Vocento, S.a. · BME:VOC
Vocento — Q1 2024 Earnings Presentation
24 slides from Vocento's earnings presentation, May 13, 2024
Slide 1: 1Q24 Results Presentation
1Q24 Results Presentation 13 May 2024 1
Slide 2: Main Highlights of 1Q24
• Total revenues down -2.9% (€-2.4m) vs 1Q23 Revenues from diversified • Advertising down -5.9%, with growth at digital (+1.4%) vs. a decrease at print newspapers (-12.8%), impacted by businesses and digital Eastern effect and institutional advertising subscriptions partly offset • Revenues from the
Slide 3: Weak advertising conditions in Vocento’s segments
Weak advertising conditions in Vocento’s segments YoY growth 1Q24 (%) TVs +7.9% 3.7% 3.7% Segments where VOC 1.4% is present1 (2.8%) (3.7%) (3.7%) (5.9%) (12.7%) (12.8%) Total advertising Offline2 Online2 Online press Market2 VOCENTO Impact of the electoral cycle (regional and European) on advertisi
Slide 4: Increase in the margin on digital subscriptions
Increase in the margin on digital subscriptions Paying subscribers (thousands) Variation +18% 144 122 53 Revenue growth +20% with a positive impact 91 41 on ARPU 28 Increase in digital margin by €+0.5m, 91 increase in weight in 81 63 total margin by +4 p.p. Mar 2022 Mar 2023 Mar 2024 Note: numbers r
Slide 5: Optimisation of the printing business
Optimisation of the printing business Comeco Gráfico Norte (100% VOC) • No changes • Concentration: editorial production and sales for northern Spain and Rotomadrid (100% VOC) France • Shift to commercial products • End of printing contracts for ABC and Prisa, ABC printing outsourced to Bermont for
Slide 6: EBITDA impacted by advertising and compensation payments…
EBITDA impacted by advertising and compensation payments… Variation in EBITDA at Vocento (€m) Press €-1.5m (2.0) 0.6 0.5 0.2 (0.6) (2.8) (3.3) (7.3) EBITDA Advertising EBITDA at Margin on EBITDA Other press Diversified Corporate Centre1 1Q23 ex Relevo Relevo readers 1Q24 businesses Note: data rounde
Slide 7: …with the diversified businesses impacted by seasonality
…with the diversified businesses impacted by seasonality EBITDA (€m) Var% revenues 2.4 1.8 Success of Madrid Fusión +12.3% 1.4 1.7 Delays in payment of 0.3 0.1 Next Gen funds for LDK +2.2% 1.1 1.0 High growth in automotive (+22%), negative impact at real +7.9% estate (0.4) (1.0) 1Q in line with fore
Slide 8: Performance of the net result
Performance of the net result Data in €m 1Q24 1Q23 Var % Revenues 81.0 83.4 (2.9%) Operating expenses ex depreciation (88.3) (85.4) (3.4%) EBITDA (7.3) (2.0) n.r. Depreciation and result from asset sales (3.9) (5.8) 32.8% EBIT (11.2) (7.8) (43.7%) Equity-accounted income 0.0 0.1 (41.0%) Financial re
Slide 9: Maintaining a prudent debt position
Maintaining a prudent debt position Data in €m Free cash flow €-8.5m Temporary negative impact 4.7 7.3 €3m1 39.8 (0.3) (3.2) 34.1 0.7 (3.4) NFD from IFRS 16 NFD from leases IFRS 16 18.6 leases 18.9 Banking Banking and other and other 21.2 15.1 New IFRS NFD 16 EBITDA Financial & Extraordinaries3 NFD
Slide 10: Appendices
Appendices 10
Slide 11: 1Q revenue mix not significant because of seasonality
1Q revenue mix not significant because of seasonality Vocento revenuee mix (%) Digital + Diversification 42% 42% 14% 14% 28% 28% 1% 2% 57% 56% 1Q23 1Q24 Diversification Digital Audiovisual Offline newspapers1 Note: data rounded to the nearest %. Note 1: including mainly offline newspapers and other
Slide 12: Businesses by revenue (1/2)
Businesses by revenue (1/2) Newspapers (€m) Audiovisual (€m) 67.1 63.3 1.2 1.2 0.3 3.0 0.5 2.5 18.2 18.7 Supp. & Mag.. Content. Relevo 0.9 0.9 DTT ABC Radio 48.6 44.0 Regional Elimin. Elimin. 0.3 0.3 (2.9) (2.5) 1Q23 1Q24 1Q23 1Q24 Data rounded to the nearest hundred thousand euro. 12
Slide 13: Business by revenue (2/2)
Business by revenue (2/2) Diversified businesses (€m) 17.5 16.2 3.9 3.8 Agencies 5.6 4.9 Gastronomy 0.7 Digital services 0.7 Classifieds 6.8 7.3 1Q23 1Q24 Data rounded to the nearest hundred thousand euros. 13
Slide 14: Local and national advertising revenues
Local and national advertising revenues National advertising vs local1 (%) Local advertising1: Print vs Digital 29.5% 32.0% 44.7% 46.1% 70.5% 68.0% Local (8.5%) 1Q23 1Q24 National (3.2%) Offline Online 55.3% 53.9% National advertising1: Print vs Digital 76.0% 80.7% 1Q23 1Q24 24.0% 19.3% Total Local
Slide 15: EBITDA by business (1/2)
EBITDA by business (1/2) Newspapers (€m) Audiovisual (€m) (1.9) (3.4) 0.7 0.7 3.4 Supp. & Mag. Content. Relevo 0.8 0.8 DTT (0.5) (0.7) ABC Radio (3.0) (1.7) Regional (0.6) (1.9) (0.1) (0.1) (0.4) 1Q23 1Q24 1Q23 1Q24 Data rounded to the nearest hundred thousand euros. 15
Slide 16: EBITDA by business (2/2)
EBITDA by business (2/2) Diversified businesses (€m) 2.4 1.8 1.4 1.7 Gastronomy 0.3 Digital services 0.1 1.1 Classifieds 1.0 Agencies (0.4) (1.0) 1Q23 1Q24 16 Data rounded to the nearest hundred thousand euros.
Slide 17: EBITDA at Regional
EBITDA at Regional €m data in YoY variation except absolute values for EBITDA 1Q23 and 1Q24 3.4 0.6 (0.4) (1.8) (2.2) (0.5) Margin on printing EBITDA Margin on readers Other revenues EBITDA Advertising1 dnd distribution 1Q23 and costs 1Q24 Note: Data rounded to the nearest hundred thousand euros. No
Slide 18: EBITDA at ABC
EBITDA at ABC €m data in YoY variation except absolute values for EBITDA 1Q23 and 1Q24 1.8 (0.7) 1.2 (3.0) 0.0 (0.8) Margin on printing EBITDA Margin on readers Other revenues EBITDA Advertising1 and distribution 1Q23 and costs 1Q24 Note: Data rounded to the nearest hundred thousand euros. Note 1: p
Slide 19: Consolidated Balance Sheet
Consolidated Balance Sheet Data in €m 1Q24 2023 Non-current assets 298.7 298.4 Current assets 121.2 137.5 Assets held for sale 1.3 1.3 Total assets 421.1 437.1 Net equity 254.7 266.8 Financial debt 58.4 59.0 Other non-current liabilities 23.6 24.0 Other current liabilities 84.4 87.4 Total liabilitie
Slide 20: Variation in net financial position
Variation in net financial position Data in €m 1Q24 1Q23 EBITDA (7.3) (2.0) Variation in working capital 0.3 4.2 Capex (4.7) (5.0) Other items1 5.2 2.0 Cash flow from recurring activities (6.5) (0.7) Dividends and interest received 0.0 0.0 Dividends and interest paid2 (2.0) (1.7) Free cash flow (8.5
Slide 21: Alternative Performance Measures
Alternative Performance Measures Consistency: the criteria used to calculate it have not changed from the prior year. VOCENTO discloses its consolidated financial statements in accordance with International Financial Reporting Standards (IFRS). VOCENTO’s financial reporting includes certain Alternat
Slide 22: Alternative Performance Measures
Alternative Performance Measures CASH FLOW FROM RECURRING ACTIVITIES Usefulness: NFD is an intuitive and easy way of understanding the company’s financial situation. Definition: cash generation of the business without taking into account interest and dividends Consistency: the criteria used to calcu
Slide 23: Forward-looking statements disclaimer
Company and, in particular, by the analysts who handle this This document contains forward-looking statements regarding document. All are invited to consult the documentation and intention, expectations or estimates of the Company or its information published or registered by the Company before the
Slide 24: Vocento
vocento vocento Comunicacion innovadora para /conformistas