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1 Financial Reporting 2009, 15 April 2010
2009 Financial Reporting
Financial Report Media Conference from 15 April 2010Martin Kall and Sandro Macciacchini, Tamedia AG
2 Financial Reporting 2009, 15 April 2010
Martin KallChief Executive Officer
Annual Report 2009: Overview
3 Financial Reporting 2009, 15 April 2010
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
4 Financial Reporting 2009, 15 April 2010
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%
5 Financial Reporting 2009, 15 April 2010
* 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
6 Financial Reporting 2009, 15 April 2010
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
7 Financial Reporting 2009, 15 April 2010
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
8 Financial Reporting 2009, 15 April 2010
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
9 Financial Reporting 2009, 15 April 2010
•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.
10 Financial Reporting 2009, 15 April 2010
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
11 Financial Reporting 2009, 15 April 2010
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
12 Financial Reporting 2009, 15 April 2010
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
13 Financial Reporting 2009, 15 April 2010
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
14 Financial Reporting 2009, 15 April 2010
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
15 Financial Reporting 2009, 15 April 2010
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%
Neue Luzerner Zeitung
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%
Neue Luzerner Zeitung
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
16 Financial Reporting 2009, 15 April 2010
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
17 Financial Reporting 2009, 15 April 2010
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%
Neue Luzerner Zeitung
59.7%
Südostschweiz
35.6%
Neue Luzerner Zeitung
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%
Neue Luzerner Zeitung
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
18 Financial Reporting 2009, 15 April 2010
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
19 Financial Reporting 2009, 15 April 2010
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
20 Financial Reporting 2009, 15 April 2010
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
21 Financial Reporting 2009, 15 April 2010
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
22 Financial Reporting 2009, 15 April 2010
Focussing on Schweizer Bauer and Automobil Revue
Fachmedien Mobil: Automobil Revue
Sale
Fachmedien Agrar: Schweizer Bauer
Reduction
23 Financial Reporting 2009, 15 April 2010
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)
24 Financial Reporting 2009, 15 April 2010
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
* Respective values 2008 and 2009 without areas discontinued in 2009
25 Financial Reporting 2009, 15 April 2010
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%
26 Financial Reporting 2009, 15 April 2010
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
27 Financial Reporting 2009, 15 April 2010
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
28 Financial Reporting 2009, 15 April 2010
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
29 Financial Reporting 2009, 15 April 2010
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
+
30 Financial Reporting 2009, 15 April 2010
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%
31 Financial Reporting 2009, 15 April 2010
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
32 Financial Reporting 2009, 15 April 2010
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
33 Financial Reporting 2009, 15 April 2010
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
35 Financial Reporting 2009, 15 April 2010
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
36 Financial Reporting 2009, 15 April 2010
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
* Respective values 2008 and 2009 without areas discontinued in 2009
37 Financial Reporting 2009, 15 April 2010
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%
38 Financial Reporting 2009, 15 April 2010
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
39 Financial Reporting 2009, 15 April 2010
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)
40 Financial Reporting 2009, 15 April 2010
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
41 Financial Reporting 2009, 15 April 2010
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
42 Financial Reporting 2009, 15 April 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
43 Financial Reporting 2009, 15 April 2010
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
44 Financial Reporting 2009, 15 April 2010
Sandro MacciacchiniChief Financial Officer
2009 Financial Year: Financial Report
45 Financial Reporting 2009, 15 April 2010
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)
46 Financial Reporting 2009, 15 April 2010
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)
47 Financial Reporting 2009, 15 April 2010
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
48 Financial Reporting 2009, 15 April 2010
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
The figures refer to the respectively continued areas
in MCHF
Operating Expenses Decrease by 7 Per Cent - Restructuring Costs Impact Personnel Expenses
‐14% ‐6.7%
‐6.6%
‐1%
49 Financial Reporting 2009, 15 April 2010
in MCHF
Depreciation and Amortisation Increases by 16 Per Cent Mainly Due to Impairment on the Goodwill of Tilllate
+15.9%
+1.5%
The figures refer to the respectively continued areas
+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
50 Financial Reporting 2009, 15 April 2010
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
51 Financial Reporting 2009, 15 April 2010
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
52 Financial Reporting 2009, 15 April 2010
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
53 Financial Reporting 2009, 15 April 2010
* 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
54 Financial Reporting 2009, 15 April 2010
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
55 Financial Reporting 2009, 15 April 2010
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
56 Financial Reporting 2009, 15 April 2010
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
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