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Investor Presentation September 2010
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10-09-16 Imago Roadshow presentation 16h.ppt€¦ · 2018-06-10  · Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10

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Page 1: 10-09-16 Imago Roadshow presentation 16h.ppt€¦ · 2018-06-10  · Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10

Investor PresentationSeptember 2010

Page 2: 10-09-16 Imago Roadshow presentation 16h.ppt€¦ · 2018-06-10  · Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10

Disclaimer

This document, which has been issued by Axel Springer Aktiengesellschaft (the "Company"), comprises the written materials/slides for a presentation of the managementwritten materials/slides for a presentation of the management.

Whilst all reasonable care has been taken to ensure that the information and facts stated herein are accurate and that the opinions and expectations contained herein are fair and reasonable no representation or warranty, express or implied, is given by or on behalf of the Company, any of its directors, or any other person as to the

l t f th i f ti i i t i d i thi d t d li bilit i t daccuracy or completeness of the information or opinions contained in this document and no liability is accepted for any such information or opinions.

This document contains forward looking statements which involves risks and uncertainties. These forward looking statements speak only as of the date of this document and are based on numerous assumptions which may or may not prove to be correct. The actual performance and results of the business of the Company could differ materially from the performance and results discussed in this document.

The Company undertakes no obligation to publicly update or revise any forward looking statements or other information contained herein whether as a result of new information, future events or otherwise.information contained herein whether as a result of new information, future events or otherwise.

This document does not constitute or form any part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the Company, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation theretothereto.

2

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Axel Springer has started transforming its business over the past 6 years to create a leading European integrated multimedia company

Axel Springer in H1/10 Our VisionAxel Springer in 2004

Digital24%

Europe’s leading integrated

multimedia company

1)

Digital2%

50%digital

50% printPrint

98%

Print76% Strong brands

1) Pro forma for acquisitions

Digital activities represent 24%1) of revenues and 15% of EBITDA in H1/10

3

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Shareholder structure and trading volume

Sh h ld t t ( f S 2010) T di l 2)Shareholder structure (as of Sep 2010) Trading volume2)

30

Free Float24.2%1)

20

Dai

ly V

olum

e 00

s)CEO Mathias Döpfner (1.5%) 51 5%

10Average: 11.4

Ave

rage

D (0051.5%

8.9%

8.3%

Jan-

09Fe

b-09

Mar

-09

Apr

-09

May

-09

Jun-

09Ju

l-09

Aug

-09

Sep

-09

Oct

-09

Nov

-09

Dec

-09

Jan-

10Fe

b-10

Mar

-10

Apr

-10

May

-10

Jun-

10Ju

l-10

Aug

-10

7.0%

Axel Springer Gesellschaft fur PublizistikDr h.c. Friede Springer

1) Management board overall owns 2.0% of the share capital2) Monthly average daily volume on XETRA

Source: Datastream

Axel Springer AGDeutsche Bank AGFree Float

4

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Our strategy focuses on our core competencies

Leadership in Germany1

Strengthen and expand leading market position

Strong brands drive high media reach and advertising revenues

Core Competencies

Content portalsContent portals

Classifieds/Marketplaces

Performance marketing

International expansion2 Digital transformation3

Performance marketing

Replicating the “German model” internationally

JV with Ringier in CEE

Existing brands extended online

Business model enhanced in digital world

5

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Germany represents a unique newspaper market1 y p q p p

National newspaper circulation revenues(07-09 CAGR)Key themes in German market

Strong circulation revenues in Germany

Higher proportion of total revenues than in other countries

0.3%

2.9%

other countries

More resilient than in the UK and the US

Potential for regular cover price increasesBILD reach vs TV shows5)

4) 4)4)-3.6% -3.1%

Axel Springer Germany UK US3)

Higher share of younger readers

No free sheets

Strong position of BILD with 81%1) market 11.8

9 4 8 9

12.528.7

The X Factor

American Idol -Tuesday

Wetten, dass…?

Dr. House

(reach in m)

g pshare

Newspapers with higher share of advertising spend than TV as opposed to US2)

The SunBILD

9.4

Le Figaro

8.9 7.8

USA Today

3.72.4

g y

5) UK: Year average for The X Factor 2009, BARB (BroadcastersAudience Research Board); average reach of Sun between Oct.08 to Sept. 09 NRS (National Readership Survey), USA: USA TODAY Reader Brand Research 2009; MRI Fall 2009, Nielsen Television - TV Ratings for Primetime: Season-to-Date (2009-2010 Season Through Jan. 24, 2010), France: Daily newspapers: EPIQ-Studie 2008/2009, TV: Viewers 4J.+ Mediametrie 2009; Germany: Average for “Wetten, dass…?” 2009, Viewers age 14+, GFK/TV Panel 2009, ma 2010 Pressemedien II

1) Including Berlin newsstand newspaper B.Z.; market share based on paid circulation of newsstand newspapers2) Source: ZenithOptimedia July 20103) Source: company information; National Newspaper circulation sales as % of total National Newspaper sales4) Source: PwC Global Entertainment and Media Outlook, 2009-2013, 2009E forecast

66

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Axel Springer is Germany’s leading print marketer and1 p g y g ppublisher

Market share by adspend3)Market share by circulation1) y p

17%

y

19% With 19% market share, A l S i h 17%Axel Springer reaches

52% of the German population2)

9%7%

5% 4% 4%7% 7%

5%4% 3% 3%

AxelSpringer

G+J Burda WAZ Bauer DuMontAxelSpringer

Bauer WAZ SWMH Burda Holtz-brinck

G+J

Newspapers MagazinesNewspapers Magazines

1) Source: Company estimates based on IVW H1/10, paid circulation; weighted market share taking into account different title frequencies2) Source: ma 2010 Pressemedien II; combined reach among German-speaking 14+ year olds of all covered Axel Springer AG newspapers, magazines and 100% owned subsidiaries3) Source: Nielsen Media Research; gross adspend, excl. classified ads, supplements and media advertising, 2010 Jan.-June, 100% owned subsidiaries and Jahr Top Special Verlag

7

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Lead over German print marketers even further expanded

Gross advertising revenues (in %)

37.9 38.7

H1/08

H1/09

Gross advertising revenues (in %)+4.3%-pts

34.4

21.8

19 4 20.0

H1/10

-1.9%-pts

-1.8%-pts

17.6

9 8

16.4

19.4

10 19 8

15.7

+0.2%-pts

p

+0.4%-pts

1 2% t9.6 9.3 7.3

9.8 10.1

6.4

9.8 9.7

6.1

-1.2%-pts

Axel Springer* Bauer Burda Gruner+Jahr DuMont IQ Media

Basis: Leading German print marketers. Source: Nielsen Media Research, Newspapers and magazines without classifieds and media ads.*without Financial Media.

8

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Axel Springer: a strong platform for international2 p g g pexpansion

DigitalIndividual countriesCEE JV Individual countriesCEE JV

Serbia

FranceSpain

Russia

Hungary CzechRepublic

Poland

Slovakia

Switzerland

RomaniaRussia

Combining reach of No. 1 tabloid positions in all JV countries

Goal: Growth and digitization

Country-by-country approach

Strong market positions in each country

Roll-out of successful business models to other countries, partly without physical presenceGoal: Growth and digitization countryMaking use of network effects

and economies of scale

9

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CEE JV with Ringier: 5 market-leading mass market 2

S ccessf l Eastern

g gbrands, strong digitization potential

Successful Eastern European business since the 1990s

> 100 print titles, > 70 Poland No. 1 tabloid: Blesk

(Ringier)

No. 1 tabloid: FAKT (Axel Springer)Reach: 4.7m

p ,online offerings

PF 2009 JV financials: revenues €414m, EBITDA €62m

Poland

Czech Republic

(Ringier)Reach: 1.5m

EBITDA €62m

50% economic ownership with 100% consolidation for Axel Springer

RepublicSlovakia

Hungary

No. 1 tabloid: Nový Čas (Ringier)Reach: 1.2m No. 1 tabloid:

Blikk (Ringier)R h 1 1

p g

Closing for all JV countries except Hungary on July 1, 2010

g y No. 1 tabloid: Blic

(Ringier)Reach: 0.8m

Reach: 1.1m

Goal: Growth and digitizationRingier Presence

Axel Springer Presence Serbia

10

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We have become the largest digital player by revenue 3

Digital media revenues (in €m)

g g p y yamong European print publishers

Digital media revenues (in €m)

423

569

)

332

423

reve

nues

(€m

)

20293640

117127FY09

r

JohnstonPress

L'EspressoTelegraafTrinityMirror

DMGTLagardereSanomaSchibstedAxelSpringer

2% 5% 5% 3% 4%tota

l nu

es 12%29%21% 6%FY09

1)

28%2) 13% 8%% o

f re

ve 24%1) Based on pro forma revenues for Digital Media2) Online revenues include revenues from online classifieds, the online portion of Media Houses Scandinavia revenues and the online portion of Aftonbladet revenues. Exclude any online revenues from Media Houses International division3) Based on H1/10 financials ending April 4, 2010 4) Based on interim results, 26 weeks to July 4, 2010

H1/10 N/A 6%3) 4% 5%5%4)

11

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Digital strategy along core competencies

Core Competencies

Content portals

Core Competencies

A

Classifieds / MarketplacesAudience AdvertisersB

Performance marketing

p

C Performance marketingC

Cross-synergies between core competencies increase revenues and profitability

12

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BILD – example of our successful transition to digital A p gchannels

News1)

100m

150m

sits

(in

m)

50m

100m

Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10

Site

vi

89.4

2 6

5.343.9

Sport Automotive Computer2) 2) 2)

ts (i

n m

)

ts (i

n m

)

ts (i

n m

)

27.327.8

Onl

ine

rt1.d

e

0.3

2.6

Mot

orS

port

New

s

9.718.3

hip.

de

wel

t.de

Site

vis

i

Site

vis

i

Site

vis

i t

3)

Kick

er O

Spor

Auto

un

d S

Auto

Ch

Pcw

1) Source: IVW, Jul 20102) Source: IVW, Jan – Jul 2010 (monthly average)3) Axel Springer’s sport sites include: sportbild.de, Bild.de/Sport and Transfermarkt; Source: IVW (sportbild.de and Transfermarkt), Webtrekk (Bild.de/Sport)

/sport

13

Page 14: 10-09-16 Imago Roadshow presentation 16h.ppt€¦ · 2018-06-10  · Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10

auFeminin – strong growth driven by international A g g yexpansion

soFeminine 0.6UK: #1

Leading market positions* International revenue contribution (in €m)

18.9+40.8%

4.6goFeminin3.7Fem

Germany: #1iVillage 0.50.6auFeminin

0.3Libelle

Belgium: #1

12.313.5+9.8%

+47.8%+107.5%2.6 5.3

7.8

7.4auFeminin6.0LeJournal de

Femmes

France: #1+36.2%

-16.0%Unique Visitors in millionSource:FR: Nielsen NetRatings May 2010IT ES Ni l N tR ti M 2010

11.18.19.7

2.8enFemenino

1.0Terra Mujer

Spain: #1

3.1alFemminile1 5Donna Moderna

Italy: #1

IT, ES : Nielsen NetRatings May 2010UK: comScore May 2010 DE: IVW May 2010 – AGOF 2010BE: CIM May 2010 - Belgium H1/08 H1/09 H1/10

France Internationalj 1.5Donna Moderna

* Additional presence in Canada, Morocco, Poland, Switzerland, Vietnam

14

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Paradigm shift – Monetization of digital content works A g g

Regional portals Mobile portals iPhone Apps iPad Apps

Selected content available via paid

#1 mobile portal Free for BILD mobile

Approximately 240.000 WELT and

WELT-App and premium “Iconist” App launchedp

subscriptions Free for print

subscribers

customers BILD apps sold to date

pp WELT-App best-selling

publisher-App in Germany

BILD App announced forBILD App announced for H2/10

15

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Utilizing marketing power to drive brand awareness for B g g pStepStone

No. 1 jobsite in Germany1)

Online jobsites in 11 countries

Key facts Leading position in online job classifieds

Online jobsites in 11 countries

Acquisition steps:

100% in several steps for approx. €130m€130m

Portfolio optimization: sale of software business for €110m

Net purchase price of approx. €20m

Expansion potential

Cooperation with national newspapers

Further international potential (eg Ringier JV)

Strong growth expected in the job market1) Based on reach; Source: Comscore

16

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Online Performance Marketing –C gAxel Springer shapes European market leader

Revenues (in €m)Revenues (in €m)

+15% -13%

Acquired

08/2009

178

140154

16102/2010

17H1/09 H1/10 H1/09 H1/10

17

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We have a strong track record of acquiring digital assets

150

and fostering their growth

600150

200Investments (€m):(07A-09A)

2007 PF250

2007 PF EV/EBITDA

multiple: 12x

K t

Content portals

Classifieds/marketplaces

Performance marketing Total

RevenuesCAGR: (07-09A) 31% 5% 16% 15%

Key assetsacquired

CAGR: (07-09A)

EBITDACAGR: (07-09A) 15% 3% 22% 13%

18

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Financial performanceFinancial performance

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We have had a strong financial performance over the last

Revenues

few years

2,864 2,777 2,321 2,452 2,437 2,402

2,634 2,729 2,612

2,000

3,000

nues

(€m

) +8.7%1,255 1,364

0

1,000

2001 2002 2003 2004 2005 2006 2007 2008 2009

Rev

en

Di it l P i tH1/09 H1/102) 2)

433 414 434 470 486

20%

25%

400

500

n

Digital revenues Print revenues

+61.0%

EBITDA

1)

261

%

25%300E n

191 226

279334

6 7% 8.2%11.4%

17.7% 17.3% 18.3% 18.2% 17.8%

12.8%

5%

10%

15%

20%

100

200

300

400

EB

ITD

A m

argi

n

EB

ITD

A (€

m) 1)

EB

ITD

A (€

m)

162

12.9%

19.1%

5%

10%

15%

20%

100

200

EBITDAmarginE

BIT

DA

(€m

)

EBIT

DA

mar

gin

6.7%0%0

2001 2002 2003 2004 2005 2006 2007 2008 2009EBITDA EBITDA margin

0%0H1/09 H1/10

E

1) Including restructuring items of €75m 2) According to HGB

2) 2)

20

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Print margins close to record high, Print International and Digital Media continue to expand margins

(in €m)

R

Newspapers National

H1/09590 6584 4

yoy1 1%

H1/10

Magazines National

263 3243 0H1/09 yoyH1/10

%

Print International

151 6154 3H1/09 yoyH1/10

1 8%

Digital Media

200 8333 9H1/09 yoyH1/10

66 3%Revenues

Circulation

Advertising

590.6

307.2

269.4

584.4

300.1

270.5

-1.1%

-2.3%

+0.4%

263.3

180.8

72.9

243.0

163.2

69.3

-7.7%

-9.7%

-4.9%

151.6

92.5

53.9

154.3

93.1

52.8

+1.8%

+0.7%

-2.0%

200.8

-

145.4

333.9

-

250.1

+66.3%

-

+72.1%

EBITDA

g

Other

129.5

14.1

155.5

13.9

+20.1%

-1.3%

31.8

9.6

57.8

10.5

+81.8%

+9.1%

2.1

5.2

15.9

8.3

>100%

+59.3%

16.9

55.5

40.2

83.8

>100%

+51.1%

EBITDA

EBITDAmargin

21.9%26.6% 12.1%23.8% 1.4%10.3% 8.4%12.0%

21

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Strong cash flow generation and high dividend yield

Free cash flow (ltm1), in €m) Dividend yield2)

292

4005.9%

5.1%

Axel Springer

Sanoma

206209

250 260

292

239

199220

243 246233 231

300 4.6%

3.5%

2.7%

Lagardere

DMGT

Telegraaf Media

177 175

100

2001.2%

0.0%

0.0%

Schibsted

Gruppo L'Espresso

Johnston Press

0

100

7 7 7 7 8 8 8 8 9 9 9 9 0 0

0.0%

0.0%

0 0%

Mondadori

RCS Media Group

Trinity Mirror

Q1/

07

Q2/

07

Q3/

07

Q4/

07

Q1/

08

Q2/

08

Q3/

08

Q4/

08

Q1/

09

Q2/

09

Q3/

09

Q4/

09

Q1/

10

Q2/

10 0.0%Trinity Mirror

1) Last twelve months2) Based on actual 2009 dividend per share divided by share price as of December 31, 2009; Source: CapitalIQ

22

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Looking aheadLooking ahead

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Axel Springer 2010 outlook1)

GroupGroup

Revenuecategories

Revenues

EBITDA

Significant increase yoy

Level of 2008 achievable

Circulation AdvertisingOther

< 2009> 2009> 2009

SegmentsNewspapers

NationalMagazines

NationalPrint Inter-national2) Digital Media Services/

Holding

EBITDA Level of 2008 achievable Other > 2009

National National national2) g Holding

< 2009

> 2009 > 2009 > 2009 > 2009 < 2009

< 2009> 2009 > 2009< 2009Revenues

EBITDA

Margin targetsMid-term

1) Based on the assumption that the positive market trend of H1/10 continues for the rest of the year2) Including joint venture with Ringier as of July 1, 2010

≥ 25% ≥ 20% ≥ 15%2) ≥ 20% -EBITDA

24

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Key investment highlights

No. 1 publisher in Germany reaching 52% of the population p y g p pLeading market positions and brands across Europe

Attractive portfolio of leading online properties that scale internationally

CEE JV creates the leading platform for growth in the regionAttractive portfolio of leading online properties that scale internationallyProven digitization strategy: already 24% of revenues digital

Strong profitability healthy balance sheet and high dividend

Geared for cyclical advertising recoveryStrong profitability, healthy balance sheet, and high dividend

25

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Investor Relations contacts

Claudia Thomé

Head of Investor Relations

Daniel Fard-Yazdani

Deputy Head of Investor Relations

Phone: +49 (0)30 2591 77421

Mobile: +49 (0)160 90445035

claudia thome@axelspringer de

Phone: +49 (0)30 2591 77425

Mobile: +49 (0)151 52844459

daniel fard yazdani@axelspringer [email protected] [email protected]

Axel Springer AG

Axel-Springer-Str. 65

10888 Berlin / Germany

Fax: +49 (0)30 2591 77422

26