Vocento, S.a. · BME:VOC
Vocento — FY2022 Earnings Presentation
37 slides from Vocento's earnings presentation, Feb 27, 2023
Slide 1: 2022 Results
2022 Results 27 February 2023
Slide 2: Target for 2022 achieved, growth in 2023
I. Target for 2022 achieved, growth in 2023 II. Main Highlights of 2022 2
Slide 3: 2022 EBITDA target achieved
2022 EBITDA target achieved 2023E target: EBITDA growth 45.0 at constant scope (7.2) 0.8 33.5 32.8 (5.0) EBITDA DTT and Relevo EBITDA 2021 Increase in EBITDA 2021 Content with changes to EBITDA 2022 2022 scope Note: figures are rounded to the nearest hundred thousand euro. 3
Slide 4: Growth in revenues from digital and diversification
Growth in revenues from digital and diversification Change in Vocento revenue mix (%) Digital and diversified Digital + 22% 28% 29% 37% 42% revenues Diversification 2022 €145m 4% 8% 7% 12% 15% +19% YoY 17% Target >60% in 2026 20% 22% 2% 25% 2% 2% 27% 1% 1% 77% 70% 69% 62% 57% 2018 2019 2020 2021 202
Slide 5: Diversification in 2022
Diversification in 2022 Classifieds1 Agencies Digital services1 Gastronomy2 Total 2022 EBITDA 5.0 2.0 0.2 1.8 9.0 (€m) Total 2022 % of total 5% 0% 4% 21% EBITDA VOC 12% ex Corp. Centre Note 1: In 2022 Digital Services is included in Classifieds. Note 2: thiis división may expand in new verticals in
Slide 6: Increased weight for diversification in EBITDA 2023E
Increased weight for diversification in EBITDA 2023E Classifieds Agencies Digital services Gastronomy Approved project for digital university in Andalusia (VOC with a 25% minority stake) Acquisition Development Total 2023E % of total EBITDA VOC 15% 9% 3% 6% 33% >40% ex Corp. Centre 6
Slide 7: Agencies: building the number one independent global agency in the Spanish market
Agencies: building the number one independent global agency in the Spanish market Business consulting Strategy and Creativity creativity We cover the entire value chain of a campaign Sustainabilty Events actions Influencer Digital marketing marketing services 7
Slide 8: Acquisition completed of &Rosàs Agency
Acquisition completed of &Rosàs Agency • One of the leading creative agencies in the Spanish market Description of • Highly experienced management team (Jordi Rosàs, Isahac Oliver, Daniele Cicini, Miguel Ángel Duo) the company • Based in Barcelona, office in Madrid, major presence in Catalonia, spec
Slide 9: &Rosàs leads the ranking of the best independent creative agencies
&Rosàs leads the ranking of the best independent creative agencies Attractive Independent agency Creative (originality + effectiveness) (agencies you would choose for a shortlist of 3) 31.7 85.6 69.5 24.5 22.5 55.9 55.0 49.9 46.7 17.6 14.4 14.7 #1 #2 #3 #4 #5 #6 #1 #2 #3 #4 #5 #6 #1 #2 #4 #11 #12 #3
Slide 10: …and is an agency of the year and one of the best agencies to work for
…and is an agency of the year and one of the best agencies to work for Agencies of the year1 Independent agency Best agencies to work for2 36.0 #5 #2 #1 #9 #3 #4 8.0 2.8 6.4 4.1 3.3 2.8 #1 #2 #3 #4 #5 #6 #6 #2 #8 #10 #1 #11 #20 #3 #1 #2 #3 #4 #5 #6 2020 2022 Note 1: source: AgencyScope research. Res
Slide 11: Digital services: a clear growth opportunity with SMEs
Digital services: a clear growth opportunity with SMEs Non-organic growth Priority in 2023 Analysing acquisition of leading companies in the SME digitalisation market Target: to grow to a similar size to Classifieds 4k clients of Kit Digital1 equivalent to potential revenues of €10m (vs €7m prior fo
Slide 12: Gastronomy: world leader with a unique presence
Gastronomy: world leader with a unique presence Specialist Mass-market events events 1st intake for 2022/23 course: • Degree in Gastronomy and Training Culinary Innovation: a unique Content degree delivered by the Universidad Pontificia Comillas Success of International Consulting Madrid Fusión cong
Slide 13: Main achievements of 2022
I. Target for 2022 achieved, growth in 2023 II. Main achievements of 2022 13
Slide 14: Main highlights of 2022
• Total revenues1 +5.2% vs 2021 • Digital subscriptions +28% above target Strong growth of • Advertising +4.1%. Local advertising +6.1% with a diversified revenues balanced local/national mix (53%/47%) • Other revenues1 +25.2% driven by diversification • Target exceded with EBITDA 2022 €33.5m in an
Slide 15: VOCENTO increases share of advertising market
VOCENTO increases share of advertising market VOCENTO local advertising 3.6% 12.6% 5.2% 4.1% Total advertising 3.7% YoY growth 2.1% 1.3% 0.8% Total market Offline1 Online Market2 VOCENTO Vocento demonstrates the strength of its business model in current conditions and its local/national mix Note 1:
Slide 16: Digital subscriptions accelerate
Digital subscriptions accelerate Paying subscribers QoQ change (thousands) QoQ change +13% QoQ change +6% QoQ change 115 +5% +2% 101 96 90 91 4035 31 27 35 28 31 27 63 63 63 6665 7566 65 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Growth in 2022 +28%, ahead of target of +23% for 22E Growth target f
Slide 17: The digital margin will increase significantly
The digital margin will increase significantly Contribution to margin on readers(%) Focus on Margin (€) in profitability Digital margin>print 2022 level 19% 75% 81% 25% 2022 2023 2024 2025 2026 2027 Print Digital 17
Slide 18: Relevo is performing in accordance with the plan
Relevo is performing in accordance with the plan Beat 2022 target of 0.5m social Workforce of 75 media users people Leaders in engagement1… Original content (32% women) Target 2023 to monetize (product 1.5m users …and placement, followers branding…) Capacity to execute 360º Path to campaigns profita
Slide 19: Increase in pro forma EBITDA despite energy and paper
Increase in pro forma EBITDA despite energy and paper Data in €m Gradual increase in Change in Press ex. Relevo contribution from diversified and energy cost €-0.9m businesses 45.0 (var. €+1.4m in 4Q22) No impact (7.2) 32.8 in 2023 4.1 33.5 (5.0) 0.1 0.4 0.4 4.9 (2.0) (4.5) 1.8 (4.4) EBITDA DTT and
Slide 20: Net profit in line with prior year
Net profit in line with prior year Data in €m 2022 20211 Var % Revenues 344.8 327.9 5.2% Comparable operating expenses without depreciation (311.3) (290.1) (7.3%) EBITDA 33.5 37.8 (11.3%) Depreciation and divestment of fixed assets (19.2) (9.5) n.r. EBIT 14.3 28.3 (49.3%) Impairment to goodwill (0.5
Slide 21: A differentiated debt position
A differentiated debt position Data in €m Major impacts of changes to scope1, energy and paper stocks Free cash flow €4.5m €16m 29.7 NFD IFRS 16 33.5 (2.7) IFRS 16 leases 23.0 leases 21.3 (5.4) (3.1) 20.8 0.2 (8.7) Bank and Bank and other other (11.8) 1.7 8.9 (8.6) NFD New EBITDA Working Capex Finan
Slide 22: ESG Strategy
ESG Strategy Corporate Purpose: “By innovating in the world of communications, we help build a more non-conformist society” Sustainability Plan 2023-26 Plan. ENVIRONMENT SOCIETY GOVERNANCE AIMS AIMS AIMS Diversity and Ethical and Climate Circular Economy talent Supply chain independent management jo
Slide 23: Appendices
vocento Appendices
Slide 24: Revenues by business (1/2)
Revenues by business (1/2) Newspapers (€m) Audiovisual1 (€m) 280.0 287.6 28.9 4.5 0.4 0.0 16.1 1.7 16.7 Sports 3.1 79.4 81.4 Content Supp. & Mag. Radio ABC 24.4 DTT 196.9 202.6 Regional Elimin. Elimin. 0.2 3.2 (12.9) (13.0) 1.2 (0.2) (0.1) 2021 2022 2021 2022 Note: figures are rounded to the nearest
Slide 25: Revenues by business (2/2)
Revenues by business (2/2) Classifieds (€m) Gastronomy & Agencies (€m) 24.7 28.2 23.3 31.2 19.0 Agencies 28.2 Classifieds 14.3 24.7 Gastronomy 12.2 9.0 2021 2022 2021 2022 Note: figures are rounded to the nearest hundred thousand euro. 25
Slide 26: Performance of local and national advertising
Performance of local and national advertising Data in % National advertising vs local1 Local advertising1: Print vs Digital 26.9% 28.6% 73.1% 71.4% 48.4% 47.0% 2021 2022 Local 6.1% Offline Online National 2.2% Total1 4.2% 51.6% 53.0% National advertising1: Print vs Digital 73.7% 73.8% 2021 2022 26.3
Slide 27: EBITDA (1/2)
EBITDA (1/2) Newspapers (€m) Audiovisual1 (€m) 39.3 31.4 9.3 2.4 1.9 8.6 1.3 1.3 7.7 Sports Content 2.6 Supp. & Mag. Radio ABC 28.7 27.4 DTT Regional 5.4 2.8 (5.0) - (0.3) 2021 2022 2021 2022 Note: figures are rounded to the nearest hundred thousand euro. Note 1: 2021 includes NET TV and Veralia Con
Slide 28: EBITDA (2/2)
EBITDA (2/2) Classifieds1 (€m) Gastronomy and Agencies (€m) 5.1 5.1 3.0 3.8 2.0 1.6 Agencies 5.1 5.1 5.1 Classifieds 5.1 Gastronomy 1.8 1.5 2021 2022 2021 2022 Note: figures are rounded to the nearest hundred thousand euro. Note 1: including digital services. 28
Slide 29: EBITDA - Regional
EBITDA - Regional 1.9 (6.4) 28.7 4.5 27.4 (1.4) EBITDA Advertising1 Margin on readers Margin on Other revenues EBITDA 2021 printing & distribution and cost savings 2022 Note: figures are rounded to the nearest hundred thousand euro. Note 1: print and digital. Not including local sales companies or o
Slide 30: EBITDA - ABC
EBITDA - ABC 8.6 (1.3) (2.5) 2.9 7.7 0.0 EBITDA Advertising Margin on readers Margin on Other revenues EBITDA 2021 printing and cost savings 2022 Note: figures are rounded to the nearest hundred thousand euro. 30
Slide 31: Consolidated Balance Sheet
Consolidated Balance Sheet Data in €m 2022 2021 Non-current assets 307.9 313.5 Current assets 120.8 106.0 Assets held for sale 1.4 15.7 Total assets 430.1 435.2 Equity 268.1 268.7 Financial debt 45.6 52.7 Other non-current liabilities 23.4 28.9 Other current liabilities 93.0 85.0 Total liabilities +
Slide 32: Variation in net financial debt
Variation in net financial debt Data in €m 2022 2021 EBITDA1 33.5 45.0 Change in working capital (8.6) 3.7 Capex (11.8) (10.4) Other items2 (4.8) 0.1 Cash flow from recurring activities 8.3 38.4 Dividends and interest received 0.6 0.5 Dividends and interest payments3 (4.4) (6.4) Total recurring cash
Slide 33: Sustainability Plan 2023-26
Sustainability Plan 2023-26 Targets set 1. Climate: reduce our greenhouse gas emissions by 55% by 2030 and reach neutrality in 2050 2. Water and forests: 100% of paper to be of sustainable origin, and work to reduce our environmental impact ENVIRONMENT 3. Circular Economy: reduce waste generation an
Slide 34: 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 FY22 results report includes, as well as the definitions and calculation methods for the APMs, the n
Slide 35: Forward-looking statements disclaimer
This document contains forward-looking statements Company and, in particular, by the analysts who handle regarding intention, expectations or estimates of the this document. All are invited to consult the documentation Company or its management at the date of issue thereof, and information published
Slide 36: XiSemanal
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Slide 37: Vocento
vocentvto Comunicacion innovadora para 7vconformistus