Atresmedia Corporacion De Medios De Comunicacion Sa · BME:A3M
Atresmedia Corporacion De Medios De Comunicacion Sa — Atresmedia — Investor Presentation (September 2022)
27 slides from Atresmedia Corporacion De Medios De Comunicacion Sa's investor presentation, September 2022
Slide 1: Presentation to investors, Sept 2022
“We believe in the power of reflection and emotion” ATRESMEDIA www.atresmediacorporacion.com Presentation to investors Sept 2022 Roadshow backto Presentation up_Mar 2013 investors_Sept 22 1
Slide 2: Atresmedia: Revenue breakdown in 2021
Atresmedia: Revenue breakdown in 2021 Advertising as core business while progressing into diversification Revenues by origin Revenues by division Non ad revenues Others Radio NAR Content 7% 11% 4% 8% Digital NAR 2021 Ad revenues 2021 Net 7% Net Revenues Revenues € 963m € 963m 89% 75% TV NAR Roadshow
Slide 3: Atresmedia: Revenue bridge 2021 vs 2020
Atresmedia: Revenue bridge 2021 vs 2020 Total revenue increased by €97 mill yoy vs 2020 2021 ∆ Revenue bridge In € mill +16 +4 +14 +4 963 +59 866 +€97 mill (+11%) 2020 Total TV NAR Digital NAR Content Others Radio 2021 Total Rev Rev Audiovisual Source: Atresmedia’s financial statements Eliminations
Slide 4: Atresmedia: Total revenue
Atresmedia: Total revenue Total revenue just decreased by -1% yoy vs H121 1H22 ∆ Revenue bridge In € mill 465 +3.4 +4.3 +2.1 460 -10.8 -4.4 -4.8 (-1,0%) H1 21 Total TV NAR Digital NAR Content Others Radio H1 22 Total Rev Rev Audiovisual Source: Atresmedia’s financial statements. Roadshow backto Pres
Slide 5: Spanish Advertising Market: TV, Radio and Digital
Spanish Advertising Market: TV, Radio and Digital The most relevant advertising markets for Atresmedia have been positive in 2021 TV Ad market In € mill 2,143 2,127 2,005 1,780 1,640 Total Ad market In € mill 8% 1% 50% 7,000 -1% -6% 1,000 5,962 5,958 70% -18% 40% 5,750 6,000 900 5,441 800 30% Radio
Slide 6: TV Advertising market
TV Advertising market Gross TV advertising by quarter (yoy growth) 82% FY20=-18% 1H22=-5% 2% 1% 0% 1% -2% -1% -4% -5% -4% -4% -5% -9% -8% -10% -12% -14% FY18=-1% FY19=-6% FY21=+8% -50% Q118 Q218 Q318 Q418 Q119 Q219 Q319 Q419 Q120 Q220 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Q222 Source: Infoadex Roadshow
Slide 7: TV viewing
TV viewing Total TV viewing (3h 34’) back to pre Covid levels Avg TV viewing /person (hours) 3h59’ 4h06’ 3h54’ 4h04’ 4h00’ 4h00’ 3h59’ 3h46’ 3h57’ 3h53’ 3h54’ 3h42’ 3h34’ 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Linear No Linear Guests Source: Kantar Media. Non linear TV view
Slide 8: Television: Revenue key variables
Atresmedia Television: Revenue key variables A3M TV’s revenue key variables in positive ∆ Price ∆ GRPs ∆ Gross Rating Points 22% 6% 3% 4% -11% ∆ ∆ ∆ ∆ Gross Ad. Revenue Audience Inventory TV viewing +9% Source: Internal estimates Roadshow backto Presentation up_Mar 2013 investors_Sept 22 8
Slide 9: Television: Advertising Sectors
Atresmedia Television: Advertising Sectors 2021: Recovery in most of the categories Ad spending by sectors % FY21 vs FY20 yoy 38% 25% 15% 11% 9% 8% FY21=+8% 1% -9% -17% (Energy, Cleaning, Home, Beauty & Food Autos Telcos Retail Finance Health Beverages Others Sports & leisure…) Hygiene 11% 12% 8% 13
Slide 10: TV Advertising market by category
TV Advertising market by category Autos, Food, and Telecom, worst behaviour than the rest of the sectors. H122 market evolution in negative Ad weight by sectors Ad spending by sectors % 1H22 vs 1H21 yoy % 1H22 vs 1H21 yoy TV Market = -5.1% Autos -17% Autos 10% Food -23% Others* Food 28% 10% Beauty
Slide 11: TV Ad market: Competitive position
TV Ad market: Competitive position Atresmedia’s market share increased to 42.9% according to internal estimates Ad share positioning In % +0.9pp TV ad market 42.9% 42.0% MSE A3M 42% 43% Others 15% H1 21 H1 22 Source: Internal estimates Roadshow backto Presentation up_Mar 2013 investors_Sept 22 11
Slide 12: Television: TV group audiences
Atresmedia Television: TV group audiences Atresmedia TV: Stable audience share along the years Total Individuals (%) Commercial Target (%) 24h 24h & 25-59y Nº channels under operation 28.8 30.5 30.4 30.2 29.4 28.9 28.4 29.4 28.2 27.9 7 27.3 6 28.4 26.8 26.2 26.3 26.4 27.7 27.8 27.4 27.3 16.5 5 15.5
Slide 13: Radio: Strong recovery after Covid
Atresmedia Radio Radio: Strong recovery after Covid 19 A3M Radio KPIs A3M Radio: Revenue breakdown % FY21 growth yoy % Music Radio market Revenues Local (Infoadex) +11% 22% 43% Revenues OPEX Talk National +5.6% 78% 57% -7.3% By format By market EBITDA = 10.8 M€ EBITDA margin= 15% Source: Infoadex Ro
Slide 14: Digital: Increasing weight in Atresmedia's P&L
Atresmedia Digital Increasing weight in Atresmedia’s P&L ∆ rev: +31% yoy ATRESMEDIA VOD & OWN PROPERTIES OTHER DIGITAL ASSETS Most visited sites Monthly Ranking Unique Users (Comscore. Dec 21 ) (Comscore. Avg 21) Sales 2021 Influencer Marketing Agency #6th >27 mill 22% Non Video 31% Add into Atresme
Slide 15: Content Production and Distribution
Content Production and Distribution A solid strategy in content leveraging our content production expertise FTA TV Atresmedia’s Pay TV channels IN-HOUSE CONTENT EXPLOTATION Online TOTAL CONTENT EXPLOTATION 427K subscribers Direct sales to Broadcasters Roadshow backto Presentation up_Mar 2013 investo
Slide 16: Atresmedia's Key Metrics 2017-2021
Atresmedia: Key Metrics Atresmedia’s Key Metrics 2017-2021 Net Revenues (€mill) EBITDA(€mill) OPEX(€mill) 1,052 1,042 1,039 963 866 202 187 184 850 855 856 173 791 755* 110* 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 FCF (€mill) Deuda Neta (€mill) Mg EBITDA (%) 240 23
Slide 17: Guidance 2022
Atresmedia: Guidance Guidance 2022 TV Ad Market P&L ∆ 1€ ∆ 0.5€ ~ +4% Revenue EBITDA Pay out ratio Total Net Debt Target ≥80% ≈€50-60 mill ≥80% Roadshow backto Presentation up_Mar 2013 investors_Sept 22 17
Slide 18: Q1 Highlights
Atresmedia: Q122 Q1 22 Highlights Jan-Mar Jan-Mar Operational highlights 2022 2021 TV audience 28.5% 27.9% TV market share (internal estimates) 42.7% 42.5% Radio listeners (millions) 2.9 3.1 Financial results Net Revenues (€mill) EBITDA (€mill) Net income (€mill) 204.0 209.3 +2.6% +1.5% +15.2% 34.6
Slide 19: Q1 Highlights by division
Atresmedia: Q122 Q1 22 Highlights Millions of Euro Jan-Mar Jan-Mar Audiovisual 2022 2021 Change Television Advertising 159.7 156.8 1.8% Digital Advertising 14.9 13.1 13.5% Content Production and Distribution 14.3 14.7 (2.9%) Other Income 7.3 8.1 (8.9%) Net Revenues 196.2 192.7 1.8% Millions of Euro
Slide 20: Back Up Slides
Back Up Slides Roadshow backto Presentation up_Mar 2013 investors_Sept 22 20
Slide 21: H1 Results in € mill: P&L
Atresmedia H1 22 Results in € mill: P&L H1 22 H1 21 YoY Net Revenues << 460.0 464.8 -1.0% OPEX 371.6 373.6 <<<<<<<<<<<<<<<<< -0.5% EBITDA 88.3 91.2 -3.1% EBITDA Margin <<< 19.2% 19.6% EBIT 79.7 82.2 -3.0% EBIT Margin 17.3% 17.7% Net profit 57.2 62.5 -8.5% Net profit Margin 12.4% 13.4% Source: Atresm
Slide 22: Audiovisual H1 results: P&L
Atresmedia Audiovisual H1 22 results in € mill: P&L H1 22 H1 21 YoY Total Net Rev. 429.2 436.8 -1.7% OPEX 345.8 348.2 -0.7% EBITDA 83.4 88.6 -5.8% EBITDA Margin 19.4% 20.3% EBIT 76.0 80.8 -6.0% EBIT Margin 17.7% 18.5% Source: Atresmedia`s financial statements Roadshow backto Presentation up_Mar 2013
Slide 23: Radio H1 Results: P&L
Atresmedia Radio H1 22 Results in € mill: P&L H1 22 H1 21 YoY Net Revenues 35.5 33.4 +6.3% OPEX 30.6 30.8 -0.6% EBITDA 4.9 2.6 +87.1% EBITDA Margin 13.8% 7.9% EBIT 3.7 1.3 +175.5% EBIT Margin 10.4% 4.0% Source: Atresmedia’s financial statements Roadshow backto Presentation up_Mar 2013 investors_Sept
Slide 24: 2021 Results in € mill: P&L
Atresmedia 2021 Results in € mill: P&L 2021 2020 YoY Net Revenues << 963.3 866.3 +11.2% OPEX 790.8 792.0 -0.2% OPEX proforma* <<<<<<<<<<<<<<<<< 790.8 755.5 +4.7% EBITDA 172.5 74.3 +132.3% EBITDA Margin 17.9% 8.6% <<< EBITDA proforma* 172.5 110.8 +55.7% EBITDA proforma Margin 17.9% 12.8% EBIT 154.5 4
Slide 25: Audiovisual 2021 results: P&L
Atresmedia Audiovisual 2021 results in € mill: P&L 2021 2020 YoY Total Net Rev. 901.2 807.9 +11.5% OPEX 739.5 736.1 +0.5% OPEX proforma* 739.5 704.5 +5.0% EBITDA 161.7 71.9 +124.9% EBITDA Margin 17.9% 8.9% EBITDA proforma* 161.7 103.5 +56.3% EBITDA proforma Margin 17.9% 12.8% EBIT 146.3 55.5 +163.6%
Slide 26: Radio 2021 Results: P&L
Atresmedia Radio 2021 Results in € mill: P&L 2021 2020 YoY Net Revenues 70.8 67.0 +5.6% OPEX 59.9 64.6 -7.3% OPEX proforma* 59.9 59.7 +0.4% EBITDA 10.8 2.4 +352.7% EBITDA Margin 15.3% 3.6% EBITDA proforma* 10.8 7.3 +47.7% EBITDA proforma Margin 15.3% 11.0% EBIT 8.3 -0.2 n/a EBIT Margin 11.7% n/a EBI
Slide 27: Additional information Investor Relations Department Legal Notice
Additional information Investor Relations Department Phone: +34 91 623 46 14 E-mail: ir@atresmedia.com Web: www.atresmediacorporacion.com Legal Notice The information contained in this presentation has not been independently verified and is, in any case, subject to negotiation, changes and modificat