Dear ladies and gentlemen, welcome to the Q1 Figures 2021 Conference Call of Stray SE. At our customers' request, this conference will be recorded. As a reminder, all participants will be in a listen only mode. After the presentation, there will be an opportunity to ask questions. May I now hand you over to Christian Schmale, Co CEO, Orly Jew Shooters Conference.
Please go ahead.
Dear ladies and gentlemen, thank you for joining our Q1 results today. Together with our Founder and Co CEO, Udo Muller and our CFO, Christian Baier, we will present the financials for the Q1 2021 and give more information about the current business dynamics across all segments, But especially out of home media during the pandemic, how our financials developed in Q1 across the various businesses of sub segments, including an update on our ESG initiatives. And we wanted to take the opportunity to make a deeper dive into the development of Assam and what our strategic roadmap looks like before we close the presentation with the outlook for the coming months. Since meanwhile more than 1 year we are facing the challenges of COVID-nineteen and Germany was the full Q1 in a hard lockdown with all shops and restaurants closed So the total advertising market, but out of home media specifically were suffering. Nevertheless, our out of home plus strategy gives us a really robust setup for this crisis versus pure players Seemee flexible out of home cost structure as already last year, but we try to handle this in balance with strategic long term targets and negotiated with all business partners in a reasonable partnership oriented way.
However, certain methods like rent adjustments are still work in progress and therefore not fully reflected effective. We expect our out of home business rebounding in V shape as soon as audience and the ad market recover after the lockdown. At the moment, A vaccination quota of around 45% to 50% of all adults in Germany in the next 4 to 6 weeks seems to be realistic And learnings from countries like Israel and the UK show how quickly infection rates go down afterwards and consumption climate Our non out of home businesses, digital and dialogue media as well as DAS and e commerce have been strong during the crisis and also in Q1. They were operating overall in normal or even better mode. We have observed in Q1 again the further trend towards more digital media in combination with a stronger focus on technology, programmatic trading and data product.
Given our leading market position in online and digital out of home media, we are convinced that we will gain market share in the already beginning recovery phase. Has clearly helped to protect our top line in the Q1. When we compare Q1 with the previous year's Q1, please keep in mind that this quarter was still pre corona with basically no significant negative effects from the pandemic. All in all, the reported revenues of Q1 2021 for the group was €312,000,000 down by 15% compared to the previous year's quarter. Organic revenue development was on the same level.
The adjusted EBITDA decline over proportionally by 37% to €73,000,000 compared to EBITDA from €48,000,000 to €8,000,000 mainly due to the basically unchanged D and A volume compared to Q1 2020. Accordingly, adjusted net income was down 97% from €35,000,000 to €1,000,000 Operating cash flow for Q1 EUR27 million despite the full quarter lockdown. Driven by phasing effects in our spend, CapEx for the quarter was EUR14 million, some 49% below previous year's quarter. In the coming quarters, we will accelerate the ramp up of our digital footprint, especially for digital roadside screens and expect a full year CapEx spend at least on prior year level. So overall, our Q1 revenue developed of by COVID-nineteen.
There were very cautious pre bookings for Q1 as the current lockdown already started in November last year and many clients decided to hold back money unless they have clarity about the pandemic impact for 2021. Nevertheless, given the fact that the whole quarter was in lockdown, the impact was less sharp compared to Q2 last year when only 5 weeks were impacted by massive of Public Life. Local sales were still growing in Q1 and we had no problems to get in touch with our SME customer base. But national sales, campaign business and transport media were going backwards so that the total out of home business lost 46% revenue versus a really strong Q1 2020. A completely different picture in the 2 other segments, Digital and Dialogue Media grew 5%, the digital business with slightly weaker campaigns, Easter campaigns than expected, but especially our news portals, the online and Watson were strong.
The contact centers as well as the door to door business grew beyond 20%, although there were some smaller operational challenges around lockdown restrictions. Similar to the second half of last year, DAS and e commerce, Statista and Azam continued to accelerate their growth and revenue was organically 37% above last year's Q1. Statista slightly ahead of its historic CAGR and Assam especially strong in sales VIA owned shop and digital platform. As all Plus businesses consistently deliver as in pre COVID times, The key question is how the out of home business will recover during the coming and hopefully final months of the pandemic. So how does the order inflow convert into monthly revenues for our out of home media segment since the beginning of this year?
On the left side of the chart, You see monthly revenues 2021 versus 2020. January February were clearly weak, But the 2 months don't count for much more than 11% of our annual business in normal time. March was already better, But we have missed large parts of the Easter campaign business due to the prolonged lockdown and the beginning third COVID wave. But with the accelerating vaccination, April was already above prior year, and we have seen more and more campaign bookings Materializing for May June. Both months will be probably 60% to 100% above 2020 comparables.
Of That's what you find on the right side of the chart. We see continuous improvement month over month Since the beginning of the year and in May June, despite the lockdown, we are probably only 15% to 20% behind 2019. In case the lockdown ends sometime in June, vaccination dynamics increases as expected so that we get closer to herd immunity in July. We should see 2019 out of home spending levels and beyond in the summer months again. Endeplus businesses have a consistently robust outlook of added more than 100 new roadside screens in Q1 in 16 different cities.
We see how COVID has accelerated the demand for digital media products in general. We prepare our infrastructure to benefit from that trend in the recovery phase and beyond. G Online, the largest acquisition we have made in the last 8 years had again a really strong start into the year. And it's not only COVID driven momentum for a news publisher, It's a logical consequence of our development plan since 2015. We outperform our competition, reach more than 31,000,000 uniques every month across desktop and mobile devices at the moment.
And for the first time, we are also the number one news portal in the age group under 49 years. When we moved the editorial team to our newsroom in Berlin and hired a new leadership team, we wanted of to constantly improve the content offering and carefully broaden the user base of the portal. With a new finance section, the local T online portals for meanwhile 28 cities And the health section kicking off, the positive journey is definitely not over yet. Our third party sales acquired new mandates like watch and build, health and pharma, our Ormaier du Mont and Holiday Check, which will benefit from the tourism revival the end of the pandemic at the beginning summer season. And we see more and more new business traction for our Dialog Marketing business coming from our key account structures for out of home and digital media.
We just signed clients from touristics, insurance and medical branches that will help keeping the growth pace you have seen already in Q1 for Dialog Media. Back to our total group performance, What trends do we see for the Q2 based on the Q1 achievement? Out of home will be, as you've already seen on the previous slides, between 40% 50% above last year's Q2, local business growing around 20% and national business fueled by constantly increasing pain volumes week over week. The trend for digital and dialogue media looks like 35% to 40% growth for Q2 of. As we are running against softer comps, Ranger Marketing couldn't operate for half of last year's Q2 and also our online business And the absolute revenue development will be the consequent prosecution of what we have seen in Q1.
Our clients invest in premium digital media solutions and increase their direct dialogue media investments. Azzam and Statista, DAS and e Commerce are running against tougher comps, But we expect another quarter with around or beyond 30% growth and overall similar dynamics as in Q1. And Udo will talk in detail about Assam later in our presentation. And just to round up our soft optimism for the coming months For our core out of home business, we have integrated the latest advertising market forecast for out of home media from Nielsen. They expect continuously growing momentum quarter by quarter for the rest of the year and see both Q3 and Q4 above 2019 levels and especially Q4 with catch up effects.
Let me hand over to Christian Baier, who will guide you through the financial details and the results of the Q1 2021. Thank you, Christian, and hello to everyone. Before we get into the details of the Q1 2021 figures, Let's note again that we are comparing 2 quarters from different economic environments here. Q1 2020 before corona with basically no negative effects versus Q1 2021, a quarter with 3 months of lockdown. Taking this into account, Q1 marked a solid start into the year.
Revenues were down only by 15% on absolute terms from €368,000,000 to €312,000,000 Organic growth developed accordingly. As in the previous quarters, we continued to look at all cost positions with focus on the semi flexible cost structure of Out of Home. This again included deploying the instrument of short time work and renegotiating rents with Lendly. Despite these efforts, Adjusted EBITDA declined over proportionally compared to sales by 37% from €117,000,000 to €73,000,000 This development was driven primarily by the significant decline of our highly profitable digital out of home business, mainly public video, Due to the lockdown effects caused by the corona pandemic. Exceptional items are minus €2,400,000 compared to the minus €4,700,000 in Q1 2020.
This contains €1,300,000 for incentive schemes for executives and €1,000,000 for a broad variety of different smaller topics. Depreciation and amortization, including mainly the depreciation effects from IFRS 16, was minus €75,000,000 and €6,000,000 below the level of Q1 2020 due to declining PPA depreciation. With minus €7,000,000 the financial result It's just €1,000,000 higher compared to Q1 2020, mainly because of IFRS 16 effects. Tax result was positive with €3,000,000 compared to a tax expense of €5,000,000 in Q1 2020 due to the negative profits from the pandemic. Thanks to our diversified business portfolio and our stringent cost management, we were able to meet the challenges of the quarter with a 3 month lockdown and still cash flow development of Q1 2021 must be seen in light of the lockdown.
All in all, free cash flow adjusted for Q1 2021 was down versus prior year from minus €4,000,000 to minus €34,000,000 The main driver for this development, of course, Was the decline in earnings, which was partly mitigated by comparably lower CapEx of EUR 14,000,000 in Q1 2021 €27,000,000 in the prior year period. All other cash flow items such as tax or changes in working capital basically on prior year's level. Please keep in mind that our cash flow development is, as usual, more back loaded and H2 is the crucial period for our cash flow generation. Our bank leverage ratio increased to 2.96 due to the negative effects from COVID-nineteen. As the calculation of the leverage ratio includes the EBITDA of the last 12 months, the leverage ratio will be reduced again in the upcoming quarter as the weak Q2 twenty 2020 will be eliminated by a stronger Q2 2021.
In our last presentation, We already shared with you our initial ideas for a new segmentation. The new structure should reflect the dynamics, changes and developments of our business, Especially since the introduction of Out of Home Plus, Q1 2021 is now the Q1 that we report in the new segment structure. Let me briefly reiterate the changes. Out of Home and Public Video are combined in one segment. This should make things easier to compare our core business with other pure play out of home companies.
Furthermore, the Plus businesses with focus on advertising, marketing and sales services With regrouping the segments, it is our ambition to maximize transparency and to unveil the potential of Sturer and the Out of Home Plus strategy. Let us now have a closer look at the segments. The new Artifo Media segment faced quite some challenges as the lockdown had a massive impact on the business. Due to changed commuting habits in the pandemic with significantly reduced public transportation and consequently significantly lower audience And with that lower number of contacts, digital out of home faced a decline of 56% in sales, which is also reflected in lower EBITDA and adjusted EBITDA margin. Revenue declined from EUR 180,000,000 in Q1 2020 €98,000,000 in the reporting period and adjusted EBITDA fell to €36,000,000 Due to our original cost management, of.
We were able to stabilize our gross margin and achieved an EBITDA margin of 37% despite the lockdown. As mentioned several times before, our out of home plus strategy is well balanced. This is particularly evident and in difficult times. Our new Digital and Dialogue Media segment performed well in the challenging business environment caused by the pandemic. Revenues increased by around 4% from €154,000,000 to €161,000,000 in Q1 2021.
Our online advertising and content publishing performed slightly below the strong pre COVID period of Q1 2020. In contrast, our call centers and door to door business of. Adjusted EBITDA grew from €37,000,000 to €38,000,000 in Q1 2021 And adjusted EBITDA margin remains stable above 23%. Assam and Statista continued their success story in the Q1 of 2021 exceeding our high expectations. In total, segment sales increased by 35% €42,000,000 to €56,000,000 With organic sales growth of 31%, that is once again significantly accelerated growth compared to the average of previous years.
The same applies to other where sales growth of 41% is well above pre corona levels with growth of around 80% the e commerce segment in particular contributed to Assam's success. Despite increasing investments in accelerated growth and the expansion of our international business, we were able to improve the margin from 9% to 12%. Adjusted EBITDA for the segment developed positively and increased from €4,000,000 to €7,000,000 Now let's go even one level deeper to product groups and let me give you an overview of which products we have clustered and which product groups we are reporting on. In the segment Out of Home Media, we have a total of 3 product groups. 1st, Classic Out of Home.
Here, we have clustered all forms of traditional advertising such as city light posters, bus shelters, etcetera. This area accounts for approximately 72% of segment sales. 2nd, digital out of home, which is made up of all digital inventory. In addition to public video, this also includes the entire digital roadside portfolio. This product group represents approximately 18% of segment sales.
3rd, Adafoam Services. This product group includes all other Adafoam related products and services such as management of our displays, but also printing of posters and giant posters. With around 10%, this is the smallest product group in terms of sales. In our new Digital and Dialogue Media segment, we've split sales into 2 product 1st, with a share of around 53 percent of sales, the Digital Product Group in which we have combined our content publishing activities, including our flagship Portal T Online and our online advertising activities on 3rd party website. 2nd, the Dialog product group where we bundle our call centers and our door to door business ranges.
This makes up some 47%. Finally, our Data as a Service and e commerce segment contains the system other. This breakout is intended to ensure greater transparency and an easy accessibility of the value we see in these potential unicorns. As commented on the previous slide, both performed very strongly in Q1 2021. With 59% of segment sales, Assam forms the larger part of the segment.
Accordingly, Statista, our Data as a Service business is 41% of segment sales. Let us now come to another important topic for us, ESG. Since our last update, we've continued to push this important issue forward. The central point in the last weeks was to determine our CO2 footprint. Together with the renowned agency climate partner, we've initiated a group wide project of to determine where we stand in terms of CO2 emissions.
1st, preliminary data shows that we are within the typical range for our industry. In parallel, we have been working on several topics to reduce our carbon footprint quickly and sustainably. For example, we have started to switch electricity procurement to green energy where possible. Another step towards reducing our emissions is the gradual conversion of our company car fleet to hybrid and e vehicles. In addition, we successfully participated for the first time in environmental rating, Gaia.
We were also active on social matters. Many of our female colleagues actively participated in International Women's Day under the hashtag choose to challenge. In this way, we were able to set a sign to challenge gender bias and to promote equality. On the G Governance side, cybersecurity is a top priority. We pushed this topic and conducted cybersecurity checks in all business areas.
We are pleased to believe that we achieved a formal satisfactory security level, but we also identified some improvement areas, which are now being tackled by the respective business units. In addition, we have launched a comprehensive cybersecurity program to further mitigate risk. The focus of this program is to Installed a Group wide cybersecurity organization. This includes central governance, standardized asset and risk management, structured user management and professional incident response management. To implement this program successfully, we are working together with cybersecurity expert at U of T.
Let me now hand over to Udo, who will give you an update on Ather.
Thank you, Christian. After updating you in the past quarters regularly about Stadtista and successful and sustainable development, We would like to shed light on Azam, another upcoming unicorn in our portfolio. Since the acquisition of Azam in 2016, The team around Marcus Azam has transformed Azam successfully in a high performance German beauty brand. In today's presentation, I would like to focus on ASAM's key investment highlights such as ASAM is one of the fastest growing European beauty brands. Assam's organic growth in Q1 was above 40%.
Assam is targeting €500,000,000 turnover by 2026. ASAM is highly profitable in developed markets, currently GSA with margins around 20%. ASAM is kicking off its international business rollout in Q3, Q2, Q3 2021, targeting up to 50% international sales in 2025. Assam is a first mover in the new and disruptive megatrend Live Shopping Video Commerce in Europe. Assam is currently launching a new style live video brand platform.
Aazam products are based on best in class and proprietary IP active delivery technologies. Nature meets Science in ASAM High Performance Product Portfolio. ASAM is constantly improving its advanced AI and data driven sales and marketing strategy. ASAM stands for Proprietary Active Skin Delivery Technologies of the most powerful and active ingredients. This is a result of Assam's true belief and conviction That there are in almost every plant an effective ingredient, the Nucleus for Assam's intense R and D activities.
This ensures a continuous development of performance focused innovations in all beauty categories such as anti aging care High Dose Active Ingredients. Our 4 vertical integrated setup in our own Germany based facilities and laboratories ensure superior product quality and speed of innovation. As a result of our dedication towards quality, performance and delivery technologies, we are the number one digital beauty platform with own brands in Germany, Switzerland and Austria, GSA. The next important step to bring us to the next level will be the rollout of our proven concepts into international markets. The success factor, therefore, is our new and unique video brand platform, which is perfectly scalable This is reflected in extensive in house R and D for efficient natural ingredients such as rejuvenating grape extracts Shlomo.
We combined such powerful actives with patented delivery technologies, which enable deep penetration of Maximum Effectiveness. Our broad portfolio from innovative makeup mousses to instant skin perfecting formulas International Best Seller format. In addition to our intensive R and D activities on the product side, the latest technologies Such as artificial intelligence in the area of customer acquisition and campaigning play a decisive role for us. Based on our broad knowledge of our customers, we can use these innovative analysis tools to deliver interactive, customer specific This is supported by a full integration of all relevant touch points to maximize our customer lifetime value. We have created a 1 stop shop beauty platform, which addresses our beauty categories with a unique customer journey.
The key success factor for the future is our newly developed live video commerce beauty platform, which disrupts existing online shopping concepts. The platform integrates video with customized inbound channels, live stream formers and brand experience videos to the fullest extent and forms an important growth accelerator. This leverages our 20 years live shopping experience into a dedicated live streaming e commerce strategy and brings it to the next level. Already today, we achieved up to €50,000 turnover per hour with our pilot shows, and to produce constantly more shows in the future, we invested in our own streaming studio in Munich, which went live this month. The past few years together with the team around Markus Alsheim, we have built up a German beauty brand With our disruptive live streaming video platform At our highly scalable e commerce concept, we are ready to ignite the next stage and significantly accelerate our growth across all channels and significantly increase our international footprint.
We are planning to achieve €500,000,000 revenue already for 2026 As mentioned before, we will lever our 20 years experience in live shopping into ASAM's new live video brand platform. ASR was clearly the 1st mover in European live shopping, the next big thing in the e commerce arena. The combination of our international rollout plus the push into live shopping makes us confident that we can continue and accelerate our profitable growth. We expect an average growth of 27% over the period 2017 to 2026. Our fast growing and highly profitable business in our German speaking home markets forms a solid foundation for the future growth of the whole company.
Internationalization will be the 2nd key growth driver for ASR. With the kick off of our international rollout, Sales growth in the non German speaking areas are going to accelerate and the share of our international business We reached around 50% already in 2025. Of course, investing into accelerated growth, new technologies and streaming platforms also cost money. Therefore, our profitability will decline temporarily And then return to our target margin of 20% very quickly after we have established a platform for sustainable and profitable growth also our new international markets. Let me now talk briefly on our business outlook for the Q2 and our expectations for the full year 2021.
We have given you already a quite detailed outlook for the Q2 by segment And for the group, we expect our revenue 35% to 40% above prior year and EBITDA growing beyond 60%. Furthermore, we foresee a significant acceleration of out of home business towards the end of Q2. But it's still challenging to come up with a detailed guidance for the full year as there is still no clarity when the current lockdown is really going to end. There The potential risks that mutations could cause new problems at the same time, vaccine works and the plant So we expect our business in 2021 on 20 2019 level minus lockdown effect, plus catching up in the quarters 34. As we expect a lot of dynamics and also more clarity over the next 4 to 6 weeks, we will give you a trading update in the second half of June to share more information on Q2 and Q3 that might help quantifying lockdown effects as well as the business dynamics going forward.
And as already shown in the second half of twenty twenty, we do not expect any medium and long term structural changes and our international long term efficiency target, we also decided to accelerate our tech and IT development projects and to broaden our leadership team. Christian Baier will take over the Chief Operating Officer role from June 1 onwards To bring even more focus on the optimization of our tech infrastructure and ERP systems and therefore, lay the foundation for the optimized monetization of our growing DOH infrastructure. They are currently also increasing synergy potentials across the business segments where Tech plays a key role. In addition, Henning Giseke will join our group on June First as our CFO and focus on our core financial teams as well as cost management. Having worked for many years for the Metro Group being responsible for business development, controlling and Investor Relations and was CFO and Co CEO of Real Holding Retail Business with $6,000,000,000 revenue.
We will make the official announcement later today and are happy to have an even stronger team to execute our long term growth target beyond the pandemic. Our financial calendar for the upcoming months, We have planned the trading update on Q2 and Q3 in the second half of June. As many things are in motion at the moment, End of the lockdown, decreasing incidence rates, increasing availability of vaccines And rising vaccination rates and thus many topics affect public life, but especially the economic environment, We would like to share with you on June 26, a trading update on the current developments of Q2 so far and our expectations for the Q3 and second half of the year. Our half year financial report will then Thank you, everyone. We are now happy to take your questions.
Thank you. Then we will now begin the question and answer session. The first question we've received is from Anik Maas Saxon BNP Paribas. Your line is now open. Please go ahead.
Good morning. So my first question is, can you just Give us a bit more detail around what lockdown assumptions you have for your out of home guidance in Q2. And the second one is you say on Slides 102 that the rent adjustments are not fully reflected yet. So can you just maybe give us an update on how these conversations are going and what the new type of rent might be looking like. Then, of course, even has suggested that it won't sell Flaconi.
I know the other model is slightly different, but it's the same space. So what are your thoughts on the back of that news? And then if you could tell us just how many digital roadside screens you put out in Q1, that would be great. Thank you.
Hi, Anup, Annik. Thanks for your questions. Let's start with the lockdown assumptions. I think The kind of revenue, yes, I don't know if it's a guidance, but the kind of current The trend that we've shown is based on the assumption that at least until Mid of June, lockdown restrictions are going back significantly. I think we've seen the first careful signs already in 2 or 3 states in Germany.
So I think that sounds to be reasonable. We are also seeing at the current Development of infection rates. I mean if the total lockdown ends a week earlier or later, it probably won't move the needle based On the lead times that we have for our home medium, but I think right at the moment, it's reasonable to assume that It's an ongoing process. I mean, we kicked it off more than 12 months ago in the first wave. We then finalized most of the deals with municipalities and also private landlords or companies towards the end of last So we then immediately started, especially I think last week of January, 1st week of February, again, when it was became obvious that the lockdown Also influenced by the fact how quickly the business will recover, because at the end of the day, we do not only talk about Q1, Maybe a little bit about Q2 as well.
And then the question is how big are the catch up effects and what are the total revenues for the of So on the one hand, we want to be fair with partners and have more clarity and visibility about the full year. On the other hand, negotiation needs a little bit time. But of course, the rent adjustments that we mentioned mean there will be less strength than what we have currently in the Q1 P and L. Of On the Flaconi topic.
On the Flaconi topic, I think this is not influencing our Thoughts here on Assam. I think it's also important to realize that Placoni and Assam are totally different assets. Shamir Flaconi is a retailer and a retailer, relatively small e commerce retailer, which was mainly pushed by TV advertising from Proseem. Eins. So without these, Let's say, favorable prices on TV commercials and Proseem that are in slagroni will be we have much more difficult situation.
The margins are super small and Assam is 0 retail. Assam is only owned products. It's a brand business and not a retailer. So it's and we also don't sell through Flaconi, for Only except retail and stationery sales, Assam is of for German mostly German based retailer like Flaconi to go international rollout because it's totally crowded out there and of in other markets and you have absolutely no USP, why a German retailer should be success So in America, for example, there's you have really no upside on the long run. So Azzam is now entering a very exciting phase because on one hand, We started kicking off right now internationalization of the business.
And second, live shopping It will be clearly something which is pushing Adam's turnover and valuation a lot. Live shopping is the next big thing in e commerce coming mainly now from Asia, But live shopping is nothing else than good old TV shopping where ASAM Based on streaming, new technology, same concept. And Markus Alsom, I think he himself sold for, I don't know, EUR 2,000,000,000 or EUR 3,000,000,000 products In his life, in the TV, so I was asked, I'm not better than anybody else how live shopping is working, doesn't matter if it's We based or streaming based. And I think this is also, by the way, a reason why we decided To focus on value crystallization in the second half of next year, because we are pretty sure that we're going EUR 200,000,000 turnover next year. And that's also, by today, the first time We published now the numbers which we expect for the next 4 or 5 years.
So this is actually more or less now the kickoff of that what we already announced. H2 We announced H2 next year is clearly the timing for value crystallization as either a
light screens. That's what we have built up in Q1. Okay.
Thank you very much.
And that, by the way, is the reason also why we go full transparency here. On Shatista, by the way, like on other. That's what we this is, by the way, unchanged in case the other questions coming up. So, other targeting second half next year and stratista most likely 1 year later. And by the way, we just got approached like 4 weeks ago, 1 of the big global PE funds offered us EUR 1,000,000,000 for Statista and but We said no.
So it's too early for both assets. We still stick to our communicated Strategy 200,000,000 turnover. And it's exactly the starting point for our value crystallization strategy
The next question is from Craig Abbott of Kepler Cheuvreux. Your line is now open. Please go ahead.
Yes. Thank you. Good morning, everyone. I have just a very specific question, please. In the Digital and Dialogue Media division, I was just trying to understand a little bit better why the digital sales were so weak in Q1, down 10%.
If you could maybe explain that and how that was potentially linked to lockdown and what your expectations there are the coming quarters. Thank you.
Well, I think that we've had a disposal last year, I think at the end of Q1 with Q1 networks, that is probably the biggest chunk of the delta.
Okay.
And in parallel, I think January February were relatively good. There were a couple of Easter campaigns, I think in general, it canceled because it just happened when the lockdown was prolonged and the 3rd wave came up. So I think it was not dramatic. That was maybe 2 or 3 points. But I think in general, the momentum was okay given the overall situation.
I think the disposal explains most of the delta.
Okay. So the online on the ad trading and so forth is fine?
Exactly, yes.
Okay. Thank you.
Thank you. Then we'll go to the next question. It's from Julien Roch of Barclays. Your line is now open. Please go ahead.
Yes. Good morning. Thank you for taking my question. Just I didn't hear the numbers on
I just want
to double check. You said you were approached 4 weeks ago by a global PE of Fundamentally offered EUR 1,000,000,000 for Statista. Is that what you said? So that's my first question. The second one is Thank you very much for all those details on Assam, very helpful.
Just on Statista, based on the current run rate, What kind of growth rate do you expect this year? That's my second question. And then my last question is, can we have a split of the new out of home segment between Germany and international, please. Yes. Thank you.
So to go more on details, Yes, with Shatista. So the offer was to sell around 50 on a valuation of €1,000,000,000 And then I asked the guys, why should we do that? And then he said, Then we sell it for EUR 2,000,000,000 in 3 years together. And I said but that's exactly the point. We can also sell it for EUR 2,000,000,000 3 years alone.
So the Stathista doesn't need any cash. Stathista management knows exactly what to do. The business is growing by 30 of In the Q1, it makes absolutely no sense because the argumentation was then yes, but it gives you value crystallization now. But it's I think we would destroy value for our shareholders. So that's why I I mean, this was not the first offer because normally, we actually, we don't even take the calls, but this was just the latest development.
It was one of the biggest, whatever, 5 global funds, which I have a clear proven track record, but nobody can from our point of view, we don't believe that anybody can help us here in Developing it faster as it's anyway doing. So that's why we declined the offer. But this was exactly The approach here. But again, this was not the first one, right? So we see that every, let's say, 4 weeks or something like that.
Of Something is calling me, going to have to talk to Shatista, etcetera, or to Adam for now because now that we have more visibility on the stuff. It's clear that and I have to say it was a bit funny for me now to give the informations about the beauty business because we are an outdoor business and it's So clearly, that time of Assam is limited in our portfolio. As expected growth. It's around 30%, I would say. Q4 and Q1 was better than 40%.
That's a very, very strong start. I have to say, Markus and his team are doing a great job. And what I already said before, we are quite excited Now with live shopping, because the ASAM team believes that live shopping is the next big thing In e commerce, and clearly, Markus is better prepared than anybody else to take advantage from that. So we'll be launch in new studios in Munich in this month. By the way, if you're interested in the and to see that, you're more than welcome to have a look what the guys are doing there.
And it's really interesting to listen also to his ideas about what is the future in of and beauty e commerce around developing a live video brand platform to give create a completely new experience For the customers. So around 30%, maybe a bit better. It's early. We are fully on track also in the Q2. So business is running really good And extremely good initiatives as well as another.
And on the non German out of home business, So concrete number in Q1, we've made €5,800,000 revenue outside of Germany. That's UK and Benelux blow up and the Polish out of home business, I think it's a little bit less than 6% of the segment, performing a little bit better than The German out of home business, but looking at the full year as well, I think the non out of home business Sorry, the non German out of home business will be plusminus, a little bit around 6% of the segment. Based on the current forecast, of pretty much perform in line with the German business. So that's why maybe that's also one of your the underlying questions that's why we felt It's too small and not crucial to disclose it as a dedicated sub segment With incremental services on top, it's a more relevant sub segment structure, but we can disclose the information always anytime. I think it will be quite a robust number over the quarter.
Okay. Thank you. That was great. My just my question, because I think you gave us what you were expecting for Sam, for the full year. My question was for Statista for the full year.
So are you saying Statista grows around 30% for 2021?
Yes, I think we'll get there somewhere between 25 to 30 at the moment, yes, being at the beginning of the year, but looking at the dynamics we've seen, 30 is probably realistic.
Okay. Very good. Thank you very much.
You're welcome. By the way, I mean, the $1,000,000,000 was 10 times turnover in today's environment. Normally, it might change next 10 times turnover is also not a very demanding variation for business like Stavista. If you look on the American Capital Markets right now for comparative businesses, valuation, off. It's 30%, 40%, 50% higher than even that offer was right now.
And Schlattista is still without any I think this is very important to see. There's no competition for Statista. So Statista's success It's only based on our own execution quality. And I think this is something what is quite rare In the digital arena today, if you look on SaaS businesses or if you look on comparable SaaS businesses?
Thank you. The next question is from Clara Komenichuk of Stifel. Your line is now open. Please go ahead. Yes, thank you for taking my question.
You gave some very interesting insights into AFEM. Could you, as far as possible, give us some more details on Satista's margin outlook as well. In the past, you said that Satista stands at around 20% EBITDA margins and could potentially reach 30% at some point. Looking at your numbers, it should have been around breakeven in Q1. When do you see profitability here?
And where does it stand now and where would you expect it to go structurally?
Well, I think at the moment, We focus completely on top line growth and diversifying into more and more markets, investing and deepening The product offering working on key accounts, I think we already have reference points from the past From mature and fully developed markets like Germany, that's where the EBITDA margin was or is already between 30% 35%. So that means when you we have a completely rolled out robust product in combination with a very well developed sales infrastructure in a market. And I think ultimately, if you get to that stage globally, that's a realistic, I think ultimate margin. At the moment, we are completely in growth mode and also try to make sure that we do the right things That makes sense for Statista's development mid to long term and quarterly margin can even differ by 10 points or so. It's the necessary result from or the logical result from what we think is the right thing to do on the investment side.
But I think Many markets were in the year 1 or 2 with a real rollout and in countries like Germany or Austria, Switzerland, we talk about Yes, 7, 8 years development and there you see over time you get to that margin profile.
Okay, very clear. Thank you. Thank you. At the moment, there are no further questions. And the next question we've received is from Patrick Wellington of Morgan Stanley.
Your line is now open.
Yes, good morning, everybody. A couple of questions. Firstly, on the guidance. On Slide 8, Most of the businesses, I think, being shown there are growing at above the 35% to 40% rate for the group. So how do we square that?
Are we basically looking at some very conservative guidance. We've got 40% to 50% growth in outdoor media. We've got 35% to 40% in digital and dialogue media. We've got 30% in Digital Commerce and yet the overall growth is at 135 to 140 looks a little bit conservative, particularly as you're expecting That acceleration of growth in Outdoor Media. That's the first question.
Second question, Udo, Very good to hear you talk about beauty products. I'm sure your skin is looking particularly good at the moment. You did Previously talking about a target valuation of €200,000,000 in 2023 for Assam Beauty. Given that you've been talking about the potential valuation of Statista, what do you think the potential valuation Sam should be given that you're ahead of schedule on the sales growth.
Thank you, Patrick. I'll handle the live question indeed. Indeed, my skin looks amazing.
I'm going
to send you a picture of that. I was talking about €200,000,000 turnover. Maybe there was a misunderstanding, not valuation. So I mean, I'm not the one who should decide what is the business really, what valuation that other people have to do. That's also the valuation, which I just cited from was a third party valuation, not from our side.
We have a clear idea of what we think, what the businesses Rightly valued, but we prefer to keep that for our own. I mean, if you look on But I have to admit, I also tried to understand the last week what could be a potential valuation. So if you look On comparable businesses and clearly growth, it's a very It's a key matter here. So if you look at businesses in this area growing above 20%, then For me, a bit surprisingly, you also talk about turnover multiples. They are actually beyond 6 or 7 or 8 times even It's higher.
So I think Assam right now has a very effective combination from growing on We couldn't find anything faster than ASAM, but you never know, maybe there's a smaller company who grows faster. But if you look at the companies who could be identified by 2 investment banks, which we're talking to, Assam is the fastest growing asset in the arena right now, and it's still profitable. So We believe that we have something in mind, but I hope you can understand that we don't want to talk about it because if you say something where somebody is not agreeing, people will say, oh, it's worth pushing valuation and And this and that, so we don't want to do that. I think other people should put the price target on target and other. We don't want to do that.
Okay. I've got EUR 250,000,000 in, so that's obviously way too low.
I This is a misunderstanding, I think. Let's give you a little bit. I can give you one quote from From analysts from last week, he said that he sees right now $750,000,000 for other based on turnover and EBITDA multiples. This was a quote from last week. What we are saying in the presentation, we were saying an upcoming unicorn that it's difficult to say.
I mean, if you look on the IPO From, what's the name here, the German? Neutherheza. Neutherheza, for me totally nuts, dollars 2,500,000,000 over how much it was. I of 10 times turnover for our retail business and almost and 100 times EBITDA. This was totally exaggerated clearly.
But in today's world, it's Quite good. I think what we expect that the next 12 months we see really that quality We remain to have high valuations, but there's obviously a lot of lower quality assets In the market and from my point of view, I think all this spec hype is actually pushing Companies and the Capital Markets, they should maybe stay private. So But that we believe you're going to see a big shake up in the next 12 months between low and high quality assets. And we had an intensive discussion also internally if you should hurry up with Adam, for example, to capitalize this In case that this was really materialized, but at the end, we decided, no, we stick 100% to our strategy, which we communicated from Beginning, the moment we see 200,000,000 turnover, it's certainly the moment we're going to start that, and this is Still unchanged in H2 of 2nd year. But Turnover multiples right now in this industry for business growing in this speed is clearly Above 5, 6 times, that's what we're seeing right now.
Okay. Thank you.
Patrick, and then on the question of of guidance for Q2 that we stated on Page 8. So how we look at it is basically segment by segment. And the Index figures, we stated there. That's really, at the moment, our best guess looking at the current order intake, the trends that we see. We talked about our assumptions about when the lockdown is coming to an end.
So that's our view at the moment. And then just kind of like doing the math Brings us more or less to what we've stated on the group level, probably more on the upper end. The reason for that is simply that obviously Q2 2020 was a bit of a Sequelia quarter, actually out of home sales in Q2 was only 40% of our entire revenue base in 2020. And then doing the weighting brings us roughly to this 135, 140, probably mathematically just more the upper end of that corridor.
Okay. That's great. Thank you.
St. Jude.
And then to add one thing, why it's difficult for us to say something, maybe if you Look at the last 20 quarters, we really like to It's outperformed what we are forecasting, and therefore, it's necessary to have a very stable environment, Which is here in valuation right now difficult. I mean, if you really look on a global scale on valuations right now, You can even see 15 times turnover for beauty businesses without any profit. So for me, it's totally nuts, and I don't believe this is sustainable. So that's why it's really not easy to predict 100% what will be the outcome next year. So that's why I think If you talk about something north of 6 times turnover from this perspective, we would be still on the safe side.
Great. That's clear. Thank you.
You're welcome.
Thank you. As there are no further questions, I would like to Jacques
Yee. Thank you very much for your time. As we said, we'll do a trading update second half of June. Hopefully then we have more insights and can give you more details about the rest of the year.
May disconnect.