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Roadshow

with Deutsche Bank in Paris, June 6, 2016

Dr Julian Deutz, CFO


Claudia Thom, Co-Head of Investor Relations

Disclaimer
This document, which has been issued by Axel Springer SE (the "Company"), comprises the written
materials/slides for a presentation of the management.
Whilst all reasonable care has been taken to ensure that the information and facts stated herein are accurate
and that the opinions and expectations contained herein are fair and reasonable no representation or warranty,
express or implied, is given by or on behalf of the Company, any of its directors, or any other person as to the
accuracy or completeness of the information or opinions contained in this document and no liability is accepted
for any such information or opinions.
This document contains forward looking statements which involves risks and uncertainties. These forward
looking statements speak only as of the date of this document and are based on numerous assumptions which
may or may not prove to be correct. The actual performance and results of the business of the Company could
differ materially from the performance and results discussed in this document.
The Company undertakes no obligation to publicly update or revise any forward looking statements or other
information contained herein whether as a result of new information, future events or otherwise.
This document does not constitute or form any part of any offer or invitation to sell or issue, or any solicitation of
any offer to purchase or subscribe for, any shares in the Company, nor shall it or any part of it nor the fact of its
distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation
thereto.

Axel Springer at a Glance

Highlights
One of the leading digital
publishers in Europe with unique
media brands
Successful transformation with
72%1) of EBITDA from digital
activities
Organic growth supported by
active M&A with strong track
record
High dividend yield

1) Based

EBITDA by segment1)2)

Revenues by segment1)
2%

27%

27%

14%
Classified Ad Models
Paid Models
Marketing Models

27%

60%

Services / Holding

44%

Financials
2015

Outlook 2016

Revenues in m

3,294.9

Low single-digit % increase

EBITDA in m

559.0

Low to mid single-digit % increase

EBITDA-margin

17.0%

EPS (adj.) in

2.22

DPS (FY 2015) in

1.80

on Q1/2016 figures. 2) Negative EBITDA S/H allocated proportionally to operative segments.

Mid to high single-digit % increase

Digital transformation along core areas of


expertise to become the leading digital publisher

Classified Ad Models

&

For all segments: main activities only.

Paid Models

Marketing Models

Axel Springer with significant reach and traffic


figures across all assets

200 million unique users


1.4 billion
visits

1.1 billion
video views

395k
paid digital
subs

Unique users Q1/16, comScore and own calculations, monthly average. Visits Q1/16, comScore and own
calculations, monthly average. Video views, most recent company data available (last three months), monthly
average. Paying digital subscribers April 2016, BILD and WELT.

85% of advertising revenues and 72% of EBITDA


earned in digital in Q1/16

Revenues

Advertising Revenues

15%

28%

33%
67%

Digital share.

Non-digital share.

EBITDA

85%

72%

Start into the year as expected guidance for the


full year confirmed
in m

Q1/16

Q1/15

yoy

Revenues

783.4

780.6

0.4%

Advertising

527.1

483.3

9.1%

Circulation

154.5

174.4

-11.4%

Other

101.8

122.9

-17.2%

EBITDA

125.9

119.8

5.2%

Margin

16.1%

15.3%

0.7pp

Restructuring Exp.

6.4

12.8

-6.4

Launch Costs

12.3

4.8

7.5

144.7

137.4

5.3%

18.5%

17.6%

0.9pp

EBITDA ex. Restr./LC


Margin

Q1/16 significantly impacted by


consolidation effects
Revenues adjusted for cons. effects
+3.7% (ad revenues +5.9%, circulation
revenues -3.5%, other revenues +5.0%)
Cost development (-1.7%, +3.1% adj. for
cons. effects) below revenue increase
EBITDA up 5.2% (adj. for cons. effects
+3.2%) due to continued growth in
classifieds, lower restructuring costs and
despite investments for future growth

Adjusted eps up 18.6% yoy guidance for FY 16


mid to high single-digit growth
in m

Q1/16

Q1/15

Net income

209.4

43.0 >100%

Non-recurring effects

-171.8

4.2

21.6

17.3

24.8%

6.1

-6.9

Effects of purchase price allocations


Taxes attributable to these effects
Adjusted net income
Thereof attributable to non-controlling interests
Adjusted net income attributable to shareholders of Axel Springer SE

65.3
8.6

yoy

57.6 13.3%
13.7

-37.7%

56.7

43.9 29.3%

0.53

0.44 18.6%

in
1)

Adjusted eps

1)

Based on weighted average number of shares outstanding in Q1/16: 107.9m (Q1/15: 98.9m).

Dividend yield of 3.6%1), dividend volume up to


new record high of 194m
Free cash flow in m

66.4

Dividend
(/share)

70.9

Dividend volume in m
0.22 0.40 0.48 0.57 1.17 1.33 1.47 1.47 1.60 1.70 1.70 1.80 1.80 1.80

194
168 168

178 178

157
122

131 131

107

37

45

52

22

Q1/15
1)

Based on share price on day prior to AGM.

Q1/16

02

03

04

05

06

07

08

09

10

11

12

13

14

15

Leverage of 1.5x post dividend payment and cash


inflow from FUNKE vendor loan
1)

2)

Net financial debt of 881m as of April 2016 (leverage 1.5x )


Early repayment of FUNKE vendor loan
Vendor loan granted in April 2014
in connection with sale of regional
newspapers and magazines

1)

Initial terms
Nominal value of 241m, 5% yearly
capitalized interest, repayment over a
two-year period starting 2018
Agreement with FUNKE to receive
early repayment
260.3m cash payment received end of
April 2016

Excl. pension liabilities.

10

2)

Future cash flows


Inflows

Strong free cash flow generation

Payment of 55m received in January 2016


from sale of stake in Doan TV. Further
sale/payments of 171m expected in 2020/
2022.

Outflows

Based on Bloomberg EBITDA consensus for 2016.

Put-Call-Options following acquisitions,


volume expected to be ~60m for 2016

Priorities 2016
We want to

11

further grow in classifieds

invest for further growth in Business Insider,


upday, Retale

stabilize paid models segment ex growth


investments for Business Insider/upday

Outlook 2016
Axel Springer
Group

Revenues Low single-digit % growth

12

EBITDA

Low to mid single-digit % growth

eps (adj.)

Mid to high single-digit % growth


Classified Ad
Models

Paid
Models

Marketing
Models

Revenues

Low double-digit %
growth

Mid single-digit %
decline

Mid single-digit %
growth

Significant
decline

EBITDA

Low double-digit %
growth

Mid to high singledigit % decline

On prior-year
level

Mid single-digit %
decline

Services/
Holding

Highlights Classified Ad Models

Classified Ad Models segment at a Glance

Highlights
Portfolio of market leading
classified ad models
Digital classifieds clear
beneficiary of structural shift from
print to online
Strong market positions yielding
high margins

Classified Ad Models
Jobs
Real Estate
#1 in Germany, Belgium
#1 in France
#1 in Belgium

#1 in UK

#2 in Germany
#1 in Ireland, South
Africa

Financials

14

&

Cars
#1/2 in France
Local
#1 in Germany
Generalist
#1 in Israel
Vacation Rental
#1 in Netherlands
and Belgium

2015

Outlook 2016

Revenues in m

753.1

Low double-digit % increase

EBITDA in m

305.0

Low double-digit % increase

EBITDA margin

40.5%

Ownership of Classifieds back to 100%


General Atlantic 8.3% group shareholder
Before December 8, 2014

Since December 8, 2014

As of December 9, 2015

Axel Springer

Axel Springer

Axel Springer

Classified
Ad Models

Paid
Models

Marketing
Models

GA share
30%

15

Classified
Ad Models

Paid
Models

Marketing
Models

Classified
Ad Models

GA share
15%

Paid
Models

GA share 8.3%

December 8, 2014

December 9, 2015

Acquisition of 15%-stake for 446m


in cash

Acquisition of remaining 15%-stake for 9.0m


Axel Springer SE shares

Marketing
Models

StepStone: Significant lead over competitors

Company profile
#1 job portals in Germany, UK and other
countries
High growth driven by operational excellence
and market share gains
Several bolt-on acquisitions enabling knowhow transfer and best practice exchange
Relevance of direct search in Germany
limited

Applications per job ad


in Germany; 2013 - 20151)
2014
2015
2013
2014
2012
2013
6.5

Competitor

6.7
6.0

Competitor

5.9
5.1

x3.1

3.5

x5.0
x5.1
x4.7

3.7
3.3

2.4

x5.3
x7.8

2.2

x7.1

3.3

Competitor

1)

Source: TNS Infratest

16

x2.7
x2.8
x2.6
x3.8
x3.2

4.6

Competitor

17.4
18.8
15.6

SeLoger revenue growth driven by strong


ARPA development
Company profile
#1 specialist real estate portal in France
Penetration rate with real estate agents
>80%
Excellent competitive position and
beneficiary from print to online shift
Continued revenue growth driven by
strong ARPA development

Monthly ARPA depending on regions (EUR)

Province

616

Total (excl. verticals)

600

576

506 515

500

464 468 470


406

400

373
338
302

300

265

200
100

197
129

213

256

321
271

500

393
351

339

499

455
419

376

323

271

411

439

378
351

301

240

422

648

554 565

Total (incl. verticals)

247

17

701

Paris area

700

430
396

368

324
291

221
193

151

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Merger of Immowelt & Immonet in 2015 creates a


strong N2 in German online real estate
Outlook and targets
High investments in the
Immowelt-brand (Online-/TVcampaigns)

Uplift in performance through


new cooperations (e.g.
meinestadt, kalaydo)
Revenues to grow with a doubledigit CAGR over the next five
years
After investments in the
Immowelt-brand EBITDA-margin
to increase to +40%

Darker shade =
higher search volume per region

18

Encouraging results

for real estate agents: More leads

for Immowelt: Higher ARPA2)

DUO1) customers may more than double


their leads
+14%

in

+145%

230

224

220
210
200

191

190
180

214

+12%
196

218

201

185
175

178

170
160
150

Jan 2015
1) Based

Jan 2016

Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16

on an internal analysis of the daily leads per listing for 3,500 customers that had an Immowelt contract in Jan 2015 and new DUO contract in Jan 2016.
(Average Revenue Per Agent); monthly revenues of Immowelt + Immonet, divided by the number of agents (duplications eliminated, estimated
before Jun 2015) Sources: Immowelt, Immonet.

2) ARPA

19

Strengthening classifieds vacation rentals vertical


Bolt-on acquisition of
Traum-Ferienwohnungen (04/16)

One of the leading


online marketplaces for
vacation rentals in Germany

Voluntary PTO for


Land & Leisure (05/16)

Majority acquisition
(50.01%) by @Leisure
(Axel Springer stake 51%)

Land & Leisure brands


DanCenter (holiday homes) and
DanLand (holiday parks) with strong presence in
Scandinavia (especially Denmark)

Established in 1957, listed on Nasdaq Nordic,


~240 employees

Founded 2001, based in Bremen,


~100 employees

Founders continue to lead the business

@Leisure Group with cash offer price of


DKK 6.05 per share for up to 100% of all shares
(max. total of ~61.8m)

Irrevocable undertakings to accept offer


already received (for total of 63.76%)

Offer is subject to certain conditions, including


the approval by antitrust authorities. Closing
envisaged for Q3/16.

20

Highest organic growth in classifieds verticals


still in jobs with 13.8%
Jobs
EBITDA share

43%

Q1/16

Q/15

yoy

Revenues

95.7

83.5

14.6%

Revenues (pro forma)

95.7

84.1

13.8%

EBITDA*

35.9

35.2

2.0%

37.5%

42.2%

-4.7pp

Q1/16

Q1/15

yoy

Revenues

65.3

49.8

31.2%

Revenues (pro forma)

65.3

61.4

6.3%

EBITDA*

28.4

22.4

26.8%

43.4%

45.0%

-1.5pp

Q1/16

Q1/15

yoy

Revenues

51.9

42.9

20.9%

Revenues (pro forma)

52.2

47.7

9.4%

EBITDA*

19.8

14.4

37.4%

38.2%

33.6%

4.6pp

in m

Margin

Real estate
EBITDA share
34%

in m

Margin

General/Other
EBITDA share
24%

in m

Margin

* Total EBITDA includes costs of 0.9m in Q1/16 and 1.8m in Q1/15 (thereof business development, M&A and other), not allocated to the three pillars.

21

Classified Ad Models continue with double-digit


revenue growth
in m

Q1/16

Q1/15

yoy

Revenues

212.9

176.2

20.9%

Revenues (pro forma)

213.3

193.3

10.3%

207.2

170.9

21.2%

5.7

5.2

8.1%

83.2

70.2

18.4%

39.1%

39.9%

-0.8pp

Advertising
Other

EBITDA*
Margin

Revenue increase due to continued


strong organic growth (10.3%) and
acquisitions
EBITDA up 18.4%

* Total EBITDA includes costs of 0.9m in Q1/16 and 1.8m in Q1/15 (thereof business development, M&A and other), not allocated to the three pillars.

22

Highlights Paid Models

Paid Models segment at a Glance

Highlights
Focus on market-leading media
brands with clear path to
digitization

Paid Models
National

International

BILD group

Business Insider

WELT group/N24

upday

National paid models dominated


by unique asset BILD
Entering English-speaking media
market with Business Insider
acquisition
Strong presence in Eastern
Europe (JV with Ringier)
Introduction of innovative mobile
news service for Samsung
devices

24

Ringier Axel Springer Media


(Poland, Hungary, Serbia, Slovakia)
Switzerland (in JV with Ringier),
France, Spain

(Main activities)

Financials
2015

Outlook 2016

Revenues in m

1,582.2

Mid single-digit % decline

EBITDA in m

223.2

Mid to high single-digit % decline

EBITDA-margin

14.1%

Business Insider: Centerpiece of our English


content strategy Now its about execution

150
journalists
(US edition)

25

+41% yoy
Revenues 2015

250-300
own articles
(daily)

Acquisition of Business Insider major milestone


to expand into English-speaking world
Business Insider profile

Major business news website


in the US (founded 2007)

~325 employees (~50% journalists )

Axel Springer minority investor


with ~9% since January 2015

Reach growth 2009-14 of >80% p.a.

Revenue growth 2009-14 of >70% p.a.

Breakeven 2015 before growth


investments

Targets
Revenues to grow >30% (CAGR) until 2020
Breakeven envisaged by 2018

26

Deal Terms
Acquisition of ~88% (total stake 97%)
Long-term equity incentive for Henry Blodget
(Founder, CEO & Editor-in-chief) and Julie
Hansen (COO & President)
Purchase price of 320.4m for 88%, based
on company valuation (cash/debt free) of
$390m (~348m)
Transaction closed in Q4/15

Innovative news service upday pre-installed on


Samsung Galaxy S7 devices since March 2016

Curation of
breaking news by
experienced
journalists with
nearly 24/7
coverage

Algorithm-based
personalization

27

27

upday Innovative news service and strategic


partnership with Samsung
Profile

Strategic partnership to develop mobile


news service exclusively for Samsung
devices
Curation of news by experienced
journalists with nearly 24/7 coverage
combined with algorithm based news
feed tailored to personal interest

Aggregation of content from a broad


range of global and local media brands;
overall more than 1,000 sources

Reach of new audiences in an adblocker-free environment

Advertising for a targeted audience with


non-intrusive formats

28

International roll out


Started as beta-version for Samsung
smartphones in Germany and Poland (09/15)
Available as beta-version in Germany for
Samsung Gear S2 as smartwatch app
(09/15)
Launched for Samsung smartphones in
Germany, Poland, France and UK (02/16)
Pre-installed on Galaxy S7 devices in
covered countries (03/16)

Monetizing content in digital: positive signals

No ad no content at bild.de

395,023
paying subscribers
at end of April 2016

+21.8%
Jan-Apr 16 vs Jan-Apr 15

29

80% reduction
of adblock ratio

~10% increase
in marketable reach

Paid Models EBITDA stable excluding growth


investments
in m

Q1/16

Q1/15

yoy

Revenues

340.8

360.7

-5.5%

thereof digital (reported)

91.6

72.8

25.9%

thereof digital (pro forma)

91.6

79.0

16.0%

Advertising

140.1

139.6

0.4%

Circulation

154.5

174.1

-11.3%

Other

46.2

46.9

-1.6%

EBITDA

37.1

43.5

-14.7%

Margin

10.9%

12.1%

-1.2pp

Restructuring Exp.

5.2

7.9

-2.7

Launch Costs

7.4

2.1

5.3

49.7

53.5

-7.1%

14.6%

14.8%

-0.2pp

EBITDA ex. Restr./LC


Margin

30

Revenue development impacted by


consolidation effects (mostly Swiss
activities), adjusted for these effects
down only 1.1%
27% of revenues now from digital
Advertising revenues adjusted for
cons. effects stable (+0.1%)
Circulation revenues adj. for cons.
effects down 3.4%
EBITDA decline due to planned
growth investments adjusted for
these up in Q1/16 yoy

Paid Models International: EBITDA impacted by


growth investments for BI and upday
Paid Models National

Paid Models International

in m

Q1/16

Q1/15

yoy

Q1/16

Q1/15

yoy

Revenues

265.6

270.9

-2.0%

75.2

89.8

-16.2%

thereof digital (reported)

57.2

47.7

20.0%

34.4

25.1

36.9%

thereof digital (pro forma)

57.2

47.7

20.0%

34.4

31.3

9.8%

Advertising

103.6

103.4

0.2%

36.6

36.2

0.9%

Circulation

129.8

134.5

-3.5%

24.7

39.7

-37.7%

Other

32.2

33.1

-2.6%

14.0

13.9

0.8%

38.3

34.7

10.3%

-1.2

8.8

14.4%

12.8%

1.6pp

-1.6%

9.8%

-11.4pp

Restructuring Exp.

5.1

7.8

-2.7

0.0

0.1

-0.1

Launch Costs

0.7

1.9

-1.2

6.7

0.2

6.5

44.2

44.5

-0.6%

5.5

9.0

-38.8%

16.6%

16.4%

0.2pp

7.3%

10.0%

-2.7pp

EBITDA
Margin

EBITDA ex. Restr./LC


Margin

31

Highlights Marketing Models

Marketing Models segment at a Glance

Highlights
#1 positions in all major
marketing business models
Reach based marketing with
margin >20%
zanox group European market
leader in performance marketing
Performance marketing with
structurally low margin (>4%)

33

Marketing Models
Reach Based Marketing
Idealo

Performance Marketing
zanox group

aufeminin

Digital Window

Bonial
(kaufda/retale)

eprofessional

(Main activities)

Financials
2015

Outlook 2016

Revenues in m

878.9

Mid single-digit % increase

EBITDA in m

88.0

On prior year level

EBITDA-margin

10.0%

Bonial: Going fast track international


Business model
2008: Start in Germany, quickly achieved
market leading position (local brand kaufda)

Print insert

goes digital

Research online buy offline

Cost
per
Engagement

Making use of location-based offerings,


also adding push alert functions
2014: Bolt-on acquisition of MeinProspekt

Internationalization
France (since 2011)
Spain, Brazil (since 2012)
USA (since 2013, local brand retale)
US market size for brochures (>15bn USD)
exceeds European market
Mexico, Chile, Columbia, Sweden, Denmark,
and Norway (since 2015)

Mobile share of revenues


90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2010 2011 2012 2013 2014 2015

34

Bonial: Creating a global leader main focus US


expansion

35

Marketing Models impacted by consolidation


effects and higher growth investments
in m

Q1/16

Q1/15

yoy

Revenues

210.5

219.0

-3.9%

Revenues (pro forma)

210.5

201.6

4.4%

Advertising

179.7

172.8

4.0%

Other

30.8

46.1

-33.3%

19.5

22.1

-11.7%

9.3%

10.1%

-0.8pp

Restructuring Exp.

0.1

0.3

-0.2

Launch Costs

4.8

2.8

2.1

24.4

25.1

-2.9%

11.6%

11.5%

0.1pp

EBITDA*
Margin

EBITDA ex. Restr./LC


Margin

Consolidation effects due to sale of


stake in Talpa Germany and Smart
AdServer in 2015
Revenues adj. for cons. effects up
4.4% (ad revs +2.9%, other revs
+15.1%)
EBITDA development (adj. for cons.
effects -9.1%) driven by higher
launch costs for Retale

* Total EBITDA includes costs of 1.8m in Q1/16 and 2.0m in Q1/15 (thereof business development, M&A and other), not allocated to the two pillars.

36

Reach Based Marketing: Revenues ex


consolidation effects up 14% (reported -12%)
Reach Based Marketing

Performance Marketing

Q1/16

Q1/15

yoy

Q1/16

Q1/15

yoy

Revenues

68.9

78.5

-12.2%

141.6

140.6

0.7%

Revenues (pro forma)

68.9

61.0

12.8%

141.6

140.6

0.7%

Advertising

55.0

45.6

20.5%

124.7

127.2

-2.0%

Other

13.9

32.7

-57.6%

16.9

13.3

26.6%

EBITDA

15.3

17.5

-12.3%

5.9

6.6

-10.5%

Margin

22.2%

22.2%

0.0pp

4.2%

4.7%

-0.5pp

Restructuring Exp.

0.0

0.0

0.0

0.0

0.3

-0.3

Launch Costs

4.8

2.8

2.1

0.0

0.0

0.0

20.2

20.2

-0.2%

6.0

6.9

-13.8%

29.3%

25.8%

3.5pp

4.2%

4.9%

-0.7pp

in m

EBITDA ex. Restr./LC


Margin

* Total EBITDA includes costs of 1.8m in Q1/16 and 2.0m in Q1/15 (thereof business development, M&A and other), not allocated to the two pillars.

37

Investor Relations contacts

Claudia Thom
Co-Head of Investor Relations

Daniel Fard-Yazdani
Co-Head of Investor Relations

Phone: +49 30 2591 77421


Mobile: +49 160 90445035

Phone: +49 30 2591 77425


Mobile: +49 151 52844459

claudia.thome@axelspringer.de

daniel.fard-yazdani@axelspringer.de

Axel Springer SE: Axel-Springer-Str. 65, 10888 Berlin, Germany, Fax: +49 30 2591 77422
38