1H15 (January‐June)results presentation
Madrid, July 29th 2015
Total net revenues 478,5 468,0 2,3% 10,5Total operating costs 359,0 379,9 -5,5%EBITDA adj* 119,5 88,1 35,7% 31,5EBITDA margin 25,0% 18,8% +6,2pp 3,0xEBIT 111,0 80,1 38,6%EBIT margin 23,2% 17,1% +6,1pp
NET PROFIT 97,8 21,4 4,6xEPS adjusted** 0,27 € 0,05 € 0,22 €
Free Cash Flow 105,1 58,8 46,3Net cash position 244,8 152,7 92,1 €
Operational leverage1H15 1H14 Var.
43,2%
42,8%
6,5%3,5% 4,0%
1H15 HIGHLIGHTS
* EBITDA Adj, includes TV rights consumption** Adjusted excluding the treasury stocks owned at June 30th
Source: Kantar media and Infoadex 2
€Million
1H15 financials 1H15 audience share
1H15 market share
OthersPayTV
OthersPayTV
BROADCASTING
1H15 BROADCASTING – Mediaset España channels
4
+0,2Vs. 2014* +0,9 +0,3 +0,5 ‐0,1 +0,1 +1,0
Source: Kantar media* Average audience January 1st ‐ July 27th
Mediaset España 24h total individuals audience share
5
1H15 BROADCASTING ‐ 24h total individuals YTD* audience share
Source: Kantar media* Average audience January 1st ‐ July 27th
+1,0Vs. 2014* ‐2,3 +0,2 ‐0,2 +0,5 +0,8 +0,2Vs. 2014* ‐0,4 ‐0,2
Groups audience share Main channels audience share
Antena3 La1OthersPayTV
Mediaset España and Telecinco leads, increasing the gap with their main competitors
6
1H15 BROADCASTING – New season
Spanish fiction Realities/Talent shows
Sport
Movies (Spanish and international)
International fiction
7
1H15 Internet and social networks
36,7 million unique viewers every month
93,7 million videos viewed every month
10 million live online TV sessions every month
9,6 million app downloads
19 million Facebook followers
8 million Twitter
followers
362,5 million pages viewed every month
Source: OJD , Comscore
ADVERTISING
1H15 ADVERTISING – Conventional advertising market
9Source: Infoadex
InternetOutdoor
Radio
Press / Magazines
Television+9,9%
+7,0%
Cinema€Million
Total MKT evolution: +131,0m€
1H15 performance by media
1H15 market share per media
1H15 total advertising marketInternet
Outdoor
Radio
Printed media
Television
Cinema
€Million
414,0 444,5
12,45,2
1H14 1H15TV (est. Infoadex) Others
10
1H15 ADVERTISING
Source: Infoadex, Kantar media and Publiespaña* Excluding the impact of the football world cup
Audience Var % Seconds GRP (20”) C/GRP’s
1H15 31,4% +4,0% ‐12,6% +2,1% +6,9%*
€Million
Others
+7,4%
1H15 TV commercial strategy
1H15 TV advertising market shareMediaset España’s media advertising revenues
426,4 449,7
11
1H15 ADVERTISING – TV advertising market by sectors
Finance
Automotive
Food
Others
Finance
Automotive
Food
Health & Beauty
Retail
Telecoms
Others
Health & Beauty
Retail
TelecomsTV MKT evolution: +9,9%
Source: Infoadex
1H15 sector breakdown(% on total adv. Sales)
% sector growth(1H15 vs. 1H14)
FINANCIALRESULTS
1H15 FINANCIALS – Consolidated P&L
13
Net advertising revenues 454,0 426,1 6,5% Other revenues 24,6 41,9 -41,4%Total net revenues 478,5 468,0 2,3%
Total operating costs 359,0 379,9 -5,5% Personnel 51,2 52,2 -1,9% TV rights amortisation 84,0 100,9 -16,8% Other operating costs 223,8 226,9 -1,3%EBITDA adj (1) 119,5 88,1 35,7%
PPA Amortisations 4,0 4,0 - Amortisations & depreciations 4,6 4,0 15,0%EBIT 111,0 80,1 38,6%
Pre-Tax profit 127,5 20,0 +6,4x
Net profit reported 97,8 21,4 +4,6xEPS 0,27 € 0,05 € 0,22 €
EBITDA adj/ Total net revenues 25,0% 18,8% +6,2ppEBIT/ Total net revenues 23,2% 17,1% +6,1ppNET PROFIT Reported/ Total net revenues 20,4% 4,6% +15,9pp
1H141H15 VAR %
(1) Recurring EBITDA Adj, includes TV rights consumption
* EBITDA adj./Total net revenues
* EBIT/Total net revenues* Adjusted excluding the treasury stocks owned at June 30th
*
1H15 consolidated financial results€Million
1H15 EBITDA margin*
1H15 EBIT margin*
18,8%
25,0%
+35,7%
17,1%
23,2%
+38,6%
14
1H15 FINANCIALS
Mediaset España’s 2012‐2015 Q EBITDA margin evolution
58,8
105,188,1
119,5
1H14 1H15
FCF EBITDA adj
15
1H15 FINANCIALS – Consolidated cash flow
Initial cash position 265,7 93,5 172,2
Free cash flow 105,1 58,8 46,3
Cash flow from operations 211,3 173,1 38,3
Net investments -123,2 -123,5 0,3
Change in net working capital 17,0 9,2 7,8
Change in equity -1,7 2,1 -3,8
Financial Investments -78,6 -3,5 -75,1
Dividends received 1,8 1,9 -0,1
Dividend payments -47,5 0,0 -47,5
Total net cash flow -20,9 59,2 -80,1
Final net cash position 244,8 152,7 92,1
Free cash flow/EBIT 94,7% 73,4%
1H15Diff. in € million
1H14
1H15 consolidated cash flow€Million
Free cash flow generation
Net cash position+344,6m€
€Million
87,9%
66,8%
Fixed assets 577,7 569,6 -Financial 316,5 303,6 -Non financial 261,2 265,9 Audiovisual rights and pre-payments 263,8 228,6 -TV, third party rights 215,0 182,5 -TV, Spanish fiction rights 26,4 25,7 -Co-production / distribution 22,5 20,4 Tax credit 141,9 164,8 TOTAL NON-CURRENT ASSETS 983,3 963,0
Current assets 240,8 246,4 Financial investments and cash 265,2 277,1 TOTAL CURRENT ASSETS 506,0 523,5
TOTAL ASSETS 1.489,3 1.486,4
SHAREHOLDERS' EQUITY 1.165,1 1.189,4
Non-current provisions 8,8 9,7 Non-current payables 8,6 10,4 Non-current financial liabilities 18,7 11,2 TOTAL NON-CURRENT LIABILITIES 36,1 31,3
Current payables 286,4 265,5 Current financial liabilities 1,7 0,2 TOTAL CURRENT LIABILITIES 288,1 265,8
TOTAL LIABILITIES 1.489,3 1.486,4
FY 20141S15
16
1H15 FINANCIALS – Balance sheet
Balance sheet
Liquidity ratio 1H15: 175,6%
€Million
506,0
288,1Current assets
Financial inv. & cash
Current payables
Financial liabilities
CURRENT ASSETS CURRENT LIABILITIES
17
1H15 FINANCIALS
Mediaset España’s virtuous circle
**Pro‐forma consolidated P&L accounts under IFRS of Telecinco’s Group and Sogecuatro’s GroupSource: Kantar media (24h total individual audience share) and Infoadex
€Million
46,17%
1,65%
52,19%
Mediaset SpA Treasury shares Free float
18
1H15 FINANCIALS
Mediaset España’s shareholder’s structure
* Information as of July 24th 2015 as communicated to the CNMV** representing 1,4% of the share capital of Mediaset España
€Million New share count: 366,175,284
July 4th 2014Buyback planannounced 500M€
July 7th 20148,50% acquisition to Prisa 307,5M€
Jan. 26th ‐March 20th2015 market 17,8M€
May 13th – July 24th2015 market 68,9M€**
TOTALexecuted to date*: 394,2M€
19
1H15 HIGLIGHTSLeader in audience shareAs a group and main channel during the last 11 months
Leader in advertising market shareLeader for the fifth consecutive quarter
Leader in profitabilityStrong operating leverage Third consecutive quarter posting margins over 20%
Leader in internet and social networksAlmost 37m unique users and 28m followers and close to 94m videos viewed
Use of cashBuyback and dividend
RegulatoryUncertainty diminished following the closure of the Supreme Court case
BACK UP
21
1H15 FINANCIALS
Gross Advertising Revenues 473,2 446,5 6,0% - Mediaset España's medias 449,7 426,4 5,5% - Third party's medias 23,5 20,1 17,0%Commission -19,2 -20,4 -5,8%Net Advertising revenues 454,0 426,1 6,5%Other Revenues 24,6 41,9 -41,4%TOTAL NET REVENUES 478,5 468,0 2,3%
Personnel 51,2 52,2 -1,9%TV Rights amortisation 84,0 100,9 -16,8%Other operating costs 223,8 226,9 -1,3%Total operating costs (1) 359,0 379,9 -5,5%EBITDA adj* 119,5 88,1 35,7%EBITDA adj*/NET REVENUES 25,0% 18,8% +6,2pp
1H15 Var %1H14
* EBITDA Adj, includes TV rights consumption
€Million
* EBITDA adj./Total net revenues
1H15 EBITDA margin*
1H15 consolidated P&L account (I)
18,8%
25,0%
+35,7%
22
1H15 FINANCIALS
EBITDA adj* 119,5 88,1 35,7%PPA amortisation (2) 4,0 4,0 0,0%Depreciation tangible assets & provisions (3) 4,6 4,0 15,0%Total Costs (1+2+3) 367,6 387,9 -5,2%EBIT 111,0 80,1 38,6%EBIT/NET REVENUES 23,2% 17,1% +6,1pp
Equity consolidated results 16,2 -59,3Financial results 0,3 -0,8EBT 127,5 20,0 +6,4x
Income taxes -29,9 1,1Minority interest 0,2 0,3
NET PROFIT 97,8 21,4 +4,6xEPS 0,270 € 0,053 € 0,22 €NET PROFIT/NET REVENUES 20,4% 4,6% +15,9pp
1H15 1H14 Var %
* EBITDA Adj, includes TV rights consumption** adjusted excluding the treasury stocks owned at June 30th
€Million
* EBIT/Total net revenues
1H15 EBIT margin*
1H15 consolidated P&L account (II)
17,1%
23,2%
+38,6%
23
1H15 FINANCIALS
Net investments
1H15: 123,2€ 1H14: 123,5€
€Million
24
1H15 FINANCIALS
Cost management: 28% savings in 5Y
€Million
‐143,8 ‐28,3%
**Pro‐forma consolidated P&L accounts under IFRS of Telecinco’s Group and Sogecuatro’s Group
25
2Q15 FINANCIALS
Gross Advertising Revenues 256,7 251,9 1,9% - Mediaset España's medias 245,1 242,0 1,3% - Third party's medias 11,5 9,9 16,4%Discounts -10,4 -9,7 7,7%Net Advertising revenues 246,2 242,3 1,6%Other Revenues 11,6 25,3 -54,2%TOTAL NET REVENUES 257,8 267,6 -3,7%
Personnel 25,3 26,3 -3,9%TV Rights Amortisation 46,5 49,8 -6,6%Other Operating Costs 113,2 130,4 -13,2%Total costs (1) 185,0 206,5 -10,4%EBITDA adj* 72,8 61,2 19,1%EBITDA adj*/Net revenues 28,3% 22,9% +5,4pp
Var %2Q142Q15
* EBITDA Adj, includes TV rights consumption
€Million
* EBITDA adj./Total net revenues
2Q15 EBITDA margin*
2Q15 consolidated P&L account (I)
22,9%
28,3%
+19,1%
26
2Q15 FINANCIALS
EBITDA adj* 72,8 61,2 19,1%PPA amortisation (2) 2,0 2,0 0,0%Depreciation tangible assets & provisions (3) 2,0 1,7 16,0%Total Costs (1+2+3) 189,0 210,2 -10,1%EBIT 68,9 57,4 19,9%EBIT/Net revenues 26,7% 21,5% +5,2pp
Equity Consolidated Results 11,3 -52,7Financial results -0,3 -0,4EBT 79,9 4,3 18.4x
Income Taxes -18,5 4,1Minority Interest 0,1 0,1
NET PROFIT 61,5 8,6 7.1xEPS Adjusted** 0,170 € 0,021 € 0,15 €NET PROFIT/NET REVENUES 23,8% 3,2% +20,6pp
2Q15 2Q14 Var %
* EBITDA Adj, includes TV rights consumption** adjusted excluding the treasury stocks owned at June 30th
€Million
* EBIT/Total net revenues
2Q15 EBIT margin*
2Q15 consolidated P&L account (II)
21,5%
26,7%
+19,9%
233,5 241,5
8,5 3,6
2Q14 2Q15TV (est. Infoadex) Others
2Q15 ADVERTISING
27Source: Infoadex, Kantar media and Publiespaña* Excluding the impact of the football world cup
Audience Var % Seconds GRP (20”) C/GRP’s
2Q15 31,4% +1,3% ‐8,3% +1,0% +5,8%*
€Million
+3,4%
2Q15 TV commercial strategy
2Q15 TV advertising market shareMediaset España’s media advertising revenues
242,0 245,1
Others
28Source: Kantar media
1H15 BROADCASTING – TTV consumption
The average TV consumption in 1H15 is more than 4h per person per day
Years Minutes Thousands
1H2000 220 5.8971H2001 216 5.8911H2002 220 6.0061H2003 220 6.0181H2004 228 6.4341H2005 224 6.4191H2006 225 6.4861H2007 230 6.6971H2008 233 6.8661H2009 233 7.0911H2010 241 7.3381H2011 246 7.5201H2012 254 7.7571H2013 256 7.8301H2014 250 7.7051H2015 245 7.749
29Source: Kantar media* Audience average 1/7‐27/7/15
*
*
*
Antena3
La1
La Sexta
1H15 BROADCASTING ‐ 24h total individuals YTD* audience share
30Source: Kantar media* Audience average 1/7‐27/7/15
*
**
*
NeoxNovaMega
Nova
Mega
Neox
Clan
Disney
1H15 BROADCASTING ‐ 24h total individuals YTD* audience share
31
1H15 BROADCASTING – Multichannel strategy YTD* audience share
7,7x2,6x
1,7x1,5x
Source: Kantar media* Audience average 1/1‐27/7/15
FdF: young adult’s channel Boing: children’s channel
Divinity: ladies' channel Energy: men’s channel
32
1H15 BROADCASTING – Group’s programming mix
Programming mix in 1H15In‐house production vs. library in terms of broadcasted hours
Third party rights In-house production
33
1H15 BROADCASTING – Telecinco’s programming mix
Programming mix in 1H15In‐house production vs. library in terms of
broadcasted hours1H14
1H15
48,1%
28,5%
23,4%
Productions with independent companies
Produced by Mediaset España
Productions with participated companies:
La fabrica de la teleMandarinaSuper Sport
1S14: 44,6%
1S14: 32,4%
1S14: 23,0%
34
Investor Relations Department
Phone: +34 91 396 67 83
Fax: + 34 91 396 66 92
Email: [email protected]
WEB: www.mediaset.es/inversores/en
Statements contained in this document, particularly the ones regarding any MediasetEspaña possible or assumed future performance, are or may be forward lookingstatements and in this respect they involve some risks and uncertainties.
Mediaset España 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 España shall not be taken as anindication of future performance.
The content of this document is not, and shall not be considered as, an offerdocument or an offer or solicitation to subscribe for, buy or sell any stock.
The shares of Mediaset España may not be offered or sold in the United States ofAmerica except pursuant to an effective registration statement under the U.S.Securities Act of 1933, as amended, or pursuant to a valid exemption from registration
1H15 (January‐June)results presentation
Madrid, July 29th 2015
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