grupo antena 3

Transcription

grupo antena 3

GRUPO ANTENA 3
PRESENTATION TO INVESTORS
JP Morgan Cazenove
CEO Media Conference
June 2011
1
WHO WE ARE
2
WHAT THE PLAYING FIELD LOOKS LIKE
3
HOW WELL WE ARE PLAYING THE GAME
2
Antena 3 – CEO Media Conference_JPMorgan Cazenove
1
WHO WE ARE...
...ANTENA 3 AT A GLANCE
3
Antena 3 Group at a glance
Antena 3 Group
Planeta-De Agostini:
RTL:
Treasury stock:
Free-float:
44.6%
20.5%
5.0%
29.9%

One of the largest
communication groups
in Spain
Onda Cero
Europa FM
Onda Melodía
A3 Films
Movierecord
A3 eventos
Unipublic
Others
Radio
11%
3%
% on total
revenues
ANTENA 3
NEOX
NOVA
NITRO
2010
86%
Television
4
Antena 3 market share
TELEVISION
RADIO

Solid market
position in TV and Radio
30%
Source: Infoadex Q1 11
5
Market share
23%
Antena 3’s financial ratios
At June 24th= 5.06 €/sh
Market cap
€ 1,068 million

Consensus
Attractive multiples
EV/EBITDA (2011*)
 7.4x
Net debt/EBITDA (2011*)
 0.6x
P/E (2011*)
 9.7x
Pay-out ratio
80% on net profit
Dividend yield (2011*)
 8.2%
* Consensus
6
2
WHAT THE PLAYING FIELD LOOKS LIKE...
...ANTENA 3’S RELEVANT MARKET
7
Total advertising market (I)
Total Ad market evolution
In € mill

+43%
Ad market is
currently at
2003 levels
7,985
-30%
0%
5,575
5,631 5,850
2003 2004 2005 2006 2007 2008 2009 2010 2011*
Source: Infoadex
8
* Consensus
Total advertising market (II)
Market share by media
41.6%
TELEVISION

42.3%
39.5%
TV keeps leading.
Radio stays stable
NEWSP.&
MAGAZ.
27.3%
13.5%
9.1%
8.4%
1.3%
RADIO
OTHERS
9.4%
7.6%
INTERNET
2003
Source: Infoadex
9
2010
TV advertising market (I)
TV Ad market evolution
In € mill
3,469

TV Ad market similar
to Total market
2,378
2,317
+50%
2,472
-32%
 0%
New entrants
+ DTT

2003 2004 2005 2006 2007 2008 2009 2010 2011*
Source: Infoadex
10
* Consensus
TV advertising market (II)
TV Ad market vs GDP
2003=100
TV Ad/GDP
0.31%
0.23%

TV Ad market
overreacted to GDP drop
GDP
Total Ad
2003
2004
2005
2006
2007
2008
TV Ad
2009
Source: Infoadex for TV Ad + BdE for GDP. In nominal terms
11
2010
TV habits in Spain
TV viewing
Average daily viewing in min

+24 min/viewer
234
TV viewing is
still increasing
227
226
2008
2009
223
218 217 217
213
210 208 211
2000
2001
2002
Source: Kantar Media
12
2003
2004
2005
2006
2007
2010
Pay TV in Spain
Pay TV in Spain
In million households

22%
28%
78%
72%
6%
7%
94%
93%
Penetration
Low competition
from Pay TV
In %
Audience
2004
2010
FTA
Pay TV
Source:
Penetration: CMT (2010 data estimated); Audience: Kantar Media
13
TV: best competitive position
Competitive position by media
88%
Coverage by media
56%

4
50%
39%
37%
TV, the highest coverage
and the best price
13.3
10.0
CPT by media
8.2
In € /1,000 impacts
3.1
TV
2.7
Radio Magazines Press
Internet
Source:
Coverage: 3rd EGM survey 2010; CPT (Cost per thousand): Internal estimates
14
FTA TV offer
Changes in FTA TV offer
A3

Mediaset
Number of channels
multiplied by 5
A3
Sexta
x5
TL5
Net TV
Forta
Veo TV
TVE
Forta
TVE
2003
15
2011
Audience share by channel
Audiences 2011 YTD
14%

Clear audience
fragmentation
10%
6%
2%
16
Competitive landscape
Number of FTA TV players
In € million
3,469
TV Ad market

2,317
2,378
Number of players is
adjusting to Ad market
2,472
8
7
6
6
4
Net TV/
Veo TV
2003
Source: Infoadex
17

2011
Market share concentration
Market share by FTA TV players
53%

Two main players hold
75% market share
30%
2003
Source: Infoadex
75%
La Sexta
12%
Veo TV/Net TV
16%
18
Antena 3 /
Mediaset
Forta
Private
FTA TVs
2%
10%
TVE
2011
Public
FTA TVs
Radio habits in Spain
Radio listening
Number of radio listeners in Spain (thousands)

+2.1 million listeners
The highest number
of listeners ever seen
24,174
23,117
22,489
22,030
22,062
22,299
21,718
21,456
1ª 04
1ª 05
1ª 06
Source: EGM Moving Average
19
1ª 07
1ª 08
1ª 09
1ª 10
1ª 11
3
HOW WELL WE ARE PLAYING THE GAME...
...ANTENA 3’S COMPETITIVE POSITION
20
Antena 3’s performance
A3 vs TV Ad market
% Ad revenues growth yoy
24%
20%

18%
12%
Antena 3 TV
6%
6%
Nine consecutive
quarters outperforming
TV Ad market
12%
6%
-10%
2%
1%
-3%
-24%
-11%
-29%
-19%
TV Ad Market
-26%
-34%
Q109 Q209 Q309 Q409 Q110 Q210 Q310 Q410 Q111
Source: Infoadex
21
Antena 3’s market share evolution
Advertising market outlook
30.2%
28.3%
26.3%
27.9%
26.2%

24.1%
The highest market
share over the last years
1.3x
20.8%
24.6%
22.4%
1.3x
1.8x
1.3x
1.7x
1.4x
21.3%
1.5x
1.3x
19.6%
Market share
17.8%
17.0%
Power ratio
16.6%
Audience share
2004 2005
2006
2007
Source: Infoadex + Kantar Media
22
16.8%
15.8%
2008
2009
2010
Q1 11
Antena 3: Audience shares
Audience shares
In %
26.0

A3, the best performance
in audience share
over the last year
25.1
25.5
+0.4pc
24.7
15.1
11.5
23.5
22.9
16.5
16.5
-1.8pc
+1.4pc
10.4
10.7
-0.8pc
6.8
1H 10
23
6.7
2H 10
7.7
+0.9pc
1H 11
Antena 3, a well-balanced grid
Our programming grid

Our best asset:
A varied and balanced grid
Talk shows
Entertainment
News
Fiction &
Cinema
24
Advertising bundling: An unique commercial approach
Advertising bundling
55-64

Advertising bundling,
a succesful strategy
Age
4-12
Male
Female
Advertising bundling
25
OPEX evolution
Antena 3’s OPEX evolution
In real terms
CAGR: -0.4%
558

Discipline in costs
Group
OPEX
544
CAGR: +0.9%
426
454
TV
OPEX
2003 2004 2005 2006 2007 2008 2009 2010
Source: A3´s financial statements
26
Flexibility in costs
Outsourcing process
A3’s TV business
in 2009

Ambitious outsourcing
process achieved
Product
definition
Product
definition
Content
purchase
Content
purchase
Programming
Programming

Production
services
27
A3’s TV business
in 2011

450 employees
outsourced
10% avg cost
reduction in
next years
Outsourced
services
Antena 3’s performance
A3´s performance vs Ad market
In € mill
3,469
TV Ad market

2,317
2,378
878
A3’s TV revenues
Well positioned for
a recovery in Ad market
2,472
688
604
EBITDA margin
539
35%
21%
569
21%
A3’s TV OPEX
536
543
2009
2010
426
2003
2004
2005
2006
2007
Source: Infoadex + A3´s financial statements
28
2008
Antena 3 Radio (Uniprex)
Number of listeners
In ‘000
4,190
x2

Antena 3 Radio,
record number
of listeners
71
1,588
2,165
6
247
2,531
1,912
1st 05
Source: EGM surveys
29
1st 11
Antena 3 Radio (Uniprex)
Antena 3 Radio’s competitive position
Audience share

Antena 3 Radio,
excellent position
to gain size
Market share
UNIPREX
Others
UNIPREX
Others
16%
23%
24%
COPE
14%
1st 11
46%
42%
Q1 11
35%
SER
SER
Source: EGM, 1st. Survey 2011, Infoadex
30
Antena 3 Multimedia
Internet division
CONTENTS
DISTRIBUTION
EXPLOITATION

Revenue-based strategy
in multimedia
INTERNET
ADV.
REVENUES
From TV
(in house
production)
(i.e. Preroll)
MOBILE
Exclusive
Content
OTHERS
(i.e. Prepay,
online game,..)
(i.e El Sótano)
SOCIAL
NETWORKS
31
Antena 3 Multimedia
In-house production exploitation
NATIONAL
FICTION

Internet
pay
Pay
per view
Rights ownership creates
business opportunities
Free
TV
Share:
18%
Internet
pay post
DVD /
International
Merchandising
sales
Catch up
1st season
on sale
(Prerolls)
Online
game
Social
networks
Exclusive
contents
“El sótano”
32
Internet
exploitation
Video stream
(Prerolls)
In process
Antena 3 Multimedia
Internet division
In mill
46.1
5.7

4.8
Strong performance in
every business indicator
26.3
3.5
+36%
13.4
+96%
2009 2010 Q1 11
2009 2010 Q1 11
Unique Users
Video streams
(monthly avg)
(monthly avg)
Monthly average
Source: OJD/Nielsen Market Intelligence/ Smartadserver
33
Conclusions
When the going gets tough, the tough get going
In pole position to ride the wave of Ad growth
Fit enough to do things our way
Antena 3, challenges are opportunities
34
GRUPO ANTENA 3
Committed with Corporate Social
Responsability:
Back up slides
36
Consolidated Group
Q1 11 Results in € mill: P&L
Q1 11
Q1 10
Net Revenues
203.8
192.9
+5.6%
OPEX
174.7
167.9
+4.1%
EBITDA
29.1
25.0
+16.2%
EBITDA Margin
14.3%
13.0%
Net profit
19.6
15.9
9.6%
8.2%
Net profit Margin
Source: Antena 3’s financial statements
37
YoY
+23.5%
Television division
Q1 11
Q1 10
Total Net Revenues
174.5
169.2
+3.1%
OPEX
149.0
145.0
+2.8%
EBITDA
25.5
24.3
+5.0%
EBITDA Margin
14.6%
14.3%
EBIT
22.6
21.5
EBIT Margin
12.9%
12.7%
38
YoY
+4.9%
Radio division
Q1 11
YoY
Net Revenues
22.8
21.6
+5.2%
OPEX
17.0
16.5
+3.4%
5.7
5.2
+10.9%
25.2%
23.9%
5.0
4.4
22.1%
20.3%
EBITDA
EBITDA Margin
EBIT
EBIT Margin
39
Q1 10
+14.5%
Additional information
Investor Relations Department
Phone: +34 91 623 46 14
E-mail: ir@antena3tv.es
Web: www.grupoantena3.com
Legal Notice
The information contained in this presentation has not been independently verified and is, in any case, subject to
negotiation, changes and modifications.
None of the Company, its shareholders or any of their respective affiliates shall be liable for the accuracy or completeness
of the information or statements included in this presentation, and in no event may its content be construed as any type of
explicit or implicit representation or warranty made by the Company, its shareholders or any other such person. Likewise,
none of the Company, its shareholders or any of their respective affiliates shall be liable in any respect whatsoever
(whether in negligence or otherwise) for any loss or damage that may arise from the use of this presentation or of any
content therein or otherwise arising in connection with the information contained in this presentation. You may not copy or
distribute this presentation to any person.
The Company does not undertake to publish any possible modifications or revisions of the information, data or statements
contained herein should there be any change in the strategy or intentions of the Company, or occurrence of unforeseeable
facts or events that affect the Company’s strategy or intentions.
This presentation may contain forward-looking statements with respect to the business, investments, financial condition,
results of operations, dividends, strategy, plans and objectives of the Company. By their nature, forward-looking
statements involve risk and uncertainty because they reflect the Company’s current expectations and assumptions as to
future events and circumstances that may not prove accurate. A number of factors, including political, economic and
regulatory developments in Spain and the European Union, could cause actual results and developments to differ materially
from those expressed or implied in any forward-looking statements contained herein.
The information contained in this presentation does not constitute an offer or invitation to purchase or subscribe for any
ordinary shares, and neither it nor any part of it shall form the basis of or be relied upon in connection with any contract or
commitment whatsoever.
40

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