Slide 1: 9M12 Results
9M12 Results 15 November 2012
Slide 2: Main messages from 9M2012
Main messages from 9M2012 In line with the targets and despite the difficult macroeconomic environment, VOCENTO is continuing to significantly reduce costs, maintain its profitability and a differentiating financial position Management of key variables & new sources of revenues Recovery of the profi
Slide 3: Management of key variables: profitable circulation
Management of key variables: profitable circulation Average circulation and var. in kiosk sales (%) ABC vs peers Variation in circulation Regional press vs. peers (%)1 Market share of Regional Press ABC #2 in Sunday circulation VOC 25.4% vs. number 2 player 15.1% >100k copies 100 - >30k copies <30k
Slide 4: Management of key variables: press and radio advertising
Management of key variables: press and radio advertising Advertising: outperforming the market Strategy 3.0: national advertising absorbs part of local decline, and… Variation in advertising 9M12/11 (%) Variation in VOC regional press advertising 9M12/11 (%) (10.1%) (17.2%) (12.9%) (19.2%) (15.0%) (
Slide 5: Management of key variables: new digital revenues
Management of key variables: new digital revenues Optimizing the digital sales strategy in a stagnant Internet advertising advertising market (-1.5% in 9M12 according to i2p, +3.8% according to InfoAdex) InfoAdex) Strategic measures Revenues of digital editions: improving trend Variation in revenues
Slide 6: Track record: outperformance in advertising
Track record: outperformance in advertising Despite the impact of the advertising cycle on VOCENTO, its brands brands have outperformed their markets Relative performance: outperforming the market1 according to 9M09-9M12 data Difference in CAGR 9M12/09 (p.p.) VOC brands vs. respective market1 2.2 p.
Slide 7: Recovery of the profitability of loss-making businesses
Recovery of the profitability of loss- loss-making businesses Comparable EBITDA1 ABC (€m) Comparable EBITDA1 Radio (€m) Abs. var. in advertising revenues €-6.3m Abs. var. in advertising revenues €-1.6m vs. vs. EBITDA €+1.8m EBITDA €+1.4m Advertising on 3.6 3.8 national ABC.Radio 9M12 +1% vs. €-5.1m
Slide 8: Results show that targets have been met…
Results show that targets have been met… met… Comparable EBITDA1 9M12 maintained at levels of 9M11 Variation of data vs 9M11 except comparable EBITDA (€m) Fall in advertising revenues 9M12 €-31.4m vs. variation in EBITDA €-0.9m (-3.8%) Trend improves vs. 1H12: 3Q12 positive EBITDA €1.1m, improvement
Slide 9: … for 5 consecutive years
… for 5 consecutive years EBITDA maintained, and significant improvement at loss- loss-making businesses 9M08 – 9M12 Performance in variation of 9M advertising revenues and comparable EBITDA,1 from 9M2008 to 9M2012 (€m) Total Var 9M08 9M09 9M10 9M11 9M12 9M08- 9M08-9M12 Var. in 9M advertising rev. (
Slide 10: Financial position maintained despite fall in revenues
Financial position maintained despite fall in revenues Financial position differentiates from the sector in an uncertain cycle Net financial debt levels in 9M12 lower than at end 2011, excluding impact of Las Provincias Cash protection and management of working capital are key objectives: - Las Prov
Slide 11: Analysis of P&L in comparative terms
Analysis of P&L in comparative terms Comparable net result 9M12 is up €+2.3m on 9M11 Var. €m 9M12 9M11 Abs. % Revenues 449.5 515.3 (65.7) (12.8)% Comparable operating expenses (427.7) (492.5) 64.9 13.2% EBITDA ex restructuring costs 21.8 22.7 (0.9) (3.8)% Restructuring costs (3.9) (17.1) 13.1 EBITDA
Slide 12: Financial Information 9M12
Financial Information 9M12 12
Slide 13: Consolidated Profit and Loss Account 9M12
Consolidated Profit and Loss Account 9M12 NIIF. €m 9M12 9M11 Var % Circulation sales 177.5 193.8 (8.4%) Advertising sales 142.1 173.4 (18.1%) Other revenues 130.0 148.0 (12.2%) Operating revenues 449.5 515.3 (12.8%) EBITDA 17.9 5.7 216.8% Depreciation & amortization (25.6) (30.7) (16.5%) Result from
Slide 14: Consolidated Balance Sheet, 30 September 2012
Consolidated Balance Sheet, 30 September 2012 NIIF. €m 9M12 2011 9M12 2011 Non current assets 614.3 639.7 Total Equity 399.1 427.1 Intangible assets 196.1 222.2 Property, plant and equipment 202.4 212.2 Investments in Associates 18.8 19.2 Other non current assets 196.9 186.1 Current assets 198.2 269
Slide 15: Revenues by business area
Revenues by business area Medios Print Media Impresos Audiovisual (€ m) (€ m) 329.6 289.5 95.5 74.5 7.6 34.5 4.0 27.5 103.8 54.1 93.7 31.2 10.3 8.4 207.2 182.8 35.5 35.8 (23.5) (18.3) (4.3) (0.9) 9M11 9M12 9M11 9M12 Regional Pr National Pr. Suppl. & Mag Free Press Elim. DTT Radio Content Elim. Inter
Slide 16: Comparable EBITDA by business area
Comparable EBITDA1 by business area Print Media Audiovisual (€ m) (€ m) 25.0 7.0 16.7 3.4 (0.8) 6.7 2.2 9.0 31.8 5.5 23.5 (3.3) (5.1) (8.3) (6.7) (6.5) (2.2) (1.9) 9M11 9M12 9M11 9M12 Regional Pr. National Pr. Suppl. & Mag. Free Press DTT Radio Content Internet Other Businesses (€ m) (€ m) 1.3 10.8
Slide 17: Disclaimer
Disclaimer This document contains forward-looking statements regarding intention, expectations or estimates of the Company or its management at the date of issue thereof, relating to various aspects, including the growth of various lines of business and the business overall, the market share, the re
Slide 18: Department of Investor and Shareholder Relations
Department of Investor and Shareholder Relations Director of Investor Relations Loles Mendoza Investor Relations Javier García Echegaray C/ Juan Ignacio Luca de Tena, Tena, 7 28027 Madrid Tel.: +34.91.743.81.04 Fax: +34.91.742.63.52 e-mail: ir@vocento.com