Vocento, S.a. · BME:VOC
Vocento — H1 2020 Earnings Presentation
20 slides from Vocento's earnings presentation, Jul 28, 2020
Slide 1: 1H20 Results
Vocento 1H20 Results 28 July 2020
Slide 2: Main Highlights 1H20
MAIN HIGHLIGHTS 1H20 IMPACT OF COVID19 ON REVENUES • VOCENTO revenues 1H20 fell by -15.6%, with a decrease in 2Q20 of -24.6% • Circulation revenues 1H20 -9.0%1 (vs -4.4% in 1H19), with resilience at newspapers in northern Spain (-3.0%) • Decrease of revenues from advertising -22.6% (2Q20 -31.3%), ou
Slide 3: Advertising Market Impacted by COVID
ADVERTISING MARKET IMPACTED BY COVID Advertising market and VOCENTO advertising in 1H20 Advertising market and Vocento advertising by month Data in var% YoY Data in var% YoY -14.8% -20.7% -22.6% -20.5% -24.8% -26.4% -33.9% -35.8% -34.5% -28.1% -36.2% -41.2% Total market Offline Online -59.4% -60.6%
Slide 4: Impact of COVID19 on Vocento and Measures Taken
IMPACT OF COVID19 ON VOCENTO AND MEASURES TAKEN IMPACT MEASURES RESULTS • Circulation margin €-0.9m, similar to 1H19, • Support for points of sale, agreements with • Circulation revenues -13.3%1, in 2Q20 partly offset by digital subscription €+0.4m alternative POS • ON+ models +53k subscribers: +35%
Slide 5: Circulation Margin and Digital Subscribers
CIRCULATION MARGIN AND DIGITAL SUBSCRIBERS Circulation margin 1H20 Digital subscription model Data in YoY var €m Total subscribers (thousands) +35% 53 -0.9 • Increase in EBITDA 1H20 €+0.4m Fall in 40 • Launch of ON+ at the other local 1H19 €-0.9m portals in 2H20 • Launch at ABC in Sep 2020 -5.8 -5.0
Slide 6: Response with Cost Efficiencies
RESPONSE WITH COST EFFICIENCIES Performance of costs and revenues at VOCENTO 1H20 Data in var €m YoY IMPACT ON REVENUES COST MEASURES Cost reductions in 1H20 offset 64% of the fall in revenues Despite Pagination, Furloughs, -5.8 lockdown, sales suppliers… diversified commissions… revenues -10.1 2Q20
Slide 7: Margin on Regional Circulation Maintained
MARGIN ON REGIONAL CIRCULATION MAINTAINED Comparable EBITDA performance at Regional Variation 1H19 vs 1H20 except comparable EBITDA €m 15.6 -11.1 Support at points of sale and cost controls 5.7 9.1 -0.1 -1.0 Comp. EBITDA Circulation Print plant margin & Commercial costs, Comp. EBITDA 1H19 Advertisin
Slide 8: Impact of Advertising on EBITDA at ABC
IMPACT OF ADVERTISING ON EBITDA AT ABC Comparable EBITDA performance at ABC Variation 1H19 vs 1H20 except comparable EBITDA €m 2Q20 -20.8% Jun20 -5.8% 3.0 -2.7 -0.7 0.3 -0.7 -0.6 Comp. EBITDA Advertising Circulation Print plant Personnel costs Comp. EBITDA 1H19 margin margin and others1 1H20 Note 1:
Slide 9: Performance of Classifieds
PERFORMANCE OF CLASSIFIEDS KPIs REVENUES 1H20 EBITDA 1H20 Clients +3%1 -19.0% vs 1H19 Margin -2.2 p.p. vs 1H19 Audience +27%1, gap vs #1 -25%2 Clients -6%1 -12.8% vs 1H19 Margin -1.3 p.p. vs 1H19 Audience +16%2 €2.0m, -27.9% vs 1H19 Classifieds area3 €10.8m, -15.8% Margin 18.4%, -3.1 p.p. vs 1H19 No
Slide 10: Impact of Advertising Fall on Vocento EBITDA
IMPACT OF ADVERTISING FALL ON VOCENTO EBITDA Performance of Comparable EBITDA at VOCENTO Variation 1H19 vs 1H20 except comparable EBITDA €m Other New businesses businesses Press online + offline : €-10.3m €-1.4m €+0.1m 21.0 -7.0 6.1 -15.7 3.9 -1.6 -0.5 -0.9 1.4 10.9 0.1 4.0 v v v Comp Circulation Ci
Slide 11: Ordinary Cash Generation
ORDINARY CASH GENERATION Change in net financial debt at VOCENTO Data in €m NFD/comparable NFD/comparable LTM EBITDA 1.1x EBITDA 1.7x Lease of new Ordinary cash generation €6.6m offices in Madrid -15.5 10.9 -4.5 -1.4 67.5 -5.2 -4.0 4.9 52.8 21.5 IFRS16 7.2 IFRS16 Bank and Bank and 45.7 46.0 other ot
Slide 12: Consolidated Profit & Loss Account
CONSOLIDATED PROFIT & LOSS ACCOUNT IFRS €m 1H20 1H19 Abs. var. Var% Operating revenues 163.7 193.8 -30.1 -15.6% Comparable operating expenses, ex. deprec. -152.8 -172.8 20.0 11.6% Comparable EBITDA 10.9 21.0 -10.1 -48.2% Personnel adjustment measures and one-offs -4.3 -6.6 2.3 34.8% EBITDA 6.6 14.4
Slide 13: Financial Appendix
Financial Appendix
Slide 14: 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 % 18.1% 21.7% 60.6% 68.8% 81.9% 78.3% 47.5% 47.3% 39.4% 31.2% 33.7% 29.2% Var % 1H19-1H20 1H19 1H20 National -23.2% Offline Online Local -22.4% National advertising1: P
Slide 15: Variation in Net Financial Debt
VARIATION IN NET FINANCIAL DEBT IFRS (Data in €m) 1H20 1H19 Comparable EBITDA 10.9 21.0 Variation in working capital 4.9 3.3 Capex -5.2 -5.7 Other items1 -0.9 -0.8 Cash flow from recurring activities 9.8 17.8 Interest received 0.3 0.7 Dividend and interest payments2 -3.4 -3.9 Total ordinary cash flo
Slide 16: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET IFRS (Data in €m) 1H20 2019 Non-current assets 362.9 357.2 Current assets 119.1 128.4 Assets held for sale 3.3 0.2 TOTAL ASSETS 485.3 485.7 SHAREHOLDER EQUITY 269.6 282.1 Financial debt 92.3 72.6 Other non-current liabilities 32.3 34.1 Other current liabilities 91.1 97.0 T
Slide 17: Revenues by Business
REVENUES BY BUSINESS Newspapers Audiovisual (€m) (€m) 160.6 132.2 16.6 15.2 11.6 11.6 1.4 1.1 45.6 8.5 Supps. & Mags 1.7 45.6 8.5 1.6 Content 36.3 36.3 ABC Radio 111.2 Regional 13.7 111.2 12.6 DTT 93.4 93.4 Elimin. Elimin. - 7.8 - 6.0 -0.1 -0.1 1H19 1H20 1H19 1H20 Classifieds (€m) Gastronomy and Oth
Slide 18: Comparable EBITDA by Business
COMPARABLE EBITDA BY BUSINESS Newspapers Audiovisual (€m) (€m) 18.5 8.3 5.3 4.7 3.0 1.1 0.9 Content Supp. & Mags 1.3 ABC 1.2 Radio 15.6 DTT Regional 2.9 2.6 9.1 - -0.1 -0.7 - -0.1 1H19 1H20 1H19 1H20 Classifieds (€m) Gastronomy and Others (€m) 2.9 2.0 0.5 0.7 0.0 0.8 2.9 0.6 Others 2.0 Classifieds G
Slide 19: Disclaimer
DISCLAIMER This document contains forward-looking statements Company and, in particular, by the analysts who handle this regarding intention, expectations or estimates of the document. All are invited to consult the documentation and Company or its management at the date of issue thereof, informatio
Slide 20: Vocento
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