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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
Annual results 2015, 15 March 2016 3
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
Annual results 2015, 15 March 2016
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 …
Annual results 2015, 15 March 2016 5
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
Annual results 2015, 15 March 2016
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
Annual results 2015, 15 March 2016 7
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
Annual results 2015, 15 March 2016 8
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
Annual results 2015, 15 March 2016 9
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
Annual results 2015, 15 March 2016 10
Regional media Regional media
Gazettes Gazettes
Printing facilities
Publishing Regional: regional media and printing facilities
Annual results 2015, 15 March 2016
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
Annual results 2015, 15 March 2016
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
Annual results 2015, 15 March 2016 13
Publishing National: supraregional newspapers and magazines
National media National media
Weekly newspapers
Magazines
Weekly newspapers
Annual results 2015, 15 March 2016 14
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
Annual results 2015, 15 March 2016
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****
Annual results 2015, 15 March 2016
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
Annual results 2015, 15 March 2016
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
Annual results 2015, 15 March 2016 18
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
Annual results 2015, 15 March 2016
• 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
Annual results 2015, 15 March 2016 20
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
Annual results 2015, 15 March 2016 21
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
Annual results 2015, 15 March 2016
Online marketplace
Tamedia: strong positions in marketplaces …
22
General classifieds
Car market
Real estate
Job market
1 1 2
1 1
*
* Participation
*
Annual results 2015, 15 March 2016 23
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
Annual results 2015, 15 March 2016 24
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
Annual results 2015, 15 March 2016 25
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)
Annual results 2015, 15 March 2016
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
Annual results 2015, 15 March 2016 27
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
Annual results 2015, 15 March 2016 28
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
Annual results 2015, 15 March 2016 29
Sandro Macciacchini Chief Financial Officer and Head of HR
2015: financial report
Annual results 2015, 15 March 2016
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
Annual results 2015, 15 March 2016
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
Annual results 2015, 15 March 2016
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
Annual results 2015, 15 March 2016 33
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
IAS 19 2.0 Associated/JV share 1.4
Print National 66.0
13.1
EBITDA Digital 2014
Digital new 62.6 Transfer effect
IAS 19 1.9 Associated/JV share 2.9
Digital old 75.3
11.7
All figures in CHF millions
Annual results 2015, 15 March 2016
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
Annual results 2015, 15 March 2016
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
Annual results 2015, 15 March 2016 36
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.
Annual results 2015, 15 March 2016 37
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
Annual results 2015, 15 March 2016 38
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
Annual results 2015, 15 March 2016
+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
Annual results 2015, 15 March 2016 40
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
Annual results 2015, 15 March 2016
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
Annual results 2015, 15 March 2016
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%.
Annual results 2015, 15 March 2016 43
Thank you for your attention.