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Annual Results 2011Investor-/Analyst Conference CallDr Mathias Döpfner, Chairman & CEOLothar Lanz, CFO & COOBerlin, March ...
Disclaimer    This document, which has been issued by Axel Springer Aktiengesellschaft (the "Company"), comprises the    w...
Highlights of another record year    1.   EBITDA at all-time high of €593m, EBITDA margin 18.6%    2.   Revenues cross €3b...
Digital strategy along core competencies                 Core Competencies                     Content portals    Audience...
Execution of digital strategy: Add-on acquisitionsas well as organic expansion                                   Acquisiti...
Advertising revenues 2011: Digital higher thanGerman print for first timeAdvertising revenues in €m                       ...
Axel Springer with highest reach amongEurope’s top media companiesEuropean media peers (in m unique visitors)            1...
Successful transition to digital         Axel Springer in 2004              Axel Springer in 2011          Our Vision     ...
Growth initiative in the online classifiedsbusiness with strategic partnershipTransaction structure                       ...
Sale of 30% stake in Digital Classifieds:Axel Springer receives €375m in the next yearsDeductionEnterprise value          ...
Financials FY 2011
Strong financial performance and EBITDA onall-time high in 2011                                                           ...
Axel Springer with EBITDA on all time highin €m                    2011      2010     yoy       Revenues up 10.1% yoy, ad...
Continued cost discipline across the groupin €m                    2011      2010     yoy       Total costs up by €173.8m...
Newspapers National: EBITDA margin at 24.3%in €m                    2011      2010     yoy       Circulation revenues sta...
Magazines National EBITDA on all-time highin €m                   2011    2010    yoy       Total revenues down by 3.7%, ...
Print International: Higher revenues and EBITDAincreasein €m                                       2011                   ...
Digital Media: Strong and profitable growthin €m                   2011    2010    yoy       Revenue growth of 35.2% in 2...
Net income increases in 2011in €m                                                                                         ...
Comfortable financial situationNet finanical debt / liquidity1) (in €m)                                                   ...
Free cash flow / dividendFree cash flow (in €m)          Dividend volume (in €m)                                 Dividend1...
Outlook 2012                                                                      REVENUES   EBITDA                       ...
Investor Relations contactsClaudia Thomé                   Daniel Fard-YazdaniHead of Investor Relations      Deputy Head ...
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Axel springer fy 2011_final

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Transcript of "Axel springer fy 2011_final"

  1. 1. Annual Results 2011Investor-/Analyst Conference CallDr Mathias Döpfner, Chairman & CEOLothar Lanz, CFO & COOBerlin, March 7, 2012
  2. 2. Disclaimer This document, which has been issued by Axel Springer Aktiengesellschaft (the "Company"), comprises the written materials/slides for a presentation of the management. 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 this document and no liability is accepted for any such information or opinions. This document contains forward looking statements which involves risks and uncertainties. These forward looking statements speak only as of the date of this document and are based on numerous assumptions which may or may not prove to be correct. The actual performance and results of the business of the Company could differ materially from the performance and results discussed in this document. The Company undertakes no obligation to publicly update or revise any forward looking statements or other information contained herein whether as a result of new information, future events or otherwise. This document does 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.2
  3. 3. Highlights of another record year 1. EBITDA at all-time high of €593m, EBITDA margin 18.6% 2. Revenues cross €3bn mark for the first time ever (+10.1%) 3. Management to propose record dividend of €1.70 4. German print business: EBITDA margins of more than 20% 5. Digital Media: revenues +35.2% yoy (organic growth of +20.6%) 6. Digital Media: first time ever > 30% of total Group revenues 7. Share of international revenues rises to 32.9%3
  4. 4. Digital strategy along core competencies Core Competencies Content portals Audience Advertisers Classifieds / Marketplaces Performance marketing4
  5. 5. Execution of digital strategy: Add-on acquisitionsas well as organic expansion Acquisition in 8/11 - Secures No. 1 market position in combination with sofeminin.co.uk Content Classifieds / portals Marketplaces Launch in 07/11 – as satellite of BILD.de Acquisition in 6/11 - Minority stake in leading South-East Asian real estate portal Acquisition in 10/11 - A-Gites (holiday home rentals) Classifieds/ Classifieds / Acquisition in 9/11 - No. 2 position in French car Marketplaces Marketplaces classifieds market Acquisition in 12/11 - Majority interest in Visual Meta (platforms for online stores) Acquisition in 6/11 - Secures No. 1 market position in combination with existing zanox business in Benelux; plus Performance Classifieds / expansion in Turkey, Poland, Switzerland and Brasil marketing Marketplaces Acquisition of kaufDA in 03/11 – expansion in France under “bonial“-brand5
  6. 6. Advertising revenues 2011: Digital higher thanGerman print for first timeAdvertising revenues in €m Advertising revenues in % of group revenues + €454m - €45m900800 26% 791 25%700 23% 688 679600 643500 559 20% 19%400300 337 13%200100 0 2009 2010 2011 2009 2010 2011 Newspapers/Magazines National Digital Newspapers/Magazines National Digital6
  7. 7. Axel Springer with highest reach amongEurope’s top media companiesEuropean media peers (in m unique visitors) 1. Axel Springer AG 63.7 2. BBC Sites 34.8 3. Schibsted 33.4 4. Hubert Burda Media 32.1 5. ProSiebenSat1 Sites 26.9 6. RTL Group Sites 26.4 7. Gruner+Jahr Sites 23.4 8. Groupe Lagardere 21.8 9. Vivendi 17.2 10. Holtzbrinck 13.0Source: comScore top 100 properties, December 20117
  8. 8. Successful transition to digital Axel Springer in 2004 Axel Springer in 2011 Our Vision Digital Digital1) Europe’s 2% 31% leading integrated multimedia company 50% 50% Print Print digital print 98% 69% Strong brands Digital activities represent 31%1) of revenues and 27% of EBITDA in 20111) Pro forma for acquisitions8
  9. 9. Growth initiative in the online classifiedsbusiness with strategic partnershipTransaction structure  Consolidation of the online classifieds business within a new, Marketplaces Classifieds / independent company 70% 30%  Enterprise value of €1.25bn Axel Springer Digital Classifieds  Axel Springer will be the majority shareholder, with a 70% stake  General Atlantic to be partner in the new company with a 30% interest  Objective: international growth9
  10. 10. Sale of 30% stake in Digital Classifieds:Axel Springer receives €375m in the next yearsDeductionEnterprise value €1.25bn  Contribution of the three classifieds - businesses into theLoans of AS AG to JV HoldCo €460m JV HoldCo by AS =  AS provides €460mEquity value €790m loans to JV HoldCo at attractive interestDirect and indirect payment conditions for AS by €375m conversion offrom GA to AS (30% of €1.25bn) - receivablesRepayment of the GA-part of the loans €138massumed by AS (30% of €460m) =Purchase price payment in cash €237mby GA (30% of €790m)10
  11. 11. Financials FY 2011
  12. 12. Strong financial performance and EBITDA onall-time high in 2011 3,185 2,864 2,894 2,777 2,729 2,578 2,612 2,402 2,392 2,376 593 2,321 511 470 486 433 434 414 334 290 226 191 18.0% 17.3% 18.3% 18.2% 17.8% 17.6% 18.6% 12.8% 12.5% 8.1% 6.7% 1) 1) 1) 1) 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Digital revenues Print revenues EBITDA EBITDA margin1) According to HGB12
  13. 13. Axel Springer with EBITDA on all time highin €m 2011 2010 yoy  Revenues up 10.1% yoy, adjusted for consolidation effects +3.9%Revenues 3,184.9 2,893.9 +10.1%  Circulation revenues up, adjusted Circulation 1,204.5 1,174.3 +2.6% for consolidation effects slightly Advertising 1,606.8 1,384.8 +16.0% down by -0.6% Other 373.5 334.8 +11.6%  Advertising growth driven by digital 593.4 510.6 media, adjusted for consolidationEBITDA +16.2% effects up by 6.6% Margin 18.6% 17.6% +1.0pp  EBITDA on all-time high and EBITDA margin up from 17.6% to 18.6%13
  14. 14. Continued cost discipline across the groupin €m 2011 2010 yoy  Total costs up by €173.8m, mainly Personnel due to consolidation effects and 851.6 792.9 +7.4% below revenue development Purchased goods 1,055.7 950.6 +11.1% and services  Adjusted for consolidation effects, Other operating 783.9 773.9 +1.3% total costs up by 3.3% mainly due toTotal Costs 2,691.1 2,517.4 +6.9% organic revenue growth of digital media, higher marketing and paper costs  Increase in personnel costs mainly driven by build-up in digital  Purchased goods and services costs up mainly due to growth in digital businesses and higher paper prices14
  15. 15. Newspapers National: EBITDA margin at 24.3%in €m 2011 2010 yoy  Circulation revenues stable, supported by BILD copy priceRevenues 1,164.9 1,194.2 -2.4% increase in May 2011 Circulation 617.6 616.7 +0.1%  Advertising revenues down yoy in Advertising 515.0 544.7 -5.5% line with expectations Other 32.4 32.8 -1.3%  EBITDA down, but EBITDA margin 282.7 296.0 still strong at 24.3%EBITDA -4.5% Margin 24.3% 24.8% -0.5pp15
  16. 16. Magazines National EBITDA on all-time highin €m 2011 2010 yoy  Total revenues down by 3.7%, adjusted for consolidation effectsRevenues 468.1 486.1 -3.7% down by 1.8% Circulation 315.8 325.7 -3.0%  Circulation revenues down by 3.0%, Advertising 128.4 134.1 -4.2% adjusted down by 1.1% Other 23.9 26.3 -9.3%  Advertising revenues down by 4.2%, 103.2 101.0 adjusted down by 2.9%EBITDA +2.2%  Strong EBITDA margin of 22.0% Margin 22.0% 20.8% +1.2pp16
  17. 17. Print International: Higher revenues and EBITDAincreasein €m 2011 2010 yoy yoy adjusted1)  Revenues growing by 18.1%, adjusted for consolidation and FXRevenues 473.5 400.9 +18.1% -4.2% effects down by 4.2% Circulation 271.0 231.9 +16.9% -4.0%  Advertising markets developed less Advertising 172.3 147.0 +17.2% -6.0% favorably in H2/11 Other 30.2 22.1 +37.0% +5.6%  EBITDA improved considerably, 73.8 61.5 margin slightly upEBITDA +20.0% -20.1%  EBITDA increase mainly due to the Margin 15.6% 15.3% +0.2pp - CEE JV consolidation1) Adjusted for consolidation and foreign exchange effects17
  18. 18. Digital Media: Strong and profitable growthin €m 2011 2010 yoy  Revenue growth of 35.2% in 2011Revenues 962.1 711.8 +35.2%  Organic growth of 20.6% in 2011 Advertising 791.2 559.0 +41.5% (based on pro forma revenues of €994.2m in 2011 versus €824.7m in Other 170.9 152.9 +11.8% 2010)EBITDA 158.1 85.8 +84.2%  Pro forma revenues Digital Media at Margin 30.9% of pro forma total revenues 16.4% 12.1% +4.4pp (2010: 27.4%)  EBITDA up by 84.2%, margin up from 12.1% to 16.4%18
  19. 19. Net income increases in 2011in €m 2011 2010 343.3 Net income 289.4 274.1 289.4 283.2 Non recurring-effects1) 12.2 -17.1 274.1 Effects of purchase price allocations 54.7 33.6 Taxes attributable to these effects -13.1 -7.3 Adjusted net income 343.3 283.2 Thereof attributable to non-controlling 44.3 27.4 interests Adjusted net income attributable to shareholders of Axel Springer AG 299.0 255.8 Weighted average number of shares 98.5 98.5 outstanding (in m)2) 2010 2011 2010 2011 Adjusted for significant Adjusted eps (in €) 3.03 2.60 non-operating items1) Previous year: Non-recurring effects and other non-operating effects. 2) Based on weighted average number of shares outstanding in 2011.19
  20. 20. Comfortable financial situationNet finanical debt / liquidity1) (in €m) Attractive refinancing secured  Current credit line 79.6  €1.5bn secured until 2012 12/31/11  €1.0bn thereof extended until 2013 12/31/10  Margin between 15bp and 32.5bp  Bonded loan – Targets  Volume ≥ €300m  Maturity of 4/6 years  Secure additional attractive financing -472.8 conditions1) Excl. pension liabilities (12/31/10: -€389m; 12/31/11: -€327m) and treasury shares (12/31/10: 0.6m shares; 12/31/11: 0.3m shares)20
  21. 21. Free cash flow / dividendFree cash flow (in €m) Dividend volume (in €m) Dividend1) (€/share) 0.40 0.48 0.57 1.17 1.33 1.47 1.47 1.60 1.70 299.3 293.9 168 157 131 131 122 107 52 45 37 2010 2011 2003 2004 2005 2006 2007 2008 2009 2010 2011 2) 1) Based on new number of shares after 3 for 1 share split in June 2011 2) Dividend proposal for business year 2011, subject to approval by AGM 201221
  22. 22. Outlook 2012 REVENUES EBITDA Single digit REVENUES increase yoy Newspaper National ≤ 2011 < 2011 Circulation < 2011 SEGMENTS Magazines GROUP Advertising > 2011 National < 2011 < 2011 Other > 2011 Print < 2011 < 2011 International Digital Media > 2011 > 2011 Slight EBITDA increase yoy Services / < 2011 < 2011 Holding22
  23. 23. Investor Relations contactsClaudia Thomé Daniel Fard-YazdaniHead of Investor Relations Deputy Head of Investor RelationsPhone: +49 30 2591 77421 Phone: +49 30 2591 77425Mobile: +49 160 90445035 Mobile: +49 151 52844459claudia.thome@axelspringer.de daniel.fard-yazdani@axelspringer.deAxel Springer AGAxel-Springer-Str. 6510888 BerlinGermanyFax: +49 30 2591 7742223
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