1
Investor Presentation
Helsinki, Stockholm, Vienna, Frankfurt
February 18-20; 2008
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• This presentation does not constitute an offer or invitation to purchase or subscription for any securities and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.
• The information contained in this document has not been independently verified. No representation or warranty express or implied is made as to and no reliance should be placed on, the accuracy, completeness, correctness or fairness of the information or opinions contained herein. Neither the company nor any of its affiliates, advisors or representatives shall have any liability whatsoever (for negligence or otherwise) with respect to any loss howsoever arising from any use by third parties of this presentation or its contents or otherwise arising in connection with it.
• Turkish ad market figures are estimates of DYH; based on currently available data. Ad market statistics may show inconsistency with IFRS figures.
• TME P&L figures were consolidated starting from 2Q07. Therefore 9M consolidated results include only 2Q and 3Q results of TME. Balance sheet figures include TME.
3
•
Corporate Overview ……… 4
•
Ad Market Trends ... 10
•
Business Overview ………. 14
•
Publishing ……… 16
•
Printing ……… 23
•
Online ……….. 25
•
TME Outlook After the Acquisition ……… 34
•
2008 Guidance for Hurriyet domestic operations ….. 38
•
9M Financial Review ………... 42
•
Back up slides ………. 47
4
Corporate Overview
5
Corporate Structure
60%
67.3%
Doğan Yayın Holding (DYH)
Major shareholder of Hurriyet.
Largest Turkish media conglomerate, with core businesses of publishing and broadcasting.
Total ad market share of 42%.
Listed in Istanbul Stock Exchange. Hürriyet
#1 publishing & printing group in Turkey.
41% ad market share among newspapers.
#1 Turkish news website.
Listed in ISE since 1992 with a free float of 40% and market capitalization of around $ 1 bn.
Trader Media East (TME)
#1 print & online classified company in Russia and Eastern Europe.
Listed in London Stock Exchange with a free float of 32.7%
Printing Assets
7 newspaper and ofset printing plants in Turkey and 1 printing plant Germany.
6
# 1 media company of Turkey
# 1 classified advertising company of
Russia, CIS, Baltics and Eastern Europe
Do you know that Hürriyet is unique in the sense that it is the only
newspaper in the world with: • increasing circulation;
• highest market share in newspaper ad market;
• a newsportal being the most visited local website,
all at the same time
Do you know that Hürriyet is unique in the sense that it is the only
newspaper in the world with: • increasing circulation;
• highest market share in newspaper ad market;
• a newsportal being the most visited local website,
7
Milestones in Hürriyet’s history
Established 1948 1954 1992 Started classifieds, still leading with 65% market share IPO of 10% in ISE (at 70 mn $ market cap.) 2002 2004 2007 1994 Shares acquired by Doğan Group 1996 6 printing plants were structured under DPC 1997 First online
move Free float
reached 40% Printing plant in Frankfurt opened. 1969 Operations in Germany started Business title “Referans” was launched Online classifieds started 2005 Ad revenues reached $ 100 mn Ad revenues reached $ 250 mn TME acquisition
8
Milestones in TME history
2007 1992
The first issue of Iz Ruk v Ruki came out in Moscow TME acquisition by Hurriyet TME’s IPO in London Stock Exchange 2006 TME established, comprising former operations of Trader Classified Media 2005 Iz Ruk v Ruki started to coming out in regions 1993 1998 Pronto Moscow acquired by Trader Classified Media 2004 Online operations started Croatia joined the group
Do y
ou
know
tha
t
we a
re
curr
ently
oper
atin
g
in 1
04 c
ities
in R
ussia
?
Do y
ou
know
tha
t
we a
re
curr
ently
oper
atin
g
in 1
04 c
ities
in R
ussia
?
9 Russia Lithuania Belarus Poland Ukraine Turkey Kazakhstan Hungary Slovenia Croatia Population (mn) 2006 revenue (US$m) 2006 EBITDA (US$m) EBITDA Margin Eastern Europe 53 54 11 21% Russia 142 134 47 35% Population (mn) 2006 revenue (US$m) 2006 EBITDA (US$m) EBITDA Margin
CIS & Baltics
72 24 6 27% Population (mn) 2006 revenue (US$m) 2006 EBITDA (US$m) EBITDA Margin Turkey 72 442 102 23% Population (mn) 2006 revenue (US$m) 2006 EBITDA (US$m) EBITDA Margin
10 countries, 350 mn population and over US$ 10 bn ad
market…
10
Ad Market Trends
11
A region with high growth media landscape, and with further
high potential of growth…
Classified Spend per capita - 2006 ($)
1,2 1,4 1
3,6 3,7 4,7
13,3
15,6 16,3
Ukraine Russia Turkey Poland Croatia Hungary Spain France UK
Very high growth in the region we are operating
But still very big potential for growth…
2003-2007 CAGR of advertising spend
36% 32% 30% 20% 10% 9% 4% 4% 2% 2%
Ukraine Russia Turkey Croatia Hungary Spain UK Italy France Germany
Source: ZenithOptimedia.
Countries where Hurriyet & TME are present Some Western European countries
12
Potential of EU triggered growth
Ad spend / GDP
0,0%
0,5%
1,0%
1,5%
2,0%
2,5%
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Hungary
Czech Rep.
Poland
Bulgaria
Turkey
For the new EU members, ad spending gained considerable momentum after the initiation of
membership negotiations. Hence, the EU membership prospect offers great potential to
growth for Turkish ad market.
13 701 656 1090 1319 1814 2231 2726 3262 3775 0,50% 0,52% 0,47% 0,56% 0,37% 0,40% 0,37% 0,42% 0,46% 0 1000 2000 3000 4000 5000 6000 2000 2001 2002 2003 2004 2005 2006 2007E 2008F A d s p e n d ( Y T L m n ) -0,05% 0,05% 0,15% 0,25% 0,35% 0,45% 0,55% 0,65% A d s p e n d /G D P Ad spend (YTL mn) Ad spend/GDP Outdoor; 5,6% Cinema; 1,2% Radio; 3,9% Magazine; 3,9% TV; 51,5% New spapers ; 33,9%
Turkish advertising market
The share of Hürriyet in Turkish advertising market*
*As of 9M07. Hürriyet; 40,7% Others; 59,3% Do you know that Hürriy et has the highest power ratio amon g other newspapers in the world? Do you know that Hürriy et has the highest power ratio amon g other newspapers in the world?
14
Business Overview
15
Business Structure
Publishing
(82%)*
Printing
(15%)*
Online
(3%)*
* As of 9M07.Hürriyet Germany
16
Publishing
17
Circulation in Turkey
Turkey is one of the few markets with increasing circulation (10% average growth in last 5 years).
Cover prices are low compared to Europe. Hürriyet cover price is 35-40 Ykr in weekdays, 50 Ykr in weekends.
Avg. daily circulation (mn)
0 1 2 3 4 5 6 99 00 01 02 03 04 05 06 T o ta l 0,2 0,3 0,4 0,5 0,6 0,7 H u rr iy e t Total Hürriyet
Do you
know
that T
urkey i
s
the 5th
larges
t
circula
tion
marke
t in
Europe
?
Do you
know
that T
urkey i
s
the 5th
larges
t
circula
tion
marke
t in
Europe
?
18
Hürriyet growth model
Core business - high growth, high
margin
Penetrate into new reader and
advertiser base
Diversify the product portfolio
Leverage a proven brand into new revenue streams
Economics Differentiators
Strong brand with high brand awareness
Most influential
Attractive reader profile
Premium ad price strategy
Flexible cost base
Main title PeriodicSupplements
Regional Editions & Inserts
19
Hürriyet: Supplements and Regional Editions
Do you know that 44 % of Hurriye t ad revenue s stems from supplem ents and reg ional edition s? Do you know that 44 % of Hurriye t ad revenue s stems from supplem ents and reg ional edition s?
20
4 CIS countries and 122 cities
Main titles: Iz Ruk v Ruki and Aviso
Main verticals: Rabota, Photo Nedvizhimost, Avto
Iz Ruk v Ruki:
Daily generalist newspaper
Annual circulation of 53 million copies
One of the most well known brands
89% Brand recognition in Russia
Russia & CIS
3 Eastern Europe countries: Hungary, Croatia, Poland
17 publications
Main title: Expressz, Oglasnik, Auto Bit
Expressz:
Daily generalist newspaper & 5 weekly verticals
Undoubtely market leader
Oglasnik:
The leading daily generalist newspaper with over 60% share
Five editions each week Eastern Europe
21
TME revenue model
Display and classified ads are the major revenue generators
Sellers’ Side Buyers’ Side
Circulation & Paid Access (7%) Display Ads (45%) Services & ONLINE
(17%) Classified Ads (31%) Cover price Home delivery/ subscription Inventory advertising Brand advertising Online banners Powerpages Inserts Sponsored text links Paid lines/call centre priority (premium line) Paid SMS (for ad placement/ renewal) Prepaid cards Basic line advertisements
Pay for prominence
Run ‘til it sells
Priority/visibility products
Vehicles Real Jobs Estate
Household Goods
22
TME growth model
Core business - high growth, high margin
High cash flow generation
Low capital intensity
Leverage a proven business model for high growth markets
Economics Differentiators
Strong brands with high brand
awareness
Local markets and rich local content
Strong local sales force
Leveraging the same content through
different types of media
Generalist Verticals Online New Markets Do you know that ed itions of Pronto Moscow are distribute
d in 700 cities in Russia , CIS and Baltics? Do you know that ed itions of Pronto Moscow are distribute
d in 700 cities in Russia , CIS and Baltics?
23
Printing
24
Leading commercial printing company in
Turkey, printing mainly magazines and inserts.
Day print capacity of 5 mn signatures;
capacity utilization of 75%.
2006 Revenues of $ 40 mn; EBITDA margin
of 15%.
2006 Signature Breakdown
Magazines 51% Insert 40% Other 9%Printing
-17%
17%
15%
EBITDA margin
%19.3
8.9
7.4
8.5
EBITDA
%16.9
51.8
44.3
56.6
Revenues
9M07
9M06
FY06
Mn YTL
25
Online
26
Our region is immature in internet
33% 32%
27%
21%
18%
58%
Croatia Hungary Russia Poland Turkey West Europe
2006 internet penetration rates
the leading
online
community and
classified player
From...
to become...
of the Eastern
Europe and CIS
region
the leading
print classified
company
Right time to invest in online
Great “content” advantage through
leveraging print
Target is to achieve “clear
leadership position” in all markets
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Turkey
Russia & CIS
Hungary Poland Croatia Slovenia, Serbia, Bosnia Generalist Community News Portals
Classifieds
Online business: #1 newsportal in Turkey, as well as a wide
range of classifieds and community websites in the whole
19 leading classified websites in real estate, auto, recruitment and general classifieds
New launches are planned in Russia and Hungary.
1Q 08
1Q 08
2Q 08
1Q 08
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Russia
Leader in generalist classifieds
1.2 mn ads
1.9 mn UMVs
Top jobs site in Russia
186 K ads
2,6 mn UMVs
Slovenia
Leading jobs portal in Slovenia
730 ads
93 K UMVs
Hungary
Top classifieds website in Hungary
336 K ads
1,1 mn UMVs
Leading online classified brands
Croatia
Top classifieds site in Croatia
106 K ads
214 K UMVs
Top recruitment site in Croatia
4 K ads
87 K UMVs
One of the biggest real estate site in Croatia
16 K ads
42 K UMVs
Top auto site in Croatia
10 K ads
97 K UMVs
Poland
One of the biggest generalist website in Poland
239 K ads
248 K UMVs
One of the biggest auto verticals in Poland
81 K ads
920 K UMVs
Leading property site in Poland
411 K ads
702 K UMVs
One of the biggest machine site in Poland
16 K ads
47 K UMVs
*2007 September figures
Turkey
A leading job portal in Turkey
2.2 mn UMVs, 5,5 K ads
Leading property site in Turkey
820 K UMVs, 290 K ads
Recently launched auto web site
425 K UMVs, 9 K ads Warsaw Competency Center Centralized software development
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hurriyet.com “A success story”
Leading news portal which is one of the most visited websites in
Turkey and the 10
thmostly visited newsportal in the world.
Not only a news portal, a platform having extensive user originated
content
1000 mn page views & 14 mn unique visitors as of 2007 year-end.
Ad revenue growth of around 200%
Communities under hurriyet.com.tr
Independent community websites
Video & photo sharing websites
Magazine news
Economic and stock market news including
charts & financial information
Tourism classifieds including useful
information about hotels and holiday sites
BLOG – editorial content
sharing websites
Sport news
Top ten places – social website
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Hurriyet.com.tr reached 14 mn UMV
110 310 510 710 910 1110 J a n -0 6 M a r-0 6 M a y -0 6 J u l-0 6 S e p -0 6 N o v -0 6 J a n -0 7 M a r-0 7 M a y -0 7 J u l-0 7 S e p -0 7 N o v -0 7 m n 4,5 5,5 6,5 7,5 8,5 9,5 10,5 11,5 12,5 13,5 14,5 m n
Page View Unique visitor
PAGE VIEW 13,71 mn. 1047 mn.
UNIQUE VISITOR
newsportal started in 1997.reached 14 mn UMV as of the end of 2007.
31
HURRIYET EMLAK.COM & OTO.COM
HURRIYET EMLAK.COM & OTO.COM
:
vehicle website
started in May 2007
580 K UMV.
real estate website
started in March
2006.
924 K UMV as of
2007 year-end.
began to yield
positive EBITDA in
2007.
2Q06
3Q06
4Q06
1Q07
2Q07
3Q07
4Q07
E
Hurriyet emlak.com revenue growth
72%
17%
86%
26%
23%
22%
job website
1,3 mn UMV
36% revenue increase in 2007.
32
Rapid growth in online
Print 94,7% Online 5,3% Print 98,3% Online 1,7% Print 92,0% Online 8,0% Print 96,0% Online 4,0% Reach 20% by 2012, although strong organic growth continues in print Reach 20% by 2012, although strong organic
growth continues in newspaper segment Print 93% Online 7%
2006
2007E
2008E
2006
2007E
2008E
Online 10,5% Print 89,5%33
Hurriyet online revenues will continue to grow substantially…
2003
2004
2005
2006
2007E 2008E
Hürriyet online revenue growth*
34% CAGR
150%
100%
* Excludes TME data.
Do you know that hurriyet.com is Turkey’s most visited Turkish website with 14 million UMVs. Moreover, this makes Turkey the only country with a
newsportal making the highest traffic.
Do you know that hurriyet.com is Turkey’s most visited Turkish website with 14 million UMVs. Moreover, this makes Turkey the only country with a
newsportal making the highest traffic.
34
TME Outlook After the Acquisition
35
• Paris headquarters are moving to İstanbul. This is expected to save around
40% in corporate expenses.
• New senior management in place. New CEO will be appointed soon.
• The loan restructuring has been completed, which is expected to save taxes
by USD 2 mn per year.
• Legal restructuring is still continuing.
• The effective tax rate will decline from around 50% to around 35%.
• Synergy in newsprint purchases: Negotiations with newsprint suppliers to
combine TME purchases with Dogan Group’s contracts are continuing.
• New launches on internet continues. Job.ru was commercially launched as of
February 6th; domaina.ru and automania.ru are expected to be commercial in
1Q08.
• Software development center in Warsow will be relocated in Istanbul
progressively.
36
17,7%
2,9%
6,5%
8,2%
13,9%
15,9%
18,8%
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Revenue growth exceeded guidances
2006
2007
12-14% growth guidance of TME management for 2007 Acquisition announced at 10 $ per share IPO at 13 $ per shareDo you know that Iz Ruk v Ruk i is the most popula r ads paper w ith 89% brand recognition in Russia an d 94% brand recognition in Moscow? Do you know that Iz Ruk v Ruk i is the most popula r ads paper w ith 89% brand recognition in Russia an d 94% brand recognition in Moscow?
37
What about 2008?
-+ 25,1% 56,3 45,0 65,2 Operational EBITDA -28,1% 29,6% 30,9% Operational EBITDA margin -+ 20,0% 47,4 39,6 57,3 Consolidated EBITDA -+ 17.5% Organic Growth (9M07 vs 9M06) 27,1% 4,3% 211,4 2006FY 23,7% 5,9% 200,4 9M07 26,0% 4,2% 152,0 9M06 -+ 31.9% Growth in USD terms (9M07 vs 9M06) Unchanged compared to 2007 Consolidated EBITDA margin 9% Online share in total revenues 18% - 22% organic growth Revenues 2008 guidance Mn USD2007 growth guidance was set as 12-14%; which was largely exceeded, as the organic growth
was as high as 17.5% in 9M07 and there was no major change in the growth outlook in the last
quarter of 2007.
38
2008 Guidance for Hurriyet domestic operations
39
Hürriyet domestic operations in 2008
7% -4,0% 2,0% 1,7% Online/total ad revenue 3-4 pp increase compared to 2007 19,2% 24,7% 23,1% EBITDA margin 380 2006FY 292 9M07 278 9M06 5,2% Growth (9M07 vs 9M06) 15% Ad revenues 2008 guidance Mn YTL
Do you
know t
hat Avi
so,
our pu
blicatio
n in
Ukrain
e, is th
e bigge
st
classifi
ed ad p
aper in
the wo
rld, in
terms o
f
size an
d ad vo
lume.
Do you
know t
hat Avi
so,
our pu
blicatio
n in
Ukrain
e, is th
e bigge
st
classifi
ed ad p
aper in
the wo
rld, in
terms o
f
size an
d ad vo
lume.
40
2008 outlook for Hurriyet domestic operations
• There has been a recovery in Turkey’s ad market in the last quarter of
2007, driven by CB rate cuts.
• The CB is expected to continue to reduce interest rates in 2008 as well,
though not excessively. Hurriyet’s ad revenues are expected to benefit
from the rate cuts in 2008.
• Online revenues in domestic operations are targeted to grow by around
100% in 2008.
• Promotion activities are expected to diminish considerably in 2008,
alleviating the pressure on the cost side.
• High growth in ad revenues, together with lower promotions are
expected to lead to improved margins in 2008.
41
Our Strategy is
• To keep our 40% print market share position.
• To develop our internet both organically and through acquisitions;
strengthen our leading position in both classifieds and news.
Our Strategy is
•To be the leading community and classified website in the 10 countries
we are operating.
• Consolidate the market share and become clear market leaders in
every segment and every country we operate.
42
9M Financial Review
43
9M07 Consolidated IFRS Results
* Excludes amortized cost valuation income, which is part of ad revenues classified under interest income according to IFRS regulations. (YTL mn) FY06 1Q07 2Q07 3Q07 3Q06 %Ch. (3Q 07/06) 9M07 9M06 %Ch. (9M 07/06) Total Revenues 632 141 265 254 151 68% 659 474 39% Ad Revenues (print)* 374 78 183 164 86 91% 425 272 56% Ad Revenues (online) 6 4 9 10 2 351% 23 5 319% Circulation Revenues 81 23 29 30 18 64% 82 62 32% Printing Revenues 118 31 30 36 32 10% 97 90 8% Other Revenues 53 5 14 15 12 21% 33 44 -25% Total Costs -545 -138 -221 -215 -130 65% -574 -401 43% Raw material -184 -49 -68 -65 -49 34% -182 -137 33% Personnel -111 -27 -53 -54 -25 113% -133 -74 79%
Sales and marketing -68 -23 -33 -35 -12 202% -91 -49 88%
Depreciation -49 -12 -16 -15 -12 20% -43 -36 19%
Other -133 -28 -52 -46 -32 43% -125 -105 20%
Operating Profit 87 2 44 39 21 88% 85 73 16%
O.Operating Income (Net) 38 3 -7 9 8 7% 6 36 -84%
Financial Expense* -13 2 15 18 1 - 34 -14
-Minority 1 0 -2 -2 0 - -5 1
-Profit Before Tax 114 7 49 64 30 114% 120 96 26%
Tax -10 -1 -15 -19 -5 - -34 -5
-Net Profit 104 6 34 44 25 80% 85 90 -6%
Depreciation 49 12 16 15 12 20% 43 36 20%
Amortised cost valuation 10 3 3 3 4 -11% 9 8 16%
Adj.EBITDA 146 17 63 57 36 56% 137 117 17%
EBITDA Margin 23,1% 12,2% 23,9% 22,4% 24,2% 20,8% 24,7% Net Profit Margin 16,5% 4,4% 13,0% 17,5% 16,4% 12,9% 19,0%
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Net Cash Position
(000 YTL)
2006
9M06
9M07
Cash and Equivalents
164,9
146,2
162,3
S.T Bank Borrowings
7,1
13,9
27,2
L.T Bank Borrowings
39,0
34,0
545,4
Net Cash
118,8
98,3
-410,3
Investments
124,1
61,8
46,4
Supplier Loans
93,5
56,6
103,5
Net debt position of YTL 410 mn includes TME’s net debt of YTL 134 mn.
45
Revenue Growth by Regions – TME standalone
Revenue Breakdown by Regions
+ 46.1%
24,0
16,4
CIS
200,4
43,8
72,2
60,4
132,7
9M07
152,0
40,1
45,4
50,0
95,4
9M06
+ 31.9%
+ 9.2%
+ 59.0%
+ 20.8%
+ 39.0%
Growth in USD terms (9M07
vs 9M06)
Other Russia
Total
CEE
Moscow
Russia
Mn USD
9M06 Moscow 33% CIS 11% CEE 26% Other Russia 30% 9M07 Moscow 30% CIS 12% CEE 22% Other Russia 36%46
EBITDA by Regions – TME standalone
EBITDA Breakdown by Regions
+ 27.4%
5.3
4,2
CIS
+ 24.9%
56.2
45.0
Operational EBITDA
47.4
6.7
19.3
24.9
44.2
9M07
39.6
8.7
8.1
24.0
32.1
9M06
+ 19.8%
- 23.2%
+ 137.6%
+ 3.7%
+ 37.6%
Growth in USD terms
(9M07 vs 9M06)
Other Russia
Consolidated EBITDA
CEE
Moscow
Russia
Mn USD
9M06 Moscow 54% Other Russia 18% CIS 9% CEE 19% 9M07 Other Russia 34% CIS 9% CEE 12% Moscow 45%47
Back up slides
48 HURGZ 2,00 2,50 3,00 3,50 4,00 4,50 1 2 .0 2 .0 7 1 2 .0 3 .0 7 1 2 .0 4 .0 7 1 2 .0 5 .0 7 1 2 .0 6 .0 7 1 2 .0 7 .0 7 1 2 .0 8 .0 7 1 2 .0 9 .0 7 1 2 .1 0 .0 7 1 2 .1 1 .0 7 1 2 .1 2 .0 7 1 2 .0 1 .0 8 98 66 Max:4.36 Min:2.78 * as of 29.11.2007
Relative Performance (12-months)
60 80 100 120 140 160 1 2 .0 2 .2 0 0 7 1 2 .0 3 .2 0 0 7 1 2 .0 4 .2 0 0 7 1 2 .0 5 .2 0 0 7 1 2 .0 6 .2 0 0 7 1 2 .0 7 .2 0 0 7 1 2 .0 8 .2 0 0 7 1 2 .0 9 .2 0 0 7 1 2 .1 0 .2 0 0 7 1 2 .1 1 .2 0 0 7 1 2 .1 2 .2 0 0 7 1 2 .0 1 .2 0 0 8 HURGZ ISE-100
Valuation
49
Corporate Governance & Credit Rating
Proven track record of shareholder value and corporate
governance principles since 1992
Fitch rating for Hürriyet as of July 2007:
Foreign Currency – BB (stable outlook)
Local Currency
Long term BB (stable outlook)
National
AA-
Corporate governance rating of 8.0 (on a scale of 10) by ISS
Corporate Services, on September 2007.
50
Newsprint prices
* Including all costs and expenses like custom duties, transportation etc.
Newsprintprices reached the last 6 years’
highest.
However, prices has been declining in 3Q07.Average Newsprint Costs (US$)
774
747
684
563
501
492
661
619
400
450
500
550
600
650
700
750
800
2000
2001
2002
2003
2004
2005
2006
9M07
51
Hürriyet’s major advertisers
13% 13% 13% Real Estate 11% 14% 14% Automotive 8% 6% 7% Finance 25% 26% 27% Others 75% 74% 73% First 10 Total 3% 1% 1% State Enterprises & Political Parties
3% 2% 2% Communication 4% 3% 3% Education 5% 5% 5% Social 6% 7% 6% Retail 8% 7% 7% Tourism 16% 16% 15% Classifieds (incl. HR) 9M07 9M06 2006FY Sectors
Weakness in the automotive sector was reflected as aconsiderable decline in ad spending of this sector.
Real estate, finance, tourism were thestrongest sectors in terms of ad spending.
52
