20
21
RESULTS
PRESENTATION
28.02.2022
1
MAIN HIGHLIGHTS OF 2021
2021 RESULTS PRESENTATION
EXCEEDED THE TARGET
OF REPEATING 2019
EBITDA, DOUBLE-DIGIT
NET PROFIT
- Margin on readers €+3.9m vs 2019. 2021 EBITDA €45.0m vs €42.3m in 2019
-
2021 net profit €13.6m,
€9.9m1 adjusted for extraordinaries
GROWTH OF DIGITAL
AND DIVERSIFIED
REVENUES
- Total digital subscribers 103k > target for 2021
- 2021 digital revenues +10.1% vs 2019. Digital revenues exClassif. 2021 +18.5% vs 2019
- Diversified revenues +6.2%2 vs 2019
DIVESTMENT OF NON- | HIGH CASH FLOW AND A |
STRATEGIC ASSETS | DIFFERENTIATED LEVEL |
OF DEBT | |
● Sale of DTT and Content | ● Free cash flow €32.5m and |
● Value of real estate portfolio | debt (ex leases) almost zero |
realised | (€1.7m3) |
● FCF yield of 26%4 |
Note 1: effect of sale of Izen and real estate. Note 2: including event revenues from Newspapers, Gastronomy and Agencies (the last compared with FY2019). | 2 |
Note 3: not including debt for leases of €21m. Note 4: operating cash flow (excluding financial expenses and including payment of compensation and dividends) divided by market capitalisation at close on 17 February. |
2022: THE START OF A NEW CHAPTER
2021 RESULTS PRESENTATION
01 SOLID STARTING POSITION, BRANDS STRENGTHENED
- Restructuring finalised
- After the divestments of Izen, DTT and Veralia all assets within the new scope are strategic
- Media Scope report shows reinforced positioning of VOC brands
02 MORE DIGITAL, MORE DIVERSIFIED
- Revenues from digital and diversification represent 37%1 of the VOCENTO total
- Digital advertising reaches 50%2 of the total
03
04
ACCELERATING TRANSFORMATION
- Print-digitalconvergence
- Evaluting non-organic opportunities: search for businesses which complete digital diversification
- New publishing products (sports)
SHAREHOLDER RETURNS
- High levels of operational gearing and cash flow
- Board of Directors sets a 40% payout rate as a guide for the coming years
- Proposed dividend payment of €5.4m on 2021 results
3
Note 1: including digital revenues and events from Newspapers, Classifieds, Gastronomy and Agencies. Note 2: including e-commerce revenues.
ACHIEVE
MENTS
20
21
4
2021 RESULTS PRESENTATION
MEETING THE TARGET OF REPEATING 2019 EBITDA
VOCENTO EBITDA, 2021
var. 2021 vs 2019 €m starting from 2019 EBITDA | Other | ||||||||||||||||
businesses | New businesses | ||||||||||||||||
Press online + offline : €+3.6m | €-2.0m | €+1.1m | |||||||||||||||
3.9 | (23.6) | 18.2 | (2.5) | (1.1) | (0.9) | 0.8 | 0.0 | 45.0 | |||||||||
0.3 | |||||||||||||||||
42.3 | |||||||||||||||||
7.7
21.7
v | v | v |
EBITDA | Margin | Offline | Online | Sales costs, | Print & Audiov. Classif.1 | Gastro1 Agencies1 Corp.1 | EBITDA | EBITDA |
2019 | on | Ad | Ad | personnel, | distrib.2 | 2021 | 2020 | |
readers | others1 | |||||||
5 |
Note: figures rounded to the nearest hundred thousand euro. Note 1: total effect of €-7.3m for compensation in 2019. Note 2: mainly Printing and Distribution businesses.
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