Half year results 2010

Transcription

1 Half year results August 2010 Rik De Nolf, Chief Executive Officer Jan Staelens, Chief Financial Officer 1

2 Introductory remark The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. Half year results are unaudited, a limited review has been executed. All comparisons are made relative to the figures of the first half year of This document contains forward-looking information that involves risks and uncertainties. Readers are cautioned that forward-looking statements include known and unknown risks and are subject to significant business, economic and competitive uncertainties and contingencies. Roularta Media Group, nor any other person, assumes any responsibility for the accuracy of these forward-looking statements. The company undertakes no obligation to publicly update any forward-looking statements. 2

3 Rik De Nolf, Chief Executive Officer 3

4 Content Highlights Business review Financials Key challenges & Outlook 4

5 Highlights first half 2010 Consolidated (corrected) sales of 361,7 million (+0.8%) EBIT of 27,2 million compared with - 7,2 million REBIT of 29.8 million compared with 10.4 million REBIT margin on sales of 8.2% compared with 2.8% REBITDA margin on sales of 12.1%(*) compared with 6,5% EPS : between 2 to 3 on yearly basis P/E : between 7 to 8 on yearly basis (*) corrected with rent sale and rent back 5

6 Content Highlights Business review Financials Key challenges & Outlook 6

7 Strategy and persistency delivers record performance Strategy : a persistent focus on brands with the highest quality of execution (content & printing), innovation (internet, i-phone, i-pad ) and diversification combined with costawareness, delivers excellent results, despite non-growth in sales. Belgium 1. Adapting structures : integration databases and multimedial journalists 2. Kanaal Z/Canal Z : analogue -> digital 3. New brands and activities: T chin, Econopolis, 4. Internet growth is spectacular : I-pod, I-pad 5. End of crisis in Job advertising business 7

8 Strategy and persistency delivers record performance France 1. Sale of Guitar Part, Guitar Classique en Guitar Unplugged to Les Editions Duchâteau-Voisin 2. Horizontal integration : acquisition of Fiscap en Forum de l Investissement (Win) Emerging markets : 1. Nearly signs of break-even, 2. Fusion of management of Croatia and Slovenia Printing : 1. Persistency in commercial printing 2. Decision to further invest in replacement of older print installations 3. Outlook : printing German magazines 8

9 Strategy and persistency delivers record performance Audiovisual 1. Strong first semester Further growth in line extensions Internet and line extensions 9

10 Jan Staelens, Chief Financial Officer 10

11 Roularta Media Group in Europe Netherlands : JV with Bayard Press : Senior magazines Belgium : Own titles + JV s : with Rossel & Concentra (free press), with De Persgroep in TV&Radio Germany : JV with Bayard: Senior + specialised magazines Slovenia Croatia- Serbia Start-up: City Magazines France : Groupe Express,l Etudiant, A Nous, JV for Idéat 11

12 Content Highlights Business review Financials Key challenges & Outlook 12

13 Consolidated Key Figures (in 000 EUR) INCOME STATEMENT FIRST HALF YEAR H1/2009 H1/2010 Trend Sales ,1 % Corrected Sales ,8 % EBITDA ,2 % EBITDA margin 3,1 % 10,4 % REBITDA ,8 % REBITDA margin 6,5 % 11,0 % EBIT ,5 % EBIT margin -2,0 % 7,5 % REBIT ,8 % REBIT margin 2,8 % 8,2% Financial Result ,3 % Operating Result before taxes ,5 % Current Operating Result before taxes ,7 % Income taxes ,1 % Share in the profit of the companies with equity method Net Result ,4 % Minority interest Attributable to the GROUP ,0 % Net profit attributable to the GROUP margin -3,0 % 4,2 % Current Net Result of the consolidated companies ,0 % Current net profit of the consolidated companies margin 0,6 % 5,0 % 13

14 Consolidated Key Figures (in 000 EUR) INCOME STATEMENT FIRST HALF YEAR H1/2009 H1/2010 Trend Sales ,1 % Corrected Sales EBITDA REBITDA Corrected with Sale & Leaseback operation : mio EUR, REBITDA margin on sales = 12.1% EBITDA margin ,1 % ,4 % ,8 % + 231,2 % + 68,8 % REBITDA margin 6,5 % 11,0 % EBIT ,5 % EBIT margin -2,0 % 7,5 % REBIT ,8 % REBIT margin 2,8 % 8,2% Financial Result ,3 % Operating Result before taxes ,5 % Current Operating Result before taxes ,7 % Income taxes ,1 % Share in the profit of the companies with equity method Net Result ,4 % Minority interest Attributable to the GROUP ,0 % Net profit attributable to the GROUP margin -3,0 % 4,2 % Current Net Result of the consolidated companies ,0 % Current net profit of the consolidated companies margin 0,6 % 5,0 % 14

15 Consolidated Key Figures (in 000 EUR) BALANCE SHEET 31/12/09 30/06/10 Trend Non current assets ,6 % Current assets ,5 % Balance sheet total assets ,9 % Equity Group s share ,3 % Equity Minority inerests ,6 % Liabilities ,6 % Balance sheet total liabilities ,9 % Liquidity 1,0 1,0 + 0,0 % Solvency 34,3 % 36,8 % + 7,3 % Net financial debt ,3 % Gearing 38,9 % 37,5 % -3,6 % 15

16 Restructuring- and non-recurring costs H1/2010 RESTRUCTURING & NON-RECURRING COSTS H1/2010 Restructuring costs Severance pay France Belgium 785 Withdrawal of social security debt VMMa -809 Effect on EBITDA Restructuring costs as provision -637 Severance pay France -888 Belgium 251 Impairment titles Effect on EBIT Tax effect -77 Effect on net result

17 Bank Covenants (in 000 EUR) Covenants Leverage (Net Financial Debt / (R)EBITDA) < 3.75 Intrest Coverage Ratio ((R)EBITDA / intrests) > 2.50 Fixed Charge Coverage Ratio > 1.50 Equity (in 000 EUR, min ) Gearing (Net Financial Debt/Equity) < 80% Solvency (Equity/Balance sheet total) Min. 25.0% EBITDA % 37.8% REBITDA % 37.8% 17

18 CAPEX 2010 (in mln EUR) CAPEX On Balance (*) : - Titles -Software - Buildings - Machines & equipment -Other Off Balance - IT equipment 0,5 2,3 0,7 0,9 0,4 4,8 0,6 (*) Of which VMMa 1,2 TOTAL 5,4 18

19 Sales H1/2010 Breakdown (in 000 EUR) 30/06/ /06/2010 Difference Trend Advertising ,9% Readers market (incl.subscriptions) ,2% Printing for third parties ,9% Line Extensions ,5% Corrected Sales ,8% Changes in perimeter Sale Optical Discs business Consolidated Sales ,1% 19

20 Sales H1/2010 Breakdown (in 000 EUR) Exhibitions 4.7% Paratel 1.7% Line Extensions 13.2% Line Extensions 13,0% Books,Jim Mobile a.o. 6.8% Readers market (incl.subscriptions) 25.0% Readers market (incl.subscriptions) 25,8% Printing for third parties Printing for third parties 5,2% 4.7% Print 35.4% Advertising Advertising 56,0% 57.1% Audiovisual 19.2% Internet 2.4% 20

21 Consolidated Key Figures per Division (in 000 EUR) PRINTED MEDIA AUDIOVISUAL MEDIA INCOME STATEMENT FIRST HALF YEAR H1/2009 H1/2010 Trend H1/2009 H1/2010 Trend Sales ,5 % ,3 % Corrected Sales ,9 % ,5 % EBITDA % ,5 % EBITDA margin 0,4 % 6,5 % 12,4 % 23,1% REBITDA ,6 % ,4 % REBITDA margin 4,1% 7,5 % 14,5 % 22,3 % EBIT ,5% ,1 % EBIT margin -5,1 % 3,7 % 9,0 % 19,8 % REBIT ,2 % ,2 % REBIT margin 0,4 % 4,9 % 11,2 % 18,9 % Financial Result ,7 % ,4 % Operating Result before taxes ,5% ,0 % Current Operating Result before taxes ,7% ,7 % Income taxes ,8% ,1% Share in the profit of companies with equity method Net Result ,9 % ,4% Minority interest Attributable to the GROUP ,7 % ,9 % Net profit attributable to the GROUP margin -5,4% 1,4 % 5,5 % 13,1% Current Net Result ,6% ,1 % Current net profit margin -1,2 % 2,7 % 6,8 % 12,5% 21

22 Roularta Media Group Internet BELGIUM Roularta Media Online News Business Lifestyle Vlan.be Metriweb Unique visitors/month FRANCE L Express Décoration L Etudiant L Expansion Unique visitors/month

23 REBITDA margins (in % of total sales) 14,0% 12,0% 11,8% After correction S&RB 4.1 mio EUR 12,1% 11,0% 10,0% 9,0% 9,3% 8,7% % margin 8,0% 6,0% 7,3% 6,5% Rebitda Margin 4,0% 2,0% 0,0% 2007 H H H H H H H1 periods 23

24 Debt Management sensitivity analysis (in 000 EUR) Evolution Financial Debt Nieuwe saldi leningen Total financial debt inclusive off balance leases Off balance leases Leasingschulden off balance Premisses : Operational CF : +/ /year, no growth Capex : /year Dividend : 0.50 > > 2014 Overdraft CF is used for prepayment banks Minimum reserve liquidities = 18 mln.eur Scenario without bullet repayment in

25 Taxes (in 000 EUR) 1. Corrections on Result before Taxes Loss Carry Forward (non recuperable!, without Deferred Tax Assets) Impairment on titles Other New Result before Taxes Corrections on Taxes Notional Intrest Deduction Other New Taxes ,7% (1H/2009 = 33,1%) 25

26 Hedges 1. US Dollar : 66.2 mln USD 2. ORA : 86.0 mln EUR 3. Other loans : 92,1 mln EUR - Loans with fixed interest rate : - Loans with variable interest rate, but hedged 100% IRCS Fixed interest rate 48% 52% Result of financial instruments: +3 mln EUR net impact due to change in market values of financial instruments and sale of one financial instrument. 26

27 Forecast Slight recovery possible in publicity earnings, job advertising Visibility remains low Further pressure on Break Even Point Strenghtening of printing plant 2010 : impact of small economic recovery and impact of former restructuring Multitasking : use of centralised content for print / audiovisual / internet! 27

28 Questions & Answers 28

29 Financial Calendar 19/08/2010 Publication of 1H 2010 results 07:30 : press release on website 11:00 : press conference (Zellik) 13:00 : meeting analysts (Zellik) 20/08/ :30 : press conference (Paris) 12:30 : meeting analysts (Paris) 19/11/2010 Interim declaration - Q :45 : press release on website 21/03/2011 Publication of full year 2010 results 07:30 : press release on website 11:00 : press conference (Zellik) 13:00 : meeting analysts (Zellik) 22/03/ :00 : press conference (Paris) 13:00 : meeting analysts (Paris) 16/05/2011 Interim declaration - Q :30 : press release on website 17/05/2011 General Meeting of Shareholders 11:00 : Roeselare 29

30 Contact Roularta Media Group is pleased to answer all your questions. Contact us : Jan Staelens (CFO) Rik De Nolf (CEO) 051/ / jan.staelens@roularta.be rik.de.nolf@roularta.be 30

31 Roularta Media Group share versus BEL J A S O N D J F M A M J J A S O N D J F M A M J J A RMG Bel