Slide 1: 9M17 Results
9M17 RESULTS 7 November 2017 1 9M17 Results
Slide 2: Main Highlights 9M17
MAIN HIGHLIGHTS 9M17 REVENUES • Advertising market stagnant (9M17 +0.0%), with VOCENTO brands improving their market share • Advertising revenues fell in 9M17 by -1.5%, but increased in 3Q17 by +1.0% • Regional advertising revenues 9M17 +2.0% PROFITABILITY • Increased circulation margin 9M17 €+0.5m
Slide 3: Advertising: Local Stability at Vocento
ADVERTISING: LOCAL STABILITY AT VOCENTO VOCENTO increases online and offline market share YoY variation % Social networks 13.1% Display 5.6% 7.0% 0.0% -1.5% -4.2% -8.5% Total Offline2 Online3 Market1 VOCENTO brands Local advertising outperforms national in VOCENTO 9M17 Breakdown of advertising reven
Slide 4: Digital: Revenue Growth
D I G I T A L : R E V E N UE G R O WT H New initiatives make positive contribution to revenues and EBITDA Local Digital Kit gradual Paywall subscribers roll-out c.700 >13,000 Increased weight of digital advertising + e-commerce Composition of advertising revenues + e-commerce % 31.3% 33.4% 68.7% 66.
Slide 5: Regionals: Profitability Maintained
REGIONALS: PROFITABILITY MAINTAINED Performance of comparable EBITDA at Regionals Variation 9M16 vs 9M17 except comparable EBITDA €m and comparable EBITDA margin % Impact of print plants and launch of Local Digital Kit 24.7 1.3 -0.6 -1.5 24.0 Comparable Advertising2 Circulation Commercial costs Comp
Slide 6: ABC: Impact of New Lease on EBITDA
ABC: IMPACT OF NEW LEASE ON EBITDA Comparable EBITDA at ABC Variation 9M16 vs 9M17 except comparable EBITDA €m Slowdown in circulation decline (3Q -4.5% vs 1Q -14.4%) 1.6 -1.5 2.6 -2.5 1.1 1.2 Comparable Advertising2 Margin on Personnel Lease of Comparable EBITDA 9M161 circulation costs and others3
Slide 7: Vocento: New Lease Impacts EBITDA
VOCENTO: NEW LEASE IMPACTS EBITDA Performance of VOCENTO comparable EBITDA Variation 9M6 vs 9M17 except comparable EBITDA €m Comparable EBITDA Impact of new lease 3Q16/17 €+0.3m at ABC €-1.5m 2.1 -0.5 -3.3 28.8 -1.6 0.5 -0.1 0.8 26.8 Comparable Advertising Circulation Add-ons Audiovisual Saving in P
Slide 8: Reduction in Financial Debt Despite Non-Ordinary Items
R E D UC T I O N I N F I N A N C I A L D E B T D E S P I T E N O N - O R D I N A R Y I T E M S Performance of net financial debt €m Ordinary cash generation €17.5m NFD/ NFD/Comparable Comparable EBITDA 1.3x LTM EBITDA 1.2x 66.4 26.8 -6.9 61.9 -9.6 3.5 -2.9 48.9 -6.0 -0.2 NFD Comp. EBITDA Working Cap
Slide 9: Revenue Diversification with New Businesses
R E V E N UE D I V E R S I F I C A T I O N WI T H N E W B US I N E S S E S Drive to diversify into non-advertising revenues, in growth projects associated to VOC brands, reinvesting proceeds from non-productive assets (real estate) Transaction IZEN Sale of ABC Zebra + Veralia Cash building and sale
Slide 10: Appendices
APPENDICES 10 9M17 Results
Slide 11: Audiovisual: Increasing Profitability
A UD I O V I S UA L : I N C R E A S I N G P R O F I T A B I L I T Y Performance of comparable EBITDA1 at Audiovisual €m +9.6% 9.5 8.7 9M16 9M17 11 9M17 Results Note 1: excluding personnel adjustment measures and one-offs 9M17 €-0.2m.
Slide 12: Profitable Growth at Classifieds
P R O F I T A B L E G R O WT H A T C L A S S I F I E D S Advertising performance Performance of comparable EBITDA1 €m and variation % €m and variation % Increase in EBITDA despite increased investment in area +3.6% via opex 12.2 12.7 +10.3% 1.5 1.3 9M16 9M17 9M16 9M17 12 9M17 Results Note 1: excludi
Slide 13: Consolidated P&L
CONSOLIDATED P&L IFRS €m 9M17 9M16 Var% Total revenue 309.2 326.6 -5.3% Operating Expenses ex non recurring costs1 -282.5 -297.8 5.2% Comparable EBITDA1 26.8 28.8 -7.1% Personnel adjustment measures and one-offs -10.4 -10.0 4.0% EBITDA 16.4 18.8 -13.0% EBIT -1.1 3.2 n.r. Net financial income -3.6 -4
Slide 14: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET IFRS 9M17 2016 €m Non Current Assets 348.5 363.8 Current Assets 117.5 134.9 Assets held for sale 0.2 0.2 Total assets 466.1 498.9 Total equity 249.8 255.1 Financial debt 81.6 86.1 Other non current liabilities 38.9 53.6 Other current liabilities 95.8 104.1 Total equity and
Slide 15: Variation in Net Financial Debt
VARIATION IN NET FINANCIAL DEBT IFRS 9M17 9M16 €m Comparable EBITDA 26.8 28.8 Variation in working capital -0.2 -5.0 Capex -6.0 -5.4 Other items1 5.0 4.7 Cash flow from operating activities 25.6 23.1 Interests and dividends received 0.3 0.2 Interests and dividends paid2 -8.4 -9.0 Total ordinary cash
Slide 16: Revenues by Business Area
R E V E N UE S B Y B US I N E S S A R E A Newspapers Audiovisual Classifieds €m €m €m Total Total Total Total Total Total 281.9 263.9 34.3 34.5 13.1 13.6 20.6 18.7 72.0 68.9 10.4 11.7 3.1 3.0 202.1 191.2 13.1 13.6 21.0 19.9 -12.7 -14.9 -0.2 -0.2 9M16 9M17 9M16 9M17 9M16 9M17 Regionals ABC Sup& Mags.
Slide 17: Comparable EBITDA by Business
C O M P A R A B L E E B I T D A 1 B Y B US I N E S S Newspapers Audiovisual Classifieds €m €m €m Total Total Total Total Total Total 27.1 24.3 8.7 9.5 1.3 1.5 2.6 1.2 2.7 3.5 24.7 24.0 1.9 1.9 1.3 1.5 4.1 4.1 -0.2 -0.9 9M16 9M17 9M16 9M17 9M16 9M17 Regionals ABC Sup & Mags. DTT Radio Content Classif
Slide 18: Alternative Performance Measures (APMs)
A L T E R N A T I V E P E R F O R M A N C E M E A S UR E S ( A P M s ) The definitions and calculation of Alternative Performance Measures (APM) have not changed since the publication of the results for 1H17 The results report includes, as well as the definitions and calculation methods for the APMS
Slide 19: Disclaimer
DISCLAIMER This document contains forward-looking the documentation and information published or statements regarding intention, expectations or registered by the Company before the National estimates of the Company or its management at Securities Market Commission. the date of issue thereof, relati
Slide 20: Relación con Inversores y Accionistas
Relación con Inversores y Accionistas C/ Pintor Losada, 7. 48007 Bilbao (Bizkaia) Tel.: 902 404 073 | e-mail: ir@vocento.com 20 9M17 Results