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2013 Full Year Results Presentation
Mil
Milan,
2 th March
25
M h 2014
Broadcasting & Advertising
ITALY | Tv consumption trend (2009-2013)
A
Average
d il minutes*
daily
i t *
+9.7%
+9.0%
253
238
261
170
156
FY 2009
FY 2011
FY 2013
INDIVIDUALS
* Average
g daily
y minutes vs. total Italian p
population
p
|3|
FY 2009
166
FY 2011
15 34 yrs
15-34
FY 2013
ITALY FY 2013 | Tv consumption trend
J
January
- December
D
b
Individuals
15-64 yrs
Consumption
+1.9%
+0.6%
Viewing time
time*
+2.3%
+1.3%
Reach
-0.2%
-0.6%
Tv reach**
82.0%
Video viewers on Tv websites**
22.0%
* Average daily minutes vs. total audience
** On total Italian population
|4|
ITALY FY 2013 | Tv audience market
C
Commercial
i l ttarget,
t 15-64
15 64 years
Discovery Group
6.4%
Others
12.3%
Mediaset
M
di
t
36.2%
Rai
33.1%
Sky + Fox
8.2%
La7
3.8%
Source: Company
p y elaborations on Auditel data,, Januaryy - December
|5|
MEDIASET FY 2013 | Multichannel audience share
24 hours
h
- commercial
i l ttargett
FY 2012
FY 2013
MEDIASET DTT (Free+Pay)
6.9%
7.6%
RAI DTT
6 5%
6.5%
6 9%
6.9%
SKY Channels
5.9%
5.8%
FOX Channels
2.4%
2.3%
Discovery
4.5%
6.5%
Source: Company
p y elaborations on Auditel data,, Januaryy - December
|6|
ITALY FY 2013 | Advertising market trend
1H13 vs. 1H12
FY13 vs. FY12
Total Market
-17.1%
-12.0%
Tv Market
-16.4%
-10.0%
Mediaset
-17.2%
-11.4%
Press
-27.0%
-24.0%
Radio
-11.7%
-6.2%
-3.2%
-2.0%
%
Internet*
Source: Nielsen, excluding direct mail, only national commercial
* Excluding
E l di Keyword,
K
d search
h
|7|
MEDIASET FY 2013 | Total advertising revenues
E
Euro
mll
-11.4%
2,327.2
FY 2012
Note: all platforms
|8|
2,061.5
FY 2013
MEDIASET FY 2013 | Advertising Breakdown by Sector
FY 13 vs FY 12
Finance
+6.4%
Other
-9.2%
Food
-16.2%
3%
19%
22%
Retail
-5.1%
Pharma
Ph
-5.2%
4%
6%
5%
Media
-6.4%
16%
Non Food
-9.3%
11%
14%
Auto
-19.9%
TLC
-10.8%
|9|
MEDIASET | Our rich offer
F
Free
to
t Air
Ai Tv
T
12 channels
P Tv
Pay
T
15 channels
1 on-demand service
| 10 |
W b
Web
33 websites
MEDIASET | Our communication strategy
IIntegrated
t
t d advertising
d ti i campaign
i - an example
l
Total net reach 71.0%
Videoweb
reach 10.0%
Premium
Pay Tv
reach 40.0 %
Thematic
Free to air Tv
Generalist
Free to Air Tv
Target: adults 25
44 yrs
25-44
| 11 |
reach
h 55.0%
55 0%
MEDIASET | Our communication strategy
IIntegration
t
ti starting
t ti ffrom content:
t t Bi
Big B
Brother
th
Social effect
317k like
App Gaming
330k download/week
113k tweet
Pay Tv
(n.m.)
Live streams
VOD
Web site
L5
Canale5
42k users/day
3mio videostreams/week
1mio unique browsers/day
long tail 0.3mio people
prime time 5mio people Italia1
day time 1.1mio people
Sources: Auditel, Census, Social
| 12 |
MEDIASET | Innovation of our advertising products
M i examples
Main
l
ALL 21
an advertising slot of 60”, broadcasted in the peak of audience
simultaneously every evening at 21.00
21 00 on seven Mediaset FTA channels
ALL 24 HOURS
the web extension of “All 21”. The same “All 21” advertising break
is streamed on web 24 hours after
SYSTEM X.Y.
a cross-media selling strategy that guarantees:
•
maximun reach (Canale 5)
•
targeting (free and pay thematic channels)
•
on demand details (Premium Play, video display)
•
profiling (web)
CONTENT IDENTITY
integrated product by genre (e.g. news, entertainment, fiction, sport)
TARGET IDENTITY
integrated product by target (e.g. male, female, young people, children)
| 13 |
ITALY 1M 2014 | Advertising market trend
1M14 vs. 1M13
Total Market
-1.9%
Tv Market
+1.6%
Mediaset
+1.0%
Press
-16.9%
Radio
+5.1%
Internet*
-3.2%
3 %
Source: Nielsen, excluding direct mail, only national commercial
* Excluding
E l di Keyword,
K
d search
h
| 14 |
Financials
MEDIASET GROUP FY 2013 | P&L Highlights
FY 2012
FY 2013
Net Consolidated Revenues
Italy
Spain
3,720.7
2 834 9
2,834.9
886.7
3,414.7
2 588 5
2,588.5
826.8
EBITDA
Italy
Spain
1,269.5
994.4
275.4
1,304.3
1,043.2
261.2
EBIT
Italy
Spain
(235.4)
(235
4)
(284.0)
48.8
246.3
246
3
176.1
70.2
NET PROFIT
(287.1)
8.9
(1,712.8)
(1 786 5)
(1,786.5)
73.7
(1,459.0)
(1 552 5)
(1,552.5)
93.5
(Euro ml.)
Group Net Financial Position
Italy
Spain
| 16 |
MEDIASET ITALIAN BUSINESS FY 2013 | P&L results
FY 2012
FY 2013
Net Consolidated Revenues
2,834.9
,
2,588.5
,
Personnel Costs
(515.1)
(431.1)
(1,325.4)
(1,114.2)
994 4
994.4
1,043.2
(1,119.4)
(704.3)
Other Amortisation & Depreciation
(159.0)
(162.8)
Operating Profit
(284 0)
(284.0)
176 1
176.1
(55.3)
(69.9)
(0.3)
(3.8)
(339 5)
(339.5)
102 4
102.4
Taxes
40.4
(83.5)
Minorities
(8.3)
(11.5)
(307.4)
7.3
(Euro ml.)
Other Operating Costs
EBITDA
Rights Amortisation
Financial Income (Losses)
Associates
P T Profit
Pre-Tax
P fit
NET PROFIT
| 17 |
MEDIASET ITALIAN BUSINESS FY 2013 | Cash cost target beated
Total cash cost savings
(617.2)
Integrated Tv Operating
Costs
Italian business
Investments
(261.7)
(355.5)
1,711.0
719.2 (**)
1,449.3(*)
363.7
FY 2011
FY 2013
Note: Operating Costs includes Personnel and Other operating costs
(*) excluding restructuring items
(**) excluding
l di
S i A ffootball
Serie
tb ll rights
i ht (836
(836.0
0 mio)
i )
| 18 |
FY 2011
FY 2013
MEDIASET ITALIAN BUSINESS FY 2013 | Integrated Tv activities
FY 2012
(Euro ml.)
Total Net Revenues
FY 2013
2,778.8
2,534.9
,
Total Gross advertising revenues
2,327.2
2,061.5
Commissions
(341.9)
(301.2)
1,985.3
,
1,760.3
,
Pay Tv Revenues
518.0
552.0
Other Revenues
275.5
222.6
(3,107.3)
(3
107 3)*
(2 417 2)
(2,417.2)
(470.0)
(388.5)
(1,234.9)
(1,032.7)
Total Operating Costs
(1,704.9)
(1,421.2)
Rights Amortisation
(1,119.4)
(704.3)
Other Amortisation & Depreciation
(108.9)
(115.5)
Intra-company items
(174.1)
(176.1)
(328.5)
117.7
Total Net Advertising
g Revenues
Total Costs
Personel costs
Other operating costs
Integrated Tv Activities Operating profit
((*)) of which (307
(307.8)
8) ml of restructuring items
| 19 |
MEDIASET ITALIAN BUSINESS FY 2013 | Investments
FY 2012
FY 2013
(Euro ml.)
Tv rights and cinema
435.2
326.8
Technical & immaterial
92 0
92.0
527.2
| 20 |
36 9
36.9
Total
Investments
363.7
MEDIASET ITALIAN BUSINESS FY 2013 | Cash flow statement
FY 2012
(Euro ml.)
Initial Net Financial Position (01/01)
(1,917.1)*
FY 2013
(1,786.5)
245 6
245.6
237 3
237.3
Cash Flow from Operations
1,059.1
886.9
Investments
(527.2)
(363.7)
19
1.9
42 7
42.7
(288.2)
(328.6)
Equity (investment)/ disinvestment
(25.7)
0.2
Free Cash Flow
219 9
219.9
237 5
237.5
(113.7)
(4.1)
24.4
0.7
-
-
130.6
234.0
Final Net Financial Position (31/12)
(1,786.5)
(1,552.5)
Group Final Net Financial Position (31/12)
(1,712.8)
(1,459.0)
Cash Flow from Core Activities
Disinvestments
Change in Net Working Capital (CNWC)
Dividends
Cashed-in dividends
Change in consolidation area
Total Net Cash Flow
(*) including
i l di (115.2)
(115 2) mll Euro
E
off change
h
in
i consolidation
lid ti area
| 21 |
MEDIASET ITALIAN BUSINESS | Cash Conversion
Euro ml.
ml
Net Consolidated
Revenues
3,438.3
3,241.6
2,834.9
Cash flow from
core activities
2,588.5
374 0
374.0
245.6
237.3
2012
2013
144.8
2010
| 22 |
2011
MEDIASET GROUP | Net financial position evolution
Euro ml.
ml
1,890.7
after DMT acquisition
1,775.5
1,712.8
1 459 0
1,459.0
31/12/2011
| 23 |
01/01/2012
31/12/2012
31/12/2013
Back up
MEDIASET ITALIAN BUSINESS FY 2013 | EI Towers
FY 2012
(Euro ml.)
FY 2013
233.8
233.2
3rd Party Revenues
56.1
53.6
Intra-company
Intra
company items
177.7
179.6
Total Costs
(189.3)
(174.9)
Personnel
(45.0)
(42.6)
Other operating Costs
(90.6)
(81.5)
Other Amortisation & Depreciation
(50.0)
(47.3)
((3.7))
((3.5))
44.5
58.4
Total Net Revenues
Intra-company
p y items
EI Towers Operating Profit
| 25 |
MEDIASET SPANISH BUSINESS | Back up Slides
MEDIASET ESPANA FY 2013 | P&L Results
(Euro ml.)
FY 2012
FY 2013
886.7
826.8
P
Personnel
l Costs
C t
(109 3)
(109.3)
(104 9)
(104.9)
Other Operating Costs
(502.1)
(460.8)
275.4
261.2
(226.6)
(190.9)
EBIT
48.8
70.2
Financial Income (Losses)
(5.5)
(3.3)
9.1
(69.2)
P T Profit
Pre-Tax
P fit
52 3
52.3
(2 2)
(2.2)
Taxes
(2.8)
6.2
0.6
0
6
0.3
50.1
4.2
Net Consolidated Revenues
EBITDA
Amortisation & Depreciation
Associates
Minorities
Net Profit Reported
| 27 |
MEDIASET ESPANA FY 2013 | Investments
FY 2012
(Euro ml
ml.))
FY 2013
Tv rights and cinema
176.8
179.8
Co-production
3.2
2.3
Tangible & Intangible fixed assets
8.9
191.9
| 28 |
6.6
Total
Investments
185.7
MEDIASET ESPANA FY 2013 | Cash Flow Statement
FY 2012
FY 2013
Initial Net Financial Position
26.5
73.7
Free Cash Flow
40.2
10.9
- Cash Flow from Operations
272.7
252.5
- Investments/Disinvestment
I
t
t /Di i
t
t
(191 9)
(191.9)
(185 7)
(185.7)
(40.6)
(55.8)
1.2
6.6
Equity (Investments)/Disinvest.
39.0
(0.6)
Cashed in Dividends
22.1
2.8
(55.3)
-
Total Net Cash Flow
47.3
19.8
Final Net Financial Position (31/12)
73 7
73.7
93 5
93.5
(Euro ml.)
- Change in Net Working Capital (CNWC)
g in Equity
q y
Change
Dividends
| 29 |
Investor Relations Department:
Tel: +39 02 2514.7008
Fax: +39 02 2514.6719
Email: [email protected]
W bSit www.mediaset.it/investor
WebSite:
di
t it/i
t
Forward-looking Statements
Statements contained in this document,
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.
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