METRO INTERNATIONAL Q4 AND FULL YEAR 2011
“ANOTHER GOOD YEAR”
Per Mikael Jensen, President and CEO Anders Kronborg, CFO
FULL YEAR HIGHLIGHTS €'000 Net revenue Normalised EBIT One-off items EBIT
FY 2011 196,879 15,215 4,160 19,375
FY 2010 175,145 8,615 3,097 11,712
The figures relate to continuing operations (excluding France, Hungary and English Canada)
• Net revenue increased by 12% to €196.9m due to 4% organic growth and acquisition of controlling stake in Mexico and SubTV • Normalised EBIT before one-offs of €15.2m (€8.6m) • One offs include a gain of €7.0m for revaluation of investment in English Canada and a provision of €2.8m for legal case in Spain. Previous year includes a gain of €3.1m related to acquisition/sale of shares • Strong sales growth in Chile, Mexico and Russia • Improved results in emerging markets, Sweden and Denmark • Sale of stake in English Canada, France and Hungary • Three new operations launched in Colombia, Guatemala and Peru • Global increase in readership by 5% Q4 2011
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Q4 HIGHLIGHTS €'000 Net revenue Normalised EBIT One-off items EBIT
Q4 2011 58,038 7,682 6,960 14,642
Q4 2010 55,529 7,181 335 7,516
The figures relate to continuing operations (excluding France, Hungary and English Canada)
• Net revenue increased by 5% to €58.0 million • Normalised EBIT before one-off of €7.7m (€7.2m) • Improved results in Sweden, Mexico and Russia • Increase in stake in St Petersburg, Russia from 58.5% to 95%
Q4 2011
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NET REVENUE AND EBIT 12 month rolling for currently owned operations (€’000) 250,000
50,000
200,000
40,000
150,000
30,000
100,000
20,000
50,000
10,000
0
0
(50,000)
(10,000)
(100,000)
(20,000)
Q4 2011
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SALES PERFORMANCE • Strong sales growth in Hong Kong, Chile, St Petersburg, Mexico and Brazil • Sweden and Denmark are stable • Sales drop in Netherlands due to a declining market
The table below shows the sales growth in local currency
Operation Sweden Denmark Holland Hong Kong Chile St Petersburg Mexico Canada - French Brazil Czech Republic
Q4 2011 -3% 11% -7% 7% -2% 7% 47% -8% 51% -9%
FY 2011 2% 3% -5% 9% 18% 15% 27% -5% 54% -8%
Q4 2011
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GLOBAL READERSHIP Metro Worldwide Daily Readership in 000’s 26,000 24,000 22,000 20,000 18,000 16,000 14,000 Commercial partners
12,000 10,000 8,000
Metro International
6,000 4,000 2,000
Source: National Research Surveys (1995-2011) except new editions (estimates)
0
95 96 97 98 99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11
• Total Metro readership increased by 5% to 17.6 million daily readers • Double digit readership increase in Russia, Mexico, Brazil and Denmark
Q4 2011
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SWEDEN Sales
DENMARK Sales
EBIT
EBIT
22,000 10,000 18,000 14,000
6,000
10,000 2,000
6,000 2,000
(2,000) (2,000)
€'000 Net revenue EBIT EBIT margin
Q4 2011 21,573 5,945 28%
Q4 2010 21,726 5,007 23%
FY 2011 71,879 13,899 19%
FY 2010 66,962 11,415 17%
• Full Year (FY) EBIT of €13.9m, increase of €2.5m
• Local currency (LC) sales increase of 2% for FY • Good growth in Online recruitment through
€'000 Net revenue EBIT EBIT margin
Q4 2011 7,434 674 9%
Q4 2010 6,670 744 11%
FY 2011 27,064 1,914 7%
• FY EBIT of €1.9m, increase of €1.2m • LC sales increased by 3% for FY • MetroXpress remains most read newspaper
Metrojobb.se
• Increase in readership in Stockholm, Gothenburg and Malmo Q4 2011
FY 2010 26,267 749 3%
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THE NETHERLANDS Sales
EBIT
RUSSIA (St Petersburg) Sales
3,500
10,000
EBIT
3,000 2,500
6,000
2,000 1,500 1,000
2,000
500 0
(2,000)
€'000 Net revenue EBIT EBIT margin
Q4 2011 6,616 333 5%
Q4 2010 7,114 2,842 40%
FY 2011 23,454 451 2%
FY 2010 24,797 3,661 15%
€'000 Net revenue EBIT EBIT margin
Q4 2011 3,298 1,473 45%
Q4 2010 3,125 980 31%
FY 2011 11,213 3,811 34%
• LC sales declined by 5% for FY
• FY EBIT of €3.8m
• FY EBIT of €0.5m. Decline in EBIT due to lower sales,
• LC sales increased by 15% for FY
investment in new products and redundancy costs.
• Low newspaper ad spend due to weak economic situation
• Increase in market share and prices built on strong brand perception
• Most read newspaper in St Petersburg
• Launch of Metro Mode and online deals - SaveMyDay
Q4 2011
FY 2010 9,870 2,879 29%
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MEXICO
HONG KONG Sales
EBIT
Sales
7,000
EBIT
5,000
6,000
4,000
5,000 3,000
4,000 3,000
2,000
2,000 1,000 1,000 0
0
€'000 Net revenue EBIT EBIT margin
Q4 2011 6,492 585 9%
Q4 2010 6,045 933 15%
FY 2011 23,085 2,260 10%
FY 2010 22,371 3,746 17%
• FY EBIT of €2.3m • LC sales increase of 9% for FY • Good performance in Banking, Telecom & Retail segments
• Higher print, paper and distribution costs due to new subway contract
• Increased competition with launch of 2 new free dailies Q4 2011
€'000 Net revenue EBIT EBIT margin
• • • •
Q4 2011 4,699 1,385 29%
Q4 2010 3,447 839 24%
FY 2011 14,610 3,410 23%
FY 2010 11,849 2,249 19%
Consolidated from September 2010 FY EBIT of € 3.4m LC sales increase of 27% for FY Telecom, Automotive and Retail have grown the most
• Launch of new edition in Guadalajara • Online Travel site and SaveMyDay launched 9
CHILE Sales
SUBTV EBIT
Sales
EBIT
2,000
5,000 4,000
1,500
3,000
1,000 2,000
500
1,000 0
0
€'000 Net revenue EBIT EBIT margin
Q4 2011 3,989 570 14%
Q4 2010 4,296 677 16%
FY 2011 15,715 2,103 13%
FY 2010 13,500 1,766 13%
• FY EBIT of €2.1m • LC sales increase of 18% for FY • Newspaper and magazines showing good growth,
€'000 Net revenue EBIT EBIT margin
Q4 2011 933 335 36%
Q4 2010 974 246 25%
FY 2011 3,255 992 30%
• Consolidated from 1 Oct 2010 • FY EBIT of €1.0m • LC sales increase of 3% for FY
c.a. 30% sales from Non-Green products
• Increase in costs due to higher circulation and pagination
• Daily deals offering SaveMyDay launched Q4 2011
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FY 2010 3,210 992 31%
ASSOCIATED COMPANIES Net Revenue €'000 French Canada Brazil Guatemala Total
Q4 2011 3,996 8,750 620 13,366
Q4 2010 4,337 5,980 10,317
FY 2011 13,679 27,368 1,701 42,748
FY 2010 14,534 17,770 32,305
• In French Canada, LC sales declined by 5% for FY • In Brazil, LC sales increased by 54% for FY. There has been growth in the existing edition in Sao Paulo and the new editions in Rio de Janeiro and other cities too have contributed to this growth
• Gautemala was launched in February 2011
Q4 2011
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HEADQUARTERS €'000 Revenue Shared Services Management & Administration Central Online Cost
Q4 2011 2,516 (2,142) (2,244) (818) (5,204)
Q4 2010 2,132 (2,980) (3,370) (931) (7,282)
FY 2011 6,117 (6,730) (11,618) (3,072) (21,420)
FY 2010 5,275 (8,743) (10,720) (3,176) (22,639)
• Revenue consists of franchise fees and commission on global advertising campaigns
• Provision of €2.8m for an old lawsuit against Metro in Spain which we have appealed
• Net HQ costs (excluding €2.8m provision) is €12.5m for 2011, better than the €14.0m target at the start of the year
Q4 2011
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HQ NET COSTS 12 month rolling (€’000) 25,000
20,000
15,000
10,000
5,000
0
Q4 2011
13
CASH FLOW €'000 Cash flow before change in w orking capital Net w orking capital (increase)/decrease Net interest received/(paid) Ad tax paid Income tax paid Net cash contributed/(used) by operations
FY 2011 18,832 (7,237) 98 (11,210) (3,899) (3,416)
Net cash contributed by investing activities
25,959
Net cash used in financing activities
(3,147)
1,376
Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Currency effects on cash Cash and cash equivalents at end of the period
19,396 29,389 (126) 48,659
7,694 20,165 1,530 29,389
FY 2010 11,285 (3,102) (30) (1,818) 6,335 (17)
• Cash position of €48.7m • Sale of Metro English Canada for €32.6m (net of tax) • Payment of €11.2m for the Swedish ad tax • Payment of €5.1m and €2.4m for acquiring further stake in Metro St. Petes and SubTV, respectively Q4 2011
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