Half-year figures 2016

Half-year figures 2016
Media and analyst information
Thursday, 25 August 2016, Zurich
Half-year figures 2016, 25 August 2016
First half 2016: overview
Christoph Tonini
Chief Executive Officer
2
Half-year figures 2016, 25 August 2016
Digital growth unable to fully offset dwindling print revenue
Revenue and net income 2016-6 in CHF millions
2015-6
2016-6
-5%
531
504
EBITDA margin
2016-6
19.8%
2015-6
20.2%
EBIT margin
2016-6
12.2%
2015-6
13.6%
-7%
107
-15%
100
72
Revenue
61
EBIT
EBITDA
3
-22%
72
56
Net income
Half-year figures 2016, 25 August 2016
Print advertising revenue still falling in 2016
Year-on-year change in net revenue for print advertising (in per cent)
-11%
-12%
-6%
-3%
-10%
-9%
-8%
5
0
-5
-10
-15
-20
Jan
13
Mar May July Sept Nov
13
13
13
13
13
Jan
14
Mar May July Sept Nov
14
14
14
14
14
Source: advertising statistics from the Swiss Media Association
4
Jan
15
Mar May July Sept Nov
15
15
15
15
15
Jan
16
Mar May
16
16
Samples from Tamedia indicate a
significant negative market
development
Half-year figures 2016, 25 August 2016
Sunday and financial press lose out significantly
Net advertising revenue per media type in CHF millions compared to the prior year
-7%
184
2015-6
2016-6
171
-9%
136
124
-6%
79
-23%
74
52
-1%
14
Daily press I
Publishing
Regional
Daily press II/III
Publishing
Regional
40
14
-22%
13
Regional
weekly press
10
Sunday press
Financial and
business press
General press
(magazines)
Publishing National
Publishing National
Publishing National
Publishing
Regional
Publishing National
5
Source: advertising statistics from the Swiss Media Association
Half-year figures 2016, 25 August 2016
Digital segment with significant revenue and net income growth
Publishing Regional in CHF millions
237
Revenue share EBITDA share
211
42%
42
Revenue
33
EBITDA
24
EBIT
Revenue share EBITDA share
177
35%
36
Revenue
33
EBITDA
33
Revenue
45
EBITDA
EBIT share
41%
EBIT
2015-6
2016-6
117
34
30%
30
Digital in CHF millions
108
21%
15
Publishing National in CHF millions
186
30%
EBIT share
21
Revenue share EBITDA share
23%
27
41%
EBIT share
38%
EBIT
Third-party revenue, excluding intersegment revenue
6
Half-year figures 2016, 25 August 2016
Growth in both organic and consolidated digital revenue
Organic revenue growth* in CHF millions
Publishing Regional
Publishing National
Digital**
Tamedia total
-4%
-18
-5%
-5%
-13
+6%
-10
+5
246.0
233.0
186.6
176.7
82.3
87.3
2015-6
2016-6
2015-6
2016-6
2015-6
2016-6
487.4
469.2
2015-6
2016-6
Consolidated revenue growth in CHF millions
Publishing Regional
Publishing National
Tamedia total
Digital
-5%
-11%
-5%
-29
530.7
503.6
2015-6
2016-6
-27
+8%
-10
+9
262.9
233.5
186.6
176.7
107.8
117.0
2015-6
2016-6
2015-6
2016-6
2015-6
2016-6
*Taking into account organic revenue with the exception of
**Trendsales excluding revenue
7
activities performed completely over both reporting periods
correction from prior years
Half-year figures 2016, 25 August 2016
Digital offerings with 31% revenue and 50% EBITDA share
Pro-forma revenue share of
digital offering in per cent
2012-6
Pro-forma EBITDA share of
digital offering in per cent
2012-6
2012-6
-4%
12%
Pro-forma EBIT share of
digital offering in per cent
-14%
23.2%
37.9%
41.0%
7.7%
14.7%
8.9%
2016-6
2016-6
Third-party revenue, excluding intersegment revenue
IAS 19 elimination corresponding to number of
employees assigned to individual segments
2016-6
Digital business division
Digital publishing offerings
8
Half-year figures 2016, 25 August 2016
Publishing Regional: regional media and printing facilities
Regional media
Regional media
Gazettes
Gazettes
Printing facilities
9
Half-year figures 2016, 25 August 2016
Publishing Regional: efficiency improvements unable to fully
offset dwindling print advertising market
Business division overview
• Significant decline in print advertising
market is affecting the division’s
performance
• Introduction of payment model for all
regional newspapers
• Discontinuation of commercial printing
and acquisition of Zehnder Print AG
newspaper printing orders
• Implementation of the shared user and
advertising market is progressing well
Outlook
• Evaluation of additional collaboration
models within and outside the media
group in relation to both printing and
publishing
Publishing Regional segment overview
in CHF millions
-11%
263
234
EBITDA margin
2015-6
16.1 per cent
2016-6
14.1 per cent
2015-6
2016-6
-22%
42
Revenue
10
33
EBITDA
Half-year figures 2016, 25 August 2016
Efficiency drive already worth CHF 74 million
Amount (per year/in CHF millions) attributable to implemented or planned efficiency
enhancement measures in relation to Publishing National and Publishing Regional
16
74
15
22%
43
12%
66%
Efficiency enhancements
2016
2017
2018
Total
11
Contractually agreed implementation
measures
Growth (implementation measures)
Half-year figures 2016, 25 August 2016
Significant growth in online subscriptions; approx. 20,000
subscribers
2015-12
2016-6
Number of online subsciptions
+17%
+21%
Tages-Anzeiger
+51%
+137%
Der Bund
Berner Zeitung/BOM
12
24 heures
+21%
TdG
Half-year figures 2016, 25 August 2016
Publishing National: supraregional newspapers and magazines
National media
National media
Weekly newspapers
Weekly newspapers
Magazines
13
Half-year figures 2016, 25 August 2016
Publishing National: further growth at 20 Minuten
Business division overview
• 20 Minuten digital offering with
significant revenue and net income
growth
• Schweizer Familie again achieves
excellent figures
• Dwindling print advertising market
detracts from the performance of Sunday
press, Das Magazin, Annabelle and Finanz
und Wirtschaft
• Metroxpress improves its performance but
remains an investment project
Outlook
• Collaboration with Heute and heute.at,
with focus on developing online platform
• Introduce payment model at Le Matin
Publishing National segment overview
in CHF millions
-5%
187
177
EBITDA margin
2015-6
19.5 per cent
2016-6
18.6 per cent
2015-6
2016-6
-9%
36
Revenue
14
33
EBITDA
Half-year figures 2016, 25 August 2016
Good results for Schweizer Familie and SonntagsZeitung
Schweizer Familie
• Stable revenue and net income in a
sharply declining overall market (-9 per
cent*)
• Significant growth in market share (+32
per cent**) in the general-interest
magazine market
SonntagsZeitung
• SonntagsZeitung loses revenue (-23 per
cent*) but improves net income in a
incisive declining overall market
• Significant growth in market share (+17
per cent**) in the Sunday newspaper
market; SonntagsZeitung is now the
Sunday advertising market leader
* Advertising statistics from the Swiss Media Association
15
** Mediafocus
Half-year figures 2016, 25 August 2016
Excellent position in freesheet markets
Luxembourg readership in 000***
Swiss readership in 000*
1.435
211****
672
617
169
542
275
BaA
Blick
175
95
Le
24 Corriere La
Matin heures
Regione
Danish readership in 000**
525
131
50
81
Luxemburger
Wort
Tageblatt
Austrian readership in 000****
2.335
325
235
Poli- Jyllandstiken Posten
938
Kronen
Zeitung
835
Kleine
Zeitung
*Source: MACH Basic 2016-1; **Source: TNS Gallup 4. kvartal 2015, 1. kvartal 2016; ***Source: TNS ILRES Plurimedia
Luxembourg 2015*** including commuters from abroad;
Half-year figures 2016, 25 August 2016
16
****MA 2015 Presse
Freesheet portfolio expanded to include Heute
Heute and heute.at – key points
• Heute was established in 2004
• Heute print version has a daily readership of
938,000
• heute.at is one of the most popular news sites
offerings in Austria, with 4.1 million unique
clients
• Heute and heute.at are already profitable
Tamedia and Heute/heute.at
• Tamedia owns a 25.5 per cent stake in Heute
(print) and a 51 per cent stake in heute.at (online
platform)
• Collaboration planned with regard to
technological expertise and content
• Successful management team of Dr. Eva Dichand
and Wolfgang Jansky will remain intact
• Tamedia active in the Danish, Luxembourg,
Austrian and Swiss freesheet markets
17
Outlook
• Completion of
transaction
scheduled for the
end of Q3 2016
following approval
by the Federal
Competition
Authority
Half-year figures 2016, 25 August 2016
Freesheets can benefit from network effects
Collaboration among the freesheets
18
Half-year figures 2016, 25 August 2016
20 Minuten: record readership and online use figures
20 Minuten Tilllate: new youth channel
• The new Tilllate platform supplements
the editorial offering of 20 Minuten and
20 Minuten Friday, focusing on
progressive and creative content for
millennials
• Since its relaunch at the end of January
2016, the new 20 Minuten Tilllate online
offering has developed a loyal following:
1,292,000 unique clients**
Number of unique clients* in 000
6,941
5,013
4,670
1,276
Blick
watson
1,115
BaA
* Source: Net-Metrix audit, 2016-6 + 2015-6
** Net-Metrix audit, 2016-7
19
Half-year figures 2016, 25 August 2016
With the new 20 Minuten app interaction has significantly increased
Four different views
Weekly fluctuation in no. of reader report images
Classic view
Social view
Play view
Personal view
Weekly average:
1,220
3,450
+ 280 per cent
20
Half-year figures 2016, 25 August 2016
Digital: Classifieds, Marketplaces and Services & Ventures
Horizontal and vertical platform in the digital portfolio
Horizontal
*
*
General classifieds
Online classifieds
Vertical
Real
estate
Services
News
Jobs
*
Cars
Marketplace
B2B2C
Vintage
fashion
Tickets
*
Building
& renovation
TV
*
Financing
*
Digital Advertising & Services (DA&S)
*
21
* Participations
Half-year figures 2016, 25 August 2016
Digital segment: signficant revenue and net income growth
Overview of Digital business division
Digital segment overview
• Business division with the highest EBITDA in CHF millions
margin
EBITDA margin
+9%
• Full acquisition of Immostreet by
2015-6
31.8 per cent
117
homegate.ch
2016-6
38.4 per cent
108
• Net income share of search.ch and local.ch
2015-6
taken into account together for the first
time over an entire reporting period
2016-6
• Launch of mobile flea market Tradono in
French-speaking Switzerland
+31%
• Merger of Starticket and Ticketportal
45
completed
34
• Acquisition of virtual scheduling assistant
Meekan
Outlook
• Launch of Tradono in German-speaking
Switzerland
Revenue
EBITDA
22
Half-year figures 2016, 25 August 2016
Outstanding result for Classifieds and Services & Ventures
Classifieds 2016-6
in CHF millions
74.5
44.5
Marketplaces 2016-6
in CHF millions
Services & Ventures 2016-6
in CHF millions
Negative effects from the
sale of FashionFriends,
revenue correction from
prior years (Trendsales and
investment in tutti.ch)
25.5
17.7
7.1
Revenue
EBITDA
-6.3
Revenue
EBITDA margin: 59.7 per cent
Revenue
EBITDA
EBITDA
EBITDA margin: -24.7 per cent
Revenue and EBITDA excluding Digital segment consolidation
23
of CHF -0.7 million and CHF -0.4 million respectively
EBITDA margin: 40.1 per cent
Half-year figures 2016, 25 August 2016
Homegate with an extremely gratifying performance
Advertisements
+3%
Unique clients in 000*
16% 16% 17% 16% 16% 16% 16% 16% 16% 16% 15% 15% 16%
11% 11% 11% 12% 12% 11% 11% 11% 11% 11% 11% 11% 11%
+88%
3,000
2,500
72% 73% 72% 73% 72% 73% 74% 73% 73% 73% 73% 73% 73%
2,000
1,500
1,000
500
Jun
Jul
Other
0
homegate.ch
Visits in 000*
10,000
Aug
Sep
Oct
Private clients
Revenue
immoscout24.ch
Nov Dec
Jan
Feb
Apr May
Jun
Corporate clients
EBITDA
8%
+90%
Mar
38%
8,000
6,000
4,000
2,000
0
Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun
* Source: Net-Metrix-Audit
2015-6
24
2016-6
2015-6
2016-6
Half-year figures 2016, 25 August 2016
Further growth and an outstanding result for JobCloud
Visits per month in 000**
Swiss unemployment rate*
133,256
139,127
JobCloud G-CH
JobCloud F-CH
2,436
1,312
+4%
2015-6
2016-6
2011 2012 2013 2014 2015- 2015- 2015- 2015- 2016- 20163
6
9
12
3
6
JobCloud revenue and EBITDA
Order volumes
2015-6
2016-6
+4%
2015-6
2016-6
+6%
+6%
-2%
Revenue
EBITDA
* Source: State Secretariat for Economic Affairs SECO
G-CH
25
** Source: Net-Metrix audit
F-CH
Half-year figures 2016, 25 August 2016
karriere.at exceeds expectations and impresses with a high income
growth
Overview of karriere.at
• JobCloud AG owns a 49 per cent stake in
karriere.at
• karriere.at attracts over 1.1 million unique
clients and 3.1 millions visits per month*
• karriere.at attracts four and a half times
more visits per month than its nearest
rival – undisputed market leader
• Two thirds of all Austrians have heard of
karriere.at
• Regional recruitment via 570 municipality
websites
• karriere.at has exclusive partnerships with
universities, universities of applied
science and other educational institutions
• High client satisfaction levels
* Source: ÖWA
26
Half-year figures 2016, 25 August 2016
Ricardo is growing successfully in both the B2C and C2C markets
Number of B2C items in millions
+50%
16.4
10.9
Ricardo revenue and EBITDA
2015-6
2016-6
2015-6
2016-6
+3%
Number of C2C items in millions
+28%
8.1
6.3
2015-6
2016-6
Number of new members in 000
+6%
25.4
26.9
April
+4%
25.3
26.4
May
2015
2016
+134%
+7%
22.0
23.6
June
Revenue
27
EBITDA
Half-year figures 2016, 25 August 2016
Integration of Ticketportal helps Starticket to consolidate strong
no. 2 position
Unique clients in 000
Ticketcorner
Starticket
+100%
541
Revenue including Ticketportal
491
406
+71%
203
Page impressions in 000
B2C ticket sales
+39%
+30%
3,361
2,161
2,725
3,013
Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
2015-6
28
2016-6
Half-year figures 2016, 25 August 2016
Integration of Meekan will help to accelerate growth of Doodle
Information about Doodle and Meekan
• Doodle with over 49 million sessions in a
month for the first time ever
• Meekan is an Israeli start-up
• The Meekan chatbot is a virtual scheduling
assistant
• Still unique in its field, Meekan is a
completely AI-driven tool that “learns on
the job”, adapting to the needs and habits
of its users
• Meekan already runs as an assistant in the
instant-messaging applications Slack and
HipChat
Outlook
• Meekan will be integrated into Doodle,
giving the scheduling platform a
technological edge
29
Meekan products
• Meekan is available on iOS and Android
– and will soon appear on Outlook
Half-year figures 2016, 25 August 2016
Tamedia with six of the ten leading websites in Switzerland
Swiss websites sorted by number of unique clients in thousands in June 2016
6,941
5,684
5,057
20 Minuten
Tamedia
Online &
Classifieds*
Tio.ch
srf.ch
5,013
Newsnet
National
4,972
4,866
Blick am
Abend /
Blick Online
sbb.ch
4,513
Scout 24
network
4,446
4,417
ricardo.ch**
local.ch
3,962
search.ch
Source: NET-Metrix audit 2016-06
* homegate.ch, JobCloud AG, tutti.ch, ricardo.ch: total calculated on the basis of the individual figures from the Net-Metrix audit 2016-06; **ricardo.ch: own data, Google Analytics
30
Half-year figures 2016, 25 August 2016
Tamedia and partners account for 46 per cent of all page
impressions
Net-Metrix page impressions in 000, June 2016
20min.ch - Ger.-speaking CH
20min.ch - Fr.-speaking CH
tutti.ch
homegate.ch
LeMatin.ch
tagesanzeiger.ch
search.ch
local.ch
tio.ch
zattoo.com
JobCloud - Ger.-speaking CH
46%
search.ch - tel.search.ch
Tribune de Genève
JobCloud Romandie
20 Minuten Tilllate
bernerzeitung.ch
24heures.ch
doodle.com
derbund.ch
20 Minuten Friday
Starticket
fuw.ch
20 minutes Friday
Femina.ch
annabelle.ch
Other
Source: Net-Metrix audit 06-2016; only includes
participating sites
31
1,038,064
259,772
214,194
174,310
113,115
88,119
70,993
66,621
42,334
32,760
30,156
21,384
18,862
18,746
18,222
17,190
14,447
9,920
9,803
3,694
3,013
2,241
1,695
1,159
1,111
2,425
Half-year figures 2016, 25 August 2016
Outlook: international presence despite focus on Switzerland
Welcome to Heute!
32
Half-year figures 2016, 25 August 2016
Outlook: converging sales areas and cross-cutting services
National
media
20 Minuten
Regional
media
Display
classified
Philipp Mankowski
Marco Gasser
Thierry Furrer
Dominik Lämmler
Marcel Kohler
Head of
Advertising &
Commuter Media
Key account
Abroad activities
Classifieds & telephone
sales
Marcel Kohler
Philipp Mankowski
Back office – print
Generic content projects
Thierry Furrer
Tanja Heusser
Cross-media services
Marco Gasser
Digital Advertising &
Services
Premium publisher network
Sylvia Epaillard
Sales promotion /
marketing
Martin Garling
Annina Flückiger
33
Half-year figures 2016, 25 August 2016
Outlook: key projects within the respective segments
Publishing Regional
• Increase in payment
media digital share
• Further development of
collaborations
Publishing National
• Increase in freesheet
reach
• Launch of innovative
advertising products
• Further development of
Heute collaboration
34
Digital
• Further strengthening
of commercial digital
offerings, especially
classifieds, ricardo.ch
and Doodle
Half-year figures 2016, 25 August 2016
Samuel Hügli appointed new CTO & Head Digital Ventures
Strengthening of Tamedias
Management Board as of 2017
• New division Technologie &
Digital Ventures starting on 1
January 2017
• The division includes Corporate
IT, IT Publishing, IT Digital and
digital ventures
• Responsible for Doodle, Olmero,
Starticket and Ticketportal
• Supervision of participations in
Book a Tiger, Hotelcard, local.ch
& search.ch and Moneypark
Samuel Hügli
• Samuel Hügli, 46,
worked at Ringier
from 2000 and
2011 in different
functions, amongst
others Head of
Technology &
Informatics, Group
CIO and CFO
Ringier Group
• Since 2012 independent consultant in
Switzerland and South Africa
• Management degrees from the ZFU, St. Gallen
Business School, London Business School and
the University of Cape Town in South Africa
35
Half-year figures 2016, 25 August 2016
First-half 2016: financial report
Sandro Macciacchini
Chief Financial Officer and Head of HR
36
Half-year figures 2016, 25 August 2016
Notes on first-half 2016
Significant changes to the consolidated/associated companies/activities
• On 12 February 2016, Tamedia AG acquired a 100 per cent stake in Adextra AG
• On 31 March 2016, Tamedia AG acquired a further 37.3 per cent holding in Swiss Online
Shopping AG, thus raising its share in the company to 100 per cent. On 1 April, Tamedia AG sold
its 100 per cent interest in Swiss Online Shopping AG
• On 11 April 2016, homegate.ch AG acquired a further 80 per cent holding in real estate platform
ImmoStreet.ch S.A., thus increasing its stake in the company to 100 per cent
• On 21 April 2016, Starticket AG acquired a 100 per cent stake in ticketportal AG
• On 28 June 2016, Doodle AG acquired a 100 per cent stake in Israel-based company Meekan
Solutions Ltd
• To simplify the corporate structure within the Tamedia media group, the following changes were
implemented:
• car4you Schweiz AG was merged with ricardo.ch AG retroactively to 1 January 2016; Swiss
Classified Media AG was merged with Tamedia AG retroactively to 1 January 2016
37
Half-year figures 2016, 25 August 2016
Operating expenses down disproportionately compared to revenue
Revenue and EBITDA 2016-6 in CHF millions
-5%
-3%
504
411
+890%
7
Revenue
Operating
expenses
Net income
share of
associated
companies/JVs
-7%
100
EBITDA
38
-2%
21
+31%
18
Depreciation
Depreciation
and amortisation and amortisation
as a result of
company
mergers
-15%
61
EBIT
Half-year figures 2016, 25 August 2016
No effect on net income from financial result, but lower tax burden
EBIT and net income in 2016-6 in CHF millions
-15%
61
n.s.
0
-32%
-70%
-22%
5
56
61
9**
47*
EBIT
Financial result
Net income
before taxes
39
Income taxes
Net income
*Attributable to Tamedia shareholders
**Attributable to minority shareholders
Half-year figures 2016, 25 August 2016
Normalised income statement with a CHF 5.9 million improvement
in net income before taxes
Normalised net income in 2016-6 in CHF millions
67
61
2
1
Revaluation
of Immostreet shares
held to date
Trendsales
revenue
correction
Net income
before taxes
5
5
7
Nonintroduction
of pension
fund lumpsum
withdrawal
obligation
1
Priorperiod tax
effects
Normalised Published
net income
income
before taxes
taxes
56
Tax
effects on
one-off
effects
Normalised
net income
* Attributable to Tamedia AG shareholders
** Attributable to minority shareholders
40
Half-year figures 2016, 25 August 2016
local.ch & search.ch: Share of profit lower than operating income
Effect deferred revenues
PPA in CHF millions*
Effect depreciation PPA in
CHF millions*
-2
-3
-3
-3
-3
-3
-3
-6
-6
2015 2016 2017 2018 2019
• Deferred revenues from multi-year
contracts that were concluded on
purchase-date
• Effect on first half 2016: About
CHF 3.2 millions
*before deferred taxes
2015 2016 2017 2018 2019
• Depreciation due to purchase
price allocation, which go
beyond those provided in the
business plan
• Effect on first half 2016: About
CHF 1.5 millions
41
Impact for Tamedia
• As a consequence of
deferred revenues and
depreciation, the share of
profit of Tamedia on local.ch
& search.ch is reported
lower than the operating
result
• The difference between
operating profit and
effective 2016-6 earnings
share is CHF 3.9 million
• Depreciation and deferred
revenues will result in a
book profit on a possible
sale of the stake in 2018
Half-year figures 2016, 25 August 2016
Stable cash flow from trading activities
Cash flow statement for first-half 2016 in CHF millions
0%
Status of cash and cash equivalents
+32%
107 107
30 June 2016
CHF 53.6 million
30 June 2015
CHF 58.4 million
94
71
+162%
-19%
+67%
-12
-27
-31
2015-6
2016-6
Cash flow from
trading activities
Cash flow from
operating activities
-45
-108
-133
Cash flow from
investing activities
42
Cash flow from
financing activites
Change in cash flow
Half-year figures 2016, 25 August 2016
Capex in relation to revenue remains at 1 per cent
Investment in property, plant and equipment (Capex)1 in CHF millions and as a percentage
of revenue
100
9%
10%
Capex in CHF
millions
90
9%
Capex in per cent
80
70
8%
7%
6%
60
6%
5%
50
5%
4%
40
4%
3%
30
20
3%
1%
Ø = 21.5
2%
1%
2%
2%
1%
1%
10
0
2%
1%
1%
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
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015 2016-1
1) Excluding acquisition of holdings and business units
43
3%
3.5
1%
0%
Half-year figures 2016, 25 August 2016
Equity ratio remains stable at 65 per cent
In CHF
millions
17%
17%
343
66%
Current assets
Non-current assets
Current liabilities
Non-current liabilities
Equity
414
270
433
16%
65%
380
462
2,166
2,170
1,662
2015-12
19%
1,598
2015-12
2016-6
44
Tamedia
shareholders
have a 56 per
cent share of
equity
2016-6
Half-year figures 2016, 25 August 2016
Thank you for your attention
45
Half-year figures 2016, 25 August 2016