Slide 1: Results for 9M20
Results for 9M20 12 November 2020
Slide 2: Main Highlights 9M20
MAIN HIGHLIGHTS 9M20 MAINTAINING THE LEVERS OF FUTURE GROWTH • Digital advertising increases its contribution by +3.5 p.p. to 45.4%1 in 9M20 and remains stable in 3Q20 (-1.7%) • Increase of +39% in ON+ subscribers to 55k in 9M20. EBITDA €1.2m at ON+ • ABC.es launches paid service in Oct20 • Classifi
Slide 3: Increased Weight of Digital Advertising
INCREASED WEIGHT OF DIGITAL ADVERTISING Digital advertising Digital advertising1 as % of total advertising Data in YoY variation % Data in % 41.9% 45.4% (1.8%) (1.7%) 58.1% 54.6% 9M19 9M20 (26.2%) 1Q20 2Q20 3Q20 Offline Online1 Programmatic advertising 9M20 +12% Weight of digital 3Q20 47.4% +3.1 p.p
Slide 4: Digital Subscriptions and User Registrations
DIGITAL SUBSCRIPTIONS AND USER REGISTRATIONS Digital subscription model User registration at ABC.es Total subscribers Registered users (thousands) (millions) +39% 0.9 55 • EBITDA increase 9M20 +53% €+0.7m (or 42% of the fall in the circulation margin) 40 0.6 • 23% of registered users • Launch at ABC
Slide 5: Strategic Focus on Classifieds
STRATEGIC FOCUS ON CLASSIFIEDS Positioning of the motor and real estate portals Change in comparable EBITDA Data in €m • 2020 impacted by fall in car sales and decrease at advertisers (car dealers) • Strategy to improve ARPA, clients mkt share , and develop new transaction services 4.6 9M20 -26.1% •
Slide 6: Strengthening the Gastronomy Area
STRENGTHENING THE GASTRONOMY AREA Highlights of 4Q20 for Gastronomy Trade Fairs • Acquisition of strategic consultancy specialising in gastronomy and food sectors • The leader of the sector in Spain Events Consulting 30 conferences Wide and regional presence events of • Major success of virtual even
Slide 7: Training: A New Area for Diversification
TRAINING: A NEW AREA FOR DIVERSIFICATION Local, national and international scope VOC continues with its strategy Combining VOCENTO & studies in of strengthening U.P. Comillas gastronomy, its leading position in A unique agricultural gastronomy academic engineering and project in the business gastron
Slide 8: Steady Recovery at the Agencies
STEADY RECOVERY AT THE AGENCIES Adapting the business model Revenue performance1 Data in €m Reduced focus on trade marketing, increased focus on creativity and communications strategy LTM revenues Higher exposure to digital €11.4m e-commerce projects 2.9 2.5 1.4 Diversification: new clients in 2020
Slide 9: Vocento Increases Market Share
VOCENTO INCREASES MARKET SHARE Advertising market and VOCENTO advertising, 9M20 Advertising market and VOCENTO advertising, QoQ Data in YoY % variation Data in YoY % variation (11.0%) (13.9%) (12.7%) (12.6%) (10.0%) (19.0%) (19.2%) (23.0%) (31.3%) (28.3%) (36.8%) (52.0%) Total market Offline Online
Slide 10: Efficiency Measures in Response to COVID
EFFICIENCY MEASURES IN RESPONSE TO COVID Changes in revenues and costs, VOCENTO 9M20 Data in YoY variation €m IMPACT ON REVENUES COST MEASURES (9.3) Reduction of costs (10.7) in 9M20 offsets 71% of fall in revenues (22.4) (8.5) (18.1) Var. in circulation Var. in advertising Var. in other Var. in var
Slide 11: Impact of Revenue Decline on Vocento EBITDA
IMPACT OF REVENUE DECLINE ON VOCENTO EBITDA Change in comparable EBITDA, VOCENTO 9M20 Other New Variation 9M19 vs 9M20 except comparable EBITDA €m businesses businesses Online + offline press: €-11.3m €-1.7m €+0.0m 27.3 (9.5) 7.8 (17.7) 5.5 (1.9) (0.5) (1.2) 1.5 15.8 0.0 4.5 v v v Comp. Circ. Circ.
Slide 12: Cash Flow Generation
CASH FLOW GENERATION Change in net financial debt at VOCENTO Data in €m NFD/Comparable NFD/Comparable LTM EBITDA 1.1x EBITDA 1.8x Lease of Ordinary cash flow €7.4m new offices (15.7) 15.8 (3.3) 69.3 (4.9) (5.0) (8.0) 21.4 52.8 4.7 IFRS16 7.2 IFRS16 Banking Banking 45.7 and 48.0 and others others New
Slide 13: Consolidated P&L
CONSOLIDATED P&L IFRS €m 9M20 9M19 Abs.var. Var% Operating revenues 241.5 284.3 (42.8) (15.1%) Operating revenues excl. comparable depreciation (225.7) (257.1) 31.4 12.2% Comparable EBITDA 15.8 27.3 (11.5) (42.1%) Personnel adjustment measures and one-offs (4.2) (6.8) 2.6 37.9% EBITDA 11.6 20.4 (8.9
Slide 14: Financial appendix
Financial appendix 14
Slide 15: Revenues by Business
REVENUES BY BUSINESS Newspapers Audiovisual (€m) (€m) 235.8 195.3 24.3 22.4 16.4 11.6 1.7 1.7 66.5 12.4 2.5 Supp. & Mag. 2.4 Content 53.3 ABC Radio 164.3 Regionals 20.2 18.5 DTT 138.2 Elimin. Elimin. (11.4) (8.6) (0.2) (0.2) 9M19 9M20 9M19 9M20 Classifieds Gastronomy and (€m) 20.9 16.5 Others(€m) 6.
Slide 16: Evolving Impact of COVID
EVOLVING IMPACT OF COVID Var. % YoY Var. % YoY Var. % YoY Comparable €5.1m (44.0%) €5.8m (51.3%) €4.9m (21.4%) EBITDA 89.3 (6.1%) 74.4 (24.6%) 77.8 (14.0%) (84.2) (2.1%) (68.6) (21.0%) (72.9) (13.5%) 1Q20 2Q20 3Q20 Revenues Expenses 16
Slide 17: Performance of Local and National Advertising
PERFORMANCE OF LOCAL AND NATIONAL ADVERTISING National advertising vs local1 Local advertising1: Print vs Digital Data in % Data in % 18.1% 21.7% 81.9% 78.3% 48.3% 47.4% 29.2% Var % 9M19-9M20 9M19 9M20 National -20.4% Offline Online Local -17.8% National advertising1: Print vs Digital 51.7% 52.6% To
Slide 18: Cost Measures Offset Impact on Revenues at Regional
COST MEASURES OFFSET IMPACT ON REVENUES AT REGIONAL Performance of comparable EBITDA at Regional Variation 9M19 vs 9M20 except comparable EBITDA €m 2Q20 -28.6% Cost measures offset 3Q20 -8.1% 72% of fall in revenues 19.5 (12.5) 6.9 12.3 (0.6) (1.0) Comp. EBITDA Advertising1 Circulation Margin on Com
Slide 19: Slowdown in Decrease of Advertising at ABC
SLOWDOWN IN DECREASE OF ADVERTISING AT ABC Performance of comparable EBITDA at ABC Variation 9M19 vs 9M20 except comparable EBITDA €m ABC #2 in circulation2, 2Q20 -20.8% Cuts gap vs #1 by 56% Cost measures offset 54% of 3Q20 -1.5% fall in revenues 3.6 (2.8) (1.1) (0.8) (0.1) (1.3) Comp. EBITDA Adver
Slide 20: Comparable EBITDA by Business
COMPARABLE EBITDA BY BUSINESS Newspapers Audiovisual (€m) (€m) 22.5 11.2 7.5 7.0 3.6 1.4 Supp. & Mag. 1.3 Content 1.9 0.2 ABC 1.8 Radio 19.5 Regionals DTT 12.3 4.2 3.8 (0.7) (1.3) 9M19 9M20 9M19 9M20 Classifieds Gastronomy and (€m) Others (€m) 0.7 4.6 3.4 0.6 0.0 0.3 Others 4.6 0.6 3.4 Classifieds 0
Slide 21: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET IFRS (Data in €m) 9M20 2019 Non-current assets 361.2 357.2 Current assets 115.7 128.4 Assets held for sale 3.1 0.2 TOTAL ASSETS 480.0 485.7 SHAREHOLDER EQUITY 266.3 282.1 Financial debt 90.1 72.6 Other non-current liabilities 31.6 34.1 Other current liabilities 92.1 97.0 T
Slide 22: Variation of Net Financial Debt
VARIATION OF NET FINANCIAL DEBT IFRS (Data in €m) 9M20 9M19 Comparable EBITDA 15.8 27.3 Variation in working capital 4.7 3.9 Capex (8.0) (8.1) Other items1 (0.8) (0.2) Cash flow from recurring activities 11.6 22.8 Interest payments received 0.3 0.8 Dividend and interest payments2 (4.5) (6.4) Total o
Slide 23: Alternative Performance Measurements (APMs)
ALTERNATIVE PERFORMANCE MEASUREMENTS (APMs) The definitions and calculation of Alternative Performance Measures (APM) have not changed since the publication of the results for the prior period. The 9M20 results report includes, as well as the definitions and calculation methods for the APMs, the new
Slide 24: Disclaimer
DISCLAIMER Las declaraciones contenidas en este debe ser considerado, un documento de oferta o documento, incluyendo aquellas referentes a una oferta o solicitud de suscripción, compra o cualquier posible realización o estimación futura venta de acciones, y no se dirige a personas o de Vocento S.A.
Slide 25: Vocento
Vvocento