures and Tribune de Genève January 2015

BZ Berner Zeitung Sept. 2015

Zürcher Regional-zeitungen 2016

Le Matin 2016

40%

Dec. 15

Dec. 14

18,371

13,156


Publishing National: supraregional newspapers and magazines

National media National media

Weekly newspapers

Magazines

Weekly newspapers


Publishing National: asserting itself in a declining market

Business division overview

• Very successful launch of new 20 Minuten app – popular among users

• 20 Minuten app with 3.7 million downloads; app responsible for 80 per cent of traffic

• Annabelle with new layout and expanded online offering

• Finanz und Wirtschaft further improves its net income

• Metroxpress again widens its lead over the market number two in terms of readership numbers

Overview

• Increase in free sheet coverage and registered users

Publishing National segment overview

EBITDA margin

2014* 20.4 per cent

2015 19.3 per cent

EBITDA

73 82

Revenue

376 404

-7%

-12%

2015

2014

* Figures adjusted as a result of a restatement


Excellent position in free sheet markets

20 Minuten readership in 000*

15

Metroxpress readership in 000**

663669

BaA

1.473

Blick

20 minutes readership in 000*

175296

530

24 heures Le Matin

20 minuti readership in 000*

8897125

La Regione Corriere

Jyllands-Posten

503

238

Politiken

303

*Source: MACH Basic 2015-2; **Source: TNS Gallup 2./3. kvartal 2015; ***Source: TNS ILRES Plurimedia Luxembourg 2015 **** including commuter from abroad

L’essentiel readership in 000***

133

Tageblatt

50

Luxembruger Wort

169

211****


20 Minuten: record readership and online use figures

Number of unique clients* in 000

16

Visit growth in millions compared to the prior year*

20 Minuten Friday: new online offering**

• Since its launch in late summer 2014, the new 20 Minuten Friday online offering has developed a loyal following: over 800,000 unique clients

• Successful launch of 20 minutes Friday; already over 200,000 unique clients in French-speaking Switzerland

* Source: Net-Metrix audit, 2015-12 + 2014-12 ** Net-Metrix audit, 2016-1

watson

3

BaA

1

Blick

-4

4

15

watson

1,168

BaA

1,275

Blick

4,071 4,982

6,954


Hor

izon

tal

Real estate

Fashion Tickets TV

Ver

tica

l

Services Digital advertising & services (DA&S)

News

*

*

Jobs

* *

*

17

Vintage fashion

Online classifieds

B2B2C Cars

* Participations

Finan-cing

*

E-commerce

Market-place

Building & reno-vation

*

Horizontal and vertical platforms in the Digital portfolio

Digital: news, marketplaces, services and e-commerce

General classifieds


Digital segment: first-time consolidations characterise performance

Overview of Digital business division

• Business division with the highest EBITDA margin

• Ricardo Group fully consolidated since September 2015

• search.ch grouped together with local.ch into a new company called Swisscom Directories AG; Tamedia is the minority shareholder; net income share starting from EBITDA level

• Doodle, home.ch and trendsales.dk taken into account for the first-ever time over an entire reporting period

Overview

• Integration of Ricardo Group completed

• Launch of Tradono in German-speaking Switzerland

• Full acquisition of Immostreet

Digital segment overview

EBITDA margin

2014* 29.7 per cent

2015 31.9 per cent 221 211

+5%

70

EBITDA Revenue

63

+12%

2015

2014

*Figures adjusted as a result of a restatement


• Homegate has been able to maintain its high revenue and net income levels despite a slump in the real estate market

• Successful integration of home.ch

• Start of collaboration with Raiffeisen involving the RaiffeisenCasa.ch platform

• Further growth due to the acquisition of the majority holding in immostreet.ch

19

Homegate braving the sluggish real estate market

Advertisements

Revenue

Dec

74%

11%

16%

Nov

73%

11%

16%

Oct

72%

12%

16%

Sep

73%

12%

16%

Aug

72%

11%

17%

Jul

73%

11%

16%

Jun

72%

11%

16%

May

73%

11%

16%

Apr

73%

11%

16%

+15%

70%

12%

18%

Feb

69%

Mar

19%

Jan

72%

12%

16%

12%

Corporate clients Private clients Other

* Source: Net-Metrix audit

5%

2015 2014

Mortgage inventory

236%

Dec. 15 Jan. 15


JobCloud: growth despite stuttering job market

• Further rise in revenue and net income thanks to cost control

JobCloud revenue and EBITDA

+9%

+5%

EBITDA Revenue

2015

2014

Visits per month in thousands**

Jan. 16

2015 12

2015 9

2015 6

2015 3

2014 2013 2012 2011

1,312

2,436

JobCloud F-CH

JobCloud G-CH

** Source: Net-Metrix audit

Order volumes

+2%

+7%

F-CH G-CH

2015

2014

Swiss unemployment rate* +4%

2014

2015

* Source: State Secretariat for Economic Affairs SECO


local.ch/search.ch successfully merged

• Since 9 July 2015 organised in Swisscom Directories AG

• Tamedia holds 31 per cent of the new company

• Cumulated both directory platforms reach monthly over 5 million users

• Share of result is included starting from the EBITDA

• About 400 customer consultants active in all of Switzerland

Income Statement July until December 2015 in CHF mn

10

131

Total comprehensive income

Revenus

3

User figures* in 000

* Quelle: Net-Metrix-Audit

2.761

search.ch

2.297 2.529

2.373

+7%

local.ch

+20%

2015 2014

Swisscom Tamedia


Online marketplace

Tamedia: strong positions in marketplaces …

22

General classifieds

Car market

Real estate

Job market

1 1 2

1 1

*

* Participation

*


Swiss websites sorted by number of unique clients in thousands in January 2016

… and six of the ten leading websites in Switzerland

Source: NET-Metrix audit 2016-01 * car4you, homegate.ch, JobCloud AG, tutti.ch, ricardo.ch: total calculated on the basis of the individual figures from the Net-Metrix audit 2016-01; no reporting for car4you in January 2016, **ricardo.ch: own data, Google Analytics

search.ch

4,122

srf.ch

4,273

sbb.ch

4,661

Scout24 network

4,715

local.ch

4,776

Blick am Abend /

Blick Online

4,834

Newsnet National

5,473

20 Minuten Online & Tio.ch

7,286

ricardo.ch** Tamedia Classifieds*

4,985

4,044


Paid-for Media

Advertising (& Commuter Media*)

Serge Reymond

SupraregionalMedia G-CH

Regional media G-CH

F-CH media

Dialogue marketing

Digital publishing

and audience development

Additional business

Marcel Kohler

20 Minuten

National media

Regional media

Display classified

Key account

Generic content projects

Ad marketing

Jobs / real estate / telephone sales

Back office / ad processes

Cross-media service structuring

DA&S

Overview: Management Board to be re-organised from 2017

*only part Advertising is shown


Outlook: key projects within the respective segments

Publishing National

• Increase in commuter media reach

• Launch of innovative advertising products

Digital

• Further strengthening of commercial digital offerings, especially classifieds and ricardo.ch

Publishing Regional

• Increase in payment media digital share

• Further development of collaborations

• Further development of 12-App (Android)


16%**

26

EBIT margin down from 14 to 12 per cent due to impairments

2015

Ø 10.7%

12%*

14%

2013

12%

14%

2011

15% 15%

2009

7%

13%

2007

18% 18%

2005

15%

-7%

3%

2001

10%

20%

1999

18% 18%

1997

9%

2%

1995

6%

8%

1993

1%

3%

2003

11%

Performance of Tamedia EBIT margin

* incl. profit-sharing effect search.ch /local.ch and impairments ** Excluding impairments published values


Net income in CHF millions

+109%

2014

159,7

2013

119,1

2012

139,1

334,0

2015

Net income on a unique level thanks to one-off effects


Total profit-sharing amount in CHF millions

Profit-sharing per full-time employee in CHF

+126%

2014

6.6

2013

4.9

2012

5.1

14.9

2015

2,510

2014 2013

1,646

2012

1,674

2015

6,264

+150%

From 2014: figures excluding social costs

Employees benefiting from the excellent result


Sandro Macciacchini Chief Financial Officer and Head of HR

2015: financial report


Significant changes to the consolidated and associated companies/activities • On 27 February 2015, TPr sold its 35 per cent holding in LS Distributions Suisse SA. • Tamedia sold its 100 per cent stake in Winterthurer Stadtanzeiger AG on 25 March 2015. • On 3 July 2015, Tamedia acquired the Schibsted Media Group’s 50 per cent stake in Swiss

Classified Media AG, a subsidiary that Tamedia and the Schibsted Media Group had jointly owned until then.

• Since 9 July 2015, search.ch and local.ch have been grouped together under the umbrella of Swisscom Directories AG (in which Tamedia holds a 31 per cent stake).

• On 7 August 2015, Tamedia sold its 88 per cent holding in Editions Le Régional SA • Tamedia acquired the Ricardo Group on 8 September 2015. Pro memoria: significant changes in the previous year • In January and February 2014, Tamedia acquired an 80% stake in Ziegler Druck- und Verlags-AG,

which publishes der Landbote, thereby raising its share in the company to 100 per cent • On 28 July 2014, Tamedia AG acquired an 88 per cent holding in Trendsales ApS, Copenhagen. • Tamedia acquired a further 51 per cent holding in Doodle AG on 11 November 2014, thus

increasing its stake in the company to 100 per cent. Discontinued operations There were no significant discontinued operations in the period under review. Changes in the accounting standard No new or revised standards or interpretations were introduced in the period under review.

Notes on year 2015 (1/2)

30


Changes in reporting / restatement of year 2014

• Media revenues are organised in advertising market, user market and other media activities. Each revenue type includes print and digital revenues.

• The Print Regional and Print National are now referred to as the Publishing Regional and Publishing National business divisions respectively. Publishing Regional and Publishing National now also cover the revenue and net income of the digital publishing offerings that were previously assigned to the Digital business division.

• The net income share of associated companies and joint ventures is now reported as part of EBITDA in the consolidated income statement and the segment information. The dividends of associated companies and joint ventures are now reported as cash flow from trading activities in the consolidated cash flow statement.

• The effect of IAS 19 “Employee Benefits” is now shown outside the business segments in the segment information. The segments’ operating expenses only contain the standard employer contributions as employee benefit expenses. The difference between employer contributions and employee benefit expenses is shown in the elimination column in accordance with IAS 19.

• The prior-period figures in the consolidated income statement, the segment information and the consolidated cash flow statement were subsequently adjusted as a result of the restatement. The restatement has no effect on the consolidated balance sheet, earnings per share or the consolidated statement of total comprehensive income.

Notes on year 2015 (2/2)

31


Segmentation: new business divisions from the 2015 reporting year onwards

32

• Daily and weekly newspapers, including supplements, that generate more than 60 per cent of revenue in two economic regions

• Regional digital news platforms

• Printing facilities • Prepress • Overheads

• Regional digital news platforms

• National digital news platforms

• Classified platforms • Services platforms • Digital platforms

• Daily and weekly newspapers, including magazines, that generate less than 60 per cent of revenue

• National digital news platforms

Publishing Regional Publishing National Digital


Impact of the 2014 restatement – by segment

Revenue in 2014 before restatement

Total 1,114.5

Transfer from Digital

60.6

Digital 271.1

Transfer to Publishing National

45.8

Print National 354.3

Transfer to Publishing Regional

14.8

Print Regional 489.1

Revenue in 2014 after restatement

Total 1,114.5

Digital 271.1

Print National 354.3

Print Regional 489.1

EBITDA Publishing Regional 2014

Publishing Regional 103.4 Transfer effect

IAS 19 4.0 Associated/JV share 11.2

Print Regional 89.7

1.5

EBITDA Publishing National 2014

Publishing National 82.5 Transfer effect


Print National 66.0

13.1

EBITDA Digital 2014

Digital new 62.6 Transfer effect


Digital old 75.3

11.7

All figures in CHF millions


Income statement: New classification of revenues starting in reporting year 2015

34

• Advertising

• Distribution

• Online

• Other media activities

• Advertisting market •Print •Digital

• User market •Print •Digital

• Other media activities •Intermediary •Other media activities

Media revenues old Media revenues new


Types of revenue at Tamedia in CHF millions

35

612

39

267

Media revenue Printing revenue Other operating revenue

Advertising market

User market

Other media activities

17

20

55

Commercial printing

Other printing revenues

Newspaper printing

22 1

19

10

0 0

Merchandising

Revaluation gain on previously non-consolidated investments

Other

Transport

Unused provisions

Gain on disposal of property, plant and equipment


Operating expenses down disproportionally compared to revenue

Revenue and EBITDA in 2015 in CHF millions

827

Revenue

1,064

72

EBITDA

243

Net income share of

associated companies/JVs

7

Operating expenses

EBIT Depreciation and

amortisation

131

Impairments

40

-4.5% -6.4%

+1.2% +3.1% -23.3% -28.9% n.s.


Net income exceptionally high due to one-off effects

EBIT and net income in 2015 in CHF millions

334

Net income

321*

13**

Net income from discontinued operations

0

Income taxes

26

Net income before taxes

360

Financial result

229

EBIT

131

-23.3% +744.0% +82.1% -32.3% n.s. +109.1%

* attributable to Tamedia shareholder ** attributable to minority shareholders


Net income before taxes includes CHF 200 million in one-off effects

EBIT and net income in 2015 in CHF millions

Net income excluding

one-off effects

119

Gain on the sale of

investments

Tax effects on one-off effects

15

Gain on the sale of activities

IAS 19

334

Net income Value adjustments

28 2

16

42***

Extraordinary Profit

participation

228

321*

13**

e.g. La Broye / profit from full conso-lidation of tutti.ch + car4you.ch

* Number of Tamedia shareholders ** Number of minority shareholders

search/ local share in profit-sharing

Due in particular to adjusted growth forecasts at Publishing

Sale of search.ch, LS Distri-bution, etc.

Revalua-tion of employee benefit obliga-tions as per IAS 19

16

14

10 2

Publishing National

Associated

Publishing Regional

Digital

***Value adjustments


+152%

+408%

-3%

0%

Change in cash flow

1

43

Cash flow from financing activities

57

-109

Cash flow from investment activities

Cash flow from operating activities

202

Cash flow from trading activities

238 237

-49

-250

195

2015

2014

Cash flow statement for the 2015 financial year in CHF millions Status of cash and cash equivalents

31.12.2015 CHF 98.6 million

39

Significant drop in cash flow from investment activities due to the acquisition of Ricardo


Drawdown of credit facility to finance the acquisition of ricardo.ch

Drawdown and partial repayment of credit facility

As of 29.02.2016

Repayment

70

As of 31.12.2015

210

Repayment

30

Repayment

10

Credit drawdown

100

Repayment

40

100

200

As of 31.12.2014

31.01.2015 30.09.2015 30.11.2015 31.12.2015 29.02.2016

jobs.ch credit ricardo.ch credit


Investment in property, plant and equipment (Capex)1 in CHF million and as a percentage of operating income

1) Excluding acquisitions of holdings and business units

29.1 51.0 33.8 22.3 8.0 11.0 23.4 12.1 10.7 43.5 21.0 25.3 10.9 14.0

5%

9%

6%

3%

1% 1%

3%

2% 1%

4%

2% 2%

1% 1%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

0

10

20

30

40

50

60

70

80

90

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Capex in CHFmillions

Capex in per cent

Ø =22.6

41

Capex in relation to operating income remains at 1 per cent


2015-12

1.662

433

414

2015-12

2.166

343

2014-12

1.457

237

462

2014-12

1.788

368

Equity

Non-current liabilites

Current liabilities

Non-current assets

Current assets

68%

11%

21%

66% 17%

17% In CHF millions

42

Slight drop in equity ratio to 66 per cent

Excluding minority holdings, the equity ratio is 57%.


Thank you for your attention.

Media and analyst information Tuesday, 15 March 2016, Zurich Relations/Englisch... · Annual...

Documents

Transcript of Media and analyst information Tuesday, 15 March 2016, Zurich Relations/Englisch... · Annual...