Slide 1: Results for 9M16
Results for 9M16 14 November 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 of 9M16
Main highlights of 9M16 VOCENTO advertising revenues 3Q16% +2.2%, outperforming an uncertain market (+0.3%) • Advertising stabilizes in the year in accordance with forecasts, after 1Q16 -7.1% and 2Q16 -0.6% (9M16 -2.0%) • Small drop in local print advertising at Regional in 9M16, (-1.1%) • Growth in
Slide 4: Advertising: increased spend at VOC in 3Q16
Advertising: increased spend at VOC in 3Q16 • In 3Q16 the YoY comparison improved, despite a market slowdown – Advertising spend at VOC 3Q16 grew by +2.2% in a flat market (+0.3%) – National digital advertising increased by +17.7% in 9M16 but local advertising fell 0.9% as a result of a slowdown in
Slide 5: Regional: stabilisation of profitability in 9M16
Regional: stabilisation of profitability in 9M16 • Cost measures mitigate fall in circulation sales and advertising • Profitability maintained following implementation of Efficiency Plan early in the year EBITDA at Regional EBITDA at Regional by quarters Variation 9M16 vs 9M15 except comparable EBIT
Slide 6: ABC: focus on digital and profitability
ABC: focus on digital and profitability • Comparable costs down -9.8% as a result of reduction in fixed costs and variable costs, with an increase in the margin on circulation revenues • Comparable EBITDA improved by €+1.2m in 3Q16 and is close to break-even (3Q16 €-0.2m) EBITDA at ABC EBITDA at ABC
Slide 7: Audiovisual: recurring contribution to positive EBITDA
Audiovisual: recurring contribution to positive EBITDA • Overall stability in EBITDA at Audiovisual • Fall in EBITDA at Content a result of the gradual depreciation of the film catalogue despite improvement in sale prices EBITDA improves at DTT Radio stable as a result of COPE Decline in EBITDA at C
Slide 8: Online: new initiatives and growth
Online: new initiatives and growth Evolution towards digital: 31.3% of total advertising and e-commerce revenues are digital (+3.5 p.p. vs 9M15) • Keys to the digital transformation of Vocento: • Online advertising growth 9M16 +12.8%, with major growth at Classifieds: – Maximising advertising revenu
Slide 9: Cost efficiency measures lead to increase in EBITDA
Cost efficiency measures lead to increase in EBITDA • Efficiency measures and optimisation of resources lead to a -4.7% fall (€-14.8m) in comparable costs 9M16 • Margin on circulation revenues maintained, margin on promotions increased • Increase in comparable EBITDA in 3Q16 by €+0.9m (+17.6%) Varia
Slide 10: Generation of positive ordinary operating cashflow
Generation of positive ordinary operating cashflow • Focus on protection of cash: tight control of investment in working capital and capex Reduction in net debt Change to net financial position December 2015-9M16. Data in €m Positive cash generation from the ordinary business €14.3m 108.8 28.8 (10.1
Slide 11: Financial appendix 9M16
Financial appendix 9M16 vocento
Slide 12: Consolidated P&L
Consolidated P&L IFRS (Data in €m) 9M16 9M15 Var % 3Q16 3Q15 Var % Circulation revenues 137.9 146.6 (5.9%) 45.9 49.0 (6.3%) Advertising revenues 115.8 118.1 (2.0%) 33.8 33.0 2.2% Other revenues 73.0 76.4 (4.4%) 22.8 24.5 (7.0%) Operating revenues 326.6 341.0 (4.2%) 102.5 106.6 (3.8%) Comparable OPEX
Slide 13: Consolidated Balance Sheet, 30 September 2016
Consolidated Balance Sheet, 30 September 2016 IFRS Data in €m 9M16 2015 9M16 2015 Non current assets 466.1 478.5 Total Equity 309.4 318.7 Intangible assets 121.0 125.4 Property, plant and equipment 149.7 156.8 Investments in Associates 5.5 6.3 Other non current assets 189.9 190.0 Current assets 126.
Slide 14: Variation in Net Financial Debt (NFD) 9M16
Variation in Net Financial Debt (NFD) 9M16 IFRS Data in €m 9M16 9M15 Comparable EBITDA 28.8 28.4 Variation in working capital (5.0) 2.8 Capex (5.4) (5.2) Other items1 4.7 2.3 Cash flow from operating activities 23.1 28.3 Dividends and interest received 0.2 0.3 Dividends and interest paid2 (9.0) (9.1
Slide 15: Revenues by business area
Revenues by business area Data in €m Newspapers Audiovisual 297.5 281.9 34.2 34.3 21.6 20.6 8.7 80.6 10.4 72.0 3.1 3.1 209.3 202.1 22.7 21.0 (14.0) (12.7) (0.3) (0.2) 9M15 9M16 9M15 9M16 Regional ABC Supp. and Magazines Eliminations DTT Radio Content Eliminations Classifieds 11.2 13.1 13.1 11.2 9M15
Slide 16: Comparable EBITDA by business area
Comparable EBITDA1 by business area Data in €m Newspapers Audiovisual 27.1 27.1 8.7 8.7 0.3 1.1 2.6 3.1 2.7 2.0 1.9 25.7 24.7 3.6 4.1 (0.2) 9M15 9M16 9M15 9M16 Regional ABC Supplements and Magazines DTT Radio Content Classifieds 0.4 1.3 0.3 1.3 (0.2) 0.4 9M15 9M16 16 Note 1: excluding personnel adju
Slide 17: Alternative Performance Measures (APM)
Alternative Performance Measures (APM) Note: there have been no changes to the definition and method of calculation used in the Alternative Performance Measures (APM) since the publication of the 1H16 results The calculations used for the 9M16 results are included in the 9M16 Results Report, apart f
Slide 18: Investor and Shareholder Relations
Investor and Shareholder Relations C/ Pintor Losada, 7 48007 Bilbao (Bizkaia) Tel.: 902 404 073 e-mail: ir@vocento.com