1.
FINANCIAL RESULTS HY1 2011
PubliGroupe shows net profit 2011 of CHF 14.9 million –
14 9
operating result (EBIT) improved – higher online revenue
1

2.
Overview presentation order
Agenda item
g Presenter
1 Overview of 2011 figures & main developments Hans-Peter Rohner:
& overview segment res lts
o er ie results CEO & Chairman of the Board
2 Key financials group Andreas Schmidt:
Chief Financial Officer
3 Conclusion & outlook 2011 Hans-Peter Rohner:
CEO & Chairman of the Board
2

3.
1 OVERVIEW HY1 2011 FIGURES
More efficient organisation offsets drop in topline;
solid Search & Find; strong DMS and Zanox
Hans-Peter Rohner
CEO & Chairman of the Board
3

4.
1
2
HY1 2011 group results 3
Net result up 8% on a like-for-like basis
like for like
Net result lower as first half of 2010 was strongly Sales and gross margin, in millions of CHF
influenced by non-recurring one-off elements; operating HY1 2010 HY1 2011
result (EBIT) improved 23%.
23% 1,000
1 000 -11%
On a like-for-like basis, HY1 2011 net result up 8% to
800 714.1
CHF 7.6 million (HY1 2010: CHF 7 million), operating 637.5
result up 17% to CHF 7.9 million (HY1 2010: CHF 6.8 600
million), owing again to a significantly lower cost base
), g g g y -7%
%
of CHF 9.8 million. 400
Sales lower due to currency effects and smaller 200 153.4 142.2
volumes in the traditional business areas, especially
0
print and TV, online growth continues.
Sales Gross margin
Mixed picture for segments:
– Media Sales: negative EBIT mainly due to complete EBIT and net profit, in millions of CHF
amortisation of goodwill of TV (CHF 5.1 million)
HY1 2010 HY1 2011
– Search & Find’s solid EBIT affected by investments
y 40
in home.ch, marketing, structural adjustments -44%
30 26.6
– Strong DMS with EBIT of CHF 4 million, mainly due +23%
to strong performance of Zanox and Namics
20 14.9
13.8
Despite current economic woes and difficulty of 11.3
forecasting the macro economic development, PG 10
expects improvement of last year’s operative result
(EBIT) for the full year 2011. 0
EBIT Net profit
4

5.
1
2
HY1 2011 business segment summary 3
EBIT up 23%, helped by one-time profits with Corporate
23% one time
EBIT lower mostly because of complete TV EBIT, in millions of CHF
amortisation of goodwill
EBITDA in line with previous year, even slightly
p y , g y
Media Sales
s
higher reaching CHF 0.4 million HY1 2010 HY1 2011
Publicitas branch network Switzerland with positive 15
results for the first half year
International: business suffers under currency
impact and some shifts in budgets from the 1st to the
p g 9.4
10 8.8
88
2nd semester
Comparable expenses down 14% 7.2
5 4.0
EBIT lower owing to significant investments 2.6 3.0
Search &
Traditionally profiting from a much stronger second
Find
half in terms of sales, full-year profits should be at
least in the order of last year’s results 0
EBIT b tt b
better because of strong operational
f t ti l -5 -3.7
DMS
performance at Zanox and Namics, the two most
important assets -6.2
EBITDA of Zanox +18% to reach EUR 13.2 million
-10
Media Search
S Digital & Corporate
C
Corporate
Continued divestment of non-strategic assets in
& others
China (Emphasis Video Entertainment, City Media, Sales & Find Marketing & others
Huashang Media Group) lead to one-time profits at Services
corporate level
5

6.
1
2
HY1 2011 online performance 3
Strong online growth – driven by Zanox and Namics
Online revenue consolidated in PubliGroupe Online sales, in millions of CHF
numbers: +13% to CHF 73 million; +17% at
constant exchange rates. Associated companies Publigroupe
400 (Zanox and local.ch)
Online revenue incl. participations: +8% to 340
CHF 340 million; +20% at constant exchange 314
rates.
rates 300
Total revenue from online (incl. participations) 227
represents 38% of total business generated 267
200
by PubliGroupe and associated companies
companies. 249
PubliGroupe expands its position as a key 177
player in the online market in Switzerland 100
(through Namics and Instanz) and with Zanox
64 73
(in partnership with Axel Springer) in Western 50
0
Europe and increasingly worldwide.
HY1 2009 HY1 2010 HY1 2011
Total revenue Total revenue Total revenue
HY1 2009 : HY1 2010 : HY1 2011 :
CHF 951 m CHF 942 m CHF 884 m
(online 24%) (online 33%) (online 38%)
6

7.
1
2
Media Sales 3
Volume mainly down due to non-continued TV activities and currency effects
non continued
Sales decrease by 12% to CHF 517.2 million Sales, in millions of CHF
versus CHF 588.1 million in the previous year. HY1 2010 HY1 2011
800
Major reason for the lower business volume was -12%
588.1
the result of the termination of the TV 600 517.2
commercialisation agreements which represented
400
almost CHF 30 million.
Print activities in Switzerland drop of 6%, 200
international volume down by 11%, only because of
0
currency effects (at constant exchange rates Sales
international business with +2%)
+2%).
The CHF 5.1 million one-time complete impairment Gross margin and EBIT, in millions of CHF
of goodwill in the TV business plus other related HY1 2010 HY1 2011
-14%
costs resulted in a negative segment EBIT of CHF -
6.2 million. 100 94.4
94 4
80.8
80
EBITDA positive with CHF 0.4 million (first half of 60
2010: CHF 0.0 million) 40
Comparable expenses for the segment dropped 20
14% from CHF 93 million in 2010 to CHF 80.4 0
-20 -3.7 -6.2
million year-to-date 2011, down from CHF 145.4
Gross margin EBIT
million in 2007.
7

8.
1
2
Media Sales 3
Good operational performance by Publicitas branch network
Activities in Switzerland confirm their profitable Media Sales Switzerland*, in millions of CHF
turnaround, especially thanks to a good HY1 2010 HY1 2011
800
performance of the traditional Publicitas branch
-6%
network in the regional/local markets, despite 600
overall decline of business in Switzerland of 6%. 435.9 408.4
400
The volume of the international business,
business
representing less than 20% of total Media Sales 200
business, drops 11%, mainly due to negative
0
currency impacts of a lower USD and euro. Sales
* Does not include Electronic Media
The termination of the TV commercialisation
agreements with the ProSiebenSat1 and 3+ groups Analysis Media Sales TV business 2011/2010,
in millions of CHF
decreased sales by almost CHF 30 million and 29.3 HY1 2010 HY1 2011
gross margin by CHF 4.4 million. Total EBIT decline 30
due to termination of CHF 5.5 million.
PubliGroupe had previously decided not to enter 10 4.4
guarantee-based television agreements in favour of 0.3 0.0 0.4
a performance-oriented profitability approach
across all media categories. -10 -5.5
Sales Gross margin EBIT
8

9.
1
2
Search & Find 3
Investing in the future
Good volume development, despite lower sales in Sales, in millions of CHF
traditional print business that saw a decline of HY1 2010 HY1 2011
80
-11%, largely offset by good growth in online search
+9%
services (+11%). 60 50.4
46.3
EBIT down mainly because of investments being 40
undertaken in the online platform home ch higher
home.ch,
marketing efforts during the first semester and 20
continued one-off costs associated with structural
0
adjustments and the development of new online Sales
services.
services
Margins will increaslingly profit from a reduction of Gross margin and EBIT, in millions of CHF
direct costs, such as from the optimisation of paper HY1 2010 HY1 2011
+2%
purchasing and production of print products with 40
fewer suppliers 31.6 32.1
30
Traditionally profiting from a much stronger second 20
-23%
half in terms of sales, S&F full-year profits should 9.4
10 7.2
72
be at least in the order of last year’s results.
0
Gross margin EBIT
9

10.
1
2
Consolidation P+S 3
(local.ch,
(local ch Swisscom Directories home ch LTV)
Directories, home.ch,
In millions HY1 HY1 % Unique audience HY1 2011, in millions
of CHF 2011 2010 3.5
3.0
Print 42.1 47.6 -11%
Revenue
2.5
Online 29.4 26.4 11% 2.0
1.5
Other 26.3 24.5 7% 10
1.0
0.5
Total revenue 97.8 98.5 -1% 0.0
Google
Google Maps
search.ch
Gelbe Seiten
GA 24
ocal.ch
Help.ch
Swissguide.ch
tories
uewin
cal.ch
QYPE
nbuch
rch.ch
rch.ch
Profitability
ATE
S
Loc
Blu
Direct
Telefon
G
map.lo
tel.sear
map.sear
EBITDA growth
th +1%
1%
EBIT growth +2%
11% revenue growth on broad screen, confirms Online broad screen (local.ch + home.ch),
leading position of local.ch in Switzerland, ahead in millions of CHF
of search.ch, just after Google Maps based on 40
26.4 +11% 29.4
unique audience 30
20
Leadership position on mobile
10
Home.ch already #3 in real estate market 0
HY1 2010 HY1 2011
10

11.
1
2
Local.ch 3
Successfully strengthened leading position on mobile
More than 1 million
downloads of local app
on all mobile platforms 1.2
12 > 1 million
(iOS,Android,Blackberry, downloads
Monthly use iPhone, in millions
W7,Nokia) 1.0
ownloads, in millions
0.8
08
m
24% usage growth of
th f
24% usage
local.ch app on iPhone Cumulative downloads
growth
since January 2011 0.6 on all platforms
0.4
04
App do
n
Uncontested #1 i
U t t d in
Mobile search & find
0.2
0.0
00
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul
Occasional use (>1 day per month)
Frequent use (5 days per month)
Active use (>10 days per month)
Source: Official platform Stores (iOS,Android,Blackberry,W7,Nokia)
Source: Usage rating by Apple
11

12.
1
2
Digital & Marketing Services 3
Strong operational performance
The Zanox group continues its strong performance DMS Sales, in millions of CHF
as Europe's #1 Performance Advertising Network. 75.0 70.3
-10%
10% SVB
62.9
62 9
The acquisition of M4N (NL) and geographical Digital
expansion (e.g. Poland, Turkey) accelerate growth. 50.0
EUR 208m sales in HY 1 (+ 22% vs. PY). 51.2 40.2
25.0
25 0
DMS sales declined by -10% (-2% without currency
19.1 22.8
impact) as reduction of traditional media budgets of
0.0
SVB’s clients continues. Very good revenue
HY1 2010 HY1 2011
development at Namics (+11% vs. PY). Note: Zanox Group not included; includes FX impact of -8%
p ; p
Gross profit +6% was supported by expansion at DMS gross margin and EBIT, in millions of CHF
Namics and improved margins.
+6%
30 HY1 2010
Reported EBIT grew +53% (+74% w/o FX) driven by 23.8 25 2
25.2
HY1 2011
Zanox & Namics performance as well as a one time 20
temporary effects (CHF 2.1m).
+58%
10
DMS further expands its footprint in "online 2.6 4.0
performance marketing”, a fast growing area with
0
higher margins than traditional online segments. Gross Profit EBIT
12

13.
1
2
Digital & Marketing Services 3
Zanox grows top and bottom line
Zanox Sales & EBITDA, in millions of EUR
Zanox with strong top and bottom line since
creation of joint-venture: revenue growth of 29% +22%
22% +18%
CAGR; EBITDA growth of 20% CAGR. 250 15 13.2
207.8
11.2
200 169.8
Growth as a result of both positive organic 10
150
development and acquisitions. 100
5
50
Zanox with leading market position in 0 0
Performance Advertising Network segment. HY1 2010 HY1 2011 HY1 2010 HY1 2011
Sales EBITDA
Geographic expansion (organic and through
acquisitions) playing an important role in the Zanox Group
growth strategy. Geographic Positioning
Geographic footprint further
g p p
8 of 10 regions are showing double-digit strengthened
New no. 1 player in Benelux
revenue growth for 2011 after M4N acquisition
Offices in Turkey and
Poland operational - CH in
p
continued build-up phase
Expansion to Brazil in
progress together with key
client
13

14.
2 KEY FINANCIALS GROUP
Well capitalised, solid cash flow
Andreas Schmidt
Chief Financial Officer
14

15.
1
2
P&L Group 3
Expense reduction compensates for gross margin decline
HY1 2010
in millions of CHF Change % HY1 2011 Restated
Revenue - 11% 637.5 714.1
Gross margin - 7% 142.2 153.4
Expenses - 11% -131.1 -146.6
EBITDA + 64% 11.1 6.8
EBIT + 23% 13.8 11.3
Financial result - 98% 0.4 16.4
Taxes - - 13
-1.3
Non-controlling interests + 185% 0.7 0.2
Net result - 44% 14.9 26.6
15

16.
1
2
Extraordinary items HY1 2011 3
Again important gains from divestments
in illi
i millions of CHF
f
Net Result 2011 - nominal 14.9
Divestment 13.5
Impairments -6.6
Others 0.5
05
Total non recurring elements 7.3
Net result 2011 - comparable 7.6
16

17.
1
2
Net result - cause of change 3
Performance improved thanks to reduced expenses and associates
NET RESULT 2010 26.6
One Time Events 2010 19.6
COMPARABLE 2010 7.0
Gross margin 11 2
-11.2
Expenses 9.8
Depreciation 1.0
Associated
A i t d 1.6
16
Financial result -1.3
Taxes 0.3
Minority interests 0.5
COMPARABLE 2011 7.6
One Time Events 2011 7.3
NET RESULT 2011 14.9
in millions of CHF -10 -5 0 5 10 15 20 25 30
17

18.
1
2
Cash flow statement 3
Seasonal working capital needs affect operational cash flow
1st half year 1st half year
2011 2010
in millions of CHF restated
Cash and cash equivalents as of 1 January 102.6 58.0
Cash flows from operating activities -23 5
23.5 -23 5
23.5
Cash flows from investing activities 16.7 88.5
Cash flows from financing activities -15 7
15.7 -44 8
44.8
Effect of exchange rates -2.6 -0.3
Cash and cash equivalents as of 30 June 77.5 77.9
18

19.
1
2
Group balance sheet 3
Solid balance sheet and still solid net liquidity
in millions of CHF Change as of 30 June 2011 as of 31 December 2010
Currents assets -7% 386.0 416.7
Non-current assets -6% 416.3 444.2
Total assets -7% 802.3 860.9
Current liabilities -9% 272.3 297.9
Non-current
Non current liabilities -14%
14% 102.1
102 1 118.8
118 8
Equity, shareholders of PubliGroupe Ltd. -2% 401.1 410.8
Non-controlling interests -20% 26.8 33.4
Total liabilities and equity -7% 802.3 860.9
Equity in % of assets 50% 48%
Net short-term group liquidity 79 118
Bank debt 93 93
19

20.
3 CONCLUSION
Conclusion & outlook 2011
Hans-Peter Rohner
CEO & Chairman of the Board
20

21.
1
2
Conclusion & outlook 3
Operationally largely improved, solidly financed, well positioned
improved financed
Results of the first six months of 2011 confirm that PubliGroupe continues to witness an
anticipated shrinking of its top line in the traditional business that is managed through a
leaner, more effective organisation.
The double-digit growth of the operational result on a like-for-like basis shows ability to
double digit like for like
adapt to changing economic conditions. This management culture will continue.
PubliGroupe continues to see the benefits of its successful investments in its online
business, which has become even more important.
Despite the current economic woes and the difficulty of forecasting the macro economic
development and it i
d l t d its impact on th advertising spending, PG f
t the d ti i di foresees th t it will i
that ill improve
last year’s operative result (EBIT) for the full year 2011. The level of improvement will
depend on the further economic development.
21

22.
Backup Slides
22

23.
Comparable expenses by segment Backup
1st half 1st half year
in millions of CHF Change year 2011 2010 restated
Search & Find 6% 30.7 28.8
Media Sales -14% 80.4 93.0
Custom Publishing - 0.0 5.1
Digital & Marketing Services 4% 25.1 24.1
Corporate & Oth
C t Others 54% 11.3
11 3 7.3
73
Eliminations -21% -4.3 -5.4
Comparable expenses -6% 143.2 152.9
Non recurring elements 92% 12.1 6.3
Total expenses -11% 131.1 146.6
CHF 9.8 millions or 6% overall expenses reduction on comparable basis
23

24.
Consolidated income statement Backup
1st half year
in millions of CHF Change 1st half year 2011 2010 restated
Revenue -11% 637.5
637 5 714.1
714 1
Purchases -11% -469.0 -526.2
Sales reductions -24% -26.3 -34.5
Gross margin -7% 142.2 153.4
Personnel expenses -9% -110.9
-110 9 -121.3
-121 3
General and administrative expenses -5% -35.9 -37.8
Other income and expenses 26% 15.7 12.5
EBITDA 64% 11.1 6.8
Depreciation and amortisation -10%
10% -8.5
85 -9.4
94
Impairment loss -6.6 -1.8
Share in result of associates 13% 17.8 15.7
Operating result (EBIT) 23% 13.8 11.3
Financial result -98%
98% 0.4
04 16.4
16 4
Result before income tax -49% 14.2 27.7
Income tax expense 0.0 -1.3
Result -46% 14.2 26.4
Result attributable to:
- Non-controlling interests 185% -0.7 -0.2
- Shareholders of PubliGroupe Ltd -44% 14.9 26.6
24

25.
Consolidated balance sheet Backup
Assets
as of 30 June as of 31 December
in illi
i millions of CHF
f Change
Ch 2011 2010
Cash and cash equivalents -24% 77.5 102.6
Marketable and available-for-sale securities 2% 15.7 15.3
Receivables, accruals and taxes receivables -5% 283.8 298.8
Assets held for sale - 9.0 0.0
Current assets -7% 386.0 416.7
Land and buildings -13% 65.9 75.6
Other tangible and intangible assets
g g -11% 65.0 72.9
Investments in associates 1% 234.0 232.7
Actifs financiers et impôts différés -18% 51.4 63.0
Non-current assets -6% 416.3 444.2
Total assets -7% 802.3 860.9
25

26.
Consolidated balance sheet Backup
Liabilities
as of 30 June as of 31 December
in millions of CHF Change 2011 2010
Current debts - 13.9 0.0
Payables, accruals and taxes payables -13% 252.4 289.7
Long and short term provisions, deferred taxes -13% 26.5 30.4
Non-current debts -16% 81.6 96.6
Total liabilities -10%
10% 374.4 416.7
Share capital - 2.5 2.5
Treasury shares -6% -49.6 -52.6
Reserves
R -3%
3% 448.2
448 2 460.9
460 9
Equity, shareholders of PubliGroupe Ltd -2% 401.1 410.8
Non-controlling interests -20% 26.8 33.4
Total equity -4% 427.9 444.2
Total liabilities and equity -7% 802.3 860.9
26

27.
Cash flow from operating activities Backup
1st half 1st half year
in millions of CHF year 2011 2010 restated
Result 14.2 26.4
Adjustments for non-cash items -15.4 -26.4
Dividends paid to non-controlling interests by Group companies -6.0 -8.9
Dividends received 9.9 9.0
Interest received 0.7 0.5
Interest paid -1.7 -1.8
Taxes paid -2.2 -6.5
Use of provisions -2.3 -3.0
Working capital changes -20.7 -12.8
Cash flows from operating activities -23.5 -23.5
27

28.
Cash flow from financing activities Backup
1st half 1st half year
in millions of CHF year 2011 2010 restated
Acquisitions of tangible assets -1.6 -1.2
Disposals of tangible assets 0.3 12.6
Acquisitions of intangible assets -6.2 -8.1
Disposals of marketable securities 0.0 0.4
Acquisitions of subsidiaries, net of cash acquired -1.7 -5.3
Disposals of subsidiaries, net of cash disposed of 11.7 0.0
Disposals of associates 0.4 21.7
Investments in financial assets -1.0
10 -6.9
69
Divestments of financial assets 14.8 75.3
Cash flows from investing activities 16.7 88.5
28

29.
Cash flow from investing activities Backup
1st half 1st half year
in millions of CHF year 2011 2010 restated
Increase /(decrease) in bank debts 0.9 -45.0
Capital contribution from non-controlling interests 0.0 0.1
Purchase of treasury shares -1.1 0.0
Sale of treasury shares 1.1 0.2
Acquisition of non-controlling interests -2.6 -0.2
Increase in additional paid-in capital 0.1 0.1
Dividend paid to shareholders of PubliGroupe Ltd -14.1
-14 1 0.0
00
Cash flows from financing activities -15.7 -44.8
29

30.
Digital & Marketing Services Backup
EBIT Pro Forma
The EBIT Pro Forma gives a comparable view of the DMS EBIT, in millions of CHF
high operational EBIT contribution of DMS Pro Forma
10 Reported
companies (PG share).
EBIT Pro Forma is derived by eliminating 8 7.5
- depreciation of intangible assets (PPA) & -14% 6.4
- PG's share of interest and taxes in the net 6
result of the Zanox group 4.9 2.4
4
EBIT Pro Forma is 1.6x EBIT reported +58%
2 4.0
EBIT Pro Forma fell by 14% (-3% w/o FX) partially 2.6
due to increased investments resp. depreciation at
Zanox 0
HY1 2010 HY1 2011
30