2009 financial reporting - tamedia...der landbote/ zürcher landzeitungen 48.0% st. galler tagblatt...

1 Financial Reporting 2009, 15 April 2010

2009 Financial Reporting

Financial Report Media Conference from 15 April 2010Martin Kall and Sandro Macciacchini, Tamedia AG


Martin KallChief Executive Officer

Annual Report 2009: Overview


Strong Drop in Revenues and Earnings During 2009 Financial Year

in MCHF

*The respective figures refer to the continued operations

EBIT margin*

2008 15.0%

2009 6.7%

20092008

106134

168

890

475292

766

900

800

700

600

500

400

300

200

1.000

100

0

-56%-61%

-45%

-14%

Net income

EBITEBITDARevenues


Decrease Mirrors Prolonged Financial Crisis…

Change of real GDP in per cent

Source: Staatssekretariat für Wirtschaft SECO

-4%

-2%

0%

2%

4%

6%

01.1007.0901.0907.0801.08

01.08 07.08 01.09 07.0907.0701.07

Unemployment rate in per cent of labour force

Consumer climate index (index points)

-45

-30

-15

0

15

30

01.09 07.0907.0801.0807.0701.07 01.10

Private consummation change in per cent

-1%

2%

1%

4%

3%

0%

07.0901.08 07.0807.07 01.0901.0701.102.0%

2.5%

3.0%

3.5%

4.0%

4.5%


* not identical to publication «Finanz und Wirtschaft»

Source Advertiser statistics Swiss Press/VSW Verband Schweizerischer Werbegesellschaften (Assoc. of Swiss Advertising Firms)

…Resulting in Significantly Lower Advertising Investments

Jan - Dec 2008/2009, net advertising revenues in print acc. to typology of Swiss Press

Types 2009 2008 Changes +/- MA

MCHF MA MCHF MA MCHF in % in %

Daily press 889 56.0 1,133 56.8 -244 -21.6% -0.8

Regional weekly press 51 3.2 52 2.6 -1 -1.2% 0.6

Sunday press 150 9.4 212 10.7 -62 -29.4% -1.2

Finance and economy* 50 3.2 72 3.6 -22 -30.1% -0.4

Newspapers 1,140 71.9 1,469 73.7 -329 -22.4% -1.8

Mass media 187 11.8 234 11.7 -47 -20.0% 0.1

Special interest press 198 12.5 217 10.9 -19 -8.8% 1.6

Expert press 61 3.9 73 3.7 -12 -16.6% 0.2

Magazines 446 28.1 524 26.3 -78 -14.9% 1.8

Total print 1,586 100 1,993 100 -407 -20.4% 0.0


Model: Previous Economic Cycles Showed Similarly Severe Drops

Development of job advertisings during economic cycles, change rel. to previous year (in per cent)

-35

-60%

-40%

-20%

0%

20%

40%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

BZ job advertisings

Tamedia job advertisings

VSW job advertisings in daily press 1

P Index job advertisings

Prognosis


8988

100

-12%

Actualrevenues

2009

Previouseconomic

cylce

Revenues2008

(=100)

+1%

Acc. advertising revenues compared to previous cycle

48

65

100

-35%

Actualrevenues

2009

Previouseconomic

cycle

Revenues2008

(=100)

-27%

The Economic Cycle Explains 90 Per cent of Drop in Revenues

Unemployment rate

2002 = 2.5%2009 = 3.7%

8284

100-2%

-16%

Actualrevenues

2009

Previouseconomic

cycle

Revenues2008 (=100)

Source: Controlling Tamedia

Job ads compared to previous cycle

Total advertising revenues compared to previous cycles


Revenues according to type of earning

Tamedia Developed Alongside Market Average in 2009

Source: Advertiser Statistics: Swiss Press; Tamedia Finances

5%

25%

Other revenuePrint revenue

4%

Other publisheractivity

2%

Copy sales

Advertisingrevenue

65%

-30%

-20%

-10%

0%

-22,4% -22,0%

-30%

-20%

-10%

0%

-14,9% -15,8%

-30%

-20%

-10%

0%

-8,7%

Advertising sales development according to media segments

Newspapers

Magazines

E-Media

Market Tamedia

No figuresavailable


•Transfer of earlydelivery to Schweizer Post

•Weko agrees to transaction in Sept. 2009

Early delivery4

• Cost reductions at 20 Minuten, SonntagsZeitung and other titles

• Company-wide reduction of vacationand overtime credits

• Consequent reduction of marketingcosts in all areas

Additional measures9

• Merging of 20 minutes and Le matin bleu

• Largest dailynewspaper in Romandie byreaders

20 minutes6

• Cooperation in online cate-gories and developmentof classifiedonline organisation

Classifieds5

• Discontinuationof Solothurner Tagblatt in September 2009

SolothurnerTagblatt

3

Cost Savings Totalling 90 MCHF in All Areas

• Cost adjust-ments to lowerprofits

• Launch of newconcept in Sept. 2009

Tages-Anzeiger1

• Continuation n cooperationwith Tages-Anzeiger

• Creation of businessfoundation

Der Bund2

• DiscontinuationNews Basel and News Berne in summer 2009

• DiscontinuationNews Zurich in fall 2009

News7

• Completion of integration of Espace Media

• Effectiveimplementationof synergypotentials

Espace Media8

* Without additional cost savings at Presse Publicité SR S.A.


Cost development according to business division 2009 rel. to 2008 in MCHF

Saving Savings Prove Effective; Investments in Online Media

722

227

8190

543

674

167

8683

507

0

100

200

300

400

500

600

700

800

900

-8% +6%

-26%

-7%

Magazines

-7%

TamediaServicesNewspapers

20092008

Investments in newonline

services

E-Media


Newspapers Division: Losses at Regional Newspapers

Newspapers 2009 MCHF 2005 2006 2007 * 2008 * 2009 2008/09

Revenues 447 475 551 637 521 - 18%

EBIT 72 85 97 89 11 - 88%

EBIT margin 16% 18% 18% 14% 2% -

General topics

• Consolidation of over-saturated Swiss commuter newspaper market with discontinuation of Cash daily, .ch, Le matin bleu and News

• Regional daily newspapers lose additional share in sales and market share

Tamedia

• 20 Minuten with decrease in revenues and earnings, continued high result level

• First positive advertising market feedback for 20 minutes

• Subscribed daily newspapers by Tamedia write significant losses for 2009; cost reduction measures will only show full effect during ongoing year

• New concepts for Bund and Tages-Anzeiger and their cooperation start being accepted by readership; 2010 once again difficult year for regional newspapers

* Respective data 2008 and 2009 without areas discontinued in 2009


20 Minuten with Unique Market Position in Two Language Regions

20 Minuten media networkin German- and French-speaking Switzerland

20 Minuten media network German‐speaking Switzerland20 Minuten media network German‐speaking Switzerland

20 Minuten media network French‐sp. Switzerland20 Minuten media network French‐sp. Switzerland

20 Minuten media network

• Commuter papers reach 1.9 million readers every day

• Leading online portal with 2.0 million users per month

• Monopoly-like position in morning• Strongest Swiss media brand• Only Swiss daily newspaper in two

language regions from one source

http://www.tamedia.ch/de/mediencorner/Bilddatenbank/20minuten.jpg

http://www.tamedia.ch/de/mediencorner/Bilddatenbank/20minutes.jpg

http://www.tamedia.ch/de/mediencorner/Bilddatenbank/20minuten_friday.jpg


17

1514

13

98

7 76 6

5

0

2

4

6

8

10

12

14

16

18

D-CH W-CH SWE DK NL ITA ESP CZ FRA FIN UK

Currentcircul. (thsd.)

14+ (thsd.)

1.200

13.428

Number of copies of daily commuter newspapers per 100 inhabitants over 14 years in Europe (comparison)

in copies

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

2.144

47.265

861

4.251

Switzerland Remains Leader in Commuter Newspaper Market

Source: Metro, 20 Minutes, University of Amsterdam, Verlag 20 Minuten

http://www-proj.loel.hs-anhalt.de/oeko/exkursion/daenemark/d�nemarktag1.htm

http://de.wikipedia.org/wiki/Bild:Flag_of_the_United_Kingdom.svg


Source: Stiftung Werbestatistik Schweiz; *adjustedfor inflation 1988 rel. to 2008 on basis of Federal Consumer Price Index

Subscribed Newspapers with Great Structural Challenges

2.406

1988 2008

-29%

3.388

Advertising sales of printmedia 1988 rel. to 2008, in MCHF*

Source: Werbestatistik der Stiftung Werbestatistik Schweiz 1988 and 2008;

59%

78%

1988 2008

-24%

Market share of print media as part of total advertisingmarket 1988 rel. to 2008, in per cent

Source: Wemf AG 1988 and 2010; all newspaperspublished in 1988 that were not part of umbrellaassoc. in 1988 and 2010

2.015

1988

1.702

2008

-16%

Readership numbers of dailypapers w/o assoc 1988 rel. to 2010, readership in million


Fragmented Media Spaces North-East Switzerland and Zurich

29

51

28

26

44

43

27

25

21

41

24

31

32

34

22

23

16

12

15

13

14

33

11

Tages-Anzeiger

31.2%

St. Galler Tagblatt

54.0%

Südostschweiz

67.2%

Südostschweiz

62.1%

Corriere del Ticino

46.6%

Walliser Bote

75.2%

Nouvelliste

67.1%

Berner Zeitung

63.5%

Neue Luzerner Zeitung

59.7%

Südostschweiz

35.6%


57.5%

Quotidien Jurassien

50.0%

L,Express F.d,Avis

44.0%

24 heures

44.0%

Tribune de Genève

40.6%

Berner Zeitung

53.0%

Bieler Tagblatt

41.7%

Mittelland Zeitung

54.6%


78.3%

La Liberté

50.1%

Thurgauer Zeitung

35.6%

Schaffhauser Nachrichten

65.3%

Source: MACH Basic 2009‐2

Mittelland Zeitung

50.6%Basler Zeitung

37.8%

Coverage of respectively leading regional daily newspapers in economic areas

42Coverage below 35 per cent

Coverage below 40 per cent


Exchange Between NZZ and Tamedia Enhances Future Perspectives

Source: Wemf MACH Basic

Zürcher UnterländerRegional daily newspaperCirculation: 21,597

Zürcher OberländerRegional daily newspaperCirculation: 36,607

Zürichsee-ZeitungRegional daily newspaperCirculation: 41,957

Thurgauer ZeitungRegional daily newspaperCirculation: 33,784

http://www.tagblattmedien.ch/index.php?article_id=35


Participation Exchange Lifts Coverage on a Competitive Level

29

51

28

26

44

43

27

25

21

41

24

31

32

34

22

23

16

12

15

13

14

33

11

Tages-Anzeiger/Der Landbote/

Zürcher Landzeitungen

48.0%

St. Galler Tagblatt

54.0%

Südostschweiz

67.2%

Südostschweiz

62.1%

Corriere del Ticino

46.6%

Walliser Bote

75.2%

Nouvelliste

67.1%

Berner Zeitung

63.5%


59.7%

Südostschweiz

35.6%


57.5%

Quotidien Jurassien

50.0%

L‘Express F.d‘Avis

44.0%

24 heures

44.0%

Tribune de Genève

40.6%

Berner Zeitung

53.0%

Bieler Tagblatt

41.7%

Mittelland Zeitung

54.6%


78.3%

La Liberté

50.1%

Thurgauer Zeitung/St. Galler Tagblatt

53.0%

Schaffhauser Nachrichten

65.3%

Source: MACH Basic 2009-2

Mittelland Zeitung

50.6%Basler Zeitung

37.8%

Coverage of respectively leading regional daily newspapers in economic areas

42


Concentration and Strengthening of Regional Media Companies

Thurgauer ZeitungRegional daily newspaperCirculation: 33‘784

Sold participations on regional and local newspapers2009 and 2010

Anzeiger von KerzersLocal newspaperCirculation: 1‘450

Der MurtenbieterLocal newspaperCirulation: 4‘250

Le NouvellisteRegional daily newspaperCirculation: 42‘300


302,000Exclusive readers

74,000Exclusive users

Readers and users in Economic Area 43

Source: MA Strategy Basic 2009/2001

73

126177

125

+3%

582

405

641

390

563

490

2001 2009

Contacts of Tages-Anzeiger media in Economic Area 43 (Canton of Zurich)

Tages-Anzeiger: More Contacts Despite News Discontinuation

103,000Double users

2008

Tages-AnzeigerNews tagesanzeiger.ch


Source: Radiocontrol, Telecontrol, MACH Basic 2004–2009-2, NET-Metrix Profile 2007-1–2009-2; Coverage Radio and TV (Listeners and Watchers per day), readersr (LpA) and users (Unique User per week) 2004 to 2009 in German-speaking Switzerland in per cent; NET-Metrix Profile published only after 2007-1; The share of websites not yet rperesented in NET-Metrix profiles 2007-1 (Rtsi, BluewinNews It, zisch.ch, Romandie.com News, TIO News, baz.ch, thurgauerzeitung.ch) only has slight effect on net coverage of publication Profiles 2009-2 ; * Internet reach per week, all other media per day

Coverage 2004 to 2009 of total population German-speaking Switzerland, in per cent*

+1%

+54%

-10%‐8%-2%

Internet

40%26%

Daily newspapers withcommuter papers

81%80%

Daily newspapers w/o commuter papers

67%75%

TV

68%74%90 %92%

Radio

25%

+65%

+5%-18%-13%

-7%

Internet

41%

Daily newspapers withcommuter papers

79%76%

Daily newspapers w/o commuter papers

53%65%

TV

51%58%

Radio

79%85%

20092004

2007‐1

Coverage 2004 to 2009 14- to 29-year old German Swiss persons, in per cent*

2007‐1

Newspapers Reach More People Today than Five Years Ago


Magazines Division: Stable Revenue Stream

Magazines 2009 2005 2006 2007 * 2008 * 2009 2008/09

Revenues 88 84 94 102 95 - 7.2%

EBIT 7 13 15 11 12 + 3.3%

EBIT margin 8% 16% 16% 11% 12% -

General topics• The slump in advertising revenue affects magazines almost as much as newspapers• Strong competition from adjacent markets causes strong competitive pressureTamedia• Reorganisation of Fachmedien Mobil as reaction to economic and auto crisis; sale of

motor cycle titles Moto Sport Schweiz and Moto Sport Suisse • Successful focussing of Fachmedien Agrar on main title Schweizer Bauer • People magazine 20 Minuten Friday, launched at the end of 2008, exceeds all

expectations• Annabelle resists economic crisis with stable revenues• Weekend supplement Das Magazin maintains result at attractive level• Positive result expectations at Schweizer Familie; title confirms high expectations

* Respective values 2008 and 2009 without areas discontinued in 2009


Focussing on Schweizer Bauer and Automobil Revue

Fachmedien Mobil: Automobil Revue

Sale

Fachmedien Agrar: Schweizer Bauer

Reduction

http://www.tamedia.ch/de/mediencorner/Bilddatenbank/revueautomobile.jpg

http://www.tamedia.ch/de/mediencorner/Bilddatenbank/automobilrevue.jpg

http://www.tamedia.ch/de/mediencorner/Bilddatenbank/schweizerbauer.jpg


Source: MACH Basic 2010-1

20 Minuten Friday Exceeds Readership and Sales Expectations

120

50

253

0

50

100

150

200

250

300

350

400

450

total

422

55++35-5414-34

Readership 20 Minuten Friday according to

age groups (in thousands)

http://www.tamedia.ch/de/mediencorner/Bilddatenbank/20minuten_friday.jpg


E-Media Division: Growth of Online Activities

E-Media 2009 MCHF 2005 2006 2007 * 2008 * 2009 2008/09

Revenues 53 52 62 85 93 + 9%

EBIT -3 2 2 1 -1 - 203%

EBIT margin - 6% 4% 3% 2% -2% -

General topics• Significance of online advertising expenses increases at continued low level• Strong market positions of large foreign providers on Swiss marketTamedia• Radio and TV activities with decreasing sales in difficult environment• Online sales increase thanks to growth of existing media, and acquisitions• News platforms 20 Minuten and Newsnetz continue growth in user market• Tamedia gradually develops online portfolio with participations in olmero.ch,

car4you.ch, search.ch and invests in news portals and the extension of search.ch• Development of a joint category organisation Classified Online with Edipresse• Goodwill-Impairment at tilllate.com



Leading websites in Switzerland in December 2007, unique clients in thousands*

Leading websites in Switzerland in December 2009, unique clients in thousands*

Source: NET-Metrix-Audit December 2007/2009; *Since October 2008 the address directories gelbeseiten.ch and weisseseiten.ch are no longer recorded underdirectories.ch, but under local.ch; *only websites active in both measurement periods

Tamedia Strengthened Online Positions Over Last Two Years

430855

4′000

3′000

2′000

1′000

0Localtages-

anzeiger.chmoney-house

1′024

NZZ Online

1′217

Edipresse

1′342

sf.tv

1′398

Blick Online

1′459

20minu-ten.ch

1′504

search.ch

2′404

Bluewin

3′922

4′000

3′000

2′000

1′000

0

money-house

1′157

tages-anzeiger.ch

1′407

NZZ Online

1′493

Edipresse

1′656

sf.tv

1′979

Blick Online

2′090

20minu-ten.ch

2′442

Local

2′802

Bluewin

3′925

search.ch

2′810

+0% +17% +552%* +62% +43% +42% +23% +23% +65% +13%


Online Participations with 100 MCHF Revenues in 2009 Already

News1

Classifieds2

Services3

20 Minuten Online

tagesanzeiger.chsowie weitere Nachrichtenplattformen

20minuten.ch

tagesanzeiger.chAs well as further newsplatforms

homegate.ch

jobup.chAs well as furthercategory platforms

search.ch

fashionfriends.chAs well as further serviceplatforms


Online Participations Already Employ 400 Persons

67

40

247

140

0

50

100

150

200

250

300

350

400

Editorials ServicesClassified Total

Number of employees at online media during 2009 (consolidated), in full-timeposts

* Tamedia, incl. participations acc. to respective degree, excl. Edipresse, Basis: December 2009; Source: Personnel statistics Tamedia, company data

156

83

390

150

0

50

100

150

200

250

300

350

400

TotalServicesClassifiedEditorialsand editorial-like

areas

Number of employees at online media and participations during 2009, in full-timeposts

and editorial-likeareas

* Tamedia, incl. participations, excl. Edipresse, Basis: December 2009; Source: Personnel statistics Tamedia, company data


Leading websites in Switzerland in 2009, unique clients in thousands

Source: NET-Metrix-Audit December 2009

Edipresse: Merger Will Further Strengthen Online Field

3′500

500

1′000

1′500

2′000

2′500

3′000

Micro-soft

3′744

Bluewin

3′9254′000

0Edi-

presse

1′656

Scout-24*

1′892

sf.tv

1′979

Blick Online

2′090

Newsnetz

2′146

20-minu-ten.ch

2′442

local.ch

2′802

sear-ch.ch

2′810

ricardo.ch

3′003

* Scout24 without other Ringier websites


Source: NET Metrix Audit; *own reporting; **Participation

Joint Market Place Organisation with Edipresse Starting 2010

jobup.chUCs: 253,791*

1

jobwinner.chUCs: 409,000

2 +

alpha.ch and jobsuch-maschine.chin jobwinner.ch

+Job network Edipresse and Tamedia

homegate.chUCs: 951,000

1

Real estate network Edipresse and Tamedia

anzeiger.chin homegate.ch

Partner ads

swissfriends.chUCs: 441,742*

1

Car ads

car4you.ch**UCs: ~1,000,000*

2

+

alle-real estate.chin homegate.ch

+


Online Media More Profitable than Media Everage

Share of online media in total 2009 Tamedia revenues

EBITDA share of online media in total 2009 Tamedia result

9%15%


Extension of Online Services as Strategic Core Task

Strong position with great range

• With its participations in online companies generating some 100 MCHF in revenues and employing 400 persons, Tamedia disposes of a strong online portfolio

• The news, market place, and service platform participations of Tamedia reach more people than all other media networks in Switzerland

• Today already, online activities make a significant contribution to revenues and are marked by above-average profitability

Further expansion of online portfolio

• Over the coming years, Tamedia will strengthen its online portfolio in the traditional core areas of news and market places

• Targeted investments in new services and young start-up companies constituting an investment focus over the coming years will contribute to Tamedia’s intended portfolio extension

• In the year 2012, online services should already contribute 25 per cent of the Tamedia result at the EBITDA level


Tamedia Media Are Represented with Leading iApps

news TVweather cinema

weatherdirectory schedule

Search: most-downloaded applicationduring days afterintroduction

TVnews

real estate search

search.ch

20minuten.ch/20minutes.ch

Newsnetz

homegate.ch

TV application: Uponlaunch, one of the fiveapps with most revenues

Newsnetz apps: firstnews apps with breakingnews function

homegate.ch: leadingreal estate app with50,000 entries


Mobile Use: iPhone-Users More Faithful Than Other Web Users

224 4 6 8 10 12 14 16 18 20 22

22201816141210864224

Web access during times of day

iPhone access during times of day

MobileWeb

Factor 4.6

Visits per web and iPhone user

MobileWeb

Factor 0.5

Article per web and iPhone user

34 Financial Reporting 2009, 15 April 2010NET‐Metrix Profile 2009‐2 CH

496

165

1′124

56%

85%

Potential: Online Still with Low Range at Daily Basis

Number of unique users 20 Minuten Online during Feb 2010 per month, week, and day

Uniqueusers per

month

Uniqueusers per

week

Uniqueusers per

day

Readers

1.9 million

daily (CH)

Users

0.17 million

daily (CH)

Unique users per day

Unique users per week



Online Media with Continued Great Growth Potential

666

1′095

-39%

Source: MACH Basic 2009-2/ Heatmap April-Juni 2009

Monthly users of Tages-Anzeigers and tagesanzeiger.ch in 2009

1′124

4′153

-73%

Monthly users of commuter newspapers20 Minuten and 20minuten.ch in 2009



Services Division: Maintained high Profitability Level

Services 2009 MCHF 2005 2006 2007 * 2008 * 2009 2008/09

Revenues 215 208 205 285 225 - 21.3%

EBIT 20 18 19 32 31 - 4.5%

EBIT margin 9% 9% 9% 11% 14% -

General topics

• Economic crisis and consolidation of commuter newspaper market lead to significant decrease of print volumes and large excess capacities

Tamedia

• Decreasing volumes of printing facilities due to consolidation in commuter newspaper market; print reduction 20 Minuten and discontinuation of News

• New newspaper concepts Der Bund and Tages-Anzeiger lead to excess capacities in print area: capacity adjustment in two steps 2009 and 2010

• Transfer of early delivery organisation to Schweizerische Post completed

• Service division successfully maintains high profitability level: revenues and earnings are almost exclusively generated with internal newspaper clients



The Print Volumes in Tamedia Printing Facilities Drop Massively

70

60

40

50

30

20

10

0Total

65

Print centreZürich

41

Print centreBern

24

Number of printed newspaper copies in 2008, in millions

Source: Controlling Druckzentren Tamedia

50

10

50

40

60

30

0

20

Print centreZürich

19

32

70

Print centreBern

Total

Number of printed newspaper copies in 2009, in millions

- 24%

- 22%- 23%


3%

7%

-7%-10%

-5%

0%

5%

10%

15%

20%

25%

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008

Tamedia EBIT margin development since 1990

7 Per cent EBIT Margin Above Long-term Average

Comparison 2002 with 2009


1%

-8%

4%

-15%

-10%

-5%

0%

5%

10%

15%

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Tamedia ohne Stellen-Anzeiger+Alpha Tamedia ohne sämtliche Stellenanzeigen**

Tamedia EBIT margin development w/o job advertisings* since 1990 (ext. observation)

Dependence on Job Advertisings Reduced Since 2002

Comparison 2002 with 2009

Tamedia without Stellen-Anzeiger + Alpha Tamedia without all job ads* Tamedia has deducted the EBIT product result from Tamedia EBITDA until 1995. For the years 1990-1994 the EBIT has been calculated using an average page profit and an

80 per cent margin; Facts/Basilisk/HPP/Huber/Benteli Hallwag treated as discontinued areas ** Job advertisings contain: Stellen-Anzeiger, Alpha, BZ/Bund, Thurgauer Zeitung and 20 Minuten (average page profit: 80% Marge until 07/70 % Margin since 08)


90

100

-10%

Last economic

cycle 2010

2009 sales

Prognosis for traditional ads2010

Tamedia Expects Continued Decrease in Advertising Sales in 2010

60

100

-40%

Last economic

cycle 2010

2009 sales

Prognosis for job salesdevelopment 2010

86

100

-14%

Last economic

cycle 2010

2009 sales

Prognosis for total advertising sales 2010

2008=100


Dec 10

-16%

Jan 10

-2%

-26%

Oct 09

-17%

Nov 09

-5%

Feb 10Sep 09

-13%

Aug 09

-21%

Jul 09

-23%

Jun 09

-21%

May 09

-28%

Apr 09

-29%

Mar 09

-17%

Feb 09

-26%

Jan 09

-18%

Change in net advertising expenses compared to respective month of previous year(in per cent)

Two First Months Do Not Show Change in Trend

Source: Advertiser statistics of Swiss Press 2010


Edipresse and Tamedia: Three-step Merger Until 2013

The key milestones until 2013

3 March 2009

CommunicationInformation and

then submissionto CompetitionCommission

Until fall2009

WEKO inspectionInspection byfederalCompetitionCommission; Election of Pierre Lamunière in Tamedia Board of Directors

1994 200417 Sept.2009

2nd quarter2010

1st quarter2013

Agreement throughWEKOCompetitionCommission approves

First step

Tamedia buys49.9 per centin Edipresse

Second step

Tamedia buysan additional 0.2 per cent in Edipresse

Third step

Tamedia buysthe remaining49.9 per cent in Edipresse; Groupe Edipresse participates in Tamedia

1nd quarter2011


Outlook: Adverts Environment Difficult; Fusion with Edipresse

Economic challenges

• Tamedia expects that advertisement revenues will continue to decrease in accordance with the general economic climate, thus causing decreasing revenues in the core business with newspaper and magazine

Structural challenges

• The search for saving potentials in all company divisions with an emphasis on newspapers and magazines must be continued in view of the expected decrease in revenues for the next year

• Restructuring of the printing facility in Zurich during the month of March 2010 as a consequence of decreased use caused by the new Tages-Anzeiger concept

• New concept of free sheet Berner Bär toward summer 2010 and reduction down to weekly issue

Growth perspectives

• The focus of the year 2010 is placed on the merger with Edipresse Schweiz and the strengthening of regional newspapers

• The further internal development of online services through targeted participations will also be among the core tasks


Sandro MacciacchiniChief Financial Officer

2009 Financial Year: Financial Report


Changes in consolidation cycle

• Acquisition of 75 per cent of Räber Information Management GmbH (search.ch) per1 November 2009 (full consolidation).

• Founding of 20 Minutes Romandie per 25 September 2009 as joint venture withPresse Publication SR SA. Tamedia holds 50 per cent of shares (quota consolidation).

• On 1 December, Tamedia has acquired the 25 per cent participation in the NP News Print AG (News) previously owned by Basler Zeitung Medien. It now owns 100 per cent.

• Companies Huber PrintPack AG, Piazza AG, and Verlags-AG Sonntags Zeitung merged, retroactively per 1 January 2009, in order to simplify the group structure.

Preliminary Remarks on 2009 Financial Year (1/2)


Discontinued areas/ assets for sale

• The early delivery activities have been transferred to Schweizerische Post as per 1 November 2009. Tamedia sold its 50 per cent participations in the Zuvo Zustell- und Vertriebsorganisation AG and the Bevo AG as well as its 100 per cent participation in the Espace Media Vertriebs AG.

• The commuter newspaper News has been discontinued as per 4 December 2009.

• The motorcycle magazines Moto Sport Schweiz and Moto Sport Suisse were sold as per 1 November 2009.

• For the previous year, the activities of Benteli Hallwag are contained under the discontinued activities.

• Two properties for sale have been newly regrouped into the assets for sale.

Preliminiary Remarks on 2009 Financial Year (2/2)


811.6

45.5 33.1

694.9

32.2 38.9

766.0

890.1

0

100

200

300

400

500

600

700

800

900

Media revenues Printing revenues Other operating revenues Operating revenues2008 2009

The figures refer to the respectively continued areas

in MCHF

+17.5%

-14.4%

-29.2%

-13.9%

Operating Revenues Decrease by 14 Per Cent – Effects in Other Operating Revenues Esp. Due to Sale of Properties


217.5

288.6

215.8

722.0

187.1

285.8

201.4

674.4

0

100

200

300

400

500

600

700

800

Costs of material andservices

Personnel expenses Other operatingexpenses

Operating expenses

2008 2009


in MCHF

Operating Expenses Decrease by 7 Per Cent - Restructuring Costs Impact Personnel Expenses

‐14% ‐6.7%

‐6.6%

‐1%


in MCHF

Depreciation and Amortisation Increases by 16 Per Cent Mainly Due to Impairment on the Goodwill of Tilllate

+15.9%

+1.5%


+33.3%

+65.8%

26.6

7.6

34.5

27.0

12.6

40.0

0.3 0.40

5

10

15

20

25

30

35

40

45

50

Abschreibungen aufSachanlagen

Abschreibungen aufimm. Anlagen

Übrige Abschreibungen& Wertberichtigungen

Abschreibungen gesamt

2008 2009

D&A of fixedassets

D&A of intangibleassets

Other D&A and valueadjustments

Total D&A


27.3

40.1

32.9

51.0

33.8

11.0

22.8

29.1

22.3

8.012.1

0

10

20

30

40

50

60

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

ø MCHF 26.4

Investments in capital equipment (Capex)

in MCHF

Capex of 12.1 MCHF Below Multi-year Average


in MCHF

133.6

153.8

124.5

105.8

60.951.7 46.751.6

0

20

40

60

80

100

120

140

160

180

EBIT Income before taxes Net income forcontinued operations

Net income

2008 2009

-61.4%

-60.4%

-58.5%-55.9%

Net Income Drops by 56 Per Cent − Effects in Financial IncomeDue to Sale of Group Companies


135.7

-62.8 -71.9

1.31.1

-43.9

25.3

68.0

-200

-150

-100

-50

0

50

100

150

200

Cash flow fromoperating activities

Cash flow frominvesting activities

Cash flow fromfinancing activities

Change in cash andcash equivalents

2008 2009

in MCHF

-49.9%

Status of cash and cash equivalents

31.12.2009 MCHF 113.6

+98.2% +38.9%

Cash Flow from Operating Activities Cut Into Half


* After intersegment elimination

521.1

94.6 93.0

224.9

766.0

11.0 11.5 33.1 51.6

-1.1

Zeitungen Zeitschriften E-Medien Services Tamedia gesamt *

2.1% 12.2% -1.2%

14.7% 6.7%

Revenues in MCHF

Operating income (EBIT) in MCHF

EBIT margin

Newspapers Magazines E-Media Services Tamedia total *

Newspapers with Low Margin – E-Media With Negative EBIT


200

250

300

350

400

450

2002 2003 2004 2005 2006 2007 2008 2009

1'500

1'700

1'900

2'100

2'300

2'500

2'700

Revenues per capita Change in employees

Operating revenues per employee Number of employees

in CHF thousands in FTE

Operating Revenues per Employee Sank to CHF 317,000 CHF


828.1 841.8

270.6 303.7

65.565.6

747.5 810.9

285.8269.1

0

200

400

600

800

1000

1200

2008-12 2008-12 2009-12 2009-12

Invested assets Liquid assets Equity capital Long-term outside capital Short-term outs

in MCHF

70.8%68%

Equity Ratio Once Again Increases to 71 Per cent


30.12.2008 = 100

50

60

70

80

90

100

110

120

130

140

150

160

170

180

05.0904.0903.0902.0901.09 06.09 03.10 05.1004.1002.1001.1012.0911.0910.0909.0908.0907.09

+71%

SPI Media

SPI

Tamedia

Market trend SPI, SPI sector media and Tamedia 30 December 2008 until 13 April 2010

Share Price 2009: Share of Tamedia Improving Remarkably

2009 financial reporting - tamedia...der landbote/ zürcher landzeitungen 48.0% st. galler tagblatt...

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