2016 1H Results Presentation. Milan, 28 th July 2016

Transcription

1 2016 1H Results Presentation Milan, 28 th July 2016

2 Broadcasting & Advertising

3 ITALY 1H 2016 Macro-economic indicators GDP & HH EXPENDITURE y.o.y growth rate, Source: ISTAT GOOD & SERVICE CONSUMPTION y.o.y montly growth rate, Source: CONFCOMMERCIO GDP 0,8 1,1 1,4 HH EXPENDITURE 0,9 1,4 1,1 Services Goods TOTAL 1,7 1 1, CONSUMPTION PRICES Inflation Rate (y.o.t monhtly var.) Source: ISTAT 0, ,4 3 3,2 3,3 KEY ECONOMIC INDICATORS 110,2 CONFIDENCE INDEX 11,5% UNEMPLOYEMENT RATE STABLE +1, HH CONSUMPTION GROWTH RATE FORECAST (ISTAT) +0, RETAIL DATA MODERATE GROWTH (ISTAT FOOD & NON FOOD GROCERY) +1,5 OVERALL RETAIL SALES MODERATE GROWTH (CONFCOMMERCIO) 0,6 gen 14 mag 14 set 14 gen 15 mag 15 set 15 gen 16 mag ,2 AUTOMOTIVE SALES 1 HALF GROCERY RETAIL DATA MODERATE GROWTH (NIELSEN ) 3

4 ITALY 1H 2016 Macro-economic indicators Confidence indexes Consumers, Manufacturers & Retailers Confidence Index Consumers Confidence Index Retail Industry Confidence Index Manufacturing Industry 50 nov 14 dic 14 gen 15feb 15 mar 15 apr 15 mag 15 ISTAT recalculated indexes since march 2015: base 2010 = 100 giu 15 lug 15 ago 15 set 15 ott 15 nov 15 dic 15 gen 16feb 16 mar 16 apr 16 mag 16 giu 16 4

5 ITALY 1H 2016 Advertising market trend by medium TOTAL TELEVISION TOTAL RADIO INTERNET PREMIUM PUBLISHER INTERNET REST OF MKT (NON AUDITED) TOTAL INTERNET NEWSPAPERS MAGAZINES OUT OF HOME 1,9 4,7 3,6 +2,0 +6,1 +6,2 +8,1 +10,8 TOTAL MEDIA TOTAL MEDIA W/O DIGITAL N.A. +2,7 +4,3 Source: AC Nielsen official audited data + AC Nielsen estimates for Digital non audited segments (social & search) 5

6 ITALY 1H 2016 Advertising market trend and media dynamics Italy 5M 2016: More than 80% of adv expenditure is represented By VAD (Video, Audio & Digital) TV, RADIO e DIGITAL 3 Other media 14,4 Press TV 50,5 4,6 Radio 27,5 Digital Source: AC Nielsen official audited data + AC Nielsen estimates for Digital non audited segments (social & search) 6

7 MEDIASET 1H 2016 Video Audio & Digital strategy A cross-media player LEADERSHIP IN MAINSTREAM TV COLEADER IN COMPETITIVE MULTICHANNEL TV SEGMENT AGGRESSIVE CHALLENGER IN PAY TV ABSOLUTE LEADER IN VIDEO ONLINE PREMIUM PUBLISHER 3 PLAYER IN DIGITAL (AUDIENCE MONTHLY REACH) LEADER IN AUDIO BUSINESS (AUDIENCE DAILY REACH) 7

8 Rai 0,0 J J 0,4 J M ITALY 1H 2016 TV audience share Core channels vs Multichannels Commercial Target, 15-64, 24 hours The audiences of football event UEFA EURO 2016 ( in June) influence the First Half results 31,8 3,1 12,4 Other 0,2 J J 7,5 0,2 J M Discovery +0,7 J J +0,9 JM La7 0,0 J J 0,1 J M 35,4 9,8 Sky+Fox +1,4 J J +1,0 J M Mediaset 1,9 J J 1,2 J M CORE CHANNELS Mediaset Rai La7 MULTICHANNELS Mediaset DTT (Free+Pay) Rai DTT Discovery Sky Channels Fox Channels La7 D H H ,1 26,8 25,2 25,5 2,5 2,4 9,2 6,6 6,9 6,5 1,8 0,6 8,6 6,4 7,5 8,1 1,7 0,7 Source: Auditel Until June 2016 Deejay 9 ( Discovery) wasn t published in Auditel reporting 8

9 ITALY 1H 2016 Advertising revenues trend Jan-May 2016 vs 2015 Like for like ( )Mediaset is the broadcaster with the best performance in absolute terms % VAR MLVAR MEDIASET +4,5% MEDIASET 41,5 RAI +5,8% RAI 20,9 LA7 +2,4% LA7 1,6 SKY +10,3% SKY TV8 (21,3) 19,4 DISCOVERY +19,3% DISCOVERY DJ TV9 (12,5) 15,7 Source: Nielsen 9

10 MEDIASET 1H 2016 Advertising revenues trend 14 months of positive revenues Q1 +2,8 % Q2 +4,7 % H1 +3,7 % JUL 15 JUN 16 +3,7 % 10

11 MEDIASET 1H 2016 Total advertising revenues Euro ml 1.011,0 + 3,7% Euro ml 1.048,8 H H Source: Mediaset 11

12 ITALY 1H 2016 Trade and consumption vs AdEx Jan-May 2016 vs 2015 Volume 5M16 vs 5M15 FMCG Food Housekeeping Personal care BRANDED FMCG PRIVATE LABEL AUTOMOTIVE CLOTHING TELECOMS SALES +1.0% +1.2% +1.1% 0,5% 0.4% +4.6% +20.5% +0.9% 1,5% ADEX (TV) +4.0% +3.4% +5.0% +5.0% +4.0% +8.4% 8.4% +20.5% Source: Nielsen, Confcommercio, UNRAE 12

13 ITALY 1H 2016 Advertising Breakdown by Sector Jan-May 2016 vs 2015 Other Finance 16,6% MDS TREND better than Total Adv Market MDS SHARE better than Total Adv Market Retail +17,9% Pharma +3,9% 6,2 8,1 16,3 3,5 23,1 Food Media +4,0% 4,2 12,8 8,8 17,0 No Food +4,9% Auto +7,6% TLC +26,8% Source: Nielsen 13

14 MEDIASET 1H 2016 Advertising evolution Diversification and development HIGHLIGHTS PROTECTION OF CORE BUSINESS VIA DEVELOPMENT OF A DIVERSIFIED OFFER VIDEO STRATEGY OFFER TV & DIGITAL SINERGY AUDIO VIDEO OFFER TV & RADIO SINERGY ADVERTISING & CONTENT MKTG SINERGY CROSS SELLING OPPORTUNITY TV CORE BUSINESS Positive Revenue Growth 14 Months In A Row Positive Trend Monetization Power Ratio TV & CROSSMEDIA SINERGY Combined Video & Audio Leadership Over 90% Combined Audience Reach 26 % Radio Audience Share (AQH Daily) TV & DIGITAL SINERGY Leadership in Video Premium Mkt 79 % Digital Audience Reach Positive Impact of Partnerships ADV & CONTENT MKTG SINERGY CrossMedia Branded Integration 3% turnover contribution 14 Double digit % y.o.y growth (+21 % H1) 14

15 Financials

16 MEDIASET GROUP 1H 2016 P&L Highlights (Euro ml.) Net Consolidated Revenues Italy Spain 1H 2015* 1, , H , , EBITDA Italy Spain EBIT Italy Spain NET PROFIT (52.8) (27.8)** Group Net Financial Position Italy Spain (628.2) (873.0) (959.1) (1,024.5) 65.4 * 2015 figures restated due to Purchase Price Allocation policy over the value of EI Towers 2015 acquisitions ** o/w 33mio of transaction cash costs 16

17 MEDIASET ITALIAN BUSINESS 1H 2016 P&L results (Euro ml.) 1H 2015* 1H 2016 Net Consolidated Revenues 1, ,349.7 EBITDA Operating Profit Financial Income (Losses) Associates Pre-Tax Profit Taxes Minorities NET PROFIT 26.5 (23.5) (0.6) 2.4 (11.1) (12.1) (20.8) (52.8) (42.6) 0.8 (94.6) 10.0 (2.2) (86.9) * 2015 figures restated due to Purchase Price Allocation policy over the value of EI Towers 2015 acquisitions 17

18 MEDIASET ITALIAN BUSINESS 1H 2016 Integrated Tv activities (Euro ml.) Total Net Revenues Total Gross advertising revenues Commissions Total Net Advertising Revenues Pay Tv Revenues Other Revenues Total Costs Personel costs Other operating costs Total Operating Costs Rights Amortisation Other Amortisation & Depreciation Intra-company items Integrated Tv Activities Operating profit 1H , ,011.0 (147.9) (1,221.9) (195.8) (518.8) (714.6) (380.8) (38.1) (88.4) (7.7) 1H , ,048.8 (153.3) (1,406.5) (195.2) (627.3) (822.5) (456.7) (38.6) (88.6) (91.7) 18

19 MEDIASET ITALIAN BUSINESS 1H 2016 Integrated Tv PRO-FORMA (Euro ml.) Total Net Revenues Total Gross advertising revenues Commissions Total Net Advertising Revenues Other Revenues Total Costs Personel costs Other operating costs Total Operating Costs Rights Amortisation Other Amortisation & Depreciation Intra-company items Integrated Tv Activities Operating profit 1H , ,011.0 (147.9) (1,011.1) (181.6) (470.2) (651.8) (239.1) (31.8) (88.4) (9.6) 1H , ,048.8 (153.3) (1,030.2) (180.6) (492.6) (673.2) (240.2) (28.3) (88.6)

20 MEDIASET ITALIAN BUSINESS 1H 2016 MS Premium SpA NET RESULT QUARTERLY EVOLUTION (65,8) (63,7) (52,7) (50,1) (39,8) (37,1) Reported Budget 4Q Q Q

21 MEDIASET ITALIAN BUSINESS 1H 2016 Investments 1H H 2016 (Euro ml.) TV rights and cinema SportsTV rights Technical & immaterial Total Investments

22 MEDIASET ITALIAN BUSINESS 1H 2016 Cash flow statement (Euro ml.) 1H 2015* 1H 2016 PRO-FORMA Initial Net Financial Position (01/01) (1,127.0) (1,051.8) Cash Flow from Core Activities Cash Flow from Operations Investments (327.6) (371.3) Disinvestments Change in Net Working Capital (CNWC) 81.2 (60.2) Equity (investment)/ disinvestment 90.4 (2.7) Free Cash Flow Exceptionals related to MS Premium transaction (33.0) Dividends (41.3) (22.7) Cashed-in dividends Change in consolidation area (6.8) (20.2) Total Net Cash Flow Final Net Financial Position (30/06) (873.0) (1,024.5) Group Final Net Financial Position (30/06) (628.2) (959.1) * 2015 figures restated due to Purchase Price Allocation policy over the value of EI Towers 2015 acquisitions 22

23 Back up

24 MEDIASET ITALIAN BUSINESS 1H 2016 EI Towers (Euro ml.) 1H 2015* 1H 2016 Total Net Revenues Third-Party Revenues Intra-company items Total Costs Personnel Other operating Costs Other Amortisation & Depreciation Intra-company items EI Towers Operating Profit (85.2) (22.8) (42.1) (18.7) (1.6) (86.3) (21.9) (43.5) (19.3) (1.6) 38.9 * 2015 figures restated due to Purchase Price Allocation policy over the value of EI Towers 2015 acquisitions 24

25 MEDIASET SPANISH BUSINESS Back up Slides

26 MEDIASET ESPANA 1H 2016 P&L Results (Euro ml.) 1H H 2016 Net Consolidated Revenues Personnel Costs Other Operating Costs EBITDA Amortisation & Depreciation EBIT Financial Income (Losses) Associates Pre-Tax Profit Taxes Net Profit (51.2) (223.8) (92.5) (29.9) (51.9) (217.1) (102.4) (0.4) (33.1)

27 MEDIASET ESPANA 1H 2016 Investments 1H H 2016 (Euro ml.) Tv rights and cinema Co-production Tangible & Intangible fixed assets Total Investments 27

28 MEDIASET ESPANA 1H 2016 Cash Flow Statement (Euro ml.) 1H H 2016 Initial Net Financial Position Free Cash Flow - Cash Flow from Operations - Investments/Disinvestment - Change in Net Working Capital (CNWC) Change in Equity Equity (Investments)/Disinvest. Cashed in Dividends Dividends Total Net Cash Flow Final Net Financial Position (30/06) (123.2) 17.0 (1.7) (78.6) 1.8 (47.5) (20.9) (136.6) (92.7) 1.7 (167.4) (127.0)

29 2016 1Q Results Re-consolidated

30 MEDIASET GROUP 1Q 2016 P&L Highlights (Euro ml.) Net Consolidated Revenues Italy Spain 1Q Q EBITDA Italy Spain EBIT Italy Spain (43.4) 65.6 NET PROFIT 0.6 (18.0) Group Net Financial Position Italy Spain (623.6) (923.2) (908.1) (1,076.2)

31 MEDIASET ITALIAN BUSINESS 1Q 2016 P&L results (Euro ml.) 1Q Q 2016 Net Consolidated Revenues EBITDA Operating Profit Financial Income (Losses) Associates Pre-Tax Profit Taxes Minorities NET PROFIT 3.5 (13.7) (0.2) (10.4) 0.2 (6.0) (16.2) (43.4) (7.5) 0.6 (50.4) 7.9 (0.5) (43.0) 31

32 MEDIASET ITALIAN BUSINESS 1Q 2016 Integrated Tv activities (Euro ml.) Total Net Revenues Total Gross advertising revenues Commissions Total Net Advertising Revenues Pay Tv Revenues Other Revenues Total Costs Personel costs Other operating costs Total Operating Costs Rights Amortisation Other Amortisation & Depreciation Intra-company items Integrated Tv Activities Operating profit 1Q (70.9) (607.7) (97.1) (256.6) (353.7) (191.6) (18.1) (44.2) (13.7) 1Q (72.8) (729.4) (100.8) (304.1) (404.9) (260.9) (19.3) (44.2) (64.9) 32

33 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. 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.