Caltagirone Editore S.p.a. · MIL:CED
Caltagirone Editore — Non-Deal Roadshow (May 2002)
23 slides from Caltagirone Editore's roadshow presentation, May 2002
Slide 1: Caltagirone Editore – May 2002
CALTAGIRONE EDITORE May 2002
Slide 2: Agenda
Agenda n Company overview n Financial results n Strategic goals 2
Slide 3: Company Overview
Company Overview Integrated Group with complementary areas of expertise Publishing Internet & Services Advertising 3
Slide 4: Ownership Structure
Ownership Structure Caltagirone Editore’s share capital amounts to € 125 million, divided into n.125,000,000 ordinary shares with a nominal value of € 1 each. Vianini Lavori 4% Vianini Industria 3% Cementir 4% Market 28% Caltagirone S.p.A. Caltagirone Family (1) 25% 36% (1) Includes Mantegna ’87 Srl
Slide 5: Group Structure
Group Structure Caltagirone Editore S.p.A. 90% 98.78% Il Messaggero SpA Piemme Sp. A Caltanet SpA 100% 87.25% 90% EDI.ME. SpA Join Consulting Srl 99.9% Il Mattino Sem SpA 99% B2WIN SpA 90% Sigma Editoriale SpA Publishing Advertising Internet & Services 5
Slide 6: Company Overview – Territorial Coverage
Company Overview – Territorial Coverage Percentage market share in the Macroregion 1 Ÿ 47.2% market share in Lazio and 62.8% Il Messaggero in Campania + Il Mattino 44.1% La Repubblica 18.3% Corriere della Sera 9.2% Il Tempo 7.9% Macroregion accounting for 25% of population and 20% of Italian readers
Slide 7: Publishing
Publishing • High brand visibility (120 years of history) • A national newspaper with 13 editions composed by an average of 44/52 pages, with a maximum of 56 including 20 in colour • 4th newspaper in Italy1 with more than 1.3 million daily readers and leader in Lazio (Rome region) with 47.2% market
Slide 8: Publishing
Publishing • Founded in 1892 • 8th newspaper in Italy1, composed by 40/46 pages, with a maximum of 56 including 16 pages in colour • Leader in Campania (Naples region) with 62.8% market share, more than 800,000 daily readers 1 Excluding financial and sport dailies – Source: Audipress 1999 8
Slide 9: Publishing
Publishing • Daily free newspaper launched on March 2001 with a daily circulation of about 810,000 copies • The 1st newspaper for number of copies in Italy, composed by an average of 24 pages in tabloid format • Currently present in Rome, Milan, Turin, Naples, Florence, Bologna, Venice, Verona and P
Slide 10: Advertising
Advertising • The exclusive advertising agency for proprietary brands, Il Messaggero, Il Mattino, Leggo and Caltanet • The exclusive advertising agency for third parties, Il Nuovo Quotidiano di Puglia, Radio Globo (the first local radio in Rome), Radio Antenna1 and others • Dealer of both national a
Slide 11: Internet & Services
Internet & Services • Caltanet is one of the main national internet portals • Join, acquired in the last part of 2000, is a management consulting company specialised in highly innovative services • B2Win, established in 2001, manages a call center that offers services exploiting Caltanet’s technolog
Slide 12: Financials Year end 2001
Financials’ Year end 2001 €m Dec 31, 2000 Dec 31, 2001 Var. % Sales 240.82 228.23 - 5.2 % EBITDA 75.68 41.46 - 45.2% % margin 31.4% 18.2% 1 Normalised EBIT 69.69 32.12 - 53.9% % margin 28.9% 14.1% EBIT 54.32 15.75 - 71.0% % margin 22.6% 6.9% Net income 41.42 22.96 - 44.6% % margin 17.2% 10.1% 1 A d
Slide 13: Financials 1Q 2002
Financials’ 1Q 2002 €m 1 Q 2001 1 Q 2002 Var. % Sales 54.96 55.41 0.8% EBITDA 11.69 9.62 - 17.7% % margin 21.3% 17.4% EBIT 6.01 4.39 - 26.9% % margin 10.9% 7.9% Net income 8.12 4.02 - 50.5% % margin 14.8% 7.2% 13
Slide 14: Net Financial Position
Net Financial Position €m Dec 31, 2001 1 Q 2002 Cash 584.4 588.0 Long term debt 29.2 30.9 Short term debt 29.6 27.8 Net Financial Position 525.6 529.3 Peripheral assets: 1.6% stake in HDP (€ 36 m) 14
Slide 15: Results
Financials’trend • Caltagirone • Positive underline economic trend • Slow down in GDP growth Group acquires • Strong advertising growth • Fall in advertising demand Il Messaggero and Il Mattino • Reorganization of activities and completion of • Further improvement in turnaround process efficiency th
Slide 16: CEd vs peers - 1Q 2002
CEd vs peers - 1Q 2002 EBITDA MARGIN Caltagirone 17.4% Editore L'Espresso 13.8% Class Editori 13.7% Poligrafici 2.4% Editoriale 16
Slide 17: CEd Revenues Breakdown
CEd Revenues Breakdown €m Others 165 Internet&Services 136 152 Advertising 96 106 Circulation 75 72 71 69 68 1997 1998 1999 2000 2001 17
Slide 18: Advertising Sales Breakdown 1Q 2002
Advertising Sales Breakdown 1Q 2002 Others Leggo 1% Il Nuovo 8% Quotidiano 4% Il Messaggero 63% ILMattino 24% 18
Slide 19: Piemme – Total Advertising Sales
Piemme – Total Advertising Sales TLC + Finance €m Others 200 165 152 136 29.3 150 15.2 106 19.6 100 11.8 136.8 135.7 116.4 94.2 50 0 1998 1999 2000 2001 19
Slide 20: Advertising Sales without considering TLC and Finance
Advertising Sales without considering TLC and Finance €m 160 136.8 135.7 140 116.4 120 94.2 100 80 60 40 20 0 1998 1999 2000 2001 20
Slide 21: Strategic Goals
Strategic Goals • Gain market share with an aggressive price policy in contiguous areas • Increase the number of readers to expand the advertising selling power • Work in progress of new high tech printing facilities for Il Messaggero with a total investment of € 65 million to increase the number of
Slide 22: Strategic Goals
Strategic Goals • Create a national network able to capture the major advertising spenders • Develop brand visibility and territorial presence, while the advertising market is depressed • Maintain market leadership to fully exploit the next recovery of the advertising demand • Keep on attracting new
Slide 23: Strategic Goals
Strategic Goals • Reduce operating costs to the minimum until the internet market reaches a critical mass • Increase services offer by exploiting synergies between the three Group’s companies • Review the business organization in order to improve processes efficiency and services quality • Keep alwa