Semi-annual results 2014 August 1, 2014 F. Th. J. Arp –CFO Hoofdstuk: 3 Radio en de invloed op de arbeidsmarkt I. General information II. Analysis semi-annual result 2014 2 I. General information Hoofdstuk: 3 Radio en de invloed op de arbeidsmarkt TMG financial statements semi-annual 2014 • The consolidated semi-annual report has been prepared in accordance with the International Financial Reporting Standard IAS 34, Interim Financial reporting. • The presentation of the statement of comprehensive income is on continued operations. • The consolidated semi-annual report has not been audited. In May 2014 the 75% interest in Ticketsplus and in June 2014 the 70% interest in Zoom.in Nederland B.V. were sold. Included in the financial position: revenues € 0.6 million (H1 2013: € 1.3 million) and recurring EBITDA -/- € 0.4 million (H1 2013: + € 0.1 million). } 3 II. Analysis semi-annual result 2014 Hoofdstuk: 3 Radio en de invloed op de arbeidsmarkt EBITDA development – continued operations 4 Headlines Hoofdstuk: 3 of euros) (amounts in millions Radio en de invloed op de arbeidsmarkt 1/1-30/6 2014 1/1-30/6 2013 Change Revenues (recurring) 253.5 268.0 -5.4% Operating expenses (recurring) 232.4 241.2 -3.6% 21.1 26.8 -21.3% 8.3% 10.0% Financial income and expenses -5.6 9.2 -160.9% Net result (realised) attributable to Shareholders of TMG -0.3 14.3 -102.1% EBITDA (recurring) EBITDA margin (recurring) 5 Reported EBITDA versus recurring EBITDA Hoofdstuk: 3 of euros) (amounts in millions Radio en de invloed op de arbeidsmarkt 1/1-30/6 2014 1/1-30/6 2013 Change Reported EBITDA 22.2 23.6 -5.9% Other operating income (book profits) Restructuring costs Other Q&A -2.0 0.1 0.8 -0.3 2.9 0.6 Total normalisations -1.1 3.2 Recurring EBITDA 21.1 26.8 -21.3% 6 EBITDA: reported & recurring Hoofdstuk: 3 of euros) (amounts in millions Radio en de invloed op de arbeidsmarkt 1/1-30/6 2014 1/1-30/6 2013 Reported Recurring Recurring Reported 253.5 253.5 268.0 268.0 1.9 - - 0.4 Total income 255.4 253.5 268.0 268.4 Total operating expenses excl. depreciation and amortisation 233.2 232.4 241.2 244.8 22.2 21.1 26.8 23.6 8.7% 8.3% 10.0% 8.8% Depreciation 5.4 5.4 5.4 5.4 Amortisation intangible assets*) 8.9 8.9 9.2 9.2 Depreciation and amortisation 14.3 14.3 14.6 14.6 EBIT 7.9 6.8 12.2 9.0 *) Including amortisation license costs SRG (excluding interest) 3.8 3.8 3.8 3.8 Revenues Other operating income EBITDA EBITDA margin 7 Recurring EBITDA changes semi-annual 2013 - 2014 Hoofdstuk: 3 of euros) (amounts in millions Radio en de invloed op de arbeidsmarkt 5.7 26.8 -17.0 21.1 17.0 Q&A <blank> 26.8 11.9 2.5 2.5 3.1 21.1 8.8 Actual 1/1-30/6 2013 Decrease advertising and circulation revenues Increase other revenues *) Recurring cost increase **) Recurring cost decrease Actual 1/1-30/6 2014 *) Increase in other revenues: mainly distribution for third parties and digital revenues. **) Recurring cost increase: mainly sales costs and advice expenses 8 Recurring EBITDA semi-annual 2013 - 2014 per business unit Hoofdstuk: 3 of euros) (amounts in millions Radio en de invloed op de arbeidsmarkt 0.5 6.4 26.8 0.3 Q&A 3.8 1.4 0.9 21.1 21.1 Actual 1/130/6 2013 National Media Local and Regional Media Sky Radio Group Keesing Media Group Facilitating Services Head office Actual 1/130/6 2014 9 Recurring EBITDA and EBITDA margin by quarter Hoofdstuk: 3 of euros) (amounts in millions Radio en de invloed op de arbeidsmarkt Recurring EBITDA margin by quarter Recurring EBITDA by quarter 25,0 20,0% 20,0 15,0% 15,0 10,0% 10,0 5,0% 5,0 - Q1 Q2 Q3 Q4 2013 9,9 16,9 10,7 22,7 2014 7,6 13,5 0,0% Q1 Q2 Q3 Q4 2013 7,6% 12,3% 8,3% 15,7% 2014 6,1% 10,4% 10 II. Analysis semi-annual result 2014 Hoofdstuk: 3 Radio en de invloed op de arbeidsmarkt Revenue development – continued operations 11 Revenue development Hoofdstuk: 3 of euros) (amounts in millions Radio en de invloed op de arbeidsmarkt 1/1-30/6 2014 1/1-30/6 2013 Change Total Of which: Online Media Total Of which: Online Media Total 133.6 - 138.6 - -3.6% 87.4 18.4 99.4 17.2 -12.1% Production 1.7 - 1.5 - +13.3% Distribution 9.1 - 7.4 - +23.0% 21.7 13.8 21.1 17.3 +2.8% 253.5 32.2 268.0 34.5 -5.4% 1.9 - 0.4 - 255.4 32.2 268.4 34.5 Circulation Advertisements Other income Revenues Other operating income Total income -4.8% 12 Recurring Revenue semi-annual 2013 - 2014 per business unit Hoofdstuk: 3 of euros) (amounts in millions Radio en de invloed op de arbeidsmarkt -5.4% 268.0 11.8 4.1 -0.6 0.6 -0.1 1.9 1.9 0.2 253.5 Q&A 268.0 253.5 Actual 1/130/6 2013 National Media Local and Regional Media Sky Radio Group Keesing Media Group Facilitating Services Head Office Actual 1/130/6 2014 13 Recurring revenue by quarter Hoofdstuk: 3 of euros) (amounts in millions Radio en de invloed op de arbeidsmarkt Recurring revenue by quarter 150.0 145.0 140.0 135.0 Q&A 130.0 125.0 120.0 115.0 110.0 Q1 Q2 Q3 Q4 2013 130.7 137.3 129.5 144.8 2014 124.1 129.4 14 Recurring revenue development – Digital activities Hoofdstuk: 3 of euros) (amounts in millions Radio en de invloed op de arbeidsmarkt Recurring revenue 1/1-30/6 2014 1/1-30/6 2013 Change 15.0 13.9 +7.9% Internet supply and demand 2.2 2.4 -8.3% E-commerce 9.0 11.4 -21.1% Video productions 3.6 4.4 -18.2% 29.8 32.1 -7.2% 2.4 2.4 -% 32.2 34.5 -6.7% Internet news Internet other Total digital activities } 15 II. Analysis semi-annual result 2014 Hoofdstuk: 3 Radio en de invloed op de arbeidsmarkt Development operating expenses – continued operations 16 Development operating expenses Hoofdstuk: 3 of euros) (amounts in millions Radio en de invloed op de arbeidsmarkt 1/1-30/6 2014 1/1-30/6 2013 Change Reported Recurring Recurring Reported Recurring Direct costs 95.3 95.3 97.7 97.7 -2.5% Personnel costs 92.6 92.5 100.4 103.3 -7.9% Other operating expenses 45.3 44.6 43.1 43.8 +3.5% 233.2 232.4 241.2 244.8 -3.6% Total operating expenses excl. depreciation and amortisation Cost reductions (part of € 120 million cost reduction programme) Cost increase Total decrease of recurring & autonomous operating expenses -11.9 3.1 -8.8 Cost reductions 2014 total operations (slide 18) Cost reduction 2014 – 2013 discontinued operations Cost reduction 2014 -18.0 6.1 -11.9 17 COST REDUCTION PROGRAM: € 120M SAVINGS, REDUCTION OF 700 FTE (AMOUNTS IN MILLIONS OF EUROS) 31/12/12 30/6/13 31/12/13 30/6/14 FY 2015 FTE reduction 112 216 410 586 700 Cost reduction € 13M € 40M € 68M € 86M € 120M Cost reduction program (€ mln) Fte reduction 140 800 18 120 120 700 700 Target 100 Realised 78.3 80 86.4 68.4 51.8 60 39.9 40 13.1 20 0.9 2.4 500 Target Realised 300 216 200 5.6 Q3 Q2 Q1 Q2 Q4 Q1 Q2 Q3 Q4 Q1 FY 2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2015 410 400 23.4 0 To be realised in 2015 586 600 112 100 31-12-2012 30-6-2013 31-12-2013 30-6-2014 FY 2015 Cost reduction programme is including discontinued operations and excluding Metro and Zoomin 18 FTE – Total and continued Hoofdstuk: 3 Radio en de invloed op de arbeidsmarkt FTE - Total and continued 3,000 2,500 2,000 1,500 Q&A 1,000 500 National Media Local and Regional Media Facilitating Services Sky Radio Group Keesing Media Group Head office *) Total FTE 30/6 2014 798 673 326 104 273 155 2,329 30/6 2013 934 753 389 102 318 131 2,627 Change continued -136 -80 -63 2 -45 24 -298 Change total -136 -80 -63 2 -45 -73 -395 *) Change total Head Office including fte reduction of discontinued Online segment 19 II. Analysis semi-annual result 2014 Hoofdstuk: 3 Radio en de invloed op de arbeidsmarkt Development financial income and expense – continued operations 20 Financial income and expenses Hoofdstuk: 3 of euros) (amounts in millions Radio en de invloed op de arbeidsmarkt 1/1-30/6 2014 1/1-30/6 2013 Change - 8.4 3.1 -4.7 - -4.7 11.5 - - Financial expenses -0.9 -2.3 +60.9% Financial expenses / income -5.6 9.2 -160.9% Share in result from associates: ProSieben Sat.1 Media AG Of which: Continued operations Net result on discontinued operations Other associates Of which: Loss on sold participations Result from associates Financial income Acquisitie Q&A -140.9% 21
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