Goldman Sachs – Classifieds Field Trip

Goldman Sachs – Classifieds Field Trip
London, September 23, 2015
Dr Julian Deutz, CFO
Daniel Fard-Yazdani, Co-Head of Investor Relations
Disclaimer
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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)
4%
 Germany’s leading publisher with
unique media brands
 Successful transformation with
75% of EBITDA from digital
activities
 Organic growth supported by
active M&A with strong track
record
 Strong balance sheet and
cashflow
 High dividend yield
1)
3
Based on H1/15 figures.
EBITDA by segment1)
Classified Ad Models
23%
18%
Paid Models
27%
Marketing Models
-8%
55%
Services / Holding
34%
46%
Financials
2014
Outlook 2015
Revenues in €m
3,037.9
Low to mid single-digit % growth
EBITDA in €m
507.1
High single-digit % growth
EBITDA-margin
16.7%
EPS (adj.) in €
2.01
DPS (FY 2014) in €
1.80
Low double-digit % growth
Digital transformation along core areas of
expertise
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
Active portfolio management accelerates
shift to digital
Revenues
Advertising Revenues
20%
38%
70%
81%
2009
88%
30%
H1/15
25%
80%
63%
19%
EBITDA
2009
75%
12%
H1/15
2009
Digital share. (Digital share of EBITDA in H1/15 would be 81% if Services/Holding was fully allocated to non-digital.)
5
H1/15
Non-digital share.
Earnings development driven by digitization
Revenues in €m
EBITDA in €m
3.038
507
499
2.737 2.801
454
448
2.576
392
2.324
2.081
1.437
2009
6
2010
2011
2012
2013
2014
H1/14
1.577
263
H1/15
2009
2010
2011
2012
2013
2014
266
267
H1/14
H1/15
Margin profile segments: Classified Ad Models
with strong margin increase
Paid Models
EBITDA margin
in %
Classified Ad Models
40
35
16
9
40
41
41
43
43
Marketing Models
41
41
29
18
16
22
21
22
20
19
19
14
21
16
9
2009
2010 2011
2012 2013
2014 H1/15
2009
2010 2011 2012 2013
353
280
328
336
EBITDA
in €m
134
79
44
17
17
65
2009
2010
2011
EBITDA
7
221
164
2014 H1/15
18
2009
220
H1/15
16
15
16
16
16
15
14
14
2010 2011 2012 2013
118
2009
EBITDA ex restructuring / launch costs
13
11
2014 H1/15
244
73
58
58
2014
16
302
91
2012 2013
16
314
147
134
12
18
345
250
147
16
16
288
313
222
164
18
2010 2011
2012 2013
2014
H1/15
EBITDA margin
2009
73
90
90
103
98
2010 2011 2012
110
103
124
110 54
49
2013
EBITDA margin ex LC/RC
2014 H1/15
Group guidance for the full year confirmed
in €m
H1/15
yoy
Q2/15
yoy
Revenues
1,577.3
9.8%
796.7
7.0%
Advertising
985.9
15.3%
502.6
11.9%
Circulation
351.1
-3.7%
176.7
-3.3%
Other
240.3
10.9%
117.4
4.2%
266.7
0.2%
147.0
-0.6%
EBITDA
Margin
18.4% # -1.4pp
Restructuring Exp.
26.0
#
4.9
13.2
#
1.1
Launch Costs
11.1
#
-4.2
6.2
7
-0.5
0.4%
166.3
EBITDA ex. Restr./LC
Margin
8
16.9% # -1.6pp
303.7
19.3% # -1.8pp
-0.2%
20.9% # -1.5pp
 Digital media driving revenue
growth and over-compensating
decline in print
 Revenues in H1/15 up 9.8%,
adjusted for consolidation
effects +2.6%
 EBITDA stable yoy mainly due
to tough comps in H1/14 –
EBITDA to grow stronger in
H2/15
Adjusted eps slightly below prior year level in H1 –
low double-digit growth for FY 15 expected
in €m
H1/15
Net income
111.0 815.9
Net income discontinued operations
-
H1/14
674.4
111.0 141.6
Net income continuing operations
Q2/15
Q2/14
68.0 734.7
-
658.8
68.0
76.0
Non-recurring effects
-0.7
-15.4
-4.9
-5.4
Effects of purchase price allocations
37.9
32.4
20.6
17.5
Taxes attributable to these effects
-11.7
-20.4
-4.9
-11.6
78.8
76.5
14.7
16.7
108.0 111.0
64.2
59.8
1.09
0.65
0.60
136.5 138.2
Adjusted net income
Thereof attributable to non-controlling interests
Adjusted net income attributable to shareholders of Axel Springer SE
28.4
27.2
in €
Adjusted eps continuing operations
1)
9
1)
Based on weighted average number of shares outstanding in H1/15: 98.9m.
1.12
Free cash flow up yoy
82.4
Dividend volume in €m
86.9
Dividend
(€/share)
Free cash flow 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
168 168
178 178
157
122
131 131
107
37
45
52
22
H1/14
10
H1/15
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Financial headroom for investments and
dividend
Financial situation
 Attractive financing further optimized –
volume up to €1.2bn (from €900m) and
improved margins
1)

Net financial debt of €822m and leverage
2)
of 1.5x

Strong free cash flow generation
(2014: €244.1m)

Planned new legal form enables further
mid- and long-term growth
Future cash inflows ~€480m
 €257m loans related to sale of assets to
FUNKE Media Group

€225m sale of stake in Doğan TV
(after receipt of €63m in January 2015)
Sufficient headroom for investments in digitization and high dividend
(payout of €178m for 2014 on April 15, 2015)
1)
Excl. pension liabilities
11
2)
Based on Bloomberg EBITDA consensus for FY 2015
Clear investment criteria
 Strategic fit along three areas of expertise
 Experienced and incentivized management
 Reasonable valuation
 Added value through Axel Springer
Company transformation supported by digital acquisitions (total of ~€3.6bn) and
divestments (total of ~€2.6bn) since 20061)
1)
EV before purchase price adjustments, taxes etc.
12
Exciting digital initiatives in the Englishspeaking world
13
Upday – Start of mobile news offering together
with Samsung
News aggregator
providing
personalized
news exclusively
on Samsung
smartphones
 Start of beta version in 9/15
in Germany and Poland
 Full offering and more
countries to follow in 2016
14
+
=
„Want to know“
„Need to know“
based on user interests
(algorithm-based)
curated by journalists
Priorities going forward
15
1
Growth in Classifieds
2
Growth in Digital Subs
3
Growth in US/UK
Outlook 2015
Axel Springer
Group
Revenues Low to mid single-digit % growth
EBITDA
High single-digit % growth
eps (adj.)
Low double-digit % growth
Classified Ad
Models
16
Paid
Models
Marketing
Models
Services/
Holding
Revenues
Significant
increase
Low single-digit %
decline
Mid to high-single
digit % growth
Significant
decline
EBITDA
Significant
increase
Low double-digit %
decline
Low double-digit %
decline to
significant decline
Significant
improvement
Envisaged legal form change to KGaA combines
best of both worlds
Family
controlled
business
17
Capital
Markets Access
Our corporate mission
The leading
digital publisher
18
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
 85% ownership and option for
remaining 15%
Classified Ad Models
Jobs
 #1 in Germany
Real Estate
 #1 in France
 #1 in Belgium
 #1 in UK
 #2 in Germany
 #1 in Ireland, South
Africa
Financials
20
&
Cars
 #1/2 in France
Local
 #1 in Germany
Generalist
 #1 in Israel
Travel
 #1 in Netherlands
and Belgium
2014
Outlook 2015
Revenues in €m
512.0
Significant increase
EBITDA in €m
221.4
Significant increase
EBITDA-margin
43.2%
Deal structure
Former GA stake in
Axel Springer Digital Classifieds (ASDC)
30%
December 2014
2015
15%
Cash payment
(€446m)



21
Valuation of ASDC of €3.95bn
(100%, cash/debt free)
EV/EBITDA multiple 2015
14x-15x
Closed December 8, 2014
15%
Issuance of Axel Springer shares
(Appraisal report IDW S1)

Call option for Axel Springer
(AS) against shares in AS SE
GA to become Axel Springer group shareholder
Today
Axel Springer
Classified
Ad Models
Paid
Models
Marketing
Models
Post transaction
Axel Springer
GA share ~8.6%1)
Classified
Ad Models
GA share
15%
1)
Based on Axel Springer share price as of December 5, 2014 (€47.66) and valuation of first 15% tranche.
22
Paid
Models
Marketing
Models
Consolidating German real estate portals:
Process update
Recent developments
 February, 2015: Signing
 April, 2015: Cartel office clearance
 June, 2015: Closing
 Currently: Offer to real estate agents
in place to advertise on both portals
Strong #2
23
StepStone: Lead over competitors is widening
Company profile
 #1 job portal in Germany, UK and Belgium
 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
Applications per job ad
in Germany; 2012 - 20141)
2014
2014
2013
2013
2012
2012
5.6
Competitor
6.0
7.1
5.4
Competitor
5.1
6.7
5.3
Competitor
3.3
3.0
1)
Source: TNS Infratest
24
13.6
x3.2
x2.6
x1.9
x3.5
x3.1
x2.0
x3.6
x4.7
x4.6
2.2
x5.1
x7.1
1.8
x7.5
3.7
Competitor
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 over the last
ten years
Monthly ARPA depending on regions (EUR)
650
608
Paris area
600
Province
554
Total (excl. verticals)
506
Total (incl. verticals)
500
464
406
400
302
300
265
240
200
378
373
338
197
213
271
247
351
323
301
256
422
321
271
339
468
439
411
376
470
515
490
455
419
419
396
393
351
556
368
324
291
221
193
151
129
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Note: ARPA figures as of December of each year
25
Classified Ad Models with accelerated organic
growth
in €m
H1/15
yoy
Q2/15
yoy
Revenues
355.3
56.8%
179.2
55.2%
Revenues (pro forma)
358.2
13.3%
178.2
14.3%
344.5
57.6%
173.6
54.5%
10.8
34.5%
5.5
80.7%
147.3
45.9%
76.6
45.3%
Advertising
Other
EBITDA*
Margin
41.5% # -3.1pp
 Revenue increase due to strong
organic growth (13.3%) in
H1/15 and acquisitions
 EBITDA up significantly, lower
margin reflects consolidation
effects
42.8% # -2.9pp
* Total EBITDA includes costs of €3.1m in H1/15 and €1.7m in H1/14 (thereof business development, M&A and other), not allocated to the three pillars.
26
Significant organic revenue growth
in jobs vertical
Jobs
EBITDA share
49%
in €m
H1/15
yoy
Q2/15
yoy
Revenues
170.3
44.8%
86.8
46.5%
Revenues (pro forma)
171.0
20.7%
87.3
22.0%
EBITDA*
73.9
34.6%
38.7
35.3%
Margin
Real estate
EBITDA share
34%
43.4% # -3.3pp
44.6% 0 -3.7pp
in €m
H1/15
yoy
Q2/15
yoy
Revenues
101.6
7.3%
51.8
7.5%
Revenues (pro forma)
101.6
5.5%
51.8
5.8%
EBITDA*
51.4
14.1%
29.0
24.5%
Margin
General/Other
EBITDA share
17%
50.6% # 3.0pp
56.0% 0 7.7pp
H1/15
yoy
Q2/15
yoy
Revenues
83.4
>100 %
40.5
>100 %
Revenues (pro forma)
85.6
9.6%
39.1
10.3%
EBITDA*
25.1
>100 %
10.7
>100 %
in €m
Margin
30.1% # 11.3pp
26.3% 0 5.0pp
* Total EBITDA includes costs of €3.1m in H1/15 and €1.7m in H1/14 (thereof business development, M&A and other), not allocated to the three pillars.
27
Highlights Paid Models
Paid Models segment at a Glance
Highlights
 Focus on market-leading media
brands with clear path to
digitization
 National paid models dominated
by unique asset BILD
Paid Models
National
International
 BILD group
 Ringier Axel Springer Media
(Poland, Hungary, Serbia,
Slovakia)
 WELT group/N24
 WELT group complemented by
leading news TV channel N24
 Pioneering paid content in
Germany with encouraging
results
 Strong presence in Eastern
Europe (JV with Ringier)
29
 Switzerland (in JV with Ringier*)
 France, Spain
(Main activities)
* Signing 09/15, closing pending
Financials
2014
Outlook 2015
Revenues in €m
1,561.4
Low single-digit % decline
EBITDA in €m
244.2
Low double-digit % decline
EBITDA-margin
15.6%
BILD – a unique media brand print and online
Print, daily reach in million1)
Online, reach in million unique users2)
bild.de
20
focus.de
spiegel.de
welt.de
16
15.4
10
14
12
13.0
5
10
0
8
6
15
11.6
11.6
12.5
12.1
12.8
12.2
11.3
10.4
ma ma ma ma ma ma ma ma ma ma ma ma ma ma
09/I 09/II 10/I 10/II 11/I 11/II 12/I 12/II 13/I 13/II 14/I 14/II 15/I 15/II
2010-02
22.9
Tatort
8.9
WSJ
3.2
1)
2012-02
2013-02
2014-02
2015-02
13.0
10.5
Strictly come
dancing
The Sun
5.4
8.6
5.9
10.6
ma Pressemedien, Note: change in population parameter after ma 2010 I
30
2011-02
15.4
Big Bang
Theory
10.4
8.6
Bild.de vs. Peers2)
BILD vs. TV
BILD
10.5
2)
5.8
5.6
AGOF UUs (14+) in million per month (not incl. mobile internet).
BILD reaches 291k digital subscribers

Freemium model

Metered model

Introduced 06/2013

Introduced 12/2012

Price range:
€4.99 – €9.99 per month

Price range:
€4.49 – €14.99 per month

Including German soccer league highlight
clips

German soccer league highlight clips as
additional option (€2.99 – €3.49 per month)
August 2015
August 2015
26 months after start
33 months after start
291k
31
68k
Paid Models impacted by tough prior year comps
in €m
H1/15
yoy
Q2/15
yoy
Revenues
728.9
-4.1%
380.3
-6.4%
thereof digital (reported)
161.9
15.1%
89.1
9.8%
thereof digital (pro forma)
165.1
1.2%
88.8
2.3%
Advertising
301.4
-8.5%
161.8
-12.7%
Circulation
350.9
-3.8%
176.6
-3.3%
76.6
15.8%
41.8
9.2%
90.8
-31.6%
50.6
-33.0%
Other
EBITDA
Margin
Restructuring Exp.
Launch Costs
EBITDA ex. Restr./LC
Margin
32
12.5% # -5.0pp
13.3% # -5.3pp
20.9
#
7.6
10.5
7
3.9
6.0
9
-2.5
3.9
3
0.6
-23.8%
64.9
117.8
16.2% # -4.2pp
-23.9%
17.1% # -3.9pp
 Revenue development impacted by
consolidation effects, adjusted for
these effects down 6.3% in H1/15
 Advertising revenues adjusted for
consolidation effects down 10.9% in
H1/15 and 14.5% in Q2/15 due to
prior year world cup comps
 Increase in other revenues driven
by consolidation effects from N24
 EBITDA decline due to lower
revenues, change in revenue mix
and higher restructuring expenses
Paid Models Subsegments
Paid Models National
Paid Models International
in €m
H1/15
yoy
Q2/15
yoy
H1/15
yoy
Q2/15
yoy
Revenues
531.5
-6.3%
272.6
-10.6%
197.4
2.4%
107.6
6.1%
thereof digital (reported)
102.5
12.1%
54.8
0.2%
59.4
20.8%
34.2
29.6%
thereof digital (pro forma)
102.5
-3.4%
54.8
-3.1%
62.6
9.7%
34.0
12.4%
Advertising
216.8
-11.6%
113.5
-18.3%
84.6
0.6%
48.4
4.0%
Circulation
269.6
-4.6%
135.1
-4.5%
81.3
-1.0%
41.5
0.7%
45.1
13.9%
24.0
-1.9%
31.5
18.7%
17.7
28.9%
64.0
-42.0%
32.9
-47.0%
26.8
20.1%
17.6
33.1%
Other
EBITDA
Margin
Restructuring Exp.
Launch Costs
EBITDA ex. Restr./LC
Margin
33
12.0% # -7.4pp
12.1% # -8.3pp
13.6% # 2.0pp
16.4% # 3.3pp
20.5
#
8.0
10.1
6
4.3
0.4
1
-0.3
0.3
1
-0.4
4.5
8
-3.9
2.5
3
-0.7
1.5
0
1.4
1.4
0
1.3
-32.2%
45.6
-36.0%
28.8
23.8%
19.3
89.0
16.7% # -6.4pp
16.7% # -6.6pp
14.6% # 2.5pp
37.6%
18.0% # 4.1pp
Highlights Marketing Models
Marketing Models segment at a Glance
Highlights
 #1 positions in all major
marketing business models
 Reach based marketing with
strong organic growth and
margin >20%
 zanox group European market
leader in performance marketing
Marketing Models
Reach Based Marketing
 Idealo
Performance Marketing
 zanox group
 aufeminin
 Digital Window
 Bonial
(kaufda/retale)
 eprofessional
(Main activities)
 Performance marketing with
structurally low margin (~5%)
35
Financials
2014
Outlook 2015
Revenues in €m
794.1
Mid to high single-digit % growth
EBITDA in €m
109.7
Low double-digit % decline to
significant decline
EBITDA-margin
13.8%
kaufDA: Going fast track international
Business model
 2008: Start in Germany, quickly achieved
market leading position
Print insert…
…goes digital
 Research online – buy offline
Cost
per
Click
 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)
Growth driven by mobile
 More than 80% of brochure view already coming
from mobile:
 USA (since 2013)
US market size for brochures (>15bn USD)
exceeds European market
 Mexico, Chile, Columbia, Sweden, Denmark,
and Norway (since 2015)
36
Jan 11
Dec 11
Dec 12
Brochure views Germany and France
Dec 13
Dec 14
Organic growth continues to drive Marketing
Models
in €m
H1/15
yoy
Q2/15
yoy
Revenues
428.1
15.5%
209.1
14.9%
Revenues (pro forma)
423.4
14.7%
207.3
14.3%
340.2
10.7%
167.3
10.5%
88.0
38.5%
41.8
36.6%
48.7
-11.9%
26.3
-9.0%
Advertising
Other
EBITDA*
Margin
11.4% # -3.5pp
12.6% # -3.3pp
Restructuring Exp.
0.4
#
0.4
0.1
0
0.1
Launch Costs
5.0
7
-1.5
2.3
3
-1.0
-12.4%
28.7
EBITDA ex. Restr./LC
Margin
54.2
12.7% # -4.0pp
 Advertising revenue growth
driven mostly by performancebased marketing models
 Increase in other revenues
mostly due to TV activities and
aufeminin group
 EBITDA below prior year due to
competitive environment and
portfolio changes at aufeminin
-10.8%
13.7% # -4.0pp
* Total EBITDA includes costs of €3.7m in H1/15 and €2.2m in H1/14 (thereof business development, M&A and other), not allocated to the two pillars.
37
Marketing Models Subsegments
Reach Based Marketing
Performance Marketing
in €m
H1/15
yoy
Q2/15
yoy
H1/15
yoy
Q2/15
yoy
Revenues
156.7
18.2%
78.2
16.3%
271.5
14.0%
130.9
14.2%
Revenues (pro forma)
151.9
15.1%
76.4
14.0%
271.5
14.5%
130.9
14.6%
7.3%
244.2 # 13.6%
117.0 # 12.0%
Advertising
96.0
#
3.9%
50.4
#
Other
60.7
# 50.8%
27.9
# 36.8%
27.2
# 17.2%
13.9
# 36.3%
40.6
-12.9%
23.1
-4.9%
11.8
8.2%
5.2
-8.8%
29.6% # -6.6pp
4.4%
# -0.2pp
EBITDA*
Margin
25.9% # -9.2pp
4.0%
# -1.0pp
Restructuring Exp.
0.1
0
0.1
0.1
0
0.1
0.3
0
0.3
0.0
0
0.0
Launch Costs
5.0
7
-1.5
2.3
3
-1.0
0.0
0
0.0
0.0
0
0.0
-14.0%
25.5
-7.7%
12.1
11.2%
5.2
32.6% # -8.5pp
4.5%
# -0.1pp
EBITDA ex. Restr./LC
Margin
45.7
29.2% # -10.9pp
4.0%
-8.5%
# -1.0pp
* Total EBITDA includes costs of €3.7m in H1/15 and €2.2m in H1/14 (thereof business development, M&A and other), not allocated to the two pillars.
38
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
39

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