ProSiebenSat.1 Media SE · XETR:PSM
ProSiebenSat.1 Media — Investor Day (October 2015)
18 slides from ProSiebenSat.1 Media's investor day presentation, Oct 15, 2015
Slide 1: Growing to the next level
October 15, 2015 Growing to the next level Capital Markets Day 2015 Dr. Gunnar Wiedenfels Financials | October 15, 2015 | | Page 1
Slide 2: We have shown a strong financial performance since 2009
We have shown a strong financial performance since 2009 Net debt Underlying net Dividends Market cap increase reduction income growth paid ~EUR >EUR >EUR >EUR 9bn 1.5bn 250m 2.3bn Note: Market cap increase 09/2015 vs. 12/2008, net debt reduction 06/2015 vs. YE 2008, underlying net income growth | Pa
Slide 3: Continuing growth also in H1 2015
Continuing growth also in H1 2015 … +12.2% +8.6% +14.8% +EUR 154.9m +EUR 31.0m +EUR 24.3m Underlying net Revenues Recurring EBITDA income H1 2015 | October 15, 2015 | Continuing operations | Page 3
Slide 4: … achieving key financial milestones
… achieving key financial milestones ✔ Key financials supporting our FY 2015 outlook and well ahead of 2018 growth targets Positive outlook for H2 2015 and FY 2015 targets confirmed ✔ High pay-out ratio and attractive dividend yield maintained ✔ ✔ ProSiebenSat.1 established as high-grade borrower in
Slide 5: We have consistently increased revenues and recurring EBITDA
We have consistently increased revenues and recurring EBITDA Group LTM revenues LTM rec. EBITDA/rec. EBITDA margin CAGR CAGR [in EUR m, %] +9.1% [in EUR m, %] +6.4% 3.300 1.000 35,0% 30,0% 3.000 900 25,0% 2.700 20,0% 800 15,0% 2.400 10,0% 700 2.100 5,0% 1.800 600 0,0% 2010 2011 2012 2013 2014 2010 2
Slide 6: Accelerated recurring EBITDA growth by adding lower-margin growing businesses
And we have accelerated recurring EBITDA growth also by adding lower-margin but strongly growing businesses Group rec. EBITDA growth, rec. EBITDA margin [in %] 9% +8,1% 8% +7,2% 7% +6,1% 6% 5% 4% 3% +2,7% 2% 1% 0% 2012 2013 2014 LTM H1 2015 Rec. EBITDA Rec. EBITDA Rec. EBITDA Rec. EBITDA margin marg
Slide 7: Delivering above-average total shareholder return based on strong operational EPS growth
Delivering above-average total shareholder return based on strong operational EPS growth over a decade Total shareholder return EPS growth and contribution [indexed] 600 ProSiebenSat.1 +12,2% 500 400 US peer group +7,3% +3,6% 300 200 100 Northern European peer group +4,2% 0 2004 2006 2008 2010 2012
Slide 8: Progress in the past and positive outlook allows us to raise our 2018 financial targets
Progress in the past and positive outlook allows us to raise our 2018 financial targets Group revenue development and target Rec. EBITDA development and target (mid-point) [in EUR m] [in EUR m] 3.400 1.000 900 2.900 800 2.400 700 1.900 600 CAGR: +7.2% CAGR: +10.6% CAGR: +5.8% CAGR: +6.8% 1.400 500 G
Slide 9: New Group revenue growth target of EUR 1.85bn vs. 2012
New Group revenue growth target of EUR 1.85bn vs. 2012 Former and new 2018 financial targets 1,850 New targeted Group rec. EBITDA [in EUR m] growth 2012-2018: EUR 350m +850 Segment rec. 1,200 Segment EBITDA margin profile 2018E +600 Broadcasting >30% German-speaking 375 1.000 +75 600 275 15-20%, 300
Slide 10: Overview of 2018 revenue and recurring EBITDA targets
Overview of 2018 revenue and recurring EBITDA targets 2018 financial targets [in EUR m] Reported Initial target New target Target change ∆ CAGR ∆ CAGR 2012 2012-18 2018 2012-18 2012-18 2018 12-18 ∆ ∆ Group revenues 2,356 +1,000 3,356 +6.1% +1,850 4,206 +10.1% +850 +85.0% Broadcasting German-speaking
Slide 11: We aim at approx. EUR 1.2bn revenue growth vs. H1 2015, a CAGR of ~10%
We aim at approx. EUR 1.2bn revenue growth vs. H1 2015, a CAGR of ~10% 2018 financial target bridge by segment [in EUR m] +1,176 4,206 125 4.000 370 858 3.500 +674 3,031 193 1.535 3.000 150 246 343 2.500 2,356 182 677 95 2.000 335 1.500 2.108 2.301 1.000 1.926 CAGR CAGR 500 +10.6% +9.8% 0 2012 ∆ 201
Slide 12: Positive developments in all three segments drive upgrade of 2018 targets
Positive developments in all three segments drive upgrade of 2018 targets Broadcasting German-speaking Continuing growth environment in TV advertising and distribution Growing reach and improved monetization of new channels Continuing efficiency of content exploitation accross channel portfoli
Slide 13: Including revenue contribution of recent M&A, required pro-forma CAGR amounts to 7.5%
Including revenue contribution of recent M&A, required pro-forma CAGR amounts to 7.5% 2018 financial target bridge [in EUR m] CAGR H1 2015- 2018: 4,206 +7.5% 4.000 370 945 Apart from recent M&A, new targets 3,031 are largely based on organic 231 1.535 3.000 246 revenue growth assumptions 677 2.000 A
Slide 14: We create value through M&A by applying our synergy playbook
We create value through M&A by applying our synergy playbook Categories Current stake 67.45% 100% 100% 50.1% Revenue growth ~ +20% ~ +5% ~ +35% ~ +70% (LTM CAGR closing date-H1 2015) Market growth Mid to high single-digit Low double-digit (CAGR 2013-2015E) Recurring EBITDA1) margin Δ ~ -2%pts Δ ~ +1
Slide 15: Digital & Adjacent segment expected to generate >EUR 1.5bn revenue in 2018
Digital & Adjacent segment is expected to generate >EUR 1.5bn in revenue and ≥EUR 280 in recurring EBITDA in 2018 Digital & Adjacent revenues Digital & Adjacent rec. EBITDA [in EUR m] [in EUR m] 1.500 1,535 1.200 Implied rec. EBITDA 900 CAGR 935 300 2012-18 280 +22% 600 677 200 187 300 100 139 335 8
Slide 16: Significant debt capacity secured at attractive terms to finance growth priorities
Significant debt capacity secured at attractive terms to finance growth priorities within leverage target range Debt structure/maturities New EUR 700m term loan (bullet) closed in mid [in EUR m] October 2015 Term Overall term debt incl. existing notes now EUR 2.7bn - Loan sufficient funding to imple
Slide 17: Confirmation of our financial policy and acquisition strategy
Confirmation of our financial policy and acquisition strategy Financial leverage target range1) 1.5-2.5x ✔ Dividend pay-out ratio2) 80-90% ✔ ✔ smaller/larger bolt-on Acquisition strategy and media investments Maintaining a solid financial profile is a key element of our growth strategy | October 15,
Slide 18: Summary and comparison of former and new financial targets
Summary and comparison of former and new financial targets Initial 2018 target New 2018 target Group revenues EUR 3,356m EUR 4,206m Share of TV advertising revenues ~60% ~50% Group revenue growth vs. 2012 +EUR 1,000m +EUR 1,850m Group revenue CAGR1) +6.1% +10.1% Rec. EBITDA growth vs. 2012 +EUR 200m