Creating new growth – Axel Salzmann Financials

Transcription

Creating new growth – Axel Salzmann Financials
Creating new growth
CMD 2014
Financials – Axel Salzmann
ProSiebenSat.1 Media AG | October 15, 2014
| October 15, 2014
Page 1
Our achievements since 2009
2009 - 2013
Market cap
increase
>EUR 6bn
Net debt
reduction
EUR 1.85bn
Underlying net
income growth
~EUR 200m
Dividends
paid
~EUR 2bn
p.a.
| October 15, 2014
Page 2
ProSiebenSat.1 – financial milestones in H1 2014
H1 2014: continued solid revenue, recurring EBITDA
and underlying net income growth
✔
Delivery of key financials in line with our FY 2014
and medium-term targets
✔
‘Investment grade‘-style financing structure
implemented
✔
Attractive dividend yield
✔
| October 15, 2014
Continuing operations.
Page 3
H1 2014: strong key financials
H1 2014
Revenues
+7.1%
+6.6%
+EUR 84.6m
+EUR 22.1m
| October 15, 2014
Continuing operations.
Recurring EBITDA
Recurring EBITDA
margin
28.2%
Page 4
Digital & Adjacent segment with increasing contribution to
Group profits
[in EURm, H1 2014, prior year in parentheses]
External revenues
Recurring EBITDA
4.5% (4.3%)
15.1%
20.0%
(17.6%)
-0.3% (0.5%)
(13.1%)
-1.2
56.7
Broadcasting
German-speaking
255.1
1,272.2
960.4
54.6
Digital & Adjacent
Digital & Adjacent
359.3
75.5%
| October 15, 2014
Continuing operations. 1 Group recurring EBITDA after elimination of EUR 2.3m.
1
Content Production
& Global Sales
Content Production
& Global Sales
(78.1%)
Broadcasting
German-speaking
308.2
85.2%
(86.4%)
Page 5
2015 Group revenue target to be reached at year-end 2014
Group revenues
[in EURm]
3.000
2.500
Estimated H2
revenue growth
2.000
1.500
1.000
2.690
~2,850
2.851
H1 2014 (LTM)
2014E
2015 Target
We expect to reach
our 2015 Group
revenue target
already at year-end
2014
2.051
500
0
2010
| October 15, 2014
Continuing operations.
Page 6
All segments ahead of pro-rata 2018 revenue growth targets
[Achievement by H1 2014, in EURm]
2012-2018
Degree of
achievement
34.8%
32.5%
34.6%
33.4%
1.000
1,000
800
600
600
400
200
0
334
300
105
Broadcasting German-speaking
195
| October 15, 2014
100
35
Digital & Adjacent
CMD 2018 target
Continuing operations.
25.0%
linear projection
of CMD target
Content Production & Global Sales
Group
Achievement by H1 2014
Page 7
We are well on track to reach our medium-term Group
revenue growth targets
LTM Group revenue development and targets
[in EURm]
3.250
3.000
2.750
2.500
2.250
2.000
1.750
EUR 147m rec. EBITDA increase
further rec. EBITDA increase at industry-leading margin
1.500
Reported LTM revenues
| October 15, 2014
Continuing operations.
Initial 2015 target projection
New 2015/18 targets projection
Initial 2015 target
New 2015/18 targets
Page 8
Steady improvement of revenues and rec. EBITDA since
initiation of growth strategy
Group LTM revenues
[in EURm, %]
LTM rec. EBITDA/rec. EBITDA margin
[in EURm, %]
2.900
950
35,0%
2.700
900
30,0%
2.500
850
25,0%
2.300
800
20,0%
2.100
750
15,0%
1.900
700
10,0%
1.700
650
5,0%
1.500
600
0,0%
Revenues
Recurring EBITDA (left scale)
Recurring EBITDA margin (right scale)
| October 15, 2014
Continuing operations.
Page 9
Net debt reduction by EUR >1.5bn since 2010 has driven net
interest result improvement of >EUR 100m
Net debt
[in EURm]
LTM net interest result
[in EURm]
3.500
-225
3.000
-200
2.500
-175
2.000
-150
1.500
-125
1.000
Year-end 2014
estimate:
~EUR 1.5bn
500
-100
-75
0
Average Net Debt
| October 15, 2014
Continuing operations. Note: Net debt calculated on rolling four consecutive quarters corresponding to LTM net interest result development
Net interest result
Page 10
Financial performance since 2012 ahead of targeted
2018 CAGRs
Group financials and targets/CAGRs 2012-18
[in %]
Achievement
vs.
remaining target
CAGR by
H1 2014
Gap-to-go
CAGR
+9.2%
+5.0%
+3.6%
+2.1%
Digital & Adjacent
+35.7%
+13.5%
Content Production & Global Sales
+22.9%
+9.5%
Recurring EBITDA
+6.0%
+3.4/+4.6%
Underlying Net Income
+6.1%
>+6.1%
Group revenues
Broadcasting German-speaking
| October 15, 2014
Continuing operations.
Page 11
We have a long debt maturity profile at attractive terms
Senior unsecured financing structure
Debt facilities
[in EURm, 06/30/2014]
• No debt maturity
before April 2019
2.000
RCF
(undrawn)
600
1.500
No debt maturity and improving interest result
1.000
Term
Loan
1.400
500
Corporate
Notes
bond
600
• Going forward,
we are targeting
a staggered
maturity profile
by using debt
capital market
instruments
0
H2
2014
H1
2015
H2
2015
H1
2016
| October 15, 2014
H2
2016
H1
2017
H2
2017
H1
2018
H2
2018
April
2019
H2
2019
H1
2020
H2
2020
April
2021
Page 12
We confirm our financial policy and acquisition strategy
Financial leverage target range1
1.5-2.5x
✔
Dividend pay-out ratio2
80-90%
✔
Acquisition strategy
| October 15, 2014
Continuing operations. 1 Net debt/LTM recurring EBITDA 2 Based on Underlying net income
larger bolt-on and
media investments
✔
Page 13
We update our 2014 financial targets
FY 2014 targets
Group revenue growth
High-single digit
Recurring EBITDA
Above prior year
Net income
Above prior year
Financial leverage
| October 15, 2014
Continuing operations. 1 before: mid to high-single digit increase
1.5 – 2.5x
Page 14
Disclaimer
This presentation contains "forward looking statements" regarding ProSiebenSat.1 Media AG ("ProSiebenSat.1")
or ProSiebenSat.1 Group, including opinions, estimates and projections regarding ProSiebenSat.1's or
ProSiebenSat.1 Group's financial position, business strategy, plans and objectives of management and future
operations. Such forward looking statements involve known and unknown risks, uncertainties and other important
factors that could cause the actual results, performance or achievements of ProSiebenSat.1 or ProSiebenSat.1
Group to be materially different from future results, performance or achievements expressed or implied by such
forward looking statements. These forward looking statements speak only as of the date of this presentation and
are based on numerous assumptions which may or may not prove to be correct.
No representation or warranty, expressed or implied, is made by ProSiebenSat.1 with respect to the fairness,
completeness, correctness, reasonableness or accuracy of any information and opinions contained herein. The
information in this presentation is subject to change without notice, it may be incomplete or condensed, and it
may not contain all material information concerning ProSiebenSat.1 or ProSiebenSat.1 Group. ProSiebenSat.1
undertakes no obligation to publicly update or revise any forward looking statements or other information stated
herein, whether as a result of new information, future events or otherwise.
| October 15, 2014
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