Slide 1: 9M19 Results
9M19 RESULTS 12 NOVEMBER 2019
Slide 2: Main Highlights 9M19
MAIN HIGHLIGHTS 9M19 REVENUE GROWTH • VOCENTO revenues increase by +2.4%. Newspaper revenues +0.8% thanks to digital and diversification • Advertising growth +6.7% (comparable basis +0.7% vs market -3.0%) with digital +26.8% (41.9% of the total 1) • Local advertising -2.1% affected by three election
Slide 3: Increasing diversification with purchase of creative agencies
INCREASING DIVERSIFICATION WITH PURCHASE OF CREATIVE AGENCIES ACQUISITION OF CREATIVE AGENCIES Tango + Melé (Madrid) Pro Agency (Barcelona) One of the main independent agencies in Spain (2018 Creative and digital agency (2018 revenues €1.9m and EBIT revenues of €10.7m and EBIT €1.1m), focused on: €0
Slide 4: VOC advertising outperforms the market
VOC ADVERTISING OUTPERFORMS THE MARKET The advertising market and advertising at VOCENTO Data in % Pro forma advertising1 +13.8% Despite effect Pro forma of ON+ Advertising1 2 +0.7% 26.8% 10.9% 6.7% -3.0% -5.4%2 -8.9% Total market Offline Online Market3 VOCENTO4 4 Note 1: constant perimeter. Note 2:
Slide 5: In response to fall in EBITDA at Regional Press
IN RESPONSE TO FALL IN EBITDA AT REGIONAL PRESS… Performance of comparable EBITDA, Regional Press Variation 9M18 vs 9M19 except comparable EBITDA €m 22.2 -0.9 -2.7 0.3 0.6 19.5 Announcements €-0.7m Paper price Donosti Cup ON+ €-0.7m €0.4m €-2.2m Comp. EBITDA Margin on Effect of Comp. EBITDA Advertis
Slide 6: The final stage of printing plant restructuring
…THE FINAL STAGE OF PRINTING PLANT RESTRUCTURING Printing plants owned by VOC Production concentrated at Comeco Gráfico Norte: • Savings from an increase in utilization (estimated savings of €0.8m/€1.2m) from 1Q20 • Implementation of plan in 4Q19 Services to newspapers in Central region by Rotomadri
Slide 7: EBITDA growth at ABC
EBITDA GROWTH AT ABC Performance of comparable EBITDA at ABC Variation 9M18 vs 9M19 except comparable EBITDA €m 1.7 3.6 0.8 1.5 1.3 1.3 Advertising at ABC.es +27.2% Comp. EBITDA Advertising2 Margin on TESA adjustment Effect of IFRS Comp. EBITDA 9M181 circulation and others3 16 9M191 Note 1: excludin
Slide 8: Classifieds increase their contribution to the group
CLASSIFIEDS INCREASE THEIR CONTRIBUTION TO THE GROUP Advertising performance of Classifieds Comp. EBITDA1 at Classifieds Data in €m Data in €m Constant perimeter Constant perimeter +10.1% +31.0% +45.3% +114.8% 4.6 19.9 1.0 13.7 7.8 2.1 Minimum 7.2 0.8 3.7 impact on 10.5 EBITDA from 4.9 1.5 Infoemple
Slide 9: Vocento EBITDA improves
VOCENTO EBITDA IMPROVES… Performance of comparable EBITDA, VOCENTO 9M18-9M19 Variation 9M18 vs 9M19 except comparable EBITDA (€m) Other Diversification businesses Online + offline Press : €-1.9m €0.1m €0.9m 2.4 27.3 24.9 -5.0 0.1 0.8 3.2 0.1 -1.0 1.2 -0.4 -1.5 2.4 Comp. Circul. Circul. Press Sales c
Slide 10: And diversification accelerates
…AND DIVERSIFICATION ACCELERATES Composition of comparable EBITDA(ex. corporate centre and IFRS16) Data in % 1.6% 1.9% Acquisition of agencies 6.3% 13.9% Classifieds – digital advertising 26.7% Content effect -3.5 p.p. 22.9% Revenue mix, Newspaper9M19 Variation Circulation 42.4% -2.7 p.p. Print adve
Slide 11: Cash flow generation
CASH FLOW GENERATION Performance of net financial debt at VOCENTO Data in €m Ordinary cashflow generation NFD/Comparable €17.1m EBITDA1.3x NFD/Comparable EBITDA 0.9x -12.4 62.7 -15.6 43.0 27.3 -4.0 -4.8 -5.9 25.9 Agencies €-8.9m -8.1 Las 3.9 Provincias €-2.6m Comp. Comp. NFD Working Financals & Comp
Slide 12: Consolidated P&L
CONSOLIDATED P&L 9M19 (ex IFRS €m 9M19 9M18 Var% NIIF16) Operating revenues 284.3 277.5 2.4 % 284.3 Comparable op. expenses ex. amortization1 -257.1 -252.6 -1.8 % -259.5 Comparable EBITDA1 27.3 24.9 9.4 % 24.9 Personnel adjustment measures -6.8 -5.3 -27.8 % -6.8 EBITDA 20.4 19.6 4.3 % 18.0 EBIT 6.1
Slide 13: Financial Appendix
FINANCIAL APPENDIX Investor Day 2019
Slide 14: Increase in digital advertising
INCREASE IN DIGITAL ADVERTISING National advertising vs local1 National advertising1: Print vs Digital Data in % Data in % 60.2% 68.7% 43.4% 39.8% 31.3% 47.4% 9M18 9M19 Offline Online Local advertising1: Print vs Digital 56.6% 52.6% Data in % 15.6% 18.1% 9M18 9M19 84.4% 81.9% Total Local Total Natio
Slide 15: Consolidated balance sheet
CONSOLIDATED BALANCE SHEET IFRS (Data in €m) 9M19 2018 Non-current assets 365.8 344.8 Current assets 122.5 124.4 Assets maintained for sale 0.2 0.3 TOTAL ASSETS 488.5 469.5 EQUITY 270.5 280.4 Financial debt 88.5 64.4 Other non-current liabilities 38.1 31.9 Other current liabilities 91.4 92.7 TOTAL L
Slide 16: Variation in net financial debt
VARIATION IN NET FINANCIAL DEBT IFRS (Data in €m) 9M19 9M18 Comparable EBITDA 27.3 24.9 Variation in working capital 3.9 14.4 Capex -8.1 -7.5 Other items1 -0.2 1.9 Cash flow from recurring activities 22.8 33.7 Interest received 0.8 0.3 Dividend and interest payments2 -6.4 -9.2 Total ordinary cash fl
Slide 17: Revenues by business area
REVENUES BY BUSINESS AREA Newspapers (€m) Audiovisual (€m) 234.0 235.8 27.1 24.3 17.3 16.4 Supp. & Mag. 3.2 1.7 Content 64.7 66.5 2.5 2.5 ABC Radio 165.0 164.3 Regional 21.6 20.2 DTT Elimin. Elimin. -13.1 -11.4 -0.2 -0.2 - 9M18 9M19 9M18 9M19 Classifieds (€m) Gastronomy and Agencies (€m) 14.7 20.9 3
Slide 18: Comparable EBITDA by business area
COMPARABLE EBITDA1 BY BUSINESS AREA Newspapers (€m) Audiovisual (€m) 22.0 22.5 9.0 7.5 1.3 3.6 2.6 Supp. & Mag. 1.4 Content 1.9 1.9 22.2 19.5 ABC Radio Regional 4.5 4.2 DTT -1.4 -0.7 9M18 9M19 9M18 9M19 Classifieds (€m) Gastronomy and Agencies (€m) 2.1 4.6 0.5 0.6 0.0 0.8 0.6 4.6 2.9 Agencies & othe
Slide 19: 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 1H19. The 9M19 results report includes, as well as the definitions and calculation methods for the APMs, the new calculations ma
Slide 20: Disclaimer
DISCLAIMER This document contains forward-looking Company and, in particular, by the analysts who statements regarding intention, expectations or handle this document. All are invited to consult estimates of the Company or its management at the documentation and information published or the date of
Slide 21: 9M19 Results Investor Day 2019
21 9M19 Investor Results Day 2019