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1Roadshow back up_Mar 2013 1Presentation to investors_Jan 2016
ATRESMEDIA
Presentation to investors
January 2016
www.atresmediacorporacion.com
2Roadshow back up_Mar 2013 2Presentation to investors_Jan 2016
Advertising market in Spain
Source: Infoadex
8%
9M 15 Gross Ad market Yoy growth
11%7%5% 1%
Total Ad market 6%
9M 15: A very positive year
3Roadshow back up_Mar 2013 3Presentation to investors_Jan 2016
Source: Infoadex. 2015e: assuming growth rates at 9M15
TV: Clear leadership and upward trend
Spanish Ad spending by medium Share
13.6%
26.8%
5.3%
10.8% 9.3%
9.1%
42.0%41.6%
21.9%
1.3%
2015e201420132012201120102009200820072006200520042003
Advertising market in Spain
+0.4pp
+21.6pp
-13.2pp
-5.5pp
+0.2pp
4Roadshow back up_Mar 2013 4Presentation to investors_Jan 2016
Source: Infoadex and Bank of Spain
Total & TV market vs GDP is bouncing back
Total & TV ad intensity (vs GDP)
Advertising market in Spain
0.94%
0.44%
0.33%
0.19%
Total Ad market
TV Ad market
All-time average= 0.73%
All-time average= 0.29%
5Roadshow back up_Mar 2013 5Presentation to investors_Jan 2016
39%
67%
29%
60%
88%
Source: Internal estimates & EGM. 2015 data
11.9
8.1
5.1
1.12.2
Spanish TV: Best cost-coverage mix
Cost-coverage by mediumIn €/1,000 impacts & % penetration
CPT
Coverage
Advertising market in Spain
6Roadshow back up_Mar 2013 6Presentation to investors_Jan 2016
Key issues: Ad market recovery & industry changes
Spanish TV industry
• Macro outlook• Ad market growthAd market
• More DTT channels• New players: Pay TV
& OTTs
Industrychanges
2016 key issues
7Roadshow back up_Mar 2013 7Presentation to investors_Jan 2016
Positive outlook for household consumption & GDP
-0.5%
-2.1%
1.4% 2.7%
4.1%
-1.9%
-1.1%
1.0%
3.9%
3.7%
2012 2013 2014 2015e 2016e
Consumption
GDP
Consensus
Source: Funcas (Dec 15). In nominal terms
Household Consumption & GDP Yoy growth
Spanish TV industry: Main drivers
8Roadshow back up_Mar 2013 8Presentation to investors_Jan 2016
Recovery seems sustainable butthe size of the market is still low in historical levels
Gross TV Ad market In € mill
Source: Infoadex. 2015e: Consensus of analysts
Spanish TV industry: Ad market
16%10% 8% 9%
-11%
-23%
4%
-10%
-19%
-6%
11%7%
2,317
3,469
2,378 2,472
1,703 1,890
2,015
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015e
% yoy Gross TV Ad market
Average: 2,475
9Roadshow back up_Mar 2013 9Presentation to investors_Jan 2016
Television industry: Ad market
Spanish TV Ad market: Last 8 quarters in positive
Gross TV Ad market Yoy growth
1%
-14%
-8%
-15%-18%
-15%
-24%-21%
-16%
-10%
-3%
6%
3%
8%
22%
13%12%
8%
3%
Q111 Q211 Q311 Q411 Q112 Q2 12 Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315
FY11=-10%
FY12=-19%
FY13=-6%
FY14=+11%
Source: Infoadex.
9M15=+8%
10Roadshow back up_Mar 2013 10Presentation to investors_Jan 2016
Source: Internal Estimates
9M 15: All the sectors in positive
Ad spending by sectors% 9M 15 yoy
Beauty,Hygiene &Cleaning
Food Autos Telcos Retail Finance Culture Health Others
6%
14%11%
1%
6%
8% 9%
17%
10%
14% 14% 11% 10% 11% 10% 5% 6% Weight19%
9M 15=+8%
Spanish TV industry: Ad market
(BeveragesEnergyHomeSports & leisure…)
11Roadshow back up_Mar 2013 11Presentation to investors_Jan 2016
Source: • TV Market: Infoadex. 2015e: Consensus of analysts • Prices: Internal estimates. Conventional advertising. • Volumes: Internal estimates. Commercial hours: 13h-25h. Conventional advertising excluding TVE.
Prices and volumes at very low levels
2,317
3,469
1,703
1,890 2,015
100
146 147
109 112116
8389
92
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015e
Nominal Prices Volumes
TV Ad marketIn € million +
Market Prices & Volumesin index terms
TV ad market
Television industry: Prices and volumes
12Roadshow back up_Mar 2013 12Presentation to investors_Jan 2016
Average daily viewing In min
213
237
Ind 4+
13 to 24
4 to 12
25 to 44
45 to 64
>65
TV viewing remains at very high levels
Source: Kantar Media
Age groups
Spanish TV industry: Audiences
234
Ind 4+ (+7 days)
343
302
284
253
193191
137146
129143
13Roadshow back up_Mar 2013 13Presentation to investors_Jan 2016
Spanish TV industry
Net TV
Commercial FTA TV landscape (2015)
Veo TV
Atresmedia has a key position in a wide FTA TV offer
Channels
13TV
Secuoya
Real
Madrid TV
Kiss TV
AudienceMkt share* Power ratio
To be launched in Q1 16
26.8%42.5% 1.58x
31.0%43.4% 1.40x
3.4%
2.1%
2.0%
4.0% 0.5x
Source: Kantar Media, Infoadex* At 9M15
14Roadshow back up_Mar 2013 14Presentation to investors_Jan 2016
Spanish TV industry : Pay TV
Pay TV position in Spain
Pay TV sector in Spain2015
Pay TV25%
Penetration% households with pay TV connection
Audience% Total Individuals 4+
Pay TV7%
Ad market share% Total TV ad market
Pay TV4%
Source: Kantar Media, Infoadex
15Roadshow back up_Mar 2013 15Presentation to investors_Jan 2016
Spanish TV industry : Pay TV
Source: CMT (Data available for Q215)
Pay TV by platform type and player
Pay TV sector % Total connections (5.4 mill)
Satellite26%
Cable22%
IPTV44%
DTT4%
Others4%
TEF71%
VOD15%
Gol T4%
Others10%
16Roadshow back up_Mar 2013 16Presentation to investors_Jan 2016
Atresmedia: A leading communication group
Solid and clear group structure
OTHERS
ADVERTISING
Marketshare42%
Marketshare20%
Total Ad marketshare19%
17Roadshow back up_Mar 2013 17Presentation to investors_Jan 2016
TV & Radio as main source of revenues
Source: Infoadex & internal estimates
Atresmedia: Market positioning
ANTENA 3
NEOX
NOVA
Onda CeroEuropa FMOnda Melodía
Atresmedia CineAtresmedia Digital
Atresmedia Diversification
Radio
Others
TV
Planeta-De Agostini:RTL:Shareh. La SextaTreasury stock:Free-float:
41.7%18.7%4.1%0.4%35.2%
89%
9%
2%
LA SEXTA
MEGA (launched in 2015)
ATRESERIES (launched in 2016)
2014 Net
Revenues
€ 883m
18Roadshow back up_Mar 2013 18Presentation to investors_Jan 2016
Clear strategic approach
Regaining #2 position
Monetizing digital developments
Consolidating TV leading position
Atresmedia: Strategy
Consolidating business model
19Roadshow back up_Mar 2013 19Presentation to investors_Jan 2016
Atresmedia Television: Strategy
Unique TV offer
20Roadshow back up_Mar 2013 20Presentation to investors_Jan 2016
Male Female
55-64
4-12
Age
Balanced and varied TV offer
Atresmedia Television: Positioning
21Roadshow back up_Mar 2013 21Presentation to investors_Jan 2016
12.513.4 13.6 13.5
13.913.5
14.5 14.8
12.2
10.2 10.0 9.8
12.5
13.4 13.8
13.5
13.3
12.2
13.6
14.1
10.0
8.27.9 7.8
Antena 3: Stable audience ratings
Total Individuals24h
Commercial Target24h
Source: Kantar Media. Total Individuals (4y+)
Atresmedia Television: TV audiences by core channel
Source: Kantar Media. Commercial Target (16-54 y)
22Roadshow back up_Mar 2013 22Presentation to investors_Jan 2016
4.9
6.0
7.2
7.4
6.0 6.0
6.77.2
9.5
8.57.8
7.3
5.8
6.6
7.9 8.1
7.6 7.4
8.28.4
6.8
5.85.2
4.8
La Sexta: The best growth story
Total Individuals24h
Commercial Target24h
Source: Kantar Media. Total Individuals (4y+)
Atresmedia Television: TV audiences by second channel
Source: Kantar Media. Commercial Target (16-54 y)
23Roadshow back up_Mar 2013 23Presentation to investors_Jan 2016
18.9
16.7 16.7 16.7
28.1 29.030.7 31.0
25.8
28.827.7
26.8
15.913.8 13.6 13.4
30.9 31.433.3 33.6
28.0
31.030.0 29.2
Atresmedia TV: Solid ratings despitelosing 3 channels as of May 2014
Total Individuals24h
Commercial Target24h
Source: Kantar Media. Total Individuals (4y+)
Atresmedia Television: TV group audiences
Source: Kantar Media. Commercial Target (16-54 y)
24Roadshow back up_Mar 2013 24Presentation to investors_Jan 2016
16.7 17.0 16.7 16.3
31.4 31.5 31.130.1
26.625.8
26.628.1
13.9 14.213.0 12.6
33.7 34.4 33.7 32.8
28.627.5
29.2
31.3
Atresmedia TV: closing the gap with MSEquarter after quarter
Total Individuals24h
Commercial Target24h
Source: Kantar Media. Total Individuals (4y+)
Atresmedia Television: TV group audiences
Source: Kantar Media. Commercial Target (16-54 y)
25Roadshow back up_Mar 2013 25Presentation to investors_Jan 2016
Cost increases mostly explained byone offs & programming costs
Cost increases by concept
2014 OPEX 2015 one-offs Variable costs &programming
2015 OPEX
756 100
104
+2.0%
+1.0%+1.5%
+2.0%
+0.5%
Atresmedia: 2015 guidance in costs
Updated guidance
Original guidance
+7%
Sportsoverlap
One-offs
Mega
∆Prog
Variable costs
26Roadshow back up_Mar 2013 26Presentation to investors_Jan 2016
Atresmedia Radio: 20% market share
Atresmedia Radio: Positioning & Strategy
# 2 talk radio2.3 mill listeners
# 3 music radio2.1 mill listeners
#3 radio player in Spain
4.5 million listeners
20% market share
Source: EGM 2015 yearly averageMarket Share: Infoadex & internal estimates
New music radio
230k listeners
27Roadshow back up_Mar 2013 27Presentation to investors_Jan 2016
Atresmedia Radio: 4.5 million listeners
Atresmedia Radio: Audiences
Source: EGM Surveys Monday to Friday (.000) ( Moving average).
Thousand of listeners
4,123
4,738 4,8124,981
4,552
2,492 2,623 2,598 2,6492,368
1,548
2,009 2,045 2,077 1,954
83 106 169 255
230
3rd 11 3rd 12 3rd 13 3rd 14 3rd 15
28Roadshow back up_Mar 2013 28Presentation to investors_Jan 2016
Exploring any possible source of audience & revenues
Atresmedia Digital: Positioning & Strategy
29Roadshow back up_Mar 2013 29Presentation to investors_Jan 2016
Atresmedia Digital: Atresplayer
Atresplayer: Atresmedia’s OTT offer
30Roadshow back up_Mar 2013 30Presentation to investors_Jan 2016
Developing new non ad-based media initiatives
Atresmedia Diversification: Positioning & Strategy
31Roadshow back up_Mar 2013 31Presentation to investors_Jan 2016
≈ 16.5 mill subscribers ≈ 9.5 mill subscribers
(Atresmedia’sbest-series channel)
(Antena 3’s premiumcontent channel)
(Celebrity & Life-style channel)
Atresmedia Diversification: International
47%
20%
33%
50%
35%
15%
100%
≈ 5 mill subscribers
2 mill
25 mill
4 mill
International: More than 31 mill subscribers ytd
32Roadshow back up_Mar 2013 32Presentation to investors_Jan 2016
Atresmedia Diversification: Media for Equity
MEDIA FOR EQUITY: Exploring new business models
Automotion
Fashion & Accesories
Health
Leisure
Technology
Others
Education
Sports
Travel
Classified & Social
Media
For
Equity
33Roadshow back up_Mar 2013 33Presentation to investors_Jan 2016
Medium term goals: TV & Radio
Television and Radio’s EBITDA margin on track
EBITDA Margin
All time average
≈2,100
EBITDA Margin
2013
404
All time average
≈460
Market Gross Ad revenues (€ mill) & EBITDA Margin
2013
1,703
2014
1,890
7%
15%
≈25%
2014
420
21% 22%
≈25%
Source: Kantar Media & Atresmedia’s financial results
34Roadshow back up_Mar 2013 34Presentation to investors_Jan 2016
Other non-ad based revenues to double
10%
5%
Other revenues than TV & Radio advertisingas % of Total Revenues
2014: ≈€ 50 mill
2017e: ≈ € 100 mill
Diversification
x2
33%67%
Others (Films & Digital)
55%
45%
Medium term goals: Other revenues
35Roadshow back up_Mar 2013 35Presentation to investors_Jan 2016
Debt at target level and dividend policy according to plan
Dividend policyTotal Net Debt Target (€ mill)
€ 100 mill
€ 150 mill Payout ratio ≥80%
185
2014 dividend: 0.20 €/ sh100% payout ratio
Long term target136
Medium term goals: Financials
36Roadshow back up_Mar 2013 36Presentation to investors_Jan 2016
Back up: 9M 15 Financial Results
Back up
37Roadshow back up_Mar 2013 37Presentation to investors_Jan 2016
Net Revenues 697.9 626.2
EBITDA 119.5 84.3
Net profit 69.3 47.1
9M 15 9M 14
+11.4%
+41.7%
YoY
+47.1%
OPEX 578.4 541.9 +6.7%
Atresmedia
9M 15 Results in € mill: P&L
EBITDA Margin 17.1% 13.5%
Net profit Margin 9.9% 7.5%
Source: Atresmedia’s financial statements
EBIT 103.1 72.0 +43.2%
EBIT Margin 14.8% 11.5%
38Roadshow back up_Mar 2013 38Presentation to investors_Jan 2016
Total Net Rev. 617.5 554.5
EBITDA 100.1 69.9
EBIT 89.3 59.6
9M 15 9M 14
+11.4%
+43.2%
YoY
+49.8%
OPEX 517.4 484.6 +6.8%
Atresmedia Television
9M 15 Results in € mill: P&L
EBITDA Margin 16.2% 12.6%
EBIT Margin 14.5% 10.8%
Source: Atresmedia`s financial statements
39Roadshow back up_Mar 2013 39Presentation to investors_Jan 2016
Net Revenues 65.0 59.6
EBITDA 14.4 9.0
EBIT 13.0 7.6
9M 15 9M 14
+9.0%
+59.5%
YoY
+70.2%
OPEX 50.6 50.5 +0.0%
Atresmedia Radio
9M 15 Results in € mill: P&L
EBITDA Margin 22.2% 15.2%
EBIT Margin 20.1% 12.8%
Source: Atresmedia’s financial statements
40Roadshow back up_Mar 2013 40Presentation to investors_Jan 2016
Financials
Contribution to consolidated group
Atresmedia: “Others” Division
Net Revenues 15.5
EBITDA 5.0
9M 15 9M 14€ mill
12.1
5.4
Net revenues split
Source: Atresmedia’s financial statements
Others* 50%
Films 32%
Events 18%
*Others ( Internet, Editorial…)
41Roadshow back up_Mar 2013 41Presentation to investors_Jan 2016
Legal Notice
The information contained in this presentation has not been independently verified and is, in any case, subject to
negotiation, changes and modifications.
None of the Company, its shareholders or any of their respective affiliates shall be liable for the accuracy or completeness
of the information or statements included in this presentation, and in no event may its content be construed as any type of
explicit or implicit representation or warranty made by the Company, its shareholders or any other such person. Likewise,
none of the Company, its shareholders or any of their respective affiliates shall be liable in any respect whatsoever
(whether in negligence or otherwise) for any loss or damage that may arise from the use of this presentation or of any
content therein or otherwise arising in connection with the information contained in this presentation. You may not copy or
distribute this presentation to any person.
The Company does not undertake to publish any possible modifications or revisions of the information, data or statements
contained herein should there be any change in the strategy or intentions of the Company, or occurrence of unforeseeable
facts or events that affect the Company’s strategy or intentions.
This presentation may contain forward-looking statements with respect to the business, investments, financial condition,
results of operations, dividends, strategy, plans and objectives of the Company. By their nature, forward-looking
statements involve risk and uncertainty because they reflect the Company’s current expectations and assumptions as to
future events and circumstances that may not prove accurate. A number of factors, including political, economic and
regulatory developments in Spain and the European Union, could cause actual results and developments to differ materially
from those expressed or implied in any forward-looking statements contained herein.
The information contained in this presentation does not constitute an offer or invitation to purchase or subscribe for any
ordinary shares, and neither it nor any part of it shall form the basis of or be relied upon in connection with any contract or
commitment whatsoever.
Investor Relations Department
Additional information
Phone: +34 91 623 46 14
E-mail: [email protected]
Web: www.atresmediacorporacion.com