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www.secafi.comBORDEAUX ► LILLE ► LYON ► MARSEILLE ► METZ ► MONTPELLIER ► NANTES ► PARIS ► TOULOUSE
SECAFI
Diagnostic Stratégie Emploi
Société d’expertise comptable inscrite
au Tableau de l’Ordre de Paris/Ile de France
Direction Régionale Ile de France
20 rue Martin Bernard
75647 Paris Cedex 13
Tél 01 53 62 70 00
SAS au capital de 2 245 092,50 €
312 938 483 RCS Paris
Numéro d’identification intracommunautaire
FR 88 312 938 483
Unigraphical Conference“Publishing on the move”
Brussels, October 29th 2014
Cultural and creative sectors in Europe
2
Breakdown of employment and the economic contribution of cultural and creative sectors (CCS) in Europe (EU CCS Descriptions 2010)
3
The production/publishingand distribution sectors arethe ones with the highestlabour requirements
Though just 4% of EuropeanCCS companies employ morethan 50 people, they accountfor 50% of total sector sales inthe EU
Creation and distributioncompanies are the mostprofitable and generate themost value add
64,7%
20,1%
6,3% 7,9%
0,60% 0,50%
31,8%
41,1%
16,2%7,4%
2,5% 1,0%
0,0%
10,0%
20,0%
30,0%
40,0%
50,0%
60,0%
70,0%
Creation Production
Publishing
Distribution Commerce Preservation Education
# enterprises
# employees (M)
7,9
6,3
9,0
2,1
6,1
3,2
0,0%
5,0%
10,0%
15,0%
20,0%
25,0%
30,0%
35,0%
40,0%
45,0%
Creation Production
Publishing
Distribution Commerce Preservation Education
Revenues MM €
Added value at factor costs
MM€
Breakdown of employment and the economic contribution of the publishingsector in Europe (EU CCS Descriptions 2010)
4
The publishing sectoraccounts for 28% of CCS salesin the EU and for 27% ofemployees
We have no figures onnumbers of self-employedspecifically in the publishingsector, though we know thatthey account for 20% of the2.5 million CCS jobs
Against a background of anoverall CCS EBIT of ~12.5% in2010, the publishing sectorfeatures low profitability in thepress sub-sector and decliningprofitability in the book sub-sector.
27
84
4
8 0
96
21
00
7
1 0
93
141
600
308
600
207
100
8 05
4
0
50 000
100 000
150 000
200 000
250 000
300 000
350 000
book publishing publishing of
newspapers
publishing of joumals
and periodicals
publishing of
computer games
#Enterprises
#Employees
10
52
8
16
47
1
15
72
8
88
4
28 6
95
41 6
92
37 5
40 2 94
0
5,75%
0,85% 2,67%
-3,17%
book publishing publishing of newspapers publishing of joumals and
periodicals
publishing of computer
games
Value Add
Turnover
%EBIT
The sector's value add flew into the ecosystem as follows: 50% for publishing, 35% for printing and 10% for distribution
5
-10 000 10 000 30 000 50 000 70 000 90 000 110 000 130 000 150 000
Publishing
Graphical
Printing
Retail
-10 000 10 000 30 000 50 000 70 000 90 000 110 000 130 000 150 000
Publishing
Graphical
Printing
Retail
Between 2008 and 2011, thesector's combined value adddropped 8.6%
While sector factors havedeclined by 4%
publishing from 2,3 bn€ to 1,9 bn€
Graphical 151M€ > 129 M€
Retail 931 M€ > 956 M€
In printing they have dropped16.4% : It is this segment ofthe value chain wherepublishers have been cuttingcosts
Now Publishing is 48% ofcosts, retail and printing arenow 25%each
Trends in employment and skills
6
The breakdown of the sector's headcount numbers is similar: 50% for publishing, 35% for printing and 10% for distribution
7
Between 2008 and 2011, the sector's overall headcount has dropped 16%Total sector headcount has declined by 1/6, in particular in European publishers, thoughprinting has seen a 1/3 decline.Economic pressure is forcing companies to outsource more and more functions (logistics,retailing,etc.), while the declines in circulation and prices are causing printers to dismisslabour even faster
0 500000 1000000 1500000 2000000 2500000
Publishing
Graphical
Printing
Retail
0 500000 1000000 1500000 2000000 2500000
Publishing
Graphical
Printing
Retail
Trends in types of job in the USmore freelancers, less salaried staff, with a focus on digital economies of scale
8
Authors and
writers
129.000
+3% Photgraphers
136.000
+4%
Publishers
115.300
-2%
Graphic
Designers
16.400
-5% Printers
276.000
-5%
Employment growth
Freelance vs PERM
Freelancers: One in five cultural and creative jobs, though in reality more positions on account of multiple employers
9
40,4 29,1 24,3 6,4
465,6
47,0 36,4
276,7
47,1 33,0
126,7
14,7 11,790,1 99,2
36,7 61,112,1 8,3
59,2
395,5
0%
10%
20%
30%
40%
50%
60%
70%
80%
AT BE BG CY DE DK FI FR GR HU IE IT LT LU LV NL PL PT RO SK SL SW UK
%freelancing %public Fund Staff (000s)
Through crossing Amadeus and Eurostat figures, the partial 2010 data indicate:
An average freelancer ratio of one in five workers in the European cultural and creative sectors and10 - 15% public financing of the sectors
The number of self-employed workers is difficult to determine as such workers are not alwaysclassified in the right economic sectors, and also because their status may differ (for example pressfreelancers in a number of countries compared to salaried freelancers in France)
Under pressure for their own performance, publishers took advance of their bargaining power to transfer risks and price adjustments along the food chain
10
20%
9%
20%19%
20%
2%
9%
18%
4%
22%
20%
15%
18%
4%
0%
5%
10%
15%
20%
25%
Librairies Maisons de la
presse
GSS GSA (y c Espaces
Culturels Leclerc)
VPC et Clubs Internet Autres
Evolution de la part de marché des canaux de vente des livres imprimés neufs en valeur (source : TNS-Sofres pour MCC-OEL/CNL)
2002 2011 2012 2013The traditional book trade (200 years) with its third-party publishers, printers and booksellers is now increasingly dominated by companies in control of that scarce resource: top-selling authors
Widely available resources have become:
Printers: a commodity
Bookshops: a source of complications
Major debt-financed (exceeding cash flow) mergers have resulted in:
Printers deliberately focusing on competitiveness (labour costs) and volumes (pulp fiction)
Preference given to integrated distribution channels (hypermarkets/Internet) over independent points of sale
But readers are becoming increasingly rare: The 2nd phase of job destruction is occurring in players who have missed out on B2C
Supply chain savings
Improve on
printed/sold
ratio
Use of
digital
printing
Channel Market share of new printed books in M€
Forum d’Avignon : consulting firms (Bain & AT Kearney) describe digitizationof publishing organizations, often overlooked by writer-centric processes
11
Digital drives a massive consumer demand shift :
Preferred online sales mean audience generation and eCommerce technique skills become critical
Tablet and e-reader penetration trigger new reading experiences : book digitization and device-litterate activities gradually appear within publisher organizations
Digital forces all publishing companies to die or accept a cultural makeover. Power is changing hands :
From content creation to commerce
From paper path to data path : current industrial jobs from desktop publishing to logistics are under pressure, while publishers experiment on IT profiles
The sector's key players in Europe and their impact by country
12
The main European media groups
13
16 356
15232
12702
7188
5 069
3040
2680
2218
1315
1276
807,9
759,2
711,6
676,3
Bertelsmann
Schibsted
Thomson Reuters
Lagardère
Pearson
Axel Springer
Prisa
Sanoma
RCS
Mondadori
Mecom
Oxford Press
Espresso-Repubblica
Roularta
Revenues 2013 (M€)
111763
57800
42115
23179
16016
12843
6900
4540
4363
3436
2749
2500
Bertelsmann
Thomson Reuters
Pearson
Lagardère
Sanoma
Axel springer
Schibsted
Mecom
RCS
Mondadori
Roularta
Espresso-Repubblica
Employees 2013
Company performance between 2012 and 2013
14
RCS
1 315
Bertelsman
16 356
Lagardère
7 188
MECOM
808
Mondadori
1 276
Pearson
5 088
Axel Springer
3 040
Roularta
676Sanoma
2 218
Schibsted
15 232
Thomson Reuters
12 702
Oxford Press
759
Espresso-Republica
712 Prisa
2 680
-30%
-20%
-10%
0%
10%
20%
30%
-25% -15% -5% 5%
Tau
x d
'EB
IT
Croissance des revenus
RCS
Bertelsman
Lagardère
MECOM
Mondadori
Pearson
Axel Springer
Roularta
Sanoma
Schibsted
Thomson Reuters
Oxford Press
Espresso-Republica
Prisa
Right-hand top corner features growing revenues and profitability, as well as digital-driven companies
15
-30%
-15%
0%
15%
30%
-30% -25% -20% -15% -10% -5% 0% 5% 10%
unknow
<50%
>50%
<20%
<10%
% of Digital in overall company
revenues
Left-hand companies are currently experiencing losses as well as revenue decline. They rely more on ad revenues and less on digital
16
-30%
-15%
0%
15%
30%
-30% -25% -20% -15% -10% -5% 0% 5% 10%
<10%
>50%
<20%
unknow
<50%
% of Ad in overallcompany revenues
17
Total staff in the main media groups a the end of 2012 and 2013
2012 2013 Var %
Companies: RCS, Schibsted, Mecom, Lagardère, Bertelsmann, Mondadori, Roularta, Sanoma
26 884
28 021 4,2%
France
2 656
2 519
-5,2%
Belgium
5 590
5 535 -1,0%
Nederland
38 434
38 840
1,1%
Germany
5 590
5 212
-6,8%
Italy
2 242
1 958
-12,7%
Spain
3 828
4 206
9,9%
Finland3 852
3 533
-8,3%
Norway
1 164
1 291 10,9%
Danemark2 151
2 270 5,5%
Sweden
105 695
106 728
1,0%
Total Europe
Total staff by country and variations (2012-2013)
18
26
88
4
2 6
56
38
43
4
5 5
90
5 5
90
2 2
42
3 8
28
3 8
52
2 1
51
1 1
64
28
02
1
2 5
19
38
84
0
5 5
35
5 2
12
1 9
58
4 2
06
3 5
33
2 2
70
1 2
91+ 4,2%
-5,2%
+ 1,1%
-1,0%
-6,8%
-12,7%
+ 9,9%
-8,3%
+ 5,5%
+ 10,9%
- 15,0%
- 10,0%
- 5,0%
+ 0,0%
+ 5,0%
+ 10,0%
+ 15,0%
-120 000
-70 000
-20 000
30 000
80 000
France Belgique Allemagne Pays-Bas Italie Espagne Finlande Norvège Suède Danemark
2012 2013 Var %
Global:
+1,1%
Companies for 2013: RCS, Schibsted, Mecom, Lagardère, Bertelsmann, Mondadori, Roularta, Sanoma, Prisa, Pearson
Source for UE CCS: ”Survey on access to finance for cultural and creative sectors” for the European commission
6 896
62 038
2,6%
France
446
11 099
-9,3%
Beglium
5 712
68 038
-1,6%
Germany
1 315
4 700
-8,4%
Netherland
1 801
36 947
-10,3%
Italy
816
5 571
-6,3%
Finland
649
75 724
-4,3%
UK
4 736
11 341 12,6%
Sweden
336
7 570
-9,6%
Danemark
2013UE CCS
2010
Var
13/12
Total revenues of the main media groups as compared to the global European CCS market
22 706
283 028
1,0%
Total
Total revenues by country at the end of 2012 and 2013
20
67
21
49
2
58
05
14
36
20
08 2
97
2
87
1
67
8
78
42
42
06
37
1
68
96
44
6
57
12
13
15
18
01
33
08
81
6
64
9
77
26
47
36
33
62,6%
-9,3%
-1,6%
-8,4%
-10,3%
11,3%
-6,3%
-4,3%
-1,5%
12,6%
-9,6%
France Belgium Germany Nederland Italy Spain Finland UK Norway Sweden Danemark
Development of total revenues by country
2012 2013 Var %
Global: +1%
Revenue mix of leading media companies in Europe
The leading media Companies in Europe are scattered across different paradigms…
Lagardère, Sanoma and Prisa have limited exposition to print medias from their long-vested business lines in retail ortelevision
Bertelsmann and Pearson, to a certain extend, made a lot of effort de change their fates
… adapting to challenging times : digital is both a poison and a cure to their business models…
Axel Springer, Schibsted and Mondadori work hard to move away from print medias
… as if print was dead when Koltan and other ore scarcities could mean that paper is also the future ofdigital
In the mean time, RCS, Roularta, Mecom or Espresso-Repubblica groups struggle as the printing plants, newspapersand magazines try to adapt to advertising and circulations chaos
21
RCS MondadoriAxel
SpringerLagardère Bertelsmann Sanoma
EspressoRepubblica
Prisa Pearson Schibsted Mecom Roularta
Revenues 2013 (M€) 1 316 1 427 3 040 7 189 16 146 2 219 712 2 695 5 601 1 870 808 676
Média 100% 82% 51% 44% 66% 80% 91% 73% 15% 64% 84% 76%
Diversified 37% 4% 5% 28% 13%
B2C Services 14% 27% 77% 8% 6%
B2B 18% 12% 52% 34% 6% 4% 8% 16% 5%
of which %Press & Printing 78% 58% 51% 8% 20% 24% 80% 10% 6% 64% 100% 61%
Alternatives are possible
22
The Kodak Syndrome : historically high margins have hypnotised publishers, making them blind to certain basic facts
23
1. A media is a regular rendezvous allowing readers to look at a vision of the world which theytrust
• his trust relationship is flawed by native advertising; the rendezvous with the daily newspaper hasbecome insufficient in a world where one has to be present the whole day. Against the backgroundof budget constraints, publishers are now turning to pooled models: it is easier to work with low-cost distributors than to design a streamlined distribution network with one's peers.
2. Publishers are continuing to disregard the trade even though it is part of their businessequation
• Focused on the ‘noble’ activities of editorial offices or relations with top-selling authors, publishersof professional information are concentrating their commercial leverage of aggressive pricing whilepublishers and the mainstream press are letting GAFA* drive marketing policies and influencereaders' knowledge
3. Publishing and the press have always been and will continue to be high-tech activities• The next revolution (Social, Mobile, Analytics, Cloud Services) is already making inroads, while
publishers need to also continue investing in paper-based processing for at least the next 10 years:what are publishers doing?
• Innovation is all too rarely mentioned by the companies, and is similarly not the subject of anybinding public industrial policy: investment resources are being soaked up by M&A activities, eitherbuying market shares or hiving off less profitable activities
* GAFA : Google, Apple, Facebook, Amazon
Digital fallout has accelerated several societal trends at a time when inertia isslowly taking hold of publishers obsessed by their internal problems
24
1. How can a media attract a reader's attention despite his infobesity?• Globalisation is also cultural: for all too long, publishers saw themselves protected by what was ultimately a
linguistic barrier (even if speaking French is slowly gaining ground again), before waking up to the fact that theirdigital readers were ignoring borders, getting their information from non-media blogs, Google News or LinkedinMedia
2. We need to understand that information had now become a consumer product, just like food.• Modern lifestyles see us opting for fast-food during the week, leaving the weekend for slow-food. In the same
vein, readers are taking in information while travelling, during breaks - and leaving their serious reading to whenthey have time for it. Yet publishers had not always come up with the right product range to meet these needs.They are now beginning to get their strategies right, though they are continuing to use unsuitable industrial toolsand are rejecting collaboration at just the wrong moment.
3. A media for sharing experiences• An audience watching the Olympic Games? Social TV? - we should remember that all modern media are based on
the experiential, on linking consumers together. Media presence must thus be pluralistic, at the side of readers inthis world of sharing (events, tools, witness reports), all in an AFATAWAD manner (Any Format – visual or written-, Any Time, AnyWhere, Any Device).
4. Mass media has become a “me” media• 1974 saw the emergence not just of a financialised economy but also of a service economy. To reach me as a
customer, offerings have become personalised, even anticipating my expectations. Press and informationprocessing diversity have declined in line with the sector's difficulties, leaving the door open to social mediaexploiting the “me” media.
Towards an FP7 for the sector: how paper will be the future of digital by 2030 ( functional printing and printing on demand)
25
At the crossroads of the printing, materials engineering and electronics sectors, functional printing is seenas a possible way of avoiding recession, just as French textile technology has helped maintainemployment in the French textile sector.
Functional printing currently covers two areas :
multilayer printing (e.g. 3D printers) to create objects or reliefs on paper
interactive printing (replacing ink by a conductive metal or replacing paper by graphene) for example for light-emitting printing or NFC chips that interact with a reader or iPhone
Commercial printing (Bertelsmann/BEPrinters) is reinventing itself, with paper replacing plastic (DVD/CD)
Pressure on publishing prices for ebooks
26
Will self-publishing become one of the alternatives for the graphical industries, joining forceswith Pure Play companies?
In the United States, after having overtaken traditional publishing sales in 2009, self-publishing saleswere already twice as high in 2012 (52 billion US$): source: Bowker Report
In Great Britain e-book prices have dropped 60% in relation to printed novels and self-publishing nowrepresents 20% of sales
UK: A fierce price war between Amazon and its competitors Sony and Nook is raging, but also with a local supermarket chain (Sainsburys), and prices of £0.99 are quite common. E-books costing more than £5 don’t sell
US: in the shadow of Amazon and eLibraires, start-ups are offering subscriptions along the line of Netflix/Spotify du Livre. e-book prices range from $1 to $10. Average prices at Amazon are around $9-10, though specialised works can cost up to $100
The rising popularity of eBooks is directly linked to device penetration. Having lost time, publishers are now seeing an increase in the readership of
english books on their home territory : expecting MO3T?
27
Reader/consumer expectations are slowly moving into the
spotlight,
the transition from the current B2B model (publisher to bookseller)
characterised by a fixed price policy towards a B2B2C model where
readers influence or even dictate choices in several ways:
Choice of point of purchase, characterised by a growing imbalance:
:some 10,000 traditional points of sale versus just few ecommerce
leaders (e.g. Amazon and Fnac), one of which dominates the market.
Choice of media for reading;
Choice of price through leveraging the different distribution
channels;
Choice of prescription via social networks.
Example: Preparing for Native AdvertisingOutpaced by Pure Players, agencies are being tested on their ability to help brands in new digital territories : Ad agencies are challenged by calls for tenders, media are increasingly programmable
28
Mobile Native Advertising destroys existing ad structures (pricing and format
design)
Even if cellphones and digital devices in general are not the only ad media, agencies are again being tested on their
advertising relevance.
Pure Players are coming up with new
offerings for advertisers, suggesting a direct link
The companies are not strong enough to overcome the current growth crisis alone
29
Cultural policy
Becoming a commodity is a double curse for these sectors : they are subject to “free competition” withouthaving the support accorded to strategic industries - which the cultural and creative sectors undoubtedly are
Social policy
Employers often try to compensate for the lack of forward thinking or visibility with which they find themselvesconfronted by putting pressure on labour costs which account for more than 50% of sector revenues ... but whichalso represent an intangible asset subject to under-investment even though of crucial importance for the future
Industrial policy
In this area, the need for innovation and common technological platforms seems to be a sine qua non for faircompetition with non-European competitors already benefiting from non-standard tax regimes.
Regulatory policy
Several demands have curiously remained unheeded: an open and interoperable format for the sale of books, asproposed by the(EBF), and certain French representatives. These proposals seem to have been ignored, despitestatements from the Ministry.
Promotion via the union of common cultural values, as reflected in the Appel de Chaillot
A copyright respecting authors, producers and readers: this should include a better integration of the readingenvironment (bookshops and libraries for example)
An adapted pricing policy such as the fixed book prices for which we are so envied by others as a way ofprotecting their economy
EUROPEAN GROUP SCORECARDS
30
The evolution of the main media group’s performances between 2012 and 2013
31
RCS
1 315
Bertelsman
16 356
Lagardère
7 188
MECOM
808
Mondadori
1 276
Pearson
5 088
Axel Springer
3 040
Roularta
676Sanoma
2 218
Schibsted
15 232
Thomson Reuters
12 702
Oxford Press
759
Espresso-Republica
712 Prisa
2 680
-30%
-20%
-10%
0%
10%
20%
30%
-25% -15% -5% 5%
Tau
x d
'EB
IT
Croissance des revenus
Evolution of group’s performances and the weight of digital revenues
32
RCS
1 315
Bertelsman
16 356
Lagardère
7 188
MECOM
808
Mondadori
1 276
Pearson
5 088
Axel Springer
3 040
Roularta
676Sanoma
2 218
Schibsted
15 232
Thomson Reuters
12 702
Oxford Press
759
Espresso-Republica
712 Prisa
2 680
-30%
-20%
-10%
0%
10%
20%
30%
-25% -15% -5% 5%
EB
IT r
ate
s
Growth of the revenues
4,2%
7,8%
11%
13,1%
43,8%
47%
47%
60%
Mond
adori
Espres
so-
Repu…
RCS
Sanom
a
Prisa
Schibs
ted
Axel
Spring
er
Pearso
n
Weight of the digital
revenues
Evolution of group’s performances and the weight of advertisment revenues
33
RCS
1 315
Bertelsman
16 356
Lagardère
7 188
MECOM
808
Mondadori
1 276
Pearson
5 088
Axel Springer
3 040
Roularta
676Sanoma
2 218
Schibsted
15 232
Thomson Reuters
12 702
Oxford Press
759
Espresso-Republica
712 Prisa
2 680
-30%
-20%
-10%
0%
10%
20%
30%
-25% -15% -5% 5%
EB
IT r
ate
Growth of the revenues
10%
13%
14%
20%
26%
35%
35%
36%
57%
Mondad
ori
Axel
Springer
Lagardè
re
Prisa
Bertels
man
Sanoma
MECOM
RCS
Espress
o-…
Weight of the advertisment
revenues
Mondadori – Evolution of the activity
34
1558 15071416
1276 1 256 1 256 1 223
7,3 6,9
-10,7
-14,4
4,6
6,3 5,9
2010 2011 2012 2013 2014 2015 2016
Revenues % EBIT
Mondadori – Cash flow
35
-6,5 -10,2
56,0
14,9
-97,7
-74,8
1,3
-46,7
69,5
26,6
-69,4
84,9 82,9
166,8
65,7
-150,0
-100,0
-50,0
0,0
50,0
100,0
150,0
200,0
2010 2011 2012 2013
Cash from Investing Activities
Cash from Financing Activities
Cash from Operating Activities
Net Cash - Ending Balance
Mondadori + Mediaset– Evolution of the activity
36
5 851 5 757
5 137 4 691
15,9%
11,2%
-7,5%
1,3%
2010 2011 2012 2013
Evolution du chiffre d'affaires entre 2010 et 2013 et résultat d'exploitation (en M€ et en % du CA)
CA % EBIT
4 685 4 888
5 085
7,1%
10,0%
12,7%
2014 2015 2016
Perspectives d'évolution à horizon 2016 (en M€ et en % du CA)
CA % EBIT
Mondadori + Mediaset– Cash flow
37
1 844 1 717
1 360
1 070
-939
-1 807
-663 -534
-98 -75 -47
-1 505
-1 693 -1 546
-1 393
2010 2011 2012 2013
Etat de la trésorerie (en M€)
Cash from Operating Activities Cash from Investing Activities Cash from Financing Activities Net financial position at the end of the year
Axel Springer– Evolution of the activity
38
2893
3597
2970
30402 957
3 048 3 111
3 217
14,8
14,213,9
11,8
15,4
14,2
14,9 14,8
0,0
2,0
4,0
6,0
8,0
10,0
12,0
14,0
16,0
18,0
0
500
1000
1500
2000
2500
3000
3500
4000
2010 2011 2012 2013 2014 2015 2016 2017
Turnover
% EBIT
Axel Springer – Cash Flow
39
-200,6
-701,2
-572,7
-178,8
76,1109,1 123,3
-210,9
358,1400,8
458,5
392,1435,9
244,0 254,1 248,6
-800,0
-600,0
-400,0
-200,0
0,0
200,0
400,0
600,0
2010 2011 2012 2013
Cash from Investing Activities
Cash from Financing Activities
Cash from Operating Activities
Net Cash - Ending Balance
RCS Media Group – Evolution of the activity
40
22552075
15121315 1 374 1 415 1 426 1 432
3,09
-13,7
-30,7
-15,3
-0,8
5,5 6 5,5
2010 2011 2012 2013 2014 2015 2016 2017
Turnover
% EBIT
RCS Media Group – Cash flow
41
-97,4
-70,4
-57,4
26,7
-76,3
-22,3
109,0
67,1
171,2
107,3
-44,1
-113,4
-4,2
10,417,9
-16,5
-150,0
-100,0
-50,0
0,0
50,0
100,0
150,0
200,0
2010 2011 2012 2013
Cash from Financing Activities Cash from Investing Activities Cash from Operating Activities Net Cash - Ending Balance
Lagardère – Evolution of the activity
42
79667657
73377188
7 214 7 350 7 526 7 528
4,31
-6,39
3,11
21,24
5,2 5,5 5,6 6,3
-10,00
-5,00
0,00
5,00
10,00
15,00
20,00
25,00
-3280
-1280
720
2720
4720
6720
8720
2010 2011 2012 2013 2014 2015 2016 2017
Turnover
% EBIT
Lagardère – Cash flow
43
-211
509
-535
3110
-261
-774
150
-2361
432356 391
335511
594 599
1677
-3000
-2000
-1000
0
1000
2000
3000
4000
2010 2011 2012 2013
Cash from Investing Activities Cash from Financing Activities Cash from Operating Activities Net Cash - Ending Balance
Bertelsmann – Evolution of the activity
44
15 065
15 368
16 065
16 356
12,1
9,3
8,3
10,7
0,0
2,0
4,0
6,0
8,0
10,0
12,0
14,0
14 000
14 500
15 000
15 500
16 000
16 500
2010 2011 2012 2013
Turnover
% EBIT
Bertelsmann – Cash flow
45
-149,0
-903,0
-617,0
-1010,0
-2000,0
-1137,0
-382,0
-657,0
2052,0
1791,0
1876,01785,0
2006,0
1778,0
2660,02755,0
-3000,0
-2000,0
-1000,0
0,0
1000,0
2000,0
3000,0
2010 2011 2012 2013
Cash from Investing Activities Cash from Financing Activities Cash from Operating Activities Net Cash - Ending Balance
Pearson – Evoluton of the activity
46
5663
4 817
4 959
5 069
5 020
5 191
5 346
5 483
13,1
23,2
9,89,0
14,3
15,7 16,0 16,8
0,0
5,0
10,0
15,0
20,0
25,0
4200
4400
4600
4800
5000
5200
5400
5600
5800
2010 2011 2012 2013 2014 2015 2016 2017
Revenu total
% operating margin
Pearson – Cash flow
47
71
-395
-883
-330
-92
-790
-23
-444
1006
872776
356
1664
1291
1137
740
-1500
-1000
-500
0
500
1000
1500
2000
2010 2011 2012 2013
Cash from Investing Activities
Cash from Financing Activities
Cash from Operating Activities
Net Cash - Ending Balance
Thomson Reuters – Evolution of the activity
48
13132
13070 13132
12702
12 619
12 893
13 265
14 635
19,6
10,9
11,9 11,9
17,6
19,5 20,4
19,0
0,0
5,0
10,0
15,0
20,0
25,0
11500
12000
12500
13000
13500
14000
14500
15000
2011 2010 2012 2013 2014 2015 2016 2017
Turnover
% operating margin
Thomson Reuters – Cash flow
49
-1692,0-1807,0
-228,0
-1622,0
-1219,0 -1227,0
-1551,0
-435,0
2672,0 2597,0 2658,0
2103,0
864,0
422,0
1283,0 1316,0
-3000,0
-2000,0
-1000,0
0,0
1000,0
2000,0
3000,0
2010 2011 2012 2013
Cash from Investing Activities Cash from Financing Activities Cash from Operating Activities Net Cash - Ending Balance
Sanoma – Evolution of the activity
50
2761,2
2378
2492,2
22182100 2090 2063
2150
14,2
7,3
13,1
-12,3
6,57,3
7,7
8,9
-15,0
-10,0
-5,0
0,0
5,0
10,0
15,0
20,0
-2250
-1250
-250
750
1750
2750
3750
2010 2011 2012 2013 2014 2015 2016 2017
Turnover
% operating
margin
Sanoma – Cash flow
51
-73,1
-1077,4
252,4
-27,0
-183,3
857,1
-466,9
-82,8
273,8 273,8
192,0
124,2
41,193,5 73,1 84,8
-1500,0
-1000,0
-500,0
0,0
500,0
1000,0
2010 2011 2012 2013
Cash from Investing
Activities
Cash from Financing
Activities
Cash from Operating
Activities
Net Cash - Ending
Balance
Oxford Press – Evolution of the activity
52
723,3
759,215,8
15,3
15
15,1
15,2
15,3
15,4
15,5
15,6
15,7
15,8
15,9
700
710
720
730
740
750
760
770
2012 2013
Revenus
% EBIT
Espresso Repubblica – Evolution of the activity
53
885,0 890,1
812,7
711,612,3
13,5
7,4
4,4
0,0
2,0
4,0
6,0
8,0
10,0
12,0
14,0
16,0
0,0
100,0
200,0
300,0
400,0
500,0
600,0
700,0
800,0
900,0
1000,0
2010 2011 2012 2013
Turnover
%EBIT
Espresso Repubblica – Cash flow
54
-30,4
-55,4-61,1
-24,1
103,4
79,7
61,456,1
-135,0
-110,2 -108,1
-73,5
-150,0
-100,0
-50,0
0,0
50,0
100,0
150,0
2010 2011 2012 2013
Cash from investing and financing Activities Cash from Operating Activities Net Cash - Ending Balance
Schibsted – Evolution of the activity
55
13768
14378
14763
1523215 589
16 442
17 361
18 291
16
15
14
11
10
13
15 15
0
2
4
6
8
10
12
14
16
18
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
20000
2010 2011 2012 2013 2014 2015 2016 2017
Turnover
% EBITDA
Schibsted – Evolution of the activity
56
-724,0
-330,0-400,0
477,0
-1819,0
-1158,0
-591,0
-1059,0
1941,0
1616,0
1275,0
635,0650,0778,0
1031,0
1240,0
-2500,0
-2000,0
-1500,0
-1000,0
-500,0
0,0
500,0
1000,0
1500,0
2000,0
2500,0
2010 2011 2012 2013
Cash from Investing Activities Cash from Financing Activities Cash from Operating Activities Net Cash - Ending Balance
Mecom – Evolution of the activity
57
910,5
807,9
726 705
708
6%
7%
6%6%
6%
0%
1%
2%
3%
4%
5%
6%
7%
8%
0
100
200
300
400
500
600
700
800
900
1000
2012 2013 2014 2015 2016
Turnover
% EBIT
Mecom – Cash flow
58
-100
193
71
-107
-73
-214
-103
109 81
-31
377078
29 33
-250
-200
-150
-100
-50
0
50
100
150
200
250
2010 2011 2012 2013
Cash from Investing Activities Cash from Financing Activities Cash from Operating Activities Net Cash - Ending Balance
Roularta – Evolution of the activity
59
711,6
731,1 712676,3 684 664
8%
4,70%
0,80%
-7,30%
5%
7%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
-913,6458
-713,6458
-513,6458
-313,6458
-113,6458
86,354162
286,35416
486,35416
686,35416
886,35416
2010 2011 2012 2013 2014 2015
Revenus
% EBIT
Roularta – Cash flow
60
-18,2
-12,7
-52,4
9,9
-42,2 -42,8
17,9
-21,5
32,5
46,1 38,2
3,8
41,4
32,035,7
28,0
-60,0
-40,0
-20,0
0,0
20,0
40,0
60,0
2010 2011 2012 2013
Cash from Investing Activities Cash from Financing Activities Cash from Operating Activities Net Cash - Ending Balance
MERCI DE VOTRE ATTENTION
61