executive report 2012 - tx.group...headcount as of balance sheet date1 3 471 3 330 4.2% operating...

Executive Report 2012

Key figures

in CHF mill. 2012 2011 Change

Income Statement

Operating revenues 1 052.4 1 117.2 –5.8%

Operating income before depreciationand amortisation (EBITDA) 203.4 237.7 –14.4%

Margin 19.3% 21.3% –9.2%

Operating income (EBIT) 143.0 180.8 –20.9%

Margin 13.6% 16.2% –16.0%

Net income 152.0 178.8 –15.0%

Operating revenue by division (third parties)

Print Regional 484.3 531.8 –8.9%

Print National 420.3 447.4 –6.0%

Digital 147.8 138.0 7.1%

Balance Sheet

Current assets 324.9 410.2 –20.8%

Non-current assets 1 756.0 1 330.8 32.0%

Balance sheet total 2 080.9 1 741.0 19.5%

Liabilities 892.6 785.2 13.7%

Equity 1 188.3 955.8 24.3%

Financial Key Data

Equity ratio 57.1 54.9 4.0%

Return on equity 12.8 18.7 –31.6%

Employee Key Data

Headcount as of balance sheet date 1 3 471 3 330 4.2%

Operating revenues per employee 2 in CHF 000 313.2 338.4 –7.5%

Key figures per share

Net income per share in CHF 14.54 16.82 –13.6%

Dividends per share in CHF 4.50 3 5.75 –21.7%

Dividend yield 4.4% 4.9% –11.2%

Price/earnings ratio 4 x 7.1 6.9 2.0%

1 Number of full-time equivalents of continuing operations

2 Based on the average number of employees

3 Proposed appropriation of profit by the Board of Directors

4 Based on year-end price

1Excerpt from the Annual Report 2012

Contents

Survey 1

Editorial by the Chairman of the Board of Directors 2Board of Directors 4Remarks from the CEO 6Management Board 8

Organisation Chart 10

Annual Report 2012 11

Operational reporting and market conditions 13Financial reporting 26Multi-year comparison 33Information for investors 34Tamedia Group 36Principal shareholders 44

Contact/Imprint 46

Survey

2

Editorial by the Chairman of the Board of Directors

Dynamic growth in challenging circumstances

Excerpt from the Annual Report 2012

Dr. Pietro Supino, Chairman of the Board of Directors

Ladies and Gentlemen

The 2012 financial year was a challenging one for Tamedia. The economic climate was relatively positive despite

the strength of the Swiss franc; however this was not reflected in the financial results of advertising, an impor-

tant market for the media sector. Furthermore, the expected acceleration of structural changes took effect.

The corporate response to this development is first of all improvements in efficiency, which extends to col-

laboration with other independent media corporations. Secondly, we are developing new business areas, par-

ticularly with regard to the 20 Minuten and digital media. We also expect long-term solutions to come from

the payment models for the expanded digital content of our subscription newspapers. In this regard we are

reliant on our digital payment models not being exposed to competition from free services offered by SRG,

which is largely financed by television licence fees.

The 2012 financial year was marked by rapid growth at Tamedia. We have invested in strengthening the

field of investigative journalism with the expansion of the research desk of Le Matin Dimanche and Son-ntagsZeitung and also through our investigative journalism summer course initiative at Columbia University

in New York. The online and print editorial teams of 20 Minuten and the Tages-Anzeiger are successfully under-

going a challenging process of convergence. The SonntagsZeitung, thanks to cooperation with the Bund and the

Basler Zeitung, is now in the process of becoming the most circulated Sunday paper in Switzerland. We have

launched two promising magazines: the national lifestyle magazine Encore and the multilingual supplement

Auto. Our real estate platform Homegate strengthened its leading market position with its investment in

Immostreet. In collaboration with Ringier, we have taken over the jobs platform jobs.ch. Combined with our job

portals alpha.ch, jobsuchmaschine.ch, jobup.ch and jobwinner.ch this provides an excellent starting point in an

important business area for us: the job advert market. In collaboration with our partner at 20 minuti, publisher

Giacomo Salvioni, we were able to invest in the leading online portal tio.ch in Ticino. Following the success-

ful creation of the Luxemburg commuter newspaper L’essentiel in partnership with Editpress, at year-end we

were able to lay the foundation for substantial expansion abroad, thanks to the acquisition of the Danish

commuter paper MetroXpress. We are also making progress in the printing business: since September, the BielerTagblatt has been produced in the Berne printing centre and from April the printing of the Basler Zeitung will

be taken over by us in Zurich.

We should be proud of achieving this dynamic growth under challenging conditions. With net income of

CHF 152 million and a margin of 14%, 2012 was also a financially encouraging year. However, extraordinary

effects once again had a positive inf luence on the income statement. The net income achieved by the ordi-

nary business was some CHF 120 million, while it had been around CHF 160 million in the previous year. Even

though 2011 had been the best financial year in the company’s history, this is still a disappointing perform-

ance. In addition to the strategic steps presented, cost measures were also introduced in order to compensate

for a reduction in the margin. On a positive note, the balance sheet shows that after financing the acquisition

of Edipresse Suisse, Tamedia was again largely debt free at the end of 2012. However, since then we have again

had to borrow substantial funds for the acquisition of jobs.ch. Repayment of these borrowed funds is to be made

in the next two to three years from the current business. Against this backdrop, the Board of Directors will

propose to the General Meeting that a dividend of CHF 4.50 per share be distributed.

This encouraging company growth and positive net income have only been made possible thanks to the

work of our Management Board and our employees. On behalf of the Board of Directors, I would like to extend

my warm thanks to you all. Special thanks go to Martin Kall, who led the operational business from 2002 until

the end of 2012. He was fundamental in optimising our business and setting the course for long-term contin-

ued growth. In so doing, he has laid the foundation for encouraging company growth. He also contributed

greatly to the individual steps along the way. Unfortunately, he has decided to step down after ten years of

service. Martin Kall has left the company in excellent condition. He has left behind a well-prepared successor

in Christoph Tonini, a solid and experienced management team, competent and committed employees, and

a company that occupies a strong position in attractive markets. The Board of Directors will propose to the

General Meeting that it should elect Martin Kall to the Board of Directors. We would be delighted to continue

to work together with him in this new capacity.

It is with regret that we must report the passing of one of the Members of the Board of Directors in the sum-

mer. Charles von Graffenried died a few days before his 87th birthday following a short illness. Throughout

his life, he was an impressive individual with various spheres of inf luence. Indeed, he helped to shape the

Swiss media landscape – as the creator and publisher of the Berner Zeitung, the founder and Chairman of

Espace Media Groupe, the publisher of Bund, a partner in the merger of Espace Media and Tamedia and since

then, a member of Tamedia’s Board of Directors. Already prior to that, he had an impact on Tamedia, advis-

ing my family – formerly the sole and now the majority owner – and coming up with the name Tamedia.

We will always feel indebted to him.

On reaching the end of his term in office, Martin Bachem has decided to leave the Board of Directors. Aged

55 and an economist, he has served as Chairman of the Board of Directors of Ziegler Druck- und Verlags-AG

since 1996 and is a member of the founding family. My colleagues on the Board of Directors and I regret that

he has decided to leave the Board, which he has enriched with his conscientious and skilled work. He has

decided to leave the Board of Directors in order to avoid a conflict of interest as Ziegler Druck- und Verlags-

AG, in which Tamedia holds a 20% share, is taken forward. Our thanks and best wishes go with him.

My cousin Andreas Schulthess has announced his resignation from the Board of Directors. He wishes to pur-

sue a new career path, and so, after six years as a member of the Board, is unfortunately not standing for re-

election to it. I would like to thank him, also on behalf of the Board of Directors, for his great commitment in

a time of fundamental change in the company. We are delighted that he has decided to remain affiliated with

the company as a family shareholder. The Board of Directors will propose to the General Meeting the election

of my cousin Claudia Coninx-Kaczynski as his successor in the Board of Directors. Aged 39 and a lawyer, she

studied at the University of Zurich and the London School of Economics and Political Sciences before carry-

ing out research work at the University of Zurich, after which she led the business of a real estate company as

a member of the Board of Directors. Today her responsibilities also include her role as member of the Board

of Directors of P.A. Media AG, a subsidiary of Swisscontent AG.

Dr. Pietro Supino

Chairman of the Board of Directors


Pietro Supino, Chairman of the Board of Directors, Chairman of the Journalism Committee, Chairman of the Nominat-

ing and Compensation Committee, Chairman of the Business Development Committee Dr. Pietro Supino (CH/I/1965)

has been Chairman and publisher since May 2007. He was elected to the Board of Directors of Tamedia in 1991. Between

1989 and 1998 Pietro Supino gained experience as a lawyer and in business consultancy before founding a private bank

with partners in Zurich. Among other responsibilities, he is currently Chairman of the Board of Directors of Espace

Media AG, Vice Chairman of Tamedia Publications romandes S.A., a member of the Board of Directors of Le Temps SA

and of the Swiss news agency Schweizerische Depeschenagentur AG, as well as Vice Chairman of the Board of the Swiss

Media Association. Pietro Supino completed his studies in law and economics with a doctorate from the University of

St. Gallen. He has also been admitted to the Zurich bar and holds a Masters from the London School of Economics and

Political Sciences. He attended the Columbia School of Journalism in New York, which prepared him well for his future

as a publisher. He has been a member of the Board of Visitors since 2012.

Tibère Adler, Member of the Nominating and Compensation Committee Tibère Adler (CH/1963) has been a member of

the Board of Directors since May 2011. He studied law at Geneva University and subsequently passed his bar examina-

tions. He obtained an Executive MBA from the renowned International Institute for Management Development (IMD)

in Lausanne. Having worked in an independent capacity as a lawyer and legal counsel to the Association of Publishers

for the French-speaking Press, Tibère Adler joined Edipresse in 1993, where he undertook a number of different func-

tions: Legal Advisor, Head of HR Management, Administrative Director, General Secretary, Director of Edipresse Online,

Vice General Manager and General Manager of Edipresse Suisse. From 2005 to mid 2011 he was responsible for the entire

Edipresse Group in the capacity of General Manager (CEO). Tibère Adler sits as an independent member on the boards

of directors of various Swiss companies. He is Chairman of the Swiss Board Institute foundation and Honorary Presi-

dent of Médias Suisses, the association of French-speaking private Swiss media, in Lausanne.

Martin Bachem, Chairman of the Audit Committee Dr. Martin Bachem (CH/1958) joined the Board of Directors in May

2010. He graduated from the University of Zurich with a doctorate in economics and undertook financial training pro-

grammes in New York and Chicago. He began his professional career in 1985 as a capital market specialist with J. P. Mor-

gan. Between 1990 and 1994 he ran the Risk Management Advisory Services department at Swiss Bank Corporation,

before being appointed Chief Operating Officer of Investment Banking Switzerland in 1995. In this role he coordinated

the merger of the investment banks of Swiss Bank Corporation and Union Bank of Switzerland. In 2003 he took over

global responsibility for Group Human Resources at UBS AG in the capacity of Chief Operating Officer. Martin Bachem

has been self-employed since 2007. As a representative of the founding family, he has also been a member of the Board

of Directors of Ziegler Druck- und Verlags-AG since 1985 and Chairman since 1995.

Pierre Lamunière, Member of the Business Development Committee Pierre Lamunière (CH/1950) has been a member

of the Board of Directors since May 2009. After completing his studies in the US (MBA Wharton School, University of

Pennsylvania) Pierre Lamunière joined Edipresse Group in 1977. From 1987, he headed the company as General Man-

ager, and in 1998 he was named Chairman of the Board of Directors and Chief Executive Officer. From 1997 to 2002

Pierre Lamunière served on the Board of Directors of Swiss Post. He is Chairman of Lamunière SA and its subsidiaries.

Pierre Lamunière is also a member of the Management Board of the International Federation of the Periodical Press (FIPP)

where he served as Chairman from 2007 to 2009. Since March 2008, he has been on the Board of Directors of Banque

Cantonal Vaudoise (BCV).

Board of Directors

4 Excerpt from the Annual Report 2012

Pietro Supino Tibère Adler Martin Bachem Pierre Lamunière

Konstantin Richter, Member of the Audit Committee, Member of the Journalism Committee Konstantin Richter

(D/1971) has been a member of the Board of Directors since 2004. After completing his studies in English Literature and

Philosophy in the UK (MA, Edinburgh) and in Journalism in the US (MS, Columbia University), Konstantin Richter

worked as a journalist for English-language publications for several years. He was Assistant Editor at the Columbia Jour-nalism Review in New York and the Cambodia Daily in Phnom Penh, and worked as Staff Reporter for the Wall Street Jour-nal in Brussels. Today he works as a freelance journalist and writer. He is the author of the novels “Bettermann” (2007)

and “Kafka war jung und er brauchte das Geld” (2011) and writes for Die Zeit and Welt am Sonntag.

Iwan Rickenbacher, Member of the Journalism Committee, Member of the Business Development Committee Prof.

Dr. Iwan Rickenbacher (CH/1943) has been a member of the Board of Directors since 1996. He began his professional

career in 1975 as Director of the Teachers’ College of the Canton of Schwyz. From 1988 to 1992, he served as General

Secretary of the Christian Democratic People’s Party of Switzerland (CVP) in Berne. In 1992, he established his own com-

munications consulting firm. In 2000, he was appointed Honorary Professor at the University of Berne. He is a mem-

ber of the Board of Directors of Eskamed AG, Basel, and Chairman of the Board of Trustees of the Lucerne-based Swiss

School of Journalism (MAZ). After obtaining his teacher’s certificate, Iwan Rickenbacher studied educational sciences

and graduated with a doctorate.

Andreas Schulthess, Member of the Audit Committee, Member of the Nominating and Compensation

Committee Andreas Schulthess (CH/1970) has been a member of the Board of Directors since May 2007. He began his

career in 1993 working part-time in the Human Resources Department of Tamedia. After completing his university stud-

ies, he became an IT business consultant in 2000, specialising in new technologies and e-business at Applied Interna-

tional Informatics and Cap Gemini (Switzerland) Ltd. During that time he also worked abroad, including one year in

Vienna, where he built up a new consulting team. After completing his professional training as a coach and subsequent

work experience in the field of management and personal development, he returned to operational human resources.

From 2005 to 2011, he worked in the Human Resources Department of Swiss Life Schweiz AG, where he headed up

Human Resources Management Switzerland. Andreas Schulthess graduated from the University of Zurich in 1999 with

a Master’s degree in economics. He also completed a postgraduate programme, obtaining an Executive Master of Human

Resources Management from the Institute for Applied Psychology in Zurich.


Konstantin Richter Iwan Rickenbacher Andreas Schulthess

Survey


Remarks from the CEO

Well positioned to turn media change into success

Christoph Tonini, Chief Executive Officer

Over the last year Tamedia has continued to expand its activities in digital media and has made a decisive next

step across our borders without losing sight of the core newspapers and magazine business in Switzerland. As

a result of this strategy we have achieved a solid result in a challenging market environment and have cre-

ated sound growth opportunities for the future.

The print advertising market continued to decline in 2012, and job and financial market adverts were par-

ticularly affected by the sluggish pace of the economy. Tamedia’s focus was on maintaining the quality of the

content in the daily newspapers that our readership is accustomed to while countering the decline in sales

and net income by adapting our cost structure. Our strong position in different newspaper markets did, how-

ever, also allow us to launch the bilingual magazine supplements Encore and Auto, and to tap into new sales

potential with the cooperation between SonntagsZeitung and Bund in Berne. At the same time, our media ben-

efited from the economies of scale of a nationally active media group that operates in key service areas such

as newspaper printing. Thanks to these measures, the Print Regional division actually achieved a slight

increase in its result despite experiencing a decline in sales.

In the profitable Print National division, the media dependent on the financial sector in particular suffered

a significant fall in sales. Equally, the ongoing high losses posted by daily newspaper Le Matin, published in

western Switzerland, are a cause for concern. On the other hand, the 20 Minuten media network once again

strengthened its position in the Swiss media market in 2012. Over recent years, the 20 Minuten team was able

to win over readers in western Switzerland with 20 minutes, while also developing the commuter newspaper

market in Luxembourg with L’essentiel. Since the launch of the Italian-language commuter newspaper 20 minutione-and-a-half years ago, 20 Minuten has become the only daily newspaper network in Switzerland to cover

all three major language regions. As our investment in MetroXpress in Denmark shows, we are also prepared

to put our experience in the commuter newspaper market and news websites to good use in other countries.

We firmly believe that the 20 Minuten concept that has proven successful in Switzerland will also meet with

great success in Denmark. If the development of MetroXpress is as successful as we expect, we are likely to

invest further in foreign media markets.


The most important step for Tamedia in 2012,

however, was taken here in Switzerland. In the

autumn, we invested in the leading jobs platform

provider, jobs.ch AG, together with our partners

Ringier. By making this investment in the clear mar-

ket leader and acquiring a significant stake in the

company, we have also been able to gain a foothold

in the most profitable sector of the online classifieds

market. Tamedia and Ringier intend further expand-

ing this market presence in the online classifieds sec-

tor over the coming years. For this reason, we have

integrated the strong platforms we already held,

alpha.ch, jobup.ch and jobwinner.ch into jobs.ch AG.

Homegate.ch has also further consolidated its position

as the market leader in real estate portals by invest-

ing in immostreet.ch. With both homegate.ch and jobs.chwe now occupy a unique position in the Swiss online

classifieds market. The two leading news websites 20Minuten Online and Newsnet, as well as the high-reach

directory platform search.ch, complete our unique

online portfolio.

Despite our impressive position in the user mar-

ket, the Digital business division did not perform as

well as expected. Investments in the expansion of

search.ch and fashionfriends.ch had a negative impact

on earnings, the development of the digital display

advertising market was more sluggish than antici-

pated, and an increasing number of users are access-

ing our news websites via mobile devices. Mobile

advertising, however, is not yet widely used in the

advertising sector. With projects to develop the

mobile advertising market, joint projects at

20 Minuten and the Tages-Anzeiger, the setting-up of

digital payment models for newspaper subscrip-

tions, and the investments in jobs.ch and

immostreet.ch, we are well placed to strengthen

income from the Digital division. And where digital

projects do not meet our targets, we respond quickly

and take the appropriate actions, as was the case

with the deals platform scoup.ch last year.

In the autumn, Rolf Bollmann, who had been a

member of the Management Board since 2005 and

responsible for our media in Zurich since 2008,

decided to take on a new challenge as CEO of Basler

Zeitung Medien. I would like to express my sincere

thanks to him for his successful commitment at

Tamedia. At the start of the year, I had the pleasure

of taking over as Chief Executive Officer from Mar-

tin Kall. Tamedia owes a lot to his successful and tire-

less commitment and without it, our company

would not be as well positioned on the Swiss media

market as it is today. We would also be without

the economic means to independently and

autonomously shape our future. I would like to

thank him for this and also for the close cooperation

that we have enjoyed over the past years. I am happy

to say that he is likely to continue to be involved

with Tamedia as a Member of the Board of Directors.

I would also like to express my thanks to the Tame-

dia Board of Directors for the confidence they have

placed in me with my appointment to CEO, and to

you, the shareholders, for your commitment to

Tamedia.

Christoph Tonini

Chief Executive Officer

Segment information

in CHF 000 2012 2011

Print Regional 546 784 618 199

Print National 421 026 449 241

Digital 148 187 144 270

Eliminations (63 601) (94 519)

Operating revenues 1 052 397 1 117 192

Print Regional (452 268) (519 863)

Print National (323 896) (334 738)

Digital (136 476) (119 440)

Eliminations 63 601 94 519

Operating expenses (849 039) (879 523)

Print Regional 94 516 98 336

Print National 97 131 114 502

Digital 11 711 24 830

Operating income

before depreciation and

amortisation (EBITDA) 203 358 237 669

Print Regional 17.3% 15.9%

Print National 23.1% 25.5%

Digital 7.9% 17.2%

EBITDA margin 19.3% 21.3%

Management Board


Christoph Tonini, Chief Executive Officer Christoph Tonini (CH/I/1969) has been Chief Executive Officer of Tame-

dia since January 2013. He joined Tamedia in April 2003 as Chief Financial Officer and member of the Man-

agement Board. In recent years he has headed the Services, Newspapers Switzerland, Media Switzerland and

most recently the Digital & 20 Minuten Division, among other responsibilities. He was also Deputy CEO from

2007. Before joining Tamedia, Christoph Tonini held various positions for Ringier between 1998 and 2003.

Ultimately, he held the position of Head of Ringier Hungary and Romania. Christoph Tonini completed an

MBA at St. Gallen University from 2001 to 2003. Prior to that, he completed an apprenticeship in offset print-

ing and studied at the Swiss Engineering School for Printing and Packaging (esig) in Lausanne from 1990 to

1993.

Christoph Brand, Head of the Digital Division Christoph Brand (CH/1969) has been a member of the Management

Board since 1 October 2012 and is responsible for the Digital Division. Formerly CEO of software company

Adcubum, Christoph Brand was CEO of telecommunications firm Sunrise from 2006 to 2010, where he imple-

mented a successful growth strategy. Prior to this, Brand, who studied economics at the University of Berne,

held key positions at Bluewin and Swisscom, lastly as Chief Strategy Officer and member of the Group Exec-

utive Board. In addition to his operational responsibilities, he also served on the boards of directors of Direc-

tories, Cinetrade, Swisscom Mobile and Micronas.

Ueli Eckstein, Head of the Regional Media German-speaking Switzerland Division Ueli Eckstein (CH/1952) has been

a member of the Management Board since September 2009 and is responsible for the Regional Media German-

speaking Switzerland Division. He was previously Deputy CEO and head of AZ Medien’s print media division.

A trained typesetter, Ueli Eckstein had already worked for Tamedia during the period from 1976 until 1997.

After having worked as an accountant for the former Tages-Anzeiger AG, he was, among other activities, a

member of the management board, the manager of the accounting department and director of controlling

and deputy publishing director of the Tages-Anzeiger. From 1995 to 1997, before changing to AZ Medien, Ueli

Eckstein managed the publishing division of the SonntagsZeitung. His education included studies at the Tech-

nical School of the Graphic Arts Industry Zurich (TGZ) and the Controller-Akademie Gauting in Germany.

Marcel Kohler, Head of the 20 Minuten Division Marcel Kohler (CH/1960) has been a member of the Management

Board since January 2013 and is responsible for the 20 Minuten Division. He had previously been CEO of the

20 Minuten media network since 2006. He entered the media industry in 1982 when he joined Schaff hauserBock. From 1985 Marcel Kohler worked in the publishing division of the Neue Zürcher Zeitung for over 20 years.

He initially held the position of key-account manager, before progressing to sales manager, head of advertis-

ing and deputy publishing director. He was also a member of the project team responsible for the launch of

NZZ am Sonntag. He completed sales management training at the Swiss Marketing and Advertising Institute

(SAWI) in Biel as well as further training in systems marketing at the University St. Gallen.

Christoph Tonini Christoph Brand Ueli Eckstein Marcel Kohler


Sandro Macciacchini, Head of the Finances Division Sandro Macciacchini (CH/1966) has been a member of the

Management Board since 1 January 2008 and is responsible for the Finances Division. He took over as head

of Tamedia’s Legal Department in 2003. He completed his law studies in 1995, qualifying as an attorney-at-

law and beginning his career at a Berne-based law firm before working as a legal counsel for the Swiss Press

Association until 1999. Sandro Macciacchini completed his dissertation on media law in April 2003. In 2006

he completed CAS training in financial and business accounting, and in 2009 he was awarded a Master of

Advanced Studies Corporate Finance degree.

Serge Reymond, Head of the Publications romandes and Media German-speaking Switzerland Division Serge Rey-

mond (CH/1963) has been a member of the Management Board since 1 May 2011 and is responsible for the

Edipresse Suisse Division. With effect from the start of 2012, he also took on responsibility for the Media Ger-

man-speaking Switzerland Division, which was newly created at that time. Serge Reymond studied mathemat-

ics and economics at Lausanne University, gaining a first degree and an MBA. Prior to joining Tamedia, he

worked for Galenica and the Swatch Group, among others, before taking on the management of the kiosk

retail and distribution company Naville-Détail based in western Switzerland in 1997. In 2007 Serge Reymond

was appointed as the CEO of the entire Naville Group. Serge Reymond joined the Edipresse Group as deputy

chief executive officer in 2009, taking on the role of CEO of Edipresse Suisse (Tamedia Publications roman-

des) with effect from 1 June 2009.

Andreas Schaffner, Head of the Publishing Services Division Andreas Schaffner (CH/F/1963) has been a member

of the Management Board since 1 November 2009 and is responsible for the Publishing Services Division. In

this position he is responsible for the three printing centres in Berne, Lausanne and Zurich, as well as the areas

preliminary services, publishing logistics and reader-market services. After completing a bookbinder appren-

ticeship, Andreas Schaffner acquired professional and management experience in the graphic arts industry

prior to studying engineering at the Ecole Suisse d’Ingénieur des Industries Graphiques in Lausanne. In 1995

he joined Ringier as a project manager, where he headed various services and printing areas before becoming

CEO of Ringier Print Adligenswil in 2005. Andreas Schaffner, who successfully completed a part-time Execu-

tive MBA, was a member of the Ringier Switzerland Management Board from 2007 to 2009.

Serge Reymond Andreas SchaffnerSandro Macciacchini


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Table of contents

Operational reporting and market conditions 13

Market assessment 13Segment reporting in overview 15

Print Regional 15Print National 19Digital 22

The business divisions at a glance (exhibit) 25

Financial reporting 26

Financial overview 26Changes in the group of consolidated companies 27Operating revenues 27Operating expenses 28Operating income before depreciation and amortisation (EBITDA) 29Balance sheet and shareholders’ equity 30Changes in equity 31Cash flow 32

Multi-year comparison 33

Information for investors 34

Tamedia Group 36

Consolidated income statement 36Consolidated statement of comprehensive income 38Consolidated balance sheet 39Consolidated cash flow statement 40Changes in equity 41Investments 42Principal shareholders 44


Market assessment

No growth in advertising market in 2012; Print continues to fall

The Swiss economy was dominated last year by the fall-out from the economic crisis in the

eurozone and by the strength of the Swiss franc. With GDP growth of 1.0 per cent, the

Swiss economy was, however, able to more than hold its own by international standards.

Whilst private consumption, capital expenditure and imports developed positively,

exports and public spending stagnated. The construction industry recorded a significant

fall in performance. The mid-year unemployment rate was 2.9 per cent, slightly higher

than the previous year’s figure of 2.8 per cent. The jobless figures reached their lowest

level of 2.7 per cent in June 2012, after an easing of the situation on the labour market

during the first six months. They subsequently rose again steadily, reaching their highest

level for 2012 at 3.3 per cent in December.

The Swiss advertising market stagnated last year. According to Media Focus, a joint ven-

ture between GfK Switzerland and Nielsen, gross advertising exposure, which is simply an

expression of published prices and does not include discounts, fell by 0.1 per cent. Increas-

ing advertising exposure was recorded by the tobacco (+22 per cent), cosmetics and per-

sonal care (+13 per cent) and IT and office supplies (+11 per cent) segments. In contrast,

particularly negative trends were recorded by telecommunications (–13 per cent), enter-

tainment electronics and photography (–12 per cent) and clothing and linens (–10 per

cent). The two major retailers Coop and Migros again remained by far the largest advertis-

ers in Switzerland in 2012.

Newspapers and magazines still hold the largest share of the advertising market, with

49 per cent, although there was another drop in market share compared with the previ-

ous year (52 per cent). Meanwhile, television was able to make further gains. Accounting

for a market share of 32 per cent, television continued to occupy second place, as in pre-

vious years (2011: 30 per cent), followed by outdoor advertising, which accounted for 11

per cent (2011: 10 per cent). Classic online advertising accounted for 3 per cent of gross

advertising exposure, as in the previous year. The reported figures for online advertising

again do not include spending on search engine optimisation or classified advertisements,

which recorded a further rise.

Advertising statistics from WEMF AG für Werbemedienforschung, which are based on

net advertising revenues as reported by the media companies and thus ref lect actual mar-

ket developments more reliably, show a decline of 11 per cent. Advertising sales fell across

all forms of print media. Particularly hard hit were the financial and business press (–15

per cent) and the general interest and daily press (–12 per cent in each case). The tense

situation on the labour market was ref lected in the job advertisements market. The num-

ber of job advertisements placed in the Swiss press decreased by 26 per cent according to

advertising statistics provided by WEMF. At the same time, this sharp drop highlights the

structural change affecting the job advertisement segment. Whilst the overall market for

job advertisements stagnated according to the Adecco Swiss Market Job Index, the num-

ber of advertisements being placed on internet portals rose by 6 per cent.

The State Secretariat for Economic Affairs (SECO) and the leading economic forecasters

expect to see a moderate upturn in the economic environment over the current year. The

Operational reporting and market conditions

jobless figures, however, can be expected to rise slightly. On this basis, Tamedia is expect-

ing an ambivalent year for the Swiss advertising industry, with no turnaround anticipated

until the end of 2013 at the earliest.

Operational reporting and market conditions


DailiesRegionalweeklies

Sundaypress

Financial andbusiness

pressPublicpress

Specialinterest

Professionalperiodicals Total Print

Net advertising expenditure Print 2012

in CHF mill. 2011 2012

1575

1350

1125

900

675

450

225

0

767

45 41

159 147

45 38

375331

49 46 68 64

Source: Inseratestatistik WEMF AG für Werbemedienforschung

1613

873

1434


Segment reporting in overview

Print Regional

Media performance in the Print Regional business division was dominated in the year under

review by falling income from print advertising. Nevertheless, thanks to the successful

new strategies of various media offerings and measures to improve efficiency, income fell

only slightly compared with the previous year.

The daily newspaper 24 heures, published in western Switzerland, celebrated its 250th

anniversary in 2012. The highlight of the anniversary celebrations was the spectacular “Le

Mur du Son” staged in September in Lausanne. Sales and income at the newspaper were

down during the reporting year. The readership figures for this traditional Vaud newspa-

per, however, grew slightly.

The total circulation of BZ Berner Zeitung, encompassing BZ Berner Zeitung, BZ LangenthalerTagblatt, TT Thuner Tagblatt, BO Berner Oberländer and Der Bund, recorded a strong level of

income despite falling sales. In July 2012, the BZ Berner Zeitung group was strengthened by

the addition of the leading Oberaargau daily, BZ Langenthaler Tagblatt. The circulation and

readership figures for all of the BZ Berner Zeitung publications increased slightly on a year-

on-year basis.

The Berne-based daily Der Bund experienced a significant fall in sales in the 2012 finan-

cial year. Thanks, however, to lower production and distribution costs combined with

higher sales from subscriptions, income fell only slightly. Through a new cooperation

project with SonntagsZeitung launched in September, content has been considerably

improved.

During the year under review the job supplements Alpha and Stellen-Anzeiger were unable

to avoid the effects of a negative Swiss labour market or of the continuing shift in favour

of the internet for advertising job vacancies. This caused sales and income to fall sharply.

The Tages-Anzeiger editorial team launched a single editorial team for all of its publica-

tions during the reporting year with the Newsnet news portal editorial team. The project is

scheduled for completion by mid-2013. The aim of this new, converged organisational

structure is to offer Tages-Anzeiger readers attractive news content as part of a multimedia

package. The in-depth approach and background knowledge of the daily will be combined

with the speed of response provided by online articles. Tages-Anzeiger was another publi-

cation that suffered from the fall in print advertising during the year under review.

Income levels improved, however, thanks to measures designed to improve efficiency,

such as the realignment of regional reporting. The Tages-Anzeiger again attracted more

readers than in the previous year. The entertainment magazine Züritipp also surpassed

expectations, recording a significant level of sales and income growth.



BERNS WOCHENZEITUNG

The daily newspaper Tribune de Genève performed well in 2012 despite falling sales and

was able to end the year in the black, following a loss-making previous year. This positive

development can be attributed in particular to savings in production costs. Overall, how-

ever, income levels continued to be clearly unsatisfactory. Compared with the previous

year, the readership figures for the Geneva-based daily were stable.

The daily newspapers Zürcher Unterländer and Neues Bülacher Tagblatt have been under the

same journalistic management as the Zürichsee-Zeitung since early 2012. Whilst the read-

ership fell slightly, both publications have had stable circulation figures. The losses made

by Zürcher Unterländer and Neues Bülacher Tagblatt were reduced thanks to a new editorial

strategy and lower production costs, despite falling sales.

The Zürichsee-Zeitung, which in addition to three regional editions also encompasses the

local newspapers Sihltaler and Thalwiler Anzeiger, significantly increased its earnings dur-

ing the year under review. Sales were down over the same period. The withdrawal from

the market of the regional editions of Tages-Anzeiger, which had previously taken on board

some of the regional reporting of the Zürichsee-Zeitung, strengthened the daily’s position as

the leading publication in the region.

The Bernerbär and Bümpliz Woche publications only just met the targets set for them, in

what was a difficult market environment. The Tagblatt der Stadt Zürich newspaper

increased its earnings last year thanks to higher than expected advertising revenues.

Meanwhile, the Furttaler, Glattaler and Rümlanger publications improved their income lev-

els, again thanks to savings in IT and overheads. The circulation figures for the weekly

newspapers La Broye and Le Régional grew during 2012, whilst falling sales had a negative

impact on income. The weekly publication Journal de Morges produced a special supple-

ment devoted to an international wine festival, Arvinis, for the first time in 2012 and

entered into new media partnerships. Sales and income exceeded expectations.

The three newspaper printing facilities Centre d’Impression Lausanne, Druckzentrum Bern

and Druckzentrum Zürich unified their brand during the reporting year. By cutting print-

ing costs, these printing facilities considerably eased the strain on Tamedia’s regional and

national daily and weekly newspapers. New orders from third parties resulted in higher

utilisation levels. Consequently, the printing facilities exceeded their sales and income tar-

gets for the year.

Revenues (operating revenues) recorded by the Print Regional Division in 2012 fell by 8.9

per cent to CHF 484.3 million (previous year: CHF 531.8 million). The fall in sales can be

attributed in the first instance to falling commercial advertising income and the collapse

of job advertising business. The division’s operating income before depreciation and amor-

tisation (EBITDA) fell by only CHF 3.9 million to CHF 94.5 million (previous year: CHF 98.3

million) thanks to efficiency-improvement measures. The EBITDA margin, at 17.3 per

cent, was thus considerably higher than in the previous year (15.9 per cent).


Readership figures

Title MACH 2012-2 1 MACH 2011-2 1 Change

20 Minuten 1 397 000 1 379 000 1.3%

20 Minuten Friday 444 000 433 000 2.5%

20 minutes 507 000 461 000 10.0%

20 minuti 70 000 –

24 heures, total issue 233 000 223 000 4.5%

Annabelle 315 000 323 000 –2.5%

Bernerbär 98 000 –

Bilan 101 000 95 000 6.3%

BZ Berner Zeitung, total issue incl. Der Bund 364 000 353 000 3.1%

Das Magazin 769 000 776 000 –0.9%

Femina 371 000 403 000 –7.9%

Finanz und Wirtschaft 100 000 108 000 –7.4%

GuideTVCinéma 2 211 000 256 000 –17.6%

Le Matin 245 000 266 000 –7.9%

Le Matin Dimanche 502 000 526 000 –4.6%

Le Régional 77 000 76 000 1.3%

Le Temps 115 000 119 000 –3.4%

Schweizer Familie 732 000 749 000 –2.3%

SonntagsZeitung 738 000 758 000 –2.6%

Tagblatt der Stadt Zürich 133 000 126 000 5.6%

Tages-Anzeiger 514 000 508 000 1.2%

Télétop Matin 391 000 442 000 –11.5%

Tribune de Genève 136 000 138 000 –1.4%

TVtäglich 620 000 954 000 –35.0%

Zürcher Oberländer 70 000 66 000 6.1%

Zürcher Unterländer 46 000 48 000 –4.2%

Zürichsee-Zeitung 72 000 75 000 –4.0%

Source: WEMF, MACH Basic 2012-2/2011-21 Relates to readership figures: Survey period June to end of July2 Formerly TV Guide, Guide Loisirs from 2009, now GuideTVCinéma



Circulation

Title Circulation 2012 1 Circulation 2011 1 Change

20 Minuten 495 211 496 205 –0.2%

20 Minuten Friday 185 081 174 431 6.1%

20 minutes 202 892 203 407 –0.3%

20 minuti 34 045 36 000 2 –5.4%

24 heures 71 957 75 796 –5.1%

Annabelle 70 113 70 123 –0.0%

Bantiger Post 22 182 22 216 –0.2%

Berner Oberländer 19 824 20 855 –4.9%

Bernerbär 100 485 105 752 –5.0%

Bilan 13 767 13 111 5.0%

Bümpliz Woche 22 200 22 046 0.7%

BZ Berner Zeitung, total issue 3 173 684 174 162 –0.3%

BZ Langenthaler Tagblatt 15 022 8 152 84.3%

Das Magazin 411 277 433 172 –5.1%

Der Bund 49 725 50 231 –1.0%

Femina 160 098 175 077 –8.6%

Finanz und Wirtschaft 28 566 29 517 –3.2%

Furttaler 15 116 14 795 2.2%

GuideTVCinéma 148 340 156 482 –5.2%

Journal de Morges 6 061 6 043 0.3%

La Broye 9 144 9 388 –2.6%

L’essentiel 4 95 676 94 707 1.0%

Le Matin 55 299 57 107 –3.2%

Le Matin Dimanche 160 999 175 951 –8.5%

Le Régional 119 115 116 422 2.3%

Le Temps 41 531 42 433 –2.1%

Rümlanger 3 731 3 655 2.1%

Schweizer Bauer 31 290 30 841 1.5%

Schweizer Familie 186 594 186 588 0.0%

Sihltaler 1 733 1 839 –5.8%

SonntagsZeitung 175 882 182 129 –3.4%

Tagblatt der Stadt Zürich 131 578 136 625 –3.7%

Tages-Anzeiger 188 602 195 618 –3.6%

Télétop Matin 159 259 175 644 –9.3%

Thalwiler Anzeiger 3 910 4 324 –9.6%

Thuner Tagblatt 21 402 22 456 –4.7%

Tribune de Genève 48 688 51 487 –5.4%

Zürcher Oberländer 32 196 33 663 –4.4%

Zürcher Unterländer 19 878 20 297 –2.1%

Zürichsee-Zeitung 36 226 38 853 –6.8%

Source: WEMF, Circulation bulletin1 Survey period from 1 July to 30 June.2 Print run according to publisher’s statement3 Berner Zeitung, total issue incl. separately recognised publication Der Bund4 Circulation distribution according to CIM, Centre d’Information sur les Médias

In the case of free publications, the number shown is the number of free copies circulated.In the case of publications for which a charge is made, the total number of copies sold is reported.


Print National

The Print National business division was also challenged by the state of the print advertis-

ing market, which was down overall and which, particularly in the case of media depend-

ent on the financial sector, had a major impact. Introducing new national supplements

enabled additional advertising segments to be captured. Earnings recorded by the Print

National division remained at a high level despite falling slightly.

The editorial teams of the commuter newspaper 20 Minuten and the news platform

20 Minuten Online in German-speaking Switzerland were placed under joint management

in September of last year. This step had been preceded in the spring by the creation of a

joint sales structure for the commuter newspaper and news platform. The readership and

circulation figures for the commuter newspaper, which is produced in German-speaking

Switzerland with five regional editions in total, were stable over the reporting period. In

contrast, lower advertising income compared with the previous year led to falling sales

and earnings.

In French-speaking Switzerland, the commuter newspaper 20 minutes achieved a signifi-

cant rise in its readership coupled with stable circulation figures. Advertising revenues for

20 minutes fell last year. Earnings nevertheless remained stable at a high level, which can

be attributed to the optimisation of distribution and production costs in particular.

The Ticino commuter newspaper 20 minuti made a profit in the first year since its initial

launch. In August 2012 the 20 Minuten media network invested in the leading Ticino news

platform tio.ch, with which the commuter newspaper 20 minuti has been working closely

since its launch.

The free people magazine 20 Minuten Friday repositioned itself on the reader market dur-

ing the reporting year. It was given a new calmer look, with subtle adjustments to the edi-

torial concept being introduced. Both the readership and the reach of the magazine rose

slightly. Cost-saving measures contributed to improved earnings compared with the pre-

vious year, despite sales being slightly lower than expected.

In 2012 the commuter newspaper L’essentiel, published jointly with the Luxembourg

media house Editpress, was able to match the impressive results recorded during the pre-

vious year. There was again significant growth in the readership of L’essentiel, up to 193,000

readers per day. Luxembourg’s second commuter newspaper, previously a competitor of

L’essentiel, ceased publication towards the end of the reporting year.

The women’s magazine Annabelle experienced a fall in advertising revenues and earnings

last year. It maintained its leading position in the user market, despite the fact that read-

ership figures dipped slightly on a year-on-year basis. The annabelle.ch website was given a

new look in October 2012 and focused more clearly on its readers’ needs.



The French-language business magazine Bilan, a new addition to Tamedia in the spring,

was taken into account for the first time during the reporting year. The problems on the

financial markets resulted in this business publication missing its sales and earnings tar-

gets in what was a very negative market environment. However, the readership figures for

the magazine were up slightly. As of this year, Bilan now has a new design and a revised

editorial concept.

Finanz und Wirtschaft was also hit by the major fall in advertising spending by the finan-

cial industry, with both its sales and earnings falling substantially during the past finan-

cial year. In order to get Switzerland’s leading investor publication back on an economi-

cally sound foundation, measures to cut production and editing costs were introduced

during the second half of the reporting year. The new digital offering from Finanz undWirtschaft, launched in summer 2012, put in a positive performance.

The Saturday supplement GuideTVCinéma was relaunched under a new name last year.

Enclosed with the daily newspapers 24 heures, Tribune de Genève and, since December 2012,

La Liberté, the magazine now reports in greater detail on entertainment and film news in

particular. Despite advertising revenues remaining low, GuideTVCinéma was able to reduce

its ongoing losses during the year under review.

The weekend supplement Das Magazin succeeded in defending its strong position on the

advertising market during the reporting year and in maintaining its income levels for the

greater part. Its circulation figures were down by around 20 000 copies, due to reductions

in the circulation of the newspapers in which it is enclosed. It is gratifying to note that,

despite the fall in circulation, the high readership of Das Magazin remained more or less

unchanged.

The daily newspaper Le Matin in western Switzerland was unable to meet its targets dur-

ing the year under review. Whilst targeted measures to improve efficiency enabled costs

to be cut, a fall in advertising income meant that it was not possible to offset the losses of

recent years. The readership figures fell slightly, although Le Matin remained the daily

with by far the widest reach in French-speaking Switzerland.

Le Matin Dimanche, published in western Switzerland with its supplements Télé Top Matin,

Femina and Encore, met its high income expectations last year. The lifestyle supplement

Encore, which had been successfully launched in 2011, was developed into a national fash-

ion supplement during the year under review, and is now also included in SonntagsZeitungin a German-language version.

Schweizer Familie recorded a slight fall in advertising revenues last year, with sales income

remaining stable. Nevertheless, measures to improve efficiency allowed the previous

year’s income level to be surpassed once again. Another welcome development during

2012 was the renewed rise in readership compared with the previous year.


The research desk initiated by SonntagsZeitung and run jointly with Le Matin Dimanche was

already having a positive impact on the paper’s reporting during the year under review.

Since September 2012, SonntagsZeitung has been appearing in the Berne region in collab-

oration with the daily Der Bund with an increased circulation. In 2012 this offer is also

going to be offered to subscribers to Basler Zeitung. Despite a declining advertising market,

SonntagsZeitung succeeded in maintaining its advertising revenue and in matching the pre-

vious year’s gratifying result.

The luxury goods and watch magazine Tribune des Arts has been included in the Tamedia

financial statements for the first time. The regular supplement enclosed with Tribune deGenève devoted to articles on watchmaking, jewellery, precious stones and art met its sales

and income targets last year.

The circulation and readership of the TV listing magazine TVtäglich, produced by Tame-

dia together with Ringier, both fell during the year under review due to the falling circu-

lation of the newspapers with which it is sold. Nevertheless, it managed to largely main-

tain its advertising revenue and income levels.

Revenues (operating revenues) recorded by the Print National Division in 2012 fell by 6.0 per

cent to CHF 420.3 million (previous year: CHF 447.4 million). Operating income before

depreciation and amortisation (EBITDA) declined by 15.2 per cent to CHF 97.1 million (pre-

vious year: CHF 114.5 million). The EBITDA margin, at 23.1 per cent, remained high but

was slightly lower than that of the previous year (25.5 per cent).



Digital

Media performance in the Digital business division was dominated last year by the disap-

pointing performance of the display advertising market and an increasing shift towards

the use of mobile devices. In this regard, the development of commercialisation for mobile

use continues to lag a long way behind more traditional digital content, as regular web-

sites.

The 20 Minuten Online news platform again recorded strong increases in its visitor figures,

in both German-speaking and French-speaking Switzerland. Advertising sales grew fur-

ther during the reporting year, but were still below expectations. The main reason for this

muted performance lies in the unsatisfactory provision of appropriate smartphone and

tablet commercialisation. Additional spending relating to the expansion of online editing

and technology placed a strain on earnings, which fell substantially compared with the

previous year.

The car4you.ch site greatly expanded its functionality during the year under review. Pri-

vate individuals can now place adverts free of charge and the process has been made much

simpler. These innovations resulted in the number of vehicles listed on the portal exceed-

ing 80 000 for the first time in autumn 2012. car4you.ch did not achieve its sales targets

and again posted a loss for the reporting year due to its high levels of investment.

The Swiss real estate platform homegate.ch successfully defended its leading position on

the property advertisements market during 2012 thanks to significant growth in the num-

ber of properties being advertised. By acquiring a 20 per cent stake in immostreet.ch, home-gate.ch has further expanded its market leadership and now occupies a leading position in

the majority of Switzerland’s regional markets. This gratifying development was also

ref lected in growing sales and income figures for 2012.

The online shopping club FashionFriends was included for the first time during the report-

ing year. Tamedia increased its holding in this platform, which specialises in heavily dis-

counted offers on premium fashion and accessories brands, to 65 per cent on 1 October

2012, and therefore now holds a majority interest. FashionFriends posted significant growth

in its sales and user figures during the past year but did not meet its ambitious targets in

a market environment characterised by intense competition.

In 2012 the Tamedia Group and the Ringier media house announced their acquisition of

jobs.ch Holding AG, the operator of Switzerland’s jobs platform with the greatest reach,

jobs.ch. Following the takeover of jobs.ch Holding AG with effect from 30 November 2012,

Jobup AG, which was previously owned by Tamedia alone, will be merged with retroac-

tive effect into jobs.ch Holding AG as of 1 January 2013. The jobs platforms alpha.ch, ictca-reer.ch, ingjobs.ch, jobup.ch, jobs4finance.ch, jobs4sales.ch, jobsuchmaschine.ch, jobwinner.ch, med-talents.ch, stellen.ch and topjobs.ch now all belong to jobs.ch, which also holds a 49 per cent

stake in the leading Austrian provider karriere.at.


Since the beginning of 2012, Newsnet – as well as including the news platforms of

baslerzeitung.ch, bernerzeitung.ch, derbund.ch and tagesanzeiger.ch – has also included the

news portals of 24heures.ch, lematin.ch and tdg.ch in French-speaking Switzerland. This

means that, for the first time, advertising clients can target both linguistic regions through

one booking. In terms of content, new additions include a bilingual political blog. This

enables media professionals, politicians and experts to enter into a dialogue with readers

in both French and German-speaking areas. User numbers and sales developed positively

during the reporting year, but the expectations in terms of commercialisation were not

able to be met. The high level of investment needed in the editorial team and in sales pro-

motion contributed to a loss.

The news portal lessentiel.lu increased its advertising sales during the past year and gen-

erated positive income for the year as a whole for the first time. The user figures for lessen-tiel.lu increased by more than one third over the reporting period.

The small ads portal piazza.ch was completely redesigned at the end of last year and also

separated from the 20 Minuten media network. Since then, piazza.ch has managed to posi-

tion itself as an independent brand again. High levels of investment in what is a fiercely

competitive market for small ads resulted in a loss being recorded for the reporting period.

The leading Swiss directory platform search.ch, operated jointly by Tamedia and Swiss

Post, achieved a major milestone in the history of Swiss internet usage last year. For the

first time in Switzerland, more than 2.1 million people visited a single website in the space

of one month. The sales team was expanded further during 2012, again generating a con-

siderable increase in sales but, as expected, with a negative impact on income.

The dating platform swissfriends.ch recorded stable sales and income. At the end of the

reporting period Tamedia decided to cease its involvement with swissfriends.ch for strate-

gic reasons, handing the operation over to the platform’s managing director.

The nightlife platform tilllate.com, which forms part of the 20 Minuten media network,

heavily expanded its editorial reporting during 2012 and also launched a new iPhone app.

Mobile use of the platform subsequently grew significantly. Compared with the previous

year, user numbers were up by almost 60 per cent, and the platform was also able to

expand its leading market position. Sales developed slightly less well than expected.

Revenues (operating revenues) from third parties recorded by the Digital business division

rose by 7.1 per cent in 2012 to CHF 147.8 million (previous year: CHF 138.0 million). Fac-

tors contributing to sales growth included the first-time consolidation of jobs.ch and the

development of the search.ch directory platform. High levels of investment in the further

development of digital marketplaces and news platforms and the unsatisfactory develop-

ment of the online advertising market placed a burden on operating income before depre-

ciation and amortisation (EBITDA), which duly fell by 52.8 per cent to CHF 11.7 million

(2011: CHF 24.8 million). The EBITDA margin, at 7.9 per cent, was significantly down on

the previous year (17.2 per cent).



Reach

Websites NET-Metrix-Profile 1 NET-Metrix-Profile 1 Change

2012-2 2011-2

20 Minuten Online 1 896 000 1 463 000 29.6%

20minuten.ch 1 532 000 1 165 000 31.5%

20minutes.ch 487 000 282 000 72.7%

tio.ch 153 000 111 000 37.8%

Bilan 28 000 18 000 55.6%

fuw.ch 33 000 22 000 50.0%

homegate.ch 868 000 701 000 23.8%

lessentiel.lu 2 469 526 354 654 32.4%

Newsnet Bern 377 000 304 000 24.0%

bernerzeitung.ch 276 000 245 000 12.7%

derbund.ch 170 000 109 000 56.0%

Newsnet WCH 555 000 3

24 heures.ch 264 000 233 000 13.3%

LeMatin.ch 343 000 318 000 7.9%

tdg.ch 255 000 209 000 22.0%

PoolFéminin 208 000 3

annabelle.ch 82 000 81 000 1.2%

femina.ch 72 000 65 000 10.8%

schweizerfamilie.ch 71 000 49 000 44.9%

search.ch 2 063 000 1 704 000 21.1%

sonntagszeitung.ch 76 000 57 000 33.3%

tagesanzeiger.ch 893 000 737 000 21.2%

tilllate.ch 332 000 209 000 58.9%

Source: NET-Metrix AG, NET-Metrix-Profile Unique User (persons) per month1 Survey period from 1 April to 30 June of the respective year2 Survey by CIM metriweb or CIM Spring from November 20123 First survey



1225

1050

875

700

525

350

175

0

Print Regional Print National Digital Total

Revenues third parties by segment

484532

447420

138 148

Exhibit 1

1117

1052


245

210

175

140

105

70

35

0

Print Regional Print National Digital Total

EBITDA by segment

9598

115

97

25

12

Exhibit 2

238

203

25


Financial overview

Accounting standards

The revised standards (IFRS) IAS 12 “Income Taxes” (amended) and IFRS 7 “Financial

Instruments: Disclosures” (amended) were to be applied for the first time in the 2012

financial year. Their first-time application did not lead to any significant changes in the

consolidation and measurement principles or in the net assets and earnings position.

The new and revised standards and interpretations to be applied to the 2013 consolidated

financial statements are not being applied earlier than required. Based on an assessment

of these standards, the following influencing factors should be considered in particular:

–IAS 19 “Employee Benefits” (amended)

The changes to IAS 19 “Employee Benefits” mean that the expected return on plan assets

is no longer calculated on the basis of an estimated rate of return on assets. Instead, the

discount rate is now used to calculate the net present value of obligations under defined

benefit plans. This means that net plan liabilities/net plan assets are now only subject

to interest at the discount rate. Based on an assessment as of 31 December 2012, Tame-

dia estimates that retrospective application of this method with effect from 1 January

2012 results in personnel expense that is CHF 1.3 million higher and net financial

return that is some CHF 14.2 million lower than the figure disclosed as of 31 December

2012. Additionally, equity as of 31 December 2012 (without taking taxes into account)

is increased by CHF 12.8 million due to past service cost not yet recognised.

–IFRS 11 “Joint Arrangements”

Under the new standard, proportionate consolidation, as currently applied, is no longer

permitted. Companies previously subject to proportionate consolidation will now be

included at their pro rata equity values as “Investments in associated companies / Joint

ventures”, and the share of net income will be reported net as “Share of net income of

associated companies / Joint ventures”. Tamedia expects the application of this new

standard to result in revenues for 2012 being approximately CHF 34.3 million lower

compared with the figures published as of 31 December 2012, with EBITDA down by

CHF 2.6 million and EBIT some CHF 1.8 million lower. No effect on net income is

expected.

Change in presentation / restatement of prior year figures

It is part of Tamedia’s business strategy to acquire non-controlling interests in companies

with an economic future before proceeding to actively support and promote the develop-

ment of these companies in cooperation with the other shareholders.

If a company merger takes place over several stages (step up acquisition), shares held to

date in an associated company are revalued at their fair value at the time of control being

passed and the resulting gain or loss is recognised in the income statement. It is possible

that an associated company might not develop as planned, resulting in the need for an

impairment. In the interests of a transparent and meaningful accounting, any fair value

adjustments pursuant to IFRS, in either a successful or an unsuccessful case, should be

included in other operating income.

For this reason, Tamedia has decided that any revaluation gains or losses in respect of

step up acquisitions will in future be disclosed in other operating revenues. As a result of

the change in presentation, the gain posted in financial income in 2011 was reclassified

from revaluation gains.

Financial reporting


Changes in the group of consolidated companies

Acquisitions

With effect from 30 November 2012, Tamedia AG and the Ringier media house acquired a

100 per cent stake in jobs.ch Holding AG. Tamedia and Ringier will each hold a 50 per cent

share in the company. With retrospective effect from 1 January 2013, Tamedia will incor-

porate its online job advertisement subsidiary Jobup AG into the partnership. Tamedia and

Ringier have agreed on a control option that enables Tamedia to carry out its consolidation

pursuant to IFRS.

On 1 October 2012 Tamedia AG acquired a further 20 per cent share in FashionFriends

AG, increasing its holding from 45 per cent to 65 per cent. This increase in its holding gives

Tamedia overall control of FashionFriends AG, which has been included in the group of

consolidated companies since 1 October 2012. Other smaller acquisitions during the 2012

financial year included the business publication Bilan, the magazine Tribune des Arts and

the Langenthaler Tagblatt newspaper.

Further details on these transactions can be found in Note 1 of the Notes to the consol-

idated financial statements.


1050

900

750

600

450

300

150

0

Mediarevenues

Printingrevenues

Other operatingrevenues

Total operatingrevenues

Operating revenues

962

1019

55 54 44 36

Exhibit 3

1117

1052


Disposal of consolidated companies

The TV activities TeleBärn and TeleZüri were sold to AZ Medien AG with effect from 4 Janu-

ary 2012. At the same time, Tamedia sold its 100 per cent stake in Belcom AG, the mar-

keting organisation in which the sales teams of Radio 24 and TeleZüri are bundled, to AZ

Medien AG. The radio broadcaster Capital FM was sold to Zürichsee Media AG with effect

from 27 April 2012, and Radio 24 AG was sold to BT Holding AG with effect from 12 July

2012.

On 30 September 2012 Tamedia sold its investment in Terre & Nature SA, representing

a 98 per cent stake, to Multimedia Gassmann AG. The sale of the 49 per cent stake in

Schweizer Bauer to Ökonomische und Gemeinnützige Gesellschaft des Kantons Bern (OGG)

took place on 12 December 2012.

Revenues (operating revenues)

Tamedia’s revenues (operating revenues) fell by 5.8 per cent or CHF 64.8 million to CHF

1,052.4 million. While changes in the group of consolidated companies contributed to an

increase in revenues of CHF 8.8 million, existing activities resulted in a drop of CHF 73.6

million. Further information on revenues can be found in the segment reporting for each

business division.

In April 2011 Tamedia decided to end its involvement in radio and TV broadcasting, as

well as in specialist mobile and agricultural media. Until their disposal, these activities

were reported as discontinued operations. Discontinued operations generated revenues of

CHF 13.2 million in 2012 (previous year: CHF 61.8 million). As of 31 December 2012 there

were no further discontinued operations.

Financial reporting


1050

900

750

600

450

300

150

0

Costs of materialand services

Personnelexpenses

Other operatingexpenses

Total operatingexpenses

Operating expenses

166177

415 404

288 279

Exhibit 4

880849


Operating income before depreciation and amortisation (EBITDA)

Operating income before depreciation and amortisation (EBITDA) decreased by CHF 34.3

million or 14.4 per cent to CHF 203.4 million. The EBITDA margin fell from 21.3 per cent

in the previous year to 19.3 per cent in 2012. The separately disclosed discontinued oper-

ations show a profit of CHF 0.8 million at the EBITDA level (previous year: CHF 10.2 mil-

lion).

Operating income (EBIT) was down by 20.9 per cent or CHF 37.8 million to CHF 143.0

million, while the EBITDA margin fell from 16.2 per cent in the previous year to 13.6 per

cent.

Net income

The reported net income for 2012 of CHF 152.0 million was 15.0 per cent or CHF 26.8 mil-

lion below the previous year’s figure of CHF 178.8 million. Whilst associated companies

contributed a profit of CHF 6.9 million in the previous year, they accounted for a CHF 4.0

million share of net income during the year under review. Compared with the previous

year, the 2012 figure no longer included the holding in Epsilon SA, which was sold in

2011. The rest of the change was largely attributable to the general deterioration in eco-

nomic conditions.

The financial income grew by CHF 2.3 million to CHF 30.2 million. Net financial income

resulting from the application of IAS 19 declined by CHF 5.1 million to CHF 12.8 million

in the year under review. The adjustment of CHF 18.1 million (previous year: CHF 10.6 mil-

lion) to the expected final instalment of the purchase price for Edipresse Suisse resulted

in an increase in other financial income. Income from the disposal of investments is attrib-

utable to the sale of various small investments. Exchange rate gains were down slightly,

while there was a decline in interest costs as a result of the repayment in the first half of

the year of the purchase price due in connection with the acquisition of Edipresse Suisse.


1225

1050

875

700

525

350

175

0

Operatingrevenues

Operatingexpenses

Operating incomebefore depreciation

and amortisation (EBITDA)

Operating income before depreciation and amortisation (EBITDA)

1052

1117

880849

Exhibit 5

238203


The effective tax rate increased from 17.9 per cent to 22.3 per cent. Income taxes

incurred in prior periods increased in 2012 due primarily to the offsetting for tax pur-

poses of a previously written down investments. The unrecognised deferred tax assets on

tax loss carryforwards are based on the assumption that for incurred losses the earnings

position of the companies in question does not currently make realisation possible. The

impact of deductions for investments and other non-taxable income fell considerably in

2012. This can be explained in particular by substantial write-downs, under commercial

law, of investment carrying amounts (without any deferred tax effects) 2011, which sig-

nificantly reduced the tax expense during the previous year. This one-off effect was partly

offset in 2012, as these investments were sold during the current year, resulting in

expenses that were not deductible for tax purposes from the perspective of consolidation.

Balance sheet and shareholders’ equity

Total assets increased by CHF 339.9 million, rising from CHF 1,741.0 million to CHF

2,080.9 million. Shareholders’ equity increased by CHF 232.6 million to CHF 1,188.3 mil-

lion. Contributory factors, in addition to the income level achieved, included the rise of

CHF 15.9 million in non-controlling interests in equity to CHF 184.3 million. These also

increased by CHF 170.4 million as a result of the acquisition of jobs.ch Holding AG, in

which Tamedia and the Ringier media house each hold a 50 per cent stake. Despite the

good performance of employee benefit plan assets in 2012, the actuarial changes arising

from the application of IAS 19 resulted in a net actuarial loss of CHF 30.2 million (after

deferred taxes) caused by a further reduction in the discount rate. This was recognised in

the statement of comprehensive income. An actuarial loss of CHF 68.4 million was also

reported for the previous year. CHF 59.5 million (a dividend of CHF 5.75 per share) was dis-

tributed to the shareholders of Tamedia AG from the capital contribution reserves. The

company’s equity ratio increased from 54.9 per cent to 57.1 per cent.

Financial reporting


2100

1800

1500

1200

900

600

300

0

Current assets Non-current assets Balance sheet total Liabilities Equity

Balance sheet

325410

1331

1741

2081

785

893

Exhibit 6

956

1188

1756


The current assets of continuing operations decreased by CHF 6.6 million to CHF 316.0

million. Cash and cash equivalents fell by CHF 2.9 million to CHF 111.8 million. Without

the first-time full consolidation of jobs.ch Holding AG, the fall would have been much

greater. The first-time consolidation of jobs.ch Holding AG and of FashionFriends AG

resulted in an increase in trade accounts receivable and inventories. Assets held for sale

decreased by a total of CHF 78.7 million to CHF 8.9 million. This can be attributed to the

sale of radio and TV broadcasters and specialist media (see section on Revenues) and also

to the sale in 2012 of a property included during the previous year.

The increase of CHF 425.2 million or 32.0 per cent in non-current assets was mainly due

to the increase in intangible assets. Changes in the group of consolidated companies

resulted in an increase of CHF 0.9 million in property, plant and equipment. Investments

of CHF 18.0 million in property, plant and equipment were offset by depreciation and

amortisation of continuing operations of CHF 28.7 million. Investments in the equity of

associated companies increased by a net CHF 10.8 million to CHF 104.5 million. The

investments acquired in the associated companies Immostreet.ch SA and TicinOnline SA

and the companies Karriere.at GmbH, Karriere.ch AG and x28 AG taken over in connec-

tion with the acquisition of jobs.ch Holding AG were recognised for the first time in 2012.

The corresponding value of the investment in the associated company FashionFriends AG

is no longer reported due to the latter’s full consolidation. Intangible assets increased by

CHF 425.0 million, from CHF 849.2 million to CHF 1,274.2 million, with the increase pri-

marily attributable to additions of CHF 452.6 million resulting from the change in the

group of consolidated companies relating to publishing and brand rights as well as good-

will. In addition to the intangible assets of FashionFriends AG and jobs.ch, the additions

to the group of consolidated companies comprise publishing and brand rights as well as

goodwill arising from the acquisition of the activities of Bilan, Langenthaler Tagblatt and Tri-bune des Arts. Further details on these transactions can be found in Note 1 of the Notes to


250

200

150

100

50

0

–50

–100

Total comprehensiveincome Dividends paid

Changes ingroup companies

Shares to bedelivered

Other changesin equity

Changesin equity

Changes in equity

113

–42

–62

11

172

31

–

Exhibit 7

112

233

–2

1

121


Financial reporting

the consolidated financial statements. These additions were offset by current depreciation

of CHF 28.6 million and goodwill impairment of CHF 2.3 million. No significant dispos-

als of intangible assets were reported in the year under review.

The current liabilities of continuing operations decreased by CHF 35.7 million to CHF

457.7 million. This fall can be attributed to current financial liabilities and trade accounts

payable, which were down by CHF 69.1 million and CHF 11.8 million respectively, while

the other items increased as a result of changes to the group of consolidated companies.

Liabilities associated with assets held for sale fell by CHF 12.7 million to CHF 0.4 mil-

lion. This is mainly attributable to the sale of radio and TV broadcasters and specialist

media (see section on Disposal of consolidated companies). They currently include

deferred tax liabilities covering the taxes expected in conjunction with the disposal of

properties available for sale.

Non-current liabilities increased by CHF 155.8 million to CHF 434.4 million. The

increase of CHF 108.2 million in non-current financial liabilities to CHF 198.3 million

stems mainly from the shares due over the long term to finance the acquisition of job.ch

Holding AG. The rise in non-current loans payable to third parties resulted from the first-

time inclusion of jobs.ch Holding AG. The decline in other current and non-current finan-

cial liabilities is attributable to the adjustment and repayment of the purchase price due

for the acquisition of Edipresse Suisse. The change in the group of consolidated compa-

nies was the main factor responsible for the rise of CHF 26.7 million in deferred tax liabil-

ities to CHF 134.5 million. Employee benefit assets under IAS 19 fell by CHF 20.4 million

to CHF 92.5 million as a result of actuarial losses.


225

150

75

0

–75

–150

–225

Cash flow fromoperating activities

Cash flow used ininvesting activities

Cash flow used infinancing activities

Cash flow fromdiscontinued operations

Change in cash andcash equivalents

Cash flow

191180

–20

30

62

Exhibit 8

74

–16

–62

–206

–115

33

Multi-year comparison


Multi-year comparison

2012 2011 2010 2009 2008

Operating revenues CHF mill. 1 052.4 1 117.2 745.0 749.5 890.1

Growth –5.8% 50.0% –0.6% –15.8% 19.8%

Operating income before depreciationand amortisation (EBITDA) CHF mill. 203.4 237.7 145.7 90.2 168.1

Growth –14.4% 63.1% 61.6% –46.3% 5.2%

Margin 1 19.3% 21.3% 19.6% 12.0% 18.9%

Net income (loss) of continuing operations CHF mill. 137.7 177.1 109.4 51.0 124.5

Growth –22.2% 61.8% 114.5% –59.0% –23.3%

Margin 1 13.1% 15.8% 14.7% 6.8% 14.0%

Headcount (average) 2 Number 3 360 3 301 2 164 2 339 2 452

Operating revenues per employee CHF 000 313.2 338.4 344.3 320.4 363.0

Current assets CHF mill. 324.9 410.2 243.5 303.9 270.6

Non-current assets CHF mill. 1 756.0 1 330.8 990.0 841.1 828.1

Total assets CHF mill. 2 080.9 1 741.0 1 233.6 1 145.0 1 098.7

Liabilities CHF mill. 892.6 785.2 389.8 334.6 351.2

Equity CHF mill. 1 188.3 955.8 843.7 810.3 747.5

Cash flow from (used in) operating activities CHF mill. 190.6 179.8 185.3 62.6 123.3

Cash flow from (used in) investment activities CHF mill. (206.2) (20.2) (243.4) (2.2) (62.8)

Cash flow after investing activities CHF mill. (15.6) 159.6 (58.1) 60.4 60.5

Cash flow from (used in) financing activities CHF mill. (62.3) (114.9) (25.4) (43.8) (71.9)

Cash flow from (used in) discontinued operations CHF mill. 61.8 29.8 24.0 8.6 12.4

Change in cash and cash equivalents CHF mill. (16.1) 74.3 (60.1) 25.3 1.3

Return on equity 3 12.8% 18.7% 13.1% 5.8% 14.1%

Equity ratio 4 57.1% 54.9% 68.4% 70.8% 68.0%

Internal financing ratio of net investment 5 92.4% 888.9% 76.1% 2907.9% 196.2%

Quick ratio II 6 67.0% 64.3% 70.2% 101.3% 87.6%

Debt factor 7 x 3.1 2.6 0.9 1.1 0.9

1 As a percentage of operating revenues2 Headcount in continuing operations3 Net income (loss) including non-controlling interests to shareholders‘ equity at year-end4 Equity to total assets5 Cash flow from (used in) operating activities to cash flow from (used in) investment activities6 Current assets excluding inventories to current liabilities (of continuing operations)7 Net debt (liabilities less current assets excluding inventories) to cash flow from operating activities


Information for investors

pp

2006 2007 2008 2009 2010 2011 2012 2013

Source: Thomson Reuters DatastreamTamedia N

in CHF

Swiss Performance Price adapted

Information for investors

Share price development from 3 January 2007 to 15 February 2013

Share price

in CHF 2012 2011 2010 2009 2008

High 116.90 144.90 128.00 87.50 150.00

Low 96.00 102.40 71.75 40.00 49.20

Year-end 102.70 116.50 124.10 75.50 50.00

Market capitalisation

in CHF mill. 2012 2011 2010 2009 2008

High 1 239 1 536 1 357 928 1 590

Low 1 018 1 085 761 424 522

Year-end 1 089 1 235 1 315 800 530

Financial calendar

Annual General Meeting 26 April 2013

Half-year report 22 August 2013


Key figures per share

in CHF 2012 2011 2010 2009 2008

Net income (loss) per share (undiluted) 14.54 16.82 10.61 4.48 10.72

Net income (loss) per share (diluted) 14.52 16.80 10.61 4.48 10.72

EBIT per share 13.51 17.08 10.90 4.84 12.61

EBITDA per share 19.21 22.45 14.02 8.61 15.86

Free cash flow per share (1.47) 15.08 (5.59) 5.77 5.71

Shareholders’ equity per share 112.24 90.29 81.14 7.34 70.54

Dividends per share 4.50 1 5.75 4.00 1.50 3.00

Dividend pay-out rate 2 34.6% 34.4% 38.7% 30.8% 25.5%

Dividend yield 3 4.4% 4.9% 3.2% 2.0% 6.0%

Price/earnings ratio 3 x 7.1 6.9 11.7 16.9 4.7

Price to EBIT ratio 3 x 7.6 6.8 11.4 15.6 4.0

Price to EBITDA ratio 3 x 5.3 5.2 8.9 8.8 3.2

Price to sales ratio 3 x 1.0 1.1 1.7 1.1 0.6

Price to free cash flow ratio 3 x (69.7) 7.7 (22.2) 13.1 8.8

Price to equity ratio 3 x 0.9 1.3 1.5 10.3 0.7

1 Proposed appropriation of profit by the Board of Directors2 Based on net income (loss) of continuing operations3 Based on year-end price

Capital structure

The share capital of CHF 106 million is divided into 10,600,000 registered shares at a par

value of CHF 10 each. Of these, 600,000 shares originated from a capital increase carried

out in October 2007 as part of the acquisition of Espace Media Groupe. There is no autho-

rised or conditional capital. The company holds treasury shares for profit participation

programmes as per Notes 32, 44 and 45.

A binding shareholders’ agreement is in place for 67.00 per cent of the shares. The sig-

natories to the agreement currently own 71.80 per cent of the shares.

Appropriation of profit

Tamedia pursues a results-based distribution policy. As a rule, 35 to 45 per cent of profit

is distributed in the form of dividends.

Investor Relations

Tamedia AG

Christoph Zimmer

Head of Corporate Communications

Werdstrasse 21

8021 Zurich, Switzerland

Phone: +41 (0) 44 248 41 00

Fax: +41 (0) 44 248 50 26

E-mail: [email protected]


Tamedia Group

Tamedia Group

Consolidated income statement

in CHF 000 Note 2012 2011 1

Media revenues 4 962 439 1 018 549

Printing revenues 5 54 371 55 125

Other operating revenues 6 35 587 43 517

Operating revenues 1 052 397 1 117 192

Costs of material and services 7 (165 654) (176 662)

Personnel expenses 8 (404 047) (415 328)

Other operating expenses 9 (279 338) (287 533)

Operating income before depreciation and amortisation (EBITDA) 203 358 237 669

Depreciation and amortisation 10 (60 338) (56 825)

Operating income (EBIT) 143 020 180 843

Share of net income (loss) of associated companies 11 4 010 6 943

Financial income 12 36 496 41 074

Financial expense 12 (6 256) (13 164)

Income before taxes 177 270 215 696

Income taxes 13 (39 543) (38 634)

Net income (loss) of continuing operations 137 727 177 061

Discontinued operations 15 14 305 1 737

Net income (loss) 152 031 178 798

of which

Attributable to Tamedia shareholders 153 916 178 045

Attributable to non-controlling interests 16 (1 885) 754

1 Tamedia has decided to disclose any revaluation gains in the case of step up acquisitions under other operating revenues. The prior year’s figures have

been adjusted accordingly. Further explanations can be found in the Consolidation principles.


Net income per share

in CHF Note 2012 2011

Net income (loss) per share (undiluted) 17 14.54 16.82

Net income (loss) per share (diluted) 17 14.52 16.80

Net income (loss) of continuing operations per share (undiluted) 17 13.19 16.66

Net income (loss) of continuing operations per share (diluted) 17 13.17 16.64

Tamedia Group


Consolidated statement of comprehensive income

in CHF 000 Note 2012 2011

Net income 152 031 178 798

Value fluctuation of hedges 39 (1 648) 2 937

Actuarial gains/(losses) IAS 19 23 (38 856) (87 692)

Currency translation differences 15 45

Taxes on other comprehensive income 9 011 19 276

Other comprehensive income (31 480) (65 434)

Total comprehensive income 120 552 113 364

of which

Attributable to Tamedia shareholders 122 437 112 611

Attributable to non-controlling interests (1 885) 754


Consolidated balance sheet

in CHF 000 as of 31 December Note 2012 2011

Cash and cash equivalents 111 751 114 615

Current financial assets 882 2 012

Trade accounts receivable 18 166 876 161 622

Current financial receivables 74 353

Current tax assets 1 415 6 213

Other current receivables 13 135 11 651

Accrued income and prepaid expenses 12 582 20 690

Inventories 19 9 292 5 431

Current assets of continuing operations 316 006 322 586

Assets held for sale 15 8 898 87 598

Current assets 324 904 410 184

Property, plant and equipment 20 363 068 373 686

Investments in associated companies 11 104 477 93 692

Employee benefit plan assets as per IAS 19 23 – 2 308

Other non-current financial assets 22 8 843 8 046

Deferred tax assets 14 5 432 3 840

Intangible assets 24/25 1 274 197 849 227

Non-current assets 1 756 018 1 330 800

Total assets 2 080 922 1 740 983

Current financial liabilities 26 75 518 144 633

Trade accounts payable 27 51 836 63 599

Current taxes payable 33 436 20 343

Other current liabilities 28 35 751 26 843

Deferred revenues and accrued liabilities 29 257 724 234 463

Current provisions 30 3 473 3 597

Current liabilities of continuing operations 457 739 493 479

Liabilities associated with assets held for sale 15 415 13 100

Current liabilities 458 154 506 579

Non-current financial liabilities 26 198 264 90 104

Employee benefit obligations as per IAS 19 23 92 536 72 156

Deferred tax liabilities 14 134 485 107 823

Non-current provisions 30 9 144 8 539

Non-current liabilities 434 429 278 622

Total liabilities 892 583 785 201

Share capital 31 106 000 106 000

Treasury shares 32 (18 250) (18 618)

Reserves 916 333 852 503

Equity, attributable to Tamedia shareholders 1 004 083 939 885

Equity, attributable to non-controlling interests 184 256 15 898

Equity 1 188 339 955 783

Total liabilities and shareholders’ equity 2 080 922 1 740 983

Tamedia Group


Consolidated cash flow statement

in CHF 000 2012 2011

Direct method

Receipts from products and services sold 1 035 180 1 089 912

Personnel expense (406 655) (409 402)

Expenditures for material and services received (421 736) (462 499)

Cash flow from (used in) operating activities 206 790 218 011

Dividends from associated companies 9 022 7 806

Interest paid (1 486) (2 601)

Interest received 430 294

Other financial income 42 601

Income taxes paid (24 225) (44 298)

Cash flow from (used in) operating activities 1 190 572 179 813

Investment in property, plant and equipment (17 992) (37 770)

Sale of property, plant and equipment 730 1 333

Investments in consolidated companies (173 868) 19 486

Disposals of consolidated companies – 3 616

Investments in associated companies (5 770) (12 699)

Disposals of investments in associated companies 129 12 085

Investment in other financial assets (6 661) (2 829)

Sale of other financial assets 807 2 230

Investments in intangible assets (3 536) (5 682)

Cash flow from (used in) investing activities 1 (206 161) (20 229)

Cash flow after investing activities (15 590) 159 584

Dividends paid to Tamedia shareholders (59 489) (41 637)

Increase in current financial liabilities 65 006 79 834

Decrease in current financial liabilities (212 494) (148 177)

Increase in non-current financial liabilities 191 323 631

Decrease in non-current financial liabilities (43 000) (770)

Increase/(decrease) in other non-current liabilities (1 529) –

(Purchase)/sale of treasury shares – (3 458)

Increase/(decrease) of non-controlling interests (2 083) (1 329)

Cash flow from (used in) financing activities 1 (62 266) (114 906)

Cash flow from discontinued operations 61 790 29 842

Impact of currency translation (28) (191)

Change in cash and cash equivalents (16 093) 74 329

Cash and cash equivalents as of 1 January 127 844 53 515

Cash and cash equivalents as of 31 December 111 751 114 615

Cash and cash equivalents of discontinued operations as of 31 December – 13 229

Change in cash and cash equivalents (16 093) 74 329

1 The figures relate to continuing operations.


Changes in equity

in CHF 000 Share capital Treasury shares Currency Reserves Equity, Equity, Equity

translation attributable attributable to

differences to Tamedia non-controlling

shareholders interests

As of 31 December 2010 106 000 (15 256) 723 747 733 839 200 4 540 843 740

Net income (loss) – – – 178 045 178 045 754 178 799

Value fluctuation of hedges – – – 2 937 2 937 – 2 937

Actuarial gains/(losses) IAS 19 – – – (87 692) (87 692) – (87 692)

Currency translation differences – – 45 – 45 – 45

Taxes on other comprehensive income – – – 19 276 19 276 – 19 276

Total comprehensive income – – 45 112 566 112 611 754 113 365

Dividends paid – – – (41 342) (41 342) (295) (41 637)

Change in the group of consolidated companies – – – – – 10 899 10 899

Shares to be delivered 1 – – – 31 025 31 026 – 31 026

Share-based payments – – – 1 753 1 753 – 1 753

(Purchase)/sale of treasury shares – (3 362) – – (3 362) – (3 362)

As of 31 December 2011 106 000 (18 618) 768 851 735 939 885 15 898 955 783

Net income (loss) – – – 153 916 153 916 (1 885) 152 031

Value fluctuation of hedges – – – (1 649) (1 649) – (1 649)

Actuarial gains/(losses) IAS 19 – – – (38 856) (38 856) – (38 856)

Currency translation differences – – 15 – 15 – 15

Taxes on other comprehensive income – – – 9 011 9 011 – 9 011

Total comprehensive income – – 15 122 422 122 437 (1 885) 120 552

Dividends paid – – – (59 489) (59 489) (2 083) (61 572)

Change in the group of consolidated companies – – – – – 172 325 172 325

Contractual obligations to purchaseown equity instruments/non-controlling interests – – – (780) (780) – (780)

Share-based payments – – – 1 663 1 663 – 1 663

(Purchase)/sale of treasury shares – 368 – – 368 – 368

As of 31 December 2012 106 000 (18 250) 783 915 551 1 004 083 184 256 1 188 339

1 The purchase price for the remaining 49.9 per cent of the Edipresse Suisse capital includes 250,000 shares of Tamedia AG. The value of these shares has been determined at the time of the

acquisition at CHF 31.0 million on the basis of the share price at 31 December 2010 and was directly recognised in shareholders’ equity (see also Note 1).

Tamedia Group


Investments

The Group companies of Tamedia as of 31 December 2012 were as follows:

Name Domicile Currency Share capital Business Consolidation Share of Share of

in CHF 000 division method Group Group voting

capital 2012 rights 2012

Tamedia AG Zurich CHF 106 000 R/N/D V – –

20 Minuten AG Zurich CHF 5 000 N/D V 100.0% 100.0%

20 minuti Ticino SA Lugano CHF 300 N/D Q 50.0% 50.0%

Car4you Schweiz AG Zurich CHF 1 200 D V 100.0% 100.0%

Comfriends SA Lausanne CHF 1 000 D V 100.0% 100.0%

Doodle AG Zurich CHF 100 D E 49.0% 49.0%

Edita SA Luxembourg EUR 50 N Q 50.0% 50.0%

Espace Media AG Berne CHF 5 000 R V 100.0% 100.0%

Büchler Grafino AG Berne CHF 9 900 R V 100.0% 100.0%

Burgdorfer Tagblatt AG (in liquidation) Burgdorf CHF 82 N E 30.0% 30.0%

Schaer Thun AG Thun CHF 2 250 R V 100.0% 100.0%

Berner Oberland Medien AG Uetendorf CHF 500 R Q 50.0% 50.0%

Thuner Amtsanzeiger 1 Thun CHF – R E 45.0% 45.0%

FashionFriends AG Langenthal CHF 231 D V 65.0% 65.0%

Glattaler AG Dübendorf CHF 100 R V 80.0% 80.0%

Homegate AG Adliswil CHF 1 000 D V 90.0% 90.0%

ImmoStreet.ch Lausanne CHF 700 D E 20.0% 20.0%

Jobs.ch Holding AG Zurich CHF 18 746 D V 50.0% 50.0%

Jobs.ch AG Zurich CHF 232 D V 50.0% 50.0%

Stellen.com AG Zurich CHF 100 D V 50.0% 50.0%

Karriere.at GmbH Linz EUR 40 D E 24.5% 24.5%

Karriere.ch AG Zug CHF 200 D E 18.0% 18.0%

x28 AG Thalwil CHF 100 D E 10.0% 10.0%

Jobup AG Zurich CHF 100 D V 100.0% 100.0%

Jobsuchmaschine AG Berne CHF 100 D E 49.0% 49.0%

Newsnet 1 Zurich CHF – D V 81.3% 81.3%

Olmero AG Opfikon CHF 208 D E 24.4% 24.4%

1 Sole proprietorship

Business division

N = Print National

R = Print Regional

D = Digital

Consolidation and measurement methods

V = Full consolidation

Q = Proportionate consolidation

E = Accounted for using the equity method


Name Domicile Currency Share capital Business Consolidation Share of Share of

in CHF 000 division method Group Group voting

capital 2012 rights 2012

Presse Publications SR S.A. Lausanne CHF 43 500 R V 100.0% 100.0%

CIE Centre d’Impression SA Lausanne CHF 10 000 R V 100.0% 100.0%

Tamedia Publications romandes SA Lausanne CHF 7 500 R V 100.0% 100.0%

ER Publishing SA Lausanne CHF 2 000 R Q 50.0% 50.0%

Le Temps SA Geneva CHF 5 000 R Q 46.2% 46.2%

La Région Hebdo SA Yverdon-les-Bains CHF 100 R E 24.0% 24.0%

Editions Le Régional SA Vevey CHF 482 R V 87.8% 87.8%

LC Lausanne Cités SA Lausanne CHF 50 R Q 50.0% 50.0%

Payot Naville Distribution SA Corminbœuf CHF 30 000 R E 35.0% 35.0%

Point Prod’ SA Carouge CHF 133 R E 30.0% 30.0%

Romandie Online SA, in liquidation Nyon CHF 250 D Q 50.0% 50.0%

SA de la Tribune de Genève Geneva CHF 1 500 R V 100.0% 100.0%

Société de Publications Nouvelles SPN SA Geneva CHF 1 000 R Q 50.0% 50.0%

Virtual Network SA Nyon CHF 100 D E 20.0% 20.0%

Search.ch AG Zug CHF 100 D V 75.0% 75.0%

Schweizerische Depeschenagentur AG Berne CHF 2 000 N E 29.1% 29.1%

Scoup AG Zurich CHF 60 D V 75.0% 75.0%

SMD Schweizer Mediendatenbank AG Zurich CHF 900 N E 33.3% 33.3%

Swissdox AG Zurich CHF 100 R E 33.3% 33.3%

Tagblatt der Stadt Zürich AG Zurich CHF 200 R V 85.0% 85.0%

Tages-Anzeiger Verlag AG Zurich CHF 100 R V 100.0% 100.0%

TVtäglich 1 Zurich CHF – R Q 50.0% 50.0%

Verlag Finanz und Wirtschaft AG Zurich CHF 1 000 N V 100.0% 100.0%

Winner AG Zurich CHF 100 R V 100.0% 100.0%

Zattoo Schweiz AG Zurich CHF 130 D E 24.5% 24.5%

Ziegler Druck- und Verlags-AG Winterthur CHF 3 326 R E 20.0% 20.0%

Zürcher Oberland Medien AG Wetzikon CHF 1 800 R E 37.6% 37.6%

ZO Wochenzeitungen AG Wetzikon CHF 100 R E 37.6% 37.6%

Zürcher Regionalzeitungen AG Stäfa CHF 100 R V 100.0% 100.0%

DZO Druck Oetwil a.S. AG Oetwil a.S. CHF 5 000 R V 100.0% 100.0%

Neue Bülacher Tagblatt AG Bülach CHF 200 R V 100.0% 100.0%

1 Sole proprietorship

Business division

N = Print National

R = Print Regional

D = Digital

Consolidation and measurement methods

V = Full consolidation

Q = Proportionate consolidation

E = Accounted for using the equity method

Explanations detailing the significant changes to the consolidated investments are pro-

vided in Note 1, and those to investments in associated companies in Note 11.

Tamedia Group


Principal shareholders

Name 2012 1 2011 1 2010 1

Dr. Severin Coninx, Berne 13.20% 13.20% 13.20%

Rena Maya Coninx Supino, Zurich 12.95% 12.95% 12.95%

Dr. Hans Heinrich Coninx, Küsnacht 11.93% 2 11.93% 11.93%

Annette Coninx Kull, Wettswil a.A. 11.85% 3 11.85% 11.85%

Ellermann Lawena Stiftung, FL-Vaduz 6.94% 6.94% 6.94%

Ellermann Pyrit GmbH, Stuttgart, Germany 6.93% 6.93% 6.93%

Ellermann Rappenstein Stiftung, FL-Vaduz 5.86% 5.86% 5.86%

Other members of the shareholders’ agreement 2.15% 2.15% 2.15%

Total members of the shareholders’ agreement 71.80% 71.80% 71.80%

Tweedy Browne Company LLC 4.53% 4.53% 4.52%

Regula Hauser-Coninx, Weggis 4.63% 4.63% 4.63%

Montalto Holding AG, Zug 1.83% 1.83% 1.83%

Epicea Holding AG, Zug 1.42% 1.42% 1.42%

Other members of the shareholders’ group 0.69% 0.69% 0.69%

Total members of the shareholders’ group

Reinhardt-Scherz 3.94% 3.94% 3.94%

1 The disclosures as of 31 December relate to the total of 10.6 million registered shares issued.

2 Of which rights of usufruct in relation to 393,234 registered shares owned by Martin Coninx (Männedorf),

rights of usufruct in relation to 393,233 registered shares owned by Claudia Isabella Kaczynski-Coninx (Zollikon)

and rights of usufruct in relation to 393,233 registered shares owned by Christoph Coninx (Schlieren).

3 Of which rights of usufruct in relation to 586,021 registered shares owned by Fabia Schulthess (Zurich) and rights of usufruct in relation to

586,022 registered shares owned by Andreas Schulthess (Wettswil).

45

Significant events after the balance sheet date

Purchase of MetroXpress Denmark SA

As of the beginning of 2013 20 Minuten AG acquired from media houses Metro Interna-

tional S.A. (formerly 51 per cent), A-Pressen and JP/Politikens Hus (formerly 24.5 per cent

each), MetroXpress Denmark SA, which operates the free commuter newspapers MetroX-press and 24timer, as well as the associated news portals. The cost of the transaction

amounted to CHF 20.0 million in cash, of which CHF 6.1 million related to the purchase

of shares and CHF 13.9 million to the acquisition of loans.

Assets of CHF 30.2 million and liabilities of CHF 24.1 million were acquired during the

first-time consolidation with effect from 1 January 2013. In addition to cash and cash

equivalents totalling CHF 1.5 million, assets comprise goodwill and intangible assets

amounting to 81 per cent of total assets or CHF 24.5 million. Goodwill is assumed not to

be deductible for tax purposes. Details of the first-time consolidation are based on provi-

sional values and estimates.

46

Contacts Imprint

CCoonnttaacctt Tamedia AGWerdstrasse 21CH-8021 ZurichPhone +41 (0) 44 248 41 11Web www.tamedia.chE-mail [email protected]

IInnvveessttoorr RReellaattiioonnss Tamedia AGChristoph ZimmerHead of Corporate CommunicationsWerdstrasse 21CH-8021 ZurichPhone +41 (0) 44 248 41 00 E-mail [email protected]

IImmpprriinntt Corporate Communications Tamedia (Project management)General Secretariat (Coordination with the Board)Nose Design AG, Zurich (Concept and Design)Karin Heer (Photography)MDD Management Digital Data AG, Lenzburg (Production)CLS Communication (Translation)Tamedia (Proofreading)galledia, Flawil (Printing)

Electronic versions available to download at:www.tamedia.ch, Investor Relations, Financial Reports

Please order your copy of the Annual Report from:Tamedia AG, Corporate Communications, Werdstrasse 21, CH-8021 Zurich, Phone +41 (0) 44 248 41 90, Fax +41 (0) 44 248 50 26, [email protected]

executive report 2012 - tx.group...headcount as of balance sheet date1 3 471 3 330 4.2% operating...

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