Financial Results 2009 - Presentation

Transcription

2009 Financial Reporting
Financial Report Media Conference from 15 April 2010
Martin Kall and Sandro Macciacchini, Tamedia AG
1
Financial Reporting 2009, 15 April 2010
Annual Report 2009: Overview
Martin Kall
Chief Executive Officer
2
Strong Drop in Revenues and Earnings During 2009 Financial Year
in MCHF
EBIT margin*
2008
2009
-14%
1.000
900
800
890
2008
15.0%
6.7%
2009
766
700
600
500
400
-45%
-61%
300
168
200
134
92
100
-56%
106
52
47
0
Revenues
EBITDA
EBIT
Net
income
*The respective figures refer to the continued operations
3
Decrease Mirrors Prolonged Financial Crisis…
Change of real GDP in per cent
Consumer climate index (index points)
6%
30
4%
15
0
2%
-15
0%
-2%
-30
01.08
07.08
01.09
07.09
01.10
-45
01.07 07.07
-4%
01.08 07.08 01.09
07.09 01.10
Unemployment rate in per cent of labour force
Private consummation change in per cent
4.5%
4%
4.0%
3%
3.5%
2%
3.0%
1%
2.5%
0%
-1%
01.07
2.0%
01.07 07.07 01.08 07.08 01.09 07.09 01.10
4
07.07
01.08
07.08
01.09
07.09
Source: Staatssekretariat für Wirtschaft SECO
…Resulting in Significantly Lower Advertising Investments
Jan - Dec 2008/2009, net advertising revenues in print acc. to typology of Swiss Press
Types
2009
2008
Changes
+/- MA
MCHF
MA
MCHF
MA
MCHF
in %
in %
889
56.0
1,133
56.8
-244
-21.6%
-0.8
51
3.2
52
2.6
-1
-1.2%
0.6
150
9.4
212
10.7
-62
-29.4%
-1.2
50
3.2
72
3.6
-22
-30.1%
-0.4
Newspapers
1,140
71.9
1,469
73.7
-329
-22.4%
-1.8
Mass media
187
11.8
234
11.7
-47
-20.0%
0.1
Special interest press
198
12.5
217
10.9
-19
-8.8%
1.6
Expert press
61
3.9
73
3.7
-12
-16.6%
0.2
Magazines
446
28.1
524
26.3
-78
-14.9%
1.8
Total print
1,586
100
1,993
100
-407
-20.4%
0.0
Daily press
Regional weekly press
Sunday press
Finance and economy*
* not identical to publication «Finanz und Wirtschaft»
Source Advertiser statistics Swiss Press/VSW Verband Schweizerischer Werbegesellschaften (Assoc. of Swiss Advertising Firms)
5
Model: Previous Economic Cycles Showed Similarly Severe Drops
Development of job advertisings during economic cycles, change rel. to previous year
(in per cent)
P Index job advertisings
40%
VSW job advertisings in daily press 1
Tamedia job advertisings
BZ job advertisings
Prognosis
20%
0%
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
-20%
-35
-40%
-60%
6
The Economic Cycle Explains 90 Per cent of Drop in Revenues
Acc. advertising revenues
compared to previous cycle
Job ads compared to
previous cycle
-12%
Unemployment rate
2002 = 2.5%
2009 = 3.7%
-35%
+1%
100
Total advertising revenues
compared to previous cycles
-2%
100
100
88
-16%
89
-27%
84
82
65
48
Revenues Previous Actual
2008 economic revenues
(=100)
cylce
2009
(=100)
cycle
2009
(=100)
cycle
2009
Source: Controlling Tamedia
7
Tamedia Developed Alongside Market Average in 2009
Revenues according to type of
earning
Advertising sales development according to
media segments
Newspapers
0%
-10%
Print revenue Other revenue
Other publisher
5%
activity
2%
4%
-20%
-30%
-22,4%
-22,0%
0%
Copy sales 25%
Magazines
-10%
65%
-20%
Advertising
revenue
-14,9%
-15,8%
-30%
0%
-10%
No figures
available
E-Media
-8,7%
-20%
-30%
Market
Tamedia
Source: Advertiser Statistics: Swiss Press; Tamedia Finances
8
Cost Savings Totalling 90 MCHF in All Areas
1
Tages-Anzeiger
2
• Cost adjustments to lower
profits
• Launch of new
concept in
Sept. 2009
6
20 minutes
• Merging of 20
minutes and Le
matin bleu
• Largest daily
newspaper in
Romandie by
readers
Der Bund
• Continuation n
cooperation
with TagesAnzeiger
• Creation of
business
foundation
7
News
• Discontinuation
News Basel and
News Berne in
summer 2009
• Discontinuation
News Zurich in
fall 2009
3 Solothurner
4
Early delivery
Tagblatt
• Discontinuation
of Solothurner
Tagblatt in
September 2009
8
Espace Media
• Completion of
integration of
Espace Media
• Effective
implementation
of synergy
potentials
•Transfer of early
delivery to
Schweizer Post
•Weko agrees to
transaction in
Sept. 2009
9
5
Classifieds
• Cooperation in
online categories and
development
of classified
online
organisation
Additional measures
• Cost reductions at 20 Minuten,
SonntagsZeitung and other titles
• Company-wide reduction of vacation
and overtime credits
• Consequent reduction of marketing
costs in all areas
* Without additional cost savings at Presse Publicité SR S.A.
9
Saving Savings Prove Effective; Investments in Online Media
Cost development according to business division 2009 rel. to 2008 in MCHF
900
2008
2009
-7%
800
722
700
600
674
-7%
543
Investments
in new
online
services
507
500
400
-26%
300
227
-8%
200
90
100
+6%
83
81
167
86
0
Newspapers
Magazines
E-Media
10
Services
Tamedia
Newspapers Division: Losses at Regional Newspapers
Newspapers 2009 MCHF
Revenues
EBIT
EBIT margin
2005
2006
2007
* 2008
* 2009
2008/09
447
475
551
637
521
- 18%
72
85
97
89
11
- 88%
16%
18%
18%
14%
2%
-
General topics
• Consolidation of over-saturated Swiss commuter newspaper market with
discontinuation of Cash daily, .ch, Le matin bleu and News
• Regional daily newspapers lose additional share in sales and market share
Tamedia
• 20 Minuten with decrease in revenues and earnings, continued high result level
• First positive advertising market feedback for 20 minutes
• Subscribed daily newspapers by Tamedia write significant losses for 2009; cost
reduction measures will only show full effect during ongoing year
• New concepts for Bund and Tages-Anzeiger and their cooperation start being accepted
by readership; 2010 once again difficult year for regional newspapers
11
* Respective data 2008 and 2009 without areas discontinued in 2009
20 Minuten with Unique Market Position in Two Language Regions
20 Minuten media network
in German- and Frenchspeaking Switzerland
20 Minuten media networkGerman‐speaking
German‐speakingSwitzerland
Switzerland
20 Minuten media networkFrench‐sp. Switzerland
French‐sp. Switzerland
12
• Commuter papers reach 1.9 million
readers every day
• Leading online portal with 2.0 million
users per month
• Monopoly-like position in morning
• Strongest Swiss media brand
• Only Swiss daily newspaper in two
language regions from one source
Switzerland Remains Leader in Commuter Newspaper Market
Number of copies of daily commuter newspapers per 100 inhabitants over 14 years
in Europe (comparison)
in copies
18
17
16
15
14
14
13
12
10
9
8
8
7
7
6
6
6
5
4
2
0
Current
circul.
(thsd.)
14+
(thsd.)
D-CH
W-CH
SWE
DK
NL
ITA
ESP
CZ
FRA
FIN
UK
861
210
1.000
584
1.200
3.950
2.343
586
2.718
220
2.144
4.251
1.377
6.901
4.511
13.428
47.913
34.497
8.736
48.910
4.000
47.265
13
Source: Metro, 20 Minutes, University of Amsterdam, Verlag 20 Minuten
Subscribed Newspapers with Great Structural Challenges
Advertising sales of print
media 1988 rel. to 2008, in
MCHF*
Market share of print media
as part of total advertising
market 1988 rel. to 2008, in
per cent
-29%
Readership numbers of daily
papers w/o assoc 1988 rel.
to 2010, readership in
million
-16%
-24%
78%
3.388
2.015
1.702
59%
2.406
1988
2008
Source: Stiftung Werbestatistik Schweiz; *adjusted
for inflation 1988 rel. to 2008 on basis of Federal
Consumer Price Index
1988
2008
Source: Werbestatistik der Stiftung Werbestatistik
Schweiz 1988 and 2008;
14
1988
2008
Source: Wemf AG 1988 and 2010; all newspapers
published in 1988 that were not part of umbrella
assoc. in 1988 and 2010
Fragmented Media Spaces North-East Switzerland and Zurich
Coverage of respectively leading
regional daily newspapers in
economic areas
Basler Zeitung
Schaffhauser Nachrichten
65.3%
35.6%
44
Mittelland Zeitung
50.6%
43
41
St. Galler Tagblatt
Tages-Anzeiger
32
14
Quotidien Jurassien
Mittelland Zeitung
50.0%
54.6%
24
Neue Luzerner Zeitung
44.0%
13
54.0%
26
31.2%
L,Express F.d,Avis
Coverage below 35 per cent
Thurgauer Zeitung
31
37.8%
Coverage below 40 per cent
42
33
27
57.5%
Bieler Tagblatt
41.7%
Südostschweiz
21
34
35.6%
Berner Zeitung
59.7%
53.0%
28
Südostschweiz
67.2%
25
78.3%
15
Berner Zeitung
24 heures
44.0%
12
La Liberté
29
63.5%
50.1%
22
Südostschweiz
62.1%
Walliser Bote
Tribune de Genève
75.2%
40.6%
51
23
11
Corriere del Ticino
46.6%
16
Nouvelliste
67.1%
Source: MACH Basic 2009‐2
15
Exchange Between NZZ and Tamedia Enhances Future Perspectives
Zürcher Unterländer
Regional daily newspaper
Circulation: 21,597
Thurgauer Zeitung
Circulation: 33,784
Zürcher Oberländer
Circulation: 36,607
Zürichsee-Zeitung
Circulation: 41,957
Source: Wemf MACH Basic
16
Participation Exchange Lifts Coverage on a Competitive Level
Coverage of respectively
leading regional daily
newspapers in economic
areas
Schaffhauser Nachrichten
65.3%
42
44
Mittelland Zeitung
50.6%
Basler Zeitung
31
37.8%
32
Quotidien Jurassien
Mittelland Zeitung
50.0%
54.6%
St. Galler Tagblatt
Tages-Anzeiger/
Der Landbote/
Zürcher Landzeitungen
44.0%
13
48.0%
27
57.5%
33
Bieler Tagblatt
41.7%
Südostschweiz
21
34
54.0%
26
24
L‘Express F.d‘Avis
53.0%
43
41
14
Thurgauer Zeitung/
St. Galler Tagblatt
35.6%
Berner Zeitung
59.7%
53.0%
28
Südostschweiz
67.2%
25
78.3%
15
Berner Zeitung
24 heures
44.0%
12
La Liberté
29
63.5%
50.1%
22
Südostschweiz
62.1%
Walliser Bote
Tribune de Genève
75.2%
40.6%
51
23
11
Corriere del Ticino
46.6%
16
Nouvelliste
67.1%
Source: MACH Basic 2009-2
17
Concentration and Strengthening of Regional Media Companies
Sold participations on regional
and local newspapers
2009 and 2010
Anzeiger von Kerzers
Local newspaper
Circulation: 1‘450
Thurgauer Zeitung
Der Murtenbieter
Local newspaper
Cirulation: 4‘250
Le Nouvelliste
18
Tages-Anzeiger: More Contacts Despite News Discontinuation
Readers and users in Economic Area 43
Contacts of Tages-Anzeiger media in
Economic Area 43 (Canton of Zurich)
+3%
74,000
Exclusive users
641
563
103,000
Double users
125
582
73
177
126
490
390
405
2008
2009
302,000
Exclusive readers
2001
News
tagesanzeiger.ch
Tages-Anzeiger
Source: MA Strategy Basic 2009/2001
19
Newspapers Reach More People Today than Five Years Ago
Coverage 2004 to 2009 of total population German-speaking Switzerland, in per cent*
-2%
‐8%
92%
+1%
-10%
+54%
90 %
74%
68%
75%
67%
81%
80%
26%
Radio
TV
Daily newspapers w/o
commuter papers
Daily newspapers with
commuter papers
40%
2007‐1
Internet
Coverage 2004 to 2009 14- to 29-year old German Swiss persons, in per cent*
-7%
2009
-18%
-13%
85%
2004
+5%
+65%
79%
76%
65%
58%
79%
53%
51%
41%
25%
2007‐1
Radio
TV
Daily newspapers w/o
commuter papers
Daily newspapers with
commuter papers
Internet
Source: Radiocontrol, Telecontrol, MACH Basic 2004–2009-2, NET-Metrix Profile 2007-1–2009-2; Coverage Radio and TV (Listeners and Watchers per day), readersr (LpA) and users (Unique User per
week) 2004 to 2009 in German-speaking Switzerland in per cent; NET-Metrix Profile published only after 2007-1; The share of websites not yet rperesented in NET-Metrix profiles 2007-1 (Rtsi, Bluewin
News It, zisch.ch, Romandie.com News, TIO News, baz.ch, thurgauerzeitung.ch) only has slight effect on net coverage of publication Profiles 2009-2 ; * Internet reach per week, all other media per day
20
Magazines Division: Stable Revenue Stream
Magazines 2009
Revenues
EBIT
EBIT margin
2005
2006
2007
* 2008
* 2009
2008/09
88
84
94
102
95
- 7.2%
7
13
15
11
12
+ 3.3%
8%
16%
16%
11%
12%
-
General topics
• The slump in advertising revenue affects magazines almost as much as newspapers
• Strong competition from adjacent markets causes strong competitive pressure
Tamedia
• Reorganisation of Fachmedien Mobil as reaction to economic and auto crisis; sale of
motor cycle titles Moto Sport Schweiz and Moto Sport Suisse
• Successful focussing of Fachmedien Agrar on main title Schweizer Bauer
• People magazine 20 Minuten Friday, launched at the end of 2008, exceeds all
expectations
• Annabelle resists economic crisis with stable revenues
• Weekend supplement Das Magazin maintains result at attractive level
• Positive result expectations at Schweizer Familie; title confirms high expectations
* Respective values 2008 and 2009 without areas discontinued in 2009
21
Focussing on Schweizer Bauer and Automobil Revue
Fachmedien Agrar: Schweizer Bauer
Fachmedien Mobil: Automobil Revue
Sale
Reduction
22
20 Minuten Friday Exceeds Readership and Sales Expectations
Readership 20 Minuten Friday according to
age groups (in thousands)
450
422
400
50
350
120
300
253
250
200
150
100
50
0
14-34
35-54
55++
total
Source: MACH Basic 2010-1
23
E-Media Division: Growth of Online Activities
E-Media 2009 MCHF
2005
2006
2007
* 2008
* 2009
2008/09
Revenues
53
52
62
85
93
+ 9%
EBIT
-3
2
2
1
-1
- 203%
- 6%
4%
3%
2%
-2%
-
EBIT margin
General topics
• Significance of online advertising expenses increases at continued low level
• Strong market positions of large foreign providers on Swiss market
Tamedia
• Radio and TV activities with decreasing sales in difficult environment
• Online sales increase thanks to growth of existing media, and acquisitions
• News platforms 20 Minuten and Newsnetz continue growth in user market
• Tamedia gradually develops online portfolio with participations in olmero.ch,
car4you.ch, search.ch and invests in news portals and the extension of search.ch
• Development of a joint category organisation Classified Online with Edipresse
• Goodwill-Impairment at tilllate.com
24
Tamedia Strengthened Online Positions Over Last Two Years
Leading websites in Switzerland in December 2007, unique clients in thousands*
4′000
3′922
3′000
2′404
2′000
1′504
1′459
1′398
1′342
1′217
1′000
1′024
855
430
0
Bluewin
search.ch
20minuten.ch
Blick
Online
sf.tv
Edipresse NZZ Online
moneyhouse
tagesanzeiger.ch
Local
Leading websites in Switzerland in December 2009, unique clients in thousands*
+0%
4′000
+17%
+552%*
2′810
2′802
+62%
+43%
+42%
2′090
1′979
+23%
+23%
+65%
+13%
1′656
1′493
1′407
1′157
tagesanzeiger.ch
moneyhouse
3′925
3′000
2′442
2′000
1′000
0
Bluewin
search.ch
Local
20minuten.ch
Blick
Online
sf.tv
Edipresse NZZ Online
Source: NET-Metrix-Audit December 2007/2009; *Since October 2008 the address directories gelbeseiten.ch and weisseseiten.ch are no longer recorded under
directories.ch, but under local.ch; *only websites active in both measurement periods
25
Online Participations with 100 MCHF Revenues in 2009 Already
1
News
2
Classifieds
3
Services
20 Minuten Online
20minuten.ch
homegate.ch
search.ch
tagesanzeiger.ch
tagesanzeiger.ch
As
wellweitere
as further news
sowie
platforms
Nachrichtenplattformen
jobup.ch
As well as further
category platforms
fashionfriends.ch
As well as further service
platforms
26
Online Participations Already Employ 400 Persons
Number of employees at online media
during 2009 (consolidated), in full-time
posts
Number of employees at online media and
participations during 2009, in full-time
posts
400
400
350
350
300
300
247
250
390
83
250
156
40
200
150
200
140
67
150
150
100
100
50
50
0
0
Editorials Classified
Services
Total
Editorials Classified
Services
Total
and editorial-like
areas
and editorial-like
areas
* Tamedia, incl. participations, excl. Edipresse, Basis: December 2009;
Source: Personnel statistics Tamedia, company data
* Tamedia, incl. participations acc. to respective degree, excl. Edipresse,
Basis: December 2009; Source: Personnel statistics Tamedia, company data
27
Edipresse: Merger Will Further Strengthen Online Field
Leading websites in Switzerland in 2009, unique clients in thousands
4′000
3′925
3′744
3′500
3′003
3′000
2′810
2′802
2′442
2′500
2′146
2′090
2′000
1′979
1′892
1′656
1′500
1′000
500
0
Bluewin
Micro- ricardo.ch searsoft
ch.ch
Source: NET-Metrix-Audit December 2009
local.ch
20- Newsnetz Blick
minuOnline
ten.ch
28
sf.tv
Scout24*
Edipresse
* Scout24 without other Ringier websites
Joint Market Place Organisation with Edipresse Starting 2010
Job network Edipresse and Tamedia
1
jobup.ch
UCs: 253,791*
Car ads
+
2
+
alpha.ch and jobsuchmaschine.ch
in jobwinner.ch
jobwinner.ch
UCs: 409,000
Real estate network Edipresse and Tamedia
1
homegate.ch
UCs: 951,000
+
2
car4you.ch**
UCs: ~1,000,000*
Partner ads
+
1
alle-real estate.ch
anzeiger.ch
in homegate.ch in homegate.ch
swissfriends.ch
UCs: 441,742*
Source: NET Metrix Audit; *own reporting; **Participation
29
Online Media More Profitable than Media Everage
Share of online media in total 2009
Tamedia revenues
EBITDA share of online media in total 2009
Tamedia result
9%
15%
30
Extension of Online Services as Strategic Core Task
Strong position with great range
• With its participations in online companies generating some 100 MCHF in revenues and
employing 400 persons, Tamedia disposes of a strong online portfolio
• The news, market place, and service platform participations of Tamedia reach more
people than all other media networks in Switzerland
• Today already, online activities make a significant contribution to revenues and are
marked by above-average profitability
Further expansion of online portfolio
• Over the coming years, Tamedia will strengthen its online portfolio in the traditional
core areas of news and market places
• Targeted investments in new services and young start-up companies constituting an
investment focus over the coming years will contribute to Tamedia’s intended portfolio
extension
• In the year 2012, online services should already contribute 25 per cent of the Tamedia
result at the EBITDA level
31
Tamedia Media Are Represented with Leading iApps
Search: mostdownloaded application
during days after
introduction
search.ch
directory
weather
schedule
TV application: Upon
launch, one of the five
apps with most revenues
20minuten.ch/20minutes.ch
news
weather
TV
cinema
Newsnetz apps: first
news apps with breaking
news function
Newsnetz
TV
news
homegate.ch: leading
real estate app with
50,000 entries
homegate.ch
real estate search
32
Mobile Use: iPhone-Users More Faithful Than Other Web Users
Web access during times of day
Visits per web and
iPhone user
Article per web
and iPhone user
Factor 4.6
24
2
4
6
8
Factor 0.5
10 12 14 16 18 20 22
iPhone access during times of day
24
2
4
6
8
10 12 14 16 18 20 22
Web
33
Mobile
Web
Mobile
Potential: Online Still with Low Range at Daily Basis
Number of unique users 20 Minuten
Online during Feb 2010 per month, week,
and day
Readers
1.9 million
daily (CH)
Unique users per week
Unique users per day
56%
85%
1′124
496
Unique
users per
month
Unique
users per
week
NET‐Metrix Profile 2009‐2 CH
165
Users
Unique
users per
day
0.17 million
daily (CH)
34
Online Media with Continued Great Growth Potential
Monthly users of commuter newspapers
20 Minuten and 20minuten.ch in 2009
Monthly users of Tages-Anzeigers and
tagesanzeiger.ch in 2009
4′153
1′095
-39%
-73%
666
1′124
Source: MACH Basic 2009-2/ Heatmap April-Juni 2009
35
Services Division: Maintained high Profitability Level
Services 2009 MCHF
2005
2006
2007
* 2008
* 2009
2008/09
215
208
205
285
225
- 21.3%
EBIT
20
18
19
32
31
- 4.5%
EBIT margin
9%
9%
9%
11%
14%
-
Revenues
General topics
• Economic crisis and consolidation of commuter newspaper market lead to significant
decrease of print volumes and large excess capacities
Tamedia
• Decreasing volumes of printing facilities due to consolidation in commuter newspaper
market; print reduction 20 Minuten and discontinuation of News
• New newspaper concepts Der Bund and Tages-Anzeiger lead to excess capacities in
print area: capacity adjustment in two steps 2009 and 2010
• Transfer of early delivery organisation to Schweizerische Post completed
• Service division successfully maintains high profitability level: revenues and earnings
are almost exclusively generated with internal newspaper clients
36
The Print Volumes in Tamedia Printing Facilities Drop Massively
Number of printed newspaper copies in
2008, in millions
70
Number of printed newspaper copies in
2009, in millions
- 23%
70
- 22%
65
60
60
50
50
50
41
40
40
- 24%
32
30
30
24
20
20
10
10
0
0
Print centre
Bern
Print centre
Zürich
Total
19
Print centre
Bern
Print centre
Zürich
Total
Source: Controlling Druckzentren Tamedia
37
7 Per cent EBIT Margin Above Long-term Average
Tamedia EBIT margin development since 1990
Comparison 2002 with 2009
25%
20%
15%
10%
7%
5%
3%
0%
-5%
-7%
-10%
1990
1992
1994
1996
1998
2000
38
2002
2004
2006
2008
Dependence on Job Advertisings Reduced Since 2002
Tamedia EBIT margin development w/o job advertisings* since 1990 (ext. observation)
15%
10%
4%
5%
1%
0%
-5%
-8%
-10%
Comparison 2002 with 2009
-15%
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Tamedia
Stellen-Anzeiger+Alpha
Tamedia ohne
without
Stellen-Anzeiger + Alpha
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
Tamedia ohne
without
all job ads
Tamedia
sämtliche
Stellenanzeigen**
* Tamedia has deducted the EBIT product result from Tamedia EBITDA until 1995. For the years 1990-1994 the EBIT has been calculated using an average page profit and an
80 per cent margin; Facts/Basilisk/HPP/Huber/Benteli Hallwag treated as discontinued areas
** Job advertisings contain: Stellen-Anzeiger, Alpha, BZ/Bund, Thurgauer Zeitung and 20 Minuten (average page profit: 80% Marge until 07/70 % Margin since 08)
39
Tamedia Expects Continued Decrease in Advertising Sales in 2010
Prognosis for traditional ads
2010
Prognosis for job sales
development 2010
-10%
-40%
100
Prognosis for total
advertising sales 2010
-14%
2008=100
100
100
90
86
60
2009 sales
Last
economic
cycle 2010
2009 sales
Last
economic
cycle 2010
40
2009 sales
Last
economic
cycle 2010
Two First Months Do Not Show Change in Trend
Change in net advertising expenses compared to respective month of previous year
(in per cent)
-2%
-5%
-13%
-17%
-18%
-17%
-21%
-16%
-21%
-23%
-26%
-26%
-29%
-28%
Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 10 Jan 10 Feb 10
41
Source: Advertiser statistics of Swiss Press 2010
Edipresse and Tamedia: Three-step Merger Until 2013
The key milestones until 2013
3 March 2009
Communication
Information and
then submission
to Competition
Commission
Until fall
2009
WEKO
inspection
Inspection by
federal
Competition
Commission;
Election of
Pierre
Lamunière in
Tamedia Board
of Directors
17 Sept.
1994 2nd quarter
2009
2010
Agreement
through
WEKO
Competition
Commission
approves
First step
Tamedia buys
49.9 per cent
in Edipresse
42
1nd quarter
2004
2011
Second step
Tamedia buys
an additional
0.2 per cent in
Edipresse
1st quarter
2013
Third step
Tamedia buys
the remaining
49.9 per cent in
Edipresse;
Groupe
Edipresse
participates in
Tamedia
Outlook: Adverts Environment Difficult; Fusion with Edipresse
Economic challenges
• Tamedia expects that advertisement revenues will continue to decrease in accordance
with the general economic climate, thus causing decreasing revenues in the core
business with newspaper and magazine
Structural challenges
• The search for saving potentials in all company divisions with an emphasis on
newspapers and magazines must be continued in view of the expected decrease in
revenues for the next year
• Restructuring of the printing facility in Zurich during the month of March 2010 as a
consequence of decreased use caused by the new Tages-Anzeiger concept
• New concept of free sheet Berner Bär toward summer 2010 and reduction down to
weekly issue
Growth perspectives
• The focus of the year 2010 is placed on the merger with Edipresse Schweiz and the
strengthening of regional newspapers
• The further internal development of online services through targeted participations will
also be among the core tasks
43
2009 Financial Year: Financial Report
Sandro Macciacchini
Chief Financial Officer
44
Preliminary Remarks on 2009 Financial Year (1/2)
Changes in consolidation cycle
• Acquisition of 75 per cent of Räber Information Management GmbH (search.ch) per
1 November 2009 (full consolidation).
• Founding of 20 Minutes Romandie per 25 September 2009 as joint venture with
Presse Publication SR SA. Tamedia holds 50 per cent of shares (quota consolidation).
• On 1 December, Tamedia has acquired the 25 per cent participation in the NP News Print
AG (News) previously owned by Basler Zeitung Medien. It now owns 100 per cent.
• Companies Huber PrintPack AG, Piazza AG, and Verlags-AG Sonntags Zeitung merged,
retroactively per 1 January 2009, in order to simplify the group structure.
45
Preliminiary Remarks on 2009 Financial Year (2/2)
Discontinued areas/ assets for sale
• The early delivery activities have been transferred to Schweizerische Post as per 1
November 2009. Tamedia sold its 50 per cent participations in the Zuvo Zustell- und
Vertriebsorganisation AG and the Bevo AG as well as its 100 per cent participation in
the Espace Media Vertriebs AG.
• The commuter newspaper News has been discontinued as per 4 December 2009.
• The motorcycle magazines Moto Sport Schweiz and Moto Sport Suisse were sold as per
1 November 2009.
• For the previous year, the activities of Benteli Hallwag are contained under the
discontinued activities.
• Two properties for sale have been newly regrouped into the assets for sale.
46
Operating Revenues Decrease by 14 Per Cent – Effects in Other
Operating Revenues Esp. Due to Sale of Properties
-13.9%
in MCHF
-14.4%
890.1
900
811.6
766.0
800
694.9
700
600
500
400
300
-29.2%
200
100
45.5
+17.5%
32.2
33.1
38.9
0
Media revenues
2008
Printing revenues
2009
Other operating revenues
Operating revenues
The figures refer to the respectively continued areas
47
Operating Expenses Decrease by 7 Per Cent - Restructuring Costs
Impact Personnel Expenses
in MCHF
‐6.6%
800
722.0
674.4
700
600
500
400
‐1%
‐14%
‐6.7%
288.6 285.8
300
217.5
200
215.8 201.4
187.1
100
0
Costs of material and
services
2008
Personnel expenses
Other operating
expenses
Operating expenses
2009
48
Depreciation and Amortisation Increases by 16 Per Cent Mainly
Due to Impairment on the Goodwill of Tilllate
in MCHF
+15.9%
50
45
40.0
40
+1.5%
34.5
35
30
26.6 27.0
25
+65.8%
20
12.6
15
7.6
10
+33.3%
5
0.3
0.4
0
D&A of fixed auf
Abschreibungen
Sachanlagen
assets
2008
D&A of intangible
Abschreibungen
auf
imm.assets
Anlagen
Other Abschreibungen
D&A and value Abschreibungen
Total D&Agesamt
Übrige
& Wertberichtigungen
adjustments
2009
49
Capex of 12.1 MCHF Below Multi-year Average
Investments in capital equipment (Capex)
in MCHF
60
51.0
50
40.1
40
30
ø MCHF 26.4
33.8
32.9
29.1
27.3
22.8
22.3
20
12.1
11.0
8.0
10
0
1999
2000
2001
2002
2003
2004
50
2005
2006
2007
2008
2009
Net Income Drops by 56 Per Cent − Effects in Financial Income
Due to Sale of Group Companies
in MCHF
-60.4%
180
-61.4%
153.8
160
140
-58.5%
-55.9%
133.6
124.5
120
105.8
100
80
60.9
60
51.7
51.6
46.7
40
20
0
EBIT
Income before taxes
2008
Net income for
2009 continued operations
51
Net income
Cash Flow from Operating Activities Cut Into Half
in MCHF
200
Status of cash and cash
equivalents
-49.9%
31.12.2009
150
135.7
+38.9%
+98.2%
100
MCHF 113.6
68.0
50
25.3
1.1
1.3
0
-50
-43.9
-62.8
-100
-71.9
-150
-200
Cash flow from
operating activities
Cash flow from
investing activities
2008
Cash flow from
financing activities
Change in cash and
cash equivalents
2009
52
Newspapers with Low Margin – E-Media With Negative EBIT
Revenues in MCHF
Operating income (EBIT) in MCHF
EBIT margin
* After intersegment elimination
766.0
521.1
224.9 14.7%
2.1%
11.0
-1.2%
12.2%
94.6
6.7%
93.0
11.5
33.1
51.6
Services
Services
Tamedia
gesamt
Tamedia total
* *
-1.1
Newspapers
Zeitungen
Zeitschriften
Magazines
E-Medien
E-Media
53
Operating Revenues per Employee Sank to CHF 317,000 CHF
Operating revenues per employee
Number of employees
in CHF thousands
in FTE
450
2'700
2'500
400
2'300
350
2'100
300
1'900
250
1'700
1'500
200
2002
2003
2004
Revenues per capita
2005
2006
54
2007
2008
Change in employees
2009
Equity Ratio Once Again Increases to 71 Per cent
in MCHF
1200
1000
270.6
269.1
303.7
285.8
65.6
800
65.5
600
400
841.8
828.1
68%
200
70.8%
747.5
810.9
0
2008-12
Invested assets
2008-12
Liquid assets
2009-12
Equity capital
55
2009-12
Long-term outside capital
Short-term outs
Share Price 2009: Share of Tamedia Improving Remarkably
Market trend SPI, SPI sector media and Tamedia 30 December 2008 until 13 April 2010
180
170
160
150
140
130
+71%
120
110
SPI
SPI Media
Tamedia
100
90
80
70
60
30.12.2008 = 100
50
01.09 02.09 03.09 04.09 05.09 06.09 07.09 08.09 09.09 10.09 11.09 12.09 01.10 02.10 03.10 04.10 05.10
56

Financial Results 2009 - Presentation

Transcription

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