1

Swiss Equity Conference Zurich

Zurich, 13 September 2011

Results FY 2010 and HY1 2011 confirm PubliGroupe’s successful transformation and migration to becoming a leading service provider in the field of classic and digital media

Hans-Peter RohnerCEO & Chairman of the Board

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Agenda

Background group & short presentation segments

Strategy & outlook

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2

3

Key financials full year 2010 & half-year 2011

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PubliGroupe Marketing. More. Effective.

PubliGroupe is a leading Swiss-based provider of marketing and media sales services, enabling advertisers to spend their marketing budgets more effectively and allowing media owners to help monetise their reach more successfully.

Ultimate goal is to make marketing processes more effective for their clients, be it in traditional or digital media.

The group is organised into three client-oriented business segments: “Media Sales”, “Search & Find” and “Digital & Marketing Services”.

Listed on the Swiss stock exchange (PUBN).

Digital & Marketing Services

Search & Find

Producer and seller of media products facilitating the search for persons, companies, productsand services focusing on local markets.

Media Sales

Preferred partner for media owners and advertisers worldwide, using effective advertising solutions.

Portfolio of leading international marketing and technology service companies, helping brand owners to spendmarketing budgets more effectively.

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2

3

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Performance-oriented full-service provider

PubliGroupe is a performance-oriented full-service provider, employing state-of-the-art data processing tools and information technology.

Each segment has a clear strategy, defined growth targets and agreed performance objectives.

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* * *

* Zanox Group subsidiaries; note: Digital Window is the holding company for Affiliate Window and buy.at

5

A group generating 1.5 billion CHF in revenue, with a strong presence in Switzerland and Europe

The group is present in 22 countries, with about 2300 employees

The group has more than 400’000 customers: - Private persons- SME- National advertisers- International brands

The group cooperates with: - Well-known media companies- Digital Media owners- Different types of websites

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MSN

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Who are we:

The leading international global media sales company with 125 sales outlets in 20 countries

… representing the most prestigious media companies … offering innovative media and marketing solutions … relying on an unrivalled sales force

Our mission:

To be the preferred partner for media owners and advertisers worldwide

… capitalising on long term relationships with media partners

… bringing innovative solutions and a high-level entrepreneurial spirit

… and global media competence to the table

Media Sales: 125 sales outlets in 20 countries

SwitzerlandHQ in Zurich

Americas Europe Asia/ Pacific India

Canada Austria Belgium France Australia China JapanUSA Germany Greece Italy Malaysia Singapore Taiwan

Netherlands Spain UK Thailand

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Agencies

Media channels

ConsumersPublicitasAnnonceurs

PrivéLocalRegionalNationalInternational

An unrivalled sales force that ensures closeness with our advertisers

A comprehensive media portfolio based on long-term relationships

Multi-channel communication solutions

High-performance tools and high-quality service

Media Sales: Effective advertising solutions

Advertisers

Private

Local

Regional

National

International

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2

3

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Media Sales: Working with leading media providers worldwide

Australia: Channel 7Fairfax MediaNews Ltd.The West Australian

Austria: News

Argentina: La Nacion

Belgium: De StandaardLe Soir

Brazil: Folha de Sao PaoloO GloboVeja

Canada: The Globe and MailToronto Star

Chile: El Mercurio

China: South China Morning Post

Columbia: El Tiempo

Ecuador: El Comercio

France: Elles MagazinesLe FigaroLe MondeLes Echos

Germany: Jahreszeiten VerlagJournal InternationalFrankfurter Allgemeine

ZeitungSüddeutsche ZeitungSpiegel

India: Times of India

Indonesia: The Jakarta Post

Ireland: The Irish Times

Italy: Corriere della Sera

Japan: The Nihon Keizai Shimbun

(The Nikkei) The Asahi Shimbun

Malaysia: The Star Malaysia

Mexico: El Universal

Netherlands: De TelegraafFD Mediagroep

New Zealand: National Business Review

New Zealand Herald

Peru: El Comercio

Poland: Gazeta Wyborcza

Puerto Rico: El Nuevo Dia

Singapore: The Straits Times

Russia: Kommersant

Saudi Arabia: Saudi Research & Publishing Co.

Spain: El Pais

South Korea: The Korean HeraldJoonAng Ilbo

Sweden: Svenska Dagbladet

Switzerland: Le TempsNeue Zürcher ZeitungTagesanzeigerand numerous regional & local newpapers

Thailand: The Bangkok Post

UAE: Al Khaleej Times

UK: Associated NewspapersConde Nast Publications Financial TimesThe Daily Telegraph The Guardian

Uruguay: El Pais

US: American Express Publishing Los Angeles TimesNational Geographic MagazineNielsen Business MediaThe New York TimesThe Washington Post

Venezuela: El Nacional

Pan-European: Eurosport

Global: ForbesFortuneTimeReuters

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Advertisers330’000 companies

I want to reach today‘s

and tomorrow‘s

client

Users/customers Population of 8 million

I must find the right service provider here

and now

local.ch offers a multitude of solutions, to fulfill advertisers’ expectations:– to be found– to be chosen– to become known

local.ch offers directories that are– relevant– up to date– and comprehensive

CONCENTRATE individual brand value into

Search & Find: Bringing advertisers and customers together

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“Presence is crucial. In order to prove yourself as a florist, you first have tobe discovered.”

“As a craftsman, it is important to stand out in the phone book from the many competitors.”

“Organic, food, drinks - I appear in the entries section where customers are looking.”

Search & Find: Local.ch as Swiss market leader; partner of 370’000 Swiss small & medium-sized businesses

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Search & Find: Comprehensive broad screen & mobile

Significantly increased broad screen revenue by 24%

Online orders intake exceeds print

Achieved and successfully defended #2 position after Google maps(1)

Uncontested #1 in mobile search & find(available on iOS, Android, Blackberry, W7)

(1) Nielsen / Netratings

0

20

40

60 43.553.8

Online revenue FY 2010 (local.ch + home.ch)

CHF m

+24%

2009 2010

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2

3

Unique audience HY1 2011, in millions

Goo

gle

Goo

gle

Map

s

Blue

win

Loca

l.ch

sear

ch.c

h

Tele

fonb

uch

tel.s

earc

h.ch

map

.sea

rch.

ch

Gel

be S

eite

n

Dire

ctor

ies

Swis

sgui

de.c

h

GA

TE 2

4

QYP

E

map

.loca

l.ch

Hel

p.ch

0.00.51.01.52.02.53.03.5

12

Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul0.0

0.2

0.4

0.6

0.8

1.0

1.2

Local.ch: Successfully strengthened leading position on mobile

> 1 million downloads

24% usage growth

Source: Official platform Stores (iOS,Android,Blackberry,W7,Nokia) Source: Usage rating by Apple

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More than 1 million downloads of local app on all mobile platforms (iOS,Android,Blackberry,W7,Nokia)

24% usage growth of local.ch app on iPhone since January 2011

Uncontested #1 in Mobile search & find

Cumulative downloads on all platforms

Occasional use (>1 day per month)

Frequent use (5 days per month)

Active use (>10 days per month)

Ap

p d

ow

nlo

ads,

in m

illio

ns

Mo

nth

ly use iP

ho

ne, in m

illions

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Technology-oriented

Professional services-oriented

Demand-side (advertiser-oriented)

Supply-side (publisher-oriented)

1) Zanox Group subsidiaries; note: Digital Window is the holding company for Affiliate Window and buy.at

Namics

1)

1)

Digital & Marketing Services: Technology and professional services-driven businesses

Technology-oriented performance marketing models with high scalability

Key European markets penetrated - e.g. Zanox market leader in Germany and UK and #1 in Europe

Professional services-oriented business models benefit from scope

Examples: e-business concept, search engine marketing, lead management etc.

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Digital & Marketing Services: Zanox grows top and bottom line

HY1 2010 HY1 20110

50

100

150

200

250

169.8207.8

HY1 2010 HY1 20110

5

10

15

11.213.2

Sales EBITDA

Zanox Group Geographic Positioning

#1

#1

#1

#2

#1

#1

Geographic footprint further strengthened

New no. 1 player in Benelux after M4N acquisition

Offices in Turkey and Poland operational - CH in continued build-up phase

Expansion to Brazil in progress together with key client

#2

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Zanox with strong top and bottom line since creation of joint-venture: revenue growth of 29% CAGR; EBITDA growth of 20% CAGR.

Growth as a result of both positive organic development and acquisitions.

Zanox with leading market position in Performance Advertising Network segment.

Geographic expansion (organic and through acquisitions) playing an important role in the growth strategy.

Zanox HY1 2011 Sales & EBITDA, in millions of EUR

+22% +18%

Revenue € 368m

+57% vs. 2009

EBITDA € 21.8m

+12.8% vs. 2009

Zanox FY 2010 Sales & EBITDA, in millions of EUR

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Agenda

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Background group & short presentation segments

Strategy & outlook

Key financials full year 2010 & half-year 2011

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FY 2010 group results: Well positioned for the future

Positive trend confirmed

Turnaround accomplished: – Accelerated migration towards "digital company"– Media Sales profitable ahead of schedule– Financially stronger with significantly reduced debt

and stronger investment capacity

Strong performance across all segments:– Media Sales: successful execution of new

business model– Search & Find with new organisational set-up

that will strengthen future profitability– Digital & Marketing Services (DMS): now the

European leader in affiliate marketing with Zanox Group; Namics enhances leading position in e-business consulting in Switzerland

Dividend payment of CHF 6, pay-out ratio of 33%

0

500

1,000

1,500

2,0001,609.1

362.1

1,474.2

345.3

2009 2010

Sales and gross margin in CHF m

-40

-20

0

20

40

60

-2.9

-20.3

32.642.6

2009 2010

EBIT and net profit, in CHF m

Net sales Gross margin

EBIT Net profit

1

2

3

17

HY1 2011 group results: Net result up 8% on a like-for-like basis

Net result lower as first half of 2010 was strongly influenced by non-recurring one-off elements;

Operating result (EBIT) improved 23%.

On a like-for-like basis, HY1 2011 net result up 8% to CHF 7.6 million (HY1 2010: CHF 7 million), operating result up 17% to CHF 7.9 million (HY1 2010: CHF 6.8 million), owing again to a significantly lower cost base of CHF 9.8 million.

Sales lower due to currency effects and smaller volumes in the traditional business areas, especially print and TV, online growth continues.

Despite current economic woes and difficulty of forecasting the macro economic development, PG expects improvement of last year’s operative result (EBIT) for the full year 2011.

0

200

400

600

800

1,000

714.1

153.4

637.5

142.2

HY1 2010 HY1 2011

Sales and gross margin, in millions of CHF

0

10

20

30

40

11.3

26.6

13.8 14.9

HY1 2010 HY1 2011

EBIT and net profit, in millions of CHF

Sales Gross margin

EBIT Net profit

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2

3

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HY1 2011 business segment summary

EBIT, in millions of CHF

DM

S

EBIT lower mostly because of complete TV amortisation of goodwill

EBITDA in line with previous year, even slightly higher reaching CHF 0.4 million

Publicitas branch network Switzerland with positive results for the first half year

International: business suffers under currency impact and some shifts in budgets from the 1st to the 2nd semester

Comparable expenses down 14%

Sea

rch

&

Fin

d

Co

rpo

rat

e &

o

ther

s

EBIT lower owing to significant investments Traditionally profiting from a much stronger second

half in terms of sales, full-year profits should be at least in the order of last year’s results

EBIT better because of strong operational performance at Zanox and Namics, the two most important assets

EBITDA of Zanox +18% to reach EUR 13.2 million

Continued divestment of non-strategic assets in China (Emphasis Video Entertainment, City Media, Huashang Media Group) lead to one-time profits at corporate level

Med

ia S

ales

-10

-5

0

5

10

15

-3.7

9.4

2.6 3.0

-6.2

7.2

4.0

8.8

Media Sales

Digital & Marketing Services

Search & Find

Corporate & others

HY1 2010 HY1 2011

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2

3

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FY 2010 P&L GroupBack in solid black numbers

Change % 2010 2009CHF m restated

Revenue -8.4% 1'474.2 1'609.1

Gross margin -4.6% 345.3 362.1

Expenses -10.7% -300.5 -336.5

EBITDA 74.6% 44.8 25.6

EBIT - 32.6 -2.9

Financial result - 23.9 -3.3

Taxes - -7.2 -3.1

Minority interests -39.0% -6.7 -11.0

Net Result - 42.6 -20.3

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FY 2010 Group balance sheet Solid balance sheet and solid net liquidity

The group's balance sheet remains solid Strong net liquidity combined with largely reduced debt level

CHF m % 2010 2009

Current assets -16.9% 416.7 501.4 Non-current assets -1.2% 444.2 449.5 Total assets -9.5% 860.9 950.9

Current liabilities -20.1% 297.9 372.9 Non-current liabilities -4.9% 118.8 124.9 Equity, shareholders of PubliGroupe Ltd. -0.5% 410.8 412.8 Non-controlling interests -17.3% 33.4 40.3 Total liabilities and equity -9.5% 860.9 950.9

Equity in % of assets 47.7% 43.4%

Net liquidity 118 59 Bank debt 93 165

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Agenda

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3

Background group & short presentation segments

Strategy & outlook

Key financials full year 2010 & half-year 2011

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Status of strategic initiativesReorganisation and cost reduction largely accomplished

Achieved cost savings of CHF 124.5 m over 3 years– CHF -48.5 m in Media Sales and HQ Corporate in 2010 alone

Headcount reduction by 241 FTE at Media Sales and HQ Corporate (12 months)

Reorgani-sation and cost reduction

CHF -22m CHF -55m CHF -48.5m

2008 2009 2010 2011

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ongoing

Level of Accomplishment

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2010 & 2011 divestment of non-core assets such as – Real estate: Baden and Lausanne– Non-core holdings of publishing houses: BAZ, Edipresse– Participations in China

Debt reduced by CHF 72 m to CHF 93 m

Strong balance sheet with 47.7% equity ratio

Target: maintain investment capacity of CHF 50 m plus

Divestment of non-core assets

2008 2009 2010 2011

Real estateZurich

Real estate Winterthur 100% Stadt-anzeiger Olten

37% BAZ Medien / 19.9% Edipresse Real estate Baden / Lausanne

Level of Accomplishment

Status of strategic initiativesDivestment of non-core assets mostly completed

Emphasis VideoEntertainment

Huashang Interactive

City Media

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Status of strategic initiativesContinuing investment in growth markets

Performance Marketing: – Build the leading European online affiliate advertising group together with Axel Springer– Build a comprehensive offering in digital marketing on the Swiss market

– Repositioning of web2com – Acquisition of Instanz in May 2010 complements the web2com, Namics and Zanox

performance marketing offering

Local Search Marketing: – Build the number one local search platform in Switzerland together with Swisscom

– New setup of partnership with Swisscom to boost online services and to gain synergies

– Promising market entry of new national real estate online portal home.ch

Investments in growth markets

2007 2008 2009 2010

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3Ongoing

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HY1 2011 online performanceStrong online growth – driven by Zanox and Namics

Online revenue consolidated in PubliGroupe numbers: +13% to CHF 73 million; +17% at constant exchange rates.

Online revenue incl. participations: +8% to CHF 340 million; +20% at constant exchange rates.

Total revenue from online (incl. participations) represents 38% of total business generated by PubliGroupe and associated companies.

PubliGroupe expands its position as a key player in the online market in Switzerland (through Namics and Instanz) and with Zanox (in partnership with Axel Springer) in Western Europe and increasingly worldwide.

HY1 2009 HY1 2010 HY1 20110

50

100

150

200

250

300

350

400

5064 73

177

249267

Associated companies Publigroupe

HY1 2011 Online sales, in millions of CHF

Total revenue HY1 2009 :CHF 951 m(online 24%)

Total revenue HY1 2010 :CHF 942 m(online 33%)

Total revenue HY1 2011 :CHF 884 m(online 38%)

227

314340

(Zanox and local.ch)

Ongoing

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Results FY 2010 and HY1 2011 confirm PubliGroupe’s successful transformation and migration to becoming a leading service provider in the field of classic and digital media.

Double-digit growth of the operational result on a like-for-like basis shows PubliGroupe’s ability to constantly being able to adapt to changing economic conditions.

How to further monetize existing 400’000 customer relationships in Switzerland as a key strategic challenge for the future.

Despite the current economic woes and the difficulty of forecasting the macro economic development and its impact on the advertising spending, PG foresees that it will improve last year’s operative result (EBIT) for the full year 2011. The level of improvement will depend on the further economic development.

Conclusion & outlookOperationally largely improved, solidly financed, well positioned

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Backup Slides Results HY1 2011

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in millions of CHF Change % HY1 2011HY1 2010 Restated

Revenue - 11%

637.5 714.1

Gross margin - 7%

142.2 153.4

Expenses - 11% -131.1 -146.6

EBITDA + 64% 11.1 6.8

EBIT + 23%

13.8 11.3

Financial result - 98%

0.4 16.4

Taxes - - -1.3

Non-controlling interests + 185%

0.7 0.2

Net result - 44% 14.9 26.6

HY1 2011 P&L GroupExpense reduction compensates for gross margin decline

Backup

29

HY1 2011 Group balance sheet Solid balance sheet and still solid net liquidity

in millions of CHF Change as of 30 June 2011 as of 31 December 2010

Currents assets -7% 386.0 416.7

Non-current assets -6% 416.3 444.2

Total assets -7% 802.3 860.9

Current liabilities -9% 272.3 297.9

Non-current liabilities -14% 102.1 118.8

Equity, shareholders of PubliGroupe Ltd. -2% 401.1 410.8

Non-controlling interests -20% 26.8 33.4

Total liabilities and equity -7% 802.3 860.9

Equity in % of assets 50% 48%

Net short-term group liquidity 79 118

Bank debt 93 93

Backup

30

Media SalesVolume mainly down due to non-continued TV activities

Sales decrease by 12% to CHF 517.2 million versus CHF 588.1 million in the previous year.

Major reason for the lower business volume was the result of the termination of the TV commercialisation agreements which represented almost CHF 30 million.

Print activities in Switzerland drop of 6%, international volume down by 11%, only because of currency effects (at constant exchange rates international business with +2%).

The CHF 5.1 million one-time complete impairment of goodwill in the TV business plus other related costs resulted in a negative segment EBIT of CHF -6.2 million.

EBITDA positive with CHF 0.4 million (first half of 2010: CHF 0.0 million)

Comparable expenses for the segment dropped 14% from CHF 93 million in 2010 to CHF 80.4 million year-to-date 2011, down from CHF 145.4 million in 2007.

0100200300400500600700800

588.1517.2

HY1 2010 HY1 2011

Sales, in millions of CHF

-200

20406080

100 94.4

-3.7

80.8

-6.2

HY1 2010 HY1 2011

Gross margin and EBIT, in millions of CHF

Sales

Gross margin EBIT

-12%

-14%

Backup

31

Media SalesGood operational performance by Publicitas branch network

Activities in Switzerland confirm their profitable turnaround, especially thanks to a good performance of the traditional Publicitas branch network in the regional/local markets, despite overall decline of business in Switzerland of 6%.

The volume of the international business, representing less than 20% of total Media Sales business, drops 11%, mainly due to negative currency impacts of a lower USD and euro.

The termination of the TV commercialisation agreements with the ProSiebenSat1 and 3+ groups decreased sales by almost CHF 30 million and gross margin by CHF 4.4 million. Total EBIT decline due to termination of CHF 5.5 million.

PubliGroupe had previously decided not to enter guarantee-based television agreements in favour of a performance-oriented profitability approach across all media categories.

0100200300400500600700800

435.9 408.4

HY1 2010 HY1 2011

Media Sales Switzerland*, in millions of CHF

-10

10

30 29.3

4.40.40.3 0.0

-5.5

HY1 2010 HY1 2011

Analysis Media Sales TV business 2011/2010,in millions of CHF

Sales

Gross margin EBIT

-6%

Sales

* Does not include Electronic Media

Backup

32

Search & Find Investing in the future

Good volume development, despite lower sales in traditional print business that saw a decline of -11%, largely offset by good growth in online search services (+11%).

EBIT down mainly because of investments being undertaken in the online platform home.ch, higher marketing efforts during the first semester and continued one-off costs associated with structural adjustments and the development of new online services.

Margins will increaslingly profit from a reduction of direct costs, such as from the optimisation of paper purchasing and production of print products with fewer suppliers

Traditionally profiting from a much stronger second half in terms of sales, S&F full-year profits should be at least in the order of last year’s results.

0

20

40

60

80

46.350.4

HY1 2010 HY1 2011

Sales, in millions of CHF

0

10

20

30

4031.6

9.4

32.1

7.2

HY1 2010 HY1 2011

Gross margin and EBIT, in millions of CHF

Sales

Gross margin EBIT

+9%

+2%

-23%

Backup

33

The Zanox group continues its strong performance as Europe's #1 Performance Advertising Network. The acquisition of M4N (NL) and geographical expansion (e.g. Poland, Turkey) accelerate growth. EUR 208m sales in HY 1 (+ 22% vs. PY).

DMS sales declined by -10% (-2% without currency impact) as reduction of traditional media budgets of SVB’s clients continues. Very good revenue development at Namics (+11% vs. PY).

Gross profit +6% was supported by expansion at Namics and improved margins.

Reported EBIT grew +53% (+74% w/o FX) driven by Zanox & Namics performance as well as a one time temporary effects (CHF 2.1m).

DMS further expands its footprint in "online performance marketing”, a fast growing area with higher margins than traditional online segments.

HY1 2010 HY1 20110.0

25.0

50.0

75.0

19.1 22.8

51.2 40.2

SVB

Digital

Digital & Marketing Services Strong operational performance

DMS gross margin and EBIT, in millions of CHF

Gross Profit EBIT0

10

20

3023.8

2.6

25.2

4.0

HY1 2010HY1 2011

Note: Zanox Group not included; includes FX impact of -8%

70.362.9-10%

DMS Sales, in millions of CHF

+58%

+6%

Backup

34

Comparable expenses by segment

CHF 9.8 millions or 6% overall expenses reduction on comparable basis

in millions of CHF Change1st half

year 20111st half year 2010 restated

Search & Find 6% 30.7 28.8

Media Sales -14% 80.4 93.0

Custom Publishing - 0.0 5.1

Digital & Marketing Services 4% 25.1 24.1

Corporate & Others 54% 11.3 7.3

Eliminations -21% -4.3 -5.4

Comparable expenses -6% 143.2 152.9

Non recurring elements 92% 12.1 6.3

Total expenses -11% 131.1 146.6

Backup

35

Consolidated income statement Backup

in millions of CHF Change 1st half year 20111st half year 2010 restated

Revenue -11% 637.5 714.1

Purchases -11% -469.0 -526.2

Sales reductions -24% -26.3 -34.5

Gross margin -7% 142.2 153.4

Personnel expenses -9% -110.9 -121.3

General and administrative expenses -5% -35.9 -37.8

Other income and expenses 26% 15.7 12.5

EBITDA 64% 11.1 6.8

Depreciation and amortisation -10% -8.5 -9.4

Impairment loss -6.6 -1.8

Share in result of associates 13% 17.8 15.7

Operating result (EBIT) 23% 13.8 11.3

Financial result -98% 0.4 16.4

Result before income tax -49% 14.2 27.7

Income tax expense 0.0 -1.3

Result -46% 14.2 26.4

Result attributable to:

- Non-controlling interests 185% -0.7 -0.2

- Shareholders of PubliGroupe Ltd -44% 14.9 26.6

36

Consolidated balance sheetAssets

Backup

as of 30 June as of 31 December

in millions of CHF Change 2011 2010

Cash and cash equivalents -24% 77.5 102.6

Marketable and available-for-sale securities 2% 15.7 15.3

Receivables, accruals and taxes receivables -5% 283.8 298.8

Assets held for sale - 9.0 0.0

Current assets -7% 386.0 416.7

Land and buildings -13% 65.9 75.6

Other tangible and intangible assets -11% 65.0 72.9

Investments in associates 1% 234.0 232.7

Actifs financiers et impôts différés -18% 51.4 63.0

Non-current assets -6% 416.3 444.2

Total assets -7% 802.3 860.9

37

Consolidated balance sheetLiabilities

Backup

as of 30 June as of 31 December

in millions of CHF Change 2011 2010

Current debts - 13.9 0.0

Payables, accruals and taxes payables -13% 252.4 289.7

Long and short term provisions, deferred taxes -13% 26.5 30.4

Non-current debts -16% 81.6 96.6

Total liabilities -10% 374.4 416.7

Share capital - 2.5 2.5

Treasury shares -6% -49.6 -52.6

Reserves -3% 448.2 460.9

Equity, shareholders of PubliGroupe Ltd -2% 401.1 410.8

Non-controlling interests -20% 26.8 33.4

Total equity -4% 427.9 444.2

Total liabilities and equity -7% 802.3 860.9

38

Cash flow from operating activities Backup

in millions of CHF1st half

year 20111st half year 2010 restated

Result 14.2 26.4

Adjustments for non-cash items -15.4 -26.4

Dividends paid to non-controlling interests by Group companies

-6.0 -8.9

Dividends received 9.9 9.0

Interest received 0.7 0.5

Interest paid -1.7 -1.8

Taxes paid -2.2 -6.5

Use of provisions -2.3 -3.0

Working capital changes -20.7 -12.8

Cash flows from operating activities -23.5 -23.5

39

Cash flow from financing activities Backup

in millions of CHF1st half

year 20111st half year 2010 restated

Acquisitions of tangible assets -1.6 -1.2

Disposals of tangible assets 0.3 12.6

Acquisitions of intangible assets -6.2 -8.1

Disposals of marketable securities 0.0 0.4

Acquisitions of subsidiaries, net of cash acquired -1.7 -5.3

Disposals of subsidiaries, net of cash disposed of 11.7 0.0

Disposals of associates 0.4 21.7

Investments in financial assets -1.0 -6.9

Divestments of financial assets 14.8 75.3

Cash flows from investing activities 16.7 88.5

40

Cash flow from investing activities Backup

in millions of CHF1st half

year 20111st half year 2010 restated

Increase /(decrease) in bank debts 0.9 -45.0

Capital contribution from non-controlling interests 0.0 0.1

Purchase of treasury shares -1.1 0.0

Sale of treasury shares 1.1 0.2

Acquisition of non-controlling interests -2.6 -0.2

Increase in additional paid-in capital 0.1 0.1

Dividend paid to shareholders of PubliGroupe Ltd -14.1 0.0

Cash flows from financing activities -15.7 -44.8