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| Page 1| November, 2015 |
November 12, 2015
Claas van Delden and Daniel Raab
ProSiebenSat.1 Commerce GmbH
Keynote 7Commerce
NOAH London 2015
7Commerce - NOAH15 London
| Page 2| November, 2015 |
| Page 2| November, 2015 |
ProSiebenSat.1 further develops into a commerce powerhouse
2014
2013
2012
2011
2010
2015
2009
Our position today
Travel
Beauty &
Accessories
Online
Comparison
M4R/E deals
Ventures Strategic commerce verticals
>60
investments
14
Majority investments1)
1) incl. former Epic companies Valmano and Discavo
First M4R/E deals
| Page 3| November, 2015 |
| Page 3| November, 2015 |
We built a portfolio of market leading businesses via M&A
~EUR 500m investments in 2015 alone
Commerce portfolio
7Commerce
~ EUR 500m commerce investments
in 2015
#11)
#1
#2
#1
#1
1) Etraveli is the #1 flight player in the Nordics; Etraveli signed with envisaged closing in Q4 2015
7Travel
Beauty &
Accessories
Online
Comparison
Market position
| Page 4| November, 2015 | | Page 4| November, 2015 |
With more than 5.5m transactions – growing >2x as fast as market
Visits1) #Transactions1)
Total Transaction
Value1,2)
>250m
1) FY 2015 estimates; excl. 12Auto Group & Wetter.com; Note: “Pro forma” including Etraveli
2) Transaction value incl. annual revenue generated by service providers with customers referred by our assets (e.g. energy services, telco services)
>5.5m
>EUR
2.6bn
But how does it work?
| Page 5| November, 2015 | | Page 5| November, 2015 |
• Tech/mobile services
• Developer capacity
• Best practices & tools
• Mobile Xchange
developer meeting
• Ambassador system
(management skills for
growing business)
• Partnerships &
cross-selling with
portfolio companies
• Legal & Tax support
• HR/Recruiting
• Setup of
infrastructure
• Ad-hoc support
• Frame contracts
• Product/Marketing
(e.g. payment, affilia-
te, offline marketing)
• IT infrastructure
(e.g. server, MS
licenses, hardware)
• Carrier conditions
• Controlling,
Reporting
& Finance
• Definition of KPIs
• Setup of automated
reporting
• Cash management
• Sales optimization
• Procurement
• Ordering and
forecasting
• Vendor negotiations
(scorecard)
• Best-in-class
marketing to reach
local communities
• Elasticity-based
pricing
• SEO/SEA optimization
• CRM optimization
(e.g. personalization)
• Optimal media
relations (PR training)
• Creation of perfect
TV spot
• Optimization of spots
(CPV reduction via
TV analytics)
• Partnering
(WKZ deals)
• TV formats to
position brand (e.g.
Amorelie Love Lounge)
• International Media
Alliance to promote
business beyond
Germany
Key for success: Our playbook
1. TV expertise
2. Marketing
competence
3. Data analytics &
process excellence
4. Shared services &
negotiation
5. Tech & expert
network
playbook
Assessment after acquisition to set up action plan and ongoing support on demand
| Page 6| November, 2015 | | Page 6| November, 2015 |
Example: Average TV CPV in 2014
Strong TV performance
improvements throughout
2014
We develop our companies based on playbook levers
Example: Price tests and elasticity analysis
Identifying product
characteristics resulting
in high, medium,
low price elasticity
2. Marketing competence1. TV expertise
Example: Affiliate marketing insourcing
& bundling
Direct KAM with
state-of-the art
technology as well
as consolidation to
one strategic partner
3. Data analytics & process excellence
Example: Klarna contracts
Saving potentials due
to shared services
(e.g. legal) and negotiation,
e.g. payment frame
contracts
Example: Mobile expert network
Offer advice for new
developments and
cover short-term
development
bottlenecks via network
5. Tech & expert network4. Shared services & negotiation
| Page 7| November, 2015 | | Page 7| November, 2015 |
In Beauty & Accessories, our vertical approach drives operations
1) Revenue growth of Amorelie, Flaconi & Valmano Q3 2015 (consolidated) vs. Q3 2014 (not consolidated).
Sustainable business models
led by strong teams
7Commerce Playbook
to optimize business
TV power to drive traffic
+
+ Playbook
Q3 development supported by inter-cluster synergies
Q3 2015 vs. Q3 2014
Total
visits
Cost per
visit
+72%
-45%
More traffic at less cost
Q3 2015 vs. Q3 2014
-30%
Selection
(June)
Cost per
order
+15%
Lower cost and better
selection
Joint forces for growth
+178%
Vertical
revenue
growth1)
Example
| Page 8| November, 2015 | | Page 8| November, 2015 |
Our vertical approach creates synergies – and thus further value
1) Estimated for FY 2015, rec. EBITDA w/o TV airtime costs
Note: Etraveli signed with envisaged closing in Q4 2015
We generate more revenues and cost savings with inter- and
intra-vertical synergies compared to standalone businesses
Marketing excellence (CRM, SEO, SEA)
Shared services (e.g. HR, Finance, Legal)
Cross-unit data management
Joint WKZ initiatives (ad allowance)
Cross-vertical lead gen and traffic push
Example:
Travel vertical >25%
contribution to
revenue growth1)
>35%
contribution to rec.
EBITDA growth1)
15%
contribution to total
rec. EBITDA1)
| Page 9| November, 2015 | | Page 9| November, 2015 |
In future, we further leverage our Media Alliance to expand verticals
Strategic rationale
Access media of leading
European broadcasters
European Media Alliance
Increase deal flow among
media partners
Offer “Pan European deals” to
US/international imports
France
UK
Scandi., CEE
Poland
Turkey
Greece, Rom.,
Serb., Sl.
Benelux
& Finland
Spain
Italy
Media Alliance and
strategic partner
Next partner to join
New New
>250m
households
reach
New
| Page 10| November, 2015 | | Page 10| November, 2015 |
THANK YOU!
Focus on Leading European Internet companies
Covering over 400 companies across 25
online verticals, a broad range of over 500
investors as well as 100+ online-focused
corporates
Deep understanding of industry dynamics
Ability to add value beyond banking advice
Facilitates overall process and minimizes
management distraction
NOAH Advisors is globally well connected
and has direct access to virtually all key
players in the industry
Knowledge of and strong relationships
with potential buyers’ key decision makers
Proactively finds and unlocks attractive
investment opportunities for leading
investors
Annual NOAH Conference in its 8th year
Over 40 years of combined relevant M&A
experience
Routine execution of M&A and financing
transactions with sizes of several billion
euros
22 successfully completed NOAH Advisors
transactions underline successful transfer of
M&A competencies to the Internet sector
Entrepreneurial mind-set, focused on growing the
business and establishing a reputation for
excellence
Ability to deliver top results in short time frames
Highly success-based compensation structures
align interests of clients and NOAH Advisors,
and demonstrate conviction to deliver top results
Creative deal solutions
September 2015 December 2014
September 2014October 2014
May 2014 February 2013
May 2012 April 2011
Sale of a 70% stake in
to
Exclusive Financial Advisor to
Drushim and its Shareholders
Sale of 100% of
for $800m to
Exclusive Financial Advisor to
Fotolia and the Selling Shareholders
Sale of 100% of
for €80m to
Exclusive Financial Advisor to
Trovit and its Shareholders
Sale of controlling stake in
to
Exclusive Financial Advisor to
Facile.it and its Shareholders
sold 100% of
for $228m to a joint venture between
Exclusive Financial Advisor to Yad2
and its Shareholders
Growth equity investment from
for a 30% stake alongside Softonic’s Founders
and Angel Investors at a valuation of €275m
Exclusive Financial Advisor to
Softonic and its shareholders
150 million growth equity investment from
for a 50% stake alongside Fotolia’s Founders and
Additional $150 million senior debt financing
Total $300 million investment
Financial Advisor to Fotolia and its Shareholders
have acquired a majority stake in
for $350m from
Exclusive Advisor to Summit Partners and TA Associates
Selected Completed
NOAH Transactions
Unique Industry Know-How
Unmatched Network and Relationships
Strong Investment Banking Competence
Full Commitment - We Are Entrepreneurs!
EUROPE’S LEADING INTERNET CORPORATE FINANCE BOUTIQUE
®

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7Commerce - NOAH15 London

  • 1. | Page 1| November, 2015 | November 12, 2015 Claas van Delden and Daniel Raab ProSiebenSat.1 Commerce GmbH Keynote 7Commerce NOAH London 2015
  • 3. | Page 2| November, 2015 | | Page 2| November, 2015 | ProSiebenSat.1 further develops into a commerce powerhouse 2014 2013 2012 2011 2010 2015 2009 Our position today Travel Beauty & Accessories Online Comparison M4R/E deals Ventures Strategic commerce verticals >60 investments 14 Majority investments1) 1) incl. former Epic companies Valmano and Discavo First M4R/E deals
  • 4. | Page 3| November, 2015 | | Page 3| November, 2015 | We built a portfolio of market leading businesses via M&A ~EUR 500m investments in 2015 alone Commerce portfolio 7Commerce ~ EUR 500m commerce investments in 2015 #11) #1 #2 #1 #1 1) Etraveli is the #1 flight player in the Nordics; Etraveli signed with envisaged closing in Q4 2015 7Travel Beauty & Accessories Online Comparison Market position
  • 5. | Page 4| November, 2015 | | Page 4| November, 2015 | With more than 5.5m transactions – growing >2x as fast as market Visits1) #Transactions1) Total Transaction Value1,2) >250m 1) FY 2015 estimates; excl. 12Auto Group & Wetter.com; Note: “Pro forma” including Etraveli 2) Transaction value incl. annual revenue generated by service providers with customers referred by our assets (e.g. energy services, telco services) >5.5m >EUR 2.6bn But how does it work?
  • 6. | Page 5| November, 2015 | | Page 5| November, 2015 | • Tech/mobile services • Developer capacity • Best practices & tools • Mobile Xchange developer meeting • Ambassador system (management skills for growing business) • Partnerships & cross-selling with portfolio companies • Legal & Tax support • HR/Recruiting • Setup of infrastructure • Ad-hoc support • Frame contracts • Product/Marketing (e.g. payment, affilia- te, offline marketing) • IT infrastructure (e.g. server, MS licenses, hardware) • Carrier conditions • Controlling, Reporting & Finance • Definition of KPIs • Setup of automated reporting • Cash management • Sales optimization • Procurement • Ordering and forecasting • Vendor negotiations (scorecard) • Best-in-class marketing to reach local communities • Elasticity-based pricing • SEO/SEA optimization • CRM optimization (e.g. personalization) • Optimal media relations (PR training) • Creation of perfect TV spot • Optimization of spots (CPV reduction via TV analytics) • Partnering (WKZ deals) • TV formats to position brand (e.g. Amorelie Love Lounge) • International Media Alliance to promote business beyond Germany Key for success: Our playbook 1. TV expertise 2. Marketing competence 3. Data analytics & process excellence 4. Shared services & negotiation 5. Tech & expert network playbook Assessment after acquisition to set up action plan and ongoing support on demand
  • 7. | Page 6| November, 2015 | | Page 6| November, 2015 | Example: Average TV CPV in 2014 Strong TV performance improvements throughout 2014 We develop our companies based on playbook levers Example: Price tests and elasticity analysis Identifying product characteristics resulting in high, medium, low price elasticity 2. Marketing competence1. TV expertise Example: Affiliate marketing insourcing & bundling Direct KAM with state-of-the art technology as well as consolidation to one strategic partner 3. Data analytics & process excellence Example: Klarna contracts Saving potentials due to shared services (e.g. legal) and negotiation, e.g. payment frame contracts Example: Mobile expert network Offer advice for new developments and cover short-term development bottlenecks via network 5. Tech & expert network4. Shared services & negotiation
  • 8. | Page 7| November, 2015 | | Page 7| November, 2015 | In Beauty & Accessories, our vertical approach drives operations 1) Revenue growth of Amorelie, Flaconi & Valmano Q3 2015 (consolidated) vs. Q3 2014 (not consolidated). Sustainable business models led by strong teams 7Commerce Playbook to optimize business TV power to drive traffic + + Playbook Q3 development supported by inter-cluster synergies Q3 2015 vs. Q3 2014 Total visits Cost per visit +72% -45% More traffic at less cost Q3 2015 vs. Q3 2014 -30% Selection (June) Cost per order +15% Lower cost and better selection Joint forces for growth +178% Vertical revenue growth1) Example
  • 9. | Page 8| November, 2015 | | Page 8| November, 2015 | Our vertical approach creates synergies – and thus further value 1) Estimated for FY 2015, rec. EBITDA w/o TV airtime costs Note: Etraveli signed with envisaged closing in Q4 2015 We generate more revenues and cost savings with inter- and intra-vertical synergies compared to standalone businesses Marketing excellence (CRM, SEO, SEA) Shared services (e.g. HR, Finance, Legal) Cross-unit data management Joint WKZ initiatives (ad allowance) Cross-vertical lead gen and traffic push Example: Travel vertical >25% contribution to revenue growth1) >35% contribution to rec. EBITDA growth1) 15% contribution to total rec. EBITDA1)
  • 10. | Page 9| November, 2015 | | Page 9| November, 2015 | In future, we further leverage our Media Alliance to expand verticals Strategic rationale Access media of leading European broadcasters European Media Alliance Increase deal flow among media partners Offer “Pan European deals” to US/international imports France UK Scandi., CEE Poland Turkey Greece, Rom., Serb., Sl. Benelux & Finland Spain Italy Media Alliance and strategic partner Next partner to join New New >250m households reach New
  • 11. | Page 10| November, 2015 | | Page 10| November, 2015 | THANK YOU!
  • 12. Focus on Leading European Internet companies Covering over 400 companies across 25 online verticals, a broad range of over 500 investors as well as 100+ online-focused corporates Deep understanding of industry dynamics Ability to add value beyond banking advice Facilitates overall process and minimizes management distraction NOAH Advisors is globally well connected and has direct access to virtually all key players in the industry Knowledge of and strong relationships with potential buyers’ key decision makers Proactively finds and unlocks attractive investment opportunities for leading investors Annual NOAH Conference in its 8th year Over 40 years of combined relevant M&A experience Routine execution of M&A and financing transactions with sizes of several billion euros 22 successfully completed NOAH Advisors transactions underline successful transfer of M&A competencies to the Internet sector Entrepreneurial mind-set, focused on growing the business and establishing a reputation for excellence Ability to deliver top results in short time frames Highly success-based compensation structures align interests of clients and NOAH Advisors, and demonstrate conviction to deliver top results Creative deal solutions September 2015 December 2014 September 2014October 2014 May 2014 February 2013 May 2012 April 2011 Sale of a 70% stake in to Exclusive Financial Advisor to Drushim and its Shareholders Sale of 100% of for $800m to Exclusive Financial Advisor to Fotolia and the Selling Shareholders Sale of 100% of for €80m to Exclusive Financial Advisor to Trovit and its Shareholders Sale of controlling stake in to Exclusive Financial Advisor to Facile.it and its Shareholders sold 100% of for $228m to a joint venture between Exclusive Financial Advisor to Yad2 and its Shareholders Growth equity investment from for a 30% stake alongside Softonic’s Founders and Angel Investors at a valuation of €275m Exclusive Financial Advisor to Softonic and its shareholders 150 million growth equity investment from for a 50% stake alongside Fotolia’s Founders and Additional $150 million senior debt financing Total $300 million investment Financial Advisor to Fotolia and its Shareholders have acquired a majority stake in for $350m from Exclusive Advisor to Summit Partners and TA Associates Selected Completed NOAH Transactions Unique Industry Know-How Unmatched Network and Relationships Strong Investment Banking Competence Full Commitment - We Are Entrepreneurs! EUROPE’S LEADING INTERNET CORPORATE FINANCE BOUTIQUE ®