Vocento, S.A. · BME:VOC
Vocento — Q1 2010 Earnings Presentation
17 slides from Vocento's earnings presentation, May 13, 2010
Slide 1: 1Q10 Results
1Q10 Results 13 May 2010 VOCeNTO ver, escuchar, leer y sentir.
Slide 2: 1Q10 Highlights
1Q10 Highlights Cost reductions in all areas, improving profitability at Audiovisual, and growth in Internet, lead to increase EBITDA: 1Q10 to €9.5m vs. 1Q09 €-3.5m Advertising growth in Supplements (+13.6%) and Internet (+25.8%), outperforming the market, and a slowdown in the decline of paid press
Slide 3: Increase in EBITDA in all business areas
Increase in EBITDA in all business areas Continued improvement in EBITDA 1Q10, €+12.9m – Despite the fall in revenues due to the current economic conditions – Positive impact from the investment made in restructuring Improving profitability in all business areas EBITDA and absolute variation (€m) €+
Slide 4: Cost control continues to be a priority
Cost control continues to be a priority Cost reduction in all business areas in 1Q10 €-21.7m1, -11.5% Improvement in efficiency 1Q10 vs. 1Q09 Reflected across all areas 1Q10 vs. 1Q09 Operating expenses, excluding amortization (€m) Costs (€m) and variation (%) (9.1%)2 1Q10 €-21.7m1 (131.4) 1Q09 €-187
Slide 5: The transformation of the advertising market: an opportunity
The transformation of the advertising market: an opportunity The target market of VOC is increasing: advertising market 2009- 2009-2012e % advertising by media type 2009 % advertising by media type 2012e Suppl.& Others 7.4% Suppl.& Magazines 6.1% Magazines Others 6.8% 8.4% TV 42.1% Radio 9.2% Radio
Slide 6: ABC: Multichannel brand positioning
ABC: Multichannel brand positioning …and Abc.es continues to gain online market ABC continues to close the gap with #2... share… share… Copies (thousand) Market share (%) Absolute var. El Mundo vs. ABC 35.9% 37,9% (1.9 p.p.) 33.9% 357 342 323 304 117 52 (0.4 p.p.) 42.0% 92 42.3% 46 272 250 258 +2.3
Slide 7: Regional Press: leadership and migration to Internet
Regional Press: leadership and migration to Internet Regional Press is maintaining share in a Fall in circulation, but capacity to raise cover fragmented market prices Circulation share 1Q10 (%) Average weighted cover prices (€) Prensa Ibérica Sundays National Press VOC 15.2% 2.5 Regional Press 2.2
Slide 8: Internet: creation of a network to attract new audiences
Internet: creation of a network to attract new audiences Maintaining leadership of audiences on the …and greater contribution to revenues Internet… Internet… Unique monthly users Apr10 (million) and variation (%) Weight of Internet advertising at VOC’s advertising (%) 23.0 21.7 14.4 11.3 10.7 10.5 +
Slide 9: Significant position in DTT after switch-off
Significant position in DTT after switch- switch-off… off… The DTT channels of VOC now reach 3% of …in the current scenario of audience the audience... fragmentation… fragmentation… Audience share by family of channels, April 2010 (%) Audience share by channel April 2010 (%) Thematic channels1 24.2%
Slide 10: Completed in Audiovisual by Radio and Content
…Completed in Audiovisual by Radio and Content Increase in Punto Radio audience thanks to Improved profitability of Radio1 due to cost improved coverage reduction Audience (thousands) EBITDA (€m) 629 (1.0) 530 (1.9) 515 465 2007 2008 2009 2010 1Q09 1Q10 Source: average of EGM indivudal surveys. Sour
Slide 11: Financial Information 1Q10
VOCeNTO ver, escuchar, leer y sentir.
Slide 12: Consolidated P&L 1Q10
Consolidated P&L 1Q10 NIIF €m 1Q10 1Q091 Var % Circulation revenues 67.9 69.5 (2.3%) Advertising revenues 62.4 65.5 (4.7%) Other revenues 45.3 49.4 (8.1%) Operating revenues 175.6 184.4 (4.7%) EBITDA 9.5 (3.5) 373.0% Depreciation & Amortization (11.8) (11.2) 6.1% Gains on disposal of tang/intang ass
Slide 13: Consolidated Balance Sheet, 31 March 2010
Consolidated Balance Sheet, 31 March 2010 VOC maintains a sound financial position: position net financial debt €94.1m and cash and cash equivalents €86.6m NIIF NIIF 1Q10 2009 1Q10 2009 Non current assets 697.1 701.2 Shareholder equity 419.0 424.1 Intangible assets 271.8 277.3 Property, plant & equi
Slide 14: Revenues by business area
Revenues by business area Print Media Audiovisual (€ m) (€ m) 127.0 117.9 26.3 27.8 4.6 2.8 14.2 12.6 17.1 39.6 37.3 16.1 3.8 4.6 78.4 74.2 4.3 5.7 2.9 2.2 (9.7) (9.0) (0.7) (1.8) 1Q09 1Q10 1Q09 1Q10 Region. Press Natl. Press Suppl. & Mag. Free Press Elim. Regional DTT National DTT Radio Content Eli
Slide 15: EBITDA by business area
EBITDA by business area Print Media Audiovisual (€ m) (€ m) (4.4) 7.0 2.5 4.5 1.1 12.0 12.6 5.7 4.5 (5.7) (1.0) 0.5 1.1 (14.7) (0.7) (1.3) (1.4) (1.9) (1.1) (0.2) 1Q09 1Q10 1Q09 1Q10 Region. Press Natl. Press Suppl. & Mag. Free Press Regional DTT National DTT Radio Content Internet Other Businesses
Slide 16: Legal Disclaimer
Legal Disclaimer This document contains statements about future intentions, expectations or predictions of the Company or its management at the date of issue thereof, which relate to various aspects, including the growth of different business lines and business overall, the market share, the results
Slide 17: 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.: 91.743.81.04 Fax: 91.742.63.52 e-mail: ir@vocento.com