premium assets structural growth - investor...
TRANSCRIPT
1
Premium assets Structural growthStroumler Out-of-Home Media AGCommerzbank Corporate Day20 October 2011 London
2
2
1855 ndash Ernst Litfass launched first advertising columns in Berlin
3
1990 ndash Foundation of Stroumler City Marketing GmbH
4
4
1997 ndash Entry into giant poster market through blowUP media
5
5
19981999 ndash Expansion into Turkey and Poland
6
6
2004 ndash Acquisition of market leading DSM and INFOSCREEN
No 1 poster operator No 1 digital OoH operator
7
2005 ndash Acquisition of Deutsche Eisenbahn-Reklame (DERG)
8
2010 ndash Initial Public Offering
9
9
2010 ndash Takeover of News Outdoor Poland
10
2010 ndash Share increase in Stroumler Kentvizyon from 50 to 90
11
FY 2010 Financials
bull euro 531 MM Net Sales (+13)bull euro 127 MM Op EBITDA (+27)
1 player in underpenetrated and attractive growth markets
Source Company Information in terms of revenue
Core marketsblowUP mediaRegional HQ
Cologne
Warsaw
Istanbul
90 of revenues from markets where we are at least double the size of no 2
blowUPStroumler Poland
Stroumler Turkey
Stroumler Germany
Sales Breakdown
1 in GERMANYEuropersquos largest ad market
1 in TURKEYEuropersquos largest emerging market
1 in POLANDLargest CEE market
1 Giant Poster network in EUROPE (D UK E Benelux)
12
Advertising customersConcessions rights
Stroumlerlsquos source of business in a nutshell
gt 4000 concession rights on public ground
gt15000 concession rights on private ground
Deutsche Bahn contract
Media agencies brokers
National advertisers
Regional advertisers
SUPPLY OPERATIONS SALES
13
Stroumlerrsquos well-diversified product portfolio - Billboards
large ad format (gt 9msup2)
located at arterial roads or in inner city areas
premium focus
incl giant posters
2010 Revenue euro278 MM
52 share
= margin intensity
= capex intensity
Traditional Billboard
Mega Light
Premium Billboard
blowUP
Billboards
14
Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
2010 Revenue euro135 MM
25 share
= margin intensity
= capex intensity
City-Light-Poster
City-Light-Column
City-Light-Poster at bus shelter
Traditional Column
small ad format (~ 2msup2 - 4msup2 )
located in city centers
partly built-in structures (eg bus stops)
Street Furniture
15
Stroumlerrsquos well-diversified product portfolio - Transport
2010 Revenue euro74 MM
14 share
= margin intensity
= capex intensity
Station Media
Infoscreen
Train Bus
Out-of-Home Channel
Ads attached to public transport vehicles
Traditional amp digital ads at transport hubs
Transport
1616
UrbanizationDigitalization
Megatrends driving out-of-home advertising
Mobility
17
TV media fragmentation single placements lose their reach
Source MediaComGfK
10 Spots
522 Spots
1965
2010
2055
Number of aired TV Spots to get 80 reach
Factor of 50x
18
Structural change through digitalization ndash clear opportunity for OOH
Advertising channels
Advertisingmedia
Target groups
No fragmentation
Stable number of airportsrailway stations
Offline to online
Shorter time to market
New creative possibilitiesFlexibility
in targeting back channel
Premium target groups with increasedmobility
Mobile phones driving pesonal mobility
Mobile internetdriving work mobility
Stable number of key public traffic ways
19
Favorable German ad market 2011NIELSEN data confirms structural shift to outdoor
Source Nielsen Media Research 062011
Gross advertising market increases 46 in H1 2011
Strongest growing media Internet cinema poster
Poster with above average growth of 11 and 25 BPS higher market share at 42
Nielsen forecast H2 2011 OOH market expected to outperform total ad market
20
Favorable German ad market 2011Promising development of TOP 200 in H1 2011
Nielsen -TOP 200 advertisers increased gross spend on poster by 19 yoy compared to 11 growth of TOP 200 spending across all media
Market share of poster with Nielsen-Top 200 advertisers advanced from 34 to 40
Stroumlerrsquos best performing industries FMCG automotive and retail
Top 200 advertisers as defined by Nielsen Media Research
21
Growth project Germany premium billboard
Premium Billboard Cologne
22
Premium Billboard Bonn
23
Premium billboard rollout progressing well
Focus on prime locations in major metropolitan cities
Rising number of new locations in addition to upgrade of traditional boards
Super-size locations with up to 3 displays in a row allowing new creative concepts
Increasing number of customers upgrading campaigns with premium billboards
Customer base further enlarged (selection)
23
577
FY 2011Target
900 ndash 1000
Q3 2011Actual
Number of installed displays
24
Growth project Germany Out-of-Home-Channel
Out-of-Home- Channel Frankfurt Main
25
Out-of-home channel with growing network and increasing demand
More than 780 Screens installed and well on
track for up to 1000 by Dec 11
Rollout focus now on top stations in Hamburg
Cologne Duumlsseldorf
Key national accounts driving order backlog
Number of installed screens
780
FY 2011Target
~1000
Oct 2011Actual
26
Stroumler Turkey
City-Light-Poster Ankara
27
49
13
58
4
13
0
20
40
60
Stroumler Turkey strong market position and favourable prospects
+ 45x
Other
Source Turkish Advertisers Association based on Net Revenues 2009 Company estimates
Growth drivers of Turkish OoH market
Young attractive demographics gt70MM inhabitants
9 cities with more than 1MM inhabitants
Low advertising spend per capita
Audience measurement system initiated
Stroumler Turkey is the clear OoH market leader
28
Stroumler Turkey development of operations in 2011
H1 organic revenue growth supported by strong regional and giant poster business
Margin decline due to one-off revenue impediments and increased direct costs mainly due to concession scope effects
Sales strategy in H2 directed towards customers with lower TV exposure with good progress
Organic revenue growth in H2 difficult to anticipate given low visibility and ongoing TV reform impacts
Megaboard Ankara
29
Stroumler Poland
Super18-Billboard Warsaw
30
Poland Multiple growth drivers supporting future OoH market growth
Ad SpendCapita in euro
Notes(1) Factor that could act as a positive catalyst for the Polish advertising spend
Source Turkish Advertisers Association Starlink Mediahouse ZenithOptimedia March 2010
Drivers for future Polish OoH market growth
Further market consolidation expected
Street furniture market opportunity in Warsaw
Audience measurement system initiated
Professionalization of OoH market81718
42
61
215
UkraineTurkeyRomaniaPolandHungaryGermany
Strong future ad market growth expected in Poland
31
Stroumler Poland development of operations in 2011
Softer OOH market development continued in H1 leading to negative organic revenue growth rates
Trading momentum improved after recent reinforcement of management
Increased business scope and cost synergies supported H1 margins
Improved trading environment expected in H2
City-Light-Poster Warsaw
32
Stroumler financials H1 2011
33
Stroumler highlights H1 2011
Ongoing structural shift to outdoor in Germany Europes biggest ad market Sales focus on Top 200 advertisers paying off Relevance of digital products in product mix increasing Progress in foreign operations in spite of external effects amp OPEX investments 73 Group organic revenue growth in H1 particularly fuelled by Germany Recurring earnings (net adjusted income) up 41 in H1 EUR 22m capex fully cash flow financed allowing flat net debt vs prior year-end Stable contract portfolio
34
euro MM H1 2010H1 2011 Change
RevenuesOrganic growth (1)
Operational EBITDA
Net adjusted income (2)
Free cash flow (4)
Net debt (5)
24222823 +166
52410073
598 +140117165 +410
3217 -463
3193 -023201
Notes (1) Organic growth = excluding exchange rate effects and effects from the (de)consolidation and discontinuation of operations (2) Operational EBIT net of the financial result adjusted for exceptional items amortization of acquired intangible advertising concessions and the normalized tax expense (325 tax rate) (3) Cash flows from investing activities excluding MampA (4) Free cash flow = cash flows from operating activities less cash flows from investing activities (5) Net debt = financial liabilities less cash (excl hedge liabilities) (6) Net Debt to LTM Operational Ebitda adjusted for full consolidation of Stroumler Turkey
3112 2010H1 2011 Change
Leverage ratio 24x24x 00(6)
Investments 225 66 +2383(3)
Financials at a glance Strong growth in topline and net adjusted income
35
Stroumler Group revenue Balanced increase across all product groups
Growth in billboard largely due to consolidation effects in TR and PL German operations lifted street furniture sales mainly on the back of higher filling ratios Growth in transport revenues supported by double-digit increase in digital revenues
euro MM
+214Reported +223Reported +194Reported
Q1
Q2
H1 2011
1521
629
892
H1 2010
1253
519
734
Q1
Q2
H1 2011
728
337
390
H1 2010
595
262
333
Q1
Q2
H1 2011
409
184
225
H1 2010
343
157
186
Billboard Street Furniture Transport
36
Improved operational cash flow while investing into growth
H1 2011
17
H1 2010
32
euro MM
H1 2011
237
H1 2010
98
-158 H1 2011
-225
H1 2010
-66
excluding MampA
Savings in interest expenses and tax payments following post-IPO refinancing
Increased capital expenditure as in H1 2011 (rollout of Out-of-Home Channel etc)
Improved working capital management
Comments
Cash Flow from Investing
Free Cash Flow
Cash flow from Operations
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
2
2
1855 ndash Ernst Litfass launched first advertising columns in Berlin
3
1990 ndash Foundation of Stroumler City Marketing GmbH
4
4
1997 ndash Entry into giant poster market through blowUP media
5
5
19981999 ndash Expansion into Turkey and Poland
6
6
2004 ndash Acquisition of market leading DSM and INFOSCREEN
No 1 poster operator No 1 digital OoH operator
7
2005 ndash Acquisition of Deutsche Eisenbahn-Reklame (DERG)
8
2010 ndash Initial Public Offering
9
9
2010 ndash Takeover of News Outdoor Poland
10
2010 ndash Share increase in Stroumler Kentvizyon from 50 to 90
11
FY 2010 Financials
bull euro 531 MM Net Sales (+13)bull euro 127 MM Op EBITDA (+27)
1 player in underpenetrated and attractive growth markets
Source Company Information in terms of revenue
Core marketsblowUP mediaRegional HQ
Cologne
Warsaw
Istanbul
90 of revenues from markets where we are at least double the size of no 2
blowUPStroumler Poland
Stroumler Turkey
Stroumler Germany
Sales Breakdown
1 in GERMANYEuropersquos largest ad market
1 in TURKEYEuropersquos largest emerging market
1 in POLANDLargest CEE market
1 Giant Poster network in EUROPE (D UK E Benelux)
12
Advertising customersConcessions rights
Stroumlerlsquos source of business in a nutshell
gt 4000 concession rights on public ground
gt15000 concession rights on private ground
Deutsche Bahn contract
Media agencies brokers
National advertisers
Regional advertisers
SUPPLY OPERATIONS SALES
13
Stroumlerrsquos well-diversified product portfolio - Billboards
large ad format (gt 9msup2)
located at arterial roads or in inner city areas
premium focus
incl giant posters
2010 Revenue euro278 MM
52 share
= margin intensity
= capex intensity
Traditional Billboard
Mega Light
Premium Billboard
blowUP
Billboards
14
Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
2010 Revenue euro135 MM
25 share
= margin intensity
= capex intensity
City-Light-Poster
City-Light-Column
City-Light-Poster at bus shelter
Traditional Column
small ad format (~ 2msup2 - 4msup2 )
located in city centers
partly built-in structures (eg bus stops)
Street Furniture
15
Stroumlerrsquos well-diversified product portfolio - Transport
2010 Revenue euro74 MM
14 share
= margin intensity
= capex intensity
Station Media
Infoscreen
Train Bus
Out-of-Home Channel
Ads attached to public transport vehicles
Traditional amp digital ads at transport hubs
Transport
1616
UrbanizationDigitalization
Megatrends driving out-of-home advertising
Mobility
17
TV media fragmentation single placements lose their reach
Source MediaComGfK
10 Spots
522 Spots
1965
2010
2055
Number of aired TV Spots to get 80 reach
Factor of 50x
18
Structural change through digitalization ndash clear opportunity for OOH
Advertising channels
Advertisingmedia
Target groups
No fragmentation
Stable number of airportsrailway stations
Offline to online
Shorter time to market
New creative possibilitiesFlexibility
in targeting back channel
Premium target groups with increasedmobility
Mobile phones driving pesonal mobility
Mobile internetdriving work mobility
Stable number of key public traffic ways
19
Favorable German ad market 2011NIELSEN data confirms structural shift to outdoor
Source Nielsen Media Research 062011
Gross advertising market increases 46 in H1 2011
Strongest growing media Internet cinema poster
Poster with above average growth of 11 and 25 BPS higher market share at 42
Nielsen forecast H2 2011 OOH market expected to outperform total ad market
20
Favorable German ad market 2011Promising development of TOP 200 in H1 2011
Nielsen -TOP 200 advertisers increased gross spend on poster by 19 yoy compared to 11 growth of TOP 200 spending across all media
Market share of poster with Nielsen-Top 200 advertisers advanced from 34 to 40
Stroumlerrsquos best performing industries FMCG automotive and retail
Top 200 advertisers as defined by Nielsen Media Research
21
Growth project Germany premium billboard
Premium Billboard Cologne
22
Premium Billboard Bonn
23
Premium billboard rollout progressing well
Focus on prime locations in major metropolitan cities
Rising number of new locations in addition to upgrade of traditional boards
Super-size locations with up to 3 displays in a row allowing new creative concepts
Increasing number of customers upgrading campaigns with premium billboards
Customer base further enlarged (selection)
23
577
FY 2011Target
900 ndash 1000
Q3 2011Actual
Number of installed displays
24
Growth project Germany Out-of-Home-Channel
Out-of-Home- Channel Frankfurt Main
25
Out-of-home channel with growing network and increasing demand
More than 780 Screens installed and well on
track for up to 1000 by Dec 11
Rollout focus now on top stations in Hamburg
Cologne Duumlsseldorf
Key national accounts driving order backlog
Number of installed screens
780
FY 2011Target
~1000
Oct 2011Actual
26
Stroumler Turkey
City-Light-Poster Ankara
27
49
13
58
4
13
0
20
40
60
Stroumler Turkey strong market position and favourable prospects
+ 45x
Other
Source Turkish Advertisers Association based on Net Revenues 2009 Company estimates
Growth drivers of Turkish OoH market
Young attractive demographics gt70MM inhabitants
9 cities with more than 1MM inhabitants
Low advertising spend per capita
Audience measurement system initiated
Stroumler Turkey is the clear OoH market leader
28
Stroumler Turkey development of operations in 2011
H1 organic revenue growth supported by strong regional and giant poster business
Margin decline due to one-off revenue impediments and increased direct costs mainly due to concession scope effects
Sales strategy in H2 directed towards customers with lower TV exposure with good progress
Organic revenue growth in H2 difficult to anticipate given low visibility and ongoing TV reform impacts
Megaboard Ankara
29
Stroumler Poland
Super18-Billboard Warsaw
30
Poland Multiple growth drivers supporting future OoH market growth
Ad SpendCapita in euro
Notes(1) Factor that could act as a positive catalyst for the Polish advertising spend
Source Turkish Advertisers Association Starlink Mediahouse ZenithOptimedia March 2010
Drivers for future Polish OoH market growth
Further market consolidation expected
Street furniture market opportunity in Warsaw
Audience measurement system initiated
Professionalization of OoH market81718
42
61
215
UkraineTurkeyRomaniaPolandHungaryGermany
Strong future ad market growth expected in Poland
31
Stroumler Poland development of operations in 2011
Softer OOH market development continued in H1 leading to negative organic revenue growth rates
Trading momentum improved after recent reinforcement of management
Increased business scope and cost synergies supported H1 margins
Improved trading environment expected in H2
City-Light-Poster Warsaw
32
Stroumler financials H1 2011
33
Stroumler highlights H1 2011
Ongoing structural shift to outdoor in Germany Europes biggest ad market Sales focus on Top 200 advertisers paying off Relevance of digital products in product mix increasing Progress in foreign operations in spite of external effects amp OPEX investments 73 Group organic revenue growth in H1 particularly fuelled by Germany Recurring earnings (net adjusted income) up 41 in H1 EUR 22m capex fully cash flow financed allowing flat net debt vs prior year-end Stable contract portfolio
34
euro MM H1 2010H1 2011 Change
RevenuesOrganic growth (1)
Operational EBITDA
Net adjusted income (2)
Free cash flow (4)
Net debt (5)
24222823 +166
52410073
598 +140117165 +410
3217 -463
3193 -023201
Notes (1) Organic growth = excluding exchange rate effects and effects from the (de)consolidation and discontinuation of operations (2) Operational EBIT net of the financial result adjusted for exceptional items amortization of acquired intangible advertising concessions and the normalized tax expense (325 tax rate) (3) Cash flows from investing activities excluding MampA (4) Free cash flow = cash flows from operating activities less cash flows from investing activities (5) Net debt = financial liabilities less cash (excl hedge liabilities) (6) Net Debt to LTM Operational Ebitda adjusted for full consolidation of Stroumler Turkey
3112 2010H1 2011 Change
Leverage ratio 24x24x 00(6)
Investments 225 66 +2383(3)
Financials at a glance Strong growth in topline and net adjusted income
35
Stroumler Group revenue Balanced increase across all product groups
Growth in billboard largely due to consolidation effects in TR and PL German operations lifted street furniture sales mainly on the back of higher filling ratios Growth in transport revenues supported by double-digit increase in digital revenues
euro MM
+214Reported +223Reported +194Reported
Q1
Q2
H1 2011
1521
629
892
H1 2010
1253
519
734
Q1
Q2
H1 2011
728
337
390
H1 2010
595
262
333
Q1
Q2
H1 2011
409
184
225
H1 2010
343
157
186
Billboard Street Furniture Transport
36
Improved operational cash flow while investing into growth
H1 2011
17
H1 2010
32
euro MM
H1 2011
237
H1 2010
98
-158 H1 2011
-225
H1 2010
-66
excluding MampA
Savings in interest expenses and tax payments following post-IPO refinancing
Increased capital expenditure as in H1 2011 (rollout of Out-of-Home Channel etc)
Improved working capital management
Comments
Cash Flow from Investing
Free Cash Flow
Cash flow from Operations
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
3
1990 ndash Foundation of Stroumler City Marketing GmbH
4
4
1997 ndash Entry into giant poster market through blowUP media
5
5
19981999 ndash Expansion into Turkey and Poland
6
6
2004 ndash Acquisition of market leading DSM and INFOSCREEN
No 1 poster operator No 1 digital OoH operator
7
2005 ndash Acquisition of Deutsche Eisenbahn-Reklame (DERG)
8
2010 ndash Initial Public Offering
9
9
2010 ndash Takeover of News Outdoor Poland
10
2010 ndash Share increase in Stroumler Kentvizyon from 50 to 90
11
FY 2010 Financials
bull euro 531 MM Net Sales (+13)bull euro 127 MM Op EBITDA (+27)
1 player in underpenetrated and attractive growth markets
Source Company Information in terms of revenue
Core marketsblowUP mediaRegional HQ
Cologne
Warsaw
Istanbul
90 of revenues from markets where we are at least double the size of no 2
blowUPStroumler Poland
Stroumler Turkey
Stroumler Germany
Sales Breakdown
1 in GERMANYEuropersquos largest ad market
1 in TURKEYEuropersquos largest emerging market
1 in POLANDLargest CEE market
1 Giant Poster network in EUROPE (D UK E Benelux)
12
Advertising customersConcessions rights
Stroumlerlsquos source of business in a nutshell
gt 4000 concession rights on public ground
gt15000 concession rights on private ground
Deutsche Bahn contract
Media agencies brokers
National advertisers
Regional advertisers
SUPPLY OPERATIONS SALES
13
Stroumlerrsquos well-diversified product portfolio - Billboards
large ad format (gt 9msup2)
located at arterial roads or in inner city areas
premium focus
incl giant posters
2010 Revenue euro278 MM
52 share
= margin intensity
= capex intensity
Traditional Billboard
Mega Light
Premium Billboard
blowUP
Billboards
14
Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
2010 Revenue euro135 MM
25 share
= margin intensity
= capex intensity
City-Light-Poster
City-Light-Column
City-Light-Poster at bus shelter
Traditional Column
small ad format (~ 2msup2 - 4msup2 )
located in city centers
partly built-in structures (eg bus stops)
Street Furniture
15
Stroumlerrsquos well-diversified product portfolio - Transport
2010 Revenue euro74 MM
14 share
= margin intensity
= capex intensity
Station Media
Infoscreen
Train Bus
Out-of-Home Channel
Ads attached to public transport vehicles
Traditional amp digital ads at transport hubs
Transport
1616
UrbanizationDigitalization
Megatrends driving out-of-home advertising
Mobility
17
TV media fragmentation single placements lose their reach
Source MediaComGfK
10 Spots
522 Spots
1965
2010
2055
Number of aired TV Spots to get 80 reach
Factor of 50x
18
Structural change through digitalization ndash clear opportunity for OOH
Advertising channels
Advertisingmedia
Target groups
No fragmentation
Stable number of airportsrailway stations
Offline to online
Shorter time to market
New creative possibilitiesFlexibility
in targeting back channel
Premium target groups with increasedmobility
Mobile phones driving pesonal mobility
Mobile internetdriving work mobility
Stable number of key public traffic ways
19
Favorable German ad market 2011NIELSEN data confirms structural shift to outdoor
Source Nielsen Media Research 062011
Gross advertising market increases 46 in H1 2011
Strongest growing media Internet cinema poster
Poster with above average growth of 11 and 25 BPS higher market share at 42
Nielsen forecast H2 2011 OOH market expected to outperform total ad market
20
Favorable German ad market 2011Promising development of TOP 200 in H1 2011
Nielsen -TOP 200 advertisers increased gross spend on poster by 19 yoy compared to 11 growth of TOP 200 spending across all media
Market share of poster with Nielsen-Top 200 advertisers advanced from 34 to 40
Stroumlerrsquos best performing industries FMCG automotive and retail
Top 200 advertisers as defined by Nielsen Media Research
21
Growth project Germany premium billboard
Premium Billboard Cologne
22
Premium Billboard Bonn
23
Premium billboard rollout progressing well
Focus on prime locations in major metropolitan cities
Rising number of new locations in addition to upgrade of traditional boards
Super-size locations with up to 3 displays in a row allowing new creative concepts
Increasing number of customers upgrading campaigns with premium billboards
Customer base further enlarged (selection)
23
577
FY 2011Target
900 ndash 1000
Q3 2011Actual
Number of installed displays
24
Growth project Germany Out-of-Home-Channel
Out-of-Home- Channel Frankfurt Main
25
Out-of-home channel with growing network and increasing demand
More than 780 Screens installed and well on
track for up to 1000 by Dec 11
Rollout focus now on top stations in Hamburg
Cologne Duumlsseldorf
Key national accounts driving order backlog
Number of installed screens
780
FY 2011Target
~1000
Oct 2011Actual
26
Stroumler Turkey
City-Light-Poster Ankara
27
49
13
58
4
13
0
20
40
60
Stroumler Turkey strong market position and favourable prospects
+ 45x
Other
Source Turkish Advertisers Association based on Net Revenues 2009 Company estimates
Growth drivers of Turkish OoH market
Young attractive demographics gt70MM inhabitants
9 cities with more than 1MM inhabitants
Low advertising spend per capita
Audience measurement system initiated
Stroumler Turkey is the clear OoH market leader
28
Stroumler Turkey development of operations in 2011
H1 organic revenue growth supported by strong regional and giant poster business
Margin decline due to one-off revenue impediments and increased direct costs mainly due to concession scope effects
Sales strategy in H2 directed towards customers with lower TV exposure with good progress
Organic revenue growth in H2 difficult to anticipate given low visibility and ongoing TV reform impacts
Megaboard Ankara
29
Stroumler Poland
Super18-Billboard Warsaw
30
Poland Multiple growth drivers supporting future OoH market growth
Ad SpendCapita in euro
Notes(1) Factor that could act as a positive catalyst for the Polish advertising spend
Source Turkish Advertisers Association Starlink Mediahouse ZenithOptimedia March 2010
Drivers for future Polish OoH market growth
Further market consolidation expected
Street furniture market opportunity in Warsaw
Audience measurement system initiated
Professionalization of OoH market81718
42
61
215
UkraineTurkeyRomaniaPolandHungaryGermany
Strong future ad market growth expected in Poland
31
Stroumler Poland development of operations in 2011
Softer OOH market development continued in H1 leading to negative organic revenue growth rates
Trading momentum improved after recent reinforcement of management
Increased business scope and cost synergies supported H1 margins
Improved trading environment expected in H2
City-Light-Poster Warsaw
32
Stroumler financials H1 2011
33
Stroumler highlights H1 2011
Ongoing structural shift to outdoor in Germany Europes biggest ad market Sales focus on Top 200 advertisers paying off Relevance of digital products in product mix increasing Progress in foreign operations in spite of external effects amp OPEX investments 73 Group organic revenue growth in H1 particularly fuelled by Germany Recurring earnings (net adjusted income) up 41 in H1 EUR 22m capex fully cash flow financed allowing flat net debt vs prior year-end Stable contract portfolio
34
euro MM H1 2010H1 2011 Change
RevenuesOrganic growth (1)
Operational EBITDA
Net adjusted income (2)
Free cash flow (4)
Net debt (5)
24222823 +166
52410073
598 +140117165 +410
3217 -463
3193 -023201
Notes (1) Organic growth = excluding exchange rate effects and effects from the (de)consolidation and discontinuation of operations (2) Operational EBIT net of the financial result adjusted for exceptional items amortization of acquired intangible advertising concessions and the normalized tax expense (325 tax rate) (3) Cash flows from investing activities excluding MampA (4) Free cash flow = cash flows from operating activities less cash flows from investing activities (5) Net debt = financial liabilities less cash (excl hedge liabilities) (6) Net Debt to LTM Operational Ebitda adjusted for full consolidation of Stroumler Turkey
3112 2010H1 2011 Change
Leverage ratio 24x24x 00(6)
Investments 225 66 +2383(3)
Financials at a glance Strong growth in topline and net adjusted income
35
Stroumler Group revenue Balanced increase across all product groups
Growth in billboard largely due to consolidation effects in TR and PL German operations lifted street furniture sales mainly on the back of higher filling ratios Growth in transport revenues supported by double-digit increase in digital revenues
euro MM
+214Reported +223Reported +194Reported
Q1
Q2
H1 2011
1521
629
892
H1 2010
1253
519
734
Q1
Q2
H1 2011
728
337
390
H1 2010
595
262
333
Q1
Q2
H1 2011
409
184
225
H1 2010
343
157
186
Billboard Street Furniture Transport
36
Improved operational cash flow while investing into growth
H1 2011
17
H1 2010
32
euro MM
H1 2011
237
H1 2010
98
-158 H1 2011
-225
H1 2010
-66
excluding MampA
Savings in interest expenses and tax payments following post-IPO refinancing
Increased capital expenditure as in H1 2011 (rollout of Out-of-Home Channel etc)
Improved working capital management
Comments
Cash Flow from Investing
Free Cash Flow
Cash flow from Operations
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
4
4
1997 ndash Entry into giant poster market through blowUP media
5
5
19981999 ndash Expansion into Turkey and Poland
6
6
2004 ndash Acquisition of market leading DSM and INFOSCREEN
No 1 poster operator No 1 digital OoH operator
7
2005 ndash Acquisition of Deutsche Eisenbahn-Reklame (DERG)
8
2010 ndash Initial Public Offering
9
9
2010 ndash Takeover of News Outdoor Poland
10
2010 ndash Share increase in Stroumler Kentvizyon from 50 to 90
11
FY 2010 Financials
bull euro 531 MM Net Sales (+13)bull euro 127 MM Op EBITDA (+27)
1 player in underpenetrated and attractive growth markets
Source Company Information in terms of revenue
Core marketsblowUP mediaRegional HQ
Cologne
Warsaw
Istanbul
90 of revenues from markets where we are at least double the size of no 2
blowUPStroumler Poland
Stroumler Turkey
Stroumler Germany
Sales Breakdown
1 in GERMANYEuropersquos largest ad market
1 in TURKEYEuropersquos largest emerging market
1 in POLANDLargest CEE market
1 Giant Poster network in EUROPE (D UK E Benelux)
12
Advertising customersConcessions rights
Stroumlerlsquos source of business in a nutshell
gt 4000 concession rights on public ground
gt15000 concession rights on private ground
Deutsche Bahn contract
Media agencies brokers
National advertisers
Regional advertisers
SUPPLY OPERATIONS SALES
13
Stroumlerrsquos well-diversified product portfolio - Billboards
large ad format (gt 9msup2)
located at arterial roads or in inner city areas
premium focus
incl giant posters
2010 Revenue euro278 MM
52 share
= margin intensity
= capex intensity
Traditional Billboard
Mega Light
Premium Billboard
blowUP
Billboards
14
Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
2010 Revenue euro135 MM
25 share
= margin intensity
= capex intensity
City-Light-Poster
City-Light-Column
City-Light-Poster at bus shelter
Traditional Column
small ad format (~ 2msup2 - 4msup2 )
located in city centers
partly built-in structures (eg bus stops)
Street Furniture
15
Stroumlerrsquos well-diversified product portfolio - Transport
2010 Revenue euro74 MM
14 share
= margin intensity
= capex intensity
Station Media
Infoscreen
Train Bus
Out-of-Home Channel
Ads attached to public transport vehicles
Traditional amp digital ads at transport hubs
Transport
1616
UrbanizationDigitalization
Megatrends driving out-of-home advertising
Mobility
17
TV media fragmentation single placements lose their reach
Source MediaComGfK
10 Spots
522 Spots
1965
2010
2055
Number of aired TV Spots to get 80 reach
Factor of 50x
18
Structural change through digitalization ndash clear opportunity for OOH
Advertising channels
Advertisingmedia
Target groups
No fragmentation
Stable number of airportsrailway stations
Offline to online
Shorter time to market
New creative possibilitiesFlexibility
in targeting back channel
Premium target groups with increasedmobility
Mobile phones driving pesonal mobility
Mobile internetdriving work mobility
Stable number of key public traffic ways
19
Favorable German ad market 2011NIELSEN data confirms structural shift to outdoor
Source Nielsen Media Research 062011
Gross advertising market increases 46 in H1 2011
Strongest growing media Internet cinema poster
Poster with above average growth of 11 and 25 BPS higher market share at 42
Nielsen forecast H2 2011 OOH market expected to outperform total ad market
20
Favorable German ad market 2011Promising development of TOP 200 in H1 2011
Nielsen -TOP 200 advertisers increased gross spend on poster by 19 yoy compared to 11 growth of TOP 200 spending across all media
Market share of poster with Nielsen-Top 200 advertisers advanced from 34 to 40
Stroumlerrsquos best performing industries FMCG automotive and retail
Top 200 advertisers as defined by Nielsen Media Research
21
Growth project Germany premium billboard
Premium Billboard Cologne
22
Premium Billboard Bonn
23
Premium billboard rollout progressing well
Focus on prime locations in major metropolitan cities
Rising number of new locations in addition to upgrade of traditional boards
Super-size locations with up to 3 displays in a row allowing new creative concepts
Increasing number of customers upgrading campaigns with premium billboards
Customer base further enlarged (selection)
23
577
FY 2011Target
900 ndash 1000
Q3 2011Actual
Number of installed displays
24
Growth project Germany Out-of-Home-Channel
Out-of-Home- Channel Frankfurt Main
25
Out-of-home channel with growing network and increasing demand
More than 780 Screens installed and well on
track for up to 1000 by Dec 11
Rollout focus now on top stations in Hamburg
Cologne Duumlsseldorf
Key national accounts driving order backlog
Number of installed screens
780
FY 2011Target
~1000
Oct 2011Actual
26
Stroumler Turkey
City-Light-Poster Ankara
27
49
13
58
4
13
0
20
40
60
Stroumler Turkey strong market position and favourable prospects
+ 45x
Other
Source Turkish Advertisers Association based on Net Revenues 2009 Company estimates
Growth drivers of Turkish OoH market
Young attractive demographics gt70MM inhabitants
9 cities with more than 1MM inhabitants
Low advertising spend per capita
Audience measurement system initiated
Stroumler Turkey is the clear OoH market leader
28
Stroumler Turkey development of operations in 2011
H1 organic revenue growth supported by strong regional and giant poster business
Margin decline due to one-off revenue impediments and increased direct costs mainly due to concession scope effects
Sales strategy in H2 directed towards customers with lower TV exposure with good progress
Organic revenue growth in H2 difficult to anticipate given low visibility and ongoing TV reform impacts
Megaboard Ankara
29
Stroumler Poland
Super18-Billboard Warsaw
30
Poland Multiple growth drivers supporting future OoH market growth
Ad SpendCapita in euro
Notes(1) Factor that could act as a positive catalyst for the Polish advertising spend
Source Turkish Advertisers Association Starlink Mediahouse ZenithOptimedia March 2010
Drivers for future Polish OoH market growth
Further market consolidation expected
Street furniture market opportunity in Warsaw
Audience measurement system initiated
Professionalization of OoH market81718
42
61
215
UkraineTurkeyRomaniaPolandHungaryGermany
Strong future ad market growth expected in Poland
31
Stroumler Poland development of operations in 2011
Softer OOH market development continued in H1 leading to negative organic revenue growth rates
Trading momentum improved after recent reinforcement of management
Increased business scope and cost synergies supported H1 margins
Improved trading environment expected in H2
City-Light-Poster Warsaw
32
Stroumler financials H1 2011
33
Stroumler highlights H1 2011
Ongoing structural shift to outdoor in Germany Europes biggest ad market Sales focus on Top 200 advertisers paying off Relevance of digital products in product mix increasing Progress in foreign operations in spite of external effects amp OPEX investments 73 Group organic revenue growth in H1 particularly fuelled by Germany Recurring earnings (net adjusted income) up 41 in H1 EUR 22m capex fully cash flow financed allowing flat net debt vs prior year-end Stable contract portfolio
34
euro MM H1 2010H1 2011 Change
RevenuesOrganic growth (1)
Operational EBITDA
Net adjusted income (2)
Free cash flow (4)
Net debt (5)
24222823 +166
52410073
598 +140117165 +410
3217 -463
3193 -023201
Notes (1) Organic growth = excluding exchange rate effects and effects from the (de)consolidation and discontinuation of operations (2) Operational EBIT net of the financial result adjusted for exceptional items amortization of acquired intangible advertising concessions and the normalized tax expense (325 tax rate) (3) Cash flows from investing activities excluding MampA (4) Free cash flow = cash flows from operating activities less cash flows from investing activities (5) Net debt = financial liabilities less cash (excl hedge liabilities) (6) Net Debt to LTM Operational Ebitda adjusted for full consolidation of Stroumler Turkey
3112 2010H1 2011 Change
Leverage ratio 24x24x 00(6)
Investments 225 66 +2383(3)
Financials at a glance Strong growth in topline and net adjusted income
35
Stroumler Group revenue Balanced increase across all product groups
Growth in billboard largely due to consolidation effects in TR and PL German operations lifted street furniture sales mainly on the back of higher filling ratios Growth in transport revenues supported by double-digit increase in digital revenues
euro MM
+214Reported +223Reported +194Reported
Q1
Q2
H1 2011
1521
629
892
H1 2010
1253
519
734
Q1
Q2
H1 2011
728
337
390
H1 2010
595
262
333
Q1
Q2
H1 2011
409
184
225
H1 2010
343
157
186
Billboard Street Furniture Transport
36
Improved operational cash flow while investing into growth
H1 2011
17
H1 2010
32
euro MM
H1 2011
237
H1 2010
98
-158 H1 2011
-225
H1 2010
-66
excluding MampA
Savings in interest expenses and tax payments following post-IPO refinancing
Increased capital expenditure as in H1 2011 (rollout of Out-of-Home Channel etc)
Improved working capital management
Comments
Cash Flow from Investing
Free Cash Flow
Cash flow from Operations
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
5
5
19981999 ndash Expansion into Turkey and Poland
6
6
2004 ndash Acquisition of market leading DSM and INFOSCREEN
No 1 poster operator No 1 digital OoH operator
7
2005 ndash Acquisition of Deutsche Eisenbahn-Reklame (DERG)
8
2010 ndash Initial Public Offering
9
9
2010 ndash Takeover of News Outdoor Poland
10
2010 ndash Share increase in Stroumler Kentvizyon from 50 to 90
11
FY 2010 Financials
bull euro 531 MM Net Sales (+13)bull euro 127 MM Op EBITDA (+27)
1 player in underpenetrated and attractive growth markets
Source Company Information in terms of revenue
Core marketsblowUP mediaRegional HQ
Cologne
Warsaw
Istanbul
90 of revenues from markets where we are at least double the size of no 2
blowUPStroumler Poland
Stroumler Turkey
Stroumler Germany
Sales Breakdown
1 in GERMANYEuropersquos largest ad market
1 in TURKEYEuropersquos largest emerging market
1 in POLANDLargest CEE market
1 Giant Poster network in EUROPE (D UK E Benelux)
12
Advertising customersConcessions rights
Stroumlerlsquos source of business in a nutshell
gt 4000 concession rights on public ground
gt15000 concession rights on private ground
Deutsche Bahn contract
Media agencies brokers
National advertisers
Regional advertisers
SUPPLY OPERATIONS SALES
13
Stroumlerrsquos well-diversified product portfolio - Billboards
large ad format (gt 9msup2)
located at arterial roads or in inner city areas
premium focus
incl giant posters
2010 Revenue euro278 MM
52 share
= margin intensity
= capex intensity
Traditional Billboard
Mega Light
Premium Billboard
blowUP
Billboards
14
Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
2010 Revenue euro135 MM
25 share
= margin intensity
= capex intensity
City-Light-Poster
City-Light-Column
City-Light-Poster at bus shelter
Traditional Column
small ad format (~ 2msup2 - 4msup2 )
located in city centers
partly built-in structures (eg bus stops)
Street Furniture
15
Stroumlerrsquos well-diversified product portfolio - Transport
2010 Revenue euro74 MM
14 share
= margin intensity
= capex intensity
Station Media
Infoscreen
Train Bus
Out-of-Home Channel
Ads attached to public transport vehicles
Traditional amp digital ads at transport hubs
Transport
1616
UrbanizationDigitalization
Megatrends driving out-of-home advertising
Mobility
17
TV media fragmentation single placements lose their reach
Source MediaComGfK
10 Spots
522 Spots
1965
2010
2055
Number of aired TV Spots to get 80 reach
Factor of 50x
18
Structural change through digitalization ndash clear opportunity for OOH
Advertising channels
Advertisingmedia
Target groups
No fragmentation
Stable number of airportsrailway stations
Offline to online
Shorter time to market
New creative possibilitiesFlexibility
in targeting back channel
Premium target groups with increasedmobility
Mobile phones driving pesonal mobility
Mobile internetdriving work mobility
Stable number of key public traffic ways
19
Favorable German ad market 2011NIELSEN data confirms structural shift to outdoor
Source Nielsen Media Research 062011
Gross advertising market increases 46 in H1 2011
Strongest growing media Internet cinema poster
Poster with above average growth of 11 and 25 BPS higher market share at 42
Nielsen forecast H2 2011 OOH market expected to outperform total ad market
20
Favorable German ad market 2011Promising development of TOP 200 in H1 2011
Nielsen -TOP 200 advertisers increased gross spend on poster by 19 yoy compared to 11 growth of TOP 200 spending across all media
Market share of poster with Nielsen-Top 200 advertisers advanced from 34 to 40
Stroumlerrsquos best performing industries FMCG automotive and retail
Top 200 advertisers as defined by Nielsen Media Research
21
Growth project Germany premium billboard
Premium Billboard Cologne
22
Premium Billboard Bonn
23
Premium billboard rollout progressing well
Focus on prime locations in major metropolitan cities
Rising number of new locations in addition to upgrade of traditional boards
Super-size locations with up to 3 displays in a row allowing new creative concepts
Increasing number of customers upgrading campaigns with premium billboards
Customer base further enlarged (selection)
23
577
FY 2011Target
900 ndash 1000
Q3 2011Actual
Number of installed displays
24
Growth project Germany Out-of-Home-Channel
Out-of-Home- Channel Frankfurt Main
25
Out-of-home channel with growing network and increasing demand
More than 780 Screens installed and well on
track for up to 1000 by Dec 11
Rollout focus now on top stations in Hamburg
Cologne Duumlsseldorf
Key national accounts driving order backlog
Number of installed screens
780
FY 2011Target
~1000
Oct 2011Actual
26
Stroumler Turkey
City-Light-Poster Ankara
27
49
13
58
4
13
0
20
40
60
Stroumler Turkey strong market position and favourable prospects
+ 45x
Other
Source Turkish Advertisers Association based on Net Revenues 2009 Company estimates
Growth drivers of Turkish OoH market
Young attractive demographics gt70MM inhabitants
9 cities with more than 1MM inhabitants
Low advertising spend per capita
Audience measurement system initiated
Stroumler Turkey is the clear OoH market leader
28
Stroumler Turkey development of operations in 2011
H1 organic revenue growth supported by strong regional and giant poster business
Margin decline due to one-off revenue impediments and increased direct costs mainly due to concession scope effects
Sales strategy in H2 directed towards customers with lower TV exposure with good progress
Organic revenue growth in H2 difficult to anticipate given low visibility and ongoing TV reform impacts
Megaboard Ankara
29
Stroumler Poland
Super18-Billboard Warsaw
30
Poland Multiple growth drivers supporting future OoH market growth
Ad SpendCapita in euro
Notes(1) Factor that could act as a positive catalyst for the Polish advertising spend
Source Turkish Advertisers Association Starlink Mediahouse ZenithOptimedia March 2010
Drivers for future Polish OoH market growth
Further market consolidation expected
Street furniture market opportunity in Warsaw
Audience measurement system initiated
Professionalization of OoH market81718
42
61
215
UkraineTurkeyRomaniaPolandHungaryGermany
Strong future ad market growth expected in Poland
31
Stroumler Poland development of operations in 2011
Softer OOH market development continued in H1 leading to negative organic revenue growth rates
Trading momentum improved after recent reinforcement of management
Increased business scope and cost synergies supported H1 margins
Improved trading environment expected in H2
City-Light-Poster Warsaw
32
Stroumler financials H1 2011
33
Stroumler highlights H1 2011
Ongoing structural shift to outdoor in Germany Europes biggest ad market Sales focus on Top 200 advertisers paying off Relevance of digital products in product mix increasing Progress in foreign operations in spite of external effects amp OPEX investments 73 Group organic revenue growth in H1 particularly fuelled by Germany Recurring earnings (net adjusted income) up 41 in H1 EUR 22m capex fully cash flow financed allowing flat net debt vs prior year-end Stable contract portfolio
34
euro MM H1 2010H1 2011 Change
RevenuesOrganic growth (1)
Operational EBITDA
Net adjusted income (2)
Free cash flow (4)
Net debt (5)
24222823 +166
52410073
598 +140117165 +410
3217 -463
3193 -023201
Notes (1) Organic growth = excluding exchange rate effects and effects from the (de)consolidation and discontinuation of operations (2) Operational EBIT net of the financial result adjusted for exceptional items amortization of acquired intangible advertising concessions and the normalized tax expense (325 tax rate) (3) Cash flows from investing activities excluding MampA (4) Free cash flow = cash flows from operating activities less cash flows from investing activities (5) Net debt = financial liabilities less cash (excl hedge liabilities) (6) Net Debt to LTM Operational Ebitda adjusted for full consolidation of Stroumler Turkey
3112 2010H1 2011 Change
Leverage ratio 24x24x 00(6)
Investments 225 66 +2383(3)
Financials at a glance Strong growth in topline and net adjusted income
35
Stroumler Group revenue Balanced increase across all product groups
Growth in billboard largely due to consolidation effects in TR and PL German operations lifted street furniture sales mainly on the back of higher filling ratios Growth in transport revenues supported by double-digit increase in digital revenues
euro MM
+214Reported +223Reported +194Reported
Q1
Q2
H1 2011
1521
629
892
H1 2010
1253
519
734
Q1
Q2
H1 2011
728
337
390
H1 2010
595
262
333
Q1
Q2
H1 2011
409
184
225
H1 2010
343
157
186
Billboard Street Furniture Transport
36
Improved operational cash flow while investing into growth
H1 2011
17
H1 2010
32
euro MM
H1 2011
237
H1 2010
98
-158 H1 2011
-225
H1 2010
-66
excluding MampA
Savings in interest expenses and tax payments following post-IPO refinancing
Increased capital expenditure as in H1 2011 (rollout of Out-of-Home Channel etc)
Improved working capital management
Comments
Cash Flow from Investing
Free Cash Flow
Cash flow from Operations
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
6
6
2004 ndash Acquisition of market leading DSM and INFOSCREEN
No 1 poster operator No 1 digital OoH operator
7
2005 ndash Acquisition of Deutsche Eisenbahn-Reklame (DERG)
8
2010 ndash Initial Public Offering
9
9
2010 ndash Takeover of News Outdoor Poland
10
2010 ndash Share increase in Stroumler Kentvizyon from 50 to 90
11
FY 2010 Financials
bull euro 531 MM Net Sales (+13)bull euro 127 MM Op EBITDA (+27)
1 player in underpenetrated and attractive growth markets
Source Company Information in terms of revenue
Core marketsblowUP mediaRegional HQ
Cologne
Warsaw
Istanbul
90 of revenues from markets where we are at least double the size of no 2
blowUPStroumler Poland
Stroumler Turkey
Stroumler Germany
Sales Breakdown
1 in GERMANYEuropersquos largest ad market
1 in TURKEYEuropersquos largest emerging market
1 in POLANDLargest CEE market
1 Giant Poster network in EUROPE (D UK E Benelux)
12
Advertising customersConcessions rights
Stroumlerlsquos source of business in a nutshell
gt 4000 concession rights on public ground
gt15000 concession rights on private ground
Deutsche Bahn contract
Media agencies brokers
National advertisers
Regional advertisers
SUPPLY OPERATIONS SALES
13
Stroumlerrsquos well-diversified product portfolio - Billboards
large ad format (gt 9msup2)
located at arterial roads or in inner city areas
premium focus
incl giant posters
2010 Revenue euro278 MM
52 share
= margin intensity
= capex intensity
Traditional Billboard
Mega Light
Premium Billboard
blowUP
Billboards
14
Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
2010 Revenue euro135 MM
25 share
= margin intensity
= capex intensity
City-Light-Poster
City-Light-Column
City-Light-Poster at bus shelter
Traditional Column
small ad format (~ 2msup2 - 4msup2 )
located in city centers
partly built-in structures (eg bus stops)
Street Furniture
15
Stroumlerrsquos well-diversified product portfolio - Transport
2010 Revenue euro74 MM
14 share
= margin intensity
= capex intensity
Station Media
Infoscreen
Train Bus
Out-of-Home Channel
Ads attached to public transport vehicles
Traditional amp digital ads at transport hubs
Transport
1616
UrbanizationDigitalization
Megatrends driving out-of-home advertising
Mobility
17
TV media fragmentation single placements lose their reach
Source MediaComGfK
10 Spots
522 Spots
1965
2010
2055
Number of aired TV Spots to get 80 reach
Factor of 50x
18
Structural change through digitalization ndash clear opportunity for OOH
Advertising channels
Advertisingmedia
Target groups
No fragmentation
Stable number of airportsrailway stations
Offline to online
Shorter time to market
New creative possibilitiesFlexibility
in targeting back channel
Premium target groups with increasedmobility
Mobile phones driving pesonal mobility
Mobile internetdriving work mobility
Stable number of key public traffic ways
19
Favorable German ad market 2011NIELSEN data confirms structural shift to outdoor
Source Nielsen Media Research 062011
Gross advertising market increases 46 in H1 2011
Strongest growing media Internet cinema poster
Poster with above average growth of 11 and 25 BPS higher market share at 42
Nielsen forecast H2 2011 OOH market expected to outperform total ad market
20
Favorable German ad market 2011Promising development of TOP 200 in H1 2011
Nielsen -TOP 200 advertisers increased gross spend on poster by 19 yoy compared to 11 growth of TOP 200 spending across all media
Market share of poster with Nielsen-Top 200 advertisers advanced from 34 to 40
Stroumlerrsquos best performing industries FMCG automotive and retail
Top 200 advertisers as defined by Nielsen Media Research
21
Growth project Germany premium billboard
Premium Billboard Cologne
22
Premium Billboard Bonn
23
Premium billboard rollout progressing well
Focus on prime locations in major metropolitan cities
Rising number of new locations in addition to upgrade of traditional boards
Super-size locations with up to 3 displays in a row allowing new creative concepts
Increasing number of customers upgrading campaigns with premium billboards
Customer base further enlarged (selection)
23
577
FY 2011Target
900 ndash 1000
Q3 2011Actual
Number of installed displays
24
Growth project Germany Out-of-Home-Channel
Out-of-Home- Channel Frankfurt Main
25
Out-of-home channel with growing network and increasing demand
More than 780 Screens installed and well on
track for up to 1000 by Dec 11
Rollout focus now on top stations in Hamburg
Cologne Duumlsseldorf
Key national accounts driving order backlog
Number of installed screens
780
FY 2011Target
~1000
Oct 2011Actual
26
Stroumler Turkey
City-Light-Poster Ankara
27
49
13
58
4
13
0
20
40
60
Stroumler Turkey strong market position and favourable prospects
+ 45x
Other
Source Turkish Advertisers Association based on Net Revenues 2009 Company estimates
Growth drivers of Turkish OoH market
Young attractive demographics gt70MM inhabitants
9 cities with more than 1MM inhabitants
Low advertising spend per capita
Audience measurement system initiated
Stroumler Turkey is the clear OoH market leader
28
Stroumler Turkey development of operations in 2011
H1 organic revenue growth supported by strong regional and giant poster business
Margin decline due to one-off revenue impediments and increased direct costs mainly due to concession scope effects
Sales strategy in H2 directed towards customers with lower TV exposure with good progress
Organic revenue growth in H2 difficult to anticipate given low visibility and ongoing TV reform impacts
Megaboard Ankara
29
Stroumler Poland
Super18-Billboard Warsaw
30
Poland Multiple growth drivers supporting future OoH market growth
Ad SpendCapita in euro
Notes(1) Factor that could act as a positive catalyst for the Polish advertising spend
Source Turkish Advertisers Association Starlink Mediahouse ZenithOptimedia March 2010
Drivers for future Polish OoH market growth
Further market consolidation expected
Street furniture market opportunity in Warsaw
Audience measurement system initiated
Professionalization of OoH market81718
42
61
215
UkraineTurkeyRomaniaPolandHungaryGermany
Strong future ad market growth expected in Poland
31
Stroumler Poland development of operations in 2011
Softer OOH market development continued in H1 leading to negative organic revenue growth rates
Trading momentum improved after recent reinforcement of management
Increased business scope and cost synergies supported H1 margins
Improved trading environment expected in H2
City-Light-Poster Warsaw
32
Stroumler financials H1 2011
33
Stroumler highlights H1 2011
Ongoing structural shift to outdoor in Germany Europes biggest ad market Sales focus on Top 200 advertisers paying off Relevance of digital products in product mix increasing Progress in foreign operations in spite of external effects amp OPEX investments 73 Group organic revenue growth in H1 particularly fuelled by Germany Recurring earnings (net adjusted income) up 41 in H1 EUR 22m capex fully cash flow financed allowing flat net debt vs prior year-end Stable contract portfolio
34
euro MM H1 2010H1 2011 Change
RevenuesOrganic growth (1)
Operational EBITDA
Net adjusted income (2)
Free cash flow (4)
Net debt (5)
24222823 +166
52410073
598 +140117165 +410
3217 -463
3193 -023201
Notes (1) Organic growth = excluding exchange rate effects and effects from the (de)consolidation and discontinuation of operations (2) Operational EBIT net of the financial result adjusted for exceptional items amortization of acquired intangible advertising concessions and the normalized tax expense (325 tax rate) (3) Cash flows from investing activities excluding MampA (4) Free cash flow = cash flows from operating activities less cash flows from investing activities (5) Net debt = financial liabilities less cash (excl hedge liabilities) (6) Net Debt to LTM Operational Ebitda adjusted for full consolidation of Stroumler Turkey
3112 2010H1 2011 Change
Leverage ratio 24x24x 00(6)
Investments 225 66 +2383(3)
Financials at a glance Strong growth in topline and net adjusted income
35
Stroumler Group revenue Balanced increase across all product groups
Growth in billboard largely due to consolidation effects in TR and PL German operations lifted street furniture sales mainly on the back of higher filling ratios Growth in transport revenues supported by double-digit increase in digital revenues
euro MM
+214Reported +223Reported +194Reported
Q1
Q2
H1 2011
1521
629
892
H1 2010
1253
519
734
Q1
Q2
H1 2011
728
337
390
H1 2010
595
262
333
Q1
Q2
H1 2011
409
184
225
H1 2010
343
157
186
Billboard Street Furniture Transport
36
Improved operational cash flow while investing into growth
H1 2011
17
H1 2010
32
euro MM
H1 2011
237
H1 2010
98
-158 H1 2011
-225
H1 2010
-66
excluding MampA
Savings in interest expenses and tax payments following post-IPO refinancing
Increased capital expenditure as in H1 2011 (rollout of Out-of-Home Channel etc)
Improved working capital management
Comments
Cash Flow from Investing
Free Cash Flow
Cash flow from Operations
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
7
2005 ndash Acquisition of Deutsche Eisenbahn-Reklame (DERG)
8
2010 ndash Initial Public Offering
9
9
2010 ndash Takeover of News Outdoor Poland
10
2010 ndash Share increase in Stroumler Kentvizyon from 50 to 90
11
FY 2010 Financials
bull euro 531 MM Net Sales (+13)bull euro 127 MM Op EBITDA (+27)
1 player in underpenetrated and attractive growth markets
Source Company Information in terms of revenue
Core marketsblowUP mediaRegional HQ
Cologne
Warsaw
Istanbul
90 of revenues from markets where we are at least double the size of no 2
blowUPStroumler Poland
Stroumler Turkey
Stroumler Germany
Sales Breakdown
1 in GERMANYEuropersquos largest ad market
1 in TURKEYEuropersquos largest emerging market
1 in POLANDLargest CEE market
1 Giant Poster network in EUROPE (D UK E Benelux)
12
Advertising customersConcessions rights
Stroumlerlsquos source of business in a nutshell
gt 4000 concession rights on public ground
gt15000 concession rights on private ground
Deutsche Bahn contract
Media agencies brokers
National advertisers
Regional advertisers
SUPPLY OPERATIONS SALES
13
Stroumlerrsquos well-diversified product portfolio - Billboards
large ad format (gt 9msup2)
located at arterial roads or in inner city areas
premium focus
incl giant posters
2010 Revenue euro278 MM
52 share
= margin intensity
= capex intensity
Traditional Billboard
Mega Light
Premium Billboard
blowUP
Billboards
14
Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
2010 Revenue euro135 MM
25 share
= margin intensity
= capex intensity
City-Light-Poster
City-Light-Column
City-Light-Poster at bus shelter
Traditional Column
small ad format (~ 2msup2 - 4msup2 )
located in city centers
partly built-in structures (eg bus stops)
Street Furniture
15
Stroumlerrsquos well-diversified product portfolio - Transport
2010 Revenue euro74 MM
14 share
= margin intensity
= capex intensity
Station Media
Infoscreen
Train Bus
Out-of-Home Channel
Ads attached to public transport vehicles
Traditional amp digital ads at transport hubs
Transport
1616
UrbanizationDigitalization
Megatrends driving out-of-home advertising
Mobility
17
TV media fragmentation single placements lose their reach
Source MediaComGfK
10 Spots
522 Spots
1965
2010
2055
Number of aired TV Spots to get 80 reach
Factor of 50x
18
Structural change through digitalization ndash clear opportunity for OOH
Advertising channels
Advertisingmedia
Target groups
No fragmentation
Stable number of airportsrailway stations
Offline to online
Shorter time to market
New creative possibilitiesFlexibility
in targeting back channel
Premium target groups with increasedmobility
Mobile phones driving pesonal mobility
Mobile internetdriving work mobility
Stable number of key public traffic ways
19
Favorable German ad market 2011NIELSEN data confirms structural shift to outdoor
Source Nielsen Media Research 062011
Gross advertising market increases 46 in H1 2011
Strongest growing media Internet cinema poster
Poster with above average growth of 11 and 25 BPS higher market share at 42
Nielsen forecast H2 2011 OOH market expected to outperform total ad market
20
Favorable German ad market 2011Promising development of TOP 200 in H1 2011
Nielsen -TOP 200 advertisers increased gross spend on poster by 19 yoy compared to 11 growth of TOP 200 spending across all media
Market share of poster with Nielsen-Top 200 advertisers advanced from 34 to 40
Stroumlerrsquos best performing industries FMCG automotive and retail
Top 200 advertisers as defined by Nielsen Media Research
21
Growth project Germany premium billboard
Premium Billboard Cologne
22
Premium Billboard Bonn
23
Premium billboard rollout progressing well
Focus on prime locations in major metropolitan cities
Rising number of new locations in addition to upgrade of traditional boards
Super-size locations with up to 3 displays in a row allowing new creative concepts
Increasing number of customers upgrading campaigns with premium billboards
Customer base further enlarged (selection)
23
577
FY 2011Target
900 ndash 1000
Q3 2011Actual
Number of installed displays
24
Growth project Germany Out-of-Home-Channel
Out-of-Home- Channel Frankfurt Main
25
Out-of-home channel with growing network and increasing demand
More than 780 Screens installed and well on
track for up to 1000 by Dec 11
Rollout focus now on top stations in Hamburg
Cologne Duumlsseldorf
Key national accounts driving order backlog
Number of installed screens
780
FY 2011Target
~1000
Oct 2011Actual
26
Stroumler Turkey
City-Light-Poster Ankara
27
49
13
58
4
13
0
20
40
60
Stroumler Turkey strong market position and favourable prospects
+ 45x
Other
Source Turkish Advertisers Association based on Net Revenues 2009 Company estimates
Growth drivers of Turkish OoH market
Young attractive demographics gt70MM inhabitants
9 cities with more than 1MM inhabitants
Low advertising spend per capita
Audience measurement system initiated
Stroumler Turkey is the clear OoH market leader
28
Stroumler Turkey development of operations in 2011
H1 organic revenue growth supported by strong regional and giant poster business
Margin decline due to one-off revenue impediments and increased direct costs mainly due to concession scope effects
Sales strategy in H2 directed towards customers with lower TV exposure with good progress
Organic revenue growth in H2 difficult to anticipate given low visibility and ongoing TV reform impacts
Megaboard Ankara
29
Stroumler Poland
Super18-Billboard Warsaw
30
Poland Multiple growth drivers supporting future OoH market growth
Ad SpendCapita in euro
Notes(1) Factor that could act as a positive catalyst for the Polish advertising spend
Source Turkish Advertisers Association Starlink Mediahouse ZenithOptimedia March 2010
Drivers for future Polish OoH market growth
Further market consolidation expected
Street furniture market opportunity in Warsaw
Audience measurement system initiated
Professionalization of OoH market81718
42
61
215
UkraineTurkeyRomaniaPolandHungaryGermany
Strong future ad market growth expected in Poland
31
Stroumler Poland development of operations in 2011
Softer OOH market development continued in H1 leading to negative organic revenue growth rates
Trading momentum improved after recent reinforcement of management
Increased business scope and cost synergies supported H1 margins
Improved trading environment expected in H2
City-Light-Poster Warsaw
32
Stroumler financials H1 2011
33
Stroumler highlights H1 2011
Ongoing structural shift to outdoor in Germany Europes biggest ad market Sales focus on Top 200 advertisers paying off Relevance of digital products in product mix increasing Progress in foreign operations in spite of external effects amp OPEX investments 73 Group organic revenue growth in H1 particularly fuelled by Germany Recurring earnings (net adjusted income) up 41 in H1 EUR 22m capex fully cash flow financed allowing flat net debt vs prior year-end Stable contract portfolio
34
euro MM H1 2010H1 2011 Change
RevenuesOrganic growth (1)
Operational EBITDA
Net adjusted income (2)
Free cash flow (4)
Net debt (5)
24222823 +166
52410073
598 +140117165 +410
3217 -463
3193 -023201
Notes (1) Organic growth = excluding exchange rate effects and effects from the (de)consolidation and discontinuation of operations (2) Operational EBIT net of the financial result adjusted for exceptional items amortization of acquired intangible advertising concessions and the normalized tax expense (325 tax rate) (3) Cash flows from investing activities excluding MampA (4) Free cash flow = cash flows from operating activities less cash flows from investing activities (5) Net debt = financial liabilities less cash (excl hedge liabilities) (6) Net Debt to LTM Operational Ebitda adjusted for full consolidation of Stroumler Turkey
3112 2010H1 2011 Change
Leverage ratio 24x24x 00(6)
Investments 225 66 +2383(3)
Financials at a glance Strong growth in topline and net adjusted income
35
Stroumler Group revenue Balanced increase across all product groups
Growth in billboard largely due to consolidation effects in TR and PL German operations lifted street furniture sales mainly on the back of higher filling ratios Growth in transport revenues supported by double-digit increase in digital revenues
euro MM
+214Reported +223Reported +194Reported
Q1
Q2
H1 2011
1521
629
892
H1 2010
1253
519
734
Q1
Q2
H1 2011
728
337
390
H1 2010
595
262
333
Q1
Q2
H1 2011
409
184
225
H1 2010
343
157
186
Billboard Street Furniture Transport
36
Improved operational cash flow while investing into growth
H1 2011
17
H1 2010
32
euro MM
H1 2011
237
H1 2010
98
-158 H1 2011
-225
H1 2010
-66
excluding MampA
Savings in interest expenses and tax payments following post-IPO refinancing
Increased capital expenditure as in H1 2011 (rollout of Out-of-Home Channel etc)
Improved working capital management
Comments
Cash Flow from Investing
Free Cash Flow
Cash flow from Operations
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
8
2010 ndash Initial Public Offering
9
9
2010 ndash Takeover of News Outdoor Poland
10
2010 ndash Share increase in Stroumler Kentvizyon from 50 to 90
11
FY 2010 Financials
bull euro 531 MM Net Sales (+13)bull euro 127 MM Op EBITDA (+27)
1 player in underpenetrated and attractive growth markets
Source Company Information in terms of revenue
Core marketsblowUP mediaRegional HQ
Cologne
Warsaw
Istanbul
90 of revenues from markets where we are at least double the size of no 2
blowUPStroumler Poland
Stroumler Turkey
Stroumler Germany
Sales Breakdown
1 in GERMANYEuropersquos largest ad market
1 in TURKEYEuropersquos largest emerging market
1 in POLANDLargest CEE market
1 Giant Poster network in EUROPE (D UK E Benelux)
12
Advertising customersConcessions rights
Stroumlerlsquos source of business in a nutshell
gt 4000 concession rights on public ground
gt15000 concession rights on private ground
Deutsche Bahn contract
Media agencies brokers
National advertisers
Regional advertisers
SUPPLY OPERATIONS SALES
13
Stroumlerrsquos well-diversified product portfolio - Billboards
large ad format (gt 9msup2)
located at arterial roads or in inner city areas
premium focus
incl giant posters
2010 Revenue euro278 MM
52 share
= margin intensity
= capex intensity
Traditional Billboard
Mega Light
Premium Billboard
blowUP
Billboards
14
Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
2010 Revenue euro135 MM
25 share
= margin intensity
= capex intensity
City-Light-Poster
City-Light-Column
City-Light-Poster at bus shelter
Traditional Column
small ad format (~ 2msup2 - 4msup2 )
located in city centers
partly built-in structures (eg bus stops)
Street Furniture
15
Stroumlerrsquos well-diversified product portfolio - Transport
2010 Revenue euro74 MM
14 share
= margin intensity
= capex intensity
Station Media
Infoscreen
Train Bus
Out-of-Home Channel
Ads attached to public transport vehicles
Traditional amp digital ads at transport hubs
Transport
1616
UrbanizationDigitalization
Megatrends driving out-of-home advertising
Mobility
17
TV media fragmentation single placements lose their reach
Source MediaComGfK
10 Spots
522 Spots
1965
2010
2055
Number of aired TV Spots to get 80 reach
Factor of 50x
18
Structural change through digitalization ndash clear opportunity for OOH
Advertising channels
Advertisingmedia
Target groups
No fragmentation
Stable number of airportsrailway stations
Offline to online
Shorter time to market
New creative possibilitiesFlexibility
in targeting back channel
Premium target groups with increasedmobility
Mobile phones driving pesonal mobility
Mobile internetdriving work mobility
Stable number of key public traffic ways
19
Favorable German ad market 2011NIELSEN data confirms structural shift to outdoor
Source Nielsen Media Research 062011
Gross advertising market increases 46 in H1 2011
Strongest growing media Internet cinema poster
Poster with above average growth of 11 and 25 BPS higher market share at 42
Nielsen forecast H2 2011 OOH market expected to outperform total ad market
20
Favorable German ad market 2011Promising development of TOP 200 in H1 2011
Nielsen -TOP 200 advertisers increased gross spend on poster by 19 yoy compared to 11 growth of TOP 200 spending across all media
Market share of poster with Nielsen-Top 200 advertisers advanced from 34 to 40
Stroumlerrsquos best performing industries FMCG automotive and retail
Top 200 advertisers as defined by Nielsen Media Research
21
Growth project Germany premium billboard
Premium Billboard Cologne
22
Premium Billboard Bonn
23
Premium billboard rollout progressing well
Focus on prime locations in major metropolitan cities
Rising number of new locations in addition to upgrade of traditional boards
Super-size locations with up to 3 displays in a row allowing new creative concepts
Increasing number of customers upgrading campaigns with premium billboards
Customer base further enlarged (selection)
23
577
FY 2011Target
900 ndash 1000
Q3 2011Actual
Number of installed displays
24
Growth project Germany Out-of-Home-Channel
Out-of-Home- Channel Frankfurt Main
25
Out-of-home channel with growing network and increasing demand
More than 780 Screens installed and well on
track for up to 1000 by Dec 11
Rollout focus now on top stations in Hamburg
Cologne Duumlsseldorf
Key national accounts driving order backlog
Number of installed screens
780
FY 2011Target
~1000
Oct 2011Actual
26
Stroumler Turkey
City-Light-Poster Ankara
27
49
13
58
4
13
0
20
40
60
Stroumler Turkey strong market position and favourable prospects
+ 45x
Other
Source Turkish Advertisers Association based on Net Revenues 2009 Company estimates
Growth drivers of Turkish OoH market
Young attractive demographics gt70MM inhabitants
9 cities with more than 1MM inhabitants
Low advertising spend per capita
Audience measurement system initiated
Stroumler Turkey is the clear OoH market leader
28
Stroumler Turkey development of operations in 2011
H1 organic revenue growth supported by strong regional and giant poster business
Margin decline due to one-off revenue impediments and increased direct costs mainly due to concession scope effects
Sales strategy in H2 directed towards customers with lower TV exposure with good progress
Organic revenue growth in H2 difficult to anticipate given low visibility and ongoing TV reform impacts
Megaboard Ankara
29
Stroumler Poland
Super18-Billboard Warsaw
30
Poland Multiple growth drivers supporting future OoH market growth
Ad SpendCapita in euro
Notes(1) Factor that could act as a positive catalyst for the Polish advertising spend
Source Turkish Advertisers Association Starlink Mediahouse ZenithOptimedia March 2010
Drivers for future Polish OoH market growth
Further market consolidation expected
Street furniture market opportunity in Warsaw
Audience measurement system initiated
Professionalization of OoH market81718
42
61
215
UkraineTurkeyRomaniaPolandHungaryGermany
Strong future ad market growth expected in Poland
31
Stroumler Poland development of operations in 2011
Softer OOH market development continued in H1 leading to negative organic revenue growth rates
Trading momentum improved after recent reinforcement of management
Increased business scope and cost synergies supported H1 margins
Improved trading environment expected in H2
City-Light-Poster Warsaw
32
Stroumler financials H1 2011
33
Stroumler highlights H1 2011
Ongoing structural shift to outdoor in Germany Europes biggest ad market Sales focus on Top 200 advertisers paying off Relevance of digital products in product mix increasing Progress in foreign operations in spite of external effects amp OPEX investments 73 Group organic revenue growth in H1 particularly fuelled by Germany Recurring earnings (net adjusted income) up 41 in H1 EUR 22m capex fully cash flow financed allowing flat net debt vs prior year-end Stable contract portfolio
34
euro MM H1 2010H1 2011 Change
RevenuesOrganic growth (1)
Operational EBITDA
Net adjusted income (2)
Free cash flow (4)
Net debt (5)
24222823 +166
52410073
598 +140117165 +410
3217 -463
3193 -023201
Notes (1) Organic growth = excluding exchange rate effects and effects from the (de)consolidation and discontinuation of operations (2) Operational EBIT net of the financial result adjusted for exceptional items amortization of acquired intangible advertising concessions and the normalized tax expense (325 tax rate) (3) Cash flows from investing activities excluding MampA (4) Free cash flow = cash flows from operating activities less cash flows from investing activities (5) Net debt = financial liabilities less cash (excl hedge liabilities) (6) Net Debt to LTM Operational Ebitda adjusted for full consolidation of Stroumler Turkey
3112 2010H1 2011 Change
Leverage ratio 24x24x 00(6)
Investments 225 66 +2383(3)
Financials at a glance Strong growth in topline and net adjusted income
35
Stroumler Group revenue Balanced increase across all product groups
Growth in billboard largely due to consolidation effects in TR and PL German operations lifted street furniture sales mainly on the back of higher filling ratios Growth in transport revenues supported by double-digit increase in digital revenues
euro MM
+214Reported +223Reported +194Reported
Q1
Q2
H1 2011
1521
629
892
H1 2010
1253
519
734
Q1
Q2
H1 2011
728
337
390
H1 2010
595
262
333
Q1
Q2
H1 2011
409
184
225
H1 2010
343
157
186
Billboard Street Furniture Transport
36
Improved operational cash flow while investing into growth
H1 2011
17
H1 2010
32
euro MM
H1 2011
237
H1 2010
98
-158 H1 2011
-225
H1 2010
-66
excluding MampA
Savings in interest expenses and tax payments following post-IPO refinancing
Increased capital expenditure as in H1 2011 (rollout of Out-of-Home Channel etc)
Improved working capital management
Comments
Cash Flow from Investing
Free Cash Flow
Cash flow from Operations
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
9
9
2010 ndash Takeover of News Outdoor Poland
10
2010 ndash Share increase in Stroumler Kentvizyon from 50 to 90
11
FY 2010 Financials
bull euro 531 MM Net Sales (+13)bull euro 127 MM Op EBITDA (+27)
1 player in underpenetrated and attractive growth markets
Source Company Information in terms of revenue
Core marketsblowUP mediaRegional HQ
Cologne
Warsaw
Istanbul
90 of revenues from markets where we are at least double the size of no 2
blowUPStroumler Poland
Stroumler Turkey
Stroumler Germany
Sales Breakdown
1 in GERMANYEuropersquos largest ad market
1 in TURKEYEuropersquos largest emerging market
1 in POLANDLargest CEE market
1 Giant Poster network in EUROPE (D UK E Benelux)
12
Advertising customersConcessions rights
Stroumlerlsquos source of business in a nutshell
gt 4000 concession rights on public ground
gt15000 concession rights on private ground
Deutsche Bahn contract
Media agencies brokers
National advertisers
Regional advertisers
SUPPLY OPERATIONS SALES
13
Stroumlerrsquos well-diversified product portfolio - Billboards
large ad format (gt 9msup2)
located at arterial roads or in inner city areas
premium focus
incl giant posters
2010 Revenue euro278 MM
52 share
= margin intensity
= capex intensity
Traditional Billboard
Mega Light
Premium Billboard
blowUP
Billboards
14
Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
2010 Revenue euro135 MM
25 share
= margin intensity
= capex intensity
City-Light-Poster
City-Light-Column
City-Light-Poster at bus shelter
Traditional Column
small ad format (~ 2msup2 - 4msup2 )
located in city centers
partly built-in structures (eg bus stops)
Street Furniture
15
Stroumlerrsquos well-diversified product portfolio - Transport
2010 Revenue euro74 MM
14 share
= margin intensity
= capex intensity
Station Media
Infoscreen
Train Bus
Out-of-Home Channel
Ads attached to public transport vehicles
Traditional amp digital ads at transport hubs
Transport
1616
UrbanizationDigitalization
Megatrends driving out-of-home advertising
Mobility
17
TV media fragmentation single placements lose their reach
Source MediaComGfK
10 Spots
522 Spots
1965
2010
2055
Number of aired TV Spots to get 80 reach
Factor of 50x
18
Structural change through digitalization ndash clear opportunity for OOH
Advertising channels
Advertisingmedia
Target groups
No fragmentation
Stable number of airportsrailway stations
Offline to online
Shorter time to market
New creative possibilitiesFlexibility
in targeting back channel
Premium target groups with increasedmobility
Mobile phones driving pesonal mobility
Mobile internetdriving work mobility
Stable number of key public traffic ways
19
Favorable German ad market 2011NIELSEN data confirms structural shift to outdoor
Source Nielsen Media Research 062011
Gross advertising market increases 46 in H1 2011
Strongest growing media Internet cinema poster
Poster with above average growth of 11 and 25 BPS higher market share at 42
Nielsen forecast H2 2011 OOH market expected to outperform total ad market
20
Favorable German ad market 2011Promising development of TOP 200 in H1 2011
Nielsen -TOP 200 advertisers increased gross spend on poster by 19 yoy compared to 11 growth of TOP 200 spending across all media
Market share of poster with Nielsen-Top 200 advertisers advanced from 34 to 40
Stroumlerrsquos best performing industries FMCG automotive and retail
Top 200 advertisers as defined by Nielsen Media Research
21
Growth project Germany premium billboard
Premium Billboard Cologne
22
Premium Billboard Bonn
23
Premium billboard rollout progressing well
Focus on prime locations in major metropolitan cities
Rising number of new locations in addition to upgrade of traditional boards
Super-size locations with up to 3 displays in a row allowing new creative concepts
Increasing number of customers upgrading campaigns with premium billboards
Customer base further enlarged (selection)
23
577
FY 2011Target
900 ndash 1000
Q3 2011Actual
Number of installed displays
24
Growth project Germany Out-of-Home-Channel
Out-of-Home- Channel Frankfurt Main
25
Out-of-home channel with growing network and increasing demand
More than 780 Screens installed and well on
track for up to 1000 by Dec 11
Rollout focus now on top stations in Hamburg
Cologne Duumlsseldorf
Key national accounts driving order backlog
Number of installed screens
780
FY 2011Target
~1000
Oct 2011Actual
26
Stroumler Turkey
City-Light-Poster Ankara
27
49
13
58
4
13
0
20
40
60
Stroumler Turkey strong market position and favourable prospects
+ 45x
Other
Source Turkish Advertisers Association based on Net Revenues 2009 Company estimates
Growth drivers of Turkish OoH market
Young attractive demographics gt70MM inhabitants
9 cities with more than 1MM inhabitants
Low advertising spend per capita
Audience measurement system initiated
Stroumler Turkey is the clear OoH market leader
28
Stroumler Turkey development of operations in 2011
H1 organic revenue growth supported by strong regional and giant poster business
Margin decline due to one-off revenue impediments and increased direct costs mainly due to concession scope effects
Sales strategy in H2 directed towards customers with lower TV exposure with good progress
Organic revenue growth in H2 difficult to anticipate given low visibility and ongoing TV reform impacts
Megaboard Ankara
29
Stroumler Poland
Super18-Billboard Warsaw
30
Poland Multiple growth drivers supporting future OoH market growth
Ad SpendCapita in euro
Notes(1) Factor that could act as a positive catalyst for the Polish advertising spend
Source Turkish Advertisers Association Starlink Mediahouse ZenithOptimedia March 2010
Drivers for future Polish OoH market growth
Further market consolidation expected
Street furniture market opportunity in Warsaw
Audience measurement system initiated
Professionalization of OoH market81718
42
61
215
UkraineTurkeyRomaniaPolandHungaryGermany
Strong future ad market growth expected in Poland
31
Stroumler Poland development of operations in 2011
Softer OOH market development continued in H1 leading to negative organic revenue growth rates
Trading momentum improved after recent reinforcement of management
Increased business scope and cost synergies supported H1 margins
Improved trading environment expected in H2
City-Light-Poster Warsaw
32
Stroumler financials H1 2011
33
Stroumler highlights H1 2011
Ongoing structural shift to outdoor in Germany Europes biggest ad market Sales focus on Top 200 advertisers paying off Relevance of digital products in product mix increasing Progress in foreign operations in spite of external effects amp OPEX investments 73 Group organic revenue growth in H1 particularly fuelled by Germany Recurring earnings (net adjusted income) up 41 in H1 EUR 22m capex fully cash flow financed allowing flat net debt vs prior year-end Stable contract portfolio
34
euro MM H1 2010H1 2011 Change
RevenuesOrganic growth (1)
Operational EBITDA
Net adjusted income (2)
Free cash flow (4)
Net debt (5)
24222823 +166
52410073
598 +140117165 +410
3217 -463
3193 -023201
Notes (1) Organic growth = excluding exchange rate effects and effects from the (de)consolidation and discontinuation of operations (2) Operational EBIT net of the financial result adjusted for exceptional items amortization of acquired intangible advertising concessions and the normalized tax expense (325 tax rate) (3) Cash flows from investing activities excluding MampA (4) Free cash flow = cash flows from operating activities less cash flows from investing activities (5) Net debt = financial liabilities less cash (excl hedge liabilities) (6) Net Debt to LTM Operational Ebitda adjusted for full consolidation of Stroumler Turkey
3112 2010H1 2011 Change
Leverage ratio 24x24x 00(6)
Investments 225 66 +2383(3)
Financials at a glance Strong growth in topline and net adjusted income
35
Stroumler Group revenue Balanced increase across all product groups
Growth in billboard largely due to consolidation effects in TR and PL German operations lifted street furniture sales mainly on the back of higher filling ratios Growth in transport revenues supported by double-digit increase in digital revenues
euro MM
+214Reported +223Reported +194Reported
Q1
Q2
H1 2011
1521
629
892
H1 2010
1253
519
734
Q1
Q2
H1 2011
728
337
390
H1 2010
595
262
333
Q1
Q2
H1 2011
409
184
225
H1 2010
343
157
186
Billboard Street Furniture Transport
36
Improved operational cash flow while investing into growth
H1 2011
17
H1 2010
32
euro MM
H1 2011
237
H1 2010
98
-158 H1 2011
-225
H1 2010
-66
excluding MampA
Savings in interest expenses and tax payments following post-IPO refinancing
Increased capital expenditure as in H1 2011 (rollout of Out-of-Home Channel etc)
Improved working capital management
Comments
Cash Flow from Investing
Free Cash Flow
Cash flow from Operations
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
10
2010 ndash Share increase in Stroumler Kentvizyon from 50 to 90
11
FY 2010 Financials
bull euro 531 MM Net Sales (+13)bull euro 127 MM Op EBITDA (+27)
1 player in underpenetrated and attractive growth markets
Source Company Information in terms of revenue
Core marketsblowUP mediaRegional HQ
Cologne
Warsaw
Istanbul
90 of revenues from markets where we are at least double the size of no 2
blowUPStroumler Poland
Stroumler Turkey
Stroumler Germany
Sales Breakdown
1 in GERMANYEuropersquos largest ad market
1 in TURKEYEuropersquos largest emerging market
1 in POLANDLargest CEE market
1 Giant Poster network in EUROPE (D UK E Benelux)
12
Advertising customersConcessions rights
Stroumlerlsquos source of business in a nutshell
gt 4000 concession rights on public ground
gt15000 concession rights on private ground
Deutsche Bahn contract
Media agencies brokers
National advertisers
Regional advertisers
SUPPLY OPERATIONS SALES
13
Stroumlerrsquos well-diversified product portfolio - Billboards
large ad format (gt 9msup2)
located at arterial roads or in inner city areas
premium focus
incl giant posters
2010 Revenue euro278 MM
52 share
= margin intensity
= capex intensity
Traditional Billboard
Mega Light
Premium Billboard
blowUP
Billboards
14
Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
2010 Revenue euro135 MM
25 share
= margin intensity
= capex intensity
City-Light-Poster
City-Light-Column
City-Light-Poster at bus shelter
Traditional Column
small ad format (~ 2msup2 - 4msup2 )
located in city centers
partly built-in structures (eg bus stops)
Street Furniture
15
Stroumlerrsquos well-diversified product portfolio - Transport
2010 Revenue euro74 MM
14 share
= margin intensity
= capex intensity
Station Media
Infoscreen
Train Bus
Out-of-Home Channel
Ads attached to public transport vehicles
Traditional amp digital ads at transport hubs
Transport
1616
UrbanizationDigitalization
Megatrends driving out-of-home advertising
Mobility
17
TV media fragmentation single placements lose their reach
Source MediaComGfK
10 Spots
522 Spots
1965
2010
2055
Number of aired TV Spots to get 80 reach
Factor of 50x
18
Structural change through digitalization ndash clear opportunity for OOH
Advertising channels
Advertisingmedia
Target groups
No fragmentation
Stable number of airportsrailway stations
Offline to online
Shorter time to market
New creative possibilitiesFlexibility
in targeting back channel
Premium target groups with increasedmobility
Mobile phones driving pesonal mobility
Mobile internetdriving work mobility
Stable number of key public traffic ways
19
Favorable German ad market 2011NIELSEN data confirms structural shift to outdoor
Source Nielsen Media Research 062011
Gross advertising market increases 46 in H1 2011
Strongest growing media Internet cinema poster
Poster with above average growth of 11 and 25 BPS higher market share at 42
Nielsen forecast H2 2011 OOH market expected to outperform total ad market
20
Favorable German ad market 2011Promising development of TOP 200 in H1 2011
Nielsen -TOP 200 advertisers increased gross spend on poster by 19 yoy compared to 11 growth of TOP 200 spending across all media
Market share of poster with Nielsen-Top 200 advertisers advanced from 34 to 40
Stroumlerrsquos best performing industries FMCG automotive and retail
Top 200 advertisers as defined by Nielsen Media Research
21
Growth project Germany premium billboard
Premium Billboard Cologne
22
Premium Billboard Bonn
23
Premium billboard rollout progressing well
Focus on prime locations in major metropolitan cities
Rising number of new locations in addition to upgrade of traditional boards
Super-size locations with up to 3 displays in a row allowing new creative concepts
Increasing number of customers upgrading campaigns with premium billboards
Customer base further enlarged (selection)
23
577
FY 2011Target
900 ndash 1000
Q3 2011Actual
Number of installed displays
24
Growth project Germany Out-of-Home-Channel
Out-of-Home- Channel Frankfurt Main
25
Out-of-home channel with growing network and increasing demand
More than 780 Screens installed and well on
track for up to 1000 by Dec 11
Rollout focus now on top stations in Hamburg
Cologne Duumlsseldorf
Key national accounts driving order backlog
Number of installed screens
780
FY 2011Target
~1000
Oct 2011Actual
26
Stroumler Turkey
City-Light-Poster Ankara
27
49
13
58
4
13
0
20
40
60
Stroumler Turkey strong market position and favourable prospects
+ 45x
Other
Source Turkish Advertisers Association based on Net Revenues 2009 Company estimates
Growth drivers of Turkish OoH market
Young attractive demographics gt70MM inhabitants
9 cities with more than 1MM inhabitants
Low advertising spend per capita
Audience measurement system initiated
Stroumler Turkey is the clear OoH market leader
28
Stroumler Turkey development of operations in 2011
H1 organic revenue growth supported by strong regional and giant poster business
Margin decline due to one-off revenue impediments and increased direct costs mainly due to concession scope effects
Sales strategy in H2 directed towards customers with lower TV exposure with good progress
Organic revenue growth in H2 difficult to anticipate given low visibility and ongoing TV reform impacts
Megaboard Ankara
29
Stroumler Poland
Super18-Billboard Warsaw
30
Poland Multiple growth drivers supporting future OoH market growth
Ad SpendCapita in euro
Notes(1) Factor that could act as a positive catalyst for the Polish advertising spend
Source Turkish Advertisers Association Starlink Mediahouse ZenithOptimedia March 2010
Drivers for future Polish OoH market growth
Further market consolidation expected
Street furniture market opportunity in Warsaw
Audience measurement system initiated
Professionalization of OoH market81718
42
61
215
UkraineTurkeyRomaniaPolandHungaryGermany
Strong future ad market growth expected in Poland
31
Stroumler Poland development of operations in 2011
Softer OOH market development continued in H1 leading to negative organic revenue growth rates
Trading momentum improved after recent reinforcement of management
Increased business scope and cost synergies supported H1 margins
Improved trading environment expected in H2
City-Light-Poster Warsaw
32
Stroumler financials H1 2011
33
Stroumler highlights H1 2011
Ongoing structural shift to outdoor in Germany Europes biggest ad market Sales focus on Top 200 advertisers paying off Relevance of digital products in product mix increasing Progress in foreign operations in spite of external effects amp OPEX investments 73 Group organic revenue growth in H1 particularly fuelled by Germany Recurring earnings (net adjusted income) up 41 in H1 EUR 22m capex fully cash flow financed allowing flat net debt vs prior year-end Stable contract portfolio
34
euro MM H1 2010H1 2011 Change
RevenuesOrganic growth (1)
Operational EBITDA
Net adjusted income (2)
Free cash flow (4)
Net debt (5)
24222823 +166
52410073
598 +140117165 +410
3217 -463
3193 -023201
Notes (1) Organic growth = excluding exchange rate effects and effects from the (de)consolidation and discontinuation of operations (2) Operational EBIT net of the financial result adjusted for exceptional items amortization of acquired intangible advertising concessions and the normalized tax expense (325 tax rate) (3) Cash flows from investing activities excluding MampA (4) Free cash flow = cash flows from operating activities less cash flows from investing activities (5) Net debt = financial liabilities less cash (excl hedge liabilities) (6) Net Debt to LTM Operational Ebitda adjusted for full consolidation of Stroumler Turkey
3112 2010H1 2011 Change
Leverage ratio 24x24x 00(6)
Investments 225 66 +2383(3)
Financials at a glance Strong growth in topline and net adjusted income
35
Stroumler Group revenue Balanced increase across all product groups
Growth in billboard largely due to consolidation effects in TR and PL German operations lifted street furniture sales mainly on the back of higher filling ratios Growth in transport revenues supported by double-digit increase in digital revenues
euro MM
+214Reported +223Reported +194Reported
Q1
Q2
H1 2011
1521
629
892
H1 2010
1253
519
734
Q1
Q2
H1 2011
728
337
390
H1 2010
595
262
333
Q1
Q2
H1 2011
409
184
225
H1 2010
343
157
186
Billboard Street Furniture Transport
36
Improved operational cash flow while investing into growth
H1 2011
17
H1 2010
32
euro MM
H1 2011
237
H1 2010
98
-158 H1 2011
-225
H1 2010
-66
excluding MampA
Savings in interest expenses and tax payments following post-IPO refinancing
Increased capital expenditure as in H1 2011 (rollout of Out-of-Home Channel etc)
Improved working capital management
Comments
Cash Flow from Investing
Free Cash Flow
Cash flow from Operations
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
11
FY 2010 Financials
bull euro 531 MM Net Sales (+13)bull euro 127 MM Op EBITDA (+27)
1 player in underpenetrated and attractive growth markets
Source Company Information in terms of revenue
Core marketsblowUP mediaRegional HQ
Cologne
Warsaw
Istanbul
90 of revenues from markets where we are at least double the size of no 2
blowUPStroumler Poland
Stroumler Turkey
Stroumler Germany
Sales Breakdown
1 in GERMANYEuropersquos largest ad market
1 in TURKEYEuropersquos largest emerging market
1 in POLANDLargest CEE market
1 Giant Poster network in EUROPE (D UK E Benelux)
12
Advertising customersConcessions rights
Stroumlerlsquos source of business in a nutshell
gt 4000 concession rights on public ground
gt15000 concession rights on private ground
Deutsche Bahn contract
Media agencies brokers
National advertisers
Regional advertisers
SUPPLY OPERATIONS SALES
13
Stroumlerrsquos well-diversified product portfolio - Billboards
large ad format (gt 9msup2)
located at arterial roads or in inner city areas
premium focus
incl giant posters
2010 Revenue euro278 MM
52 share
= margin intensity
= capex intensity
Traditional Billboard
Mega Light
Premium Billboard
blowUP
Billboards
14
Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
2010 Revenue euro135 MM
25 share
= margin intensity
= capex intensity
City-Light-Poster
City-Light-Column
City-Light-Poster at bus shelter
Traditional Column
small ad format (~ 2msup2 - 4msup2 )
located in city centers
partly built-in structures (eg bus stops)
Street Furniture
15
Stroumlerrsquos well-diversified product portfolio - Transport
2010 Revenue euro74 MM
14 share
= margin intensity
= capex intensity
Station Media
Infoscreen
Train Bus
Out-of-Home Channel
Ads attached to public transport vehicles
Traditional amp digital ads at transport hubs
Transport
1616
UrbanizationDigitalization
Megatrends driving out-of-home advertising
Mobility
17
TV media fragmentation single placements lose their reach
Source MediaComGfK
10 Spots
522 Spots
1965
2010
2055
Number of aired TV Spots to get 80 reach
Factor of 50x
18
Structural change through digitalization ndash clear opportunity for OOH
Advertising channels
Advertisingmedia
Target groups
No fragmentation
Stable number of airportsrailway stations
Offline to online
Shorter time to market
New creative possibilitiesFlexibility
in targeting back channel
Premium target groups with increasedmobility
Mobile phones driving pesonal mobility
Mobile internetdriving work mobility
Stable number of key public traffic ways
19
Favorable German ad market 2011NIELSEN data confirms structural shift to outdoor
Source Nielsen Media Research 062011
Gross advertising market increases 46 in H1 2011
Strongest growing media Internet cinema poster
Poster with above average growth of 11 and 25 BPS higher market share at 42
Nielsen forecast H2 2011 OOH market expected to outperform total ad market
20
Favorable German ad market 2011Promising development of TOP 200 in H1 2011
Nielsen -TOP 200 advertisers increased gross spend on poster by 19 yoy compared to 11 growth of TOP 200 spending across all media
Market share of poster with Nielsen-Top 200 advertisers advanced from 34 to 40
Stroumlerrsquos best performing industries FMCG automotive and retail
Top 200 advertisers as defined by Nielsen Media Research
21
Growth project Germany premium billboard
Premium Billboard Cologne
22
Premium Billboard Bonn
23
Premium billboard rollout progressing well
Focus on prime locations in major metropolitan cities
Rising number of new locations in addition to upgrade of traditional boards
Super-size locations with up to 3 displays in a row allowing new creative concepts
Increasing number of customers upgrading campaigns with premium billboards
Customer base further enlarged (selection)
23
577
FY 2011Target
900 ndash 1000
Q3 2011Actual
Number of installed displays
24
Growth project Germany Out-of-Home-Channel
Out-of-Home- Channel Frankfurt Main
25
Out-of-home channel with growing network and increasing demand
More than 780 Screens installed and well on
track for up to 1000 by Dec 11
Rollout focus now on top stations in Hamburg
Cologne Duumlsseldorf
Key national accounts driving order backlog
Number of installed screens
780
FY 2011Target
~1000
Oct 2011Actual
26
Stroumler Turkey
City-Light-Poster Ankara
27
49
13
58
4
13
0
20
40
60
Stroumler Turkey strong market position and favourable prospects
+ 45x
Other
Source Turkish Advertisers Association based on Net Revenues 2009 Company estimates
Growth drivers of Turkish OoH market
Young attractive demographics gt70MM inhabitants
9 cities with more than 1MM inhabitants
Low advertising spend per capita
Audience measurement system initiated
Stroumler Turkey is the clear OoH market leader
28
Stroumler Turkey development of operations in 2011
H1 organic revenue growth supported by strong regional and giant poster business
Margin decline due to one-off revenue impediments and increased direct costs mainly due to concession scope effects
Sales strategy in H2 directed towards customers with lower TV exposure with good progress
Organic revenue growth in H2 difficult to anticipate given low visibility and ongoing TV reform impacts
Megaboard Ankara
29
Stroumler Poland
Super18-Billboard Warsaw
30
Poland Multiple growth drivers supporting future OoH market growth
Ad SpendCapita in euro
Notes(1) Factor that could act as a positive catalyst for the Polish advertising spend
Source Turkish Advertisers Association Starlink Mediahouse ZenithOptimedia March 2010
Drivers for future Polish OoH market growth
Further market consolidation expected
Street furniture market opportunity in Warsaw
Audience measurement system initiated
Professionalization of OoH market81718
42
61
215
UkraineTurkeyRomaniaPolandHungaryGermany
Strong future ad market growth expected in Poland
31
Stroumler Poland development of operations in 2011
Softer OOH market development continued in H1 leading to negative organic revenue growth rates
Trading momentum improved after recent reinforcement of management
Increased business scope and cost synergies supported H1 margins
Improved trading environment expected in H2
City-Light-Poster Warsaw
32
Stroumler financials H1 2011
33
Stroumler highlights H1 2011
Ongoing structural shift to outdoor in Germany Europes biggest ad market Sales focus on Top 200 advertisers paying off Relevance of digital products in product mix increasing Progress in foreign operations in spite of external effects amp OPEX investments 73 Group organic revenue growth in H1 particularly fuelled by Germany Recurring earnings (net adjusted income) up 41 in H1 EUR 22m capex fully cash flow financed allowing flat net debt vs prior year-end Stable contract portfolio
34
euro MM H1 2010H1 2011 Change
RevenuesOrganic growth (1)
Operational EBITDA
Net adjusted income (2)
Free cash flow (4)
Net debt (5)
24222823 +166
52410073
598 +140117165 +410
3217 -463
3193 -023201
Notes (1) Organic growth = excluding exchange rate effects and effects from the (de)consolidation and discontinuation of operations (2) Operational EBIT net of the financial result adjusted for exceptional items amortization of acquired intangible advertising concessions and the normalized tax expense (325 tax rate) (3) Cash flows from investing activities excluding MampA (4) Free cash flow = cash flows from operating activities less cash flows from investing activities (5) Net debt = financial liabilities less cash (excl hedge liabilities) (6) Net Debt to LTM Operational Ebitda adjusted for full consolidation of Stroumler Turkey
3112 2010H1 2011 Change
Leverage ratio 24x24x 00(6)
Investments 225 66 +2383(3)
Financials at a glance Strong growth in topline and net adjusted income
35
Stroumler Group revenue Balanced increase across all product groups
Growth in billboard largely due to consolidation effects in TR and PL German operations lifted street furniture sales mainly on the back of higher filling ratios Growth in transport revenues supported by double-digit increase in digital revenues
euro MM
+214Reported +223Reported +194Reported
Q1
Q2
H1 2011
1521
629
892
H1 2010
1253
519
734
Q1
Q2
H1 2011
728
337
390
H1 2010
595
262
333
Q1
Q2
H1 2011
409
184
225
H1 2010
343
157
186
Billboard Street Furniture Transport
36
Improved operational cash flow while investing into growth
H1 2011
17
H1 2010
32
euro MM
H1 2011
237
H1 2010
98
-158 H1 2011
-225
H1 2010
-66
excluding MampA
Savings in interest expenses and tax payments following post-IPO refinancing
Increased capital expenditure as in H1 2011 (rollout of Out-of-Home Channel etc)
Improved working capital management
Comments
Cash Flow from Investing
Free Cash Flow
Cash flow from Operations
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
12
Advertising customersConcessions rights
Stroumlerlsquos source of business in a nutshell
gt 4000 concession rights on public ground
gt15000 concession rights on private ground
Deutsche Bahn contract
Media agencies brokers
National advertisers
Regional advertisers
SUPPLY OPERATIONS SALES
13
Stroumlerrsquos well-diversified product portfolio - Billboards
large ad format (gt 9msup2)
located at arterial roads or in inner city areas
premium focus
incl giant posters
2010 Revenue euro278 MM
52 share
= margin intensity
= capex intensity
Traditional Billboard
Mega Light
Premium Billboard
blowUP
Billboards
14
Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
2010 Revenue euro135 MM
25 share
= margin intensity
= capex intensity
City-Light-Poster
City-Light-Column
City-Light-Poster at bus shelter
Traditional Column
small ad format (~ 2msup2 - 4msup2 )
located in city centers
partly built-in structures (eg bus stops)
Street Furniture
15
Stroumlerrsquos well-diversified product portfolio - Transport
2010 Revenue euro74 MM
14 share
= margin intensity
= capex intensity
Station Media
Infoscreen
Train Bus
Out-of-Home Channel
Ads attached to public transport vehicles
Traditional amp digital ads at transport hubs
Transport
1616
UrbanizationDigitalization
Megatrends driving out-of-home advertising
Mobility
17
TV media fragmentation single placements lose their reach
Source MediaComGfK
10 Spots
522 Spots
1965
2010
2055
Number of aired TV Spots to get 80 reach
Factor of 50x
18
Structural change through digitalization ndash clear opportunity for OOH
Advertising channels
Advertisingmedia
Target groups
No fragmentation
Stable number of airportsrailway stations
Offline to online
Shorter time to market
New creative possibilitiesFlexibility
in targeting back channel
Premium target groups with increasedmobility
Mobile phones driving pesonal mobility
Mobile internetdriving work mobility
Stable number of key public traffic ways
19
Favorable German ad market 2011NIELSEN data confirms structural shift to outdoor
Source Nielsen Media Research 062011
Gross advertising market increases 46 in H1 2011
Strongest growing media Internet cinema poster
Poster with above average growth of 11 and 25 BPS higher market share at 42
Nielsen forecast H2 2011 OOH market expected to outperform total ad market
20
Favorable German ad market 2011Promising development of TOP 200 in H1 2011
Nielsen -TOP 200 advertisers increased gross spend on poster by 19 yoy compared to 11 growth of TOP 200 spending across all media
Market share of poster with Nielsen-Top 200 advertisers advanced from 34 to 40
Stroumlerrsquos best performing industries FMCG automotive and retail
Top 200 advertisers as defined by Nielsen Media Research
21
Growth project Germany premium billboard
Premium Billboard Cologne
22
Premium Billboard Bonn
23
Premium billboard rollout progressing well
Focus on prime locations in major metropolitan cities
Rising number of new locations in addition to upgrade of traditional boards
Super-size locations with up to 3 displays in a row allowing new creative concepts
Increasing number of customers upgrading campaigns with premium billboards
Customer base further enlarged (selection)
23
577
FY 2011Target
900 ndash 1000
Q3 2011Actual
Number of installed displays
24
Growth project Germany Out-of-Home-Channel
Out-of-Home- Channel Frankfurt Main
25
Out-of-home channel with growing network and increasing demand
More than 780 Screens installed and well on
track for up to 1000 by Dec 11
Rollout focus now on top stations in Hamburg
Cologne Duumlsseldorf
Key national accounts driving order backlog
Number of installed screens
780
FY 2011Target
~1000
Oct 2011Actual
26
Stroumler Turkey
City-Light-Poster Ankara
27
49
13
58
4
13
0
20
40
60
Stroumler Turkey strong market position and favourable prospects
+ 45x
Other
Source Turkish Advertisers Association based on Net Revenues 2009 Company estimates
Growth drivers of Turkish OoH market
Young attractive demographics gt70MM inhabitants
9 cities with more than 1MM inhabitants
Low advertising spend per capita
Audience measurement system initiated
Stroumler Turkey is the clear OoH market leader
28
Stroumler Turkey development of operations in 2011
H1 organic revenue growth supported by strong regional and giant poster business
Margin decline due to one-off revenue impediments and increased direct costs mainly due to concession scope effects
Sales strategy in H2 directed towards customers with lower TV exposure with good progress
Organic revenue growth in H2 difficult to anticipate given low visibility and ongoing TV reform impacts
Megaboard Ankara
29
Stroumler Poland
Super18-Billboard Warsaw
30
Poland Multiple growth drivers supporting future OoH market growth
Ad SpendCapita in euro
Notes(1) Factor that could act as a positive catalyst for the Polish advertising spend
Source Turkish Advertisers Association Starlink Mediahouse ZenithOptimedia March 2010
Drivers for future Polish OoH market growth
Further market consolidation expected
Street furniture market opportunity in Warsaw
Audience measurement system initiated
Professionalization of OoH market81718
42
61
215
UkraineTurkeyRomaniaPolandHungaryGermany
Strong future ad market growth expected in Poland
31
Stroumler Poland development of operations in 2011
Softer OOH market development continued in H1 leading to negative organic revenue growth rates
Trading momentum improved after recent reinforcement of management
Increased business scope and cost synergies supported H1 margins
Improved trading environment expected in H2
City-Light-Poster Warsaw
32
Stroumler financials H1 2011
33
Stroumler highlights H1 2011
Ongoing structural shift to outdoor in Germany Europes biggest ad market Sales focus on Top 200 advertisers paying off Relevance of digital products in product mix increasing Progress in foreign operations in spite of external effects amp OPEX investments 73 Group organic revenue growth in H1 particularly fuelled by Germany Recurring earnings (net adjusted income) up 41 in H1 EUR 22m capex fully cash flow financed allowing flat net debt vs prior year-end Stable contract portfolio
34
euro MM H1 2010H1 2011 Change
RevenuesOrganic growth (1)
Operational EBITDA
Net adjusted income (2)
Free cash flow (4)
Net debt (5)
24222823 +166
52410073
598 +140117165 +410
3217 -463
3193 -023201
Notes (1) Organic growth = excluding exchange rate effects and effects from the (de)consolidation and discontinuation of operations (2) Operational EBIT net of the financial result adjusted for exceptional items amortization of acquired intangible advertising concessions and the normalized tax expense (325 tax rate) (3) Cash flows from investing activities excluding MampA (4) Free cash flow = cash flows from operating activities less cash flows from investing activities (5) Net debt = financial liabilities less cash (excl hedge liabilities) (6) Net Debt to LTM Operational Ebitda adjusted for full consolidation of Stroumler Turkey
3112 2010H1 2011 Change
Leverage ratio 24x24x 00(6)
Investments 225 66 +2383(3)
Financials at a glance Strong growth in topline and net adjusted income
35
Stroumler Group revenue Balanced increase across all product groups
Growth in billboard largely due to consolidation effects in TR and PL German operations lifted street furniture sales mainly on the back of higher filling ratios Growth in transport revenues supported by double-digit increase in digital revenues
euro MM
+214Reported +223Reported +194Reported
Q1
Q2
H1 2011
1521
629
892
H1 2010
1253
519
734
Q1
Q2
H1 2011
728
337
390
H1 2010
595
262
333
Q1
Q2
H1 2011
409
184
225
H1 2010
343
157
186
Billboard Street Furniture Transport
36
Improved operational cash flow while investing into growth
H1 2011
17
H1 2010
32
euro MM
H1 2011
237
H1 2010
98
-158 H1 2011
-225
H1 2010
-66
excluding MampA
Savings in interest expenses and tax payments following post-IPO refinancing
Increased capital expenditure as in H1 2011 (rollout of Out-of-Home Channel etc)
Improved working capital management
Comments
Cash Flow from Investing
Free Cash Flow
Cash flow from Operations
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
13
Stroumlerrsquos well-diversified product portfolio - Billboards
large ad format (gt 9msup2)
located at arterial roads or in inner city areas
premium focus
incl giant posters
2010 Revenue euro278 MM
52 share
= margin intensity
= capex intensity
Traditional Billboard
Mega Light
Premium Billboard
blowUP
Billboards
14
Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
2010 Revenue euro135 MM
25 share
= margin intensity
= capex intensity
City-Light-Poster
City-Light-Column
City-Light-Poster at bus shelter
Traditional Column
small ad format (~ 2msup2 - 4msup2 )
located in city centers
partly built-in structures (eg bus stops)
Street Furniture
15
Stroumlerrsquos well-diversified product portfolio - Transport
2010 Revenue euro74 MM
14 share
= margin intensity
= capex intensity
Station Media
Infoscreen
Train Bus
Out-of-Home Channel
Ads attached to public transport vehicles
Traditional amp digital ads at transport hubs
Transport
1616
UrbanizationDigitalization
Megatrends driving out-of-home advertising
Mobility
17
TV media fragmentation single placements lose their reach
Source MediaComGfK
10 Spots
522 Spots
1965
2010
2055
Number of aired TV Spots to get 80 reach
Factor of 50x
18
Structural change through digitalization ndash clear opportunity for OOH
Advertising channels
Advertisingmedia
Target groups
No fragmentation
Stable number of airportsrailway stations
Offline to online
Shorter time to market
New creative possibilitiesFlexibility
in targeting back channel
Premium target groups with increasedmobility
Mobile phones driving pesonal mobility
Mobile internetdriving work mobility
Stable number of key public traffic ways
19
Favorable German ad market 2011NIELSEN data confirms structural shift to outdoor
Source Nielsen Media Research 062011
Gross advertising market increases 46 in H1 2011
Strongest growing media Internet cinema poster
Poster with above average growth of 11 and 25 BPS higher market share at 42
Nielsen forecast H2 2011 OOH market expected to outperform total ad market
20
Favorable German ad market 2011Promising development of TOP 200 in H1 2011
Nielsen -TOP 200 advertisers increased gross spend on poster by 19 yoy compared to 11 growth of TOP 200 spending across all media
Market share of poster with Nielsen-Top 200 advertisers advanced from 34 to 40
Stroumlerrsquos best performing industries FMCG automotive and retail
Top 200 advertisers as defined by Nielsen Media Research
21
Growth project Germany premium billboard
Premium Billboard Cologne
22
Premium Billboard Bonn
23
Premium billboard rollout progressing well
Focus on prime locations in major metropolitan cities
Rising number of new locations in addition to upgrade of traditional boards
Super-size locations with up to 3 displays in a row allowing new creative concepts
Increasing number of customers upgrading campaigns with premium billboards
Customer base further enlarged (selection)
23
577
FY 2011Target
900 ndash 1000
Q3 2011Actual
Number of installed displays
24
Growth project Germany Out-of-Home-Channel
Out-of-Home- Channel Frankfurt Main
25
Out-of-home channel with growing network and increasing demand
More than 780 Screens installed and well on
track for up to 1000 by Dec 11
Rollout focus now on top stations in Hamburg
Cologne Duumlsseldorf
Key national accounts driving order backlog
Number of installed screens
780
FY 2011Target
~1000
Oct 2011Actual
26
Stroumler Turkey
City-Light-Poster Ankara
27
49
13
58
4
13
0
20
40
60
Stroumler Turkey strong market position and favourable prospects
+ 45x
Other
Source Turkish Advertisers Association based on Net Revenues 2009 Company estimates
Growth drivers of Turkish OoH market
Young attractive demographics gt70MM inhabitants
9 cities with more than 1MM inhabitants
Low advertising spend per capita
Audience measurement system initiated
Stroumler Turkey is the clear OoH market leader
28
Stroumler Turkey development of operations in 2011
H1 organic revenue growth supported by strong regional and giant poster business
Margin decline due to one-off revenue impediments and increased direct costs mainly due to concession scope effects
Sales strategy in H2 directed towards customers with lower TV exposure with good progress
Organic revenue growth in H2 difficult to anticipate given low visibility and ongoing TV reform impacts
Megaboard Ankara
29
Stroumler Poland
Super18-Billboard Warsaw
30
Poland Multiple growth drivers supporting future OoH market growth
Ad SpendCapita in euro
Notes(1) Factor that could act as a positive catalyst for the Polish advertising spend
Source Turkish Advertisers Association Starlink Mediahouse ZenithOptimedia March 2010
Drivers for future Polish OoH market growth
Further market consolidation expected
Street furniture market opportunity in Warsaw
Audience measurement system initiated
Professionalization of OoH market81718
42
61
215
UkraineTurkeyRomaniaPolandHungaryGermany
Strong future ad market growth expected in Poland
31
Stroumler Poland development of operations in 2011
Softer OOH market development continued in H1 leading to negative organic revenue growth rates
Trading momentum improved after recent reinforcement of management
Increased business scope and cost synergies supported H1 margins
Improved trading environment expected in H2
City-Light-Poster Warsaw
32
Stroumler financials H1 2011
33
Stroumler highlights H1 2011
Ongoing structural shift to outdoor in Germany Europes biggest ad market Sales focus on Top 200 advertisers paying off Relevance of digital products in product mix increasing Progress in foreign operations in spite of external effects amp OPEX investments 73 Group organic revenue growth in H1 particularly fuelled by Germany Recurring earnings (net adjusted income) up 41 in H1 EUR 22m capex fully cash flow financed allowing flat net debt vs prior year-end Stable contract portfolio
34
euro MM H1 2010H1 2011 Change
RevenuesOrganic growth (1)
Operational EBITDA
Net adjusted income (2)
Free cash flow (4)
Net debt (5)
24222823 +166
52410073
598 +140117165 +410
3217 -463
3193 -023201
Notes (1) Organic growth = excluding exchange rate effects and effects from the (de)consolidation and discontinuation of operations (2) Operational EBIT net of the financial result adjusted for exceptional items amortization of acquired intangible advertising concessions and the normalized tax expense (325 tax rate) (3) Cash flows from investing activities excluding MampA (4) Free cash flow = cash flows from operating activities less cash flows from investing activities (5) Net debt = financial liabilities less cash (excl hedge liabilities) (6) Net Debt to LTM Operational Ebitda adjusted for full consolidation of Stroumler Turkey
3112 2010H1 2011 Change
Leverage ratio 24x24x 00(6)
Investments 225 66 +2383(3)
Financials at a glance Strong growth in topline and net adjusted income
35
Stroumler Group revenue Balanced increase across all product groups
Growth in billboard largely due to consolidation effects in TR and PL German operations lifted street furniture sales mainly on the back of higher filling ratios Growth in transport revenues supported by double-digit increase in digital revenues
euro MM
+214Reported +223Reported +194Reported
Q1
Q2
H1 2011
1521
629
892
H1 2010
1253
519
734
Q1
Q2
H1 2011
728
337
390
H1 2010
595
262
333
Q1
Q2
H1 2011
409
184
225
H1 2010
343
157
186
Billboard Street Furniture Transport
36
Improved operational cash flow while investing into growth
H1 2011
17
H1 2010
32
euro MM
H1 2011
237
H1 2010
98
-158 H1 2011
-225
H1 2010
-66
excluding MampA
Savings in interest expenses and tax payments following post-IPO refinancing
Increased capital expenditure as in H1 2011 (rollout of Out-of-Home Channel etc)
Improved working capital management
Comments
Cash Flow from Investing
Free Cash Flow
Cash flow from Operations
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
14
Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
2010 Revenue euro135 MM
25 share
= margin intensity
= capex intensity
City-Light-Poster
City-Light-Column
City-Light-Poster at bus shelter
Traditional Column
small ad format (~ 2msup2 - 4msup2 )
located in city centers
partly built-in structures (eg bus stops)
Street Furniture
15
Stroumlerrsquos well-diversified product portfolio - Transport
2010 Revenue euro74 MM
14 share
= margin intensity
= capex intensity
Station Media
Infoscreen
Train Bus
Out-of-Home Channel
Ads attached to public transport vehicles
Traditional amp digital ads at transport hubs
Transport
1616
UrbanizationDigitalization
Megatrends driving out-of-home advertising
Mobility
17
TV media fragmentation single placements lose their reach
Source MediaComGfK
10 Spots
522 Spots
1965
2010
2055
Number of aired TV Spots to get 80 reach
Factor of 50x
18
Structural change through digitalization ndash clear opportunity for OOH
Advertising channels
Advertisingmedia
Target groups
No fragmentation
Stable number of airportsrailway stations
Offline to online
Shorter time to market
New creative possibilitiesFlexibility
in targeting back channel
Premium target groups with increasedmobility
Mobile phones driving pesonal mobility
Mobile internetdriving work mobility
Stable number of key public traffic ways
19
Favorable German ad market 2011NIELSEN data confirms structural shift to outdoor
Source Nielsen Media Research 062011
Gross advertising market increases 46 in H1 2011
Strongest growing media Internet cinema poster
Poster with above average growth of 11 and 25 BPS higher market share at 42
Nielsen forecast H2 2011 OOH market expected to outperform total ad market
20
Favorable German ad market 2011Promising development of TOP 200 in H1 2011
Nielsen -TOP 200 advertisers increased gross spend on poster by 19 yoy compared to 11 growth of TOP 200 spending across all media
Market share of poster with Nielsen-Top 200 advertisers advanced from 34 to 40
Stroumlerrsquos best performing industries FMCG automotive and retail
Top 200 advertisers as defined by Nielsen Media Research
21
Growth project Germany premium billboard
Premium Billboard Cologne
22
Premium Billboard Bonn
23
Premium billboard rollout progressing well
Focus on prime locations in major metropolitan cities
Rising number of new locations in addition to upgrade of traditional boards
Super-size locations with up to 3 displays in a row allowing new creative concepts
Increasing number of customers upgrading campaigns with premium billboards
Customer base further enlarged (selection)
23
577
FY 2011Target
900 ndash 1000
Q3 2011Actual
Number of installed displays
24
Growth project Germany Out-of-Home-Channel
Out-of-Home- Channel Frankfurt Main
25
Out-of-home channel with growing network and increasing demand
More than 780 Screens installed and well on
track for up to 1000 by Dec 11
Rollout focus now on top stations in Hamburg
Cologne Duumlsseldorf
Key national accounts driving order backlog
Number of installed screens
780
FY 2011Target
~1000
Oct 2011Actual
26
Stroumler Turkey
City-Light-Poster Ankara
27
49
13
58
4
13
0
20
40
60
Stroumler Turkey strong market position and favourable prospects
+ 45x
Other
Source Turkish Advertisers Association based on Net Revenues 2009 Company estimates
Growth drivers of Turkish OoH market
Young attractive demographics gt70MM inhabitants
9 cities with more than 1MM inhabitants
Low advertising spend per capita
Audience measurement system initiated
Stroumler Turkey is the clear OoH market leader
28
Stroumler Turkey development of operations in 2011
H1 organic revenue growth supported by strong regional and giant poster business
Margin decline due to one-off revenue impediments and increased direct costs mainly due to concession scope effects
Sales strategy in H2 directed towards customers with lower TV exposure with good progress
Organic revenue growth in H2 difficult to anticipate given low visibility and ongoing TV reform impacts
Megaboard Ankara
29
Stroumler Poland
Super18-Billboard Warsaw
30
Poland Multiple growth drivers supporting future OoH market growth
Ad SpendCapita in euro
Notes(1) Factor that could act as a positive catalyst for the Polish advertising spend
Source Turkish Advertisers Association Starlink Mediahouse ZenithOptimedia March 2010
Drivers for future Polish OoH market growth
Further market consolidation expected
Street furniture market opportunity in Warsaw
Audience measurement system initiated
Professionalization of OoH market81718
42
61
215
UkraineTurkeyRomaniaPolandHungaryGermany
Strong future ad market growth expected in Poland
31
Stroumler Poland development of operations in 2011
Softer OOH market development continued in H1 leading to negative organic revenue growth rates
Trading momentum improved after recent reinforcement of management
Increased business scope and cost synergies supported H1 margins
Improved trading environment expected in H2
City-Light-Poster Warsaw
32
Stroumler financials H1 2011
33
Stroumler highlights H1 2011
Ongoing structural shift to outdoor in Germany Europes biggest ad market Sales focus on Top 200 advertisers paying off Relevance of digital products in product mix increasing Progress in foreign operations in spite of external effects amp OPEX investments 73 Group organic revenue growth in H1 particularly fuelled by Germany Recurring earnings (net adjusted income) up 41 in H1 EUR 22m capex fully cash flow financed allowing flat net debt vs prior year-end Stable contract portfolio
34
euro MM H1 2010H1 2011 Change
RevenuesOrganic growth (1)
Operational EBITDA
Net adjusted income (2)
Free cash flow (4)
Net debt (5)
24222823 +166
52410073
598 +140117165 +410
3217 -463
3193 -023201
Notes (1) Organic growth = excluding exchange rate effects and effects from the (de)consolidation and discontinuation of operations (2) Operational EBIT net of the financial result adjusted for exceptional items amortization of acquired intangible advertising concessions and the normalized tax expense (325 tax rate) (3) Cash flows from investing activities excluding MampA (4) Free cash flow = cash flows from operating activities less cash flows from investing activities (5) Net debt = financial liabilities less cash (excl hedge liabilities) (6) Net Debt to LTM Operational Ebitda adjusted for full consolidation of Stroumler Turkey
3112 2010H1 2011 Change
Leverage ratio 24x24x 00(6)
Investments 225 66 +2383(3)
Financials at a glance Strong growth in topline and net adjusted income
35
Stroumler Group revenue Balanced increase across all product groups
Growth in billboard largely due to consolidation effects in TR and PL German operations lifted street furniture sales mainly on the back of higher filling ratios Growth in transport revenues supported by double-digit increase in digital revenues
euro MM
+214Reported +223Reported +194Reported
Q1
Q2
H1 2011
1521
629
892
H1 2010
1253
519
734
Q1
Q2
H1 2011
728
337
390
H1 2010
595
262
333
Q1
Q2
H1 2011
409
184
225
H1 2010
343
157
186
Billboard Street Furniture Transport
36
Improved operational cash flow while investing into growth
H1 2011
17
H1 2010
32
euro MM
H1 2011
237
H1 2010
98
-158 H1 2011
-225
H1 2010
-66
excluding MampA
Savings in interest expenses and tax payments following post-IPO refinancing
Increased capital expenditure as in H1 2011 (rollout of Out-of-Home Channel etc)
Improved working capital management
Comments
Cash Flow from Investing
Free Cash Flow
Cash flow from Operations
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
15
Stroumlerrsquos well-diversified product portfolio - Transport
2010 Revenue euro74 MM
14 share
= margin intensity
= capex intensity
Station Media
Infoscreen
Train Bus
Out-of-Home Channel
Ads attached to public transport vehicles
Traditional amp digital ads at transport hubs
Transport
1616
UrbanizationDigitalization
Megatrends driving out-of-home advertising
Mobility
17
TV media fragmentation single placements lose their reach
Source MediaComGfK
10 Spots
522 Spots
1965
2010
2055
Number of aired TV Spots to get 80 reach
Factor of 50x
18
Structural change through digitalization ndash clear opportunity for OOH
Advertising channels
Advertisingmedia
Target groups
No fragmentation
Stable number of airportsrailway stations
Offline to online
Shorter time to market
New creative possibilitiesFlexibility
in targeting back channel
Premium target groups with increasedmobility
Mobile phones driving pesonal mobility
Mobile internetdriving work mobility
Stable number of key public traffic ways
19
Favorable German ad market 2011NIELSEN data confirms structural shift to outdoor
Source Nielsen Media Research 062011
Gross advertising market increases 46 in H1 2011
Strongest growing media Internet cinema poster
Poster with above average growth of 11 and 25 BPS higher market share at 42
Nielsen forecast H2 2011 OOH market expected to outperform total ad market
20
Favorable German ad market 2011Promising development of TOP 200 in H1 2011
Nielsen -TOP 200 advertisers increased gross spend on poster by 19 yoy compared to 11 growth of TOP 200 spending across all media
Market share of poster with Nielsen-Top 200 advertisers advanced from 34 to 40
Stroumlerrsquos best performing industries FMCG automotive and retail
Top 200 advertisers as defined by Nielsen Media Research
21
Growth project Germany premium billboard
Premium Billboard Cologne
22
Premium Billboard Bonn
23
Premium billboard rollout progressing well
Focus on prime locations in major metropolitan cities
Rising number of new locations in addition to upgrade of traditional boards
Super-size locations with up to 3 displays in a row allowing new creative concepts
Increasing number of customers upgrading campaigns with premium billboards
Customer base further enlarged (selection)
23
577
FY 2011Target
900 ndash 1000
Q3 2011Actual
Number of installed displays
24
Growth project Germany Out-of-Home-Channel
Out-of-Home- Channel Frankfurt Main
25
Out-of-home channel with growing network and increasing demand
More than 780 Screens installed and well on
track for up to 1000 by Dec 11
Rollout focus now on top stations in Hamburg
Cologne Duumlsseldorf
Key national accounts driving order backlog
Number of installed screens
780
FY 2011Target
~1000
Oct 2011Actual
26
Stroumler Turkey
City-Light-Poster Ankara
27
49
13
58
4
13
0
20
40
60
Stroumler Turkey strong market position and favourable prospects
+ 45x
Other
Source Turkish Advertisers Association based on Net Revenues 2009 Company estimates
Growth drivers of Turkish OoH market
Young attractive demographics gt70MM inhabitants
9 cities with more than 1MM inhabitants
Low advertising spend per capita
Audience measurement system initiated
Stroumler Turkey is the clear OoH market leader
28
Stroumler Turkey development of operations in 2011
H1 organic revenue growth supported by strong regional and giant poster business
Margin decline due to one-off revenue impediments and increased direct costs mainly due to concession scope effects
Sales strategy in H2 directed towards customers with lower TV exposure with good progress
Organic revenue growth in H2 difficult to anticipate given low visibility and ongoing TV reform impacts
Megaboard Ankara
29
Stroumler Poland
Super18-Billboard Warsaw
30
Poland Multiple growth drivers supporting future OoH market growth
Ad SpendCapita in euro
Notes(1) Factor that could act as a positive catalyst for the Polish advertising spend
Source Turkish Advertisers Association Starlink Mediahouse ZenithOptimedia March 2010
Drivers for future Polish OoH market growth
Further market consolidation expected
Street furniture market opportunity in Warsaw
Audience measurement system initiated
Professionalization of OoH market81718
42
61
215
UkraineTurkeyRomaniaPolandHungaryGermany
Strong future ad market growth expected in Poland
31
Stroumler Poland development of operations in 2011
Softer OOH market development continued in H1 leading to negative organic revenue growth rates
Trading momentum improved after recent reinforcement of management
Increased business scope and cost synergies supported H1 margins
Improved trading environment expected in H2
City-Light-Poster Warsaw
32
Stroumler financials H1 2011
33
Stroumler highlights H1 2011
Ongoing structural shift to outdoor in Germany Europes biggest ad market Sales focus on Top 200 advertisers paying off Relevance of digital products in product mix increasing Progress in foreign operations in spite of external effects amp OPEX investments 73 Group organic revenue growth in H1 particularly fuelled by Germany Recurring earnings (net adjusted income) up 41 in H1 EUR 22m capex fully cash flow financed allowing flat net debt vs prior year-end Stable contract portfolio
34
euro MM H1 2010H1 2011 Change
RevenuesOrganic growth (1)
Operational EBITDA
Net adjusted income (2)
Free cash flow (4)
Net debt (5)
24222823 +166
52410073
598 +140117165 +410
3217 -463
3193 -023201
Notes (1) Organic growth = excluding exchange rate effects and effects from the (de)consolidation and discontinuation of operations (2) Operational EBIT net of the financial result adjusted for exceptional items amortization of acquired intangible advertising concessions and the normalized tax expense (325 tax rate) (3) Cash flows from investing activities excluding MampA (4) Free cash flow = cash flows from operating activities less cash flows from investing activities (5) Net debt = financial liabilities less cash (excl hedge liabilities) (6) Net Debt to LTM Operational Ebitda adjusted for full consolidation of Stroumler Turkey
3112 2010H1 2011 Change
Leverage ratio 24x24x 00(6)
Investments 225 66 +2383(3)
Financials at a glance Strong growth in topline and net adjusted income
35
Stroumler Group revenue Balanced increase across all product groups
Growth in billboard largely due to consolidation effects in TR and PL German operations lifted street furniture sales mainly on the back of higher filling ratios Growth in transport revenues supported by double-digit increase in digital revenues
euro MM
+214Reported +223Reported +194Reported
Q1
Q2
H1 2011
1521
629
892
H1 2010
1253
519
734
Q1
Q2
H1 2011
728
337
390
H1 2010
595
262
333
Q1
Q2
H1 2011
409
184
225
H1 2010
343
157
186
Billboard Street Furniture Transport
36
Improved operational cash flow while investing into growth
H1 2011
17
H1 2010
32
euro MM
H1 2011
237
H1 2010
98
-158 H1 2011
-225
H1 2010
-66
excluding MampA
Savings in interest expenses and tax payments following post-IPO refinancing
Increased capital expenditure as in H1 2011 (rollout of Out-of-Home Channel etc)
Improved working capital management
Comments
Cash Flow from Investing
Free Cash Flow
Cash flow from Operations
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
1616
UrbanizationDigitalization
Megatrends driving out-of-home advertising
Mobility
17
TV media fragmentation single placements lose their reach
Source MediaComGfK
10 Spots
522 Spots
1965
2010
2055
Number of aired TV Spots to get 80 reach
Factor of 50x
18
Structural change through digitalization ndash clear opportunity for OOH
Advertising channels
Advertisingmedia
Target groups
No fragmentation
Stable number of airportsrailway stations
Offline to online
Shorter time to market
New creative possibilitiesFlexibility
in targeting back channel
Premium target groups with increasedmobility
Mobile phones driving pesonal mobility
Mobile internetdriving work mobility
Stable number of key public traffic ways
19
Favorable German ad market 2011NIELSEN data confirms structural shift to outdoor
Source Nielsen Media Research 062011
Gross advertising market increases 46 in H1 2011
Strongest growing media Internet cinema poster
Poster with above average growth of 11 and 25 BPS higher market share at 42
Nielsen forecast H2 2011 OOH market expected to outperform total ad market
20
Favorable German ad market 2011Promising development of TOP 200 in H1 2011
Nielsen -TOP 200 advertisers increased gross spend on poster by 19 yoy compared to 11 growth of TOP 200 spending across all media
Market share of poster with Nielsen-Top 200 advertisers advanced from 34 to 40
Stroumlerrsquos best performing industries FMCG automotive and retail
Top 200 advertisers as defined by Nielsen Media Research
21
Growth project Germany premium billboard
Premium Billboard Cologne
22
Premium Billboard Bonn
23
Premium billboard rollout progressing well
Focus on prime locations in major metropolitan cities
Rising number of new locations in addition to upgrade of traditional boards
Super-size locations with up to 3 displays in a row allowing new creative concepts
Increasing number of customers upgrading campaigns with premium billboards
Customer base further enlarged (selection)
23
577
FY 2011Target
900 ndash 1000
Q3 2011Actual
Number of installed displays
24
Growth project Germany Out-of-Home-Channel
Out-of-Home- Channel Frankfurt Main
25
Out-of-home channel with growing network and increasing demand
More than 780 Screens installed and well on
track for up to 1000 by Dec 11
Rollout focus now on top stations in Hamburg
Cologne Duumlsseldorf
Key national accounts driving order backlog
Number of installed screens
780
FY 2011Target
~1000
Oct 2011Actual
26
Stroumler Turkey
City-Light-Poster Ankara
27
49
13
58
4
13
0
20
40
60
Stroumler Turkey strong market position and favourable prospects
+ 45x
Other
Source Turkish Advertisers Association based on Net Revenues 2009 Company estimates
Growth drivers of Turkish OoH market
Young attractive demographics gt70MM inhabitants
9 cities with more than 1MM inhabitants
Low advertising spend per capita
Audience measurement system initiated
Stroumler Turkey is the clear OoH market leader
28
Stroumler Turkey development of operations in 2011
H1 organic revenue growth supported by strong regional and giant poster business
Margin decline due to one-off revenue impediments and increased direct costs mainly due to concession scope effects
Sales strategy in H2 directed towards customers with lower TV exposure with good progress
Organic revenue growth in H2 difficult to anticipate given low visibility and ongoing TV reform impacts
Megaboard Ankara
29
Stroumler Poland
Super18-Billboard Warsaw
30
Poland Multiple growth drivers supporting future OoH market growth
Ad SpendCapita in euro
Notes(1) Factor that could act as a positive catalyst for the Polish advertising spend
Source Turkish Advertisers Association Starlink Mediahouse ZenithOptimedia March 2010
Drivers for future Polish OoH market growth
Further market consolidation expected
Street furniture market opportunity in Warsaw
Audience measurement system initiated
Professionalization of OoH market81718
42
61
215
UkraineTurkeyRomaniaPolandHungaryGermany
Strong future ad market growth expected in Poland
31
Stroumler Poland development of operations in 2011
Softer OOH market development continued in H1 leading to negative organic revenue growth rates
Trading momentum improved after recent reinforcement of management
Increased business scope and cost synergies supported H1 margins
Improved trading environment expected in H2
City-Light-Poster Warsaw
32
Stroumler financials H1 2011
33
Stroumler highlights H1 2011
Ongoing structural shift to outdoor in Germany Europes biggest ad market Sales focus on Top 200 advertisers paying off Relevance of digital products in product mix increasing Progress in foreign operations in spite of external effects amp OPEX investments 73 Group organic revenue growth in H1 particularly fuelled by Germany Recurring earnings (net adjusted income) up 41 in H1 EUR 22m capex fully cash flow financed allowing flat net debt vs prior year-end Stable contract portfolio
34
euro MM H1 2010H1 2011 Change
RevenuesOrganic growth (1)
Operational EBITDA
Net adjusted income (2)
Free cash flow (4)
Net debt (5)
24222823 +166
52410073
598 +140117165 +410
3217 -463
3193 -023201
Notes (1) Organic growth = excluding exchange rate effects and effects from the (de)consolidation and discontinuation of operations (2) Operational EBIT net of the financial result adjusted for exceptional items amortization of acquired intangible advertising concessions and the normalized tax expense (325 tax rate) (3) Cash flows from investing activities excluding MampA (4) Free cash flow = cash flows from operating activities less cash flows from investing activities (5) Net debt = financial liabilities less cash (excl hedge liabilities) (6) Net Debt to LTM Operational Ebitda adjusted for full consolidation of Stroumler Turkey
3112 2010H1 2011 Change
Leverage ratio 24x24x 00(6)
Investments 225 66 +2383(3)
Financials at a glance Strong growth in topline and net adjusted income
35
Stroumler Group revenue Balanced increase across all product groups
Growth in billboard largely due to consolidation effects in TR and PL German operations lifted street furniture sales mainly on the back of higher filling ratios Growth in transport revenues supported by double-digit increase in digital revenues
euro MM
+214Reported +223Reported +194Reported
Q1
Q2
H1 2011
1521
629
892
H1 2010
1253
519
734
Q1
Q2
H1 2011
728
337
390
H1 2010
595
262
333
Q1
Q2
H1 2011
409
184
225
H1 2010
343
157
186
Billboard Street Furniture Transport
36
Improved operational cash flow while investing into growth
H1 2011
17
H1 2010
32
euro MM
H1 2011
237
H1 2010
98
-158 H1 2011
-225
H1 2010
-66
excluding MampA
Savings in interest expenses and tax payments following post-IPO refinancing
Increased capital expenditure as in H1 2011 (rollout of Out-of-Home Channel etc)
Improved working capital management
Comments
Cash Flow from Investing
Free Cash Flow
Cash flow from Operations
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
17
TV media fragmentation single placements lose their reach
Source MediaComGfK
10 Spots
522 Spots
1965
2010
2055
Number of aired TV Spots to get 80 reach
Factor of 50x
18
Structural change through digitalization ndash clear opportunity for OOH
Advertising channels
Advertisingmedia
Target groups
No fragmentation
Stable number of airportsrailway stations
Offline to online
Shorter time to market
New creative possibilitiesFlexibility
in targeting back channel
Premium target groups with increasedmobility
Mobile phones driving pesonal mobility
Mobile internetdriving work mobility
Stable number of key public traffic ways
19
Favorable German ad market 2011NIELSEN data confirms structural shift to outdoor
Source Nielsen Media Research 062011
Gross advertising market increases 46 in H1 2011
Strongest growing media Internet cinema poster
Poster with above average growth of 11 and 25 BPS higher market share at 42
Nielsen forecast H2 2011 OOH market expected to outperform total ad market
20
Favorable German ad market 2011Promising development of TOP 200 in H1 2011
Nielsen -TOP 200 advertisers increased gross spend on poster by 19 yoy compared to 11 growth of TOP 200 spending across all media
Market share of poster with Nielsen-Top 200 advertisers advanced from 34 to 40
Stroumlerrsquos best performing industries FMCG automotive and retail
Top 200 advertisers as defined by Nielsen Media Research
21
Growth project Germany premium billboard
Premium Billboard Cologne
22
Premium Billboard Bonn
23
Premium billboard rollout progressing well
Focus on prime locations in major metropolitan cities
Rising number of new locations in addition to upgrade of traditional boards
Super-size locations with up to 3 displays in a row allowing new creative concepts
Increasing number of customers upgrading campaigns with premium billboards
Customer base further enlarged (selection)
23
577
FY 2011Target
900 ndash 1000
Q3 2011Actual
Number of installed displays
24
Growth project Germany Out-of-Home-Channel
Out-of-Home- Channel Frankfurt Main
25
Out-of-home channel with growing network and increasing demand
More than 780 Screens installed and well on
track for up to 1000 by Dec 11
Rollout focus now on top stations in Hamburg
Cologne Duumlsseldorf
Key national accounts driving order backlog
Number of installed screens
780
FY 2011Target
~1000
Oct 2011Actual
26
Stroumler Turkey
City-Light-Poster Ankara
27
49
13
58
4
13
0
20
40
60
Stroumler Turkey strong market position and favourable prospects
+ 45x
Other
Source Turkish Advertisers Association based on Net Revenues 2009 Company estimates
Growth drivers of Turkish OoH market
Young attractive demographics gt70MM inhabitants
9 cities with more than 1MM inhabitants
Low advertising spend per capita
Audience measurement system initiated
Stroumler Turkey is the clear OoH market leader
28
Stroumler Turkey development of operations in 2011
H1 organic revenue growth supported by strong regional and giant poster business
Margin decline due to one-off revenue impediments and increased direct costs mainly due to concession scope effects
Sales strategy in H2 directed towards customers with lower TV exposure with good progress
Organic revenue growth in H2 difficult to anticipate given low visibility and ongoing TV reform impacts
Megaboard Ankara
29
Stroumler Poland
Super18-Billboard Warsaw
30
Poland Multiple growth drivers supporting future OoH market growth
Ad SpendCapita in euro
Notes(1) Factor that could act as a positive catalyst for the Polish advertising spend
Source Turkish Advertisers Association Starlink Mediahouse ZenithOptimedia March 2010
Drivers for future Polish OoH market growth
Further market consolidation expected
Street furniture market opportunity in Warsaw
Audience measurement system initiated
Professionalization of OoH market81718
42
61
215
UkraineTurkeyRomaniaPolandHungaryGermany
Strong future ad market growth expected in Poland
31
Stroumler Poland development of operations in 2011
Softer OOH market development continued in H1 leading to negative organic revenue growth rates
Trading momentum improved after recent reinforcement of management
Increased business scope and cost synergies supported H1 margins
Improved trading environment expected in H2
City-Light-Poster Warsaw
32
Stroumler financials H1 2011
33
Stroumler highlights H1 2011
Ongoing structural shift to outdoor in Germany Europes biggest ad market Sales focus on Top 200 advertisers paying off Relevance of digital products in product mix increasing Progress in foreign operations in spite of external effects amp OPEX investments 73 Group organic revenue growth in H1 particularly fuelled by Germany Recurring earnings (net adjusted income) up 41 in H1 EUR 22m capex fully cash flow financed allowing flat net debt vs prior year-end Stable contract portfolio
34
euro MM H1 2010H1 2011 Change
RevenuesOrganic growth (1)
Operational EBITDA
Net adjusted income (2)
Free cash flow (4)
Net debt (5)
24222823 +166
52410073
598 +140117165 +410
3217 -463
3193 -023201
Notes (1) Organic growth = excluding exchange rate effects and effects from the (de)consolidation and discontinuation of operations (2) Operational EBIT net of the financial result adjusted for exceptional items amortization of acquired intangible advertising concessions and the normalized tax expense (325 tax rate) (3) Cash flows from investing activities excluding MampA (4) Free cash flow = cash flows from operating activities less cash flows from investing activities (5) Net debt = financial liabilities less cash (excl hedge liabilities) (6) Net Debt to LTM Operational Ebitda adjusted for full consolidation of Stroumler Turkey
3112 2010H1 2011 Change
Leverage ratio 24x24x 00(6)
Investments 225 66 +2383(3)
Financials at a glance Strong growth in topline and net adjusted income
35
Stroumler Group revenue Balanced increase across all product groups
Growth in billboard largely due to consolidation effects in TR and PL German operations lifted street furniture sales mainly on the back of higher filling ratios Growth in transport revenues supported by double-digit increase in digital revenues
euro MM
+214Reported +223Reported +194Reported
Q1
Q2
H1 2011
1521
629
892
H1 2010
1253
519
734
Q1
Q2
H1 2011
728
337
390
H1 2010
595
262
333
Q1
Q2
H1 2011
409
184
225
H1 2010
343
157
186
Billboard Street Furniture Transport
36
Improved operational cash flow while investing into growth
H1 2011
17
H1 2010
32
euro MM
H1 2011
237
H1 2010
98
-158 H1 2011
-225
H1 2010
-66
excluding MampA
Savings in interest expenses and tax payments following post-IPO refinancing
Increased capital expenditure as in H1 2011 (rollout of Out-of-Home Channel etc)
Improved working capital management
Comments
Cash Flow from Investing
Free Cash Flow
Cash flow from Operations
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
18
Structural change through digitalization ndash clear opportunity for OOH
Advertising channels
Advertisingmedia
Target groups
No fragmentation
Stable number of airportsrailway stations
Offline to online
Shorter time to market
New creative possibilitiesFlexibility
in targeting back channel
Premium target groups with increasedmobility
Mobile phones driving pesonal mobility
Mobile internetdriving work mobility
Stable number of key public traffic ways
19
Favorable German ad market 2011NIELSEN data confirms structural shift to outdoor
Source Nielsen Media Research 062011
Gross advertising market increases 46 in H1 2011
Strongest growing media Internet cinema poster
Poster with above average growth of 11 and 25 BPS higher market share at 42
Nielsen forecast H2 2011 OOH market expected to outperform total ad market
20
Favorable German ad market 2011Promising development of TOP 200 in H1 2011
Nielsen -TOP 200 advertisers increased gross spend on poster by 19 yoy compared to 11 growth of TOP 200 spending across all media
Market share of poster with Nielsen-Top 200 advertisers advanced from 34 to 40
Stroumlerrsquos best performing industries FMCG automotive and retail
Top 200 advertisers as defined by Nielsen Media Research
21
Growth project Germany premium billboard
Premium Billboard Cologne
22
Premium Billboard Bonn
23
Premium billboard rollout progressing well
Focus on prime locations in major metropolitan cities
Rising number of new locations in addition to upgrade of traditional boards
Super-size locations with up to 3 displays in a row allowing new creative concepts
Increasing number of customers upgrading campaigns with premium billboards
Customer base further enlarged (selection)
23
577
FY 2011Target
900 ndash 1000
Q3 2011Actual
Number of installed displays
24
Growth project Germany Out-of-Home-Channel
Out-of-Home- Channel Frankfurt Main
25
Out-of-home channel with growing network and increasing demand
More than 780 Screens installed and well on
track for up to 1000 by Dec 11
Rollout focus now on top stations in Hamburg
Cologne Duumlsseldorf
Key national accounts driving order backlog
Number of installed screens
780
FY 2011Target
~1000
Oct 2011Actual
26
Stroumler Turkey
City-Light-Poster Ankara
27
49
13
58
4
13
0
20
40
60
Stroumler Turkey strong market position and favourable prospects
+ 45x
Other
Source Turkish Advertisers Association based on Net Revenues 2009 Company estimates
Growth drivers of Turkish OoH market
Young attractive demographics gt70MM inhabitants
9 cities with more than 1MM inhabitants
Low advertising spend per capita
Audience measurement system initiated
Stroumler Turkey is the clear OoH market leader
28
Stroumler Turkey development of operations in 2011
H1 organic revenue growth supported by strong regional and giant poster business
Margin decline due to one-off revenue impediments and increased direct costs mainly due to concession scope effects
Sales strategy in H2 directed towards customers with lower TV exposure with good progress
Organic revenue growth in H2 difficult to anticipate given low visibility and ongoing TV reform impacts
Megaboard Ankara
29
Stroumler Poland
Super18-Billboard Warsaw
30
Poland Multiple growth drivers supporting future OoH market growth
Ad SpendCapita in euro
Notes(1) Factor that could act as a positive catalyst for the Polish advertising spend
Source Turkish Advertisers Association Starlink Mediahouse ZenithOptimedia March 2010
Drivers for future Polish OoH market growth
Further market consolidation expected
Street furniture market opportunity in Warsaw
Audience measurement system initiated
Professionalization of OoH market81718
42
61
215
UkraineTurkeyRomaniaPolandHungaryGermany
Strong future ad market growth expected in Poland
31
Stroumler Poland development of operations in 2011
Softer OOH market development continued in H1 leading to negative organic revenue growth rates
Trading momentum improved after recent reinforcement of management
Increased business scope and cost synergies supported H1 margins
Improved trading environment expected in H2
City-Light-Poster Warsaw
32
Stroumler financials H1 2011
33
Stroumler highlights H1 2011
Ongoing structural shift to outdoor in Germany Europes biggest ad market Sales focus on Top 200 advertisers paying off Relevance of digital products in product mix increasing Progress in foreign operations in spite of external effects amp OPEX investments 73 Group organic revenue growth in H1 particularly fuelled by Germany Recurring earnings (net adjusted income) up 41 in H1 EUR 22m capex fully cash flow financed allowing flat net debt vs prior year-end Stable contract portfolio
34
euro MM H1 2010H1 2011 Change
RevenuesOrganic growth (1)
Operational EBITDA
Net adjusted income (2)
Free cash flow (4)
Net debt (5)
24222823 +166
52410073
598 +140117165 +410
3217 -463
3193 -023201
Notes (1) Organic growth = excluding exchange rate effects and effects from the (de)consolidation and discontinuation of operations (2) Operational EBIT net of the financial result adjusted for exceptional items amortization of acquired intangible advertising concessions and the normalized tax expense (325 tax rate) (3) Cash flows from investing activities excluding MampA (4) Free cash flow = cash flows from operating activities less cash flows from investing activities (5) Net debt = financial liabilities less cash (excl hedge liabilities) (6) Net Debt to LTM Operational Ebitda adjusted for full consolidation of Stroumler Turkey
3112 2010H1 2011 Change
Leverage ratio 24x24x 00(6)
Investments 225 66 +2383(3)
Financials at a glance Strong growth in topline and net adjusted income
35
Stroumler Group revenue Balanced increase across all product groups
Growth in billboard largely due to consolidation effects in TR and PL German operations lifted street furniture sales mainly on the back of higher filling ratios Growth in transport revenues supported by double-digit increase in digital revenues
euro MM
+214Reported +223Reported +194Reported
Q1
Q2
H1 2011
1521
629
892
H1 2010
1253
519
734
Q1
Q2
H1 2011
728
337
390
H1 2010
595
262
333
Q1
Q2
H1 2011
409
184
225
H1 2010
343
157
186
Billboard Street Furniture Transport
36
Improved operational cash flow while investing into growth
H1 2011
17
H1 2010
32
euro MM
H1 2011
237
H1 2010
98
-158 H1 2011
-225
H1 2010
-66
excluding MampA
Savings in interest expenses and tax payments following post-IPO refinancing
Increased capital expenditure as in H1 2011 (rollout of Out-of-Home Channel etc)
Improved working capital management
Comments
Cash Flow from Investing
Free Cash Flow
Cash flow from Operations
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
19
Favorable German ad market 2011NIELSEN data confirms structural shift to outdoor
Source Nielsen Media Research 062011
Gross advertising market increases 46 in H1 2011
Strongest growing media Internet cinema poster
Poster with above average growth of 11 and 25 BPS higher market share at 42
Nielsen forecast H2 2011 OOH market expected to outperform total ad market
20
Favorable German ad market 2011Promising development of TOP 200 in H1 2011
Nielsen -TOP 200 advertisers increased gross spend on poster by 19 yoy compared to 11 growth of TOP 200 spending across all media
Market share of poster with Nielsen-Top 200 advertisers advanced from 34 to 40
Stroumlerrsquos best performing industries FMCG automotive and retail
Top 200 advertisers as defined by Nielsen Media Research
21
Growth project Germany premium billboard
Premium Billboard Cologne
22
Premium Billboard Bonn
23
Premium billboard rollout progressing well
Focus on prime locations in major metropolitan cities
Rising number of new locations in addition to upgrade of traditional boards
Super-size locations with up to 3 displays in a row allowing new creative concepts
Increasing number of customers upgrading campaigns with premium billboards
Customer base further enlarged (selection)
23
577
FY 2011Target
900 ndash 1000
Q3 2011Actual
Number of installed displays
24
Growth project Germany Out-of-Home-Channel
Out-of-Home- Channel Frankfurt Main
25
Out-of-home channel with growing network and increasing demand
More than 780 Screens installed and well on
track for up to 1000 by Dec 11
Rollout focus now on top stations in Hamburg
Cologne Duumlsseldorf
Key national accounts driving order backlog
Number of installed screens
780
FY 2011Target
~1000
Oct 2011Actual
26
Stroumler Turkey
City-Light-Poster Ankara
27
49
13
58
4
13
0
20
40
60
Stroumler Turkey strong market position and favourable prospects
+ 45x
Other
Source Turkish Advertisers Association based on Net Revenues 2009 Company estimates
Growth drivers of Turkish OoH market
Young attractive demographics gt70MM inhabitants
9 cities with more than 1MM inhabitants
Low advertising spend per capita
Audience measurement system initiated
Stroumler Turkey is the clear OoH market leader
28
Stroumler Turkey development of operations in 2011
H1 organic revenue growth supported by strong regional and giant poster business
Margin decline due to one-off revenue impediments and increased direct costs mainly due to concession scope effects
Sales strategy in H2 directed towards customers with lower TV exposure with good progress
Organic revenue growth in H2 difficult to anticipate given low visibility and ongoing TV reform impacts
Megaboard Ankara
29
Stroumler Poland
Super18-Billboard Warsaw
30
Poland Multiple growth drivers supporting future OoH market growth
Ad SpendCapita in euro
Notes(1) Factor that could act as a positive catalyst for the Polish advertising spend
Source Turkish Advertisers Association Starlink Mediahouse ZenithOptimedia March 2010
Drivers for future Polish OoH market growth
Further market consolidation expected
Street furniture market opportunity in Warsaw
Audience measurement system initiated
Professionalization of OoH market81718
42
61
215
UkraineTurkeyRomaniaPolandHungaryGermany
Strong future ad market growth expected in Poland
31
Stroumler Poland development of operations in 2011
Softer OOH market development continued in H1 leading to negative organic revenue growth rates
Trading momentum improved after recent reinforcement of management
Increased business scope and cost synergies supported H1 margins
Improved trading environment expected in H2
City-Light-Poster Warsaw
32
Stroumler financials H1 2011
33
Stroumler highlights H1 2011
Ongoing structural shift to outdoor in Germany Europes biggest ad market Sales focus on Top 200 advertisers paying off Relevance of digital products in product mix increasing Progress in foreign operations in spite of external effects amp OPEX investments 73 Group organic revenue growth in H1 particularly fuelled by Germany Recurring earnings (net adjusted income) up 41 in H1 EUR 22m capex fully cash flow financed allowing flat net debt vs prior year-end Stable contract portfolio
34
euro MM H1 2010H1 2011 Change
RevenuesOrganic growth (1)
Operational EBITDA
Net adjusted income (2)
Free cash flow (4)
Net debt (5)
24222823 +166
52410073
598 +140117165 +410
3217 -463
3193 -023201
Notes (1) Organic growth = excluding exchange rate effects and effects from the (de)consolidation and discontinuation of operations (2) Operational EBIT net of the financial result adjusted for exceptional items amortization of acquired intangible advertising concessions and the normalized tax expense (325 tax rate) (3) Cash flows from investing activities excluding MampA (4) Free cash flow = cash flows from operating activities less cash flows from investing activities (5) Net debt = financial liabilities less cash (excl hedge liabilities) (6) Net Debt to LTM Operational Ebitda adjusted for full consolidation of Stroumler Turkey
3112 2010H1 2011 Change
Leverage ratio 24x24x 00(6)
Investments 225 66 +2383(3)
Financials at a glance Strong growth in topline and net adjusted income
35
Stroumler Group revenue Balanced increase across all product groups
Growth in billboard largely due to consolidation effects in TR and PL German operations lifted street furniture sales mainly on the back of higher filling ratios Growth in transport revenues supported by double-digit increase in digital revenues
euro MM
+214Reported +223Reported +194Reported
Q1
Q2
H1 2011
1521
629
892
H1 2010
1253
519
734
Q1
Q2
H1 2011
728
337
390
H1 2010
595
262
333
Q1
Q2
H1 2011
409
184
225
H1 2010
343
157
186
Billboard Street Furniture Transport
36
Improved operational cash flow while investing into growth
H1 2011
17
H1 2010
32
euro MM
H1 2011
237
H1 2010
98
-158 H1 2011
-225
H1 2010
-66
excluding MampA
Savings in interest expenses and tax payments following post-IPO refinancing
Increased capital expenditure as in H1 2011 (rollout of Out-of-Home Channel etc)
Improved working capital management
Comments
Cash Flow from Investing
Free Cash Flow
Cash flow from Operations
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
20
Favorable German ad market 2011Promising development of TOP 200 in H1 2011
Nielsen -TOP 200 advertisers increased gross spend on poster by 19 yoy compared to 11 growth of TOP 200 spending across all media
Market share of poster with Nielsen-Top 200 advertisers advanced from 34 to 40
Stroumlerrsquos best performing industries FMCG automotive and retail
Top 200 advertisers as defined by Nielsen Media Research
21
Growth project Germany premium billboard
Premium Billboard Cologne
22
Premium Billboard Bonn
23
Premium billboard rollout progressing well
Focus on prime locations in major metropolitan cities
Rising number of new locations in addition to upgrade of traditional boards
Super-size locations with up to 3 displays in a row allowing new creative concepts
Increasing number of customers upgrading campaigns with premium billboards
Customer base further enlarged (selection)
23
577
FY 2011Target
900 ndash 1000
Q3 2011Actual
Number of installed displays
24
Growth project Germany Out-of-Home-Channel
Out-of-Home- Channel Frankfurt Main
25
Out-of-home channel with growing network and increasing demand
More than 780 Screens installed and well on
track for up to 1000 by Dec 11
Rollout focus now on top stations in Hamburg
Cologne Duumlsseldorf
Key national accounts driving order backlog
Number of installed screens
780
FY 2011Target
~1000
Oct 2011Actual
26
Stroumler Turkey
City-Light-Poster Ankara
27
49
13
58
4
13
0
20
40
60
Stroumler Turkey strong market position and favourable prospects
+ 45x
Other
Source Turkish Advertisers Association based on Net Revenues 2009 Company estimates
Growth drivers of Turkish OoH market
Young attractive demographics gt70MM inhabitants
9 cities with more than 1MM inhabitants
Low advertising spend per capita
Audience measurement system initiated
Stroumler Turkey is the clear OoH market leader
28
Stroumler Turkey development of operations in 2011
H1 organic revenue growth supported by strong regional and giant poster business
Margin decline due to one-off revenue impediments and increased direct costs mainly due to concession scope effects
Sales strategy in H2 directed towards customers with lower TV exposure with good progress
Organic revenue growth in H2 difficult to anticipate given low visibility and ongoing TV reform impacts
Megaboard Ankara
29
Stroumler Poland
Super18-Billboard Warsaw
30
Poland Multiple growth drivers supporting future OoH market growth
Ad SpendCapita in euro
Notes(1) Factor that could act as a positive catalyst for the Polish advertising spend
Source Turkish Advertisers Association Starlink Mediahouse ZenithOptimedia March 2010
Drivers for future Polish OoH market growth
Further market consolidation expected
Street furniture market opportunity in Warsaw
Audience measurement system initiated
Professionalization of OoH market81718
42
61
215
UkraineTurkeyRomaniaPolandHungaryGermany
Strong future ad market growth expected in Poland
31
Stroumler Poland development of operations in 2011
Softer OOH market development continued in H1 leading to negative organic revenue growth rates
Trading momentum improved after recent reinforcement of management
Increased business scope and cost synergies supported H1 margins
Improved trading environment expected in H2
City-Light-Poster Warsaw
32
Stroumler financials H1 2011
33
Stroumler highlights H1 2011
Ongoing structural shift to outdoor in Germany Europes biggest ad market Sales focus on Top 200 advertisers paying off Relevance of digital products in product mix increasing Progress in foreign operations in spite of external effects amp OPEX investments 73 Group organic revenue growth in H1 particularly fuelled by Germany Recurring earnings (net adjusted income) up 41 in H1 EUR 22m capex fully cash flow financed allowing flat net debt vs prior year-end Stable contract portfolio
34
euro MM H1 2010H1 2011 Change
RevenuesOrganic growth (1)
Operational EBITDA
Net adjusted income (2)
Free cash flow (4)
Net debt (5)
24222823 +166
52410073
598 +140117165 +410
3217 -463
3193 -023201
Notes (1) Organic growth = excluding exchange rate effects and effects from the (de)consolidation and discontinuation of operations (2) Operational EBIT net of the financial result adjusted for exceptional items amortization of acquired intangible advertising concessions and the normalized tax expense (325 tax rate) (3) Cash flows from investing activities excluding MampA (4) Free cash flow = cash flows from operating activities less cash flows from investing activities (5) Net debt = financial liabilities less cash (excl hedge liabilities) (6) Net Debt to LTM Operational Ebitda adjusted for full consolidation of Stroumler Turkey
3112 2010H1 2011 Change
Leverage ratio 24x24x 00(6)
Investments 225 66 +2383(3)
Financials at a glance Strong growth in topline and net adjusted income
35
Stroumler Group revenue Balanced increase across all product groups
Growth in billboard largely due to consolidation effects in TR and PL German operations lifted street furniture sales mainly on the back of higher filling ratios Growth in transport revenues supported by double-digit increase in digital revenues
euro MM
+214Reported +223Reported +194Reported
Q1
Q2
H1 2011
1521
629
892
H1 2010
1253
519
734
Q1
Q2
H1 2011
728
337
390
H1 2010
595
262
333
Q1
Q2
H1 2011
409
184
225
H1 2010
343
157
186
Billboard Street Furniture Transport
36
Improved operational cash flow while investing into growth
H1 2011
17
H1 2010
32
euro MM
H1 2011
237
H1 2010
98
-158 H1 2011
-225
H1 2010
-66
excluding MampA
Savings in interest expenses and tax payments following post-IPO refinancing
Increased capital expenditure as in H1 2011 (rollout of Out-of-Home Channel etc)
Improved working capital management
Comments
Cash Flow from Investing
Free Cash Flow
Cash flow from Operations
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
21
Growth project Germany premium billboard
Premium Billboard Cologne
22
Premium Billboard Bonn
23
Premium billboard rollout progressing well
Focus on prime locations in major metropolitan cities
Rising number of new locations in addition to upgrade of traditional boards
Super-size locations with up to 3 displays in a row allowing new creative concepts
Increasing number of customers upgrading campaigns with premium billboards
Customer base further enlarged (selection)
23
577
FY 2011Target
900 ndash 1000
Q3 2011Actual
Number of installed displays
24
Growth project Germany Out-of-Home-Channel
Out-of-Home- Channel Frankfurt Main
25
Out-of-home channel with growing network and increasing demand
More than 780 Screens installed and well on
track for up to 1000 by Dec 11
Rollout focus now on top stations in Hamburg
Cologne Duumlsseldorf
Key national accounts driving order backlog
Number of installed screens
780
FY 2011Target
~1000
Oct 2011Actual
26
Stroumler Turkey
City-Light-Poster Ankara
27
49
13
58
4
13
0
20
40
60
Stroumler Turkey strong market position and favourable prospects
+ 45x
Other
Source Turkish Advertisers Association based on Net Revenues 2009 Company estimates
Growth drivers of Turkish OoH market
Young attractive demographics gt70MM inhabitants
9 cities with more than 1MM inhabitants
Low advertising spend per capita
Audience measurement system initiated
Stroumler Turkey is the clear OoH market leader
28
Stroumler Turkey development of operations in 2011
H1 organic revenue growth supported by strong regional and giant poster business
Margin decline due to one-off revenue impediments and increased direct costs mainly due to concession scope effects
Sales strategy in H2 directed towards customers with lower TV exposure with good progress
Organic revenue growth in H2 difficult to anticipate given low visibility and ongoing TV reform impacts
Megaboard Ankara
29
Stroumler Poland
Super18-Billboard Warsaw
30
Poland Multiple growth drivers supporting future OoH market growth
Ad SpendCapita in euro
Notes(1) Factor that could act as a positive catalyst for the Polish advertising spend
Source Turkish Advertisers Association Starlink Mediahouse ZenithOptimedia March 2010
Drivers for future Polish OoH market growth
Further market consolidation expected
Street furniture market opportunity in Warsaw
Audience measurement system initiated
Professionalization of OoH market81718
42
61
215
UkraineTurkeyRomaniaPolandHungaryGermany
Strong future ad market growth expected in Poland
31
Stroumler Poland development of operations in 2011
Softer OOH market development continued in H1 leading to negative organic revenue growth rates
Trading momentum improved after recent reinforcement of management
Increased business scope and cost synergies supported H1 margins
Improved trading environment expected in H2
City-Light-Poster Warsaw
32
Stroumler financials H1 2011
33
Stroumler highlights H1 2011
Ongoing structural shift to outdoor in Germany Europes biggest ad market Sales focus on Top 200 advertisers paying off Relevance of digital products in product mix increasing Progress in foreign operations in spite of external effects amp OPEX investments 73 Group organic revenue growth in H1 particularly fuelled by Germany Recurring earnings (net adjusted income) up 41 in H1 EUR 22m capex fully cash flow financed allowing flat net debt vs prior year-end Stable contract portfolio
34
euro MM H1 2010H1 2011 Change
RevenuesOrganic growth (1)
Operational EBITDA
Net adjusted income (2)
Free cash flow (4)
Net debt (5)
24222823 +166
52410073
598 +140117165 +410
3217 -463
3193 -023201
Notes (1) Organic growth = excluding exchange rate effects and effects from the (de)consolidation and discontinuation of operations (2) Operational EBIT net of the financial result adjusted for exceptional items amortization of acquired intangible advertising concessions and the normalized tax expense (325 tax rate) (3) Cash flows from investing activities excluding MampA (4) Free cash flow = cash flows from operating activities less cash flows from investing activities (5) Net debt = financial liabilities less cash (excl hedge liabilities) (6) Net Debt to LTM Operational Ebitda adjusted for full consolidation of Stroumler Turkey
3112 2010H1 2011 Change
Leverage ratio 24x24x 00(6)
Investments 225 66 +2383(3)
Financials at a glance Strong growth in topline and net adjusted income
35
Stroumler Group revenue Balanced increase across all product groups
Growth in billboard largely due to consolidation effects in TR and PL German operations lifted street furniture sales mainly on the back of higher filling ratios Growth in transport revenues supported by double-digit increase in digital revenues
euro MM
+214Reported +223Reported +194Reported
Q1
Q2
H1 2011
1521
629
892
H1 2010
1253
519
734
Q1
Q2
H1 2011
728
337
390
H1 2010
595
262
333
Q1
Q2
H1 2011
409
184
225
H1 2010
343
157
186
Billboard Street Furniture Transport
36
Improved operational cash flow while investing into growth
H1 2011
17
H1 2010
32
euro MM
H1 2011
237
H1 2010
98
-158 H1 2011
-225
H1 2010
-66
excluding MampA
Savings in interest expenses and tax payments following post-IPO refinancing
Increased capital expenditure as in H1 2011 (rollout of Out-of-Home Channel etc)
Improved working capital management
Comments
Cash Flow from Investing
Free Cash Flow
Cash flow from Operations
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
22
Premium Billboard Bonn
23
Premium billboard rollout progressing well
Focus on prime locations in major metropolitan cities
Rising number of new locations in addition to upgrade of traditional boards
Super-size locations with up to 3 displays in a row allowing new creative concepts
Increasing number of customers upgrading campaigns with premium billboards
Customer base further enlarged (selection)
23
577
FY 2011Target
900 ndash 1000
Q3 2011Actual
Number of installed displays
24
Growth project Germany Out-of-Home-Channel
Out-of-Home- Channel Frankfurt Main
25
Out-of-home channel with growing network and increasing demand
More than 780 Screens installed and well on
track for up to 1000 by Dec 11
Rollout focus now on top stations in Hamburg
Cologne Duumlsseldorf
Key national accounts driving order backlog
Number of installed screens
780
FY 2011Target
~1000
Oct 2011Actual
26
Stroumler Turkey
City-Light-Poster Ankara
27
49
13
58
4
13
0
20
40
60
Stroumler Turkey strong market position and favourable prospects
+ 45x
Other
Source Turkish Advertisers Association based on Net Revenues 2009 Company estimates
Growth drivers of Turkish OoH market
Young attractive demographics gt70MM inhabitants
9 cities with more than 1MM inhabitants
Low advertising spend per capita
Audience measurement system initiated
Stroumler Turkey is the clear OoH market leader
28
Stroumler Turkey development of operations in 2011
H1 organic revenue growth supported by strong regional and giant poster business
Margin decline due to one-off revenue impediments and increased direct costs mainly due to concession scope effects
Sales strategy in H2 directed towards customers with lower TV exposure with good progress
Organic revenue growth in H2 difficult to anticipate given low visibility and ongoing TV reform impacts
Megaboard Ankara
29
Stroumler Poland
Super18-Billboard Warsaw
30
Poland Multiple growth drivers supporting future OoH market growth
Ad SpendCapita in euro
Notes(1) Factor that could act as a positive catalyst for the Polish advertising spend
Source Turkish Advertisers Association Starlink Mediahouse ZenithOptimedia March 2010
Drivers for future Polish OoH market growth
Further market consolidation expected
Street furniture market opportunity in Warsaw
Audience measurement system initiated
Professionalization of OoH market81718
42
61
215
UkraineTurkeyRomaniaPolandHungaryGermany
Strong future ad market growth expected in Poland
31
Stroumler Poland development of operations in 2011
Softer OOH market development continued in H1 leading to negative organic revenue growth rates
Trading momentum improved after recent reinforcement of management
Increased business scope and cost synergies supported H1 margins
Improved trading environment expected in H2
City-Light-Poster Warsaw
32
Stroumler financials H1 2011
33
Stroumler highlights H1 2011
Ongoing structural shift to outdoor in Germany Europes biggest ad market Sales focus on Top 200 advertisers paying off Relevance of digital products in product mix increasing Progress in foreign operations in spite of external effects amp OPEX investments 73 Group organic revenue growth in H1 particularly fuelled by Germany Recurring earnings (net adjusted income) up 41 in H1 EUR 22m capex fully cash flow financed allowing flat net debt vs prior year-end Stable contract portfolio
34
euro MM H1 2010H1 2011 Change
RevenuesOrganic growth (1)
Operational EBITDA
Net adjusted income (2)
Free cash flow (4)
Net debt (5)
24222823 +166
52410073
598 +140117165 +410
3217 -463
3193 -023201
Notes (1) Organic growth = excluding exchange rate effects and effects from the (de)consolidation and discontinuation of operations (2) Operational EBIT net of the financial result adjusted for exceptional items amortization of acquired intangible advertising concessions and the normalized tax expense (325 tax rate) (3) Cash flows from investing activities excluding MampA (4) Free cash flow = cash flows from operating activities less cash flows from investing activities (5) Net debt = financial liabilities less cash (excl hedge liabilities) (6) Net Debt to LTM Operational Ebitda adjusted for full consolidation of Stroumler Turkey
3112 2010H1 2011 Change
Leverage ratio 24x24x 00(6)
Investments 225 66 +2383(3)
Financials at a glance Strong growth in topline and net adjusted income
35
Stroumler Group revenue Balanced increase across all product groups
Growth in billboard largely due to consolidation effects in TR and PL German operations lifted street furniture sales mainly on the back of higher filling ratios Growth in transport revenues supported by double-digit increase in digital revenues
euro MM
+214Reported +223Reported +194Reported
Q1
Q2
H1 2011
1521
629
892
H1 2010
1253
519
734
Q1
Q2
H1 2011
728
337
390
H1 2010
595
262
333
Q1
Q2
H1 2011
409
184
225
H1 2010
343
157
186
Billboard Street Furniture Transport
36
Improved operational cash flow while investing into growth
H1 2011
17
H1 2010
32
euro MM
H1 2011
237
H1 2010
98
-158 H1 2011
-225
H1 2010
-66
excluding MampA
Savings in interest expenses and tax payments following post-IPO refinancing
Increased capital expenditure as in H1 2011 (rollout of Out-of-Home Channel etc)
Improved working capital management
Comments
Cash Flow from Investing
Free Cash Flow
Cash flow from Operations
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
23
Premium billboard rollout progressing well
Focus on prime locations in major metropolitan cities
Rising number of new locations in addition to upgrade of traditional boards
Super-size locations with up to 3 displays in a row allowing new creative concepts
Increasing number of customers upgrading campaigns with premium billboards
Customer base further enlarged (selection)
23
577
FY 2011Target
900 ndash 1000
Q3 2011Actual
Number of installed displays
24
Growth project Germany Out-of-Home-Channel
Out-of-Home- Channel Frankfurt Main
25
Out-of-home channel with growing network and increasing demand
More than 780 Screens installed and well on
track for up to 1000 by Dec 11
Rollout focus now on top stations in Hamburg
Cologne Duumlsseldorf
Key national accounts driving order backlog
Number of installed screens
780
FY 2011Target
~1000
Oct 2011Actual
26
Stroumler Turkey
City-Light-Poster Ankara
27
49
13
58
4
13
0
20
40
60
Stroumler Turkey strong market position and favourable prospects
+ 45x
Other
Source Turkish Advertisers Association based on Net Revenues 2009 Company estimates
Growth drivers of Turkish OoH market
Young attractive demographics gt70MM inhabitants
9 cities with more than 1MM inhabitants
Low advertising spend per capita
Audience measurement system initiated
Stroumler Turkey is the clear OoH market leader
28
Stroumler Turkey development of operations in 2011
H1 organic revenue growth supported by strong regional and giant poster business
Margin decline due to one-off revenue impediments and increased direct costs mainly due to concession scope effects
Sales strategy in H2 directed towards customers with lower TV exposure with good progress
Organic revenue growth in H2 difficult to anticipate given low visibility and ongoing TV reform impacts
Megaboard Ankara
29
Stroumler Poland
Super18-Billboard Warsaw
30
Poland Multiple growth drivers supporting future OoH market growth
Ad SpendCapita in euro
Notes(1) Factor that could act as a positive catalyst for the Polish advertising spend
Source Turkish Advertisers Association Starlink Mediahouse ZenithOptimedia March 2010
Drivers for future Polish OoH market growth
Further market consolidation expected
Street furniture market opportunity in Warsaw
Audience measurement system initiated
Professionalization of OoH market81718
42
61
215
UkraineTurkeyRomaniaPolandHungaryGermany
Strong future ad market growth expected in Poland
31
Stroumler Poland development of operations in 2011
Softer OOH market development continued in H1 leading to negative organic revenue growth rates
Trading momentum improved after recent reinforcement of management
Increased business scope and cost synergies supported H1 margins
Improved trading environment expected in H2
City-Light-Poster Warsaw
32
Stroumler financials H1 2011
33
Stroumler highlights H1 2011
Ongoing structural shift to outdoor in Germany Europes biggest ad market Sales focus on Top 200 advertisers paying off Relevance of digital products in product mix increasing Progress in foreign operations in spite of external effects amp OPEX investments 73 Group organic revenue growth in H1 particularly fuelled by Germany Recurring earnings (net adjusted income) up 41 in H1 EUR 22m capex fully cash flow financed allowing flat net debt vs prior year-end Stable contract portfolio
34
euro MM H1 2010H1 2011 Change
RevenuesOrganic growth (1)
Operational EBITDA
Net adjusted income (2)
Free cash flow (4)
Net debt (5)
24222823 +166
52410073
598 +140117165 +410
3217 -463
3193 -023201
Notes (1) Organic growth = excluding exchange rate effects and effects from the (de)consolidation and discontinuation of operations (2) Operational EBIT net of the financial result adjusted for exceptional items amortization of acquired intangible advertising concessions and the normalized tax expense (325 tax rate) (3) Cash flows from investing activities excluding MampA (4) Free cash flow = cash flows from operating activities less cash flows from investing activities (5) Net debt = financial liabilities less cash (excl hedge liabilities) (6) Net Debt to LTM Operational Ebitda adjusted for full consolidation of Stroumler Turkey
3112 2010H1 2011 Change
Leverage ratio 24x24x 00(6)
Investments 225 66 +2383(3)
Financials at a glance Strong growth in topline and net adjusted income
35
Stroumler Group revenue Balanced increase across all product groups
Growth in billboard largely due to consolidation effects in TR and PL German operations lifted street furniture sales mainly on the back of higher filling ratios Growth in transport revenues supported by double-digit increase in digital revenues
euro MM
+214Reported +223Reported +194Reported
Q1
Q2
H1 2011
1521
629
892
H1 2010
1253
519
734
Q1
Q2
H1 2011
728
337
390
H1 2010
595
262
333
Q1
Q2
H1 2011
409
184
225
H1 2010
343
157
186
Billboard Street Furniture Transport
36
Improved operational cash flow while investing into growth
H1 2011
17
H1 2010
32
euro MM
H1 2011
237
H1 2010
98
-158 H1 2011
-225
H1 2010
-66
excluding MampA
Savings in interest expenses and tax payments following post-IPO refinancing
Increased capital expenditure as in H1 2011 (rollout of Out-of-Home Channel etc)
Improved working capital management
Comments
Cash Flow from Investing
Free Cash Flow
Cash flow from Operations
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
24
Growth project Germany Out-of-Home-Channel
Out-of-Home- Channel Frankfurt Main
25
Out-of-home channel with growing network and increasing demand
More than 780 Screens installed and well on
track for up to 1000 by Dec 11
Rollout focus now on top stations in Hamburg
Cologne Duumlsseldorf
Key national accounts driving order backlog
Number of installed screens
780
FY 2011Target
~1000
Oct 2011Actual
26
Stroumler Turkey
City-Light-Poster Ankara
27
49
13
58
4
13
0
20
40
60
Stroumler Turkey strong market position and favourable prospects
+ 45x
Other
Source Turkish Advertisers Association based on Net Revenues 2009 Company estimates
Growth drivers of Turkish OoH market
Young attractive demographics gt70MM inhabitants
9 cities with more than 1MM inhabitants
Low advertising spend per capita
Audience measurement system initiated
Stroumler Turkey is the clear OoH market leader
28
Stroumler Turkey development of operations in 2011
H1 organic revenue growth supported by strong regional and giant poster business
Margin decline due to one-off revenue impediments and increased direct costs mainly due to concession scope effects
Sales strategy in H2 directed towards customers with lower TV exposure with good progress
Organic revenue growth in H2 difficult to anticipate given low visibility and ongoing TV reform impacts
Megaboard Ankara
29
Stroumler Poland
Super18-Billboard Warsaw
30
Poland Multiple growth drivers supporting future OoH market growth
Ad SpendCapita in euro
Notes(1) Factor that could act as a positive catalyst for the Polish advertising spend
Source Turkish Advertisers Association Starlink Mediahouse ZenithOptimedia March 2010
Drivers for future Polish OoH market growth
Further market consolidation expected
Street furniture market opportunity in Warsaw
Audience measurement system initiated
Professionalization of OoH market81718
42
61
215
UkraineTurkeyRomaniaPolandHungaryGermany
Strong future ad market growth expected in Poland
31
Stroumler Poland development of operations in 2011
Softer OOH market development continued in H1 leading to negative organic revenue growth rates
Trading momentum improved after recent reinforcement of management
Increased business scope and cost synergies supported H1 margins
Improved trading environment expected in H2
City-Light-Poster Warsaw
32
Stroumler financials H1 2011
33
Stroumler highlights H1 2011
Ongoing structural shift to outdoor in Germany Europes biggest ad market Sales focus on Top 200 advertisers paying off Relevance of digital products in product mix increasing Progress in foreign operations in spite of external effects amp OPEX investments 73 Group organic revenue growth in H1 particularly fuelled by Germany Recurring earnings (net adjusted income) up 41 in H1 EUR 22m capex fully cash flow financed allowing flat net debt vs prior year-end Stable contract portfolio
34
euro MM H1 2010H1 2011 Change
RevenuesOrganic growth (1)
Operational EBITDA
Net adjusted income (2)
Free cash flow (4)
Net debt (5)
24222823 +166
52410073
598 +140117165 +410
3217 -463
3193 -023201
Notes (1) Organic growth = excluding exchange rate effects and effects from the (de)consolidation and discontinuation of operations (2) Operational EBIT net of the financial result adjusted for exceptional items amortization of acquired intangible advertising concessions and the normalized tax expense (325 tax rate) (3) Cash flows from investing activities excluding MampA (4) Free cash flow = cash flows from operating activities less cash flows from investing activities (5) Net debt = financial liabilities less cash (excl hedge liabilities) (6) Net Debt to LTM Operational Ebitda adjusted for full consolidation of Stroumler Turkey
3112 2010H1 2011 Change
Leverage ratio 24x24x 00(6)
Investments 225 66 +2383(3)
Financials at a glance Strong growth in topline and net adjusted income
35
Stroumler Group revenue Balanced increase across all product groups
Growth in billboard largely due to consolidation effects in TR and PL German operations lifted street furniture sales mainly on the back of higher filling ratios Growth in transport revenues supported by double-digit increase in digital revenues
euro MM
+214Reported +223Reported +194Reported
Q1
Q2
H1 2011
1521
629
892
H1 2010
1253
519
734
Q1
Q2
H1 2011
728
337
390
H1 2010
595
262
333
Q1
Q2
H1 2011
409
184
225
H1 2010
343
157
186
Billboard Street Furniture Transport
36
Improved operational cash flow while investing into growth
H1 2011
17
H1 2010
32
euro MM
H1 2011
237
H1 2010
98
-158 H1 2011
-225
H1 2010
-66
excluding MampA
Savings in interest expenses and tax payments following post-IPO refinancing
Increased capital expenditure as in H1 2011 (rollout of Out-of-Home Channel etc)
Improved working capital management
Comments
Cash Flow from Investing
Free Cash Flow
Cash flow from Operations
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
25
Out-of-home channel with growing network and increasing demand
More than 780 Screens installed and well on
track for up to 1000 by Dec 11
Rollout focus now on top stations in Hamburg
Cologne Duumlsseldorf
Key national accounts driving order backlog
Number of installed screens
780
FY 2011Target
~1000
Oct 2011Actual
26
Stroumler Turkey
City-Light-Poster Ankara
27
49
13
58
4
13
0
20
40
60
Stroumler Turkey strong market position and favourable prospects
+ 45x
Other
Source Turkish Advertisers Association based on Net Revenues 2009 Company estimates
Growth drivers of Turkish OoH market
Young attractive demographics gt70MM inhabitants
9 cities with more than 1MM inhabitants
Low advertising spend per capita
Audience measurement system initiated
Stroumler Turkey is the clear OoH market leader
28
Stroumler Turkey development of operations in 2011
H1 organic revenue growth supported by strong regional and giant poster business
Margin decline due to one-off revenue impediments and increased direct costs mainly due to concession scope effects
Sales strategy in H2 directed towards customers with lower TV exposure with good progress
Organic revenue growth in H2 difficult to anticipate given low visibility and ongoing TV reform impacts
Megaboard Ankara
29
Stroumler Poland
Super18-Billboard Warsaw
30
Poland Multiple growth drivers supporting future OoH market growth
Ad SpendCapita in euro
Notes(1) Factor that could act as a positive catalyst for the Polish advertising spend
Source Turkish Advertisers Association Starlink Mediahouse ZenithOptimedia March 2010
Drivers for future Polish OoH market growth
Further market consolidation expected
Street furniture market opportunity in Warsaw
Audience measurement system initiated
Professionalization of OoH market81718
42
61
215
UkraineTurkeyRomaniaPolandHungaryGermany
Strong future ad market growth expected in Poland
31
Stroumler Poland development of operations in 2011
Softer OOH market development continued in H1 leading to negative organic revenue growth rates
Trading momentum improved after recent reinforcement of management
Increased business scope and cost synergies supported H1 margins
Improved trading environment expected in H2
City-Light-Poster Warsaw
32
Stroumler financials H1 2011
33
Stroumler highlights H1 2011
Ongoing structural shift to outdoor in Germany Europes biggest ad market Sales focus on Top 200 advertisers paying off Relevance of digital products in product mix increasing Progress in foreign operations in spite of external effects amp OPEX investments 73 Group organic revenue growth in H1 particularly fuelled by Germany Recurring earnings (net adjusted income) up 41 in H1 EUR 22m capex fully cash flow financed allowing flat net debt vs prior year-end Stable contract portfolio
34
euro MM H1 2010H1 2011 Change
RevenuesOrganic growth (1)
Operational EBITDA
Net adjusted income (2)
Free cash flow (4)
Net debt (5)
24222823 +166
52410073
598 +140117165 +410
3217 -463
3193 -023201
Notes (1) Organic growth = excluding exchange rate effects and effects from the (de)consolidation and discontinuation of operations (2) Operational EBIT net of the financial result adjusted for exceptional items amortization of acquired intangible advertising concessions and the normalized tax expense (325 tax rate) (3) Cash flows from investing activities excluding MampA (4) Free cash flow = cash flows from operating activities less cash flows from investing activities (5) Net debt = financial liabilities less cash (excl hedge liabilities) (6) Net Debt to LTM Operational Ebitda adjusted for full consolidation of Stroumler Turkey
3112 2010H1 2011 Change
Leverage ratio 24x24x 00(6)
Investments 225 66 +2383(3)
Financials at a glance Strong growth in topline and net adjusted income
35
Stroumler Group revenue Balanced increase across all product groups
Growth in billboard largely due to consolidation effects in TR and PL German operations lifted street furniture sales mainly on the back of higher filling ratios Growth in transport revenues supported by double-digit increase in digital revenues
euro MM
+214Reported +223Reported +194Reported
Q1
Q2
H1 2011
1521
629
892
H1 2010
1253
519
734
Q1
Q2
H1 2011
728
337
390
H1 2010
595
262
333
Q1
Q2
H1 2011
409
184
225
H1 2010
343
157
186
Billboard Street Furniture Transport
36
Improved operational cash flow while investing into growth
H1 2011
17
H1 2010
32
euro MM
H1 2011
237
H1 2010
98
-158 H1 2011
-225
H1 2010
-66
excluding MampA
Savings in interest expenses and tax payments following post-IPO refinancing
Increased capital expenditure as in H1 2011 (rollout of Out-of-Home Channel etc)
Improved working capital management
Comments
Cash Flow from Investing
Free Cash Flow
Cash flow from Operations
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
26
Stroumler Turkey
City-Light-Poster Ankara
27
49
13
58
4
13
0
20
40
60
Stroumler Turkey strong market position and favourable prospects
+ 45x
Other
Source Turkish Advertisers Association based on Net Revenues 2009 Company estimates
Growth drivers of Turkish OoH market
Young attractive demographics gt70MM inhabitants
9 cities with more than 1MM inhabitants
Low advertising spend per capita
Audience measurement system initiated
Stroumler Turkey is the clear OoH market leader
28
Stroumler Turkey development of operations in 2011
H1 organic revenue growth supported by strong regional and giant poster business
Margin decline due to one-off revenue impediments and increased direct costs mainly due to concession scope effects
Sales strategy in H2 directed towards customers with lower TV exposure with good progress
Organic revenue growth in H2 difficult to anticipate given low visibility and ongoing TV reform impacts
Megaboard Ankara
29
Stroumler Poland
Super18-Billboard Warsaw
30
Poland Multiple growth drivers supporting future OoH market growth
Ad SpendCapita in euro
Notes(1) Factor that could act as a positive catalyst for the Polish advertising spend
Source Turkish Advertisers Association Starlink Mediahouse ZenithOptimedia March 2010
Drivers for future Polish OoH market growth
Further market consolidation expected
Street furniture market opportunity in Warsaw
Audience measurement system initiated
Professionalization of OoH market81718
42
61
215
UkraineTurkeyRomaniaPolandHungaryGermany
Strong future ad market growth expected in Poland
31
Stroumler Poland development of operations in 2011
Softer OOH market development continued in H1 leading to negative organic revenue growth rates
Trading momentum improved after recent reinforcement of management
Increased business scope and cost synergies supported H1 margins
Improved trading environment expected in H2
City-Light-Poster Warsaw
32
Stroumler financials H1 2011
33
Stroumler highlights H1 2011
Ongoing structural shift to outdoor in Germany Europes biggest ad market Sales focus on Top 200 advertisers paying off Relevance of digital products in product mix increasing Progress in foreign operations in spite of external effects amp OPEX investments 73 Group organic revenue growth in H1 particularly fuelled by Germany Recurring earnings (net adjusted income) up 41 in H1 EUR 22m capex fully cash flow financed allowing flat net debt vs prior year-end Stable contract portfolio
34
euro MM H1 2010H1 2011 Change
RevenuesOrganic growth (1)
Operational EBITDA
Net adjusted income (2)
Free cash flow (4)
Net debt (5)
24222823 +166
52410073
598 +140117165 +410
3217 -463
3193 -023201
Notes (1) Organic growth = excluding exchange rate effects and effects from the (de)consolidation and discontinuation of operations (2) Operational EBIT net of the financial result adjusted for exceptional items amortization of acquired intangible advertising concessions and the normalized tax expense (325 tax rate) (3) Cash flows from investing activities excluding MampA (4) Free cash flow = cash flows from operating activities less cash flows from investing activities (5) Net debt = financial liabilities less cash (excl hedge liabilities) (6) Net Debt to LTM Operational Ebitda adjusted for full consolidation of Stroumler Turkey
3112 2010H1 2011 Change
Leverage ratio 24x24x 00(6)
Investments 225 66 +2383(3)
Financials at a glance Strong growth in topline and net adjusted income
35
Stroumler Group revenue Balanced increase across all product groups
Growth in billboard largely due to consolidation effects in TR and PL German operations lifted street furniture sales mainly on the back of higher filling ratios Growth in transport revenues supported by double-digit increase in digital revenues
euro MM
+214Reported +223Reported +194Reported
Q1
Q2
H1 2011
1521
629
892
H1 2010
1253
519
734
Q1
Q2
H1 2011
728
337
390
H1 2010
595
262
333
Q1
Q2
H1 2011
409
184
225
H1 2010
343
157
186
Billboard Street Furniture Transport
36
Improved operational cash flow while investing into growth
H1 2011
17
H1 2010
32
euro MM
H1 2011
237
H1 2010
98
-158 H1 2011
-225
H1 2010
-66
excluding MampA
Savings in interest expenses and tax payments following post-IPO refinancing
Increased capital expenditure as in H1 2011 (rollout of Out-of-Home Channel etc)
Improved working capital management
Comments
Cash Flow from Investing
Free Cash Flow
Cash flow from Operations
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
27
49
13
58
4
13
0
20
40
60
Stroumler Turkey strong market position and favourable prospects
+ 45x
Other
Source Turkish Advertisers Association based on Net Revenues 2009 Company estimates
Growth drivers of Turkish OoH market
Young attractive demographics gt70MM inhabitants
9 cities with more than 1MM inhabitants
Low advertising spend per capita
Audience measurement system initiated
Stroumler Turkey is the clear OoH market leader
28
Stroumler Turkey development of operations in 2011
H1 organic revenue growth supported by strong regional and giant poster business
Margin decline due to one-off revenue impediments and increased direct costs mainly due to concession scope effects
Sales strategy in H2 directed towards customers with lower TV exposure with good progress
Organic revenue growth in H2 difficult to anticipate given low visibility and ongoing TV reform impacts
Megaboard Ankara
29
Stroumler Poland
Super18-Billboard Warsaw
30
Poland Multiple growth drivers supporting future OoH market growth
Ad SpendCapita in euro
Notes(1) Factor that could act as a positive catalyst for the Polish advertising spend
Source Turkish Advertisers Association Starlink Mediahouse ZenithOptimedia March 2010
Drivers for future Polish OoH market growth
Further market consolidation expected
Street furniture market opportunity in Warsaw
Audience measurement system initiated
Professionalization of OoH market81718
42
61
215
UkraineTurkeyRomaniaPolandHungaryGermany
Strong future ad market growth expected in Poland
31
Stroumler Poland development of operations in 2011
Softer OOH market development continued in H1 leading to negative organic revenue growth rates
Trading momentum improved after recent reinforcement of management
Increased business scope and cost synergies supported H1 margins
Improved trading environment expected in H2
City-Light-Poster Warsaw
32
Stroumler financials H1 2011
33
Stroumler highlights H1 2011
Ongoing structural shift to outdoor in Germany Europes biggest ad market Sales focus on Top 200 advertisers paying off Relevance of digital products in product mix increasing Progress in foreign operations in spite of external effects amp OPEX investments 73 Group organic revenue growth in H1 particularly fuelled by Germany Recurring earnings (net adjusted income) up 41 in H1 EUR 22m capex fully cash flow financed allowing flat net debt vs prior year-end Stable contract portfolio
34
euro MM H1 2010H1 2011 Change
RevenuesOrganic growth (1)
Operational EBITDA
Net adjusted income (2)
Free cash flow (4)
Net debt (5)
24222823 +166
52410073
598 +140117165 +410
3217 -463
3193 -023201
Notes (1) Organic growth = excluding exchange rate effects and effects from the (de)consolidation and discontinuation of operations (2) Operational EBIT net of the financial result adjusted for exceptional items amortization of acquired intangible advertising concessions and the normalized tax expense (325 tax rate) (3) Cash flows from investing activities excluding MampA (4) Free cash flow = cash flows from operating activities less cash flows from investing activities (5) Net debt = financial liabilities less cash (excl hedge liabilities) (6) Net Debt to LTM Operational Ebitda adjusted for full consolidation of Stroumler Turkey
3112 2010H1 2011 Change
Leverage ratio 24x24x 00(6)
Investments 225 66 +2383(3)
Financials at a glance Strong growth in topline and net adjusted income
35
Stroumler Group revenue Balanced increase across all product groups
Growth in billboard largely due to consolidation effects in TR and PL German operations lifted street furniture sales mainly on the back of higher filling ratios Growth in transport revenues supported by double-digit increase in digital revenues
euro MM
+214Reported +223Reported +194Reported
Q1
Q2
H1 2011
1521
629
892
H1 2010
1253
519
734
Q1
Q2
H1 2011
728
337
390
H1 2010
595
262
333
Q1
Q2
H1 2011
409
184
225
H1 2010
343
157
186
Billboard Street Furniture Transport
36
Improved operational cash flow while investing into growth
H1 2011
17
H1 2010
32
euro MM
H1 2011
237
H1 2010
98
-158 H1 2011
-225
H1 2010
-66
excluding MampA
Savings in interest expenses and tax payments following post-IPO refinancing
Increased capital expenditure as in H1 2011 (rollout of Out-of-Home Channel etc)
Improved working capital management
Comments
Cash Flow from Investing
Free Cash Flow
Cash flow from Operations
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
28
Stroumler Turkey development of operations in 2011
H1 organic revenue growth supported by strong regional and giant poster business
Margin decline due to one-off revenue impediments and increased direct costs mainly due to concession scope effects
Sales strategy in H2 directed towards customers with lower TV exposure with good progress
Organic revenue growth in H2 difficult to anticipate given low visibility and ongoing TV reform impacts
Megaboard Ankara
29
Stroumler Poland
Super18-Billboard Warsaw
30
Poland Multiple growth drivers supporting future OoH market growth
Ad SpendCapita in euro
Notes(1) Factor that could act as a positive catalyst for the Polish advertising spend
Source Turkish Advertisers Association Starlink Mediahouse ZenithOptimedia March 2010
Drivers for future Polish OoH market growth
Further market consolidation expected
Street furniture market opportunity in Warsaw
Audience measurement system initiated
Professionalization of OoH market81718
42
61
215
UkraineTurkeyRomaniaPolandHungaryGermany
Strong future ad market growth expected in Poland
31
Stroumler Poland development of operations in 2011
Softer OOH market development continued in H1 leading to negative organic revenue growth rates
Trading momentum improved after recent reinforcement of management
Increased business scope and cost synergies supported H1 margins
Improved trading environment expected in H2
City-Light-Poster Warsaw
32
Stroumler financials H1 2011
33
Stroumler highlights H1 2011
Ongoing structural shift to outdoor in Germany Europes biggest ad market Sales focus on Top 200 advertisers paying off Relevance of digital products in product mix increasing Progress in foreign operations in spite of external effects amp OPEX investments 73 Group organic revenue growth in H1 particularly fuelled by Germany Recurring earnings (net adjusted income) up 41 in H1 EUR 22m capex fully cash flow financed allowing flat net debt vs prior year-end Stable contract portfolio
34
euro MM H1 2010H1 2011 Change
RevenuesOrganic growth (1)
Operational EBITDA
Net adjusted income (2)
Free cash flow (4)
Net debt (5)
24222823 +166
52410073
598 +140117165 +410
3217 -463
3193 -023201
Notes (1) Organic growth = excluding exchange rate effects and effects from the (de)consolidation and discontinuation of operations (2) Operational EBIT net of the financial result adjusted for exceptional items amortization of acquired intangible advertising concessions and the normalized tax expense (325 tax rate) (3) Cash flows from investing activities excluding MampA (4) Free cash flow = cash flows from operating activities less cash flows from investing activities (5) Net debt = financial liabilities less cash (excl hedge liabilities) (6) Net Debt to LTM Operational Ebitda adjusted for full consolidation of Stroumler Turkey
3112 2010H1 2011 Change
Leverage ratio 24x24x 00(6)
Investments 225 66 +2383(3)
Financials at a glance Strong growth in topline and net adjusted income
35
Stroumler Group revenue Balanced increase across all product groups
Growth in billboard largely due to consolidation effects in TR and PL German operations lifted street furniture sales mainly on the back of higher filling ratios Growth in transport revenues supported by double-digit increase in digital revenues
euro MM
+214Reported +223Reported +194Reported
Q1
Q2
H1 2011
1521
629
892
H1 2010
1253
519
734
Q1
Q2
H1 2011
728
337
390
H1 2010
595
262
333
Q1
Q2
H1 2011
409
184
225
H1 2010
343
157
186
Billboard Street Furniture Transport
36
Improved operational cash flow while investing into growth
H1 2011
17
H1 2010
32
euro MM
H1 2011
237
H1 2010
98
-158 H1 2011
-225
H1 2010
-66
excluding MampA
Savings in interest expenses and tax payments following post-IPO refinancing
Increased capital expenditure as in H1 2011 (rollout of Out-of-Home Channel etc)
Improved working capital management
Comments
Cash Flow from Investing
Free Cash Flow
Cash flow from Operations
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
29
Stroumler Poland
Super18-Billboard Warsaw
30
Poland Multiple growth drivers supporting future OoH market growth
Ad SpendCapita in euro
Notes(1) Factor that could act as a positive catalyst for the Polish advertising spend
Source Turkish Advertisers Association Starlink Mediahouse ZenithOptimedia March 2010
Drivers for future Polish OoH market growth
Further market consolidation expected
Street furniture market opportunity in Warsaw
Audience measurement system initiated
Professionalization of OoH market81718
42
61
215
UkraineTurkeyRomaniaPolandHungaryGermany
Strong future ad market growth expected in Poland
31
Stroumler Poland development of operations in 2011
Softer OOH market development continued in H1 leading to negative organic revenue growth rates
Trading momentum improved after recent reinforcement of management
Increased business scope and cost synergies supported H1 margins
Improved trading environment expected in H2
City-Light-Poster Warsaw
32
Stroumler financials H1 2011
33
Stroumler highlights H1 2011
Ongoing structural shift to outdoor in Germany Europes biggest ad market Sales focus on Top 200 advertisers paying off Relevance of digital products in product mix increasing Progress in foreign operations in spite of external effects amp OPEX investments 73 Group organic revenue growth in H1 particularly fuelled by Germany Recurring earnings (net adjusted income) up 41 in H1 EUR 22m capex fully cash flow financed allowing flat net debt vs prior year-end Stable contract portfolio
34
euro MM H1 2010H1 2011 Change
RevenuesOrganic growth (1)
Operational EBITDA
Net adjusted income (2)
Free cash flow (4)
Net debt (5)
24222823 +166
52410073
598 +140117165 +410
3217 -463
3193 -023201
Notes (1) Organic growth = excluding exchange rate effects and effects from the (de)consolidation and discontinuation of operations (2) Operational EBIT net of the financial result adjusted for exceptional items amortization of acquired intangible advertising concessions and the normalized tax expense (325 tax rate) (3) Cash flows from investing activities excluding MampA (4) Free cash flow = cash flows from operating activities less cash flows from investing activities (5) Net debt = financial liabilities less cash (excl hedge liabilities) (6) Net Debt to LTM Operational Ebitda adjusted for full consolidation of Stroumler Turkey
3112 2010H1 2011 Change
Leverage ratio 24x24x 00(6)
Investments 225 66 +2383(3)
Financials at a glance Strong growth in topline and net adjusted income
35
Stroumler Group revenue Balanced increase across all product groups
Growth in billboard largely due to consolidation effects in TR and PL German operations lifted street furniture sales mainly on the back of higher filling ratios Growth in transport revenues supported by double-digit increase in digital revenues
euro MM
+214Reported +223Reported +194Reported
Q1
Q2
H1 2011
1521
629
892
H1 2010
1253
519
734
Q1
Q2
H1 2011
728
337
390
H1 2010
595
262
333
Q1
Q2
H1 2011
409
184
225
H1 2010
343
157
186
Billboard Street Furniture Transport
36
Improved operational cash flow while investing into growth
H1 2011
17
H1 2010
32
euro MM
H1 2011
237
H1 2010
98
-158 H1 2011
-225
H1 2010
-66
excluding MampA
Savings in interest expenses and tax payments following post-IPO refinancing
Increased capital expenditure as in H1 2011 (rollout of Out-of-Home Channel etc)
Improved working capital management
Comments
Cash Flow from Investing
Free Cash Flow
Cash flow from Operations
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
30
Poland Multiple growth drivers supporting future OoH market growth
Ad SpendCapita in euro
Notes(1) Factor that could act as a positive catalyst for the Polish advertising spend
Source Turkish Advertisers Association Starlink Mediahouse ZenithOptimedia March 2010
Drivers for future Polish OoH market growth
Further market consolidation expected
Street furniture market opportunity in Warsaw
Audience measurement system initiated
Professionalization of OoH market81718
42
61
215
UkraineTurkeyRomaniaPolandHungaryGermany
Strong future ad market growth expected in Poland
31
Stroumler Poland development of operations in 2011
Softer OOH market development continued in H1 leading to negative organic revenue growth rates
Trading momentum improved after recent reinforcement of management
Increased business scope and cost synergies supported H1 margins
Improved trading environment expected in H2
City-Light-Poster Warsaw
32
Stroumler financials H1 2011
33
Stroumler highlights H1 2011
Ongoing structural shift to outdoor in Germany Europes biggest ad market Sales focus on Top 200 advertisers paying off Relevance of digital products in product mix increasing Progress in foreign operations in spite of external effects amp OPEX investments 73 Group organic revenue growth in H1 particularly fuelled by Germany Recurring earnings (net adjusted income) up 41 in H1 EUR 22m capex fully cash flow financed allowing flat net debt vs prior year-end Stable contract portfolio
34
euro MM H1 2010H1 2011 Change
RevenuesOrganic growth (1)
Operational EBITDA
Net adjusted income (2)
Free cash flow (4)
Net debt (5)
24222823 +166
52410073
598 +140117165 +410
3217 -463
3193 -023201
Notes (1) Organic growth = excluding exchange rate effects and effects from the (de)consolidation and discontinuation of operations (2) Operational EBIT net of the financial result adjusted for exceptional items amortization of acquired intangible advertising concessions and the normalized tax expense (325 tax rate) (3) Cash flows from investing activities excluding MampA (4) Free cash flow = cash flows from operating activities less cash flows from investing activities (5) Net debt = financial liabilities less cash (excl hedge liabilities) (6) Net Debt to LTM Operational Ebitda adjusted for full consolidation of Stroumler Turkey
3112 2010H1 2011 Change
Leverage ratio 24x24x 00(6)
Investments 225 66 +2383(3)
Financials at a glance Strong growth in topline and net adjusted income
35
Stroumler Group revenue Balanced increase across all product groups
Growth in billboard largely due to consolidation effects in TR and PL German operations lifted street furniture sales mainly on the back of higher filling ratios Growth in transport revenues supported by double-digit increase in digital revenues
euro MM
+214Reported +223Reported +194Reported
Q1
Q2
H1 2011
1521
629
892
H1 2010
1253
519
734
Q1
Q2
H1 2011
728
337
390
H1 2010
595
262
333
Q1
Q2
H1 2011
409
184
225
H1 2010
343
157
186
Billboard Street Furniture Transport
36
Improved operational cash flow while investing into growth
H1 2011
17
H1 2010
32
euro MM
H1 2011
237
H1 2010
98
-158 H1 2011
-225
H1 2010
-66
excluding MampA
Savings in interest expenses and tax payments following post-IPO refinancing
Increased capital expenditure as in H1 2011 (rollout of Out-of-Home Channel etc)
Improved working capital management
Comments
Cash Flow from Investing
Free Cash Flow
Cash flow from Operations
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
31
Stroumler Poland development of operations in 2011
Softer OOH market development continued in H1 leading to negative organic revenue growth rates
Trading momentum improved after recent reinforcement of management
Increased business scope and cost synergies supported H1 margins
Improved trading environment expected in H2
City-Light-Poster Warsaw
32
Stroumler financials H1 2011
33
Stroumler highlights H1 2011
Ongoing structural shift to outdoor in Germany Europes biggest ad market Sales focus on Top 200 advertisers paying off Relevance of digital products in product mix increasing Progress in foreign operations in spite of external effects amp OPEX investments 73 Group organic revenue growth in H1 particularly fuelled by Germany Recurring earnings (net adjusted income) up 41 in H1 EUR 22m capex fully cash flow financed allowing flat net debt vs prior year-end Stable contract portfolio
34
euro MM H1 2010H1 2011 Change
RevenuesOrganic growth (1)
Operational EBITDA
Net adjusted income (2)
Free cash flow (4)
Net debt (5)
24222823 +166
52410073
598 +140117165 +410
3217 -463
3193 -023201
Notes (1) Organic growth = excluding exchange rate effects and effects from the (de)consolidation and discontinuation of operations (2) Operational EBIT net of the financial result adjusted for exceptional items amortization of acquired intangible advertising concessions and the normalized tax expense (325 tax rate) (3) Cash flows from investing activities excluding MampA (4) Free cash flow = cash flows from operating activities less cash flows from investing activities (5) Net debt = financial liabilities less cash (excl hedge liabilities) (6) Net Debt to LTM Operational Ebitda adjusted for full consolidation of Stroumler Turkey
3112 2010H1 2011 Change
Leverage ratio 24x24x 00(6)
Investments 225 66 +2383(3)
Financials at a glance Strong growth in topline and net adjusted income
35
Stroumler Group revenue Balanced increase across all product groups
Growth in billboard largely due to consolidation effects in TR and PL German operations lifted street furniture sales mainly on the back of higher filling ratios Growth in transport revenues supported by double-digit increase in digital revenues
euro MM
+214Reported +223Reported +194Reported
Q1
Q2
H1 2011
1521
629
892
H1 2010
1253
519
734
Q1
Q2
H1 2011
728
337
390
H1 2010
595
262
333
Q1
Q2
H1 2011
409
184
225
H1 2010
343
157
186
Billboard Street Furniture Transport
36
Improved operational cash flow while investing into growth
H1 2011
17
H1 2010
32
euro MM
H1 2011
237
H1 2010
98
-158 H1 2011
-225
H1 2010
-66
excluding MampA
Savings in interest expenses and tax payments following post-IPO refinancing
Increased capital expenditure as in H1 2011 (rollout of Out-of-Home Channel etc)
Improved working capital management
Comments
Cash Flow from Investing
Free Cash Flow
Cash flow from Operations
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
32
Stroumler financials H1 2011
33
Stroumler highlights H1 2011
Ongoing structural shift to outdoor in Germany Europes biggest ad market Sales focus on Top 200 advertisers paying off Relevance of digital products in product mix increasing Progress in foreign operations in spite of external effects amp OPEX investments 73 Group organic revenue growth in H1 particularly fuelled by Germany Recurring earnings (net adjusted income) up 41 in H1 EUR 22m capex fully cash flow financed allowing flat net debt vs prior year-end Stable contract portfolio
34
euro MM H1 2010H1 2011 Change
RevenuesOrganic growth (1)
Operational EBITDA
Net adjusted income (2)
Free cash flow (4)
Net debt (5)
24222823 +166
52410073
598 +140117165 +410
3217 -463
3193 -023201
Notes (1) Organic growth = excluding exchange rate effects and effects from the (de)consolidation and discontinuation of operations (2) Operational EBIT net of the financial result adjusted for exceptional items amortization of acquired intangible advertising concessions and the normalized tax expense (325 tax rate) (3) Cash flows from investing activities excluding MampA (4) Free cash flow = cash flows from operating activities less cash flows from investing activities (5) Net debt = financial liabilities less cash (excl hedge liabilities) (6) Net Debt to LTM Operational Ebitda adjusted for full consolidation of Stroumler Turkey
3112 2010H1 2011 Change
Leverage ratio 24x24x 00(6)
Investments 225 66 +2383(3)
Financials at a glance Strong growth in topline and net adjusted income
35
Stroumler Group revenue Balanced increase across all product groups
Growth in billboard largely due to consolidation effects in TR and PL German operations lifted street furniture sales mainly on the back of higher filling ratios Growth in transport revenues supported by double-digit increase in digital revenues
euro MM
+214Reported +223Reported +194Reported
Q1
Q2
H1 2011
1521
629
892
H1 2010
1253
519
734
Q1
Q2
H1 2011
728
337
390
H1 2010
595
262
333
Q1
Q2
H1 2011
409
184
225
H1 2010
343
157
186
Billboard Street Furniture Transport
36
Improved operational cash flow while investing into growth
H1 2011
17
H1 2010
32
euro MM
H1 2011
237
H1 2010
98
-158 H1 2011
-225
H1 2010
-66
excluding MampA
Savings in interest expenses and tax payments following post-IPO refinancing
Increased capital expenditure as in H1 2011 (rollout of Out-of-Home Channel etc)
Improved working capital management
Comments
Cash Flow from Investing
Free Cash Flow
Cash flow from Operations
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
33
Stroumler highlights H1 2011
Ongoing structural shift to outdoor in Germany Europes biggest ad market Sales focus on Top 200 advertisers paying off Relevance of digital products in product mix increasing Progress in foreign operations in spite of external effects amp OPEX investments 73 Group organic revenue growth in H1 particularly fuelled by Germany Recurring earnings (net adjusted income) up 41 in H1 EUR 22m capex fully cash flow financed allowing flat net debt vs prior year-end Stable contract portfolio
34
euro MM H1 2010H1 2011 Change
RevenuesOrganic growth (1)
Operational EBITDA
Net adjusted income (2)
Free cash flow (4)
Net debt (5)
24222823 +166
52410073
598 +140117165 +410
3217 -463
3193 -023201
Notes (1) Organic growth = excluding exchange rate effects and effects from the (de)consolidation and discontinuation of operations (2) Operational EBIT net of the financial result adjusted for exceptional items amortization of acquired intangible advertising concessions and the normalized tax expense (325 tax rate) (3) Cash flows from investing activities excluding MampA (4) Free cash flow = cash flows from operating activities less cash flows from investing activities (5) Net debt = financial liabilities less cash (excl hedge liabilities) (6) Net Debt to LTM Operational Ebitda adjusted for full consolidation of Stroumler Turkey
3112 2010H1 2011 Change
Leverage ratio 24x24x 00(6)
Investments 225 66 +2383(3)
Financials at a glance Strong growth in topline and net adjusted income
35
Stroumler Group revenue Balanced increase across all product groups
Growth in billboard largely due to consolidation effects in TR and PL German operations lifted street furniture sales mainly on the back of higher filling ratios Growth in transport revenues supported by double-digit increase in digital revenues
euro MM
+214Reported +223Reported +194Reported
Q1
Q2
H1 2011
1521
629
892
H1 2010
1253
519
734
Q1
Q2
H1 2011
728
337
390
H1 2010
595
262
333
Q1
Q2
H1 2011
409
184
225
H1 2010
343
157
186
Billboard Street Furniture Transport
36
Improved operational cash flow while investing into growth
H1 2011
17
H1 2010
32
euro MM
H1 2011
237
H1 2010
98
-158 H1 2011
-225
H1 2010
-66
excluding MampA
Savings in interest expenses and tax payments following post-IPO refinancing
Increased capital expenditure as in H1 2011 (rollout of Out-of-Home Channel etc)
Improved working capital management
Comments
Cash Flow from Investing
Free Cash Flow
Cash flow from Operations
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
34
euro MM H1 2010H1 2011 Change
RevenuesOrganic growth (1)
Operational EBITDA
Net adjusted income (2)
Free cash flow (4)
Net debt (5)
24222823 +166
52410073
598 +140117165 +410
3217 -463
3193 -023201
Notes (1) Organic growth = excluding exchange rate effects and effects from the (de)consolidation and discontinuation of operations (2) Operational EBIT net of the financial result adjusted for exceptional items amortization of acquired intangible advertising concessions and the normalized tax expense (325 tax rate) (3) Cash flows from investing activities excluding MampA (4) Free cash flow = cash flows from operating activities less cash flows from investing activities (5) Net debt = financial liabilities less cash (excl hedge liabilities) (6) Net Debt to LTM Operational Ebitda adjusted for full consolidation of Stroumler Turkey
3112 2010H1 2011 Change
Leverage ratio 24x24x 00(6)
Investments 225 66 +2383(3)
Financials at a glance Strong growth in topline and net adjusted income
35
Stroumler Group revenue Balanced increase across all product groups
Growth in billboard largely due to consolidation effects in TR and PL German operations lifted street furniture sales mainly on the back of higher filling ratios Growth in transport revenues supported by double-digit increase in digital revenues
euro MM
+214Reported +223Reported +194Reported
Q1
Q2
H1 2011
1521
629
892
H1 2010
1253
519
734
Q1
Q2
H1 2011
728
337
390
H1 2010
595
262
333
Q1
Q2
H1 2011
409
184
225
H1 2010
343
157
186
Billboard Street Furniture Transport
36
Improved operational cash flow while investing into growth
H1 2011
17
H1 2010
32
euro MM
H1 2011
237
H1 2010
98
-158 H1 2011
-225
H1 2010
-66
excluding MampA
Savings in interest expenses and tax payments following post-IPO refinancing
Increased capital expenditure as in H1 2011 (rollout of Out-of-Home Channel etc)
Improved working capital management
Comments
Cash Flow from Investing
Free Cash Flow
Cash flow from Operations
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
35
Stroumler Group revenue Balanced increase across all product groups
Growth in billboard largely due to consolidation effects in TR and PL German operations lifted street furniture sales mainly on the back of higher filling ratios Growth in transport revenues supported by double-digit increase in digital revenues
euro MM
+214Reported +223Reported +194Reported
Q1
Q2
H1 2011
1521
629
892
H1 2010
1253
519
734
Q1
Q2
H1 2011
728
337
390
H1 2010
595
262
333
Q1
Q2
H1 2011
409
184
225
H1 2010
343
157
186
Billboard Street Furniture Transport
36
Improved operational cash flow while investing into growth
H1 2011
17
H1 2010
32
euro MM
H1 2011
237
H1 2010
98
-158 H1 2011
-225
H1 2010
-66
excluding MampA
Savings in interest expenses and tax payments following post-IPO refinancing
Increased capital expenditure as in H1 2011 (rollout of Out-of-Home Channel etc)
Improved working capital management
Comments
Cash Flow from Investing
Free Cash Flow
Cash flow from Operations
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
36
Improved operational cash flow while investing into growth
H1 2011
17
H1 2010
32
euro MM
H1 2011
237
H1 2010
98
-158 H1 2011
-225
H1 2010
-66
excluding MampA
Savings in interest expenses and tax payments following post-IPO refinancing
Increased capital expenditure as in H1 2011 (rollout of Out-of-Home Channel etc)
Improved working capital management
Comments
Cash Flow from Investing
Free Cash Flow
Cash flow from Operations
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
37
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-
38
This presentation contains ldquoforward looking statementsrdquo regarding Stroumler Out-of-Home Media AG (ldquoStroumlerrdquo) or Stroumler Group including opinionsestimates and projections regarding Stroumler rsquos or Stroumler Grouprsquos financial position business strategy plans and objectives of management andfuture operations Such forward looking statements involve known and unknown risks uncertainties and other important factors that could cause theactual results performance or achievements of Stroumler or Stroumler Group to be materially different from future results performance or achievementsexpressed or implied by such forward looking statements These forward looking statements speak only as of the date of this presentation and arebased on numerous assumptions which may or may not prove to be correct No representation or warranty express or implied is made by Stroumlerwith respect to the fairness completeness correctness reasonableness or accuracy of any information and opinions contained herein Theinformation in this presentation is subject to change without notice it may be incomplete or condensed and it may not contain all materialinformation concerning Stroumler or Stroumler Group Stroumler undertakes no obligation to publicly update or revise any forward looking statements orother information stated herein whether as a result of new information future events or otherwise
Disclaimer
- Foliennummer 1
- Foliennummer 2
- Foliennummer 3
- Foliennummer 4
- Foliennummer 5
- Foliennummer 6
- Foliennummer 7
- Foliennummer 8
- Foliennummer 9
- Foliennummer 10
- 1 player in underpenetrated and attractive growth markets
- Stroumlerlsquos source of business in a nutshell
- Stroumlerrsquos well-diversified product portfolio - Billboards
- Stroumlerrsquos well-diversified product portfolio ndash Street Furniture
- Stroumlerrsquos well-diversified product portfolio - Transport
- Foliennummer 16
- TV media fragmentation single placements lose their reach
- Foliennummer 18
- Foliennummer 19
- Foliennummer 20
- Foliennummer 21
- Foliennummer 22
- Foliennummer 23
- Foliennummer 24
- Foliennummer 25
- Foliennummer 26
- Stroumler Turkey strong market position and favourable prospects
- Foliennummer 28
- Foliennummer 29
- Poland Multiple growth drivers supporting future OoH market growth
- Foliennummer 31
- Foliennummer 32
- Stroumler highlights H1 2011
- Financials at a glance Strong growth in topline and net adjusted income
- Stroumler Group revenue Balanced increase across all product groups
- Foliennummer 36
- Foliennummer 37
- Foliennummer 38
-