26 08 2013 publi groupe hy1 2013

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0
PubliGroupePubliGroupe
Half-year results 2013Half-year results 2013
Zurich, 26 August 2013Zurich, 26 August 2013
1
Presentation order
PART 1: HALF-YEAR RESULTS 2013
Arndt C. Groth Overview of 2013 half-year results & key developments
CEO & segment results (MS, S&F, DMS)
Andreas Schmidt Key financials Group
CFO
PART 2: STRATEGY UPDATE MEDIA SALES
Arndt C. Groth Introduction
CEO
Alain D. Bandle Strategy update
CEO Publicitas
PART 3: OVERALL CONCLUSION
Arndt C. Groth Conclusion and outlook
CEO
All Q&A

2
2
PubliGroupe to post
half-year loss of
CHF -9.5 million
PART 1: HALF-YEAR RESULTS 2013
Arndt C. Groth Andreas Schmidt
CEO PubliGroupe CFO PubliGroupe
3
Group overview
Half-year results 2013
• PubliGroupe posted unsatisfactory half-year result for 2013
• Media Sales turnaround will take more time, investments planned to
leverage traditional strengths in media sales and processing
• Search & Find and DMS continued to strengthen their online mobile
businesses and increase their positions in their respective markets
• Strict cost management across Group on plan; to be upheld going forward
• Online revenue growth across the Group in all segments
• At the end of June 2013 1'732 FTE compared with 1'784 in June 2012
• Update planned on 27 November 2013 at Investors' Day

3
4
Overall revenue performance
Operating and Net Results, in millions of CHF
Net Revenue, in millions of CHF
-17%
-93%
+81%
152.3
122.5
0
100
200
HY 2012 HY 2013
2.3
10.8
-9.9 -9.5
-15
-10
-5
0
5
10
15
Operating result Net Result
HY 2012 HY 2013
-20%
• The net revenue decreased
substantially (2/3 of the decline
explained by the sale of namics)
• Drop in net result due to 3 elements:
- lower result of Media Sales
- shift of a large part of the profit of
the well performing Search & Find
segment in the second half-year
- absence of gains on disposal of
assets
• The non-operating result amounted to
CHF 1.2m versus CHF 15.4m in 2012
5
Business segment summary
Search&Find
• Achieved costs reductions: OPEX down
CHF 6.9m (-9% vs. 1st HY 2012)
• Growth steps not materialised at
expected speed
Corporate
&others
DMS
• Strong growth in online & mobile
• Decline due to shift of profits towards
2nd HY
• Development costs in young growth
enterprises
• Result also affected by sale of Namics in
June 2012
• Stronger FTE reduction vs. budget
• Press investment position positive but lower
in line with weakness of Swiss print market
MediaSales
Operating result, in millions of CHF
-8.2
14.3
2.0
-6.5
-8.6
4.6
0.3
-6.2
-15
-10
-5
0
5
10
15
Media Sales Search &
Find
Digital &
Marketing
Services
Corporate &
Others
HY 2012 HY 2013

4
6
4.6 4.6 5.1
12.3
15.6
17.9
0.3
0.3
2.6
0
10
20
30
HY 2011 HY 2012 HY 2013
Media Sales Search & Find DMS
HY 2013 online performance
Online revenue continues to gain in importance
• Online revenue grows across the
Group in all segments
• Overall online growth of 26%
• Media Sales online growth: 10%
• Continuing to focus growth initiatives
and investments on digital media
PG net revenues, in millions of CHF
+26%
Online revenues in the main associates of
PubliGroupe (not consolidated), in millions of CHF
% HY HY
in millions of CHF 2013 2012
local.ch 100% 15% 39.4 34.2
zanox 100% 4% 226.3 218.5
7
Media Sales
-14%
74.3
67.1
0
20
40
60
80
HY 2012 HY 2013
-8.2
-5.5
-8.6 -9.0
-15
-10
-5
0
5
HY 2012 HY 2013
-10%
• Growth initiatives & operational
improvements could not outweigh
stronger than expected revenue
decline
• Net loss higher than last year (2012
non-operating proceed of CHF 3.1m)
• Operating result on similar level than
last year’s
• At 30 June 2013 Media Sales had
1'030 FTEs worldwide (end of June
2012: 1'128 FTEs)

5
8
509
448
Swiss print net ad volume, in millions of CHF
Swiss print market
Double digit decline exceeded expectations
1. Excluding general interest, special and trade press
Source: WEMF Inseratestatistik 06/2013
• Perpetual and stronger than
expected Swiss print market
decline
• Print net ad volume excluding
magazines and special
publications declined ~ -12%
June YTD
2012
June YTD
2013
~ -12%1)
9
Search & Find
-18%
-14%
-3%
51.2 48.0
0
10
20
30
40
50
60
HY 2012 HY 2013
14.3
10.5
4.6 4.4
0
5
10
15
20
HY 2012 HY 2013
-6%
• White-page telephone books
(previously mainly published in 1st
half) and its yellow-page telephone
books into a new book format
• Decline in reported results mainly
due to shift towards 2nd half
• 66% of order intake with digital
products in 2013 so far
• At the end of June 2013, the
headcount in the business segment
Search & Find was 547 FTE, up 3%
against the same period last year

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10
Uncontested #1 on mobile with 2.6m downloads of local app
Local.ch
Source: Official platform Stores (iOS,Android,Blackberry,W7,Nokia); Netmetrix Mobile iOS
(http://netreport.net-metrix.ch/mobile/)
Local.ch app download (m)
11
23% ahead of number 2 in overall mobile reach
Local.ch
Unique clients (k)
Source: Official platform Stores (iOS,Android,Blackberry,W7,Nokia); Netmetrix Mobile iOS
(http://netreport.net-metrix.ch/mobile/)

7
12
#1 internet page of Switzerland in terms of unique visitors (4.4m)
Local.ch
Source: Netmetrix
Unique visitors
13
20.7
3.5 2.7
2.3
0
10
20
30
HY 2012 HY 2013
other DMS namics Improve Digital
Digital & Marketing Services
DMS Net Revenue, in millions of CHF
-79%
• Segment results down due to
Namics sale
• At the operating level, lower results
due to developments costs in
growth enterprises (Spree7 &
Improve Digital)
• € 13.4m billings for Improve Digital
in 1st half 2013, + 22%
• Headcount (excluding Zanox) up
from 53 (June 2012) to 94 at June
2013 driven by the addition of
Improve Digital 2.0
11.8
0.3 0.7
0
5
10
15
HY 2012 HY 2013
10.9
namics
24.2
5.0
0.9

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Zanox
Zanox EBITDA (100%), in millions of EUR
Zanox Net Revenue (100%), in millions of EUR
-1%
+5%
218.5
226.3
0
100
200
300
HY 2012 HY 2013
10.4 9.8
0
5
10
15
HY 2012 HY 2013
+4%
• Revenue growth despite competitive
landscape in affiliate domain
• Confirmation of top position in
Europe; international expansion
continues
• New CEO Thomas Joosten to
develop new growth segments in
the performance advertising market
• Generally, 2nd half of year stronger
due to Christmas shopping season
15
Key financials Group
Andreas Schmidt
CFO PubliGroupe

9
16
P&L Group
Gross Profit decline not fully compensated by cost reduction
* Billings represent the gross amounts billed to clients (including the value of ad space)
1st half year 1st half year
Billings * -11% 518.9 582.6
Net revenue -20% 122.5 152.3
Purchases 42% -9.9 -7.0
Gross profit -23% 112.6 145.3
Operating Expenses -15% -131.1 -153.7
Depr. & Amort. 1% -2.4 -2.4
Share in associates -16% 11.0 13.1
Operating result - -9.9 2.3
Financial result -79% -0.6 -2.8
Ordinary result - -10.5 -0.5
Non-operating result -92% 1.2 15.4
Income taxes -71% -0.5 -1.7
Minority interests - 0.3 -2.4
Net Result - -9.5 10.8
Headcount (FTE) -52 1'732 1'784
17
Non-operating result
Positive non-operating result, but no gains on disposal of assets
Gain on Namics sale 10.3
Gain on SOP sale 3.1
Real Estate income 1.8 2.7
Ordinary offices charges for investment properties -0.1 -0.1
Real Estate depreciation (investment properties) -0.5 -0.6
Non-operating result 1.2 15.4

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Operating result by segment
All operating segments below past year
Media Sales -8.6 -8.2
Search & Find 4.6 14.3
Digital & Marketing Services 0.3 2.0
Corporate & Others -6.2 -6.5
Eliminations Group - 0.7
Operating result -9.9 2.3
19
Headcount by segment
Headcount reduction in Media Sales and HQ Corporate continues
End June End June
FTE 2013 2012
Media Sales 1'030 1'128
Search & Find 547 530
Digital & Marketing Services 94 53
Corporate & Others 61 73
Total Headcount 1'732 1'784

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Financial Result
Slightly negative but improvement versus last year
Interest income 0.5 0.1
Income from marketable securities and investments 0.6 0.7
Financial income 1.1 0.8
Interest expenses -0.8 -0.7
Loss on marketable securities and investments -0.8 -1.7
Net currency exchange differences 0.0 -1.2
Financial expenses -1.6 -3.6
Net financial Result -0.6 -2.8
21
Cash flow statement
High negative financing flow due to returns to shareholders
Cash and cash equivalents as of 1 January 162.2 109.3
Cash flows from operating activities -3.5 2.6
Cash flows from investing activities -3.5 4.9
Cash flows from financing activities -52.8 -21.2
Effect of exchange rates on cash and cash equivalents 0.5 -
Cash and cash equivalents as of 30 June 102.9 95.6

12
22
Group balance sheet
Drop of equity due to share buy-back, dividends and 1st semester loss
as of 30 June as of 31 December
2013 2012
in millions of CHF
Current assets 331.8 379.2
Non-current assets 146.3 153.0
Total assets 478.1 532.2
Current liabilities 263.1 250.9
Non-current liabilities 71.4 72.6
Equity, shareholders of PubliGroupe Ltd 137.3 195.6
Minority interests 6.3 13.1
Total liabilities and equity 478.1 532.2
Equity in % of assets 29% 37%
23
Automation and
broaden media portfolio
PART 2: STRATEGY UPDATE MEDIA SALES
Arndt C. Groth Alain D. Bandle
CEO PubliGroupe CEO Publicitas

13
24
Repositioning of Media Sales will need more time
Automated marketplace and optimisation of Media Sales
• Portfolio and automation approach across media categories as presented
during Investors' Day 2012 remain key strategic pillars
• New leadership needed for more profound transformation
• Experienced turnaround manager Alain D. Bandle appointed in March 2013
Publicitas| August 2013 | 25
Alain D. Bandle, CEO | Zurich | August 26, 2013
Publicitas
Strategy update

14
Publicitas
Historically thriving on strong advertising and global network
fundamentals…
Highlights
• Number 1 marketer
• Historic track record as marketer for 123 years
• Unique partner for advertisers, agencies and
media owners, offering a wide media portfolio
with over 7,000 products
• International footprint with local offices in more
than 20 countries including emerging markets,
access to media in more than 100 countries
Operations with local offices Operations only
Number 1 marketer …
…with an international footprint
Billings 2012 in Mio. CHF
1) Annual Report 2012: Net Sales
2) Annual Report 2012: Operating Revenue
Sources: Company Information, Publicitas
895
445
322
Publicitas Goldbach Publisuisse1 2
1
2
3
4
Declining print ad market
Shifts between media types and owners
Increasing automation
• Pressure on current full service business model
• Commission levels and total addressable volume
in digital are too low
• Limited media portfolio available for advertisers
and agencies
• International growth potential limited with current
go-to-market approach
Resulting in Publicitas core issues
Trends
Publicitas
…but market changes continue to challenge Publicitas’ business
model
Pressure on sales commissions

15
Publicitas
Findings on status quo at Publicitas…
• Delayed adaption and development of
concepts to face market changes
• High organizational complexity, lack of
accountability and execution weaknesses
• Unprofitable business despite reasonable
gross margins - due to a lack of
automation and high operational cost
• Employees with strong commitment and
high willingness to perform
• Unique sales network with unparalleled
advertising client base and media handling
capabilities
• Unique relationship base with media
partners across Switzerland and
International
• Migration to new IT platform reducing cost
and enhancing efficiency already ongoing
+ -
Publicitas
…and answers to the market challenges and issues resting on four
strategic pillars
Full Automation Full Portfolio Variabilization Focus
Become efficient
and cost leader in
marketing
advertising space
Offer the most
relevant media
portfolio to
advertisers
“Flexed” cost
base to address
contract gains or
losses
Focus on core
activities
A B C D

16
Transactions
Domestic media
owners
“Regie” /
“Eigenregie”
Underlying technology
technologyDomestic
campaigns
National
advertisers
SMEs
Newspapers
Clearing/Processing
(partlymanuallytoday,automatedgoingforward)
Large and
medium-size
media owners
Long tail
Clients
Servicing
of clients
Automated
marketplace
Clearing
Sourcing of
inventory
Agencies
Pan-regional
campaigns
Outbound
campaigns
Automated
direct booking
via front-end
Services
Analytics
Planning
Reporting
Digital & Mobile
Classifieds
Magazines
Cinema
OOH
TV & Radio
International premium
media owners
Exclusive
representation
Personalselling
International
advertisers
Agencies
International
advertisers
Manual
booking
(no focus
activity)
Individuals
Ad Factory
Future business model
Publicitas is developing its existing systems into a fully
automated platform for media booking
Performance
Marketing
Full automation
An integrated web front-end based on Improve Digital and
Mediaspectrum is core for the automated marketplace
CRMDedicated front-
end tools for
client segments
Automated Marketplace
Improve Digital
Automated sales support
and reporting
Self-service web
front-ends
Mediaspectrum
Order to print media
Analytics Reporting
Order to online media
Real time bidding
Real time inventory
Agency/
National
SME/
Individuals
LandingPage
….
Clearing and processing
ERP
Mediaspectrum
A

17
Full portfolio
Complementation of media inventory and modular pricing
Leverage existing
assets
Extend portfolio
Set up modular
pricing
• Focus on increase of digital, mobile, OHH
and TV inventory marketed by Publicitas
• Complementation of portfolio
• Set up of transparent and modular pricing
fostering standardization and automation
• Price per module decreases as publisher
purchases increasing number of modules
Modular
pricing enabling
attractive offers at
reasonably profitable
conditions
• Strength in marketing newspapers and
magazines (>3700 titles and combinations)
and cinema (>300 screens) to be kept
• Good publisher relationships groundwork to
aggregate more relevant media inventory
B
Full portfolio
Matrix organisation to ensure effective portfolio sales approach
and successful management of different media types
B
D-CH Ticino W-CH
Media Mgmt.
Media & Product
Mgmt.
Sales CH
Europe APAC Americas
Pricing &
Contracts Mgmt.
Research
Portfolioapproach
Portfolioapproach
Portfolioapproach
Newspapers
Magazines
Classifieds
Digital & Mobile
Performance
Marketing
Cinema
OOH
TV & Radio
International
Automated marketplace
Portfolioapproach
Portfolioapproach
Portfolioapproach
Portfolioapproach
Portfolioapproach
National
Portfolioapproach

18
Variabilization
Automated processing, modular pricing and flexing of cost for
local offices enable Publicitas to mirror market developments
Automated
processing
Modular pricing
Flexing of cost for
local offices
• Pricing structure to reflect actual value-add
for customers
• Pricing will consist of fixed per transaction
price and volume-based component and will
incentivize standardization and automation
• Headcount reduction of up to 115 FTE in 2013
Synergies by centralisation of processing and
corporate services
• Mediaspectrum and Improve Digital allowing
for highly automated and more cost efficient
media sales
• Set up of self-service web front-end to lower
cost for sales and booking
Variabilization of
cost
• BPO contract with xentive / Mediaspectrum to
variabilize cost structure
• Variablization to lead to significant IT and
processing cost reduction
xentive
Publicitas
BPO contract
(Mediaspectrum
software solution)
BPO Contract
1
1) Ownership: 49% PubliGroupe, 51% Mediaspectrum (pending Comco approval)
C
Focus
International strategy: From “everything everywhere” to a
focused strategy
D
The strategy:
Market pan-regional audiences to advertisers
Fully exploit market potential in (pan-)Asian outbound advertising across all
media types and focus on operational excellence
Systematically pursue opportunity to tap into domestic advertising markets
The strategy:
Continue the turn around based on new management and Globe & Mail contract
Develop expansion strategy for Latin America
Extend pan-regional business
The strategy:
Aggregation and marketing of a European audience - based on two core activities:
− Sourcing and aggregation of the most relevant inventory across all types of media
− Selling audiences to pan-regional advertisers
Broaden current media portfolio by including other media types
Europe
APAC
Americas

19
Focus
Publicitas has adjusted its organisational structure to the new
strategy WORK IN PROGRESS
D
CEO
A. D. Bandle
National Sales
Sales German-
speaking
Switzerland
Sales Switzerland
vacant
Sales Romandie
Sales Ticino
Technology
vacant
Media
Management
M. Cavaliere
Finance &
Controlling
R. Petrikowski
Corporate
Services
A. D. Bandle
International
J. Braun
Engineering
Processing
IT
Pricing & Contract
Management
Media & Product
Management
Performance
Marketing1)
Research
Accounting
Controlling & MIS
Finance
International
Corporate
Development
Human Resources
Corporate
Communications
Legal
Europe
APAC
North America
Latin America
1) Instanz
on track
Financial figures 2013
Planned cost measures on track, but higher market decline and
delay in growth initiatives lead to a negative result in 2013
Half year operating result June 2013 -8.6m
in m CHF
Delay in growth initiatives and non-materialized customer and
portfolio expansion
~ -3.5 m
Planned cost measures driven by rightsizing
Higher market decline in Switzerland & Europe ~ -4 m
Restructuring expenses ~ -1 m

20
FTE development based on the strategy
Reducing organizational complexity, flexibilization of cost
structure and focus on core activities
191
210
225
-245
Q1 2014e
785
445
70
45
1.030
HY 2013
108
669
Closing 2012
1.066
716
117
42
43
Switzerland
EMEA
Americas
APAC
FTE actual and outlook
• Rightsizing of organization in
Switzerland (100 FTE) & Europe
(40FTE) with a total of 140 FTE
• Year end 2013 will be effected by sale
of majority of xentive and contract
termination by a total of 125 FTE
• Developing business in Asia and India
• 2015 is effected by termination of
exclusive contract with NZZ
Mediengruppe
Rightsizing of organisation
Publicitas
First results underlying feasibility of new approach
Full Automation Full Portfolio Variabilization Focus
• Mediaspectrum for
highly automated
processing to go live
in the beginning of
2014
• 75% of ad4max GEO
revenue generated
by sales network
• All media sales of
Financial Times in
South East Asia as
of Sep 2013
• Carve out and
partial sales of
xentive to be
completed EoY 2013
• BPO with xentive to
variabilize and
reduce IT and
processing costs
• Commitment of NZZ
and Le Temps to
process booking via
booking machine of
Mediaspectrum
• Clear responsibility
and ownership
assigned
A B C D

21
Publicitas AG
Mürtschenstrasse 39
PO Box
CH-8010 Zürich
www.publicitas.ch
Alain D. Bandle
Chief Executive Officer
T +41 44 250 35 17, M +41 79 211 73 19
alain.bandle@publicitas.com
41
Conclusion & Outlook
by the CEO
PART 3: OVERALL CONCLUSION
Arndt C. Groth
CEO PubliGroupe

22
42
Conclusion and outlook
• Unsatisfactory half-year result 2013
• Repositioning of Publicitas will require more time and investment
• Media Sales to develop new fully automated market place offering booking
services for a broad range of media
• Search & Find and DMS will continue strengthening their online mobile
businesses and increasing strong positions in their respective markets
• Strict cost management across Group on plan; to be upheld going forward
• Strengthening our marketing service portfolio with further investments
• For the full year 2013, PubliGroupe expects an overall operating result around
break-even with a negative net result in the order of the first half 2013
• Next update at Investors' Day on 27 Nov 2013
43
Backup Slides

23
44
Consolidated income statement Backup
* Billings represent the gross amounts billed to clients (including the value of ad space)
Billings * 518.9 582.6
Net revenue 122.5 152.3
Purchases -9.9 -7.0
Gross profit 112.6 145.3
Personnel expenses -95.6 -115.6
General and administrative expenses -36.8 -39.2
Depreciation of tangible assets -1.2 -1.9
Amortisation of intangible assets -1.2 -0.5
Other operating income 1.5 1.4
Other operating expenses -0.2 -0.3
Share in result of associates 11.0 13.1
Operating result -9.9 2.3
Financial result -0.6 -2.8
Ordinary result -10.5 -0.5
Non-operating result 1.2 15.4
Result before income taxes and minority interests -9.3 14.9
Income taxes -0.5 -1.7
Result before minority interests -9.8 13.2
Minority interests 0.3 -2.4
Result attributable to shareholders of PubliGroupe Ltd -9.5 10.8
Earnings per share (in CHF) -4.3 4.6
45
Consolidated balance sheet
Assets
Backup
2013 2012
in millions of CHF
Cash and cash equivalents 102.9 162.2
Marketable securities 12.5 12.9
Trade receivables 160.6 167.4
Other receivables 23.2 20.9
Accrued income and prepaid expenses 32.6 15.8
Current assets 331.8 379.2
Investment properties 33.1 34.0
Owner-occupied properties 0.6 0.1
Equipment 6.2 7.0
Intangible assets 7.6 5.0
Investments in associates 69.4 79.3
Financial assets 25.6 25.3
Deferred tax assets 3.8 2.3
Non-current assets 146.3 153.0
Total assets 478.1 532.2

24
46
Consolidated balance sheet
Liabilities and equity
Backup
2013 2012
in millions of CHF
Current debts 2.0 0.9
Trade payables 144.3 122.2
Other payables 25.4 29.3
Accrued expenses and deferred income 87.6 89.5
Current provisions 3.8 9.0
Current liabilities 263.1 250.9
Non-current debts 40.0 40.3
Share in negative equity of associates 19.6 22.8
Deferred tax liabilities 4.0 2.2
Non-current provisions 7.8 7.3
Non-current liabilities 71.4 72.6
Total liabilities 334.5 323.5
Share capital PubliGroupe Ltd 2.5 2.5
Treasury shares -60.0 -35.0
Capital reserves -0.3 -0.3
Retained earnings 195.1 228.4
Equity, shareholders of PubliGroupe Ltd 137.3 195.6
Minority interests 6.3 13.1
Total equity 143.6 208.7
Total liabilities and equity 478.1 532.2
47
Cash flows from operating activities Backup
Result before minority interests -9.8 13.2
Share in result of associates -11.0 -13.1
Depreciation and amortisation (incl. non-operating) 2.8 3.0
Changes in provisions (incl. deferred income taxes) -4.7 -2.3
Gain/loss on disposals of fixed assets 0.1 -0.1
Gain/loss on disposals of subsidiaries and associates - -13.4
Adjustments for other non-cash items 0.6 5.2
Dividends received 16.3 16.7
Interest received 0.4 0.2
Interest paid -0.8 -0.7
Taxes paid -4.5 -2.3
Changes in trade receivables 6.6 22.6
Changes in other receivables, accrued income and prepaid expenses -19.9 -16.4
Changes in trade payables 21.7 -6.2
Changes in other payables, accrued expenses and deferred income -1.3 -3.8
Cash flows from operating activities -3.5 2.6

25
48
Cash flows from investing activities Backup
Acquisitions of tangible assets -0.6 -2.1
Disposals of tangible assets - 0.2
Acquisitions of intangible assets -3.6 -0.3
Acquisitions of subsidiaries, net of cash acquired -0.2 -0.2
Disposals of subsidiaries, net of cash disposed of 0.2 6.9
Disposals of associates - 3.7
Investments in financial assets - -3.3
Divestments of financial assets 0.7 -
Cash flows from investing activities -3.5 4.9
49
Cash flows from financing activities Backup
Increase in bank debts 1.5 -
Repayment of bank debts -0.3 -
Repayment of non-current debt -0.3 -0.1
Purchase of treasury shares -25.2 -1.3
Sale of treasury shares - 1.1
Increase in capital reserves - 0.1
Decrease in capital reserves - -5.2
Dividend paid to shareholders of PubliGroupe Ltd -22.1 -8.9
Dividends paid to minority interests by Group companies -6.4 -6.9
Cash flows from financing activities -52.8 -21.2

26 08 2013 publi groupe hy1 2013

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