2010 1q results presentation downloadplit/2010+1q...mediaset group 2010 1q | net profit adjustment...
TRANSCRIPT
| 1 |
2010 First Quarter Results Presentation11th May 2010
| 2 |
Broadcasting
| 3 | Broadcasting
ITALY | TV Consumption trend (2003-2010)
250 251245
251
232 232
245 244
270270
256
255
273
266
271
269
2003 2004 2005 2006 2007 2008 2009 2010
Individuals
15-64 years
Source: Auditel (1 January – 31 March of each year)
Average Daily minutes
| 4 |
39.8%
1.3%
41.1%
3.0%
44.1%
33.9%
3.0%
36.9%
36.9%
1.4%
38.3%
2.3%
40.6%
39.2%
2.7%
41.9%
Generalist (C5+I1+R4)
Multichannel FTA (2)
Subtotal
Pay TV Channels
Total
Generalist (R1+R2+R3)
Multichannel FTA (11)
Total
Individuals 15-64 yrs
Source: Auditel (1 January – 31 March 2010); Pay TV Channels, Company elaborations on Auditel data
24 hours
Broadcasting
MEDIASET 2010 1Q | Audience Share
| 5 |
39.9%
1.0%
40.9%
3.4%
44.3%
36.7%
2.3%
38.9%
36.9%
1.2%
38.1%
2.9%
41.0%
40.9%
2.1%
43.0%
Individuals 15-64 yrsPrime Time
Broadcasting
MEDIASET 2010 1Q | Audience Share
Generalist (C5+I1+R4)
Multichannel FTA (2)
Subtotal
Pay TV Channels
Total
Generalist (R1+R2+R3)
Multichannel FTA (11)
Total
Source: Auditel (1 January – 31 March 2010); Pay TV Channels, Company elaborations on Auditel data
| 6 |
Advertising
| 7 |
Total Market*
Mediaset
Total Market excluding Mediaset*
Rai
Newspapers
Magazines
Radio
Internet
1Q2010 vs. 1Q2009
+4.4%
+5.3%
+3.9%
+3.2%
+3.5%
-10.3%
+12.6%
+3.0%
ITALY 2010 1Q | Advertising market trend
Source: Nielsen (January-March)* Excluding Cards, Out-of-home, Direct Mail
Advertising
| 8 | Advertising
1Q 2009 1Q 2010
645.7679.4
+5.2%
Euro mlMEDIASET 2010 1Q | Advertising revenues
| 9 | Advertising
1Q 2009 1Q 2010
656.1702.1
+7.0% (including Digitalia)
Euro mlMEDIASET 2010 1Q | Advertising revenues
| 10 |
Non-Food
PERSONAL CARE
HOUSEKEEPING
TOILETRIES
Total Grocery
Food
FOOD
BEVERAGES
MEDIASET 2010 1Q | Recovery of Fast Moving Consumer Goods
1Q 09 vs. 1Q 08 1Q 10 vs. 1Q 09
-16.2%
-14.0%
-24.5%
-14.5%
-18.2%
-24.6%
+1.4%
-15.6%
+14.2%
+20.6%
-14.0%
+9.6%
+5.3%
+10.4%
+12.1%
+12.5%
Advertising
| 11 |
MEDIASET 2010 1Q | Advertising Breakdown by Sector
TELECOM
AUTOMOTIVE
FINANCE/INSURANCE
-5.2%
-5.8%
-10.6%
Advertising
1Q 09 vs. 1Q 08 1Q 10 vs. 1Q 09
+14.0%
+2.7%
+8.5%
| 12 |
HOUSEHOLD APPLIANCES
CLOTHING
MEDIA/PUBLISHING
MEDIASET 2010 1Q | Advertising Breakdown by Sector
-27.6%
-23.6%
-24.3%
Advertising
1Q 09 vs. 1Q 08 1Q 10 vs. 1Q 09
-16.8%
-13.1%
-24.0%
| 13 | Advertising
Top 10 Top 30
+9.3%
+5.7%
MEDIASET 2010 1Q | Top Investors*
* Top 2009 Publitalia clients (sales order)
+5.2%
Total
(1Q2010 vs. 1Q2009)
| 14 | Advertising
506
42
Active clients
New clients
RetailClothingPharmaceutical/Health
MEDIASET 2010 1Q | New business activity
| 15 |
Financials
| 16 |
MEDIASET GROUP 2010 1Q | P&L Highlights
Net Consolidated Revenues
EBITDA
EBIT
NET PROFIT (Reported)
NET PROFIT (Adjusted*)
Group Net Financial Position
1Q 2009(Euro ml.)
*Excluding the net impact of the amortisation of intangibles related to the PPA of Endemol
952.4
432.4
138.4
60.0
63.5
(1,316.0)
Financials
1Q 2010
1,119.4
513.3
199.5
92.9
95.9
(1,256.3)
| 17 |
FinancialsItalian Business
| 18 |
MEDIASET ITALIAN BUSINESS 2010 1Q | P&L Results
Net Consolidated RevenuesPersonnel Costs
Other Operating Costs
EBITDARights Amortisation
Other Amortisation & Depreciation
Operating ProfitFinancial Income (Losses)
Associates
Pre-Tax ProfitTaxes
NET PROFIT
1Q 2009(Euro ml.)
793.0(108.5)
(338.4)
346.2(218.8)
(32.6)
94.8(14.2)
0.7
81.3(31.3)
47.4
Financials
1Q 2010
907.9(110.1)
(397.1)
400.7(243.3)
(33.9)
123.4(6.7)
-
116.7(49.8)
65.2
% Var
+14.5%
+15.7%
+30.2%
+37.5%
| 19 |
FTA TV
Network Operator
Pay TV
Other Activities
Intra-company Eliminations
Adjustments
TOTAL
Total NetRevenues
605.4
50.8
214.7
109.6
(34.2)
(38.6)
907.9
OperatingProfit
133.0
0.5
(8.9)
4.6
-
(5.7)
123.4
(Euro ml.)
Financials
Total Costs(including D&A)
(472.4)
(50.3)
(223.7)
(105.0)
34.2
32.9
784.4
MEDIASET ITALIAN BUSINESS 2010 1Q | Operations Breakdown
| 20 |
MEDIASET ITALIAN BUSINESS 2010 1Q | FTA TV Operations
(Euro ml.)
Total Net TV Revenues
TV Advertising Revenues
Multichannel Adv. Revenues
Commissions
Other TV Revenues
Total TV CostsPersonnel
TV Operating Costs
TV Rights Amortisations
Other A&D
Net Intra-company Items
FTA TV Operating Profitmargin
574.7
645.7
2.1
(96.1)
23.1
(480.4)
(89.9)
(212.1)
(150.4)
(13.9)
(14.0)
94.316.4%
1Q 2009
Financials
605.4
679.4
5.4
(101.7)
22.4
(472.4)
(91.2)
(215.4)
(139.5)
(9.8)
(16.5)
133.022.0%
1Q 2010
| 21 |
MEDIASET ITALIAN BUSINESS 2010 1Q | Network Operator
1Q 2009(Euro ml.)
Total Net Revenues
3° Party DVB-T/DVB-H Revenues
Other Revenues
Net intra-company Items
Total CostsPersonnel
Other Operating Costs
Other Amortisation & Depreciation
Network Operator Operating Profit
58.825.5
1.7
31.5
(46.0)(9.2)
(23.7)
(13.1)
12.8
Financials
1Q 2010
50.815.1
1.5
34.2
(50.3)(9.1)
(25.7)
(15.6)
0.5
| 22 |
MEDIASET PREMIUM | Active Clients
Source: Company data, until 7 May 2010
2009-10 Season
2008-09 Season
4,245,000
1 Jul
3,725,000
Financials
3,382,000
2,911 ,000
31 Dec 31 Mar 7 May
4,143,000
3,276,000
| 23 |
MEDIASET ITALIAN BUSINESS 2010 1Q | Pay TV
Total Net Pay TV Revenues
Pay TV Revenues
Advertising Revenues
Other Revenues
Commissions
Total Pay TV CostsPersonnel
Other Operating Costs
Rights Amortisations and Other D&A
Net intra-company items
Pay TV Operating Profit
1Q 2009(Euro ml.)
138.9
72.2
7.3
60.5
(1.0)
(152.9)(3.1)
(63.6)
(69.9)
(16.4)
(14.0)
Financials
1Q 2010
214.7
115.1
16.7
85.3
(2.4)
(223.7)(4.4)
(95.2)
(107.5)
(16.5)
(8.9)
| 24 |
Total Net RevenuesMedusa/Taodue 3° Party revenues
Medusa/Taodue intra-company revenues
Multimedia
Mediashopping
Other Non-TV Revenues
Total CostsPersonnel
Other Operating Cost
Right Amortisations and other D&A
Intra-company Items
Other Activities Operating Profit
1Q 2009(Euro ml.)
108.225.6
56.0
7.3
10.2
9.0
(90.1)(6.2)
(48.6)
(32.8)
(2.5)
18.1
Financials
MEDIASET ITALIAN BUSINESS 2010 1Q | Other Activities
1Q 2010
109.627.6
38.5
6.5
27.5
9.5
(105.0)(5.4)
(65.1)
(32.5)
(2.0)
4.6
| 25 |
164.6 153.2
53.5 34.4
6.8 4.2
10.412.6
(Euro ml.) TV rights and cinema
Pay TV rights
DTT
Technical & immaterial
Total Investments
MEDIASET ITALIAN BUSINESS 2010 1Q | Investments
Financials
237.5 202.1
1Q 20101Q 2009
| 26 |
MEDIASET ITALIAN BUSINESS 2010 1Q | Cash Flow Statement
Initial Net Financial Position (01/01)
Cash Flow from Core Activities
Cash Flow from Operations
Investments
Disinvestments
Change in Net Working Capital (CNWC)
Equity (Investments)/Disinvestment
Free Cash Flow
Cashed in Dividends
Change in Equity
Total Net Cash Flow
Final Net Financial Position (31/03)
Group Net Financial Position (31/03)
1Q 2009(Euro ml.)
(1,345.8)
66.5
304.8
(237.5)
0.7
(1.6)
(1.4)
65.1
-
-
65.1
(1,280.7)
(1,256.3)
Financials
1Q 2010
(1,396.0)
197.9
361.4
(202.1)
0.4
38.1
8.9
206.8
24.8
-
231.6
(1,164.4)
(1,316.0)
| 27 |
MEDIASET SPANISH BUSINESS | Back up Slides
| 28 |
159.7
(20.4)
(53.0)
86.2
(42.5)
43.7
0.0
(11.6)
32.1
(5.2)
29.3
33.4
TELECINCO 2010 1Q | P&L Results
Net Consolidated Revenues
Personnel Costs
Other Operating Costs
EBITDA
Amortisation & Depreciation
EBIT
Financial Income (Losses)
Associates
Pre-Tax Profit
Taxes
NET PROFIT Reported
NET PROFIT Adjusted*
1Q 2009(Euro ml.)
Financials
*Excluding the net impact of the amortisation of intangibles related to the PPA of Endemol
212.0
(19.2)
(80.2)
112.6
(36.5)
76.1
1.6
(11.3)
66.4
(10.0)
58.9
62.4
1Q 2010
| 29 |
1Q 20101Q 2009
54.9 52.2
1.7 5.2
0.5 0.4
TV rights
Co-production & Distribution
Tangible & Intangible Fixed Assets
Total Investments
TELECINCO 2010 1Q | Investments
Financials
57.1 57.8
(Euro ml.)
| 30 |
Initial Net Financial Position (01/01)
Free Cash Flow
Cash Flow from Operations
Investments
Change in Net Working Capital (CNWC)
Change in Equity
Equity (Investments)/Disinvest.
Cashed in Dividends
Treasury Shares
Total Net Cash Flow
Final Net Financial Position (31/03)
1Q 2009
(25.9)
55.8
79.3
(57.1)
33.6
(2.6)
(2.9)
-
-
50.3
24.4
(Euro ml.)
TELECINCO 2010 1Q | Cash Flow Statement
Financials
1Q 2010
(156.0)
75.5
105.5
(57.8)
27.9
0.1
(22.6)
(48.4)
-
4.5
(151.5)
| 31 |
MEDIASET GROUP 2010 1Q | Net Profit Adjustment
NET PROFIT (Reported)
Edam Adjustments from Telecinco
Telecinco Minorities
Net Edam PPA Adjustment
Adjusted NET PROFIT
92.9
3.6
(1.7)
1.2
95.9
(Euro ml.)
Financials
60.0
4.1
(2.0)
1.4
63.5
1Q 2009 1Q 2010
| 32 |
Forward-looking StatementsStatements contained in this document, particularly the ones regarding any Mediaset Group possible or assumed future performance, are or may be forward looking statements and in thisrespect they involve some risks and uncertainties.
Mediaset Group actual results and developments may differ materially from the onesexpressed or implied by the above statements depending on a variety of factors.
Any reference to past performance of Mediaset Group shall not be taken as an indication of future performance.
This announcement does not constitute an offer to sell or the solicitation of an offer to buy the securities discussed herein.
The executive responsible for the preparation of the Mediaset S.p.A. accounts, Andrea Goretti, declares that, as per para. 2 art. 154-bis, of the “Testo Unico della Finanza”, that the accounting information contained in this document corresponds to that contained in the company’s books.
Investor Relations Department:
Tel: +39 02 2514.7008Fax: +39 02 2514.6719Email: [email protected]: www.mediaset.it/investor/