Vocento, S.a. · BME:VOC
Vocento — 9M 2023 Earnings Presentation
29 slides from Vocento's earnings presentation, Nov 14, 2023
Slide 1: Results for 9M23
Results for 9M23 14 November 2023
Slide 2: Main highlights 9M23
• Total revenues increase by +5.1% vs 9M22 • Revenue mix reflects the strategy: digital revenues + diversification up Higher +16.0%, now contribute 44% of the total revenues from • Digital subscribers Sep23 +32% to 133k, beating expectations. ARPU digital and 9M23 €5.6, -4.7% because of higher weigh
Slide 3: EBITDA target to be achieved as a result of the measures taken and business seasonality
EBITDA target to be achieved as a result of the measures taken and business seasonality Seasonality of EBITDA1 (€m) 2021 2022 2023 23.4 21.2 ✓ 1Q compensation payments generate pay-off in rest of year ✓ Effect of stable paper price in 2H23 11.2 ✓ Increased profitability of Relevo in 2H23 8.7 6.0 ✓ C
Slide 4: VOCENTO increases advertising market share
VOCENTO increases advertising market share Var. 9M23 vs 9M22 (%) 7.6% 4.6% 4.1% 1.7% 0.8% (0.4%) Total advertising Offline1 Online Market2 VOCENTO Vocento local advertising up +6.7% with a balanced local/national mix (54%/46%) Note 1: offline is the press market and VOCENTO is ABC + regional press (
Slide 5: Revenue growth with increased contribution from digital and diversification
Revenue growth with increased contribution from digital and diversification Revenue performance (%) Revenue mix (%) Digital + Diversification 40% 44% Revenues from digital and 26% 28% diversification +16.0% 14% 16% 1% 1% Offline business: 59% 55% Revenues 9M23 -2.2% Revenues 9M22 9M23 9M23 +5.1% Dig
Slide 6: Digital subscriptions increase above target for 2023E
Digital subscriptions increase above target for 2023E Paying subscribers (thousands) Var +32% Revenues 9M23 Var +25% 133 +24% 101 49 ARPU 9M23 €5.6, -4.7% 81 because of higher annual 35 subscriptions (Sep23 +9.0 p.p 23 vs Sep22) 85 57 66 Digital margin compensates more than 40% of margin from print
Slide 7: Recognition for Relevo as traffic increases…
Recognition for Relevo as traffic increases… Major impact on social International recognition Increased website traffic media Onda Cero 78k seguidores Reuters Institute (Oxford University) cites Relevo as a key media vehicle for content +85% and digital innovation Radio Marca/DAZN 193k seguidores +4
Slide 8: … with social media leadership and improving finances
… with social media leadership and improving finances Operating data Financial data EBITDA vs prior year (€m) 1.1m users (target 23E 1.5m): 0.9 637k 222k #1 video views1 #1 total interactions1 (0.8) (1.5) 190k 39k #1 in interactions per #1 in followers1 post / 1k followers1 1Q23 2Q23 3Q23 . Note 1:
Slide 9: Growth strategy for the Diversified Businesses I: Classifieds
Growth strategy for the Diversified Businesses I: Classifieds Business & commercial Product Communications & marketing • 2024 launch of DATA Carsight: Launch in 2024 of New strategy focused on • Use data to provide dealers Autoproff.de in Spain, a social media and with better information C2B project
Slide 10: Growth strategy for the Diversified Businesses II: Gastronomy
Growth strategy for the Diversified Businesses II: Gastronomy 1st intake for Degree in Gastronomy and Culinary The 2023 edition in October was the largest in its Innovation 25-year history Vision: to be the leading ecosystem for training, More than 15 thousand guests from 48 nationalities creativity
Slide 11: Growth strategy for the Diversified Businesses III
Growth strategy for the Diversified Businesses III AGENCIES DIGITAL SERVICES The brand will identify Vocento’s family of KIT DIGITAL programme with NextGen funds advertising and communications agencies (6k SMEs) Recognition for &Rosàs: Offering more services to become a hub for - Gran Premio1 at Efi
Slide 12: EBITDA from Press improves performance in 3Q…
EBITDA from Press improves performance in 3Q… €m Data in YoY variation except EBITDA 9M22 & 9M23 Var. Newspapers 3Q23 €+0.5m Improvem Margin ent in stabilises 3Q23 (3Q23 €+0.9m €+0.2m) 10.1 4.0 7.3 (0.8) 1.7 (5.4) 0.6 (1.4) (1.6) EBITDA Personnel Impact of Impact of Press advertising Variation Impro
Slide 13: … while Diversified Businesses continue to increase their weight in EBITDA
… while Diversified Businesses continue to increase their weight in EBITDA Data in €m Weight in total LTM EBITDA ex Corp. Centre 32%1 8.1 Activity concentrated in 4Q23 1.1 &Rosàs contributes €0.5m 1.9 x2 4.1 Driven by success of MadridFusión 0.9 0.4 0.8 Digitalisation programme with NextGen EU funds
Slide 14: Net profit comparison impacted by extraordinaries in 9M22
Net profit comparison impacted by extraordinaries in 9M22 Data in €m 9M23 9M22 Var % Revenues 255.7 243.3 5.1% Comparable operating expenses ex. depreciation (248.4) (233.2) 6.5% EBITDA 7.3 10.1 (28.0%) Depreciation and result of divestments of assets (18.3) (16.2) 13.0% EBIT (11.0) (6.1) 81.2% Equi
Slide 15: OCF in 3Q23 impacted by a combination of multiple factors
OCF in 3Q23 impacted by a combination of multiple factors Special factors which impacted Ordinary Cash Flow in 9M23: differences vs 9M22 (en €m) CONCEPT ANALYSIS & EXPECTED OUTLOOK Impact of Relevo1 (4.9) In the investment period until breakeven (4.9) Higher supplies of overseas paper requiring (1.6
Slide 16: Net debt reflects impact of ordinary cash flow
Net debt reflects impact of ordinary cash flow Data in €m OCF generated €-16.4m 5.5 0.6 54.1 8.1 11.7 NFD IFRS 16 29.7 2.0 IFRS 16 3.8 leases leases 19.8 20.8 (7.3) Banking Banking and other and other 34.2 8.9 NFD New EBITDA Working Capex Financials VOC Extraordinaries NFD 2 2022 IFRS 16 9M23 capita
Slide 17: Appendices
vocento Appendices
Slide 18: Revenues by business area (1/2)
Revenues by business area (1/2) Newspapers (€m) Audiovisual (€m) 203.5 206.4 3.3 3.6 0.1 0.1 11.2 1.2 10.3 0.1 56.3 57.2 Sports Content Supp. & Mag. 2.4 2.6 Radio ABC DTT 145.1 146.3 Regional Elimin. Elimin. 0.9 0.9 (9.2) (8.5) (0.1) (0.1) 9M22 9M23 9M22 9M23 Note: figures are rounded to the nearest
Slide 19: Revenues by business area (2/2)
Revenues by business area (2/2) Diversified businesses (€m) 40.0 48.8 Agencies 15.9 11.9 Gastronomy 9.7 7.7 Digital Services 2.5 0.8 Classifieds 19.7 20.7 9M22 9M23 Note: figures are rounded to the nearest hundred thousand euro. 19
Slide 20: Performance of local and national advertising
Performance of local and national advertising Data in % National advertising vs local1 Local advertising1: Print vs Digital 28.5% 31.8% 71.5% 68.2% 9M22 9M23 47.5% 46.4% Local +6.7% Offline Online National +2.0% Total1 +4.6% 52.5% 53.6% National advertising1: Print vs Digital 75.0% 75.5% 9M22 9M23 2
Slide 21: EBITDA (1/2)
EBITDA (1/2) Newspapers (€m) Audiovisual (€m) 11.5 5.4 1.8 2.0 0.5 0.5 0.2 14.3 Regional 12.0 2.1 2.2 Radio ABC Supp. & Mag. DTT (1.7) (3.8) Sports (5.2) (0.2) (0.3) 9M22 9M23 9M22 9M23 Note: figures are rounded to the nearest hundred thousand euro. 21
Slide 22: EBITDA (2/2)
EBITDA (2/2) Diversified Businesses (€m) 4.1 8.1 1.1 Agencies 1.9 Gastronomy 0.9 0.4 Digital Services 0.8 3.2 4.3 Classifieds (0.3) 9M22 9M23 Note: figures are rounded to the nearest hundred thousand euro. 22
Slide 23: Regional EBITDA
Regional EBITDA €m Data in YoY variation except EBITDA 9M22 & 9M23 14.3 0.9 12.0 (1.7) (0.1) (1.4) EBITDA Advertising1 Margin on readers Printing Other revenues EBITDA 9M22 margin & costs 9M23 Note: figures are rounded to the nearest hundred thousand euro. Note 1: print and digital. Not including lo
Slide 24: ABC EBITDA
ABC EBITDA €m Data in YoY variation except EBITDA 9M22 & 9M23 0.5 0.1 (0.6) (0.5) (1.2) (1.7) EBITDA Advertising Margin on readers Printing Other revenues EBITDA 9M22 margin & costs 9M23 Note: figures are rounded to the nearest hundred thousand euro. 24
Slide 25: Consolidated Balance Sheet
Consolidated Balance Sheet Data in €m 9M23 2022 Activos no corrientes 304.6 307.9 Activos corrientes 107.7 120.8 Activos mantenidos para la venta 1.4 1.4 Total activo 413.7 430.1 Patrimonio neto 246.0 268.1 Deuda financiera 65.4 45.6 Otros pasivos no corrientes 24.2 23.4 Otros pasivos corrientes 78.
Slide 26: Variation in net financial position
Variation in net financial position Data in €m 9M23 9M22 EBITDA comparable 7.3 10.1 Variación de circulante (3.8) 7.2 Capex (11.7) (8.9) Otras partidas1 (1.6) (3.5) Cash flow proveniente de actividades recurrentes (9.8) 4.9 Dividendos e inteses cobrados 0.2 0.4 Dividendos e intereses pagados 2 (6.7)
Slide 27: Forward-looking statements disclaimer
This document contains forward-looking statements Company and, in particular, by the analysts who handle regarding intention, expectations or estimates of the this document. All are invited to consult the documentation Company or its management at the date of issue thereof, and information published
Slide 28: Vocento brands
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Slide 29: Vocento
vocentvto Comunicacion innovadora para 7vconformistus