Agora Sa · GPW:AGO
Agora Sa — FY2009 Earnings Presentation
19 slides from Agora Sa's earnings presentation, February 2010
Slide 1: Financial and market performance 2009 and 4Q 2009
Financial and market performance 2009 and 4Q 2009 February 2010
Slide 2: 2009 advertising market performance
2009 advertising market performance Ad spend Quarterly ad spend performance 9 000 18% yoy % change PLN mln yoy % change 12% 13% 8.1 bln z11% 6% 7.1 bln 0% 1Q09 2Q09 3Q09 4Q09 -6% 6 000 2.15 bln -12% z15% -18% 1.44 bln z17% -24% -30% 3 000 1.89 bln -36% Internet 1 Television Radio z7% Outdoor 2 Magaz
Slide 3: 2009 advertising market performance, cont.
2009 advertising market performance, cont. Ad market structure Ad spend vs GDP in 2009 5% yoy % change yoy pp and % change 1.7% 1.1% 3.0% ³ 0.8% Outdoor² Television 9% 0% 0pp 1Q09 2Q09 3Q09 4Q09 47% 0.5pp Internet¹ 2009 12% -5% 2.5pp -7% PLN 7.1 bln z13% -11% -10% Dailies 11% 2pp -15% Radio Magazin
Slide 4: Financial performance of the Group
Financial performance of the Group yoy yoy PLN mln 4Q 2009 4Q 2008 2009 2008 change change - Copy price increase introduced twice in Revenues, incl.: 291.1 335.9 (13.3%) 1 110.1 1 277.7 (13.1%) 2009 partially - advertising¹ 198.4 238.0 (16.6%) 732.2 916.1 (20.1%) compensates decline - copy sales¹ 48
Slide 5: Group's operating cost
Group’s operating cost Reduction of Group’s operating cost in 2009 400 PLN mln yoy % change PLN 27,2 mln impairment loss on Trader.com(Polska) 300 z9.8% z24.8% excluding impairment loss on z7.6% Trader.com(Polska) – decline by 18.7% z12.5% 200 2008 100 2009 0 1Q 2Q 3Q 4Q 4 000 80 80 80 PLN mln PLN m
Slide 6: Segment performance: Newspapers
Segment performance: Newspapers (Gazeta, Metro, Special Projects, Printing Division) Financial performance¹ PLN mln 4Q 2009 4Q 2008 yoy change 2009 2008 yoy change - Ad market condition and Revenues, incl.: 178.0 206.9 (14.0%) 696.9 821.0 (15.1%) decline of recruitment ads category by 50%, in which
Slide 7: Dailies in 2009
Dailies in 2009 Dailies cover prices (actual, basic) Newspapers ad spend structure¹ quality tabloids Super Express other national 3% Rzeczpospolita 0pp yoy % and pp change Dziennik local 3% 9% Gazeta Super 0pp Rzeczpospolita Gazeta Fakt y1pp Wyborcza Express Metro Prawna local 4% 28% y0.5pp PLN 2.0
Slide 8: Newspapers segment performance: Gazeta
Newspapers segment performance: Gazeta The structure of copy sales of selected dailies¹ Gazeta’s copy sales revenues merger of Dziennik and Gazeta Prawna (14 Sep); yoy % change y y9.6% lack of Dziennik’s copy sales declaration for 1-12 Sep 180 PLN mln 100% d cop % share in total paid circulation 10.
Slide 9: Newspapers segment performance: Metro
Newspapers segment performance: Metro Financial performance Metro’s ad market share in 2009² yoy yoy PLN mln 4Q 2009 4Q 2008 2009 2008 yoy pp change change change national 4% (maintained share) Ad revenues 8.8 9.7 (9.3%) 32.2 37.4 (13.9%) Operating EBITDA¹ 1.1 0.5 120.0% (0.2) 1.0 - Operating EBITDA
Slide 10: Newspapers segment performance: Special Projects (incl. collections)
Newspapers segment performance: Special Projects (incl. collections) Financial performance Copy sales² 6 mln copies PLN mln 4Q 2009 4Q 2008 yoy change 2009 2008 yoy change 5 4.9 mln Revenues 15.2 23.2 (34.5%) 79.8 63.2 26.3% 4 3.6 mln EBIT¹ 1.6 (0.4) - 15.4 (3.6) - 3 EBIT margin¹ 10.8% (1.4%) 12.2 p
Slide 11: Segment performance: Internet
Segment performance: Internet Financial performance¹ Dynamics of ad expenditure in Internet 2009 vs 2008 18% yoy % change 4Q 2009 4Q 2008 yoy 2009 2008 yoy PLN mln change change y15% Revenues, incl.: 26.4 23.8 10.9% 84.9 77.1 10.1% 15% - display ads 18.7 13.6 37.5% 52.0 45.1 15.3% - incl. Trader.com
Slide 12: Segment performance: Outdoor
Segment performance: Outdoor Share in outdoor ad expenditure according to Financial performance categories 2008 and 2009 yoy yoy AMS Stroer Cityboard Media New s Outdoor CCP other PLN mln 4Q 2009 4Q 2008 2009 2008 change change Smaller than market Revenues, incl.: 45.8 55.0 (16.7%) 168.0 189.7 (11.4
Slide 13: Segment performance: Magazines
Segment performance: Magazines Financial performance Monthlies ad spend structure in 2009 yoy yoy Media Point PLN mln 4Q09 4Q08 2009 2008 Gruner+Jahr change change Group 11.8% yoy pp change 4.8% 0.2pp Revenues, incl.: 22.3 25.9 (13.9%) 92.3 109.7 (15.9%) 0.1pp Agora Result of ad market Axel Springer
Slide 14: Segment performance: Radio
Segment performance: Radio Financial performance¹ Radio ad market structure in 2009 Time yoy yoy 18% yoy % and pp change PLN mln 4Q 2009 4Q 2008 2009 2008 change change 1pp Broker Revenues, incl.: 20.9 26.4 (20.8%) 75.1 87.5 (14.2%) Decrease in revenue 28% - ad revenues 20.3 25.9 (21.6%) 73.2 85.9 (
Slide 15: The Group's main objectives in 2010
The Group’s main objectives in 2010 15
Slide 16: Another year of pro bono activities
Another year of pro bono activities Nationwide social campaigns – i.a. undertaken by Gazeta Wyborcza, Fundacja Agory and partners Editorial campaigns promoting civil attitudes – e.g. Metro: Okrągły Stół 2009 (The Round Table 2009) and discussion on Internet piracy Internet – e.g. fund collecting ser
Slide 17: Selected awards and distinctions in 2009
Selected awards and distinctions in 2009 Agora • title Leader of the Transformation for Agora by Forbes magazine. • Wektor prize by Konfederacja Pracodawców Polskich (Confederation of Polish Employers) for Gazeta Wyborcza, • Year of Metro: distinction in WAN contest World Young Reader Prize, Media d
Slide 18: Appendix: Changes in reporting of Group's operating segments
Appendix: Changes in reporting of Group’s operating segments Newspapers Magazines Outdoor Radio Headquarters and and Internet New Business Development - Gazeta - magazines - AMS Group - local stations (excl. - Metro - Agora Press Ltd superregional TOK FM) (Company in Ukraine) - Collections - Print O
Slide 19: Disclaimer
This presentation has been prepared by Agora SA (the "Company"). The data and information contained on the individual slides do not show a complete or coherent financial analysis, nor present the commercial offer of the Company and serve for information purposes only. A detailed description of the b