Presentation pdf, 3.2MB

Agora SA
Investor presentation
February/March 2011
Improvement in the advertising market
Quarterly performance of ad market segments
10%
+6.5%
+7.5%
+4.5%
yoy % change
yoy % change
Quarterly ad spend performance
0%
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
48%
Internet
40%
32%
Television¹
24%
Magazines
16%
Radio
8%
-0.5%
Outdoor
0%
Dailies
-8%
-8.5%
-10.5%
-24%
Advertising market structure in 2010
Outdoor
8%
†0.5pp
Internet
Cinema
13.5%
1%
…2pp
0pp
PLN 7.7 billion
yoy % and pp changes
Dailies
9%
†1.5pp
Magazines
11.5%
†1pp
y4.5%
Television
50%
…1pp
-2-
Radio
7%
0pp
Source: ad spend estimates by: Agora (press based on Kantar Media and Agora’s monitoring, radio based on Kantar Media), Starlink (TV, cinema, Internet – comprise revenues from email marketing, display, search engine marketing and affiliate marketing), IGRZ (outdoor);
¹ Data, for 1-4Q09 and 1-4Q10, according to new methodology of TV ad market measurement (by media house Starlink), comprise standard TV advertising and sponsoring revenues.
The estimates for previous reporting periods have not been adjusted adequately therefore they are not fully comparable.
4Q10
3Q10
2Q10
1Q10
4Q09
1Q09
-17.5%
3Q09
-32%
-14.5%
-20%
Cinema
-16%
2Q09
-10%
Agora Group improves results
4Q 2010
yoy change
2010
340.7
17.0%
1 116.7
0.6%
- advertising
202.9
2.1%
715.7
(2.5%)
- copy sales
55.4
(8.1%)
208.9
(15.4%)
- tickets sales
33.2
-
40.1
-
- other
49.2
53.3%
152.0
17.8%
310.4
14.3%
1 031.8
(2.4%)
- raw materials, energy and consumables
66.1
18.7%
203.3
(8.8%)
- staff cost¹
78.6
17.8%
283.2
5.6%
PLN million
Revenues, incl.:
Operating cost, incl.:
- non-cash expense relating to share-based
payments
4.5
45.2%
10.4
2.0%
- marketing & promotion
39.9
(1.5%)
130.9
(12.8%)
- D&A
22.5
12.5%
82.4
1.5%
30.3
55.4%
84.9
60.5%
8.9%
2.2pp
7.6%
2.8pp
57.3
34.5%
177.6
23.4%
16.8%
2.2pp
15.9%
2.9pp
18.0
20.8%
71.9
87.7%
EBIT
EBIT margin
Operating EBITDA¹
Operating EBITDA margin¹
Net profit
Source: consolidated financial statements according to IFRS, 4Q10;
¹ excluding non-cash cost of share-based payments;
-3-
yoy change
Growth of revenues caused by consolidation
of revenues of Helios group and improvement
in the advertising market.
Growth resulting from growing advertising
revenues of the Group’s selected business
segments.
Decrease caused mainly by lower revenues
from copy sales.
Growth resulting from inclusion of food and
beverages sales in cinemas of Helios group
and revenues from additional undertakings in
Special Projects.
Growth resulting from inclusion of the cost of
materials and energy of Helios group and
higher cost of publishing book collections in
4Q10.
Growth resulting from larger number of
employees in the Group after the acquisition
of Helios group, higher achievement rate of
budgetary objectives and development
projects executed in the Group.
Decrease resulting from lower prices of
media purchase and limited scope and
number of advertising campaigns in the
Group’s selected segments.
Changes in the Group’s cash flow
PLN million
As of 31/12/2009
As of 31/12/2010
350
change
300
126.9 million
short-term
securities
Agora Group
excl. Helios
group
156,8
156.8
250
154.8 million
94.8 million
104.9 million
short-term
securities
200
Net result
of other
cash inflows
and outflows
154.5 million
Agora Group
debt
Helios S.A.
(purchase of
shares)
150
100
cash and
cash
equivalents
million
183.9 million
124.2 million
Helios
25.5 million
group
104.9 mln
Dividend
payment
42.9 million
4 installments
of Agora’s long
– term bank
loan repaid
98.4 million¹
cash and
cash
equivalents
Bank loan to
refinance the
purchase of
Helios S.A.
182.4 million
Agora Group
debt
50
82.0 million
0
Cash and
monetary
assets
-4-
Net cash
position
Source: consolidated financial statements according to IFRS, 4Q10;
¹ long term bank loans, borrowings and finance lease liabilities.
Cash and
monetary
assets
Net cash
position
Segment performance: Newspapers
(Gazeta, Metro, Special Projects, Printing Division)
Financial performance¹
yoy change
2010
yoy change
173.3
(2.6%)
644.0
(7.6%)
79.3
(12.4%)
305.9
(10.8%)
- advertising in Metro
8.7
(1.1%)
31.4
(2.5%)
- copy sales of Gazeta
36.6
(2.1%)
146.1
(2.9%)
PLN million
Revenues, incl.:
- advertising in Gazeta
4Q 2010
The decrease of revenues results
mainly from the limitation of
advertising spending in categories:
telecommunication, automotive,
tourism and recruitment.
The decrease of revenues from
display ads by 6.3% yoy was
partially offset by additional
activities, including mTarget.
The decrease in revenues by 2.1%
yoy despite smaller by 6.1% number
of Gazeta’s copies sold.
Operating cost, incl.:
138.6
0.4%
496.6
(10.8%)
- raw materials, energy, consumables
and printing services
56.2
(2.4%)
196.0
(16.6%)
- staff cost excl. non-cash cost of
share-based payments
33.1
2.2%
130.5
0.5%
- marketing & promotion
25.2
5.9%
80.0
(17.4%)
EBIT ²
EBIT margin²
Operating EBITDA³
Operating EBITDA margin³
-5-
34.7
(13.3%)
147.4
5.3%
20.0%
43.1
(2.5pp)
(10.6%)
22.9%
178.2
2.8pp
3.6%
24.9%
(2.2pp)
27.7%
3.0pp
Source: financials: consolidated financial statements according to IFRS, 4Q10; ad spend in dailies: Agora, display advertising, 4Q10;
¹ incl. Gazeta, Metro, Special Projects, Printing Division;
² excluding allocations of general overhead cost of Agora SA;
³ excluding non-cash cost of share-based payments and allocations of general overhead cost of Agora SA.
Lower production volume and
favorable EUR/PLN exchange rate.
Influence of, i.a., growth of variable
element of remuneration related to
higher achievement rate of
budgetary objectives and
development projects executed in
the segment.
Result of higher cost of marketing &
promotion of Special Projects (due to
larger number of projects).
Stable position of Gazeta in dailies segment
Revenues vs copy sales of Gazeta
thou. copies
600
450
400
160
PLN million
thou. copies
Copy sales of dailies¹
z2.9%
yoy % change
z6.1%
z9.4%
300
120
200
80
429 K
Copy sales
329 K
300
z2.1%
100
40
Revenues from
copy sales
179 K
150
139 K
92.5 K
0
0
4Q09
4Q10
2009
2010
Fakt
Gazeta
Rzeczpospolita
Dziennik
Dec10
Nov10
Oct10
Sep10
Aig10
Jul10
Jun10
May10
Apr10
10-mar
Feb10
Jan10
Dec09
Nov09
Oct09
Sep09
Aug09
Jul09
Jun09
May09
Apr09
09-mar
Feb09
Jan09
0
Super Express
Dziennik Gazeta Prawna²
Average revenue
per one copy sold
Average revenue
per one copy sold
y 7.2%
y 4.2%
(till Sept. 11, 09 Gazeta Prawna)
Dailies ad spend structure¹
Weekly readership reach in 2010¹
Metro
4%
0pp
No. of readers
Gazeta
14.1%
4.3 million
14.0%
Fakt
4.2 million
Super Express
1.9 million
6.4%
Metro
1.9 million
6.3%
Rzeczpospolita
1.3 million
Dziennik Gazeta Praw na
0.9 million
0%
-6-
Gazeta
38%
0pp
2010
PLN 0.7 billion
z10.5%
Dziennik Gazeta Prawna
Fakt
8.5%
y1pp
3.1%
4%
Rzeczpospolita
10%
y1pp
Super Express
3%
0pp
Mecom (local)
7.5%
0pp
4.2%
yoy % and pp change
8%
12%
% reach
16%
(till Sept.11, 09 Gazeta Prawna)
4%
y1pp
Other
9.5%
0pp
Source: copy sales: ZKDP, total paid circulation, Jan09 – Dec10, comparison; financials: consolidated financial statements IFRS, 4Q10; readership: Polskie Badania Czytelnictwa, execution MillwardBrown SMG/KRC,
Jan-Dec 10, N=48 445, CCS indicator (weekly readership), elaboration Agora SA; ad spend in dailies Agora, estimates, display advertising;
¹ comparison of major dailies only
² the title appeared on the market on September 14, 2009 from the merger of Gazeta Prawna and Dziennik. Previous copy sales data based on copy sales of Gazeta Prawna. The copy sales of Dziennik Gazeta Prawna
in the period Sep 14-30 amounted to 126 thou. copies;
³ the title appeared on the market on September 14, 2009 from the merger of Gazeta Prawna and Dziennik. Previous ad revenue data relates to the ad revenue of Gazeta Prawna.
Polskapresse
15.5%
y1pp
Dziennik
0%
(published till Sept. 12, 09³)
z4pp
New undertakings in Newspapers’ segment
Wysokie Obcasy Extra on the iPad
Wysokie Obcasy Extra (High Heels Extra)
Wyborcza.pl the most popular press title in Internet
million real users
Mobile applications
4
Wy borcza.pl
methodology change
se.pl
3
pcf ormat.pl
Fakt
Chip.pl
2
rp.pl
GazetaPrawna.pl
1
dziennik.pl
Source: Internet statistics – real users, Megapanel PBI/Gemius, selected websites, elaboration Agora SA.
-7-
Ot10
Aug10
J un10
Apr10
Feb10
Dec09
Oc t09
Aug09
J un09
Apr09
Feb09
Dec08
0
Oc t08
Development of iPhone applications
Wyborcza.pl i Wyborcza.biz
Aug08
Mobile websites m.Wyborcza.pl
and m.Wyborcza.biz
Metro improves operating results
Operating EBITDA¹
4.0 million
5%
4
PLN million
yoy % change
Display ad revenue dynamics in dailies vs Metro
3
0%
4Q10
2010
2.0 million
2
-5%
1.1 million
1
-6.5%
-7.5%
-7.5%
-10%
0
-10.5%
4Q09
4Q10
dailies
2010
-0.2 million
-1
-15%
2009
Metro
% change in revenues from additional activities: Metro’s
special projects and mTarget
• Events
• Custom publishing
yoy % change
Development of new advertising forms
120%
130%
96%
• Magazine covers
• Leaflets
65%
0%
4Q10
-8-
Source: financials: consolidated financial statements according to IFRS, 4Q10; ad expenditure in dailies: Agora’s estimates, display advertising;
¹ excluding non-cash cost of share-based payments and allocations of general overhead cost of Agora SA;
2010
Growth of revenues of Special Projects in 4q10
Revenues
EBIT¹
yoy % change
z26.7%
PLN million
PLN million
13.7 million
90
14
60
7
30
y35.5%
0.8 million
0
0
4Q09
4Q10
2009
4Q10
2009
2010
Publishing hits
4Q 2010
2010
7
15
One-offs
30
59
Total:
37
74
Copies sold (million)²
0.8
2.5
Series
4Q09
2010
Statistics
„Letters of Agnieszka
Osiecka and Jeremi
Przybora”
Bestseller in online bookstore
(Merlin.pl)
(#2 in 4Q10; #3 in 2010)
-9-
1.5 million
0.3 million
Source: financials: consolidated financial statements according to IFRS, 4Q10; data about number of copies sold: online bookstore Merlin.pl, The Polish Society of
the Phonographic Industry (ZPAV);
¹ excluding allocations of general overhead cost of Agora SA;
² books and books with DVDs and CDs.
20-volume collection
Jazz Giants
20-volume collection
Chopin
Each volume of the collections
received the title of the platinum
record
Dynamic growth of ad revenues in Internet segment
Financial results¹
4Q10
PLN million
Revenues, incl.:
31.3
26.4
22.7
1.2
6.1
- display ads
- incl. Trader.com (Polska)
- vortal ad sales
- incl. Trader.com (Polska)
Operating cost, incl.:
2009
yoy change
18.6%
101.8
84.9
19.9%
18.7
21.4%
69.9
52.0
34.4%
0.6
100.0%
4.0
2.1
90.5%
5.5
10.9%
23.3
22.2
5.0%
2.8
2.6
7.7%
10.9
10.0
9.0%
29.2
(2.4%)
97.1
95.3
1.9%
11.4
10.3
10.7%
43.5
42.3
2.8%
7.1
9.6
(26.0%)
19.9
23.4
(15.0%)
2.8
(2.8)
-
4.7
(10.4)
-
- marketing & promotion
EBIT ²
Operating EBITDA margin³
2010
28.5
- staff cost excl. non-cash cost
of share-based payments
EBIT margin ²
Operating EBITDA³
4Q09 yoy change
8.9%
(10.6%)
19.5pp
4.6%
(12.2%)
4.6
(0.7)
-
11.9
(3.0)
-
14.7%
(2.7%)
17.4pp
11.7%
(3.5%)
15.2pp
yoy % change
Dynamics of ad expenditure in Internet in 2010
40%
34%
26%
23%
20%
20%
TOTAL
(display, search
engine marketing,
e-mail marketing and
affiliate marketing)
16.8pp
Display &
e-mail
marketing
Display &
e-mail
marketing
0%
Internet ad market
AGORA
Diversification of revenue sources – new ad networks
Reach of websites of selected Internet publishers (November ‘10)
90%
73.0%
66.8%
Mobile advertising
64.4%
62.7%
y1.8 pp
y1.1 pp
56.0%
y0.1 pp
y5.5%
y7.2%
11.4 million
y8.3%
11.8 million
12.2 million
y9.1%
y2.3 pp
y4.7%
30%
z0.4 pp
13.3 million
60%
10,2 million
% reach
Display,
e-mail
marketing,
vortals
yoy pp change
no. real users
yoy % change
Video advertising
Performance advertising
Business Ad Network Sp. z o.o.
0%
Onet.pl group
-10-
Wirtualna
Polska group
Gazeta.pl
group
Interia.pl group
o2.pl group
Source: financials: consolidated financial statements according to IFRS, 4Q10; Internet ad spend: Starlink (display, search engine marketing, e-mail marketing and
affiliate marketing); Internet statistics: Megapanel PBI/Gemius, reach, real users, Nov 2009, Nov 2010;
¹ Internet division, Agora Ukraine, AdTaily, Trader.com (Polska) including print revenues;
² excluding allocations of general overhead cost of Agora SA;
³ excluding non-cash cost of share-based payments and allocations of general overhead cost of Agora SA.
(advertising spaces in quality services dedicated to, inter alia,
economy and business)
Outdoor segment improves operating results
Financial results
AMS ad market share²
4Q10
PLN million
4Q09
yoy
change
2010
2009
yoy
change
Revenues, incl.:
- advertising
48.3
45.8
5.5%
164.1
168.0
(2.3%)
47.8
45.3
5.5%
161.7
165.8
(2.5%)
Operating cost, incl.:
41.4
47.7
(13.2%)
158.9
178.4
(10.9%)
8.1
8.2
(1.2%)
27.3
31.6
(13.6%)
19.4
20.2
(4.0%)
73.5
79.8
(7.9%)
- staff cost (excl. non-cash cost
of share-based payments)
4.9
4.2
16.7%
18.7
18.4
1.6%
- D&A
5.0
5.7
(12.3%)
21.3
23.6
(9.7%)
- marketing & promotion
1.4
2.0
(30.0%)
6.0
5.0
20.0%
6.9
(1.9)
-
5.2
(10.4)
-
14.3%
(4.1%)
18.4pp
3.2%
(6.2%)
9.4pp
12.2
4.0
205.0%
27.3
13.6
100.7%
25.3%
8.7%
16.6pp
16.6%
8.1%
8.5pp
- execution of campaigns
- maintenance cost
EBIT
EBIT margin
Operating EBITDA ¹
Operating EBITDA margin¹
yoy pp change
% share, yoy % change
telecom
17%
…37.3%
2010
Result of higher achievement
rate of budgetary objectives
increasing the variable
component of remuneration.
Number of AMS ad faces³
thou. ad faces
entertainment, culture
11.5%
†11.6%
z0.2pp
Gradual reduction of
system maintenance cost
through the review of panels to
meet the demand of the
market and decrease unit
maintenance cost.
Structure of outdoor advertising according to categories
food
8%
†11.4%
AMS
26.5%
Advertising revenues in the
segment grew for the first time
in 2010.
30
yoy % change
z4.2%
1 thou.
25
20
sales
19%
†1.5%
4Q 2010
other
18%
…11.9%
-11-
automotive, transport
5%
†17.0%
clothing, shoes
5%
…105.2%
political campaigns
4.5%
home and office furnishing
finance/marketing
5%
†3.5%
7%
†15.1%
Source: financials: consolidated financial statements according to IFRS, 4Q10; ad expenditure in outdoor: IGRZ;
1 excluding non-cash cost of share-based payments;
2 excluding cross-promotion of Agora’s other media on AMS panels if such promotion was executed without prior reservation;
3 excluding advertising panels of AMS Group installed on petrol stations, small panels on bus shelters and in the Warsaw subway, as well
as advertising panels on buses and trams.
15
25 thou.
24 thou.
2009
2010
10
5
0
Reduction in number of
advertising faces,
mainly in universal
segment of panels
(BB12)
Stable position of magazines
Financial results
Ad spend structure in monthlies
4Q 2010 yoy change
PLN million
Revenues, incl.:
2010
yoy change
20.6
(7.6%)
83.6
(9.4%)
- copy sales
9.3
(10.6%)
37.5
(9.2%)
- advertising
11.2
(5.9%)
45.6%
(10.1%)
Operating cost, incl.:
- raw materials. energy and consumables
17.1
(6.6%)
67.7
(9.9%)
6.6
(10.8%)
26.1
(16.9%)
- staff cost excl. non-cash cost
of share-based payments
4.2
5.0%
16.8
(2.9%)
- marketing & promotion
4.6
(8.0%)
17.6
(6.9%)
3.5
17.0%
(12.5%)
(0.9pp)
15.9
19.0%
(7.6%)
0.4pp
3.8
(11.6%)
16.7
(7.7%)
18.4%
(0.9pp)
20.0%
0.4pp
EBIT ¹
EBIT margin¹
Operating EBITDA²
Operating EBITDA margin²
thou. copies
Stable copy sales position in selected magazine segments (Jan-Nov10)
200
Media Point Group Gruner+Jahr
13.5%
3.6%
Decrease resulting from
8.2% yoy drop in volume
of magazines sold.
yoy pp change
…1.7pp
†1.3pp
Agora
11.6%
Ringier Axel Springer
4.4%
Result of limited
advertising expenditure in
categories: hygiene,
beauty care and interior
furnishings.
†0.5pp
…1.1pp
Edipresse
6.9%
0.0pp
Lower price of paper
purchase (price, favorable
EUR/PLN exchange rate),
lower production volume,
change of paper mix and
size of selected
magazines.
2010
Bauer
14.9%
Marquard
13.1%
†0.1pp
†0.1pp
Burda Media
Polska
9.0%
Murator
†1.0pp
8.4%
other
14.7%
Limited number and
intensity of advertising
campaigns.
†0.3pp
…0.6pp
Stable readership position in selected magazine
segments (women, Jan-Dec 2010)
#2 in women luxurious
monthlies
Twój Styl
175.0
150
Avanti
#1
interior home design
monthlies
100
90.9
21.2% Cztery Kąty
10.4%
12.7%
Moj e
#2
in parenting monthlies
83.6
Glamour
M j ak
6.5%
Cosmopolitan
5.8%
Dom&Wnętrze
50
Elle
4.7%
Mieszkanie
Dziecko
Mam
4.3%
(Home Design)
-12-
1.1%
Shopping
Cztery Kąty
Dziecko
3.5%
Dziecko
Dobre
Avanti
3.7%
4.4%
Hot Moda &
0
3.8%
Dziecko
7.9%
Joy
7.5%
Ja
Twoj e
5.2%
Mieszkanie
Mamo To
% reach
women luxurious
0%
6%
1 2%
18%
M j ak
3.0%
Wnętrze
2.1%
Mama
% reach
0%
24%
(Child)
Source: financials: consolidated financial statements according to IFRS, 4Q10; monthlies ad market: monitoring of Kantar Media based on rate card data, 123 titles in 2009 and 128 in 2010, excl. specialist
titles; copy sales: ZKDP, total paid circulation, Jan-Nov10,; readership: Polskie Badania Czytelnictwa, execution MillwardBrown SMG/KRC, Jan-Dec 10, N=24 784, CCS indicator (weekly readership),
elaboration Agora SA comparison (luxurious women monthlies: Twój Styl, Joy, Avanti, Glamour, Cosmopolitan, Elle, Hot Moda & Shopping; interior design monthlies: Cztery Katy, M jak Mieszkanie, Moje
Mieszkanie, Dobre Wnetrze, Dom & Wnetrze; parenting monthlies: Mamo To Ja, Dziecko, Mam Dziecko, Twoje Dziecko, M jak Mama);
¹ excluding allocations of general overhead cost of Agora SA;
² excluding non-cash cost of share-based payments and allocations of general overhead cost of Agora SA.
5%
1 0%
% reach
15%
interior home design
0%
5%
parenting
1 0%
Radio segment improves operating results
Financial performance¹
Radio ad market structure
4Q10
4Q09
yoy
change
2010
2009
yoy
change
Revenues, incl.:
25.0
20.9
19.6%
77.6
75.1
3.3%
- ad revenues
24.1
20.3
18.7%
75.8
73.2
3.6%
22.2
19.4
14.4%
73.9
73.9
0.0%
- staff cost excl. non-cash cost
of share-based payments
6.5
6.9
(5.8%)
24.5
25.1
(2.4%)
- promotion & marketing
4.9
3.3
48.5%
17.1
16.2
5.6%
2.8
11.2%
1.5
7.2%
86.7%
4.0pkt%
3.7
4.8%
1.2
1.6%
208.3%
3.2pkt%
PLN million
Operating cost, incl.:
EBIT
EBIT margin
EBITDA operacyjna²
Operating EBITDA margin²
3.6
2.4
14.4%
11.5%
50.0%
2.9pkt%
6.9
4.7
46.8%
8.9%
6.3%
2.6pkt%
Result of increased
advertising expenditure in
radio (by over 12.5% yoy)
and higher revenues from
brokerage services and
barter transactions.
…1.5 pp
5.1%
4%
PLN 0.54 billion
y3.5%
Polskie
Radio
10%
y1pp
other
7%
y0.5pp
Dynamic development of radio Internet platform
yoy pp change
million page views
% share
7.2%
Agora
12%
y0.5pp
2010
Eurozet
21%
z5.5pp
yoy % and pp change
8
…129%
500
yoy % change
…97%
4
thou. real users
…0.1 pp
yoy pp change
RMF
Group
31.5%
y3pp
Execution of large
advertising campaigns
of Golden Oldies, Roxy
FM and TOK FM.
Increase of audience share in cities of broadcasting (4Q10)
8%
Time
Group
18.5%
…0.5pp
250
page view s
real users
0
0%
TOK FM
-13-
Music stations
0
November 2009
November 2010
(Tuba group)
(Tuba group)
Source: financials: consolidated financial statements according to IFRS, 4Q10; ad market: Agora based on Kantar Media, Agora’s share incl. TOK FM, excl. brokerage, incl. cross-promotion
of Agora’s other media in GRA’s radio stations if such promotion was executed without prior reservation; Radio Track, MillwardBrown SMG/KRC, cities of broadcasting, 15+, TOK FM – Oct-Dec 09: N=7 729, Oct-Dec
2010: N=7 742, music stations – Oct-Dec 2009: N=10 423, Oct-Dec 2010: N=10 412; Internet statistics: Megapanel PBI/Gemius, real users, page views, Nov09, Nov10; Tuba group - tuba.FM, tuba.PL, tuba.TV;
¹ local radio stations (incl. TOK FM);
² excluding non-cash cost of share-based payments.
Difficult quarter for cinemas in Poland
Number of cinema tickets sold²
Financial performance
4Q 2010
Revenues, incl.:
- tickets
- food & beverages
- advertising
Sept.-Dec.
2010
46.1
56.0
33.2
10.0
40.1
12.1
2.4
3.3
Operating cost, incl.:
44.0
55.4
- external services
25.2
31.1
- raw materials, energy and consumables
6.0
7.7
- staff cost excl. non-cash cost of share-based payments
6.7
8.5
- D&A
4.0
5.4
2.1
4.6%
0.6
1.1%
6.1
6.0
13.2%
10.7%
EBIT
EBIT margin
EBITDA operacyjna¹
Operating EBITDA margin¹
Share of tickets for 3-D movies²
yoy pp change
other
64.5%
2010
3-D
34%
…17 pp
40
yoy % change
20
yoy % change
37.5
20
-5.1%
-3.0%
-8.9%
9.9
7.7
2.0
0
0
4Q10
2010
4Q10
2010
Accelerated process of cinema digitalization in Helios group
in cinemas of Helios group
other
66%
-4.4%
40
2010
3-D
35.5%
…17 pp
no. of digital projectors
In Poland
in cinemas of Helios group
In Poland
million tickets
PLN million
60
59
30
24
0
August 31, 2010
-14-
Source: financials: consolidated financial statements according to IFRS, 4Q10; ticket sales: estimates of Helios group prepared on the basis of data received from
Boxoffice.pl (based on reports submitted by distributors of film copies);
¹ Ss far as the Helios group is concerned EBITDA and operating EBITDA ratios are equal as in the period referred to in the table there was not any non-cash cost
of share-based payments incurred;
² Cinema ticket sales are reported for periods, which do not cover a calendar month, quarter or year. The number of tickets sold in the given period is calculated from
the first Friday of a given month, quarter or year until the first Thursday of the next reporting month, quarter or year.
February 25, 2011
Prospects for 2011
Investments
8.6%
10%
5%
1.5%
-5%
2011F
2Q10
-3.6%
0.5%
0%
1Q10
1.7%
1.0%
0.4%
-1.7%
4Q10
0.8%
0%
3.5%
3.5%
-1.7%
2Q09
3.0%
1Q09
3.2%
4.4%
3Q10
-1.0%
4.2%
5%
4Q09
10%
3Q09
yoy % change
yoy % change
GDP
2011F
4Q10
3Q10
2Q10
1Q10
4Q09
3Q09
2Q09
1Q09
-10%
-12.8%
-15%
Unemployment
10%
20%
5%
4.2%
3.5%
3.0%
3.0%
2.3%
1.7%
3.1%
2.2%
1.3%
0%
15%
13.2%
12.3%
11.1%
10.4%
10%
11.4%
10.6%
9.9%
5%
Source: GDP, investments, consumption: 1Q09-3Q10 - GUS; 4Q10 – Gazeta Wyborcza, 29-30 January 2011 (estimates of market analysts on the basis of initial
estimates of PKB in 2010 according to GUS; 2011 – explanation to Polish Budget Act for 2011 (Sept. 2010). Unemployment: Jan09-Dec10 – GUS, 2011 –explanation
to Polish Budget Act for 2011 (Sept. 2010).
Dec
Nov
Oct
Sep
Aug
Jun
Apr
May
Mar
Feb
Jan
Dec
Oct
Nov
Jul
2010
e/y 2011F
2009
Sep
Jul
Aug
Jun
Apr
May
Mar
Feb
Jan
2011F
4Q10
3Q10
2Q10
1Q10
4Q09
3Q09
2Q09
0%
1Q09
-15-
registered unemployment rate in %
yoy % change
Consumption
Estimates of advertising market growth in 2011
…4.5%
†13%
20%
15%
11-13%
…6-7%
yoy % change
25%
13-15%
9 000
23%
Performance of selected segments of advertising market
yoy % change
PLN million
Advertising expenditure in Poland
8%
0-2%
5%
3.5%
3-5%
5-6%
10%
7%
6-8%
6 000
0%
T elevision
Internet
Magazines
Dailies
-6%
-3-5%
-5%
-10.5%
-10%
0
-15%
2009
2010
2011E
2010
-16-
Television¹
Internet
Magazines
Outdoor
Radio
Cinema
Dailies
Source: 2009-2010 ad spend estimates by: Agora (press based on Kantar Media and Agora’s monitoring, radio based on Kantar Media), Starlink (TV, cinema, Internet – comprise
revenues from e-mail marketing, display, search engine marketing and affiliate marketing), IGRZ (outdoor);
¹ Data, for 2009 and 2010, according to new methodology of TV ad market measurement (by media house Starlink), comprise standard TV advertising and sponsoring revenues. The
estimates for previous reporting periods have not been adjusted adequately therefore they are not fully comparable.
2011E
Outdoor
-0.5%
3 000
Radio
Cinema
The Group’s main objectives in 2011
Exploitation of possibilities offered by the Internet to develop new forms and
scope of activities in the so – called traditional media segments;
Cost control enabling further development of existing businesses and
launching new projects;
Using internal synergies to take advantage of the Group’s multimedia
resources and competencies, especially in the field of content distribution
and monetization;
Further development of current multimedia competence centres within
the Group;
Increasing the scale of the Group’s operations, inter alia, through further
acquisitions strengthening the Group’s position and/or diversifying the sources
of the Group’s revenues.
-17-
This presentation has been prepared by Agora SA (the "Company"). The data and information
contained on the individual slides do not show a complete or coherent financial analysis, nor
present the commercial offer of the Company and serve for information purposes only. A
detailed description of the business and financial affairs of Agora SA is presented on
www.agora.pl website. All data therein are based on sources which the Company regards as
credible. The Company reserves the right to amend data and information at any time, without
prior notice. This presentation was not verified by an independent auditor.
This presentation may contain slides containing statements related to the future. Such
statements cannot be interpreted as forecasts or other assurances in respect of future
Company's financial results. The expectations of the Company's management are based on
their knowledge, experience and individual views and are dependent on many factors which
may cause that the actual results may differ from statements contained in this document. The
Company recommends that professional investment advice is sought in case any investment in
the Company's securities is considered.
-18-