Management Presentation Q3/2018 Results 08 November 2018 | Analyst - - PowerPoint PPT Presentation

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Management Presentation Q3/2018 Results 08 November 2018 | Analyst - - PowerPoint PPT Presentation

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Management Presentation Q3/2018 Results 08 November 2018 | Analyst and Investor Conference Call 1 | Management Presentation Q3/2018 | 08.11.2018 Cautionary statement This presentation contains forward-looking statements which involve risks and

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1 | Management Presentation Q3/2018 | 08.11.2018

Management Presentation Q3/2018 Results

08 November 2018 | Analyst and Investor Conference Call

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2 | Management Presentation Q3/2018 | 08.11.2018

Cautionary statement

This presentation contains forward-looking statements which involve risks and uncertainties. The actual performance, results and timing of the business of freenet AG could differ materially from the expectations regarding performance, results and timing expressed in this presentation. This presentation does not constitute an offer to sell or a solicitation to purchase any securities of freenet

  • AG. Any such decision must not be made on the basis of the information provided in this presentation.

freenet AG does not undertake any obligation to publicly update or revise information provided during this presentation.

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3 | Management Presentation Q3/2018 | 08.11.2018

Presenting board members

Ingo Arnold Christoph Vilanek

CFO of freenet AG starting from January 2019 ▪ Head of Finance and IR at freenet AG and Managing Director of mobilcom-debitel GmbH since 2012 ▪ Head of Controlling and Treasury at debitel AG since 2001 and at freenet AG since 2008 ▪ Management positions in finance in different industries 1990-2001 CEO of freenet AG since 2009 ▪ Management positions at debitel AG since 2005 ▪ Consultant for telecommunication with McKinsey&Company since 2001 ▪ Management positions in Direct Marketing and Media 1991-2001

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4 | Management Presentation Q3/2018 | 08.11.2018

(1) Operational Update Christoph Vilanek, CEO (2) Financials Ingo Arnold, CFO (3) Outlook Christoph Vilanek, CEO (4) Q&A

Agenda

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5 | Management Presentation Q3/2018 | 08.11.2018

Customer ownership

▪ Growing postpaid base to 6.87m ▪ Increasing number of freenet TV customers (RGU) +21 per cent yoy ▪ waipu.tv with over 1 million registered customers and more than 202,000 paying users Growth in all important areas

Operational performance YTD 2018

Financial metric

▪ Revenue before IFRS 15 increases 4.4 per cent yoy ▪ EBITDA exclusive of Sunrise and profits of analogue radio sale at 302.2 mEUR (+0.8 per cent yoy) ▪ Free cash flow exclusive of Sunrise at 216.7 mEUR and in line with guidance

  • f 210.0 mEUR

▪ Operational and qualitative targets on track Stable organic YTD growth

Shareholdings

▪ Sunrise with solid and promising performance ▪ Expecting to become a profiteer of Swiss market consolidation ▪ Investment in CECONOMY with disappointing share performance however huge strategic opportunities Confirming strategy

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6 | Management Presentation Q3/2018 | 08.11.2018 36.3 37.9 41.0 49.0 42.6 42.4 45.4 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18

▪ Increase in strategically most important and valuable customer group with two-year contracts: Postpaid base increased by 3.4 per cent yoy or +223,000 to 6.87 million ▪ Postpaid ARPU Q3/2018 stable at 21.9 euros ▪ Digital Lifestyle revenues +13.1 per cent compared to 9M previous year

Digital Lifestyle revenues Postpaid-Customers

6,537 6,564 6,646 6,711 6,770 6,828 6,869 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18

Mobile Communications segment developing steadily

[in '000]

Postpaid ARPU

21.1 21.4 21.7 21.4 21.4 21.5 21.9 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18

[in EUR] [in mEUR] YTD 2018

130.4 mEUR

YTD 2017

115.2 mEUR

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7 | Management Presentation Q3/2018 | 08.11.2018

Features to be launched before end of 2018

Apple TV (Beta Version) Samsung TV (NPVR and full search 2.0) Customized backend integration for third party providers DRM (content protection) for NewTV channels ePay as additional payment method Search V 2.0 (full text search)

New content

Live TV ingest in NewTV – with exclusive channels Launch blockbuster channel Integration and launch of 9 new New-TV channels

New features launched in Q3

Samsung TV App (Live TV and EPG) Apple Airplay Voice control via Alexa Re-Launch of marketing-website EPG search function v1.0 (search for channels and programs) Full update and upscaling of the software platform and architecture Optimization of developer platform (shared library for iOS and Android)

Continuous extension of features and benefits with waipu.tv

✓ ✓ ✓ ✓ ✓ ✓ ✓

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8 | Management Presentation Q3/2018 | 08.11.2018 745 902 945 1,001 901 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18

Subscribers (RGU1)

TV and Media segment gaining subscribers

147 255 339 464 609 824 1,007 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 25 52 72 102 133 174 202 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18

Registered customers Subscribers

[in '000]

1 RGU as the abbreviation for “Revenue Generating Unit” refers to freenet TV subscribers who purchased and also activated the freenet TV access

▪ waipu.tv reached more than 1,000,000 registered customers, thereof more than 202,000 with paid subscription doubling from Q4/2017 ▪ freenet TV with more than 901,000 freenet TV subscribers (RGU) within expected range

[in '000] [in '000]

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9 | Management Presentation Q3/2018 | 08.11.2018 902 945 1,001 901 1,000 Q4 17 Q1 18 Q2 18 Q3 18 Target 2018

Introduction of Revenue Generating Units (RGU)

▪ KPI ‘freenet TV subscribers’ includes all sold vouchers ▪ With ‘freenet TV subscribers (RGU)’ a more transparent and efficient KPI is introduced. RGUs reflect activated and therefore revenue generating vouchers – after activation, vouchers have a run- time of 12 months: net change in Q3/2018: -99,200 ▪ Early Buyers bought and stocked, but did not activate vouchers ▪ freenet TV subscriber (RGU) increased by +21 per cent yoy. The 2018 target of 1 million RGUs is equivalent to 1.2 million subscribers

975 1,022 1,138 1,004 Q4 17 Q1 18 Q2 18 Q3 18

Subscribers

[in '000]

72 77 138 102 Q4 17 Q1 18 Q2 18 Q3 18

Early Buyer of Vouchers1

[in '000]

1 Sold, but not activated vouchers

Subscribers (RGU)

Δ 35,400 activations

[in '000]

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10 | Management Presentation Q3/2018 | 08.11.2018

Media Broadcast’s divestment from analogue radio antennas

▪ German regulatory board announced new regulation of analogue radio antennas ▪ New regulated prices would have made the business unprofitable in the long-run ▪ Given the overall focus on digital (DVB-T2 and DAB+) Media Broadcast management decided to auction the antenna infrastructure to radio stations as well as private investors ▪ Media Broadcast still offers service and maintenance but only a smaller proportion of the antennas remains contracted ▪ Consequently, Media Broadcast reviewed its staffing and given the finalization of DVB-T2 roll-out, the let-go of the antennas and the status

  • f DAB+ workforce needs to be reduced by a 20 per cent (current

negotiation with the workers council to bring down every weekly hours by 20 per cent instead of layoffs)

New regulation regime

Effects 2018* Revenue: -15.0 mEUR EBITDA: - 6.5 mEUR One-off: +25.7 mEUR (no cash) Effects 2019ff.* Revenue: -40.0 mEUR EBITDA: -8.0 mEUR Cash: +3.0 mEUR/year (til 2026)

* Reference year 2017

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11 | Management Presentation Q3/2018 | 08.11.2018

Competition is essential for success of 5G

Federal Network Agency (BNetzA) has to clarify legal uncertainties

BNetzA consultation draft

Clear regulation of service provider

  • bligation (Diensteanbieterverpflichtung)

What is required?

Service provider make important contribution to competition Non-discriminatory treatment Service provider do not impair investment/CAPEX capability of MNOs Efficient legal protection Order to negotiate about service providers Clarification of legal uncertainties in sense of competition Order to negotiate about national roaming freenet Group will sue legal uncertainties if necessary Obligation to expand with sense of proportion (under political requirements)

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12 | Management Presentation Q3/2018 | 08.11.2018

(1) Operational Update Christoph Vilanek, CEO (2) Financials Ingo Arnold, CFO (3) Outlook Christoph Vilanek, CFO (4) Q&A

Agenda

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13 | Management Presentation Q3/2018 | 08.11.2018 838.0 839.2 880.1 949.9 689.6 696.6 717.0 184.0 197.4 185.6 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18

Stable EBITDA despite decline in gross profit

▪ Group Revenue before IFRS 15 increases YTD by 4.4 per cent ▪ Group Gross profit decreases YTD by 29.5 mEUR to 668.6 mEUR (2017: 698.1 mEUR) impacted mainly by TV and Media (-25.1 mEUR); Mobile Communications performance stable ▪ Group EBITDA exclusive of Sunrise and profits of analogue radio sale decreases yoy 5.3 mEUR to 104.8 mEUR (2017: 110.1 mEUR), but remains YTD stable with 302.2 mEUR (+0.8 per cent)

Revenue EBITDA

[in mEUR]

104.9 110.1

IFRS 15 revenue impact EBITDA exclusive of Sunrise and profits of analogue radio sale

227.0 231.6 239.5 251.6 223.5 222.2 222.9 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18

Gross profit

[in mEUR]

902.7 873.7 894.0

[in mEUR]

91.1 98.6 110.1 104.6 96.6 100.8 104.8 9.7 9.7 103.6 13.6 9.9 17.2 28.3 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18

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14 | Management Presentation Q3/2018 | 08.11.2018

2.557,4 2.103,3

  • 567,1

135,9

  • 1,6
  • 6,3
  • 15,0

YTD 2017 IFRS 15 Mobile TV & Media w/o analogue radio Analogue radio Other/ Holding YTD 2018

Mobile Communications TV & Media

[in mEUR]

Revenue Gross profit EBITDA Free cash flow

423,0 299,9 302,2 357,5

  • 123,1
  • 0,8

3,3

  • 0,2

25,7 29,6

YTD 2017 Sunrise YTD 2017 w/o Sunrise Mobile TV & Media Other/ Holding YTD 2018 w/o Sunrise analogue radio Profits analogue radio sale Sunrise YTD 2018 [in mEUR] [in mEUR] [in mEUR] 357,5 253,1

  • 30,3
  • 22,0
  • 33,7
  • 29,6

36,9

  • 25,7

0,4 EBITDA YTD 2018 Change in net working capital Tax payments Net capex Sunrise EBITDA (no cash) Sunrise dividends Profits analogue radio sale Other Free cash flow YTD 2018

S -25.1 mEUR

698,1 668,6

  • 1,9
  • 14,5
  • 10,6
  • 2,5

YTD 2017 mobile TV & Media w/o analogue radio Analogue radio Other/ Holding YTD 2018

TV & Media

2,557.4

  • 567.1

135.9 253.1

  • 1.6
  • 15.0
  • 6.3

2,103.3 698.1 668.6

  • 1.9
  • 14.5
  • 10.6
  • 2.5

423.0 357.7

  • 123.1
  • 0.8
  • 0.2

29.6 299.9 302.2 357.5 3.3 25.7 253.1

  • 30.3
  • 22.0
  • 33.7
  • 25.7
  • 29.6

36.9 0.4

Explanation of deviation on major financial performance indicators

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15 | Management Presentation Q3/2018 | 08.11.2018 762.8 756.9 803.8 875.3 621.0 617.2 654.2 184.0 197.4 185.6 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18

▪ Revenue before IFRS 15 increases YTD by 5.8 per cent from extension of (low margin) hardware business ▪ Gross profit and EBITDA exclusive of Sunrise remain stable compared to previous year and quarter ▪ Gross profit amounts YTD to 540.0 mEUR (2017: 541.9 mEUR or -0.4 per cent) ▪ EBTIDA exclusive of Sunrise amounts YTD to 281.6 mEUR (2017: 282.4 mEUR or

  • 0.3 per cent)

Mobile Communications segment performs stable

EBITDA Revenue

[in mEUR]

101.9

EBITDA exclusive of Sunrise

178.1 176.0 187.8 202.6 179.0 175.7 185.2 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18

Gross profit

99.8

[in mEUR] [in mEUR] IFRS 15 revenue effect

839.8 805.0 814.6 90.4 90.1 101.9 98.0 90.3 91.5 99.8 9.7 9.7 103.6 10.1 9.9 9.9 9.9 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18

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Revenue

Gross profit decline TV and Media levels off in EBITDA

▪ Revenue declines yoy by 10.3 per cent due to lower analogue radio revenues (YTD -3.6 per cent) ▪ Gross profit decreases YTD by 25.1 mEUR to 100.8 mEUR (2017: 125.8 mEUR) mainly impacted in Q3/2018 (yoy -13.4 mEUR) due to missing operational contributions from analogue radio and other expected B2B effects ▪ EBITDA exclusive of profits of analogue radio sale increases YTD by 13.4 per cent to 27.8 mEUR (2017: 24.5 mEUR)

EBITDA

74.7 74.7 69.7 75.6 71.5 77.3 62.5 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 7.1 14.0

[in mEUR] EBITDA exclusive of profits of analogue radio sale

38.4 45.4 42.0 40.5 37.4 34.7 28.6 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18

Gross profit

[in mEUR] [in mEUR]

3.3 10.5 10.7 15.7 7.8 20.3 25.5 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 7.1 13.0 12.2

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Strategic and structural changes impact TV and Media

[in mEUR]

Gross profit TV & Media (YTD) EBITDA TV & Media (YTD)

[in mEUR] 24,5 18,4 27,8 53,5

  • 6,1
  • 13,2

23,9 10,1

  • 5,3
  • 6,2

25,7 YTD 2017 One-offs YTD 2017 (adj.) Hardware licences Paid access Less Marketing Analogue radio (operational) Other B2B YTD 2018 (operational) Accounting profit analogue radio YTD 2018 125,8 119,7 100,8

  • 6,1
  • 13,2

23,9

  • 10,6
  • 19,1

YTD 2017 One-offs YTD 2017 (adj.) Hardware licences Paid access Analogue radio (operational) Other B2B YTD 2018

▪ Gross profit decline of -25.1 mEUR to 100.8 mEUR (2017: 125.8 mEUR) in TV and Media induced by: (1) Hardware licences from DVB- T2 transition: YTD -13.2 mEUR (2) Analogue radio divestment: YTD -10.6 mEUR ▪ On EBITDA level compensating effects (esp. structural changes in B2B) lead to a YTD growth of 3.3 mEUR to 27.8 mEUR excluding profits

  • f analogue radio sale (2017: 24.5

mEUR)

  • 25.1 mEUR

125.8

  • 6.1
  • 13.2
  • 10.6

119.7 23.9

  • 19.1

100.8 24.5 18.4 53.5 27.8 10.1

  • 6.2

25.7

  • 6.1

23.9

  • 13.2
  • 5.3
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18 | Management Presentation Q3/2018 | 08.11.2018

Q3 2018 Q3 2017 Q3 2018 Q3 2017

Main financial KPIs: Equity ratio, net debt & leverage

Total assets & Equity ratio

Equity ratio Total assets

Net debt & Leverage

4,800 4,314 27.4% 33.4%

Pro-forma net debt Net debt Leverage

571.4 1,636.9 1,405.8 634.9 1.2 1.2 3.4 2.6

[in mEUR] [in mEUR]

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Special topics (1/2)

CECONOMY AG – Accounting treatment

▪ CECONOMY investment accounted according to IFRS 9 ▪ Initial recognition led to a one-time expense of 47.1 mEUR recognised in the other financial result (first day loss). ▪ First day loss equals the difference between purchase price (incl. purchase costs) and the share price as of 12 July 2018 (Closing Date). ▪ Subsequent recognition will be at fair value (share price) through other comprehensive income (i.e. equity directly)

Price loss in CECONOMY investment will not influence dividend distribution capability for the financial year 2018 and beyond

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2017 2018 2019 …. 2026 Total FY Q1 Q2 Q3 Q4 FY Profits from analogue radio sale 3.5 7.3 18.4 25.7 29.2 EBITDA 3.5 7.3 18.4 25.7 29.2 Payments 3.5 29.2

Special topics (2/2)

TV and Media segment – Sale of analogue radio infrastructure

▪ New price regulations (decrease in revenues) would map one-to-one in gross profit and EBITDA as analogue radio business was already running under a fully optimised cost structure ▪ Halving of EBITDA was estimated for 2019 under new regulatory regime ▪ Given the digitalisation focus and a predictable price erosion every two years (regulation cycle) management decided to auction the antenna infrastructure ▪ Sales profit complies by and large with the estimated long-term value-in-use

25.7 mEUR

[in mEUR]

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Future capital market communication

▪ freenet Group recognises the demand of the capital market for more transparency in the capital market communication ▪ New communication strategy will include changes to major issues and will be disclosed with the annual report 2018 ▪ Among other issues, the free cash flow definition will be stronger aligned to the market view (see below)

A philosophical change towards more transparency Current logic (based on Q3/2018) Future logic (based on Q3/2018)

in mEUR EBITDA 357.5 +/- Profit share of at-equity accounted investments

  • 29.6

+/- Gains/ losses on the disposal of fixed assets

  • 25.3

+/- Change in working capital (and related issues)

  • 30.3

+ Dividends received (Sunrise) 36.9

  • Tax payments
  • 22.0

= Cash flow from operating activities 287.2

  • CAPEX (net)
  • 33.7

= Free cash flow 253.6 in mEUR EBITDA 357.5 +/- Profit share of at-equity accounted investments

  • 29.6

+/- Gains/ losses on the disposal of fixed assets

  • 25.3

+/- Change in working capital (and related issues)

  • 30.3

+ Dividends received (Sunrise) 36.9

  • Tax payments
  • 22.0
  • /+ Interest paid/interest received
  • 27.1
  • Repayment of lease liabilities
  • 16.3

= Operating free cash flow 243.8

  • CAPEX (net)
  • 33.7

= Free cash flow 210.1

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Dividend expected to be stable

1.20 1.35 1.45 1.50 1.55 1.60 1.65 2011 2012 2013 2014 2015 2016 2017

8.0% yield1

▪ Since 2011, the dividend is tied to the free cash flow with a specific distribution threshold, i.e. between 50 and 75 per cent of the free cash flow is paid out to shareholders ▪ Change in free cash flow logic will not impact the dividend/free cash flow-tie, i.e. a stable and free cash flow covered dividend will also be paid in the future

1 Base on closing share price Xetra of EUR 20.70 ( 30 September 2018) and a stable dividend payment of EUR 1.65 per share.

CAGR 5.5%

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23 | Management Presentation Q3/2018 | 08.11.2018

(1) Operational Update Christoph Vilanek, CEO (2) Financials Ingo Arnold, CFO (3) Outlook Christoph Vilanek, CEO (4) Q&A

Agenda

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24 | Management Presentation Q3/2018 | 08.11.2018

Further strengthening and establishing of freenet TV and waipu.tv Finishing divestment of analogue radio business (B2B) Accelerating speed regarding strategic cooperation with CECONOMY Increase number of strategically most important customer group with stable ARPU Improvement and extension of Digital Lifestyle portfolio

Focussing strategic growth priorities

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25 | Management Presentation Q3/2018 | 08.11.2018

Hollerstrasse 126 Investor Relations 24782 Büdelsdorf +49 (0) 40 513 06 778 www.freenet-group.de investor.relations@freenet.ag

Thank you. Looking forward to answer your questions.

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Appendix

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Guidance 2018 and perspective (1/2)

Group revenue1 Group EBITDA Free cash flow2 Dividend payout

Perspective 2019 50-75%

  • f FCF incl. Sunrise

Guidance 2018 410 - 430 m€3

(+Sunrise)

290 - 310 m€4

(+Sunrise)

50-75%

  • f FCF incl. Sunrise

Results 2017 (preliminary)

3,507.3 m€ 408.0 m€

(incl. Sunrise 541.2 m€)

308.4 m€

(incl. Sunrise 342.8 m€)

1.65 €/share

Guidance 2017

> 410.0 m€2

(+ Sunrise)

~310.0 m€3

(+Sunrise)

50-75%

  • f FCF incl. Sunrise

1 Without effects from IFRS15 2 Free cash flow is defined as cash flow from operating activities, minus investments in property, plant and equipment and intangible assets, plus proceeds from the disposal of property, plant and

equipment and intangible assets

3 Expected EBITDA contribution of Sunrise Communications Group AG not included 4 Dividend payment Sunrise not included

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28 | Management Presentation Q3/2018 | 08.11.2018

Guidance 2018 and perspective (2/2)

Mobile Communication waipu.tv freenet TV

Customer

  • wnership

Postpaid ARPU Total User Paying User Paying User ARPU1

Perspective

2019 Guidance 2018

> 250,000 > 1,200,000

Results 2017

+60,000 21.4 € 464,0002 102,000 975,000 4.3 €

Guidance 2017

> 500,000 > 100,000 ~ 950,000 ~ 4.5 €

1 freenet TV ARPU is referring to number of freenet TV paying users 2 without 76,000 pre-registered users

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29 | Management Presentation Q3/2018 | 08.11.2018 EBITDA Q3 2018 Depreciation and amortisation Sunrise PPA EBIT Interest result Other financial result EBT Taxes on income Group result Q3 2018

Detailed bridge on group result

357.5

  • 97.3
  • 14.3

245.8

  • 36.2
  • 14.5

148.1 162.6

  • 47.1

Group result

[in mEUR]

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30 | Management Presentation Q3/2018 | 08.11.2018

Current financing and maturity structure

Average financing cost below 2.0 per cent p.a.

[in mEUR]

54.5 274.5 443.0 163.5 93.5 12.0 23.5 100.0 278.0 610.0

2018 2019 2020 2021 2022 2023 2024 2025 2026

Promissory notes Syndicated bank loan Issue Instrument Volume Maturity 2012 Promissory note 54.5 m€ 2019 2015 Promissory note 100 m€ 2020, 2022 2016 (March) Promissory note 560 m€ 2021, 2023, 2026 2016 (November) Promissory note 350 m€ 2020, 2022, 2024 2016 Syndicated bank loan 610 m€

(+100 m€)

2022 2018 (July) Bank loan (“Bridge”) 278 m€ 2020 (Jan)