ebitda - Axel Springer

Deutschlandkonferenz
Bankhaus Lampe, Baden-Baden, April 14, 2016
Daniel Fard-Yazdani, Co-Head of Investor Relations
Isabel Terhardt, Investor Relations
Disclaimer
This document, which has been issued by Axel Springer SE (the "Company"), comprises the written
materials/slides for a presentation of the management.
Whilst all reasonable care has been taken to ensure that the information and facts stated herein are accurate
and that the opinions and expectations contained herein are fair and reasonable no representation or warranty,
express or implied, is given by or on behalf of the Company, any of its directors, or any other person as to the
accuracy or completeness of the information or opinions contained in this document and no liability is accepted
for any such information or opinions.
This document contains forward looking statements which involves risks and uncertainties. These forward
looking statements speak only as of the date of this document and are based on numerous assumptions which
may or may not prove to be correct. The actual performance and results of the business of the Company could
differ materially from the performance and results discussed in this document.
The Company undertakes no obligation to publicly update or revise any forward looking statements or other
information contained herein whether as a result of new information, future events or otherwise.
This document does not constitute or form any part of any offer or invitation to sell or issue, or any solicitation of
any offer to purchase or subscribe for, any shares in the Company, nor shall it or any part of it nor the fact of its
distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation
thereto.
2
Axel Springer at a Glance
Highlights
Revenues by segment1)
EBITDA by segment1)
2%
 One of the leading digital
publishers in Europe with unique
media brands
 Strong cashflow generation
 High dividend yield
1) Based
3
on FY2015 figures. 2) Dividend proposal.
16%
Classified Ad Models
-10%
 Successful transformation with
70% of EBITDA from digital
activities
 Organic growth supported by
active M&A with strong track
record
23%
27%
55%
40%
Paid Models
Marketing Models
Services / Holding
48%
Financials
2015
Outlook 2016
Revenues in €m
3,294.9
Low single-digit % increase
EBITDA in €m
559.0
Low to mid single-digit % increase
EBITDA-margin
17.0%
EPS (adj.) in €
2.22
DPS (FY 2015) in €
1.802)
Mid to high single-digit % increase
Digital transformation along core areas of
expertise to become the leading digital publisher
Moderne Altbau- Wohnung
Mitbewohner
3 Zimmer mit
Haus im Grünen, Moderne Altbau- Wohnung
gesucht! Ich, 43, wohnung, 75 m², gesucht! 2
Finesse, niedrige von privat! Keine wohnung, 75 m², gesucht! 2
Beste Lage!
w, suche Mitbe- Beste Lage!
Energiekosten
Courtage! 030
Zi.,Kü,Bad. Ab
Zi.,Kü,Bad. Ab
Chiffre 0815
wohner, m, der mir Chiffre 0815
dank Solaranlage, 2591 1234567
sofort!
sofort!
098765
ca 83m² Wfl.,
im Haushalt hilft. 098765
3 Zimmer mit
Moderne Altbau3 Zimmer mit
650€ Miete + NK
Finesse, niedrige Mitbewohner
Finesse, niedrige
wohnung, 75 m², Haus im Grünen, Mitbewohner
oder mietähnliche
gesucht! Ich, 43, Beste Lage!
Energiekosten
von privat! Keine gesucht! Ich, 43, Energiekosten
Kaufraten, Bezug
w, suche
dank Solaranlage, w, suche Mitbe- Chiffre 0815
dank Solaranlage,
Courtage! 030
sofort. 030 2591
wohner, m, der mir 098765
Mitbewohner, m, ca 83m² Wfl.,
ca 83m² Wfl.,
2591 1234567
123 456
der mir im
650€ Miete + NK im Haushalt hilft
650€ Miete + NK
Mitbewohner
Mitbewohner
Haushalt hilft
oder mietähnliche
oder mietähnliche
Wohnung
Haus im Grünen, gesucht! Ich, 43, gesucht! Ich, 43,
Kaufraten, Bezug
Kaufraten, Bezug
gesucht! 2
von privat! Keine w, suche Mitbe- w, suche Mitbe- Haus im Grünen,
sofort. 030 2591
sofort. 030 2591
Zi.,Kü,Bad. Ab
Courtage! 030
wohner, m, der mir wohner, m, der mir von privat! Keine
123 456
123 456
sofort!
2591 1234567
im Haushalt hilft. im Haushalt hilft. Courtage! 030
Moderne Altbau- Wohnung jetzt
wohnung, 75 m², gesucht! 2
Zi.,Kü,Bad. Ab
Beste Lage!
sofort! 123456
Chiffre 0815
098765
Moderne Altbauwohnung, 75 m²,
Mitbewohner
gesucht! Ich, 43, Beste Lage!
Chiffre 0815
w, suche
Mitbewohner, m, 098765
der mir im
Mitbewohner
Haushalt hilft.
gesucht! Ich, 43,
Haus im Grünen, w, suche
von privat! Keine Mitbewohner, m,
der mir im
Courtage! 030
Haushalt hilft.
2591 1234567
Classified Ad Models
&
For all segments: main activities only.
4
2591 1234567
Mitbewohner
3 Zimmer mit
Haus im Grünen, Haus im Grünen,
gesucht! Ich, 43,
Finesse, niedrige von privat! Keine von privat! Keine Moderne Altbauw, suche Mitbewohnung, 75 m²,
Energiekosten
Courtage! 030
Courtage! 030
wohner, m, der mir
Beste Lage!
dank Solaranlage, 2591 1234567
2591 1234567
im Haushalt hilft.
Chiffre 0815
ca 83m² Wfl.,
Mitbewohner
3 Zimmer mit
098765
650€ Miete + NK
Moderne AltbauFinesse, niedrige gesucht! Ich, 43,
oder mietähnliche
wohnung, 75 m²,
3 Zimmer mit
w, suche
Energiekosten
Kaufraten, Bezug
Beste Lage!
dank Solaranlage, Mitbewohner, m, Finesse, niedrige
sofort. 030 2591
Chiffre 0815
Energiekosten
der mir im
ca 83m² Wfl.,
123 456.
098765
dank Solaranlage,
650€ Miete + NK Haushalt hilft.
ca 83m² Wfl.,
Moderne Altbau- oder mietähnliche
Haus im Grünen,
Wohnung
650€ Miete + NK von privat! Keine
wohnung, 75 m², Kaufraten, Bezug
gesucht! 2
oder mietähnliche Courtage! 030
Beste Lage!
sofort. 030 2591
Zi.,Kü,Bad. Ab
Kaufraten, Bezug 2591 1234567
Chiffre 0815
123 456.
sofort!
sofort. 030 2591
098765
123 456.
Paid Models
Marketing Models
62% of revenues and 70% of EBITDA earned with
digital activities
Revenues
Advertising Revenues
EBITDA
20%
30%
38%
70%
81%
88%
80%
70%
62%
30%
19%
2009
Digital share.
5
2015
Non-digital share.
2009
12%
2015
2009
2015
Active portfolio management with attractive exits
Acquired – Sold
Net capital gain (€m)
2010 – Q1/16
67
2013 – Q3/15
86
9M/15
26
 €179m
6
EBITDA increase of 10.2% slightly above
guidance
in €m
2015
yoy
Q4/15
yoy
Revenues
3,294.9
8.5%
922.2
7.2%
Advertising
2,107.6
16.1%
622.8
16.0%
Circulation
721.7
-1.8%
179.5
0.8%
Other
465.7
-4.5%
119.9
-17.4%
EBITDA
559.0
10.2%
163.0
13.8%
Margin
17.0%
0.3pp
17.7%
1.0pp
Restructuring Exp.
63.2
15.3
24.9
14.9
Launch Costs
27.5
-2.7
8.7
1.5
649.6
11.0%
196.5
22.6%
19.7%
0.5pp
21.3%
2.7pp
EBITDA ex. Restr./LC
Margin
7
 Revenues up 8.5% yoy,
adjusted for consolidation
effects +3.3%
 EBITDA up 10.2% yoy despite
higher restructuring expenses
Adjusted eps increase of 10.3% in line with
guidance
2015
in €m
2014
307.4 904.1
Net income
Net income discontinued operations
2.8
668.3
Q4/15
Q4/14
49.5
1.4
2.8
-5.4
46.7
6.8
Net income continuing operations
304.6 235.7
Non-recurring effects
-98.9
-45.0
8.7
24.6
Depreciation, amortization, and impairments of purchase price allocations
84.9
103.9
22.8
51.7
Taxes attributable to these effects
-11.3
-43.4
2.3
-18.0
80.4
65.2
18.0
11.7
220.9 198.8
62.5
53.5
2.22
0.61
0.54
279.3 251.2
Adjusted net income
Thereof attributable to non-controlling interests
Adjusted net income attributable to shareholders of Axel Springer SE
58.3
52.3
in €
1)
Adjusted eps continuing operations
1)
8
Based on weighted average number of shares outstanding in FY15: 99.7m (FY14: 98.9m).
2.01
High cash flow and dividend yield
Free cash flow in €m
299.8
Dividend
(€/share)
Dividend volume in €m
0.22 0.40 0.48 0.57 1.17 1.33 1.47 1.47 1.60 1.70 1.70 1.80 1.80 1.80
194
168 168
178 178
157
244.1
122
131 131
107
37
45
52
22
2014
2015
02
03
04
*Dividend proposal
9
05
06
07
08
09
10
11
12
13
14
15*
Leverage of 1.6x, attractive financing secured
1)
2)
Net financial debt of €927.7m as of February 2016 (leverage 1.6x )
Attractive financing

€1,200m revolving credit facility
(partly drawn, maturity 2020)

€300m term loan
(maturity 2020)

€637m promissory note/Schuldschein
(maturity 2016/18/20)

Average interest rate currently 1.2%
Future cash flows
Inflows

Strong free cash flow generation

€257m loans related to sale of assets to
FUNKE Media Group (payments within
2-year period starting 2018)

Payment of €55m in January 2016 from sale
of stake in Doğan TV. Further sale/payments
of €171m expected in 2020, 2022.
Outflows

1)
Excl. pension liabilities.
10
2)
Based on Bloomberg EBITDA Consensus for 2016.
Put-Call-Options following acquisitions,
volume expected to be ~€50m for 2016
What‘s next?
In 2016, we want to…
11
1
… further grow in classifieds
2
… invest for further growth in Business
Insider, upday, Retale
3
… stabilize paid models segment ex growth
investments for Business Insider/upday
Outlook 2016
Axel Springer
Group
Revenues Low single-digit % growth
12
EBITDA
Low to mid single-digit % growth
eps (adj.)
Mid to high single-digit % growth
Classified Ad
Models
Paid
Models
Marketing
Models
Revenues
Low double-digit %
growth
Mid single-digit %
decline
Mid single-digit %
growth
Significant
decline
EBITDA
Low double-digit %
growth
Mid to high singledigit % decline
On prior-year
level
Mid single-digit %
decline
Services/
Holding
Highlights Classified Ad Models
Classified Ad Models segment at a Glance
Highlights
 Portfolio of market leading
classified ad models
 Digital classifieds clear
beneficiary of structural shift from
print to online
 Strong market positions yielding
high margins
Classified Ad Models
Jobs
Real Estate
 #1 in Germany, Belgium
 #1 in France
 #1 in Belgium
 #1 in UK
 #2 in Germany
 #1 in Ireland, South
Africa
&
Cars
 #1/2 in France
Local
 #1 in Germany
Generalist
 #1 in Israel
Vacation Rental
 #1 in Netherlands
and Belgium
Financials
14
2015
Outlook 2016
Revenues in €m
753.1
Low double-digit % increase
EBITDA in €m
305.0
Low double-digit % increase
EBITDA margin
40.5%
Strong growth momentum in Jobs Classifieds
with 23.4% organic growth in Q4/15
Jobs
EBITDA share
50%
in €m
2015 +
Revenues
yoy
Q4/15
yoy
360.7
40.6%
98.5
31.7%
Revenues (pro forma)
361.5
21.5%
98.5
23.4%
EBITDA*
157.4
33.8%
39.6
18.1%
43.7%
-2.2pp
40.3%
-4.6pp
in €m
2015
yoy
Q4/15
yoy
Revenues
231.0
19.4%
65.7
29.1%
Revenues (pro forma)
255.1
6.5%
65.6
6.2%
EBITDA*
107.1
15.9%
26.9
15.8%
46.4%
-1.4pp
40.9%
-4.7pp
in €m
2015
yoy
Q4/15
yoy
Revenues
161.4
>100 %
41.4
41.8%
Revenues (pro forma)
171.0
9.6%
41.0
8.4%
EBITDA*
49.5
>100 %
17.3
>100 %
30.7%
6.7pp
41.7%
23.0pp
Margin
Real estate
EBITDA share
34%
Margin
General/Other
EBITDA share
16%
Margin
* Total EBITDA includes costs of €9.0m in FY15 and €7.2m in FY14 (thereof business development, M&A and other), not allocated to the three pillars.
15
Ownership of Classifieds back to 100% –
General Atlantic 8.3% group shareholder
Before December 8, 2014
Since December 8, 2014
As of December 9, 2015
Axel Springer
Axel Springer
Axel Springer
Classified
Ad Models
Paid
Models
Marketing
Models
GA share
30%
16
Classified
Ad Models
Paid
Models
Marketing
Models
Classified
Ad Models
GA share
15%
Paid
Models
GA share 8.3%
December 8, 2014
December 9, 2015
Acquisition of 15%-stake for €446m
in cash
Acquisition of remaining 15%-stake for 9.0m
Axel Springer SE shares
Marketing
Models
StepStone: Significant lead over competitors
Company profile
 #1 job portals in Germany, UK and other
countries
 High growth driven by operational excellence
and market share gains
 Revenue growth and scalability of business
resulting in strong margin improvement
 Several bolt-on acquisitions enabling knowhow transfer and best practice exchange
 Relevance of direct search in Germany
limited
1)
Source: TNS Infratest
17
Applications per job ad
in Germany; 2013 - 20151)
2014
2015
2013
2014
2012
2013
6.5
Competitor
5.6
6.0
4.6
Competitor
5.4
5.1
3.5
Competitor
5.3
3.3
x2.7
x3.2
x2.6
x3.8
x3.5
x3.1
x5.0
x3.6
x4.7
3.7
x5.3
x5.1
2.2
x7.1
3.3
Competitor
17.4
19.0
15.6
SeLoger revenue growth driven by strong
ARPA development
Company profile
 #1 specialist real estate portal in France
 Penetration rate with real estate agents
>80%
 Excellent competitive position and
beneficiary from print to online shift
 Continued revenue growth driven by
strong ARPA development
Monthly ARPA depending on regions (EUR)
Province
616
Total (excl. verticals)
600
576
506 515
500
464 468 470
406
400
373
338
265
301
240
200
100
197
129
213
271
256
439
321
271
500
419
376
393
351
339
499
455
411
378
351
323
302
300
422
648
554 565
Total (incl. verticals)
247
18
701
Paris area
700
430
396
368
324
291
221
193
151
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Merger of Immowelt & Immonet in 2015 creates a
strong N°2 in German online real estate
Outlook and targets
 High investments in the
Immowelt-brand (Online-/TVcampaigns)
+
 Uplift in performance through
new cooperations (e.g.
meinestadt, kalaydo)
 Revenues to grow with a doubledigit CAGR over the next five
years
 After investments in the
Immowelt-brand EBITDA-margin
to increase to +40%
Darker shade =
higher search volume per region
19
Encouraging results…
… for real estate agents: More leads
DUO1) customers may more than
double their leads
… for Immowelt: Higher ARPA
+15%
225 €
218 €
+145%
200 €
175 €
ARPA2)
150 €
Jan 2015
1) Based
Jan 2016
2014
2015
on an internal analysis of the daily leads per listing for 3,500 customers that had an Immowelt contract in Jan 2015 and new DUO contract in Jan 2016.
(Average Revenue Per Agent); monthly revenues of Immowelt + Immonet, divided by the number of agents (duplications eliminated, estimated
before Jun 2015) Sources: Immowelt, Immonet.
2) ARPA
20
Classified Ad Models: Highest EBITDA
contribution and accelerated organic growth
in €m
2015
yoy
Q4/15
yoy
Revenues
753.1
47.1%
205.6
32.7%
Revenues (pro forma)
787.6
13.6%
205.2
14.3%
Advertising
730.7
48.3%
199.4
35.1%
Other
22.4
15.8%
6.2
-15.6%
305.0
40.1%
80.8
33.9%
40.5%
-2.0pp
39.3%
0.3pp
EBITDA*
Margin
 Revenue increase of 47.1% yoy
due to organic growth and
acquisitions
 Organic growth up significantly
to 13.6% yoy (9.4% 2014/13)
 EBITDA up 40.1% to €305.0m –
contributing almost as much as
Paid Models and Marketing
Models combined (€311.2m)
 Margin decrease due to
consolidation effects
* Total EBITDA includes costs of €9.0m in FY15 and €7.2m in FY14 (thereof business development, M&A and other), not allocated to the three pillars.
21
Highlights Paid Models
Paid Models segment at a Glance
Highlights
 Focus on market-leading media
brands with clear path to
digitization
Paid Models
National
International
 BILD group
 Business Insider1)
 WELT group/N24
 Ringier Axel Springer Media
(Poland, Hungary, Serbia, Slovakia)
 National paid models dominated
by unique asset BILD
 Pioneering paid content in
Germany with encouraging
results
 Switzerland (in JV with Ringier)2),
France, Spain
(Main activities)
1)
2)
 Entering English-speaking media
market with Business Insider
acquisition
 Strong presence in Eastern
Europe (JV with Ringier)
23
Acquisition closed in Q4/15
Signing 9/15, closed in 1/16
Financials
2015
Outlook 2016
Revenues in €m
1,582.2
Mid single-digit % decline
EBITDA in €m
223.2
Mid to high single-digit % decline
EBITDA-margin
14.1%
Business Insider: Centerpiece of our English
content strategy – Now it‘s about execution
150
journalists
(US edition)
24
+41% yoy
Revenues 2015
250-300
own articles
(daily)
Acquisition of Business Insider – major milestone
to expand into English-speaking world
Business Insider profile

Major business news website
in the US (founded 2007)

~325 employees (~50% journalists )

Axel Springer minority investor
with ~9% since January 2015

Reach growth 2009-14 of >80% p.a.

Revenue growth 2009-14 of >70% p.a.

Breakeven 2015 before growth
investments
Targets
 Revenues to grow >30% (CAGR) until 2020
 Breakeven envisaged by 2018
25
Deal Terms
 Acquisition of ~88% (total stake 97%)
 Long-term equity incentive for Henry Blodget
(Founder, CEO & Editor-in-chief) and Julie
Hansen (COO & President)
 Purchase price of €320.4m for 88%, based
on company valuation (cash/debt free) of
$390m (~€348m)
 Transaction closed in Q4/15
Innovative news service upday pre-installed on
Samsung Galaxy S7 devices since March 2016
Curation of
breaking news by
experienced
journalists with
nearly 24/7
coverage
Algorithm-based
personalization
26
26
upday – Innovative news service and strategic
partnership with Samsung
Profile


Strategic partnership to develop mobile
news service exclusively for Samsung
devices
Curation of news by experienced
journalists with nearly 24/7 coverage
combined with algorithm based news
feed tailored to personal interest

Aggregation of content from a broad
range of global and local media brands;
overall more than 1,000 sources

Reach of new audiences in an adblocker-free environment

Advertising for a targeted audience with
non-intrusive formats
27
International roll out
 Started as beta-version for Samsung
smartphones in Germany and Poland (09/15)
 Available as beta-version in Germany for
Samsung Gear S2 as smartwatch app
(09/15)
 Launched for Samsung smartphones in
Germany, Poland, France and UK (02/16)
 Pre-installed on Galaxy S7 devices in
covered countries (03/16)
Monetizing content in digital: positive
signals
„No ad – no content“ at bild.de
384,222
paying subscribers
at year-end 2015
80% reduction
+26%
~10% increase
yoy
28
of adblock ratio
in marketable reach
Paid Models with revenue decline of 2.2% in FY15
and slight revenue growth in Q4/15
in €m
2015
yoy
Q4/15
yoy
1,582.2
-2.2%
451.7
0.9%
thereof digital (reported)
352.3
13.8%
112.4
18.9%
thereof digital (pro forma)
374.2
6.7%
116.1
11.1%
Advertising
652.1
-2.8%
212.1
4.8%
Circulation
721.3
-1.9%
179.5
0.8%
Other
208.8
-1.1%
60.1
-10.5%
EBITDA
223.2
-11.2%
71.2
-7.1%
Margin
14.1%
-1.4pp
15.8%
-1.4pp
Restructuring Exp.
34.8
10.4
13.5
9.9
Launch Costs
12.4
-4.9
4.2
0.6
270.4
-7.8%
88.9
6.1%
17.1%
-1.0pp
19.7%
1.0pp
Revenues
EBITDA ex. Restr./LC
Margin
29
 Total revenues in FY15 down by
2.2%, adjusted for consolidation
effects decline of 4.0%
 Advertising revenues 2.8%
below strong soccer-cup-driven
prior year (adjusted for
consolidation effects -5.9%)
 Circulation revenues down by
only 1.9% (adj. for cons. effects
-2.2%) due to copy price
increases and higher revenues
from paid digital subs
 EBITDA decline by 11.2% due to
lower revenues and higher
restructuring expenses
Paid Models International with higher launch
costs
Paid Models National
in €m
Paid Models International
2015
yoy
Q4/15
yoy
2015
yoy
Q4/15
yoy
1,169.7
-4.8%
330.3
-2.5%
412.5
6.1%
121.4
11.4%
thereof digital (reported)
219.4
7.4%
67.5
6.6%
132.9
26.4%
44.9
44.0%
thereof digital (pro forma)
219.4
0.2%
67.5
7.2%
154.9
17.4%
48.6
17.1%
Advertising
465.5
-6.5%
148.8
-0.8%
186.6
7.6%
63.3
20.9%
Circulation
559.5
-3.0%
138.8
0.2%
161.8
2.2%
40.7
2.9%
Other
144.7
-6.2%
42.8
-14.8%
64.2
12.7%
17.4
2.0%
EBITDA
170.7
-14.7%
57.3
3.0%
52.5
2.3%
13.9
-33.9%
Margin
14.6%
-1.7pp
17.3%
0.9pp
12.7%
-0.5pp
11.5%
-7.9pp
Restructuring Exp.
33.4
9.7
12.9
9.4
1.4
0.6
0.6
0.6
Launch Costs
6.1
-10.9
0.6
-3.0
6.3
6.1
3.6
3.6
210.2
-12.7%
70.7
12.9%
60.2
15.0%
18.1
-14.3%
18.0%
-1.6pp
21.4%
2.9pp
14.6%
1.1pp
14.9%
-4.5pp
Revenues
EBITDA ex. Restr./LC
Margin
30
Highlights Marketing Models
Marketing Models segment at a Glance
Highlights
 #1 positions in all major
marketing business models
 Reach based marketing with
margin >20%
 zanox group European market
leader in performance marketing
 Performance marketing with
structurally low margin (>4%)
32
Marketing Models
Reach Based Marketing
 Idealo
Performance Marketing
 zanox group
 aufeminin
 Digital Window
 Bonial
(kaufda/retale)
 eprofessional
(Main activities)
Financials
2015
Outlook 2016
Revenues in €m
878.9
Mid single-digit % increase
EBITDA in €m
88.0
On prior year level
EBITDA-margin
10.0%
Bonial: Going fast track international
Business model
 2008: Start in Germany, quickly achieved
market leading position (local brand “kaufda”)
Print insert…
…goes digital
 Research online – buy offline
Cost
per
Engagement
 Making use of location-based offerings,
also adding push alert functions
 2014: Bolt-on acquisition of MeinProspekt
Internationalization
 France (since 2011)
 Spain, Brazil (since 2012)
 USA (since 2013, local brand „retale“)
US market size for brochures (>15bn USD)
exceeds European market
 Mexico, Chile, Columbia, Sweden, Denmark,
and Norway (since 2015)
Mobile share of revenues
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2010 2011 2012 2013 2014 2015
33
Bonial: Creating a global leader – main focus US
expansion
34
Marketing Models with organic growth of 12.2%
in €m
2015
yoy
Q4/15
yoy
Revenues
878.9
10.7%
246.2
7.4%
Revenues (pro forma)
842.7
12.2%
244.3
13.4%
Advertising
725.1
11.3%
211.4
13.1%
Other
153.8
7.8%
34.8
-17.6%
88.0
-17.4%
23.3
-27.8%
10.0%
-3.4pp
9.4%
-4.6pp
Restructuring Exp.
1.7
0.5
0.6
0.6
Launch Costs
15.1
2.3
4.5
0.9
104.7
-13.1%
28.4
-20.8%
11.9%
-3.3pp
11.5%
-4.1pp
EBITDA*
Margin
EBITDA ex. Restr./LC
Margin
 Total revenues up 10.7% and
driven by underlying organic
growth of 12.2%
 Advertising revenue increase of
11.3% mostly due to increases
at zanox and Bonial
 EBITDA impacted by launch
costs, portfolio changes and
competitive environment
* Total EBITDA includes costs of €10.6m in FY15 and €8.0m in FY14 (thereof business development, M&A and other), not allocated to the two pillars.
35
Reach Based Marketing with low double-digit
organic growth and higher launch costs
Reach Based Marketing
Performance Marketing
in €m
2015
yoy
Q4/15
yoy
2015
yoy
Q4/15
yoy
Revenues
298.2
6.8%
77.4
-1.8%
580.7
12.8%
168.9
12.3%
Revenues (pro forma)
262.0
10.2%
75.5
15.5%
580.7
13.2%
168.9
12.5%
Advertising
208.5
12.0%
62.9
22.7%
516.6
11.0%
148.5
9.5%
Other
89.7
-3.8%
14.5
-47.4%
64.2
29.5%
20.4
37.9%
73.6
-18.9%
18.4
-31.1%
25.0
5.4%
8.5
11.8%
24.7%
-7.8pp
23.8%
-10.1pp
4.3%
-0.3pp
5.0%
0.0pp
Restructuring Exp.
1.2
1.2
0.6
0.6
0.4
-0.8
0.0
0.0
Launch Costs
15.1
2.3
4.5
0.9
0.0
0.0
0.0
0.0
89.9
-13.2%
23.5
-22.5%
25.4
2.1%
8.5
12.3%
30.2%
-6.9pp
30.4%
-8.1pp
4.4%
-0.5pp
5.1%
0.0pp
EBITDA*
Margin
EBITDA ex. Restr./LC
Margin
* Total EBITDA includes costs of €10.6m in FY15 and €8.0m in FY14 (thereof business development, M&A and other), not allocated to the two pillars.
36
Investor Relations contacts
Claudia Thomé
Co-Head of Investor Relations
Daniel Fard-Yazdani
Co-Head of Investor Relations
Phone: +49 30 2591 77421
Mobile: +49 160 90445035
Phone: +49 30 2591 77425
Mobile: +49 151 52844459
[email protected]
[email protected]
Axel Springer SE: Axel-Springer-Str. 65, 10888 Berlin, Germany, Fax: +49 30 2591 77422
37

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