Ad hoc announcement pursuant to Art. 53 LR
Tamedia revenue comprises CHF 1.05 billion – result comes to CHF 152.0 million – EBIT margin stands at 13.6 percent
Zurich, 21 March 2013 – Tamedia's revenue (operating revenues) fell by 5.8 percent or CHF 64.8 million to CHF 1,052.4 million (previous year CHF 1,117.2 million). The operating income before depreciation and amortisation (EBITDA) decreased by CHF 34.3 million or 14.4 percent to CHF 203.4 million (previous year CHF 237.7 million), which corresponds to an EBITDA margin of 19.3 percent (previous year 21.3 percent). The operating income (EBIT) fell by 20.9 percent or CHF 37.8 million and now stands at CHF 143.0 million (previous year CHF 180.8 million). Thus the EBIT margin now comes to 13.6 percent (previous year 16.2 percent). The 2012 net income of 152.0 million falls 15.0 percent or CHF 26.8 million short of the previous year's result of CHF 178.8 million.
The Board of Directors proposes to distribute dividends in the amount of CHF 4.50 per share (previous year CHF 5.75). In context of the employee profit sharing programme the company's employees participate in the result with a total amount of CHF 5.1 million. This is also the first time that Tamedia employees from the French-speaking part of Switzerland participate in the employee profit sharing programme.
Key figures | 2012 | 2011 | Change |
| in CHF million | in CHF million | in % |
Tamedia group |
|
|
|
Operating revenues | 1,052.4 | 1,117.2 | –5.8 |
Operating income before depreciation and amortisation (EBITDA) | 203.4 | 237.7 | –14.4 |
EBITDA margin (in %) | 19.3 | 21.3 | - |
Operating income (EBIT) | 143.0 | 180.8 | –20.9 |
EBIT margin (in %) | 13.6 | 16.2 | - |
Net income | 152.0 | 178.8 | –15.0 |
Net income per share (in CHF) | 14.54 | 16.82 | –13.6 |
Dividend per share (in CHF) | 4.501 | 5.75 | –21.7 |
|
|
|
|
Cash flow from operating activities | 190.6 | 179.8 | 6.0 |
Balance sheet total | 2,080.9 | 1,741.0 | 19.5 |
Equity ratio (in %)2 | 57.1 | 54.9 | - |
|
|
|
|
Print Regional |
|
|
|
Revenues | 546.8 | 618.2 | –11.6 |
thereof intersegment revenues | 62.5 | 86.4 | –27.6 |
EBITDA | 94.5 | 98.3 | –3.9 |
EBITDA margin (in %)3 | 17.3 | 15.9 | - |
Print National |
|
|
|
Revenues | 421.0 | 449.2 | –6.3 |
thereof intersegment revenues | 0.7 | 1.9 | –61.3 |
EBITDA | 97.1 | 114.5 | –15.2 |
EBITDA margin (in %)3 | 23.1 | 25.5 | - |
Digital |
|
|
|
Revenues | 148.2 | 144.3 | 2.7 |
thereof intersegment revenues | 0.3 | 6.3 | –94.5 |
EBITDA | 11.7 | 24.8 | –52.8 |
EBITDA margin (in %)3 | 7.9 | 17.2 | - |
|
|
|
|
Number of staff per 31.12.4 | 3,471 | 3,330 | 4.2 |
1 Proposal of the Board of Directors
2 Ratio of equity to balance sheet total
3 The margin refers to the operating revenues
4 Number of full-time positions in the continued operations
Print Regional: affected by falling advertisement proceeds and improvement in efficiency
During the year under report the media development in the Print Regional business segment has been affected by falling print-advertisement proceeds. The result has only slightly fallen thanks to a successful reorientation of different media services and efficiency improvement measures.
The turnover (operating revenues) of the Print Regional business segment for third parties has fallen by 8.9 percent to CHF 484.3 million in 2012 (previous year CHF 531.8 million). The operating result before depreciation and amortisation (EBITDA) has also decreased by 3.9 percent to CHF 94.5 million (previous year CHF 98.3 million). The EBIT margin comes to 17.3 percent, which is higher than the previous year (15.9 percent).
Print National: still highly profitable despite a slight decline
The Print National business segment has also been affected by an overall declining print-advertisement market, which has especially left deep scars in media relying on the financial industry. However, additional advertising segments were opened thanks to national supplements. Despite a slight decline the Print National business segment, its result is still at a high level.
The turnover (operating revenues) of the Print National business segment for third parties has declined by 6.0 percent to CHF 420.3 million in 2012 (previous year CHF 447.4 million). Therefore, the operating result before depreciation and amortisation (EBITDA) has fallen by 15.2 percent to CHF 97.1 million (previous year CHF 114.5 million). The EBIT margin comes to 23.1 percent, which is lower than the previous year (25.5 percent).
Digital: focus on mobile device commercialisation, expansion of classifieds markets and search.ch
In the past year the Digital business segment's media development has shown a disappointing display-advertising market development as well as a shift to the use of mobile devices. The commercialisation of the use of mobile devices has thereby remained significantly lower than that of stationary devices.
The turnover (operating revenues) of the Digital business segment for third parties has increased by 7.1 percent to CHF 147.8 million in 2012 (previous year CHF 138.0 million). The consideration of the job platform jobs.ch as of December 2012 and the online shopping club FashionFriends as of October 2012 for the first time has also contributed to the turnover growth. The operating income before depreciation and amortisation (EBITDA) has dropped by 52.8 present to 11.7 million (previous year CHF 24.8 million). This is among other things connected to the positive revaluation income of homegate.ch that was booked the previous year. Investments in the successful expansion of the directory platform search.ch and costs for the in the meantime discontinued auction platform scoup.ch have also negatively affected the result. The EBITDA margin of 7.9 percent is lower than that of the previous year (17.2 percent).
Changes in the Board of Directors
Charles von Graffenried, who was elected to the Board of Directors in 2007, passed away in summer 2012. Martin Bachem leaves the Board after his three year term of office expires. Andreas Schulthess has also announced his resignation from the Board of Directors, of which he has been a member since 2007. As previously announced, the Board of Directors proposes the appointment of Claudia Coninx-Kaczynski and Martin Kall to the Annual Shareholders' Meeting dated 26 April 2013.
Press conference and information for financial analysts
The press conference shall take place today, Thursday, 21 March 2013 at 10.00 am at Tamedia's head office at Werdstrasse 21 in Zurich. In addition, an analysts' conference shall be held at 12.00 am for analysts and investors. If required a conference call in English shall be offered to investors and analysts from abroad the following day.