Solid revenue growth in challenging market conditions
Pro-formarevenues1 up +5.2% vs 9M21
Advertising up +4.7%. Benefits of local/national mix with local advertising +9% (52% of total advertising)
Other pro-forma revenues1 +25.2% driven by diversification
Main
highlights of
EBITDA impacted by increases to costs of paper and energy
EBITDA 9M22 €10.1m. On constant perimeter, down €-2.7m, including temporary energy impact (€-2.2m)
Margin on readers down €-6.3m, impacted by circulation and rise in paper cost
EBITDA 2022E target maintained
9M22
A differentiated debt position
Net financial debt €10.7m2 (€+9.0m) reflects dividend payment (€5.4m), lower free cash flow (FCF) and lower cash from divestments
FCF €+1.4m, impacted by changes inn the perimeter and higher cost of paper stocks
CF yield 20%3
Milestones in digital and diversification
Digital + diversification mix is now 40% of total revenues (+5 p.p. vs 9M21)
Launch of Relevo website: original content for monetization
Recovery of automotive Classifieds
Kit Digital for SMEs: 2.8k clients and 3.5k solutions. Potential revenues c.€7m
Note 1: adjusted for Relevo, national DTT and Content. Note 2: not including debt from IFRS 16 leases. Note 3: LTM free cash flow (excluding net financial
2
expenses and including compensation payments and dividends), divided by market cap at close of 4 November.
Strategy maintained in a challenging market
Challanging market conditions (downgrades to economic growth, high inflation
and rising interest rates)
No growth in national digital advertising (migration from display to video)
New measures at
press
New measures in
diversification
Cost
management
New
developments at
sports
publication
Relevo, website
launched
Investments in new events in Gastronomy and in Agencies (YBR influencer business, sustainability business Antrópico)
Long-term
renegotiation
with main energy
supplier
Local digital
press
strengthened
New markets, not
exposed to advertising cycle: digitalisation of SMEs
Diversification of paper suppliers, with guaranteed supply
First results of
centralised
management of
digital
subscriptions
resultados
General review of all external costs
All programmatic
advertising
migrated to Ad
Server
3
Vocento increases share of advertising market
Online
Online
VOCENTO
VOCENTO
ex Classifieds
4.7%
4.5%
4.5%
2.2%
1.7%
0.8%
(0.4%)
Total market
Offline1
Online
Market2 VOCENTO
Vocento demonstrates the solidity of its local/national
business model in current conditions
Note 1: offline is the market and VOCENTO is the press (not including Supplements and Magazines). Note 2: market source i2p ex social media and search engines.
4
89
81
27
23
5763
Improving trend for digital subscriptions
Paying subscribers
(thousand)
Var QoQ
Var
Var QoQ
QoQ
+6%
Var QoQ
+25%
+5%
+2%
101
95
91
28
31
35
Subscriber growth
target Dec22E +23%
YoY, +9% QoQ, in a
strategy where the priority
is to grow revenues and
63
65
66
profitability
Sep 2021
Dec 2021
Mar 2022
Jun 2022
Sep 2022
Note: figures are rounded to the nearest thousand.
5
.
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Disclaimer
Vocento SA published this content on 15 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 November 2022 13:28:00 UTC.
Vocento SA is a Spain-based company engaged in the multimedia industry. The Company publishes, distributes and sells unit publications, periodic and non-periodic, about general information, culture, sports, arts and other related topics. It operates through four segments: Print Media, which provides printing and distribution services; Audiovisual, which is responsible for the broadcasting of television channels in the Spanish Digital Terrestrial Television (DTT) and one radio station, as well as the operation of five audiovisual production entities BocaBoca Producciones, Europroducciones, Hill Valley, Videomedia and Tripictures; Internet, which hosts with the coverage of news and events, as well as specific applications for smartphones and tablet computers; and Other Businesses, which is active in the printing, distribution and free press sectors. It operates through Foro de Debate.
VOCENTO, S.A. 
