Vocento, S.a. · BME:VOC
Vocento — Q1 2018 Earnings Presentation
24 slides from Vocento's earnings presentation, May 10, 2018
Slide 1: 1Q18 Results
1Q18 RESULTS 10 May 2018 1 1Q18 Results
Slide 2: Main Highlights of 1Q18
MAIN HIGHLIGHTS OF 1Q18 REVENUES • Advertising revenues 1Q18 -2.6%, in line with the market despite different business mix • VOCENTO local advertising increases by +1.1% • Resistance of VOCENTO offline press -1.2% leads to market share gains offline • Growth in local online advertising, +15.6% • Slo
Slide 3: Advertising: Local Leads to Increase in Offline Share
ADVERTISING: LOCAL LEADS TO INCREASE IN OFFLINE SHARE VOCENTO brands increase share of offline press YoY variation % 9.9% 7.2% -2.5% -2.6% -6.6% -8.4% Total Offline2 Online3 Market1 VOCENTO brands Local advertising outperforms national at VOCENTO Composition of advertising revenues4 % and €m Local €
Slide 4: Digital: Revenue Growth
D I G I T A L : R E V E N UE G R O WT H New digital initiatives make positive contribution to revenues and EBITDA More than 15,000 More than 800 subscribers to ON+ active SME clients Increased weight of digital advertising + e-commerce Composition of advertising + e-commerce revenues % 32.7% 35.2% 6
Slide 5: Slowdown in Rate of Fall of Circulation
S L O WD O WN I N R A T E O F F A L L I N C I R C UL A T I O N Circulation and sales at Regional Press Circulation and sales at ABC YoY variation % YoY variation % Effect of price -10.1% increases -8.9% -19.6% -7.7% -7.6% -6.7% -11.4% -14.4% -6.3% -8.9% -8.1% -8.4% -5.4% -5.1% -5.3% -7.9% -8.5% -3.5
Slide 6: Regional: Stability in EBITDA Margin
REGIONAL: STABILITY IN EBITDA MARGIN Comparable EBITDA Regionals Variation 1Q17 vs 1Q18 except comparable EBITDA €m and comparable EBITDA margin % EBITDA margin1 12.9% 12.6% 7.2 -0.6 -0.2 0.4 6.8 1Q171 Advertising2 Margin on Personnel costs3 1Q181 circulation and others4 Note 1: excluding adjustment
Slide 7: ABC: Stability in EBITDA
ABC: STABILITY IN EBITDA Comparable EBITDA ABC Variation1Q17 vs 1Q18 except comparable EBITDA €m and comparable EBITDA margin % -0.5 -0.5 0.3 -0.4 0.2 1Q171 Advertising2 Personnel expenses1 1Q181 Margin on circulation and others3 7 Note 1: excluding adjustment measures 1Q17 €-4.0m and 1Q18 €-1.9m. N
Slide 8: Gastronomy Beats Expectations
GASTRONOMY BEATS EXPECTATIONS Financial performance of Foro de Debate S.L. (Madrid Fusión) 20161 20182 Revenues €2.6m €2.6m EBITDA €0.5m €0.9m Success of 2018 Fair c. 2,000 participants +20% vs 2017 75 international speakers (55 Michelín stars) 13,000 professional visitors Potential internationalisa
Slide 9: Gastronomy Has Positive Impact on EBITDA
GASTRONOMY HAS POSITIVE IMPACT ON EBITDA Comparable EBITDA VOCENTO Variation1Q17 vs 1Q18 except comparable EBITDA €m Other New Press online + offline : €-0.3m businesses businesses €-0.1m €0.8m 0.8 -0.0 6.9 6.6 -1.7 1.7 -1.2 0.3 -0.3 0.2 0.6 0.0 v v v Comp. Circ. Savings in Press Sales Savings Print
Slide 10: Reduction in Financial Debt Despite Extraordinary Payments
REDUCTION IN FINANCIAL DEBT DESPITE EXTRAORDINARY PAYMENTS Change in net financial debt at VOCENTO €m Ordinary cash flow generated €12.2m NFD/Comparable LTM NFD/ EBITDA Comparable EBITDA 1.1x 1.0x 56.2 6.9 11.6 -3.4 -1.2 48.6 -3.5 44.0 -2.8 NFD Comp. EBITDA Working Capex Financials2 Comp. NFD Compen
Slide 11: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT IFRS €m 1Q17 1Q18 Var% 1Q17 (IFRS15) Operating revenues 91.8 94.1 -2.4% 101.3 Comparable operating expenses ex. depreciation1 -84.9 -87.5 2.9% -94.7 Comparable EBITDA1 6.9 6.6 4.5% 6.6 Personnel adjustment measures and one-offs -5.6 -10.7 48.0% -10.7 EBITDA 1.3 -4.1 n.r
Slide 12: Operational Appendix
OPERATIONAL APPENDIX 12 1Q18 Resultados Results
Slide 13: Regional Leadership
REGIONAL LEADERSHIP Share of regional press circulation 1Q18 Share % 24.5% 29.2% 4.5% 15.4% 6.9% 8.5% 10.9% 13 Source: OJD. Data not certified. 1Q18 Results
Slide 14: ABC Improves Position in Madrid and Online
ABC IMPROVES POSITION IN MADRID AND ONLINE Share of ordinary circulation in Madrid Total online readership Share % Million unique users 15.9 19.5 19.3 1Q18 23.5% 20.3% 17.9% 14.7% 22.7% 27.6% 34.9% 1Q17 1Q18 12.9 16.2 16.3 Exclusively mobile readership 1Q17 Million unique users 15.6% 22.4% 27.1% 34.
Slide 15: Financial Appendix
FINANCIAL APPENDIX 15 1Q18 Resultados Results
Slide 16: Audiovisual: Decline Due to Content
A UD I O V I S UA L : D E C L I N E D UE T O C O N T E N T Comparable EBITDA1 Audiovisual €m -9.8% 3.3 3.0 1Q17 1Q18 16 Note 1: excluding personnel adjustment measures1Q17 €-0.2m. 1Q18 Results
Slide 17: Advertising Growth at Classifieds
A D V E R T I S I N G G R O WT H A T C L A S S I F I E D S Advertising performance Comparable EBITDA performance €m €m +6.4% +84.2% 4.4 4.1 0.5 0.3 1Q17 1Q18 1Q17 1Q18 17 1Q18 Results
Slide 18: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET IFRS 1Q18 2017 €m Non-current assets 329.7 330.9 Current assets 118.1 136.3 Assets maintained for sale 0.5 0.5 Total assets 448.3 467.7 Equity 243.4 252.0 Financial debt 75.9 79.6 Other non-current liabilities 38.3 38.9 Other current liabilities 90.7 97.2 Total liabilities
Slide 19: Variation in Net Financial Debt 1Q18
VARIATION IN NET FINANCIAL DEBT 1Q18 IFRS 1Q18 1Q17 €m Comparable EBITDA 6.9 6.6 Variation in working capital 11.6 4.2 Capex -2.8 -2.3 Other items2 1.4 6.1 Cash flow from recurring activities 17.1 14.7 Dividends and interest received 0.1 0.1 Dividends and interest payments3 -5.0 -3.5 Total ordinary
Slide 20: 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 (€m) Audiovisual (€m) 79.4 76.3 11.2 8.6 5.8 5.5 Supp. & Mag. 3.5 Content 22.4 20.7 1.0 ABC 1.0 0.8 Radio 55.8 54.3 Regionals 6.7 6.9 DTT Elimin. Elimin. -4.7 -4.1 -0.1 -0.1 1Q17 1Q18 1Q17 1Q18 Classifieds (€m) Gastronomy and Others (€m) 4.4 4.7 0
Slide 21: Comparable EBITDA by Business Area
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 A R E A Newspapers (€m) Audiovisual (€m) 6.1 5.8 3.3 3.0 1.2 0.7 Supp. & Mag. Content 0.6 0.6 7.2 6.8 ABC Radio Regionals 1.5 1.6 DTT -0.5 -0.5 -0.6 -0.6 1Q17 1Q18 1Q17 1Q18 Classifieds (€m) Gastronomy and Others (€m) 0.3 0.5 0 0.8 Others Classifi
Slide 22: Alternative Performance Measures (APM)
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 ) The definitions and calculation of Alternative Performance Measures (APM) have not changed since the publication of the results for 2017. The 1Q18 results report includes, as well as the definitions and calculation methods for the A
Slide 23: Disclaimer
DISCLAIMER This document contains forward-looking Company and, in particular, by the analysts who statements regarding intention, expectations or handle this document. All are invited to consult estimates of the Company or its management at the documentation and information published or the date of
Slide 24: Investor Relations and Shareholders
Investor Relations and Shareholders C/ Pintor Losada, 7. 48007 Bilbao (Bizkaia) Tel.: 902 404 073 | e-mail: ir@vocento.com 24 1Q18 Results