Axel Springer

Transcription

Axel Springer

13
Capital Markets Day
Berlin, December 11, 2013
WI-FI Access
CMD2013
Login
2013-ASse
CAPITAL MARKETS DAY 2013
“Digitization – Radical transformation
into a digital publisher”
Axel-Springer-Str. 65, 10888 Berlin
th
Room “Ernst Cramer”, 19 Floor
AGENDA
1
Keynote
Dr Mathias Döpfner, Chairman & CEO
2
DIE WELT & N24 – Winning over the new generation
Jan Bayer, President WELT Group and Printing
3
BILD – From a daily paper to the daily companion in everyone's life
Dr Andreas Wiele, President BILD Group and Magazines,
Donata Hopfen, Managing Director BILD GmbH & Co KG
4
Trends and potentials in advertising
Peter Würtenberger, Chief Marketing Officer
5
Broadening the Scope and Building on Market Leadership in Digital
Dr Jens Müffelmann, Head of Electronic Media
6
StepStone – Expanding market positions
Ralf Baumann, CEO StepStone
7
SeLoger – Fit for future growth
Roland Tripard, CEO SeLoger
8
idealo – past, present & future
Dr Albrecht von Sonntag, Founder & Managing Director idealo
9
kaufDA – Building a global market leader in "research online – buy offline"
Christian Gaiser, Founder & CEO kaufDA
10
Group Financials and Cost Management
Dr Julian Deutz, designated CFO as of April 2014
11
Summary and outlook
Disclaimer
The following presentations, which have been issued by Axel Springer SE (the "Company"), comprise the written
materials/slides for the Capital Markets Day of the Company, held on December 11, 2013.
Whilst all reasonable care has been taken to ensure that the information and facts stated herein are accurate and
that the opinions and expectations contained herein are fair and reasonable, no representation or warranty,
express or implied, is given by or on behalf of the Company, any of its directors, or any other person as to the
accuracy or completeness of the information or opinions contained in these presentations or of any oral
information provided in connection therewith, and no liability, responsibility or obligation is accepted for any such
information or opinions.
These presentations contain forward looking statements which involve risks and uncertainties. The forward
looking statements speak only as of the date of these presentations and include the Company’s beliefs and
expectations and the assumptions underlying them, which may or may not prove to be correct. These statements
are based on plans, estimates and projections as they are currently available to the management of the
Company. The actual performance and results of the business of the Company could differ materially from the
performance and results discussed in these presentations.
The Company undertakes no obligation to update or revise any forward looking statements or other information
contained herein whether as a result of new information, future events or otherwise.
These presentations do not constitute or form any part of any offer or invitation to sell or issue, or any solicitation
of any offer to purchase or subscribe for, any shares in the Company, nor shall it or any part of it nor the fact of its
distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation
thereto.
1
Keynote
Capital Markets Day – Berlin, December 11, 2013
You can access the webcast of Mathias Döpfner’s speech on our website
www.axelspringer.com/cmd2013
2
Dec. 11, 2013
Keynote
2
DIE WELT & N24
Winning over the new generation
Capital Markets Day
Jan Bayer, President WELT Group and Printing
2
December 11, 2013
Axel Springer acquires 100% of
Germany’s leading TV-news channel
TV Channel
News Production
Website
TV Advertising
3
News Apps
December 11, 2013
The WELT Group: Most extensive weekly
crossmedia reach in quality newspaper segment
Crossmedia net reach (in m, per week)
4.6
3.7
3.3
2.7
Source: b4p 2013-I; Basis: Readers per issue, users per week.
4
December 11, 2013
DIE WELT Online reaches more people than all
of its direct competitors
Unique visitors (in m, average per month 9M/13)
8.4
7.1
5.4
4.0
Zeit
SZ
DW
Source: AGOF internet facts 2013-09
5
December 11, 2013
Only two ad-revenue based quality TV news
channels in Germany: N24 and n-tv
Products

N24 TV (news, magazine
programmes, documentaries,
talk shows)

n-tv TV (news, magazine
programmes, documentaries,
talk shows)

N24 Digital (website, apps)

n-tv Digital (website, apps)

N24 Production (News P7S1)

Ad sales (TV)
Founded
Target group
2000 by P7S1, MBO in 2010

Male (14-49 years): 70.4%

Male (14-49 years): 68.7%

Ø Age of User: 50

Ø Age of User: 54
Source: AGF/GfK 2012, TV Scope 5.0, media control
6
December 11, 2013
1992 by RTL Group
N24 leading TV news channel but with catch up
potential online
Market share (in %)
Unique visitors (in m, average per month 9M/13)
1.3
4.2
1.0
1.6
N24
n-tv
N24
TV
n-tv
Online
Source: AGF/GFK 31.10.2013, AGOF internet facts 2013-09
7
December 11, 2013
DIE WELT / N24: Perfect match for common
digital future
Changing
customer
needs
MBO
creates
efficiencies
Phase 1
8
New
digital
products
Cost
savings
Phase 2
December 11, 2013
Digital
Innovation
leadership
No. 1
news
channel
(adrevenue
based)
Phase 3
Need for
inventory of
moving
images
Axel Springer
acquires N24
Combining
Need for
expertise in
digitization
Phase 4
High correlation of digital target group, with
further growth potential
Online
43%
40
Male (14-49 years)
Average Age
48%
36
39%
Net household
income (>3 TEUR)
37%
46%
Tertiary Education
44%
Source: AGOF Internet facts 2013-09, ACTA 2013
December 11, 2013
9
Quality Journalism at the core of all media
channels
TV
Moving images
Print
Content
Digital
Content &
Moving images
10
December 11, 2013
Quality
Journalism
Multichannel approach: First test successfully
completed in 2012
Multichannel reporting: 2012 U.S. election campaign
Print
TV
Online

Media advertising

Trailers

Print coverage

TV appearances
Election blog (including
analysis & background
reports)
December 11, 2013
11
The German media landscape: DIE WELT / N24
most comprehensive multimedia coverage
Digital
Print
Video
Live TV
12
December 11, 2013
(
)
(
)
DIE WELT / N24 clearly ahead of competition
Gross multimedia contact (in m, average per week)
24.6
11.2
6.3
6.5
7.4
4.3
Source: AWA 2013 + ma 2013 Online 9 (addition of weekly reach: daily and weekly newspapers, digital, TV) = gross multimedia contact
13
December 11, 2013
DIE WELT / N24 - a strategic investment in the
future of quality journalism with major potential
Multimedia future DIE WELT / N24
Moving image supplier for Axel Springer
Video proficiency
Live broadcast
capability
Digital skill
Journalistic expertise
Matching target
group
DIE WELT / N24 as the only leading quality
news supplier available on all major channels
14
December 11, 2013
N24 as the central moving image supplier for
the brands and offerings of Axel Springer
3
BILD – From a daily paper to the daily
companion in everyone’s life
Dr Andreas Wiele, President BILD Group & Magazines
Donata Hopfen, Managing Director BILD GmbH & Co KG
BILD achieved three big successful expansions
since its inception
1952
1956
Frequency Expansion
2
Dec. 11, 2013
since 1986
since 1996
Topical Expansion
Digital Expansion
Each expansion increased the reach of BILD
significantly
Frequency Expansion
12.2m readers
Topical Expansion
Digital Expansion
10.9m readers1
9.5m readers
22.5m users2
37.6m net reach
Source: best for planning 2013 I, Basis: German-speaking population 14+; AGOF
1 Exclusive readers AUTO BILD incl. AB sportscars, allrad, autotest; COMPUTER BILD incl. CB SPIELE, AUDIO VIDEO FOTO BILD; SPORT BILD
2 User per month bild.de, autobild.de, computerbild.de
3
Dec. 11, 2013
60% of the BILD readers read the newspaper
before 10am
% of readers BILD
0
1
2
3
Night
4
5
6
7
8
9
Morning
10 11 12 13 14 15 16 17 18 19 20 21 22 23
Midday
Source: Buyer-analysis, 2011
4
Dec. 11, 2013
Evening
BILD.de extended the consumption of BILD
content into the afternoon and beyond
% of readers BILD
% of visits BILD.de
0
1
2
3
4
5
6
Night
7
8
9
10 11 12 13 14 15 16 17 18 19 20 21 22 23
Morning
Midday
Evening
Source: BILD newspaper: Buyer analysis, 2011; BILD.de: Webtrekk, October 2013 (schematic illustration)
5
Dec. 11, 2013
Mobile usage expands the BILD brand into the
early hours and late evenings
% of readers BILD
% of visits BILD.de
0
% of visits BILDmobil
1
2
3
Night
4
5
6
7
8
9
10 11 12 13 14 15 16 17 18 19 20 21 22 23
Morning
Midday
Source: BILD newspaper: Buyer analysis, 2011; BILD.de: Webtrekk, October 2013 (schematic illustration)
6
Dec. 11, 2013
Evening
As a result, reading time of BILD digital is longer
than of any competitors’ product
Average usage minutes
per visitor per month
x 4.1
x 1.8
45.0 min
24.5 min
11.0 min
BILD.de
Spiegel Online
FAZ.net
Source: ComScore, September 2013
7
Dec. 11, 2013
BILD digital reaches a younger and more
affluent audience
Digital with younger audience
Average age, in years
Digital with higher income audience
Net income per household, in €
+ 25%
- 15y
47.8
48.3
2,565
39.5
2,821
2,400
33.1
Average
Total
Population
Average
Total
Population
Source: best for planning 2013 I; Basis: German-speaking population 14+
8
Dec. 11, 2013
3,004
This successful digital expansion is driven by
brand and editorial power
Digital Expansion
1 Brand Power
2 Editorial Power
9
Dec. 11, 2013
1996
2009
2010
2011
2012
BILD is market leader – in print and digital
1 Brand Power
Daily Newspaper
Reach in m
Sunday Paper
Reach in m
12.2
Mobile
Visits in m
Online
Visits in m
176.4
143.8
9.5
65.8
0.5
1.0
Source: daily and sunday newspaper: MA reach 2013 II; Basis: German-speaking population 14+; online and mobile: IVW, average July 2013-October 2013
10
Dec. 11, 2013
21.5
BILD has more female, young and educated
readers than any other print medium
1 Brand Power
Reach among women
In m readers
Reach among readers with
academic education
In m readers
Reach among 14-29y
In m readers
4.5
0.8
1.8
2.1
2.5
80% more female readers
than the strongest competitors’
women’s magazine
0.7
0.8
Almost three times as many readers
as the leading teen magazine
20% more academics than
Germany’s largest daily quality
newspaper
Source: MA reach 2013 II, Basis: German-speaking population 14+
11
Dec. 11, 2013
BILD is the only newspaper in the world reaching
more people than the most successful TV-Show
1 Brand Power
TV-viewers vs. readers
In m
BILD
7.7
Wetten,
dass..?
12.2
The Sun
8.2
6.7
WSJ
21.9
Coronation
Street
Sources: BILD reach: MA reach 2013 II; Wetten, dass..?: Total reach (+14 years) above 5 shows in 2013 (19.01.-15.11.2013);
WSJ reach: GFK MRI Media Release, Spring 2013; USA TV: Nielsen Television, TV Ratings for Primetime, 2012-2013
12
Dec. 11, 2013
Navy
CIS
2.8
Special edition BILD zur Wahl, 21st of September
1 Brand Power
41m free copies delivered to
all German households
22 advertisers
Net advertising revenue > € 10m
13
Dec. 11, 2013
BILD brand power enhanced digital growth –
thanks to the ongoing credibility of newspapers
1 Brand Power
Adults regard newspapers as the
most credible medium …
German population 14 years old and above
In %
1
German population 12-19 years old2
In %
37
Newspapers
TV
22
TV
17
Radio
17
14
48
Newspapers
31
Radio
Internet
… and even more young people
think this way!
Internet
11
1 Source: ARD/ZDF longtime-study mass-communication, 2010 | 2 Source: JIM-study, 2012
14
Dec. 11, 2013
With more than 500 reporters BILD has the
strongest editorial department in Germany
2 Editorial Power
Julian Reichelt, BILD’s war reporter
15
Dec. 11, 2013
The new BILD office in Los Angeles provides
news from 10pm to 6am
2 Editorial Power
BILD Berlin:
6am to 10pm (CET)
BILD Los Angeles: 10pm to 6am (CET)
16
Dec. 11, 2013
BILD is the most quoted news brand in Germany
2 Editorial Power
Quotation ranking in German opinion leader media
Number of quotations, 1-9/ 2013
BILD / BamS
Spiegel
WELT/ WELT am S.
FAZ/ FAZ am S.
Süddeutsche
Handelsblatt
New York Times
Focus
Wall Street Journal
Tagesspiegel
Wirtschaftswoche
Zeit
Guardian
ARD
Spiegel Online
Financial Times
Stern
1,338
1,146
779
671
619
507
403
345
337
294
290
256
251
248
205
192
183
# 14
Source: Media Tenor quotation-ranking, most quoted media, 1-9/ 2013
17
Dec. 11, 2013
BILD power allowed us to increase copy price to
mitigate revenue effect of circulation decline
Average BILD copy price development1
In €
0.69
0.70
0.64
0.65
0.60
0.65
0.58
0.55
0.50
0.48
0.50
0.51
0.45
0.42
0.40
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012 2013
Source: IVW 2002 I – 2013 II
1 weighted average of copy prices by circulation per regional edition (Germany, retail only). Since 2012 II including ePaper. Since 2013 I BILD/ B.Z. Berlin Brandenburg total &
BILD/ B.Z. Germany total
18
Dec. 11, 2013
The ongoing strategy for the BILD portfolio
Continue and strengthen high-quality journalism
Retain and grow the leading position on all platforms
Optimize product, processes and profitability
Drive growth by innovation and brand extension
Establish paid content
19
Dec. 11, 2013
How do we grow?
Premium
Today
20
Dec. 11, 2013
Schematic illustration
Tomorrow
BILD.de’s user base is growing
Unique User in m
16
14.2
14
11.1
12
10
8
6
Jan.
10
May
10
Sept.
10
Jan.
11
May
11
Sept.
11
Jan.
12
May
12
Sept.
12
Jan.
13
May
13
Sept.
13
Source: AGOF
21
Dec. 11, 2013
As innovation leader BILD.de regularly
establishes new products for new target groups
2008 – 2012
22
Dec. 11, 2013
2013
Photo-upload community 1414 launched in
September 2013
Best mission triggered 38k photo uploads in three days
Apps for iOS and Android as
well as a new online presence
BILD sends 1414-reporters on so-called
missions with specific tasks
Missions are incentivized with prizes
23
Dec. 11, 2013
How will we grow further?
Premium
Today
24
Dec. 11, 2013
?
Tomorrow
We grow with BILDplus, our premium segment
Premium
Today
25
Dec. 11, 2013
On June 11th we launched BILDplus
26
Dec. 11, 2013
Tomorrow
Why did we introduce
paid content?
27
Dec. 11, 2013
BILDplus is a revolution for the media
industry in Germany
Establishing a payment culture for editorial content
online and shifting the “free” paradigm of the internet
Objectives
BILDplus
Retaining BILD’s leading position
across all platforms
Establishing a BILD brand subscription; supporting
BILD’s total circulation
Replicating second revenue stream as in the
offline world
28
Dec. 11, 2013
Guiding principles
Commoditized news are free
Added value has a price
This is Plus
Stories that only BILD can tell
Content that is unique to BILD
Content with a clear added value
All App-Products
29
Dec. 11, 2013
Premium content is labelled with the
BILDplus logo on the homepage
30
Dec. 11, 2013
BILDplus content is fully accessible for
active subscribers
31
Dec. 11, 2013
How do we bundle
and price?
32
Dec. 11, 2013
BILDplus brand subscription: The reader pays
only once and uses all BILD premium products
Smart TV
BILD.de
BILD.de
Tablet Apps
Mobile Portal
BILD.de
Smartphone Apps
33
Dec. 11, 2013
Print
There are three BILDplus bundles
€ 0.99
1st month
€ 4.99
per month
€ 0.99
1st month
€ 9.99
per month
€ 0.99
1st month
€ 14.99
per month
34
Dec. 11, 2013
BILDplus supports BILD’s circulation and
combines the online and offline worlds
BILDplus sells newspapers
35
Dec. 11, 2013
BILDplus supports BILD’s circulation and
combines the online and offline worlds
BILDplus sells newspapers
BILD newspaper gives access to BILDplus
36
Dec. 11, 2013
Day pass on
page three of
every paper
The print innovation: With the new inkjet
technology BILD individualizes every single copy
Individualized
day pass for
BILDplus
Lottery:
individualized
illustrations for
sweepstakes and
games
Individualized
winning code for
advertising clients
37
Dec. 11, 2013
BILDplus customers can opt for “BUNDESLIGA
bei BILD”, which launched in August 2013
„BUNDESLIGA
bei BILD“
€ 4.99
+
p. month
€ 9.99
+
p. month
€ 14.99
p. month
+
€ 2.99
p. month
38
Dec. 11, 2013
On all channels: “BUNDESLIGA bei BILD”
Smart TV
BILD.de Online
Bundesliga Smartphone-App
Integration BILD.de Tablet-App
Integration BILD Smartphone App
& BILD.de mobile portal
39
Print
Dec. 11, 2013
Dec. 11, 2013
O
40
How did it start?
41
Dec. 11, 2013
Proof of concept 1: Our technology is working
smoothly
Checkout
Login
Payment
Offerpage
Thank you
42
Dec. 11, 2013
Proof of concept 2: Editorial content triggers
BILDplus sign ups
Since Launch 76% of sign ups were
triggered by content (Web/Wap)
Source: BILD Internal analysis
43
Dec. 11, 2013
Proof of concept 3: Following the introduction of
BILDplus, BILD.de’s reach is stable
Unique User in m
2012
13.5
13.7
13.1
12.3
February
12.3
March
12.7
April
2013
Introduction of BILDplus on June 11th
14.2
13.0
May
14.0
13.0
June
14.2
13.7
12.9
July
12.9
August
Source: AGOF
44
Dec. 11, 2013
14.2
13.2
September
Proof of concept 4: …
…before BILDplus we did not know who our readers were…
45
Dec. 11, 2013
Now we know our clients and we keep them
46
Dec. 11, 2013
THE ultimate proof of concept: The numbers!
Subscribers in thousand
152,493 fully paying subscribers
after 6 months
152
140
118
86
46
June
August
47
September
October
November
December 5th
Web, mobile, app, subscribers / bundles Deutsche Telekom AG & Vodafone, no trial users
Source: BILD Digital BI
Dec. 11, 2013
Compared to international paid content best
practices, BILDplus hit a strong start
Digital reach at start of paid content model
Number of digital subscriptions after the first 6 months
14.0m
8.2m
43.9m
6.4m
1.1 %
0.6 %
50k
47k
Digital
Subscriptions
Jun 2013
0.8 %
324k
152k
Unique
Users1
0.7 %
Unique
Users2
Dec 2012
Digital
Subcriptions
Unique
Visitors3
Digital
Subcriptions4
Feb 2011
Unique
Visitors5
Digital
Subcriptions6
May 2010
1) AGOF, June 2013; 2) AGOF, December 2012; 3) Comscore February 2011, received from Poynter, published 01/25/2012; 4) Digital Subscriptions received from New York Times
Online, published 10/21/2011 5) Comscore, May 2010, received from Techcrunch, published 11/02/2010; 6) Digital Subscriptions, received from paidContent, published 11/02/2010
48
Dec. 11, 2013
We met and even outperformed market
expectations
W&V
„If one to two percent of the users paid, it would work. In the case of BILDplus,
this would roughly be 100 – 200 thousand paying subscribers.“ 2
1) Interview with media expert and CEO of Kircher & Robrecht, Marco Olavarria, August 8th, 2013 | 2) Werben & Verkaufen, 41/2013, Hoffen auf den Erfolg von
Springer‘s Paywall | 3) Kirchner + Robrecht GmbH management consultants, August 2013
49
Dec. 11, 2013
We have met our goals
Establishing a payment culture for editorial content
online and shifting the “free” paradigm of the internet
Objectives
BILDplus
Retaining BILD’s leading position
across all platforms
Establishing a BILD brand subscription;
supporting BILD’s total circulation
Replicating second revenue stream as in
the offline world
50
Dec. 11, 2013
Goals for next year
Continuing the establishment
of paid content online
Maintaining market
leadership on all channels
2014
Growing video reach
Strengthening innovation
leadership
51
Dec. 11, 2013
4
Trends and potentials in advertising
Peter Würtenberger, Chief Marketing Officer Axel Springer
Capital Markets Day, December 11, 2013, Berlin
Agenda
1. Experiences and learnings from the Silicon Valley
2. Highlights 2013 and Outlook 2014
3. Top market positions
2
Dec. 11, 2013
Changes and trends in advertising
3
Dec. 11, 2013
The Silicon Valley‘s ecosystem
Start Ups
Stanford
University
International
Talents
Venture
Capital
4
Dec. 11, 2013
Top learnings from the Silicon Valley
CULTURAL LEARNINGS
5
¾ Technology
¾ Employee motivation
¾ Entrepreneurship
¾ Mix, match & reassemble
¾ Attitude towards failures
¾ Physical proximity despite digitization
¾ Sharing Ideas
¾ Simplicity and usability
¾ Speed to Market
¾ Think big, scale big
Dec. 11, 2013
Top trends from the Silicon Valley
BIG TRENDS
6
¾ Mobile + Social taking over
¾ Internet of Things
¾ Contributor Journalism
¾ Mobile Payments
¾ Content Aggregation
¾ Big Data Monetization
¾ Online-Offline Integration
¾ Education Technology
¾ Sharing Economy
¾ Working in the cloud / SaaS
Dec. 11, 2013
Project Outcomes
Management Summit in the Silicon Valley
Alliance with Stanford University
Joint venture for Axel Springer Plug and Play Accelerator
Investment in Pixlee
Start up wave within Axel Springer
Google commercial deal
Cultural change within Axel Springer
Digital knowhow transfer across all business lines
Continuation of the Silicon Valley Fellowship Program
7
Dec. 11, 2013
Agenda
8
Dec. 11, 2013
Marketing Highlights 2013
“BILD zur Wahl”
BILD Bundesliga
Augmented Reality
Election Special
Non-Stop Football
New Newspaper Experience
¾ Distribution to more than 40
million households one day
before the elections
9
Dec. 11, 2013
¾ Bundesliga 24 hours a day – available
online, mobile, tablet, smart TV and print
¾ Already 40 minutes after the final whistle
Strategic multimedia co-operation
360° success story for SEAT
10
Dec. 11, 2013
¾ DIE WELT „came alive“ on
06/09/13 as first daily newspaper
to use augmented reality
Digital advertising trends at Axel Springer Media
Impact 2014
Mobile Advertising
Video Advertising
11
Dec. 11, 2013
Social Advertising
Growing mobile ad market
12
Dec. 11, 2013
Native Advertising
Real Time Bidding
New revenue streams with native advertising
9 Higher advertising prices through premium approach and content expertise
9 Better user experience and greater engagement with advertisement
Source: BI Intelligence, 2013
13
Dec. 11, 2013
Maximum monetization of ASMI’s video inventory
Strategic video development 2014
Cross Device Rotation:
9 Mobile, tablet and smart TV target groups are
merged and generate attractive reach
9 Clips can be played out across all terminals
9 Additional reach of desirable target groups
100%
80%
60%
Cross device reach: 19.4 mio. views/month*
9 Online: Ø 14.5 m views/month
9 Mobile: Ø 3.1 m views/month
9 SmartTV: Ø 1.8 m views/month
40%
New advertising formats in 2014 in order to meet
growing demand for video advertising
20%
0%
Jan.13
Mar 13
May 13
not utilized
Jul 13
Sep 13
utilized
*Source: Own specification, smartAd Server, online inventory
14
Dec. 11, 2013
Increased reach and more video inventory through
9 Organic growth across Axel Springer portfolio
9 Co-operations / third party marketing
Growing revenue with social advertising
Growth of social ad revenue in US (in US$ billions)*
Axel Springer social media: > 1.5 million
Facebook fans
11.0
10
9.7
18.8%
8.4
8
7.2
3.4
6.1
6
4.6
4
2.9
4.6
4
2.4
1.6
6.4
2
3
3.7
4.3
5
5.7
0
2012
2013
2014
Native Display
2015
2016
2017
Social Display
Social Native CAGR: 22.9% Social Display CAGR: 16.1%
*Source: BIA/Kelsey, 04/2013
15
Dec. 11, 2013
Real Time Bidding: Google commercial deal
Share of RTB-based revenue in
total display revenue*
In %
Google AdExchange co-operation:

Co-operation to establish programmatic ad selling at
Axel Springer Media Impact
(starting 2014)

Advertisers can bid on Google's AdExchange on
standard ad formats of ASMI portals (web and mobile)

Real-time-auctions address additional customers and
can beat directly sold ASMI long-tail campaigns if CPM
is higher

Premium advertising spaces and special formats will
only and exclusively be sold by ASMI
*Source: IDC, Real-Time Bidding in the U.S. and Western Europe 2011-2016; Oct. 2012.
16
Dec. 11, 2013
Agenda
17
Dec. 11, 2013
ASMI has increased it‘s share in the overall set
of print, reaching 1 billion € gross*
ASMI‘s print share**
(incl. MVG/Marquard)
Newspapers
Magazines
* Source: Nielsen Media Research, Jan-Dec. 2012
**Source: Nielsen Media Research, Jan.-Oct. 2013
18
Dec. 11, 2013
ASMI has increased it‘s share in the relevant set
of print *
+1.5%
+3.1%
+3.1%
*Source: Nielsen Media Research (excl. media advertising), incl. “BILD für ALLE” 2012 / ”BILD zur Wahl” 2013, Jan.-Oct. 2013, in %
19
Dec. 11, 2013
ASMI‘s top positions in digital
AGOF Online Marketers Ranking (Unique Users in millions)*
* Source: AGOF internet facts 2013-09, time-lapse: Single month
**Source: AGOFmobile facts 2013-II
20
Dec. 11, 2013
AGOF Mobile Marketers Ranking (Unique Users in millions)**
The biggest media highlight in 2014
Must-have
special edition
distributed to all
German households
shortly before the
first game!
21
Dec. 11, 2013
“BILD zur WM” – Top Facts:

BILD will get Germany ready for the biggest sports
and media event of the year

Free circulation to more than 40 million households

BILD reaches everybody, everywhere!
5
Broadening the Scope and Building on
Market Leadership in Digital
Dr Jens Müffelmann, Head of Electronic Media
AGENDA
1
2
Overview Digital Media
Broadening the Scope
“Early Stage“
4
5
7
2
3
Building on Leadership
“Later Stage”
Classifieds
StepStone
Ralf Baumann
idealo
Dr Albrecht von Sonntag
SeLoger
6
Roland Tripard
8
Christian Gaiser
kaufDA
11.12.2013 | Broadening the Scope and Building on Market Leadership in Digital
AGENDA
1
“Early Stage“
2
4
“Later Stage”
Classifieds
StepStone
5
Ralf Baumann
idealo
7
3
3
SeLoger
6
Roland Tripard
8
Christian Gaiser
kaufDA
Axel Springer about a decade ago
“With regard to
“... the chaotic
electronic media,
web-sandbox of
Springer is completely Springer...”
underdeveloped.”
“Europe‘s largest press
conglomerate – a mere
internet midget. At least
they have a strategy now.“
May 1999
October 2000
4
May 2000
Capital Markets Day 2013
Axel Springer today
„Springer achieves
record with digital
media.“
“Axel Springer’s
become a bright spot
in a European media
landscape ...”
“Springer’s route is
radical, no doubt.
But it’s also the right one.”
March 2013
April 2013
August 2013
5
Digital reach today
European media peers
unique visitors in m
97.5
50.2
35.3
29.6
26.8
26.1
23.0
20.4
18.3
Source: comScore top 100 properties Europe, Oct 2013
6
Digital reach compared to 2012
Growth
European media peers
unique visitors in m
+ 16.7
+21%
+ 3.7
+8%
-1%
- 0.4
- 1.2
-4%
- 0.6
-2%
+ 3.2
+14%
+ 0.5
+2%
- 3.8
-16%
+ 1.2 +7%
Source: comScore top 100 properties Europe, Oct 2013 compared to Oct 2012
7
Digital Media: top-line / bottom-line
EBITDA in €m
Revenue in €m
9M
9M
1,174
243
962
960
197
823
712
158
166
470
378
86
208
43
24
1
2006 2007 2008 2009 2010 2011 2012
2012 2013
9M 9M
14 21
2006 2007 2008 2009 2010 2011 2012
Consolidated figures, 2006-2012 based on Annual Reports, 9M 2012-2013 based on Q3 Reports
8
2012 2013
9M 9M
AGENDA
1
2
“Early Stage“
4
5
7
9
3
“Later Stage”
Classifieds
StepStone
Ralf Baumann
idealo
SeLoger
6
Roland Tripard
8
Christian Gaiser
kaufDA
Digital media focus
„Early Stage“
10
“Later Stage”
Digital media focus
A Build
B Acquire
C Partner
Early stage
initiatives
since 2012
“Later Stage”
11
A Building new business models
Examples
BILDplus
Premium content
Second screen
Social TV platform
German
Bundesliga
Marketplace for
interiors & design
User generated photo
& advertising app
online travel guide in
cooperation with
12
Shopping app for
high street
B Acquiring early stage (example Runtastic)
Portfolio of >30 mobile apps
Fitness
tripmeter, push-ups, sit-ups etc.
Tracking
running, cycling, winter sports etc.
Others
pulse meters, timer etc.
Apple AppStore
>3,000x
>50m
distance
earth to moon
tracked
App
downloads
Each app available as free and pro version. Cumulated total number of downloads
Appstore ranking: category “Health & Fitness”, source appannie.com, average ranking 1.9.2013 - 1.12.2013; (by grossing, Runtastic pro)
13
C Partnering with Silicon Valley Accelerator
Batch I
Pages
live on
14
Batch II
Earnings Conversions
C Partnering with company builder / Otto Group
E-Commerce
Ad Tech
Mobile
Web Security
Online shop tires
Dietary supplements
Art trading platform
Club for wine shopping
Online shop software
Car parts price comparison
B2B meta yellow pages
Realtime advertising
App index
Browser security
Facebook ad management
Targeting as SaaS model
15
AGENDA
1
2
“Early Stage“
4
5
7
16
3
“Later Stage”
Classifieds
StepStone
Ralf Baumann
idealo
SeLoger
6
Roland Tripard
8
Christian Gaiser
kaufDA
Pushing for market leadership
Market position in
acquisition year
(DE)
17
5
2006:
#
2007:
#
(UK)
2009:
#
(DE)
2009:
#
(DE)
2010:
#
(Europe)
Market position
2013
2
3
2
3
Creating synergies through our network
EXAMPLES
With corporate entities
Axel Springer Switzerland
Financial
IT Systems
Procurement
HR
…
Axel Springer Russia
…
Discounted media campaigns
…
Shared content, traffic & sales
Legal, tax, M&A Marketing
…
Corporate services
Among portfolio entities
Jobs classifieds integration
Prospectus integration
18
Accommodation listings integration Real-estate classifieds integration
Real-estate classifieds integration
Performance marketing
Strong post-acquisition development
Top 10 digital acquisitions 2006-2012, based on revenue
Market
CAGR since 2006
Revenue
Ø CAGR since acquisition date
EBITDA
Ø CAGR since acquisition date
+14%
+22%
+33%
Market growth: weighted market CAGR 2006-2013 based on ZenithOptimedia, PwC and HDE
Revenue and EBITDA growth: CAGR since acquisition date incl. fully operationally integrated add-on acquisitions on a pro-forma basis
19
2013: slower growth
Growth 9M/13 y-o-y
Market
<10%
Revenue
+10%
EBITDA
+11%
Market growth: ZenithOptimedia
Revenue and EBITDA growth: acquisitions on a pro-forma basis
20
Portfolio of majority owned market leaders
Women portal
Infotainment portal
Price comparison
Performance marketing
Product comparison
Finance portal
Real-estate portal
Online brochures
Job portal
Financial web applications
Soccer community
Job portal
Recruitment portal
Real-estate marketplace
Content / classifieds portal
Job portal for hospitality
21
AGENDA
1
2
“Early Stage“
4
5
7
22
3
“Later Stage”
Classifieds
StepStone
Ralf Baumann
idealo
SeLoger
6
Roland Tripard
8
Christian Gaiser
kaufDA
Setting up classifieds
30%
70%
Axel Springer Digital Classifieds GmbH
23
Expanding classifieds
30%
70%
Axel Springer Digital Classifieds GmbH
11.3%
24
Classifieds: top-line / bottom-line
EBITDA in €m
Revenue in €m
9M
9M
330
296
136
121
235
222
102
68
108
19
2010
2011
2012
2012
9M
2010
2013
9M
2011
2012
2012
9M
Consolidated figures for Axel Springer Digital Classifieds
25
AGENDA
1
2
“Early Stage“
4
5
7
26
3
“Later Stage”
Classifieds
StepStone
Ralf Baumann
idealo
SeLoger
6
Roland Tripard
8
Christian Gaiser
kaufDA
2013
9M
6
StepStone
Expanding Market Positions
Ralf Baumann
CEO StepStone
11th December 2013
www.stepstone.com
Agenda
StepStone’s market positions
Drivers of our market place
Candidate delivery
Direct search in online recruitment
2
www.stepstone.com
Leading online jobboard
94% of sales
90%+ revenue
from #1 positions
1,200+ employees
24 countries,
#1 in 19
~1%
of sales
StepStone
~5%
of sales
Totaljobs Group
Saongroup (closing Nov ’14)
YOURCAREERGROUP (closing Jan ’14)
www.stepstone.com
3
Totaljobs Group
Totaljobs Group contributes significantly to StepStone’s growth
after successful integration
Successfully replaced corporate/ admin IT systems
Steady growth and increased profitability
Future focus on direct customers
4
www.stepstone.com
YOURCAREERGROUP
Stepstone strengthens German market position with
acquisition of YOURCAREERGROUP
Number of listings (in thousands)
Highlights
Generalist portals
StepS
40.1
Monster
31.3
CareerB
Leading job board in the
hotel/restaurant/catering sector in
Germany, Switzerland and Austria

No customer overlap with StepStone

Good fit with caterer.com and
catererglobal.com (part of TJG)

500,000 unique visitors per month

Transaction effective as of January 1st,
2014
14.7
HOTELC
12.2
Xing
meinestadt.de

Specialist portal
8.6
6.1
JobSc
5.1
Stell
4.7
Jobware
4.2
Source: anzeigendaten.de, monthly average Jan-Sep 2013. meinestadt.de: N° of paid listings.
www.stepstone.com
5
Saongroup
StepStone broadens international footprint with
acquisition of Saongroup
Company profile
Highlights
Strong portfolio of online job boards
in 16 countries in Europe, Africa,
Central America
#1 positions in Ireland, Northern
Ireland, South Africa (accounting for
80%+ sales)

StepStone continues its growth
strategy

Acquisition of 100%
(excluding Saon China & Saon
Myanmar)
No geographic overlap in core countries
Headquartered in Dublin, Ireland;
founded in 1999, > 300 employees
(group)
6
www.stepstone.com
StepStone Group’s Portfolio
StepStone Group – a portfolio of market leaders
Germany
UK, Ireland
#1
Belgium
South Africa
#1
#1
#1
Other countries
Europe: Austria, France, Denmark, Sweden , Netherlands
Central America: El Salvador, Panama, Guatemala, Honduras, Costa Rica, Jamaica, Cayman, Trinidad
Africa: Mauritius, Kenya
www.stepstone.com
7
Revenue Growth Benchmarks H1-2013
StepStone maintains organic growth above most market peers
+5%
H1-2013 YoY
US + Americas
-5% to +15%
Europe
-40% to -5%
APAC
-10% to +10%
Note: StepStone Group pro-forma adjusted for FX-differences; excludes recent acquisitions (YOURCAREERGROUP, Saongroup)
Source: WARC, FDIM, Company Reports
8
www.stepstone.com
Drivers of our market place
StepStone serves and optimises the market place technology
Customer
Job and
Career
Seekers
Users’ demand
Jobboard
Large number of qualified
jobs/listings
Best in class matching
technology
Large number of active
recruiters on the direct
search platform
Usable on all platforms
(PC, Mobile)
Companies’ demand
Candidate delivery
www.stepstone.com
9
StepStone’s focus areas
Twitter
Passive
candidates
Xing
Social Media
LinkedIn
Facebook
Employer
branding
10
Mobile
Active
candidates
www.stepstone.com
StepStone’s core deliverable
Delivery of quality
candidates!
www.stepstone.com
11
StepStone Candidate Delivery
StepStone.de’s lead over competitors is widening
Applications per job ad in 2012
Applications per job ad in 2013
13.6
15.6
Competitor
7.1
x 1.9
Competitor
Competitor
6.7
x 2.0
Competitor
x 4.6
Competitor
x 7.5
Competitor
Competitor
Competitor
3.0
1.8
6.0
5.1
3.3
2.2
x 2.6
x 3.1
x 4.7
x 7.1
Source: TNS 2012, n=746; poll period: April-June 2012; survey of 80,299 recruiters who inserted job ads during this period;
TNS 2013: n=4,169
12
www.stepstone.com
Website Conversion
Marketing attracts user’s to the site, conversion mechanisms
ensure users are channelled to the right listings
Unique Users
Index
Drive more users
to the site
X
Visits per
Unique Index
Users return more
often
=
Visits
Index
Listing Views
X per
Visit Index=
Website receives
more visits
Users view more
listings
Listing Views
Index
Listings receive
more views
160
140
+17%
+9%
120
+4%
CAGR +3%
100
100
+8%
118
113
108
102
100
80
2011 2012 2013
2011 2012 2013
2011 2012 2013
2011 2012 2013
2011 2012 2013
Source: Site Catalyst (StepStone), based on Aug-YTD values
www.stepstone.com
13
StepStone’s product portfolio
StepStone is able to sell a complete online recruitment
product suite
Job Ads
Direct Search
Standard, Individual, Plus
Banner Advertising
DirectSearch Database
International Job
Advertising
Newsletter & Job Agent
DirectSearch Direct Mail
Company Portrait
DirectSearch Mobile App
StepStone FOLLOW AD
DirectPush (Keyshots)
Selected target group
1 to 1
1 to many
14
Employer Branding
www.stepstone.com
Importance of direct search
Importance of direct search in recruitment varies across
countries with almost no changes over time
Germany
~5%
US
35%
Direct search currently
accounts for less than
5% of StepStone’s
revenue
www.stepstone.com
15
StepStone Direct Search
StepStone’s new direct search products
Old Search Interface
New Search Interface
Mobile App
„The new StepStone Direct Search Database offers a very simple and intuitive usability
approach right from the first moment. Entered terms are anticipated by the engine and
automatic suggestions are extremely helpful to identify well suited talent quickly. It’s a
great solution, which allows us to expand the recruitment process to a wider
audience and leverage the true potential of our Active Sourcing teams. For us, the Direct
Search Database means more satisfaction among our colleagues and higher success
rates in hiring“
Martin Moll, HR Senior Recruitment Consultant EMEA, SAP AG
16
www.stepstone.com
StepStone’s opportunities
Capitalising on…
strong market positions
superior candidate delivery
economic growth
improved direct search products
17
www.stepstone.com
7
Fit for future growth
Roland Tripard, CEO
Capital Markets Day
Berlin, December 11th, 2013
The leading online specialist for
Real Estate
The entry door for every real estate project of every French household
For sale
For rent
New builds
Land plot
House to build
High end
property
Office
Store
Warehouse
Or even
A vacation home
2
Despite the worst possible market conditions…
Evolution of the number of yearly transactions in the last 3 years
Resales
New Home Sales
900.000
120.000
800.000
-12%
700.000
-10%
-19%
80.000
600.000
500.000
400.000
-16%
100.000
805.000
300.000
60.000
707.000
104.288
635.000
200.000
88.099
40.000
71.000
20.000
100.000
0
0
2011
2012
2011
2013
2012
Individual Home Buildings
1.200.000
160.000
-14%
140.000
-16%
120.000
-13%
1.000.000
-12%
800.000
100.000
80.000
2013
Total
146.160
60.000
600.000
126.000
106.000
40.000
20.000
1.055.448
400.000
921.099
812.000
200.000
0
2011
2012
2013
0
2011
2012
2013
Sources projections 2013 : Commissariat Général au Développement Durable, Union des Maisons Françaises, FNAIM
Source : Commissariat Général au Développement Durable
3
… 2013 growth is stronger than in 2009
2013 growth will be well ahead of 2009’s, both in revenue and in ebitda
Group revenue growth
3%
2009
Ebitda margin (in % of revenue)
56%
2013 ytd
2009
2013 ytd
4
Traffic keeps growing &
becoming more efficient
Visits
188000
186000
184000
182000
180000
178000
176000
174000
172000
170000
168000
PagesViewed
Leads
2800000
22000
2700000
20000
2600000
+7%
16000
2400000
14000
2300000
12000
2200000
2100000
Jan-Oct
2012
YTD2012
Jan-Oct
2013
YTD2013
10000
Jan-Oct
2012
YTD2012
AppsDownloads
70000
Mobilesitevisits
50000
700
40000
650
30000
600
20000
550
10000
500
0
Jan-Oct
2013
YTD2013
Source : SL Omniture
Jan-Oct
2012
YTD2012
Jan-Oct
2013
YTD2013
+22%
yoy
Appsvisits
60000
+12%
750
Jan-Oct
2012
YTD2012
Jan-Oct
2013
YTD2013
Mobiletraffic
850
800
+26%
18000
+14%
2500000
Active alerts
+22%
1.8 million YTD2013
+47%
yoy
Alerts sent
Jan-Oct
2012
YTD2012
699 million YTD2013
Jan-Oct
2013
YTD2013
Unit: ‘000
5
Enabling customer recruitment…

Penetration rate is at 85%
100%
90%
Penetration rate among real estate agencies (%)
85%
80%
70%
60%
50%
40%
30%
20%
10%
0%
6
…and solid ARPU growth
Note: ARPU figures include revenues from Seloger.com, excludes verticals.
7
Three drivers for ARPU growth
Pricing &
Note: ARPU figures include revenues from both SeLoger and vertical portals.
8
Growth in verticals also stems
from new customer target groups
Fast development of business with new customer groups,
specifically property developers, house builders and commercial brokers
has been instrumental in growing our revenue from « vertical » portals
Revenue growth
of vertical portals
(yoy)
35%
35%
24%
FORECAST
30%
12%
2009
2010
2011
2012
2013 ytd
9
Market conditions should now slowly improve
120
LTM Existing Homes Sales and France's Metropolitan
Population
(Base 100 = December 2000)
110
100
90
80
70
Dec-00
Mar-01
Jun-01
Sep-01
Dec-01
Mar-02
Jun-02
Sep-02
Dec-02
Mar-03
Jun-03
Sep-03
Dec-03
Mar-04
Jun-04
Sep-04
Dec-04
Mar-05
Jun-05
Sep-05
Dec-05
Mar-06
Jun-06
Sep-06
Dec-06
Mar-07
Jun-07
Sep-07
Dec-07
Mar-08
Jun-08
Sep-08
Dec-08
Mar-09
Jun-09
Sep-09
Dec-09
Mar-10
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
60
LTM Existing Homes Sales
Source : Commissariat Général au Développement Durable + INSEE
France's Metropolitan Population
10
Making a fertile ground for
all our initiatives…
New mobile services
New consumer centric services
e-CRM (consumer profiles)
e-mailing
DYNAMIC WEB PAGES
Retargeting
New data-based services
Lead qualification Lead scoring
Price evaluation
PRO-ACTIVE MATCHING
New business models
Online booking
e-commerce
Private sales
11
…made possible by our new organization
• Reinforced management team
• Reinforced IT & products teams
• Operational synergies with sister companies
12
8
idealo: past, present & future
presented by Dr. Albrecht von Sonntag
11.12.2013
1
idealo - past
2000
idealo was founded in Berlin with
- EUR 150K equity and EUR 350k loan,
- 12 employees and one soccer table.
And: No market. Even no Google.
11.12.2013
2
idealo - past
2001
idealo still in Berlin, but
- no money,
- only 2 employees left, paid by reimbursement of prepaid taxes,
- about to file for insolvency,
- development of our successful SEO-strategy:
„Building the best product for the user
AND
tell the search engines about it.“
11.12.2013
3
idealo - past
The dark years formed the DNA of idealo:
creativity,
efficiency,
frugality,
loyalty
&
sustainability.
11.12.2013
4
idealo - past & present
2001 – 2013
clicks
Jul Nov Mrz Jul Nov Mrz Jul Nov Mrz Jul Nov Mrz Jul Nov Mrz Jul Nov Mrz Jul Nov Mrz Jul Nov Mrz Jul Nov Mrz Jul Nov Mrz Jul Nov Mrz Jul Nov Mrz Jul Nov
01 01 02 02 02 03 03 03 04 04 04 05 05 05 06 06 06 07 07 07 08 08 08 09 09 09 10 10 10 11 11 11 12 12 12 13 13 13
411
FTE
454
318
234
2
12
2001
2002
35
52
2003
2004
11.12.2013
86
102
106
2005
2006
2007
172
141
2008
2009
2010
2011
2012
2013
5
Milestones
idealo.es und shortly thereafter
idealo.pl go online
Launch of idealo.fr
idealo reaches break-even
Foundation of idealo internet
GmbH, amongst others by
Martin Sinner, Christian
Habermehl and Albrecht von
Sonntag
idealo becomes mobile and
starts the idealo price
comparison app
A first milestone is reached:
idealo.de goes live
The Austrian price comparison
idealo.at goes online
11.12.2013
Idealo.it enables Italian users access
to the best prices
idealo starts a price comparison
for flights at flug.idealo.de
Axel Springer becomes a
shareholder
User can now also find the
cheapest flights on the go via
the idealo flight app
idealo grows significantly and
strengthens its international
position with idealo.co.uk
Attractive rates for hotels can
now be found on hotel.idealo.de
6
Germany’s #1 price comparison platform
Strong market traction
Continuous success since joining of Axel
180%
10x
140%
+26%
+2%
100%
2006
2013
+2%
-29%
60%
-42%
10x
20%
Aug 12
Dec 12
Apr 13
Aug 13
2006
2013
Comscore: Growth of unique visitors, selection of competitors (Top 3 in H1 2013); financials incl. acquisitions
11.12.2013
7
7
8
idealo - present
11.12.2013
idealo - present
Product page
11.12.2013
9
10
idealo - present
Product page apparel
11.12.2013
idealo - present
11.12.2013
11
idealo - future
Go the „idealo“ way.
„idealo“ is esperanto for „ideal“
1)
The name stands for our two main strategies:
1. The ideal purchase,
2. Internationalisation.
And: striving to form an ideal company.
1) Esperanto
11.12.2013
is the most widely spoken constructed international auxiliary language
12
9
BUILDING AGLOBALMARKETLEADER
IN„RESEARCHONLINE– BUY OFFLINE“
AXELSPRINGERCAPITALMARKETS DAY
CHRISTIANGAISER,FOUNDER &CEO
Local ShoppingInformationUsed To Be Like This
Source:IndustryReports
2
A
$35billion
strong globalprint industry.
AxelSpringerCapitalMarketsDay2013
Our Approach:Local ShoppingMadeEasy
Browse.Discover.Search.Setalerts.
Theeasytool toplanyour local shopping andnever missthe bestoffers.
>12musers globally &>6bnflyer openings
Trusted Partnerfor many of the world‘s biggest retailers
3
Our Product At AGlance
4
Browsethrough all
local circulars
Search&Discover
attractive deals in
acircular
Lookfor the next
stores around you
Setalerts for your
favorite categories
or products
Simple&Scalable BusinessModel
Advertisers only pay for clicked active consumer interest:
Retailers:
kaufDA
extends valuable
content online
Cost per
Engagement
5
BornInGermanyAsAUniqueInnovation,
Now Rapidly Expanding OnAGlobalScale
Expansioninto most relevantretail admarkets
kaufDA launched inlate 2008as aunique idea
From late 2011on,fastrollout indefined markets
France,Russia,Spain,Brazil and most recently the United
Statesas target markets
Focusonentering further relevantretail advertising
markets
visits DE
visits ES
visits FR
visits BR
visits RU
Trafficgrowth indexed vs internet usage
Bonial– Our Frenchbusiness
as asuccessful example
Launchin12/2011
Now more than >2mmonthly users
Trusted partner for already 50%of the topFrenchretailers
Weeks since launch
6
1
3
5
7
9
11
13
15
17
19
21
23
25
MobilePushing GrowthFor Our Business
Mobile share in flyer openings
Accelerating growth / profitability
80%
70%
60%
50%
40%
30%
2012
2013
20%
1/2011
10/2013
Reached #1 in the AppStore of Each Country
2012
2013
AppdownloadsGermany;EBITDA:GER,FR(excl.ES,RUS,BRA);Mobilesharein
flyeropeningsGermany
7
kaufDA
(Germany)
Launched
Dec‘08
Bonial
(France)
Launched
Dec‘11
Ofertia!
(Spain)
Launched
April‘12
Lokata
(Russia)
Launched
April‘12
Guiato
(Brazil)
Launched
July‘12
USMarketEntryTo CaptureTheBiggest Potential
Showing StrongEarlyStageMomentum
“kaufDA hasbeensingledoutas
Germany’s‘StarofLocationBased
Services’becauseofitsmarketdominance
inlocalpromotions,muchofitdelivered
bymobile.”
“Fiveyearsago,theBerlincompany
startedtobringthecircularintotheweb.
NowitenterstheUnitedStates– andthus
returnsbacktoitsroots.”
RETALE™
Nationallaunch inthe U.S.onOct 28th2013
Over20major retail launch partners including players
like Target,KOHL’s,ToysRUs
Newretail partners added weekly:
>40retail partners liveafter6weeks since launch
USmarket size for circulars (>15bnUSD)exceeds
Europeanmarket
Experienced leadership team (former VPMarketing
SearsHolding+former Sales Director ChicagoTribune)
Headquartered inChicago
8
Top ranking positions shortly after launch
10
Capital Markets Day
Dr. Julian Deutz, designated CFO as of April 2014
Axel Springer 2013: Sound value proposition
1)
2
1
Group Financials: Successful digital transformation underway
2
Further value unlocked through deal with FUNKE MEDIENGRUPPE
(FMG)1)
3
Continuous cost management ensures high efficiency of remaining
print business
Subject to closing
Dec. 11, 2013
Solid group financials
1
Axel Springer group financials (in €m)
9M/13
yoy
2,443.1
+1.5%
833.7
1,330.4
279.0
-5.2%
+6.6%
-0.6%
EBITDA
427.0
-32.3
Margin
17.5%
-1.6pp
1.93
-12.7%
41.7
21.7
+17.4
+8.3
490.4
-6.7
20.1%
-0.6pp
Revenues
Circulation
Advertising
Other
Adjusted eps1)
Restructuring expenses
Launch costs (LC)
EBITDA excl. Restructuring/LC
Margin
1)
Revenues slightly above prior
year level
EBITDA down by 7.0% in
9M/13 mainly due to higher
restructuring and launch costs
and share-based compensation
programs
Based on weighted average number of shares outstanding at September 30, 2013
3
Dec. 11, 2013
Revenues and earnings development reflects
company transformation in 2013
1
Axel Springer segment overview (in €m)
Digital Media
Newspapers
National
9M/
2013
9M/
2013
YoY
Magazines
National
Print
International
YoY
9M/
2013
YoY
9M/
2013
286.7 -10.4%
YoY
Revenues
959.8 16.6% 781.7
-6.6%
331.0
-2.4%
EBITDA
196.6
-41.2
75.3
4.2
Margin
20.5% 0.3pp 20.0% -3.6pp 22.7% 1.8pp 12.5% -0.3pp
EBITDA excl. Restructuring /LC 217.2
Margin
4
30.7
40.6
156.1
180.1
-29.1
78.3
-2.4
36.0
39.1
-5.1
-5.6
22.6% 1.2pp 23.0% -2.0pp 23.7% -0.2pp 13.6% -0.3pp
Dec. 11, 2013
Services/
Holding
9M/
2013
YoY
83.9
-5.5%
-36.9
-20.9
-24.4
-10.2
Comfortable financial situation with significant
headroom for further growth
1
Net debt1) (in €m)
12/31/12
Credit line
10/31/13

Volume of €900m

Maturity in 2017

Initial margin below 50 bps
-296.7
-449.6
Promissory note2)
Leverage: sufficient headroom

Leverage of 0.5x as of October 31, 2013

Volume of €500m

Self-imposed maximum leverage of
1.5-2.0x EBITDA leaves sufficient
headroom

Maturity in 2016/2018

Favorable fixed interest rates for 64% of the
volume
1)
Excl. pension liabilities (31.12.2012: -€344m; 30.09.2013: -€344m) and treasury shares (31.12.2012: 0.2m shares; 30.09.2013: 0.0m
shares) 2) Schuldscheindarlehen
5
Dec. 11, 2013
Transaction with FMG unlocks value in German print
assets1)
2
Overview FMG-Transaction
Digital
Print
Transaction AS/FMG
Newspapers (Nat.)
Content
National (BILD/ WELT)
Regional2)
Performance
Marketing
Magazines (Nat.)
Classifieds
Women2)
TV-Guides2)
Cars/Sports/PC
International
Joint Venture
1)
Subject to closing
2) Incl. digital offerings
6
Dec. 11, 2013
Ad Sales
Retail distribution
Attractive multiple shows the value of our brands
2
Key Financials
Assets to be
sold
EBITDA 2012: €95m
Revenue 2012: €512m
Purchase price
€920m (cash/debt free)
Cash payment
€660m by FMG
Vendor loan
€260m
Tax payment
(expected)
~ €260m on full purchase price
7
Dec. 11, 2013
Signing to be expected within the next two weeks
2
8
FMG transaction timeline going forward
July 25, 2013
Legally binding preliminary agreement
December 3, 2013
Antitrust clearance for regional newspapers & womens´
magazines
December 2013
Signing of final contracts
January 1, 2014
Economically effective
H1 / 2014
Cartel office decision for TV guides expected
H1 / 2014
Closing, €660m payment by FMG
Year 5/6, after closing
Repayment of vendor loan
Dec. 11, 2013
FMG deal accelerates shift to digital
2
Axel Springer key financials development excl. future FMG assets
Revenues
Advertising Revenues
14%
EBITDA
4%
22%
46%
55%
69%
86%
96%
78%
54%
45%
31%
2008
Print
9
9M/13
2008
9M/13
2008
9M/13
Digital
Dec. 11, 2013
Continuous cost management is an integral part of
Axel Springer’s business agenda
3
Axel Springer‘s integrated cost management approach
Benchmarking
Programs
Regular analysis of
editorial, IT, production
and other costs
Set up of dedicated
project teams and cost
saving measures.
Continuous monitoring
Controlling/
Reporting
State of the art KPI
based controlling tools
to enable close
monitoring
10
Dec. 11, 2013
Active portfolio
management
Management
incentives
Cost efficiency is a
management objective
for all Axel Springer
executives
All Axel Springer
assets regularly
reviewed, continuous
portfolio alignments
Large variety of cost efficiency projects performed
over all functions within national print activities
3
Our print business: cost structure and cost management approach
Cost structure1)
(in % of total costs)
1)
Projects / measures include…
30-40%
Paper, Print,
Delivery

~25%
Editorial cost
Pooling of BILD and B.Z. editorial departments
Synergies in print and digital editorial departments increased
~20%
Marketing
Improved focusing of marketing activities (e.g. POS)
~20%
Admin
IT support improvement (new specialists, improved process)
Prepress processes restructuring (integration of page planning)
Printing plants HR management centralization
Machine staff reduction at all printing facilities
Continuous reconsideration of paper qualities (esp. magazines)
Excl. future FMG assets, projects, restructuring costs, non-recurring effects and income from investments
11
Dec. 11, 2013
Inside Berlin’s local newspapers: vast content
overlaps
3
12
Editorial examples
Dec. 11, 2013
Significant cost efficiencies through integration of
BILD Berlin and B.Z. local newspapers
3
BILD Berlin and B.Z. integration highlights
„Berlin“
„National“
Joint editorial
team
Berlin content
Berlin content
Content
supply
National content Content supply
National content Content supply
Integration of support and
service functions with other Axel
Springer titles
„Joint forces“ on highly
competitive local Berlin newspaper
market (40% topics overlap
between BILD and B.Z.) while
keeping both well established
brands
13
Dec. 11, 2013
Significant efficiencies in staff
and administration costs
Printing facilities staff will be reduced by 44% until
2020
3
FTE development printing plants
-44%
Reduction achieved
through
Streamlining of
printing processes
Two-shift-production
Machine staff
reduction
Adaption to circulation
development
2008
14
2010
Dec. 11, 2013
2012
2014
2016
2018
2020
A further €106m cost savings until 2016 in remaining
national and international print activities
3
Savings compared to cost basis 2011 (in €m)
Incl. future FMG assets
Excl. future FMG assets
122
106
93
82
69
63
78
52
2013
15
2014
Dec. 11, 2013
2015
2016
2013
2014
2015
2016
Continuous cost management inherent
in Axel Springer´s management culture
Cost savings program successfully
underway
Significant part of print revenue
decline offset by cost reductions
Print margins expected to
remain on high level
16
Dec. 11, 2013
11
Summary and outlook
You can access the webcast of Mathias Döpfner’s speech on our website
www.axelspringer.com/cmd2013
2
Dec. 11, 2013
Summary and outlook
Thank you for attending the Capital Markets Day 2013!
Christoph Keese
Executive Vice President
Phone: +49 30 2591 77800
Mobile: +49 171 7614545
[email protected]
Claudia Thomé
Head of Investor Relations
Daniel Fard-Yazdani
Co-Head of Investor Relations
Phone: +49 30 2591 77421
Mobile: +49 160 90445035
Phone: +49 30 2591 77425
Mobile: +49 151 52844459
[email protected]
[email protected]
Axel Springer SE: Axel-Springer-Str. 65, 10888 Berlin, Germany, Fax: +49 30 2591 77422

Axel Springer

Transcription

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