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FINANCIAL RESULTS 2010
    PubliGroupe confirms its return to profitability: net profit 2010 of CHF
    42.6 million – Resumption of dividend payment




1
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
OVERVIEW 2010 FIGURES
    Turnaround accomplished All segments profitable
               accomplished.

    Hans-Peter Rohner
    CEO & Chairman of the Board




3
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
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
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
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
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
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
KEY FINANCIALS GROUP
     Well capitalised solid cash flow
          capitalised,

     Andreas Schmidt
     Chief Financial Offi
     Chi f Fi    i l Officer




10
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
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
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
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
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
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
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
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
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
MEDIA SALES
 Turnaround accomplished ahead of plan
 Beat Röschlin
 Head of Media Sales




20
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
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
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
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
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
SEARCH & FIND
 Strong increase in online revenue

 Edi Bähler
 CEO local.ch




26
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
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
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
1. Overview 2010 I 2. Key financials I 3. Segment update I 4. Conclusion & Outlook

Search & Find –
Synergy and Transition


      CONCENTRATE individual brand value                                                                                                                                                                                                                                                                                                                                                                                                                                                        Swisscom
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Directories
      into                                                                                                                                                                                                                                                                                                                                                             local.ch

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    LTV Yellow Pages
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Y ll   P
      Streamline Organization
      −   One Management Team (Exec Board)
      −   Restructure E2E processes
          R t t
      −   Consolidate IT-Systems
          Remove redundant capacity in admin
                                                                                          Org chart local.ch                                                                                                                                                                                 Org chart LTV




      −
                                                                 Org Chart local.ch                                                                                                                                           Current organisation                   Org Chart LTV                                                                                                                                                 Current organisation
                                                                 Rough no. of actual headcount (not FTE)                                                                                                                                                             Rough no. of actual headcount (not FTE)

                                                                                                                                                                   CEO                                                                                                                                                                                                CEO

                                                                                                                                                                                                                                                                                                                                                                               Assistant                             1
                                                                                                                                     Assistant /
                                                                                                                                                               1                      CFO                    1
                                                                                                                                 Head of Back Office
                                                                                                                                                                                                                                                                                                                               Project Management and
                                                                                                                                                                                                                                                                                                                                                                  1            Product Management Print              3
                                                                                                                                                                                                                                                                                                                               Business Development
                                                                                                                                                                          Senior Project Manager /
                                                                                                                                Junior Project Manager         1                                             1
                                                                                                                                                                            Head of Recruiting                                                                                                                                 Content Management                 1            Communication                         3




                                                                                 Engineering                  19      Operations


                                                                                                                              Project Management
                                                                                                                                                           3
                                                                                                                                                                              Product Management            10    Marketing



                                                                                                                                                                                                                              Marketing1               1
                                                                                                                                                                                                                                                                       Field Sales
                                                                                                                                                                                                                                                                                     Sales


                                                                                                                                                                                                                                                                                              320
                                                                                                                                                                                                                                                                                                                            Logistics

                                                                                                                                                                                                                                                                                                                Media Production
                                                                                                                                                                                                                                                                                                                Media Prod. –
                                                                                                                                                                                                                                                                                                                                                        IT & Business Engineering


                                                                                                                                                                                                                                                                                                                                                         Application Engineering           15
                                                                                                                                                                                                                                                                                                                                                                                                    Finance and Controlling


                                                                                                                                                                                                                                                                                                                                                                                                    Hauptbuchhaltung           2
                                                                                                                                                                                                                                                                                                                                                                                                                                     ment
                                                                                                                                                                                                                                                                                                                                                                                                                                                  HR

                                                                                                                                                                                                                                                                                                                                                                                                                                     Projects & HR-develop-
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    2
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   CEO
                                                                                                                                   Operations                                                                                                                                                                   “Book Paging”                  5
                                                                                                                                                                                                                                                                       Tele Sales               7                                                        Business Engineering              12       Kreditoren / Debitoren     3     Wage Accounting / Admin        3
                                                                                                                                                                                                                                                                                                                Media Prod. –
                                                                                                                                                                                                                                                                                                                “Ad manuf acturing”            15
                                                                                                                            System Engineering and                                                                                                                     Sales Support            9                                                        Network Engineering               6        Controlling and Projects   1     Recruiting                     2
                                                                                                                                                           3                                                               Communication1              1                                                        Dispo and AVOR (Arbeits-
                                                                                                                                Administration                                                                                                                                                                                                 22
                                                                                                                                                                                                                                                                                                                vorbereitung)
                                                                                                                                                                                                                                                                       Sales Controlling        1                                                        PMO and Controlling               2        Internal Tasks             2
                                                                                                                                                                                                                                                                                                                Customer Care                  13
                                                                                                                                                                                                                                                                       Assistant                1                                                        Adserving                         2




      Increase sales impact & efficiency
                                                                                                                                                                                                                                                                                                                Trafficer                      1
                                                                         2nd level online customer care exists as



                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Finance
                                                                         a non formal unit (c. 2 person)                                                                                                                                                                                                        Reception                      2


                                                                                            1. Positions are currently vacant
                                                                                            Quelle: local.ch; OC&C analysis                                                                                                                                                                   Quelle: LTV HR department; OC&C analysis
                                                                                                                                                                                                                                                            18                                                                                                                                                                                                 19
                                                                                            © local.ch 2010                                                                                                                                                                                   © local.ch 2010




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Com                       HR

      −   Field Sales                                                                     Org chart Swisscom Directories
                                                                 Org Chart Swisscom Directories
                                                                 Rough no. of actual headcount (not FTE)

                                                                                                                                                                   CEO
                                                                                                                                                                                                                              Current organisation                   Org Chart home.ch
                                                                                                                                                                                                                                                                                             Org chart home.ch

                                                                                                                                                                                                                                                                     Rough no. of actual headcount (not FTE)
                                                                                                                                                                                                                                                                                                                                                                                                                                   Current organisation




                                                                                                                            Communication                   1            HR                                3
                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Sales &    Classical    Electronic    Data &     Information
                                                                                                                                                                                                                                                                                                                                                                      CEO
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Marketing    Media         Media      Processes   Technology
          Telesales
                                                                                                                                                                                                                                                                                                                                                                                                       1
                                                                             Products                                   Content                          Sales & Marketing                                 IT                               Finance




      −
                                                                  Product M anagement
                                                                   Prod. Management
                                                                                               3              Data Management               28     Tele Sales                    63         IT architect              1           Controlling                    2
                                                                   Directory Media
                                                                   Prod. Management                                                                Corporate Sales
                                                                                               2              Content Management            6                                    15         Application Management    8           Financial Accounts             4
                                                                   Contact Mgmt Service                                                            and Training                                                                                                                                                   Sales                    4                    Marketing                       3                    Operations         5
                                                                                                                                                   Campaign Monitoring and
                                                                   Print Production            5              Residential                   11                                   3          Order Management IT       5           Purchasing and Logistic        3
                                                                                                                                                   Sales Steering

                                                                   Development & Research      1              Future Services               1      Promotion Management          3          Development IT            14          Housing                        1

                                                                                                                                                   Special Services
                                                                   KAM                         3                                                                                            Test Management IT        10
                                                                                                                                                   Online Services (ONS)         6
                                                                                                                                                                                            Operation Management
                                                                   Delivery IT                 5
                                                                                                                                                   Business Customer
                                                                                                                                                                                 8          PC-Support                3
                                                                                                                                                   Care (BCS)
                                                                   Management Support          3
                                                                                                                                                   After Sales                   10         Server Operation          10




          Key Account
                                                                                                                                                                                            Directory System          11




      −
                                                                                            Quelle: SD HR department; OC&C analysis                                                                                                                                                           Quelle: Home.ch; OC&C analysis
                                                                                                                                                                                                                                                            20                                                                                                                                                                                                 21
                                                                                            © local.ch 2010                                                                                                                                                                                   © local.ch 2010




 30
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
DIGITAL & MARKETING SERVICES
     Strong growth in Online Performance Marketing
     and related professional services

     Thomas Kaiser
     Deputy Group CEO &
     CEO Digital & Marketing Services




32
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
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
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
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
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
CONCLUSION
 Conclusion & outlook 2011
 Hans-Peter Rohner
 CEO & Chairman of the Board




38
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
BACKUP SLIDES




40
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
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
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
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
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
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
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

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Publi groupe 2010 results presentation e

  • 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
  • 20. MEDIA SALES Turnaround accomplished ahead of plan Beat Röschlin Head of Media Sales 20
  • 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
  • 30. 1. Overview 2010 I 2. Key financials I 3. Segment update I 4. Conclusion & Outlook Search & Find – Synergy and Transition CONCENTRATE individual brand value Swisscom Directories into local.ch LTV Yellow Pages Y ll P Streamline Organization − One Management Team (Exec Board) − Restructure E2E processes R t t − Consolidate IT-Systems Remove redundant capacity in admin Org chart local.ch Org chart LTV − Org Chart local.ch Current organisation Org Chart LTV Current organisation Rough no. of actual headcount (not FTE) Rough no. of actual headcount (not FTE) CEO CEO Assistant 1 Assistant / 1 CFO 1 Head of Back Office Project Management and 1 Product Management Print 3 Business Development Senior Project Manager / Junior Project Manager 1 1 Head of Recruiting Content Management 1 Communication 3 Engineering 19 Operations Project Management 3 Product Management 10 Marketing Marketing1 1 Field Sales Sales 320 Logistics Media Production Media Prod. – IT & Business Engineering Application Engineering 15 Finance and Controlling Hauptbuchhaltung 2 ment HR Projects & HR-develop- 2 CEO Operations “Book Paging” 5 Tele Sales 7 Business Engineering 12 Kreditoren / Debitoren 3 Wage Accounting / Admin 3 Media Prod. – “Ad manuf acturing” 15 System Engineering and Sales Support 9 Network Engineering 6 Controlling and Projects 1 Recruiting 2 3 Communication1 1 Dispo and AVOR (Arbeits- Administration 22 vorbereitung) Sales Controlling 1 PMO and Controlling 2 Internal Tasks 2 Customer Care 13 Assistant 1 Adserving 2 Increase sales impact & efficiency Trafficer 1 2nd level online customer care exists as Finance a non formal unit (c. 2 person) Reception 2 1. Positions are currently vacant Quelle: local.ch; OC&C analysis Quelle: LTV HR department; OC&C analysis 18 19 © local.ch 2010 © local.ch 2010 Com HR − Field Sales Org chart Swisscom Directories Org Chart Swisscom Directories Rough no. of actual headcount (not FTE) CEO Current organisation Org Chart home.ch Org chart home.ch Rough no. of actual headcount (not FTE) Current organisation Communication 1 HR 3 Sales & Classical Electronic Data & Information CEO Marketing Media Media Processes Technology Telesales 1 Products Content Sales & Marketing IT Finance − Product M anagement Prod. Management 3 Data Management 28 Tele Sales 63 IT architect 1 Controlling 2 Directory Media Prod. Management Corporate Sales 2 Content Management 6 15 Application Management 8 Financial Accounts 4 Contact Mgmt Service and Training Sales 4 Marketing 3 Operations 5 Campaign Monitoring and Print Production 5 Residential 11 3 Order Management IT 5 Purchasing and Logistic 3 Sales Steering Development & Research 1 Future Services 1 Promotion Management 3 Development IT 14 Housing 1 Special Services KAM 3 Test Management IT 10 Online Services (ONS) 6 Operation Management Delivery IT 5 Business Customer 8 PC-Support 3 Care (BCS) Management Support 3 After Sales 10 Server Operation 10 Key Account Directory System 11 − Quelle: SD HR department; OC&C analysis Quelle: Home.ch; OC&C analysis 20 21 © local.ch 2010 © local.ch 2010 30
  • 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
  • 38. CONCLUSION Conclusion & outlook 2011 Hans-Peter Rohner CEO & Chairman of the Board 38
  • 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