Vend Marketplaces Asa · OSL:VEND

Vend Marketplaces Asa — Schibsted — Investor Day (2013)

19 slides from Vend Marketplaces Asa's investor day presentation, 2013

  1. Slide 1: Solid financial basis for growth

    Solid financial basis for growth Trond Berger, CFO

  2. Slide 2: Key financial takeaways

    Key financial takeaways Strong online momentum set to continue 15-20% Online classifieds growth Continued good cash flow from media houses Investing in innovation and accelerated digitization High financial flexibility INVESTOR DAY 2013 2

  3. Slide 3: Continued growth with high margins

    Continued growth with high margins Revenues and EBITDA margin development NOK million H1 2012 H2 2012 H1 2013 NOK million and percent Operating revenues 7,428 7,335 7,641 14,378 14,763 13,768 Gross operating profit (EBITDA) 1,024 1,019 829 12,745 EBITDA ex. Investment phase 1,316 1,258 1,314 18% 18%

  4. Slide 4: Online growth explains cost increase

    Online growth explains cost increase (295) 6 827 557 80 6 428 57 Operating Currency Acquisitions Growth companies Print and other Operating cost 1H 2012 and divestments operations cost 1H 2013 INVESTOR DAY 2013 4

  5. Slide 5: Establishing SnT Classifieds secures basis for growth

    Establishing SnT Classifieds secures basis for growth 1 SnT Classifieds 2 701 Search  Main vehicle for online classifieds  Telenor entering online classifieds growth in South America and Asia JV covering South East Asia  50/50 owned by Schibsted and  1/3 owned each by Schibsted, Telenor Telenor

  6. Slide 6: Strong online momentum set to continue

    Strong online momentum set to continue Revenues EBITDA excluding new ventures* Last 12 months to Q2 2013, NOK 15 billion Last 12 months to Q2 2013, NOK 1,848 million Online Media Classifieds Offline Media Offline 45% 71% online share online share Online Media Classifieds Media Online Online * Online

  7. Slide 7: Consistent profitable growth

    Online Classifieds – established Consistent profitable growth  Average annual EBITDA-growth of EBITDA development Online Classifieds- established, NOK million 24% from 2009-2012  34% annual EBITDA growth excluding Spain  Acquired 100% of the Spanish operations in 2013  Aiming to revive mid- and

  8. Slide 8: High investments add value

    Online Classifieds – Investment phase High investments add value  Significantly increased investment EBITDA development Online Classifieds, NOK million level over the past few years  Invested ~NOK 1.75bn in new ventures since 2009  Strategic goal to capture large market opportunities  Telenor jo

  9. Slide 9: Consistent growth in KPIs

    Online Classifieds – Investment phase Consistent growth in KPIs Daily new ads in the portfolio of Investment phase companies 200,000 160,000 120,000 80,000 40,000 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2011 2012 2013 Note: the graph include daily new ads in (alphabetical order): Ayosdito, Berniaga, Bikhir,

  10. Slide 10: Maintaining capital discipline

    Online Classifieds – investment phase Maintaining capital discipline  Careful pre-launch analysis  Illustration?  Defined criteria to determine market risk and ROI requirements  GDP Growth  Online penetration  Cultural factors  Competitive landscape  Continuous evaluation after launch  Actu

  11. Slide 11: Online growth, cost cuts in print

    Media Houses Online growth, cost cuts in print  Accelerating the online transition EBITDA development NOK million  Cost reduction program of NOK 500 million in print media on track 1,196 1,118  Discontinuing separate EBITDA- 1,408 reporting on print and online media 1,297 as of Q1 2014 704  Medi

  12. Slide 12: Growth and balance sheet targets

    Growth and balance sheet targets KPIs Target Status Online classifieds growth 15%-20%  17% CAGR 2010-2012 Equity ratio 35%-50%  40% per 1H-2013 NIBD/EBITDA 1-2x  1.1x per 1H-2013 Dividend pay-out ratio 25%-40%  Upper range of the interval for 2012  Medium term Online classifieds growth target o

  13. Slide 13: Potential risk factors in relation to the financial targets

    Potential risk factors in relation to the financial targets  Online classifieds  Media Houses  Tough competitive  Increased pace of climate in several decline in print media markets advertising and  Disruptive models consumption  Macro-economic  Challenges in development developing viable use

  14. Slide 14: Solid cash flows, limited CAPEX

    Solid cash flows, limited CAPEX  Cash flow of operating activities EBITDA and Capex last 12 months 2H 12-1H 13 NOK million NOK 702 million last 12 months 2,000  Including NOK 723 million investment spend in Online 1,500 Classifieds 1,000  Limited normal maintenance CAPEX of ~NOK 400 million 500 

  15. Slide 15: Solid balance sheet

    Solid balance sheet  Virtually unchanged total balance Sound balance sheet composition As at 30 June 2013, NOK million over the past 5 years 16,408 16,408  Spending on growth initiatives are Cash 1,140 being expensed and not capitalised Current Cash Current 3,007 5,166 liabilities  Sound balance

  16. Slide 16: Prudent financial gearing

    Prudent financial gearing  Net interest bearing debt (NIBD) Net Interest Bearing Debt and NIBD/EBITDA NOK million and ratio set to increase in Q3 2013 due to Anuntis acquisition 2,554  EUR 69 million investment 2,111  NIBD set to decrease in Q4 2013 1,820 1,642  Cash proceeds of EUR 119 million

  17. Slide 17: Stable, long term financing

    Stable, long term financing  Total long term liquidity reserve of Debt maturity profile NOK million NOK 3.9 billion  Sufficient long-term financing 3500 3000  Diversified maturity profile 2500  Schibsted has no official rating, but has obtained a ”shadow-rating” of 2000 BBB (stable) by the issue

  18. Slide 18: Maintaining healthy dividend

    Maintaining healthy dividend  Schibsted targets a pay-out ratio Dividend payments and payout ratio NOK/share and dividend/cash flow ratio over time in the range of 25% to 40% of cash flow  Macroeconomic outlook 3.50 3.50  Investment requirements 3.0  Schibsted holds 666,000 treasury 40% shares –

  19. Slide 19: Key financial takeaways

    Key financial takeaways  Strong online momentum set to continue  Well funded plans for growth, digitization and innovation  Online Classifieds revenue growth target of 15-20%  Accelerate digital transition in the Media Houses  Flexibility to grow within the key financial ratio targets  Equity

Schibsted — Investor Day (2013) on 6ix