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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