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1 Half Year Report 2009, 3 September 2009
Half Year Report 2009
Media and analysts informationBerne and Zurich, 3 September 2009
2 Half Year Report 2009, 3 September 2009
Martin KallChief Executive Officer (CEO)
Overview of the 1st half year of 2009
3 Half Year Report 2009, 3 September 2009
First six months of 2009 impacted by significant downturn in sales and net income
in CHF mill.
*These figures relate to continued operations
15.5%2008
0.9%
EBIT Margin*
2009
597288
463
1421
389
-50
0
50
100
150
200
250
300
350
400
450
500
-76%
-16%
Net Income
EBITEBITDASales
20092008
-95% -99%
4 Half Year Report 2009, 3 September 2009
Downturn reflects the development in the economy as a whole…
Change to real GDB in % as compared to previous annual quarter
Source: Swiss State Secretariat for Economic Affairs SECO
-4%
-2%
0%
2%
4%
6%
07.0901.0907.0801.0807.07
2.0%
2.5%
3.0%
3.5%
4.0%
01:08 01:0907:0701:07 07:0907:08
Unemployment rate in % of the labour force
Consumer mood index (index points)
-45-30-15
01530
10.08 04.0904.07 04.0810.07
Change in private consumption in % comparedto previous annual quarter
2%
-1%
0%
3%
4%
1%
07.200810.200701.2007
5 Half Year Report 2009, 3 September 2009
Sources: Advertising statistics Swiss press/VSW Association of Swiss Advertising Companies;
…which led to a collapse in advertising spending
January – June 2008/2009, print net advertising sales as per Typologie Schweizer Presse
0-23.2%-2461001,062100816Print Total
2.0-17.3%-4725.627227.6225Magazines
0.4-15.0%-63.5373.831Trade press
1.5-12.5%-1410.711312.299Special interest
0.2-22.1%-2711.512211.795General interest
-2.1-25.3%-20074.479072.3590Newspapers
-0.7-37.9%-153.6392.924Finances and economy
-1.0-30.5%-3410.61129.678Sunday press
0.5-6.4%-22.5273.125Regional weekly press
-0.9-24.3%-14957.761256.8463Daily press
in %in %CHF mill.Market
shareCHF mill.Market
shareCHF mill.
+/- Market shareChange20082009Categories
6 Half Year Report 2009, 3 September 2009
Publicitas Index: Commercial advertising
spending in the daily press (12/1993=100)
Source: Publicitas
Publicitas Index: Job ads in the daily press
(12/1993=100)
Job ads in the daily press are at an all-time low
7580859095
100105110115120125130135140
-19%
200119981995
100
1992 20072004 2010
P Index
June 2009to prev. year
80100120140160180200220240260280300320340
100
20102004200119981992 20071995
-31%
June 2009to prev. year
P positions
7 Half Year Report 2009, 3 September 2009
Past economic cycles showed simular dramatic collapses
Change in job ads during the current economic cycle, change to previous year in per cent
BZ job ads
Tamedia job ads
VSV job ads daily press 1
P Index job ads
Forecast
-35
-60%
-40%
-20%
0%
20%
40%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
8 Half Year Report 2009, 3 September 2009
8688
100
-12%
Actual sales 2009
Prev. Economic
cycle
Actual sales 2008
-3%
Advertising income January to July 2009 compared to the previous economic cycle
5360
100
Previous economic
cycle
-40%
Actual sales 2009
Actual sales 2008
-11%
Job ad sales January to July 2009 compared to the previous economic cycle
The factor economic cycle explains 85 per cent of the downturn in income
2008=100 2008=100
9 Half Year Report 2009, 3 September 2009
Breakdown income by revenue type
Source: Advertising statistics Swiss press; Tamedia financials
Tamedia’s development in 2009 is comparable to the overall print market
11%
24%
Other revenue4%
Print revenue
4%Othermedia
activities
Sales
Ad insertions56%
-30%
-20%
-10%
0%
-25,3%-25,3%
-20%
-10%
0%
-15,6%-17,3%
-20%
-10%
0%
-17,9%
Change in advertising income by division
Newspapers
Magazines
E-media
Market Tamedia
No figures
available
10 Half Year Report 2009, 3 September 2009
Change in costs by business division 1st half-year 2009 compared to 1st half year 2008
Decline in sales faces a not strong enough decline in costs
375
116
4146
289
368
91
4346
278
0
50
100
150
200
250
300
350
400
+7%
-21%
-2%
0%
Newspapers Services TamediaMagazines E-Media
-4%
2009
2008
Investments in new Online
services
11 Half Year Report 2009, 3 September 2009
Cost reduction measures totalling around 50 CHF mill.
• Concentrating on News Tages-Anzeiger
• News Basel and News Bern discontinued
Focusing on News2
• Open positions are not being filled
• External costs are being lowered
Additional measures6
• All household circulation yet stopped
• SolothurnerTagblatt dis-continued in September*
Solothurner Tagblatt1
• Adjustment of costs in Editorial office
• New concept and design at end of Sept-ember 2009
Tages-Anzeiger3
• Continuation in Cooperation with Tages-Anzeiger
• Creation of an economic outlook
Der Bund4
• Reduced to eight newspaper bundles
• Costs adjusted to decline in advertising sales
SonntagsZeitung5
*Subject to the results of the participation process
12 Half Year Report 2009, 3 September 2009
Newspapers division reports collapse in sales and income
-- 11.146.7EBIT
-- 4.1%13.8%EBIT margin
- 20.3%268.7337.2Sales
2008/09January - June 2009 January - June 2008 Newspapers CHF mill.
General Issues• Increase in collaborations in both the editorial as well as the commercial segment• Significant decline in commuter paper volume; two titles discontinued Tamedia• Significant downturn in sales for almost all newspaper titles and also for service
providers such as 20 Minuten; collapse in job ads• Significant declines for both Finanz und Wirtschaft as well as SonntagsZeitung• Subscription daily newspapers Berner Zeitung and Tages-Anzeiger hit hard by the crisis;
new concept for Bund and Tages-Anzeiger will have positive effect in second half of 2009
• New commuter paper L’essential is making ground in the reader and advertising market• Commuter papers News and 20 minutes are not reaching goals in the advertising market
13 Half Year Report 2009, 3 September 2009
Tages-Anzeiger: sales cut in half, cost have risen
Change in the most important sales cost positons from 1999 to 2008 in per cent
Source: Tamedia Controlling Media
-53%
20081999
Advertisingrevenue
Salesrevenue
EditorialCosts of production
and distribution
Publishing incl.marketingand sales
-19%
20081999
+17%
20081999
-18%
20081999
+10%
20081999
Sales - 42% Expenses +8%
14 Half Year Report 2009, 3 September 2009
Tages-Anzeiger media group with a solid user base; the objective now is to prove the forecasted outcome
Subscription daily news-paper: Tages-Anzeiger
Commuter paper: News Tages-Anzeiger
Online news platform:tagesanzeiger.ch
• 1,415,000 unique clients at tagesanzeiger.ch
• 2,042,000 unique clients on Newsnetz (all titles)
• Strong growth over the last twelve months
• 479,000 readers in Switzerland
• Forecasts indicate a stable development
• Focus on Zurich• 115,000 readers in
residential area 43 (Zurich)• Objective: 150,000 to
200,000 readersSource: MACH Basic 2009 1; Netmetrix Audit July
15 Half Year Report 2009, 3 September 2009
43
36
42
19
13 13
8 7 6 6 5 4 3 3 20
0
5
10
15
20
25
30
35
40
45
50
D-CH W-CH DK SWE NL ESP ITA CZ FRA FIN UK HUN POR AUT GRE D
Number copies daily commuter papers per 100 residents +14 (historical figures)
In copies
Historiccirculation
(thousands)Historic
14+(thousands)
1,731
13,428
2,850
48,10
220
4,00
4,600
34,497
1,293
6,901
490
1,359
1,875
4,511
586
8,736
3,950
47,913
369
8,754
275
8,268
200
6,796
2,385
47,265
217
9,132
1,828
4,217
0
71,936
Weighted average 7.0
Historic maximum circulation per 100 residents (considered over the last two years)
Source: Metro, 20 Minutes, University of Amsterdam, publishing section 20 Minuten
Volume of commuter papers were far above average…
16 Half Year Report 2009, 3 September 2009
43
36
42
19
13
13
8 7 6 6 5 4 3 3 2
0
15
13 14
9
7 8 7 6 6 5 4 3 3 2
0
20
0
5
10
15
20
25
30
35
40
45
50
D-CH W-CH DK SWE NL ESP ITA CZ FRA FIN UK HUN POR AUT GRE D
Number copies daily commuter papers per 100 residents +14 in Europe (comparison)
In copies
Currentcirculation
('000s)
14+('000s)
1,200
13,428
2,718
48,910
220
4,000
2,343
34,497
1,000
6,901
210
1,377
584
4,511
586
8,736
3,950
47,913
369
8,754
275
8,268
200
6,796
2,144
47,265
217
9,132
861
4,251
0
71,936
1)
Current circulation per 100 residents
Historic maximum circulation per 100 residents (considered over the last two years)
Weighted average 5.1
2)
… and Switzerland will continue to hold this top position
Source: Metro, 20 Minutes, University of Amsterdam, publishing section 20 Minuten; 1) Considerations based on News with 100,000 copies, 20 Minuten with 500,000 Copies; 2) after merger 20Minutes and Le Matin Bleu
-53 p
er c
ent
-53 p
er c
ent
-69 p
er c
ent
-26 p
er c
ent
-26 p
er c
ent
-31
per
cen
t
17 Half Year Report 2009, 3 September 2009
Magazine division with earnings
- 55.8%3.88.6EBIT
-7.7%15.6%EBIT margin
- 9.1%49.854.8Sales
2008/09January – June 2009 January - June 2008 Magazines in CHF mill.
General Issues• Advertising spending in magazines proved to be just slightly more stable than in
newspapersTamedia• Fachmedien Mobil showing strong decline in sales and income due to the crisis in the
automotive industry and the structural shift in advertising spending• The investments made in 20 Minuten Friday are encumbering operating income; the free
People Magazine exceeds expectations in the readership and advertising market• Advertising sales of Annabelle, Das Magazin and Schweizer Familie are reposting below-
average declines compared to the market environment
18 Half Year Report 2009, 3 September 2009Source: WEMF Media Analysis 20 Minuten Friday
20 Minuten Friday reaches 412,000 readers after six months
412
48
239
125
0
50
100
150
200
250
300
350
400
450
Total readership
55++35-5414-34
Readership of 20 Minuten Friday by
age group in thousands
Thousands contact price 20 Minuten Friday
Age groups 14-34 in CHF
364
259
189
142
1029987
63
123
0
50
100
150
200
250
300
350
400
Bo-lero
Bri-gitte
Anna-belle
Freun-din
SI Style
Cos-mo.
SIJoyFri-day
19 Half Year Report 2009, 3 September 2009
E-Media division reporting growth in Online activities
0.0%-3.1- 3.1EBIT
--7.3%- 7.9%EBIT margin
8.2%42.038.0Sales
2008/09January – June 2009 January - June 2008 E-Media in CHF mill.
General Issues• During a declining overall market, Online media is continuing grow• High amount of activity in the Online market; strong growth in mobile Online useTamedia• Newsnetz, launched in 2008, increases visitor and advertising sales, and towards the
end of the first half-year reaches its breakeven on a monthly basis for the first time• The job platforms alpha.ch and jobwinner.ch are suffering as a result of the economic
crisis, however despite a decline in sales are gaining market share in the Online job ad market
• Developments in the radio and television activities continue to be unsatisfactory• Radio 24 is successfully defending its strong position in the listener and advertising
market
20 Half Year Report 2009, 3 September 2009
2,3
2,2
2,1
2,0
1,9
1,8
1,7
1,6
1,5
1,4
1,3
1,2Oct. Nov. Dec. Jan. 09 Feb. Mar
chApr. May JuneSep.June
08Jul. Aug.
Development of Swiss news sites in millions of unique clients per month
Source: WEMF NET Metrix Audit
Launch ofNewsnetzbazonline.chbernerober-laender.ch
bernerzeitung.chtagesanzeiger.chthunertagblatt.ch derbund.ch
thurgauer-zeitung.ch
Mergerpiazza.ch
20 Minuten+54.0%
Newsnetz+41.3%
20 Minuten Online and Newsnetz increase user numbers remarkably
21 Half Year Report 2009, 3 September 2009
daily1.85 million
Readership
daily0.16 million
Users
Potential: Online use on daily basis was at low level up until now
22 Half Year Report 2009, 3 September 2009
1'722
2'236
2'4742'319
1'647
0
500
1'000
1'500
2'000
2'500
2005 2006 2007 2008 2009 E
USA: Sales development of Online job ad portals from 2000 to 2009 in USD mill.1
1) Assessments on Careerbuilder, Monster.com; Morgan Stanley 19.06.2006 (2000-2005); Deutsche Bank Publishing & Advertising Newspaper Publishers 05.06.2008 (2006-Q1 2008); Thomson Financial (Monster 2006-2008); Market size 2009: Projects based on estimates by analysts for Monster
-29%
Sales of Online job ad portals are declining worldwide in 2009
Germany: Sales development of Online job ad portals from 2000 to 2009 in Euro mill.1
8898
137
180
139
0
50
100
150
200
2005 2006 2007 2008 2009 E
-23%
1) Sources: Thomson Financial, annual reports, information from companies themselves
23 Half Year Report 2009, 3 September 2009
Edipresse and Tamedia with expandable market positionsG
erm
an-s
peak
ing
Sw
itze
rlan
d Ta
med
iaR
oman
die
Edip
ress
eNews Jobs Real estate Local search Partnership
homegate.ch*UCs: 964,000
20minuten.ch****UCs: 2,241,000
NewsnetzUCs: 2,042,000
20minuten.chUC: 2,005,000
1
NewsnetzUC: 1,730,000
lematin.chUCs: 783,000
24heures.chUCs: 438,000
jobwinner.chUCs: 375,000
jobup.chUCs: 253,791**
Source: NET Metrix Audit June 2009; *Contribution; **Statements of their own; ***WEKO approval outstanding; **** incl. 20minutes.ch
search.ch***UCs: 2,889,000
swissfriends.chUCs: 441,742**
alpha.chin jobwinner.ch
tdg.chUCs: 516,000
24 Half Year Report 2009, 3 September 2009
zattoo.com
• Internet TV (Switzerland)• 24.5 per cent share
tillate.com
• Nightlife platform• 86 per cent share**
eload24.com
• Advise portals• 15 per cent share
Tamedia expanded its Online commitment step by step
fashionfriends.ch
• Online boutique• 25 per cent share**
jobsuchmaschine.ch
• Job ad platform• 20 per cent share**
search.ch
• Local search platform• 75 per cent share*
*Federal Competition commission approval still outstanding; ** additional increase planned or possible
25 Half Year Report 2009, 3 September 2009
Services division with widely steady profit ratio
- 29.7%13.819.6EBIT
-11.6%13.2%EBIT margin
- 20.2%118.6148.6Sales
2008/09January – June 2009 January - June 2008 Services in CHF mill.
General Issues• After an increase in the first half of 2009, paper prices are now on the decline because
of the persistent economic crisis• A downturn in print orders due to discontinuation and reductions in volume Tamedia• The lower volumes in newspaper printing lead to a drop in revenue in printing centres• Because of the downward trend in volumes, capacity utilisation in the pre-printing
segment continue to decrease• Sale of early morning delivery activities planned for the end of 2009; the approval of the
Federal Competition commission is expected by the end of September 2009
26 Half Year Report 2009, 3 September 2009
1%
-7%-10%
-5%
0%
5%
10%
15%
20%
25%
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008
Development in Tamedia's EBIT margin since 1990
EBIT margin decreases dramatically to insufficient 1 per cent
1st half-year2009
27 Half Year Report 2009, 3 September 2009
The impact of job ads on net income remains unchanged
Development in Tamedia's EBIT margin not incl. job ads* since 1990
** The EBIT net income per unit was deducted from the Tamedia EBITDA until 1995. For the years 1990-1994, the EBIT was calculated by means of an avarage net income per page and an 80 per cent margin; Facts/Basilisk/HPP/Huber/Benteli Hallwag treated as discontinued operations
**Job ads include: Stellen-Anzeiger, Alpha, BZ/Bund, Thurgauer Zeitung and 20 Minuten (average net income per page/80% margin until ‘07/70 % margin after ‘08)
1st Halfyear2009
4%
-8%
12%
8%
-4%
9%
-15%
-10%
-5%
0%
5%
10%
15%
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008
Tamedia without Stellen-Anzeiger+Alpha
Tamedia without any job ads**
28 Half Year Report 2009, 3 September 2009
87
100
Actual sales 2008
-13%
Prev. economic
cycle
Forecast commercialadvertising 2nd half of 2009
Advertising expected to decrease by an additional 19 per cent in the second half of the year
61
100
Actualsales 2008
-39%
Prev. economic
cycle
Forecast job ad sales2nd half of 2009
81
100
Actualsales 2008
-19%
Prev. economic
cycle
Forecast total advertisingsales in the 2nd half of 2009
2008=100
29 Half Year Report 2009, 3 September 2009
Determining economic factors
• The Swiss State Secretariat for Economic Affairs is expecting a decline in gross domestic product by 2.7 per cent in 2009; despite a slow recovery phase in 2010, the economy is still expected to shrink still a bit by 0.4 per cent
• The unemployment rate will most likely increase heavily and reach 5.5 per cent in June 2010
Effects of cost reduction measures
• The announced measures to reduce costs as well as the synergy opportunities should lead to a noticeable improvement in net income as of 2010
Key tasks Tamedia
• Continue to apply cost reduction efforts in all divisions
• Review step by step all media, which lag behind expectations
• Face shifts in the user and advertising market by expanding the Online commitment and being disciplined about costs relating to classic media
Recession will during 2010; further increase in unemployment
30 Half Year Report 2009, 3 September 2009
95100
Trend Sales 2009
-5%
Prev. economic
cycle
Forecast commercialadvertising 2010
Tamedia expects advertising sales to decline further for 2010
100
65
Trend Sales 2009
-35%
Prev. economic
cycle
Forecast change in job ad sales 2010
90100
Trend Sales 2009
-10%
Prev. economic
cycle
Forecast total advertisingsales 2010
2008=100
31 Half Year Report 2009, 3 September 2009
Outlook: Strengthening executive management with new members
• Vocational training as a typesetter
• Held positions in the past at Tamedia from 1976 to 1997, among others as Head of Accounting and Deputy Publishing Director of Tages-Anzeiger
• Vocational training as bookbinder
• University degree in engineering
• Part-time Executive MBA program
• Since 1995 in various positions at Ringier
Espace Media: Ueli Eckstein
• From 1995 until 1997 Publishing Director of SonntagsZeitung
• Ueli Eckstein has been Vice President of AZ Medien since 1997
• Ueli Eckstein will take on the position as Head of the corporate division Espace Media
• He succeeds Martin Kall, who managed the corporate division Espace Media ad interim since autumn 2008
Publishing Services: Andreas Schaffner
• 2005 General Manager of Ringier Print Adligenswil
• Since 2007 member of the Executive Board of Ringier Switzerland
• Andreas Schaffner will take on the position as the Head of the corporate division Services
• He will succeed Urs Schweizer, who will leave Tamedia at the end of 2009
32 Half Year Report 2009, 3 September 2009
Outlook: Further improvement will be necessary in the second half of the year
• Early morning deliveries assigned to Swiss postal service
• Weko decision end September
Early delivery1
• Step-by-step analysis of all media
• All media must contribute to operating income
Step-by-step analysis6
• Acquisition of 75 % from Swiss postal service
• Postal service will hold 25 % interest
search.ch2
• Merger of 20 minutes and Le matin bleu
• Establishment of paper with largest number of readers
Commuter papers3
• Top priority project Edipresse and Tamedia
• Collaboration for Online classified-ads
Classified-ad markets4
• Finalisation of the integration of Espace
• Effective realisation of synergy potentials
Espace merger5
33 Half Year Report 2009, 3 September 2009
Sandro MacciacchiniHead of the Finance Division
Overview of the 1st half of 2009
34 Half Year Report 2009, 3 September 2009
General Comments• The same accounting principles as those used in the Annual Report 2008 were applied• The new and revised standards (IFRS) and interpretations (IFRIC), which are to be
considered as of 1 January 2009 had no effect on the reporting; the new and revised standards and interpretations, which will take effect at a later date, will not be applied to earlier reporting dates
Changes in consolidation scope• Tamedia increased its investment in Tilllate Schweiz AG by 51 per cent to 86 per cent
as of 31 December 2008 (full consolidation)• Merger of Verlags-AG Sonntagszeitung into Tamedia AG, Huber Printpack AG into Huber
& Co. AG and Piazza AG into 20 Minuten AGDiscontinued divisions / assets designated for sale • The printing business of Benteli Hallwag was sold on 1 June 2008• Early morning delivery activities (especially the shareholdings in Zuvo AG and Bevo AG)
assigned to the Swiss Postal Services (completion subject to the approval of the Competition Commission)
• Various real estate properties available for sale were re-categorised and itemised as assets designated for sale
Notes on the 1st Half-Year 2009 (1/2)
35 Half Year Report 2009, 3 September 2009
Restatement Half Year Report 2008• Deferrals itemised as of 30 June 2008 were reported too high by CHF 4.3 million as a
result of an accounting error• As relates to the IFRIC 14 interpretation to be applied as of 1 January 2008 – «The Limit
on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction» - a change of method was applied after the publication of the Half Year Report 2008
• The adjustment reported retroactively as of 1 January 2007 was made in the Half Year Report 2008 based on the so-called «corridor method». As of the Annual Report 2008 and now also in the Half Year Report, actuarial gains and losses will be reported on an off-balance sheet basis directly in equity (so-called «OCI Statement» or «SORIE Method»). Several items in the income statement and the balance sheet of the previous period were adjusted due to this change In the income statement
Notes on the 1st Half-Year 2009 (2/2)
36 Half Year Report 2009, 3 September 2009
427.2
22.9 12.6
462.8
355.5
16.0 17.5
389.0
0
100
200
300
400
500
Media income Print income Other operating income Operating income
2008-06 2009-06
in CHF mill.
These figures relate to continued operations
+38.9%
-16.8%
-30.1%
-15.9%
Media income drops to 17 per cent in the first half of the year
37 Half Year Report 2009, 3 September 2009
110.7
150.8
113.1
374.6
102.3
157.6
108.5
368.4
0
100
200
300
400
Costs of material andservices
Personnel expenses Other operatingexpenses
Operating expenses
2008-06 2009-06
in CHF mill.
+4.5%
These figures relate to continued operations
-7.6%-4.1%
-1.7%
Restructuring costs of CHF 7.9 mill. increase personnel expenses
38 Half Year Report 2009, 3 September 2009
EBITDA shows a significant decline
462.8
374.6
88.2
368.4
20.6
389.0
0
50
100
150
200
250
300
350
400
450
500
Operating income Operating expenses EBITDA
2008 2009
in CHF mill.-15.9%
5.3%
19.1%
EBITDA margin
2008
2009
These figures relate to continued operations
-1.7%
-76.6%
39 Half Year Report 2009, 3 September 2009
12.6
3.8
16.4
13.1
3.8
17.2
0.0 0.30
5
10
15
20
25
30
Depreciation of plant,property & equipment
Amortisation ofintangible assets
Other depreciation andvalue adjustments
Total depreciation andamortisation
Jun 08 Jun 09
in CHF mill.
Depreciation and amortisation increase by 4.9 per cent and are reported at CHF 17 mill.
+4.9%+4%
These figures relate to continued operations
+1,300%
40 Half Year Report 2009, 3 September 2009
13.9
27.3
40.1
29.1
51.0
8.011.0
19.7
32.9 33.8
22.3 22.8
0
10
20
30
40
50
60
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 ** Estimate
Capex continues to be below the multi-year average
Investments in capital equipment (Capex) in the years 1998 through 2009
in CHF mill.
ø CHF 26.7 mill.
41 Half Year Report 2009, 3 September 2009
in CHF mill.
EBIT and net income just barely reach positive figures
88.2
71.865.4
59.4
3.5 1.4 0.8
20.6
-10
10
30
50
70
90
110
EBITDA EBIT Net income ofcontinued operations
Net income
2008 2009-76.6%
-95.2%-97.9%
-98.7%
0.2%
12.8%
Margin company netincome
2008
2009
42 Half Year Report 2009, 3 September 2009
90.3
-45.9-20.1
24.3
-6.2
-38.9 -35.6
9.5
-200
-150
-100
-50
0
50
100
150
200
Cash flow fromoperations
Cash flow forinvestment activities
Cash flow fromfinancing activities
Change in cash andcash equivalents
2008-06 2009-06
in CHF mill.
-89.5%
-48.3%
Status of cash & cash equivalents
30.06.2009 CHF 52.7 mill.
Reduction in cash & cash equivalents by CHF 35.6 mill.
+86.5%
43 Half Year Report 2009, 3 September 2009
828.1 837.0
270.6 253.2
65.5 69.0
753.3747.5
267.9285.8
0
200
400
600
800
1000
1200
2008-12 2008-12 2009-06 2009-06
Fixed assets Current assets Equity Long-term liabilities Current liabilities
in CHF mill.
69.1%68%
Equity ratio rises slightly to 69 per cent
Total assets
2008-12 CHF 1098.7 mill.2009-06 CHF 1090.2 mill.
44 Half Year Report 2009, 3 September 2009
70
80
90
100
110
120
130
140
Share price in the 1st half-year of 2008: Tamedia shares fare better than the overall market and the media industry
SPI Media +12%
Tamedia +34%
SPI +13%
SPI Media = 26.6 % Publigroupe N; 24.0 % Tamedia N; 14.6 % Orell Füssli N; 12.5 % Affichage N; 9.7 % Edipresse I; 7.3 % Goldbach Media AG N; 5.3 % Agen N;
30.12.2008 = 100
Jan Feb March April May June July Aug. Sept.
45 Half Year Report 2009, 3 September 2009
Until November 2009
1st Quarter 2010 1st Quarter 2011 1st Quarter 2013
Edipresse: Investment steps to be financed separately
Weko decision • Decision by the
Federal Competition Commission by November 2009
1st Step• Assumption of 49.9
per cent of PPSR shares
• Price CHF 226 million (incl. 2nd step)
Consolidation • Equity consolidationFinancing• Approx. 1/3 with own
cash• Around 2/3 loans• Negotiations in the
4th quarter
2nd Step• Assumption of 0.2
per cent of PPSR shares
• New amount of shares: 50.1 per cent
Consolidation • Full consolidationFinancing• See financing of
the 1st step
3rd Step• Assumption of 49.9
per cent of PPSR shares
• Tamedia will now hold 100 per cent
Consolidation• Full consolidationFinancing• Bank loans• Optional
convertible bonds (free float increase)
46 Half Year Report 2009, 3 September 2009
Thank you very much for your interest!
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