Alma Media Oyj · OMXHEX:ALMA
Alma Media Oyj — Q4 2011 Earnings Presentation
46 slides from Alma Media Oyj's earnings presentation, Feb 15, 2012
Slide 1: Alma Media's financial result Q4 and 2011
Alma Media’s financial result Q4 and 2011 Kai Telanne, President and CEO Tuomas Itkonen, CFO February 15, 2012 1 15/02/2012
Slide 2: Agenda
Agenda • Highlights • Market review • Segment reviews • Financial development and outlook 2 15.2.2012
Slide 3: Group revenue Q4 2011
Group revenue Q4 2011 • Revenue was MEUR 81.3 (83.0), Revenue, IFRS -0,2% -2,1% down 2.1%. 90 • Advertising revenue decreased by 80 83,0 82,7 81,3 1.1% to MEUR 40.6 (41.1). 77,1 75,1 70 • Online advertising sales grew by 60 13.5% and amounted to MEUR 50 11.1 (9.8). 40 • Printed advertising sales fel
Slide 4: Group operating profit Q4 2011
Group operating profit Q4 2011 • Revenue was MEUR 81.3 (83.0), EBIT, IFRS -10,3% -8,1% down 2.1%. 14 0,4 • Total expences excl. non- 12 recurring items fell by 0.8% and 11,5 12,0 10 11,0 amounted to MEUR 71.4 (72.0). 10,1 9,3 8 • Operating profit excl. non- recurring items was MEUR 10.1 6 (11.0), 12
Slide 5: Group revenue 2011
Group revenue 2011 • Revenue was MEUR 316.2 (311.4), Revenue, IFRS up 1.6 %. • Advertising sales increased by 4.8% and amounted to MEUR 155.3 (148.2). • Online advertising sales grew by 20.9% to MEUR 43.1 (35.6). • Printed advertising sales declined by 0.5% to MEUR 111.3 (111.9). • Circulation reven
Slide 6: Group operating profit 2011
Group operating profit 2011 • Revenue was MEUR 316.2 EBIT, IFRS (311.4), up 1.6 %. • Total expences excl. non- recurring items grew by 2.2% to MEUR 273.6 (267.6). • Operating profit excl. non- recurring items was MEUR 42.9 (43.9), 13.6% (14.1%) of the revenue. • The share of the digital products and
Slide 7: Market review
Market review 7 15.2.2012
Slide 8: Advertising sales change Q4/2011
Advertising sales change Q4/2011 Alma Media vs. market Market* Alma Media** Change, % Q4/11 Q4/11 Newspapers total -2,8 -6,1 *** Magazines -0,9 - Television -1,7 - Radio 9,3 - Internet 19,4 11,5 TOTAL 0,2 -1,9 * Source: TNS Media Intelligence ** without discontinued operations *** Newspapers segment
Slide 9: Advertising by branch Q4/2011
Advertising by branch Q4/2011 Total market; change from Q4/2010 Advertising in Q4/11 MEUR Retail 2,5 % Retail 79 Motor v. 5,0 % Motor vehicles 27 Food & bev. -2,9 % Food & beverages 22 Recru -1,3 % Recruiting 13 Houses 11,6 % Houses and premises 12 Entert 5,8 % Entertainment 11 Tourism 9,7 % Tourism
Slide 10: Advertising by branch Q4/2011
Advertising by branch Q4/2011 Newspapers total*; change from Q4/2010 Advertising in Q4/11 MEUR Retail 0,5 % Retail 57 Motor v. -0,8 % Motor vehicles 14 Houses 11,0 % Houses and premises 8 Recru -8,2 % Recruiting 7 Entert 6,5 % Entertainment 5 Tourism -1,2 % Tourism and traffic 4 Tele -7,1 % Telecomm
Slide 11: Advertising change by branch
Advertising change by branch Newspapers total*; change from previous year P10 2011 vs 2010 P11 2011 vs 2010 P12 2011 vs 2010 Retail -1,5 % Retail 1,6 % Retail 1,6 % Motor v. -9,3 % Motor v. 2,5 % Motor v. 11,3 % Houses 13,1 % Houses 8,4 % Houses 11,8 % Recru 1,0 % Recru -19,0 % Recru -6,9 % Entert 0
Slide 12: Advertising sales change 2011
Advertising sales change 2011 Alma Media vs. market Market* Alma Media** Change, % Q1-Q4 11 Q1-Q4 11 Newspapers total 3,7 -0,5 *** Magazines 1,7 - Television 6,6 - Radio 22,2 - Internet 25,3 19,3 TOTAL 7,1 4,0 * Source: TNS Media Intelligence ** without discontinued operations *** Newspapers segment
Slide 13: Advertising by branch 2011
Advertising by branch 2011 Total market; change from Q1-Q4 2010 Advertising in Q1-Q4 11 MEUR Retail 2,8 % Retail 266 Motor v. 13,8 % Motor vehicles 110 Food & bev. 13,2 % Food & beverages 99 Recru 22,7 % Recruiting 55 Houses 18,7 % Houses and premises 50 Tourism 18,8 % Tourism and traffic 45 Entert
Slide 14: Advertising by branch 2011
Advertising by branch 2011 Newspapers total*, change from Q1-Q4 2010 Advertising in Q1-Q4 11 MEUR Retail -0,2 % Retail 194 Motor v. 9,6 % Motor vehicles 60 Recru 17,9 % Recruiting 33 Houses 15,7 % Houses and premises 32 Entert 4,1 % Entertainment 19 Tourism 5,5 % Tourism and traffic 17 Tele -2,1 % T
Slide 15: Advertising change by branch
Advertising change by branch Total market; change from previous year Q1 2011 vs 2010 Q2 2011 vs 2010 Q3 2011 vs 2010 Q4 2011 vs 2010 Retail 0,6 % Retail 9,2 % Retail -1,4 % Retail 2,5 % Motor v. 21,5 % Motor v. 22,5 % Motor v. 4,0 % Motor v. 5,0 % Food & bev. 14,8 % Food & bev. 25,2 % Food & bev. 13
Slide 16: Advertising change by branch
Advertising change by branch Newspapers total*; change from previous year Q1 2011 vs 2010 Q2 2011 vs 2010 Q3 2011 vs 2010 Q4 2011 vs 2010 Retail -4,5 % Retail 4,9 % Retail -3,1 % Retail 0,5 % Motor v. 15,3 % Motor v. 21,5 % Motor v. 3,1 % Motor v. -0,8 % Houses 13,9 % Houses 22,9 % Houses 15,1 % Hou
Slide 17: Segment reviews
Segment reviews 17 15.2.2012
Slide 18: Newspapers, revenue Q4 2011
Newspapers, revenue Q4 2011 Revenue, IFRS • Revenue decreased by 2.6% to -0,7% -2,6% MEUR 56.6 (58.1). 70 • Advertising sales fell by 3.6% (up 60 5.6%) and amounted to MEUR 50 58,1 53,8 57,9 56,6 53,1 27.9 (29.0). 40 • Advertising sales in printed media declined by 5.9% (+3.6%). 30 • Advertising in
Slide 19: Newspapers, operating profit Q4 2011
Newspapers, operating profit Q4 2011 EBIT, IFRS • Revenue decreased by 2.6% to MEUR 56.6 (58.1). -15,1% -4,6% 10,0 • Total expenses excl. non- 9,2 recurring items amounted to 8,0 8,7 8,3 MEUR 48.3 (49.2). 6,0 6,7 7,0 • Operating profit excl. non- recurring items was MEUR 8.3 4,0 (8.7), representing
Slide 20: Newspapers, revenue 2011
Newspapers, revenue 2011 • Revenue grew by 1.0% to MEUR Revenue, IFRS 221.5 (219.3). • Advertising sales increased by 2.5% (3.6%) to MEUR 107.6 (104.9). • Advertising sales in printed media grew by 0.3% (0.9%). • Advertising in online media grew by 22.7% (35.7%). • Circulation revenue amounted to ME
Slide 21: Newspapers, operating profit 2011
Newspapers, operating profit 2011 EBIT, IFRS • Revenue grew by 1.0% to MEUR 221.5 (219.3). • Total expenses excl. non- recurring items amounted to MEUR 190.4 (186.3). • Operating profit excl. non- recurring items was MEUR 31.2 (33.1), representing 14.1% (15.1%) of revenue. • Lapin Kansa, Pohjolan Sa
Slide 22: Kauppalehti Group, revenue Q4 2011
Kauppalehti Group, revenue Q4 2011 Revenue, IFRS • Revenue fell by 5.7% to MEUR -5,4% -5,7% 15.2 (16.1). 18 • Advertising sales declined by 16 16,1 4.4% (up 7.5%). Online 14 15,0 15,2 advertising sales decreased by 12 13,9 12,6 6.9% (up 13.7%). 10 • Circulation revenue amounted to 8 MEUR 3.9 (4.0).
Slide 23: Kauppalehti Group, operating profit Q4 2011
Kauppalehti Group, operating profit Q4 2011 • Revenue fell by 5.7% to MEUR EBIT, IFRS -16,8% +25,8% 15.2 (16.1). 2,5 • Total expenses excl. non- 2,2 recurring items amounted to 2,0 0,0 2,0 2,0 MEUR 13.0 (14.4). 1,7 1,5 • Operating profit excl. non- 0,0 recurring items was MEUR 2,2 1,0 1,2 (1,7), rep
Slide 24: Kauppalehti Group, revenue 2011
Kauppalehti Group, revenue 2011 Revenue, IFRS • Revenue declined by 2.1% to MEUR 56.7 (57.9). • Advertising sales decreased by 3.2% (increased by 8.0%) to MEUR 17.1 (17.7). Online advertising sales fell by 2.3% (up 28.0%). • Circulation sales were MEUR 15.0 (15.0). • Contents and service revenue dec
Slide 25: Kauppalehti Group, operating profit 2011
Kauppalehti Group, operating profit 2011 EBIT, IFRS • Revenue declined by 2.1% to MEUR 56.7 (57.9). • Total expenses were MEUR 49.3 (49.7). No non-recurring items were reported during the review period. • Operating profit was MEUR 7.4 (8.2), representing 13.0% (14.2%) of revenue. No non- recurring i
Slide 26: Marketplaces, revenue Q4 2011
Marketplaces, revenue Q4 2011 • Revenue grew by 10.2% to MEUR Revenue, IFRS +15,0% +10,2 9.3 (8.4). 12 • The growth was supported by 10 the favourable development in 9,5 9,1 9,0 9,3 recruitment advertising and 8 8,4 online home sales advertising. 6 4 2 0 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 26 15.2.2012
Slide 27: Marketplaces, operating profit Q4 2011
Marketplaces, operating profit Q4 2011 EBIT, IFRS • Revenue grew by 10.2% to +95,7% +4 596,4% MEUR 9.3 (8.4). 1,8 0,2 • Total expenses excl. non- 1,6 1,7 recurring items fell by 1.0% 1,4 1,5 1,6 to MEUR 8.3 (8.4). 1,2 1,0 • Operating profit excl. non- 1,0 0,8 recurring items amounted to 0,6 MEUR 1.0
Slide 28: Marketplaces, revenue 2011
Marketplaces, revenue 2011 • Revenue grew by 15.2% and Revenue, IFRS amounted to MEUR 37.0 (32.1). • The growth was supported by the favourable development in recruitment advertising and online home sales advertising. • Autotalli.com and Etuovi.com, earlier available only for corporate customers, we
Slide 29: Marketplaces, operating profit 2011
Marketplaces, operating profit 2011 • Revenue grew by 15.2% to MEUR EBIT, IFRS 37.0 (32.1). • Total expenses excl. non- recurring items remained at last year’s level at MEUR 31.3 (31.3). • Operating profit excl. non- recurring items was MEUR 5.7 (0.8), representing 15.3% (2.6%) of revenue. • Acquisi
Slide 30: Other operations Q4 2011
Other operations Q4 2011 • Revenue of the last quarter was Revenue, IFRS MEUR 20.6 (20.4), of which +5,6% +1,3% MEUR 1.5 external revenue. 25 • manroland AG, the printing 20 20,7 20,6 20,6 20,4 press supplier of the Tampere 19,6 facility, filed for insolvency due 15 to its financing problems in Nove
Slide 31: Other operations 2011
Other operations 2011 • Revenue of 2011 was MEUR 81.5 Revenue, IFRS (78.5), of which MEUR 5.6 external revenue. • The development and rationalisation programme in printing and delivery operations implemented during 2011 • Delivery of Lapin Kansa was transferred to Alma Manu on January 17, 2012. 31 1
Slide 32: Financial development
Financial development 32 15.2.2012
Slide 33: Key figures Q4 2011
Key figures Q4 2011 Revenue, MEUR EBIT, MEUR IFRS IFRS -0,2% -2,1% -10,3% -8,1% 90 14 0,4 80 83,0 82,7 12 81,3 77,1 12,0 70 75,1 11,5 10 11,0 60 10,1 9,3 8 50 6 40 30 4 20 2 10 0 -0,3 -0,3 -0,5 -0,5 0 -2 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Onetime items 33 15.2.2012
Slide 34: Revenue change by type
Revenue change by type IFRS Circulation, MEUR Advertising, MEUR 0,8 5,0 0,6 +1,2% -1,5% 4,0 +1,5% -1,1% 0,4 3,0 0,2 2,0 0,0 1,0 -0,2 0,0 -0,4 -0,6 -1,0 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 34 15.2.2012
Slide 35: Revenue and EBIT per segment
Revenue and EBIT per segment Without onetime items Newspapers, MEUR & % Kauppalehti Group, MEUR & % -0,7% -2,6% -5,7% 65,0 30 % 17,0 -5,4% 30 % 15,0 16,1 55,0 58,1 56,6 25 % 15,2 25 % 53,1 13,0 45,0 12,6 20 % 11,0 20 % 35,0 16,0 % 15,0 % 14,7 % 9,0 14,5 % 13,1 % 15 % 15 % 25,0 7,0 10,8 % -15,1% -4,6
Slide 36: Revenue and EBIT per segment
Revenue and EBIT per segment Without onetime items Marketplaces, MEUR & % Other MEUR & % +10,2% +5,6% +1,3% 10,0 +15,0% 30 % 25,0 9,0 9,3 9,0 20,0 25 % 20,4 20,6 20,6 8,0 8,4 7,0 18,5 % 20 % 15,0 6,0 5,0 15 % 10,0 4,0 10,4 % 5,0 -20,9% 10 % -443,8% 3,0 +95,7% 2,0 0,5 1,5 +4 596,4% 5 % 0,0 1,7 -1,6 1
Slide 37: Cash flow from operating activities
Cash flow from operating activities IFRS 30,0 25,0 20,0 15,0 20,3 MEUR 10,0 12,3 10,5 5,0 0,0 -5,0 -10,0 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Tax return and final withholding tax 37 15.2.2012
Slide 38: Cash flow and investments
Cash flow and investments IFRS 25 1,0 0,8 0,5 20 20,3 20,1 0,1 0,0 15 MEUR MEUR -0,5 12,3 10 10,7 -1,1 -1,0 5 -1,5 -1,7 0 -2,0 Q4 10 Q4 11 Q4 10 Q4 11 From operating activities Gross investments Before financing activities Proceeds from sales of assets 38 15.2.2012
Slide 39: Net debt
Net debt IFRS 5 0,0 0 -5 -7,9 -8,5 -10 -12,4 MEUR -15 -20 -25 -30 -32,4 -32,3 -35 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 39 15.2.2012
Slide 40: Key ratios 2011
Key ratios 2011 IFRS Equity ratio, % Gearing, % 80 0 70 -5 67,1 60 -10 57,0 50 -15 40 -20 30 -25 -28,2 20 -30 -33,4 10 -35 0 -40 2010 2011 2010 2011 40 15.2.2012
Slide 41: Key ratios 2011
Key ratios 2011 IFRS ROE, % ROI, % 35 35 30 31,6 30 31,1 29,1 25 25 26,1 20 20 15 15 10 10 5 5 0 0 2010 2011 2010 2011 41 15.2.2012
Slide 42: EPS and shareholders' equity per share
EPS and shareholders´ equity per share 0,50 1,6 0,44 1,50 0,39 1,4 0,40 1,24 1,2 0,30 0,84 1,0 0,54 0,45 0,40 0,20 0,8 0,6 0,10 0,4 0,66 0,70 0,00 0,2 -0,01 -0,01 -0,10 0,0 Q1-Q4 10 Q1-Q4 11 Q4 10 Q4 11 Retained earnings EPS wo onetime Onetime items Restricted equity 42 15.2.2012
Slide 43: Balance sheet
Balance sheet IFRS MEUR Q4 2011 Q4 2010 Intangibles and goodwill 40,5 40,9 Tangibles 23,0 27,8 Associated companies 35,0 33,6 Inventory 1,0 1,0 Receivables 40,6 44,8 Cash 57,8 36,3 Assets 198,0 184,5 Equity 96,7 114,8 Reserves-obligatory 1,2 0,7 Pension liabilities 2,6 2,8 Ib debt 25,5 4,0 Non-Ib de
Slide 44: Profit and loss
Profit and loss Without onetime items MEUR Q4 2011 Q4 2010 Chg Chg % 2011 2010 Chg Chg % Revenue 81,3 83,0 -1,7 -2,1 % 316,2 311,4 4,9 1,6 % Circulation sales 31,4 31,8 -0,5 -1,5 % 124,8 125,3 -0,5 -0,4 % Advertising sales 40,6 41,1 -0,5 -1,1 % 155,3 148,2 7,1 4,8 % Advertising sales, print 29,2 31,
Slide 45: Outlook for 2012
Outlook for 2012 on Feb 15, 2012 Due to the uncertainty prevailing in the macroeconomic conditions of the Group’s main markets, it is exceptionally complicated to estimate the development of circulation and advertising revenues. Digital services are expected to further increase their share of the me
Slide 46: Thank you!
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