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Digitization – Creating value
Dr Jens Müffelmann, Head of Electronic Media
Capital Markets Day, December 10, 2010, Berlin
Dec. 10, 2010 Digitization – Creating value2
Looking back: Capital Markets Day 2007
Dec. 10, 2010 Digitization – Creating value3
How?
Audience Advertisers
Dec. 10, 2010 Digitization – Creating value4
Performance marketing
Classifieds / Marketplaces
Content portals
Clear strategy along core competencies
Core Competencies
By brand transformation as well as acquisitions / development
Dec. 10, 2010 Digitization – Creating value5
The right acquisitions of growth companies TOP 10 digital revenue contributors
Performance marketing
Classifieds / Marketplaces
Content portals#1#1
#3 #1 #1
#1 #1 #2
#1 #1
#X = market position
Dec. 10, 2010 Digitization – Creating value6
The right acquisitions of growth companies TOP 10 digital revenue contributors
#3 #1 #1
#1 #1 #2
#1 #1
#X = market position10%
12%
19%
29%
29%
34%
36%
42%
43%
108%
All acquisitions profitable EBITDA CAGR 2006 - 2010e
#1#1
Digitization – Creating value7
Price discipline at acquisition of growth companies
Dec. 10, 2010
Majority acquisitions 2006 - 2010
12×Bought at
fair valuationLeverage through
performance
8×
EBITDA-Multiplepro rata
At acquisition date 2010e
Digitization – Creating value8
Professional post acquisition management
Dec. 10, 2010
2006 2007 2008 2009 2010e
EBITDA contribution of majority acquisitions SCHEMATIC
EBITDA throughorganic growth
EBITDAthrough
acquisition
39%
61%
Dec. 10, 2010 Digitization – Creating value9
Clear digital strategy
The right acquisitions
Price discipline
Professional post acquisition management
Digital value creation @ Axel Springer
Digitization: Looking ahead
Dec. 10, 2010 Digitization – Creating value10
1) Pro forma for acquisitions
9M/2010 Our Vision2004
Print Print Print 50%24%12%DigitalDigitalDigital
Dec. 10, 2010 Digitization – Creating value11
Two brief case studies
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