STRÖER SE & CO. KGAA Q1 2021 - Robustly out of the Crisis
May 11, 2021 | Ströer SE & Co. KGaA
Agenda
1 2 3 4
Business Update | Financial Status | Update Asam | Outlook |
22
Key Takeaways from entire Quarter 1 with hard Lockdown
Extremely robust Setup for the Crisis | Long-term strategic Drivers fully intact
FY 2020 | Key Messages | Q1 2021 | ||
- OoH cost structure: Certain matters like rent adjustments still work in progress and therefore not fully reflected
- Out-of-Homerebound expected in V-shape as soon as audience and ad market recover after lockdown; Digital Out of Home with faster recovery
- Non-OoH-Businesses("PLUS": Digital & Dialog Media + DaaS & E-Commerce) strong through the crisis and operating in normal mode or better
- Overall advertising market with a stronger shift towards digital, technology/programmatic and data
- Leading market position will help gain market share in rebound phase to accelerate further consolidation
- Diversified client portfolio (from local to national and across all industries) helps both in the crisis and in the recovery phase
3
Results Q1 2021
m€ | Q1 2021 | Q1 2020 | ▲ | |
Reported | 311.9 | 368.2 | -15% | |
Revenues | ||||
Organic(1) | -14.9% | 6.0% | -20.9%pts | |
EBITDA (adjusted) | 73.5 | 116.9 | -37% | |
EBIT (adjusted) | 8.2 | 48.4 | -83% | |
Net income (adjusted)(2) | 1.0 | 35.5 | -97% | |
Operating cash flow | 26.8 | 68.7 | -61% | |
Capex | 13.8 | 27.1 | -49% | |
(1)Excluding exchange rate effects and effects from (de)consolidation and discontinuation of operations | 4 |
(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 with strong Impact on Out of Home Media in Q1
Group Revenue with ~ IX 85 vs. 2020 at upper End of Expectations
OoH Media | Digital & Dialog Media | DaaS & E-Commerce | ||||||
(incl. Public Video)
01110110
10101010
10010011
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IX | Trend mid | Final | IX | Trend mid | Results end | IX | Trend mid | Results end |
vs. PY | of March | results | vs. PY | of March | of quarter | vs. PY | of March | of quarter |
Q1 | ~ IX 50-55 | IX 54 | Q1 | ~ IX 108 | IX 105 | Q1 | ~ IX 130 | IX 137 |
- Cross-annuallockdown from November to at least May leads to restrained bookings
- Less sharp impact than in Q2/2020 and improving momentum towards Q2
- Local sales with slight growth; national sales and Public Video recovery strongly related to end of lockdown
- Portals (i.e., t-online) and AdSales (3rd party) robust, Easter weaker due to lockdown
- Dialog business (contact center) slightly above 20% organic growth overall
- Door-to-doorbusiness with outstanding 20% organic growth despite lockdown effects
- Statista slightly ahead of historic CAGR with 31% organic growth
- Asam sustainably outperforms pre- Covid growth and grows by 41%
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i.e., e-commerce business
with revenue growth of more than 80%
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i.e., e-commerce business
Index (IX) versus prior year (PY) | 5 |
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Stroeer SE & Co. KGaA published this content on 11 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 May 2021 05:05:02 UTC.
