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www.gruppomediaset.it
MEDIASET GROUP
December 2002
IR Roadshow Presentation
www.gruppomediaset.it
Italian Advertising Market
Structural and Long Term Factor
3
Structural and Long-term Factors
Source Advertising Expediture - December 2001
Total Advertising as a % of GDP
0,4
0,6
0,8
1
1,2
1,4
1,6
1997 1998 1999 2000 2001
FRANCEITALY
GERMANYSPAIN
UK
USA
4
Total Market
GERMANY
FRANCEUK
SPAIN
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
20000
1997 1998 1999 2000 2001
Structural and Long-term Factors ADEX TREND 1997 – 2001 (in mio Euro)
ITALY
Source: AcNielsen (It, Ger, UK), Info Adex (SP), Taylor Nelson Sofres (Fr)
5
Source: AcNielsen (It, Ger, UK), Info Adex (SP), Taylor Nelson Sofres (Fr)
GERMANY
FRANCE
UK
SPAIN
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
1997 1998 1999 2000 2001
TV Market
Structural and Long-term Factors ADEX TREND 1997 – 2001 (in mio Euro)
ITALY
6
Structural and Long-term Factors How Italy can narrow its advertising gap with UK
Ad-spend
Nominal GDP= 1.1%
Italian Total Adv. Market DeregulationIndustry
Consolidation
UK Total Adv . Market
2001
Ad-spend
Nominal GDP= 0.64%
UK
ITA
7
Source Nielsen /MMS/Secodip/Infoadex net estimates – 2001 *cinema not monitored
° TV accounts for more than 53% of the Italian advertising industry
° TV weighting in the industry is the highest in Europe
° Pay-TV is still struggling
° Satellite penetretion is below 20%
53.5
38.4
8.1
44.4
47.3
8.3
45.9
40.4
13.7
31.2
41.1
27.7
40.4
46.2
13.4
Italy *Germany U.K. France SpainTV Print Other
Structural and Long-term Factors2001 Media Share on Total Advertising
8
Structural and Long-term Factors Tv Consumption (minutes per day)
Source: Auditel; Target Individuals
230 231224221212
1997 1998 1999 2000 2001
9
Source Auditel Autumn 2001 - Audipress 99 (last published survey) – Audiradio 2001; Target Adults: 49,370,600
Structural and Long-term FactorsReach and Quantitative Coverage in Adults (,000)
39,419
33,174
26,99222,879
19,678Reach on
Adults (%)
81
67
5546
40
TV RADIO WEEKLIES MONTHLIES NEWSPAPERS
10
Source Auditel Autumn 2001 - Audipress 99 (last published survey) – Audiradio 2001; Target Adults : 49,370,600
30,011
5,0757,928
5,147 2,738
CANALE 5
RADIO DJ
SORRISI ECANZONI TV
QUATTRORUOTE CORRIEREDELLA SERA
TV RADIO WEEKLIES MONTHLIES NEWSPAPERS
Structural and Long-term FactorsQuantitative Coverage in Adults (,000)
11
° ITALY
° GERMANY
° FRANCE
° SPAIN
° U.K.
Structural and Long-term FactorsTV Cost per Thousand, European Comparison
5.8
7.1
8.6
6.4
10.7
100
121
147
110
184
Index€
Source: (MediaEdge) 2002 Global Media Cost Comparison
12
° TV (24h)
° Radio (24h)
° Newspaper
° Magazines
° Cinema
Structural and Long-term FactorsTV Cost per Thousand, Italian Comparison
5.8
2.7
10.2
10.4
28.1
100
46
175
178
484
Index€
Source: (MediaEdge) 2002 Global Media Cost Comparison
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Mediaset Group
Advertising
14
Publitalia TV Advertising RevenuesQuarterly Growth Trend
4 Q
1 Q
3 Q
2 Q
25.9%
15,3%
29.2%
29.6%
% on Total2001 Revenues
advertising
+6.1%
2000 vs. 1999
+17.5%
+12.8%
+13.6%
2001 vs. 2000
+6.0%
+2.7%
-1.4%
-7.8%
2002 vs. 2001
-3.7%
-2.2%
+1.7%
15
39,9
7,4
48,3
4,4
37,9
7,9
48,1
6,1
36,7
7,9
48,6
6,8
35,5
8
48,7
7,8
33,3
7,6
45,6
13,6
30,8
7,3
42,7
19,2
30,8
8,5
44,0
16,7
1995 1996 1997 1998 1999 2000 2001
Others Automotive Grocery Developing sectors
Source Publitalia’80
Mediaset: Buying Behaviour of Main Macro Sectors
% on Total Revenues
advertising
16
Mediaset: Advertising Investments by Sector (%)
advertising
9M 2001
Pharma4.0%
Food32.8%
Automotive9.6%
No Food18.2%
Finance3.1%
Others17.3%
Media7.4%
Telecom7.6%
9M 2002
Pharma3.2%
Food33.1%
Automotive10.3%
No Food15.6%
Finance3.4%
Others17.0%
Media8.3%
Telecom9.1%
17
Mediaset: 2002 9M Advertising Investments Performance by Sector
advertising
° FOOD
° NO FOOD
° AUTOMOTIVE
° AUTOMOTIVE (excl.FIAT)
° TELECOM
° FINANCE/INSURANCE
° PHARMACEUTICAL
-2.9%
+14.0%
-9.1%
-5.0%
-17.7%
-12.7%
+21.2%
+7.2%
+13.4%
+10.8%
+18.6%
-35.1%
+21.8%
+17.5%
Vs. 2001 Vs. 2000
18
+58.3%
+68.4%
+10.5%
+2.0%
-5.6%
+31.2%
-16.5%
-6.0%
-2.5%
+2.8%
-14.2%
-2.4%
+12.0%
+22.1%
+4.4%
+14.3%
° AUTOMOTIVE
° AUTOMOTIVE (excl. FIAT)
° TELECOM
° FOOD
° NO FOOD
° Cosmetics
° Housekeeping Product
° Toiletries
October 10M2002
advertising
Mediaset: 2002 9M Advertising Investments Last Hints on Some Sectors
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MEDIASET GROUP
Broadcasting
20
Mediaset Leader in Free-to-Air Commercial TV
CHANNELS
Source: Mediaset, Auditel (24 hours)
2001 AUDIENCE(Commercial target 15-54)
46.9%
2.2%
8.8%
42.1%
Others
All News Channel
Local ChannelsSatelliteCable
Canale 5Italia1Rete4
RAI 1RAI2RAI3
broadcasting
21
Young Adults
Fem
ale
Mal
e
CANALE 5
ITALIA 1
RETE 4TOT.
AUDIENCE
LA7
RAI 1
RAI 2
RAI 3
broadcasting
Editorial StrategyThree Channels, One Television
22
2002 9M Audience Share
Source: Auditel Individuals
° 24 HOURS
° PRIME TIME
° DAY TIME
43.1%
43.8%
42.7%
46.5%
45.8%
46.6%
broadcasting
23
2002 9M Audience Share Mediaset very close to RAI in Prime Time
Prime Time
1999 2000 2001 9M 2002
41.6%
43.8%
42.2%43.1%
49.5%
45.8%
49.2%47.6%
7.9% 2.0%
Source: Mediaset, Auditel Individuals
broadcasting
www.gruppomediaset.it
MEDIASET GROUP
Financial Highlights
25
2,351.1
(1,030.6)
1,320.5
(733.3)
587.2
418.1
248.4
2,363.6
(1,006.4)
1,357.2
(665.7)
691.5
648.0
423.5
2,048.7
(875.7)
1,173.1
(612.9)
560.2
586.1
339.1
Mediaset Group 2001 Full Year Results (m€)
Net Consolidated Revenues
Operating Costs
EBITDA
Amortization and Depreciation
EBIT
Pre-tax Profit
Net Profit
20002001 1999
financials
26
Mediaset Financial Overview2001 Operations Overview (m€)
2,173.4
37.0
50.3
29.4
2,290.4(*)
EbitTotal Net Revenues
582.6
-9.3
12.8
1.0
587.2
26.8%
n.a.
25.4%
n.a.
25.2%
Ebit Margin
(*) excluding Sale of Rights
° TV Operations
° MULTIMEDIA Operations
° NON TV Operations
° Epsilon (1H2001 only)
financials
27
Mediaset Financial OverviewFocus on TV Operations (m€)
Total Net TV Revenues° Advertising (3rd parties)
° Other TV Revenues (*)
° Commissions
Total TV Costs
° Personnel
° Other operating costs° Amort. & Depreciation
° Sale of Rights
EBIT from TV Operations
margin
2,173.4
2,423.3
112.5
(362.4)
(1,590.9)
(275.0)(658.4)
(718,3)
60.8
582.6
26.8%
2,172.5
2,422.4
103.2
(353.1)
(1,495.4)
(280.5)(592.7)
(651.6)
29.3
677.1
31.2%
1,956.0
2,165.0
106.6
(315.6)
(1,401.5)
(279.7)(521.3)
(611.0)
10.5
554.5
28.3%
(*) excluding Sale of Rights
20002001 1999
financials
28
Mediaset Financial OverviewTV Operating Leverage Trend (m€)
1,312.91,401.5
1,590.91,495.4
1,956.0
1,793.4
2,172.5 2,173.4
480.5 554.5677.1
582.6
1998 1999 2000 2001
+9.1%
+6.8%
+15.5%
+11.1%
+6.7%
+22.1%
+0.0%
+6.4%
-14.0%
Total Net TV Revenues
Total TV Costs
EBIT from TV Operations
financials
29
Mediaset Financial OverviewFocus on Multimedia Operations (m€)
Total Multimedia Revenues
° Thematic Channels
° Teletext
° Internet
Total Multimedia Costs
° Personnel
° Other Operating Costs
° Amort. & Depreciation
EBIT from Multimedia Op.
8.4
4.9
2.7
0.8
(7.4)
(1.6)
(4.7)
(1.1)
1.0
27.4
12.7
4.3
10.3
(26.6)
(2.9)
(18.6)
(5.0)
0.9
37.0
23.8
5.0
8.3
(46.4)
(5.3)
(31.3)
(9.7)
(9.3)
20002001 1999
financials
30
Mediaset Group Associated Company, Net Financial Income (Charges), Extraordinaries (m€)
TELECINCO (40% stake)
ALBACOM (19.5% stake)
Kirch Media (2.28% stake)
Others
41.7
(25.8)
-
(5.8)
24.7
(34.1)
(171.9)
(2.4)
TOTAL Associates 10.0(183.7)
20002001
financials
Net Financial Income/ (Charges) (52.4)(14.8)
Total Extraordinary Items (1.1)29.4
31
Mediaset Group Cash flow Statements (m€)
Net Financial Position 1/1
Free Cash flow
° Cash flow from operations
° Investments
° Others movements
Dividends
Equity movements
Change in Consolidation Area
Net financial Position 31/12
125.3
(297.6)
1,162.3
(1,279.1)
(180.8)
(283.2)
-
207.7
(247.8)
175.5
163.3
1,146.6
(806.1)
(177.2)
(216.2)
2.7
-
125.3
20002001
353.0
(12.4)
950.2
(1,384.9)
422.3
(167.1)
2.0
-
175.5
1999
Total Net Cash Flow (50.2)(373.1) (177.4)
financials
32
76.9116.7
612.5
Mediaset Financial OverviewInvestments (m€)
776.0
392.6(*)
110.5
2000 = 806.12001 = 1,279.1
Associates TV Rights Technical & Immaterial
(*) of which 212.3 m€ coming from the unwinding of Epsilon
9,617 Titles, 53,886 Episodes 8,978 Titles, 51,009 Episodes
financials
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Core Business
International TV Business
34
23.9%
19.9%
34.1%
22.1%
others25.0%
19.7%
32.3%
23.0%
others
Telecinco: Audience ShareLeader in Commercial Target
2000 2001
broadcasting
35
TelecincoSpanish TV Advertising Market (m€)
28.4%
23.2%
14.6%1.3%
26.6%5.8%
28.9%
21.6%
14.6%1.2%
27.8%5.8%
2001 = 2,0432000 = 2,227
advertising
Source: Adex Nielsen, Publiespana
36
Telecinco Consolidated Financial Results (m€)
556.0
(378.1)
177.9
154.2
112.1
° Net Revenues
° Operating Costs
° EBIT
° Pre-tax Profit
° Net Profit
610.7
(368.6)
242.1
228.1
154.7
2001 2000 1999
512.7
(350.5)
162.1
149.5
110.5
financials
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MEDIASET GROUP
Focus on Core Business
Profitability, Assessing Any
Growth Opportunity
38
Focus on Core Business Profitability ………
° Ebit Margin (ROS)(*)
° FCF (ml €)(*)
° FCF/ Revenues (*)
° Net Profit (ml €)
° EPS (€)
° Dividend (ml €)
° Pay-out ratio
° Debt/ Equity
27.0%
133.0
8.1%
238.9
0.20
139.5
58.4%
n.a.
26.8%
150.3
8.4%
284.4
0.24
167.1
58.7%
n.a.
28.4%
383.9
19.6%
339.2
0.29
216.2
63.7%
n.a.
31.2%
282.7
13.0%
423.5
0.36
283.2
67.0%
n.a.
1997 1998 1999 2000 2001
26.8%
187.0
8.6%
373.8(**)
0.32(**)
247.8
67.0%(**)
10.5%
financials
(**) excluding Kirch Media extraordinary provisions
(*) TV Operations (for FCF: excluding Associates Investments)
39
……… Assessing All the Growth Opportunities
DTT
Mediaset Group
TECHNICAL GEOGRAPHICAL EXPANSION
REGULATORY FRAMEWORK VALUE CHAIN IN ITALY
BroadBand
3G mobile
Rights Trading
PubliEurope
Tele5 stake increase
Full Rights Exploitation
Fiction re-sale
Merchandising and Brand Extension
Radio
ADV Other Means
Local Advertising
Mobile interactivity
German MRKT (?)