Atresmedia

Transcription

Atresmedia

ATRESMEDIA
www.atresmedia.com
Investor and Analyst Day
12th December 2013
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Agenda
10:30
Welcome
Recent history of Atresmedia (Mr. Silvio González)
Atresmedia’s positioning (Mr. Silvio González)
Advertising (Mr. Eduardo Olano)
Audience/Contents (Mr. Javier Bardají)
Digital (Mr. José Manuel González Pacheco)
Radio (Mr. Ramón Osorio)
Financials (Mr. Silvio González)
13:15
Q&A
Speakers
Mr. Silvio González
CEO Atresmedia
Mr. Eduardo Olano
General Manager
Atresmedia Publicidad
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Mr. Javier Bardají
General Manager
Atresmedia Televisión
2
Mr. José M. González Pacheco
General Manager
Atresmedia Digital
Mr. Ramón Osorio
General Manager
Atresmedia Radio
Investor & Analyst Day
Advertising
Audience/Contents
Atresmedia
2003-2013
Atresmedia,
Positioning &
Strategy
Digital
Radio
Financials
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2003-2013 Highlights
Media Industry
• High volatility in Ad market
• Significant changes in the industry
• TV: The most important medium
Atresmedia
• Excellent capacity to adapt
• Best in class
• Solid foundations to face the future
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Spanish Ad market
Current Ad market 30% below last 10 year average
Total Ad market
7.985
In € million
+42%
5.603
-48%
4.160
-31% vs last 10 year average
-19% vs all-time average
Source: Infoadex. 2013e: Arce Media.
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Spanish Ad market
TV and Radio stable. Internet grabbed Press share
Ad market by media
41,6%
43,4%
40,0%
39,5%
34,4%
22,5%
9,1%
1,3%
20,4%
8,5%
6,0%
Source: Infoadex. 2013e =Arce Media
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9,7%
Spanish Ad market
Spain: the biggest drop in Ad spend intensity
Ad spend as % of GDP
0,8%
0,7%
0,7%
0,6%
0,4%
0,6%
0,5%
10bps
0 bps
European avg
2003
0.7%
2013e
0.6%
30bps
0,5%
10bps
10bps
Source: Eurostat. Infoadex & other sources
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0,7%0,7%
7
2013e
Television industry
Significant changes in the TV market structure
Number of players
Net TV
Veo TV
2007
Net TV
2003
2013
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Veo TV
Television industry
Prices and volumes at very low levels
3.469
TV Ad market
In € million +
Market Prices & Volumes
in index terms
153
151
2.317
1.680
112
100
83
TV ad market
2003
2004
2005
2006
Nominal Prices
2007
2008
2009
Volumes
2010
2011
2012
2013e
Source:
• TV Market: Infoadex. 2013e: Arce Media
• Prices: Internal estimates. Conventional advertising. 2013e: Jan-Nov 13
• Volumes: Internal estimates. Commercial hours: 13h-25h. Conventional advertising excluding TVE. 2013:e Jan-Nov 13
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Television industry
TV viewing in constant growth in all age groups
Average daily viewing
Age groups
In min
339
302
292
253
242
213
210
>65
45 to 64
Ind 4+
25 to 44
191
4 to 12
13 to 24
143
146
Source: Kantar Media. 2013 at Nov 30
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Television industry
Sector shifts throughout the decade
TV Market & Sectors
3.469
In € million
2.317
1.680
Beauty
Food
Automotive
Telecom
Retail
Finance
Beverages
Culture
Others
11%
14%
17%
12%
16%
14%
15%
14%
10%
12%
9%
8%
10%
7%
7%
11%
8%
5%
7%
5%
6%
4%
8%
8%
21%
24%
Source: Infoadex and Arce Media (2013e). Sectors (internal estimates) 2013e: 9M13
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17%
Television industry
Spanish TV CPM: The lowest among media and countries
CPM by media &
TV CPM by country
In €/1,000 impacts
13,0
14,2
9,0
8,3
6,6
3,7
2,2
2,2
3,9
2,4
Source: P. Network 2012. EGTA Database 2012. Kantar Media. Arthur D. Little. Internal estimates
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Television industry
Pay TV in Spain: Low audience & penetration
Penetration
Audience
(% of households)
13.3%
86.7%
24h, Total individuals 4+
21.4%
78.6%
Source: Kantar Media
2013 at Nov 30
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2.7%
5.6%
97.3%
94.4%
Radio industry
Current radio audience at its peak
Total number of listeners
25.443
21.483
+4 million listeners
Source: EGM. Yearly average
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Radio industry
Radio market structure remains stable
6 stations
2 stations
6 stations
2
2 stations
stations
3 stations
5
5 stations
stations
2 stations
4 stations
5 stations
5 stations
Non ad-based
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Radio industry
Significant changes in sector weights
678
Radio Market & sectors
In € mill
508
400
Culture&Education
Retail
6%
Autos
6%
Beverages
Transport
Health
3%
Rest
7%
8%
4%
3%
6%
4%
3%
16%
11%
5%
Food
3%
5%
7%
Finance
10%
14%
13%
Telecom
13%
16%
15%
Public Services
12%
17%
22%
9%
4%
3%
3%
2%
13%
16%
Source: Infoadex and Arce Media (2013e). Sectors (internal estimates) 2013e: 9M13
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19%
Atresmedia
Continuously growing to become a leading group
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Atresmedia
Stable shareholder structure
Max: 23.2 €/acc
Feb-06
Last: 11,3 €/acc
Min: 2.8
Jul-12
6.3 €/acc
Oct-03
33.5%
17.2%
0.0%
0.0%
10.0%
39.2%
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Planeta-De Agostini
RTL Group
Shareh. La Sexta
Treasury stock
Others
Free-float
18
41.7%
19.2%
7.0%
7.0%
0.0%
25.1%
Atresmedia
Atresmedia outperforming the market
Gross Ad revenues
In € mill
3.469
2.317
1.680
-27% vs 2003
-52% vs 2007
508
-21% vs 2003
1.015
668
678
810
400
-41% vs 2007
+22% vs 2003
-20% vs 2007
Source: Infoadex. 2013: Arce Media & Market consensus
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Atresmedia
Significant economies of scale
OPEX
In € million
≈750
+ 6 TV channels
+ Distribution fees
+ TVE taxes
620
Source: Internal estimates. 2013: Market consensus
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Atresmedia Television
Television: audience share boosts market share
Audience
+9 pp
Market share
28,6%
x1.8
19,5%
Source: Kantar Media (Total Ind 4+)
2013 at Nov 30
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Source: Infoadex. 2013: 9M13
21
Audience: best in class in Total Individuals…
Audience share 4+
28,6%
19,5%
29,0%
30,7%
21,4%
16,7%
18,2%
8,6%
+9pp
+8pp
-14pp
-10pp
Source: Kantar Media (Total Ind 4+). 2013 at Nov 30
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…and in Commercial Target
Commercial Target
31,3%
30,9%
26,3%
24,5%
20,6%
+10pp
13,9%
+7pp
16,2%
5,8%
-12pp
-10pp
Source: Kantar Media. Commercial Target (16-54 y). 2013 at Nov 30
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Outperforming the market in 7 years of the decade
TV Gross Ad Revenues yoy
25,7%
Market
19,3%
6,7%
18,3%
9,6%
15,2%
8,8%
9,0%
1,0%
4,0%
0,2%
Antena 3
-1,3%
-6%
-0,2%
-6%
-11,1%
-15,5%
-7,5%
-9,5%
-17,4%
-18,9%
-22,9%
2003
2004
2005
2006
2007
2008
2009
2010
2011
Source: Infoadex. 2013e: Arce Media & Market Consensus. Atresmedia proforma in 2013e
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2012
2013e
Atresmedia: Key strategic decisions
Four key strategic decisions
Strategy on family of channels
Advertising bundling
Cost efficiency
La Sexta’s merger
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Pioneers in the family of channels strategy
2010
55-64
2007
Age
2007
4-12
Male
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Female
26
Unique commercial offer
Coverage
Affinity
Advertising
bundling
Source: Internal estimates
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Greater cost structure flexibility
Atresmedia
business
Atresmedia
business
in 2007
in
Core business
Core business
Production
Services
(fixed cost
scheme)
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>450 employees
outsourced (>20% of
total workforce)
28
Outsourced
Services
(variable cost
scheme)
Successful merger
Antena 3: Best rating since 2006
Audience share
La Sexta: All-time high audiences
Market share gains are real (+2pp)
Synergies
Cost synergies above expectations
La Sexta’s break-even from 1st day
Value creation
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Value added transaction as of 2013
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Atresmedia
Closing the gap in margins with our competitor
Pending issue
Average EBITDA margin
≈12pp
2003-2010
Source: Annual accounts & market consensus
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≈1pp
Consensus
2011-2015e
Atresmedia Radio
Solid performance in the last decade
Number of listeners
Market share
4.812.000
x1.25
+2.324.000
2.488.000
Source: Infoadex. 2013: Arce Media and Internal Estimates
Source: EGM. Yearly average data
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Atresmedia Radio
2013 audience doubles 2003
4.812
+2,324 k
2.488
+393 k
2.205
+1,762 k
283
Source: EGM Avg surveys 2003-2013
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2.598
2.045
Atresmedia Radio
Radio division ahead of the market
Gross Ad revenues
Market
From 2003 to date
-21%
+1%
From peak (2007)
to date
-41%
-22%
Average EBITDA margin
2003-2013
19%
Source: Infoadex. 2013: Arce Media and Internal Estimates
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Atresmedia
Over €900 million paid in dividends
€940
Dividends paid
2003-2013
Average Net Debt
2003-2013
million
Avg. Net
Debt/EBITDA
2003-2013
€130
x1.4
million
Source: Atresmedia
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Average ROE
2003-2013
≈40%
Advertising
Audience/Contents
Atresmedia
2003-2013
Atresmedia,
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Strategy
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Atresmedia: Positioning & Strategy
Solid and clear group structure
OTHERS
(*)
ADVERTISING
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Unique market positioning
TELEVISION
RADIO
ATRESMEDIA
TV Ad market
Radio Ad market
Total Ad market
43%
20%
Source: Infoadex & internal estimates
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21%
Full commitment with social actions
•
Antena 3, 1st in ranking among public and private Televisions in Spain in
Corporate Responsibility (2012)
•
The highest qualification among media companies in quality of ESG
information (2012 & 2013)
•
More than €19 million raised for Social Good in last decade
Active in the most relevant
CR Forums & Indexes
Contributing to Society
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Atresmedia: In top position in ad sales…
Net ad revenues
Spain
€ ≈545mill
€ 538mill
(-7%)
(-9%)
21%
21%
Source: Official financial results for Spanish divisions Jan-Sep 2013 vs 2012
Market share vs Infoadex Jan-Sep 2013 Conventional media.
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€ 188mill
(-12%)
7%
…due to a clear strategy
Leading sales
house
Clear TV
identity
Diversification
Outstanding
Multimedia
Radio model
strategy
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Advertising
Audience/Contents
Atresmedia
2003-2013
Atresmedia,
Positioning &
Strategy
Digital
Radio
Financials
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Atresmedia Advertising
Atresmedia: Top 1 commercial force
1st
1st
CUSTOMER-ORIENTED
PROPOSALS
1st
CLOSE RELATIONSHIP
WITH CUSTOMERS
Source: Grupo Consultores 2013. Bi-annual survey (367 media buyers and advertisers)
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INTEGRATED
PROPOSALS
ROI analysis confirms TV as leading category
1ST GLOBAL STUDY
ON TV
EFFECTIVENESS*
2 out of 3 brands: Sales
boosted in the short run
Increase Costumers Fidelity,
Market share, Sales and
Penetration
Key tool when competing
against generic brands
* Collaboration agreement between Kantar World Panel & Atresmedia Publicidad
42 TV campaigns assessed during Q1 2013 (Food, Beverages, Beauty and Personal Care)
Two customer panels declarating their real purchases (8,400 households and 4,000 individuals)
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Focus on premium price
Grp cost index 2013
(Index 100 Total TV)
1,04
1,08
0,97
0,98
0,95
0,93
Source: Grp cost index January-October 2013. Adults 16+
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Sales house unique positioning
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Leading product in advertising reach
Customer
oriented
Reach (%)
60,9
56,8
65,1
60,8
70,8
68,3
64,0
66,5
72,8
68,5
74,4
70,2
75,8
77,0
72,9
71,7
78,1
79,0
74,0
75,0
79,8
75,8
MODULO
Grps
200
250
300
350
Grps
400
450
500
550
500 700
Reach delivered
75,8%
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75,8%
600
650
700
New advertising formats
Innovation
Branded Content Event
Multimedia Brand Day
(Spanish only sales house
combining TV+RADIO)
Multimedia Coverage
Social Media
Commercial Section
Inside Program
Active mentions
Multiscreen campaign
(Spanish onlysales house
with App)
Sponsorship
Brand involment in
corporate responsability
(Spanish only sales house with
far-reaching CR initiatives)
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Multi-screen campaigns
Innovation
Ipad
Online
Smart TV
App
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Exploring new business models: Media for equity
Innovation
El armario de la tele, the e-shop
where to buy the clothes seen on
TV
Clothing
e-shop
• +100% ∆ sales since the start of
the TV campaign
• Potential market: Spain and
Latam market
Media
for
equity
Others in
pipeline
Pure venture capital approach
Couponing
• +50% ∆ sales and +100% ∆
registrations since the start of
the media campaign (TV, radio &
internet)
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Use of predictive awareness model
Effectiveness
MEFE TV
Econometric model that enables advertisers to
understand and forecast campaigns awareness
First econometric tool ever developed by a sales house
R2
92,8%
CAMPAIGN
AWARENESS
PREDICTIVE
MODEL
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Multimedia approach creates relevant synergies…
Profitability
Number of shared advertisers (%)
TV
Online
Radio
TV
64,1%
Radio
29,8%
Radio
TV
Online
37,1%
16,2%
Online
14,2%
7,7%
Source: Internal. January-September 2013
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… which help to boost group’s revenues
Profitability
In terms of revenue (%)
TV
46,1%
trimedia
Online
60,1%
trimedia
Source: Internal. January-September 2013
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Radio
42,0%
trimedia
Outperforming the market in every division
Profitability
Gross Ad Revenues at 9M13 yoy
Market
Atresmedia
Power ratio
8,0%
ARPU (€)
11
-4,7%
-7,6%
-10,4%
TV
x1.5
Market
-3,9%
-12,7%
Radio
Online
Sources: Infoadex. EGM. IAB
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8
Advertising
Audience/Contents
Atresmedia
2003-2013
Atresmedia,
Positioning &
Strategy
Digital
Radio
Financial
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Atresmedia: Audience & Contents
Atresmedia Television: unique TV offer…
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… and leading TV position
Total Ind. Audience: 28.6%
Comm. Target Audience: 30.9%
7 channels under management
Antena 3: 13.3%
• Best ratings since 2009
Complementary channels
• The largest offer in targets
• Audience: 9.4%
La Sexta: 6.0%
• Best ratings since 2010
Source: Kantar Media | Data at Nov 30
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Continuously increasing audience share
Atresmedia TV Audience
24h, Ind 4+
29,3%
28,8%
28,2%
27,6%
28,5%
+0,5
+0,6
+0,3
+0,3
Source: Kantar Media | 4Q 13: Data at Nov 30
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Achieving best ratings in Commercial Target
Total Day (2013)
Prime Time (2013)
32,9%
30,9%
29,3%
28,6%
Source: Kantar Media | 2013: Data at Nov 30
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A3 & La Sexta driving Atresmedia’s growth
2013 vs 2012
2013 vs 2012
Audience Share
Total Individuals
Audience Share
Commercial Target
+1,1
+1,1
+0,8
+0,8
0,0
-0,2
-0,5
-1,2
-1,7
-2,0
6.0% 13.3%
6.0%
13.4% 10.2%
6.6%
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13.2% 7.4%
12.1%
8.3%
Antena 3, the driving force
Our TV model
Leading Commercial Target
18%
29%
Cinema
Entertainment
18%
Variety with quality
News
2%
Sports
5%
Leading offer for
viewers and
advertisers
Current
affairs
17%
Spanish
fiction
56% success ratio
vs 20% for market
Efficiency
% of hours broadcasted. Internal estimates
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60
11%
A3: a growing channel and Commercial Target leader
Total Individuals
Commercial Target
24h
24h
16,0
14,8
14,5
14,6
14,2
13,8
13,9
13,0
13,4
11,5
13,2
12,0
12,5
13,3
11,7
13,3
11,8
12,2
12,5
11,7
12,1
10,0
10,2
8,3
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Succesful merger with La Sexta
Total Individuals
Total Individuals
24h
24h
Merger
6,0
6,0
6,0
5,9
5,5
5,2
4,9
4,8
4,6
6,3
6,2
5,8
4,7
Q4 11 Q1 12Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13
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Audience share goes up while costs go down
Total TV OPEX (net of distribution fees)
€ million per 1% audience
2013e
∆ Audience yoy
+11%
32
30
33
31
32
28
26
23
-18%
24
21
2013e
∆ TV Opex yoy
2013 cost per 1% audience at 2003-04 level
Sources: Kantar Media & Atresmedia
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22
… with a clear business model
Production model
100% external with full cost
& content control
Acquisition policy
Enhances variety
Highly profitable content
Multichannel oriented
Enhances Comm. Target
Films & series
Complementary
Widen audience target
Event driver
Appropriate only at
reasonable costs
Sports
Roadshowand
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up_Mar 2013
Analyst
Investor
Day_Atresmedia_2013
Quality control
Audit and cost control
Outsourcing
Multiplatform oriented
64
Hola TV: Using know how to explore new markets
• Launched in September 13.
Celebrity and Lifestyle
PayTV Channel in
Spanish
• Distributed in Latam and the US
Hispanic market, in cable and
satellite
• Guaranteed initial distribution of
nearly 4 mill HH
• Subscriber fees and ad-based
model
magazine
Roadshowand
back
up_Mar 2013
Analyst
Investor
Day_Atresmedia_2013
65
Atresmedia Television: A successful business model
Roadshowand
back
up_Mar 2013
Analyst
Investor
Day_Atresmedia_2013
66
Advertising
Audience/Contents
Atresmedia
2003-2013
Atresmedia,
Positioning &
strategy
Digital
Radio
Financials
Roadshowand
back
up_Mar 2013
Analyst
Investor
Day_Atresmedia_2013
67
Atresmedia Digital
Main business metrics strong growth
Atresmedia’s unique users
Monthly average (in million)
Atresmedia’s video streams
Monthly average (in million)
11,8
49,9
9,1
52,3
6,9
4,8
30,1
+ 7 mill
unique users
+ 27 mill
video streams
Sources: Smart Ad Server
2013: Jan -Sept
Sources: Nielsen Market Intelligence/Site Catalyst
2013: Jan - Nov
Roadshowand
back
up_Mar 2013
Analyst
Investor
Day_Atresmedia_2013
68
56,7
Atresmedia Digital
Offer based on web long form content
Type of video stream
by type of content
Type of video stream by device
Monthly average
Monthly average
21%
Short
form
16%
Long
form
79%
84%
2013: Jan -Sept
Roadshowand
back
up_Mar 2013
Analyst
Investor
Day_Atresmedia_2013
2%
Mobile
&
Connected
TV
98%
Web
15%
85%
2013: Jan -Sept
69
Atresmedia Digital
Four main fields of action
Web platform
Contents
TV model
“Pure” internet content
Internationalization
Atresplayer
Reach increase
Users registration
Distribution
Monetization
Access to new users
Mobile & Connected TV
Second screen
Roadshowand
back
up_Mar 2013
Analyst
Investor
Day_Atresmedia_2013
Comm. product optimization
Pay contents
Other non ad-based rev.
70
Atresmedia Digital
ATRESPLAYER: new video online platform
Unique Long Form container
High video quality (HD,HD+,Dolby)
New functions (VO, subtitles, playlists)
Multiplatform product
Smart advertising
Registration
First metrics
760k
+20%
Downloads in
Apple
Stores
Video
unique users
Oct-Nov
Roadshowand
back
up_Mar 2013
Analyst
Investor
Day_Atresmedia_2013
71
Atresmedia Digital
ATRESPLAYER: launched
x
in October 2013
Roadshowand
back
up_Mar 2013
Analyst
Investor
Day_Atresmedia_2013
72
Atresmedia Digital
Gathering information from users
User
Info
Model
Information gathering (Profiles & affinities)
Launched in Nov 13
• Online / offline operational tool
• Segmentation
Data on sources (devices)
• E-mail marketing
• Transactional product &
Consumption patterns
services
Roadshowand
back
up_Mar 2013
Analyst
Investor
Day_Atresmedia_2013
73
Atresmedia Digital
Enhancing “pure” internet content
Video channels
(Video)
Thematic channels
Reach increase
Atresmedia’s platforms
Pure internet content
Internationalization
Segmentation
Verticals
(Text)
2010-2013: Celebrities, Se
estrena, El Sótano,
CienciaXplora, TecnoXplora,
Sport Aire Libre,..
Additional revenues
sources
Synergies
In pipeline: Children, Travel,…
Roadshowand
back
up_Mar 2013
Analyst
Investor
Day_Atresmedia_2013
74
Atresmedia Digital
Searching new distribution channels
Best app of the year*
Second
screen
Distribution
agreements
Access to
current and
potential new
users
New
tecnologies
* 2013 TAB Innovation Awards
Roadshowand
back
up_Mar 2013
Analyst
Investor
Day_Atresmedia_2013
75
International
Atresmedia Digital
Optimizing online advertising
Platform
Contents
Roadshowand
back
up_Mar 2013
Analyst
Investor
Day_Atresmedia_2013
Distribution
76
Atresmedia Digital
Fostering other non-ad based revenue sources
Pay VoD
Atresmedia TV non related contents
Additional rev for some own contents
Synergies
Non-ad
based
revenues
E-learning
New
businesses
Photo album
Online games
Others
New brands
Conversion potential
Roadshowand
back
up_Mar 2013
Analyst
Investor
Day_Atresmedia_2013
77
Commercial
Audience/Contents
Atresmedia
2003-2013
Atresmedia,
Positioning &
strategy
Digital
Radio
Financial
Roadshowand
back
up_Mar 2013
Analyst
Investor
Day_Atresmedia_2013
78
Atresmedia Radio
Atresmedia Radio: #2 in audience but #1 in profitability
# 2 talk radio
2.6 mill listeners
# 3 music radio
2 mill listeners
Second radio player in Spain
4.8 million listeners
232 Radio stations
20% market share
Source: EGM 2013 yearly average
Market Share: Internal estimates
Roadshowand
back
up_Mar 2013
Analyst
Investor
Day_Atresmedia_2013
79
Atresmedia Radio
Well defined and identifiable offer
“The radio you deserve. Your radio”
Source: CIMOP & P1Research
Roadshowand
back
up_Mar 2013
Analyst
Investor
Day_Atresmedia_2013
80
“The best pop rock music selection” (90-00s)
Atresmedia Radio
Outstanding growth in both radio offers
2.045
2.598
2.205
283
Source: EGM yearly average
Roadshowand
back
up_Mar 2013
Analyst
Investor
Day_Atresmedia_2013
81
Atresmedia Radio
Onda Cero: The best commercial profile
Commercial Profile
93%
83%
62%
85%
71%
52%
Onda Cero
High
school +
Market
Urban
Mid-High
Income
Source: EGM 2013 3rd wave
Roadshowand
back
up_Mar 2013
Analyst
Investor
Day_Atresmedia_2013
82
Atresmedia Radio
Europa FM, attractive commercial profile
Commercial Profile
90%
78%
85%
50%
71%
52%
Europa FM
High
school +
Market
Urban
Mid-High
Income
Source: EGM 2013 3rd wave
Roadshowand
back
up_Mar 2013
Analyst
Investor
Day_Atresmedia_2013
83
Atresmedia Radio
Our music radio underweighted vs market mix
% source of revenue
Talk radio
17%
83%
Music radio
33%
Music radio
67%
Talk radio
Radio market
Roadshowand
back
up_Mar 2013
Analyst
Investor
Day_Atresmedia_2013
84
Atresmedia Radio
Price potencial in our music formats
€ revenue / listener
≈ 25 €/listener
16,4
≈22 €/listener
14,6
Talk
Radio market
Musical
Radio market
9 €/listener
Radio
market
6 €/listener
1 €/listener
Roadshowand
back
up_Mar 2013
Analyst
Investor
Day_Atresmedia_2013
85
Atresmedia Radio
Discipline in costs increases EBITDA margins
OPEX
Average EBITDA
margin
(2003-2013)
Source: Annual accounts
Roadshowand
back
up_Mar 2013
Analyst
Investor
Day_Atresmedia_2013
86
+19%
Atresmedia Radio
Radio business enhances TV & Digital activities
Cross promotion
Cross-selling
Audience complementary (PT)
Boost social policies (CSR)
Synergies
Radio
TV
Roadshowand
back
up_Mar 2013
Analyst
Investor
Day_Atresmedia_2013
Digital
87
Atresmedia Radio
Four main strategic drivers
Sustain organic growth in Onda Cero
Boost revenue/listener in Europa FM
Strategic
drivers
Redefinition & Launch of Melodía FM
Opportunities to syndicate independent radio
stations
Roadshowand
back
up_Mar 2013
Analyst
Investor
Day_Atresmedia_2013
88
Advertising
Audience/Contents
Atresmedia
2003-2013
Atresmedia,
Positioning &
Strategy
Digital
Radio
Financials
Roadshowand
back
up_Mar 2013
Analyst
Investor
Day_Atresmedia_2013
89
Atresmedia: Financials
Our main goal: To be leaders in profitability
Roadshowand
back
up_Mar 2013
Analyst
Investor
Day_Atresmedia_2013
90
Growth drivers across every division
Reinforcing our current TV model
Adding value through the merger
Benefiting from market rationalisation
Consolidating upward trend in audience
Europa FM: price increase potential
Launching a third radio station (Melodía FM
Atresplayer + CRM
“Pure” internet content
Diversification
D
Roadshowand
back
up_Mar 2013
Analyst
Investor
Day_Atresmedia_2013
91
Target: EBITDA margin>25%
All time
average
2,100
2013e
1,680
Market
Gross Ad revenues
EBITDA Margin >25%
All time
average
460
2013e
400
Market
Gross Ad revenues
Roadshowand
back
up_Mar 2013
Analyst
Investor
Day_Atresmedia_2013
92
EBITDA Margin >25%
Target: Other revenues up to 10% of Total Revenues
Other revenues than TV & Radio
as % of Total Revenues
10%
5%
Roadshowand
back
up_Mar 2013
Analyst
Investor
Day_Atresmedia_2013
Media for equity
93
Target: Solid balance sheet and attractive dividend policy
Total Net Debt Target
Dividend policy
Payout ratio
150 M€
Total
Net
Debt
130 M€
last 10y avg
100 M€
Roadshowand
back
up_Mar 2013
Analyst
Investor
Day_Atresmedia_2013
94
≥80%
ATRESMEDIA
www.atresmedia.com
Investor and Analyst Day
12th December 2013
Q&A Session
Roadshowand
back
up_Mar 2013
Analyst
Investor
Day_Atresmedia_2013
95

Atresmedia

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