2012 Half-Year Results NextRadioTV Group. 25 July 2012

Transcription

1 2012 Half-Year Results NextRadioTV Group 25 July

2 Contents 1. Introduction 3 2. Highlights 5 3. Presentation of results Outlook Appendices 31 2

3 1. Introduction 3

4 4

5 2. Highlights 5

6 Key figures Excellent growth in results during the 1 st half of 2012 ( millions) HY HY (1) % change Total operating revenue % EBITDA (2) % EBIT (3) % Net profit x Notes (1) Restated for the Electronics division, sold in January million and 0.4 million negative impact on revenue and EBIT at 30 June 2011, respectively (2) EBITDA: Operating profit before amortisation, depreciation and provision charges, bonus shares, group savings schemes and other non-recurring items (3) EBIT: Operating profit before bonus shares, group savings schemes and other non-recurring items 6

7 HY1 highlights Radio division 35% EBITDA margin 11% revenue growth in an advertising market down 2% 22% growth in EBITDA: 13.3 million vs million in HY RMC outperformed the radio market Successful coverage of French presidential election and Euro 2012 New audience record: 7.7% cumulative share and 6.5% audience share (up 0.9 pp) (1) BFM Business Radio, #1 for business Revenue held up (2% growth) despite the unfavourable environment for advertising from the financial sector Stable results due to synergies with BFM Business TV Note (1) Médiamétrie 126,000 Radio April-June 2012 / Mon-Fri 5am/12am 7

8 HY1 highlights RMC Radio Smallest gap ever with Europe 1 (0.9 pp audience share) #1 French radio station for year-old men (2) 6.5% nationwide audience share (1) 4.1 million listeners every day #2 French radio station for the year olds ahead of RTL and Europe 1 #3 private radio among AB+ individuals 567,000 new listeners yearon-year 7.7% cumulative audience over the April-June 2012 wave Notes (1) Médiamétrie 126,000 Annual audience share in % - 13+/15+ (in 2001) - 5am/12am Mon-Fri - Nationwide private networks (2) Médiamétrie 126,000 Vague April-June am/12am Mon-Fri 8

9 HY1 highlights TV division 21% EBITDA margin for BFMTV 54% revenue growth for the TV division (BFMTV + BFM Business TV) EBITDA of 5.6 million vs. 0.2 million in HY1 2011, i.e. a margin of 15% Historic results and ratings for BFMTV EBITDA of 7.2 million, i.e. a margin of 21% The presidential election spurred audience growth >10 million viewers/day and 2% audience share (1) Never before have people watched BFM Business so much 60% of French population covered 3.2 million viewers (2) Notes (1) Médiamétrie Médiamat Nationwide audience share, 4+ y.o. - June 2012 Monday-Sunday 3am-3am (2) IPSOS MédiaCT 2011 value survey "BFM Business as seen by decision-makers" 9

10 HY1 highlights BFMTV BFMTV, the leading news brand in France TELEVISION >10 MILLION VIEWERS PER DAY (1) FREE DAILY PRESS NATIONWIDE DAILY PRESS RADIO INTERNET 4,280,000 READERS PER DAY 1,191,000 READERS PER DAY 4,736,000 LISTENERS PER DAY 695,000 VISITORS PER DAY Note (1) Médiamétrie Médiamat Extrapolated cumulative ratings 4+ year olds June 2012 Monday-Sunday 3am-3am 10

11 HY1 highlights BFMTV (continued) BFMTV, top news TV channel in France regardless of criteria used Nationwide audience share (%) 2,5 2,0 1,5 2% nationwide audience share (1) (vs. 0.9% for i-télé) > 10 million viewers per day (2) 2,0 1,0 0,9 0,4 0,5 0,4 - Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Notes (1) Médiamétrie Médiamat Nationwide audience share, 4+ y.o. - June 2012 Monday-Sunday 3am-3am (2) Médiamétrie Médiamat Extrapolated cumulative ratings 4+ year olds - June 2012 Monday-Sunday 3am-3am 11

12 HY1 highlights BFMTV (continued) Nearly 1 out of 3 French people watched the 1 st round on BFMTV Sunday 22 April First round of the presidential election 17.6 million viewers Tuesday 1 May Nicolas Sarkozy in Bourdin million viewers Sunday 2 May Debate between the two rounds 11.1 million viewers Sunday 6 May Second round of the presidential election 16.7 million viewers Source: Médiamétrie Médiamat 4 + y.o. 12

13 HY1 highlights Digital division Continued development of the Group s digital platform Revenue up 9% for digital activities (web and mobile) EBITDA of ( 2.5 million) vs. ( 0.5 million) in HY million Uvs (1) 365,000 video views (2) 3.1 million Uvs (1) 5.1x previous year audience 21 million video views (2) 01net strengthened its leadership #1 download website with 20 million downloads/month Continued digital rollout of BFM and RMC brands Record audience for BFMTV.com Mobile : 20 million visits and 65 million page views (3) on the Group s applications Notes (1) Médiamétrie / Netratings (May 2012) (2) Médiamétrie / Netratings (April 2012) (3) ATT / Xiti June

14 3. Presentation of results 14

15 Key financial data by division ( millions) 30-Jun Jun-11 % change Radio % TV % Digital % Other operations (1) (21% ) Revenue % Total operating revenue % EBITDA Radio % as % of revenue 35% 32% EBITDA TV as % of revenue 15% 1% EBITDA Digital (2.5) (0.5) EBITDA Other operations (1) (0.5) 0.0 EBITDA Group % Note (1) Including Print division 15

16 Consolidated income statement ( millions) 30-Jun Jun-11 % change Total operating revenue % Personnel costs (36.4) (33.9) 7% Other expenses (38.8) (32.0) 21% Total operating expenses (75.2) (65.9) 14% EBITDA % EBIT % Cost of net financial debt (0.8) (0.8) Income tax (2.7) (2.2) Bonus shares and group savings schemes (0.1) (0.3) Non-recurring items 0.2 (2.1) Net profit x Minority interests (0.3) (0.3) Group share of net profit x 16

17 Changes in key figures Total operating revenue (1) EBIT (1) +17% +11% +17% +52% +14% Note (1) Published results, including Electronics division, sold in January

18 Changes in Radio and TV key figures Radio division key figures (1) TV division key figures (1) Note (1) Published results 18

19 Consolidated balance sheet ( millions) 30-Jun Dec-2011 Goodwill Other assets Deferred tax assets Operating WCR (9.5) (12.7) Cash and cash equivalents Total Assets Shareholders' equity Minority interests Provisions Financial liabilities Total Equity and Liabilities Gross debt (43.6) (44.7) Cash and cash equivalents Net debt (26.3) (26.5) 19

20 Change in debt (cash approach) Sound financial position Total : 43.6 million Other Finance leases Debt maturing 11/2013 Debt maturing 11/2012 Total : 35.8 million Banking facilities and revolving credit >2014 Cash and cash equivalents 20

21 Cash flow statement ( millions) 30-Jun Jun-2011 Net profit (1) Change in WCR (3.0) (1.3) Amortisation and depreciation charges Provision charges (3.0) 1.1 Cost of net financial debt Deferred tax charge Non-cash income and expenses Cash flow from operating activities Cash flow used in investing activities (2.4) (2.4) Dividends (4.8) - Share buyback programme (1.0) (0.2) Interest paid (0.4) (0.3) Repayment of borrowings (1.4) (0.4) Cash flow used in financing activities (7.6) (1.0) Change in cash and cash equivalents (0.9) 4.9 Note (1) Published results, including Electronics division sold in January

22 4. Outlook 22

23 Outlook Radio division Maintain the profitability of the Radio division Capitalise on RMC s strong results Strong audience growth potential Untapped audience in Northern and Eastern France Coverage of London Olympics 24 million (outside Paris region) 4.3% Cum. Aud. 19 million 11.9% Cum. Aud. Ensure the long-term viability of BFM Business s model Revenue targets maintained in a difficult environment Continued implementation of synergies with BFM Business TV 23

24 Outlook TV division To turn the TV division into the Group s first division Growth in BFMTV results On the way to 100 million in revenue Cost control for increased profitability in 2013 BFM Business TV, a new growth driver for radio Programming overhaul planned for September 2012 RMC Découverte, a differentiating channel project Due to be launched on 12 December 2012 on channel 24 Strong demand from viewers A proven channel project internationally 24

25 Outlook RMC Découverte Response to strong demand from viewers HD 1 6Ter TVous ChérieHD L Equipe HD 82% 70% 63% 55% 42% 39% 70% of French people interested in the future RMC Découverte channel dedicated to documentaries and knowledge (1) Primarily young and male target 2 nd most expected channel among AB+ individuals Introducing a new dimension to the documentary genre in France Note (1) Iligo survey of 1, y.o.+ individuals 25

26 Outlook RMC Découverte (continued) A differentiating and widely acclaimed format In France Rendez-vous en terre inconnue Au cœur de l urgence Ovnis Extra-terrestres Le convoi de l extrême Fin du monde en 2012? Audience share 10.0% 6.5% 5.2% 4.8% 20.0% Apocalypse La 2 ème guerre mondiale 10.0% Internationally Discovery Channel (NL) Discovery Max (ES) Dmax (DE) History (US) Nat. Geo (NL) Discovery (US) Audience share (1) 1.7% 1.6% 1.3% 1.2% 2.2% 2.1% Note (1) Audience share of under 50 y.o. adult targets (ES-IT-UK: / NL: / US: 18-49) 26

27 Outlook RMC Découverte (continued) Rapid increase in coverage 76% 83% 88% 90% 100% 63% 51% 60% 75% 80% 26% Dec-12 Jun-13 Dec-13 Jun-14 TV-equipped DTT-equipped Source: NXTV estimates 27

28 Outlook TV division Decline in audience share of historic channels In France 100% 92% In the US 100% 75% 68% 75% 69% 62% 50% 25% 8% 32% 50% 25% 31% 38% Historic channels Other channels Historic channels Other channels Source: France - In %. Source Mediametrie Mediamat 4+ y.o. 3am-3am ; USA - CAB Analysis of Nielsen Galaxy Period Mon-Sat 8pm-11pm & Sun. 7pm-11pm Live+ SD 20/09/10-26/05/2011 vs previous years 28

29 Outlook Digital division To become the leading digital news group in France September 2012: Launch of the new leading news website under the BFMTV.com umbrella brand More than 250 articles per day (news, business, sports and high-tech) Nearly 100 videos broadcast every day Strong acceleration in Google News audience Targeting 15 million unique visitors and 40 million video views in

30 Outlook Digital division (continued) TV news brands, the future of digital news (1) News website ranking - US News website ranking - France #1 #2 #3 #4 #5 Note (1) Website ranking by UVs. NIELSEN US / MNR September

31 Appendices 31

32 NextRadioTV shareholding structure at 20 July 2012 Of which: - Financière de l Echiquier (8%) - Fimalac (6.1%) Total number of shares: 16,679,124 Total number of voting rights (gross): 23,388,622 Market capitalisation: million NextRadioTV share price:

33 Key financial data Radio division ( millions) 30-Jun Jun-11 % change Revenue % Other operating revenue and grants % Total operating revenue % Personnel costs (12.7) (12.0) 5% Other expenses (12.5) (11.8) 6% Total operating expenses (25.2) (23.8) 6% EBITDA % as % of revenue 35% 32% Amortisation and depreciation charges (0.4) (0.3) EBIT % as % of revenue 34% 31% 33

34 Key financial data TV division ( millions) 30-Jun Jun-11 % change Revenue % Other operating revenue and grants Total operating revenue % Personnel costs (15.2) (12.4) 23% Other expenses (15.9) (11.2) 41% Total operating expenses (31.1) (23.6) 32% EBITDA as % of revenue 15% 1% Amortisation and depreciation charges (1.7) (1.5) EBIT 3.9 (1.3) 34

35 Key financial data Digital division ( millions) 30-Jun Jun-11 % change Revenue % Other operating revenue and grants - - Total operating revenue % Personnel costs (4.4) (3.7) 19% Other expenses (4.3) (2.5) 72% Total operating expenses (8.7) (6.2) 40% EBITDA (2.5) (0.5) Amortisation and depreciation charges (0.2) (0.1) EBIT (2.6) (0.6) 35

36 Detailed IFRS income statement ( millions) HY HY Radio TV Digital Other Revenue Other operating revenue and grants Total operating revenue Personnel costs (36.4) (33.9) Tax and duties (2.3) (1.6) Net provision charges Other operating expenses (37.0) (30.4) Total operating expenses (75.2) (65.9) EBITDA Amortisation and depreciation charges (2.4) (2.1) EBIT Cost of net financial debt (0.8) (0.8) Income tax (2.7) (2.2) Bonus shares and group savings schemes (0.1) (0.3) Non-recurring items 0.2 (2.1) Net profit Minority interests (0.3) (0.3) Group share of net profit

37 Financial communication Shareholders agenda 2012 Q3 revenue Thursday 18 October Q4 revenue Thursday 24 January

38 Disclaimer Statements contained in this document, particularly those concerning forecasts on future NextRadioTV Group performance, are potentially subject to various risks and uncertainties. Any reference to NextRadioTV Group past performance should not be interpreted as an indicator of future performance. The limited review procedures on the consolidated financial statements are being completed. The auditors report on the half-year financial reporting will be issued once the necessary procedures for the publication of the half-year financial report have been finalised. 38

39 Notes 39

40 Notes 40