Financial information for the first quarter of 2009

Transcription

1 Financial information for the first quarter of 2009

2 Key messages Growth of 5.3% on a comparable publication basis in the first quarter of 2009, unrepresentative of the trend expected over the full year One person in two in France uses pagesjaunes.fr at least once a month (1) Maintenance of over 30% headroom under bank covenants, with net debt decreasing from 1,882 million as at 31 December 2008 to 1,822 million as at 31 March 2009 (2) (1) NielsenNetRatings (NNR) all access points Internet applications excluded Parent ranking February 2009 (2) See glossary 2

3 Deterioration of outlook for advertising market in 2009 Forecasts for annual growth of the advertising market in France 2.1% 0.6% -1.4% -1.9% -5.0% -5.0% Zenith, Dec 08 Carat, March 09 Xerfi, March % Zenith, April 09 Source: France Pub (February 2009) for historical data 2009 (est.) 3

4 PagesJaunes Groupe: in the world s top 10 by Internet advertising revenues Ranking of Internet sites in France Fixed Internet (1) Ranking Ranking Unique visitors ( 000) Reach (%) Internet users - 33, % PagesJaunes Groupe (Parent) 4 16, % PagesJaunes (Brand) 6 14, % Mappy (Brand) 12 11, % AnnoncesJaunes (Brand) 364 1, % Mobile Internet (2) Unique visitors ( 000) Reach (%) Mobile Internet users - 7, % PagesJaunes Groupe (Parent) 4 1, % PagesJaunes (Brand) % Mappy (Brand) % (1) Source: NielsenNetRatings, February 2009 All access points Parent ranking (2) Source: Panel of Mobile Internet Users Médiamétrie, France, October

5 Record audiences for pagesjaunes.fr and annoncesjaunes.fr in March 2009 Number of visits to the group s Internet sites in France (in millions) (1) pagesjaunes.fr: 77.7 million visits in March annoncesjaunes.fr: 2.5 million visits in March % First quarter 2008 pagesjaunes.fr mappy.com annoncesjaunes.fr and pagespro.com First quarter 2009 (1) Source: Médiamétrie/eStat, Xiti 5

6 Latest developments in Internet services from PagesJaunes in France Extension of the partnership with Kewego enabling 14,000 video customers to increase their visibility Launch of the Pack Vitrine, an aggressively priced shop window pack to support advertising customers in the real-estate and car/motorcycle segments Introduction of a new functionality to aid data entry (autofill) on pagesjaunes.fr New version of the PagesJaunes iphone application, which is one of the top 10 most downloaded free applications, with over 300,000 downloads 6

7 Latest developments in printed directories from PagesJaunes in France Rollout of the new compact format More precise geographic targeting of printed directories through scoping based on residential areas Opt-in/opt-out portal, recevoirmesannuaires.fr, to optimise the distribution of directories Launch of Collector in the Ile-de-France region 7

8 Latest developments in the other subsidiaries Mappy: implementation of Mappy API on annoncesjaunes.fr, QDQ.com and Transilien (SNCF), Find the cheapest filling station functionality on the Mappy mobile Internet site (January) Horyzon Média: 80% reach rate, just behind AOL and Google in February 2009 (1), winning of mobile advertising representation for Lemonde.fr QDQ Media: step-up of restructuring plan (reduction of 170 jobs), accelerated introduction of new organisation and development of the QDQ Google offering for small customers (1) Source: NielsenNetRatings, February 2009 All access points Parent ranking 8

9 PagesJaunes Groupe: Consolidated revenues up 5.3% on a comparable publication basis Consolidated revenues in the first quarter (in millions) Q Q Change Comparable publication basis PagesJaunes in France % +6.0% International & Subsidiaries % -5.6% Inter-segment (1.8) (1.8) 0.0% 0.0% Group total % +5.3% Of which Internet % +15.7% As % of revenues 46.2% 51.1% 9

10 PagesJaunes in France: revenues up 6.0% PagesJaunes in France segment: first-quarter revenues (in millions) Q Q Change Printed directories % Pagesjaunes.fr and Internet sites Telephone directory enquiry services (118008) % % Others (including Minitel) % PagesJaunes in France % High proportion of directories for provincial départements (24 out of 26 published) Locked-in growth from 2008 edition Drying up of revenues from Minitel ( 2.8 million in Q1 2008) Of which Internet (1) % As % of revenues 46.1% 50.9% (1) Including pagespro.com 10

11 First-quarter revenues unrepresentative of fullyear trend in France Quarterly growth of revenues from printed directories First quarter Second quarter Third quarter Fourth quarter -3.0% -1.6% High proportion of directories for provincial départements (24 out of 26 published) at start of year -4.0% -5.3% -8.5% Quarterly profile comparable to 2008 mainly due to evolving economic situation and spread of départements over the year

12 First-quarter revenues unrepresentative of fullyear trend in France Quarterly growth of Internet revenues (pagesjaunes.fr and Internet sites) Locked-in growth from 2008 edition 27.1% 26.5% 20.6% 22.7% 17.4% Quarterly trend of progressive slowdown due to disappearance of favourable impact of 2008 edition, which was buoyed by new rate structure First quarter Second quarter Third quarter Fourth quarter

13 International and Subsidiaries: revenues down 5.6% on comparable publication basis International and Subsidiaries segment: first-quarter revenues (in millions) Q Q Change BtoC directories % Of which QDQ Media % Online small ads % Internet advert. representation % Direct marketing and geographic services % International & Subsidiaries % Of which Internet revenues (1) % Stable on comparable publication basis -3.8% on comparable publication basis (+13.8% on Internet) Decrease in CPM activity (2) offset by rise in CPC activity (2) -5.6% on comparable publication basis As % of revenues 48.6% 57.5% (1) Internet revenues of QDQ Media, Editus Luxembourg and Edicom, as well as revenues of Horyzon Média, Mappy (excluding PNDs) and PagesJaunes Petites Annonces (2) CPM: cost per mille CPC: cost per click 13

14 Over 30% headroom under bank covenants at end of March 2009 Net debt of 1,822 million, including 1,950 million of bank debt maturing in November 2013 Average rate on debt of 4.11% in first quarter of 2009, compared to 5.98% in first quarter of 2008 and 5.64% in 2008 Over 30% headroom under covenants on financial leverage and interest coverage ratios as at 31 March

15 Financial targets for 2009 maintained Decline in consolidated revenues limited to -2% to -5% in an advertising market expected to contract to a much greater extent, confirming continued improvement in share of advertising market due to Internet contribution, which is due to represent over 40% of the Group total revenues in 2009 Gross operating margin between 500 and 540 million, with maintenance of current investments in fixed and mobile Internet activities and further strengthening of cost control Continued policy of high dividend distribution (1), revisable in event of further deterioration in the economy (1) This target in no way constitutes a commitment on the part of PagesJaunes Groupe. Future dividends will depend on the Group s results, its financial situation and any other factor which the Board of Directors and the shareholders of PagesJaunes Groupe deem relevant 15

16 Appendices 16

17 Consolidated revenues (in millions) First quarter 2008 First quarter 2009 Change Change on comparable publication basis Printed directories % -1.6% Pagesjaunes.fr and Internet sites % +17.4% Telephone directory enquiry services (118008) % +12.9% Others (including Minitel) % -47.8% Total PagesJaunes in France % +6.0% B to C directories % 0.0% Of which QDQ Media % -3.8% Online small ads % +12.5% Internet advertising representation % 0.0% Direct marketing and geographic services % -12.9% Total International & Subsidiaries % -5.6% Inter-segment (1.8) (1.8) 0.0% 0.0% Group total % +5.3% 17

18 Impact of crisis on performance indicators of PagesJaunes Groupe PagesJaunes in France N N New customers Retention rate Major accounts Growth of existing customers (ARPA) Return to level comparable with Limited impact confirmed Limited impact confirmed Significant impact confirmed International & Subsidiaries N N Revenues Little or no impact Greater impact due to depth of crisis in Spain and in real-estate small ads in France Limited impact Significant impact 18

19 Ranking of main groups by Internet advertising revenues (in USD millions) (1) Internet advertising revenues (2008) Directory revenues (2008) Google 15,190 - Yahoo 5,399 - Microsoft 2,389 - AT&T Directory PagesJaunes Groupe Schibsted MySpace Yell Group CNET Network Eniro ValueClick Idearc Facebook Move.com Seat Pagine Gialle YouTube Monster Truvo Group Total 28,762 3, (1) Source: company reports

20 Organisation chart & breakdown of share capital as at 31 March 2009 PagesJaunes Groupe PagesJaunes B2C directories 100.0% 100.0% QDQ Media B2C directories in Spain Edicom B2C directories in Morocco 100.0% 100.0% Mappy Geographic services PagesJaunes Outre-mer * B2C directories 100.0% 100.0% PagesJaunes Marketing Services Direct marketing Horyzon Média Internet advertising representation 95.8% 100.0% PagesJaunes Petites Annonces Online small ads 100.0% Euro Directory * Non-consolidated 49.0% Editus Luxembourg B2C directories Breakdown of share capital Number of shares As % of capital and voting rights Médiannuaire 153,640, % PagesJaunes Group employees 1,607, % Public 125,134, % Treasury stock 601, % Total 280,984, % 20

21 Glossary Gross operating margin (GOM): revenues less external purchases, operating expenses (net of operating income) and salaries and social charges. The salaries and social charges included in the gross operating margin do not include employee profitsharing or the cost of share-based payment. Net financial debt: total gross financial debt plus or minus the fair value of derivative asset and liability hedging instruments and minus cash and cash equivalents including mutual funds and investment securities. Internet revenues: total Internet revenues (including pagespro.com) of PagesJaunes, Internet revenues of QDQ Media, Editus Luxembourg and Edicom and revenues of Horyzon Média, Mappy (excluding PNDs) and PagesJaunes Petites Annonces. 21

22 Contact Next diary date: First-half results on 24 July 2009 Investor Relations Vincent Gouley vgouley@pagesjaunes.fr 22

23 Notice This document contains forward-looking statements. Although PagesJaunes Groupe believes its expectations are based on reasonable assumptions, these statements are subject to numerous risks and uncertainties. Important factors that could cause actual results to differ materially from the results anticipated in the forward-looking statements include: the effect of competition; PagesJaunes usage level; the success of the investments of the PagesJaunes Groupe in France and abroad; the effects of the economic situation. A description of the risks borne by the PagesJaunes Groupe appears in section 4 Facteurs de risques of the Document de Référence of PagesJaunes Groupe filed with the French financial markets authority (AMF) on 17 March The forward-looking statements contained in this document apply only from the date of this document, and PagesJaunes Groupe does not undertake to update any of these statements to take account of events or circumstances arising after the date of the said document or to take account of the occurrence of unexpected events. All the accounting data are presented in unaudited consolidated form. 23