July Half-Year Results NextRadioTV Group

Transcription

1 July Half-Year Results NextRadioTV Group

2 Contents 1. Introduction 3 2. HY1 highlights 5 3. Presentation of results Outlook Appendices 30

3 1. Introduction 3

4 Key figures ( millions) HY HY % change Revenue % IFRS EBITDA % Restated EBITDA (1) % EBIT % Restated net profit (2) % Net profit % (1) Restated EBITDA: IFRS EBITDA including net amortisation charges of programmes and excluding non-recurring items and bonus shares (2) Restated net profit: net profit restated for non-recurring items and excluding bonus shares 4

5 2. HY1 Highlights 5

6 HY1 Highlights TV Division RMCDécouverte broke even in EBITDA (1) terms in HY % growth in TV division revenue to 61.2 million HY TV EBITDA (1) almost doubled to 8.4 million 20% EBITDA margin (1) for BFMTV 2.2% average audience share in HY BFM Business TV s loss reduced by 0.5 million More than 40% growth in revenue in HY RMC Découverte broke even in EBITDA (1) terms Target of 1.5% audience share met as early as April 2015 Revenue more than doubled over the half year Sources: Médiamétrie Monthly Médiamat audience share (%) Mon-Sun 3am/3am 4+ years old (1) Restated EBITDA: IFRS EBITDA including net amortisation charges of programmes and excluding bonus shares 6

7 HY1 Highlights TV Division The strongest increase in audience figures of free-to-air TV HY average nationwide audience shares (%) vs. HY (% points) pp pp pp pp pp pp Source: Médiamétrie Monthly Médiamat Mon-Sun 3am/3am 4+ years old Excluding independent channels Numéro 23 and L Équipe 21 7

8 HY1 Highlights BFMTV BFMTV consolidated its position as the leading news channel in France Annual nationwide audience shares and half-year averages (%) Source: Médiamétrie Annual and monthly Médiamat Mon-Sun 3am/3am 4 + and upper socio-economic categories 8

9 HY1 Highlights BFM Business TV BFM Business TVbenefitedfromthe success ofits new events 01BUSINESS FORUM 1 st EDITION 4 February 2015 Supporting digital transformation More than 400 CEOs attended GRANDS PRIX DE LA 1 st EDITION BOURSE 9 February 2015 The key stock exchange event 300 CEOs and industry specialists BFM ACADÉMIE 10 th EDITION GRANDS PRIX DE 1 st 1 half of 2015 st EDITION L EXPORT 23 March 2015 Leading radio-tv competition for business creators Rewarding success in international markets More than 550 entrepreneur participants in 9 years 350 CEOs and industry specialists 9

10 HY1 Highlights RMC Découverte RMC Découverteachieved anas of1.5% inapril, a newhd DTT record HY average nationwide audience shares (%) Strongest year-on year rise of HD DTT 3 rd DTT channel for year old men HY HY Source: Médiamétrie Annual and monthly Médiamat Mon-Sun 3am/3am

11 HY1 Highlights Radio Division Almost 30% EBITDA margin in HY Radio revenue down 3% to 36.8 million in HY % decline in radio market Significant profitability maintained with EBITDA of 10.7 million Decrease in RMC s costs due to the lack of major sporting events Additional costs of the new BFM Business events RMC, n o 1 general-interest station for the under 50 year olds Ahead of Europe 1 for upper socio-economic categories BFM Business Radio, no 1 station for Premium targets 11% growth in revenue in HY driven by events Source: Médiamétrie 126,000 Radio / Mon-Fri 5am/12pm 11

12 HY1 Highlights RMC Radio RMC bridged the gap with Europe 1 over the season (0.8 pp) Average audience shares over the season (%) 4.2 million listeners per day N o 1 general-interest station for the under 50 year olds N o 1 station in France for year-old men AHEAD OF RTL & EUROPE 1 N o 2 station in France for year olds N o 2 commercial station for upper socioeconomic categories AHEAD OF EUROPE 1 N o 2 station in the Paris region AHEAD OF FRANCE INTER, EUROPE 1, NRJ Sources: Médiamétrie 126,000 Radio Mon-Fri 5am/12pm 13+ Change by season (cumulative September to March) and April-June 2015 wave % audience share and April-June 2015 wave/ Cumulative audience in terms of 13+ individuals and ranking by targets for audience shares 12

13 HY1 Highlights RMC Radio RMC ahead of Europe 1 for upper socio-economic categories Cumulative audience in terms of socio-economic categories structure (%) Share of audience of upper socio-economic categories by season (%) Sources: Médiamétrie 126,000 Radio April-June 2015 cumulative audience in structure terms Mon-Fri and change by season (cumulative September to June) Cumulative audience share calculated based on average quarters of an hour in thousands in the network of the 16 private radio stations Mon-Fri 5am-12pm 13

14 HY1 Highlights Digital Division Operating loss reducedby 0.4 million in the firsthalfof million UVs on 3 screens 6.7 million UVs on 3 screens Revenue of 7.2 m for the Digital division, down 2% vs. HY Structural change in the digital market Decline in traditional desktop formats in favour of mobile and video Negative EBITDA of 1.3 m in HY1 2015, up 0.4 m vs. HY New BFMTV.com portal in March 2015 Ranked in the top 10 news websites in May net.com became the leader in high-tech news videos in March Successful integration of MoneyWeb in Q Source: Médiamétrie // NetRatings May

15 11.6 HY1 Highlights BFMTV.com BFMTV.com, France's leading online video news brand +65% video audience, the strongest rise in the News category Millions of videos viewed May 2015 Audience share (%) of total hours of video May % % 9.9% 4.7% 3.0% Source: Médiamétrie // NetRatings May

16 3. Presentation of results 16

17 Key figures by division (1) Restated TV EBITDA and restated EBITDA: IFRS EBITDA including net amortisation charges of programmes and excluding non-recurring items and bonus shares 17

18 Consolidated income statement ( millions) 30-Jun Jun-2014 % change Total operating revenue % Personnel costs (43.9) (41.0) +7% Other expenses (44.4) (39.9) +11% Total operating expenses (88.3) (80.9) +9% Restated EBITDA (1) % EBIT % Cost of net financial debt (0.5) (0.5) Income tax (5.8) (4.8) +20% Restated net profit (2) % Non-recurring items (0.2) (0.3) Net profit % IFRS EBITDA % (1) Restated EBITDA: IFRS EBITDA including net amortisation charges of programmes and excluding non-recurring items and bonus shares (2) Restated net profit: net profit restated for non-recurring items and excluding bonus shares 18

19 Consolidated balance sheet ( millions) 30-Jun Dec-2014 Goodwill Other assets Deferred tax assets Operating WCR Cash and cash equivalents Total Assets Shareholders' equity - Group share Minority interests Provisions Financial liabilities Total Equity and Liabilities Gross debt (37.4) (38.8) Cash and cash equivalents Net debt (25.6) (17.7) Net debt / restated 2014 EBITDA (x) 0.8x 0.5x Net debt / 2014 IFRS EBITDA (x) 0.6x 0.4x Note: Restatement of documentaries within operating WCR/ Restated EBITDA: IFRS EBITDA including net amortisation charges of programmes and excluding non-recurring items and bonus shares 19

20 Analysis of financial debt Sound financial position at 30 June 2015 ( millions) Total debt: 37.4 m Net debt: 25.6 m Total available cash: 46.5 m Other debt Finance leases Bank and revolving facilities 2015 Bank borrowings (revolving facilities) Cash and cash equivalents 20

21 Cash flow statement ( millions) 30-Jun Jun-2014 Restated net profit Change in WCR (10.8) 0.2 Amort., depr. & prov. charges Cost of net financial debt Deferred tax charge Other non-recurring items Cash flow from operating activities Cash flow from investment activities (7.3) (4.0) Share capital increase Dividends (1.2) (2.1) Share buyback programme (0.8) (0.6) Interest paid (0.5) (0.5) Change in long-term borrowings (3.7) (0.4) Cash flow from financing activities (6.0) (3.5) Change in cash and cash equivalents (9.4) 4.1 Opening balance - 1 January Closing balance - 30 June Note: Restatement of purchases of documentaries within WCR / Restated net profit: net profit restated for non-recurring items and excluding bonus shares 21

22 4. Outlook 22

23 Outlook TV Division Make the TV Division the Group s leading contributor Ramp up the synergies between the 3 channels LT goal: TV margin > 25% Market share gains due to BFMTV s premium audience structure Continue the TV-Radio-Digital-Events growth strategy Growth in RMC Découverte s audience Successfully integrate Numéro 23 following the CSA s agreement Double-digit growth in TV revenue expected in HY

24 Outlook TV Division Accelerate the conversion of audience shares into revenues Forecast average annual audience share and market share for 2015 (%) 1.3% AS Other 2.2% AS Other 1.0% MS 2.6% MS Power ratio 2.0x 2.0x 1.6x 1.2x 0.8x 0.7x 0.6x 0.4x Other 0.3x Source: Médiamétrie, Estimate Net spendings / UDA / IREP 2015 AS: audience share MS: market share 24

25 Outlook BFMTV BFMTV, in the Top 3 in terms ofexclusive andactive advertisers Number of exclusive advertisers in HY Number of active advertisers in HY Source: Kantar Média 25

26 Outlook TV / Radio synergies La matinale de J.-J. Bourdin live simultaneously on both TV / Radio Average audience per quarter of an hour thousands of viewers/listeners audience up 40% on 6am-8.30am slot 6am 8.30am 9am Source TV: Médiamétrie Médiamat 4+ Mon-Fri April-June 2015 Radio source: Médiamétrie 126,000 Entire 13+ target Quarter of an hour Mon-Sun 6am/9am April-June 2015 wave Note: deduplicated TV and Radio audiences 26

27 Outlook Radio Division Consolidation of Radio business profitability (30% margin) Continued deployment of RMC s audience Ad hoc opportunities to secure new frequencies Develop the audience on multimedia Ensure the successful coverage of the 2015 Rugby World Cup Capitalise on the upper socio-economic categories to recruit new advertisers Continue the TV-Radio-Digital-Events growth strategy Aiming to maintain profitability of approximately 30% in HY

28 Outlook Radio Division RMC andbfm Business in the Top 10 forexclusive and active advertisers Number of exclusive advertisers in HY Number of active advertisers in HY Source: Kantar Média, NextRégie environment of private stations 28

29 Outlook Digital Division Assert BFMTV as THE leading digital news brand Continue to enrich the BFMTV.com portal launched in March 2015 New editorial verticals for the start of the season Double BFMTV.com s desktop, mobile and video audience Technical and editorial overhaul of 01net.com in HY New commercial strategy and continued investment Initial positive effects on revenue expected in Q Targeting a return to growth in

30 5. Appendices 30

31 FY Key Figures TV ( millions) 30-Jun Jun-2014 % change Total operating revenue % Personnel costs (22.0) (20.4) +8% Other expenses (30.8) (24.4) +26% Total operating expenses (52.8) (44.7) +18% Restated EBITDA (1) x as % of revenue 14% 9% Amort. & depr. charges (1.7) (1.6) EBIT x as % of revenue 11% 6% IFRS EBITDA x (1) Restated EBITDA: IFRS EBITDA including net amortisation charges of programmes and excluding bonus shares 31

32 HY1 Highlights BFMTV BFMTV, the leading news brand in France TELEVISION 10 MILLION VIEWERS EACH DAY FREE DAILY PRESS NATIONAL DAILY PRESS RADIO INTERNET 4,050,000 READERS EACH DAY 1,450,000 READERS EACH DAY 3,923,000 LISTENERS EACH DAY 269,000 VISITORS EACH DAY Source TV: Médiamétrie Monthly Médiamat Mon-Sun 3am/3am 4+ years old Press source: Audipresse One Radio source: Médiamétrie 126,000 April-June 2015 wave Cumulative audience in numbers of 13+ individuals Mon-Fri 5am-12pm Digital source: Médiamétrie // Netratings May

33 HY1 Highlights BFMTV BFMTVconfirmeditspositionasthe2 nd channelinfranceinthe6am-9amslot Average audience per quarter of an hour in thousands of viewers 3 million French people get their news from BFMTV every morning 8.30am-9am J-J. Bourdin 6am-8.30am Pascale de la Tour du Pin & Christophe Delay Source: Médiamétrie Médiamat Mon-Fri average, 6am-9am Extrapolated average ratings 4 + May-June

34 HY1 Highlights RMC Découverte Successful launch of Top Gear s French version TOP GEAR FRANCE 18 March 2015 at 8.45pm 995,000 viewers 7.2% AS for year olds and 6% for upper socio-eco cat. ENCHERES A TOUT PRIX 29 March 2015 at 1.30pm 659,000 viewers 7.3% AS for year olds and 5.9% for upper socio-eco cat. ENCHERES A L AVEUGLE 1 May 2015 at 1.40pm 599,000 viewers 3.9% AS for 4+ years old STORAGE WARS, ADJUGE VENDU 1 May 2015 at 2.55pm 568,000 viewers 6.2% AS for year olds and 4.2% for upper socio-eco cat. TOP SHOWS OF THE 2014/15 SEASON Source: Médiamétrie Médiamat 4 + January to June

35 FY Key Figures Radio ( millions) 30-Jun Jun-2014 % change Total operating revenue % Personnel costs (15.4) (14.0) +10% Other expenses (10.7) (11.5) -7% Total operating expenses (26.1) (25.5) +2% EBITDA % as % of revenue 29% 33% Amort. & depr. charges (0.3) (0.4) EBIT % as % of revenue 28% 32% 35

36 HY1 Highlights RMC Radio Record season for RMC across its core target, ahead of RTL and Europe 1 Weighting of average audience ratings between the three private general-interest stations across the year old target (%) Source: Médiamétrie 126,000 Radio April-June

37 FY Key Figures Digital ( millions) 30-Jun Jun-2014 % change Revenue % Other operating revenue Total operating revenue % Personnel costs (6.0) (6.0) Other expenses (2.6) (3.2) -18% Total operating expenses (8.6) (9.2) -7% EBITDA (1.3) (1.7) +21% Amort. & depr. charges (0.6) (0.4) EBIT (1.9) (2.0) +5% 37

38 Outlook Digital Division The transformation of display is accelerating due to video and mobile Analysis of display by format ( m and % of display) Analysis of display by device ( m and % of display) VIDEO UP 38% MOBILE UP 63% Video 126 m 30% Mobile & Tablets 91 m 21% IPTV 11 m 3% FORMATS DEVICES OPS 41 m 10% Traditional 258 m 60% Desktop 323 m 76% French display market: 425 m in HY Source: Obsepub HY Report 14 th edition of Observatoire de l e-pub du SRI, carried out by PwC in partnership with UDECAM July 2015 French advertising market 38

39 Shareholding structure at 30 June 2015 Total number of shares: 16,364,818 Total number of exercisable voting rights (1) : 23,603,651 Market capitalisation: 461 million NextRadioTV share price: Total number of share warrants: 2,412,476 Number of shares per warrant: Exercise price: Number of underlying shares: 2,902,209 (1) Number of voting rights at 30 June 2015 excluding treasury shares and shares held as part of the liquidity contract 39

40 Share price performance The share outperformed the market At 30 June 2015 Restated based on the NextRadioTV share price at 2 September

41 Major aggregates IFRS EBITDA: Profit from recurring operations before net amortisation charges and excluding non-recurring items and bonus shares Restated EBITDA: Profit from recurring operations including net amortisation charges of programmes, presented as other expenses, and before deduction of other net amortisation charges, excluding non-recurring items and bonus shares EBIT: Profit from recurring operations excluding non-recurring items and bonus shares Restated net profit: net profit restated for non-recurring items and excluding bonus shares 41

42 Disclaimer Statements contained in this document, particularly those concerning forecasts on future NextRadioTV Group performance, are potentially subject to various risks and uncertainties. Any reference to NextRadioTV Group s past performance should not be interpreted as an indicator of future performance. The limited review procedures on the consolidated financial statements have been completed by the Statutory Auditors. Their reports will be issued after procedures required for the purpose of the publication of the half-year financial report have been finalised. 42

43 Notes 43