Drillisch AG Company Presentation. November 2012

Transcription

1 Drillisch AG Company Presentation November 2012

2 Disclaimer This presentation contains forward-looking statements that reflect the current views of the management of Drillisch AG with respect to future events. S uch statements are subject to risks and uncertainties, most of which are difficult to predict and are generally beyond the control of Drillisch AG. Drillisch AG does not undertake any obligation to publicly update or revise information provided during this presentation. November page 2

3 Financial Highlights Subscribers Service Revenue Gross Profit Margin 9M-2012 P ostpaid customers +13.7% in 9M M-2012 MVNO customers +124% Q MVNO customers +76,000 without migration 9M-2012 S ervice R evenue +2.0% to 227.0m Q S ervice R evenue +3.6% to 72.0m (adjusted for prepaid rev) 9M-2012 G ross P rofit Margin 32.2% (+2.6 percentage points) Q G ross P rofit Margin 35.5% (+5.5 percentage points) EBITDA Margin 9M-2012 E BITDA Margin 19.3% (+3.6 percentage points) Q E BITDA Margin 18.3% (+3.2 percentage points) Cash Flow 9M-2012 C ashflow f. curr. bus. operat. 8.6m (prev. year: 16.6m) Q C ashflow f. curr. bus. operat. 16.9m (prev. year 11.1m) Drillisch is Delivering Sustainable Growth in Profit with Increasing Margins November page 3

4 Drillisch Subscriber Base Development Prepaid Postpaid 1,512 1, , Sale to Congstar (1) 1, M M 12 Prepaid: 9M-2012: -75.5% vs. FY 2011 Postpaid: 9M-2012: +9.3% vs. FY 2011 Overproportionately development of MVNO subscribers November page 4

5 Postpaid Development SP-Classic/Discount MVNO Q Q Q Q Q Q Q Q November page 5

6 Turnover, Gross Profit and adj. EBITDA +5.2% - 3.7% - 0.9% Turnover ( m) Total 1.5% 9.3% 2.0% S ervice revenue Other revenue Gross Profit ( m) Margin 23.5% 24.4% 29.4% 29.4% 32.2% % 16.3% 9.3% M 11 9M 12 Adj. EBITDA ( m) Margin 12.6% 13.6% 15.1% 16.0% 19.3% % 13.3% 19.7% M 11 9M12 Turnover Growth with Continued Margin Expansion November page 6

7 Balance Sheet Balance Sheet Structure (1) Net Debt (1) m Other C urrent Assets C ash S hort-term Liabilities m Bank loans (non-recourse) E xchangeable bond F inancial liabilities 44.2 Leasing liabilities 0.5 C ash and cash equivalents Long-term Liabilities Net Debt Adjusted Net Debt (excl. non-recourse) 91.5 LTM E BIT DA (2) 60.3 F ixed Assets ,9x E quity 1,5x A ssets Liabilities Net Debt / LTM E B ITDA (2) adj. Net Debt / LTM E BITDA (2) Solid Balance Sheet with Adjusted Net Debt / LTM EBITDA of 1.5x (1) Data per 30 S eptember 2012 November page 7

8 Cash Flow in m M M-2012 E BITDA C apex OpFCF (pre NWC changes) C hange in NW C Interest Taxes R eceived dividends Dividends to shareholders O ther Change in cash Prior to NWC Effect, Operating Free Cash Flow Shows Attractive Growth Trend (1) Interest Income + Interest and similar expenses, page 28, 9M-R eport (2) O ther = O pf C F (pre NW C changes), Interest, Taxes, R eceived dividends, Dividends to S H, - C hange in cash November page 8

9 EBITDA to Free Cash Flow EBITDA NWC op. CF Capex Taxes Interest Free CF * in m 15,0 14,8 18,4 14,1 14,3 16,9 13,6 6,3 5,0 3,3-0,1 0,2-5,0-0,3-0,9-0,7-3,7-1,9-2,0-3,7-15,0-13,6 Q ,0-22,6-23,5 Q2-12 Q ,0-33,6 November page 9

10 Overview of Freenet Participation History of Investment in Freenet S trategic investment in F reenet since 2007 R eduction of risks through hedge, if share price plunges. Non-recourse financing ( 140m) P er share Accounting Considerations F reenet participation is currently consolidated at-equity R esults from F reenet participation included in Drillisch financial results Derivatives (exchangeable bond and hedging) may lead to additional non-cash effects ~ 91m B ook value ( m) (1) (1) M arket value ( m) Strategic Participation in Freenet AG with a Market Value of 352.9m (1) (1) Data per 30 S eptember 2012 November page 10

11 Segment Report At Equity partizipation (1) J an. - Sept J an. - Sept Telecomm unic. Software Services equity partic. total 2012 Telecomm unic. Software Services equity partic. Ges S ales with third parties Inner-company sales C onsolidation Segment sales Segment EBITDA Amortisation and depreciation Segment EBIT Result from financial investments shown in the balance sheet R esult from fair value measurement of hedge transactions R esult from fair value measurement of financial derivatives related to the issue of a debenture bond R esult from fair value measurement of O ther financial derivatives R esult from payment obligations related to financing agreements Other financial results per comprehensive income statement Interest income Interest and similar expenses Financial result Profit before taxes Taxes on Income C onsolidated Profit (1) 9-Monatsbericht page 32/33 November page 11

12 Outlook Guidance 2012 and 2013 Reported Initial Guidance New Guidance 2011A 2012E 2013E 2012E 2013E EBITDA 52.6m (+6.7% yoy) 58.0m P ositive growth 60-61m 67-70m (+10%-15% yoy) Dividend 0.70 (+40.0% yoy) NA NA At least same level as previous year ( 0.70) NA W e expect a further increase of E BITDA by 10-15% to 67-70m for 2013 Based on our business forecasts the proposed dividend amount will be at least the same as in the previous year Expected EBITDA in 2013 of 67-70m November page 12

13 Dividend and Share Buyback Share-Holder Return 2011 and 2012 of ca. 25 percent Shareholder Return 56,6 Millionen durch Aktienrückkauf und Dividenden Business Year2011 Business Year2012 total Shares 1.286m shs C a. 4 million shs. Value ca. 8.0m ca. 38.0m Value per share 15.4 C ent 79.3 C ent Dividende 70 C ent/share At least 70 C ent/share Share-Holder Return 85.4 C ent/share 1.49/share Return in percent C losing price agm percent C losing price 7. Nov percent Shareholder Value = Dividend and Buyback November page 13

14 Share Price Performance of Drillisch AG Relative Share Price Performance Index 84,7% S tock price increased by 84.7% since beginning of dividend per share paid in 2011 TecDAX 3,5% Dividend increase to 0.70 per share in 2012 DAX -5,3% Drillisch Outperformed Relevant Indices Since 2011 (1) Based on the share price from Xetra per 7 Nov 2012 at 9.86 November page 14

15 Relative Market Valuation Freenet AG Expected growth and profitability Turnover growth % -0.6% E BITDA growth % -0.6% E BITDA margin H % 11.5% C urrent share price (1) S hares outstanding 50.5m (3) 128.1m Relative valuation based on current share prices Market capitalisation 498.1m 1,730,6m Net Debt (2) 232.9m 539,0m F inancial assets m (4) - 0m E nterprise value ( E V ) 378.1m 2,269,6m 2013E E BITDA 67-70m 340m E V/E BITDA 2013E 5.4x -5.6x 6.67x Implied EV/EBITDA of 5.5x vs. 6.7x for Freenet R emark: E xpected turnover and E BITDA based on the consensus per 2 November 2012 (1) C losing prices per 7 Nov (2) Net debt consists of financial liabilities, pension provisions and minority interests less cash and cash equivalents (3) 53.2 million shares less 2,669,245 million treasury shares or 5.02% of the capital (4) >20% ownership in F reenet valued using the current share price as per 30 S eptember 2012 ( 12.70) November page 15

16 Shareholder Structure Shareholder Structure (1) (as per 7 Nov 2012) Directors Holdings (as per 7 Nov 2012) M. Brucherseifer 6,99% F lossbach v. S torch 5,16% F idelity Intern. 3,87% S P G mbh 3,67% MV G mbh 3,46% Management Board Shares O/S % S P GmbH 1,950, % MV GmbH 1,840, % Vlasios C houlidis 55, % P ascal C houlidis 50, % F ree F loat 71,62% Treasury S hares 5,02% Supervisory Board Shares O/S % Marc Brucherseifer, Dipl.-Kfm. (C hair) 3,719, % Basic Stock Data IS IN DE WKN S E DOL DE S hare Outstanding 53,189,015 Market C ap 524.4m J ohann W eindl, Dipl.-K fm. (Deputy C hair) 10, % Horst Lennertz, Dr 2,407 n.a. Diversified Shareholder Structure with Stable Core Shareholder Base S ource: Disclosures by the corporations pursuant to sections 21 ff G erman S ecurities Trading Act (W ertpapierhandelsgesetz, W phg ) and unless the company was not informed of a more recent figure (1) On the basis of the XE TR A closing price 9.86 on 7 Nov F ree F loat acc. to the rule Dt. Boerse AG : 87.99% November page 16

17 Contact Drillisch AG Wilhelm-R öntgen-s traße 1-5 D Maintal Telefon: + 49 (0) / 4123 Telefax: + 49 (0) / Internet: E -Mail: ir@ drillisch.de Drillisch AG Investor R elations Wilhelm-R öntgen-s traße 1-5 D Maintal Telefon: + 49 (0) / Telefax: + 49 (0) / E -Mail: ir@ drillisch.de November page 17