Vocento, S.a. · BME:VOC
Vocento — Q1 2014 Earnings Presentation
19 slides from Vocento's earnings presentation, May 13, 2014
Slide 1: Results for 1Q14
Results for 1Q14 V O 13 May 2014 ver, escuchar, leer y sentir.
Slide 2: Disclaimer
Disclaimer This document contains forward-looking statements regarding intention, expectations or estimates of the Company or its management at the date of issue thereof, relating to various aspects, including the growth of various lines of business and the business overall, the market share, the re
Slide 3: Main highlights for 1Q14
Main highlights for 1Q14 Advertising revenues improve in 1Q14, although the environment is still uncertain – Advertising Revenues of Regional Newspapers and ABC increase by 0.5% • Regional Newspapers and ABC improve advertising market share, both offline (advertising variation -0.8% vs. market -4.8%
Slide 4: Advertising: stabilization, improved market share, and online growth
Advertising: stabilization, improved market share, and online growth 1Q14 turns positive in advertising terms VOC is outperforming the advertising market1 Performance in % of VOC advertising sales Variation in advertising 1Q14/13 (%) VOC vs. market1 2.7% 9.2% 0.6% 0.3% 8.1% (4.5%) (5.5%) 1.2% (8.9%)
Slide 5: Regional Newspapers: leadership and improving profitability
Regional Newspapers: leadership and improving profitability Maintaining clear leadership in regional circulation1 … … and in online audiences,2 the key to new digital businesses Market share of regional generalist press Unique monthly users (thousands) 2,741 2,512 Others 24.8% 2,193 28.5% 2,107 1,41
Slide 6: ABC: improvements in market share and EBITDA
ABC: improvements in market share and EBITDA Improved share of ordinary circulation1 ABC.es sites is the mobile leader Performance of kiosk sales and ordinary subscription 1Q13-1Q14 (thousands) Unique monthly users Mar14 (millions) Circulation sales +0.1% supported by price increase 11.6 11.5 10.3 8
Slide 7: Audiovisual: profitable business
Audiovisual: profitable business – DTT remains profitable despite reduced broadcasting and provisions • Negative impact of provision for Intereconomía in 1Q14 €-1.0m (total debt maturing in 1Q14) and end of broadcasting of MTV in Feb14 • VOC has agreed to continue broadcasting Disney and Paramount –
Slide 8: Online growth and new initiatives
Online growth and new initiatives Increased contribution of online advertising and new Higher proportion of mobile users than peers1 digital businesses to VOC Millions of unique monthly users Breakdown of VOC advertising revenues (%) Users with exclusive access from mobile devices 21.3% 23.6% 25.9 U
Slide 9: Comparable EBITDA improves in 1Q14 by €5.0m
Comparable EBITDA improves in 1Q14 by €5.0m – Operational gearing visible, as revenues stabilize and strategic decisions produce results • Newspapers: visibility of costs efficiency, control of promotions, savings in fixed and personnel expenses • Audiovisual: positive impact of strategic agreement
Slide 10: The differentiated financial position is being sustained
The differentiated financial position is being sustained – Positive cash generation from the ordinary business • Control of Capex: investment mainly associated with Internet • Lower investment in working capital because of reduction of Content and paper suppliers – Non-recurring cash outflows • Paym
Slide 11: Capital structure: extension of debt maturities following syndicated loan
Capital structure: extension of debt maturities following syndicated loan Composition of Net Financial Debt before and after the syndicated loan agreement Data in €m December 2013 March 2014 115.1 5.5 35.1 20.9 5.1 41.9 149.3 166.3 6.7 157.1 55.5 8.4 Debt Other Debt Other Cash & NFD Debt Other Debt
Slide 12: Financial information, 1Q14 vs. 1Q13
Financial information, 1Q14 vs. 1Q13 12
Slide 13: Consolidated P&L, 1Q14
Consolidated P&L, 1Q14 IFRS Data in €m 1Q14 1Q13 Var % Circulation revenues 52.5 54.5 (3.7%) Ex Radio Advertising revenues 36.4 36.8 (1.2%) (0.2%) Other revenues 32.8 38.1 (14.0%) Operating revenues 121.7 129.5 (6.0%) Comparable opex1 (114.6) (127.4) (10.0%) Comparable EBITDA1 7.1 2.1 235.2% Compens
Slide 14: Consolidated Balance Sheet, March 2014
Consolidated Balance Sheet, 31 March 2014 IFRS Data in €m 1Q14 2013 1Q14 2013 Non current assets 565.4 568.0 Total Equity 340.9 349.9 Intangible assets 158.0 159.7 Property, plant and equipment 178.8 182.4 Investments in Associates 10.5 10.7 Other non current assets 218.2 215.3 Current assets 163.2
Slide 15: Consolidated Cash Flow Statement, 1Q14
Consolidated Cash Flow Statement, 1Q14 IFRS Data in €m 1Q14 1Q13 Comparable EBITDA 7.1 2.1 Variation in working capital1 (1.0) 5.4 Capex (2.6) (2.6) Other payables2 3.2 6.3 Cash flow from operating activities 6.8 11.2 Dividend and interest received 0.0 0.1 Dividend and interest paid3 (5.3) (3.9) Rec
Slide 16: Changes to management information
Changes to management information • Management by brands, regardless of media vehicle • Corporate simplification Vocento (previous) Print Media Internet Audiovisual Other Businesses Regional Press Digital Editions DTT Distribution ABC Vertical Portals Radio Printing Supplements & Classifieds Content
Slide 17: Revenues by business area
Revenues by business area Newspapers Audiovisual Data in €m Data in €m 105.0 101.4 18.9 15.0 7.8 7.2 29.0 5.8 27.5 0.8 3.1 1.0 74.5 72.5 12.4 11.0 (6.2) (5.7) (0.1) (0.1) 1Q13 1Q14 1Q13 1Q14 Regional ABC Supp. & Mag. Elim. DTT Radio Content Elim. Classifieds Others Data in €m Data in €m 3.1 2.8 3.8
Slide 18: Comparable EBITDA by business area
Comparable EBITDA1 by business area Newspapers Audiovisual Data in €m Data in €m 6.0 8.9 0.3 1,0 0.1 1.7 0.6 8.0 9.3 0.3 0.0 (0.3) (0.1) (1.3) (2.0) (0.0) 1Q13 1Q14 1Q13 1Q14 Regional ABC Supp. & Mags. DTT Radio Content Classifieds Others Data in €m Data in €m (0.9) (0.4) 0.9 0.7 (0.4) (0.9) 0.9 0.7
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