Date post: | 08-May-2015 |
Category: |
Investor Relations |
Upload: | publigroupe |
View: | 2,041 times |
Download: | 5 times |
FINANCIAL RESULTS HY1 2011FINANCIAL RESULTS HY1 2011
PubliGroupe shows net profit 2011 of CHF 14 9 million –PubliGroupe shows net profit 2011 of CHF 14.9 million
operating result (EBIT) improved – higher online revenue
1
Overview presentation order
Agenda item Presenterg
Overview of 2011 figures & main developments
& o er ie segment res lts
Hans-Peter Rohner:
CEO & Chairman of the Board1
& overview segment results CEO & Chairman of the Board
Key financials group Andreas Schmidt:
Chief Financial Officer2
Conclusion & outlook 2011 Hans-Peter Rohner:
CEO & Chairman of the Board3
CEO & Chairman of the Board
2
OVERVIEW HY1 2011 FIGURES1 OVERVIEW HY1 2011 FIGURESMore efficient organisation offsets drop in topline;
solid Search & Find; strong DMS and Zanox
Hans-Peter Rohner
CEO & Chairman of the Board
3
HY1 2011 group results Net result up 8% on a like for like basis
1
2
3
Net result up 8% on a like-for-like basis
� Net result lower as first half of 2010 was strongly influenced by non-recurring one-off elements; operating result (EBIT) improved 23% 1 000
HY1 2010 HY1 2011
Sales and gross margin, in millions of CHF
result (EBIT) improved 23%.
� On a like-for-like basis, HY1 2011 net result up 8% to CHF 7.6 million (HY1 2010: CHF 7 million), operating result up 17% to CHF 7.9 million (HY1 2010: CHF 6.8 million), owing again to a significantly lower cost base
714.1637.5
600
800
1,000 -11%
-7%), g g g yof CHF 9.8 million.
� Sales lower due to currency effects and smaller volumes in the traditional business areas, especially print and TV, online growth continues.
153.4 142.2
0
200
400
Sales Gross margin
%
� Mixed picture for segments:
– Media Sales: negative EBIT mainly due to complete amortisation of goodwill of TV (CHF 5.1 million)
– Search & Find’s solid EBIT affected by investments 40
HY1 2010 HY1 2011
EBIT and net profit, in millions of CHF
Sales Gross margin
yin home.ch, marketing, structural adjustments
– Strong DMS with EBIT of CHF 4 million, mainly due to strong performance of Zanox and Namics
� Despite current economic woes and difficulty of 11.3
26.6
13.8 14.920
30
40
+23%
-44%
Despite current economic woes and difficulty of forecasting the macro economic development, PG expects improvement of last year’s operative result (EBIT) for the full year 2011. 0
10
EBIT Net profit
4
HY1 2011 business segment summaryEBIT up 23% helped by one time profits with Corporate
1
2
3
EBIT up 23%, helped by one-time profits with Corporate
EBIT, in millions of CHF� EBIT lower mostly because of complete TV
amortisation of goodwill
� EBITDA in line with previous year, even slightly
s
p y , g y
higher reaching CHF 0.4 million
� Publicitas branch network Switzerland with positive
results for the first half year
� International: business suffers under currency
impact and some shifts in budgets from the 1st to the
Med
ia S
ale
s
9.48 810
15
HY1 2010 HY1 2011
p g
2nd semester
� Comparable expenses down 14%
& � EBIT lower owing to significant investments
� Traditionally profiting from a much stronger second
9.4
2.6 3.0
7.2
4.0
8.8
5
10
Searc
h
Fin
d � Traditionally profiting from a much stronger second
half in terms of sales, full-year profits should be at
least in the order of last year’s results
EBIT b tt b f t ti l
0
DM
S
� EBIT better because of strong operational
performance at Zanox and Namics, the two most
important assets
� EBITDA of Zanox +18% to reach EUR 13.2 million
-3.7
-6.2
-10
-5
&S C
Co
rpo
rate
& o
thers � Continued divestment of non-strategic assets in
China (Emphasis Video Entertainment, City Media,
Huashang Media Group) lead to one-time profits at
corporate level
Media
Sales
Digital &
Marketing
Services
Search
& Find
Corporate
& others
5
HY1 2011 online performanceStrong online growth driven by Zanox and Namics
1
2
3
Strong online growth – driven by Zanox and Namics
� Online revenue consolidated in PubliGroupe
numbers: +13% to CHF 73 million; +17% at Online sales, in millions of CHF
constant exchange rates.
� Online revenue incl. participations: +8% to
CHF 340 million; +20% at constant exchange
rates
400
Associated companies Publigroupe
314
340
(Zanox and local.ch)
rates.
� Total revenue from online (incl. participations)
represents 38% of total business generated
by PubliGroupe and associated companies 249267200
300
227
by PubliGroupe and associated companies.
� PubliGroupe expands its position as a key
player in the online market in Switzerland
(through Namics and Instanz) and with Zanox64 73
177100
(in partnership with Axel Springer) in Western
Europe and increasingly worldwide.50
64 73
0
HY1 2009 HY1 2010 HY1 2011
Total revenue Total revenue Total revenue
HY1 2009 :
CHF 951 m
(online 24%)
HY1 2010 :
CHF 942 m
(online 33%)
HY1 2011 :
CHF 884 m
(online 38%)
6
Media SalesVolume mainly down due to non continued TV activities and currency effects
1
2
3
Volume mainly down due to non-continued TV activities and currency effects
� Sales decrease by 12% to CHF 517.2 million
versus CHF 588.1 million in the previous year. 800
HY1 2010 HY1 2011
Sales, in millions of CHF
� Major reason for the lower business volume was
the result of the termination of the TV
commercialisation agreements which represented
almost CHF 30 million.
588.1517.2
400
600
800-12%
almost CHF 30 million.
� Print activities in Switzerland drop of 6%,
international volume down by 11%, only because of
currency effects (at constant exchange rates
international business with +2%)
0
200
Salesinternational business with +2%).
� The CHF 5.1 million one-time complete impairment
of goodwill in the TV business plus other related
costs resulted in a negative segment EBIT of CHF -94 4
HY1 2010 HY1 2011
Gross margin and EBIT, in millions of CHF
-14%
6.2 million.
� EBITDA positive with CHF 0.4 million (first half of
2010: CHF 0.0 million)
� Comparable expenses for the segment dropped
94.480.8
20
40
60
80
100
� Comparable expenses for the segment dropped
14% from CHF 93 million in 2010 to CHF 80.4
million year-to-date 2011, down from CHF 145.4
million in 2007.
-3.7 -6.2-20
0
20
Gross margin EBIT
7
Media SalesGood operational performance by Publicitas branch network
1
2
3
Good operational performance by Publicitas branch network
� Activities in Switzerland confirm their profitable
turnaround, especially thanks to a good 800
HY1 2010 HY1 2011
Media Sales Switzerland*, in millions of CHF
performance of the traditional Publicitas branch
network in the regional/local markets, despite
overall decline of business in Switzerland of 6%.
� The volume of the international business
435.9 408.4400
600
800
-6%
� The volume of the international business,
representing less than 20% of total Media Sales
business, drops 11%, mainly due to negative
currency impacts of a lower USD and euro. 0
200
Sales* Does not include Electronic Media
� The termination of the TV commercialisation
agreements with the ProSiebenSat1 and 3+ groups
decreased sales by almost CHF 30 million and
gross margin by CHF 4.4 million. Total EBIT decline29.3
30HY1 2010 HY1 2011
Analysis Media Sales TV business 2011/2010,in millions of CHF
gross margin by CHF 4.4 million. Total EBIT decline
due to termination of CHF 5.5 million.
� PubliGroupe had previously decided not to enter
guarantee-based television agreements in favour of 4.4
0.40.3 0.0
10
a performance-oriented profitability approach
across all media categories. -5.5-10
Gross margin EBITSales
8
Search & Find Investing in the future
1
2
3
Investing in the future
� Good volume development, despite lower sales in
traditional print business that saw a decline of 80
HY1 2010 HY1 2011
Sales, in millions of CHF
-11%, largely offset by good growth in online search
services (+11%).
� EBIT down mainly because of investments being
undertaken in the online platform home ch higher
46.350.4
40
60
80
+9%
undertaken in the online platform home.ch, higher
marketing efforts during the first semester and
continued one-off costs associated with structural
adjustments and the development of new online
services
0
20
Salesservices.
� Margins will increaslingly profit from a reduction of
direct costs, such as from the optimisation of paper
purchasing and production of print products with 40
HY1 2010 HY1 2011
Gross margin and EBIT, in millions of CHF
+2%purchasing and production of print products with
fewer suppliers
� Traditionally profiting from a much stronger second
half in terms of sales, S&F full-year profits should
31.6
9.4
32.1
7 2
20
30
40
-23%
be at least in the order of last year’s results. 9.4
7.2
0
10
Gross margin EBIT
9
Consolidation P+S (local ch Swisscom Directories home ch LTV)
1
2
3
(local.ch, Swisscom Directories, home.ch, LTV)
Unique audience HY1 2011, in millions
3.5
In millionsof CHF
HY12011
HY1 2010
%
Revenue
1 0
1.5
2.0
2.5
3.0Print
Online
Other
42.1
29.4
26.3
47.6
26.4
24.5
-11%
11%
7%
lity
EBITDA th 1%
0.0
0.5
1.0
Go
og
le
Ma
ps
ue
win
cal.
ch
rch
.ch
nb
uch
rch
.ch
rch
.ch
Se
ite
n
tori
es
ide
.ch
AT
E 2
4
QY
PE
oca
l.ch
elp
.ch
Other
Total revenue
26.3
97.8
24.5
98.5
7%
-1%
Profitabi EBITDA growth +1%
EBIT growth +2%
G
Go
og
le
Bl u
Loc
sea
Te
lefo
n
tel.
sea
r
ma
p.s
ea
r
Ge
lbe
S
Dir
ect
Sw
issg
u
GA
ma
p.l
o H
� 11% revenue growth on broad screen, confirms
leading position of local.ch in Switzerland, ahead
of search.ch, just after Google Maps based on
unique audience26.4
29.4
20
30
40
Online broad screen (local.ch + home.ch),in millions of CHF
+11%
� Leadership position on mobile
� Home.ch already #3 in real estate market 0
10
20
HY1 2010 HY1 2011
10
Local.chSuccessfully strengthened leading position on mobile
1
2
3
1 2
Successfully strengthened leading position on mobile
� More than 1 million
downloads of local app
0 8
1.0
1.2 > 1 million
downloads
on all mobile platforms
(iOS,Android,Blackberry,
W7,Nokia)
24% th f millio
ns
Mo
nth
ly
0 4
0.6
0.8
24% usage
growth
� 24% usage growth of
local.ch app on iPhone
since January 2011
U t t d #1 i
Cumulative downloads
on all platforms
ow
nlo
ad
s, in
m
us
e iP
ho
ne
, in
0 0
0.2
0.4� Uncontested #1 in
Mobile search & find Ap
p d
o
n m
illion
s
0.0
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul
Occasional use (>1 day per month)
Frequent use (5 days per month)
Active use (>10 days per month)
Source: Official platform Stores (iOS,Android,Blackberry,W7,Nokia)
Source: Usage rating by Apple
Active use (>10 days per month)
11
Digital & Marketing Services Strong operational performance
1
2
3
� The Zanox group continues its strong performance
as Europe's #1 Performance Advertising Network. 75.0 SVB
Strong operational performance
70.362 9-10%
DMS Sales, in millions of CHF
The acquisition of M4N (NL) and geographical
expansion (e.g. Poland, Turkey) accelerate growth.
EUR 208m sales in HY 1 (+ 22% vs. PY). 51.2 40.2
25 0
50.0
SVB
Digital62.910%
� DMS sales declined by -10% (-2% without currency
impact) as reduction of traditional media budgets of
SVB’s clients continues. Very good revenue
development at Namics (+11% vs. PY).
19.1 22.8
0.0
25.0
HY1 2010 HY1 2011Note: Zanox Group not included; includes FX impact of -8%
� Gross profit +6% was supported by expansion at
Namics and improved margins.
DMS gross margin and EBIT, in millions of CHF
25 230 HY1 2010
p ; p
+6%
� Reported EBIT grew +53% (+74% w/o FX) driven by
Zanox & Namics performance as well as a one time
temporary effects (CHF 2.1m).
23.8 25.2
10
20
HY1 2011
+58%
� DMS further expands its footprint in "online
performance marketing”, a fast growing area with
higher margins than traditional online segments.Gross Profit EBIT
2.6 4.0
0
10
12
Digital & Marketing Services Zanox grows top and bottom line
1
2
3
Zanox grows top and bottom line
� Zanox with strong top and bottom line since
creation of joint-venture: revenue growth of 29%
Zanox Sales & EBITDA, in millions of EUR
+22% +18%
169.8
207.8
100
150
200
250
11.2
13.2
5
10
15CAGR; EBITDA growth of 20% CAGR.
� Growth as a result of both positive organic
development and acquisitions.
22%
0
50
HY1 2010 HY1 2011
0
5
HY1 2010 HY1 2011
Sales EBITDA
� Zanox with leading market position in
Performance Advertising Network segment.
Zanox Group
Geographic Positioning
� Geographic footprint further
� Geographic expansion (organic and through
acquisitions) playing an important role in the
growth strategy.
g p p
strengthened
� New no. 1 player in Benelux
after M4N acquisition
� Offices in Turkey and
Poland operational - CH in
� 8 of 10 regions are showing double-digit
revenue growth for 2011
p
continued build-up phase
� Expansion to Brazil in
progress together with key
client
13
KEY FINANCIALS GROUP2 KEY FINANCIALS GROUP2
Well capitalised, solid cash flow
Andreas SchmidtAndreas Schmidt
Chief Financial Officer
14
P&L GroupExpense reduction compensates for gross margin decline
1
2
3
in millions of CHF Change % HY1 2011
HY1 2010
Restated
Expense reduction compensates for gross margin decline
in millions of CHF Change % HY1 2011 Restated
Revenue - 11% 637.5 714.1
Gross margin - 7% 142.2 153.4
Expenses - 11% -131.1 -146.6
EBITDA + 64% 11.1 6.8
EBIT + 23% 13.8 11.3
Financial result - 98% 0.4 16.4
Taxes 1 3Taxes - - -1.3
Non-controlling interests + 185% 0.7 0.2
Net result - 44% 14.9 26.6
15
Extraordinary items HY1 2011 Again important gains from divestments
1
2
3
Again important gains from divestments
i illi f CHF
Net Result 2011 - nominal 14.9
in millions of CHF
Divestment 13.5
Impairments -6.6
Others 0 5Others 0.5
Total non recurring elements 7.3
Net result 2011 - comparable 7.6
16
Net result - cause of changePerformance improved thanks to reduced expenses and associates
1
2
3
Performance improved thanks to reduced expenses and associates
26.6NET RESULT 2010 26.6
7.0
11 2
19.6
Gross margin
COMPARABLE 2010
One Time Events 2010
NET RESULT 2010
1 6
1.0
9.8
-11.2
A i t d
Depreciation
Expenses
Gross margin
0.3
1.6
-1.3
Taxes
Financial result
Associated
7.6
7.3
0.5
One Time Events 2011
COMPARABLE 2011
Minority interests
14.9
-10 -5 0 5 10 15 20 25 30
NET RESULT 2011
in millions of CHF
17
Cash flow statementSeasonal working capital needs affect operational cash flow
1
2
3
Seasonal working capital needs affect operational cash flow
1st half year
2011
1st half year
2010
in millions of CHF restatedin millions of CHF restated
Cash and cash equivalents as of 1 January 102.6 58.0
Cash flows from operating activities -23 5 -23 5Cash flows from operating activities 23.5 23.5
Cash flows from investing activities 16.7 88.5
Cash flows from financing activities -15 7 -44 8Cash flows from financing activities 15.7 44.8
Effect of exchange rates -2.6 -0.3
Cash and cash equivalents as of 30 June 77.5 77.9Cash and cash equivalents as of 30 June 77.5 77.9
18
Group balance sheet Solid balance sheet and still solid net liquidity
1
2
3
Solid balance sheet and still solid net liquidity
in millions of CHF Change as of 30 June 2011 as of 31 December 2010in millions of CHF Change as of 30 June 2011 as of 31 December 2010
Currents assets -7% 386.0 416.7
Non-current assets -6% 416.3 444.2
Total assets -7% 802.3 860.9
Current liabilities -9% 272.3 297.9
Non current liabilities 14% 102 1 118 8Non-current liabilities -14% 102.1 118.8
Equity, shareholders of PubliGroupe Ltd. -2% 401.1 410.8
Non-controlling interests -20% 26.8 33.4
Total liabilities and equity -7% 802.3 860.9
Equity in % of assets 50% 48%
Net short-term group liquidity 79 118
Bank debt 93 93
19
CONCLUSION3 CONCLUSION3
Conclusion & outlook 2011
Hans-Peter RohnerHans-Peter Rohner
CEO & Chairman of the Board
20
Conclusion & outlookOperationally largely improved solidly financed well positioned
1
2
3
� Results of the first six months of 2011 confirm that PubliGroupe continues to witness an
anticipated shrinking of its top line in the traditional business that is managed through a
Operationally largely improved, solidly financed, well positioned
anticipated shrinking of its top line in the traditional business that is managed through a
leaner, more effective organisation.
� The double-digit growth of the operational result on a like-for-like basis shows ability toThe double digit growth of the operational result on a like for like basis shows ability to
adapt to changing economic conditions. This management culture will continue.
� PubliGroupe continues to see the benefits of its successful investments in its online
business, which has become even more important.
� Despite the current economic woes and the difficulty of forecasting the macro economic
d l t d it i t th d ti i di PG f th t it ill idevelopment and its impact on the advertising spending, PG foresees that it will improve
last year’s operative result (EBIT) for the full year 2011. The level of improvement will
depend on the further economic development.
21
Backup Slides
22
Comparable expenses by segment Backup
in millions of CHF Change
1st half
year 2011
1st half year
2010 restatedin millions of CHF Change year 2011 2010 restated
Search & Find 6% 30.7 28.8
Media Sales -14% 80.4 93.0
Custom Publishing - 0.0 5.1
Digital & Marketing Services 4% 25.1 24.1
C t & Oth 54% 11 3 7 3Corporate & Others 54% 11.3 7.3
Eliminations -21% -4.3 -5.4
Comparable expenses -6% 143.2 152.9
Non recurring elements 92% 12.1 6.3
Total expenses -11% 131.1 146.6
� CHF 9.8 millions or 6% overall expenses reduction on comparable basis
23
Consolidated income statement Backup
in millions of CHF Change 1st half year 2011
1st half year
2010 restated
Revenue -11% 637 5 714 1Revenue -11% 637.5 714.1
Purchases -11% -469.0 -526.2
Sales reductions -24% -26.3 -34.5
Gross margin -7% 142.2 153.4
Personnel expenses -9% -110 9 -121 3Personnel expenses -9% -110.9 -121.3
General and administrative expenses -5% -35.9 -37.8
Other income and expenses 26% 15.7 12.5
EBITDA 64% 11.1 6.8
Depreciation and amortisation 10% 8 5 9 4Depreciation and amortisation -10% -8.5 -9.4
Impairment loss -6.6 -1.8
Share in result of associates 13% 17.8 15.7
Operating result (EBIT) 23% 13.8 11.3
Financial result 98% 0 4 16 4Financial result -98% 0.4 16.4
Result before income tax -49% 14.2 27.7
Income tax expense 0.0 -1.3
Result -46% 14.2 26.4
Result attributable to:
- Non-controlling interests 185% -0.7 -0.2
- Shareholders of PubliGroupe Ltd -44% 14.9 26.6
24
Consolidated balance sheetAssets
Backup
Assets
as of 30 June as of 31 December
i illi f CHF Ch 2011 2010in millions of CHF Change 2011 2010
Cash and cash equivalents -24% 77.5 102.6
Marketable and available-for-sale securities 2% 15.7 15.3
Receivables, accruals and taxes receivables -5% 283.8 298.8
Assets held for sale - 9.0 0.0
Current assets -7% 386.0 416.7
Land and buildings -13% 65.9 75.6
Other tangible and intangible assets -11% 65.0 72.9g g
Investments in associates 1% 234.0 232.7
Actifs financiers et impôts différés -18% 51.4 63.0
Non-current assets -6% 416.3 444.2
Total assets -7% 802.3 860.9
25
Consolidated balance sheetLiabilities
Backup
Liabilities
as of 30 June as of 31 December
in millions of CHF Change 2011 2010
Current debts - 13.9 0.0
Payables, accruals and taxes payables -13% 252.4 289.7
Long and short term provisions, deferred taxes -13% 26.5 30.4
Non-current debts -16% 81.6 96.6
Total liabilities -10% 374.4 416.7Total liabilities 10% 374.4 416.7
Share capital - 2.5 2.5
Treasury shares -6% -49.6 -52.6
R 3% 448 2 460 9Reserves -3% 448.2 460.9
Equity, shareholders of PubliGroupe Ltd -2% 401.1 410.8
Non-controlling interests -20% 26.8 33.4
Total equity -4% 427.9 444.2
Total liabilities and equity -7% 802.3 860.9
26
Cash flow from operating activities Backup
in millions of CHF
1st half
year 2011
1st half year
2010 restatedin millions of CHF year 2011 2010 restated
Result 14.2 26.4
Adjustments for non-cash items -15.4 -26.4
Dividends paid to non-controlling interests by Group companies -6.0 -8.9
Dividends received 9.9 9.0
Interest received 0.7 0.5
Interest paid -1.7 -1.8
Taxes paid -2.2 -6.5
Use of provisions -2.3 -3.0
Working capital changes -20.7 -12.8
Cash flows from operating activities -23.5 -23.5
27
Cash flow from financing activities Backup
in millions of CHF
1st half
year 2011
1st half year
2010 restatedin millions of CHF year 2011 2010 restated
Acquisitions of tangible assets -1.6 -1.2
Disposals of tangible assets 0.3 12.6
Acquisitions of intangible assets -6.2 -8.1
Disposals of marketable securities 0.0 0.4
Acquisitions of subsidiaries, net of cash acquired -1.7 -5.3
Disposals of subsidiaries, net of cash disposed of 11.7 0.0
Disposals of associates 0.4 21.7
Investments in financial assets 1 0 6 9Investments in financial assets -1.0 -6.9
Divestments of financial assets 14.8 75.3
Cash flows from investing activities 16.7 88.5
28
Cash flow from investing activities Backup
in millions of CHF
1st half
year 2011
1st half year
2010 restatedin millions of CHF year 2011 2010 restated
Increase /(decrease) in bank debts 0.9 -45.0
Capital contribution from non-controlling interests 0.0 0.1
Purchase of treasury shares -1.1 0.0
Sale of treasury shares 1.1 0.2
Acquisition of non-controlling interests -2.6 -0.2
Increase in additional paid-in capital 0.1 0.1
Dividend paid to shareholders of PubliGroupe Ltd -14 1 0 0Dividend paid to shareholders of PubliGroupe Ltd -14.1 0.0
Cash flows from financing activities -15.7 -44.8
29
Digital & Marketing Services EBIT Pro Forma
Backup
� The EBIT Pro Forma gives a comparable view of the
high operational EBIT contribution of DMS
EBIT Pro Forma
DMS EBIT, in millions of CHF
10Pro Forma
companies (PG share).
� EBIT Pro Forma is derived by eliminating
- depreciation of intangible assets (PPA) &
7.5
6.4
8
10 Reported
-14%
- PG's share of interest and taxes in the net
result of the Zanox group
� EBIT Pro Forma is 1.6x EBIT reported
4.9 2.4
4
6
+58%
� EBIT Pro Forma fell by 14% (-3% w/o FX) partially
due to increased investments resp. depreciation at
Zanox
2.6
4.0
0
2
HY1 2010 HY1 2011
30