Vocento, S.a. · BME:VOC
Vocento — H1 2016 Earnings Presentation
22 slides from Vocento's earnings presentation, Jul 26, 2016
Slide 1: 1H16 Results
1H16 Results 26 July 2016 1
Slide 2: Disclaimer
Disclaimer This document contains forward-looking statements regarding intention, expectations or estimates of the Company or its management at the date of issue thereof, relating to various aspects, including the growth of various lines of business and the business overall, the market share, the re
Slide 3: Main highlights 1H16
Main highlights 1H16 Advertising stabilises at VOCENTO in 2Q16, -0.6% after 1Q16 -7.1% (1H16 -3.6%) Digital advertising increased by 13.6% in 1H16 despite local advertising conditions • Growth in digital advertising in National press 1H16 +18.8%. Local digital advertising was flat (1H16 -0.2%), with
Slide 4: Advertising: stabilisation of spend in VOC
Advertising: stabilisation of spend in VOC • In 2Q16 the YoY comparison improved from 1Q16, despite the negative impact of elections of 26 June – The effect of the fall in local institutional advertising was minimised, and the effect of the closure of ABC branches and the changes to annual agreement
Slide 5: Regional: stable profitability in 1H16
Regional: stable profitability in 1H16 • Regional circulation press market share maintained at c. 25%1 • Profitability maintained following implementation of Efficiency Plan in 1Q16 Regional EBITDA Regional EBITDA by quarter Variation 1H16 vs 1H15 except comparable EBITDA (€m) Data in variation in €
Slide 6: ABC: focus on digital and profitability
ABC: focus on digital and profitability • ABC retains no.2 position in Madrid with circulation market share of 26%1 • Increase in margin on circulation revenues, reflecting priority of profitability at ABC EBITDA at ABC EBITDA at ABC by quarter-by-quarter Variation 1H16 vs 1H15 except for comparable
Slide 7: Audiovisual: recurring contribution to positive EBITDA
Audiovisual: recurring contribution to positive EBITDA • Stable revenue generation in the different business lines EBITDA increases at DTT Radio stable thanks to COPE Stable EBITDA at Content Comparable EBITDA in €m Comparable EBITDA in €m Comparable EBITDA in €m 2.8 2.2 1.9 1.9 1.3 1.3 1H15 1H16 1H
Slide 8: Online: growth engine
Online: growth engine • Online advertising growth 1H16 13.6%, with rapid growth at Classifieds. Migration of business to digital: of total advertising and e-commerce revenues, 31.0% comes from digital (+4 p.p. vs 1H15) • VOC is one of the leaders for digital audiences, especially mobile unique users
Slide 9: EBITDA stabilises as a result of cost measures
EBITDA stabilises as a result of cost measures • Efficiency and optimisation measures reduced comparable costs 1H16 by 4.7% or €9.9m, similar to the decrease in total revenues (€10.3m) • Comparable EBITDA grows in 2Q16 by €1.3m with an improving trend in all the business areas Variation in comparabl
Slide 10: Generation of positive ordinary operating cash flow
Generation of positive ordinary operating cash flow • Focus on cash protection: strict control of investment in working capital and Capex Reduction of net debt Change in net financial debt December 2015-1H16. Data in €m Generation of positive cash flow from ordinary business €9.5m 108.8 23.0 (9.7) (
Slide 11: Financial appendix 1H16
Financial appendix 1H16 vocento
Slide 12: Consolidated P&L
Consolidated P&L NIIF (Datos en €m) 1H16 1H15 Var % 2Q16 2Q15 Var % Circulation revenues 91.9 97.6 (5.8%) 45.4 48.6 (6.5%) Advertising revenues 82.0 85.0 (3.6%) 45.6 45.9 (0.7%) Other revenues 50.2 51.9 (3.2%) 26.2 25.1 4.5% Operating revenues 224.1 234.4 (4.4%) 117.2 119.5 (1.9%) Comparable OPEX (2
Slide 13: Consolidated Balance Sheet, 30 June 2016
Consolidated Balance Sheet, 30 June 2016 IFRS Data in €m 1H16 2015 1H16 2015 Non current assets 471.2 478.5 Total Equity 314.0 318.7 Intangible assets 122.2 125.4 Property, plant and equipment 153.6 156.8 Investments in Associates 5.6 6.3 Other non current assets 189.7 190.0 Current assets 134.0 135
Slide 14: Variation in Net financial debt (NFD) 1H16
Variation in Net financial debt (NFD) 1H16 IFRS Data in €m 1H16 1H15 Comparable EBITDA 23.0 23.4 Variation in working capital (7.3) (6.9) Capex (3.7) (3.1) Other items1 3.1 2.1 Cash flow from operating activities 15.2 15.6 Dividends and interest received 0.1 0.1 Dividends and interest paid2 (5.8) (4
Slide 15: Revenues by business area
Revenues by business area Data in €m Newspapers Audiovisual 206.7 194.0 21.5 23.3 14.9 14.1 6.0 7.0 57.1 49.9 2.1 2.1 143.9 138.5 14.3 13.6 (9.3) (8.4) (0.2) (0.1) 1H15 1H16 1H15 1H16 Regional ABC Suppl. & Magazines Eliminations DTT Radio Content Eliminations Classifieds 7.5 8.8 8.8 7.5 1H15 1H16 15
Slide 16: Comparable EBITDA by business area
Comparable EBITDA1 by business area Data in €m Newspapers Audiovisual 23.2 22.0 5.4 6.0 0.5 0.2 2.6 2.8 1.9 1.9 1.3 20.0 1.3 19.0 2.2 2.8 1H15 1H16 1H15 1H16 Regional ABC Supplements & Magazines DTT Radio Content Classifieds 0.2 0.8 0.3 0.8 (0.2) 0.2 1H15 1H16 16 Note 1: excluding personnel adjustme
Slide 17: Appendix: Alternative Performance Measures (APMs)
Appendix: Alternative Performance Measures (APMs) The CNMV has stated that it plans to comply with the guidelines on “Alternative Performance Measures” published by the European Securities and Markets Authority (EMSA) on 30 june 2015 in accordance with Article 16 of EU Regulation 1095/2010 from the
Slide 18: Description of Alternative Performance Measures (i)
Description of Alternative Performance Measures(i) • EBITDA represents the net result of the period before financial income and expenses, other results from financial instruments, tax on profits, amortization, depreciation, the impairment and sale of fixed and non-fixed assets, the writedown of good
Slide 19: Description of Alternative Performance Measures (ii)
Description of Alternative Performance Measures (ii) • Net financial debt (NFD) represents long-term and short-term debt with an explicit financial cost, either with financial institutions or other third parties, plus debt from the issue of bonds, commercial paper, securities convertible into shares
Slide 20: Calculation of APMs: Conciliation Between Accounting Standards and APMs (i)
Calculation of APMs: CONCILIATION BETWEEN ACCOUNTING STANDARDS AND APMs (i) Thousand Euros jun-16 jun-15 NET RESULT OF THE YEAR (1,700) 4,129 Financial income (134) (124) Financial expenses 3,447 3,999 Other results from financial instruments - (1,093) Tax on profits of continued operations 1,013 2,
Slide 21: Calculation of APMs: Conciliation Between Accounting Standards and APMs (ii)
Calculation of APMs: CONCILIATION BETWEEN ACCOUNTING STANDARDS AND APMs (ii) Thousand euros jun16 dic 15 Long term financial debt with credit institutions 115,198 97,004 Other liabilities with long term financial cost 1,404 2,351 Short term financial debt with credit institutions 13,467 23,262 Other
Slide 22: Investor and Shareholder Relations
Investor and Shareholder Relations C/ Pintor Losada, 7 48007 Bilbao (Bizkaia) Tel.: 902 404 073 e-mail: ir@vocento.com