Atresmedia Corporacion De Medios De Comunicacion Sa · BME:A3M
Atresmedia Corporacion De Medios De Comunicacion Sa — Atresmedia — 9M 2020 Earnings Presentation
30 slides from Atresmedia Corporacion De Medios De Comunicacion Sa's earnings presentation, Oct 22, 2020
Slide 1: 9M 20 Results
9M 20 Results October 22nd, 2020 www.atresmediacorporacion.com “We believe in the power of reflection and emotion” 9M 20 Results 1
Slide 2: 9M 20 Highlights
9M 20 Highlights According to external sources, Total Ad market, impacted by Covid-19, decreased by -27%: Radio was down by -29%, TV near -25% and Digital -18%. Within our Audiovisual division: Atresmedia TV maintained market share in yoy basis (42%) and reached 26.1% audience share in Total
Slide 3: 9M 20 Financial Summary
1 9M 20 Financial Summary 9M 20 Results 3
Slide 4: Atresmedia P&L
Atresmedia 9M 20 Results in € mill: P&L 9M 20 9M 19 YoY Net Revenues << 580.1 723.7 -19.8% OPEX 507.0 597.3 <<<<<<<<<<<<<<<<< -15.1% EBITDA 73.1 126.4 -42.1% EBITDA Margin <<< 12.6% 17.5% EBIT 58.8 111.8 -47.4% EBIT Margin 10.1% 15.4% Net profit 39.9 80.3 -50.3% Net profit Margin 6.9% 11.1% Source:
Slide 5: Atresmedia: Net revenues by segment
Atresmedia: Net revenues by segment Total Net Revenues stood at €580.1 mill, -19.8% yoy Audiovisual revenues were €542.4 mill (-19.2% yoy) Radio revenues totaled €44.6 mill (-24.6% yoy) Net Revenues -19.8% In € mill -19.2% 724 672 581 542 -24.6% 59 45 9M 19 9M 20 9M 19 9M 20 9M 19 9M 20 Total
Slide 6: Atresmedia: Total revenue
Atresmedia: Total revenue Total revenue mostly affected by Covid-19’s impact in the ad market In € mill Total revenue yoy breakdown 724 +10 581 -127 -2 -10 -14 9M 19 Total TV NAR Digital NAR Content Others Radio 9M 20 Total Rev Rev Audiovisual Source: Atresmedia’s financial statements Eliminations
Slide 7: Atresmedia: OPEX by segment
Atresmedia: OPEX by segment Total OPEX was €507.0 million, -15.1% yoy Audiovisual expenses reached €470.3 mill (-15.3% yoy) Radio expenses: €43.5 mill (-11.8% yoy) OPEX In € mill -15.1% -15.3% 597 555 507 470 -11.8% 49 44 9M 19 9M 20 9M 19 9M 20 9M 19 9M 20 Total Group Audiovisual Radio Source
Slide 8: Atresmedia: Cash flow & Debt position
Atresmedia: Cash flow & Debt position Total net debt reached €180 million vs €193 million at Dec-2019 Total net debt last 12 months/EBITDA = 1.3x Cash flow Credit facilities In €mill In € mill 564 Undrawn 49% 108 Cash Drawn -25 -180 51% -9 +47 Net Debt -193 180 Total available FY19 Net Operating
Slide 9: Atresmedia Audiovisual
Atresmedia Audiovisual 9M 20 results in € mill: P&L 9M 20 9M 19 YoY Total Net Rev. 542.4 671.6 -19.2% OPEX 470.3 554.9 -15.3% EBITDA 72.1 116.6 -38.2% EBITDA Margin 13.3% 17.4% EBIT 59.7 104.1 -42.6% EBIT Margin 11.0% 15.5% Source: Atresmedia`s financial statements 9M 20 Results 9
Slide 10: Audiovisual: Breakdown
Audiovisual: Breakdown Audiovisual Net Revenue decreased by -19.2%, due to the Covid-19 impact OPEX down by -15.3% to offset near 2/3 of the fall in revenues Net Revenue breakdown OPEX breakdown In € mill 672 In € mill -19.2% Others 555 28 -15.3% Content 542 470 51 Digital -35.0% 18 33 98 Variab
Slide 11: Atresmedia Radio
Atresmedia Radio 9M 20 Results in € mill: P&L 9M 20 9M 19 YoY Net Revenues 44.6 59.1 -24.6% OPEX 43.5 49.3 -11.8% EBITDA 1.0 9.8 -89.4% EBITDA Margin 2.3% 16.5% EBIT -0.9 7.7 n/a EBIT Margin n/a 13.0% Source: Atresmedia’s financial statements 9M 20 Results 11
Slide 12: 9M 20 Operational Summary
2 9M 20 Operational Summary 9M 20 Results 12
Slide 13: Advertising market in Spain
Advertising market in Spain According to internal estimates, Total Ad market fell by 27.4% yoy. TV Ad market decreased by -24.8%, Radio -29.2% and Digital -18.1% Media Internal estimates TV -24.8% Radio -29.2% Newsp & Sunday suppl -37.7% Magazines -38.8% Outdoor -52.8% Digital -18.1% Cinema -62.
Slide 14: TV Advertising market
TV Advertising market Q3 20: still negative but better than previous quarters Gross Total TV Advertising by quarter (yoy growth) 12% 11% 8% 9M20=-25% 6% 3% 3% 3% 4% 3% 1% 1% 2% 1% -2% -1% -3% -4% -5% -5% -9% -8% -12% FY15=+6% FY16=+6% FY17=+1% FY18=-1% FY19=-6% -50% Q115 Q215 Q315 Q415 Q116 Q216 Q
Slide 15: TV Advertising market by category
TV Advertising market by category Negative performance at every category due to Covid-19 9M 20 TV Ad market share by category 9M 20 TV Ad market evolution TV Market = -24.8% Autos Autos -37% 12% Others* 25% Food -23% Food 11% Beauty & Hygiene -25% Telecom -4% Beverages Beauty & Finace -17% 5% Hygi
Slide 16: TV Ad market: Competitive position
TV Ad market: Competitive position Atresmedia’s market share stood at 42% according to internal estimates Ad share positioning TV ad market Power ratio x1.6 x1.6 MSE +0.3 pp 41.8% 43% 41.5% A3M 42% Market share Other 15% 9M19 9M20 Source: Internal estimates 9M 20 Results 16
Slide 17: TV viewing
TV viewing Total TV viewing (3h 59’) is close to all-time record TV viewing increased in all age groups Average daily TV viewing In hours By age group 6h 22’ >65 5h 47’ 3h54’ 4h01’ 4h01’ 3h56’ 3h54’ 3h56’ 3h53’ 3h59’ 3h41’ 3h49’ 3h50’ 3h40’ 4h 57’ 45 to 64 4h 31’ 3h 59’ Ind 4+ 3h 40’ 2h 42’ 2h 4
Slide 18: Television: Groups audience share
Television: Groups audience share Atresmedia achieved 26.1% audience share in Total Individuals and 27.7% in Commercial Target in 9M 20 Audience Share Total Individuals Aud. Share by Commercial Target In % In % 30.5 31.1 30.3 29.1 30.3 30.6 29.0 28.8 28.6 29.4 29.6 27.0 28.4 28.3 28.0 27.7 26.4 26
Slide 19: Atresmedia Television: Ad revenues breakdown in 9M 20
Atresmedia Television: Ad revenues breakdown in 9M 20 Prices are explained by the exceptionality of the ad market due to Covid-19 9M 20 Key factors Price GRPs -10% -14% Net Ad Revenue -23% Source: Internal estimates 9M 20 Results 19
Slide 20: Atresmedia Digital
Atresmedia Digital In #9th position among most visited sites in Spain Atresplayer Premium (Atresmedia’s SVOD) reached 289k subscribers ATRESMEDIA SITES Latam Most visited sites Ranking (Comscore) Sales 9M 20 Monthly Unique 33% 30% Programmatic users Non Video (Sept 20 Comscore) 70% Videoplayer u
Slide 21: Content Production & Distribution: International
Content Production & Distribution: International Up to 55 mill subscribers in our international channels (x2.9 vs 2014) In mill subscribers 57 55 51 53 39 31 19 x3 9M14 9M15 9M16 9M17 9M18 9M19 9M20 * 9M20: Affected by the closure of Direct TV’s operations on Venezuela due to USA restrictions to t
Slide 22: Content Production & Distribution: Cinema & Studios
Content Production & Distribution: Cinema & Studios Atresmedia Films accounted for 60% of total revenues generated by Spanish films in 9M 20 In Q3, Atresmedia Studios delivered its largest production to date: “La templanza” Atresmedia Cinema in 9M 20 Atresmedia Studios in 9M 20 9M 20 Results 22
Slide 23: Atresmedia Radio
Atresmedia Radio Atresmedia Radio’s revenue fell by 25%, outperforming the Total Radio ad market (29%) Atresmedia Radio vs Radio market Revenues breakdown in 9M 20 9M 20 growth Music Radio market Revenues Local (Infoadex) -29.2% 23% 45% Revenues OPEX Talk National -24.6% 77% -11.8% 55% EBITDA +1.
Slide 24: Atresmedia Radio
Atresmedia Radio Atresmedia Radio reached near 3.3 mill listeners/day in the last survey Listeners evolution In thousand of listeners 3,947 3,875 3,664 3,568 3,470 3,445 3,345 1,961 1,975 1,948 1,887 1,909 1,908 1,926 1,713 1,651 1,522 1,410 1,287 1,310 1,300 273 249 233 250 234 197 171 1st 18 2nd
Slide 25: Back up
Back up 9M 20 Results 25
Slide 26: Atresmedia Q3 Results
Atresmedia Q3 20 Results in € mill: P&L Q3 20 Q3 19 YoY Total Net Rev. 205.1 183.8 +11.6% OPEX 174.8 161.2 +8.4% EBITDA 30.3 22.6 +34.3% EBITDA Margin 14.8% 12.3% EBIT 25.6 17.8 +43.6% EBIT Margin 12.4% 9.7% Net profit 17.2 10.7 +60.9% Net profit Margin 8.4% 5.8% Source: Atresmedia`s financial state
Slide 27: Atresmedia Audiovisual Q3 Results
Atresmedia Audiovisual Q3 20 Results in € mill: P&L Q3 20 Q3 19 YoY Total Net Rev. 191.8 169.8 +12.9% OPEX 162.7 148.1 +9.8% EBITDA 29.1 21.7 +33.8% EBITDA Margin 15.2% 12.8% EBIT 24.9 17.6 +41.5% EBIT Margin 13.0% 10.4% Source: Atresmedia`s financial statements 9M 20 Results 27
Slide 28: Television: Ad revenues breakdown in Q3 20
Television: Ad revenues breakdown in Q3 20 Q3 20 Key factors Price GRPs 1% -2% Net Ad Revenue -1% Source: Internal estimates 9M 20 Results 28
Slide 29: Atresmedia Radio Q3 Results
Atresmedia Radio Q3 20 Results in € mill: P&L Q3 20 Q3 19 YoY Net Revenues 15.0 15.8 -5.2% OPEX 13.7 14.9 -8.2% EBITDA 1.3 0.9 +47.2% EBITDA Margin 8.5% 5.5% EBIT 0.6 0.2 +248.9% EBIT Margin 4.1% 1.1% Source: Atresmedia’s financial statements 9M 20 Results 29
Slide 30: Additional information
Additional information Investor Relations Department Phone: +34 91 623 46 14 E-mail: ir@atresmedia.com Web: www.atresmediacorporacion.com Legal Notice The information contained in this presentation has not been independently verified and is, in any case, subject to negotiation, changes and modificat