STRÖER SE & CO. KGAA Full Year Results 2020
March 31st, 2021 | Ströer SE & Co. KGaA
Six Key Business Insights from a challenging Year 2020
Extremely robust Setup for Crisis | Long-term strategic Drivers fully intact
FY 2020 | Key Messages | FY 2021 | ||
- Focus on one country allows an extremely fast response to the crisis and i.e. a tight management of the semi-flexible cost structure
- Non-OoH-Businesses("PLUS": Digital & Dialog Media + DaaS & E-Commerce) stable through the crisis and quickly at or above pre-COVID-level
- Out-of-Homerebounding quickly in V-shape as soon as the audience and the ad market recovers after the lockdown; Digital Out of Home with faster recovery (although it is more exposed to transport)
- Overall advertising market with a stronger shift towards digital, technology / programmatic and data
- Leading market position helps to gain market share in rebound phase to accelerate further consolidation
- A diversified client portfolio (from local to national and across all industries) helps both in the crisis as well in the recovery phase
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Final Results FY 2020
Continuing Operations
m€ | FY 2019 | FY 2020 | FY 2020 | Final vs. | 2020 vs. | |
restated | preliminary | final | Prelims | 2019 | ||
Reported | 1,591.1 | 1,442.2 | 1,442.2 | +0.0% | -9.4% | |
Revenues | ||||||
Organic(1) | 7.1% | -8.3% | -8.3% | +0,0%pts | -15.4%pts | |
EBITDA (adjusted) | 538.3 | 464.8 | 452.8 | -2.6% | -15.9% | |
EBIT (adjusted) | 261.5 | 167.8 | 176.8 | +5.4% | -32.4% | |
Net income (adjusted)(2) | 194.5 | 118.4 | 126.0 | +6.4% | -35.2% | |
Operating cash flow | 451.5 | 406.7 | 380.0 | -6.6% | -15.8% | |
Capex | 81.4 | 122.1 | 95.4 | -21.9% | +17.2% | |
Free cash flow (adjusted) | 195.5 | 130.3 | 130.3 | +0.0% | -33.4% | |
Note: Disposal of D+S 3600 Group classified as discontinued operations | |
(1)Excluding exchange rate effects and effects from (de)consolidation and discontinuation of operations | 3 |
(2)Adjusted for exceptional items and additional other reconciling factors in D&A (PPA related amortization and impairment losses), in financial result and in income taxes |
COVID & Lockdown only with Impact on Out of Home Media in Q1
Besides massive Restrictions of public Life: Group Revenue overall ~ IX 81-84
OoH Media (incl. Public Video) | Digital & Dialog Media | DaaS & E-Commerce | ||
IX vs. PY | Trend mid of March |
Q1 | ~ IX 50-55 |
- Cross-annuallockdown from November to at least April leading to reserved bookings
- Less sharp impact than in Q2/2020 and slightly better momentum towards March/April
- Local sales with slight growth; national sales and public video most negatively affected
IX vs. PY | Trend mid of March |
Q1 | ~ IX 108 |
- Portals (i.e. t-online) and AdSales (3rd party inventory) robust as last year
- Dialog business (contact centers) overall above 15% organic growth
- Door-to-Doorbusiness despite lockdown effects at around 15% growth
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IX vs. PY | Trend mid of March |
Q1 | ~ IX 130 |
- Statista on track of historic CAGR of around 25% topline growth and on-going global expansion
- Asam sustainably outperforming pre-COVID- growth, growing around 35%
- i.e. Asam e-commerce business with revenue growth beyond 80%
Outlook for Q2 on the basis of Index (IX) versus prior year (PY) | 4 |
2021 - Indication from Prelims unchanged
For 2021, we expect business on 2019 level minus lockdown effects plus catch-up after lockdown(s).
As already shown in H2 2020, we do not expect any medium- and long-term structural changes in our revenue and profitability expectations.
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Stroeer SE & Co. KGaA published this content on 30 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 March 2021 13:21:00 UTC.
