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Swiss Equity Conference Zurich
Zurich, 13 September 2011
Results FY 2010 and HY1 2011 confirm PubliGroupe’s successful transformation and migration to becoming a leading service provider in the field of classic and digital media
Hans-Peter RohnerCEO & Chairman of the Board
2
Agenda
Background group & short presentation segments
Strategy & outlook
1
2
3
Key financials full year 2010 & half-year 2011
3
PubliGroupe Marketing. More. Effective.
PubliGroupe is a leading Swiss-based provider of marketing and media sales services, enabling advertisers to spend their marketing budgets more effectively and allowing media owners to help monetise their reach more successfully.
Ultimate goal is to make marketing processes more effective for their clients, be it in traditional or digital media.
The group is organised into three client-oriented business segments: “Media Sales”, “Search & Find” and “Digital & Marketing Services”.
Listed on the Swiss stock exchange (PUBN).
Digital & Marketing Services
Search & Find
Producer and seller of media products facilitating the search for persons, companies, productsand services focusing on local markets.
Media Sales
Preferred partner for media owners and advertisers worldwide, using effective advertising solutions.
Portfolio of leading international marketing and technology service companies, helping brand owners to spendmarketing budgets more effectively.
1
2
3
4
Performance-oriented full-service provider
PubliGroupe is a performance-oriented full-service provider, employing state-of-the-art data processing tools and information technology.
Each segment has a clear strategy, defined growth targets and agreed performance objectives.
1
2
3
* * *
* Zanox Group subsidiaries; note: Digital Window is the holding company for Affiliate Window and buy.at
5
A group generating 1.5 billion CHF in revenue, with a strong presence in Switzerland and Europe
The group is present in 22 countries, with about 2300 employees
The group has more than 400’000 customers: - Private persons- SME- National advertisers- International brands
The group cooperates with: - Well-known media companies- Digital Media owners- Different types of websites
1
2
3
MSN
6
Who are we:
The leading international global media sales company with 125 sales outlets in 20 countries
… representing the most prestigious media companies … offering innovative media and marketing solutions … relying on an unrivalled sales force
Our mission:
To be the preferred partner for media owners and advertisers worldwide
… capitalising on long term relationships with media partners
… bringing innovative solutions and a high-level entrepreneurial spirit
… and global media competence to the table
Media Sales: 125 sales outlets in 20 countries
SwitzerlandHQ in Zurich
Americas Europe Asia/ Pacific India
Canada Austria Belgium France Australia China JapanUSA Germany Greece Italy Malaysia Singapore Taiwan
Netherlands Spain UK Thailand
1
2
3
7
Agencies
Media channels
ConsumersPublicitasAnnonceurs
PrivéLocalRegionalNationalInternational
An unrivalled sales force that ensures closeness with our advertisers
A comprehensive media portfolio based on long-term relationships
Multi-channel communication solutions
High-performance tools and high-quality service
Media Sales: Effective advertising solutions
Advertisers
Private
Local
Regional
National
International
1
2
3
8
Media Sales: Working with leading media providers worldwide
Australia: Channel 7Fairfax MediaNews Ltd.The West Australian
Austria: News
Argentina: La Nacion
Belgium: De StandaardLe Soir
Brazil: Folha de Sao PaoloO GloboVeja
Canada: The Globe and MailToronto Star
Chile: El Mercurio
China: South China Morning Post
Columbia: El Tiempo
Ecuador: El Comercio
France: Elles MagazinesLe FigaroLe MondeLes Echos
Germany: Jahreszeiten VerlagJournal InternationalFrankfurter Allgemeine
ZeitungSüddeutsche ZeitungSpiegel
India: Times of India
Indonesia: The Jakarta Post
Ireland: The Irish Times
Italy: Corriere della Sera
Japan: The Nihon Keizai Shimbun
(The Nikkei) The Asahi Shimbun
Malaysia: The Star Malaysia
Mexico: El Universal
Netherlands: De TelegraafFD Mediagroep
New Zealand: National Business Review
New Zealand Herald
Peru: El Comercio
Poland: Gazeta Wyborcza
Puerto Rico: El Nuevo Dia
Singapore: The Straits Times
Russia: Kommersant
Saudi Arabia: Saudi Research & Publishing Co.
Spain: El Pais
South Korea: The Korean HeraldJoonAng Ilbo
Sweden: Svenska Dagbladet
Switzerland: Le TempsNeue Zürcher ZeitungTagesanzeigerand numerous regional & local newpapers
Thailand: The Bangkok Post
UAE: Al Khaleej Times
UK: Associated NewspapersConde Nast Publications Financial TimesThe Daily Telegraph The Guardian
Uruguay: El Pais
US: American Express Publishing Los Angeles TimesNational Geographic MagazineNielsen Business MediaThe New York TimesThe Washington Post
Venezuela: El Nacional
Pan-European: Eurosport
Global: ForbesFortuneTimeReuters
1
2
3
9
Advertisers330’000 companies
I want to reach today‘s
and tomorrow‘s
client
Users/customers Population of 8 million
I must find the right service provider here
and now
local.ch offers a multitude of solutions, to fulfill advertisers’ expectations:– to be found– to be chosen– to become known
local.ch offers directories that are– relevant– up to date– and comprehensive
CONCENTRATE individual brand value into
Search & Find: Bringing advertisers and customers together
1
2
3
10
“Presence is crucial. In order to prove yourself as a florist, you first have tobe discovered.”
“As a craftsman, it is important to stand out in the phone book from the many competitors.”
“Organic, food, drinks - I appear in the entries section where customers are looking.”
Search & Find: Local.ch as Swiss market leader; partner of 370’000 Swiss small & medium-sized businesses
1
2
3
11
Search & Find: Comprehensive broad screen & mobile
Significantly increased broad screen revenue by 24%
Online orders intake exceeds print
Achieved and successfully defended #2 position after Google maps(1)
Uncontested #1 in mobile search & find(available on iOS, Android, Blackberry, W7)
(1) Nielsen / Netratings
0
20
40
60 43.553.8
Online revenue FY 2010 (local.ch + home.ch)
CHF m
+24%
2009 2010
1
2
3
Unique audience HY1 2011, in millions
Goo
gle
Goo
gle
Map
s
Blue
win
Loca
l.ch
sear
ch.c
h
Tele
fonb
uch
tel.s
earc
h.ch
map
.sea
rch.
ch
Gel
be S
eite
n
Dire
ctor
ies
Swis
sgui
de.c
h
GA
TE 2
4
QYP
E
map
.loca
l.ch
Hel
p.ch
0.00.51.01.52.02.53.03.5
12
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul0.0
0.2
0.4
0.6
0.8
1.0
1.2
Local.ch: Successfully strengthened leading position on mobile
> 1 million downloads
24% usage growth
Source: Official platform Stores (iOS,Android,Blackberry,W7,Nokia) Source: Usage rating by Apple
1
2
3
More than 1 million downloads of local app on all mobile platforms (iOS,Android,Blackberry,W7,Nokia)
24% usage growth of local.ch app on iPhone since January 2011
Uncontested #1 in Mobile search & find
Cumulative downloads on all platforms
Occasional use (>1 day per month)
Frequent use (5 days per month)
Active use (>10 days per month)
Ap
p d
ow
nlo
ads,
in m
illio
ns
Mo
nth
ly use iP
ho
ne, in m
illions
13
Technology-oriented
Professional services-oriented
Demand-side (advertiser-oriented)
Supply-side (publisher-oriented)
1) Zanox Group subsidiaries; note: Digital Window is the holding company for Affiliate Window and buy.at
Namics
1)
1)
Digital & Marketing Services: Technology and professional services-driven businesses
Technology-oriented performance marketing models with high scalability
Key European markets penetrated - e.g. Zanox market leader in Germany and UK and #1 in Europe
Professional services-oriented business models benefit from scope
Examples: e-business concept, search engine marketing, lead management etc.
1
2
3
14
Digital & Marketing Services: Zanox grows top and bottom line
HY1 2010 HY1 20110
50
100
150
200
250
169.8207.8
HY1 2010 HY1 20110
5
10
15
11.213.2
Sales EBITDA
Zanox Group Geographic Positioning
#1
#1
#1
#2
#1
#1
Geographic footprint further strengthened
New no. 1 player in Benelux after M4N acquisition
Offices in Turkey and Poland operational - CH in continued build-up phase
Expansion to Brazil in progress together with key client
#2
1
2
3
Zanox with strong top and bottom line since creation of joint-venture: revenue growth of 29% CAGR; EBITDA growth of 20% CAGR.
Growth as a result of both positive organic development and acquisitions.
Zanox with leading market position in Performance Advertising Network segment.
Geographic expansion (organic and through acquisitions) playing an important role in the growth strategy.
Zanox HY1 2011 Sales & EBITDA, in millions of EUR
+22% +18%
Revenue € 368m
+57% vs. 2009
EBITDA € 21.8m
+12.8% vs. 2009
Zanox FY 2010 Sales & EBITDA, in millions of EUR
15
Agenda
1
2
3
Background group & short presentation segments
Strategy & outlook
Key financials full year 2010 & half-year 2011
16
FY 2010 group results: Well positioned for the future
Positive trend confirmed
Turnaround accomplished: – Accelerated migration towards "digital company"– Media Sales profitable ahead of schedule– Financially stronger with significantly reduced debt
and stronger investment capacity
Strong performance across all segments:– Media Sales: successful execution of new
business model– Search & Find with new organisational set-up
that will strengthen future profitability– Digital & Marketing Services (DMS): now the
European leader in affiliate marketing with Zanox Group; Namics enhances leading position in e-business consulting in Switzerland
Dividend payment of CHF 6, pay-out ratio of 33%
0
500
1,000
1,500
2,0001,609.1
362.1
1,474.2
345.3
2009 2010
Sales and gross margin in CHF m
-40
-20
0
20
40
60
-2.9
-20.3
32.642.6
2009 2010
EBIT and net profit, in CHF m
Net sales Gross margin
EBIT Net profit
1
2
3
17
HY1 2011 group results: 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%.
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 of 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.
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
200
400
600
800
1,000
714.1
153.4
637.5
142.2
HY1 2010 HY1 2011
Sales and gross margin, in millions of CHF
0
10
20
30
40
11.3
26.6
13.8 14.9
HY1 2010 HY1 2011
EBIT and net profit, in millions of CHF
Sales Gross margin
EBIT Net profit
1
2
3
18
HY1 2011 business segment summary
EBIT, in millions of CHF
DM
S
EBIT lower mostly because of complete TV amortisation of goodwill
EBITDA in line with previous year, even slightly 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 2nd semester
Comparable expenses down 14%
Sea
rch
&
Fin
d
Co
rpo
rat
e &
o
ther
s
EBIT lower owing to significant investments 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 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
Continued divestment of non-strategic assets in China (Emphasis Video Entertainment, City Media, Huashang Media Group) lead to one-time profits at corporate level
Med
ia S
ales
-10
-5
0
5
10
15
-3.7
9.4
2.6 3.0
-6.2
7.2
4.0
8.8
Media Sales
Digital & Marketing Services
Search & Find
Corporate & others
HY1 2010 HY1 2011
1
2
3
19
FY 2010 P&L GroupBack in solid black numbers
Change % 2010 2009CHF m restated
Revenue -8.4% 1'474.2 1'609.1
Gross margin -4.6% 345.3 362.1
Expenses -10.7% -300.5 -336.5
EBITDA 74.6% 44.8 25.6
EBIT - 32.6 -2.9
Financial result - 23.9 -3.3
Taxes - -7.2 -3.1
Minority interests -39.0% -6.7 -11.0
Net Result - 42.6 -20.3
1
2
3
20
FY 2010 Group balance sheet Solid balance sheet and solid net liquidity
The group's balance sheet remains solid Strong net liquidity combined with largely reduced debt level
CHF m % 2010 2009
Current assets -16.9% 416.7 501.4 Non-current assets -1.2% 444.2 449.5 Total assets -9.5% 860.9 950.9
Current liabilities -20.1% 297.9 372.9 Non-current liabilities -4.9% 118.8 124.9 Equity, shareholders of PubliGroupe Ltd. -0.5% 410.8 412.8 Non-controlling interests -17.3% 33.4 40.3 Total liabilities and equity -9.5% 860.9 950.9
Equity in % of assets 47.7% 43.4%
Net liquidity 118 59 Bank debt 93 165
1
2
3
21
Agenda
1
2
3
Background group & short presentation segments
Strategy & outlook
Key financials full year 2010 & half-year 2011
22
Status of strategic initiativesReorganisation and cost reduction largely accomplished
Achieved cost savings of CHF 124.5 m over 3 years– CHF -48.5 m in Media Sales and HQ Corporate in 2010 alone
Headcount reduction by 241 FTE at Media Sales and HQ Corporate (12 months)
Reorgani-sation and cost reduction
CHF -22m CHF -55m CHF -48.5m
2008 2009 2010 2011
1
2
3
ongoing
Level of Accomplishment
23
2010 & 2011 divestment of non-core assets such as – Real estate: Baden and Lausanne– Non-core holdings of publishing houses: BAZ, Edipresse– Participations in China
Debt reduced by CHF 72 m to CHF 93 m
Strong balance sheet with 47.7% equity ratio
Target: maintain investment capacity of CHF 50 m plus
Divestment of non-core assets
2008 2009 2010 2011
Real estateZurich
Real estate Winterthur 100% Stadt-anzeiger Olten
37% BAZ Medien / 19.9% Edipresse Real estate Baden / Lausanne
Level of Accomplishment
Status of strategic initiativesDivestment of non-core assets mostly completed
Emphasis VideoEntertainment
Huashang Interactive
City Media
1
2
3
24
Status of strategic initiativesContinuing investment in growth markets
Performance Marketing: – Build the leading European online affiliate advertising group together with Axel Springer– Build a comprehensive offering in digital marketing on the Swiss market
– Repositioning of web2com – Acquisition of Instanz in May 2010 complements the web2com, Namics and Zanox
performance marketing offering
Local Search Marketing: – Build the number one local search platform in Switzerland together with Swisscom
– New setup of partnership with Swisscom to boost online services and to gain synergies
– Promising market entry of new national real estate online portal home.ch
Investments in growth markets
2007 2008 2009 2010
1
2
3Ongoing
25
HY1 2011 online performanceStrong online growth – driven by Zanox and Namics
Online revenue consolidated in PubliGroupe numbers: +13% to CHF 73 million; +17% at constant exchange rates.
Online revenue incl. participations: +8% to CHF 340 million; +20% at constant exchange rates.
Total revenue from online (incl. participations) represents 38% of total business generated 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 Zanox (in partnership with Axel Springer) in Western Europe and increasingly worldwide.
HY1 2009 HY1 2010 HY1 20110
50
100
150
200
250
300
350
400
5064 73
177
249267
Associated companies Publigroupe
HY1 2011 Online sales, in millions of CHF
Total revenue HY1 2009 :CHF 951 m(online 24%)
Total revenue HY1 2010 :CHF 942 m(online 33%)
Total revenue HY1 2011 :CHF 884 m(online 38%)
227
314340
(Zanox and local.ch)
Ongoing
1
2
3
26
Results FY 2010 and HY1 2011 confirm PubliGroupe’s successful transformation and migration to becoming a leading service provider in the field of classic and digital media.
Double-digit growth of the operational result on a like-for-like basis shows PubliGroupe’s ability to constantly being able to adapt to changing economic conditions.
How to further monetize existing 400’000 customer relationships in Switzerland as a key strategic challenge for the future.
Despite the current economic woes and the difficulty of forecasting the macro economic development 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.
Conclusion & outlookOperationally largely improved, solidly financed, well positioned
1
2
3
27
Backup Slides Results HY1 2011
28
in millions of CHF Change % HY1 2011HY1 2010 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 - - -1.3
Non-controlling interests + 185%
0.7 0.2
Net result - 44% 14.9 26.6
HY1 2011 P&L GroupExpense reduction compensates for gross margin decline
Backup
29
HY1 2011 Group balance sheet Solid balance sheet and still solid net liquidity
in 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% 102.1 118.8
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
Backup
30
Media SalesVolume mainly down due to non-continued TV activities
Sales decrease by 12% to CHF 517.2 million versus CHF 588.1 million in the previous year.
Major reason for the lower business volume was the result of the termination of the TV commercialisation agreements which represented 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%).
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 -6.2 million.
EBITDA positive with CHF 0.4 million (first half of 2010: CHF 0.0 million)
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.
0100200300400500600700800
588.1517.2
HY1 2010 HY1 2011
Sales, in millions of CHF
-200
20406080
100 94.4
-3.7
80.8
-6.2
HY1 2010 HY1 2011
Gross margin and EBIT, in millions of CHF
Sales
Gross margin EBIT
-12%
-14%
Backup
31
Media SalesGood operational performance by Publicitas branch network
Activities in Switzerland confirm their profitable turnaround, especially thanks to a good 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, representing less than 20% of total Media Sales business, drops 11%, mainly due to negative currency impacts of a lower USD and euro.
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 decline due to termination of CHF 5.5 million.
PubliGroupe had previously decided not to enter guarantee-based television agreements in favour of a performance-oriented profitability approach across all media categories.
0100200300400500600700800
435.9 408.4
HY1 2010 HY1 2011
Media Sales Switzerland*, in millions of CHF
-10
10
30 29.3
4.40.40.3 0.0
-5.5
HY1 2010 HY1 2011
Analysis Media Sales TV business 2011/2010,in millions of CHF
Sales
Gross margin EBIT
-6%
Sales
* Does not include Electronic Media
Backup
32
Search & Find Investing in the future
Good volume development, despite lower sales in traditional print business that saw a decline of -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 marketing efforts during the first semester and continued one-off costs associated with structural adjustments and the development of new online services.
Margins will increaslingly profit from a reduction of direct costs, such as from the optimisation of paper 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 be at least in the order of last year’s results.
0
20
40
60
80
46.350.4
HY1 2010 HY1 2011
Sales, in millions of CHF
0
10
20
30
4031.6
9.4
32.1
7.2
HY1 2010 HY1 2011
Gross margin and EBIT, in millions of CHF
Sales
Gross margin EBIT
+9%
+2%
-23%
Backup
33
The Zanox group continues its strong performance as Europe's #1 Performance Advertising Network. The acquisition of M4N (NL) and geographical expansion (e.g. Poland, Turkey) accelerate growth. EUR 208m sales in HY 1 (+ 22% vs. PY).
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).
Gross profit +6% was supported by expansion at Namics and improved margins.
Reported EBIT grew +53% (+74% w/o FX) driven by Zanox & Namics performance as well as a one time temporary effects (CHF 2.1m).
DMS further expands its footprint in "online performance marketing”, a fast growing area with higher margins than traditional online segments.
HY1 2010 HY1 20110.0
25.0
50.0
75.0
19.1 22.8
51.2 40.2
SVB
Digital
Digital & Marketing Services Strong operational performance
DMS gross margin and EBIT, in millions of CHF
Gross Profit EBIT0
10
20
3023.8
2.6
25.2
4.0
HY1 2010HY1 2011
Note: Zanox Group not included; includes FX impact of -8%
70.362.9-10%
DMS Sales, in millions of CHF
+58%
+6%
Backup
34
Comparable expenses by segment
CHF 9.8 millions or 6% overall expenses reduction on comparable basis
in millions of CHF Change1st half
year 20111st half year 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
Corporate & 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
Backup
35
Consolidated income statement Backup
in millions of CHF Change 1st half year 20111st half year 2010 restated
Revenue -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 -121.3
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 -9.4
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 16.4
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
36
Consolidated balance sheetAssets
Backup
as of 30 June as of 31 December
in 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 72.9
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
37
Consolidated balance sheetLiabilities
Backup
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% 374.4 416.7
Share capital - 2.5 2.5
Treasury shares -6% -49.6 -52.6
Reserves -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
38
Cash flow from operating activities Backup
in millions of CHF1st half
year 20111st half year 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
39
Cash flow from financing activities Backup
in millions of CHF1st half
year 20111st half year 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 -6.9
Divestments of financial assets 14.8 75.3
Cash flows from investing activities 16.7 88.5
40
Cash flow from investing activities Backup
in millions of CHF1st half
year 20111st half year 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 0.0
Cash flows from financing activities -15.7 -44.8