Vocento, S.a. · BME:VOC

Vocento — FY2020 Earnings Presentation

24 slides from Vocento's earnings presentation, Feb 26, 2021

  1. Slide 1: 2020 Results

    2020 Results 26 February 2021

  2. Slide 2: Main Highlights 2020

    MAIN HIGHLIGHTS 2020 MAINTAINING FUTURE GROWTH LEVERS • Digital advertising 2020 -6.3% (+1.7% ex Classifieds) with growth in 4Q20 of +4.8% • Increase of +59% in digital subscribers to 75k in Dec20 (62k exclusively paid). EBITDA of digital subscriptions €2.7m1, ABC Premium launched in 4Q20 • Classifi

  3. Slide 3: Vocento Increases Market Share

    VOCENTO INCREASES MARKET SHARE Advertising market and VOCENTO advertising 2020 Advertising market and VOC advertising by quarter Data in YoY variation % Data in YoY variation % (6.8%) (10.0%) (9.3%)(10.3%) (13.3%) (12.7%) (16.4%) (13.9%) (12.2%) (22.5%) (20.7%) (26.4%) (31.3%) (50.3%) Total market O

  4. Slide 4: Increased Weight of Digital Advertising

    INCREASED WEIGHT OF DIGITAL ADVERTISING Digital advertising Digital advertising1 as % of total advertising Data in YoY variation % Data in % 4.8% 41.4% 45.8% (1.8%) (1.7%) 58.6% 54.2% (26.2%) 2019 2020 1Q20 2Q20 3Q20 4Q20 Offline Online1 Programmatic advertising 2020 +25% Increase of digital weight

  5. Slide 5: Acceleration of Digital Subscription Services

    ACCELERATION OF DIGITAL SUBSCRIPTION SERVICES • EBITDA increase 2020 ON+ and ABC Total subscribers (thousand) Premium €1.1m (63% of the drop in 4Q20 ABC Registered users at VOC circulation margin) Premium, Hoy newspapers 3.2m (ABC and El 1.0m) + Classifieds 0.4m • Price rise at ON+ in 4Q20 Comercio

  6. Slide 6: B2B Subscriptions Model at Classifieds

    B2B SUBSCRIPTIONS MODEL AT CLASSIFIEDS Positioning of the automotive and real estate portals Development of comparable EBITDA Data in €m • 2020 impacted by fall in car sales and decrease from advertisers (dealers) 6.3 2020 -23.4% • Strategy to increase ARPA and market share and develop new transacti

  7. Slide 7: Gastronomy Area Strengthened

    GASTRONOMY AREA STRENGTHENED EVENTS CONGRESSES 30 fairs and Gastrono major regional events success,1 digital, international dimension CONSULTANCY PUBLICATIONS TRAINING VOC+U.P. Comillas strategy Unique academic consultancy specialisaing 150 pages a week project2 in gastronomy and food. International

  8. Slide 8: Steady Recovery at the Agencies

    STEADY RECOVERY AT THE AGENCIES Adapting the business model Revenue performance1 Data in €m Reduced weight of trade marketing, focus 2020 revenues on digital and communications strategies €10.9m Increased exposure to digital 4.2 projects and e-commerce 2.9 2.5 Diversification: new clients in 2020 1.

  9. Slide 9: Efficiency Measures in Response to COVID

    EFFICIENCY MEASURES IN RESPONSE TO COVID Development of revenues and costs at VOCENTO 2020 Data in €m YoY variation IMPACT ON REVENUES COST MEASURES (11.7) Cost reductions in (14.4) 2020 offset 71% of the fall in revenues (27.7) (13.9) (23.6) Var. circulation Var. advertising Var. other Var. variabl

  10. Slide 10: Impact of Fall of Revenues on EBITDA at Vocento

    IMPACT OF FALL OF REVENUES ON EBITDA AT VOCENTO Comparable EBITDA performance at VOCENTO in 2020 YoY var. In Variation 2019 vs 2020 except comparable EBITDA €m Other New comparable businesses businesses EBITDA Digital and print press: €-14.7m €-2.6m €-0.1m 1H20 (48.2%) 2H20 (17.8%) 49.6 (12.3) 10.5

  11. Slide 11: Positive Cash Generation

    POSITIVE CASH GENERATION Development of net financial debt at VOCENTO Data in €m NFD/Comparable NFD/Comparable EBITDA 1.1x LTM EBITDA 2.0x Lease of new offices Ordinary cash generation €12.9m (15.7) 34.4 (3.4) 67.3 (8.3) 52.8 (6.4) 20.7 (10.5) 7.2 IFRS16 IFRS16 (4.6) Bank Bank 45.7 and 46.6 and othe

  12. Slide 12: Consolidated P&L

    CONSOLIDATED P&L IFRS €m 2020 2019 Var.abs. Var% Revenues 341.3 394.6 (53.2) (13.5%) Operating expenses excl. comparable depreciation (306.9) (344.9) 38.0 11.0% 1 Comparable EBITDA 34.4 49.6 (15.2) (30.7%) Personnel adjustment measures and one-offs (12.7) (7.3) (5.4) (73.2%) 2 EBITDA 21.7 42.3 (20.6

  13. Slide 13: Adjustments to the Consolidated P&L

    ADJUSTMENTS TO THE CONSOLIDATED P&L Dic20 2020 IFRS €m 2020 adjust. proforma Reversal of guarantees for Operating expenses excl. comparable depreciation (306.9) 0.8 (306.1) 1 law suit with tax office Comparable EBITDA 34.4 (0.8) 33.6 Compensation (closure of Nervión. Hoy Personnel adjustment measure

  14. Slide 14: Financial Appendix

    Financial Appendix 14

  15. Slide 15: Revenues by Business

    REVENUES BY BUSINESS Newspapers Audiovisual (€m) (€m) 324.9 276.4 32.9 31.2 22.6 2.2 2.2 90.8 17.7 3.4 Supp. & Mag. 3.2 Content 77.0 ABC Radio 226.1 Regional 27.6 26.0 DTT 193.9 Elimin. Elimin. (14.5) (12.1) (0.2) (0.2) 2019 2020 2019 2020 Gastronomy and Agencies Classifieds (€m) (€m) 27.8 22.8 13.7

  16. Slide 16: 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 % 18.5% 22.2% 18.1% 21.7% 81.5% 77.8% 81.9% 78.3% 29.2% 47.4% 2019 2020 48.6% 48.5% Var % 2019-2020 Offline Online National -16.1% National advertising1: Print vs Digit

  17. Slide 17: Increased Margin on Regional Circulation

    INCREASED MARGIN ON REGIONAL CIRCULATION Performance of comparable EBITDA at Regional Variation 2019 vs 2020 except comparable EBITDA €m Comparable Cost measures EBITDA 32.0 (14.5) offset 71% 4Q20 -16.0% of fall in revenues vs 9M20 -37.0% 5.9 22.7 0.7 (1.3) Comp. EBITDA Margin on circulation Margin

  18. Slide 18: Slower Decrease in Advertising at ABC

    SLOWER DECREASE IN ADVERTISING AT ABC Performance of comparable EBITDA at ABC Variation 2019 vs 2020 except comparable EBITDA €m Launch of ABC Premium in 4Q20 with 10k subscribers 4Q20 -5.7% 10.4 (3.5) (1.4) (1.2) (0.9) 3.4 Comp. EBITDA Advertising Margin on circulation Printing Personnel costs Comp

  19. Slide 19: Comparable EBITDA by Business

    COMPARABLE EBITDA BY BUSINESS Newspapers Audiovisual (€m) (€m) 42.1 27.4 10.4 9.3 1.7 10.4 1.6 Supp. & Mag. 2.5 Content 1.2 3.4 ABC 2.4 Radio Regional DTT 32.0 6.1 22.7 5.2 (0.2) 2019 2020 2019 2020 Classifieds (€m) Gastronomy and Agencies (€m) 6.3 4.8 1.9 1.9 0.8 1.5 Agencies and Others 6.3 4.8 Cla

  20. Slide 20: Consolidated Balance Sheet

    CONSOLIDATED BALANCE SHEET IFRS (Data in €m) 2020 2019 Non-current assets 342.7 357.2 Current assets 126.7 128.4 Assets held for sale 7.1 0.2 TOTAL ASSETS 476.5 485.7 SHAREHOLDER EQUITY 256.3 282.1 Financial debt 92.7 72.6 Other non-current liabilities 27.6 34.1 Other current liabilities 99.9 97.0 T

  21. Slide 21: Change in Net Financial Debt

    CHANGE IN NET FINANCIAL DEBT IFRS (Data in €m) 2020 2019 Comparable EBITDA 34.4 49.6 Variation in working capital (4.6) (2.7) Capex (10.5) (10.8) Other items1 (0.0) (4.7) Cash flow from recurring activities 19.3 31.4 Interest payments received 0.4 0.8 Dividend and interest payments2 (6.8) (6.9) Tota

  22. Slide 22: 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 the prior period. The 2020 results report includes, as well as the definitions and calculation methods for the APMs, the new cal

  23. Slide 23: Disclaimer

    DISCLAIMER This document contains forward-looking statements regarding Company and, in particular, by the analysts who handle this intention, expectations or estimates of the Company or its document. All are invited to consult the documentation and management at the date of issue thereof, relating t

  24. Slide 24: Vocento

    Vvocento 24

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