07 03 2014 publi groupe fyr 2013
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The document provides an overview of PubliGroupe's financial results for 2013. It summarizes that PubliGroupe achieved a balanced operating result for 2013 but reported a net loss of CHF -5.9 million, which was in line with previous guidance. Key highlights included substantially reduced costs at Media Sales/Publicitas due to restructuring, solid results from Search & Find driven by digital revenue at local.ch, and 5% revenue growth at Zanox. The presentation includes segment-level summaries of financial performance and key metrics for 2013 compared to 2012.
![local.ch: most popular search platform
New offers – extension of market leadership
− Commercial success
- >CHF 200 m revenue
on 100% basis
- ~25% EBIT margin
− More local
- city-specific start page
- improved search results
−
More offers
couponing offers
− booking restaurants
− deeper map integration
−
−
Improved usability
tablet optimised user
interface
− autocomplete
− fault tolerance
−
14
local.ch with higher digital reach
Outperformed against #2
100%
4.5
4.0
80%
70%
3.5
60%
50%
3.0
40%
30%
18% 19%
18% 19%
16% 17%
16% 15%
15%
2.5
10% 10%
local.ch search.ch [rel. position]
Unique ClientsNetMetrix [mm]
90%
20%
10%
5%
2.0
0%
Nov Dez Jan Feb Mar Apr May Jun
Jul
Aug Sep Oct
2013
1 Source: Unique Netmetrix
15
8](https://image.slidesharecdn.com/07032014publigroupefyr2013-140307000831-phpapp01/85/07-03-2014-publi-groupe-fyr-2013-8-320.jpg)
![local.ch No 1 in Mobile
Uncontested leadership
1.8
100%
90%
# unique clients [mm]
80%
1.4
70%
60%
1.2
50%
1.0
40%
26%
25%
24%
22%
22% 22% 23% 21%
21%
18%
17%
0.8
30%
local.ch search.ch [rel. position]
1.6
20%
0.6
10%
0%
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
0.4
2012
2013
1 Source: Uniques Netmetrix - registered since Feb/2013
16
Digital & Marketing Services
Full-year results 2013
• Operating result of CHF -0.5 million vs
CHF 6.1 million in 2012; net revenue
and net result lower due to Namics
sale in June 2012
• Substantial investments at Improve
Digital and Spree7; Improve Digital net
revenue grew 43% to CHF 5.8 million;
Spree7 operational as of July 2013
• At Zanox revenue growth allows to
cement position as leading
performance advertising network in
Europe
• DMS headcount (excluding Zanox) up
from 59 FTE in 2012 to 111 in 2013
DMS Net Revenue, in millions of CHF
40
30
other DMS
namics
Improve Digital
27.7
-57%
20
20.7
11.8
7.0
5.8
6.0
2012
2013
10
0
Operating and Net Results, in millions of CHF
2012
20
15.8
15
10
10.3
namics
6.1
5
5.5
0
-5
2013
-0.5
Operating result
-0.2
Net Result
17
9](https://image.slidesharecdn.com/07032014publigroupefyr2013-140307000831-phpapp01/85/07-03-2014-publi-groupe-fyr-2013-9-320.jpg)
07 03 2014 publi groupe fyr 2013
- 1. PubliGroupe Financial results 2013 Zurich, 07 March 2014 0 Overview presentation order Agenda item Presenter 1 Overview of FY 2013 figures, main developments, overview segment results Arndt C. Groth: CEO 2 Key financials group Andreas Schmidt: CFO 3 Conclusion & outlook 2014 Arndt C. Groth: CEO 1 1
- 2. Balanced operating result – net result 2013 of CHF -5.9 million – in line with guidance Arndt C. Groth PubliGroupe CEO 2 Andreas Schmidt CFO PubliGroupe Group overview Full-year results 2013 • Progress made in the second half-year 2013 allowed PubliGroupe to achieve a balanced operating full-year result; net loss of CHF -5.9 million – results confirm guidance of Nov. 2013 • Substantially reduced cost base at Media Sales / Publicitas; drop in revenue due to much higher than expected print market declines in Switzerland; implementation of strategy on track • Search & Find, driven by the clear Swiss market leader local.ch, provided solid operating results, relying on digital, future-oriented revenue • Zanox net revenue grew by 5%, growth consumed by lower margins in the affiliate domain and investments in network; growth companies Improve Digital and Spree7 saw good growth 3 2
- 3. Overall performance Full-year results 2013 Net Revenue, in millions of CHF • Slightly positive break-even operating 300 285.1 • Persistently difficult market in Switzerland with loss at Media Sales main reason for the net loss • Search & Find, mainly driven by the market leader local.ch, provided solid operating results based on digital, future-oriented revenue • Operating result of DMS was marked by substantial development costs at Improve Digital and Spree7 267.3 -6% result and net loss of CHF -5.9 million 200 100 0 2012 2013 Operating and Net Results, in millions of CHF 60 50 40 30 20 10 0 -10 2012 2013 50.2 1.6 0.8 Operating result -5.9 Net Result 4 Business segment summary DMS Search & Find Media Sales Full-year results 2013 • Definition of strategy & management team • Achievement of costs reductions: OPEX down Operating result, in millions of CHF 2012 CHF -17.3 million (-11% vs. 2012) • Implementation of new system solution 30 25.5 (Mediaspectrum) • Successful merger of white & yellow books • Lower printing costs • Strong growth in online & mobile • Investments in young growth enterprises • 2012 benefited from 6 months of Namics result 2013 22.4 20 10 6.1 0 -0.5 -10 Corporate & others -11.7 • Continuous FTE reduction at headquarters • Press investment position positive but lower in line with weakness of Swiss print market -20 -9.7 -16.1 -14.5 Media Sales Search & Find Digital & Corporate & Marketing Others Services 5 3
- 4. FY 2013 digital performance Digital revenue continues to gain in importance • Digital revenue grows across the Group in all segments 1 • Overall digital growth of 33% 2 • Media Sales online growth: 3% • Continuing to focus growth initiatives and investments on digital media Online revenues in the main associates of PubliGroupe (not consolidated), in local currency % in millions Local 100% Zanox 100% (in millions of CHF) (in millions of EUR) 2012 2013 13% 5% 71.7 461.4 81.1 486.3 1) Excl. Namics in 2012 2) Incl. Improve Digital not incl. in 2012 6 Segment Reporting Loss at Media Sales; on operating level compensated by Search & Find 7 4
- 5. Media Sales Full-year results 2013 • Net revenue fell by 10%. Billings dropped from CHF 895.4 million in 2012 to CHF 805.2 million in 2013 • Substantially reduced cost base is CHF 17.3 million lower than 2012. The reduction in 2013 resulted from lower personnel expenses as well as a reduction of office space Net Revenue, in millions of CHF 160 140 120 100 80 60 40 20 0 149.4 134.6 -10% 2012 2013 Operating and Net Results, in millions of CHF • International business grew by 8% in 5 net revenue 2012 2013 0 • At the end of 2013, headcount (FTE) at 847 compared to 1'066 at the end of 2012; 2/3 of reduction in staff from sale of 51% of xentive to Mediaspectrum -5 -10 -15 -20 -16.1 -14.5 Operating result -13.5 -15.6 Net Result 8 Costs reductions in line with lower volumes Op. Result Op. Expenses Billings, CHF M Cost measures of >CHF 17m not sufficient to compensate market decline 1'500 • Operational expenses were 1'031 895 1'000 805 500 reduced by CHF 17.3 million (minus 11%) against previous year • The reduction in 2013 0 200 171 157 140 150 100 • Stronger than expected 50 Swiss print market decline; print net ad volume excluding magazines and special publications declines ~ 13% 1 0 (5) (10) resulted from lower personnel expenses as well as reduction of office space -5.1 (15) -14.5 -16.1 (20) 2011 2012 2013 • Strategy in execution, focusing on necessary improvement on the top-line 1) WEMF figures -13.4 % in 2013 vs 2012. Including: daily, regional, weekly, Sunday, finance and business media 9 5
- 6. Publicitas on track First results indicate successful implementation of strategy Strategic pillars First results Implementation of systems solution of Mediaspectrum on track. NZZ and Le Temps are first key partners • Centralisation of European and Swiss back-office • New pricing structure defined and already applied on ongoing negotiations • Full portfolio Renewal of partnerships and new partnerships (e.g., AZ Medien, CdT, FAO, Arena Cinema, Editoria Abril, Globo, S1, Sweet Spot, Bloomberg TV & Digital, CBS) • Become efficient and cost leader in marketing advertising space Appointment of David Klement as CTO, started 2014, completing the management team. Main responsibility: development and introduction of Publicitas ad exchange • Full automation • Rightsizing of organisation in Switzerland & Europe completed resulting in 847 employees worldwide as of December 2013 Offer the most relevant media portfolio to advertisers Variabilisation Focus “Flexed” cost base to address contract gains or losses Focus on core activities 10 Search & Find Full-year results 2013 • Operating result increased by CHF 3.1 million to CHF 25.5 million • Considering entire (100%) business of local.ch, the operating result for the twelve months of 2013 decreased slightly from CHF 52.6 million in 2012 to CHF 51.7 million in 2013 • Online business reached 41% of consolidated revenue in 2013 (vs 34% 2012; 29% in 2011) • At the end of 2013, the headcount (FTE) was 549, up 37 from the previous year Net Revenue, in millions of CHF 120 100 103.2 115.9 +12% 80 60 40 20 0 2012 2013 Operating and Net Results, in millions of CHF 2012 30 25 20 15 10 5 0 22.4 2013 25.5 16.6 Operating result 16.3 Net Result 11 6
- 7. PubliGroupe & Swisscom 15+ years of successful cooperation PUBLIGroupe SA Swisscom AG 49% 49% 51% 51% Swisscom Directories AG LTV GelbeSeiten AG 100% JV since 1998 One management since 11/2010 Rebranding since 2011 local.ch AG 12 Local.ch Profitability maintained while shift to online continues Revenue (consolidation 100%), in millions of CHF % 2012 2013 C-Media E-Media Other -20% 13% -3% 86.1 71.7 51.1 68.8 81.1 49.7 Total revenue -4% 208.9 199.6 in millions of CHF • As of Dec 2013, 2/3 of order intake with digital products • New local guide a success; merger of print products allow for substantially lower printing costs • 4.2 million monthly unique clients 13 7
- 8. local.ch: most popular search platform New offers – extension of market leadership − Commercial success - >CHF 200 m revenue on 100% basis - ~25% EBIT margin − More local - city-specific start page - improved search results − More offers couponing offers − booking restaurants − deeper map integration − − Improved usability tablet optimised user interface − autocomplete − fault tolerance − 14 local.ch with higher digital reach Outperformed against #2 100% 4.5 4.0 80% 70% 3.5 60% 50% 3.0 40% 30% 18% 19% 18% 19% 16% 17% 16% 15% 15% 2.5 10% 10% local.ch search.ch [rel. position] Unique ClientsNetMetrix [mm] 90% 20% 10% 5% 2.0 0% Nov Dez Jan Feb Mar Apr May Jun Jul Aug Sep Oct 2013 1 Source: Unique Netmetrix 15 8
- 9. local.ch No 1 in Mobile Uncontested leadership 1.8 100% 90% # unique clients [mm] 80% 1.4 70% 60% 1.2 50% 1.0 40% 26% 25% 24% 22% 22% 22% 23% 21% 21% 18% 17% 0.8 30% local.ch search.ch [rel. position] 1.6 20% 0.6 10% 0% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0.4 2012 2013 1 Source: Uniques Netmetrix - registered since Feb/2013 16 Digital & Marketing Services Full-year results 2013 • Operating result of CHF -0.5 million vs CHF 6.1 million in 2012; net revenue and net result lower due to Namics sale in June 2012 • Substantial investments at Improve Digital and Spree7; Improve Digital net revenue grew 43% to CHF 5.8 million; Spree7 operational as of July 2013 • At Zanox revenue growth allows to cement position as leading performance advertising network in Europe • DMS headcount (excluding Zanox) up from 59 FTE in 2012 to 111 in 2013 DMS Net Revenue, in millions of CHF 40 30 other DMS namics Improve Digital 27.7 -57% 20 20.7 11.8 7.0 5.8 6.0 2012 2013 10 0 Operating and Net Results, in millions of CHF 2012 20 15.8 15 10 10.3 namics 6.1 5 5.5 0 -5 2013 -0.5 Operating result -0.2 Net Result 17 9
- 10. Zanox Full-year results 2013 • Revenue growth despite competitive landscape in affiliate domain; confirmation of top position in Europe; international expansion continues • Zanox 5% growth in net revenue and operational efficiencies largely consumed by lower margins and investments in network • Successful entry into data management business with acquisition of Metrigo in 2013 • From a 100% perspective, Zanox net revenue of EUR 486.3 million in 2013; EBITDA reached EUR 20.5 million Zanox Net Revenue (100%), in millions of EUR 600 461.4 500 486.3 +5% 400 300 200 100 0 2012 2013 Zanox EBITDA (100%), in millions of EUR 30 28.0 25 20.5 20 15 10 5 0 2012 2013 18 Improve Digital Leading European publisher trade technology Proposition Management Team • #1 European Publisher Ad Exchange and SSP • Offices in Benelux, Germany, UK, and Spain • >40 FTE, mostly in tech and sales • >100 premium publisher customers • >250 connected demand-side partners, incl. all key DSPs • State-of-art platform, fully RTA enabled, premium-format, mobile- / video-enabled, customisable private exchange • Won several awards, including 2013 High Growth Awards, Deloitte Fast 500, Red Herring 100, Inspiring 50 Clients Joelle Frijters (CEO) Janneke Niessen (CIO) Financials eCPM (EUR) Billing (EUR) Impressions (in Mill.) 91 75 48 0.46 0.52 34 2012 2013 2012 2013 19 10
- 11. Powered by Spree 7 Transparent trading desk for independent advertising agencies Proposition Management Team • Young, Berlin-based growth company • Trading desk for independent agencies and nonagency represented advertising customers • Exclusive Mediamath partner in DACH • Small, strong team of dynamic ad trade experts • Aim to grow trade volumes, data usage, and eventually develop trade platform Victor Zawadzki (CEO) Selection of clients/partners Dirk Fiebig (Vice President Technology & Operations) Milestones • Fully operational since July 2013 • Signed 26 agencies to date, aiming to get to 50 in 2014 • Ran more than 100 campaigns in past 6 months; about 20-50 campaigns per month at present • Strong focus and good progress on analytics / data 20 Key financials Group Andreas Schmidt CFO PubliGroupe 21 11
- 12. P&L Group Net loss vs. large profit in 2012 in millions of CHF 2013 2012 -7% 1'058.0 1'134.6 Net revenue -6% 267.3 285.1 Purchases 32% -22.5 -17.1 Gross profit -9% 244.8 268.0 Operating Expenses -9% -263.1 -289.0 Depr. & Amort. -6% -4.5 -4.8 Share in associates -14% 23.6 27.4 Operating result -48% 0.8 1.6 Financial result -98% - -1.8 Billings * - 0.8 -0.2 Non-operating result Ordinary result -96% 2.7 66.1 Income taxes -67% -4.0 -12.0 46% -5.4 Minority interests Net Result Headcount (FTE) -3.7 - -5.9 50.2 -137 1'565 1'702 * Billings represent the gross amounts billed to clients (including the value of ad space) 22 Non-operating result Practically no non-operating items in 2013 2013 2012 Gain on Namics sale - 10.3 Gain on SOP sale - 3.1 in millions of CHF Gain on xentive sale Real Estate - Gain on sale Real Estate - Rental inc./Cost & depr on properties Other (mainly rent elimination) Non-operating result 0.4 - 49.6 2.4 4.4 -0.1 -1.3 2.7 66.1 23 12
- 13. Operating result by segment Higher Search & Find profit allows break-even result in millions of CHF Media Sales 2013 2012 -14.5 -16.1 Search & Find 25.5 22.4 Digital & Marketing Services -0.5 6.1 Corporate & Others -9.7 -11.7 - 0.9 0.8 1.6 End December 2013 End December 2012 Eliminations Group Operating result 24 Headcount by segment Fewer FTEs at Media Sales and Group FTE Media Sales 847 1'066 Search & Find 549 512 Digital & Marketing Services 111 59 Corporate & Others Total Headcount 58 65 1'565 1'702 25 13
- 14. Financial Result Balanced result 2013 2013 2012 Interest income 0.9 0.5 Income from marketable securities and investments 2.5 1.3 in millions of CHF Financial income 3.4 1.8 Interest expenses -1.9 -1.3 Loss on marketable securities and investments -1.1 -1.5 Financial expenses -3.0 -2.8 Net currency exchange differences -0.4 -0.8 - -1.8 Net financial Result 26 Cash flow statement Substantially lower cash position due to share buy-back, dividend & loss 2013 2012 Cash and cash equivalents as of 1 January 162.2 109.3 22.0 in millions of CHF Cash flows from operating activities -21.7 Cash flows from investing activities -30.8 63.1 Cash flows from financing activities -52.3 -31.8 Effect of exchange rates on cash and cash equivalents -0.9 -0.4 Cash and cash equivalents as of 31 December 56.5 162.2 • Reasons for lower operating cash: 1/3 growth-related , 1/3 market conditions-related; 1/3 one-time effects • Reasons for lower investing cash: mainly financing of Digital Window acquistion by Zanox • Reasons for lower financing cash: extraordinary dividend payment and share buy-back 27 14
- 15. Group balance sheet Reduced balance sheet after share buy-back as of 31 December 2013 as of 31 December 2012 Current assets 292.4 379.2 Non-current assets 163.7 153.0 Total assets 456.1 532.2 Current liabilities 286.9 250.9 22.4 72.6 135.0 195.6 11.8 13.1 456.1 532.2 30% 37% in millions of CHF Non-current liabilities Equity, shareholders of PubliGroupe Ltd Minority interests Total liabilities and equity Equity in % of assets 28 Conclusion & Outlook by the CEO Arndt C. Groth CEO PubliGroupe 29 15
- 16. Accomplishments since 2012 Progressing along three distinct paths • Reduction of overhead costs; currently 29 FTE at 1. Streamlining of operations headquarters in Lausanne, further reductions planned • Appointment of new CEO at Publicitas with turnaround • Lean and focused HQ experience; continued rightsizing at Media Sales structure to control and very selectively support assets • At local.ch/Zanox efficiency programs in place, with effects to be realised in 2014 and 2015 2. Focusing on core assets • Operational efficiencies • Sale of 3 buildings in Bern & Lausanne • Sale of Namics, IT consultancy firm • Sale of 51% of Xentive to Mediaspectrum, Boston- realised within key assets • Divestment of non-core based company offering premier software solutions • Sale of further non-strategic assets planned assets ongoing • Focus on technologyoriented companies in the media & advertising sector • Acquisition of Improve Digital, leading European 3. Developing tech-oriented assets • • • supply-side platform operator Successful acquisition of data management platform (DMP) Metrigo through Zanox Establishment of Spree7 together with MediaMath as a leading demand-side platform (DSP) provider that caters to marketers’ media buying needs Establishment of automated media marketplace at Publicitas, together with Mediaspectrum ongoing ongoing 30 Key agenda points General Assembly 2014 • The Board of Directors decided to schedule the introduction of the principle of "one share – one vote" for the Annual General Meeting to be held on 29 April 2014 • At the next Annual General Assembly (AGM), the Board will propose an adaptation of the Articles of Association in conformity with the "Ordinance Against Excessive Compensation in Listed Companies“ • The Board of Directors will propose a dividend of CHF 2.0 per share, resulting in a dividend payment of about CHF 4.4 million • Further details will be communicated with the invitation to the General Meeting in the beginning of April 31 16
- 17. Conclusion and Outlook Full year results 2013 • Progress made in the second half-year 2013 allowed PubliGroupe to achieve a balanced operating full-year result • Divestment of non-core assets or assets that are not providing satisfactory financial returns will continue as will the adaptation of the holding • In particular at Publicitas, the further execution of strategy of an increasingly automated sales platform across all media categories, as announced in August 2013, remains the key focus in order to return to the path of profitability • In 2014 Search & Find should provide results in the same order of magnitude as 2013; DMS will slightly improve its results. At Zanox several measures are in place to capitalize on its leading market position • PubliGroupe will maintain focus on building a Group of leading advertising technology-oriented companies 32 Backup Slides 33 17
- 18. Consolidated income statement in millions of CHF Billings * Net revenue Backup 2013 2012 1'058.0 1'134.6 267.3 285.1 Purchases -22.5 Gross profit 244.8 268.0 Personnel expenses -183.9 -211.6 General and administrative expenses -17.1 -81.1 -78.8 Depreciation of tangible assets -2.2 -3.8 Amortisation of intangible assets -2.3 -1.0 Other operating income 2.3 1.9 Other operating expenses -0.4 -0.5 Share in result of associates 23.6 27.4 Operating result Financial result 0.8 1.6 - -1.8 Ordinary result 0.8 -0.2 Non-operating result 2.7 66.1 Result before income taxes and minority interests 3.5 65.9 Income taxes -4.0 -12.0 Result before minority interests -0.5 53.9 Minority interests -5.4 -3.7 Result attributable to shareholders of PubliGroupe Ltd -5.9 50.2 Earnings per share (in CHF) -2.7 21.2 * Billings represent the gross amounts billed to clients (including the value of ad space) 34 Consolidated balance sheet Backup Assets as of 31 December 2013 as of 31 December 2012 Cash and cash equivalents 56.5 162.2 Marketable securities 13.5 12.9 172.9 167.4 in millions of CHF Trade receivables Other receivables 30.1 20.9 Accrued income and prepaid expenses 19.4 15.8 292.4 379.2 32.7 34.0 Current assets Investment properties Owner-occupied properties 0.6 0.1 Equipment 4.8 7.0 4.1 5.0 Investments in associates Intangible assets 79.5 79.3 Financial assets 39.3 25.3 Deferred tax assets 2.7 2.3 Non-current assets 163.7 153.0 Total assets 456.1 532.2 35 18
- 19. Consolidated balance sheet Backup Liabilities and equity in millions of CHF as of 31 December 2013 Current debts Trade payables as of 31 December 2012 42.6 0.9 114.3 122.2 Other payables 26.5 29.3 Accrued expenses and deferred income 97.7 89.5 Current provisions Current liabilities Non-current debts Share in negative equity of associates 5.8 9.0 286.9 250.9 0.2 40.3 12.3 22.8 Deferred tax liabilities 3.9 2.2 Non-current provisions 6.0 7.3 22.4 72.6 309.3 323.5 Non-current liabilities Total liabilities Share capital PubliGroupe Ltd 2.3 2.5 Treasury shares -34.5 -35.0 Capital reserves -0.3 -0.3 Retained earnings 167.5 228.4 Equity, shareholders of PubliGroupe Ltd 135.0 195.6 Minority interests 11.8 13.1 Total equity 146.8 208.7 Total liabilities and equity 456.1 532.2 36 Cash flows from operating activities Backup in millions of CHF 2013 Result before minority interests -0.5 53.9 -23.6 -27.4 Depreciation and amortisation (incl. non-operating) 5.5 6.1 Changes in provisions (incl. deferred income taxes) -2.7 2.7 0.1 -49.7 -0.4 -13.4 2.8 13.4 16.7 21.6 Share in result of associates Gain/loss on disposals of fixed assets Gain/loss on disposals of subsidiaries and associates Adjustments for other non-cash items Dividends received Interest received 2012 0.6 0.4 Interest paid -1.6 -1.4 Taxes paid -5.2 -5.6 Changes in trade receivables -7.1 25.3 Changes in other receivables, accrued income and prepaid expenses -9.7 12.2 Changes in trade payables -8.8 -14.0 Changes in other payables, accrued expenses and deferred income Cash flows from operating activities 12.2 -2.1 -21.7 22.0 37 19
- 20. Cash flows from investing activities Backup in millions of CHF 2013 Acquisitions of tangible assets -1.2 -2.9 - 81.4 Disposals of tangible assets 2012 Acquisitions of intangible assets -5.5 -1.4 Acquisitions of subsidiaries, net of cash acquired -0.2 -16.1 - 6.9 Disposals of subsidiaries, net of cash disposed of Acquisitions and capital increases in associates -7.6 - - 3.7 Investments in financial assets -17.3 -4.1 Divestments of financial assets 5.4 - -4.4 -4.4 -30.8 63.1 Disposals of associates Taxes paid Cash flows from investing activities 38 Cash flows from financing activities in millions of CHF Increase in bank debts Repayment of bank debts Repayment of non-current debt Purchase of treasury shares Sale of treasury shares Backup 2013 2012 2.4 - -0.9 - -0.3 -10.2 -25.2 -1.8 0.2 1.1 Increase in capital reserves - 0.1 Decrease in capital reserves - -5.2 Dividend paid to shareholders of PubliGroupe Ltd Dividends paid to minority interests by Group companies Cash flows from financing activities -22.1 -8.9 -6.4 -6.9 -52.3 -31.8 39 20