1H21 Results
27.07.
2021
MAIN HIGHLIGHTS OF 1H21
DIGITAL GROWTH AND STEADY RECOVERY IN ADVERTISING TO PRE-COVID LEVELS
- VOCENTO advertising in 2Q21 increased by +25.1% vs 2Q20 but was -14.1% lower than in 2Q19. Trend improves after -22.6% in 1Q21, with increased market share (1H21 vs 1H19 -18.1% for VOCENTO vs -19.2% for the market1)
- Digital advertising revenues contribute half of VOCENTO total advertising (1H21 50.5%2)
- Online advertising in 1H21 higher than pre-Covid(1H21 +2.9% vs 1H19, +13.2% ex Classifieds)
- 25% increase in paying subscribers to 78k in Jun21
- Steady recovery in events: 2Q21 included MadridFusión, WON and Turium with higher margins than pre-Covid
PROGRESSING TOWARDS TARGET OF A RETURN TO 2019 EBITDA
- Increase in the margin on readers3 1H21 €+2.4m vs 1H19, led by digital
- Comparable costs cut by -11.7% vs 1H19, offsetting 80% of the fall in revenues. Salary agreements concluded
- EBITDA 1H21 €16.0m up €+1.6m vs 1H19, no compensation payments made(€-6.6min 1H19)
- EBITDA 1H21 decreases vs comparable EBITDA 1H19 by €-5.1mbut increases in 2Q21 by €+0.1m4
MAJOR REDUCTION IN FINANCIAL DEBT, STRATEGIC INVESTMENT IN LEADS
- Generation of ordinary cash flow of €15.0m in 1H21 vs €14.7m in 1H19
- NFD ex IFRS 16 in 1H21 €-17.1m vs €-46.6m2020. NFD/LTM EBITDA ex IFRS16 is 0.5x
- Divestments of real estate at El Diario Vasco and 45% of Izen in 2Q21 generate cash entry of €27.65m
- Acquisition of Premium Leads in 3Q21 reinforces VOCENTO's commercial position
Note 1: i2p ex social media and search . 16 Jul release. Note 2: including e-commerce revenues. Note 3: combined margin on circulation and digital subscriptions. | 2 |
Note 4: reclassifying MadridFusión from 1Q19 to 2Q19. Note 5: including c.€3m of VAT on real estate sales, to be settled in 3Q21. | |
VOCENTO INCREASES MARKET SHARE
Advertising market and VOCENTO, 1H21 vs 1H19
Data in YoY %1
Online VOC ex Classifieds
13.2% | ||||
2.9% | ||||
(0.1%) | ||||
(19.2%) | (18.1%) | |||
(33.8%) | (30.0%) | |||
Total | Press | Online | ||
Market1 | VOCENTO |
Advertising market and VOCENTO, quarterly vs 2019
Data in YoY % 1
(13.0%) | (14.1%) | |
(26.6%) | (22.6%) | |
1Q21 | 2Q21 |
Market1 | VOCENTO | |
Note 1: market source i2p ex social media and search. Release from 16 Jul. | 3 |
INCREASE IN DIGITAL SUBSCRIPTIONS
Digital subscribers at VOCENTO
Data in thousands
Total subscribers | 75 | 92 |
Paying | 78 |
11 | |
subscribers | |
62 |
11 | +25% |
21 | |
12 |
50 | 57 |
Dec 2020 | Jun 2021 |
Regional1 | ABC2 | |
Close to the 100k target
for 2021E
Following launch at Las Provincias in 2Q21, all local portals have an ON+ service
Note: figures are rounded to the nearest 100 thousand euro. Note 1: including ON+ and KyM subscribers. Note 2: including ABC Premium and KyM subscribers. | 4 |
IMPROVING TREND IN REVENUES AND EBITDA
Revenues 1H21 vs 1H19 by quarter | EBITDA 1H21 vs 1H19 by quarter |
Data in variation %1 | Data in variation €m1 2 |
Var% advertising | |
1Q21 -22.6% y 2Q21 -14.1% | 1.4 |
0.1 0.2
(11.0%) | (5.2) | |||||
(15.3%) | ||||||
1Q21 | 2Q21 | 1Q21 | 2Q21 | |||
Comparable | Reported | |||||
Note 1: adjusted for MadridFusión (revenues €2.6m and EBITDA €0.9m) reclassified from 1Q19 to 2Q19. Note 2: Comparable EBITDA 1Q19 and 2Q19 adjusted for compensation payments 5
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