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