Deal Overview July 2013
|
|
- Alexis Austin
- 5 years ago
- Views:
Transcription
1 Deal Overview July 2013
2 Executive Summary SPT Networks has an opportunity to acquire Chellomedia s (a subsidiary of Liberty Global) operating business unit in the Latin America region, Chello Latin America ( Chello LatAm ) Chellomedia ( Chello ) is currently running a sale process for the entire business with initial non-binding indications of interest due by July 18, 2013 We believe Chellomedia s valuation is in the range of $822mm to $998mm, representing a 8.9x to 10.8x CY2012A EBITDA multiple and 8.5x to 10.4x CY2013E EBITDA multiple While Chellomedia represents an attractive asset, Chello LatAm represents the best strategic fit into SPT Networks current portfolio Chello LatAm provides an opportunity for SPT Networks to expand its presence in the high-growth Latin American Pay TV and ad sales market and realize significant synergies Expand SPT Networks distribution and reach, through ownership of Chello LatAm s 10 portfolio channels with approximately 106mm subs in key countries in Latin America such as Brazil and Mexico Chello LatAm will enable us to recapture control of affiliate distribution from HBO, allowing us to better capitalize on the growing LatAm and Brazil Pay TV market Cross promote channels to drive viewership and ad sales Opportunities to utilize SPE s content library across Chello LatAm channels Capture significant cost synergies (staff, marketing, G&A, up-link, etc.) SPT Networks proposes to submit a preliminary and non-binding indication of interest, subject to due diligence, of $130mm for Chello LatAm, representing a 10.2x CY2012A EBITDA multiple and 8.3x CY2013E multiple Based on high level financial information and a proposed $130mm purchase price, the Chello LatAm acquisition has a deepwater mark of ($128)mm, NPV of $33mm and IRR of 25.1% before synergies With preliminary synergies assumed at 10% of cash flow, the Chello LatAm acquisition has a deepwater mark of ($128)mm, NPV of $50mm and IRR of 28.5% after synergies 1
3 Chellomedia Overview Business Description One of the largest producers and distributors of thematic Pay TV channels globally with a significant majority of revenues generated from subscriptions, and the remainder from advertising, ad space resale and services 65 (1) channels across six genres, 56 of which are 100% owned and 19 are joint ventures Distributes channels in 138 countries and in over 25 languages reaching approximately 394mm subscribers Content in popular genres of movies, entertainment, sports, children s, lifestyle and factual Revenue Breakdown (2) Revenue By Genre Revenue By Type Revenue By Country Factual 9% Others 5% Movies 27% Others 12% Others 16% Poland 19% Lifestyle 13% Advertising 10% Subscription 57% Czech 4% Netherlands 5% Children's 13% Sports 14% Entertainment 19% Ad Space Resale 21% UK 11% LatAm 13% Hungary 14% Iberia 18% 2 (1) As per Chello internal channel count; does not include channels held through associate investments (e.g. Disney XD-Poland, ShortsTV and OBN). (2) As of April 30, 2013 YTD.
4 Diversified International Business Units (US$ millions) Overview Offers a variety of programming including entertainment, factual, sports, movies, children's and lifestyle television Top-rated channels in film and children's with a total of 20 channels across genres Key markets include Hungary, Poland, Czech Republic and Romania Includes Ad Media, a wholesale advertising brokerage business Portfolio includes MGM Latin America, the popular El Gourmet food channel, and the lifestyle channel Cosmopolitan TV Digital Media Centre ("DMC") provides technical services, such as play-out and TV distribution Headquarters London Madrid Budapest & Warsaw Buenos Aires & Miami Amsterdam Key Regions UK, EMEA, Asia Spain, Portugal, Africa Central / Eastern Europe Latin America Western Europe / CEE # of Channels (Owned / JV) (1)(2) 10 / / 7 12 / 1 10 / - 1 / 1 Key JV Partners NA NA NA Subs (mm) (3) (6) Employees (4) (5) CY 2013E Revenue $112 $83 $85 $62 $39 CY 2013E EBITDA $26 $22 $18 $16 $9 % EBITDA Margin 24% 27% 22% 25% 23% 3 (1) As per Chello internal channel count; does not include channels held through associate investments (e.g., Disney XD-Poland, ShortsTV and OBN). (2) Owned channels defined as 100% owned as of April 30, (3) As of April 30, (4) Represent full-time employees and excludes employees in central role. Pro forma 2013E. (5) Subscribers relate to MGM Netherlands, Weer, and Verkeer (JV with MeteoConsult). (6) Includes employees related to Chello Central Europe At Media business.
5 Chello LatAm Overview Overview (1) The overall Latin America Pay TV and ad spending market is projected to grow at a CAGR of 13% and 9%, respectively, from 2013 to 2017 Portfolio of 10 channels, including MGM Latin America, the popular El Gourmet food channel, Film&Arts, and the lifestyle Cosmopolitan TV channel Top 5 channels expected to account for over 80% of CY13E revenue Subscription revenues accounted for the 85% of the total revenues, followed by advertising, which accounted for 14% (2) $100 $75 $50 $25 $40 $30 $20 $10 $-- Summary Financials (US$mm) Revenue $80 $86 $93 $73 $51 $56 $62 $66 CY11A CY12A CY13E CY14E CY15E CY16E CY17E CY18E EBITDA $33 $28 $11 $13 $16 $19 $21 $25 CY11A CY12A CY13E CY14E CY15E CY16E CY17E CY18E 4 Projects subscription revenue growth CAGR of 8% from 2013 to 2018 Total of ~106 million subs as of April 2013, representing a 13% growth from CY11A Channels are distributed by all the major operators within the relevant regions and also has a small presence of ~400k subscribers in the US through its Spanish-language channel, Ella Note: Figures assume exchange rate of 1.3x to USD. (1) All data as of or for April 2013A YTD. (2) Pre eliminations. Entertainment 12% Revenue By Genre Others 7% Movies 38% Factual 1% Revenue Breakdown (1)(2) Sports 1% Lifestyle 41% Venezuela 5% Others 26% Chile 9% Revenue By Country Mexico 10% Colombia 12% Argentina 24% Brazil 14%
6 Chello LatAm Strategic Acquisition Rationale Distribution SPT Networks will have independent distribution and direct engagement with affiliates; reducing our reliance on 3 rd parties Opportunities to create greater value to broadcasters and SPT Networks by offering bundled options in distribution discussions (e.g., bundling Spin along with Chello channels) Expand our channel portfolio by offering content across 5 of the 6 major genres (1) Opportunities for SPT Networks to create channel bundles (i.e., movie) to bring compelling offerings to broadcasters and consumers Channel Portfolio Genre Entertainment Movies Lifestyle Sports Factual Children s Total (2) Sony Pictures Chello LatAm - 10 Combined Ad Sales Expand ad sales offering by building scale in the region Bundling of ad sales to create greater value for advertisers and SPT Networks across channels Local Production Utilize production facility to develop our own content to air on our channels Additional Opportunities Utilize Sony s extensive content library across Chello s portfolio of channels Capture significant cost synergies including overlap on staff, marketing, play-out, programming, G&A etc. 5 (1) Will examine selling off channel assets with limited strategic fit (e.g., Canal A ) (2) Assumes 3 distinct linear channels, SET, AXN and Spin, for SPT Networks. MGM has an HD feed which is not a simulcast but has a different programming schedule
7 Chello LatAm Channel Portfolio Strategy Channel 100% Owned Target Audience Subs (mm) (1) Interest MGM All Adults 26.2 High El Gourmet Adults High Casa Women 16.4 High Level Strategic Rationale Synergies and New Opportunities New channel genre for SPT portfolio Creation of movie bundle with other Chello channels New channel genre for SPT portfolio Creation of Food Network-type channel New channel genre for SPT portfolio Creation of female-focused channel Use programming acquisition expertise to rebrand channel to Cine Sony and improve movie content Offer movie package including 3 channels (MGM, Film&Arts and Europa Europa) Acquire titles in bundles for all 3 movie channels Continue to produce in Argentina Look to acquire content from Food Network and develop our own content Use El Gourmet studio to produce content for Casa; female lifestyle channel similar to Martha Stewart Film&Arts Adults High Same as MGM Same as MGM Cosmoplitan Women Medium Possible duplication with Casa and El Gourmet Needs further evaluation but potential fit as part of a larger bouquet Europa Europa Adults High Same as MGM Same as MGM America Sports Men Medium New channel genre for SPT portfolio Ability to target male demographic Expand sports offering in LatAm (e.g., Outdoor Channel, Outside Channel) Canal A Adults Medium Limited strategic fit Acquire and look to sell (H2 is a potential buyer) Reality TV Adults Low Limited strategic fit Ella Women 0.4 Medium US Hispanic growth potential Needs further evaluation but potential fit as part of a larger bouquet Add to SPT portfolio of US channels Continue feeding with product from El Gourmet and Casa Club Total (1) As of April 30, 2013.
8 Chello LatAm Preliminary Valuation (US$ in millions) SPT Networks estimates a preliminary enterprise value range of $129mm $152mm before synergies based on Chellomedia financial projections and by equally weighting the DCF and trading multiples valuation methodologies The valuation implies 9.6x 11.3x FY13 EBITDA and 7.9x 9.3x FY14 EBITDA The valuation is pre-diligence and gives full credit to Chellomedia s projections Preliminary estimate of synergies of 10% of cash flow increases the upper range to an average of $169mm We recommend extending a non-binding offer of $130mm for Chello LatAm, representing 10.2x CY2012 EBITDA and 8.3x CY2013 EBITDA METHODOLOGY IMPLIED ENTERPRISE VALUE COMMENTS Low View: $129 High View: $169 DCF - Exit Multiple $130 $165 $185 WACC Range: 17.0% % Terminal Multiple: 6.0x - 8.0x DCF - Perpetuity Growth $136 $162 $180 WACC Range: 17.0% % Perpetuity Growth: 6.5% - 7.5% Trading Multiples - FY14E EBITDA $131 $147 $162 Trading Multiple of FY14E EBITDA Range: 8.0x - 9.0x including a 25% Equity Control Premium Trading Multiples - FY13A EBITDA $121 $135 $148 Trading Multiple of FY13A EBITDA Range: 9.0x x including a 25% Equity Control Premium $80 $100 $120 $140 $160 $180 $200 7 Enterprise Value Note: Figures assume exchange rate of 1.3x to USD. Fiscal year financials assume 75% of prior calendar year and 25% of current calendar year. Also note that the low view is based on the preliminary valuation prior to synergies and the high view is based on the preliminary valuation with synergies. Incremental value from synergies
9 Chello LatAm Returns Analysis (without Synergies) (US$ in millions) Fiscal Year End March 31, Q4 2014E 2015E 2016E 2017E 2018E 2019E Revenue $15.7 $67.8 $74.6 $81.3 $87.9 $94.8 EBITDA $4.1 $19.2 $22.2 $25.7 $29.7 $33.8 Less: Depreciation and Amortization (1) (0.2) (0.7) (0.7) (0.8) (0.9) (0.9) EBIT (before PPA) $3.9 $18.6 $21.5 $24.9 $28.8 $32.9 Less: PPA (2.9) (10.7) (7.9) (6.0) (3.6) (3.6) EBIT (after PPA) $1.1 $7.9 $13.5 $18.9 $25.2 $29.2 Less: Taxes (0.3) (1.9) (3.4) (5.6) (7.4) (8.3) EBIT after Taxes $0.7 $6.0 $10.1 $13.3 $17.7 $20.9 Less: Change in Working Capital (1.3) (2.8) (3.3) (2.4) (1.9) (1.8) Less: Capital Expenditures (0.7) (4.3) (1.2) (1.2) (1.4) (1.2) Plus: Depreciation and Amortization Plus: PPA SPT Networks Free Cash Flows $1.8 $10.2 $14.4 $16.4 $19.0 $22.5 Cumulative SPT Networks Cash Flows SPT Networks Investment (130.0) Terminal Value (7.0x EBITDA) SPT Networks Cash Flow (incl. Terminal Value) (128.2) SPT Networks Cumulative Cash Flow (incl. Terminal Value) (128.2) (118.0) (103.6) (87.2) (68.2) EBIT to SPT Networks before PPA $3.9 $18.6 $21.5 $24.9 $28.8 $32.9 Less: PPA (2) (2.9) (10.7) (7.9) (6.0) (3.6) (3.6) EBIT to SPT Networks after PPA $1.1 $7.9 $13.5 $18.9 $25.2 $29.2 Low Offer High Purchase Price $129.5 $130.0 $152.1 NPV of SPT Networks Cash Flows $53.0 $53.0 $54.2 SPT Networks Investment (129.5) (130.0) (152.1) NPV of Terminal Value Total NPV $33.5 $33.0 $12.1 IRR 25.3% 25.1% 20.4% DWM ($127.7) ($128.2) ($150.2) WACC 17.5% 17.5% 17.5% 8 Note: Figures assume exchange rate of 1.3x to USD. Assumes transaction as of 12/31/13. Fiscal year financials assume 75% of prior calendar year and 25% of current calendar year. (1) Assumes depreciation & amortization is 1% of revenue. (2) Assumes 40% of the purchase price attributed to intangibles. 70% of the intangibles value is attributed to affiliate relationships and amortized over 10 years (straight-line), 20% is attributed to programming and amortized over 3 years (50%/30%/20%) and 10% is attributed to advertiser relationships and amortized over 3 years (50%/30%/20%).
10 Chello LatAm Returns Analysis (w/ Synergies) (US$ in millions) Assumes 10% synergies to cash flow Fiscal Year End March 31, Q4 2014E 2015E 2016E 2017E 2018E 2019E Revenue $15.7 $67.8 $74.6 $81.3 $87.9 $94.8 EBITDA $4.1 $19.2 $22.2 $25.7 $29.7 $33.8 Plus: Synergies EBITDA (incl. Synergies) $4.5 $21.2 $24.4 $28.2 $32.6 $37.2 Less: Depreciation and Amortization (1) (0.2) (0.7) (0.7) (0.8) (0.9) (0.9) EBIT (before PPA) $4.3 $20.5 $23.7 $27.4 $31.8 $36.2 Less: PPA (2.9) (10.7) (7.9) (6.0) (3.6) (3.6) EBIT (after PPA) $1.5 $9.8 $15.7 $21.4 $28.1 $32.6 Less: Taxes (0.4) (2.3) (3.9) (6.3) (8.3) (9.3) EBIT after Taxes $1.0 $7.5 $11.8 $15.2 $19.9 $23.3 Less: Change in Working Capital (1.3) (2.8) (3.3) (2.4) (1.9) (1.8) Less: Capital Expenditures (0.7) (4.3) (1.2) (1.2) (1.4) (1.2) Plus: Depreciation and Amortization Plus: PPA SPT Networks Free Cash Flows $2.1 $11.7 $16.0 $18.3 $21.1 $24.9 Cumulative SPT Networks Cash Flows SPT Networks Investment (130.0) Terminal Value (7.0x EBITDA) SPT Networks Cash Flow (incl. Terminal Value) (127.9) SPT Networks Cumulative Cash Flow (incl. Terminal Value) (127.9) (116.2) (100.2) (81.9) (60.8) EBIT to SPT Networks before PPA $4.3 $20.5 $23.7 $27.4 $31.8 $36.2 Less: PPA (2) (2.9) (10.7) (7.9) (6.0) (3.6) (3.6) EBIT to SPT Networks after PPA $1.5 $9.8 $15.7 $21.4 $28.1 $32.6 Offer Low High Purchase Price $130.0 $144.2 $168.7 NPV of SPT Networks Cash Flows $59.3 $60.1 $61.3 SPT Networks Investment (130.0) (144.2) (168.7) NPV of Terminal Value Total NPV $50.3 $36.8 $13.7 IRR 28.5% 25.2% 20.5% DWM ($127.9) ($142.1) ($166.4) WACC 17.5% 17.5% 17.5% 9 Note: Figures assume exchange rate of 1.3x to USD. Assumes transaction as of 12/31/13. Fiscal year financials assume 75% of prior calendar year and 25% of current calendar year. (1) Assumes depreciation & amortization is 1% of revenue. (2) Assumes 40% of the purchase price attributed to intangibles. 70% of the intangibles value is attributed to affiliate relationships and amortized over 10 years (straight-line), 20% is attributed to programming and amortized over 3 years (50%/30%/20%) and 10% is attributed to advertiser relationships and amortized over 3 years (50%/30%/20%).
Deal Overview July 2013
Deal Overview July 2013 Executive Summary SPT Networks has an opportunity to acquire Chellomedia s (a subsidiary of Liberty Global) operating business unit in the Latin America region, Chello Latin America
More informationDeal Overview August 2013
Deal Overview August 2013 Executive Summary SPT Networks has an opportunity to acquire Chellomedia s (a subsidiary of Liberty Global) operating business unit in the Latin America region, Chello Latin America
More informationDeal Overview Appendix July 2013
Deal Overview Appendix July 2013 Chellomedia Preliminary Valuation Summary (US$ millions) Based on a sum-of-the-parts analysis, we believe Chellomedia will be valued in the range of $822mm to $998mm The
More informationREQUEST FOR APPROVAL DOCUMENT
REQUEST FOR APPROVAL DOCUMENT Date: May 7, 2012 Sponsor Division: Primary Executive Contact: General Description of Activity or Transaction: Business Justification: Sony Pictures Television Andy Kaplan,
More informationValuation of Warrants
Valuation of Warrants November 9, 2012 Situation Overview ($ in millions) Liberty Media announced that it is spinning off its Starz LLC ( Starz ) business into a new public company through a tax free distribution
More informationSPT Deal Overview Summary. January 18, 2013
SPT Deal Overview Summary January 18, 2013 Executive Summary TBD TBD TBD TBD TBD 2 Deal Summary # Deal of Potential Transaction SPT Stake 1 e2 (SET Turkey) Channel Acquire 100% of e2 channel from Dogus
More informationConsiderations around Chellomedia. May 23, 2013
Considerations around Chellomedia May 23, 2013 Notice to Recipient Confidential Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America
More informationSPT Networks Business Development Overview. January 18, 2013 [DRAFT FOR DISCUSSION PURPOSES]
SPT Networks Business Development Overview January 18, 2013 [DRAFT FOR DISCUSSION PURPOSES] Deal Summary ($ in MM) # Deal of Opportunity of Potential Transaction Asia Pacific / India Est. Valuation (1)
More informationSPE has Built a Strong and Meaningful Networks Presence in India
SPE has Built a Strong and Meaningful Networks Presence in India SPE launched its network presence in India 17 years ago with SET Between 2000-2007, SET faced multiple challenges In early 2009, new management
More informationSPT Networks Business Development Overview
SPT Networks Business Development Overview January 2013 Deal Summary ($ in MM) # Deal of Opportunity of Potential Transaction Asia Pacific / India 1 Maa TV 2 3 Dori Media Group s Indonesian Channels Asia
More information1H14 financials. 1H14 audience share. 1H14 market share. 24h Total individuals. 1H14 1H13 Var. +1.4pp. Millions
1H14 financials 1H14 audience share +1.4pp 24h Total individuals Millions 1H14 1H13 Var. Total net revenues 468,0 427,0 9,6% Total operating costs 379,9 371,5 2,3% EBITDA adj* 88,1 55,5 58,6% EBITDA margin
More informationJetix Europe N.V. Financial Results Year ended September 30, 2006 November 28, 2006
Jetix Europe N.V. Financial Results Year ended September 30, 2006 November 28, 2006 Operating Review Paul Taylor Chief Executive Officer Slide 2 Overview One of Europe s leading kids entertainment companies
More informationFull-year results Cologne, 10 March Entertain. Inform. Engage.
Full-year results 2015 Cologne, 10 March 2016 Entertain. Inform. Engage. Agenda 1 2 3 4 2016 Full-year 2015 highlights Group financials Business update Strategy & Outlook 2016 2 Highlights 2015 in a nutshell
More informationFAIR MARKET VALUE ANALYSIS (a) Valuation Method Exhibit Low High Low High. Fair Market Value of 100.0% Equity. Proposed Price $204 Million (c)
Sony Pictures Entertainment Inc. Exhibit 1 Summary of Values (currency in millions) - FAIR MARKET VALUE ANALYSIS (a) Fair Market Value of 100.0% Equity Interest (USD millions) (b) Valuation Method Exhibit
More informationA Superior Cash Proposal for Sky. Tuesday, February 27
A Superior Cash Proposal for Sky Tuesday, February 27 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE
More informationAcquisition of Tribune Media Company. Enhancing Nexstar s Position as North America s Leading Local Media Company
Acquisition of Tribune Media Company Enhancing Nexstar s Position as North America s Leading Local Media Company D e c e m b e r 3, 2018 Disclaimer Forward-Looking Statements This Presentation includes
More informationJanuary-March 2010 Results. Grupo Prisa. Quarterly Results January- March th May, // Investor Relations
Grupo Prisa Quarterly Results January- March 2010 13th May, 2010 1 JANUARY- MARCH 2010 PRISA OBTAINED AN EBITDA OF 144.47 MILLION IN THE FIRST QUARTER OF 2010 (+3.9%). THE OPERATING PROFIT (EBIT) INCREASED
More informationJanuary- December 2009 Results. Grupo Prisa. Annual Results January- December February 19th // Investor Relations
Grupo Prisa Annual Results January- December 2009 February 19th 2010 1 JANUARY- DECEMBER 2009 PRISA OBTAINED AN EBITDA OF 623.75 MILLION IN 2009. The operating profit (EBIT) reached 368.98 million. Net
More information1Q13 24h Audience share. 1Q13 financials. 1Q13 TV Advertising market share. 1Q13 1Q12 Var.
1Q13 24h Audience share 1Q13 financials Millions 1Q13 1Q12 Var. Total net revenues 196,6 218,0-9,8% Total operating costs 173,5 193,6-10,4% EBITDA adj* 23,1 24,4-5,5% EBITDA margin 11,7% 11,2% EBIT 18,8
More informationFox Kids Europe N.V. Financial Results - Six Months Ended December 31, 2001 March 21, 2002
Fox Kids Europe N.V. Financial Results - Six Months Ended December 31, 2001 March 21, 2002 TM Slide 2 Operating Review Ynon Kreiz Chairman & CEO H1 02 Highlights Continued strong progress in a challenging
More informationFY 2011 Results. February 28th, 2012
FY 2011 Results February 28th, 2012 Disclaimer In addition to figures prepared in accordance with IFRS, PRISA presents non-gaap financial performance measures, e.g., EBITDA, EBITDA margin, adjusted EBITDA,
More informationInvestor Presentation May 2017
Investor Presentation May 2017 Safe Harbour Disclosure - Forward-looking Statements 2 Leading Canadian Media and Content Company Great portfolio of assets Leader in Canadian broadcasting Globally recognized
More informationW W E Q 4 A N D F U L L Y E A R R E S U LT S F E B R U A R Y 8,
W W E Q 4 A N D F U L L Y E A R 2 0 7 R E S U LT S F E B R U A R Y 8, 2 0 8 Forward-Looking Statements This presentation contains forward-looking statements pursuant to the safe harbor provisions of the
More informationCorus Entertainment Annual Report
MANAGEMENT S DISCUSSION AND ANALYSIS Management s Discussion and Analysis of the financial position and results of operations for the year ended August 31, 2017 is prepared at November 17, 2017. The following
More informationMORGAN STANLEY TMT CONFERENCE
MORGAN STANLEY TMT CONFERENCE Barcelona, Friday 16th November 2007 Ignacio Santillana, COO 1 : INDEX Grupo Prisa: - New issues. - Main highlights. Group Strategy. Business evolution update. 2 : GRUPO PRISA
More informationGerman Investment Seminar
German Investment Seminar Dr Eckhard Cordes, CEO New York, 13 January 2010 Disclaimer This presentation contains forward-looking statements which are based on certain expectations and assumptions at the
More informationEAST BALT BAKERIES July 2017 ACQUISITION
EAST BALT BAKERIES July 2017 ACQUISITION E AST BA LT AT A G L A N C E Leading foodservice-focused company that supplies baked goods to Quick Service Restaurants ( QSR ) across the world Operates 21 bakeries
More informationAn Analysis of Liberty Acquisition/Grupo Prisa. Value Investing Congress October 13, 2010
An Analysis of Liberty Acquisition/Grupo Prisa Value Investing Congress October 13, 2010 T2 Partners Management L.P. Manages Hedge Funds and Mutual Funds and is a Registered Investment Advisor The General
More information1Q14 financials. 1Q14 audience share. 1Q14 market share. 24h Total individuals. +1.1pp. Millions. 1Q14 1Q13 Var.
1Q14 financials 1Q14 audience share +1.1pp 24h Total individuals Millions 1Q14 1Q13 Var. Total net revenues 200,4 196,6 1,9% Total operating costs 173,5 173,5 0,0% EBITDA adj* 26,9 23,1 16,7% EBITDA margin
More informationGESTEVISION TELECINCO S.A. THE LEADING TV MEDIA GROUP IN SPAIN
GESTEVISION TELECINCO S.A. THE LEADING TV MEDIA GROUP IN SPAIN December 21 st 2009 1 TRANSACTION SUMMARY Telecinco to acquire 100% of the business of Cuatro and 22% of Digital+ from Grupo Prisa Grupo Prisa
More informationNINE ENTERTAINMENT CO. FY16 FINAL RESULTS
NINE ENTERTAINMENT CO. FY16 FINAL RESULTS 25 August 2016: Nine Entertainment Co. (ASX: NEC) has reported the Company s final results for the 2016 financial year (FY16). On a Pro Forma basis, the Company
More informationFY12 24h Audience share. FY12 financials. FY12 TV Advertising market share. FY12 FY11 Var % Others
FY12 24h Audience share FY12 financials Millions FY12 FY11 Var % TOTAL NET REVENUES 886,7 1.009,3-12,1% Total operating costs 821,8 816,5 0,7% Recurring EBITDA adj* 64,9 192,9-66,3% Recurring EBITDA margin
More informationZEEL becomes the No. 1 Entertainment Network in India
ZEEL becomes the No. 1 Entertainment Network in India Domestic Advertising Revenue of Rs. 9,346 mn, Up 10.1% YoY adjusted for sports Domestic Subscription Revenue of Rs. 4,043 mn, Up 7.2% YoY adjusted
More informationReception by Lagardère SCA of a binding offer for its international magazines. January 31 st, 2011
Reception by Lagardère SCA of a binding offer for its international magazines January 31 st, 2011 1 Disclaimer Certain of the statements contained in this document are not historical facts but rather are
More informationAn Inflexion Point in the Company 1H 2015 RESULTS PRESENTATION. Madrid, 22 nd July 2015
An Inflexion Point in the Company 1H 2015 RESULTS PRESENTATION Madrid, 22 nd July 2015 Disclaimer In addition to figures prepared in accordance with IFRS, PRISA presents non-gaap financial performance
More informationResultados enero-marzo Quarterly results January- March th April //Información para accionistas e inversores
Resultados enero-marzo 2007 Quarterly results January- March 2007 19th April 2007 1 www.prisa.es //Información para accionistas e inversores NOTE 1: GROUP STRUCTURE Grupo Prisa s activities are organized
More informationUPC Holding B.V. UPC Holding B.V. Provides Selected Financial Information for the Period Ended June 30, 2009
UPC Holding B.V. UPC Holding B.V. Provides Selected Financial Information for the Period Ended 2009 Amsterdam, the Netherlands August 5, 2009: UPC Holding B.V. ( UPC Holding ) is today providing selected,
More informationAT&T Investor Update 2018 AT&T EARNINGS. 2 nd Quarter Earnings. July 24, 2018
AT&T Investor Update 2 nd Quarter Earnings July 24, 2018 Q2 2018 AT&T EARNINGS AT&T Investor Update Results and Outlook Business Update John Stephens Senior Executive Vice President and Chief Financial
More informationWWE INVESTOR PRESENTATION
WWE INVESTOR PRESENTATION FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995, which
More information9M16 results presentation
9M16 results presentation (January September) Madrid, October 26 th 2016 9M16 HIGLIGHTS 9M16 FINANCIALS 9M16 AUDIENCE SHARE 24h total individuals Million 9M16 9M15 Var. Total net revenues 711,7 674,7 5,5%
More informationInvestor Presentation. RBC Capital Markets TMT Deep Dive Conference November 14, 2017
Investor Presentation RBC Capital Markets TMT Deep Dive Conference November 14, 2017 Safe Harbour Disclosure - Forward-looking Information 2 Leading Canadian Media and Content Company Great portfolio of
More informationFirst half 2017 results presentation (January-June 2017) Madrid, July 26 th 2017
First half 2017 results presentation (January-June 2017) Madrid, July 26 th 2017 MEDIASET ESPAÑA 1H17 RESULTS AT A GLANCE Million 1H17 AUDIENCE SHARE 1H17 FINANCIALS 24h total individuals 1H17 1H16 Var.
More informationTV18 BROADCAST LIMITED (Listed Subsidiary of Network18)
EARNINGS RELEASE: Q3 2011-12 TV18 BROADCAST LIMITED (Listed Subsidiary of Network18) Steady quarter with consolidated revenues at Rs. 342.8 crores and an operating profit of Rs. 28.5 crores from operations
More informationFORWARD-LOOKING STATEMENTS
WWE INVESTOR PRESENTATION DECEMBER 2018 FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements pursuant to the safe harbor provisions of the Securities Litigation Reform Act of
More informationWWE INVESTOR PRESENTATION
WWE INVESTOR PRESENTATION FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995, which
More informationBetter together! 1Q18 Results presentation. (January- March) Madrid, April 19 th 2018
Better together! 1Q18 Results presentation (January- March) Madrid, April 19 th 2018 MEDIASET ESPAÑA 1Q18 RESULTS AT A GLANCE Million 1Q18 FINANCIALS 1Q18 1Q17 1Q18 AUDIENCE SHARE 24h total individuals
More informationUPC Holding B.V. UPC Holding Reports First Quarter 2012 Results
UPC Holding B.V. UPC Holding Reports First Quarter 2012 Results Amsterdam, the Netherlands May 11, 2012: UPC Holding B.V. ( UPC Holding ) is today providing selected, preliminary unaudited financial and
More informationGOPRO BY THE NUMBERS IPO IN JUNE ESTABLISHED IN HQ IN EMPLOYEES. >14mm capture devices sold; #1 camera/camcorder by $ share in U.S.
These slides and the accompanying oral presentation contain projections or other forward-looking statements. All statements other than statements of historical fact contained in this presentation, including
More information1H 2012 Results. July 23 rd, 2012
1H 2012 Results July 23 rd, 2012 Disclaimer In addition to figures prepared in accordance with IFRS, PRISA presents non-gaap financial performance measures, e.g., EBITDA, EBITDA margin, adjusted EBITDA,
More informationQuarterly Earnings 1Q 2011
Quarterly Earnings 1Q 2011 May 5, 2011 PRISA ACHIEVES REVENUES OF 690.9 MILLION EUROS AND EBITDA OF 100.4 MILLION EUROS These figures, adjusted for nonrecurring items, reflect 3.2% growth in revenue and
More informationFULL YEAR RESULTS January December 2013
FULL YEAR RESULTS January December 2013 Madrid - February 27 th, 2013 CONTENTS: Financial and operating highlights 1. Profit and loss account 2. Cash flow generation 3. Summary balance sheet 4. Audience
More informationJetix Europe N.V. Financial Results For the year ended September 30, November 15, Slide 1
Jetix Europe N.V. Financial Results For the year ended September 30, 2007 November 15, 2007 Slide 1 Operating Review Paul Taylor Chief Executive Officer Slide 2 Overview One of Europe s leading kids entertainment
More informationSpeech of PRISA s CEO Fernando Abril-Martorell, General Shareholders Meeting
Speech of PRISA s CEO Fernando Abril-Martorell, General Shareholders Meeting Madrid, June, 22th 2013 Good morning ladies and gentlemen shareholders, In my speech I will refer in first place to the most
More information3. ANALYSIS BY SEGMENT
3. ANALYSIS BY SEGMENT SOLUTIONS & Book-to-bill & 1,894 +9% 2,070 1.22x +5% 1.29x 1,811 +4% 1,881 1.05x +5% 1.10x have grown 4% versus the previous year, showing a strong growth in Transport & Traffic,
More informationWWE INVESTOR PRESENTATION
WWE INVESTOR PRESENTATION FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995, which
More informationDisclosure Statement. Page 2
Disclosure Statement This presentation and the accompanying slides (the Presentation ) which have been prepared by Samsonite International S.A. ( Samsonite or the Company ) do not constitute any offer
More informationFACTS & FIGURES INTEGRATED SYSTEMS EUROPE 2018 FULL ATTENDANCE DATA AND AUDIENCE DEMOGRAPHICS ISE 2018 FACTS AND FIGURES 1
FACTS & FIGURES INTEGRATED SYSTEMS EUROPE 2018 FULL ATTENDANCE DATA AND AUDIENCE DEMOGRAPHICS ISE 2018 FACTS AND FIGURES 1 Integrated Systems Europe is the world s largest AV and systems integration tradeshow.
More informationSegment net sales 26, , Operating segment income (1) 10, , (1)
INVESTOR RELATIONS FOR IMMEDIATE RELEASE Highlights Consolidated Net Sales and Operating Segment Income grew 10.5 and 10.4, respectively Double-digit growth in Cable Segment Sales and Operating Segment
More informationAT&T ANALYST MEETING
AT&T ANALYST MEETING Mike Viola Senior Vice President, Investor Relations, AT&T Inc. Cautionary Language Concerning Forward-Looking Statements Information set forth in this presentation contains financial
More informationPress Release. ProSiebenSat.1 Achieves New Revenue and Earnings Record in 2013
Press Release ProSiebenSat.1 Achieves New Revenue and Earnings Record in 2013 Review of the 2013 financial year Revenues up by 10.6 % to EUR 2.605 billion Recurring EBITDA increased by 6.1 % to EUR 790.3
More information1Q 2015 Results. May 8, 2015
1Q 2015 Results May 8, 2015 Highlights of the period Good operating results: recurring EBITDA +4% Latam: confirmed positive trends, EBITDA +33% yoy and reorganization kicked -off Renewables: +0.2 GW capacity
More informationMetLife, Inc. Acquisition of ALICO. March 8, 2010
MetLife, Inc. Acquisition of ALICO March 8, 2010 ALICO: A Unique and Compelling Transaction Significantly Accelerates the Execution of MetLife s Global Growth Strategy Diversifies revenue and earnings
More informationQ Report. A quarter of investments. First quarter Highlights
Q1 Report 19 April (publ.) ( MTG or the Group ) (Nasdaq OMX Stockholm Large Cap Market: MTGA, MTGB) today announced its financial results for the first quarter ended 31 March. A quarter of investments
More informationNetflix Studio : My Analysis, Not necessarily the analysis. Aswath Damodaran
Netflix Studio : My Analysis, Not necessarily the analysis Aswath Damodaran Executive Summary The cost of capital for the cash flows from the studio, reflecting its risk (content production) and its focus
More informationASSET MANAGEMENT. D. Frigerio Head of Private Banking & Asset Management Division
ASSET MANAGEMENT D. Frigerio Head of Private Banking & Asset Management Division AGENDA Asset Management at a glance CEE - the story so far Poland the benchmark Opportunities and challenges The approach
More informationAmcor & Bemis Combination Creating the Global Leader in Consumer Packaging. 6 August 2018
Amcor & Bemis Combination Creating the Global Leader in Consumer Packaging 6 August 2018 Disclaimer Cautionary Statement Regarding Forward-Looking Statements This communication contains certain statements
More informationUK Television Production Survey
UK Television Production Survey Financial Census 2017 September 2017 A report by Oliver & Ohlbaum Associates Ltd for Pact Contents 1. Summary 2. Revenue growth 3. UK commissioning trends 4. International
More informationEnel Green Power 9M 2015 consolidated results
Enel Green Power Rome November 13, 2015 Agenda Overview of recent events Analysis of results Closing remarks 1 Active portfolio management Exit from El Salvador Cash-in: 224 m Capital gain: 123 m Entry
More informationCopyright 2014 HomeAway Inc.
Copyright 2014 HomeAway Inc. Safe harbor statement This presentation contains "forward-looking" statements, subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995,
More informationInvestor Day April 2010 INVESTMENT STRATEGY. Mr. DAVID DIAZ Corporate Development Director
Investor Day April 2010 INVESTMENT STRATEGY Mr. DAVID DIAZ Corporate Development Director abertis: Investment strategy 1. An overview of the infrastructure market 2. abertis strategy 3. A robust methodology
More informationAcquisition of Jack Wolfskin. November 2018
Acquisition of Jack Wolfskin November 2018 Important notices Forward-Looking Statements: During this presentation, any statements relating to future plans, events, financial results, performance or prospects,
More informationApril 2015 A LEADING TECH COMPANY
April 2015 A LEADING TECH COMPANY This presentation has been produced by Indra for the sole purpose expressed therein. Therefore, neither this presentation nor any of the information contained herein constitutes
More informationGESTEVISION TELECINCO S.A.
GESTEVISION TELECINCO S.A. SPAIN WINS ON TELECINCO COMPANY PRESENTATION Deutsche Bank European TMT Conference London, September 9-10 th 2010 1 GROUP ( million) 1H10 1H09 VAR. % Total Net Revenues ( mn)
More informationImerys and S&B: A strategic combination
Accelerating development, strengthening core business, creating value Gilles MICHEL - Chairman & CEO Michel DELVILLE - CFO Disclaimer More comprehensive information about Imerys may be obtained on its
More informationAgenda. Full-year 2017 highlights. Group financials. Business & Strategy update. Outlook
Agenda 1 2 3 4 2018 Full-year 2017 highlights Group financials Business & Strategy update Outlook 2018 2 Highlights Total Video strategy continues to pay off BROADCAST Strong results in Germany and France
More informationTIME WARNER INC. REPORTS FOURTH-QUARTER AND FULL-YEAR 2017 RESULTS
For Immediate Release: REPORTS FOURTH-QUARTER AND FULL-YEAR 2017 RESULTS Full-Year Highlights Revenues increased 7% to $31.3 billion Turner and Home Box Office s Subscription revenues increased 13% and
More informationCapital Markets Day. Strategic Plan Alberto De Paoli CFO
Capital Markets Day Strategic Plan 2019-21 Alberto De Paoli CFO Agenda Alberto De Paoli (CFO) Capital allocation 2019-21 Our Plan Business line highlights Financial management Risk management Earnings
More informationHEMISPHERE MEDIA GROUP ANNUAL REPORT
HEMISPHERE MEDIA GROUP ANNUAL REPORT 2014 2014 ANNUAL REPORT LETTER TO OUR SHAREHOLDERS After our first full year as a public company, we are very pleased with our performance and excited about our future.
More informationQuarterly Report. Grupo Clarín announces its Results for the First Quarter 2016 (1Q16)
Quarterly Report GCLA: Ps. 132.0 / share (BCBA) GCLA: USD 19.5 / GDS (LSE) Total Shares: 287,418,584 Total GDSs: 143,709,292 Market Value: USD 2,802.3 MM Closing Price: May 11th, 2016 Grupo Clarín announces
More informationForward-Looking Statements
WWE RESULTS MAY 10, 2016 Forward-Looking Statements This presentation contains forward-looking statements pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995, which are
More informationThe contents of this document must be taken into account by all individuals or entities that may have to make decisions or draw up or
Corporate Presentation April 2018 Disclaimer This document has been prepared by NATURHOUSE HEALTH S.A. ( NATURHOUSE or the Company ) for its exclusive use during the presentations to investors. NATURHOUSE
More informationUPC Holding B.V. UPC Holding B.V. Provides Selected Financial Information for the Period Ended September 30, 2009
UPC Holding B.V. UPC Holding B.V. Provides Selected Financial Information for the Period Ended 2009 Amsterdam, the Netherlands November 5, 2009: UPC Holding B.V. ( UPC Holding ) is today providing selected,
More informationQ Earnings Presentation August 2, 2018
Q2 2018 Earnings Presentation August 2, 2018 Safe Harbor Statement Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are
More informationMeredith to Acquire Time Inc. Creates Premier Media and Marketing Company Serving 200 Million American Consumers.
Meredith to Acquire Time Inc. Creates Premier Media and Marketing Company Serving 200 Million American Consumers November 27, 2017 1 FORWARD-LOOKING STATEMENTS & SAFE HARBOR This presentation contains
More informationA Superior Proposal for 21 st Century Fox Shareholders JUNE 13, 2018
A Superior Proposal for 21 st Century Fox Shareholders JUNE 13, 2018 2 Important information Cautionary Statement Regarding Forward-Looking Statements This press release contains statements which are,
More information2009 Half Year Results. August 25, 2009
1 2009 Half Year Results August 25, 2009 2 Caution statement This presentation may contain forward looking statements, which are subject to risk and uncertainty. A variety of factors could cause our actual
More informationInvestor Presentation. August 2018
Investor Presentation August 208 Safe Harbor Forward-looking Statements These presentation slides and the related presentation contain certain forward-looking statements, as defined under U.S. federal
More informationDRAFT FOR DISCUSSION Investment in Crackle Australia
Investment in Crackle Australia Overview August 2013 Executive Summary SPT Networks is seeking approval to make an additional investment in Crackle Australia Foxtel has recently decided not to renew TV1
More informationSafe Harbor. Forward-Looking Statements + Disclaimer. Additional Information Relating to Defined Terms:
Liberty Global plc Investor Call 2018 May 9, 2018 Safe Harbor Forward-Looking Statements + Disclaimer This presentation contains forward-looking statements within the meaning of the Private Securities
More informationFor personal use only
CREATING A LEADING INTEGRATED TELECOMMUNICATIONS AND MEDIA GROUP IN NEW ZEALAND 9 June 2016 IMPORTANT INFORMATION Purpose: The purpose of this presentation and the announcement materials released today
More informationBroadcasting Decision CRTC
Broadcasting Decision CRTC 2018-230 PDF version Reference: 2018-106 Ottawa, 9 July 2018 Wow! Unlimited Networks Inc. Across Canada Public record for this application: 2017-1027-8 Public hearing in the
More informationRobas Research Private Limited Panel Book
Robas Research Private Limited Panel Book Introduction Robas Research was introduced in July, 2012 1 6 We believe in research from base which defines our firm s logo for any research/methodology in which
More informationJuly 26, 2017 LafargeHolcim Ltd 2015
Second Quarter 2017 Results Beat Hess, Chairman and Interim CEO Roland Köhler, Interim COO and Regional Head of Europe, Australia/NZ & Trading Ron Wirahadiraksa, CFO July 26, 2017 LafargeHolcim Ltd 2015
More informationEnergizer to Acquire Spectrum Brands Global Battery and Portable Lighting Business. January 16, 2018
Energizer to Acquire Spectrum Brands Global Battery and Portable Lighting Business January 16, 2018 Safe Harbor Statement Unless the context otherwise requires, references in this presentation to Energizer,
More informationINVESTOR DAY INTRODUCTION 28 MAY 2014
INVESTOR DAY INTRODUCTION 28 MAY 2014 INVESTOR DAY PURPOSE Over the past years, we ve been building the foundations of a better growth profile Streamlining our portfolio, with the disposal of major non-core
More informationADDENDUM AGREEMENT FOR THE REFERENCE INTERCONNECT OFFER MALAYALAM BOUQUET
Customer Code: ADDENDUM AGREEMENT FOR THE REFERENCE INTERCONNECT OFFER MALAYALAM BOUQUET This Addendum to the Reference Interconnect Offer Agreement ("Addendum") is executed on this day of [ ], 2017 by
More informationProject Milestone. Draft Valuation Report 21 August 2012
Valuation of Multi Screen Media Private Limited Page 1 of 30 s Contents 1 Background 2 2 Scope and Limitations of Work 4 3 Sources of Information 6 4 Historical Financial Information 7 5 Forecast Financial
More informationUBS 46 th Annual Global Media and Communications Conference
UBS 46 th Annual Global Media and Communications Conference FORWARD-LOOKING STATEMENTS This presentation contains certain forward-looking statements that are subject to risks and uncertainties. These statements
More informationIndustry: CABLE TV August 7, 2013 Recommendation: BUY. Company Overview
Price Target $74.09 Price (08/07/2013) $61.11 52-WK ($) 47.71-67.85 Market Cap ($M) $34,000 Outstanding Shares 556 Insider % 7.0 Revenue $30,750 Valuation TEV ($M) $50,590 EBITDA ($M) $7,480 EV/EBITDA
More informationJuly 2012 Decoding Global Investment Attitudes
July 2012 Decoding Global Investment Attitudes Investment decisions and matters of personal wealth vary by gender, age and geographic region Globally, men are 36% more active than women with investments
More information