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Ströer SE & Co. KGaA
Earnings Release • May 14, 2019
417_ip_2019-05-14_68e62ca7-b64a-4c9c-be6c-1341705a46cc.pdf
Earnings Release
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Q1 2019
May 14, 2019 | Ströer SE & Co. KGaA
Results Q1 2019 (continuing Operations)
| Results Q1 2019 (continuing Operations) | ||||
|---|---|---|---|---|
| m€ | Q1 2019 | Q1 2018 | ▲ | |
| Reported | 374.0 | 329.1 | +14% | |
| Revenues | Organic(1) | +7.2% | ||
| EBITDA (adjusted) | 117.5 | 107.6 | +9% | |
| EBIT (adjusted) | 48.3 | 45.3 | +7% | |
| Net income | (adjusted)(2) | 34.3 | 31.8 | +8% |
| Operating cash flow | 87.6 | 73.7 | +19% | |
| Capex | 20.0 | 32.4 | -38% | |
| 31 Mar 2019 | 31 Mar 2018 | |||
| Net financial debt (incl. lease obligations) | 1,545.8 | 1,596.0 | -3% |
Organic Growth robust and stable each Quarter since 2013 Ströer sustainably outperforming the Ad Industry
Out-of-Home Market overperforms Ad Market
Source: Nielsen Forecast April 2019; GroupM; Vivaki. 6
Focus first One Country in Combination with best Client Access
Supply side Demand side
Local: From Ad Sales to 360 Degree One-Stop-Shop
*In broader multi-channel approach and combining OoH with Online & Direct media 7
Statista – Overview
Building a global DaaS Unicorn Statista is the leading global Data as a Service (DaaS) Business
Statista business model is based on: 22,500
- Subscription-based data marketplace with low churn
- Highly profitable with mid double-digit organic growth
- A global Blue Chip customer base across all key industries
- No direct competition
sources Thereof 50% exclusive 35% exclusive secondary 15% free accessible secondary sources
80,000
topics on statista.com
8
40
unique visitors monthly on our German and international websites
Statista – KPIs Building a global DaaS Unicorn Statista is the leading global Data as a Service (DaaS) Business
Share of account sales in 2018 (% of total)*
Strong upside potential for both, number of users and ARPU
- In developed markets we expect EBITDA margins in the mid thirties
Building a global DaaS Unicorn Statista is the leading global Data as a Service (DaaS) Business
Status Q1 2019
Top three Sales Platform: From national to hyper local Business
Key Elements of sustainable Business Development
Core of the OoH+ Strategy
TV vs. OoH Spendings Q1 2018 vs. Q1 2019
Source: Nielsen Media Research Gross Advertising, Q1 2018/2019 (Germany) 14
Business Update – Summary 2019
Profit and Loss Statement Q1 2019 Continuing Operations
| Continuing Operations | ||||
|---|---|---|---|---|
| m€ | Q1 2019 | Q1 2018 | ▲ % |
Analysis |
| Revenues | 374.0 | 329.1 | +14% | Expansion driven by 7.2% organic growth and M&A |
| EBITDA (adjusted) | 117.5 | 107.6 | +9% | Strong growth |
| Exceptional items | -8.3 | -8.8 | +5% | |
| EBITDA Depreciation & Amortization* |
109.2 | 98.9 | +10% | Larger consolidation scope |
| EBIT | -83.8 25.4 |
-77.7 21.2 |
-8% +20% |
|
| Financial result* | -7.7 | -7.7 | -0% | |
| Tax result | -3.4 | -1.8 | -87% | Following higher tax base |
| Net Income |
14.4 | 11.7 | +23% | |
| Adjustments** | +19.9 | +20.1 | +0% | |
| Net Income (adjusted) | 34.3 | 31.8 | +8% | Strong growth – adjusted and non-adjusted |
Free Cash Flow Perspective Q1 2019 Continuing Operations
| Free Cash Flow Perspective Q1 2019 Continuing Operations m€ |
Q1 2019 | Q1 2018 | |
|---|---|---|---|
| EBITDA (adjusted) | 117.5 | 107.6 | |
| - Exceptional items |
-8.3 | -8.8 | |
| EBITDA | 109.2 | 98.9 | |
| - Interest |
-5.9 | -5.8 | |
| - Tax |
-11.2 | -3.2 | |
| -/+ WC | -7.5 | -12.5 | |
| - Others |
+3.0 | -3.8 | |
| Operating Cash Flow |
87.6 | 73.7 | |
| Investments (before M&A) | -20.0 | -32.4 | 1.6 1.4 |
| Free Cash Flow (before M&A) |
67.6 | 41.2 | |
| Lease liability repayments (IFRS 16)** | -49.1 | -57.0 | |
| Free Cash Flow (adjusted)*** |
18.5 | -15.7 | |
| Note: Disposal of OoH Turkey classified as discontinued operations Net debt and adj. EBITDA of last 12 month adjusted for IFRS 16 Part of cash flow from financing activities **Before M&A and incl. IFRS 16 lease liability repayments |
| Free Cash Flow (before M&A) above previous year due to better operational performance and phasing effects in Capex Tax payments according to plan; previous year comparably low Investments affected by phasing effects; higher Capex expected in next quarters Bank leverage ratio* improved from 1.6 to 1.4 : 1.6 1.4 Financial net debt 534.3 Leverage ratio 501.9 31 Mar 2018 31 Mar 2019 |
Comment | ||
|---|---|---|---|
Segment Perspective Q1 2019 – Continuing Growth Momentum Continuing Operations
- mix effects
Note: Disposal of OoH Turkey classified as discontinued operations *Formerly Content Media 19
Ströer Group's Key Performance Indicators – Guidance 2019*
- For 2019 as a whole, we expect a positive sales and earnings trend in the mid singledigit percentage range.
- For Q2, and the first half of the year, we expect organic revenue growth of around 7% and therefore at the very top end of our annual guidance.
Financial Calendar 2019
