Vocento, S.a. · BME:VOC
Vocento — H1 2014 Earnings Presentation
19 slides from Vocento's earnings presentation, Jul 29, 2014
Slide 1: 1H14 Results
1H14 Results V O 29 July 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 achievements in 1H14
Main achievements in 1H14 Targets met, despite weaker advertising in 2Q – Advertising deterioration in 2Q, especially national advertising, partly because of the World Cup – Continued migration of VOC revenue mix to digital: 24.3% of the total (+2.5 p.p.) – VOC brands continue to increase their mark
Slide 4: Advertising: VOC increases market share in 2Q14, despite having no sports title
Advertising: VOC increases market share in 2Q14, despite having no sports title – Total VOC advertising sales decreased by -2.4% in 2Q14 (1H14 -1.8%), supported by digital – VOC press brands outperformed the sector, both offline and online – The general press does not benefit from sports events: as
Slide 5: Regional Newspapers: stability and profitability in leadership positions
Regional Newspapers: stability and profitability in leadership positions Maintaining clear leadership of regional circulation1 … … and of online readers,2 key to the new digital business Market share of the regional general press Thousands of unique monthly users 2,175 2,104 Others 24.9% 1,909 27.9%
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 mobility leader Performance of kiosk sales and individual subscriptions 1H08-1H14 Unique exclusive mobile monthly users Dec13-May14 (millions) (thousands) Gap 81 thousand 3.9 3.7 Gap 10 thousand
Slide 7: Supplements and magazines: improvement in share and positioning
Supplements and magazines: improvement in share and positioning – Clear leadership position in supplements market, XL Semanal + Mujer Hoy – Redesign of the women’s portal after 15 years of life and renewed commitment to editorial – Advertising in the supplements outperforms the market: Supplements a
Slide 8: Audiovisual: all areas with positive EBITDA in 1H14 after measures taken
Audiovisual: all areas with positive EBITDA in 1H14 after measures taken – DTT remains profitable despite the end of broadcasting of two channels and the provision for Intereconomía • Negative impact of Intereconomía provision in 1Q14 €-1.0m and end of MTV broadcasts in Feb14 • VOC has agreed to con
Slide 9: New initiatives and online growth
New initiatives and online growth Increased contribution from online advertising and new Greater proportion of mobile users than at peers1 digital businesses to VOC Million unique monthly users Breakdown of advertising revenues of VOC (%) Users accessing exclusively from mobile devices 21.8% 24.3% U
Slide 10: Comparable EBITDA 1H14 up €+5.3m: focus on execution and cost controls
Comparable EBITDA 1H14 up €+5.3m: focus on execution and cost controls – Improvement in EBITDA 1H14 maintained across all areas, despite a weaker 2Q14 for advertising • Comparable operating expenses -9.5%: led by decline in spending on promotions (1H14 -32.8%) and lower comparable personnel expenses
Slide 11: Net financial position sustained
Net financial position sustained – Positive cash generation from the ordinary business, €+1.6m • Control of Capex: investment mainly associated with Internet • Investment in working capital: decline in activity with suppliers, following change of business model at Tripictures (Content), the end of t
Slide 12: Financial appendix 1H14 vs. 1H13
Financial appendix 1H14 vs. 1H13 12
Slide 13: Consolidated Profit and Loss Account 1H14
Consolidated Profit and Loss Account 1H14 IFRS Data in €m 1H14 1H13 Var % Circulation revenues 103.6 108.2 (4.2%) Advertising revenues 78.4 79.9 (1.8%) Other revenues 66.2 78.6 (15.7%) Operating revenues 248.3 266.7 (6.9%) Comparable opex1 (226.8) (250.5) (9.5%) Comparable EBITDA 1 21.5 16.2 32.9% C
Slide 14: Consolidated Balance Sheet, 30 June 2014
Consolidated Balance Sheet, 30 June 2014 IFRS Data in €m 1H14 2013 1H14 2013 Non current assets 560.5 568.0 Total Equity 343.7 349.9 Intangible assets 157.0 159.7 Property, plant and equipment 175.5 182.4 Investments in Associates 10.6 10.7 Other non current assets 217.4 215.3 Current assets 148.0 1
Slide 15: Optimization of cash management
Optimization of cash management – Optimization of cash position by making improvements to the group’s cash pooling, to reduce interest payments: cash and cash equivalents have been reduced by €17.5m, reducing the amount drawn down from the revolving credit line (tranche B) by the same amount. As a r
Slide 16: Variation in NFD 1H14
Variation in NFD 1H14 IFRS Data in €m 1H14 1H13 Comparable EBITDA 21.5 16.2 Variation in working capital1 (10.7) (9.8) Capex (4.5) (5.0) Other items2 2.5 8.2 Cash flow from operating activities 8.9 9.5 Dividends and interest received 0.3 0.7 Dividends and interest paid3 (7.6) (8.5) Total recurring c
Slide 17: Revenues by business area
Revenues by business area Newspapers Audiovisual Data in €m Data in €m 218.0 208.3 36.9 29.0 16.3 15.4 10.6 61.7 57.1 1.7 8.7 2.0 152.2 24.9 147.1 18.4 (122) (11.3) (0.2) (0.2) 1H13 1H14 1H13 1H14 Regional ABC Supp. & Mag. Elim. DTT Radio Content Elim. Classifieds Others Data in €m Data in €m 6.5 6.
Slide 18: Comparable EBITDA by business area
Comparable EBITDA1 by business area Newspapers Audiovisual Data in €m Data in €m 19.9 21.4 3.5 4.6 0.9 0.8 1.1 0.7 2.1 19.4 19.5 4.0 1.2 1.4 (0.3) (1.2) 1H13 1H14 1H13 1H14 Regional ABC Supp. & Mags. DTT Radio Content Classifieds Others Data in €m Data in €m (1.4) (0.4) 1.8 1.5 (0.4) (1.4) 1.8 1.5 (
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