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1Roadshow back up_Mar 2013 1Fresentation to investors_Santander
ATRESMEDIA
Presentation to investors
Santander XXIII Iberian ConferenceFeb 2017
www.atresmediacorporacion.com
2Roadshow back up_Mar 2013 2Fresentation to investors_Santander
Advertising market in Spain
9M 16 Gross Ad market Yoy growth
≈+1% ≈-1%≈-6%
Total Ad market≈+4%
Advertising at 9M 16: A very positive marketfor TV & Internet
≈+6%
≈+17%
Source: Average on Infoadex & Arcemedia 9M 16 data
3Roadshow back up_Mar 2013 3Fresentation to investors_Santander
TV: Clear leadership
Spanish Ad spending by medium Share
Advertising market in Spain
Source: Infoadex
+0.0pp
+23.6pp
-22.2pp
+0.1pp
-1.4pp
4Roadshow back up_Mar 2013 4Fresentation to investors_Santander
Source: Infoadex and Bank of Spain
Total & TV market vs GDP is bouncing back
Total & TV ad intensity (vs GDP)
Advertising market in Spain
0.72% 0.74%
0.54%
0.42%0.47%
0.29%0.32%
0.23%
0.17% 0.19%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Total Ad market
TV Ad market
2002-15 avg=0.59%
(All-time average= 0.73%)
2003-15 avg= 0.25%
(All-time average= 0.29%)
5Roadshow back up_Mar 2013 5Fresentation to investors_Santander
67%
29%
60%
88%
Source: Internal estimates & EGM. 2015 data
8.1
5.1
1.12.2
Spanish TV: Best cost-coverage mix
Cost-coverage by mediumIn €/1,000 impacts & % penetration
CPT
Coverage
Advertising market in Spain
6Roadshow back up_Mar 2013 6Fresentation to investors_Santander
Key issues: Ad market recovery & industry changes
Spanish TV industry
• Macro outlook• Ad market growthAd market
• More DTT channels• New players: Pay TV
& OTTs
Industrychanges
2016 key issues
7Roadshow back up_Mar 2013 7Fresentation to investors_Santander
Positive outlook for household consumption & GDP
Spanish TV industry: Main drivers
-0.5%
-2.1%
1.4% 2.6% 2.8%
3.8%
-1.9%
-1.1%
1.0%
3.7% 3.6%
3.3%
2012 2013 2014 2015 2016e 2017e
Consumption
GDP
Consensus
Source: Funcas (Dec 16). In nominal terms
Household Consumption & GDP Yoy growth
8Roadshow back up_Mar 2013 8Fresentation to investors_Santander
Sustainable recovery from very low historical levels
Gross TV Ad market In € mill
Source: Infoadex
* consensus
Spanish TV industry: Ad market
16%10% 8% 9%
-11%
-23%
4%
-10%
-19%
-6%
11%6% 5-6%
2,317
3,469
2,378 2,472
1,703
1,890 2,011
≈2,120
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016e*
% yoy Gross TV Ad market
Average: 2,450
-13%
-39%
9Roadshow back up_Mar 2013 9Fresentation to investors_Santander
Spanish TV ad market vs other European countries
Source: GS & BoML
* consensus
104
119
79
121
100
92
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016e*
Spanish TV Ad market is catching up with its peers
TV ad market growth by countryIn index terms. 2003=100
10Roadshow back up_Mar 2013 10Fresentation to investors_Santander
Spanish TV industry: Ad market
Spanish TV Ad market: Last 12 quarters in positive
Gross TV Ad market Yoy growth
1%
-14%
-8%
-15%-18%
-15%
-24%-21%
-16%
-10%
-3%
6%
3%
8%
22%
13%12%
8%
3% 3%
6%
11%
1%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
FY11=-10%
FY12=-19%
FY13=-6%
FY14=+11%
Source: Infoadex.
FY15=+6%
2016YTD
+6%
11Roadshow back up_Mar 2013 11Fresentation to investors_Santander
Source: Internal Estimates
9M 16: Strong performance in Autos
Ad spending by sectors% 9M 16 yoy
Beauty,Hygiene &Cleaning
Food Autos Telcos Retail Finance Health Beverages Others
7%4%
23%
2%5%
-10%
-3%
13%
25%
14% 13% 14% 10% 11% 8% 5% Weight20%
9M 16=+6%
Spanish TV industry: Ad market
(EnergyHomeSports & leisure…)
5%
12Roadshow back up_Mar 2013 12Fresentation to investors_Santander
Source: • TV Market: Infoadex. 2015 • Prices: Internal estimates. Conventional advertising. • Volumes: Internal estimates. Commercial hours: 13h-25h. Conventional advertising excluding TVE.
Prices and volumes at very low levels
2,317
3,469
1,703
1,890 2,011
100
146 147
109112
116
8389
92
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Nominal Prices Volumes
TV Ad marketIn € million +
Market Prices & Volumesin index terms
TV ad market
Spanish TV industry: Prices and volumes
13Roadshow back up_Mar 2013 13Fresentation to investors_Santander
Source: Infoadex
Stable market shares by player
Market share evolution by playerAd Share
43.8%43.4%44.2%43.7%
42.6%42.1%41.5%42.6%
5.9%6.6%6.8%7.1%4.2%4.3%4.3%4.0%3.5%3.6%3.2%2.6%
9M 16201520142013
Advertising market in Spain
Forta
Other FTAs
Pay TVs
14Roadshow back up_Mar 2013 14Fresentation to investors_Santander
Spanish TV industry: Commercial FTA landscape
Net TV
Commercial FTA TV landscape (9M 16)
Veo TV
Atresmedia has a key position in a wide commercial FTA TV offer
Channels
13TV
Secuoya
Real
Madrid TV
Kiss TV
AudienceMkt share Power ratio
27.0%42.6% 1.6x
30.5%43.8% 1.4x
2.9%
2.3%
2.1%
4.2% 0.5x
Source: Kantar Media, Infoadex
0.2%*
0.1%*
0.3%*
*launched in April
15Roadshow back up_Mar 2013 15Fresentation to investors_Santander
Spanish TV industry : Pay TV
Pay TV position in Spain
Pay TV sector in Spain
Source: Kantar Media, Infoadex & CNMC
Pay TV sector in Spain
Pay TV penetration (by CNMC)
Audience% Total Individuals 4+
Ad market share% Total TV ad market
6.9% 7.0%
25.7%
31.9%
2.4% 3.2%
Q112 Q212 Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 QT16 Q216 Q316 Q416
16Roadshow back up_Mar 2013 16Fresentation to investors_Santander
Spanish TV industry : Pay TV
Pay TV by platform type and player
Source: CNMC
Pay TV sector in Q2 16% Total connections (5.8 mill)
Satellite17%
Cable25%
IPTV55%
Others3%
Telefonica 64%
Vodafone 19%
Orange 7%
Others 10%
17Roadshow back up_Mar 2013 17Fresentation to investors_Santander
Spanish TV industry : OTT TV
Source: Household panels. CNMC 2016
OTT consumption is marginal
TV on demandQ2 16
18 mill households
15 millhouseholds
internet connected
1.6 millhouseholds
consume OTT
of which:
of which:
1.27 mill 0.16 mill0.27 mill
OTT
18Roadshow back up_Mar 2013 18Fresentation to investors_Santander
TV viewing
Source: Kantar Media. Non linear TV viewing includes +7 days viewing through TV set (TV viewing on desktops, tablet or mobile devices not included)
* Data from Feb 15
Average daily viewing In min
Linear TV viewing remains very strong
Average daily viewing in min
213 218 217 217 223 227 226 234 239 246 244 239 234 230
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* 2016
Linear + Non linear Linear
237 233
19Roadshow back up_Mar 2013 19Fresentation to investors_Santander
Average daily viewing In min
213233
Ind 4+
13 to 24
4 to 12
25 to 44
45 to 64
>65
TV viewing remains at very high levels
Source: Kantar Media
Age groups
Spanish TV industry: Audiences
230
Ind 4+ (+7 days)
351
302280
253
182191
126146
120143
20Roadshow back up_Mar 2013 20Fresentation to investors_Santander
Atresmedia: A leading communication group
Solid and clear group structure
OTHERS
ADVERTISING
Marketshare42%
Marketshare20%
Total Ad market
share19%
21Roadshow back up_Mar 2013 21Fresentation to investors_Santander
TV & Radio as main source of revenues
Source: Infoadex & internal estimates
Atresmedia: Market positioning
ANTENA 3
NEOX
NOVA
Onda CeroEuropa FMOnda Melodía
Atresmedia CineAtresmedia Digital
Atresmedia Diversification
Radio
Others
TV
Planeta-De Agostini:RTL:Imagina:Treasury stock:Free-float:
41.7%18.7%4.1%0.4%
35.2%
88%
9%
3%
LA SEXTA
MEGAATRESERIES
2015 Net
Revenues
€ 970m
22Roadshow back up_Mar 2013 22Fresentation to investors_Santander
830883
970
High single digit growth in Revwhile low single digit in OPEX
2013 2014 2015 2016 guidance
750 756805
810-820
Atresmedia: Revenues & OPEX evolution
CAGR +3%
Total Net Revenues
CAGR +8%
(≈+1%)OPEX
In € euros
23Roadshow back up_Mar 2013 23Fresentation to investors_Santander
>60% of ∆ rev drops at the EBITDA
Atresmedia’s operating leverageIn € mill
2013 rev 2013 EBITDA 2015 EBITDA 2015 rev
830
80
>60%operating leverage
166
970
Atresmedia: Operating leverage
+140 mill rev
+86 mill EBITDA
24Roadshow back up_Mar 2013 24Fresentation to investors_Santander
Balanced and varied TV offer
Atresmedia Television: Positioning
Male Female
55-64
4-12
Age
2016
27.1%0.8%1.8%
2.2%
2.5%
7.1%
12.8%
25Roadshow back up_Mar 2013 25Fresentation to investors_Santander
12.513.4 13.6 13.5
12.8
13.913.5
14.5 14.814.4
12.2
10.2 10.0 9.8 10.1
12.5
13.4 13.8
13.512.8
13.3
12.2
13.6
14.113.5
10.0
8.27.9 7.8
8.8
Antena 3: Stable audience ratings
Total Individuals24h
Commercial Target24h
Source: Kantar Media. Total Individuals (4y+)
Atresmedia Television: TV audiences by core channel
Source: Kantar Media• 2012-2015: Commercial Target (16-54 y)• *2016: Commercial Target (25-59 y)
26Roadshow back up_Mar 2013 26Fresentation to investors_Santander
4.9
6.0
7.2
7.4
7.16.0 6.0
6.77.2 6.5
9.5
8.57.8
7.3
7.2
5.8
6.67.9 8.1
8.17.6 7.4
8.2 8.4
7.66.8
5.85.2
4.85.3
La Sexta: The best growth story
Total Individuals24h
Commercial Target24h
Source: Kantar Media. Total Individuals (4y+)
Atresmedia Television: TV audiences by second channel
Source: Kantar Media• 2012-2015: Commercial Target (16-54 y)• *2016: Commercial Target (25-59 y)
27Roadshow back up_Mar 2013 27Fresentation to investors_Santander
18.9
16.7 16.7 16.7 16.8
28.1 29.030.7 31.0
30.2
25.8
28.8 27.726.8 27.1
15.913.8 13.6 13.4
14.4
30.9 31.433.3 33.6
31.0
28.0
31.030.0 29.2 29.7
Atresmedia TV: Solid ratings despitelosing 3 channels as of May 2014
Total Individuals24h
Commercial Target24h
Source: Kantar Media. Total Individuals (4y+)
Atresmedia Television: TV group audiences
Source: Kantar Media• 2012-2015: Commercial Target (16-54 y)• *2016: Commercial Target (25-59 y)
28Roadshow back up_Mar 2013 28Fresentation to investors_Santander
Audience: In-house vs external production
90% of most viewed contents are in-house, excl. sports
In-house 56%
3rd parties
44%
In-house vs externalTop 50 programmes (2016)
In-house 90%
3rd parties
10%
Including sports Excluding sports
29Roadshow back up_Mar 2013 29Fresentation to investors_Santander
Programming costs: In-house vs external production
In-house 25%
3rd parties
75%
2/3 of the programming costs are internally produced
In-house 75%
3rd parties
25%
In-house vs external programming costsIn broadcasting hours
In-
house
64%
3rd parties
36%
Weighted average(based on audience per channel)
30Roadshow back up_Mar 2013 30Fresentation to investors_Santander
Programming costs: In-house production
Direct sales to Broadcasters
In-house production: Velvet, a case study
FTA TV
Online
>20 countries
Atresmedia’s seriesReleased in 20143 seasons to date43 episodes
Production company:Bambú Producciones
Plot summary: Lovestories around GaleríasVelvet, one of the mostprestigious fashionstores in the Spain ofthe late 1950s.
Atresmedia’sPay TV channels
>24mill potential
households
3.8 mill viewers avg21% audience (+4 yrs)
>23.8 mill videos downloaded
31Roadshow back up_Mar 2013 31Fresentation to investors_Santander
Atresmedia Radio: 18% market share
Atresmedia Radio: Positioning & Strategy
# 3 talk radio1.9 mill listeners
# 3 music radio1.9 mill listeners
#3 radio player in Spain
4.1 million listeners
18% market share
Source: EGM Q2 16 yearly averageMarket Share: Infoadex & internal estimates
New music radio
274k listeners
32Roadshow back up_Mar 2013 32Fresentation to investors_Santander
Sound recovery from 2013 levels but still far behind fromaverage and peak levels
Gross Radio Ad market In € mill
Source: Infoadex
* consensus
Spanish Radio industry: Ad market
6%13%
4% 7%
-5%
-16%
2%
-4%
-14% -11%
4%8%
2-3%
508
678
537 549
404 420
454 ≈ 465
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016e*
% yoy Gross Radio Ad market
Average: 530
-12%
-31%
33Roadshow back up_Mar 2013 33Fresentation to investors_Santander
Atresmedia Radio: 4.2 million listeners
Atresmedia Radio: Audiences
Source: EGM Surveys Monday to Friday (.000) ( Moving average).
Thousand of listeners
4,849 4,8344,981 4,954 4,837
4,5524,319
4,119 4,153
2,623 2,602 2,649 2,662 2,6032,368
2,1361,902 1,920
2,017 2,020 2,077 2,024 1,981 1,954 1,943 1,943 1,947
209 212 255 268 253 230 240 274 286
1st 14 2nd 14 3rd 14 1st 15 2nd 15 3rd 15 1st 16 2nd 16 3rd 16
34Roadshow back up_Mar 2013 34Fresentation to investors_Santander
Atresmedia Digital: Positioning & Strategy
Websites & Verticals
• TV/Radio/News• > 17 mill unique
users /month• >13 verticals
ATRESPLAYER
• Long form video platform
• 7.0 mill app downloads
• 3.2 mill registeredusers
• AVoD, SVoD and TVoD
MCNs
• Short form video platform
• Atrestube• Flooxer
Present in any possible source of audience & revenues
35Roadshow back up_Mar 2013 35Fresentation to investors_Santander
Atresmedia Digital
Source: ComScore
7.9
9.6
12.2
2015
2014
+54%
Top 100 Spain Ranking(Monthly avg)
Source: ComScore 100 top properties MPMMX
#29th
#17th#11th
#11th
2013 2014 2015
4.3 mill uu
7.7 mill uu
9.6 mill uu
Unique users(Monthly avg)
Sound growth in unique users yoy
12.2 mill uu
2016
2016
36Roadshow back up_Mar 2013 36Fresentation to investors_Santander
Atresmedia Digital: Atresplayer
Atresplayer: Atresmedia’s OTT offer
37Roadshow back up_Mar 2013 37Fresentation to investors_Santander
Developing new non ad-based media initiatives
Atresmedia Diversification: Positioning & Strategy
38Roadshow back up_Mar 2013 38Fresentation to investors_Santander
≈ 17 mill subscribers ≈ 15 mill subscribers
(Atresmedia’sbest-series channel)
(Antena 3’s premiumcontent channel)
(Celebrity & Life-style channel)
Atresmedia Diversification: International
≈ 7 mill subscribers
International: Near 39 mill subscribers at 9M16
≈7 mill
≈30 mill
≈2 mill
39Roadshow back up_Mar 2013 39Fresentation to investors_Santander
Atresmedia Diversification: Media for Equity
Media for Equity: Exploring new business models
Media for Equity
Exit in 2016
40Roadshow back up_Mar 2013 40Fresentation to investors_Santander
Medium term goals: TV & Radio
Television and Radio’s EBITDA margin on track
EBITDA Margin EBITDA Margin
2013
404
Market Gross Ad revenues (€ mill) & EBITDA Margin
2013
1,703
2014
1,890
7%15%
17%≈25%
2014
420
21%22%
24%≈25%
Source: Kantar Media & Atresmedia’s financial results
2015
2,011 2015
454
≈2,400
/2,500 ≈500/
525
41Roadshow back up_Mar 2013 41Fresentation to investors_Santander
Other non-ad based revenues to double
≈10%
2017
≈5%
2014
x2
Medium term goals: Other revenues
≈7%
2015
Other revenues than TV & Radio as % of Total Revenues
42Roadshow back up_Mar 2013 42Fresentation to investors_Santander
Debt at target level and dividend policy according to plan
Dividend policyTotal Net Debt Target (€ mill)
€ 100 mill
€ 150 millPayout ratio ≥80%
185
134
158
2014 dividend: 0.2€/sh96% payout ratio
2015 dividend: 0.36 €/ sh82% payout ratio
Long termtarget
Medium term goals: Financials
43Roadshow back up_Mar 2013 43Fresentation to investors_Santander
Back up: 2015 & 9M 16 Financial Results
Back up
44Roadshow back up_Mar 2013 44Fresentation to investors_Santander
Net Revenues 970.2 883.2
EBITDA 165.7 127.7
Net profit 99.2 46.7
FY15 FY14
+9.8%
+29.8%
YoY
+112.4%
OPEX 804.5 755.6 +6.5%
Atresmedia
FY15 Results in € mill: P&L
EBITDA Margin 17.1% 14.5%
Net profit Margin 10.2% 5.3%
Source: Atresmedia’s financial statements
EBIT 144.6 111.2 +30.0%
EBIT Margin 14.9% 12.6%
45Roadshow back up_Mar 2013 45Fresentation to investors_Santander
Total Net Rev. 857.4 785.3
EBITDA 133.5 103.4
EBIT 118.8 89.6
FY 15 FY 14
+9.2%
+29.1%
YoY
+32.6%
OPEX 723.9 681.9 +6.2%
Atresmedia Television
FY15 Results in € mill: P&L
EBITDA Margin 15.6% 13.2%
EBIT Margin 13.8% 11.4%
Source: Atresmedia`s financial statements
46Roadshow back up_Mar 2013 46Fresentation to investors_Santander
Net Revenues 89.9 81.2
EBITDA 21.8 17.6
EBIT 20.0 15.8
FY 15 FY 14
+10.6%
+24.2%
YoY
+26.5%
OPEX 68.0 63.6 +6.9%
Atresmedia Radio
FY 15 Results in € mill: P&L
EBITDA Margin 24.3% 21.6%
EBIT Margin 22.2% 19.4%
Source: Atresmedia’s financial statements
47Roadshow back up_Mar 2013 47Fresentation to investors_Santander
Contribution to consolidated group
Atresmedia: “Others” Division
Net Revenues 22.9
EBITDA 10.3
FY 15 FY 14€ mill
16.7
6.7
Net revenues split
Source: Atresmedia’s financial statements
Others* 56%Films
26%
Events 18%
*Others ( Internet, Editorial, new initiatives…)
OPEX 12.6 10.0
FY 15 Results in € mill: P&L
48Roadshow back up_Mar 2013 48Fresentation to investors_Santander
Net Revenues 740.2 697.9
EBITDA 151.4 119.5
Net profit 101.5 69.3
9M 16 9M 15
+6.1%
+26.7%
YoY
+46.4%
OPEX 588.7 578.4 +1.8%
Atresmedia
9M 16 Results in € mill: P&L
EBITDA Margin 20.5% 17.1%
Net profit Margin 13.7% 9.9%
Source: Atresmedia’s financial statements
EBIT 138.1 103.1 +34.0%
EBIT Margin 18.7% 14.8%
49Roadshow back up_Mar 2013 49Fresentation to investors_Santander
Total Net Rev. 660.9 617.5
EBITDA 128.8 100.1
EBIT 117.3 89.3
9M 16 9M 15
+7.0%
+28.7%
YoY
+31.4%
OPEX 532.1 517.4 +2.9%
Atresmedia Television
9M 16 Results in € mill: P&L
EBITDA Margin 19.5% 16.2%
EBIT Margin 17.8% 14.5%
Source: Atresmedia`s financial statements
50Roadshow back up_Mar 2013 50Fresentation to investors_Santander
Net Revenues 58.8 65.0
EBITDA 14.6 14.4
EBIT 13.1 13.0
9M 16 9M 15
-9.5%
+1.2%
YoY
+0.4%
OPEX 44.2 50.6 -12.6%
Atresmedia Radio
9M 16 Results in € mill: P&L
EBITDA Margin 24.8% 22.2%
EBIT Margin 22.3% 20.1%
Source: Atresmedia’s financial statements
51Roadshow back up_Mar 2013 51Fresentation to investors_Santander
Financials
Contribution to consolidated group net of eliminations
Atresmedia: Others Division
Net Revenues 20.5
EBITDA 8.0
9M 16 9M 15€ mill
15.5
5.0
Net revenues split
Source: Atresmedia’s financial statements
Others* 57%Films
21%
Events 22%
*Others (Internet, Editorial…)
52Roadshow back up_Mar 2013 52Fresentation to investors_Santander
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.
Investor Relations Department
Additional information
Phone: +34 91 623 46 14
E-mail: [email protected]
Web: www.atresmediacorporacion.com