Vocento, S.a. · BME:VOC
Vocento — Q1 2022 Earnings Presentation
29 slides from Vocento's earnings presentation, May 2022
Slide 1: 1Q22 Results
Vocento 1Q22 Results
Slide 2: 1Q22 Main Highlights
• Advertising increases +5.8%; strong local/national balance, local advertising Revenues driven by +20.7% (representing 57% of total local advertising and advertising) diversification • Record edition of MadridFusión (16.5k visitors, economic impact of €40.4m1) • Margin on readers down €-1.2m, refle
Slide 3: Quarter impacted by multiple market uncertainties
Quarter impacted by multiple market uncertainties Increased Higher price of raw inflation, materials and expectations energy of interest rate increases Fall of private consumption Continued automotive crisis Brand safety Recovery of activities War in affected by Ukraine Covid-19 (tourism, leisure) 3
Slide 4: VOCENTO increases share of advertising market
VOCENTO increases share of advertising market 11.0% Online Online VOCENTO VOCENTO 7.2% ex Classifieds 5.8% 4.9% 4.0% 2.9%3 2.1% Total market Offline1 Online Market2 VOCENTO Brand safety: VOC is the only player with software that can show advertiser’s messages in a safe setting Note 1: offline for ma
Slide 5: Focus on profitability of digital subscriptions
Focus on profitability of digital subscriptions 91 Increasing ARPU and Paying protecting profitability subscribers 72 +26% 28 11 21 18 54 63 Mar 2021 Mar 2022 Note: figures are rounded to the nearest 100 thousand euros. 5
Slide 6: EBITDA resilient despite impact of costs
EBITDA resilient despite impact of costs Other New businesses Online + offline press: €-2.8m 3.0 businesses €+1.3m €-0.5m 1.1 0.3 1.3 0.8 0.1 (1.2) 1.3 (0.0) (2.5) 0.1 (0.6) (0.6) EBITDA EBITDA Margin Offline Online Compen. Printing Audio1 Classifieds Gastro Agencies Corp. EBITDA 1Q21 proforma on ad
Slide 7: Net result reflects capital gains from NET TV and Veralia
Net result reflects capital gains from NET TV and Veralia Data in €m 1Q22 1Q21 Var % 1Q21 Var % proforma Revenues 76.3 78.4 (2.6%) 72.0 6.0% Operating expenses ex. depreciation (76.3) (75.4) (1.2%) (70.8) (7.8%) EBITDA 0.1 3.0 (97.6%) 1.3 (94.3%) Amortization and result of asset sales (5.1) (4.8) (7
Slide 8: Positive net financial position
Positive net financial position Free cash flow generated: €4.4m Banking Banking & and other others (1.7) 4.0 NFD IFRS 16 IFRS 16 leases leases (21.3) (20.7) 8.4 2.3 0.1 (4.2) 0.1 (0.3) NFD New EBITDA Working Capex Financials Extraordinaries2 NFD 2021 IFRS 16 1Q22 capital & others1 1Q22 leases Note:
Slide 9: Strategic initiatives
Newspapers • Plan to guarantee paper supply: negotiations with suppliers to reduce impact of energy and raw material prices • Roll-out of software independent of Google: Smart Server ad Strategic server initiatives • Sports projectABOUT “Relevo” US Diversified businesses • Classifieds: digitalisatio
Slide 10: Sportive Project
vocento Sportive Project . RELEVO 10
Slide 11: Sport: an attractive growth market
Strategic Rationale International peers Strategy Financials Sport: an attractive growth market New advertisers: appeal to segments focused on p entertainment Young audiences, with lower access to general p media Advertising revenues growing (increased interest of p brands in sports and sponsorship)
Slide 12: Why VOCENTO?
Strategic rationale International peers Strategy Financials New audience ABOUT Innovation: segment US new narratives, link to social media Why VOCENTO? New integrated model of organisation Access to advertisers interested in sport and sponsorship 12
Slide 13: Strategic rationale: international peers
Strategic rationale International peers Strategy Financials The Expert analysis and in- Bleacher depth features. Report Athletic Acquired by the New York Times ($550m) Focus on social media users Five The power of data analytics Followrs: Thirty applied to sport Eight Launched in 2008 18.6m (Instagr
Slide 14: Three segments of people not served by current sports media
Strategic rationale International peers Strategy Financials Generation Z Three segments of • Participate and watch sport, informed directly people, Switched-off users by social media not served by the • No interest in current offerings (general content, viral, clickbait) current sports media Female
Slide 15: Product
Strategic rationale International peers Strategy Financials Product Examples of content mocked up for social media Format • 100% digital • Innovative • Social media as standalone channel Content • Specific content for social media • Audiovisual studio, live programming • Specialist: not viral or cli
Slide 16: Talent
Strategic rationale International peers Strategy Financials Talent Marta Caparrós Óscar Campillo Director Head of Vídeo Ex director of International Vídeo, Team Ex director, Marca EFE • Director: Oscar Campillo Germán Frassa • c.80 people Hugo Cerezo Chief Digital Officer Subdirector Ex Product Dire
Slide 17: Strategic rationale: financials and timeline
Strategic rationale International peers Strategy Financials 2027 2021 2022 2025 and beyond Sports project 1Q22 /2Q22 3Q22 4Q22 approved • March: c, €-0.5m • Launch of •Impact on • Expansion and •Normalised costs incurred in 1Q digital EBITDA of 1st consolidation EBITDA >€4m product, team year • May:
Slide 18: Appendices
vocento Appendices
Slide 19: EBITDA at the Regional Press
EBITDA at the Regional Press 1.2 4.2 (1.6) (0.3) 2.3 (1.0) EBITDA Advertising1 Margin on Margin on Sales costs, personnel EBITDA 1Q21 circulation & digital printing & distribution & others2 1Q22 subscriptions Note: figures rounded to nearest 100 thousand euros. Note 1: print and digital. Excluding l
Slide 20: EBITDA at ABC
EBITDA at ABC 0.4 (0.1) 0.3 (1.0) (0.9) (1.3) EBITDA Advertising Margin on circulation Margin on Personnel & others1 EBITDA 1Q21 & digital subscriptions printing 1Q22 Note: figures rounded to nearest 100 thousand euros. Note 1: including sales costs. 20
Slide 21: Revenues by business area
Revenues by business area Newspapers (€m) Audiovisual (€m) 63.0 63.1 7.5 1.1 Sports 3.6 3.3 Content 17.4 17.5 Supp. & Mags. 0.4 Radio ABC 0.8 DTT 45.1 45.9 Regional 6.4 Elimin. Elimin. (3.1) (3.7) 0.8 (0.1) 0.3 1Q21 1Q22 1Q21 1Q22 Classifieds (€m) Gastronomy & Agencies(€m) 6.0 6.6 2.9 6.6 2.7 Agenci
Slide 22: Performance of local and national advertising
Performance of local and national advertising National advertising vs local1 Local advertising1: Print vs Digital 24.1% 27.1% 75.9% 72.9% 49.4% 43.0% National (6.9%) 1Q21 1Q22 +20.7% Offline Online Local 50.6% 57.0% Total +5.8% National advertising1: Print vs Digital 1Q21 1Q22 80.6% 81.6% Total Loca
Slide 23: EBITDA by business area
EBITDA by business area Newspapers (€m) Audiovisual (€m) 3.1 0.4 2.3 0.6 Sports 0.3 Supp. & Mag. 0.7 Content 4.2 2.3 ABC Radio 1.3 (1.0) (1.3) Regional 0.7 DTT (0.4) (0.2) (0.1) 1Q21 1Q22 1Q21 1Q22 Classifieds (€m) Gastronomy and Agencies (€m) 1.1 0.6 (0.6) 0.6 Agencies & Others 0.9 Gastronomy 1.1 C
Slide 24: Consolidated Balance Sheet
Consolidated Balance Sheet IFRS (Data in €m) 1Q22 2021 Non-current assets 317.6 313.5 Current assets 97.2 106.0 Assets held for sale 1.4 15.7 Total ASSETS 416.2 435.2 EQUITY 265.9 268.7 Financial debt 40.9 52.7 Other non-current liabilities 27.7 28.9 Other current liabilities 81.6 85.0 Total LIABILI
Slide 25: Variation in net financial debt
Variation in net financial debt IFRS (Data in €m) 1Q22 1Q21 Comparable EBITDA 0.1 3.0 Variation to working capital 8.4 7.3 Capex (4.2) (3.7) Other items1 3.3 3.1 Cash flow from recurring activities 7.5 9.8 Interest payments received 0.0 0.1 Dividends and interest payments2 (3.2) (2.8) Total free cas
Slide 26: Logo design for Relevo
Logo design for The image is a stylization of the initial letter R of the brand and also suggests the figure of an athlete in action The palette moves away from the traditional red and green of sports media, creating a unique and unmistakable visual personality 26
Slide 27: Alternative performance measures (APMs)
Alternative performance measures (APMs) The definitions and calculation of Alternative Performance Measures (APM) have not changed since the publication of the results for the prior period. The 1Q22 results report includes, as well as the definitions and calculation methods for the APMs, the new cal
Slide 28: Disclaimer
Disclaimer This document contains forward-looking statements regarding Company and, in particular, by the analysts who handle this intention, expectations or estimates of the Company or its document. All are invited to consult the documentation and management at the date of issue thereof, relating t
Slide 29: ABC ELCORREO
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