Mediaset Roadshow April2016 downloadplit/Mediaset... · 2016. 4. 20. · italy fy 2015 |...
Transcript of Mediaset Roadshow April2016 downloadplit/Mediaset... · 2016. 4. 20. · italy fy 2015 |...
Mediaset Roadshow
18th – 21st April 2016
FY 2015 Broadcasting & Advertising
ITALY FY 2015 | Economic scenario & advertising market
HIGHLIGHTSHIGHLIGHTS
MACRO‐ECONOMIC KEY INDICATORS ARE SLIGHTLY BUT CONTINUOUSLY IMPROVING
BUSINESS AND CONSUMER CONFIDENCE INDEXES ARE GROWING EVEN BETTER THAN KEY ECONOMIC INDICATORS
COMBINATION OF REAL HARD FACTS WITH POSITIVE “MARKET SENTIMENT” HELP ADVERTISING DYNAMICS: FIRST WEAK POSITIVE SIGNALS AFTER YEARS OF RECESSION
GROWTH DRIVER IS “VAD DYNAMICS”, I.E. VIDEO‐AUDIO‐DIGITAL PARADIGM IN ADVERTISERS STRATEGIES
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ITALY FY 2015 | Advertising trend & Media dynamics
More than 80% of adv expenditure is represented byVAD (Vid A di & Di it l) TV RADIO DIGITALVAD (Video, Audio & Digital) TV, RADIO e DIGITAL
h di3
16.3
Other media
Press
48 1
4.9TV Radio
48.1
27.7 Digital
Source: AC Nielsen official audited data + AC Nielsen estimates for Digital non audited segments (social & search)
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Source: AC Nielsen official audited data + AC Nielsen estimates for Digital non audited segments (social & search)
ITALY FY 2015 | Advertising trend by Medium
0 7TOTAL TELEVISION
‐0.7
8.8
0.7
INTERNET PREMIUM PUBLISHER
TOTAL RADIO
TOTAL TELEVISION
8.5
11.4TOTAL INTERNET
INTERNET REST OF MKT (NON AUDITED)
10 2
‐4.1
‐6.6
OUT OF HOME
MAGAZINES
NEWSPAPERS
+1,7
‐4.1
10.2
TOTAL MEDIA
CINEMA
OUT OF HOME
Note: Press includes all adv typolgies. Out of home includes Out of home + OutdoorS i l ffi i l di d d i l i f i i l di d ( i l & h)
‐0,5
,TOTAL MEDIA W/O DIGITAL N.A.
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Source: AC Nielsen official audited data + AC Nielsen estimates for Digital non audited segments (social & search)
MEDIASET FY 2015 | Performance on core business
HIGHLIGHTS
GOOD COMBINED PERFORMANCE MAINSTREAM VS MULTICHANNEL AUDIENCE CONSOLIDATES LEADERSHIP ON COMMERCIAL TARGET
BETTER THAN MARKET PERFORMANCE BOTH FOR REVENUE TREND AND MKT SHARE DYNAMICS
BETTER THAN DIRECT COMPETITORS, IN CORE MAINSTREAM TV AND IN PAY TV
CONSOLIDATED POWER RATIO (ADVERTISING SHARE VS GRP’S SHARE)
SECTOR ANALYSIS : EVIDENCE OF INCREASING SHARE PENETRATION & BETTER THAN MARKET PERFORMANCE IN KEY SECTORS (GROWING SECTORS AS RETAIL AND PHARMA AND CORE SECTORS AS FMCG & AUTOMOTIVE)PHARMA AND CORE SECTORS AS FMCG & AUTOMOTIVE)
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ITALY FY 2015 | TV-related consumption2015 2014
AVERAGE DAILY TV‐RELATED CONSUMPTION ‐ FULL DAY
LINEAR TV 71,7% OF DAILY TIME BUDGET FOR ADULTS+15
2015 vs 2014
7.7%262
CONSUMPTION FULL DAY
VIEWERS 4 + YEARS (in minutes)
BUDGET FOR ADULTS+15
71.7%7.7%
4.5%
16 1%
262 254
16.1%
Source: Auditel
2014 2015
Source: Tssp Gfk/Eurisko
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ITALY FY 2015 | Daily time budgetIt li P l ti
Ad. +14 Tot: 311’ Ad. 15/64 Tot: 305’ Ad. 15/34 Tot: 308’
Italian Population
8.5 3.9
19 7
7.5 3.2
24
7.7 4.6
19.7 2416
67.9 65.371.7
LINEAR TV RADIO NATIONAL ONLY PRESS DIGITAL PC MOBILE
Source: Tssp Gfk/Eurisko
LINEAR TV RADIO–NATIONAL ONLY PRESS DIGITAL PC+MOBILE
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Source: Tssp Gfk/Eurisko
ITALY FY 2015 | TV-related consumption2015 2014
CLASSIC LINEAR TV 2014CLASSIC LINEAR TV 2015
AVERAGE DAILY TV‐RELATED CONSUMPTION
2015 vs 2014
VIEWERS 4+ YEARS(in minutes)
15‐34 YEARS(in minutes)
15‐64 YEARS(in minutes)
ONLINE TV RELATED
323 323
337 339
262 262 161431531414 16
300 299246 243
323 3231916
S A dit l + l b ti A di b d t
2014 20152014 20152014 2015
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Source: Auditel + elaboration on Audiweb data
ITALY FY 2015 | TV Audience share – Core channels vs MultichannelsC i l T t 15 64 24 hCommercial Target, 15-64, 24 hours
3,1Mediaset 27,6 26,9
La7‐0.1
CORE CHANNELS 2014 2015
36,231.5
MediasetRaiLa7
27,625,32,6
26,924,72,5
Mediaset
Rai ‐0.6
13Mediaset DTT (Free+Pay) 9,1 9,2
‐0,6MULTICHANNELS
8.77.513 Rai DTT
Discovery**Sky ChannelsFox Channels
6,86,86,62,0
6,87,57,01,8Sky+Fox
+0 2
Other+0.4
Discovery
S A dit l
La7 D 0,6 0,6+0.2Discovery+0.7
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Source: Auditel
ITALY FY 2015 | Advertising revenues – Progressive and trend
L 7
3,9
La7‐0,4 pts
Rai‐0,6 pts
CORE CHANNELSMediasetRaiLa7
67,9%26,2%5 9%
68,7%25,8%5 5%
2014 2015
57.66 2
20.6
MediasetDiscovery
La7 5,9% 5,5%
Mediaset 37,9% 35,1%MULTICHANNELS FREE
11.7
6.2
Sky+Fox
+ 0,2 ptsDiscovery+1,1 pts Rai
DiscoverySky
,15,2%35,1%11,7%
,13,3%37,2%14,3%
y‐ 0,2 pts
MediasetDiscovery
20,2%1,8%
MULTICHANNELS PAY22,9%1,7%
Source:Nielsen
Sky 78,0% 75,4%
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Source:Nielsen
MEDIASET FY 2015 | Total advertising revenuesE lEuro ml
1982.42002.8+ 1,0%
Euro ml
2014 2015
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ITALY FY 2015 | Trade and consumption AdExV lVolume
12M15 vs 12M14FMCGFood
SALES+1.2%+1 4%
ADEX+4.6%+7 3%Food
HousekeepingPersonal care
+1.4%+1.8%+0,8%
+7.3%+8.8%‐1.8%
BRANDED FMCGPRIVATE LABELAUTOMOTIVE
+1.0%+1.7%+15.7%
+4.6%‐‐‐‐‐‐‐+0.0%
CLOTHINGTELECOMS
+0.9%+3.3%
‐5,3%‐8.3%
S Ni l C f i UNRAE
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Source: Nielsen, Confcommercio, UNRAE
ITALY FY 2015 | Advertising Breakdown by Sector
OtherOther‐13.7% 3.8%
17 5%
MDS TREND better than Total Adv Market
MDS SHARE better than Total Adv Market
Food+10.0%
Retail+18.7% 24.8%
17.5%
5.9%
Pharma+9.6%
7.3%
4 7%No Food‐1.6%
Media‐9.2%
11.5%9.2%
15.4%4.7%
Source: Nielsen
TLC‐8.8%
Auto+5.8%
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Source: Nielsen
MEDIASET FY 2015 | Adv evolution: diversification and development
PROTECTION OF CORE BUSINESS VIA DEVELOPMENT OF A DIVERSIFIED OFFER
HIGHLIGHTS
VIDEO STRATEGY OFFER – TV & DIGITAL SINERGY
AUDIO‐VIDEO OFFER – TV & RADIO SINERGY CROSS SELLING OPPORTUNITY
ADVERTISING & CONTENT MKTG SINERGY
TV & CROSSMEDIA SINERGYTV CORE BUSINESS
OPPORTUNITY
TV & CROSSMEDIA SINERGY
Combined Video & Audio LeadershipOver 90% Combined Audience Reach
l ll d
TV CORE BUSINESS
Positive Revenue Growth 2015Rev.Share Increase (Free & Pay)M i i P R i Delivery vs All Target Audiences
ADV & CONTENT MKTG SINERGY
Monetization Power Ratio
TV & DIGITAL SINERGY
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CrossMedia Branded Integration2,5% turnover contribution+60% y.o.y growth
17 % Premium Publisher Mkt75 % Digital Audience ReachYahoo & Shazam Partnerships
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FY 2015 Financials
MEDIASET GROUP FY 2015 | P&L Highlights
Net Consolidated RevenuesItaly
(Euro ml.) FY 2014
3,524.82 554 2
FY 2015
3,414.42 483 4Italy
Spain
EBITDA
2,554.2971.9
1,365.9
2,483.4932.1
1,332.4ItalySpain
EBIT
938.8427.8
231 4
969.8363.1
248 7EBITItalySpain
231.426.8
205.2
248.7104.3144.8
NET PROFIT (adjusted)*NET PROFIT (reported)
Group Net Financial Position
29.04.0
(859 4)
23.723.7
(861 3)Group Net Financial PositionItalySpain
(859.4)(1,051.8)
192.4
(861.3)(1,127.0)
265.7* 2015 net result has been affected by a one-off of 24.9 millions coming from the remeasurement of deferred tax assets due to the reduction in the t t f 27 7% t 24% h d l d f 2017 i t d d b th 2016 St bilit L (L f 2015 28th d b 208)
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tax rate, from 27.7% to 24%, scheduled from 2017, introduced by the 2016 Stability Law. (Law of 2015, 28th december n.208).
MEDIASET ITALIAN BUSINESS FY 2015 | Integrated Tv activities
Total Net Revenues
FY 2015FY 2014(Euro ml.)
2,428.6 2,490.0Total Gross advertising revenues
Commissions
Total Net Advertising Revenues
1,982.4
(288.4)
1,694.1
2,002.8
(292.9)
1,709.9g
Pay Tv Revenues
Other Revenues
Total Costs
538.4
196.2
(2 390 0)
558.8
221.3
(2 536 8)Total CostsPersonel costs
Other operating costs
(2,390.0)(388.1)
(1.002.7)
(1 390 8)
(2,536.8)(373.3)
(1,113.9)
(1 487 2)Total Operating Costs
Rights Amortisation
Other Amortisation & Depreciation
(1,390.8)
(724.9)
(97.5)
(1,487.2)
(792.3)
(80.4)
Intra-company items
Integrated Tv Activities Operating profit
(176.8)
38.6
(176.9)
(46.9)
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MEDIASET ITALIAN BUSINESS FY 2015 | Investments
(Euro ml )
FY 2015FY 2014
369.2
(Euro ml.) TV rights and cinema
T h i l & i t i l
391.1
23.2Technical & immaterial
70.3
Sports TV rights
1,110.0 87.9
Total Investments 549.31,502.5
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MEDIASET ITALIAN BUSINESS FY 2015 | Cash flow statement
Initial Net Financial Position (01/01)
Cash Flow from Core Activities
(Euro ml.)
(1,127.0)
113 0
FY 2014 FY 2015
(1,552.5)
135 7Cash Flow from Core ActivitiesCash Flow from Operations
Investments
Disinvestments
113.0862.3
(549.3)
3 0
135.7869.9
(1,502.5)
16 6Disinvestments
Change in Net Working Capital (CNWC)
Equity (investment)/ disinvestment
Free Cash Flow
3.0
(203.0)
66.4
179 4
16.6
751.8
305.5
441 2Free Cash Flow
Payed dividends
Cashed-in dividends
Change in consolidation area
179.4
(41.3)
22.5
(85 4)
441.2
0.9
(16 6)Change in consolidation area
Total Net Cash Flow
Final Net Financial Position (31/12)
(85.4)
75.2
(1,051.8)
(16.6)
425.5
(1,127.0)
Group Final Net Financial Position (31/12)
Proposed Dividends to be confirmed by the AGM
(859.4)
22.7(861.3)
22.7
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Back up
MEDIASET ITALIAN BUSINESS FY 2015 | P&L results
Net Consolidated Revenues
(Euro ml.)
2,554.2
FY 2014 FY 2015
2,483.4Personnel Costs
Other Operating Costs
EBITDA
,(415.5)
(1,199.9)
938.8
,(431.3)
(1,082.3)
969.8EBITDARights Amortisation
Other Amortisation & Depreciation
Operating Profit
938.8(792.3)
(119.7)
26 8
969.8(724.9)
(140.5)
104 3Operating ProfitFinancial Income (Losses)
Associates
P T P fit
26.8(49.4)
1.1
(21 4)
104.3(70.4)
19.4
53 3Pre-Tax ProfitTaxes
Minorities
(21.4)(33.7)
(19.2)
53.3(31.7)
(20.3)
NET PROFIT (adjusted)**NET PROFIT (reported)
(49.5)(74.4)
1.41.4
* 2015 net result has been affected by a one-off of 24.9 millions coming from the remeasurement of deferred tax assets due to the reduction in the tax rate, from 27.7% to 24%, scheduled from 2017, introduced by the 2016 Stability Law. (Law of 2015, 28th december n.208).
| 22 | Note: 2014 figures has been restated due to Purchase Price Allocation policy over the value of EI Towers’ 2014 acquisitions
, , y y ( , )
MEDIASET ITALIAN BUSINESS FY 2015 | EI Towers
(Euro ml.) FY 2014 FY 2015
Total Net RevenuesThird-Party Revenues
Intra-company items
244.464.3
180.2
235.054.8
180.2Intra company items
Total CostsPersonnel
(170.8)(42.2)
(169.3)(43.3)
Other operating Costs
Other Amortisation & Depreciation
Intra-company items
(86.0)
(39.3)
(3.3)
(79.6)
(43.1)
(3.4)p y
EI Towers Operating Profit
( )
73.7
( )
65.7
Note: 2014 Results restated due to Purchase Price Allocation
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Note: 2014 Results restated due to Purchase Price Allocation
MEDIASET ITALIAN BUSINESS FY 2015 | Balance Sheet
2 370 2
FY 2014(Euro ml.)
2 017 9
FY 2015
Film & Television Rights 2,370.2
269.7
829 1
2,017.9
323.9
890 9
Film & Television Rights
Goodwill and consolidation differences
Other tangible and intangible assets 829.1
1,006.8
(805.7)
890.9
1,028.7
(652.3)
Other tangible and intangible assets
Equity investments & Financial assets
Net working capital & other assets/liabilities (805.7)
(96.9)
3,573.1
(652.3)
(89.1)
3,520.0
g p
Post-employment benefit plans
Net Invested Capital
2,362.2
83.9
2,358.3
109.9
Group shareholders’ equity
Minority interests
2,446.2
(1,127.0)
2,468.2
(1,051.8)
Total Shareholders’ equity
Net financial position
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Note: 2014 Figures restated due to Purchase Price Allocation policy over the value of EI Towers’ 2014 acquisitions
MEDIASET SPANISH BUSINESS | Back up Slides
MEDIASET ESPANA FY 2015 | P&L Results
Net Consolidated Revenues
P l C t
(Euro ml.)
971.9
(105 0)
FY 2014 FY 2015
932.1
(106 2)Personnel Costs
Other Operating Costs
EBITDA
(105.0)
(439.1)
427.8
(106.2)
(462.8)
363.1EBITDA
Amortisation & Depreciation
EBIT
(222.7)
205.2
(218.3)
144.8
Financial Income (Losses)
Associates
P T P fit
0.1
13.9
219 1
-
(59.2)
85 5Pre-Tax Profit
Taxes
Net Profit
219.1
(53.2)
166.2
85.5
(30.0)
59.5
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MEDIASET ESPANA FY 2015 | Investments
(Euro ml )
FY 2015FY 2014
179.3 168.8
(Euro ml.) Tv rights and cinema
9.4
Co-production
15.8
15.08.2Tangible & Intangible fixed assets
Total Investments203.3 193.2
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MEDIASET ESPANA FY 2015 | Cash Flow Statement
Initial Net Financial Position
(Euro ml.)
265.7
FY 2014 FY 2015
93.5
Free Cash Flow
- Cash Flow from Operations
I t t /Di i t t
218.7
420.5
(193 2)
144.7
356.6
(203 3)- Investments/Disinvestment
- Change in Net Working Capital (CNWC)
Change in Equity
(193.2)
(8.6)
1.1
(203.3)
(8.6)
9.9g q y
Equity (Investments)/Disinvest.
Cashed in Dividends
(9.1)
2.1
323.23
1.9
Dividends
Own stock purchase
Total Net Cash Flo
(47.5)
(238.6)
(73 3)
-
(307.5)
172 2Total Net Cash Flow
Final Net Financial Position (31/12)
(73.3)
192.4
172.2
265.7
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MEDIASET ESPANA FY 2015 | Balance Sheet
211 8
FY 2014(Euro ml.)
189 0
FY 2015
Film & Television Rights 211.8
287.4
282 8
189.0
288.1
275 5
Film & Television Rights
Goodwill and consolidation differences
Other tangible and intangible assets 282.8
16.3
125.5
275.5
29.7
95.1
Other tangible and intangible assets
Equity investments & Financial assets
Net working capital & other assets/liabilities 125.5
-
923.7
95.1
-
877.5
g p
Post-employment benefit plans
Net Invested Capital
1,181.1
8.3
1,061.7
8.2
Group shareholders’ equity
Minority interests
1,189.4
265.7
1,069.9
192.4
Total Shareholders’ equity
Net financial position
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MEDIASET GROUP FY 2015 | P&L results
Net Consolidated Revenues
(Euro ml.)
3,524.8
FY 2014 FY 2015
3,414.4Personnel Costs
Other Operating Costs
EBITDA
,(520.5)
(1,638.4)
1,365.9
,(537.5)
(1,544.5)
1,332.4EBITDARights Amortisation
Other Amortisation & Depreciation
Operating Profit
1,365.9(997.3)
(137.2)
231 4
1,332.4(924.1)
(159.7)
248 7Operating ProfitFinancial Income (Losses)
Associates
P T P fit
231.4(49.3)
15.0
197 2
248.7(70.4)
(39.8)
138 5Pre-Tax ProfitTaxes
Minorities
197.2(86.6)
(106.6)
138.5(61.7)
(53.3)
NET PROFIT (adjusted)**NET PROFIT (reported)*
29.04.0
23.723.7
* 2015 net result has been affected by a one-off of 24.9 millions coming from the remeasurement of deferred tax assets due to the reduction in the tax rate from 27 7% to 24% scheduled from 2017 introduced by the 2016 Stability Law (Law of 2015 28th december n 208)
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the tax rate, from 27.7% to 24%, scheduled from 2017, introduced by the 2016 Stability Law. (Law of 2015, 28th december n.208).
MEDIASET GROUP FY 2015 | Consolidated Balance Sheet
2 581 4Film & Television Rights
FY 2014(Euro ml.)
2 205 9
FY 2015
2,581.4
920.2
1 111 9
Film & Television Rights
Goodwill and consolidation differences
Other tangible and intangible assets
2,205.9
975.1
1 166 51,111.9
70.3
(680.0)
Other tangible and intangible assets
Equity investments & Financial assets
Net working capital & other assets/liabilities
1,166.5
105.7
(556.8)(680.0)
(96.9)
3,906.8
g p
Post-employment benefit plans
Net Invested Capital
(556.8)
(89.1)
3,807.1
2,322.8
722.6
Group shareholders’ equity
Minority interests
2,293.9
653.8
3,045.5
(861.3)
Total Shareholders’ equity
Net financial position
2,947.8
(859.4)
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Mediaset - Vivendi Strategic Alliance
Deal’s details
MEDIASET – VIVENDI | Deal structure
• The strategic nature of the alliance is strengthened by an exchange of shares between Mediaset and Vivendi Groups
• The deal is articulated in 2 transactions due to be executed simultaneously:y
1. Mediaset will transfer 41.3ml treasury shares to Vivendi, corresponding to 3.50% of the company’s share capital, based on a price of 3.32€ (*) per share. In exchange, Mediaset will receive 7.4 ml existing (treasury) or newly issued Vivendi shares, equal to 0.54% of Vivendi’s share capital based on a price of 18 65 € (*) per share At the same timeshare capital, based on a price of 18.65 € ( ) per share. At the same time,
2. RTI will transfer to Vivendi 100% of the share capital of Mediaset Premium in exchange of 40.5 ml existing (treasury) or newly issued Vivendi shares, corresponding to 2.96% of Vivendi’s share capital, based on a price of 18.65 € (*) per share. Mediaset Premium equity value has been determined assuming a target NFP at the closing date of 120 ml € cash.
• Vivendi, Mediaset and RTI have committed themselves on a three-year lock-up agreement on the respective listed shares.
• Pursuant to the Shareholders’ Agreement and the by-laws of Mediaset Premium, Mediaset has a drag-along right over the 11.11% stake owned by Telefonica
• The agreement between Mediaset and Vivendi is subject to the necessary authorisations of the relevant Antitrust authoritiesrelevant Antitrust authorities.
• Closing date is expected by September 30th 2016.
(*) last three months average closing price (Jan 8th 2016 Apr 7th 2016)
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( ) last three months average closing price (Jan 8th 2016 – Apr 7th 2016)
FY 2015 | Main P&L Pro-forma data (ex Mediaset Premium SpA)
Total Net Revenues
GroupIntegrated TV(Euro ml.)
2,039.7 3,074.6
Italian Business
2,104.0Total Gross advertising revenues
Commissions
Total Net Advertising Revenues
2,002.8
(292.9)
1,709.9
2,002.8
(292.9)
1,709.9
Other Revenues
Third-Party EI Towers Revenues
Total Costs
329.9
-
(1 973 0) (2 729 6)
329.9
64.3
(1 963 6)Total CostsPersonel costs
Other operating costs
T t l O ti C t
(1,973.0)(344.5)
(911.1)
(1 255 6)
(2,729.6)(491.7)
(1,435.6)
(1 927 3)
(1,963.6)(386.7)
(997.1)
(1 383 8)Total Operating Costs
Rights Amortisation
Other Amortisation & Depreciation
(1,255.6)
(472.8)
(67.7)
(1,927.3)
(677.8)
(124.5)
(1,383.8)
(472.8)
(107.0)
Intra-company items
Operating profit
(176.9)
66.8
-
345.1
-
140.4
P f d t h b d th b i f th 2015 dit d t
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Pro forma data have been prepared on the basis of the 2015 audited accounts
Investor Relations Department:
Tel: +39 02 2514.7008Fax: +39 02 2514.6719Email: [email protected] bSit di t it/i t
Forward-looking StatementsStatements contained in this document particularly the ones regarding any Mediaset Group
WebSite: www.mediaset.it/investor
Statements contained in this document, particularly the ones regarding any Mediaset Grouppossible or assumed future performance, are or may be forward looking statements and inthis respect they involve some risks and uncertainties.
Mediaset Group actual results and developments may differ materially from the onesexpressed 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 offuture performance.
This announcement does not constitute an offer to sell or the solicitation of an offer to buythe securities discussed herein.
The executive responsible for the preparation of the Mediaset S.p.A. accounts, LucaMarconcini, declares that, as per para. 2 art. 154-bis, of the “Testo Unico della Finanza”, thatthe accounting information contained in this document corresponds to that contained in thecompany’s books.