ANNUAL RESULTS Geert-Jan van der Snoek, CEO Leo Epskamp, CFO. March

Transcription

1 ANNUAL RESULTS 2014 Geert-Jan van der Snoek, CEO Leo Epskamp, CFO March

2 AGENDA 1. Introduction highlights and a new focus 3. Annual results Priorities for Your questions 2

3 Geert-Jan van der Snoek (1965) CEO since 1 July 2014 Various management positions. Focus on new business and change projects Among others: Schuitema, NRC Media, Veronica, Vodafone, NDC mediagroep Business Administration, Royal Navy officer Leo Epskamp (1962) CFO since 1 September 2014 Various financial management positions in the media industry Among others: Reed Elsevier, KPMG, NDC mediagroep Economics, chartered accountant 3

4 HIGHLIGHTS AND A NEW FOCUS GEERT-JAN VAN DER SNOEK 4

5 HIGHLIGHTS 2014 Decrease in circulation and advertising revenues across portfolio Large number of activities marginally profitable or even loss making Untapped potential of TMG brands Cost savings insufficient to compensate decline in income 5

6 ER WORDT MOMENTEEL IN DE ZAAL EEN VIDEO GETOOND. U KUNT DEZE VIDEO BEKIJKEN OP: TMG.NL/VIDEO-11MAART2015 6

7 STRATEGY Consumer central 24/7 Focus in activities Make not buy Financial health Cooperation: within TMG and cross industry Sustainable organization 7

8 TMG-CROSSMEDIA OFFER Radio stations Print national & regional Free local papers (doorto-door) Websites Phone Tablet 5 mln listeners per week 4.5 mln readers per day 2 mln readers per week 4.4 mln unique visitors per month 3.2 mln unique visitors per month 2.1 mln unique visitors per month Sources: NLO dec 14/jan 15 MV 10+, NOM Print monitor 2013-II/2014-I MV 13+, NOM HAH-bladen Monitor 2014 MV 13+, DDMM okt. 14 MV 6+ 8

9 TMG KEY BRANDS UNTAPPED POTENTIAL Largest Newspaper in the Netherlands 1.8 mln readers per day 1.5 mln listeners per week 1.3 mln readers per week 1.2 mln sports fans per month * Oldest newspaper in the Netherlands 82,000 readers per day Leading radio station 3.6 mln listeners per week Most visited financial website 732,000 unique visitors per month 4.1 mln unique visitors per month The classical music radio station 707,000 listeners per week * Third newspaper 1.2 mln readers per day 1.3 mln readers per week 333,000 readers per edition Market leader & regional authority 344,000 readers per day *) Also keybrands: Leidsch Dagblad, de Gooi- en Eemlander 9

10 CONTENT PRODUCTION AND DELIVERY ALONG THE CONSUMER TIMELINE Annual results march 2015 Telegraaf Media Groep N.V. 10

11 CUSTOMER JOURNEY ALSO ON TV & ONLINE VIDEO Example: Telesport Annual results march 2015 Telegraaf Media Groep N.V. 11

12 CUSTOMER JOURNEY ALSO ON TV & ONLINE VIDEO Example: Entertainment 12

13 ANNUAL RESULTS 2014 LEO EPSKAMP I. General information II. Analysis result

14 I. GENERAL INFORMATION TMG financial statements 2014 The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS), as adopted and authorized by the European Commission. The presentation of the consolidated statement of profit and loss is on continued operations. In 2013 the segment Online activities, not print related, was discontinued. In 2014 Relatieplanet.nl is still classified as held for sale. Discontinued operations: revenues 2.8 million (2013: 12.0 million) and EBITDA nil (2013: -/- 4.0 million). Portfolio changes As of August 2014 the remaining 40% interest in Groupdeal was acquired and recognised in the share third parties. In May 2014 the interests in Ticketsplus B.V. (100%) and Zoom.in Nederland B.V. (70%) were sold and Cammio GmbH in February 2014 (100%). All entities were part of the segment National Media. Revenues 0.6 million (2013: 3.1 million) and EBITDA -/- 0.4million (2013: 0.2 million). 14

15 II. ANALYSIS RESULT

16 HEADLINES (AMOUNTS IN MILLIONS OF EUROS) Change Total income % Operational expenses % EBITDA % EBITDA marge 3.9% 9.0% Financial income and expenses Net result (realised) attributable to shareholders of TMG

17 REVENUE DEVELOPMENT (AMOUNTS IN MILLIONS OF EUROS) Change Total Of which Digital Total Of which Digital Total Digital Circulation % Advertisements % -5.4% Production % Distribution % Other income % -9.2% Revenues % -7.2% Other operating income Total income % -7.2% 17

18 REVENUE PER BUSINESS UNIT (AMOUNTS IN MILLIONS OF EUROS) 18

19 REVENUE DEVELOPMENT DIGITAL ACTIVITIES (AMOUNTS IN MILLIONS OF EUROS) Change Internet news % Internet supply and demand % E-Commerce % Video % % Internet other % % Total digital revenue % % of total revenue 12,8% 12,5% 19

20 DEVELOPMENT OPERATING EXPENSES Change Raw and auxilary materials % (AMOUNTS IN MILLIONS OF EUROS) Personnel costs % Other operating expenses % Total operating expenses excl. depreciation and amortisation % Total change in operating expenses Of which restructuring costs 36.8 Total decrease operating expenses Of which: Cost reductions 2014 (part of 120 million cost reduction programme) Cost increase 8.6 Cost reductions 2014 total operations -34,2 Cost reduction discontinued operations 9.9 Cost reduction

21 COST REDUCTION PROGRAM: 120M, REDUCTION OF 700 FTE (AMOUNTS IN MILLIONS OF EUROS) Cost reduction programme ( mln) Fte reduction To be realized Cost reduction programme is including discontinued operations 21

22 FTE - TOTAL AND CONTINUED *) Head Office including fte reduction of discontinued operations 22

23 EBITDA CHANGES 2013 VS 2014 (AMOUNTS IN MILLIONS OF EUROS) 23

24 REVENUE AND EBITDA PER BUSINESS UNIT (AMOUNTS IN MILLIONS OF EUROS) Revenue EBITDA National Media Local and Regional Media Facilitating Services Sky Radio Group * Keesing Media Group Head Office Total *) Including income on sale MyRadio 2.2 million 24

25 EBITDA PER BUSINESS UNIT (AMOUNTS IN MILLIONS OF EUROS) *) Including 4 million restructuring costs in 2013 **) Including 33 million restructuring costs in

26 EBIT (AMOUNTS IN MILLIONS OF EUROS) Revenues Other operating income Total income Total operating expenses excl. depreciation and amortisation EBITDA EBITDA margin 3.9% 9.0% Depreciation Amortisation intangible assets*) Impairment loss of tangible assets Impairment loss of intangible assets Depreciation and amortisation EBIT *) Including amortisation license costs SRG (excluding interest)

27 AMORTISATIONS AND IMPAIRMENTS (AMOUNTS IN MILLIONS OF EUROS) Impairment Intangible assets The results from especially Radio Veronica dropped during 2014 Substantial investments will be necessary to regain the top position in the Dutch radio market. Based on the operating results, the 2015 budget and the long-term plans for 2016 and 2017, a goodwill impairment for Sky Radio Group of 40.9 million results. Impairment Tangible assets In addition, it has been decided to further reduce the production capacity for newspaper print, reflecting the development in current market conditions (impairment 5.3 million). 27

28 STATEMENT OF FINANCIAL POSITION (AMOUNTS IN THOUSANDS OF EUROS) ASSETS 31/12/ /12/2014 EQUITY AND LIABILITIES 31/12/ /12/2014 Intangible assets Shareholders' equity Property, plant and equipment Other non-current assets Non-current assets Interest-bearing loans and borrowings Cash and cash equivalents Provisions Other current assets Current assets Current liabilities Total assets Total equity and liabilities

29 STATEMENT OF CASH FLOWS (AMOUNTS IN THOUSANDS OF EUROS) 31/12/ /12/2014 Net cash from operating activities Acquisitions/disposals Net investments/divestments Dividends received Net cash used in investing activities Withdrawal/redemption of borrowings Dividends paid Change in minority interest Net cash used in financing activities Annual results march Telegraaf Media Groep N.V. Net increase in cash and cash equivalents Cash movement assets held for sale Net increase in continued cash and cash equivalents

30 SUBSEQUENT EVENTS (AMOUNTS IN MILLIONS OF EUROS) On January 8, 2015 the College van Beroep voor het bedrijfsleven (CBb) has concluded in the case regarding the FM license fees for Radio Veronica. Currently Sky Radio Group is paying an aggregate of 20.4 million for the period According to the verdict of the CBb, the total amount payable can be challenged. The final outcome of the discussions with the Dutch Government is uncertain. 30

31 2015 YEAR OF TRANSITION GEERT-JAN VAN DER SNOEK 31

32 2015 Consumer central 24/7 Key brands: distinctive offer on all devices 24/7 Creation & re-packaging of content Cross media offer and distribution; focus on digital and RTV Cross industry partnerships Flexible, lean & competent organization CSR structurally embedded in business operations 32

33 YOUR QUESTIONS 33

34 THANK YOU 34