Ringier and Tamedia take over jobs.ch (PDF
Ringier and Tamedia take over jobs.ch (PDF
Ringier and Tamedia take over jobs.ch (PDF
- TAGS
- ringier
- tamedia
- tamedia.ch
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
<strong>Ringier</strong> <strong>and</strong> <strong>Tamedia</strong><br />
<strong>take</strong> <strong>over</strong> <strong>jobs</strong>.<strong>ch</strong><br />
<strong>Tamedia</strong> AG<br />
Zuri<strong>ch</strong>, September 12, 2012<br />
1 <strong>jobs</strong>.<strong>ch</strong>, September 12, 2012
<strong>jobs</strong>.<strong>ch</strong><br />
was founded in 2000; Tiger Global invested in 2007<br />
Portal of <strong>jobs</strong>.<strong>ch</strong> Milestones of <strong>jobs</strong>.<strong>ch</strong> Holding AG<br />
• Started in 1996 as SwissWeb<strong>jobs</strong>.<strong>ch</strong>,<br />
<strong>jobs</strong>.<strong>ch</strong> is one of the leading Swiss job<br />
platforms<br />
• In 2000, the company <strong>jobs</strong>.<strong>ch</strong> ag was<br />
founded<br />
• In 2007, founder Thomas Ster<strong>ch</strong>i <strong>and</strong><br />
Matthias Zimmermann sold majority of<br />
shares to Tiger Global Management<br />
• In 2011, <strong>jobs</strong>.<strong>ch</strong> took <strong>over</strong> top<strong>jobs</strong>.<strong>ch</strong> whilst<br />
Scout 24, jointly owned by Deuts<strong>ch</strong>e<br />
Telekom <strong>and</strong> <strong>Ringier</strong>, took a s<strong>take</strong> in<br />
<strong>jobs</strong>.<strong>ch</strong><br />
• Current majority shareholder Tiger Global<br />
decided to start an auction process in 2012<br />
S<strong>take</strong> in Austrian platform karriere.at<br />
• Beside Switzerl<strong>and</strong>, <strong>jobs</strong>.<strong>ch</strong> is active in<br />
Austria with a 49 per cent s<strong>take</strong> in<br />
karriere.at<br />
2 <strong>jobs</strong>.<strong>ch</strong>, September 12, 2012
Jobs ads highly cyclical; market share of online clearly increasing<br />
Development of job ads in Switzerl<strong>and</strong> in print <strong>and</strong> online media,<br />
180<br />
1993<br />
Online<br />
Print<br />
243<br />
1994<br />
292<br />
1995<br />
237<br />
1996<br />
240<br />
1997<br />
337<br />
1998<br />
443<br />
1999<br />
585<br />
6<br />
579<br />
2000<br />
560<br />
8<br />
552<br />
2001<br />
327<br />
10<br />
317<br />
2002<br />
223<br />
15<br />
208<br />
2003<br />
231<br />
18<br />
213<br />
2004<br />
265<br />
27<br />
238<br />
2005<br />
340<br />
39<br />
301<br />
2006<br />
427<br />
60<br />
367<br />
2007<br />
in CHF mill.<br />
418<br />
68<br />
350<br />
2008<br />
250<br />
192<br />
289<br />
216<br />
277<br />
188<br />
3 <strong>jobs</strong>.<strong>ch</strong>, September 12, 2012<br />
58<br />
2009<br />
73<br />
2010<br />
89<br />
2011<br />
36%<br />
246<br />
88<br />
158<br />
2012<br />
64%
<strong>jobs</strong>.<strong>ch</strong><br />
9<br />
13<br />
increased revenues by 32 per cent on a year-by-year basis<br />
Revenues <strong>jobs</strong>.<strong>ch</strong> Holding AG between<br />
2008 <strong>and</strong> 2011 in CHF mill.<br />
20<br />
CAGR +32%<br />
28<br />
27<br />
33<br />
2005 2006 2007 2008 2009 2010<br />
46<br />
2011<br />
EBITDA <strong>jobs</strong>.<strong>ch</strong> Holding AG between 2008<br />
<strong>and</strong> 2011 in CHF mill.<br />
3<br />
2005<br />
5<br />
2006<br />
9<br />
2007<br />
CAGR +40%<br />
14<br />
2008<br />
4 <strong>jobs</strong>.<strong>ch</strong>, September 12, 2012<br />
12<br />
2009<br />
17<br />
2010<br />
EBITDA<br />
margin<br />
21<br />
2011<br />
46%
<strong>Ringier</strong> <strong>and</strong> <strong>Tamedia</strong> have agreed to a three step joint-venture<br />
Step<br />
390<br />
195<br />
195<br />
50%<br />
50%<br />
• <strong>Ringier</strong> <strong>and</strong> <strong>Tamedia</strong><br />
acquire 100 per cent of<br />
<strong>jobs</strong>.<strong>ch</strong> Holding AG<br />
• Entreprise value of 390<br />
CHF million<br />
1 Step<br />
Please note: simplified <strong>ch</strong>art, enterprise value = equity value<br />
•<br />
•<br />
510<br />
120<br />
195<br />
195<br />
62%<br />
38%<br />
Jobup AG to be brought<br />
into the partnership by<br />
<strong>Tamedia</strong><br />
Jobup is valued at CHF<br />
120 million<br />
2 Step<br />
•<br />
•<br />
510<br />
255<br />
255<br />
50%<br />
50%<br />
5 <strong>jobs</strong>.<strong>ch</strong>, September 12, 2012<br />
&<br />
3<br />
<strong>Ringier</strong> will increase its<br />
share to 50 per cent<br />
again within 18 months<br />
Both partners will hold<br />
a 50/50 s<strong>take</strong> in the<br />
company
<strong>jobs</strong>.<strong>ch</strong><br />
<strong>and</strong> Jobup as a perfect fit; strong market positions<br />
<strong>jobs</strong>.<strong>ch</strong> strong in the Germanspeaking<br />
part of Switzerl<strong>and</strong><br />
jobup.<strong>ch</strong>: strong in the Rom<strong>and</strong>y<br />
Management Team <strong>jobs</strong>.<strong>ch</strong><br />
Holding AG<br />
Mark S<strong>and</strong>meier, CEO Mi<strong>ch</strong>el Kaufmann Oliver Krähenbühl<br />
Patrik Breitenmoser Renato Profico<br />
• <strong>jobs</strong>.<strong>ch</strong> Holding AG shall continue to be run<br />
by its current successful management<br />
• Upon the merger with Jobup AG, the<br />
management team may be exp<strong>and</strong>ed<br />
6 <strong>jobs</strong>.<strong>ch</strong>, September 12, 2012
A powerful position in the two most relevant classified markets<br />
Real estate platforms<br />
•<br />
homegate.<strong>ch</strong> as leader in the market,<br />
immostreet.<strong>ch</strong> as strong completion<br />
Unique Clients in 1’000*<br />
homegate.<strong>ch</strong><br />
immosout24.<strong>ch</strong><br />
immostreet.<strong>ch</strong><br />
home.<strong>ch</strong> 298<br />
newhome.<strong>ch</strong><br />
313<br />
258<br />
1.207<br />
1.101<br />
Source: * NET-Metrix-Audit August 2012; **Estimate full year 2011<br />
Job platforms<br />
•<br />
<strong>jobs</strong>.<strong>ch</strong> strong in the German-speaking<br />
part, jobup.<strong>ch</strong> in the Rom<strong>and</strong>y<br />
Unique Users in 1’000**<br />
<strong>jobs</strong>.<strong>ch</strong> & Jobup 834<br />
jobrapido.<strong>ch</strong><br />
<strong>jobs</strong>cout24.<strong>ch</strong><br />
indeed.<strong>ch</strong><br />
linkedin.com<br />
127<br />
298<br />
272<br />
267<br />
7 <strong>jobs</strong>.<strong>ch</strong>, September 12, 2012
karriere.at<br />
karriere.at<br />
as the leading job platform in the Austrian market<br />
in Austria One of the leading job platforms<br />
• The austrian job platform karriere.at was<br />
founded in 2004 by three partners<br />
• <strong>jobs</strong>.<strong>ch</strong> took a s<strong>take</strong> of 49 per cent in 2009<br />
• Today, the company is held by the founders<br />
Klaus Hofbauer, Oliver Sonnleithner, Jürgen<br />
Smid <strong>and</strong> <strong>jobs</strong>.<strong>ch</strong> AG<br />
• karriere.at has offices in Vienna as well as<br />
Linz <strong>and</strong> employees 55 people<br />
Key figures karriere.at<br />
8.5<br />
Revenues<br />
2011 in CHF mill.<br />
EBITDA margin<br />
20%<br />
1.7<br />
EBITDA<br />
Austrian job platforms by number of<br />
published job advertisements, April 2012<br />
karriere.at 9.001<br />
Monster.at 4.007<br />
StepStone.at 2.544<br />
Source: As per latest disclosure: karriere.at as per April 2012; Monster.at: as per April 2012.; Stepstone.at: as per April 2012<br />
8 <strong>jobs</strong>.<strong>ch</strong>, September 12, 2012
Including <strong>jobs</strong>.<strong>ch</strong>, EBIT would have been 70 CHF million<br />
Revenues without <strong>and</strong><br />
with <strong>jobs</strong>.<strong>ch</strong> first half-year<br />
2012 in CHF mill.<br />
524<br />
Revenues<br />
<strong>Tamedia</strong><br />
548<br />
24<br />
Revenues<br />
incl. <strong>jobs</strong>.<strong>ch</strong><br />
EBIT<br />
EBIT <strong>Tamedia</strong> without <strong>and</strong> with <strong>jobs</strong>.<strong>ch</strong> in the first halfyear<br />
of 2012 in CHF mill.; margins in per cent<br />
EBIT margin<br />
11,5%<br />
60<br />
EBIT<br />
<strong>Tamedia</strong><br />
12<br />
EBITcontribution<br />
<strong>jobs</strong>.<strong>ch</strong><br />
2<br />
IFRS 3<br />
(Estimate)<br />
EBIT margin<br />
12,9%<br />
<strong>Tamedia</strong><br />
incl. Jobs<br />
*The figures relate in ea<strong>ch</strong> case to the continuing operations<br />
9 <strong>jobs</strong>.<strong>ch</strong>, September 12, 2012<br />
70<br />
Net income<br />
attributable<br />
to noncontrolling<br />
interests<br />
rises by<br />
5 CHF mill.
Share of Digital revenues will rise from 12 to 16 per cent…<br />
Digital in CHF mill.<br />
64<br />
+37%<br />
87<br />
2012<br />
-336%<br />
-4<br />
-1<br />
-11<br />
Revenues EBITDA EBIT<br />
9<br />
incl. <strong>jobs</strong>.<strong>ch</strong><br />
incl. nonrecurring<br />
items<br />
of -4.5 CHF<br />
mill. in the first<br />
half of 2012<br />
-92%<br />
Outlook: EBIT-Improvement Digital in CHF mill.<br />
-11<br />
EBIT<br />
<strong>Tamedia</strong><br />
6/2012<br />
5<br />
Nonrecurring<br />
items<br />
12<br />
EBIT<br />
<strong>jobs</strong>.<strong>ch</strong><br />
5<br />
Annual<br />
synergies<br />
2<br />
IFRS 3<br />
9<br />
EBIT<br />
Digital<br />
Turn<strong>over</strong><br />
12%<br />
EBIT share<br />
-14%<br />
share<br />
incl. <strong>jobs</strong>.<strong>ch</strong><br />
incl. <strong>jobs</strong>.<strong>ch</strong><br />
incl. <strong>jobs</strong>.<strong>ch</strong><br />
16%<br />
incl. <strong>jobs</strong>.<strong>ch</strong><br />
-1%<br />
EBIT share incl. <strong>jobs</strong>.<strong>ch</strong><br />
-14%<br />
outlook<br />
11%<br />
Source: Finance <strong>Tamedia</strong><br />
10 <strong>jobs</strong>.<strong>ch</strong>, September 12, 2012
…with a 46 CHF mill. EBITDA contribution from classifieds alone<br />
Pro forma Turn<strong>over</strong> <strong>and</strong> EBITDA of classified portals on an<br />
annual basis 2012 (Estimate) in CHF million<br />
110<br />
EBITDA margin<br />
potential<br />
50%<br />
46<br />
Turn<strong>over</strong> EBITDA<br />
42%<br />
10+ CHF mill.<br />
potential<br />
synergies<br />
Potential synergies not yet<br />
reflected in these figures<br />
• The figures do not yet<br />
reflect the exploitation<br />
of synergies between<br />
<strong>jobs</strong>.<strong>ch</strong> Holding AG <strong>and</strong><br />
•<br />
Jobup AG<br />
We estimate there is<br />
potential to a<strong>ch</strong>ieve<br />
annual synergies of<br />
approximately CHF 10<br />
million, for instance by<br />
combining previously<br />
separate marketing<br />
efforts for the different<br />
job sear<strong>ch</strong> platforms or<br />
with the IT platforms<br />
11 <strong>jobs</strong>.<strong>ch</strong>, September 12, 2012
Equity ratio will decline to 55 per cent due to bank loan<br />
in CHF mill.<br />
1.636<br />
307<br />
1.329<br />
2012-06<br />
40%<br />
1.636<br />
658<br />
978<br />
2012-06<br />
60%<br />
2.096<br />
347<br />
1.748<br />
2012-06 incl. <strong>jobs</strong>.<strong>ch</strong>*<br />
Current assets Non-current assets Liabilities Equity<br />
45%<br />
2.096<br />
950<br />
1.145<br />
55%<br />
2012-06 incl. <strong>jobs</strong>.<strong>ch</strong>*<br />
without<br />
control<br />
option<br />
<strong>Tamedia</strong>;<br />
without call<br />
<strong>and</strong> put<br />
option<br />
<strong>Ringier</strong><br />
incl. Bank<br />
loan of 205<br />
CHF mill.<br />
*after acquisition <strong>jobs</strong>.<strong>ch</strong><br />
12 <strong>and</strong> incl. Jobup<br />
<strong>jobs</strong>.<strong>ch</strong>, September 12, 2012
Thank you for your attention.<br />
13 <strong>jobs</strong>.<strong>ch</strong>, September 12, 2012
Change language