Vocento, S.a. · BME:VOC
Vocento — 9M 2021 Earnings Presentation
21 slides from Vocento's earnings presentation, Nov 11, 2021
Slide 1: 9M21 Results
VOCcento 9M21 Results 11.11, 2021
Slide 2: Main Highlights of 9M21
MAIN HIGHLIGHTS OF 9M21 CONTINUITY OF GROUP STRATEGY, DIGITAL AREA STRENGTHENED • Decrease in advertising vs. 2019 slows down (3Q -8.9%), VOCENTO increases market share in 9M (9M21 vs 9M19 -15.4% vs market1 -17.1%) • Online advertising ex-Classifieds increases 9M21 by +18.0% vs 9M19. Digital adverti
Slide 3: Vocento Increases Market Share
VOCENTO INCREASES MARKET SHARE Advertising market and VOCENTO 9M21 vs 9M19 Data in % YoY1 Online VOCENTO ex Classifieds 18.0% Online VOCENTO 6.3% 5.1% (17.1%) (15.4%) (26.5%) (30.9%) Total market Offline Online Market1 VOCENTO Note 1: market source i2p ex social media and search engines. Release fro
Slide 4: Growth in Digital Subscriptions
GROWTH IN DIGITAL SUBSCRIPTIONS Digital subscribers at VOCENTO Data in thousands Total Closer to the 2021E 75 95 subscribers target of 100k Paying subscribers 81 62 +29% 23 • Effect on net adds of 12 price increase • Reduced churn rate 50 57 Dic 2020 Sep 2021 Regional1 ABC2 Note: figures are rounded
Slide 5: Improving Trend in Advertising and EBITDA
IMPROVING TREND IN ADVERTISING AND EBITDA Variation in advertising 9M21 vs 9M19, by quarter Variation in EBITDA 9M21 vs 9M19, by quarter Data in variation % Data in variation €m1 2 Local advertising 1.4 3Q21 -3.3% 0.1 0.2 (0.5) (0.3) (8.9%) (14.1%) (5.2) (22.6%) 1Q21 2Q21 3Q21 1Q21 2Q21 3Q21 Compara
Slide 6: Classifieds: Strategy of Transition into Marketplaces
CLASSIFIEDS: STRATEGY OF TRANSITION INTO MARKETPLACES • Driving the transition to marketplaces across the entire • Launch of new services in Oct21 such as C2B and renting Classifieds area Marketplace for consumer Marketplace for training services (telecoms, • Analysing multiple alternatives for deve
Slide 7: Advancing Towards the 2019 EBITDA Target
ADVANCING TOWARDS THE 2019 EBITDA TARGET EBITDA performance, VOCENTO 9M21 Var. 9M21 vs 9M19 €m based on EBITDA 9M19 Other New businesses businesses Online + offline press: €+2.5m €-1.2m €+0.4m 16.5 (2.5) 2.7 (19.3) (0.8) (0.4) (0.0) 0.4 (0.4) 21.7 20.4 11.6 5.1 v v v EBITDA Reader Offline Online Com
Slide 8: Businesses Increase EBITDA in 3Q21 from Pre-Covid Levels
BUSINESSES INCREASE EBITDA IN 3Q21 FROM PRE-COVID LEVELS Performance of EBITDA, VOCENTO 9M21 Other Var. 9M21 vs 9M19 €m using comparable EBITDA 9M19 businesses New businesses €-1.8m €+0.4m Online + offline press: €-3.2m (3Q21 €+1.1m) (3Q21 €-0.5m) (3Q21 €+0.1m) 2.7 (19.3) 27.3 11.2 (2.9) (0.8) (0.9)
Slide 9: Significant Deleveraging and Cash Generation
SIGNIFICANT DELEVERAGING AND CASH GENERATION NFD/EBITDA NFD/EBITDA ex IFRS16 1.5x ex IFRS LTM 0.5x Ordinary cash generation €20.2m (0.6) 21.7 20.7 IFRS16 (5.2) 15.9 8.1 (8.0) (1.6) Banking IFRS16 & 46.6 other 19.0 Banking & other 17.9 NFD New EBITDA Working capital Capex Financials Compensation Othe
Slide 10: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT IFRS €m 9M21 9M20 Var% 9M19 Var% Revenues 249.5 241.5 3.3% 284.3 (12.2%) Comparable operating expenses, ex. amort. (227.8) (225.7) (0.9%) (257.1) 11.4% EBITDA comparable 21.7 15.8 37.3% 27.3 (20.6%) Personnel adjustment measures and one-offs 0.0 (4.2) 100.0% (6.8) 100.0
Slide 11: Financial Appendix
Financial Appendix 11.11. 2021
Slide 12: Cost Cuts Offset Major Part of Decline in Advertising at Regional
COST CUTS OFFSET MAJOR PART OF DECLINE IN ADVERTISING AT REGIONAL Performance of comparable EBITDA, Regional var. 9M19 vs 9M21 in €m Variation 3Q21 €+0.7m 19.5 (10.2) 7.2 17.0 12.3 1.0 (0.5) Comp. EBITDA Advertising1 Margin on readers Margin on Sales costs, personnel EBITDA Comp. EBITDA 9M19 printin
Slide 13: ABC EBITDA in 3Q21 at Same Level as 3Q19, Margin on Readers Increases
ABC EBITDA IN 3Q21 AT SAME LEVEL AS 3Q19, MARGIN ON READERS INCREASES Performance of comparable EBITDA, ABC var. 9M19 vs 9M21 in €m Var% 3Q21 Variation vs 3Q19 +2.8% 3Q21 €-0.1m 3.6 (1.8) 1.7 (2.4) 0.3 1.5 (1.3) Comp. EBITDA Advertising Margin on readers Print Personnel costs & EBITDA Comp. EBITDA 9
Slide 14: Revenues by Business Area
REVENUES BY BUSINESS AREA Newspapers Audiovisual (€m) (€m) 235.8 199.3 24.3 21.5 16.4 1.7 66.5 11.7 Supp. & Mag. 2.5 1.1 Content 55.1 2.3 ABC Radio 164.3 141.6 Regional 20.2 18.3 DTT Elimin. Elimin. (11.4) (9.2) (0.2) (0.2) 9M19 9M21 9M19 9M21 Gastronomy & Agencies Classifieds (€m) (€m) 20.9 18.3 6.
Slide 15: Performance of Local and National Advertising
PERFORMANCE OF LOCAL AND NATIONAL ADVERTISING National advertising vs local1 Local advertising1: Print vs Digital Data in % Data in % 18.1% 26.2% 81.9% 73.8% 9M19 9M21 47.4% Var % 48.4% Offline Online 9M19-9M21 National (13.2%) National advertising1: Print vs Digital 52.6% 51.6% Local (16.4%) Data i
Slide 16: Comparable/Reported EBITDA by Business
COMPARABLE/REPORTED EBITDA BY BUSINESS Newspapers Audiovisual (€m) (€m) 22.5 19.3 7.5 6.7 3.6 0.8 1.4 0.8 1.5 Supp. & Mag. Content 1.9 1.9 Radio ABC 19.5 17.0 DTT Regional 4.2 3.9 (0.7) 9M19 9M21 9M19 9M21 Classifieds (€m) Gastronomy & Agencies (€m) 4.6 3.7 0.6 1.0 0.4 0.0 Agencies and Others 4.6 Cl
Slide 17: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET IFRS (data in €m) 9M21 2020 Non-current assets 326.7 342.7 Current assets 105.3 126.7 Assets held for sale 1.4 7.1 TOTAL ASSETS 433.4 476.5 SHAREHOLDER EQUITY 261.4 256.3 Financial debt 61.8 92.7 Other non-current liabilities 31.1 27.6 Other current liabilities 79.1 99.9 T
Slide 18: Variation in Net Financial Debt
VARIATION IN NET FINANCIAL DEBT IFRS (data in €m) 9M21 9M19 Comparable EBITDA 21.7 27.3 Variation in working capital 8.1 3.9 Capex (7.1) (8.1) Other items1 2.5 (0.2) Cash flow from recurring activities 25.2 22.8 Dividends and interest payments received 0.2 0.8 Dividend and interest payments2 (5.1) (
Slide 19: Alternative Performance Measures (APMs)
ALTERNATIVE PERFORMANCE MEASURES (APMs) Note: The definitions and calculation of Alternative Performance Measures (APM) have not changed since the publication of the results for the prior period. The 9M21 results report includes, as well as the definitions and calculation methods for the APMs, the n
Slide 20: Disclaimer
DISCLAIMER This document contains forward-looking in particular, by the analysts who handle this statements regarding intention, expectations or document. All are invited to consult the estimates of the Company or its management at documentation and information published or the date of issue thereof
Slide 21: Vocento
VOCcento 11.11, 2021