The power of television
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1 The power of television Capital Markets Day October 13, 2016 Digital Ventures & Commerce Dr. Christian Wegner
2 Agenda I Achievements II Portfolio strategy III Core assets IV Summary 2
3 New deals Key achievements of Digital Ventures & Commerce Total dynamic revenue growth since ) Strong revenue growth of acquisitions 2) Rec. EBITDA increase shows successful M&A 3) +63% CAGR >50% CAGR ~2.2x LTM at entry LTM H Pro Forma Lighthouse M&A deal Stylight complements lifestyle vertical Cornerstone mass retail OTC brand 1) Revenue CAGR 2012-H LTM 2) Weighted average revenue CAGR of all single acquisitions, LTM at closing H LTM 3) Ext. EBITDA of assets since acquisition 3
4 Dynamic revenue growth since 2012 [in EUR m] External Revenues 599 CAGR +63% H LTM Note: Based on new segment structure; 2012, 2013 as reported for Digital Commerce 4
5 All our acquired assets have substantially improved after closing Company Closing Ext. revenues (CAGR) since closing 1) Rec. EBITDA margin development Nov % May % Jan 14/Aug % 2) Jun % Weighted average May 13 Aug 15 Sep 12 Jul 14 Apr 15 Apr % +32% +37% +58% +130% +111% >50% 1) CAGR LTM at closing H LTM 2) Average of weg.de and tropo, merger in progress 5
6 and have shown strong value creation Active majority portfolio 1) Online Price Comparison Ext. revenue growth of assets since acquisition 2) Ext. EBITDA increase of assets since acquisition 2) Online Travel ~1.8x ~2.2x Lifestyle Commerce LTM at entry H LTM LTM at entry H LTM 1) Excludes internally transferred assets from EPIC to P7S1 (Valmano, Discavo) and transactions closed after H ) Entry LTM figures partly based on local GAAP and management reports. LTM entry EBITDAs incl. air-time cost. For companies without monthly reporting prior to closing, figures based on full year of acquisition year; H LTM EBITDAs excl. airtime cost; EBITDA partly entity based 6
7 We will further enhance growth by our future Value Creation Playbook Idle TV advertising Digital transformation Accelerate growth & reduce marketing cost Combine retail, digital commerce, home shopping and direct sales Value Creation Playbook Create and capture growth opportunities driven by digital transformation Leverage competence centers (brand, marketing, data, internet operations) and shared services (technology lab, data pool, HR) Omnichannel sales Operational excellence, data & synergies 7
8 Agenda I Achievements II Portfolio strategy III Core assets IV Summary 8
9 Our strategy at a glance Through Digital Ventures & Commerce we leverage our idle TV ad inventory to build up profitable consumer businesses to become less dependent from our traditional TV ad sales Idle TV advertising is our unique competitive advantage 9
10 Our investment approach for Digital Ventures & Commerce We focus on businesses/verticals with high EBITDA, defensible market models and structural market growth Buy & build approach TV advertising Digital transformation & omnichannel commerce Portfolio synergies Strategic value to our core business Dynamic organic growth plus value creation through M&A Accelerate growth and reduce marketing costs Generation of structural growth opportunities E.g. marketing excellence, data pool and technology E.g. data generation for our ad sales Our DNA is the combination of operational excellence, TV-driven growth and private equity-like dealmaking 10
11 following clear investment criteria for our portfolio Criteria fit High Medium Low Selection criteria for verticals Online Travel Online Price Comparison Online Dating Lifestyle Commerce Attractive market financials Robust business model Structural growth market Attractive rev. and EBITDA margin potential Asset-light business model potential Digital transformation potential Highly TV responsive Strong TV synergies Non-TV synergies Manageable risk exposure Additional ad sales potential Data synergies Sales Platforms for products of our customers Omnichannel sales potential Protected from tech disruption Entry barriers for global giants 11
12 Balanced portfolio with our Top 3 assets contributing 40% of revenues Pro forma ext. revenues H LTM 1) 15% 35% Online Travel Top 3 assets Lifestyle Commerce 24% 13% Online Dating 13% Online Price Comparison ~40% of revenues Total: EUR 863m 1) Pro-forma revenues Including recent Parship Elite Group, Windstar and Stylight acquisition as well as remaining consolidation effects from acquisition of Verivox and Etraveli 12
13 Our market leading assets face low competition from global giants Online Travel Online Price Comparison Online Dating Lifestyle Commerce Ventures Ext. revenues H LTM Targeted 1) EUR 303m EUR 109m EUR 111m EUR 208m EUR 133m revenue CAGR +5-15% % +5-15% % +5% 2) Market Position of core assets Top 5 in EU 3) #2 in GER #1 in GER/A/CH Top 10 in GER 4) #1 in GER Market share of global giants Medium in EU Low in GER Low in GER/AT/CH Low in GER n/a in GER/AT/CH Our core assets Intl. digital gold standard n/a 1) Pro-forma revenues incl. Parship Elite Group, Windstar and Stylight acquisition as well as remaining consolidation effects from acquisition of Verivox and etraveli 2) H LTM ) 7Travel is #5 OTA and Etraveli #4 Flight centric OTA in Europe 4) Stylight is #1 Online Fashion Lead Gen aggregator in EU, Flaconi is #2 in Online Beauty and Care market in GER, Windstar is #8 in OTC retail market 13
14 We develop our portfolio based on our portfolio matrix Scale to profit/partner Accelerate growth >10% Revenue growth 1) Sell Optimize <10% Mid-term margin potential <20% >20% 1) CAGR E 14
15 Agenda I Achievements II Portfolio Strategy III Core Assets Online Lifestyle A Travel B C Dating D E Comparison Commerce Ventures IV Summary 15
16 A B C D E Core Assets Travel 7Travel has become the #5 Online Travel Agency in the European market Key players in Online Travel in Europe 1) #1 #2 #3 #4 #5 7Travel became #5 in the European Online Travel industry in only three years Structural market growth in European Online Travel with >10% CAGR ( ) and positive outlook 7Travel is the only European Online Travel player growing profitable 1) Excluding pure meta players, based on total transaction volume; Source: PhocusWright 16
17 A B C D E Core Assets Travel Etraveli (Flight OTA) 1) is our core Travel asset Growth strategies 1. Embrace strong Meta development with superior consumer offering 2. Further improve data driven and operational excellence 3. Continue profitable international expansion Active in 46 countries 1) Core business 17
18 A B C D E Core Assets Travel significantly outgrowing all travel market segments Total transaction value growth in Europe Etraveli key strengths CAGR ( E) +45% CAGR Superior analytics >2x Faster development and lower cost >2x Better monetization Total Travel market Online travel market OTA market Flight Meta 1) Etraveli Operational excellence Our key strengths enable us to become the best global flight OTA embracing the strong Meta development 1) Etraveli internal study on year-on-year development of searches for Meta partners based on PhocusWright Study 18
19 A B C D E Core Assets Travel Etraveli can expand internationally at low cost and risk Geographic expansion through a proven low cost/low risk model in two steps 1. Low cost entry to a new country by translating the website adapting air content & pricing configure a number of set ups for the specific country 2. Based on initial results and assessments we decide to further invest in certain countries by localizing communications, sales channels, payment, air content, pricing, add on products, etc. Etraveli is profitable in all geographical segments from the first month 19
20 A B C D E Core Assets Travel Increasing international footprint will drive future growth YoY growth 2016 vs Etraveli s TTV 1) development by region Region Position Ambition [TTV/month in EUR m] 150 #1 +22% #1 108 Top 3/4 +88% Top 2 Nordics 74 >20%pts increase of international share 2014 vs ) Top 5 +73% Top 3 GER/AT/CH UK & Irland ROE 3) Top 5 +75% Top 3 ROE ROW E ROW 4) Top % Top 5 1) Total Transaction Volume 2) Business outside Nordics 3) Rest of Europe 4) Rest of World 20
21 A B C D E Core Assets Online Comparison Verivox is our core Online Price Comparison asset with multiple verticals Verticals Energy TelCo 1) Insurance Financial Services OTA Car Rental New Dual Portfolio synergies brand that we strategy leverage We integrate existing portfolio products into Verivox to push existing and build new verticals Depending on success, we focus on either one brand or a dual brand strategy 1) Fixed line and DSL Note: OTA = Online Travel Agency 21
22 A B C D E Core Assets Online Comparison Verivox will keep #1 position in Energy & gain shares in all other verticals % OCP market shares per vertical 1) #1 Leading position in Energy supports further market share gains in other verticals 50-75% 25-50% 0-25% 2) +32% revenue growth since acquisition 3) Strong impact of TV, proven by ROI of >140% 4) CRM-based cross-/up-selling to existing customer base strengthens margins Energy TelCo Insurance Financial Services New verticals such as Travel boost customer base and fuel further growth 1) Source: Internal estimate based on company research, Bundesnetzagentur, OC&C, Roland Berger 2) incl. Preis24 3) CAGR LTM at closing H LTM, closing August ) Net return on net TV cost Note: OCP = Online Comparison Portals 22
23 A B C D E Core Assets Online Comparison Compared to UK, substantial upside potential of German OCP market [in EUR] # of market players with >EUR 80m revenues: 2 OCP revenues per household ) 34 2) # of market players with >EUR 80m revenues: 4 UK market is the most developed OCP market in Europe still growing with doubledigit growth rates x2.3 German market with potential to more than double in size in upcoming years as buying/switching behaviors change Verivox in strong position to profit from market growth in current market setup 1) Source: Internal estimate based on company research, Bundesnetzagentur, OC&C, Roland Berger 2) Source: Greenhill; Note: OCP = Online Comparison Portals 23
24 A B C D E Core Assets Online Dating Parship as lighthouse investment in attractive matchmaking segment Online Dating market overview 1) Key players in Matchmaking segment 1) Market revenues 2015 in EUR m Relationship Matchmaking EUR 79m #1 Intention of members Dating & apps EUR 59m Adult Dating EUR 40m #2 #3 >80% share 2) Sex/ Affair Low Price High Continuous leadership in Matchmaking since ) Germany 2) Based on revenues Sources: P7S1 consumer survey; P7S1 market model based on Singleboersenvergleich study 24
25 A B C D E Core Assets Online Dating with meaningful recurring EBITDA margin potential Market with exceptional margins 1) #1 Online dating service in Germanspeaking countries focused on attractive matchmaking segment Margin potential of 25-30% 2) 21% 27% 38% Purely digital, subscription-based and asset-light business model High renewal rate indicates high customer satisfaction High synergy potential with P7S1 High upside potential for market penetration Parship Elite Group subscriber penetration 3) 14% 25% Paid Online Matchmaking 4) 1) % EBITDA of revenue, Parship Elite Group 2016 figure; Mötesplatsen 2014 figure; Match.com (segment, not Group) 2015 figure; 2) Entity rec. EBITDA margin potential 3) German-speaking countries penetration 4) Matchmaking users among US adult single internet users; Source: P7S1 Consumer Survey 25
26 A B C D E Core Assets Online Dating Why Tinder is not a threat but a catalyst for Parship s business While younger customers with lower income use Tinder for first online dating experience they switch to Parship with rising income & interest in long-term relationships [in % share of subscribers by age group] Age of users 65% are older than 29 years 60% are younger than 29 years % 37% % 27% Users household income per month 63% above EUR 2,000 62% below EUR 2, % 36% Source: P7S1 Consumer Survey 26
27 Products Platforms TV A B C D E Core Assets Lifestyle Commerce We build up a highly synergetic Lifestyle Commerce Ecosystem Fashion Beauty & Accessories Health, Wellbeing & OTC Food & Functional nutrition TV channels, advertising, infomercials Lead Generation (Stylight) Commerce platforms (Flaconi, Vitafy) Engagement platforms (7NXT) Physical goods (Windstar, Teatox) 27
28 A B C D E Core Assets Lifestyle Commerce by leveraging TV power & digital platforms for high-margin products Omnichannel distribution E-commerce Lead Gen & Engagement platforms TV power to build brands Retail Direct sales Lifestyle products with high margins Special retail/ drug stores Other 1) Homeshopping 1) e.g. fitness studios, perfumeries, pharmacies 28
29 A B C D E Core Assets Lifestyle Commerce How our Lifestyle Commerce Ecosystem works ILLUSTRATIVE TV Lead Gen Engagement platform Digital sales platform Physical product TV formats and ads create awareness Stylight health and beauty content leads users to our 7NXT engagement platforms which include nutrition recommendations... based on our physical products A full-fledged product and service portfolio locks the user in our Ecosystem and maximizes CLV Note: CLV = Customer Lifetime Value 29
30 A B C D E Core Assets Lifestyle Commerce Lifestyle verticals we focus on Ecosystem levers Fashion Beauty & Accessories Health, Wellbeing & OTC Food & Functional nutrition TV fit Synergies with TV content Difficult to disrupt Intervertical synergies Omnichannel sales potential High margin products Strong defensive, non-cyclical properties Strategic benefit for ad sales clients (e.g. data, sales platforms) 30
31 Products Platforms TV A B C D E Core Assets Lifestyle Commerce Where we stand with our Lifestyle Commerce Ecosystem Lifestyle Commerce verticals Deep dive see next slides Lifestyle Commerce Ecosystem Fashion Beauty & Accessories Health, Wellbeing & OTC Food & Functional nutrition TV reach Selected examples of TV formats Lead Gen platforms Engagement platforms 7NXT 7NXT Omnichannel sales approach 1) 1) Physical goods 1) 1) 1) Minority shareholdings 31
32 A B C D E Core Assets Lifestyle Commerce Stylight is #1 in the Lead Gen fashion market Key players in fashion Lead Gen 1) #1 Use Stylight traffic & content for lead generation for own sales platforms & sales of own products #2 #3 Gather further user data from new verticals to offer better products to SOM customer #4 Our goal is to continue and further 1 2 expand market leadership Attack print budget through highly targeted niche content of Stylight 1) Based on monthly visits per local domain (GER); Sources: 7Commerce; Fashionunited; Google Play; OC&C analysis 32
33 A B C D E Core Assets Lifestyle Commerce expanding to new segments and through internationalization Existing verticals Potential new verticals Expand through internationalization Expand through building new verticals Launched in 15 countries already Fashion is core vertical, Home & Living launched in H Next to come: Ireland Next to come: Beauty New markets & verticals can be entered at low cost through central operations and strong tech platform 33
34 A B C D E Core Assets Lifestyle Commerce Flaconi on its way to become a leading online player for beauty products Key facts >EUR 40m Revenues LTM H #2 in Germany after Douglas 1) Brands 2) >240 CAGR >100% Revenues, H LTM vs. LTM at closing Customers >850k SKUs 3) active >15k Two strategic options to accelerate growth Growing internationally at low cost Expanding Flaconi product categories 1) Online only 2) Incl. highly selectively distributed brands, e.g. Chanel, Estée Launder, Shisaido, LVMH among others 3) SKU = Stock keeping unit 34
35 Offline Online A B C D E Core Assets Lifestyle Commerce Flaconi operates in a favorable competitive environment Competition in domestic market Competitive environment Market characterized by selective distribution systems limiting threat of new entrants Three domestic competitors: Douglas, parfumdreams and iparfumerie Two pure play EU competitors: feelunique, lookfantastic Digital capabilities Low budget brands Premium brands Scattered local retailers lack skills to digitalize their business Focus on rather bringing store online than digital pure play Main competitor Douglas focuses on brick & mortar stores 35
36 A B C D E Core Assets Lifestyle Commerce Windstar is our first cornerstone mass retail OTC brand Unique provider of care and nutrition products with focus on key growth segments (e.g. digestion & rheumatism OTC products) >10 new products yearly High reliability and cost efficiency leading to strong supplier network >120 partner suppliers Low brand awareness so far, leading to high potential for new customers through TV media push Attractive double-digit margins 36
37 A B C D E Core Assets Lifestyle Commerce that is outperforming the retail OTC market German retail OTC market 1) [in EUR m] CAGR ( E) +16% Key players in retail OTC market 2) # % #2 #3 # E 2020E Our goal is to become #5 in the retail OTC market 1) By revenues; Source: P7S1 market model based on Nielsen Panel / BAH report ) in Germany 37
38 A B C D E Core Assets Lifestyle Commerce We will significantly push Windstar's brand awareness through TV High perceived product efficacy yet low brand awareness 60% Windstar Competition Windstar 100% Competition 40% 20% 46% 80% 60% 40% 20% 24% 16% High upside potential due to TV media push 16% 0% 0% Note: Product performance study with selected set of brands only, incl. the top 3 in terms of brand awareness though; Source: WSM OTC Consumer Study 2014, I-Consult Brand Study
39 A B C D E Core Assets Ventures SevenVentures continues successful M4R/E dealmaking What we get from M4R/E deals Rationale Equity Exit participation Revenue share Minimum guarantee Monetize idle TV advertising inventory and stimulate TV ad market Build up deal funnel for potential strategic investments Test media fit and learn about potential new markets (national and international) 39
40 A B C D E Core Assets Ventures and has become a proven funnel for our strategic investments Strategic investments started as media investments Online Travel Online Price Comparison Lifestyle Commerce Use M4R/E deals to proof business models, test management skills and evaluate media impact of assets to reduce investment risk Note: Selected examples 40
41 Agenda I Achievements II Portfolio strategy III Core assets IV Summary 41
42 Summary of our strategy Our strategic priority Leverage our unique combination of TV and Commerce capabilities Expand existing and build new commerce verticals Pursue bolt-on M&A of profitable assets Our key strategies Grow Travel into European leader Expand Online Price Comparison market share Extend Dating market leadership Build Lifestyle Commerce Ecosystem Continue String of Pearls M&A strategy 42
43 Successful growth allows us to set new ambitious 2018 revenue growth target Digital Ventures & Commerce CMD target (ext. revenues) [in EUR m] CAGR +13% 1,172 Rec. EBITDA margin target range of 20-25% 2012 H LTM pro forma 1) New 2018 target Vast majority of our future growth will be organic 1) incl. recent acquisitions, e.g. Parship Elite Group; Note: Based on new segment structure; 2012 as reported 43
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