Gruppo Editoriale L Espresso: Company Presentation
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1 Gruppo Editoriale L Espresso: Company Presentation March, 2016
2 Disclaimer» This document has been prepared by Espresso Group for information purposes only and for use in presentation of the Group s results and strategies.» For further details on Espresso Group, reference should be made to publicly available information, including the Annual Report, the Semi-Annual Report and Quarterly Reports.» Statements contained in this document, particularly the ones regarding any Espresso Group possible or assumed future performance, are or may be forward looking statements and in this respect they involve some risks and uncertainties.» Any reference to past performance of Espresso Group shall not be taken as an indication of future performance.» This document does not constitute an offer or invitation to purchase or subscribe for any shares and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. 2
3 Index» Full Year 2015 results and Company Overview» Divisional Breakdown» The Digital Strategy» Additional Information 3
4 Gruppo Editoriale L Espresso - Financial Highlights (FY 2015) Consolidated results ( mn) Year 2014 Year 2015 Revenues, of which: circulation add-ons advertising other revenues Gross operating margin Operating result Net result ( mn) December December Net financial position (34.2) (10.7) Equity of the Group and minority interests equity of the Group minority shareholders equity Number of employees 2,310 2,183 4
5 Gruppo Editoriale L Espresso at a glance Gruppo Editoriale L'Espresso is one of the leading media groups in Italy with interests in NEWSPAPERS, MAGAZINES, RADIO and INTERNET NATIONAL DAILY Circ. 275K Read. 2,2 million MAGAZINE Circ. 176K Read. 1,5 millions + 4 OTHER TITLES CONSOLIDATED RESULTS CO-LEADER IN NEWSMAGAZINES LOCAL NEWSPAPERS 18 NEWSPAPERS Circ. 317K Read. 2,9 millions 2015 REVENUES 605 EBITDA 48 NET DEBT 11 INTERNET GROUP S NETWORK WEBSITES: 2,2 millions unique users 93K average digital subscriptions ADVERTISING SALES FOR GROUP S TITLES & THIRD PARTIES: >430 sales agents >280 employees RADIO GRUPPO ESPRESSO IS THE ONLY COMPANY WITH A LONG LIVED STRATEGY IN THE RADIO SECTOR: 3 NAT L RADIO 7.2 MLN COMB DAILY LISTENERS TV 30% STAKE IN PERSIDERA (NETWORK OPERATOR BUSINESS) Sources: Radiomonitor 2015 (radio), Audipress 2015 (readership), Internal estimates on ADS December 2015 (circulation), AWDB and Webtrekk (internet) 5
6 Gruppo Editoriale L Espresso - Circulation ITALIAN NEWSPAPER CIRCULATION (1) Source: ADS December 2015 Total Circulation 2015 vs 2014 Total Circulation -8.7% (vs -11.4% in 14) (1) Internal estimates based on ADS December 2015 data 6
7 Gruppo Editoriale L Espresso - Add-ons m Add-ons have ensured an additional stream of revenues In 2015 market softened its declining trend The company focused on a smaller number of initiatives but with higher margin: 27m euro revenues 2,9m Ebit (11% margin) 7
8 Gruppo Editoriale L Espresso - Italian advertising market ITALIAN ADVERTISING MARKET bn 9,3 9,1 7,9 8,2 7,9 6,7 6,0 5,8 5,8 Including new FTE DTT channels (1) Internal estimates based on Nielsen data 8
9 Gruppo Editoriale L Espresso - Contribution to year 2015 consolidated results REVENUES SPLIT ( 605 million) * including add-ons EBITDA MARGINS Repubblica Local Newspapers 3,3% 16,6% Radio 25,0% Digital 8,0% Magazines - In 2015, with the exception of the magazines, all the divisions had a positive Ebitda margin EBITDA margin 7,8% 9
10 Gruppo Editoriale L Espresso - Cost reduction Cost Management : Cost Management : In 2009 Gruppo Editoriale L'Espresso S.p.A. approved and announced a major plans of intervention aimed at cost reduction: The overall savings in were equal to approximately 160 million (20% of the costs recorded in 2008) In order to recover efficiency, the plan entailed structural and permanent interventions addressed to all Group's areas and functions In light of the market and economic scenario the Group in 2013/2014 put in place new actions aimed at a further cost reduction and efficiency: total 2013 costs show a 9.6% reduction (-11% excluding digital edition and digital terrestrial television) Toal 2014 costs -5.5% (-6.2% net of digital, add-on and third parties sales) In 2015 costs went down by 5.8%: Industrial overheads were down (-12.0%), thanks to the ongoing reorganization of the production structure of the Group, as were logistics and distribution costs (-7.5%) due to the rationalization of transportation Operating and administrative costs also fell (-4.1%) thanks to the measures taken to reduce labour costs and general expenditure. In Millions of Euro Industrial and Technical costs 120,4 104,8 % on total costs 26% 24% Editorial costs 164,6 160,8 % on total costs 35% 36% Commercial costs 52,7 50,0 % on total costs 11% 11% Management & Administration costs 131,9 126,3 % on total costs 28% 29% TOTAL GROUP'S COSTS - CORE BUSINESS 469,6 441,9 Digital costs 47,1 47,3 Add-on, third parties sales and other costs 67,4 61,0 TOTAL GROUP'S COSTS (1) 584,1 550,2 (1) Excluding amortization 10
11 Index» Full Year 2015 results and Company Overview» Divisional Breakdown» The Digital Strategy» Additional Information 11
12 Gruppo Editoriale L Espresso - La Repubblica CONTRIBUTION TO RESULTS DAILY READERS 2,2 millions OVER 62% ARE YEARS OLD THE MAJORITY OF READERS CONSISTS OF: COLLEGE AND UNIVERSITY GRADUATES MEMBERS OF UPPER SOCIO-ECONOMIC CLASSES HIGH RANKING PROFESSIONALS OVER 45% OF READERS ARE ALSO DECISION MAKERS IN PURCHASES Total Circulation 275K No. 1 in in the PAID daily newspaper market In Millions of Euro FY 14 FY 15 Revenues 214,5 200,1 - Circulation 99,6 95,4 - Advertising 113,1 103,4 - Others 1,8 1,4 EBITDA 5,2 6,7 Margin 2,4% 3,3% EBIT 2,9 3,5 Divisional data do not include add-ons THE ONLY NEWSPAPER READ THROUGH ITALY North West 22% SUPPLEMENTS - Il Venerdi (family, tv programming) - Affari&Finanza (business and finance) - D (women s supplement) North East 22% Center 28% South 28% Source: Audipress 2015 and internal marketing research, Internal estimates on ADS
13 Gruppo Editoriale L Espresso - Local newspapers LOCAL NEWSPAPERS Total circulation 317K 2,9 millions readers per day CONTRIBUTION TO RESULTS LOCAL NEWSPAPERS In Millions of Euro FY 14 FY 15 Revenues 170,4 158,0 - Circulation 107,6 99,7 - Advertising 60,5 56,3 - Others 2,3 1,9 EBITDA 28,9 26,3 Margin 17,0% 16,6% EBIT 6,9 17,9 Source: Audipress 2015 and Internal estimates on ADS December
14 Gruppo Editoriale L Espresso - Magazines MAGAZINES CONTRIBUTION TO RESULTS In Millions of Euro FY 14 FY 15 Revenues 26,1 23,5 - Circulation 19,1 17,5 - Advertising 6,2 5,1 - Others 0,7 0,9 EBITDA (5,6) (6,1) Margin -21,5% -26,0% EBIT (5,8) (6,3) 1,5 millions READERS PER ISSUE Circulation 176K Divisional data do not include add-ons Others Magazines Science Nature Politics Geopolitics Over 60% ARE YEARS OLD OVER 71% ARE COLLEGE AND UNIVERSITY GRADUATES Source: Audipress 2015 and internal marketing research and internal estimates on ADS December
15 Gruppo Editoriale L Espresso - Radio Age-group target: under 44 years old (74%) 4.6 mln daily listeners 46% are under 34 years old 58 % are college / university graduates Age-group target: under 24 years old (45%) 1.7 mln daily listeners 67% are under 34 years old MARKET OVERVIEW - RADIO 1 RTL RDS RDJ RISMI R RRAI RRAI VIRGIN R RKISS m2o RCAP R RRAI RMC Age-group target: years old (62%) 1.7 mln daily listeners 36% are years old 61% are employees CONTRIBUTION TO RESULTS In Millions of Euro FY 14 FY 15 Revenues 54,6 57,7 - Advertising 52,5 55,0 - Others 2,1 2,7 EBITDA 12,0 14,4 Margin 22,0% 25,0% EBIT 9,7 11,8 Source: Radiomonitor 2015 and internal marketing research 15
16 Gruppo Editoriale L Espresso - Digital Division key figures CONTRIBUTION TO RESULTS In Millions of Euro FY 14 FY 15 Revenues 53,7 51,9 - Advertising 39,5 39,8 - Others 14,2 12,1 EBITDA 6,8 4,2 Margin 12,7% 8,1% EBIT 6,1 3,5 News and information Repubblica.it is the main information site in Italy, conceived to be fully digital with a very limited contribution (<10%) of printed contents; positioned on real time news, strongly integrates video contents (from content to be read to content to be seen ) Focus on brand extension (i.e. integration between Internet and TV), vertical strategy (i.e. D lifestyle, Sport) and international partnership (i.e. Huffington Post) Digital Division: established in 2009 with full responsibility on online strategy across all media. About 200 staff (of which 90 journalists). First 24H coverage online-news service Revenues break down: ~ 60 % national, ~ 20% local ~ 20% other ~75% Adv ~ 25% subscriptions & others Direct cost allocation approach as % of print contents is limited Local Roll out of mobile sites for all the 18 local newspaper with a growth of 100% v/s 2014 of the average daily traffic from smartphone Leadership in local community news, focusing on real time, video, sport and user generated community contents Entertainment Broad and diversified entertainment media portfolio with interesting potentials in revenues other than advertising (i.e. video on demand, self publishing) Classified Main focus on Legal, Jobs and free Classified (registration) 16
17 Index» Full Year 2015 results and Company Overview» Divisional Breakdown» The Digital Strategy» Additional Information 17
18 The Digital strategy The online advertising market in Italy and in Europe m (000) Italy - online advertising market (1) 2015 expected +8,5% at 2,01 bn Benchmarking - online advertising market (1) m (000) The online advertising industry in Italy has experienced strong growth Display ads is our main reference market (+0,5% in 2015: Web -3,7%, Mobile +87,6%, Tablet +36,2%, Smart TV/Console +118,6%) The online advertising market in Italy (including search and classified) is still underdeveloped compared to Continental Europe (1) (2) Source: IAB Europe report 2014 and
19 The Digital strategy Focus on the usage Italy Online Usage Key assets (3) Italy Online Reach Traditional Newspaper (3) Gruppo Espresso online properties rank 10 overall in Italy, and rank 3 rd if we exclude the global international players Repubblica.it, main digital asset of the Group: Real time news positioning Higher reach than any other Newspaper / TV Extremely strong presence in social networks: 5,0m fans on Fb/Twitter/G+ main page 5,4m followers of vertical topics on Fb Well balanced traffic origination (direct vs. indirect) Leadership in the video market in terms of usage (1) Source FCP Internet (2) FCP and internal estimates (3) Source: Audiweb January
20 The Digital strategy Focus on the current digital Subscriptions offering (for Repubblica, R+ brand) Gruppo Espresso - Tablet Replica-only Subscribers (1) As of December 2015 Others 12m revenues Local La Repubblica Not including 10K mobile Main focus in 2016: Continuation of the 2015 partnership strategy with strong brand (i.e. Services) Corporate offering agreement (1) Excluding mobile Average subscribers 20
21 The Digital strategy La Repubblica Print vs online positioning 2014: Daily Readers/Browsers ~2,2M ~1,6M 2015: Daily pay circulation ~236K ~60K (Avg 15) Print (2) Online (5) 25% FY 15 - Advertising 100%=~125M Online (1) Within La Repubblica core asset, the online business has the best product positioning and provides further earning opportunities Print (4) Online (3) FY 15 Subscribers revenues 100%=~100M Online (3) 6% Print (5) 75% Print (4) 94% Source: (1) AWDB Audiweb Unique Browser; (2) Audipress 2015 (3) Online Average subscribers (4) Kiosk sales 2015 (5) La Repubblica advertising only 21
22 The Digital strategy - La Repubblica.it international benchmark vs online newspaper and TV Online Newspaper TV and broadcaster In countries like Germany/ Italy/France/Spain newspapers have been the first entrants in the real time news online market High domestic reach In countries like UK and USA the real time news online market has been mainly developed by the existing TV broadcasters (with the exception of Daily Mail in UK) Low domestic reach 22
23 The Digital strategy - Repubblica.it reach (domestic): international benchmarking vs online newspapers Thanks to its specific positioning Rep.it has a higher domestic reach than most of its international peers in its own country Reach % (1) Rep.it is a product conceived to be fully digital with a very limited contribution (>10%) of printed contents, focusing on real time news and video (from content to be read to content to be seen ) (1) Source: Internal estimates based on Netview 23
24 The Digital strategy - La Repubblica.it Real time news and Repubblica TV positioning Italy Online Reach vs TV (1) Rep.tv brand in the Repubblica.it homepage Strengthening of the news video production both in terms of quality and quantity Focus on sub-brand strategy (thematic areas): Entertainment (Webseries, Webnotte) Life style and fashion Sport Business and finance Auto Technologies Main Actions New advertising formats Main strategic drivers In Italy Rep.it is perceived more as a «real time news» online site than an «online newspaper» and has a brand awareness that is higher than the traditional TV news sites. Take advantage in the expected integration between Internet and TV (Repubblica TV is part of the Digital Division) Repubblica.it on the PC «real time news» has a separate positioning than Mobile (freemium model) and Tablet (pay model) (1) Source: Audiweb January
25 The Digital strategy La Repubblica branding strategy Repubblica.it is the Italian «real time news» online provider Further convergence between written information and video (i.e. from content to be read to content to be seen ) is expected To take advantage of the expected integration between Internet and TV on the new devices (i.e. Smart TV) further development in the Repubblica TV brand is planned R+ will be the premium/pay brand for all the platforms. Potential introduction on all platforms (including PC) of new modular payments form adapted to users needs and profile 25
26 The Digital strategy La Repubblica.it pay options High 1 Tomorrow The introduction of a pay system is an option that supports in-depth news vs. real-time contents. Focus on online-only contents (i.e. real time, video) 2 10% Today 50% 3 100% Today, less than 10% (vs 100% of NYT) of the La Repubblica printed contents are available online (i.e. real time news positioning) Soft" metered pay-wall approach (i.e. NYT introduction in 2011, RCS in Italy in 2016) and premium content (i.e. Bild) are the two most relevant international benchmarks % of printed contents available in the desktop/laptop version 1 Focus on photos videos, everyday day life, showbiz and gossip 2 Focus on real timenews and comments with video and rich-info bundled 3 Focus on politics and in-depth contents (i.e. opinion) 26
27 The Digital strategy - Local online is a big opportunity Italy Usage Growth (1) Main data and strategic drivers Traffic growth mainly related to news Main Data Strong usage growth in 2015 (1) : growth of over 32% considering the total digital audience (reached almost 450k daily users) Video syndication project: 25 third party local publishers, 50 web sites 15,5 m streaming in February 16 Leadership in local community news Growing (+3%) digital subscriptions (~13K) Journalistic approach: Leadership in local news Social media News Not Journalistic approach: External information, UGC, community Local Life Strategic drivers Real time monitoring and data driven approach Focus on social media with dedicated journalists for every newspaper Growth of video production and distribution Fostering leadership in local community news with focus on real time, events trovaserata, Further area of development already identified Video (1) Source: Webtrekk, average daily Unique Browsers 27
28 The Digital strategy A broad and diversified entertainment media portfolio Radio s Brands Market leader in online reach and new app launched in February '15 (>2 m download for the mobile application). "New websites with live radio streaming, streaming on demand and focus on entertainment and engagement (i.e. viral videos, viral contents, galleries) Movies and TV guide Leader in movies and cinema contents (with over 410K daily unique users and a database with over 1 million pages, complete coverage of cinema screenings) launch of MYMOVIESLIVE!, and in December 2012 of MYMOVIESWIDE! (VOD) Database 2000 Community Multimedia Information 2004 Services 2003 Entertainment Web sites revised in February 14. The social TV guide at the intersection of television and digital with the introduction of socialscore to measure the popularity of TV programs. Tvzap has a reach of 190K daily unique users and 21mln monthly page views Gaming Social gaming (fantasy soccer) with a community of over 130K registered users. Self Publishing Social self publishing platform with a community of 310K registered users. The website offers a selfpublishing service, a dedicated area of writing tips and a catalog of more than 35,000 books distributed in bookstores and in the main Italian and international ebook platform (1) Source: Audiweb, Webtrekk and internal data 28
29 Index» Full Year 2015 results and Company Overview» Divisional Breakdown» The Digital Strategy» Additional Information 29
30 Gruppo Editoriale L Espresso Financial Highlights (Year-end) ( mn) ( 1 ) ( 2 ) (3) 2012 (3) 2013 (3) Revenues Circulation Add-ons Advertising Other EBITDA EBIT Profit before Taxes Net Profit Net Debt (143) (253) (263) (265) (279) (208) (135) (110) (108) (74) (34) (11) Capital Employed Shareholders' Equity Minority Interests Dividends Capex (1) In 2005, the income statement includes the impact of paper contributions ( 15.1 millions), no longer available in 2006 (2) In 2007 Financial results have benefited from two extraordinary effects produced by new regulatory provisions: the different accounting applied to the employee termination indemnity (TFR) entailed a 7.8 millions positive impact on net profit ( 11.6 millions on operating profit); the reduction of both regional tax (IRAP) and income tax (IRES) entailed a recalculation of deferred taxes and subsequent 10.3 millions positive impact on net profit (3) In 2011 and 2012 digital subscription revenues included in circulation 30
31 Gruppo Editoriale L Espresso - Ownership structure Total share:
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