2006 Full Year Results Presentation. Milan, 14 th March 2007

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1 2006 Full Year Results Presentation Milan, 14 th March 2007

2 Fedele Confalonieri Chairman

3 MEDIASET GROUP Consolidated Results (Euro ml.) Net Consolidated Revenues 3, ,747.6 EBIT 1, ,036.5 NET PROFIT after Minorities 603, Dividend per Share (Euro) Group 3

4 Fedele Confalonieri Chairman

5 Pier Silvio Berlusconi Vice Chairman and Head of Broadcasting

6 Main trends of Mediaset in 2006 FTA TV maintains its centrality DTT increases penetration in Italian families. Growth in Mediaset s PPV Offer Strategic guidelines going forward Broadcasting 6

7 Main trends of Mediaset in 2006 FTA TV maintains its centrality DTT increases penetration in Italian families. Growth in Mediaset s PPV Offer Strategic guidelines going forward Broadcasting 7

8 MEDIASET 2006 Leadership on Commercial Target Commercial Target (4-64 years) refers to 44,897,135 people who correspond to 79.8% of the Italian population 24 Hours Source: Auditel, 24 Hours, (% audience share) Broadcasting 8

9 MEDIASET 2006 Channel Ranking on different Targets 4-14 yrs yrs yrs yrs ITALIA1 CANALE 5 RAI1 RAI 2 RAI 3 RETE 4 LA CANALE 5 ITALIA 1 RAI1 RAI 2 RAI 3 RETE 4 LA CANALE 5 ITALIA1 RAI1 RAI 2 RAI 3 RETE 4 LA CANALE 5 RAI1 ITALIA 1 RAI 2 RAI 3 RETE 4 LA yrs yrs yrs 65+ yrs CANALE 5 RAI1 ITALIA 1 RAI2 RAI3 RETE 4 LA CANALE 5 RAI1 RAI2 ITALIA 1 RAI3 RETE 4 LA RAI1 CANALE 5 RAI2 RAI3 RETE 4 ITALIA 1 LA RAI1 CANALE 5 RETE 4 RAI3 RAI2 ITALIA 1 LA Source: Auditel, 24 Hours, (% audience share) Broadcasting 9

10 MEDIASET 2006 What really matters for Audience? % Total Consumption % Total Advertising Investment Mediaset Audience Share RAI Satellite (over 100 channels) 4-64 years 81% 87% 43.0% 38.7% 8.9% Source: Auditel, 24 Hours Broadcasting 10

11 MEDIASET 2006 What really matters for Audience? GRP s Share on Commercial Target 64.9% GRP s Share 27.7% 4.3% 3.1% MEDIASET (3 channels) RAI (3 channels) Satellite (over 100 channels) LA7 (1 channel) FTA TV model confirms its central role Source: Auditel, 24 Hours Broadcasting 11

12 Total TV Cost Trend CAGR E CAGR 2.1% 2.4% 1.8% 2.4% MEDIASET Italian CPI (*) MEDIASET Italian CPI (*) Total TV Costs = Personnel Costs + TV Operating Costs + TV Rights D&A+ Other D&A (*) Source: ISTAT 2007 Broadcasting 12

13 FTA TV Short/medium term actions On the Editorial side: Increasing differentiation between FTA and multichannel TV content On the Cost side: Pursuing the most effective programme scheduling mix Improving efficiency of key content for multichannel TV (movies, Tv Series) Seeking efficiency of individual programmes On the Audience side: Fine tuning of the ADV commercial offer to the new competitive scenario by emphasizing the uniqueness of commercial TV targets A constant search for a better balance between costs, audience and advertising revenues Broadcasting 13

14 Main trends of Mediaset in 2006 FTA TV maintains its centrality DTT increases penetration in Italian families. Growth in Mediaset s PPV Offer Strategic guidelines going forward Broadcasting 14

15 Digital TV Platform development in Italy ,6% ,2% ,0% Digital Penetration on 22ml. Households 11,5% 11,6% 13,4% 8,5% 4,3% 5,6% ,9% ,8% E DTH Satellite Pay IPTV DTT Source: Datamonitor 2006, Tv international, Company information, (.000), 22 ml. Households Broadcasting 15

16 Digital platform take up 704 DTT +92% CAGR DTH +39% CAGR 264 IPTV +38% CAGR Year 1 Year 2 Year 3 DTT is the fastest growing TV Platform Broadcasting 16

17 2006 Adience share on DTT platform Target 4-64 years Total Audience DTT Audience Δ % points Mediaset 43.0% 49.5% +6.5 Mediaset Premium Boing Mediashopping RAI 38.7% 39.2% +0.5 Others 18.3% 11.3% -7.0 Source: Auditel, 24 Hours (% audience share) Broadcasting 17

18 Development of Pay TV Offers in Italy /12/ /12/ /12/ Sky Italia (Satellite) Mediaset Premium (DTT) Alice TV (IPTV) Source: Datamonitor 2006, Company information, (.000) Broadcasting 18

19 Update on Mediaset Premium Mediaset Premium Smart Cards Sold to Retailers ,574, th March ,819,000 N Recharges sold to Retailers 5,380,000 6,610,000 Broadcasting 19

20 24-month experience of Mediaset Premium Positives To be improved High number of card sold (2.8 ml) High customer satisfaction: over 6.6 million recharges sold The success of Mediaset Premium has contained the development of other Pay TV platforms in term of number of subscription TV rights investments have generated immediate returns so as to selffinance the Mediaset Premium launch going forward Low level of consumption due to limited content offer Limited new additions migrating from other Pay TV Operators The business model is better suited to a per-event consumption (e.g. football) rather than a regular consumption The card being anonymous results in a lack of relationship with the final users The launch was a success. Now ready for phase 2 Broadcasting 20

21 Main trends of Mediaset in 2006 FTA TV maintains its centrality DTT increases penetration in Italian families. Growth in Mediaset s PPV Offer Strategic guidelines going forward Broadcasting 21

22 Mediaset Group Revenues Development Total Revenues: +31 % % 33% Other Revenues: +94 % Italian FTA TV Revenues: +12 % 78% 67% Broadcasting 22

23 Mediaset Strategic guidelines Content Content Business Business Diversification Diversification Mediaset core business Geographical Geographical Diversification Diversification Access Access Broadcasting 23

24 Strategic guidelines Content UP TO NOW High level of original Mediaset in-house productions: over 4,700 hours per year Ownership of encrypted rights for main Serie A football teams until 2010 A joint venture with Endemol to produce Italian soap operas exclusively for Mediaset STARTING TOMORROW Strengthen control over Italian content: - More made in Mediaset exclusive products - New agreements with Italian fiction and soap producers - Direct Mediaset involvement in Italian cinema Evaluation of acquisition opportunities in Italy and abroad: opportunistic and rational approach Strengthen the relationship with US Majors in line with the new competitive scenario Broadcasting 24

25 Strategic guidelines Geographic Diversification UP TO NOW Tele5 is the reference model for the European broadcasting industry STARTING TOMORROW Difficulty in creating synergies between broadcasters in different countries. Therefore it is very difficult to create value for the shareholders The Mediaset approach will not change: interest only in projects with an industrial logic An interest in evaluating start ups in other countries Partnership in China for a syndicated sports channel Broadcasting 25

26 Strategic guidelines Access UP TO NOW Development of 2 DTT multiplexes that cover about 80% of Italian population Development of a digital terrestrial network to broadcast TV via mobile phones (DVB-H) STARTING TOMORROW Evaluating the possibility of strengthening the direct relationship with viewers in order to distribute traditional and premium content not only on DTT: mobile phones, broadband and IPTV Evaluating wholesale commercial agreements with telephone operators Broadcasting 26

27 Strategic guidelines Business Diversification UP TO NOW Mediaset Premium launched just two years ago On going commitment in diversified activities tied to our Core Business: Homeshopping, New Media, etc. STARTING TOMORROW We are working on a project that, through a quantitative increase of quality content, should allow Mediaset to migrate the present/future PPV viewer into a subscriber, leading to an increase of the ARPU compared to the current level This should allow Mediaset to compete for a share of the Italian Pay TV market, currently worth about 2.5 billion Euro and destined to grow This should represent, in a second stage, a springboard for Mediaset to enter other distribution platforms Broadcasting 27

28 Conclusions Free TV is and shall remain our Core Business Today we are laying the foundation for the Mediaset of 2012, evaluating projects that might enlarge the present business model (both in Italy and abroad) with the stated objective of creating value for all the shareholders Mediaset is committed to increase the weight of non-fta TV activities to 20%- 25% of EBITDA by 2012 The Media Sector is changing and Mediaset is leading the change Broadcasting 28

29 Pier Silvio Berlusconi Vice Chairman and Head of Broadcasting

30 Giuliano Adreani CEO

31 MEDIASET 2006 Advertising Revenues -3.6% 2, ,850.0 ( Euro ml.) Advertising 31

32 MEDIASET Publitalia vs. Market 2000, Index Publitalia Advertising Revenues Total Advertising Market (excluding Publitalia) Source: Publitalia elaboration on Nielsen AdEx data Advertising 32

33 Main trends in 2006 First 9 Month performance 4 th Quarter analysis Full Year analysis First hints on 2007 Advertising 33

34 MEDIASET M Key facts Adverse events concentrated in the first part of the year: Winter Olympics on RAI (February); National Election (April); Easter holiday and other national holidays (April); Football World Cup on RAI (June/July) Advertising 34

35 MEDIASET M Advertising Revenues -0.9% 2, ,067.0 (Euro ml.) 9M M 2006 Advertising 35

36 MEDIASET M Customer Base Active Clients 959 New Clients 211 Advertising 36

37 Main trends in 2006 First 9 Month performance 4 th Quarter analysis Full Year analysis First hints on 2007 Advertising 37

38 MEDIASET Q A marked slowdown in the ADV market Market (*) excluding Mediaset RAI -0.1% -5.9% (*) traditional media Advertising 38

39 MEDIASET Q Sector Analysis Market (excluding Mediaset) Mediaset Mediaset share in the sector (2005) TELECOM -21.4% -22.1% 50.8% TOILETRIES/HOME CARE +11.9% +4.9% 57.6% FOOD -0.6% -5.7% 52.4% Advertising 39

40 MEDIASET Q Sector Analysis Market (excluding Mediaset) Mediaset Mediaset share in the sector (2005) AUTOMOTIVE +8.9% +25.3% 31.1% TOILETRIES -1.5% +22.0% 37.7% Advertising 40

41 Main trends in 2006 First 9 Month performance 4th Quarter analysis Full Year analysis First hints on 2007 Advertising 41

42 MEDIASET 2006 Sector Analysis 2006 (ml Euro) 2006 vs 2005 FOOD % NON FOOD % TELECOM % AUTOMOTIVE % FINANCE/INSURANCE % RETAIL % MEDIA/PUBLISHING % Advertising 42

43 MEDIASET 2006 Advertising Breakdown by Sector AUTOMOTIVE FOOD NON FOOD FINANCE TELECOM RETAIL MEDIA/PUBLISHING OTHER SECTORS 10.2% 26.1% 14.5% 4.3% 12.6% 1.6% 8.9% 21.8% 11.3% 25.9% 15.5% 3.6% 12.3% 1.7% 8.2% 21.5% Advertising 43

44 MEDIASET 2006 Main Advertisers performance Sectors 2006 vs (.000 Euro) TOP 3 GROCERY ADVERTISERS TOP 2 TELECOM ADVERTISERS TOP 4 OTHER ADVERTISERS Advertising 44

45 MEDIASET 2006 Customer Base Active Clients 1,128 New Clients 288 Advertising 45

46 Main trends in 2006 First 9 Month performance 4th Quarter analysis Full Year analysis First hints on 2007 Advertising 46

47 Giuliano Adreani CEO

48 Marco Giordani CFO

49 MEDIASET GROUP P&L Highlights (Euro ml.) Net Consolidated Revenues 3, ,747.6 EBITDA 2, ,920.9 EBIT 1, ,036.6 Group Net Profit Financials 49

50 MEDIASET GROUP P&L Consolidated Results (Euro ml.) 2006 Consolidated 2006 Mediaset 2006 Telecinco Consolidation Effects Net Consolidated Revenues 3, , (1.6) EBITDA 1, ,311.9 margin 51.3% 47.7% % 0.0 EBIT 1, (0.1) margin 27.7% 21.7% 44.1% Net Profit T5 Minorities (156.3) Group Net Profit Financials 50

51 2006 RESULTS Italian Business Financials 51

52 MEDIASET ITALIAN BUSINESS P&L Results (Euro ml.) Net Consolidated Revenues Personnel Costs Other Operating Costs EBITDA Rights Amortisation Other Amortisation & Depreciation Operating Profit Gain (Losses) from Equity disinvest. EBIT Financial Income (Losses) Associates Pre-Tax Profit Taxes NET PROFIT , ,751.5 (368.0) (373.1) (945.4) (1,066.5) 1, ,311.9 (572.8) (602.5) (74.1) (113.8) (3.9) (30.2) (46.2) (323.5) (221.7) Financials 52

53 MEDIASET ITALIAN BUSINESS Operations Breakdown (Euro ml.) Total Net Revenues Total Costs (including D&A) Operating Profit Margins FTA TV 2,500.5 (1,846.1) ,2% Network Operator (172.6) (21.4) n.m. Pay TV (128.5) (20.7) n.m. Other Activities (122.0) (16.6) n.m. Intra-company Items (113.4) TOTAL 2, , Financials 53

54 MEDIASET ITALIAN BUSINESS FTA TV (Euro ml.) Total Net TV Revenues TV Advertising Revenues Multichannel Adv. Revenues Commissions Other TV Revenues Total TV Costs Personnel TV Operating Costs , , (439.8) 61.2 (1,770.8) (317.5) (771.7) , , (425.4) 69.3 (1,846.1) (318.9) (811.9) TV Rights Amortisations (553.9) (577.9) Other A&D (43.5) (57.8) Net Intra-company Items (84.2) (79.5) FTA TV Operating Profit margin % % Financials 54 54

55 MEDIASET ITALIAN BUSINESS Network Operator (Euro ml.) Total Net Revenues 3 Party DVB-T/DVB-H Revenues Other Revenues Net intra-company Items Total Costs Personnel Other Operating Costs Other Amortisation & Depreciation Network Operator Operating Profit (133.6) (32.4) (75.7) (25.5) (172.6) (33.2) (92.4) (47.1) (21.4) Financials 55

56 MEDIASET ITALIAN BUSINESS Pay TV (Euro ml.) Total Net PPV Revenues PPV Revenues Advertising Revenues Other Revenues Commissions Total PPV Costs Personnel Other Operating Costs Rights Amortisations and Other D&A Net intra-company items PPV Operating Profit (0.7) (55.8) (1.1) (34.6) (1.4) (18.7) (11.6) (0.8) (128.5) (2.4) (70.5) (26.0) (29.6) (20.7) Financials 56

57 MEDIASET ITALIAN BUSINESS Other Activities (Euro ml.) Total Net Revenues Thematic Channels Multimedia Mediashopping Other Non-TV Revenues Total Costs Personnel Other Operating Cost Right Amortisations Other Amortisations & Depreciations Net Intra-company Items Other Activities Operating Profit (112.1) (17.0) (63.4) (6.8) (15.7) (9.1) (17.5) (122.0) (18.5) (91.7) (0.0) (7.5) (4.2) (16.6) Financials 57 57

58 MEDIASET ITALIAN BUSINESS Investments ml Euro 1,321.6 ml Euro * ** TV Rights PPV Rights DTT Technical & Immaterial Option Rights (*) o/w around 270 ml Euro for DVBH Network (**)Serie A Club Rights 07/09 Financials 58

59 MEDIASET ITALIAN BUSINESS Cash Flow Statement (Euro 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 Treasury Shares (incl. Buyback Program) Total Net Cash Flow Final Net Financial Position Final GROUP Net Financial Position (182.3) ,142.4 (985) (448.8) (418.6) (531.5) (713.8) (358.0) (713.8) ,087.3 (1321.6) (489.3) 15.5 (250.7) (964.4) (568.3) Financials 59

60 MEDIASET GROUP Investment & Return ROI 24.1% 21.3% 27.4% 36.0% 40.0% 31.7% NET INVESTED CAPITAL % 2006 vs % CAGR 2006 vs Financials 60

61 MEDIASET GROUP Investment & Return (2) ROE 10.5% 15.0% 14.6% 20.1% 22.3% 18.4% NET SHAREHOLDERS EQUITY % 2006 vs %CAGR 2006 vs Financials 61

62 MEDIASET GROUP Leading Indicators Ebit Margin (ROS) * (%) 27.3% 29.3% 25.0% 24.1% 26.8% 30.3% 30.2% 21.7% Net Profit (Euro ml.) Free Cash Flow ** (Euro ml.) Earnings per Share (Euro) Dividend per Share (Euro) **** Distributed Dividend (Euro ml.) **** Pay-out Ratio (%) 64% 67% 67% *** 68% 73% 81% 81% 98% From 2004 IFRS/IAS (*): Italian Business (**) Italian Business, excluding Associates Investments and Tele5 Dividend (***): excluding Kirch Media extraordinary provisions (****): to be approved by AGM, 19th April 2007; Buyback Shares are not eligible to receive Dividends Financials 62

63 Marco Giordani CFO

64 MEDIASET GROUP Back up Slides Financials

65 MEDIASET GROUP Consolidated Cash Flow (Euro ml.) Net Financial Position Free Cash Flow - Cash Flow from Operations -Investments - Disinvestments - Change in Net Working Capital (CNWC) Treasury Shares Equity (Investments)/Disinvest. Dividends (paid and received) Total Net Cash Flow Net Financial Position 31/12 (62.0) ,606.9 (1148.5) (443.3) 48.2 (530.4) (420.0) (358.0) (358.0) ,585.8 (1466.5) (629.5) (210.3) Financials 65 65

66 MEDIASET GROUP Consolidated Balance Sheet (Euro ml.) Television Rights Goodwill and consolidation differences Other tangible and intangible assets Financial assets Networking capital & other assets/liabilities Severance indemnity reserve Net Invested Capital Net Group assets Shareholders equity and minority interest Net assets Net financial position , (75.3) (132.0) 3, , , , , (307.1) (130.3) 3, , , Financials 66 66

67 MEDIASET SPANISH BUSINESS Back up Slides Financials

68 TELECINCO P&L Results (Euro ml.) Net Consolidated Revenues Personnel Costs Other Operating Costs EBITDA Amortisation & Depreciation EBIT Pre-Tax Profit NET PROFIT (75.1) (280.9) (161.8) (79.5) (309.1) (169.4) Financials

69 TELECINCO Investments (Euro ml.) ml Euro ml Euro TV Rights Tangible & Intangible Fixed Assets Financials 69 69

70 TELECINCO Cash Flow Statement (Euro ml.) Initial Net Financial Position Free Cash Flow Cash Flow from Operations Net Investments Change in Net Working Capital (CNWC) Change in equity Equity (Investments)/Disinvest. Cashed in Dividends Dividends Total Net Cash Flow Final Net Financial Position (163.5) 6.4 (24.7) (172.6) (144.9) (17.6) 3.9 (10.6) 1.2 (290.3) Financials 70 70

71 Investor Relations Department: Tel: Fax: WebSite: 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.

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