Vocento, S.a. · BME:VOC
Vocento — 9M 2022 Earnings Presentation
26 slides from Vocento's earnings presentation, Nov 15, 2022
Slide 1: 9M22 Results
9M22 Results 15 November 2022
Slide 2: Main highlights of 9M22
• Pro-forma revenues1 up +5.2% vs 9M21 Solid revenue growth • Advertising up +4.7%. Benefits of local/national mix with local advertising +9% (52% of total in challenging market advertising) conditions • Other pro-forma revenues1 +25.2% driven by diversification • EBITDA 9M22 €10.1m. On constant per
Slide 3: Strategy maintained in a challenging market
Strategy maintained in a challenging market Challanging market conditions (downgrades to economic growth, high inflation No growth in national digital advertising (migration from display to video) First results of New All programmatic centralised developments at Local digital advertising New measure
Slide 4: Vocento increases share of advertising market
Vocento increases share of advertising market Online Online VOCENTO VOCENTO ex Classifieds 4.7% 4.5% 4.5% 2.2% 1.7% 0.8% (0.4%) Total market Offline1 Online Market2 VOCENTO Vocento demonstrates the solidity of its local/national business model in current conditions Note 1: offline is the market and
Slide 5: Improving trend for digital subscriptions
Improving trend for digital subscriptions Paying subscribers (thousand) Var Var QoQ Var QoQ QoQ +6% Var QoQ +25% +5% +2% 101 95 89 91 81 35 28 31 27 23 Subscriber growth target Dec22E +23% YoY, +9% QoQ, in a strategy where the priority is to grow revenues and 57 63 63 65 66 profitability Sep 2021 De
Slide 6: EBITDA resilient despite energy and paper
EBITDA resilient despite energy and paper Data in €m 21.7 Favourable 4Q22 EBITDA outlook at (5.1) diversified businesses 12.8 (3.8) 4.9 10.1 (2.2) (1.1) (1.8) 2.6 0.2 0.0 (0.8) (4.5) EBITDA DTT and Relevo EBITDA Cost of Cost of Rest of Press Classifieds Gastro Agencies Cost Comp.1 EBITDA 9M21 Conten
Slide 7: Growth of digital and diversified revenues
Growth of digital and diversified revenues Changing revenue mix at Vocento (%) Digital + Revenues 9M22 €97m Diversification +20% YoY 22% 28% 29% 37% 35% 40% 4% 8% 7% 12% 10% 14% 17% 20% 22% 2% 25% 25% 26% 2% 2% 1% 1% 1% 77% 70% 69% 62% 64% 59% 2018 2019 2020 2021 9M21 9M22 Offline press1 Audiovisual
Slide 8: Relevo: rapid growth of followers
: rapid growth of followers Launches Launch Website launch Target Relevo leads 500k1 followers >300K1 followers >150K1 <100k1 followers followers May22 Jun22 Jul22 Oct22 Dec22 Note 1: Sum of accounts following RELEVO on Twitter, Instagram, Twitch and TikTok. 8
Slide 9: Relevo: content monetization strategy
: content monetization strategy A leader in engagement1… Original content and content aimed at monetization Revenues 4Q22E (product placement, >€0.5m …and a major player branding…) in follower numbers Current revenue mix Commercial Capacity for 360º 25% social media campaigns campaigns 75% web (web+
Slide 10: Classifieds: recovery of verticals
Classifieds: recovery of verticals YoY change in revenues (%) 11.1% 8.9% Classifeds revenue rose by +12.2% in 9M22 following increase in listings 3.3% Automotive vertical improves, volume stabilises, positive effect of rising price of used vehicles (1.5%) (1.1%) Favourable outlook for Classifieds in
Slide 11: Opportunity to grow the SME customer base
Opportunity to grow the SME customer base SME digitalisation programme for Red.es New clients: 2.8k clients Potential (vs 1.9k in revenues of Jul22) and €7m (€+2m vs Segment I Segment II Segment III 3.5k solutions Jul 22) (vs. 2.6k) Characteristics 10 to 49 employees 3 to 9 employees 0 to 3 employee
Slide 12: Net result reflects capital gains from NET TV and Veralia
Net result reflects capital gains from NET TV and Veralia Data in €m 9M22 9M21 Var % 9M21 Var % pro-forma Revenues 243.3 249.5 (2.5%) 231.2 5.2% Operating expenses excluding depreciation (233.2) (227.8) (2.3%) (214.6) (8.6%) EBITDA 10.1 21.7 (53.3%) 16.6 (39.0%) Depreciation (16.5) (15.2) (8.8%) (15
Slide 13: A differentiated debt position
A differentiated debt position Impact of higher cost of Data in €m paper stocks in 9M22 €-6.8m and changes in Free cash flow €1.4m the perimeter €-3.2m1 32.2 NFD IFRS 16 leases IFRS 16 10.1 (2.4) leases 21.3 23.0 21.5 (2.9) (5.4) 0.2 7.2 (7.0) Bank Bank and and (8.9) other other 10.7 1.7 NFD New EBI
Slide 14: Appendix
Appendix
Slide 15: Revenues by business (1/2)
Revenues by business(1/2) Newspapers (€m) Audiovisual (€m) 199.3 203.5 21.5 3.3 0.0 0.1 11.7 11.2 1.1 2.3 55.1 56.3 Sports Content Supp. & Mag. Radio ABC 18.3 141.6 145.1 DTT Regional Elimin. 0.1 Elimin. 2.4 (9.2) (9.2) 0.9 (0.2) (0.1) 9M21 9M22 9M21 9M22 Note: figures are rounded to the nearest hun
Slide 16: Revenues by business (2/2)
Revenues by business(2/2) Classifieds (€m) Gastronomy and Agencies (€m) 18.3 20.5 13.9 19.5 11.9 Agencies & Others 20.5 18.3 Classifieds 9.2 Gastronomy 7.7 4.7 9M21 9M22 9M21 9M22 Note: figures are rounded to the nearest hundred thousand euro. 16
Slide 17: Local and national advertising performance
Local and national advertising performance Data in % National advertising vs local1 Local advertising1: Print vs Digital 26.2% 25.6% 28.5% 28.2% 73.8% 74.4% 71.5% 71.8% 49.4% 47.5% 9M21 9M22 National +1.3% Offline Online Local +8.9% Total1 +5.1% 50.6% 52.5% National advertising1: Print vs Digital 9M
Slide 18: EBITDA by business (1/2)
EBITDA by business (1/2) Newspapers (€m) Audiovisual (€m) 19.3 11.5 6.7 1.8 0.8 1.5 0.8 0.5 Sports 0.5 1.9 Content Supp. & Mag. Radio 17.0 14.3 ABC DTT Regional 3.9 2.1 (3.8) (0.2) (0.0) 9M21 9M22 9M21 9M22 Note: figures are rounded to the nearest hundred thousand euro. 18 .
Slide 19: EBITDA by business (2/2)
EBITDA by business (2/2) Classifieds (€m) Gastronomy and Agencies (€m) 3.7 2.9 1.0 1.2 0.4 0.4 Agencies & Others 3.7 Classifieds 0.8 Gastronomy 2.9 0.6 77 9M21 9M22 9M21 9M22 Note: figures are rounded to the nearest hundred thousand euro. 19
Slide 20: Regional EBITDA
Regional EBITDA Data in €m 2.0 17.0 0.9 14.3 (4.8) (0.8) EBITDA Advertising1 Margin on circulation Margin from Others2 EBITDA 9M21 & digital subscriptions printing and 9M22 distribution Note: figures are rounded to the nearest hundred thousand euro. Note 1: print and digital. Not including local sal
Slide 21: ABC EBITDA
ABC EBITDA Data in €m 1.5 (0.2) 0.8 0.5 (1.5) (0.1) EBITDA Advertising Margin on circulation Printing margin Others1 EBITDA 9M21 & digital subscriptions 9M22 Note: figures are rounded to the nearest hundred thousand euro. Note 1: others includes compensation payments, other revenues or sales costs.
Slide 22: Consolidated Balance Sheet
Consolidated Balance Sheet Data in €m 9M22 2021 Non-current assets 311.9 313.5 Current assets 109.8 106.0 Assets held for sale 1.4 15.7 Total ASSETS 423.1 435.2 EQUITY 252.8 268.7 Financial debt 53.9 52.7 Other non-current liabilities 25.8 28.9 Other current liabilities 90.7 85.0 Total LIABILITIES +
Slide 23: Variation in net financial debt
Variation in net financial debt Data in €m 9M22 9M21 Comparable EBITDA 10.1 21.7 Variation in working capital 7.2 8.1 Capex (8.9) (7.1) Other items1 (3.5) 2.5 Cash flow from recurring activities 4.9 25.2 Interest payments received 0.4 0.2 Dividends and interest payments2 (3.9) (5.1) Total free cash
Slide 24: 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 9M22 results report includes, as well as the definitions and calculation methods for the APMs, the n
Slide 25: Disclaimer
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 informatio
Slide 26: Vocento brands and logos
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