DIGITAL GROWTH AND STEADY RECOVERY IN ADVERTISING TO PRE-COVID LEVELS
VOCENTO advertising in 2Q21 increased by +25.1% vs 2Q20 but was -14.1% lower than in 2Q19. Trend improves after -22.6% in 1Q21, with increased market share (1H21 vs 1H19 -18.1% for VOCENTO vs -19.2% for the market1)
Digital advertising revenues contribute half of VOCENTO total advertising (1H21 50.5%2)
Online advertising in 1H21 higher than pre-Covid(1H21 +2.9% vs 1H19, +13.2% ex Classifieds)
25% increase in paying subscribers to 78k in Jun21
Steady recovery in events: 2Q21 included MadridFusión, WON and Turium with higher margins than pre-Covid
PROGRESSING TOWARDS TARGET OF A RETURN TO 2019 EBITDA
Increase in the margin on readers3 1H21 €+2.4m vs 1H19, led by digital
Comparable costs cut by -11.7% vs 1H19, offsetting 80% of the fall in revenues. Salary agreements concluded
EBITDA 1H21 €16.0m up €+1.6m vs 1H19, no compensation payments made(€-6.6min 1H19)
EBITDA 1H21 decreases vs comparable EBITDA 1H19 by €-5.1mbut increases in 2Q21 by €+0.1m4
MAJOR REDUCTION IN FINANCIAL DEBT, STRATEGIC INVESTMENT IN LEADS
Generation of ordinary cash flow of €15.0m in 1H21 vs €14.7m in 1H19
NFD ex IFRS 16 in 1H21 €-17.1m vs €-46.6m2020. NFD/LTM EBITDA ex IFRS16 is 0.5x
Divestments of real estate at El Diario Vasco and 45% of Izen in 2Q21 generate cash entry of €27.65m
Acquisition of Premium Leads in 3Q21 reinforces VOCENTO's commercial position
Note 1: i2p ex social media and search . 16 Jul release. Note 2: including e-commerce revenues. Note 3: combined margin on circulation and digital subscriptions.
2
Note 4: reclassifying MadridFusión from 1Q19 to 2Q19. Note 5: including c.€3m of VAT on real estate sales, to be settled in 3Q21.
VOCENTO INCREASES MARKET SHARE
Advertising market and VOCENTO, 1H21 vs 1H19
Data in YoY %1
Online VOC ex Classifieds
13.2%
2.9%
(0.1%)
(19.2%)
(18.1%)
(33.8%)
(30.0%)
Total
Press
Online
Market1
VOCENTO
Advertising market and VOCENTO, quarterly vs 2019
Data in YoY % 1
(13.0%)
(14.1%)
(26.6%)
(22.6%)
1Q21
2Q21
Market1
VOCENTO
Note 1: market source i2p ex social media and search. Release from 16 Jul.
3
INCREASE IN DIGITAL SUBSCRIPTIONS
Digital subscribers at VOCENTO
Data in thousands
Total subscribers
75
92
Paying
78
11
subscribers
62
11
+25%
21
12
50
57
Dec 2020
Jun 2021
Regional1
ABC2
Close to the 100k target
for 2021E
Following launch at Las Provincias in 2Q21, all local portals have an ON+ service
Note: figures are rounded to the nearest 100 thousand euro. Note 1: including ON+ and KyM subscribers. Note 2: including ABC Premium and KyM subscribers.
4
IMPROVING TREND IN REVENUES AND EBITDA
Revenues 1H21 vs 1H19 by quarter
EBITDA 1H21 vs 1H19 by quarter
Data in variation %1
Data in variation €m1 2
Var% advertising
1Q21 -22.6% y 2Q21 -14.1%
1.4
0.1 0.2
(11.0%)
(5.2)
(15.3%)
1Q21
2Q21
1Q21
2Q21
Comparable
Reported
Note 1: adjusted for MadridFusión (revenues €2.6m and EBITDA €0.9m) reclassified from 1Q19 to 2Q19. Note 2: Comparable EBITDA 1Q19 and 2Q19 adjusted for compensation payments 5
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Vocento SA published this content on 27 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 July 2021 15:59:05 UTC.
Vocento SA is a Spain-based company engaged in the multimedia industry. The Company publishes, distributes and sells unit publications, periodic and non-periodic, about general information, culture, sports, arts and other related topics. It operates through four segments: Print Media, which provides printing and distribution services; Audiovisual, which is responsible for the broadcasting of television channels in the Spanish Digital Terrestrial Television (DTT) and one radio station, as well as the operation of five audiovisual production entities BocaBoca Producciones, Europroducciones, Hill Valley, Videomedia and Tripictures; Internet, which hosts with the coverage of news and events, as well as specific applications for smartphones and tablet computers; and Other Businesses, which is active in the printing, distribution and free press sectors. It operates through Foro de Debate.