1. FINANCIAL RESULTS 2010
PubliGroupe confirms its return to profitability: net profit 2010 of CHF
42.6 million – Resumption of dividend payment
1
2. Overview presentation order
1. Hans-Peter Rohner: Overview of 2010 figures & main developments
CEO & Chairman of the Board
2. Andreas Schmidt: Key financials group
Chief Financial Officer
3. Segment heads: Segment update (financial results & key initiatives)
Beat Röschlin: Update Media Sales
Head of Media Sales
Edi Bähler: Update Search & Find
CEO local ch
local.ch
Thomas Kaiser: Update Digital & Marketing Services
Deputy Group CEO &
CEO Digital & Marketing Services
4. Hans-Peter Rohner: Conclusion & outlook 2011
2
3. OVERVIEW 2010 FIGURES
Turnaround accomplished All segments profitable
accomplished.
Hans-Peter Rohner
CEO & Chairman of the Board
3
4. 1. Overview 2010 I 2. Key financials I 3. Segment update I 4. Conclusion & outlook
2010 group results
Well positioned for the future
Positive trend of half-year results confirmed Sales and gross margin in CHF m
2009 2010
Turnaround accomplished: 2'000
1'609.1
– Accelerated migration towards "digital company“ 1'500
1'474.2
– Media Sales profitable ahead of schedule
– Financially stronger with significantly reduced debt 1'000
and stronger investment capacity
500 362.1 345.3
Strong performance across all segments: 0
– Media Sales: successful execution of new Net sales Gross margin
g
business model
– Search & Find with new organisational set-up EBIT and net profit, in CHF m
that will strengthen future profitability
2009 2010
– Digital & Marketing Services (DMS): now the 60
European leader in affiliate marketing with Zanox 42.6
40 32.6
Group; Namics enhances leading position in
e-business consulting in Switzerland 20
0
Dividend payment of CHF 6 proposed to General -2.9
Meeting of 3 May 2011, pay-out ratio of 33% -20
-20.3
-40
EBIT Net profit
4
5. 1. Overview 2010 I 2. Key financials I 3. Segment update I 4. Conclusion & outlook
2010 business segment summary
Media Sales: turnaround move towards digital company
turnaround,
Turnaround accomplished ahead of schedule EBIT, in CHF m per segment
Print CH: New business model implemented with
new contract structure; all major contracts re-
j EBIT 2009 EBIT 2010
negotiated and signed; new retail B2C platform
Media Sales
DMS pro forma 2009* DMS pro forma 2010*
publicitas.ch, new sales strategy for media
intermediation 40
Electronic CH: turnaround in cinema business; loss 31.8
g
of traditional TV contracts leads to launch of digital 30 27.7
M
broadcasting initiatives.
International: more focus on key markets/growth 20
and excellent results in Asia, Americas back to 13.414.8
profit/Europe with positive trend
10 8
Losses cut in h lf vs. previous year
L t i half i 0.5 1.8
18
CP
Discontinued as a separate segment 0
-2.8 reported pro forma
-10 -5.7
Partnership with Swisscom adjusted to increase
& Find
rch
efficiency going forward
Sear
-20
New local.ch (rebranding) with stronger online focus
-30
-28.6
Successful Zanox (performance marketing growing
market)
k t) -40
Media Custom Search Digital &
DMS
Well positioned to offer professional services (i.e. Sales Publishing & Find Marketing
full-service performance agency) Services
* Pro forma EBIT = eliminating one time gain of CHF 4.0 m in 2009, PG HQ costs allocated
Strong operational performance not reflected in amortization of intangible assets and interest and taxes for PG’s
IFRS share to the result of Zanox group
g p
5
6. 1. Overview 2010 I 2. Key financials I 3. Segment update I 4. Conclusion & outlook
Status of strategic initiatives
Reorganisation 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
48.5
Headcount reduction by 241 FTE at Media Sales and HQ Corporate
(
(12 months)
)
Reorgani-
sation and
CHF -22m CHF -55m CHF -48.5m
cost
reduction
2007 2008 2009 2010
6
7. 1. Overview 2010 I 2. Key financials I 3. Segment update I 4. Conclusion & outlook
Status of strategic initiatives Level of
Accomplishment
Divestment of non core assets mostly completed
non-core
2010 divestment of non-core assets
– Real estate: Baden and Lausanne
– Non-core holdings of publishing houses: BAZ, Edipresse
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
Real estate 37% BAZ Medien /
Divestment Winterthur 19.9% Edipresse
Real estate
of non-core Zurich
assets
t 100% Stadt-
Stadt Real estate Baden /
anzeiger Olten Lausanne
2007 2008 2009 2010
7
8. 1. Overview 2010 I 2. Key financials I 3. Segment update I 4. Conclusion & outlook
Status of strategic initiatives Ongoing
Continuing investment in growth markets
Performance Marketing:
– Build the leading European online affiliate advertising group together with Axel Springer
– Acquisition of Buy at in March 2010 leads to European market leadership
Buy.at
– Leadership with CHF 504 m sales
– 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
web2com,
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
8
9. 1. Overview 2010 I 2. Key financials I 3. Segment update I 4. Conclusion & outlook
Status of strategic initiatives Ongoing
Growing importance of online businesses
Online revenue consolidated in PubliGroupe Online Revenues,
numbers: +24% to CHF 140.1 m in CHF m PG incl. participations
Online revenue including participations:
+33% to CHF 657 m Participations PG
PubliGroupe expands its position as a key
800
player in the online market in Switzerland
and with Axel Springer (Zanox) in Western 700 657
Europe 600
493
500 447
400 517
300 380
356
200
100
113 140
91
0
2008 2009 2010
Total revenue Total revenue Total revenue
2008: 2009: 2010:
CHF 2’371 m CHF 1’898 m CHF 1’906 m
(online 19%) (online 26%) (online 34%)
9
10. KEY FINANCIALS GROUP
Well capitalised solid cash flow
capitalised,
Andreas Schmidt
Chief Financial Offi
Chi f Fi i l Officer
10
11. 1. Overview 2010 I 2. Key financials I 3. Segment update I 4. Conclusion & outlook
P&L Group
Back in solid black numbers
Change % 2010 2009
CHF m restated
Revenue -8.4% 1'474.2 1'609.1
Gross margin
g -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
72 -3.1
31
Minority interests -39.0% -6.7 -11.0
Net Result - 42.6
42 6 -20 3
20.3
11
12. 1. Overview 2010 I 2. Key financials I 3. Segment update I 4. Conclusion & outlook
Restatement for activated sales cost
Little impact on results
2009 restated 2009 reported 19.3.2010 Restatement impact
Shareholders equity 412.8 416.8 -4.0
Personnel expenses -272.2 -289.9 17.7
Depreciation -29.1 -13.0 -16.1
EBIT -2 9
2.9 -4 5
4.5 1.6
16
Net result attributable to PG shareholders -20.3 -20.9 0.6
Cash flow from operating activities 6.3 -8.8 15.0
Cash flow from investing activities -7.7
-7 7 7.3
73 -15.0
-15 0
Since the adoption of IFRS, commissions paid to the sales statements. Therefore personnel expenses are reduced by
agents of LTV Gelbe Seiten AG for the acquisition of three- the amount of commissions capitalised in the current year,
year contracts with customers (subscriber acquisition cost) which increases EBITDA, while depreciation is increased by
were recognised as prepaid expenses and charged to the current year depreciation of the intangible asset. As both
income statement at publication date. Until 2006, the sales amounts nearly offset each other, the total impact on EBIT is
agents were fully paid on a variable commission basis
basis. not significant. 2009 figures have been restated accordingly
significant accordingly.
Since 2007, compensation has also included a fixed part. The impacts on the restated total balance sheet, total equity
Under IFRS only the variable part should be recognised and result are not significant.
as an intangible asset and not as prepaid expenses. This
accounting error has been corrected in the 2010 financial
12
13. 1. Overview 2010 I 2. Key financials I 3. Segment update I 4. Conclusion & outlook
Extraordinary items 2010
Important gains from divestments
CHFm
Net Result 2010 - Nominal 42.6
42 6
Divestments 28.4
Impairments -2.0
-2 0
Restructuring -8.1
Others -2.3
Total non recurring elements 16.0
Net Result 2010 - Comparable
p 26.6
Balance of non recurring items is a net profit of CHF 16 m
Divestments include participations (Edipresse, Baz, etc) and real estate assets (Baden and Lausanne)
(Edipresse Baz
Impairments: CHF 1 m in Radiotele, CHF 0.8 m in Cinecom & Media and CHF 0.2 m in Bégécom
Restructuring costs: CHF 4 m in Search & Find (related to Number 1 project), CHF 2.6 m in Media Sales
and CHF 1.6 m in Custom Publishing
13
14. 1. Overview 2010 I 2. Key financials I 3. Segment update I 4. Conclusion & outlook
Net result - causes of change
Performance improved thanks to reduced expenses
NET RESULT 2009 -20.3
-20.3
One Time Events 2009 5.4
COMPARABLE 2009 -14.9
-14.9
Gross margin 17.8
17.8
Expenses 40.1
40.1
Depreciation 3.3
3.3
Associated 10.9
10.9
Financial result 6.0
6.0
Taxes 3.8
Minority interests 2.8
COMPARABLE 2010 26.6
26.6
One Time Events 2010 16.0
16.0
16 0
NET RESULT 2010 42.6
42.6
CHF m -35 -30 -25 -20 -15 -10 -5 0 5 10 15 20 25 30 35 40 45
14
15. 1. Overview 2010 I 2. Key financials I 3. Segment update I 4. Conclusion & outlook
Cost savings at Media Sales & HQ Corporate
Huge cost reductions since 2007
CHF m Decisive cost reduction
CHF -124.5 m
350 321
efforts in Media Sales and
301 Corporate HQ since mid-
300 2008
245 Expenses have decreased
250
by CHF 124.5 m or 38.7%
197 since 2007
200
150
100
50
-
2007 2008 2009 2010
Media Sales HQ Corporate
15
16. 1. Overview 2010 I 2. Key financials I 3. Segment update I 4. Conclusion & outlook
Number of employees
Workforce reduced by 24% during the crisis
FTE
-743 FTE
3 200
3'200
3'000
Significant and constant
FTE decrease since
2'800 September 2008
This represents a 743
3'093 FTE or 24% decrease
2'600 3'003
since September 2008
2'798
2'400 2'618
2'377 2'349
2'200
2008.09 2008.12 2009.06 2009.12 2010.06 2010.12
16
17. 1. Overview 2010 I 2. Key financials I 3. Segment update I 4. Conclusion & outlook
Net financial result
Reduced interest expenses and gains on Edipresse and Tamedia
CHF m 2010 2009
Result on loans and receivables 1.4 1.8
Result on marketable securities 7.7 4.2
Result on available-for-sale securities 17.0 -3.4
Result on uncommitted net assets of employer's foundations - 1.4
Changes in fair value of contingent consideration 1.6 -
Interest expenses -3.7 -6.3
Net currency exchange differences -0.1 -1.0
Total 23.9 -3.3
17
18. 1. Overview 2010 I 2. Key financials I 3. Segment update I 4. Conclusion & outlook
Cash flow statement
Operational and investment cash flows allow for big debt reduction
CHF m Change 2010 2009
Cash and cash equivalents as of 1 January - 28.7% 58.0 81.4
Cash flows from operating activities 29.6
29 6 6.3
63
Cash flows from investing activities 97.0 (7.7)
Cash flows from financing activities (78.7) (22.1)
Effect of exchange rates (3.3) 0.1
Cash and cash equivalents as of 31 December + 77.0% 102.6 58.0
18
19. 1. Overview 2010 I 2. Key financials I 3. Segment update I 4. Conclusion & outlook
Group balance sheet
Solid balance sheet and solid net liquidity
CHF m % 2010 2009
Current assets
C t t -16.9%
16 9% 416.7
416 7 501.4
501 4
Non-current assets -1.2% 444.2 449.5
Total assets -9.5% 860.9 950.9
Current liabilities -20.1%
20 1% 297.9
297 9 372.9
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
The group's balance sheet remains solid
Reduction of total assets by CHF 90 m
CHF 32 m reduction owing to negative exchange rate impact; slight reduction in shareholder equity
19
21. 1. Overview 2010 I 2. Key financials I 3. Segment update I 4. Conclusion & outlook
Media Sales
Turnaround accomplished ahead of plan
Break-even at the operational level in 2010 with Sales, in CHF m
an EBITDA of CHF 6.5 m and EBIT of CHF 0.5 m 1'500 1 292.3
1'292 3
End of exclusive cooperation agreements, 1'173.8
especially at Edipresse, led to 14.3% reduction in 1'000
volume. On a like-for-like basis, reduction only
1.9%, in line with general market trend
g
500
Improved results for electronic media – especially
cinema advertising
0
Strong recovery of international markets (+1.4%),
2009 2010
which was led by Asia (+16 1%) and America
(+16.1%)
(+12.8%), and the turnaround in press advertising
in Switzerland Gross margin and EBIT, in CHF m
Far-reaching reorganisation, which brought total 2009 2010
240 199.4
199 4
cost savings of CHF 116 m and a 677 FTE 186.2
200
reduction in headcount between 2007 and 2010,
160
is now complete 120
Partnerships renewed with all large Swiss 80
publishers on th b i of new b i
bli h the basis f business model.
d l 40 0.5
Media Sales targets to outperform the market and 0
increase its profitability in future -40
-28.6
Gross Margin EBIT
21
22. 1. Overview 2010 I 2. Key financials I 3. Segment update I 4. Conclusion & outlook
Media Sales
New contracts signed with all major Swiss media
New contracts based on new service offerings and a transaction-oriented pricing model, leading to a
complete media portfolio
P Commission
(CHF)
New model
N d l
Old model
Ad price
(CHF)
Transaction-based pricing model
with minimum commission
22
23. 1. Overview 2010 I 2. Key financials I 3. Segment update I 4. Conclusion & outlook
Media Sales
Launch of new digital B2C retail platforms for ad booking
State-of-the-art, self-service booking
platform for private and SME customers
Comprehensive online and print product
C h i li d i t d t
portfolio
Market launch in July 2010
High g
g growth rates on all measures: visits,
,
number of orders, revenue, value per order
Marketing ongoing in order to increase
brand recognition and positioning
23
24. 1. Overview 2010 I 2. Key financials I 3. Segment update I 4. Conclusion & outlook
Media Sales
Launch of B2B platform for complex campaign management
Integrated campaign management,
g p g g ,
covering the whole advertisement value
chain from planning to reporting
Tailored to the needs of large accounts
and media agencies
Replacing several stand-alone tools with
a new and comprehensive platform
Unparalleled solution and a clear USP in
a hi hl competitive market
highly titi k t
24
25. 1. Overview 2010 I 2. Key financials I 3. Segment update I 4. Conclusion & outlook
Media Sales
Strong international online revenue growth
CHF m
2009 2010
Accelerated growth rates
in international
20
+37% operations
14.7
15 New dedicated
+30% transversal digital unit to
10.7 +10%
10 9.0 develop and implement
6.5 6.9 digital products
5.9
5
0
Europe Asia Americas
25
26. SEARCH & FIND
Strong increase in online revenue
Edi Bähler
CEO local.ch
26
27. 1. Overview 2010 I 2. Key financials I 3. Segment update I 4. Conclusion & Outlook
Search & Find -
Investments undertaking for future
Online services grow by 24%, accounting for 33% Sales, in CHF m
of advertising revenue
160
130.8 136.8
Print products in CH decline by -10% 140
120
Segment revenue grows by 4.6% 100
80
Segment gross margin declines -2.9% to 60
40
CHF 98 m 20
0
EBIT declines by CHF -4.3 m to CHF 27.7 m, 2009 2010
influenced b th l
i fl d by the launch of new products
h f d t
Launch of national real estate search portal : Gross Margin and EBIT, in CHF m
www.home.ch
120 101.0 98.0
101 0 98 0 2009 2010
Profitability to increase in the future with new setup 100
of the partnership with Swisscom 80
60
Acceleration of development in online services + 31.8 27.7
40
cost- & growth-synergies
20
0
Gross Margin EBIT
27
28. 1. Overview 2010 I 2. Key financials I 3. Segment update I 4. Conclusion & Outlook
Search & Find -
Strong increase of online revenue
Forecast of advertising expenditures in professional
directories CH: CHF m1), 2010-2014F
)
CAGR
2010-2014
144 142 150 161 174 +4,8% p.a
Increased online
revenue from CHF
Digital 23%
29%
35%
43.5 m to CHF 53.8 m
43% +27,1% p.a.
49%
Achieved #2 position
after Google maps2)
Print
77%
71%
65%
Uncontested #1 in
57% -5 6% p a
5,6% p.a. Mobile sea c & find
ob e search d
51%
2010 2011 2012 2013 2014
1) Original data given in USD
Source: PWC, OC&C analysis
2) Nielsen / N t ti
Ni l Netrating
28
29. 1. Overview 2010 I 2. Key financials I 3. Segment update I 4. Conclusion & Outlook
Search & Find –
Strongly developed broad screen & mobile
Significantly increased broad screen Online revenue (local.ch + home.ch)
CHF m 60 53.8
revenue by 24% 43.5
40
Online orders intake exceeds print 20 +24%
0
Achieved and successfully defended 2009 2010
#2 position after Google maps(1) Average Unique Users 2010
4 Mio.
Uncontested #1 in Mobile search & find
3 Mio.
(available on iOS Android Blackberry,W7)
iOS, Android, Blackberry W7)
2 Mio.
1 Mio.
#4 of most downloaded apps of all times on
iPhone/iPad (600k”+” downloads)
29 (1) Nielsen / Netratings
31. 1. Overview 2010 I 2. Key financials I 3. Segment update I 4. Conclusion & Outlook
Search & Find -
Further boosting revenue
Leverage existing customer potential
Reduce print revenue erosion against the
market trend of -10% p.a.
k t t d f 10%
Online: revamp existing products
improve inventory management
launch new products: - 360°
New Broad screen design
Improved user experience by simplification
Leverage d
L downloaded A f ads
l d d App for d
products: - Mobile First
Verticals/Classifieds:
V ti l /Cl ifi d
Leverage synergies within PubliGroupe
(Publicitas)
31
32. DIGITAL & MARKETING SERVICES
Strong growth in Online Performance Marketing
and related professional services
Thomas Kaiser
Deputy Group CEO &
CEO Digital & Marketing Services
32
33. 1. Overview 2010 I 2. Key financials I 3. Segment update I 4. Conclusion & outlook
Digital & Marketing Services
Strong operational performance
Digital & Marketing Services continued to expand DMS Sales, in CHF m
"online performance marketing" activities with two 175 162.8 -9.9%
SVB
146.7
146
acquisitions Buy.at (UK) and Instanz (CH) 150 Digital CH
125
116.4
The Zanox group is the #1 European Affiliate 100 95.9
Network thanks to continuous growth and to the 75
50
successful integration of the Affiliate Window/Buy.at
25 46.4 50.8
Network (UK). Sales reached CHF 504 m
0
2009 2010
DMS sales declined by -9.9% (-3.6% without Note: Zanox Group not included
p
currency impact) due to weaker billings in the
Dutch market (SVB Media) DMS gross margin and EBIT, in CHF m
60 2009
50.7 52.3
Gross profit +3% was supported by expansion at
p pp y p 2010
50
Namics and improved margins at SVBmedia 40 DMS pro Forma EBIT*
30
Pro-forma EBIT growth + 11% (+22% without 20 + 11 % pro
13.4 14.8 forma
currency impact)
y p ) 10
vs. -77%
0 reported
Gross Margin EBIT
33
34. 1. Overview 2010 I 2. Key financials I 3. Segment update I 4. Conclusion & outlook
Digital & Marketing Services
Zanox Group achieves market leadership position in Europe
Consistent growth in key markets and successful
post-merger integrations in UK have made the Revenue € 368m
Zanox Group #1 Affiliate Network in Europe
+57% vs. 2009
Clear leadership in the UK Market following
successful integration of Buy.at and Affiliate Window
Buy at EBITDA € 21 8m
21.8m
(March 2010) +12.8% vs. 2009
Transition to a new international and experienced
management team (P. Justus CEO, D. Keller CTO,
C. Kleinsorge CSO) Zanox Group vs.
other CPA/Affiliate
Networks
#1
Large operational investment in 2010-2011 to
accelerate growth and innovation #1
#1
#2
#2
34
35. 1. Overview 2010 I 2. Key financials I 3. Segment update I 4. Conclusion & outlook
Digital & Marketing Services
Capitalising on market leadership position in Europe
“straight to performance”
Operating in an attractive market (Internet
O ti i tt ti k t (I t t
Advertising Marketing in Western Europe expected
to grow at 10.8% CAGR 2010-2014)
Advertisers continue to shift marketing budgets into
high transparency, high performance channels
Zanox Group well positioned as the leading
European Performance Advertising Network
p g
generating leads and sales
Clear growth strategy:
− Extend network reach, incl. Social Networks
und Mobile
− Invest in scalable IT platform, develop first
fully transparent marketplace for Advertisers
and Publishers
− International expansion continues
(organic and via acquisitions)
35
36. 1. Overview 2010 I 2. Key financials I 3. Segment update I 4. Conclusion & outlook
Digital & Marketing Services
Extend scope of professional services (starting in Switzerland)
“Attract - Interact - Transact” Focus areas 2011:
Increasing i
I i importance of advertiser-“owned” media
t f d ti “ d” di
channels, i.e. online-shops, social commerce on E-Commerce projects
Facebook, blogs etc.
Strong position of Namics as a full-service Online communication
provider f premium b d t d
id for i brands to develop th i online
l their li
presence and online communications strategy
Brands: measuring the impact of marketing efforts
across all customer touchpoints (360°touchpoint
(360 touchpoint Integrated campaign
g p g
view) management
web2com to focus on integrated campaign 360° touchpoint view
planning and management, servicing large accounts
and their agencies in CH
Growing complexity of performance-oriented online
marketing channels, tracking and reporting Online promotion
requirements, privacy issues
q ,p y
INSTANZ specialises in generating high quality Conversion
online leads, helping brands convert them into
valuable clients and winning back abandoners Targeted remarketing
36
37. 1. Overview 2010 I 2. Key financials I 3. Segment update I 4. Conclusion & outlook
Digital & Marketing Services
Technology and professional services driven businesses
services-driven
Technology-oriented
performance marketing
models with high
scalability
Technology-
oriented 1) Key European markets
penetrated - e.g. Zanox
Group is market leader in
in Germany and UK
1)
Professional services-
oriented business models
Professional Namics benefit from scope
services-
Examples: e-business
E l b i
oriented
concept, search engine
marketing, lead
management etc.
Demand-side Supply-side
(advertiser-oriented) (publisher-oriented)
1) Zanox Group subsidiaries; note: Digital Window is the holding company for Affiliate Wi d
Z G b idi i t Di it l Wi d i th h ldi f Affili t Window and b
d buy.at
t
37
39. 1. Overview 2010 I 2. Key financials I 3. Segment update I 4. Conclusion & outlook
Conclusion & outlook
Operationally largely improved, solidly financed, well positioned
improved financed
Media Sales achieves turnaround ahead of schedule; further improvements anticipated for 2011
Search & Find well positioned in local advertisement growth market; profitability to increase in
2011
DMS should see better IFRS results in 2011, capitalising on continuing strong operational
performance
Generally positive ad market environment
PubliGroupe 2011: more compact, more financially solid
and more successfully positioned i a growing market
d f ll ii d in i k
Expectation of double-digit growth in the operating result
Board of Directors proposes a dividend payment of CHF 6
39
41. Comparable expenses by segment Backup
CHF Mio % 2010 2009
Search & Find 8.5% -61.6 -56.8
Media Sales -20.6% -177.7 -223.8
Custom Publishing -21.7%
21 7% -9.5
95 -12.2
12 2
Digital & Marketing Services 8.5% -49.9 -46.0
Corporate & Others -51.2% -15.8 -32.4
Comparable expenses -11.6% -304.3 -344.4
Non recurring elements -52.3% 3.8 7.9
Total expenses -10.7% -300.5 -336.4
CHF 40.1 m or 13.8% overall expenses reduction on comparable basis
41
42. Consolidated income statement Backup
CHF m Change 2010 2009
Revenue - 8 4%
8.4% 1 474.2
1'474 2 1 609.1
1'609 1
Purchases - 10.1% (1'056.6) (1'175.2)
Sales reductions + 0.7% (72.3) (71.8)
Gross margin - 4.6% 345.3 362.1
Personnel expenses
P l - 11 4%
11.4% (241.2)
(241 2) (272.2)
(272 2)
General and administrative expenses - 12.4% (80.3) (91.7)
Other income and expenses - 23.4% 21.0 27.4
EBITDA + 75.0% 44.8 25.6
Depreciation and amortisation - 10.3% (26.1) (29.1)
Impairment loss - (2.0) (8.2)
Share in result of associates - 15.9 8.8
Operating result (EBIT) - 32.6 (2.9)
Financial result 23.9 (3.3)
Result before income tax - 56.5 (6.2)
Income tax expense - (7.2) (3.1)
Result - 49.3 (9.3)
Result attributable to:
- Non-controlling interests - 39.1% 6.7 11.0
- Shareholders of PubliGroupe Ltd - 42.6 (20.3)
42
43. Consolidated balance sheet Backup
Assets
as of 31 as of 31
December December
CHF m Change 2010 2009
Cash and cash equivalents + 76.9% 102.6 58.0
Marketable and available-for-sale securities - 76.7% 15.3 65.8
Receivables, accruals and taxes receivables - 15.2% 298.8 352.3
Assets held for sale - 25.3
Current assets - 16.9% 416.7 501.4
Land and buildings - 8.9% 75.6 83.0
Other tangible and intangible assets - 6.9% 72.9 78.3
Investments in associates - 9 0%
9.0% 232.7
232 7 255.8
255 8
Actifs financiers et impôts différés + 94.4% 63.0 32.4
Non-current assets - 1.2% 444.2 449.5
Total assets - 9.5% 860.9 950.9
43
44. Consolidated balance sheet Backup
Liabilities and equity
as of 31 as of 31
December December
CHF m Change 2010 2009
Short-term debts - 100.0% - 65.0
Payables, accruals and taxes payables - 2.6% 289.7 297.4
Long and short term provisions, deferred taxes - 5.6% 30.4 32.2
Long term
Long-term debts - 6.4% 96.6 103.2
Total liabilities - 16.3% 416.7 497.8
Share capital - 2.5 2.5
Treasury shares - 1.1% (52.6) (53.2)
Reserves - 0 6%
0.6% 460.9
460 9 463.5
463 5
Equity, shareholders of PubliGroupe Ltd - 0.5% 410.8 412.8
Non-controlling interests - 17.1% 33.4 40.3
Total equity - 2.0% 444.2 453.1
Total liabilities and equity - 9.5% 860.9 950.9
44
45. Cash flow from operating activities Backup
CHF m 2010 2009
Result 49.3 (9.3)
Adjustments for non-cash items (14.1) 24.8
Dividends paid to non-controlling interests by Group companies (9.1) (46.7)
Dividends received 15.0
15 0 66.5
66 5
Interest received 1.4 1.6
Interest paid (4.2) (5.8)
Taxes paid (8.3) (14.5)
Use of provisions (7.2) (5.0)
Working capital changes 6.8 (5.3)
Cash flows from operating activities 29.6 6.3
45
46. Cash flow from investing activities Backup
CHF m 2010 2009
Acquisitions of tangible assets (3.6) (8.9)
Disposals of tangible assets 24.1 17.5
Acquisitions of intangible assets (14.3) (15.8)
Disposals of marketable securities 4.4
44 0.2
02
Acquisitions of subsidiaries, net of cash acquired (3.4) (4.8)
Acquisitions of associates (2.0) (15.8)
Disposals of subsidiaries, net of cash disposed of 0.1 6.7
Disposals of associates 22.7 0.1
Investments in financial assets (7.0) (0.8)
Divestments of financial assets 76.6 14.5
Taxes paid (0.6) (0.6)
Cash flows from investing activities 97.0 (7.7)
46
47. Cash flow from financing activities Backup
CHF m 2010 2009
Increase /(decrease) in bank debts (65.0) (120.0)
Increase in long-term debt - 100.0
Decrease in long-term debt (7.0) -
Capital contribution from non controlling interests
non-controlling 0.1
01 -
Purchase of treasury shares (1.5) -
Sale of treasury shares (Share-based payments) 0.2 0.6
Acquisition of non-controlling interests (5.6) -
Increase in additional paid-in capital 0.1 0.1
Dividend paid to shareholders of PubliGroupe Ltd - (2.8)
Cash flows from financing activities (78.7) (22.1)
47