9M 2019 Results Presentation
Milan, 12th November 2019
FY 2017 Results Presentation
Milan, 24th April 2018
Audience & Advertising
MACRO-ECONOMIC KEY INDICATORS
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GDP & HH EXPENDITURE GOOD & SERVICE CONSUMPTION
CONSUMPTION PRICES
Inflation Rate (y.o.t monhtly var.)
CONFIDENCE INDICATORS (ISTAT)
1.1
y.o.y montly growth rate, Source: CONFCOMMERCIOy.o.y growth rate
GDP
Inflation Rate (y.o.t monhtly var.) source: ISTAT
HH EXPENDITURE
ITALY | Macroeconomic scenarioKey Economic Indicators
SERVICES: + 1.1%AVG: + 0.7%GOODS: +0.5%
0.3 0.30.1 0
ISTAT (MAG. 19) BANCA ITALIA (GIU 2019)
PROMETEIA (SETT. 2019) INTESA S. PAOLO (OTT. 2019)
0.5 0.5 0.5 0.4
ISTAT (MAG. 19) BANCA ITALIA (GIU 2019)
PROMETEIA (SETT. 2019) INTESA S. PAOLO (OTT. 2019)
0
0,5
1
1,5
2
gen
-18
feb
-18
mar
-18
apr-
18
mag
-18
giu
-18
lug-
18
ago
-18
set-
18
ott
-18
no
v-1
8
dic
-18
gen
-19
feb
-19
mar
-19
apr-
19
mag
-19
giu
-19
lug-
19
ago
19
sett
.-1
9
-2,5-2,0-1,5-1,0-0,50,00,51,01,52,02,53,0
services good total
90
100
110
120
gen-18
feb-18
mar-18
apr-18
mag-18
giu-18
lug-18
ago-18
set-18
ott-18
nov-18
dic-18
gen-19
feb-19
mar-19
apr-19
mag-19
giu-19
lug-19
ago-19
set-19
ott-19
Consumers Business
ITALY | Analysis of the advertising market9M 2019 vs 9M 2018 (Var %)
-5.3-5.7
3.7
2.1
-12.2
-8.3
-14
-12
-10
-8
-6
-4
-2
0
2
4
6
Tot.Adv Mkt TV Radio Digital Print OOH
Mediaset addressable adv market -4.0 %
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9M 2018 9M 2019
1,458.7
MEDIASET 9M 2019 | Total advertising revenues 9M 2019 vs 9M 2018 (mio Eur)
-8.7%
1,332.4
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MEDIASET 9M 2019│Audience performanceCore channels vs multichannels, commercial target (15-64 yrs, 24H)
Source: Auditel, Live+Vosdal; included R101TV +Virgin Radio TV internal estimate
3.5
33.9
10.18.8
13.9
29.8
MediasetRaiLa7
25.422.6
2.9
Sky+Fox
Mediaset
La7
Rai
Other
Discovery
CORE CHANNELS 2019
Mediaset DTT (Free+Pay)
Rai DTTDiscoverySky ChannelsFox ChannelsLa7 D
8.57.38.88.81.30.6
MULTICHANNELS
September-October linear audience share +150 bps yoy
September-October digital audience 40.1%
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MEDIASET 9M 2019│Advertising breakdown by sector9M 2019 vs 9M 2018
4.0
25.3
14.0
7.111.8
3.8
9.4
5.9
18.7Food-4.2
No Food-12.4
TLC-24.5
Auto-21.9
Media-5.0
Pharma+7.9
Retail+2.6
Other-10.2
MS relative performance vs Tot Adv Market Finance+0.8
MS share better than Tot Adv Market
| 7 |
Source: Nielsen
August & September, first 2 months without discontinuity, showed good growthChampions League advertising slots already sold out until end of the year
9M19 advertising market share still close to 39% despite the strong discontinuities 2019 vs 2018 (Football World Cup, Football Pay TV contents, CHL)
MEDIASET 2019│Advertising and audience performance
Positive progression in TV audience share YTDThe new editorial model, focused on owned properties and productions plus CHL FTA exclusivity, sustains audience (both linear and digital) and the baseline trend.
| 8 |
FY 2017 Results Presentation
Milan, 24th April 2018
Financials
Group Adjusted Net Financial Position (30/09) * (961.4) (735.8)
MEDIASET GROUP 9M 2019 | P&L Highlights
(Euro mio) 9M 2018 9M 2019
Net Consolidated Revenues 2,433.5 2,030.4
Italy 1,737.9 1,371.9
Spain 696.4 660.7
EBITDA 753.7 598.2
Italy 473.9 316.1
Spain 280.4 284.3
EBIT 114.5 188.6
Italy (66.8) 0.2
Spain 181.7 190.2
Net Profit 27.0 101.5
Group Net Financial Position (30/09) (961.4) (1,163.7)
Italy (1,090.6) (1,298.0)
Spain 129.2 134.3
*Excluding financial liabilities according to IFRS 16 and the financial debt arising from the acquisition of ProSiebenSat.1 stake
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(Euro mio) 9M 2018 9M 2019
Total Net Revenues 1,737.9 1,371.9
Total gross adv. revenues 1,458.7 1,332.4
Commissions (208.2) (188.1)
Total net adv. revenues 1,250.5 1,144.3
Other revenues 487.3 227.6
Total Costs (1,804.7) (1,371.7)
Personnel costs (282.9) (274.5)
Other Operating costs (981.1) (781.4)
Rights amortisazion (478.5) (255.8)
Other D&A (62.2) (60.0)
Operating Profit (66.8) 0.2
MEDIASET ITALIAN BUSINESS 9M 2019 | P&L results
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MEDIASET ITALIAN BUSINESS 9M 2019 | Investments
382.7 320.2
33.720.1
(Euro mio) TV rights and cinema
Technical & immaterial
Total Investments
9M 20199M 2018
354.0402.8
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MEDIASET ITALIAN BUSINESS 9M 2019 | Cash flow statement
(Euro mio) 9M 2018 9M 2019
Initial Net Financial Position (1/01) (1,527.5) (1,042.5)
Cash Flow from Operations 440.0 289.0
Investments (402.8) (354.0)
Disinvestments - 5.6
Change in Net Working Capital (CNWC) (38.9) 134.5
Cash Flow from Core Activities (1.6) 75.1
Equity (investment)/disinvestment (8.6) (406.8)
Dividends received 129.2 89.6
Change in consolidation area 0.1 (13.4)
Net Cash Flow 119.1 (255.5)
Net Cash Flow discontinued operations (40.1)
Net financial position discontinued operation 357.8
Net Financial Position (30/09) (1,090.6) (1,298.0)
Adjusted Net Financial Position (30/09) ** (1,090.6) (871.9)
* Initial Net Financial Position includes financial liabilities according to IFRS 16 for 138.2 mio** Excluding financial liabilities according to IFRS 16 and the financial debt arising from the acquisition of ProSiebenSat.1 stake
*
| 13 |
FY 2017 Results Presentation
Milan, 24th April 2018
Back up
MEDIASET ITALIAN BUSINESS 9M 2019 | P&L results
(Euro mio) 9M 2018 9M 2019
Net Consolidated Revenues 1,737.9 1,371.9
EBITDA 473.9 316.1
Operating Profit (66.8) 0.2
Financial Income (Losses) (13.2) (16.5)
Associates (1.4) 42.7
Pre-Tax Profit (81.4) 26.4
Taxes 11.1 (9.2)
Minorities 0.4 1.0
Discontinued operations 21.4
Net Profit (48.6) 18.2
*Including 40% of EI Towers**EI Towers pro quota result
*
**
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MEDIASET SPANISH BUSINESS | Back up Slides
MEDIASET ESPANA 9M 2019 | P&L Results
(Euro mio) 9M 2018 9M 2019
Net Consolidated Revenues 696.4 660.7
Personnel (76.6) (88.4)
Other Operating Costs (339.4) (288.0)
EBITDA 280.4 284.3
Amortisation & Depreciation (98.7) (94.1)
EBIT 181.7 190.2
Financial Income (loss) (0.2) (0.1)
Associates 10.8 5.3
Pre-Tax Profit 192.3 195.5
Taxes (45.4) (37.3)
Net Profit 146.9 157.0
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MEDIASET ESPANA 9M 2019 | Investments
117.7 123.3
21.0
(Euro mio) Tv rights and cinema
Co-production
Total Investments
131.3 151.5
9M 20199M 2018
7.35.4
Tangible & Intangible fixed assets
8.2
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MEDIASET ESPANA 9M 2019 | Cash Flow Statement
(Euro mio) 9M 2018 9M 2019
Initial Net Financial Position (1/01) 135.3 165.5
Free Cash Flow 181.8 168.1
- Cash Flow from Operations 261.7 269.6
- Investments/Disinvestiments (131.3) (151.5)
- Change in Net Working Capital (CNWC) 51.4 50.0
Change in Equity (1.6) 0.2
Equity (Investments)/Disinvest. 8.8 (6.7)
Dividends received 2.4 1.7
Dividend payments (197.5) (100.0)
Own stock purchase - (94.6)
Total Net Cash Flow (6.1) (31.2)
Final Net Financial Position (30/09) 129.2 134.3
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Forward-looking Statements
Statements contained in this document, particularly the ones regarding any Mediaset Group possibleor assumed future performance, are or may be forward looking statements and in this respect theyinvolve some risks and uncertainties.
Mediaset Group actual results and developments may differ materially from the ones expressed orimplied 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 futureperformance.
This announcement does not constitute an offer to sell or the solicitation of an offer to buy thesecurities 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 accountinginformation 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