Goldman Sachs 26th Annual Communacopia Conference - New York, September 13-14, 2017 Dr Julian Deutz, CFO Claudia Thomé, Co-Head Investor Relations ...
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Goldman Sachs 26th Annual Communacopia Conference New York, September 13-14, 2017 Dr Julian Deutz, CFO Claudia Thomé, Co-Head 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 securities in any jurisdiction, nor shall they or any part of them nor the fact of their distribution form the basis of, or be relied on in
connection with, any contract or investment decision in relation thereto.
2 September 2017 Company presentation
Axel Springer at a Glance
Highlights Revenues by segment1 EBITDA by segment1,2
Leading digital classifieds 2%
operator 11%
26% 29%
Leading digital publisher in
Classified Ad Models 57%
Europe with unique media brands 32%
Paid Models
Marketing Models
Successful transformation with 43%
Services / Holding
77%1 of EBITDA from digital
activities Financials
Organic growth supported by 2016 Outlook 2017
targeted M&A with strong track Revenues in €m 3,290.2 Mid single-digit % growth
record EBITDA in €m 595.5 High single-digit % growth3
EBITDA-margin 18.1%
Strong FCF, high dividend yield
EPS (adj.) in € 2.41 High single-digit % growth3
and payout ratio (2016: 79%)
DPS (FY 2016) in € 1.90
1) Based on H1/17 figures. 2) Negative EBITDA S/H allocated proportionally to operative segments. 3) previously: mid to high single-digit % growth.
3 September 2017 Company presentationDigital revenues 71% of total revenues – with organic
growth of 10.7% in H1/17
Revenues Advertising Revenues EBITDA
71% 86% 77%
digital digital digital
4 September 2017 Company presentationOrganic revenue development digital media
yoy H1/17 Q2/17 Q1/17 FY16 FY15 FY14
Digital Media 10.7% 10.7% 10.7% 10.7% 9.2% 7.6%
Classified Ad Models 11.8% 11.6% 12.0% 12.5% 12.9% 9.8%
Jobs 15.2% 14.2% 16.2% 17.6% 21.2% 13.5%
Real Estate 12.9% 12.4% 13.4% 6.3% 4.8% 6.0%
General/Other 3.6% 4.6% 2.7% 9.7% 4.0% 9.8%
Paid Models 7.8% 7.6% 7.9% 14.7% 3.2% 8.4%
National 0.3% -1.1% 1.8% 17.4% 0.8% 11.5%
International 20.2% 22.2% 18.0% 9.4% 8.2% 4.2%
Marketing Models 10.9% 11.3% 10.5% 7.5% 9.2% 6.2%
Reach Based 13.8% 11.6% 16.1% 15.6% 13.6% 7.8%
Performance Based 9.5% 11.1% 7.9% 4.2% 7.7% 5.3%
5 September 2017 Company presentationClassifieds continue to be the growth engine in
H1/17
Operational highlights
StepStone Continental Europe with 11% more customers
Immowelt reaches 21k DUO customers
Strong revenue growth of 15.6% – organically up by 11.8%
Jobs classifieds again with strongest organic revenue growth (15.2%), driven
by strong market position of businesses in Continental Europe
12.9% organic growth in real estate – in all three countries double-digit growth
Classifieds highest profit contributor (56.9% of group EBITDA)
EBITDA of €199.9m (+16.6%)
6 September 2017 Company presentationBusiness Insider continues strong development during H1/17 Revenues up >50% in H1/17 yoy, H2/17 with strong prior year comps Partnerships, video (i.e. mid-roll advertisements on FB) & direct advertising drive revenue Video views remain high (approx. 3bn), new platforms (i.e. Instagram) continue to grow 7 September 2017 Company presentation
Merger of AWIN and affilinet strengthens competitive
position in Europe
The leading European performance marketing network,
present in 13 countries with 6,000 advertisers
Financials (2016): revenues of €567.4m (-2% yoy
reported, +4% yoy organic), EBITDA of €25.5m (+2% yoy) Two leading
performance
marketing
networks join
A leading European performance marketing network, forces to drive
present in 7 countries with 3,500 advertisers future growth
Financials (2016): revenues of €150.7m (+13% yoy), and innovation
EBITDA of €4.9m (+19% yoy)
8 September 2017 Company presentationIPO envisaged after integration period Deal rationale & terms Goal: improve competitive position in Europe AWIN to acquire 100% of affilinet by way of capital increase against contribution in kind and issuance of new shares to United Internet1 Future holding structure: 80% Axel Springer, 20% United Internet Closing expected in Q4/2017 Axel Springer acquires remaining 47.5% of AWIN from Swisscom for €59.5m plus interest (2017e EBITDA multiple of 5.2x) pre-transaction by exercising existing call option Organic low double-digit EBITDA increase of AWIN group expected after closing of transaction IPO envisaged after period of integration 1) Transaction subject to antitrust approval 9 September 2017 Company presentation
Strong first half of the year – EBITDA up 16.2%
in €m H1/17 yoy Q2/17 yoy Comments
Revenues adjusted for cons. and FX effects
Revenues 1,695.0 6.9% 858.8 7.1%
+4.7% (ad revenues +9.7%, circulation
Advertising 1,187.6 11.8% 604.3 12.9% revenues -6.0%, other revenues -4.9%)
Circulation 314.7 0.5% 156.2 -1.6%
Other 192.6 -8.2% 98.3 -8.9% EBITDA up 16.2% (adj. for cons. and FX
EBITDA 317.2 16.2% 170.1 15.7% effects +9.9%) driven by continued growth in
classifieds and a strong H1/17 in Paid Models
Margin 18.7% 1.5pp 19.8% 1.5pp
Restructuring Exp. 9.6 -3.6 4.8 -2.0
Launch Costs 17.8 -8.2 8.1 -5.6
EBITDA ex. Restr./LC 344.6 10.4% 182.9 9.2%
Margin 20.3% 0.6pp 21.3% 0.4pp
10 September 2017 Company presentationAdjusted eps up 15.4% yoy
in €m H1/17 H1/16 Q2/17 Q2/16
Net income 116.9 273.2 69.6 63.8
yoy change -57.2% 9.2%
Non-recurring effects 17.2 -165.8 5.4 6.0
Depreciation, amortization, and impairments of purchase price allocations 52.6 43.0 21.3 21.4
Taxes attributable to these effects -17.3 -4.2 -5.0 -10.3
Adjusted net income 169.5 146.2 91.5 80.9
yoy change 15.9% 13.0%
Thereof attributable to non-controlling interests 20.1 16.8 9.4 8.2
Adjusted net income attributable to shareholders of Axel Springer SE 149.4 129.5 82.1 72.7
yoy change 15.4% 12.8%
in €
Adjusted eps1) 1.38 1.20 0.76 0.67
yoy change 15.4% 12.8%
1) Based on weighted average number of shares outstanding in H1/17:107.9m (H1/16:107.9m).
11 September 2017 Company presentationNet financial debt of €1.2bn (leverage of 1.9x) –
FCF up yoy as expected
1 2
Net financial debt of €1,234.7m in June 2017 (leverage 1.9x )
Free cash flow (FCF) in €m Future cash flows
163.2 Strong free cash flow generation
133.9 131.2 Net positive cash inflow of ~€380m until 2020 from Berlin
116.3
real estate transactions
Payments from sale of stake in Doğan TV of €171m
expected in 2020/2022
H1/16 H1/17 H1/16 H1/17
FCF FCF excl. effects from headquarter real estate transactions
1) Excl. pension liabilities. 2) Based on Bloomberg consensus for EBITDA 2017.
12 September 2017 Company presentationPurchase price of Berlin real estate transactions €755m –
positive effect on FCF of ~€380m above expectations
Purchase price for Berlin real estate €755m Signing completed in July,
2017
Remaining CAPEX for new Berlin
building until 2020 ~ €260m Closing expected in Q4/17
(Axel-Springer-Passage,
€330m) and in Q4/19 (new
Negative tax effects ~ €115m building, €425m)
Leaseback of Axel-Springer-
1
Resulting positive real estate effect Passage until 2020
on FCF (2017-2020) ~ €380m
1) Rent of ~€8m p.a. after tax not included in FCF calculation
13 September 2017 Company presentationKey messages 2017
More disclosure on classifieds
1 Positive response to dedicated CMDs in June
Stable EBITDA in Paid Models
2 in a range between €205m and €225m for 2017-2019
No loss-making content acquisitions
3 before existing digital content businesses have proven profitability
Leading digital publisher
4 Focus on classifieds and content
14 September 2017 Company presentationOutlook 2017: Guidance increase for EBITDA and
adjusted eps
Group
Revenues Mid single-digit % growth
EBITDA High single-digit % growth (previously: mid to high single-digit % growth)
eps (adj.) High single-digit % growth (previously: mid to high single-digit % growth)
Classified Ad Models Paid Models Marketing Models Services/Holding
Low double-digit High single-digit to low
Revenues % growth
On prior-year level
double-digit % growth
Significant decline
Low double-digit High single-digit to low
EBITDA % growth
On prior-year level
double-digit % growth
Significantly down*
* Higher negative EBITDA.
15 September 2017 Company presentationClassified Ad Models
Classified Ad Models: leading digital classifieds
operator
Highlights
Classified Ad Models
Jobs Real Estate Vacation Rental
Leading digital classifieds #1 in Netherlands &
#1 in Germany, Belgium #1 in France Belgium
operator
Cars
Portfolio of market leading #1 in UK #2 in Germany #1/2 in France
classified ad models: 82%1) of
revenues from #1 market Generalist
positions #1 in Ireland, South Africa #1 in Belgium #1 in Israel
Local
Digital classifieds clear #1 in Germany
beneficiary of structural shift Financials
from offline to online 2016 Outlook 2017
Strong market positions Revenues in €m 879.5 Low double-digit % growth
yielding high margins EBITDA in €m 354.6 Low double-digit % growth
EBITDA margin 40.3%
1) Based on FY/16 figures.
17 September 2017 Classified Ad ModelsThe underlying markets of our assets show attractive
dynamics
Total online and offline marketing spend, 2012-2016 (m €)
Jobs
Germany UK
+2% +2%
1,091 1,170 906 991
50% 36% 21%
71%
50% 64% 79%
29%
2012 2016 2012 2016
Real Estate
France Germany Belgium
+1% +4% +3%
781 799 488 571 83 92
48% 35% 31% 44% 33%
48%
52% 65% 52% 69% 56% 67%
2012 2016 2012 2016 2012 2016
Source: OC&C CAGR Offline Mkt Spend Online Mkt Spend
18 September 2017 Classified Ad ModelsOnline spend has grown significantly faster than
total marketing spend...
Online classified and other online marketing spend, 2012-2016 (m €)
Jobs
Germany UK
+16% +8%
588 782
9% 584 11%
320 3%
5% 91% 89%
95% 97%
2012 2016 2012 2016
Real Estate
France Germany Belgium
+6% +12% +7%
522 393 62
407 253 47
34% 27% 24%
33% 31% 25%
67% 66% 73% 75% 76%
69%
2012 2016 2012 2016 2012 2016
Source: OC&C; Jobs incll. CV Database CAGR Offline Mkt Spend Online Mkt Spend
19 September 2017 Classified Ad Models...and our assets have consistently outperformed their
respective online classifieds markets (2012 – 2016)
Axel Springer organic revenue growth1 Total online classifieds growth2
Jobs Germany 19.9% 15.2%5
Jobs UK 8.2% 5.4%5
Real Estate France 8.0%3 6.2%
Real Estate Belgium 10.5%4 7.7%
One exception – prior to the merger:
Real Estate Germany 1.3% 13.0%
Sources: 1) Organic (adjusted for consolidation and FX effects) revenue growth yoy, average, 2) OC&C: online classified marketing spend , 3) excl. Poliris, 4) Belgium: 2013-2016; 5) Incl. CVDB
20 September 2017 Classified Ad ModelsThe future of our markets: shift towards online
and constant growth continues
Total Marketing Spend by Channel, 2016-2020F (m €)
Jobs
Germany UK
1,447 991 1,031
1,170 15%
37% 21%
50%
+12% 63% 79% +3% 85%
50%
2016 2020F 2016 2020F
Real Estate
France Germany Belgium
799 903 571 723 92 102
35% 6% 28% 9% 23% 33% 5% 27%
31%
65% 72% 69% 77% 67% 73%
2016 2020F 2016 2020F 2016 2020F
Source: OC&C CAGR Offline Mkt Spend Online Mkt Spend
21 September 2017 Classified Ad ModelsClassifieds with very strong organic growth and high
underlying margins
Revenues EBITDA margin
Organic growth
yoy 2014 2015 2016 H1/2017 Margin 2014 2015 2016 H1/2017
Jobs +13.5% +21.2% +17.6% +15.2% Jobs 45.9% 43.7% 42.9% 40.4%
Real Estate +6.0% +4.8% +6.3% +12.9% Real Estate 47.8% 46.4% 44.9% 50.2%
General/Other +9.8% +4.0% +9.7% +3.6% General/Other 23.9% 30.7% 32.7% 33.9%
Total classifieds +9.8% +12.9% +12.5% +11.8% Total classifieds 42.5% 40.5% 40.3% 40.7%
22 September 2017 Classified Ad ModelsClassified Ad Models continue with double-digit
organic revenue growth of 11.8% in H1/17
in €m
Comments
H1/17 yoy Q2/17 yoy
Revenue increase of 15.6% due to
Revenues 491.0 15.6% 241.3 14.0% continued strong organic growth (11.8%)
organic growth* 11.8% 11.6% as well as consolidation effects
Advertising 482.4 16.7% 236.8 15.0% EBITDA up 16.6% (adj. for cons. and FX
Other 8.6 -24.5% 4.5 -21.9% effects +13.3%) and slight margin
EBITDA** 199.9 16.6% 98.8 11.9% improvement
Margin 40.7% 0.3pp 40.9% -0.7pp
* Adjusted for consolidation and FX effects.
** Total EBITDA includes costs of €4.3m in H1/17 and €2.7m in H1/16 (thereof business development, M&A and other), not allocated to the three pillars.
23 September 2017 Classified Ad ModelsJobs classifieds with organic growth of 15.2% in
H1/17 and high margin
Jobs Comments
Reported revenue increase of 12.4% below
43% strong organic growth of 15.2% due to negative
FX34%
effects (mostly British pound)
EBITDA share**
Continental European operations continue to
be the growth driver (+21.7% organic growth),
in €m H1/17 yoy Q2/17 yoy organic growth of the UK business: +4.7%
Revenues 219.0 12.4% 110.7 11.7%
organic growth* 15.2% 14.2% EBITDA up 11.9% (adj. for cons. and FX effects
+13.0%), margin on prior-year level
EBITDA 88.5 11.9% 46.0 6.5%
Margin 40.4% -0.2pp 41.5% -2.0pp
* Adjusted for consolidation and FX effects.
** Of total classifieds subsegments EBITDA contributions
24 September 2017StepStone – Investment Highlights
European powerhouse with a track record of double digit organic growth and high EBITDA margins
Strong #1 in Europe`s largest and fastest-growing market, where most revenue/EBITDA is generated
Strong customer retention rates of >95% for large companies across the group
Best in class candidate delivery that is up to 2.5 times higher than 2nd best player
Significant internal and structural growth potential in all markets beyond weak economic
phases
Clear and proven strategy to become a full E-Recruiting company that absorbs growth potential
StepStone expects continued EBITDA growth >10% (CAGR) till 2021
25 September 2017Goal to become a comprehensive E-Recruiting
company
Career
guidance Orientation
Search jobs
Career
development Browse jobs / be found
Future
Product portfolio
Hire / Sign contract
Research employer
Interview Research salary
Follow-up Check cultural fit
Applications Application
Job seeker journey
26 September 2017Jobs Marketing Spend1: Germany with double digit
growth forecast in Online Classifieds, the underlying
main market of our assets
+5%
1) Figures may not add up to total per year due to rounding / Source: OC&C
27 September 2017Companies are charged for listings and access to
candidate profiles
Job Listings Direct Search Employer Branding
Highly scalable with low Effective process to fill highly specific Targeted branding products to
total cost per hire for positions, but high cost per hire and help employers stand out among
recruiter difficult to scale for recruiter our candidates
Revenue
share
2008¹
88% 6% 6%
(GER/UK)¹
2016
83% (96%/51%) 16% (3%/48%) 1% (1%/1%)
1) Increase of Direct Search due to acquisition of UK businesses in 2012/2014 and respective market specifics
28 September 2017Competitor impact varies based on market
characteristics and environment
Competition Competitive Impact
Continental Europe UK SAON Group
Network Low Medium Medium
Business model:
Direct search, passive search, user subscription Better quality of CV databases Recr. agency industry drives use Low CV search pattern
over profiles of direct search products
Only Linkedin is established
Market share (online recruitment market)¹: Trends show resilience of CV as a professional network
Low CV search pattern
database to substitution by
• GER: 4.7% in 2016, 6.3% in 2021 Ireland serves as a first
networks: StepStone has 21.8m
expansion destination for US
• UK: 6.7% in 2016, 8.0% in 2021 CVs vs. 21m Linkedin profiles
players to gain foothold
Aggregator Low Medium Low
Business model:
Consolidated markets Fragmented market Consolidated markets
Aggregation (traffic provision), passive search
Indeed blocked from crawling Heavy investments by Indeed Indeed blocked from crawling
Market share:
Part of online classifieds growth - share unknown
1) Share of professional networks of Online Recruitment market, 2016; Source: OC&C Strategy Consultants
29 September 2017StepStone: Continued double digit organic growth
Group Revenue (m €)
StepStone outperforms other players and has survived numerous
so called ‘disruptive business models’
410
361
CAGR –– total:
CAGR total: +30%
+30% +21% +18%
organic growth
Lehman
23
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Unemploy- Company Google base Craigslist Social Agents Google Social Social Indeed / Google / Indeed
ment Office websites referral sites networks Jobs networks networks Meta search Facebook
engines
30 September 2017StepStone Continental continues to provide strong
organic growth
Financial development by subgroup¹ (in m €)
Revenue EBITDA
+27%
58% 58% 59% 55% 58%
+26% +27%
50% 52%
StepStone +14%
+27% +22%
Continental +3%
+3% +16%
+22%
257 151
202 117
137 159 142
133 1116 71 92 64 82
66
2012 2013 2014 2015 2016 H1/16 H1/17 2012 2013 2014 2015 2016 H1/16 H1/17
1) All subgroups adjusted to current company structure, minor revenue recorded centrally is not
presented, non-licensed product development costs are not recorded in operational subgroups
Organic growth Reported EBITDA Reported margin
31 September 2017Solid organic growth in the UK for StepStone
Financial development by subgroup¹ (in m €)
Revenue EBITDA
+8%
+3% 29%
+11% 25% 24% 23%
+11% +5% 22% 20%
+67% -8%
StepStone 15%
UK +29% -5% 38
+41% 24
130 119 15 19 14
60 78 62 59 10 9
43
2012 2013 2014 2015 2016 H1/16 H1/17 2012 2013 2014 2015 2016 H1/16 H1/17
TJG acquired early 2012, Jobsite late 2014 BREXIT & sales management issues affected 2016 result
Focus has been on product improvements (post acqu.) Capitalisation of superior candidate delivery to follow
1) All subgroups adjusted to current company structure, minor
revenue recorded centrally is not presented, non-licensed product Organic growth Reported EBITDA Reported margin
development costs are not recorded in operational subgroups
32 September 2017SAON Group provides double digit growth rates and
high margins
Financial development by subgroup¹ (in m €)
Revenue EBITDA
39% 38%
36% 36% 37%
35%
+11% +10%
+15% 37%
+7% 34%
30% 31%
20% 27%
SAON +14%
+678% +30%
Group +15%
34 119 8 10 10
3 2323 30 30 34 16 19 1 5 6
2013 2014 2015 2016 H1/16 H1/17 2013 2014 2015 2016 H1/16 H1/17
SAON Group acquired in late 2013, CareerJunction in 2015
Growth in all countries around the world
1) All subgroups adjusted to current company structure, minor
revenue recorded centrally is not presented, non-licensed product Operational margin
development costs are not recorded in operational subgroups
Organic growth Reported EBITDA Reported margin
33 September 2017In all markets StepStone holds #1 positions in
candidate delivery
Candidate Delivery¹ - StepStone Continental
Germany Belgium Austria
StepStone DE 21.6 StepStone BE 25.4 StepStone AT 27.1
Stellenanzeigen 8.6 Vacature 14.2 derStandard 25.7
Linkedin 8.3 Regiojobs 13.5 Karriere.at 25.1
Jobware 7.6 Jobat 12.6 kurier.at 18.2
Indeed 6.9 Indeed 10.3 Monster 13.0
Monster 6.8 Linkedin 10.4 Indeed 5.8
Xing 5.0 Monster 10.2 Linkedin 4.5
1) Average # of applications per job ad; Source: TNS
34 September 2017In all markets StepStone holds #1 positions in
candidate delivery
Candidate Delivery¹ - StepStone UK Candidate Delivery¹ - SAON Group
United Kingdom Ireland South Africa
Totaljobs 18.6 Jobs.ie 31.2 Pnet 103.3
Potential:
49.0 167.9
34.7
Jobsite 16.1 Irishjobs 17.8 CJ 64.6
Reed 13.3 Indeed 13.5 Careers24 56.3
CVLibrary 12.7 NIJobs 9.8 Linkedin 29.3
Indeed 11.6 Linkedin 6.1
Monster 5.6
Linkedin 2.4
1) Average # of applications per job ad; Source: TNS
35 September 2017Increasing customer numbers drive StepStone’s
businesses
Customer number by subgroup (k)1
StepStone Continental StepStone UK SAON Group
+5% Changed business focus of Jobsite after
acquisition, removed low value contracts
+9% 67.7
64.4
57.7 7%
+7%
53.9 -11%
8% +2%
8%
17% 46.2
18% 3% 41.3 39.5
19% 12% 4% 36.9 +13%
15% 4%
16%
12.6 13.4 13.7
76% 84% 10.4 11% 11%
73% 74% 12% 42%
81% 81% 45%
45%
44% 48%
44%
2014 2015 2016 LTM2 2014 2015 2016 LTM2 2014 2015 2016 LTM2
1) Customer count based on active contracts in a year except StepStone Germany and
TJG where end customer (listing owner) are counted. ictjob and Tecoloco not included
2) Last twelve months, per June 2017.
large medium small
36 September 2017High customer retention provides a strong base for
growth for StepStone
Customer Retention Rate (in %)1
StepStone Continental StepStone UK SAON Group
97% 96% 97% 97% 96% 95% 95% 93%
88%
84% 85%
78%
87% 86% 88% 89% 81% 80% 82% 83%
73% 74% 74%
64%
2014 2015 2016 H1/17 2014 2015 2016 H1/17 2014 2015 2016 H1/17
Large customers Overall Retention
1) All sub groups reported based on pro forma development
37 September 2017Real Estate classifieds with solid double-digit
organic revenue growth
Real Estate Comments
Reported revenue of 7.9% below strong organic
35% growth (12.9%) due to consolidation effect in
France (sale of software business in 2016)
EBITDA share**
All assets with double-digit organic revenue
growth (strongest increase at Immowelt: +15.6%)
in €m H1/17 yoy Q2/17 yoy
Revenues 143.3 7.9% 72.7 7.6% EBITDA up 21.9% (adj. for cons. and FX effects
organic growth* 12.9% 12.4% +23.5%) and margin up significantly, mainly driven
by strong development at Immowelt (EBITDA
EBITDA 72.0 21.9% 36.9 20.3%
doubled, margin up to 33.7% from 19.0% in
Margin 50.2% 5.8pp 50.8% 5.4pp H1/16)
* Adjusted for consolidation and FX effects.
** Of total classifieds subsegments EBITDA contributions
38 September 2017 Classified Ad ModelsSeLoger – investment highlights
SeLoger operates in the largest market in continental Europe
SeLoger is the comprehensive platform for professional real estate agents
SeLoger is a leading household brand for French real estate consumers
SeLoger delivers strong and valuable products to their clients
SeLoger has a promising future ahead of us
39 September 2017French real estate classifieds recovery drives
expansion of marketing budgets
Structural tailwind in French real
estate market supports… …growth in all online channels beyond classifieds
LTM cumulated existing home sales transactions in k, 02/2012 – 02/2017, France1 In m € CAGR
CAGR +3% CAGR CAGR
1,000 +1% 903 (12-16) (16-20F)
781 799 19% -1% +1%
21% 20% 9% -14% -8%
Offline 14%
27% 25% +7% +6%
750
22% +6% +5%
17%
Online 47% 2
35% 43% +8%
500
Jan12 Jan13 Jan14 Jan15 Jan16 Jan17 2012 2016 2020F
1) Sales of individual houses and apartments sold by the unit, excluding any professional premises, whole multi-apartment
buildings and ancillary premises (cellars, parking spaces, fractions of common condo property, etc.) sold separately Other Offline Advertising Other Online Advertising
2) Organic (adjusted for consolidation and FX effects) revenue growth yoy average, excl. Poliris
Source: OC&C, Conseil Général de l’Environnement et du Développement Print Advertising Online Classifieds
40 September 2017SeLoger: highest number of professional listings in
France
Average number of listings Jan-Jul 2017 in k1
1,142
887
+3%
673 858
494 525 483
Source: autobiz
1) Based on monthly data private listings
41 September 2017Growth in core and verticals drive SeLoger’s
profitability
Constant roll-out of new products has been valued Historical Revenue and EBITDA
by customers performance
Average monthly ARPA made with professional customers, in € Revenues and EBITDA in m €1 CAGR
2011-2016
0%
CAGR +10%
800 715 2011-2016 CAGR +19%
676 +10% 128
615 116 +8%
549 106
496 +9% 98 +11% +12%
424 456 594 625 91
544 80 76 62 69
400 483 71
440 58 62
382 406 43
53
41
37
0
2011 2012 2013 2014 2015 2016 H1/17 2011 2012 2013 2014 2015 2016 H1/16 H1/17
SeLoger expects to maintain this growth trajectory and performance
SeLoger excl. verticals Others Core
Source: SeLoger
1) excl. effects of Poliris business, deconsolidated in 2016 SeLoger incl. verticals Organic growth Verticals EBITDA
42 September 2017Merger opportunity: SeLoger and LogicImmo
6.1
~€128m ~€68m
in revenues in revenues
in 20163 high 3.1 in 2016 high
low low
Google Trends analysis on keyword “Seloger” in 20162 Unique users in m1 Google Trends analysis on keyword “Logic Immo” in 20162
SeLoger will work on a detailed integration plan once the merger has been closed after
clearance by the French Competition Authority
Source: Google Trends, Mediametrie, SeLoger, SPIR 2) SeLoger and Logic Immo indexed to keyword request “Seloger” for Île-de-France
1) Unique users, global users in m, Q1/2017 3) excl. effects of Poliris business, deconsolidated in 2016
43 September 2017Immowelt – Investment highlights
Healthy growth of German property and online portal market
High brand awareness and increase in consumer demand
Record number of DUO1 agents and high customer satisfaction
Stable relative position for residential listings
Substantial ARPU growth over last quarters
Strong revenue growth with increasing EBITDA
1) DUO: 1 contract, 2 portals (immowelt.de, immonet.de) | Germany only
Source: Immowelt
44 September 2017Positive outlook for online property portals –
9% annual growth in Germany expected until 2020
+3% annual growth in agent ... fuels favourable marketing spend
commission pool until 2020 ... for online property portals
Agent commission pool (bn €) Property marketing spend (m €)
CAGR
+3% +6%
6.4 723 16-20F
+6% 5.7 0.7 Rental +2%
+4%
0.6 571
4.5 +10%
488
0.8 -4%
5.7 Sales
5.1
3.7
407 +9%
287
176
2012 2016 2020F 2012 2016 2020F
Other offline adv. Print adv.
Sources: Immowelt, OC&C (German residential real estate only) CAGR Other online adv. Online portals
45 September 2017Immowelt: number of DUO agents surpassed
number of IS24 core agents
Highly successful DUO migration expected to be completed in 2017 – at very low churn
Number of agents in Germany2
95% of agents have
migrated to DUO
[k] 23.3
24 22.9 22.1 22.3 22.6 22.8 22.6 22.4
20
20.0 19.4
16 17.6 17.4 17.4 17.0 17.0
12 21.2
20.5
19.3
8 17.4
14.7
11.1
4 7.4
4.3
0
Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17
IS24 core agents
IW non-DUO agents
Note: Definitions of IW DUO agents and IS24 Core Agents are aligned 2) Real estate professionals with a term contract (term usually 12 months)
IW DUO agents 1) DUO: 1 contract, 2 portals (immowelt.de, immonet.de) | Germany only Sources: Immowelt, IS24
46 September 2017Stable relative position for residential listings,
slight decline due to market conditions
Stable relative listings’ position in tight German residential market
Number of residential listings (k)1
-3%
300k IS24
-4%
200k
100k IW
0k
H2/16 H1/17
1) House/ flat/ lot to rent or buy in Germany only
Note: Direct comparability of snapshot listing figures limited due to different listing models of IW and IS24 (while IW agents usually rotate listings, IS24 agents usually don’t) Sources: Management estimates, internal data
47 September 2017Immowelt‘s ARPU increased steadily over last
quarters
Immowelt with strong ARPU growth ... ... but below main competitor
ARPU (€/month)1 ARPU (€/month)1
€761
+18%
€291
€268 €279
€258
€246
€285
IS24
Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 H1/17
1) Average Revenue Per User: monthly revenues, divided by the number of agents
(Immowelt Group DUO and non-DUO agents in Germany with a term contract) Sources: Immowelt, IS24
48 September 2017Immowelt: Strong revenue growth with increasing
EBITDA
Substantial revenue growth – 20% EBITDA margin to increase to more than
15% from Q2/16 to Q2/17 40% after brand investments
Revenue (m €) EBITDA (% of revenue)
+15.6%
€54.3m
€47.0m
>40%
>40%
33.7% €19.4m
19.0% 20%
20%
H1/16 H1/17 2016 2017F 2018F 2019F
Sources: Immowelt, IS24
49 September 2017Outlook: Continuous growth in brand awareness,
performance, revenues and EBITDA
2017 Financial outlook
€
Continue with significant
Marketing marketing efforts
Create value from user Profitability
Operations data (profiling & analytics)
EBITDA margin to increase
to >40% in 2019 after
brand investment phase
Double-digit growth driven by
Revenues ARPU increase and stable
agent base
50 September 2017Immoweb – Investment Highlights
Immoweb operates in a highly attractive market in Belgium (>90m EUR market)
Immoweb is the leading platform for all real estate clients with 1.6x more listings
than #2
Immoweb reaches, sees & engages most people – each month >50% of
Belgians visit their website
Immoweb is leading when it comes to monetization – EBITDA margin of 70%
Immoweb expects to grow in their core property search and sees significant
potential beyond
51 September 2017Solid market growth over the last decade translated
into online marketing budgets
Belgian property market is very stable… …and relevant budgets are expected to expand
Indexed property sale transactions in Belgium, 2005–2016, 2012 = 100 Property Marketing spend by channel, in m €
+3% CAGR CAGR
130 +3% (12-16) (16-20F)
102
92
83 18% -3% -2%
109 22% 9%
27% 11%
102
Offline 17% -7% -2%
100
17% 16%
14% +6% +4%
Online 51% 56%
42%
+8% +5%
70
2012 2016 2020F
2006 2008 2010 2012 2014 2016
+11%
CAGR 2013-2016
Sales Transactions Index Other Offline Advertising Other Online Advertising
Average Sales Price Index Source: Statistics Belgium, OC&C Print Advertising Online Classifieds
52 September 2017Immoweb: THE reference for property search
…and when it comes to real estate, 8 out of 10 Belgians
“Belgians have a brick in their stomach…” think of Immoweb
Home ownership rate by country in 2016 Unaided awareness questionnaire with 7.2k respondents in 09/2016
+24%p
70%
x12.4
78%
58%
46% 6%
2% 1%
Germany1 France Belgium
Source: OC&C, Produpress study, Eurostat
1) Latest available 2014
53 September 2017Half of the Belgians visit Immoweb every month
…leading to strong and highly engaged traffic on
Half of the Belgian population visits us every month… Immoweb
Unique browsers in Q1 2017 vs. Belgians (age 20-79) in 01/2017, in m1 2 Monthly audience statistics on Top4 RE portals in Q1 20172
16m 104m min
11% 8%
11% 13% 20% 51% 9%
8.1 13%
14%
18%
4.1
70%
59%
1.6
0.9 1.1
Belgium
Visits Time spent
Source: CIM, Statistics Belgium
1) Simplifying assumption: one browser equals one unique user (excl. app traffic) 2) Selected players (excl. app traffic)
54 September 2017Immoweb’s strong engine delivers strong
performance
unaided
>75% brand
awareness
more listings of all
1.6x than #2 ~50% Belgians
every month
Listings
€ Audience
of time spent on
of RE agents’
>50% share of wallet >70% major RE
portals
Source: Immoweb, Produpress, CIM, Statistics Belgium, OC&C
55 September 2017Immoweb: Consistent revenue and EBITDA growth
Successful growth of ARPA over the
...results in strong revenue growth at leading EBITDA margins
last years...
Weighted average monthly ARPA from professional
customers, in € CAGR +12%
In m €
CAGR +13% CAGR
+11% +5% 20
+10% 18
460 458 515 36
410 33 +13%
350 385 31 13
27 10 12
9 10 25
22 +15%
8 20
16
22 23 27
18
2013 2014 2015 2016 H1/16 H1/17 2013 2014 2015 2016 H1/16 H1/17
61% 64% 67% 70% 67% 66%
Going forward, Immoweb expects mid to high single-digit revenue growth and to maintain their margins.
Other Revenues Professional Revenues EBITDA EBITDA margin
56 September 2017Revenue and EBITDA increase in General/Other
driven by consolidation effects
General/Other Comments
21%
Revenue increase of 32.8% driven by
25%
consolidation effects (organic growth of 3.6%
due to strong prior-year comps)
EBITDA share**
EBITDA up 21.2% (adj. for cons. and FX
effects +0.9%), margin down yoy due to
in €m H1/17 yoy Q2/17 yoy investments in future growth and acquisition of
Revenues 128.6 32.8% 57.8 28.6% lower-margin business in 2016
organic growth* 3.6% 4.6%
EBITDA 43.7 21.2% 18.1 12.0%
Margin 33.9% -3.2pp 31.3% -4.6pp
* Adjusted for consolidation and FX effects.
*** Of total classifieds subsegments EBITDA contributions
57 September 2017 Classified Ad Models@leisure – Investment highlights
@leisure’s addressable market is €19bn in size and has grown by a double-
digit CAGR due to a strong offline to online shift
The group offers the most comprehensive range of services for homeowners
and is a renowned supply side expert
Uniquely positioned, @leisure covers all three complementary business
models in the vacation rental segment
Across these three business models, @Leisure achieved revenues of €90m
(+65% YoY) and significant pro forma growth (11% YoY)
@Leisure will continue to strengthen its supply side position through “buy
and build” and increasing demand on their own brands and through partners
58 September 2017@Leisure focuses on the supply/homeowner side of
the market
Homeowner
Full-service
>35k Inventory
Other Full-
service Aggregator
Secondary Guest
provider >500k1 Inventory
homes
Self-service
>76k Inventory
Primary
homes
1)There will be some overlap between vacation rentals on Casamundo and on other @Leisure platforms
59 September 2017Companies offer differing service levels, take rate
increasing with the service level
Full Service Additional services
Key Exchange
Full-service and cleaning
Pricing
management
Content
management
Self- Customer
Service
Calendar
Service Management
Booking, Invoice &
Cash Collection
Acquisition of
Guests
Acquisition of
Homeowners
Self Service Take
2% 15% 30% 50% rate
Note: Graph shows simplified competitive landscape. Because of hybrid models, landscape is more complex than depicted.
60 September 2017Consolidation opportunity: home owner side with low
degree of digitization and profesionalism
Share of (professionally) marketed vacation rentals is low in a very fragmented industry
Holiday homes in Europe (in m)
1/3 of inventory
potential for ~13% Approximate ~3%
10 active marketing inventory share
by owners or of leading player
professionals
Additional
24 8
potential for
professional
marketing
4
2
Total vacation homes in Europe Not for rent Not actively Marketed by owner / Marketed professionally
Source: Phocuswright, Radius Global Market Research (2011)
marketed Self-service / Full-service
61 September 2017Full-service business outperforming main competitor
Full-service: competitive position Full-service: Non financial KPI
Inventory Europe (in k; present) Pro forma yearly booking value (in m €) CAGR
(14-16)
317 306 323
40 222 241 1%
39 35 202
9%
2014 2015 2016
Booking value Hotelplan (Interhome/Interchalet)
Pro-forma booking value @Leisure (Belvilla/Dancenter)
Full-service: Market trends Full-service: @Leisure’s differentiators
a High fragmentation, but large players are rolling up “mom & pop” a High end service offering for homeowners
shops
b High-end full-service companies entering market with higher b Scalable technology platform and financial capability for future
service levels and higher commission rate acquisitions
c Technology investments to further unburden homeowners c Strong brand in North-West Europe and high homeowner
(microservices in cleaning and key services) retention
62 September 2017Self-service with listings growth of 29% (2014-2016)
Self-service: competitive position Self-service: Non financial KPI
# direct listings per year Germany (in k; Dec 2015) listings per month, yearly (half-yearly) average Europe (in k)
37 35 1 +29% 77
64
53
38
2014 2015 2016 H1/17
1) Management estimate on basis of scraping tool
Self-service: Market trends Self-service: @Leisure’s differentiators
a Shift towards commission based models a Competitively priced due to low cost structure
b Shift towards variable pricing depending on service level b Satisfied homeowners and high retention
c Fast growing and relatively new urban segment c High matching capability and hence occupancy
63 September 2017@Leisure Group’s “buy and build” strategy is paying
off as the group continues to grow quickly
@Leisure full year revenue and EBITDA Notes
90 2016 EBITDA margin includes temporary effects:
69
55
43 1. Dancenter consolidated only with low contributing
months (Aug-Dec) given seasonality
11 14 25% 11 15
20% 15% 22% 2. Marketing investments
3. Product investments
2015 2016 H1/16 H1/17
Outlook: further investments into marketing and
Revenue as reported EBITDA as reported
product in 2017 and mid-term return to ~ 20% margin
x% EBITDA margin
Revenue: >1.5x in next 3-5 years
EBITDA: >2.0x in next 3-5 years
64 September 2017Yad2 – Investment Highlights
Yad2 is the market leader in Real Estate, Cars & Second Hand and has a leading
position in Jobs in Israel
Being one of the top-of-mind brands in Israel, Yad2 enjoys a brand awareness
of 98%1 (aided) and reaches more than 80%2 of Israeli population
As part of the Startup Nation, yad2 is a front runner in innovation leadership
Sources: 1) Brand awareness study, 2) Company information
65 September 2017Strong network effects provide Yad2‘s customers
with significant liquidity and reach
Listings Visits
(in k, monthly avg. 2016)1 (in m, monthly average Q1/2017)2
2nd Hand Real Estate Cars Jobs
205 139 7.5 77 10 431 7.3
>3x >19x
>10x >25x
Sources: 1) Company Information, 2) Similarweb, desktop & mobile traffic
66 September 2017Yad2 has the highest reach of internet users
amongst its peer group
UVs as % of internet users vs. peer group
Israel France Germany
72%
47%
27%
Sources: UN Population Census, Internet Society, Yad2 Company Information, Schibsted
Investor Presentation, eBay Press Release – latest available data
67 September 2017Yad2 is best positioned to further grow its
business along three strategic initiatives
1
Israel’s #1 Generalist
#1 #1 #1 Become #1
Real Estate Cars Second Hand in Jobs
1 Organic Growth
Comission-based Commercial &
luxury real estate
business models 2 Getting closer to the transaction
New car & Financing, loans,
tire sales insurance products
3 Explore adjacent opportunities
68 September 2017Yad2 has delivered a constant track record of
revenue growth
Revenue Development
28% 25% 13% 17% 9% Leading revenue stream with ongoing strong
growth
34.9
26.9 Second largest revenue stream. Since 2013
20.1 paid classifieds product for car dealers
18.4 16.9
Gaining importance since Drushim acquisition
in 2015 with goal of becoming clear #1
20141 2015 2016 H1/16 H1/17
In the medium term, Yad2 is expecting high single-digit to low
double-digit revenue growth
Revenues in m €
Organic YoY growth Sources: Company Information, Drushim acquisition closed in Sept. 2015
1) 2014 represents FY as AS acquisition closed in May
69 September 2017Carboat Media – Investment Highlights
Carboat Media has built a leading position as a used car specialist with a
special focus on professional dealers
Carboat Media is the leading specialist in terms of listings and traffic and show
best-in-class efficiency and highest awareness among brands
Carboat Media has been growing steadily maintaining high margins
Carboat Media constantly innovates its products and is best positioned to
capture future growth
70 September 2017LaCentrale works with professionals that have a
significant used car activity
Professional listings Listings per professional1
(in k, monthly average Q1/2017) (in k, monthly average Q1/2017)
416 30
-34% +40%
21
276
Sources: Company Information
1) Professional ads divided by # of professionals on platform
71 September 2017Stable traffic and listings development versus
next competitor
Total listings Traffic development since Apr. ’15 Listing development since Apr. ’15
(in k, monthly average Q1/2017) (Index = 100) (Index = 100)
10.1m Q1 traffic 3.9m
885
469
300
24
416
276
2015 2016 2017 2015 2016 2017
Private
Professional Sources: Company Information
72 September 2017Carboat Media has benefited from constantly
growing monetization
9,000 8,499 420
€401
7,000 380
Avg. ARPU
5,000 growth 6% 340
3,000 300
1,000 260
01.01.2010 01.01.2012 01.01.2014 01.01.2016
Customers
ARPU (in €) Source: Company Information
73 September 2017Carboat Media developed its EBITDA positively
since AS acquisition
AS acquisition: July 2014
Revenues & EBITDA (in m €)
CAGR CAGR
+4% +11%
+8%
55.2
50.5 52.1
48.2 48.5
45.2
27.7 29.5
24.3
20.8 20.3 20.9 20.9
18.7
12.4 13.7
2011 2012 2013 2014 2015 2016 H1/16 H1/17
Market professionalization and product innovation to drive mid-single
Revenues
EBITDA digit revenue and EBITDA growth
74 September 2017Paid Models
Paid Models segment at a Glance
Highlights
Paid Models
Focus on market-leading media
brands with clear path to National International
digitization
BILD group Business Insider
National paid models dominated eMarketer
by unique asset BILD
WELTN24 group upday
Presence in English-speaking Ringier Axel Springer Media
media market with Business (Main activities) (Poland, Hungary, Serbia, Slovakia)1
Insider and eMarketer
Ringer Axel Springer Schweiz2
Innovative mobile news service for Financials
Samsung devices 2016 Outlook 2017
Revenues in €m 1,481.6 On prior-year level
Stable EBITDA in Paid Models in a
EBITDA in €m 214.4 On prior-year level
range between €205m - €225m for
2017-2019 EBITDA-margin 14.5%
1) Fully consolidated (50% stake) 2) Consolidated at equity
76 September 2017 Paid ModelsBusiness Insider – strong first half of the year Company profile Multiple international editions N° 1 global business publication by reach Major business news website in the US (founded 2007) Long-term equity incentive for Henry Blodget (Founder, CEO & Editor-in-chief) Acquisition in 2015, based on a company valuation (cash/debt free) of $390m (~ €348m) Revenues up >50% in H1/17 yoy Revenues to grow > 30% (CAGR) until 2020, breakeven envisaged by 2018 77 September 2017 Paid Models
eMarketer – another milestone in the expansion into the English-speaking world Company profile High customer satisfaction and retention A leading provider of high-quality analyses, reports, and digital market data for companies and institutions Founded in 1996; based in New York City ~1,200 corporate subscribers (2/3 of Fortune 500 and 2/3 of US top national advertisers) ~10,000 citations in worldwide media per month Acquisition of ~93 of the shares, transaction closed in July 2016 Revenues to grow double-digit (CAGR), EBITDA margin to reach 40%+ until 2019 78 September 2017 Paid Models
Monetizing content in digital: positive development
500.000
Digital subscribers
450.000
400.000
78,157
350.000
300.000
250.000
365,340 +10.7%
52,672 July 2017
200.000
200,571 vs.
150.000 July 2016
100.000
50.000
0
Source: IVW
79 September 2017 Paid ModelsPan-European news app upday - Expansion from
six to 16 countries in 2017
Company profile International Expansion
Strategic partnership to develop mobile news service
exclusively for Samsung devices
#1 news app in Germany
Delivering up to 10% of publishers’ traffic
Advertising for a targeted audience with non-intrusive
formats
Available on more than 10m devices in 2017
(i.a. S7, S8 and A-series)
Countries per March 2017 Additional countries
Editorial offices per March 2017 Additional editorial offices
80 September 2017 Paid ModelsStrong Q2/17 for both National and International Paid
Models EBITDA
Paid Models National Paid Models International
in €m H1/17 yoy Q2/17 yoy H1/17 yoy Q2/17 yoy
Revenues 533.5 -3.5% 278.1 -3.2% 191.9 22.9% 101.6 25.5%
thereof digital (reported) 121.4 0.3% 62.8 -1.7% 115.1 57.8% 61.1 58.6%
thereof digital (organic growth*) 0.3% -1.1% 20.2% 22.2%
Advertising 213.5 0.5% 117.9 8.3% 101.4 27.7% 55.8 30.2%
Circulation 249.1 -5.7% 123.6 -8.0% 65.7 34.1% 32.6 34.3%
Other 70.9 -7.0% 36.6 -16.9% 24.8 -10.7% 13.3 -4.3%
EBITDA 88.5 12.3% 52.7 30.4% 22.4 >100 % 13.6 >100 %
Margin 16.6% 2.3pp 19.0% 4.9pp 11.7% 9.0pp 13.4% 6.7pp
Restructuring Exp. 5.5 -4.7 2.7 -2.4 0.2 0.1 0.2 0.0
Launch Costs 4.9 2.9 2.0 0.7 11.3 -3.7 5.2 -3.1
EBITDA ex. Restr./LC 98.9 8.7% 57.4 22.7% 33.9 74.8% 19.0 37.0%
Margin 18.5% 2.1pp 20.7% 4.4pp 17.7% 5.2pp 18.7% 1.6pp
* Adjusted for consolidation and FX effects.
81 September 2017 Paid ModelsPaid Models EBITDA up 33.6% – improvements both
from national and international businesses
in €m H1/17 yoy Q2/17 yoy Comments
Revenues 725.4 2.3% 379.7 3.1% Revenues up 2.3%, adj. for cons. (mostly
thereof digital (reported) 236.5 21.9% 123.9 21.0% eMarketer) and FX effects, down 1.8%
thereof digital (organic growth*) 7.8% 7.6% 32.6% of revenues from digital
Advertising 314.9 7.9% 173.7 14.5%
Circulation 314.8 0.5% 156.2 -1.5%
Advertising revenues +7.9%, adj. for cons. and
Other 95.8 -8.0% 49.8 -13.9% FX effects up by 5.5%, mainly due to special
EBITDA 110.9 33.6% 66.4 44.7% edition of BILD in Q2/17
Margin 15.3% 3.6pp 17.5% 5.0pp Reported circulation revenues up 0.5%
(positive consolidation effects from eMarketer),
Restructuring Exp. 5.7 -4.7 2.9 -2.4 down 6.0% adj. for cons. and FX effects
Launch Costs 16.2 -0.8 7.2 -2.4
EBITDA up 33.6% reported, +20.7%
EBITDA ex. Restr./LC 132.8 20.3% 76.4 26.0%
organically, improvements both from national
Margin 18.3% 2.7pp 20.1% 3.7pp
as well as international businesses
* Adjusted for consolidation and FX effects.
82 September 2017 Paid ModelsMarketing Models
Marketing Models segment at a Glance
Highlights
Marketing Models
Reach Based Marketing Performance Marketing
#1 positions in all major
marketing business models Idealo Awin (formerly: zanox)
aufeminin
Awin European market leader in
performance marketing Bonial (kaufda/retale)
Double-digit organic revenue
(Main activities)
growth
Merger of AWIN and affilinet Financials
2016 Outlook 2017
Revenues in €m 856.2 High single-digit to low double-digit % growth
EBITDA in €m 82.2 High single-digit to low double-digit % growth
EBITDA margin 9.6%
84 September 2017 Marketing ModelsStrong organic revenue growth in Reach Based as
well as in Performance Marketing
Reach Based Marketing Performance Marketing
in €m H1/17 yoy Q2/17 yoy H1/17 yoy Q2/17 yoy
Revenues 152.1 9.8% 76.4 9.5% 295.7 7.3% 146.2 9.1%
organic growth* 13.8% 11.6% 9.5% 11.1%
Advertising 127.5 12.2% 64.3 9.6% 262.9 7.9% 129.6 8.9%
Other 24.6 -1.3% 12.1 9.2% 32.7 2.7% 16.6 10.7%
EBITDA** 31.3 -17.3% 20.0 -11.0% 13.5 9.9% 7.6 21.0%
Margin 20.5% -6.7pp 26.2% -6.0pp 4.6% 0.1pp 5.2% 0.5pp
Restructuring Exp. 0.2 0.2 0.0 0.0 0.0 -0.1 0.0 0.0
Launch Costs 1.1 -7.7 0.6 -3.4 0.0 0.0 0.0 0.0
EBITDA ex. Restr./LC 32.6 -30.1% 20.6 -22.2% 13.5 9.2% 7.6 20.5%
Margin 21.4% -12.2pp 27.0% -11.0pp 4.6% 0.1pp 5.2% 0.5pp
* Adjusted for consolidation and FX effects.
** Total EBITDA includes costs of €4.3m in H1/17 and €3.5m in H1/16 (thereof business development, M&A and other), not allocated to the two pillars.
85 September 2017 Marketing ModelsMarketing Models with double-digit organic revenue
growth but margin decline
in €m H1/17 yoy Q2/17 yoy
Comments
Revenues with 10.9% organic growth (ad revs.
Revenues 447.8 8.1% 222.6 9.3%
+11.0%, other revs. +10.2%)
organic growth* 10.9% 11.3%
Advertising 390.5 9.3% 193.9 9.2% EBITDA below prior year mostly due to
Other 57.4 1.0% 28.7 10.1% competitive environment (EBITDA adj. for
EBITDA** 40.4 -13.2% 25.3 -6.6% cons. and FX effects -16.0%)
Margin 9.0% -2.2pp 11.3% -1.9pp
Restructuring Exp. 0.2 0.1 0.0 0.0
Launch Costs 1.1 -7.7 0.6 -3.4
EBITDA ex. Restr./LC 41.7 -24.8% 25.8 -16.8%
Margin 9.3% -4.1pp 11.6% -3.6pp
* Adjusted for consolidation and FX effects.
** Total EBITDA includes costs of €4.3m in H1/17 and €3.5m in H1/16 (thereof business development, M&A and other), not allocated to the two pillars.
86 September 2017 Marketing ModelsInvestor Relations contacts Claudia Thomé Daniel Fard-Yazdani Co-Head of Investor Relations Co-Head of Investor Relations Phone: +49 30 2591 77421 Phone: +49 30 2591 77425 Mobile: +49 160 90445035 Mobile: +49 151 52844459 claudia.thome@axelspringer.de daniel.fard-yazdani@axelspringer.de Axel Springer SE: Axel-Springer-Str. 65, 10888 Berlin, Germany, Fax: +49 30 2591 77422 87 September 2017 Company presentation
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