Vocento, S.A. · BME:VOC
Vocento — H1 2015 Earnings Presentation
17 slides from Vocento's earnings presentation, Jul 27, 2015
Slide 1: Results for 1H15
Results for 1H15 27 July 2015 VOCeENnTtO Siempre Periodismo
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 of 1H15
Main highlights of 1H15 Advertising spend continues to grow: VOC 8.4% vs total market1 7.5% • Growth outperforms the market despite VOC’s higher exposure to the press • Digital advertising increases by 23.4% in 1H15 and contributes 27.0%2 of VOC business Comparable EBITDA 1H15 increases by 9.2%3 (€2
Slide 4: Advertising: growth at offline and above all in digital
Advertising: growth at offline and above all in digital VOC outperforms the market Digital contributes 27% of advertising revenues Variation in advertising spend in 1H15 (%) Contribution to advertising growth in 1H15 (%) and weight of online and offline in total advertising in1H15 Breakdown of VOC a
Slide 5: Regional: improvements in advertising and profitability
Regional: improvements in advertising and profitability Continued trend for slower rate of decline in circulation sales1 Strong growth in offline and online2 YoY variation % Variation in advertising spend, Jan-May 2015 (%) Maintenance of VOC regional leadership Share 1H15 24.6%1 25.0% (4.5%) (3.8%)
Slide 6: ABC: increased leadership, digital growth and greater profitability
ABC: increased leadership, digital growth and greater profitability Clear #2 position in Madrid1 Greater weight of mobile users at abc.es2 Gap in ordinary circulation in Madrid between ABC and El Mundo (thousand copies) Total unique monthly users (million) and % of exclusive mobility, May15 vs 4 15.
Slide 7: Audiovisual: recurring contribution to positive EBITDA
Audiovisual: recurring contribution to positive EBITDA DTT positive at the two channels Radio stable after COPE agreement Stable profitability at Content Comparable EBITDA in €m1 Comparable EBITDA in €m Comparable EBITDA in €m2 2.2 1.3 2.1 1.2 1.9 1.4 1H14 1H15 1H14 1H15 1H14 1H15 Variation in compa
Slide 8: New initiatives and strong online growth
New initiatives and strong online growth Increased contribution of digital revenues, now 27% of the total Increased weight of mobile users than at peers1 Weight of advertising revenues in total revenues% Millions of unique monthly users 27.0% % users with exclusive access 24.3% 25.2% from mobile dev
Slide 9: EBITDA margin rises to 10%, with all businesses positive for the first time since the listing
EBITDA margin rises to 10%, with all businesses positive for the first time since the listing Variation in comparable EBITDA by concept Data in variation in €m 1H15 vs 1H14 except for comparable EBITDA 6.2 6.6 (0.8) 0.4 0.7 0.7 (0.9) (3.4) (1.5) 23.4 21.5 EBITDA EBITDA Margin1 Margin1 8.6% 10.0% Com
Slide 10: Generation of positive ordinary cash flow of €11.1m
Generation of positive ordinary cash flow of €11.1m NFD remains stable Changes to the net financial position, December 2014-1H15. Data in €m Generation of positive cash flow from the ordinary business, €11.1m 125.9 23.4 (6.1) (5.1) 125.9 (6.9) (3.1) (2.4) 114.8 NFD end Comparable Investment in Capex
Slide 11: Financial appendix 1H15
Financial appendix 1H15 vocento Siempre Periodismo
Slide 12: Consolidated like for like P&L, 1H15
Consolidated like for like P&L, 1H15 IFRS Var % Data in €m 1H15 1H14 Var % ex Sarenet Circulation revenues 97.6 103.6 (5.8%) (5.8%) Advertising revenues 85.0 78.4 8.4% 8.5% Other revenues 51.9 66.2 (21.7%) (12.7%) Operating revenues 234.4 248.3 (5.6%) (2.9%) Comparable opex (211.0) (226.8) (7.0%) (4
Slide 13: Consolidated Balance Sheet, 30 June 2015
Consolidated Balance Sheet, 30 June 2015 IFRS Data in €m 1H15 2014 1H15 2014 Non current assets 494.5 506.7 Total Equity 319.1 322.6 Intangible assets 129.9 134.2 Property, plant and equipment 161.3 167.4 Investments in Associates 6.1 8.1 Other non current assets 197.1 196.9 Current assets 134.6 145
Slide 14: Variation in NFD 1H15
Variation in NFD 1H15 IFRS Data in €m 1H15 1H14 Comparable EBITDA 23.4 21.5 Variation in working capital (6.9) (10.7) Capex (3.1) (4.5) Other items1 2.1 2.5 Cash flow from operating activities 15.6 8.9 Dividends and interest received 0.1 0.3 Dividends and interest paid2 (4.6) (7.6) Total ordinary ca
Slide 15: Revenues by business area
Revenues by business area Newspapers Audiovisual Data in €m 208.3 206.7 29.0 21.5 15.4 14.9 57.1 8.7 57.1 2.0 6.0 2.1 147.1 143.9 18.4 13.6 (11.3) (9.3) (0.2) (0.2) 1H14 1H15 1H14 1H15 Regionales ABC Supl. y Rev Elim. TDT Radio Contenidos Elim. Classifieds Others 6.1 7.5 6.9 0.0 7.5 6.9 6.1 1H14 1H1
Slide 16: Comparable EBITDA by business area
Comparable EBITDA1 by business area Newspapers Audiovisual Data in €m 21.4 23.2 4.6 5.4 0.5 1.9 0.9 2.6 2.1 1.1 1.3 1.2 19.5 20.0 2.2 1.4 1H14 1H15 1H14 1H15 Regionales ABC Supl. y Rev TDT Radio Contenidos Classifieds Others (0.4) 0.2 1.5 0.0 0.2 1.5 (0.4) 1H14 1H15 1H14 1H15 B2B Note 1: excluding p
Slide 17: Investor and Shareholder Relations
Investor and Shareholder Relations C/ Pintor Losada, 7 48007 Bilbao (Bizkaia) Tel.: +34 902 404 073 e-mail: ir@vocento.com