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Bank of America2007 Credit Conference
Orlando, FloridaDecember 2-4, 2007
/2
This presentation contains forward-looking statements, which are subject to known and unknown risks and uncertainties that could cause Quebecor Media Inc.’s (“Quebecor Media”, “QMI” or the “Company”) actual results to differ materially from those set forth in the forward-looking statements. These risks include changes in customer demand for the Company's products, changes in raw material and equipment costs and availability, seasonal fluctuations in customer orders, pricing actions by competitors, and general changes in the economic environment.
Unless noted otherwise, all dollars are expressed in Canadian dollars.
LTM results are for the twelve months ended September 30, 2007.
Forward Looking Statements
/3
Management
Pierre Karl Péladeau Chief Executive Officer, Quebecor Media Inc.
Jean-François Pruneau Treasurer,Quebecor Media Inc.
/4
Key Highlights
Strong Brand Names with Leading Market Positions
Differentiated Bundled Product Offerings
Proven Track Record of Managing Growth
Stable and Diversified Cash Flow Generation
Experienced Management Team
/5
Corporate Structure
Notes:Segmented revenues include inter-company revenues.Segmented EBITDA excludes head office.(1) Pro Forma for Osprey Media acquisition.
(C$ in millions)
54.7%
Inc.
45.3%
45% Economic 99% Voting
100%
LTM Revenue : (1) $3,449
LTM EBITDA : (1) 964
LTM Revenue: $1,488
LTM EBITDA: 607
LTM Revenue: $932
LTM EBITDA: 203
LTM Revenue: $411
LTM EBITDA: 56LTM Revenue: $483
LTM EBITDA: 42
#1 pay television operator in Quebec; #3 cable operator in Canada; #1 video store
chain in Quebec
Largest newspaper publisher in Quebec;
second largest in Canada
100%
Book Retailing
New Media
Largest French language broadcaster and magazine publisher in Quebec and in
North America
LTM Revenue: $228
LTM EBITDA: 55
Leading publisher of community newspapers
in Ontario
100%
/6
Quebecor Media: Tremendous shift in Value Perception
Quebecor Media’s premium portfolio of properties now accounts for more than 95% of Quebecor Inc.’s value
Notes: Assuming 100% of holding company discount attributed to QMI value
QWI’s weight
% o
f Q
I va
lue
-40%
-20%
0%
20%
40%
60%
80%
100%
QMI’s weight
/7
Leading Market Positions
Set of leading media properties in Quebec and national presence allows Quebecor Media to maximize its reach
National Presence
#1 Newspaper publisher
Leading content-focused national and local Internet portals
Leading Market Position in Quebec
#1 Newspaper publisher
#1 Cable operator
#1 Television broadcaster
#1 Magazine publisher
#1 Video store chain
#1 French-music producer/distributor
#1 French-language book publisher/distributor
#1 Employment and career portal
/8
QMI Diversified Financial Profile
Cable 63.0%
Newspapers 26.8%
Leisure and Entertainment
2.8%Broadcasting
5.8%Corporate
& Other1.6%
LTM EBITDA (1)LTM Revenue (1)
Revenues (1) = $3.4 billion
Cable 43.1%
Newspapers 33.6%
Leisure and Entertainment
9.6%Broadcasting 11.9%
Other & Intersegment
1.8%
(1) Pro Forma for Osprey Media acquisition.
EBITDA (1) = $964 million
/9
Strategic Focus
Execute residential and mobile telephony strategy
Integrate Osprey Media and maximize synergies
Implement integrated Internet and multimedia strategy
Improve productivity
Generate Free Cash Flow
Target accretive acquisitions in core business segments
/10
Recent Refinancing
On October 5, 2007, QMI issued US$700M of 7 ¾% Senior Unsecured Notes maturing in 2016 at a price of 93.75% of par (Yield of 8.81%)
• Continued to opportunistically access capital markets• Five times oversubscribed on original issue size • Upsized from US$450M
Proceeds were used to:• Repay the bridge facility in respect of the acquisition of Osprey• Repay the Sun Media Term Loan B and related cross-currency hedging
agreements
Concurrent amendments of Osprey and Sun Media’s credit facilities to enhance liquidity:
• Extends Sun Media's Revolver and Term Loan C maturities to 2012• Enhance Osprey and Sun Media’s ability to upstream funds to Parent
– Improving liquidity to service holdco debt
/12
Leading Canadian Cable Operator
- 1,616K basic subs (720K digital subs) as of Sept 30
- Fastest growing digital TV provider in Canada (cable or satellite) during LTM
- Superior offering including VOD and SVOD
Cable TV
- 899K cable modem subs as of Sept 30
- 19.2% cable Internet subscriber growth during LTM
- Highest speed in its market
- Currently testing wideband technology (speeds up to 100Mbps)
Internet
- 574K subs as of Sept 30
- Achieved penetration of 35.5% of basic subs
- Strong lift effect for other services
- Hybrid VoIP telephony service
Telephony
- Launched in Q3-2006- Completed Videotron
bundling offer- ARPU above initial
projections- Operates under a
MVNO strategy (“white label”) utilizing Rogers wireless’ network
Wireless
Quadruple Play
Videotron continues to lead the industry in new service deployment.
/13
$938
$863
$1,080
$1,310
$1,488
700
800
900
1,000
1,100
1,200
1,300
1,400
1,500
2003 2004 2005 2006 LTM
$ m
illio
ns
Robust new service deployment and focus on customer service have led to strong financial performance
Strong Financial Performance
$364
$290
$413
$513
$607
200
250
300
350
400
450
500
550
600
650
2003 2004 2005 2006 LTM
$ m
illio
ns
Reported EBITDA
Note: Pro Forma Vidéotron Telecom.
Reported Revenue
CAGR = 21.8%
CAGR = 15.6%
/142003
94%
96%
98%
100%
102%
104%
106%
108%
110%
112%
114%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Ba
sis
cu
sto
me
rs a
s p
erc
en
t o
f b
as
e p
eri
od
(%
)
Videotron
Rogers
Shaw
Cogeco
Growing Basic Cable Customer Base
Videotron exhibits the highest growth in the industry in terms of basic cable customers
Videotron has realized nine consecutive quarters of positive net adds and improved momentum since the launch of telephony service
Number of Basic Cable Customers
Launch of Telephony
2004 2005 2006 2007
/15
50%
100%
150%
200%
250%
300%
350%
400%
450%
500%
550%
600%
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
Su
bs
cri
be
rs a
s p
erc
en
t o
f b
as
e p
eri
od
(%
) Videotron
Rogers
Shaw
Cogeco
2002 2003 2004 2005 2006 2007
Videotron C
AGR = 38%
75%
100%
125%
150%
175%
200%
225%
250%
275%
300%
325%
350%
375%
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
Su
bs
cri
be
rs a
s p
erc
en
t o
f b
as
e p
eri
od
(%
) Videotron
Rogers
Shaw
Cogeco
Videotron C
AGR = 26%
Cable Modem Internet CustomersCable Digital TV Customers
Digital Services Subscriber Growth
Videotron is the fastest growing Canadian cable digital TV and cable modem Internet service provider
Source: Videotron and company reports.
2002 2003 2004 2005 2006 2007
/16
31%
26%
36%
40%42%
48%
28%29%
22% 22%
0%
10%
20%
30%
40%
50%
Cablevision Rogers Insight Videotron ShawComcast Charter Cogeco (1) Mediacom
Significant Potential for Increased Penetration
38%
45%
54%
57%61%
83%
45%
50%
41%
34%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Internet Penetration of Homes PassedDigital Penetration of Basic Subscribers
Videotron – Current (09/30/07)
Videotron – 1 year ago (09/30/06)
Videotron – Current (09/30/07)
Videotron – 1 year ago (09/30/06)
Source: Company reports and press releases. Data reflects most recent public filing(1) Represents Canadian operations.
Cablevision Rogers Insight Comcast MediacomShaw Videotron Cogeco (1) Charter
/17
Strong Residential Telephony Momentum
As of September 30, 2007, the service was available to 98% of Videotron’s service area
Penetration of basic cable subs Lift Effect
Rollout
60+% lift experienced (more than one new product) in Q3 ’07
34% new customers in Q3 ’07
• 97% taking more than 1 product
• 68% taking all three
35.5%
31.8%
28.4%
25.3%
2.9%1.0%
6.5%
10.8%
14.9%
18.6%
22.2%
0%
5%
10%
15%
20%
25%
30%
35%
40%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2005 2006 2007
/18
New product launches, strong demand and focus on customer service has allowed Videotron to exhibit a 10.8% CAGR in its ARPU since 2001
Net Total ARPU
Source: Videotron (ARPU excludes accounting changes relating to installation revenues starting Q2-04).
Growing ARPU
30
35
40
45
50
55
60
65
70
$75
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3
AR
PU
01-04 CAGR = 7.0%
2001 2002 2003 2004 2005 2006
05-L
Qtr CAGR =
16.1%
2007
/19
3G Project
Videotron will participate in the upcoming AWS auction if the following conditions are met :
1. Set aside spectrum for new players
2. Mandatory tower sharing
3. Mandatory roaming and regulated roaming pricing
Investments expected to reach 500 M$ over three years
Benefits expected:
• Increased flexibility to:– Provide new services
– Offer better packages
– Establish pricing strategies
• Ability to leverage content
/21
Nationwide Presence and Strategically Clustered
255 Community Newspapers andSpecialty Publications
197 Sun Media58 Osprey
8 Paid Urban Dailies +7 Free Commuter Dailies
Nationwide presence covering key markets offers national advertising and distribution solutions Clustering provides significant cost efficiencies and opportunities for bundled advertising packages Acquisition of Osprey Media creates the #1 newspaper publisher in Canada and provides a strong fit
with Sun Media – Osprey Media’s community newspaper focus and limited geographic overlap increases stability and diversification of Sun Media asset portfolio
/22
Acquisition of Osprey Media
The Transaction Acquired Osprey Media Income Fund at a cash price of C$8.45 per unit
• Valued Osprey Media at approximately C$573 million (including debt)
Osprey Media Income Fund Leading publisher of community newspapers in Ontario, Canada Strong portfolio of 53 daily and non-daily newspapers publications, together
with shopping guides, magazines and other publications
LTM revenue and EBITDA of $228 million and $55 million, respectively
Strategic Rationale
Creates the #1 newspaper publisher in Canada (based on circulation) and increases QMI’s scale in the population-dense Ontario market
Operating efficiencies through sharing of management, production, printing, best practices and distribution
/23
Strong and Established Newspaper Franchise
Urban Daily PublicationsAvg. Daily
Circulation (2)
Weekly Readership (3)
Notes: (1) Based on paid circulation data published by the Audit Bureau of Circulations in September 2006 with respect to non-national newspapers in each market.(2) Circulation data (Mon-Fri) ABC Fas-Fax 6 mos ending September 2007;Toronto, Calgary, Edmonton Suns 6 mos ending March 31/07 (3) Source: NADbank 2006 study; 7-day CUME readership, Adults 18+
Market Position (1)
Year Founded
A majority of Sun Media’s and Osprey’s community newspapers hold a #1 market position in their markets
Le Journal de Montréal 1 257.0 1,197.2 1964
The Toronto Sun 2 179.3 1,768.5 1971
Le Journal de Québec 1 104.5 338.3 1967
The London Free Press 1 82.3 252.6 1849
The Edmonton Sun 2 66.1 371.0 1978
The Calgary Sun 2 59.2 371.9 1980
The Ottawa Sun 2 50.3 239.3 1988
The Winnipeg Sun 2 39.0 236.5 1980
Total 837.7 4,775
(in 000’s)
/24
Robust Market Share
38.2%
35.8%
34.7%
36.3% 36.3%36.8%
38.7%39.2%
30%
32%
34%
36%
38%
40%
2000 2001 2002 2003 2004 2005 2006 YTDQ3-07
Market Share*
QMI has become the largest newspaper publisher in Canada following the acquisition of Osprey Media
All urban daily newspapers rank first or second in their markets (1)
Urban Dailies ROP Linage
Notes: CNA December reports from 2000 to 2006 and September 2007.* Market share (paid dailies) vs. competing broadsheets (including The Globe and Mail).
(1) In terms of weekly paid circulation.
/25
Solid Market Reception for Free Dailies
Source : NADbank 2006 Study; Montreal CMA, Toronto CMA, Vancouver CMA.CCAB for the six months ending March 2007 (Mtl), September 2006 (Toronto and Vancouver).* As per internal sources.
Creating a well respected national free-daily newspaper brand with the recent launches of Ottawa, Edmonton and Calgary
24 hours reaches 763,600 adults 18+ in Canada's three largest markets
24 hours Toronto and 24 heures Montréal showed a higher growth than Metro in the latest NADbank study
24 hours Vancouver is a strong #1 in both readership and circulation amongst free dailies
Free dailies enhance bundled advertising offering
24 hours 24 heures 24 hours 24 hours 24 hours 24 hoursToronto Montreal Vancouver Ottawa Edmonton Calgary
Circulation 241,077 147,656 112,120 70,600* 47,800* 48,400*
Readership (Daily) 345,700 207,500 210,400
Exclusive Readership 54% 32% 67%
Readership (Adult 18-49) 76% 78% 72%
Readership (Female) 52% 54% 50%
Recent Launches
/26
Sun Media and Osprey have continued to deliver industry leading margins despite increased costs from new free dailies (at Sun) and higher raw material costs
Synergies and new presses in Mirabel and Islington should provide additional cost savings
Maintained Strong Margins
14%
16%
18%
20%
22%
24%
26%
28%
30%
1999 2000 2001 2002 2003 2004 2005 2006 LTM
Sun Media Impact of Free Dailies Osprey
24.0%
19.7%
17.4%
15.4%
22.3%
13%
16%
19%
22%
25%
28%
Torstar * GTC ** CanWest***
Osprey SunMedia
Pu
blis
hin
g E
BIT
DA
Mar
gin
* As of September, 2007; ** As of July 30, 2007; *** As of August 31, 2007. Notes: Torstar - Star Media and Metroland Media segments
GTC - Media segment.CanWest - Newspaper segment
Sun Media and Osprey EBITDA Margins Peer Comparison (LTM)
24.3%
/28
Leading Market Share
Tele-Quebec 3%
TQS 11%
TVA 29%
Other 6%
Specialty Channels
38%
Radio-Canada
(CBC) 13%
French-language TV Market Share Financial performance
Consistently delivering strong market share despite increased fragmentation
Source: Audimétrie BBM; Monday - Sunday, 2 years + August 27 – October 21, 2007
Revenues ($ million) 9M-2007 9M-2006 YoY (%)
Television 222.3 213.3 4.2%Publishing 59.9 57.7 3.9%Distribution 13.1 8.9 47.3%Other & Inter-Segment (3.9) (6.5) n.m.
Total 291.4 273.4 6.6%
EBITDA ($ million) 9M-2007 9M-2006 YoY (%)Television 30.7 23.9 28.5%Publishing 6.2 1.1 492%Distribution (0.2) (1.2) n.m.Other & Inter-Segment (0.2) (0.6) n.m.
Total 36.6 23.2 57.7%
Other Businesses
/30
Other Businesses
Leisure & Entertainment Revenue: $332EBITDA: $27
Continued growth in textbook and retail sales 9-month operating income increased by 80% on a year-over-
year basis
Internet / Portals Revenue: $70EBITDA: $9
Continued strong performance of general and special-interest portals
• Jobboom.com passed the 2-million member mark Focus on enriching content and launching value-added
services• Investments in Web 2.0• Petitmonde.com acquisition in Q3-07• Jan. 2007 content deal with Rogers Publishing Ltd.
Sold Progisia on June 30, 2007, a non-strategic division
Interactive Technologies and Communications
Revenue: $82EBITDA: $6
Continued growth due to business development in the Canadian, European and Asian markets more than offset the decline in the US
Q3-07 revenue growth of 11% mainly due to internal growth
Divisions / Companies Key LTM Stats ($ mm) Commentary
Financial Highlights
/32
QMI – Financial Performance
Revenues ($ million) 9M-2007 9M-2006 YoY (%) LTM FY2006 FY2005
Cable(1) 1,125.3 946.6 18.9% 1,488.2 1,309.5 1,080.3
Newspapers(2) 721.6 681.5 5.9% 968.3 928.2 915.6Broadcasting 291.4 273.4 6.6% 411.3 393.3 401.4Leisure and Entertainment 226.4 210.7 7.5% 331.5 315.8 255.4Interactive Tech & Commonications 61.9 53.9 14.8% 81.9 73.9 65.1
Internet/Portals(3) 34.6 30.0 15.3% 46.2 41.6 35.2
Other & Inter-Segment(3) (60.2) (41.7) n.m. (84.4) (65.9) (57.6)
Total 2,401.0 2,154.4 11.4% 3,243.0 2,996.4 2,695.4
EBITDA ($ million) 9M-2007 9M-2006 YoY (%) LTM FY2006 FY2005
Cable(1) 467.0 372.7 25.3% 606.8 512.5 413.3
Newspapers(2) 149.3 144.1 3.6% 212.8 207.6 222.2Broadcasting 36.6 23.2 57.8% 55.5 42.1 53.0Leisure and Entertainment 16.7 9.3 79.6% 26.7 19.3 27.0Interactive Tech & Commonications 2.8 4.2 -33.3% 6.1 7.5 3.9
Internet/Portals(3) 4.1 8.6 -52.3% 5.6 10.1 9.0
Other & Inter-Segment(3) 0.2 (0.8) n.m. 1.5 0.5 3.7
Total 676.7 561.3 20.6% 915.0 799.6 732.1
Total, ex-non wholly-owned subs.(4) 637.3 533.9 19.4% 853.4 750.0 675.2
(1) Including Videotron Telecom
(2) Including Osprey Media since August 3, 2007
(3) Excluding Progisia
(4) TVA and Nurun
/33
90%
100%
110%
120%
130%
140%
150%
160%
170%
180%
190%
200%
210%
220%
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
EB
ITD
A a
s p
erc
en
t o
f b
as
e p
eri
od
(%
)
Videotron
Rogers
Shaw
Cogeco
Videotron - High Growth Profile
Adjusted LTM EBITDA growth
Videotron's high growth profile remains a significant driver in the value of QMI
Source: Company reportsNotes: EBITDA for Videotron, including Videotron Telecom and excluding video stores and La Sette EBITDA for Rogers Cable, including management fees and excluding video stores EBITDA for Shaw Communications, excluding Star Choice and Satellite EBITDA for Canadian operations of Cogeco Cable only
2003 2004 2005 2006 2007
/34
Cash Flow Generation
$150
$180
$212 $211 $210
$149
$92
$101$40
$58
0
50
100
150
200
$250
2001 2002 2003 2004 2005 2006 LTM
$ m
illio
ns
QMI’s intense focus on profitable growth, cost containment and opportunistic refinancings has resulted in improvements in EBITDA and Free Cash Flow
Press investment projects at Newspapers impacted free cash flow; recovery underway
QMI and its wholly-owned subsidiaries do not expect to pay income taxes before 2009, enhancing QMI’s cash flow profile
Note: Free Cash Flow is defined as EBITDA, less interest expense, less cash taxes, less Capex. * Includes Vidéotron Telecom, with the exception of 2001.
Cable (EBITDA – Capex)* Newspapers (EBITDA – Capex)
QMI Consolidated Free Cash Flow
$129
$188
$219$193
$208
$285
$157
0
50
100
150
200
250
$300
2001 2002 2003 2004 2005 2006 LTM
$ m
illio
ns
Average = $ 135
$45
$146
$192
$119
$148
$290
$120
0
50
100
150
200
250
$300
2001 2002 2003 2004 2005 2006 LTM
$ m
illio
ns
/35
Solid EBITDA growth and repayment of debt from free cash flow has allowed significant improvement of leverage statistics Osprey Media acquisition had no material impact
QMI Consolidated Leverage Ratio
6.9x
5.5x5.2x
4.5x 4.4x 4.1x 4.0x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
8.0x
2001 2002 2003 2004 2005 2006 Q3-07 *
Leverage
Note: Debt including swap’s fair market value, as per Credit Agreement.* Q3-2007 pro forma 12 months of contribution from Osprey
Bank of America2007 Credit Conference
Orlando, FloridaDecember 2-4, 2007