Business Media China AG
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Transcript of Business Media China AG
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Business Media China AG
Company PresentationStuttgart, August 31, 2007
Klaus M. Hilligardt, CEO
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Disclaimer
This document contains forward-looking statements and forecasts based on assumptions and estimates made by Business Media China AG („BMC“) management. While we assume that the expectations of these forward-looking statements are realistic, we cannot guarantee that the expectations will prove to be correct. The assumptions may conceal risks and uncertainties which may lead to actual results significantly divergent from those made in the projective forecasts. The factors that can cause such a divergence include: changes in foreign exchange control or the economic and business environment, currency exchange rate fluctuations, the low market entry barriers for competitors, insufficient acceptance of new products or services and changes in corporate strategy. No update of the projected forecasts contained herein is planned, nor does BMC assume any obligation to do so.
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Agenda
•BMC at a Glance
•Summary major milestones and strategic outlook
•China – A growing advertising and exhibition market
•BMC‘s operations
– Travel Media
– Exhibitions, Conferences and Publishing
•Peer Analysis
•Summary and contact data
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BMC Vision & Strategy
BMC’s vision is to provide “Total China Media Competence” to its customers by combining Exhibitions, Conferences, Publishing and Out-of-Home (OOH) advertising. It plans to deliver this by combining innovative ideas, high value media assets and strategic partnerships to become an effective channel of communication between the advertiser and the consumer.
The company’s track record in Exhibitions and the high value portfolio of advertisement rights for railways stations and airports ensures a fast-growing predictable revenue and earnings stream for its stakeholders.
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BMC - An Attractive Platform
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BMC‘s Footprint Today
BEIJING
Shijiazhuang
Tianjin Dalian
Qingdao
Shanghai
Hangzhou
Fuzhou
Xiamen
Chengdu Chonqing
GuangzhouShenzhen
BMC CHINA Airport AdvertisingAIRPORT ADVERTISING
BMC CHINA AdvertisingRAILWAY ADVERTISING
BMC Baiwen Exhibitions EXHIBITIONS
BMC-TBGEXHIBITIONS & CONFERENCES
BMC Zhenwei ExhibitionsEXHIBITIONS
BMC Herong ExhibitionsEXHIBITIONS & CONFERENCES
BMC China EXHIBITIONS & CONFERENCES
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BMC AG Structure
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Management-Team
In the media and exhibition business since 1982.
Owner and President MESAGO HOLDING GmbH.
Founder of Mesago Messe Frankfurt in Stuttgart and Tokyo.
Since 15 years active in China with large personal network -Guanxi.
Founder of Business Media China AG.
Klaus M. HilligardtChief Executive Officer
10 years international experience in the exhibition business.
Director Administrations BMC since 2005. Vice President Subsidiary Management
Messe Frankfurt von 1996 – 2004. Director Controlling and Finance at a stock
listed environmental service enterprise 1990-1995.
Peter SassmannChief Financial Officer
Li YangBoard Member General Manager BMC CHINA
Arend J.R. van EedenBoard Member In the media and exhibition business since
1992. 30 years international experience: Miller Freeman / United Business Media plc
and EMAP plc.
Graduate of the Elite University UIBE - University of International Business and Economics.
7 years executive positions in media companies in China.
Large personal network – Guanxi – in China.
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BMC‘s Ad Space: Railway Stations
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BMC‘s Ad Space: Railway Stations
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BMC‘s Ad Space: Railway Stations
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BMC‘s Ad Space: Airports
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BMC‘s Ad Space: Airports
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Key figures
P/L summary(in 1000 Euro) 2007, H1 2006, H1 2006 2005
Revenues 7,972.7 3,057.2 7,478.6 2,185.6
Net Profit/Loss -3,937.2 -1,326.5 -6,410.4 -1,395.5
Total Assets 36,451.6 14,205.4 32,812.9 8,058.6
Cash and Cash equivalents 8,168.3 16,919.9 14,950.6 2,917.4
Staff (end of period) 244 150 146 37
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Agenda
•BMC at a Glance
•Summary major milestones and strategic outlook
•China – A growing advertising and exhibition market
•BMC‘s operations
– Travel Media
– Exhibitions, Conferences and Publishing
•Peer Analysis
•Outlook
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Strategy
Exploring synergies between OOH advertising, exhibitions and conference businesses
Identification of opportunities in “railway station advertising” for a blue ocean strategy
Follow buy & build strategy using national and global reach Investments in intangible assets that will be converted to tangible assets and
provide returns (reap) for a long-time to come BMC identifies market leaders in specific local or regional segment, acquires a
controlling stake in it (buy), and then scales (build) it up using its national and global reach.
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Business Execution Cycle
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Formed a 30 year joint venture with China Railway Media for an “All-China Roll-out”
Controls increasing number of important airports and is able to scale-up and roll-out successes in one airport to the various airports across China
BMC has developed a wide personal network in government, industry, media and academia
International experience of BMC attracts important companies
Getting international brands to advertise will increase the value of the airport advertising
Plans to form JVs with leading western exhibitions for China
Acquired license agreements and JVs with top Chinese, European and American publishing houses
Strategic Milestones
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Revenues are growing fast Investments in intangibles have been accomplished to a major extent Variable costs are relatively low Breakeven is expected within the next quarters EBITDA is expected to turn positive and grow explosively over the next few
years ROE is expected to increase continuously and stabilize at a high level
BMC’s Current Position
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Ready for take offBMC's revenue trend over the years
0
10
20
30
40
50
60
70
80
90
100
110
2004 2005 2006 2007E 2008E 2009E 2010E
(in E
UR
mn.
)
Source: BMC Estimates
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EBITDA is turning positive
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• To cover all major railway stations and important airports• To acquire top exhibitions in China
Acquire license for premium space only Optimum use of advertising space at airports Optimize management structure Organic and inorganic growth Consolidation in the East Coast of China Enter newer markets
Future Growth Strategy
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Roadmap Summary
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BMC consolidated P/L projections by segment (in EUR '000)*
2007E 2008E 2009E 2010E
Railway Station 12,245 19,592 24,489 29,387
Airports 7,249 24,098 29,584 52,897
Travel Media 19,494 43,689 54,073 82,284
Exhibitions 6,612 10,874 14,792 18,710
Others 1,959 9,306 13,714 12,245
Revenue 28,065 63,869 82,579 113,239
EBITDA 0 9,580 20,645 33,972
Projections
CNY/EUR 0.0979577
* These projections are based on existing asset and projects and are excluding the Beijing Olympics effect 2008 and the Shanghai EXPO effect 2010
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Agenda
•BMC at a Glance
•Summary, major milestones and strategic outlook
•China – A growing advertising and exhibition market
•BMC‘s operations
– Travel Media
– Exhibitions, Conferences, IT + Sourcing
•Peer Analysis
•Outlook
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Advertising Media
The Chinese economy is slated to be among the world’s top five largest economies
Economy is estimated to grow at over 9% per annum through the next decade
Huge manufacturing sector, called ‘Factory of the World’
Rising income levels and increasing purchasing power of middle class
By 2020 the middle class will comprise 40% of the total population
China will consume approximately 29% of the world's total luxury goods in 2015
Boom in the retail sector
Government modernizing rural & urban infrastructure, highways, railways, airports, roads, subways
China‘s Dynamic Economy
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Strong Ad Spend Growth
China’s urban population increased from 29.0% in 1995, to 40.5%, or 523 million people, in 2003
Predicted to increase beyond 615 million by 2010
Ad spend growth of China vs. World
4.1 4.2
7.1
19.5
0
2
4
6
8
10
12
14
16
18
20
North America Europe Asia Pacific China
(in %
)
Ad spend % of GDP of China vs. World1.4
1.3
1.0
0.8
0
0.2
0.4
0.6
0.8
1
1.2
1.4
USHong KongUKChina
(in %
)
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Increasing Market Penetration
Massive urbanisation drives China’s ad expenditure where current figures show that over 70% of retail sales take place in urban areas with a growth rate of over 14%
Over 50% of China’s current advertising spend is targeted at the cities of Beijing, Shanghai, Guangzhou and Shenzen although currently, they only account for around 9% of the total China population.
(Source: Zenith Optimedia, Clear Media, Goldman Sachs Research estimates)
Outdoor advertising as percentage of total ad spend
3 34
56
78
1112 12
1516
0
2
4
6
8
10
12
14
16
18
Latin
Ameri
caUSA
German
y
Worl
dUK
Europe
Asia-P
acific
France
Japa
n
South
Korea
Switzerl
and
China
(in %
)
Ad spend per Capita of China vs. World236
5
0
40
80
120
160
200
240
US, Hong Kong, UKChina
(in E
UR
)
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Increase in the out of home advertisement market share by revenue in China
14.0
14.2
14.4
14.6
14.8
15.0
15.2
15.4
15.6
15.8
16.0
2005 2006
(mar
ket
shar
e in
%)
Declining trend in the market share of indoor advertisement (TV, Newspaper) revenue in China
37.1
35.4
36.6
35.0
34.5
35.0
35.5
36.0
36.5
37.0
37.5
TV Newspapers(i
n %
)
2005 2006
Why OOH-Advertising?
The Chinese government stringently controls television, newspaper and radio and the foreign magazines are not allowed to write on politics. The Internet media is also under government’s scanner but less strictly controlled. Relative to other media types, authorities are least interfering where outdoor media is concerned.
(Source: China Media Advertising outlook 2006, Goldman Sachs) (Source: China Media Advertising Outlook 2006, Goldman Sachs)
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Exhibition Growth in China
1700
2100
3100
40003800
3600
3300
0
500
1000
1500
2000
2500
3000
3500
4000
4500
2000 2001 2002 2003 2004 2005 2006
(Num
ber o
f exh
ibiti
ons)
Year
(Source: CCPIT)
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China Takes the Lead
600
12001500
1800
38004000
0
500
1000
1500
2000
2500
3000
3500
4000
4500
Germany J apan France UK China AmericaCountry
(Num
ber
of e
xhib
itio
ns)
Exhibition Program(Source: CCPIT)
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Agenda
•BMC at a Glance
•Summary, major milestones and strategic outlook
•China – A growing advertising and exhibition market
•BMC‘s operations
– Travel Media
– Exhibitions, Conferences, IT + Sourcing
•Peer Analysis
•Outlook
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Advertising Management
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The “Grand Dame” in China’s AdvertisingBusiness COO JCDecaux China General Manager JHDecaux China COO Media Nation Group Vice President Top-Result Advertising CEO Top-Result Bus Advertising General Manager Shanghai Metro Advertising
from 2000-2006
MO Li YanPresident
General Manager China Railway Century Media Co., Ltd.
Mr. Zhang is the highest official in Chinese Railway Advertising and responsible for the Railway Advertising Reform.
Zhang JihongChairman All-China Roll-Out
WEN DennyChief Executive Officer
Rüdiger WulfDirector Advertising Media
Sorbonne Paris Graduate STRÖR Group (leading Outdoor
Company in Germany) 2000-2006Director Sales & Marketing
BlowUp Media GmbH
One of the most prominent figures inChina’s Advertising Busienss General Manager JCDecaux 2005-2006 Vice General manager Media Nation Inc.
2003-2005
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Positioning Travel Media
(Source: SG Ventures Proprietary Research)
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Railway Station Advertising
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Railway Station Milestones
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Roadmap for Advertising
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Railway Station Advertising
2007E 2008E * 2009E 2010EMediaformats (units) 3,062 7,162 9,462 10,722Mediaformats (sqm) 19,220 44,957 59,394 67,303Price Increases 3% 10% 7.5% 7.5%Occupancy rate 37.5% 60.0% 72.5% 80.0%Average Commission/Discount level
35%35% 35.0% 35.0%
95 mCNY 80 mCNY 50 mCNY 30 mCNY
GM MEDIA ONLY after License Costs
-31% 6% 34% 47%
GM Total (Media & Agent activities) after License Costs and Fees for License Owner
4%
10% 30% 44%
Targets
Turnover from AGENT ACTIVITIES
Fee of 85% to License owner for Turnover from AGENT ACTIVITIES (Deduction from Turnover AGENT ACTIVITIES)- BMC receives about 15% Agent Commission
* Without specific "Olympic Games Effect"** Gross Profit without any overheads / DA
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Airport Advertising
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Milestones - Airport Advertising
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Roadmap - Airport Advertising
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Roadmap - Airport Advertising
ADVERTISING SPACE
No of Airports Units SQM
Airports 9 728 11,060
New AirportsNo of
Airports Units SQMBeijing Capital International Airport - New International Terminal 3 1 400 6,077Xiamen (Fuzhou / Xiamen [larger ones ], Wuyishan, Longyan (Smaller ones]) 4 1,000 15,192
Chongqing 1 200 3,038Sub - Total 2008 1600 24308Total End of 2008 2328 35368
New AirportsNo of
Airports Units SQMHangzhou new Terminal 2 1 200 3,038Xi'An new Terminal 1 200 3,038Other Airports 2 300 4,558Sub - Total 2009 700 10635Total End of 2006 3028 46002
New AirportsNo of
Airports Units SQMOther Airports 2 300 4,558Sub - Total 2010 300 4558Total End of 2010 3328 50560
2007
2008
2009
2010
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Profit Targets - Travel Media
The rapidly increasing Profitability of the Travel Media Business is a result of increasing sales and prices as well as operational improvement.
2007E 2008E * 2009E 2010E
Ebit-Target 4% 13% 22% 30%
2007E 2008E 2009E 2010ESales 5% 7% 5% 5%Prices 2% 3% 3% 3%Cost reduction/operational improvement 3% 1% 1% 2%
Travel media profitability (airport & railway stations)
Driving factors (improvement y-o-y)
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Exhibitions, Conferences, Publishing
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Exhibitions, Conferences, Publishing
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Milestones - Exhibitions
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Milestones - Exhibitions
Exhibition and publishing business split byrevenue in 2007
Magzines15%
Exhibitions80%
Conferences5%
Venue management0%
Exhibition and publishing business split byrevenue in 2007
Magzines15%
Exhibitions80%
Conferences5%
Venue management0%
Exhibition and publishing business split by revenue in 2009
Magzines20%Conferences
8%
Venue management8%
Exhibitions64%
Exhibition and publishing business split by revenue in 2009
Magzines20%Conferences
8%
Venue management8%
Exhibitions64%
Exhibitions & publishing business focusin 2007
Beauty34%
Food6%
Raw materials25%
High Tech35%
Exhibitions & publishing business focusin 2007
Beauty34%
Food6%
Raw materials25%
High Tech35%
Exhibitions & publishing business focusin 2009
Beauty27%
Food7%
High tech39%
Raw materials27%
Exhibitions & publishing business focusin 2009
Beauty27%
Food7%
High tech39%
Raw materials27%
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Roadmap - Exhibitions
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Profit Targets - Exhibitions
BMC intends to beat the industry‘s profitability standards by mid-term
Profitability from Exhibitions in Germany & China (Projection)
5035
40
25
10
40
0
10
20
30
40
50
60
70
80
90
100
Germany China
(in %
)
COGS Operating Cost Profit
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Agenda
•BMC at a Glance
•Summary, major milestones and strategic outlook
•China – A growing advertising and exhibition market
•BMC‘s operations
– Travel Media
– Exhibitions, Conferences and Publishing
•Peer Group Analysis
•Summary
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Peer Group Positioning
(Source: SG Ventures Proprietary Research)
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Profitability - Peer Group
Source: Bloomberg, 2006 FY Figures
Peers EBITDA as pecentage of sales
41
48
41
18 24
2729 30
33
19
2730
26
26272626
26
1310
12 11
- 22
4
-25-20-15-10-505
101520253035404550
200620052004200320022001200019991998
(in
%)
Clear Media Focus Media Dahe Media JCDecaux Tom Outdoor
Peers EBITDA as percentage of sales
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Valuation Analysis - Peer Group
P/ Sales of BMC peers
2.5
16.0
5.5
0.91.60369
12151821242730333639
J C DecauxFocus MediaClear MediaTom GroupDahe Media
Source: Bloomberg, 2006 P/S
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Valuation Analysis - Peer Group
P/ E of BMC peers
24.2
41.0
35.0
85.4
36.9
20
30
40
50
60
70
80
90
J C DecauxFocus MediaClear MediaTom GroupDahe Media
Source: Bloomberg, 2006 P/E‘s
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Valuation Analysis - Peer Group
Source: Bloomberg, August, 18, 2006
Market capitalization of BMC & it's peers
4868
2985
38725910860
0
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J C DecauxFocus MediaClear MediaTom GroupBMCDahe Media
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mEU
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Agenda
•BMC at a Glance
•Summary, major milestones and strategic outlook
•China – A growing advertising and exhibition market
•BMC‘s operations
– Travel Media
– Exhibitions, Conferences and Publishing
•Peer Group Analysis
•Summary
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57
Summary - Investment Case
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Contact
Business Media China AGRotebuehlstr. 87
70178 Stuttgart – GermanyTel. +49 711 490 89 0
www.businessmediachina.com