Download - 08 03 2013 publi groupe fy 2012 final
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PubliGroupePubliGroupeFinancial results 2012Financial results 2012Zurich, 8 March 2013Zurich, 8 March 2013
1
Overview presentation order
Agenda item Presenter
Overview of FY 2012 figures & main developments & overview segment results
Arndt C. Groth: CEO1
Key financials group & update share buy-back Andreas Schmidt: CFO2
Conclusion & outlook 20133 Arndt C. Groth: CEO
2
Net result of CHF 50.2 million;operating profit of CHF 1.6 millionOverview FY 2012 figures
Arndt C. Groth, CEO
3
Note relating to accounting principlesAdditional information : change to Swiss GAAP FER
Additional information regarding PubliGroupe Swiss GAAP FER consolidated financial statements• Income statement: EBIT and EBITDA removed and replaced by Operating result, new
line non-operating result added• Balance sheet: equity reduced by the offset of acquired goodwill
Net revenue • Revenue now presented net, that means only earned commission as a result of the
business model having changed over time (from principal to agent role)
Consolidation of local.ch and Zanox – pro forma figures • Proportional consolidation not applied in 2012• For transparency purposes, a pro forma segment reporting (i.e. with proportional
consolidation) was added for Search & Find and Digital & Marketing Services • The pro forma segment reporting is not part of the Swiss GAAP FER consolidated
financial statements
4
FY 2012 group resultsResults impacted by non-recurring elements
1) Note: 2011 figures were restated according to Swiss GAAP FER in order to be comparable with 2012
343.1285.1
0
100
200
300
400
21.9 27.7
1.6
50.2
0
20
40
60
80
100
Operating Result
Net result
• Net profit for the Group of CHF 50.2 million for 2012 after CHF 27.7 million in 2011 (restated1))
• Media Sales provided disappointing results in 2012 in face of a very difficult print market environment marked by further sharp declines
• Search & Find and Digital & Marketing Services (DMS) with its key associate Zanoxprovided solid results within expectations
• Small operating result of CHF 1.6 million versus CHF 21.9 million in 2011 (restated)
• Total billings dropped by 13% from CHF 1'305.0 million to CHF 1'134.6 million
• Net revenue decreased by 17% from CHF 343.1 million to CHF 285.1 million
Operating and Net Results, in millions of CHF
Net Revenue, in millions of CHF
2011 Restated 2012
1
2
3
-17%
2011 Restated 2012
-93%
+81%
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FY 2012 business segment summarySe
arch
& F
ind
• Operating loss of CHF -16.1 million, despite reduced cost base of CHF 14.1 million
• Downsizing costs reached CHF 6.1 million in 2012 and CHF 3 million in 2011
Cor
pora
te
& o
ther
sD
MS
• Search & Find: operating result of CHF 22.4 million versus CHF 27.2 million in 2011
• Decrease due to some accounting effects related to personnel and sales expenses
• Operating result of CHF 6.1 million compared with CHF 7.4 million in 2011 because of lower results at Zanox and start-up costs of Spree7
• Operating result dropped from CHF -9.3 million in 2011 to CHF -11.7 million; share in result of associates was lower than in the previous year at Freie Presse Holding and other print media associates
Med
ia S
ales
1
2
3
Operating result, in millions of CHF
-5.1
27.2
7.4
-9.3
-16.1
22.4
6.1
-11.7
-20
-10
0
10
20
30
MediaSales
Search &Find
Digital &MarketingServices
Corporate& Others
2011 Restated 2012
6
10.9 11.231.2 36.8
254.8 264.6
43.9 20.7
-
50
100
150
200
250
300
350
400
2011 2012namics DMS (without namics)Search&Find Media Sales
FY 2012 online performanceOnline revenue over half of business
• Group companies registered consolidated online net revenue of CHF 66 million in 2012 compared to CHF 82 million in 2011. This CHF 16 million decrease is due to the sale of Namics in June 2012
• Including the CHF 556 million (not consolidated) revenue posted by Zanox Group and the non-consolidated online portion of revenue at local.ch, PubliGroupe’s activities in the online services business achieved cumulative net revenue of CHF 662 million in 2012 versus CHF 653 million in 2011
Online net revenues, in millions of CHF
1
2
3
*pro forma (with proportionalconsolidation of local.ch and zanox)
-2.2%
7
Strong operating results in Search & Find & DMS; unsatisfactory performance by Media SalesOverview FY 2012 business segment figures
Arndt C. Groth, CEO
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Media SalesMedia Sales suffers under weak market environment
1) Note: 2011 figures were restated according to Swiss GAAP FER in order to be comparable with 2012
174.3149.4
0
50
100
150
200
-5.1-7.4
-16.1-13.5
-20
-15
-10
-5
0
Operating Result
Net result
• Optimisation measures insufficient to make up decline in net revenue of 14% from CHF 174.3 million to CHF 149.4 million in 2012
• Billings down by 13% in 2012, from CHF 1'030.9 million to CHF 895.4 million for 2012
• International business, 24% of MS, down 17% to CHF 36.5 million in 2012 (previous year: CHF 44.2 million). Weakness in the advertising business, especially in the European & US markets, and to the sale of the business in Australia in 2011
• Break-even result anticipated for Media Sales in 2013
• At the end of 2012, the headcount (FTE) in the business segment Media Sales was 1'066 (FTE) compared to 1'196 at the end of 2011
Operating and Net Results, in millions of CHF
Net Revenue, in millions of CHF
2011 Restated 2012
1
2
3
-14%
Actual2011 restated
Actual 2012
9
Costs decreased to adjust to lower volumesCost reduction measures implemented with noticeable effect for 2013
• Cost-cutting measures announced at the end of 2011 with substantial impact but not sufficient to compensate lower volumes
• Strongly reduced cost base for 2013 and continued right-sizing to anticipate print market decline
2007 2008 2009 2010
1'966 1'7361'296 1'174
,0
1,000
2,000
3,000
Rev
enue
, CH
F M 1'031
895
800
900
1'000
1'100
Bill
ings
1 , C
HF
M
293.7271.7
230.1
179.7
150
200
250
300
Expe
nses
, CH
F M
171157
100
150
200
Op.
Exp
ense
s2
13.0
-29.0 -29.0
0.5
-40
-20
0
20
EBIT
, CH
F M -5.1
-16.1
-9.43
(20)
(15)
(10)
(5)
-
Op.
Res
ult1
2011 2012
1) According to Swiss GAAP2) According to Swiss GAAP, excl. depreciation3) Excl. the effect of non-recurring
10
Decrease of print exceeded expectations and appears to stay at same pace
-11%
-6%
-14%
-12%
-16%
-5%-4%
-11%-11%
-3%
-8%
-10%
Ø -9
Dec.Nov.Oct.Sep.Aug.Jul.Jun.May.Apr.Mar.Feb.Jan.
Source: WEMF; Prognosis PWC 2013
Swiss print advertising revenue2012 vs. 2011
Print outlook 2013 (estimate Publicitas = -8%)
“Also depending on GDP development”
-8%
-5%-
-10%
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Downsizing measures lead to substantial Opex reductions
-0.1
-25.4
-16.0
-9.4
-5.0
-6.7
-16.1
-16.0-25.4
ACT 2011 Gross Profitdecline
Realised Opexreductions
ACT 2012
Major effects on 2012 operating result
Non-recurring
Op. Result
-5.1
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Continuation of initiated optimization and growth measures
Acceleratethe digital agenda& explore new opportunities:
Higher share of digital turnover and adjacent media sales business
Exploit print business:
Leaner and more flexible cost structure
1st PILLAR
2nd PILLARGrow Digital• Accelerate digital and mobile product offering to address multiple
advertising segments
Grow new business• Accelerate development of comprehensive media portfolio
Swiss business & Central cost• Finalize sales efficiency• Reduce IT landscape complexity massively and implement scalable
system based on standard software• Continue right-sizing to anticipate print market decline International• Accelerate restructuring and leverage industry expertiseTransparent service levels and operating autonomy• Redefine publisher relationships
Strategic initiatives 2013
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New CEO Media Sales who will push ahead transformation amidst changing media market
Alain D. Bandle
• Swiss (60); master’s degree in business from the University of St. Gallen (lic. oec. HSG)
• 2003-2009: In 2003 Bandle took over the management of Dell in Switzerland. As Vice-President and General Manager Public Segment Europe, he oversaw Europe-wide business relations in the public sector
• 2009-2011: Bandle became CEO of Versatel AG in Düsseldorf, the third-largest alternative telecommunications company in Germany, which he repositioned and successfully sold to KKR in fall 2011
• 2011-2013: Bandle served as Chairman European Operations of Satmap Inc. (www.satmapinc.com). He is also member of the supervisory board of Kooaba AG (www.kooaba.com)
• Bandle is a regular guest lecturer for the Executive MBA programme of the University of St. Gallen
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New Board structure at Publicitas
• Pascal Böni, Member of the Board of PubliGroupe, President
• Arndt C. Groth, CEO of PubliGroupe, Delegate
• Andreas Schmidt, CFO of PubliGroupe, Member
• Christian Unger, Member of the Board of PubliGroupe, Member (subject to election by the General Assembly of 30 April 2013)
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Search & FindStrong results; high sales efforts as future investment
106.4 103.2
0
40
80
120
27.2
19.422.4
16.6
0
10
20
30
40
Operating Result
Net result
• Search & Find most important earnings driver with an operating result of CHF 22.4 million versus CHF 27.2 million in 2011
• Net revenue of the segment was slightly smaller at CHF 103.2 million against CHF 106.4 million in the previous year
• The decrease in operating performance in PubliGroupe's consolidated figures is partially due to some accounting effects related to personnel and sales expenses
• In 2012 sales efforts have been ramped up to profit from a solid online market position in Switzerland
• Order intake for a three-year period shows strong growth for the years to come
• local.ch has been able to maintain performance level due to the very successful double migration from print to online and from broadscreen to mobile and smartphones
Operating and Net Results, in millions of CHF
Net Revenue, in millions of CHF
2011 Restated 2012
1
2
3
-3%
2011 Restated 2012
-18%-14%
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local.ch 1
2
3Order intake for a 3-yr. period shows strong growth for years to come
2008 2009 2010 2011 2012
NWE Total
REVENUE
NWE Online
NWE Print
• The turnaround in order intake (Nettowerbeerfolg, NWE) was achieved in 2010. Due to the three year contracts, the revenue decline slowed down, but continued in 2011 and 2012. For 2013, local.ch expects the turnaround also in revenue
• Key drivers behind online order intake are mobile products as well as new content products (e.g. website production)
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Search & FindPro forma more adequate
111.6 110.5
0
40
80
120
24.219.421.7
16.6
0
10
20
30
40
Operating Result
Net result
• On a pro forma basis (proportional consolidation), more adequately describing the joint-management and governance structure of the three units LTV AG, Swisscom Directories AG and local.ch AG, the segment's operating result decreased from CHF 24.2 million in 2011 to CHF 21.7 million in 2012. The pro forma net revenue of the segment Search & Find decreased slightly by 1% to CHF 110.5 million
Operating and Net Results, in millions of CHF
Net Revenue, in millions of CHF
2011 Restated 2012
1
2
3
-1%
2011 Restated 2012
-10%-14%
* pro forma (with proportional consolidation of local.ch)
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Close-up view local.chR
even
ue
+17%
1
2
3
Online (consolidation 100%), in millions of CHF
• Online growth also driven by existing and new (mobile) products
Strong online position confirmed, head-to-head with search.ch
61.271.7
0
20
40
60
80
2011 Restated 2012
in millions of CHF2012 2011
restated%
C-Media 86.1 97.6 -12%
E-Media 71.7 61.2 17%
Other 51.1 52.1 -2%
Total revenue 208.9 210.9 -1%
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Successfully strengthened leading position on mobileLocal.ch reaches top position
Source: Netmatrix
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Digital & Marketing Services Namics sale leads to high net result
52.1
27.7
0102030405060
7.4 6.76.1
15.8
0
10
20
30
40
Operating Result
Net result
• Segment's net profit was CHF 15.8 million (CHF 6.7 million in 2011, restated) as it benefited from the gain of CHF 10.3 million on the disposal of Namics
• At the operating level, the 2012 result was CHF 6.1 million compared with CHF 7.4 million in 2011 (restated)
• Drop in the operating result primarily due to start-up costs of Spree7
• Segment net revenue is down at CHF 27.7 million in 2012 compared with CHF 52.1 million in the prior year period - contraction mainly from Namics, which was only consolidated from January to mid-June 2012
Operating and Net Results, in millions of CHF
DMS Net Revenue, in millions of CHF
2011 Restated 2012
1
2
3
-47%
2011 Restated 2012
-18%+136%
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Digital & Marketing Services Pro forma view including Zanox
306.1 291.6
050
100150200250300350
14.2
6.712.9 15.8
0
10
20
30
40
Operating Result
Net result
• Through the perspective of pro forma, including a proportional consolidation of Zanox, the segment's operating result was CHF 12.9 million compared to CHF 14.2 million in 2011, a decline of 9%
• On a pro forma basis, net revenue was CHF 291.6 million versus CHF 306.1 million in 2011, a decline of 5% driven by the sale of Namics
• In December 2012, PubliGroupe completed the acquisition of 85% of Improve Digital, a leading European provider of sell-side platform (SSP) technology and services. With this acquisition, the Group takes an important step in its development within the digital industry
Operating and Net Results, in millions of CHF
Net Revenue, in millions of CHF
2011 Restated 2012
1
2
3
-5%
2011 Restated 2012
-9% +136%
* pro forma (with proportional consolidation of zanox)
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Digital & Marketing Services Zanox defends top position in competitive European market
440.0 461.4
0
100
200
300
400
500
Zanox EBITDA (100%), in millions of EUR
Zanox Net Revenue, in millions of CHF
1
2
3
2011 Restated 2012
+5%
28.3 28.0
05
1015202530
2011 Restated 2012
-1%
• In 2012 Zanox revenue reached EUR 461.4 million, an increase of EUR 21.4 million compared to the prior year
• Zanox is the clear number 1 in the European Affiliate Marketing segment, ahead of its direct competitor Tradedoubler(EUR 269 million)
• 2012 EBITDA of EUR 28.0 million was slightly down compared to last year (EUR 28.3 million), partly due to increased investments in products, service and the internationalization
• Zanox operates in a traditional single digit margin segment with a 2012 EBITDA margin of 6.1%
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Improve DigitalLeading European SSP player
Rising Star 2011 Award
• Joelle Frijters (CEO)• Janneke Niessen (CIO)
• Founded in 2008 with headquarters in Amsterdam and offices in London, Madrid, Munich and Paris; 60 employees
• Proprietary technology, RTA enabled - the '360 Yield Platform'
• Over 70 premium European publishers • Billings in 2012 expected to reach CHF 20 mio, more
than double compared to last year• Close to 100bln ad impressions running through the
platform
1
2
3
Company facts
• PubliGroupe acquires 85% of Improve Digital• PubliGroupe intends to invest (up to CHF 8 Mio) in the
company to accelerate its geographical expansion• Publicitas will use Improve Digital technology for its
high premium market place
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Solid balance sheet; Group’s equity at CHF 195.6 millionKey financials Group
Andreas Schmidt, Chief Financial Officer
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P&L GroupCost reduction can not compensate revenue decline
1
2
3
* Billings represent the gross amounts billed to clients (including the value of ad space).
2012 2011in millions of CHF Restated
Billings * -13% 1'134.6 1'305.0
Net revenue -17% 285.1 343.1Purchases -21% -17.1 -21.6
Gross profit -17% 268.0 321.5Operating Expenses -10% -289.1 -322.6Depr. & Amort. -24% -4.8 -6.3Share in associates -7% 27.4 29.4
Operating result -93% 1.6 21.9Financial result -49% -1.8 -3.5
Ordinary result - -0.2 18.4Non-operating result - 66.1 20.7Income taxes 169% -12.0 -4.5Minority interests -46% -3.7 -6.9
Net Result 81% 50.2 27.7
Headcount (FTE) -471 1'702 2'173
26
Non-operating ResultNon-operating represents important part of result
1
2
3
2012 2011in millions of CHF Restated
Gain on Namics sale 10.3
Gain on SOP sale 3.1
Real Estate - Gain on sale 49.6 4.8
Real Estate - Rental inc./Cost & depr on properties 4.4 6.6
Gain on EVE sale 12.3
Other (mainly rent elimination) -1.3 -3.0
Non-operating result 66.1 20.7
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Operating result by segmentUnsatisfactory operating result
1
2
3
2012 2011in millions of CHF Restated
Media Sales -16.1 -5.1
Search & Find 22.4 27.2
Digital & Marketing Services 6.1 7.4
Corporate & Others -11.7 -9.3
Eliminations Group 0.9 1.7
Operating result 1.6 21.9
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Headcount by segment 1
2
3FTE reduction at MS according to plan, smaller DMS (Sale of Namics)
2012 2011FTE End december End december
Media Sales 1'066 1'196
Search & Find 512 512
Digital & Marketing Services 59 387
Corporate & Others 65 78
Total Headcount 1'702 2'173
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Financial Result 1
2
3Negative financial income mainly due to Tamedia position
2012 2011in millions of CHF Restated
Interest income 0.5 1.4Income from marketable securities and investments 1.3 2.6
Financial income 1.8 4.0
Interest expenses -1.3 -2.6Loss on marketable securities and investments -1.5 -2.0Net currency exchange differences -0.8 -2.9
Financial expenses -3.6 -7.5
Net financial Result -1.8 -3.5
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Cash flow statementSatisfactory operating cash flow due to Search & Find
1
2
3
2012 2011in millions of CHF Restated
Cash and cash equivalents as of 1 January 109.3 102.5
Cash flows from operating activities 22.0 8.0Cash flows from investing activities 63.1 61.1Cash flows from financing activities -31.8 -62.3Effect of exchange rates on cash and cash equivalents -0.4
Cash and cash equivalents as of 31 December 162.2 109.3
31
Group balance sheet Strong balance sheet & cash positions
1
2
3
as of 31 December as of 31 December2012 2011
in millions of CHF Restated
Current assets 379.2 368.4 Non-current assets 153.0 173.8 Total assets 532.2 542.2
Current liabilities 250.9 264.2 Non-current liabilities 72.6 90.6 Equity, shareholders of PubliGroupe Ltd 195.6 171.0 Minority interests 13.1 16.4 Total liabilities and equity 532.2 542.2
Equity in % of assets 37% 32%
32
Planned return of proceeds:
• As announced previously, PubliGroupe intends to return a big part of the proceeds generated by the sale of the real estate assets to its shareholders
• The ambition of the board is to pay back a total of CHF 47 million
• A share buy-back programme of CHF 25 million via a second trading line on the SIX Swiss Exchange, approved by the Board of Directors has been launched the 3rd
January 2013
• The Board of Directors will propose at the 2013 Annual General Meeting a dividend of CHF 10 per share, resulting in a dividend payment of about CHF 22 million
Share buy-back programmeAmbition to return CHF 47 million to shareholders
33
Key characteristics of the share buy-back programme:• Trading period from January 3rd 2013 to April 30th 2013 • The share buy-back is processed via a second trading line on the SIX• The repurchase price on the second line will be driven by the share price on the first
line• Based on a current share price, approx. 6.7% of the total shares outstanding will be
repurchased to complete the programme by PubliGroupe• YTD PubliGroupe has repurchased 127'559 shares at CHF 149.75 (average price) for
CHF 19.1 million. This repurchase represents 5.09% of all shares outstanding. In addition, PubliGroupe holds124'500 treasury shares and its Employee Foundation holds 5'000 shares resulting in PubliGroupe currently holding in total of 10.25% of all outstanding shares
• Remaining amount (CHF 5.9 million) is planned to be realized within March/April 2013. Therefore no request for prolongation of the programme but a capital decrease for the repurchased shares is foreseen
Share buy-back programmeTiming, conditions and result YTD
34
Key agenda points General Assembly 2013
These are the most prominent agenda points that are submitted to the shareholders at the General Assembly of 30 April 2013:• The Board will propose to elect Christian Unger (German, 45),
a renowned media specialist and who was Chief Executive Officer of Ringier Group from January 2009 until April 2012
Two members of the Board will retire from their functions: Eliane Borter (68) and Peter Brunner (68) will step down as members of the PubliGroupe Board of Directors after nine and ten years of service respectively
• The Board of Directors will propose a dividend of CHF 10 per share, resulting in a dividend payment of about CHF 22 million
• Immediate implementation of initial elements of the Minder initiative- election and reelections for one year (compared to the
previously existing term of three years) - vote on the fixed compensation of the Board of Directors
and the management for 2013
35
Conclusion & outlook 2013Conclusion
Arndt C. Groth, CEO
36
ConclusionPreparing the Group for the digital marketing world
• Market conditions are in constant change: print will continue to decline, digital and now especially mobile will continue to gain in importance
• PubliGroupe assets need to be refocused to strengthen regional, national and international network
• Media business will continue to be primary DNA, but automation of processes necessary• For 2012 the sale of a significant portion of the real estate portfolio and its Namics
subsidiaries allowed PubliGroupe to achieve a net profit for the Group of CHF 50.2 million for 2012 after CHF 27.7 million in 2011
• On the business level, as in the previous year, Media Sales provided disappointing results in 2012 in face of a very difficult print market environment marked by further sharp declines
• In 2013, already-implemented cost reduction measures and new, mostly digital business should allow Media Sales to reach a break-even operating result under the new leadership of Alain D. Bandle - even in a declining print market of 8%
• At Search & Find, the excellent performance in the online and mobile areas should help this segment to slightly outperform the prior year level. For DMS expectations are that Zanox will be able to capitalise on market position
1
2
3
37
PubliGroupe well represented in complex ecosystem 1
2
3Strengthen and focus stakes
Source: IAB; Google; Press
38
Based upon trends and priorities, focus on following strategic themes going forward
• Further develop mobile & digital offering
• Invest in trans-action-oriented fields (ie online booking)
• Increase sales force efficiency and effectiveness
Search & Find
• Redefine publisher relationships to obtain operational autonomy
• Accelerate growth initiatives and growing digital
• Further harmonising processes + IT
Media Sales
• Capitalise on Zanox leadership in Europe
• Materialise on key trends - RTA, mobile, data
• Strengtheningportfolio through M&A
Digital & Marketing Services
• Leaner Group structure
• Management of non-strategic assets
Corp & Others
“Transformation and growth in sales and services”
PubliGroupe
1
2
3
39
PubliGroupe Target indicator
Target 2015 Result 2011 *
Profitability Operating result CHF 40 - 50 m CHF 21.9 m
Earnings per share ** CHF 12 - 17 CHF 11.8
Group KPIs (on Swiss GAAP FER basis)Financial objectives for Group
* restated, Swiss GAAP FER** 2015: after share buy-back programme
1
2
3
40
Backup Slides
41
Consolidated income statement Backup
* Billings represent the gross amounts billed to clients (including the value of ad space).
2012 2011in millions of CHF Restated
Billings * 1'134.6 1'305.0
Net revenue 285.1 343.1Purchases -17.1 -21.6Gross profit 268.0 321.5Personnel expenses -211.6 -238.7General and administrative expenses -78.8 -84.4Depreciation of tangible assets -3.8 -5.1Amortisation of intangible assets -1.0 -1.2Other operating income 1.9 0.5Other operating expenses -0.5 -0.1Share in result of associates 27.4 29.4Operating result 1.6 21.9Financial result -1.8 -3.5Ordinary result -0.2 18.4Non-operating result 66.1 20.7Result before income taxes and minority interests 65.9 39.1Income taxes -12.0 -4.5Result before minority interests 53.9 34.6Minority interests -3.7 -6.9Result attributable to shareholders of PubliGroupe Ltd 50.2 27.7
Earnings per share (in CHF) 21.2 11.8
42
Consolidated balance sheetAssets
Backup
as of 31 December as of 31 December2012 2011
in millions of CHF RestatedCash and cash equivalents 162.2 109.3Marketable securities 12.9 14.4Trade receivables (net) 167.4 198.0Other receivables 20.9 18.3Accrued income and prepaid expenses 15.8 28.4Current assets 379.2 368.4Investment properties 34.0 42.9Owner-occupied properties 0.1 22.3Equipment 7.0 10.8Intangible assets 5.0 2.1Investments in associates 79.3 76.8Financial assets 25.3 14.9Deferred tax assets 2.3 4.0Non-current assets 153.0 173.8Total assets 532.2 542.2
43
Consolidated balance sheetLiabilities and equity
Backup
as of 31 December as of 31 December2012 2011
in millions of CHF RestatedCurrent debts 0.9 0.2Trade payables 122.2 128.1Other payables 29.3 33.1Accrued expenses and deferred income 89.5 94.2Current provisions 9.0 8.6Current liabilities 250.9 264.2Non-current debts 40.3 50.0Share in negative equity of associates 22.8 30.9Deferred tax liabilities 2.2 3.0Non-current provisions 7.3 6.7Non-current liabilities 72.6 90.6Total liabilities 323.5 354.8Share capital PubliGroupe Ltd 2.5 2.5Treasury shares -35.0 -43.9Capital reserves -0.3 5.6Retained earnings 228.4 206.8Equity, shareholders of PubliGroupe Ltd 195.6 171.0Minority interests 13.1 16.4Total equity 208.7 187.4Total liabilities and equity 532.2 542.2
44
Cash flows from operating activities Backup
2012 2011in millions of CHF RestatedResult before minority interests 53.9 34.6Share in result of associates -27.4 -29.4Depreciation and amortisation (incl. non-operating) 6.1 7.5Changes in provisions (incl. deferred income taxes) 2.7 -2.2Gain/loss on disposals of fixed assets -49.7 -5.0Gain/loss on disposals of subsidiaries and associates -13.4 -11.6Adjustments for other non-cash items 13.4 9.4Dividends received 21.6 16.1Interest received 0.4 1.4Interest paid -1.4 -3.1Taxes paid -5.6 -5.6Changes in net trade receivables 25.3 23.1Changes in other receivables, accrued income and prepaid expenses 12.2 -2.9Changes in trade payables -14.0 -23.3Changes in other payables, accrued expenses and deferred income -2.1 -1.0Cash flows from operating activities 22.0 8.0
45
Cash flows from investing activities Backup
2012 2011in millions of CHF RestatedAcquisitions of tangible assets -2.9 -2.4Disposals of tangible assets 81.4 14.3Acquisitions of intangible assets -1.4 -0.7Acquisitions of subsidiaries, net of cash acquired -16.1 -4.9Disposals of subsidiaries, net of cash disposed of 6.9 13.0Disposals of associates 3.7 0.7Investments in financial assets -4.1 -1.0Divestments of financial assets - 42.1Taxes paid -4.4 -Cash flows from investing activities 63.1 61.1
46
Cash flows from financing activities Backup
2012 2011in millions of CHF RestatedIncrease in non-current debt - 0.2Repayment of non-current debt -10.2 -43.0Purchase of treasury shares -1.8 -4.7Sale of treasury shares 1.1 5.2Increase in capital reserves 0.1 0.1Decrease in capital reserves -5.2 -Dividend paid to shareholders of PubliGroupe Ltd -8.9 -14.1Dividends paid to minority interests by Group companies -6.9 -6.0Cash flows from financing activities -31.8 -62.3
47
Share buy-back programmeSituation on March, 7th 2013
Backup
2'507'059 %
124'500 4.97%
127'559 5.09%
5'000 0.20%
257'059 10.25%
Outstanding shares 2'250'000
Expected remaining share buy-back 41'250
2'208'750 Expected outstanding share after buy-back
Treasury shares
Share buy-back
Patronage funds shares
Total
Share Capital
48
Note relating to accounting principlesAdditional information: change to Swiss GAAP FER
Additional information regarding PubliGroupe Swiss GAAP FER consolidated financial statements• Income statement: the structure of the income statement was reviewed in order to comply with Swiss GAAP FER. Therefore, a new line “non-operating result” has been added for income and expenses related to investment properties and for gains and losses related to disposals of subsidiaries, associates and properties. As a result, the lines “EBIT” and “EBITDA” (that included “non-operating result”) had to be removed. Instead, PubliGroupe will use the line “operating result” for its external communication. The advantage of these changes is that the pro forma key figures presented in previous years (i.e. excluding non-recurring items) are no longer necessary.• Balance sheet: the significant decrease in the total assets is mainly due to the offset of the acquired goodwill with the equity as allowed by Swiss GAAP FER.
Net revenue • Due to both the company's business model having changed over time and the fact that accounting policies and presentation of financial statements were analysed in details as part of the conversion process, PubliGroupe now presents its revenues from the commercialisation of ad space with the net revenue method (commission earned only). Previously the revenues were presented with the gross method including the total value of the commercialised ad space. For sake of clarity, the total amounts billed to clients, including the value of ad space, is presented under the line “Billings” and may be compared to the gross revenue presented in the past.
Consolidation of local.ch and Zanox – pro forma figures :• In order to more clearly describe the business development and performance of the segments Search & Find (for local.ch) and Digital & Marketing Services (for Zanox), a pro forma segment presentation has been added. The term “pro forma” refers to the presentation with proportional consolidation. The pro forma segment reporting is not part of the Swiss GAAP FER consolidated financial statements.