Embed Size (px)
Citation preview
2005 Interim ResultsMilan, 13th September 2005
Broadcasting2005 Interim Results
| 3 |
INDIVIDUALS
COMMERCIAL TARGET(15-64 Years)
43.1%
42.6%
45.1%
39.3%
MEDIASET 2005 1H | 24Hours Audience Share
Source: Auditel
| 3 |
| 4 |
INDIVIDUALS
COMMERCIAL TARGET(15-64 Years)
43.9%
43.8%
45.6%
41.5%
MEDIASET 2005 1H| PRIME TIME Audience Share
Source: Auditel
| 4 |
20.30-22.30
| 5 |
4-14 yrs
35-44 yrs15-64 yrs 15-24 yrs 25-34 yrs
45-54 yrs 55-64 yrs 65+ yrs
27.3
19.3
13.0
10.7
5.7
4.3
ITALIA 1
CANALE 5
RAI 1
RAI 2
RAI 3
RETE 4
24.3
19.8
13.1
10.9
8.6
7.6
CANALE 5
RAI1
ITALIA 1
RAI 2
RAI 3
RETE 4
28.2
23.1
13.4
8.5
5.1
5.1
CANALE 5
ITALIA 1
RAI 1
RAI 2
RAI 3
RETE 4
27.1
16.2
16.1
10.3
7.0
6.4
CANALE 5
RAI 1
ITALIA 1
RAI 2
RAI 3
RETE 4
24.7
17.1
15.6
11.2
7.4
6.8
CANALE 5
RAI 1
ITALIA 1
RAI 2
RAI 3
RETE 4
23.3
21.5
11.6
10.4
9.6
8.6
CANALE 5
RAI 1
RAI 2
ITALIA 1
RAI 3
RETE 4
26.3
21.0
11.7
11.4
9.7
6.6
RAI 1
CANALE 5
RAI 2
RAI 3
RETE 4
ITALIA 1
31.1
19.5
12.6
11.8
11.0
4.0
RAI 1
CANALE 5
RETE 4
RAI 2
RAI 3
ITALIA 1
MEDIASET 2005 1H | 24Hours Channel Ranking
Source: Auditel
| 5 |
| 6 |
INDIVIDUALS
COMMERCIAL TARGET(15-64 Years)
42.9%
42.3%
45.0%
38.9%
MEDIASET 8M 2005| 24Hours Audience Share
Source: Auditel
| 6 |
| 7 |
INDIVIDUALS
COMMERCIAL TARGET(15-64 Years)
43.8%
43.4%
45.7%
41.0%
MEDIASET 8M 2005 | PRIME TIME Audience Share
Source: Auditel
| 7 |
20.30-22.30
Advertising2005 Interim Results
| 9 |
+2,2%
| 9 |
+2,6%
+3,9%
-2.0%
+2.7%
Source: Nielsen AdEx estimates
Total Market
Press
TV
Radio
Outdoor
1H 2005 | Italian Advertising Market
-3.2%
-1.7%
| 10 |
(€ml.)
1H2004
1,541.8 1,598.2
1H2005
| 10 |
+3.7%
MEDIASET 2005 1H | Publitalia Advertising Revenues
| 11 |
MEDIASET 2005 1H | Advertising by Sector
TELECOM
AUTOMOTIVE
+15.5%
+8.1%
173.8
194.9
1H2005 (ml€) 2005 vs 2004
FINANCE/INSURANCE
RETAIL
FOOD
NON FOOD
+54.3%
+37.7%
-3.8%
-7.7%
74.5
22.3
431.4
239.0
| 11 |
| 12 |
29.5%
9.8%Telecom
OtherSectors
11,7%Automotive
45.9%Grocery
30.3%
10.9%
Other Sectors
Telecom
12.2%Automotive
41.9%Grocery
1H 2004 1H 2005
MEDIASET 2005 1H | Breakdown by Sector
3.1%Finance
4.7%Finance
| 12 |
| 13 |
MEDIASET 2005 1H | New Clients Acquisition Policy
2004
2005
New Clients
Revenues
798
800
126
41 ml €
Active Clients New Clients in 2005
| 13 |
| 14 | | 14 |
(€ml.)
8M2004
1,769.1 1,831.3
8M2005
+3.5%
MEDIASET 2005 8M | Publitalia Advertising Revenues
| 15 |
FINANCE/INSURANCE
RETAIL
FOOD
NON FOOD
MEDIASET 2005 8M| Advertising by Sector
TELECOM
AUTOMOTIVE
+16.9%
+6.3%
202.4
203.8
Var. %
+49.8%
+48.1%
-4.6%
-5.3%
77.5
24.9
499.9
286.1
| 15 |
8M2005 (ml€)
Update on DTTMilan, 13th September 2005
| 17 |
DTT In Italy | Multiplexes, Channels and Coverage
MULTIPLEX
2
2
2
1
NATIONAL CHANNELS
RAI UNORAI DUERAI TRERAI DOC
CANALE 5BBC WORLD24 ORE TVBOING
RETE 4ITALIA 1LA CHAINE INFO
La 7MTV TELEMARKETRETE CAPRI
MEDIASET CHANNELS
Digital Terrestrial TV
COVERAGE
RAI UTILERAI NEWS 24RAI SPORTRAI EDUSAT 2000
CLASS NEWSCOMING SOON TV
SPORT ITALIASPORT ITALIA LIVE 24
La 7 SPORTMUSIC BOX
> 70%
80%-65%
70%-65%
68%
Source: Company Informations
| 17 |
| 18 | | 18 |
MEDIASET | Acquisition of 2nd Digital Multiplex
HSE
Terrestrial Frequency Home Shopping
63% Italian population covered (over 36ml people)1st operator authorized to start DTT experimentation in January 200311 employed people
Production and post Production FacilitiesRetailing and MarketingCustomer ServiceDelivery and Logistics120 employed people
20 ml Euro invested to Digitalize Mediaset 2nd Multiplex
(40% of the new transmission capacity will host 3rd party channels)
Mediaset will launch a new DTT Home Shopping Channel in October ’05
112.7 ml Euro(EV 103.8)
100 ml Euro 12.7 ml Euro
Digital Terrestrial TV
| 18 |
| 19 |
Around 2ml MHP Decoders sold with State subsidies
Estimates of around 3ml Decoders at 12th September 2005
Only 192.000 subsidies left to be reserved to Valle d’Aosta and Sardegna
DDT in Italy | SET-TOP-BOX Penetration
Source: Ministero Comunicazioni Source: Estimate by GfK Marketing Services Italia, May 2005
4%Zapper
56%MHP STBs sold
with subsidy
40%MHP STBs sold without subsidy
Digital Terrestrial TV
Number of decoders sold through State subsidies Profile of DTT STBs sold
March 2004 September 2005
2.000.000
| 19 |
| 20 |
MEDIASET PREMIUM | Pay-per-View Offer
| 20 |
Digital Terrestrial TV
CardsNo subscription required2-size “Mediaset Premium” card:
- 30 Euro (o/w 5 Euro plastic card) - 10 Euro (o/w 5 Euro plastic card), bundled with Set-Top-Box offer
“Mediaset Premium Club”, for Commercial Premises (Pubs & Clubs)“Mediaset Premium” is available in 2.500 consumer electronic stores“Mediaset Premium” Cards will expire 30th June 2007
New “Mediaset Premium” Card
Credit Recharge6 Credit size from 10 Euro to 100 Euro, Recharge fee from 10% to 0%, respectivelyCredits can be recharged through:
- Credit Card calling Mediaset Premium Call Centre or connecting to Mediaset Premium Website
- “Scratch Cards”, available in more than 80.000 point of sales:
- Consumer electronics stores
- Kiosk
- In Lottomatica and Sisal sale points; recharge codes will be printed directly from terminals
Credits have to be activated via a dedicated Call Centre or Website.
| 20 |
| 21 |
Siena
10 Teams
190 matches in a season
100 “Tier 1” matches (4 top Clubs)
90 “Tier 2” matches
38 “DIRETTA PREMIUM”
“SERIE A” season started 28th August 2005
Pricing
5 Euro per match
79 Euro, “Team Seasonal Ticket” + “Diretta Premium”
99 Euro, All Matches + “Diretta Premium”
760 Euro “Mediaset Premium Club”, All Matches + “Diretta Premium”
“SERIE A ’05/’06” - Mediaset Premium Offer
Digital Terrestrial TV
MEDIASET PREMIUM | Live “Serie A” Offer
| 21 |
LazioInterJuventus Milan
Messina Sampdoria
Roma
TrevisoLivorno
| 22 |
MEDIASET PREMIUM | Movie Offer
4 Movies per day (Monday – Friday)
100 – 150 Titles in ’05/’06 season
Movies are available with:
Original Language
Subtitles
5.1 Dolby Digital Audio
PPV From 2 Euro (library) to 4 Euro (1st run on TV)
Movie Offer started 28th August 2005
Movies - Mediaset Premium Offer
Digital Terrestrial TV
DVD Sale
24 monthsBox Office
DVD Rental
PAY per VIEW
PAY TV
FTA TV
64 9 12
First window available on TV
| 22 |
| 23 | | 23 || 23 |
Digital Terrestrial TV
| 23 |
MEDIASET PREMIUM | First Hints on PPV Take off
“Mediaset Premium” Cards Sold to Retailers ≅ 1.000.00
N° recharges sold to Retailers
“Cashed in”
0
≅ 500.000
34.2 ml Euro
From 15 July 2005 ….. … to 31 Aug. 2005
Financials2005 Interim Results
| 25 |
MEDIASET GROUP | P&L Consolidated Results (IAS/IFRS)
Net Consolidated Revenues
Operating Costs
EBITDA
Amortisation & Depreciation
EBIT
Pre-Tax Profit and Minorities
Group Net Profit
1,984.3
(831.3)
1,153.0
(398.6)
797.5
788.9
426.6
1,809.1
(727.3)
1,081.8
(414.9)
666.9
688.0
373.6
(€ml.)
| 25 |
1H2004 1H2005
| 26 |
1,475.3
820.5
497.9
538.8
336.3
509.0
332.5
256.6
256.6
175.9
0.0
0.0
0.0
2.1
2.3
Net Consolidated Revenues
EBITDA
Operating Profit
EBIT
Net Profit
Minorities
Group Net Profit
1H2005 Consolidated
1H2005Mediaset
1H2005Telecinco
ConsolidationEffects
1,984.3
1,153.0
754.5
797.5
514.5
(87.9)
426.6
58.1%margin 55.6% 65.3%
38% 33.8% 50.4%margin
(€ml.)
MEDIASET GROUP | P&L Consolidated Results (IAS/IFRS)
40.2% 36.5% 50.4%margin
| 26 |
| 27 | | 27 |
2005 INTERIM RESULTS | Italian Business
| 28 |
1,405.0
(170.1)
(392.4)
842.6
(336.5)
506.1
0.0
506.1
27.9
(9.1)
524.8
(208.5)
316.0
MEDIASET ITALIAN BUSINESS | P&L Results (IAS/IFRS)
Net Consolidated Revenues
Personnel Costs
Other Operating Costs
EBITDA
Amortisation & DepreciationOperating ProfitGain (Losses) from Equity disinvest.EBIT
Financial Income (Losses)
Associates
Pre-Tax Profit
Taxes
NET PROFIT
(€ml.)
1,475.3
(183.6)
(471.2)
820.5
(322.7)
497.9
40.9
538.8
(8.8)
(2.7)
527.3
(190.8)
336.3
| 28 |
1H2004 1H2005
| 29 |
MEDIASET ITALIAN BUSINESS | 2005 1H Operations Breakdown(IAS/IFRS)
Total NetRevenues(€ml.)
OperatingProfit
1,414.7
1,401.6
2.1
11.0
21.5
39.1
1,475.3
FTA TV Operations
Analog Commercial TV
Digital Multichannel
Digital Broadcasting
Pay TV Operations
Other non TV Operations
TOTAL
| 29 |
504.1
524.4
(1.3)
(19.0)
(8.1)
1.9
497.9
| 30 |
MEDIASET ITALIAN BUSINESS | FTA, Commercial TV
(€ml.)
Total Net TV Revenues
TV Advertising Revenues
Commissions
Other TV Revenues
Total TV CostsPersonnel
TV Operating Costs
TV Rights Amortisations
Other Amortisation & Depreciation
Infra Segment Adjustament
Commercial TV Operating Profit
margin
| 30 |
1,401.61,598.2
(237.6)
41.0
(877.2)(170.3)
(406.8)
(278.6)
(30.6)
9.0
524.437.4%
1,351.21,541.9
(229.2)
38.5
(825.9)(159.6)
(346.5)
(289.9)
(34.1)
4.3
525.338.9%
1H20051H2004
| 31 |
MEDIASET ITALIAN BUSINESS | FTA, Multichannel
(€ml.)
Total Net RevenuesAdvertising Revenues
Commission
Total Multichannel CostsPersonnel
Other Operating Costs
Amortisation & Depreciation
Infra Segment Adjustament
Multichannel Operating Profit
2.12.2
(0.1)
(3.4)(0.5)
(1.1)
0.0
(1.7)
(1.3)
| 31 |
0.00.0
0.0
0.00.0
0.0
0.0
0.0
0.0
1H20051H2004
| 32 |
MEDIASET ITALIAN BUSINESS | FTA, Broadcasting
(€ml.)
Total Net Revenues
Total Broadcasting CostsPersonnel
Other Operating Costs
Amortisation & Depreciation
Infra Segment Adjustament
Broadcasting Operating Profit
| 32 |
11.0
(30.0)(5.0)
(24.2)
(5.7)
5.0
(19.0)
7.8
(26.8)(3.7)
(15.6)
(7.1)
(0.3)
(18.9)
1H20051H2004
| 33 |
MEDIASET ITALIAN BUSINESS | Pay-per-View
(€ml.)
Total Net PPV Revenues
PPV Revenues
Other Revenues
Advertising Revenues
Commissions
Total PPV CostsPersonnel
Other Operating Costs
Rights Amortisations
Other Amortisation & Depreciation
Infra Segment Adjustament
PPV Operating Profit
21.5
15.2
4.8
1.8
(0.3)
(29.6)(0.6)
(17.9)
(3.6)
(0.1)
(7.3)
(8.1)
| 33 |
0.0
0.0
0.0
0.0
0.0
0.00.0
0.0
0.0
0.0
0.0
0.0
1H20051H2004
| 34 |
MEDIASET ITALIAN BUSINESS | Other non TV Operations
(€ml.)
39.115.4
9.2
14.5
(37.2)(7.0)
(21.0)
(4.2)
(4.9)
1.9
Total Net Other RevenuesThematic Channels
Multimedia
Other Non-TV Revenues
Total Other CostsPersonnel
Non-TV Operating Cost
Amortisations & Depreciations
Infra Segment Adjustament
Other non-TV Operating Profit
| 34 |
46.015.5
10.1
20.4
(46.3)(6.7)
(30.1)
(5.4)
(4.0)
(0.3)
1H20051H2004
| 35 |
TV Rights
MEDIASET ITALIAN BUSINESS | Investments (IAS/IFRS)
1H2004
359.7 ml€
18.3
Technical & Immaterial
260.0
81.4
DTT
26.9
1H2005
376.6 ml€
45.2
304.5
| 35 |
| 36 |
MEDIASET ITALIAN BUSINESS | Cash Flow Statement (IAS/IFRS)
(€ml.)
Initial Net Financial Position
Free Cash Flow from Core Activities
- Cash Flow from Operations
- Investments
- Disinvestments
- Change in Net Working Capital (CNWC)
Equity (Investments)/Disinvest.
Cashed-in Dividends from Tele5/Others
Free Cash Flow
Dividends
Total Net Cash Flow
Final Net Financial Position
Final GROUP Net Financial Position
(451.4)
352.5
615.5
(359.7)
0.8
95.9
22.8
131.9
507.2
(271.3)
235.9
(215.5)
(81.7)
| 36 |
(182.3)
185.5
623.9
(376.6)
2.8
(64.6)
46.9
89.9
322.3
(448.8)
(126.5)
(308.8)
(45.6)
1H20051H2004
Share Buyback ProgramMilan, 13th September 2005
| 38 |
MEDIASET | Share Buyback Program
Transaction
Size limits
Timing a
Price limit
Daily Volume limit
| 38 |
Open Market Stock Repurchase Program
a maximum of 41,37 million Mediaset Ordinary Shares (3.5% Share Capital), or a maximum of € 400 million (total repurchase countervalue)
From 14th September 2005 to the earliest between: the size limit achievement date and 23rd December 2005.
Price cannot exceed (be higher than) the lowest between:
12,294 € per Share (12th September 2005 Reference Price +20%)
Reference Price (set in the Milan Stock Exchange session prior to each daily purchase) + 20%
Maximum 25% of the daily traded volume and no more than 1.000.000 shares daily
| 39 |
MEDIASET | Share Buyback Program/2
Commitments a
Other Info
Daily communication to the market: N° of repurchased shares, average price paid per share, Cumulated N° of repurchased shares, Total Countervalue up to date, Main terms of the announced Share Repurchased Program
Repurchased shares will not be devoted to present or future Management Stock Options plan
No disposal of any repurchased share by any reason until next AGM
Mediaset appointed an independent Broker (Mediobanca) to fully execute the daily Repurchase Program, within the limits set
Treasury Shares at 13th September 2005 are 3.851.000 fully dedicated to the implementation of the ‘02/’03 Management Stock Option Plan
Mediaset Share Buyback Program is under the Authorization givenby the AGM, held on 29th April 2005, to the Board of Directors topurchase own shares up to a maximum of 70.000.000 ordinary shares (5,92% Share Capital)
| 39 |
Back Up Slides2005 Interim Results
Milan, 13th September 2005
| 41 |
MEDIASET GROUP | Consolidated Cash Flow Statement (IAS/IFRS)
(€ml.)
Initial GROUP Net Financial Position
Free Cash Flow from Core Activities
- Cash Flow from Operations
- Investments
- Disinvestments
- Change in Net Working Capital (CNWC)
Equity (Investments)/Disinvest.
Cashed-in Dividends from Tele5
Free Cash Flow
Dividends
Total Net Cash Flow
Final GROUP Net Financial Position
(199.3)
483.8
813.2
(452.8)
1.5
121.9
22.8
2.8
508.9
(391.3)
117.6
(81.7)
| 41 |
62.0
376.3
879.0
(476.6)
4.3
(30.4)
46.5
4.4
427.2
(534.8)
(107.6)
(45.6)
1H20051H2004
| 42 | | 42 |
2005 INTERIM RESULTS | Spanish Business
BACK UP SLIDES
| 43 |
509.0
(36.1)
(140.4)
332.5
(75.9)
256.6
2.4
0.5
259.5
(83.6)
175.9
404.7
(34.4)
(131.0)
239.2
(78.4)
160.8
1.9
0.5
163.2
(52.9)
110.3
Net Consolidated Revenues
Personnel Costs
Other Operating Costs
EBITDA
Amortisation & Depreciation
EBIT
Financial Income (Losses)
Associates
Pre-Tax Profit
Taxes
NET PROFIT
TELECINCO | P&L Results (IAS/IFRS)
(€ml.)
| 43 |
1H2004 1H2005
| 44 |
TV Rights Tangible & Intangible Fixed Assets
TELECINCO | Investments (IAS/IFRS)
91.0
2.1
1H2004
€ 93.1 ml.
2.4
97.61H2005
€ 100.0 ml.
| 44 |
| 45 |
TELECINCO | Cash Flow Statement (IAS/IFRS)
Initial Net Financial Position
Free Cash Flow
Cash Flow from Operations
Investments
Disinvestments
Change in Net Working Capital (CNWC)
Equity (Investments)/Disinvest.
Cashed in Dividends
Dividends
Total Net Cash Flow
Final Net Financial Position
(€ml.)
| 45 |
244.3
190.8
255.1
(100.0)
1.5
34.2
(0.4)
1.1
(172.6)
18.9
263.2
252.1
131.3
197.7
(93.1)
0.7
26.0
(0.5)
0.9
(250.0)
(118.3)
133.8
1H2004 1H2005
| 46 |
Forward-looking StatementsStatements contained in this document, particularly the ones regarding any Mediaset Grouppossible 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 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.
Investor Relations Department:
Tel: +39 02 2514.7008Fax: +39 02 2514.6719Email: [email protected]: www.gruppomediaset.it/investorcenter
