RCS MediaGroup. FY 2016 Results. Milan, March 24th, 2017

Transcription

1 RCS MediaGroup FY 2016 Results Milan, March 24th, 2017

2 Agenda Highlights FY 2016 Results Outlook 2017 Saving New Projects 2

3 2016 FY Results Highlights EUR million EBITDA excl. Non Recurring 100,5 M 71,8 M EBITDA 89,9 M 16,4 M Last Positive Net Result in 2010 Net Result 3,5 M -175,7 M Net Cash Flow excl. Disposals & Acquisition 41,8 M -55,6 M NFP 366,1 M 486,7 M 3

4 2016 FY Results Guidance achieved EUR million 2016 Target EBITDA % excl. Non Recurring ~10,4% ~10% Net Efficiencies 71,3 M M Net Cash Flow >40 M Break even Debt Ratio 3.6x ~4x 4

5 Agenda Highlights FY 2016 Results Outlook 2017 Saving New Projects 5

6 Risultati Consolidati: KPI Dicembre 2016 M Q Q % % Total Revenue 258, % 289, % (10,4%) 968, % 1032, % (6,2%) Circulation 89,6 97,0 (7,6%) 380,4 420,9 (9,6%) Advertising 133,2 148 (10,0%) 451,2 475,5 (5,1%) Other 36,1 44,1 (18,1%) 136,7 135,8 0,7% EBITD A ex NR Items 49,5 19,1% 53,1 18,4 % (6,8%) 100,5 10,4 % 71,8 7,0 % 40,0% Non Recurring Items (0,0) (42,5) (10,6) (55,4) EBITD A 49,5 19,1% 10,6 3,7% 367,0% 89,9 9,3 % 16,4 1,6 % 448,2% EBIT 35,8 (33,0) 35,0 (107,0) Net Result 21,0 (49,3) 3,5 (175,7) NFP (366,1) (486,7) 6

7 Q4 & FY 2016 Results EUR million Q416 Q % Circulation 89,6 34,6% 97,0 33,6% 380,4 39,3% 420,9 40,8% (9,6%) Advertising 133,2 51,4% 148,0 51,2% 451,2 46,6% 475,5 46,1% (5,1%) Other 36,1 13,9% 44,1 15,3% 136,7 14,1% 135,8 13,2% 0,7% TOTAL REVENUE 258,9 100% 289,1 100,0% 968,3 100% 1.032,2 100,0% (6,2%) Operating costs (144,3) -55,7% (169,7) -58,7% (600,8) -62,1% (679,7) -65,8% (11,6%) Non recurring costs 0,0% 0,0% 0,0% 0,0% #DIV/0! Labour costs (65,1) -25,1% (66,4) -23,0% (266,9) -27,6% (280,7) -27,2% (4,9%) EBITDA ex Non Recurring Items 49,5 19,1% 53,1 18,4% 100,5 10,4% 71,8 7,0% 40,0% Non Recurring Items 0,0 0,0% (42,4) -14,7% (10,6) -1,1% (55,4) -5,4% (80,9%) EBITDA 49,5 19,1% 10,6 3,7% 89,9 9,3% 16,4 1,6% 448,4% D&A (13,2) -5,1% (15,3) -15,0% (54,2) -5,6% (59,3) -5,7% Impairment writeoffs (0,5) -0,2% (28,2) (9,8%) (0,7) -0,1% (64,1) (6,2%) EBIT 35,8 13,8% (33,0) (11,4%) 35,0 3,6% (107,0) (10,4%) Net financial incomes (charges) (6,5) -2,5% (8,5) -2,9% (30,0) -3,1% (36,3) -3,5% PRE-TAX RESULT 29,3 11,3% (41,5) (14,4%) 5,0 0,5% (143,3) (13,9%) Taxes (8,3) -3,2% (0,3) -0,1% (9,9) -1,0% 7,9 0,8% NET RESULT FROM CONTINUING OPERATIONS 21,0 8,1% (41,8) (14,5%) (4,9) (0,5%) (135,4) (13,1%) Net Result from Discontinuing and Discontinued Op. 0,0 0,0% (5,1) -1,8% 8,4 0,9% (38,8) -3,8% Minorities 0,0 0,0% (2,4) -0,8% 0,0 0,0% (1,5) -0,1% NET RESULT 21,0 8,1% (49,3) (17,1%) 3,5 0,4% (175,7) (17,0%) Last Positive Net Result in

8 Balance Sheet EUR million 31/12/ /12/2015 Net fixed assets 695,2 149,0% 745,0 125,9% & Intangible fixed assets 502,9 107,8% 539,9 91,2% Financial fixed assets 192,3 41,2% 205,1 34,7% Net working capital (73,6) (15,8%) (64,2) (10,8%) Reserve for risk and charges (114,9) (24,6%) (115,7) (19,5%) Employee termination indemnity (40,2) (8,6%) (40,1) (6,8%) Net invested capital: assets held for sale 66,8 11,3% CAPITAL EMPLOYED 466,5 100,0% 591,9 100,0% Net financial debt (cash) total 366,1 78,5% 486,7 82,2% to continuing operations 530,9 89,7% sh) of assets held for sale (44,2) (7,5%) Equity 100,4 21,5% 105,2 17,8% EQUITY & NFP 466,5 100,0% 591,9 100,0% 8

9 2016 Cash Flow EUR million +120,6 +99 VS PY -7 VS PY +16 VS PY +90 VS PY +78,8 +105,4-366,1-486,7-39,7-23,9 NFP 31/12/2015 Disposals, Acquisition (1) Others (2) CAPEX Operating Cash Flow (3) NFP 31/12/ (1) Including Books NFP deconsolidation (2) Non recurring items and other minor (3) Including dividends Cash flow representation as of management reporting

10 Agenda Highlights FY 2016 Results Outlook 2017 Saving New Projects 10

11 Outlook E Revenues Slight increase net of third parties publishers EBITDA 140 M EBITDA % ~15% Net Result Increasing Positive Net Cash Flow Improving Positive 11

12 Outlook 2017 Third party 32 Excluding advertising revenues coming from ceased RCS third party publishers with little marginality, expected revenues for 2017 are exceeding the 2016 result Target

13 Outlook 2017 January - February The first two months of the year show a significant improvement of EBITDA of more than EUR 10 million compared to the same period of the previous year, in line with the growth expectations for the year Ebitda improvement is also estimated for March compared to the same 2016 period. 13

14 Agenda Highlights FY 2016 Results Outlook 2017 Saving New Projects 14

15 Saving EUR million Target M Achieved ,30 15

16 Saving : Italy + Spain EUR million Print cost ~15,0 Paper cost ~4,0 Set up sport events ~1,0 Publishing collaboration ~7,0 It ~6,0 Playout Digicast ~0,5,0 Distribution & transports ~7.5 Travel expenses ~3,5 Rental costs ~5,2 Consultancy, profess. serv. ~3,0 Facility management/utilities ~3,0 Others * ~10,0 16 *Insurance, car fleet, canteen, taxi, newspapers & books, switchboard, ect

17 Agenda Highlights FY 2016 Results Outlook 2017 Saving New Projects 17

18 Magazines From October 2016: thorough review, enthusiastic advertising market reaction readers and From August 2016: most popular topics, new graphic, +37% in copies (Yoy Jan-Feb 2017) From March 2016: L economia, the new Monday economic attachement characterised by innovative updated graphics and exclusive contents to offer continuous, accurate and fast economic and financial information 18 18

19 Magazines RCS - OGGI Newsstand sales First 10 issues

20 Corriere della Sera The newspaper also features the new column Il Caffè written by Massimo Gramellini. Lo dico al Corriere: a new page by Aldo Cazzullo where the readers of Corriere della Sera can share experiences and reflections. From April 2017: every Thursday at the newsstands with a new editor, Beppe Severgnini. 20

21 The week of Corriere della Sera MON TUE WED THU FRI SAT SUN ECONOMIA VIVIMILANO SETTE IO DONNA LA LETTURA Free Free +0,50 +0,50 +0,50 48/56 pg LIVING 72 pag 116 pag National Optional National STYLE Local National National +0,50 National Monthly 21

22 «Grande» Gazzetta dello Sport 10 special issues during 2017 (one per month from February) giving wide space to relevant national and international sport events Increased print run Large foliation Wide Cover Supporting advertising campaign Additional advertising spaces to sell 22

23 Gazzetta dello Sport Geolocalization contents in order to maintain the circulation market share in specific areas following customer needs: ATALANTA BOLOGNA/TORINO FIORENTINA/UDINESE HELLAS VERONA CAGLIARI BRESCIA/VARESE BARI PALERMO Add value through local edition with first page dedicated to each specific team 23

24 Spain Major changes also for Marca and Radio Marca, with completely renewed style and contents. Commercial Agreement including the creation of Marca Claro, the Worldwide alliance for multimedia sports information in South America Launch of a new magazine before summer

25 Disclaimer Investor Relations Department Paolo Gatti Forward-looking Statements Statements contained in this document, particularly the ones regarding any RCS MediaGroup possible or assumed future performance, are or may be forward looking statements and in this respect they involve some risks and uncertainties. RCS MediaGroup actual results and developments may differ materially from the ones expressed or implied by the following statements depending on a variety of factors. Any reference to past performance of RCS MediaGroup shall not be taken as an indication of future performance. This communication does not constitute an offer or solicitation for the sale, purchase or acquisition of securities of any of the companies mentioned in any jurisdiction and is directed to professionals of the financial community. Riccardo Taranto, the Manager responsible for drawing up the company s accounting statements, hereby declares, pursuant to article 154-bis, paragraph 2 of the Testo Unico della Finanza (Legislative Decree n. 58/1998), that the information contained in this presentation corresponds to those one contained in the group s documents and books accounting records. 25