2014 1H Results Presentation Milan, 29th July 2014
Broadcasting & Advertising
166 173 178 178
251 265 275 274
INDIVIDUALS
1H 2009 1H 2011 1H 2013
+9.2%
+7.2%
| 3 |
Average daily minutes* ITALY | Tv consumption trend (2009-2014)
* Average daily minutes vs. total Italian population
1H 2014
15-34 yrs
1H 2009 1H 2011 1H 2013 1H 2014
VIDEO ON LINE MARKET | Mediaset leads the ranking Video on line represents additional audience for broadcasters
2014 online video viewed +110% vs. 2013
0 20 40 60 80 100
MEDIASET
OTHERS MEDIASET 91 MILL LA REPUBBLICA 28 MILL CORRIERE 21 MILL RAI 11 MILL GAZZ. SPORT 8 MILL SKY 2 MILL OTHERS
Source: Audiweb Objects , video viewed in May 2014 - figures in millions
91 mio
28 mio
21 mio
11 mio
8 mio
2 mio
3,1mio
| 4 |
| 5 |
Commercial target, 15-64 years
ITALY 1H 2014 | Tv audience market
Source: Company elaborations on Auditel data, January - June * Including 1.2% of Premium Gallery and Tgcom24 (company estimate)
Others 13.0%
Rai 32.0%
La7 3.4%
Sky + Fox 8.8%
Discovery Group 6.6%
Mediaset* 36.2%
MEDIASET 1H 2014 | Multichannel audience share 24 hours - commercial target
MEDIASET DTT (Free+Pay)*
RAI DTT
SKY Channels
FOX Channels
Discovery
7.2%
6.5%
5.6%
2.3%
6.0%
8.1%
6.6%
6.7%
2.1%
6.6%
1H 2014 1H 2013
| 6 |
Source: Company elaborations on Auditel data, January - June * Including 1.2% of Premium Gallery and Tgcom24 (company estimate)
MEDIASET 1H 2014 | Multichannel kids audience share 24 hours - Target: children 4/14
MEDIASET DTT (Boing+Cartoonito)
RAI (Gulp + Yoyo)
Discovery (Frisbee + K2)
Disney Channels
12.0%
11.3%
7.0%
4.0%
1H 2014
Source: Company elaborations on Auditel data, January - June
| 7 |
5M14 vs. 5M13
Total Market
Television
Press
Radio
Internet*
Source: Nielsen, excluding direct mail, only national commercial * Excluding Keyword, search
-3.3%
-0.7%
-14.0%
-0.9%
-0.7%
ITALY 5M 2014 | Advertising market trend
| 8 |
1H 2013 1H 2014
1,061.1 1,019.2
Euro ml MEDIASET 1H 2014 | Total advertising revenues
-3.9%
Note: all platforms
| 9 |
| 10 |
Food -4.5%
Non Food -7.5%
TLC -22.2%
Auto -13.5%
Media -4.4%
Pharma +1.2%
Finance +14.5%
Retail +29.1%
MEDIASET 1H 2014 | Advertising Breakdown by Sector
Other +11.7%
1H 14 vs 1H 13
22%
12%
12%
16%
4% 18%
4%
8%
4%
MEDIASET | Innovation in advertising
To satisfy client needs…
VISIBILITY
TARGET PROFILING
INNOVATION
CONTENT INTEGRATION
…we create new formats:
BREAK IN NEWS
BREAK IN SHOW
TOP NEWS
TOP SPORT
TOP SOAP
SUPER TOP
| 11 |
Financials
MEDIASET GROUP 1H 2014 | P&L Highlights
Net Consolidated Revenues Italy Spain EBITDA Italy Spain EBIT Italy Spain FCF from core activities Italy Spain Group net financial position Italy Spain
(Euro ml.) 1H 2013 1H 2014
| 13 |
1,737.0 1,310.4
427.0
659.4 525.6 133.8
133.6 86.4 47.2
178.7 177.4
1.3
(1,536.4) (1,612.1)
75.8
1,724.8 1,257.4
468.0
668.3 479.3 189.0
109.5 29.4 80.1
165.2 104.3 60.9
(1,026.4) (1,179.1)
152.7
MEDIASET ITALIAN BUSINESS 1H 2014 | P&L Results
Net Consolidated Revenues Personnel Costs
Other Operating Costs
EBITDA Rights Amortisation
Other Amortisation & Depreciation
Operating Profit Financial Income (Losses)
Associates
Pre-Tax Profit Taxes
Minorities
NET PROFIT
(Euro ml.) 1H 2014 1H 2013
| 14 |
1,310.4 (221.8)
(563.0)
525.6 (357.8)
(81.4)
86.4 (29.7)
(0.8)
55.8 (32.3)
(5.9)
17.6
1,257.4 (223.8)
(554.2)
479.3 (381.5)
(68.4)
29.4 (39.6)
(1.4)
(11.6) (8.4)
(9.3)
(29.3)
(Euro ml.)
Total Net Revenues Total Gross advertising revenues
Commissions
Total Net Advertising Revenues
Pay Tv Revenues
Other Revenues
Total Costs Personel costs
Other operating costs
Total Operating costs
Rights Amortisation
Other Amortisation & Depreciation
Intra-company items
Integrated Tv Activities Operating profit
MEDIASET ITALIAN BUSINESS 1H 2014 | Integrated Tv Activities
| 15 |
1H 2013 1H 2014
1,283.9 1,061.1
(155.6)
905.5
280.2
98.3
(1,227.3) (199.6)
(522.5)
(722.1)
(357.8)
(59.1)
(88.3)
56.6
1,230.8 1,019.2
(148.8)
870.4
274.3
86.0
(1,234.4) (200.8)
(516.4)
(717.2)
(381.5)
(47.3)
(88.4)
(3.7)
251.2
9.9 14.5
(Euro ml.) Tv rights and cinema
Technical & immaterial
Total Investments
MEDIASET ITALIAN BUSINESS 1H 2014 | Investments
| 16 |
254.0 261.0 * (net of serie A rights)
1H 2014 1H 2013
239.5
Serie A rights (2015-18)
1,110.0
* 1,371.0 mio including Serie A rights
MEDIASET ITALIAN BUSINESS 1H 2014 | Cash flow statement
| 17 |
Initial Net Financial Position (01/01)
Cash Flow from Core Activities Cash Flow from Operations
Investments
Disinvestments
Change in Net Working Capital (CNWC)
Equity (investment)/ disinvestment
Free Cash Flow
Dividends
Cashed-in dividends
Change in consolidation area
Total Net Cash Flow
Final Net Financial Position (30/06)
Group Final Net Financial Position (30/06)
(Euro ml.) 1H 2014 1H 2013
(1,786.5)
177.4 461.2
(254.0)
42.4
(72.1)
0.5
177.9
(4.1)
0.6
-
174.4
(1,612.1)
(1,536.4)
(1,552.5)
104.3 433.3
(1,371.0)
-
1,042.0
271.8
376.1
-
0.6
(3.3)
373.4
(1,179.1)
(1,026.4)
Back up
Total Net Revenues 3rd Party Revenues
Intra-company items
Total Costs Personnel
Other operating Costs
Other Amortisation & Depreciation
Intra-company items
EI Towers Operating Profit
(Euro ml.)
MEDIASET ITALIAN BUSINESS 1H 2014 | EI Towers
| 19 |
1H 2013 1H 2014
116.4 26.5
89.9
(86.5) (22.2)
(40.5)
(22.3)
(1.6)
29.8
116.7 26.6
90.1
(83.6) (23.0)
(37.8)
(21.1)
(1.7)
33.1
MEDIASET SPANISH BUSINESS | Back up Slides
MEDIASET ESPANA 1H 2014 | P&L Results
| 21 |
Net Consolidated Revenues
Personnel Costs
Other Operating Costs
EBITDA
Amortisation & Depreciation
EBIT
Financial Income (Losses)
Associates
Pre-Tax Profit
Taxes
NET PROFIT
(Euro ml.) 1H 2013 1H 2014
427.0
(51.6)
(241.7)
133.8
(86.6)
47.2
(1.0)
(7.8)
38.4
(8.5)
30.1
468.0
(52.2)
(226.9)
189.0
(108.9)
80.1
(0.8)
(59.3)
20.0
1.1
21.4
113.4 115.0
5.7
(Euro ml.) Tv rights and cinema
Co-production
Total Investments
MEDIASET ESPANA 1H 2014 | Investments
| 22 |
122.4 123.5
1H 2014 1H 2013
2.7 2.6 Tangible & Intangible fixed assets
6.4
MEDIASET ESPANA 1H 2014 | Cash Flow Statement
| 23 |
Initial Net Financial Position
Free Cash Flow
- Cash Flow from Operations
- Investments
- Change in Net Working Capital (CNWC)
Change in Equity
Equity (Investments)/Disinvest.
Cashed in Dividends
Dividends
Change in consolidation area
Total Net Cash Flow
Final Net Financial Position (30/06)
(Euro ml.) 1H 2013 1H 2014
73.7
0.7
121.4
(122.4)
1.7
0.5
(0.3)
1.1
-
-
2.0
75.8
93.5
58.8
173.1
(123.5)
9.2
2.1
(3.5)
1.9
-
-
59.2
152.7
Note: reported as Mediaset Espana 1H2014 results report
Forward-looking Statements Statements 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 this respect they involve some risks and uncertainties.
Mediaset Group actual results and developments may differ materially from the ones expressed 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, Luca Marconcini, 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 2514.7008 Fax: +39 02 2514.6719 Email: [email protected] WebSite: www.mediaset.it/investor/