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H1 09 Interim Results for the six months ended 30 September 2008 11 November 2008.

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Presentation on theme: "H1 09 Interim Results for the six months ended 30 September 2008 11 November 2008."— Presentation transcript:

1 H1 09 Interim Results for the six months ended 30 September November 2008

2 1 Disclaimer During this presentation we will be discussing Yell’s business outlook and making certain forward-looking statements. Any statements that are not historical facts are subject to a number of risks and uncertainties, and actual results may differ materially. We urge you to read the Risk Factors and cautionary language in the annual report posted on our website. We also draw your attention to our press release which is posted on our website, for more information on the risks and uncertainties.

3 2 John Davis, CFO John Condron, CEO Agenda Financials Introduction Strategic update

4 Financials John Davis CFO

5 4 Headline results Adjusted earnings figures stated before exceptional items and amortisation throughout this presentation Net Debt : EBITDA ratio calculated at consistent currency Six months ended 30 September 2008 (£m)Actual Growth Growth at constant FX Revenue1, %1.0% Adjusted EBITDA %2.7% Adjusted EBITDA margin33.6%+0.5p p Operating cash flow %14.5% Cash conversion98.4%+10.3p p Free cash flow pre exceptionals % Adjusted diluted earnings per share17.0p16.4%11.0% Net Debt: EBITDA4.7x-0.4x

6 5 Internet momentum continues Revenue (m) Growth at constant FX% of total revenue UK £80.323% US $ %11% Spain €23.611% LatAm €7.442%26% Total £15841%15% Sold momentum even stronger

7 6 Yell UK results Six months ended 30 September 2007 £m 2008 £m Change Revenue Printed directories (9.4%) Yell.com % Other (5.3%) Yell UK (3.4%) Yell EBITDA UK % Margin 38.1%39.9% Yell UK Cost %

8 7 Yellow Book USA results Six months ended 30 September 2007 £m 2008 £m Change Revenue Printed directories at 07/08 FX rate (1.5%) Yellowbook.com at 07/08 FX rate % Yellow Book USA at 07/08 FX rate % Exchange impact-21.4 Yellow Book USA % EBITDA Yellow Book USA at 07/08 FX rate % Exchange impact -6.0 Yellow Book USA % Margin 28.6%28.3% Yellow Book USA Cost at 07/08 FX rate (4.9%)

9 8 Yellow Book USA revenue growth Organic Growth 2.0% Contribution to revenue growth (%)

10 9 Yell Publicidad results Six months ended 30 September 2007 £m 2008 £m Change Revenue Yell Publicidad at 07/08 FX rate % Exchange impact-26.6 Yell Publicidad % EBITDA Yell Publicidad at 07/08 FX rate % Exchange impact -9.9 Yell Publicidad % Margin 34.4%35.7% Yell Publicidad Cost at 07/08 FX rate %

11 10 Yell Publicidad revenue growth €m% growth Revenue for 6 months to 30 Sept Organic(5.1)(2.1)% Resheduling % Discounted or non core operations(5.5)(2.3%) Revenue at constant FX % Latam FX(2.0)(0.8%) Revenue 6 months to 30 Sept %

12 11 Cash £m 18.2 (23.8) Group cash conversion 98%

13 12 Analysis of debt Net Debt at 31 March 2008(£3,759m) Free cashflow pre exceptionals £182m Dividend (£44m) Exceptionals and other (£27m) FX impact at closing rate (£163m) Net debt at closing FX rate(£3,811m) FX impact at effective LTM rate £203m Net debt at 30 September 2008 at effective range(£3,608m)  Natural hedging – debt denominated in currency of earnings  c.96% of debt fixed until September 2010 – gives stability  20% covenant headroom reinstated on future earnings  Cost of debt increased to just over 8%

14 13 Adjusted diluted earnings per share Period ended 30 September 2007 pence 2008 pence Change Actual diluted EPS % Exceptional(0.9)1.0 Amortisation Adjusted diluted EPS % FX-(0.8) Adjusted diluted EPS at constant FX %

15 14 Guidance  Q3 Organic revenue guidance –UK -6% –US -4% –Yell Publicidad -7%  Full year EBITDA guidance maintained as broadly flat at constant FX  Q3 EBITDA considerably lower than prior year due to timing of expenditure  Cash conversion 85-90% of EBITDA  Cash tax around 20% of adjusted PBT

16 15 Cost focus  £150 million previously announced  Flexing of discretionary cost this year  Additional cost savings being identified to offset further revenue pressure next year  Investment remains, particularly on internet

17 16 Financial summary  Robust start to the year  Continuing to invest  Cost management to protect EBITDA  Deleveraging continues

18 Strategic update John Condron CEO

19 18 Managing in a downturn  Proving value –£24 return for every £1 spent in the UK –Call counter in UK >40,000 lines –Lead tracker in US > 37,000 lines  Investing for the future –Usage –New product development –Product rationalisation – Business Pages –Mobile

20 19 Managing in a downturn cont/d…  Efficiencies and cost management –How we sell –How we produce –How we do things  Share shift continuing in US –21% of all YP usages –Shake out continues

21 20 Yellow Pages metrics UKSpain Down 4.7% US 74%72%Retention87%80%69%71% Advertisers ARPA No ChangeDown 8.9% Up 9.8%Down 1.5%Down 0.6% £1,268 £1,261 $2,404 $2,369 €712 €782 Sept 07Sept 08 Sept 07Sept 08Sept 07Sept Sept 07Sept Sept 07Sept Sept 07Sept 08

22 21 Internet usage growth Sept 07Sept 08 Sept 07Sept 08 Sept 07Sept 08 Up 48% Unique users (millions) Unique visitors (millions) Yell.comPaginasamarillas.es Up 78%Up 17% Yellowbook.com network from ComScore Paginasamarillas.es network OJD Source: Yell.com ABCe Yellowbook.com network Rapid growth in Yell’s online usage

23 22 Internet momentum continues UKSpain Down 53.9% US Advertisers RASA Up 7.7%Up 2.4% Up 22.2%Up 88.5% €210 Sept Sept 07Sept Sept 07Sept 08 $443 $235 Sept 07Sept 08 £737 £603 Sept 07Sept Sept 07Sept 08

24 Investor Relations: Rob Hall +44 (0) Yell, Queens Walk, Oxford Road, Reading, Berkshire RG1 7PT ™Trade mark of Yell Limited


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