M e d i a s e t G r o u p

Transcription

1 M e d i a s e t G r o u p 11 th May First Quarter Results

2 M e d i a s e t G r o u p BROADCASTING

3 MEDIASET Q 24 Hours Audience Trend Individuals Share Points Vs 1Q 2003 OTHER SATELLITE 44.0% 44.4% 2.2% 3.7% Stable Growth OTHER TERRESTRIAL 5.8% -0.6 Source: Auditel, Individuals BROADCASTING 3

4 MEDIASET Q Still Leader in Prime Time Individuals Commercial Target (15-64yrs) 45.0% 44.5% 46.6% 42.3% Source: Auditel BROADCASTING 4

5 MEDIASET Q Channel Ranking PRIME TIME Individuals yrs yrs RAI CANALE CANALE CANALE RAI RAI ITALIA ITALIA ITALIA RAI RAI RAI RAI RAI RAI RETE RETE RETE Source: Auditel BROADCASTING 5

6 MEDIASET Q CANALE 5: Audience Share PEAK TIME (21:00 23:00) Share Points Vs 1Q 2003 Share Points Vs 1Q 2003 INDIVIDUALS 24.6% +1,4 24.2% = yrs 25.7% % -0.5 Source: Auditel BROADCASTING 6

7 MEDIASET Q Ad Break Audience Performance PEAK TIME (21:00 23:00) Individuals Commercial Target (15-64yrs) 13.6% 31.7% Source: Auditel BROADCASTING 7

8 MEDIASET Q ITALIA 1: 3rd Channel in Prime Time Individuals 11.2% 9.5% Commercial Target (15-34yrs) 16.1% 8.8% Source: Auditel BROADCASTING 8

9 MEDIASET Q RETE4: Strong Growth PRIME TIME Share Points Vs 1Q 2003 INDIVIDUALS 9.0% +1.1 MALE TARGET 9.5% +1.7 Source: Auditel BROADCASTING 9

10 MEDIASET Q Ad Break Audience Performance 24 HOURS % Vs Estimated Impacts JANUARY FEBRUARY MARCH INDIVIDUALS HOUSEWIVES* +1.1 = yrs +3.0 = +4.9 Source: Auditel * Women over 20 yrs BROADCASTING 10

11 M e d i a s e t G r o u p ADVERTISING 2004 First Quarter Results

12 MEDIASET Q Advertising Revenues ml ADV Revenues +8.1% Vs 1Q Q Q Q ADVERTISING 12

13 MEDIASET Q 4-YEAR Advertising Trend Q Q Q Q Q Source: Infoadex Nielsen Estimates ADVERTISING 13

14 ITALIAN MARKET Q Advertising Trend by Sector 2004 vs 2003 FINANCE/INSURANCE TELECOM AUTOMOTIVE MEDIA & PUBLISHING RETAIL +33.6% +21.3% +12.8% +24.5% +46.2% ADVERTISING 14

15 MEDIASET Q Advertising by Sector 1Q2004 (ml ) 2004 vs vs 2002 FOOD % +2.7% NON FOOD % -7.5% AUTOMOTIVE % +2.0% FINANCE/INSURANCE % -28.7% TELECOM % +8.8% MEDIA & PUBLISHING % +22.4% ADVERTISING 15

16 MEDIASET Q New Clients Acquisition Policy Active Clients New Clients in 1Q New Clients Revenues 12.8 ml ADVERTISING 16

17 M e d i a s e t G r o u p BROADCASTING 2004 First Quarter Results

18 TELE Q TV Audience Share PRIME TIME Individuals Commercial Target 24,1 23,9 26,8 28,3 22,5 22,8 19,0 19,2 18,3 17,8 20,1 18,8 17,0 20,0 18,8 16, Source: Sofres, Prime Time, Individuals (4+ years), Commercial Target (13-54 years) BROADCASTING 18

19 TELE Q TV Audience Share 24 Hours Individuals Commercial Target 23,7 22,9 24,7 25,2 21,4 19,7 18,8 22,1 20,1 17,7 21,0 19,5 16,6 21,4 18,9 15, Source: Sofres, 24 hours, Individuals (4+ years), Commercial Target (13-54 years) BROADCASTING 19

20 M e d i a s e t G r o u p ADVERTISING 2004 First Quarter Results

21 TELECINCO Q Advertising Revenues +21.2% +28.2% ADV Revenues +21.2% Vs 1Q 2003 ( ml) Source: Publiespana ADVERTISING 21

22 M e d i a s e t G r o u p 2004 First Quarter Results

23 MEDIASET GROUP Consolidated Results ( ml.) 1Q Q 2003 Net Consolidated Revenues Operating Costs EBITDA Amortisation & Depreciation EBIT pre Goodwill Amortisation Tele5 Goodwill Amortisation EBIT Pre-Tax Profit (355.9) (209.8) (10.8) (309.1) (248.6) (10.8)

24 ITALIAN BUSINESS 24

25 MEDIASET ITALIAN BUSINESS Financial Results ( ml.) 1Q Q 2003 Net Consolidated Revenues Operating Costs EBITDA Amortisation & Depreciation EBIT Pre-Tax Profit (281.1) (168.4) (243.7) (199.6)

26 MEDIASET ITALIAN BUSINESS Operations Breakdown ( ml.) Total Net Revenues EBIT EBIT margin TV Operations % Non TV Operations % DTT Operations 3.8 (8.8) n.a % 26

27 MEDIASET ITALIAN BUSINESS TV Operations ( ml.) 1Q Q 2003 D % Total Net TV Revenues ,3% TV Advertising Revenues Other TV Revenues Sale of Rights Commissions (111.9) (102.2) Total TV Costs (418.8) (423.9) -1.2% Personnel (76.5) (74.8) TV Operating Costs (180.5) (152.8) TV Amortisations (144.3) (176.2) Other Amortisations & Depreciations (17.5) (20.0) EBIT from TV Operations ,0% margin 35.9% 31.1% 27

28 MEDIASET ITALIAN BUSINESS Non TV Operations ( ml.) 1Q Q 2003 Total Non TV Revenues Thematic Channels Teletext Internet Other Non-TV Revenues Total Non TV Costs Personnel Multimedia Operating Costs Non-TV Operating Costs Amortisations & Depreciations EBIT from Non TV Operations margin (18.0) (2.6) (6.3) (6.1) (3.0) % (19.0) (2.7) (6.2) (6.8) (3.3) % 28

29 MEDIASET ITALIAN BUSINESS DTT Operations ( ml.) 1Q Q 2003 Total DTT Revenues Total DTT Costs Personnel DTT Operating Costs Amortisations & Depreciations (12.7) (1.8) (7.3) (3.6) (0.4) (0.1) (0.3) (0.0) EBIT from DTT Operations (8.8) (0.4) 29

30 MEDIASET ITALIAN BUSINESS Non Operating Items ( ml.) 1Q Q 2003 ALBACOM (19.5% stake) Others Total Associates Net Financial Income/(Charges) Total Extraordinary Items (2.4) (0.1) (2.5) 1.4 (0.3) (10.3) - (10.3) (7.5) (0.1) 30

31 MEDIASET ITALIAN BUSINESS Cash Flow Statement ( ml.) 1Q Q 2003 Net Financial Position 1/1 Free Cash Flow Cash Flow from Operations Investments Disinvestments Change in Net Working Capital Equity (Investments)/Disinvest. Dividends Cashed-in Dividends from Tele5 Total Net Cash Flow Net Financial Position 31/3 (451.4) (136.2) (95.1) (170.8) (133.8) - (53.4) (276.0) - - (74.5) (245.3) 31

32 MEDIASET ITALIAN BUSINESS Investments ml ml Q Q TV Rights Technical & Immaterial DTT investments ( ml.) 32

33 TELECINCO 33

34 TELECINCO Financial Results ( ml.) ITALIAN GAAP 1Q Q 2003 Total Net Revenues Total Costs Personnel Operating Costs Amortisation & Depreciation EBIT Pre-tax Profit (116.4) (16.8) (58.1) (41.5) (114.4) (16.1) (49.3) (49.0)

35 TELECINCO Cash Flow Statement ( ml.) ITALIAN GAAP 1Q Q 2003 Net Financial Position 1/1 Free Cash Flow Cash Flow from Operations Investments Disinvestments Change in Net Working Capital Equity (Investments)/Disinvest. Dividends Total Net Cash Flow Net Financial Position 31/ (58.4) (52.6)

36 MEDIASET GROUP Back up Slides 36

37 MEDIASET GROUP Consolidated Results ( ml.) 1Q 2004 Consolidated 1Q 2004 Mediaset 1Q 2004 Telecinco Consolidation Effects Net Consolidated Revenues (0.1) Operating Costs (355.9) (281.1) (74.9) 0.1 EBITDA Amortisation & Depreciation (209.8) (168.4) (41.5) - EBIT pre Goodwill Amortisation Tele5 Goodwill Amortisation (10.8) - - (10.8) EBIT (10.8) Pre-Tax Profit (10.8) 37

38 MEDIASET GROUP Consolidated Cash Flow ( ml.) 1Q Q 2003 Net Financial Position 1/1 Free Cash Flow Cash Flow from Operations Investments Disinvestments Change in Net Working Capital Change in Consolidation Area Equity (investments)/disinvest. Dividends Total Net Cash Flow Net Financial Position 31/3 (*): including 142.3m. Tele5 1/1/2003 Net Financial Position (199.3) (194.6) (170.8) (186.4) - (27.4) (133.7) * (59.5) 38

39 MEDIASET ITALIAN BUSINESS Back up Slides 39

40 MEDIASET ITALIAN BUSINESS Revenues Breakdown ( ml.) 1Q Q 2003 Total Net TV Revenues TV Advertising Revenues Other TV Revenues Sales of Rights Commissions Total Net Multimedia Revenues Non TV Revenues DTT Revenues Total Net Revenues (111.9) (102.2)

41 MEDIASET ITALIAN BUSINESS Operating Costs Breakdown ( ml.) 1Q Q 2003 Personnel Costs TV Operating Costs Commercial Costs In-house Production Transmission Costs Overheads Multimedia Operating Costs Non TV Operating Costs DTT Operating Costs Total Operating Costs (80.8) (180.5) (20.5) (138.0) (7.0) (15.0) (6.3) (6.1) (7.3) (281.1) (77.6) (152.8) (19.8) (111.0) (7.9) (14.1) (6.2) (6.8) (0.3) (243.7) 41

42 MEDIASET ITALIAN BUSINESS Amortisation & Depreciation -15.6% Depreciation And Other Amortisation ( ml.) ,0 +2.6% TV Rights Amortisation ( ml.) % Q Q

43 TELECINCO Back up Slides 43

44 TELECINCO TV Revenues Breakdown ( ml.) ITALIAN GAAP 1Q Q 2003 Net TV Advertising Revenues Gross TV Advertising Revenues Agency Commissions Other Net Revenues Total Net Revenues (10.9) (11.4)

45 TELECINCO TV Operating Costs Breakdown ( ml.) ITALIAN GAAP 1Q Q 2003 Personnel Costs TV Operating Costs Commercial Costs In-house Production Transmission Costs Overheads Total Operating Costs (16.8) (58.1) (1.1) (42.5) (4.3) (10.2) (74.9) (16.1) (49.3) (1.5) (35.3) (4.5) (8.0) (65.4) 45

46 TELECINCO Amortisation & Depreciation ( ml.) ITALIAN GAAP % ,1 Other Depreciation & Amortisation ( ml.) 3,7-27.5% TV Rights Amortisation & Depreciation ( ml.) 37,8-13.9% 43,9 1Q Q

47 TELECINCO Non Operating Items ( ml.) ITALIAN GAAP 1Q Q 2003 Total Associates 0.1 (0.7) Net Financial Income/(Charges) Total Extraordinary Items (0.2) (0.4) 47

48 TELECINCO Investments 58.4 ml ml Q Q TV Rights Tangible & Intangible Fixed Assets ITALIAN GAAP 48

49 DISCLAIMER 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. The content of this document is not, and shall not be considered as, an offer document or an offer or solicitation to buy or sell any stock. 49