Slide 1: 1Q16 Results
11 May 2016 ' a * . z = vocento a
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 1Q16
Main highlights of 1Q16 Advertising declined by 7.1% in 1Q16, distorted by local advertising • Comparison with 1Q15 is affected by the regional elections in 2015 (local public sector advertising was concentrated in Jan-April) Reduction in comparable costs in 1Q16 by 6.2%. Efficiency Plan executed in
Slide 4: Advertising distorted by local trends in 1Q16
Advertising distorted by local trends in 1Q16 Detail of the adjusted variation in advertising revenues at Vocento Data in €m variation 1Q16-1Q15 • Factors which affected advertising revenues in Total impact 2.8M 0.1 1Q16: 0.4 - Comparative effect (60%): 1Q15 was a very 0.7 positive quarter for local
Slide 5: Adjusted performance of VOC is in line with the market
Adjusted performance of VOC is in line with the market • Advertising spend from the local institutions is the most impacted in digital as well as print VOC performance vs. the market 1 Quarterly detail, ABC and regional Variation in advertising spend 1Q16 (%) Variation in advertising spend 1Q16 (%)
Slide 6: Regional: impacted by the comparison for local advertising
Regional: impacted by the comparison for local advertising • Market share of the regional press maintained at c. 25% • Closure of Printolid plant in April 2016: adapting to the cycle and optimising costs in accordance with the Industrial Plan EBITDA at Regional Variation 1Q16 vs. 1Q15 except compara
Slide 7: ABC: focus on digital and profitability
ABC: focus on digital and profitability • ABC retains no.2 position in Madrid, gap vs no.2 >5,300 copies, with market share of 26% in 1Q16 • Impact of closure of branches: revenues disappear in 1Q16, cost savings to be accrued over the course of 2016 • Increased margin on circulation revenues reflec
Slide 8: Audiovisual: recurring contribution to positive EBITDA
Audiovisual: recurring contribution to positive EBITDA • Stability in revenue generation across the different business lines EBITDA increases at DTT Stable EBITDA at Radio due to COPE EBITDA stable at Content Comparable EBITDA in €m Comparable EBITDA in €m Comparable EBITDA in €m 1.5 1.0 1.0 1.2 0.7
Slide 9: Online: focused on growth
Online: focused on growth • Launch of new digital initiative in April 2016 • Increase in costs reflects focus on digital transformation Increased contribution of digital revenues Increased advertising and profitability at Classifieds Proportion of total advertising and e-commerce revenues % Performa
Slide 10: Impact on EBITDA of advertising performance in 1Q16
Impact on EBITDA of advertising performance in 1Q16 • Reduction in comparable costs in 1Q16 by 6.2% • Execution of transformation plan in 1Q16 • Restructuring costs €-9.9m (>65% Newspapers, rest mainly corporate area) Variation in comparable EBITDA by concept Data in variation in €m 1Q16 vs. 1Q15 ex
Slide 11: Generation of positive ordinary operating cash flow
Generation of positive ordinary operating cash flow • Investment in working capital and control of capex: positive impact of customer receivables Reduction in net debt Changes to net financial position, December 2015-1Q16. Data in €m Positive cash flow from the ordinary business €6.6m 108.8 7.2 (8.2
Slide 12: Financial appendix 1Q16
Financial appendix 1Q16 vocento
Slide 13: Consolidated P&L 1Q16
Consolidated P&L 1Q16 IFRS (Data in €m) 1Q16 1Q15 Var % Circulation revenues 46.5 49.0 (5.1%) Advertising revenues 36.4 39.1 (7.1%) Other revenues 24.0 26.8 (10.5%) Operating revenues 106.9 114.9 (7.0%) Comparable opex (99.7) (106.3) (6.2%) Comparable EBITDA1 7.2 8.6 (16.7%) Compensation and persona
Slide 14: Consolidated Balance Sheet. 31 March 2016
Consolidated Balance Sheet. 31 March 2016 IFRS Data in €m 1Q16 1Q15 1Q16 1Q15 Non current assets 477.0 478.5 Total Equity 308.0 318.7 Intangible assets 123.8 125.4 Property, plant and equipment 155.6 156.8 Investments in Associates 6.2 6.3 Other non current assets 191.5 190.0 Current assets 122.1 13
Slide 15: Variation in Net Financial Debt (NFD) 1Q16
Variation in Net Financial Debt (NFD) 1Q16 IFRS Data in €m 1Q16 1Q15 Comparable EBITDA 7.2 8.6 Variation in working capital 1.8 (2.4) Capex (1.8) (1.6) Other items1 3.6 0.9 Cash flow from operating activities 10.8 5.5 Dividends and interest received 0.1 0.0 Dividends and interest paid2 (4.3) (2.8) T
Slide 16: Revenues by business area
Revenues by business area Data in €m Newspapers Audiovisual 101.0 92.3 11.1 11.4 6.8 6.4 3.3 3.4 28.7 23.8 1.1 1.0 70.2 66.4 6.9 7.1 (4.7) (4.2) (0.1) (0.1) 1Q15 1Q16 1Q15 1Q16 Regional ABC Supplements & Magazines Eliminations DTT Radio Content Eliminations Classifieds 3.4 4.1 4.1 3.4 1Q15 1Q16 16
Slide 17: Comparable EBITDA by business area
Comparable EBITDA 1 by business area Data in €m Newspapers Audiovisual 8.7 6.9 2.8 3.1 1.0 1.0 0.6 9.1 0.7 7.7 1.5 (0.1) (0.3) 1.2 (0.3) (0.5) 1Q15 1Q16 1Q15 1Q16 Regional ABC Supplements and Magazines DTT Radio Content Classifieds (0.2) 0.3 0.3 (0.2) 1Q15 1Q16 17 Note 1: excluding personnel adjustm
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