Half Year Report 2009 - Tamedia Relations... · General interest 95 11.7 122 11.5 -27 -22.1% 0.2...

1 Half Year Report 2009, 3 September 2009

Half Year Report 2009

Media and analysts informationBerne and Zurich, 3 September 2009


Martin KallChief Executive Officer (CEO)

Overview of the 1st half year of 2009


First six months of 2009 impacted by significant downturn in sales and net income

in CHF mill.

*These figures relate to continued operations

15.5%2008

0.9%

EBIT Margin*

2009

597288

463

1421

389

-50

0

50

100

150

200

250

300

350

400

450

500

-76%

-16%

Net Income

EBITEBITDASales

20092008

-95% -99%


Downturn reflects the development in the economy as a whole…

Change to real GDB in % as compared to previous annual quarter

Source: Swiss State Secretariat for Economic Affairs SECO

-4%

-2%

0%

2%

4%

6%

07.0901.0907.0801.0807.07

2.0%

2.5%

3.0%

3.5%

4.0%

01:08 01:0907:0701:07 07:0907:08

Unemployment rate in % of the labour force

Consumer mood index (index points)

-45-30-15

01530

10.08 04.0904.07 04.0810.07

Change in private consumption in % comparedto previous annual quarter

2%

-1%

0%

3%

4%

1%

07.200810.200701.2007


Sources: Advertising statistics Swiss press/VSW Association of Swiss Advertising Companies;

…which led to a collapse in advertising spending

January – June 2008/2009, print net advertising sales as per Typologie Schweizer Presse

0-23.2%-2461001,062100816Print Total

2.0-17.3%-4725.627227.6225Magazines

0.4-15.0%-63.5373.831Trade press

1.5-12.5%-1410.711312.299Special interest

0.2-22.1%-2711.512211.795General interest

-2.1-25.3%-20074.479072.3590Newspapers

-0.7-37.9%-153.6392.924Finances and economy

-1.0-30.5%-3410.61129.678Sunday press

0.5-6.4%-22.5273.125Regional weekly press

-0.9-24.3%-14957.761256.8463Daily press

in %in %CHF mill.Market

shareCHF mill.Market

shareCHF mill.

+/- Market shareChange20082009Categories


Publicitas Index: Commercial advertising

spending in the daily press (12/1993=100)

Source: Publicitas

Publicitas Index: Job ads in the daily press

(12/1993=100)

Job ads in the daily press are at an all-time low

7580859095

100105110115120125130135140

-19%

200119981995

100

1992 20072004 2010

P Index

June 2009to prev. year

80100120140160180200220240260280300320340

100

20102004200119981992 20071995

-31%

June 2009to prev. year

P positions


Past economic cycles showed simular dramatic collapses

Change in job ads during the current economic cycle, change to previous year in per cent

BZ job ads

Tamedia job ads

VSV job ads daily press 1

P Index job ads

Forecast

-35

-60%

-40%

-20%

0%

20%

40%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013


8688

100

-12%

Actual sales 2009

Prev. Economic

cycle

Actual sales 2008

-3%

Advertising income January to July 2009 compared to the previous economic cycle

5360

100

Previous economic

cycle

-40%

Actual sales 2009

Actual sales 2008

-11%

Job ad sales January to July 2009 compared to the previous economic cycle

The factor economic cycle explains 85 per cent of the downturn in income

2008=100 2008=100


Breakdown income by revenue type

Source: Advertising statistics Swiss press; Tamedia financials

Tamedia’s development in 2009 is comparable to the overall print market

11%

24%

Other revenue4%

Print revenue

4%Othermedia

activities

Sales

Ad insertions56%

-30%

-20%

-10%

0%

-25,3%-25,3%

-20%

-10%

0%

-15,6%-17,3%

-20%

-10%

0%

-17,9%

Change in advertising income by division

Newspapers

Magazines

E-media

Market Tamedia

No figures

available


Change in costs by business division 1st half-year 2009 compared to 1st half year 2008

Decline in sales faces a not strong enough decline in costs

375

116

4146

289

368

91

4346

278

0

50

100

150

200

250

300

350

400

+7%

-21%

-2%

0%

Newspapers Services TamediaMagazines E-Media

-4%

2009

2008

Investments in new Online

services


Cost reduction measures totalling around 50 CHF mill.

• Concentrating on News Tages-Anzeiger

• News Basel and News Bern discontinued

Focusing on News2

• Open positions are not being filled

• External costs are being lowered

Additional measures6

• All household circulation yet stopped

• SolothurnerTagblatt dis-continued in September*

Solothurner Tagblatt1

• Adjustment of costs in Editorial office

• New concept and design at end of Sept-ember 2009

Tages-Anzeiger3

• Continuation in Cooperation with Tages-Anzeiger

• Creation of an economic outlook

Der Bund4

• Reduced to eight newspaper bundles

• Costs adjusted to decline in advertising sales

SonntagsZeitung5

*Subject to the results of the participation process


Newspapers division reports collapse in sales and income

-- 11.146.7EBIT

-- 4.1%13.8%EBIT margin

- 20.3%268.7337.2Sales

2008/09January - June 2009 January - June 2008 Newspapers CHF mill.

General Issues• Increase in collaborations in both the editorial as well as the commercial segment• Significant decline in commuter paper volume; two titles discontinued Tamedia• Significant downturn in sales for almost all newspaper titles and also for service

providers such as 20 Minuten; collapse in job ads• Significant declines for both Finanz und Wirtschaft as well as SonntagsZeitung• Subscription daily newspapers Berner Zeitung and Tages-Anzeiger hit hard by the crisis;

new concept for Bund and Tages-Anzeiger will have positive effect in second half of 2009

• New commuter paper L’essential is making ground in the reader and advertising market• Commuter papers News and 20 minutes are not reaching goals in the advertising market


Tages-Anzeiger: sales cut in half, cost have risen

Change in the most important sales cost positons from 1999 to 2008 in per cent

Source: Tamedia Controlling Media

-53%

20081999

Advertisingrevenue

Salesrevenue

EditorialCosts of production

and distribution

Publishing incl.marketingand sales

-19%

20081999

+17%

20081999

-18%

20081999

+10%

20081999

Sales - 42% Expenses +8%


Tages-Anzeiger media group with a solid user base; the objective now is to prove the forecasted outcome

Subscription daily news-paper: Tages-Anzeiger

Commuter paper: News Tages-Anzeiger

Online news platform:tagesanzeiger.ch

• 1,415,000 unique clients at tagesanzeiger.ch

• 2,042,000 unique clients on Newsnetz (all titles)

• Strong growth over the last twelve months

• 479,000 readers in Switzerland

• Forecasts indicate a stable development

• Focus on Zurich• 115,000 readers in

residential area 43 (Zurich)• Objective: 150,000 to

200,000 readersSource: MACH Basic 2009 1; Netmetrix Audit July


43

36

42

19

13 13

8 7 6 6 5 4 3 3 20

0

5

10

15

20

25

30

35

40

45

50

D-CH W-CH DK SWE NL ESP ITA CZ FRA FIN UK HUN POR AUT GRE D

Number copies daily commuter papers per 100 residents +14 (historical figures)

In copies

Historiccirculation

(thousands)Historic

14+(thousands)

1,731

13,428

2,850

48,10

220

4,00

4,600

34,497

1,293

6,901

490

1,359

1,875

4,511

586

8,736

3,950

47,913

369

8,754

275

8,268

200

6,796

2,385

47,265

217

9,132

1,828

4,217

0

71,936

Weighted average 7.0

Historic maximum circulation per 100 residents (considered over the last two years)

Source: Metro, 20 Minutes, University of Amsterdam, publishing section 20 Minuten

Volume of commuter papers were far above average…


43

36

42

19

13

13

8 7 6 6 5 4 3 3 2

0

15

13 14

9

7 8 7 6 6 5 4 3 3 2

0

20

0

5

10

15

20

25

30

35

40

45

50

D-CH W-CH DK SWE NL ESP ITA CZ FRA FIN UK HUN POR AUT GRE D

Number copies daily commuter papers per 100 residents +14 in Europe (comparison)

In copies

Currentcirculation

('000s)

14+('000s)

1,200

13,428

2,718

48,910

220

4,000

2,343

34,497

1,000

6,901

210

1,377

584

4,511

586

8,736

3,950

47,913

369

8,754

275

8,268

200

6,796

2,144

47,265

217

9,132

861

4,251

0

71,936

1)

Current circulation per 100 residents

Historic maximum circulation per 100 residents (considered over the last two years)

Weighted average 5.1

2)

… and Switzerland will continue to hold this top position

Source: Metro, 20 Minutes, University of Amsterdam, publishing section 20 Minuten; 1) Considerations based on News with 100,000 copies, 20 Minuten with 500,000 Copies; 2) after merger 20Minutes and Le Matin Bleu

-53 p

er c

ent

-53 p

er c

ent

-69 p

er c

ent

-26 p

er c

ent

-26 p

er c

ent

-31

per

cen

t


Magazine division with earnings

- 55.8%3.88.6EBIT

-7.7%15.6%EBIT margin

- 9.1%49.854.8Sales

2008/09January – June 2009 January - June 2008 Magazines in CHF mill.

General Issues• Advertising spending in magazines proved to be just slightly more stable than in

newspapersTamedia• Fachmedien Mobil showing strong decline in sales and income due to the crisis in the

automotive industry and the structural shift in advertising spending• The investments made in 20 Minuten Friday are encumbering operating income; the free

People Magazine exceeds expectations in the readership and advertising market• Advertising sales of Annabelle, Das Magazin and Schweizer Familie are reposting below-

average declines compared to the market environment

18 Half Year Report 2009, 3 September 2009Source: WEMF Media Analysis 20 Minuten Friday

20 Minuten Friday reaches 412,000 readers after six months

412

48

239

125

0

50

100

150

200

250

300

350

400

450

Total readership

55++35-5414-34

Readership of 20 Minuten Friday by

age group in thousands

Thousands contact price 20 Minuten Friday

Age groups 14-34 in CHF

364

259

189

142

1029987

63

123

0

50

100

150

200

250

300

350

400

Bo-lero

Bri-gitte

Anna-belle

Freun-din

SI Style

Cos-mo.

SIJoyFri-day


E-Media division reporting growth in Online activities

0.0%-3.1- 3.1EBIT

--7.3%- 7.9%EBIT margin

8.2%42.038.0Sales

2008/09January – June 2009 January - June 2008 E-Media in CHF mill.

General Issues• During a declining overall market, Online media is continuing grow• High amount of activity in the Online market; strong growth in mobile Online useTamedia• Newsnetz, launched in 2008, increases visitor and advertising sales, and towards the

end of the first half-year reaches its breakeven on a monthly basis for the first time• The job platforms alpha.ch and jobwinner.ch are suffering as a result of the economic

crisis, however despite a decline in sales are gaining market share in the Online job ad market

• Developments in the radio and television activities continue to be unsatisfactory• Radio 24 is successfully defending its strong position in the listener and advertising

market


2,3

2,2

2,1

2,0

1,9

1,8

1,7

1,6

1,5

1,4

1,3

1,2Oct. Nov. Dec. Jan. 09 Feb. Mar

chApr. May JuneSep.June

08Jul. Aug.

Development of Swiss news sites in millions of unique clients per month

Source: WEMF NET Metrix Audit

Launch ofNewsnetzbazonline.chbernerober-laender.ch

bernerzeitung.chtagesanzeiger.chthunertagblatt.ch derbund.ch

thurgauer-zeitung.ch

Mergerpiazza.ch

20 Minuten+54.0%

Newsnetz+41.3%

20 Minuten Online and Newsnetz increase user numbers remarkably


daily1.85 million

Readership

daily0.16 million

Users

Potential: Online use on daily basis was at low level up until now


1'722

2'236

2'4742'319

1'647

0

500

1'000

1'500

2'000

2'500

2005 2006 2007 2008 2009 E

USA: Sales development of Online job ad portals from 2000 to 2009 in USD mill.1

1) Assessments on Careerbuilder, Monster.com; Morgan Stanley 19.06.2006 (2000-2005); Deutsche Bank Publishing & Advertising Newspaper Publishers 05.06.2008 (2006-Q1 2008); Thomson Financial (Monster 2006-2008); Market size 2009: Projects based on estimates by analysts for Monster

-29%

Sales of Online job ad portals are declining worldwide in 2009

Germany: Sales development of Online job ad portals from 2000 to 2009 in Euro mill.1

8898

137

180

139

0

50

100

150

200

2005 2006 2007 2008 2009 E

-23%

1) Sources: Thomson Financial, annual reports, information from companies themselves


Edipresse and Tamedia with expandable market positionsG

erm

an-s

peak

ing

Sw

itze

rlan

d Ta

med

iaR

oman

die

Edip

ress

eNews Jobs Real estate Local search Partnership

homegate.ch*UCs: 964,000

20minuten.ch****UCs: 2,241,000

NewsnetzUCs: 2,042,000

20minuten.chUC: 2,005,000

1

NewsnetzUC: 1,730,000

lematin.chUCs: 783,000

24heures.chUCs: 438,000

jobwinner.chUCs: 375,000

jobup.chUCs: 253,791**

Source: NET Metrix Audit June 2009; *Contribution; **Statements of their own; ***WEKO approval outstanding; **** incl. 20minutes.ch

search.ch***UCs: 2,889,000

swissfriends.chUCs: 441,742**

alpha.chin jobwinner.ch

tdg.chUCs: 516,000


zattoo.com

• Internet TV (Switzerland)• 24.5 per cent share

tillate.com

• Nightlife platform• 86 per cent share**

eload24.com

• Advise portals• 15 per cent share

Tamedia expanded its Online commitment step by step

fashionfriends.ch

• Online boutique• 25 per cent share**

jobsuchmaschine.ch

• Job ad platform• 20 per cent share**

search.ch

• Local search platform• 75 per cent share*

*Federal Competition commission approval still outstanding; ** additional increase planned or possible


Services division with widely steady profit ratio

- 29.7%13.819.6EBIT

-11.6%13.2%EBIT margin

- 20.2%118.6148.6Sales

2008/09January – June 2009 January - June 2008 Services in CHF mill.

General Issues• After an increase in the first half of 2009, paper prices are now on the decline because

of the persistent economic crisis• A downturn in print orders due to discontinuation and reductions in volume Tamedia• The lower volumes in newspaper printing lead to a drop in revenue in printing centres• Because of the downward trend in volumes, capacity utilisation in the pre-printing

segment continue to decrease• Sale of early morning delivery activities planned for the end of 2009; the approval of the

Federal Competition commission is expected by the end of September 2009


1%

-7%-10%

-5%

0%

5%

10%

15%

20%

25%

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008

Development in Tamedia's EBIT margin since 1990

EBIT margin decreases dramatically to insufficient 1 per cent

1st half-year2009


The impact of job ads on net income remains unchanged

Development in Tamedia's EBIT margin not incl. job ads* since 1990

** The EBIT net income per unit was deducted from the Tamedia EBITDA until 1995. For the years 1990-1994, the EBIT was calculated by means of an avarage net income per page and an 80 per cent margin; Facts/Basilisk/HPP/Huber/Benteli Hallwag treated as discontinued operations

**Job ads include: Stellen-Anzeiger, Alpha, BZ/Bund, Thurgauer Zeitung and 20 Minuten (average net income per page/80% margin until ‘07/70 % margin after ‘08)

1st Halfyear2009

4%

-8%

12%

8%

-4%

9%

-15%

-10%

-5%

0%

5%

10%

15%

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008

Tamedia without Stellen-Anzeiger+Alpha

Tamedia without any job ads**


87

100

Actual sales 2008

-13%

Prev. economic

cycle

Forecast commercialadvertising 2nd half of 2009

Advertising expected to decrease by an additional 19 per cent in the second half of the year

61

100

Actualsales 2008

-39%

Prev. economic

cycle

Forecast job ad sales2nd half of 2009

81

100

Actualsales 2008

-19%

Prev. economic

cycle

Forecast total advertisingsales in the 2nd half of 2009

2008=100


Determining economic factors

• The Swiss State Secretariat for Economic Affairs is expecting a decline in gross domestic product by 2.7 per cent in 2009; despite a slow recovery phase in 2010, the economy is still expected to shrink still a bit by 0.4 per cent

• The unemployment rate will most likely increase heavily and reach 5.5 per cent in June 2010

Effects of cost reduction measures

• The announced measures to reduce costs as well as the synergy opportunities should lead to a noticeable improvement in net income as of 2010

Key tasks Tamedia

• Continue to apply cost reduction efforts in all divisions

• Review step by step all media, which lag behind expectations

• Face shifts in the user and advertising market by expanding the Online commitment and being disciplined about costs relating to classic media

Recession will during 2010; further increase in unemployment


95100

Trend Sales 2009

-5%

Prev. economic

cycle

Forecast commercialadvertising 2010

Tamedia expects advertising sales to decline further for 2010

100

65

Trend Sales 2009

-35%

Prev. economic

cycle

Forecast change in job ad sales 2010

90100

Trend Sales 2009

-10%

Prev. economic

cycle

Forecast total advertisingsales 2010

2008=100


Outlook: Strengthening executive management with new members

• Vocational training as a typesetter

• Held positions in the past at Tamedia from 1976 to 1997, among others as Head of Accounting and Deputy Publishing Director of Tages-Anzeiger

• Vocational training as bookbinder

• University degree in engineering

• Part-time Executive MBA program

• Since 1995 in various positions at Ringier

Espace Media: Ueli Eckstein

• From 1995 until 1997 Publishing Director of SonntagsZeitung

• Ueli Eckstein has been Vice President of AZ Medien since 1997

• Ueli Eckstein will take on the position as Head of the corporate division Espace Media

• He succeeds Martin Kall, who managed the corporate division Espace Media ad interim since autumn 2008

Publishing Services: Andreas Schaffner

• 2005 General Manager of Ringier Print Adligenswil

• Since 2007 member of the Executive Board of Ringier Switzerland

• Andreas Schaffner will take on the position as the Head of the corporate division Services

• He will succeed Urs Schweizer, who will leave Tamedia at the end of 2009


Outlook: Further improvement will be necessary in the second half of the year

• Early morning deliveries assigned to Swiss postal service

• Weko decision end September

Early delivery1

• Step-by-step analysis of all media

• All media must contribute to operating income

Step-by-step analysis6

• Acquisition of 75 % from Swiss postal service

• Postal service will hold 25 % interest

search.ch2

• Merger of 20 minutes and Le matin bleu

• Establishment of paper with largest number of readers

Commuter papers3

• Top priority project Edipresse and Tamedia

• Collaboration for Online classified-ads

Classified-ad markets4

• Finalisation of the integration of Espace

• Effective realisation of synergy potentials

Espace merger5


Sandro MacciacchiniHead of the Finance Division

Overview of the 1st half of 2009


General Comments• The same accounting principles as those used in the Annual Report 2008 were applied• The new and revised standards (IFRS) and interpretations (IFRIC), which are to be

considered as of 1 January 2009 had no effect on the reporting; the new and revised standards and interpretations, which will take effect at a later date, will not be applied to earlier reporting dates

Changes in consolidation scope• Tamedia increased its investment in Tilllate Schweiz AG by 51 per cent to 86 per cent

as of 31 December 2008 (full consolidation)• Merger of Verlags-AG Sonntagszeitung into Tamedia AG, Huber Printpack AG into Huber

& Co. AG and Piazza AG into 20 Minuten AGDiscontinued divisions / assets designated for sale • The printing business of Benteli Hallwag was sold on 1 June 2008• Early morning delivery activities (especially the shareholdings in Zuvo AG and Bevo AG)

assigned to the Swiss Postal Services (completion subject to the approval of the Competition Commission)

• Various real estate properties available for sale were re-categorised and itemised as assets designated for sale

Notes on the 1st Half-Year 2009 (1/2)


Restatement Half Year Report 2008• Deferrals itemised as of 30 June 2008 were reported too high by CHF 4.3 million as a

result of an accounting error• As relates to the IFRIC 14 interpretation to be applied as of 1 January 2008 – «The Limit

on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction» - a change of method was applied after the publication of the Half Year Report 2008

• The adjustment reported retroactively as of 1 January 2007 was made in the Half Year Report 2008 based on the so-called «corridor method». As of the Annual Report 2008 and now also in the Half Year Report, actuarial gains and losses will be reported on an off-balance sheet basis directly in equity (so-called «OCI Statement» or «SORIE Method»). Several items in the income statement and the balance sheet of the previous period were adjusted due to this change In the income statement

Notes on the 1st Half-Year 2009 (2/2)


427.2

22.9 12.6

462.8

355.5

16.0 17.5

389.0

0

100

200

300

400

500

Media income Print income Other operating income Operating income

2008-06 2009-06

in CHF mill.

These figures relate to continued operations

+38.9%

-16.8%

-30.1%

-15.9%

Media income drops to 17 per cent in the first half of the year


110.7

150.8

113.1

374.6

102.3

157.6

108.5

368.4

0

100

200

300

400

Costs of material andservices

Personnel expenses Other operatingexpenses

Operating expenses

2008-06 2009-06

in CHF mill.

+4.5%


-7.6%-4.1%

-1.7%

Restructuring costs of CHF 7.9 mill. increase personnel expenses


EBITDA shows a significant decline

462.8

374.6

88.2

368.4

20.6

389.0

0

50

100

150

200

250

300

350

400

450

500

Operating income Operating expenses EBITDA

2008 2009

in CHF mill.-15.9%

5.3%

19.1%

EBITDA margin

2008

2009


-1.7%

-76.6%


12.6

3.8

16.4

13.1

3.8

17.2

0.0 0.30

5

10

15

20

25

30

Depreciation of plant,property & equipment

Amortisation ofintangible assets

Other depreciation andvalue adjustments

Total depreciation andamortisation

Jun 08 Jun 09

in CHF mill.

Depreciation and amortisation increase by 4.9 per cent and are reported at CHF 17 mill.

+4.9%+4%


+1,300%


13.9

27.3

40.1

29.1

51.0

8.011.0

19.7

32.9 33.8

22.3 22.8

0

10

20

30

40

50

60

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 ** Estimate

Capex continues to be below the multi-year average

Investments in capital equipment (Capex) in the years 1998 through 2009

in CHF mill.

ø CHF 26.7 mill.


in CHF mill.

EBIT and net income just barely reach positive figures

88.2

71.865.4

59.4

3.5 1.4 0.8

20.6

-10

10

30

50

70

90

110

EBITDA EBIT Net income ofcontinued operations

Net income

2008 2009-76.6%

-95.2%-97.9%

-98.7%

0.2%

12.8%

Margin company netincome

2008

2009


90.3

-45.9-20.1

24.3

-6.2

-38.9 -35.6

9.5

-200

-150

-100

-50

0

50

100

150

200

Cash flow fromoperations

Cash flow forinvestment activities

Cash flow fromfinancing activities

Change in cash andcash equivalents

2008-06 2009-06

in CHF mill.

-89.5%

-48.3%

Status of cash & cash equivalents

30.06.2009 CHF 52.7 mill.

Reduction in cash & cash equivalents by CHF 35.6 mill.

+86.5%


828.1 837.0

270.6 253.2

65.5 69.0

753.3747.5

267.9285.8

0

200

400

600

800

1000

1200

2008-12 2008-12 2009-06 2009-06

Fixed assets Current assets Equity Long-term liabilities Current liabilities

in CHF mill.

69.1%68%

Equity ratio rises slightly to 69 per cent

Total assets

2008-12 CHF 1098.7 mill.2009-06 CHF 1090.2 mill.


70

80

90

100

110

120

130

140

Share price in the 1st half-year of 2008: Tamedia shares fare better than the overall market and the media industry

SPI Media +12%

Tamedia +34%

SPI +13%

SPI Media = 26.6 % Publigroupe N; 24.0 % Tamedia N; 14.6 % Orell Füssli N; 12.5 % Affichage N; 9.7 % Edipresse I; 7.3 % Goldbach Media AG N; 5.3 % Agen N;

30.12.2008 = 100

Jan Feb March April May June July Aug. Sept.


Until November 2009

1st Quarter 2010 1st Quarter 2011 1st Quarter 2013

Edipresse: Investment steps to be financed separately

Weko decision • Decision by the

Federal Competition Commission by November 2009

1st Step• Assumption of 49.9

per cent of PPSR shares

• Price CHF 226 million (incl. 2nd step)

Consolidation • Equity consolidationFinancing• Approx. 1/3 with own

cash• Around 2/3 loans• Negotiations in the

4th quarter

2nd Step• Assumption of 0.2


• New amount of shares: 50.1 per cent

Consolidation • Full consolidationFinancing• See financing of

the 1st step

3rd Step• Assumption of 49.9


• Tamedia will now hold 100 per cent

Consolidation• Full consolidationFinancing• Bank loans• Optional

convertible bonds (free float increase)


Thank you very much for your interest!

Half Year Report 2009 - Tamedia Relations... · General interest 95 11.7 122 11.5 -27 -22.1% 0.2...

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Transcript of Half Year Report 2009 - Tamedia Relations... · General interest 95 11.7 122 11.5 -27 -22.1% 0.2...