Alma Media Oyj · OMXHEX:ALMA
Alma Media Oyj — Q4 2008 Earnings Presentation
26 slides from Alma Media Oyj's earnings presentation, Feb 13, 2009
Slide 1: Alma Media Q4 and FY2008 Review
Alma Media Q4 and FY2008 Review Kai Telanne, CEO Tuomas Itkonen, CFO February 13, 2009
Slide 2: Highlights, Markets, Segment Reviews
Highlights Markets Segment Reviews Kai Telanne, CEO
Slide 3: Highlights Q4 2008
Highlights Q4 2008 • Alma Media net sales growth slowed down to 1.3 % – Strong performance in challenging market conditions in Newspapers and Kauppalehti Group – Advertising sales growth down to +0,3%, against market -5.7 % Picture size • Slowing sales growth and continued online development costs 6
Slide 4: Media Markets in Finland Q4 and FY2008
Media Markets in Finland Q4 and FY2008
Slide 5: Advertising sales change Q4 2008
Advertising sales change Q4 2008 Alma Media vs. market Market Alma Media Change, % Q4 08 * Q4 08 ** Newspapers -7.5 -0.8 Magazines -7.1 - Television -6.5 - Radio 7.7 - Internet 15.1 14.5 TOTAL -5.7 0.3 Alma Media Q42008 February 13, 2009 5 * Source: TNS Media Intelligence ** Newspapers segment (excl
Slide 6: Advertising sales growth Oct - Dec 2008
Advertising sales growth Oct - Dec 2008 Total market* Market value change, % Oct 2008 Nov 2008 Dec 2008 Newspapers 1.9 -11.6 -16.6 Magazines 0.4 -12.2 -2.2 Television -4.8 2.7 -19.2 Radio -4.6 6.0 27.4 Internet 13.0 16.3 3.0 TOTAL 1.3 -6.2 -13.0 Alma Media Q42008 February 13, 2009 6 * Source: TNS Me
Slide 7: Advertising by branch Q4 2008
Advertising by branch Q4 2008 Change from Q4 2007 Advertising in Q4 08 MEUR -2.9 % Retail Retail 81 -7.0 % Motor v. Motor vehicles 26 Food & bev. 5.9 % Food & beverages 22 -24.5 % Recru Recruiting 13 -16.9 % Houses Houses and premises 13 -23.4 % Tele Telecommunications 11 -5.7 % Entert Entertainment
Slide 8: Advertising sales change Q1-Q4 2008
Advertising sales change Q1-Q4 2008 Alma Media vs. market Market Alma Media Change, % Q1-Q4 08 * Q1-Q4 08 ** Newspapers -2.8 1.8 Magazines -3.5 - Television 2.3 - Radio 6.7 - Internet 22.2 30.5 TOTAL -0.1 5.2 Alma Media Q42008 February 13, 2009 8 * Source: TNS Media Intelligence ** Newspapers segmen
Slide 9: Monthly change of advertising 1-12 /2008
Monthly change of advertising 1-12 /2008 40 % 30 % 20 % 10 % 0 % 01/08 02/08 03/08 04/08 05/08 06/08 07/08 08/08 09/08 10/08 11/08 12/08 -10 % -20 % Advertising change, % Newspapers advertising change, % Online advertising change, % Alma Media Q42008 February 13, 2009 9 Source: TNS Media Intelligenc
Slide 10: Segments Q4 2008
7 / Segments Q4 2008 7)
Slide 11: Newspapers Q4 2008
Newspapers Q4 2008 • Net sales grew 3.1% to 61.1 (59.3) MEUR – Advertising sales grew 5.5 % • Strong sales growth in Satakunnan Kansa, Lapin Kansa and local papers • November-December sales declined for most other papers • Online sales developed well, especially for Iltalehti – Circulation sales fla
Slide 12: Kauppalehti Group Q4 2008
Kauppalehti Group Q4 2008 • Kauppalehti Group net sales Q4 was 19.0 (19.1) MEUR – Kauppalehti products were in clear growth, particularly online services such as Kauppalehti.fi and ePortti – New customers for magazine business, but no impact to sales in Q4 • Kauppalehti’s reach at record level Pictu
Slide 13: Marketplaces Q4 2008
Marketplaces Q4 2008 • Net sales declined to 7.5 (8.0) MEUR, -6.3% – Negative change in classifieds market development in Q4 2008. • Sales from Finland declined to 6.0 (6.5) MEUR, -7.7 % – Etuovi.com online continued to grow, paper’s net sales declined – Monster.fi sales declined Picture size • Sale
Slide 14: Financials Q4 and FY2008, Outlook for 2009
Financials Q4 and FY2008 Outlook for 2009 Tuomas Itkonen, CFO
Slide 15: Key Figures Q4 2008
Key Figures Q4 2008 Net sales, MEUR EBIT, MEUR 1,3% 25 100 89,3 86,6 90 85,5 84,0 81,4 80 20 70 8,9 60 15 0,6 50 ‐19,0% 40 10 30 14,4 11,7 11,6 12,2 20 5 9,5 10 0 0 Q407 Q108 Q208 Q308 Q408 Q407 Q108 Q208 Q308 Q408 Extraordinary items Alma Media Q42008 February 13, 2009 15
Slide 16: Sales breakdown Q4 2008
Sales breakdown Q4 2008 Total Sales 86.6 MEUR Others Other sales Marketplaces 0.4% 11.2% 8.5% Kauppalehti group Advertising 21.8% sales Sales by Sales by 50.0% segment type Circulation sales 38.8% Newspapers 69.3% Alma Media Q42008 February 13, 2009 16
Slide 17: Net sales change by type
Net sales change by type Circulation, MEUR Advertising, MEUR 5.0 5.0 4.0 4.0 3.0 3.0 +6.1% 2.0 2.0 +2.8% 1.0 1.0 +1.3% +0.3% 0.0 0.0 Q407 Q108 Q208 Q308 Q408 Q407 Q108 Q208 Q308 Q408 Alma Media Q42008 February 13, 2009 17
Slide 18: Cash flow and investments
Cash flow and investments 16 8 14.8 14 6 12 10 4 8.6 MEUR MEUR 8 7.1 2 6 4.6 0 4 Q4 07 Q4 08 2 -1.1 -2 0 -2.8 Q4 07 Q4 08 -4 from operating activities gross investments before financing activities proceeds from sales of assets Alma Media Q42008 February 13, 2009 18
Slide 19: Cash flow from operating activities
Cash flow from operating activities 30.0 25.0 20.0 MEUR 15.0 10.0 7.9 8.6 7.1 5.0 0.0 Q206 Q306 Q406 Q107 Q207 Q307 Q407 Q108 Q208 Q308 Q408 Alma Media Q42008 February 13, 2009 19
Slide 20: Net debt, MEUR
Net debt, MEUR 30.0 25.8 23.9 19.8 20.0 10.0 5.8 0.0 MEUR Q206 Q306 Q406 Q107 Q207 Q307 Q407 Q108 Q208 Q308 Q408 -10.0 -6.5 -20.0 -17.9 -30.0 Dividend 27.3.08 67.2 MEUR -40.0 Alma Media Q42008 February 13, 2009 20
Slide 21: Key ratios in Q4 2008
Key ratios in Q4 2008 Equity ratio, % Gearing, % ROE% ROI% 80 10 70 60 69.8 6.5 53.7 60.4 70 60 5 50 60 57.2 50 0 42.0 40 50 34.5 Q4 07 Q4 08 40 40 -5 30 30 30 -10 20 20 20 -15 10 10 10 -15.2 0 -20 0 0 Q4 07 Q4 08 Q4 07 Q4 08 Q4 07 Q4 08 Alma Media Q42008 February 13, 2009 21
Slide 22: EPS and shareholders' equity per share
EPS and shareholders' equity per share 0.80 1.8 0.70 1.6 0.60 0.12 1.4 1.2 0.50 0.04 0.94 1.0 0.40 0.54 0.8 0.30 0.56 0.6 0.47 0.20 0.4 0.64 0.64 0.10 0.2 0.00 0.0 2007 2008 2007 2008 Retained earnings One time items EPS w/o one time items Restricted equity Alma Media Q42008 February 13, 2009 22
Slide 23: DPS and distributable equity per share (EUR)
DPS and distributable equity per share (EUR) 1.00 1.80 0.90 0.90 1.60 0.80 1.40 0.68 0.70 0.65 1.20 0.60 0.90 0.94 0.50 0.51 1.00 0.50 0.54 0.80 0.40 0.30 0.60 0.30 0.20 0.40 0.64 0.64 0.64 0.10 0.20 0.00 0.00 Dec 06 Dec 07 Dec 08 Dec 06 Dec 07 Dec 08 Dividend per share Retained earnings Earnings pe
Slide 24: Outlook for 2009
Outlook for 2009
Slide 25: Outlook for 2009
Outlook for 2009 • Alma Media expects its comparable net sales and operating profit to decline from the 2008 figures due to a decrease in media advertising • First half of 2009: – Due to market conditions sales and operating profit expected to decline clearly compared to 2008. • Second half of 2009:
Slide 26: Thank you!
Thank you!