1H21 Results

27.07.

2021

MAIN HIGHLIGHTS OF 1H21

DIGITAL GROWTH AND STEADY RECOVERY IN ADVERTISING TO PRE-COVID LEVELS

  • VOCENTO advertising in 2Q21 increased by +25.1% vs 2Q20 but was -14.1% lower than in 2Q19. Trend improves after -22.6% in 1Q21, with increased market share (1H21 vs 1H19 -18.1% for VOCENTO vs -19.2% for the market1)
  • Digital advertising revenues contribute half of VOCENTO total advertising (1H21 50.5%2)
  • Online advertising in 1H21 higher than pre-Covid(1H21 +2.9% vs 1H19, +13.2% ex Classifieds)
  • 25% increase in paying subscribers to 78k in Jun21
  • Steady recovery in events: 2Q21 included MadridFusión, WON and Turium with higher margins than pre-Covid

PROGRESSING TOWARDS TARGET OF A RETURN TO 2019 EBITDA

  • Increase in the margin on readers3 1H21 €+2.4m vs 1H19, led by digital
  • Comparable costs cut by -11.7% vs 1H19, offsetting 80% of the fall in revenues. Salary agreements concluded
  • EBITDA 1H21 €16.0m up €+1.6m vs 1H19, no compensation payments made(€-6.6min 1H19)
  • EBITDA 1H21 decreases vs comparable EBITDA 1H19 by €-5.1mbut increases in 2Q21 by €+0.1m4

MAJOR REDUCTION IN FINANCIAL DEBT, STRATEGIC INVESTMENT IN LEADS

  • Generation of ordinary cash flow of €15.0m in 1H21 vs €14.7m in 1H19
  • NFD ex IFRS 16 in 1H21 €-17.1m vs €-46.6m2020. NFD/LTM EBITDA ex IFRS16 is 0.5x
  • Divestments of real estate at El Diario Vasco and 45% of Izen in 2Q21 generate cash entry of €27.65m
  • Acquisition of Premium Leads in 3Q21 reinforces VOCENTO's commercial position

Note 1: i2p ex social media and search . 16 Jul release. Note 2: including e-commerce revenues. Note 3: combined margin on circulation and digital subscriptions.

2

Note 4: reclassifying MadridFusión from 1Q19 to 2Q19. Note 5: including c.€3m of VAT on real estate sales, to be settled in 3Q21.

VOCENTO INCREASES MARKET SHARE

Advertising market and VOCENTO, 1H21 vs 1H19

Data in YoY %1

Online VOC ex Classifieds

13.2%

2.9%

(0.1%)

(19.2%)

(18.1%)

(33.8%)

(30.0%)

Total

Press

Online

Market1

VOCENTO

Advertising market and VOCENTO, quarterly vs 2019

Data in YoY % 1

(13.0%)

(14.1%)

(26.6%)

(22.6%)

1Q21

2Q21

Market1

VOCENTO

Note 1: market source i2p ex social media and search. Release from 16 Jul.

3

INCREASE IN DIGITAL SUBSCRIPTIONS

Digital subscribers at VOCENTO

Data in thousands

Total subscribers

75

92

Paying

78

11

subscribers

62

11

+25%

21

12

50

57

Dec 2020

Jun 2021

Regional1

ABC2

Close to the 100k target

for 2021E

Following launch at Las Provincias in 2Q21, all local portals have an ON+ service

Note: figures are rounded to the nearest 100 thousand euro. Note 1: including ON+ and KyM subscribers. Note 2: including ABC Premium and KyM subscribers.

4

IMPROVING TREND IN REVENUES AND EBITDA

Revenues 1H21 vs 1H19 by quarter

EBITDA 1H21 vs 1H19 by quarter

Data in variation %1

Data in variation €m1 2

Var% advertising

1Q21 -22.6% y 2Q21 -14.1%

1.4

0.1 0.2

(11.0%)

(5.2)

(15.3%)

1Q21

2Q21

1Q21

2Q21

Comparable

Reported

Note 1: adjusted for MadridFusión (revenues €2.6m and EBITDA €0.9m) reclassified from 1Q19 to 2Q19. Note 2: Comparable EBITDA 1Q19 and 2Q19 adjusted for compensation payments 5

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Vocento SA published this content on 27 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 July 2021 15:59:05 UTC.