9M21 Results

11.11.

2021

MAIN HIGHLIGHTS OF 9M21

CONTINUITY OF GROUP STRATEGY, DIGITAL AREA STRENGTHENED

  • Decrease in advertising vs. 2019 slows down (3Q -8.9%), VOCENTO increases market share in 9M (9M21 vs 9M19 -15.4%vs market1 -17.1%)
  • Online advertising ex-Classifieds increases 9M21 by +18.0% vs 9M19. Digital advertising revenues represent more than half of total advertising revenues at VOCENTO (9M21 51.0%2), +9 p.p. vs 9M19
  • Increase of +29% in paying digital subscribers, to 81k in Sep21
  • Classifieds business supported by execution of strategic initiatives (Premium Leads, new C2B services, renting). Market affected by lack of stock of second-hand vehicles.

PROGRESS TOWARDS THE TARGET OF REACHING 2019 EBITDA LEVEL

  • Improvement in margin on readers3 9M21 €+2.7m vs 9M19, despite the fall in circulation
  • Reduction of comparable costs by -11.4% vs 9M19, offsetting 84% of the fall in revenues
  • EBITDA 9M21 €21.7m up €+1.2m vs 9M19, no compensation payments in 9M21 (€-6.8min 9M19)
  • In 2Q21 and 3Q21 EBITDA was in line with comparable EBITDA 2019 (variation vs 3Q19 €+0.1m, vs 3Q19 €-0.5m)

HIGH CASH FLOW GENERATION, FINANCIAL DEBT REDUCED

  • Ordinary cash flow generation of €20.2m in 9M21 vs €17.1m in 9M19
  • Reduction of NFD ex IFRS 16 in 9M21 to €-17.9m vs €-46.6m in 2020, mainly thanks to divestments of El Diario Vasco building and 45% stake in Izen for a cash entry of €24.6m
  • Significant capacity for new investments, with low levels of leverage: NFD/EBITDA4 9M21 0.5x

Note 1: i2p ex social media and search engines. 20th Oct release. Note 2: including e-commerce revenues. Note 3: combined margin on circulation and digital subscriptions.

2

Note 4: EBITDA LTM and Net Financial Debt and EBITDA excluding IFRS16 leases.

VOCENTO INCREASES MARKET SHARE

Advertising market and VOCENTO 9M21 vs 9M19

Data in % YoY1

Online VOCENTO ex Classifieds

18.0%

Online

VOCENTO

6.3%

5.1%

(17.1%)

(15.4%)

(30.9%)

(26.5%)

Total market

Offline

Online

Market1

VOCENTO

Note 1: market source i2p ex social media and search engines. Release from 20th Oct.

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GROWTH IN DIGITAL SUBSCRIPTIONS

Digital subscribers at VOCENTO

Data in thousands

Total

subscribers

Paying subscribers

75

95

81

Closer to the 2021E

target of 100k

62

12

+29%

23

• Effect on net adds of

price increase

50

57

Dic 2020

Sep 2021

Regional1

ABC2

• Reduced churn rate

Note: figures are rounded to the nearest thousand euro. Note 1: including ON+ and KyM subscribers. Note 2: including ABC Premium and KyM subscribers.

4

IMPROVING TREND IN ADVERTISING AND EBITDA

Variation in advertising 9M21 vs 9M19, by quarter

Variation in EBITDA 9M21 vs 9M19, by quarter

Data in variation %

Local

Data in variation €m1 2

advertising1.4

3Q21 -3.3%

(8.9%)

(14.1%)

0.1 0.2

(0.5) (0.3)

(5.2)

(22.6%)

1Q21

2Q21

3Q21

1Q21

2Q21

3Q21

Comparable

Reported

Note 1: adjusted for MadridFusión reclassified from 1Q19 to 2Q19. Note 2: Comparable EBITDA 1Q19, 2Q19 and 3Q19 adjusted for compensation payments.

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Vocento SA published this content on 11 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 November 2021 16:56:04 UTC.