Agenda. Company Overview Newspapers - products - strategy - industry overview - local strength Free press - products and strategy
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1 November 2004
2 Agenda Company Overview Newspapers - products - strategy - industry overview - local strength Free press - products and strategy - industry overview - national strength Financials Outlook Appendix Il Messaggero headquarters in Via del Tritone, Rome 2
3 Company Overview: : the Caltagirone group The Caltagirone group is a family-controlled industrial concern operating mainly in Italy The group operates in three main business areas : construction & real estate, cement, media Caltagirone Family 11% 7% 84% 34% CALTAGIRONE S.p.A. 4% Treasury shares Mkt cap: 579 Free Float: : 12% CONSTRUCTION CEMENT MEDIA Sales: 189* Mkt cap: 320 (avg)** Free Float: 33% (avg) Sales: 293* Mkt cap: 415** Free Float: 36% Sales: 249 Mkt cap: 820** Free Float: 30% 54% VIANINI LAVORI S.p.A 2% Treasury shares (General Contractor) 25% CEMENTIR S.p.A 2% Treasury shares (Italy) 97% 30% ** CALTAGIRONE EDITORE S.p.A. (Newspapers, Advertising, Internet) 36%*** 62% VIANINI INDUSTRIA S.p.A 5% Treasury shares (Water pipes/pilons) CIMENTAS.A.S. (Turkey) * 2003 Data; ** As of May 2004 ** Includes 30% stake held by Mantegna 87 Srl, 100% controlled by Caltagirone S.p.A.; *** 11% stake held by Mantegna 87 Srl,100% controlled by Caltagirone S.p.A. 3
4 Company Overview: : the Caltagirone Editore group SHAREHOLDERS STRUCTURE Market 30% Vianini Lavori 4% Vianini Industria 3% Cementir 4% Caltagirone S.p.A. 25% (*) Caltagirone Family 34% The group started from construction and diversified into cement and media during the Nineties Group strengths are based on: - strong focus on core business - solid financial structure - constant search for new business opportunities - ongoing commitment to reach cost efficiencies - focus on long-term value creation (*) Includes Mantegna 87 Srl, 100% controlled by Caltagirone S.p.A. 4
5 Company Overview: : Caltagirone Editore PRODUCTS Market position 1.26 million daily readers Sales 2003: 157m Market share: 50% in Lazio 678,000 daily readers Sales 2003: 59.6m Market share: 62% in Campania Daily circulation of 810,000 copies Sales 2003: 17.2m SERVICES Advertising agency for the Group and third parties (Il Nuovo Quotidiano di Puglia, Radio Globo (the first local radio in Rome), Radio Antenna 1and other radios in Rome, Milan, Naples) One of the main national internet portals Call center that offers services exploiting Caltanet s technology 5
6 Newspapers: the products National editions 13 Local editions National editions 7 Local editions 6
7 Newspapers: strategy National newspaper with high brand visibility 13 local editions Avg. 48 pages, with a maximum of 64 Up to 24 color pages 4th newspaper in Italy¹ with around 1.26 million daily readers 250,000 average copies sold ² National newspaper with high brand visibility 7 local editions Avg. 48 pages, with a maximum of 64 Up to 24 color pages (from March 2004) 9th newspaper in Italy¹ with around 678,000 daily readers 94,000 average copies sold ² STRATEGY Improvement of printing facilities of both Il Messaggero and Il Mattino with a total investment of 105 million in order to increase: number of pages, output quality and yield State of the art printing facilities will make easier switching from one edition to another at minimum extra cost Aggressive price policy in order to increase market share in the Macroregion Focus on cost control Financial incentives for new investments (ex L. 488, grants equal to 30% of investment for Il Mattino) 1 Excluding financial and sport dailies Source: Audipress 2002 ² Source: ADS 2002/2003 7
8 Newspapers: industry overview Market Share readership * LA REPUBBLICA IL CORRIERE DELLA SERA (000 readers per day) Il Messaggero and Il Mattino have a market share of 50% in Lazio and 62% in Campania, respectively. LA STAMPA 1598 IL MESSAGGERO 1267 IL RESTO DEL CARLINO 1198 LA NAZIONE 893 IL GAZZETTINO 750 IL GIORNALE 746 IL MATTINO 678 IL TIRRENO 575 LA GAZZETTA DEL M EZZOGIORNO % IL SECOLO XIX LA SICILIA % IL GIORNO 408 GIORNALE DI SICILIA 403 Macroregion Leggo Presence * Excluding financial and sports daily newspapers - Source: Audipress Spring 2003;Audipress Autumn 2003 data is not yet available on a regional basis 8
9 Newspapers: local strength Market Share in the Macroregion * Il Messaggero + Il Mattino 45.1% La Repubblica 21.0% Corriere della Sera Il Tem po 10.4% 5.5% Market share of 50% in Lazio Market share of 62% in Campania * Readers per day excluding financial and sports daily newspapers - Source: Audipress Spring
10 Free press: products and strategy 1st free newspaper in Italy with: - daily circulation of 810,000 copies - daily readership of 979,000 * Average 24 pages in tabloid format Torino Milano Venezia Padov a Verona Bologna Firenz e Roma Napoli Launched in March 2001, expected to reach break-even by the end of 2004 Distributed from Monday to Friday in: - railway stations (exclusive long-term agreement with Grandi Stazioni) - underground stations -bars - hospitals - universities - other meeting points STRATEGY Creation of a national network in order to reach a wider presence Reinforcement of market leadership to exploit advertising upturn Target focus on: - youngsters - working people - mass affluent * Source: Eurisko
11 Free press: industry overview Avg. Daily readers by region * Free newspapers are present in 8 regions, accounting for 71% of Italian population Avg. Daily readers of at least one free newspaper: 1,650,000 Lombardia Leggo: 212,000 Veneto Leggo: 90,000 Piemonte Leggo: 97,000 Torino Milano Bologna Venezia Padova Verona Emilia Romagna Leggo: 55,000 Toscana Leggo: 42,000 Firenze Campania Leggo: 140,000 Roma Napoli Lazio Leggo: 339,000 Puglia Leggo: 5,000 * Source: Eurisko
12 Free press: national strength Leggo is the #1 free newspaper in Italy National Avg. Daily readers * Leggo 979,000 City 734,000 Metro 692,000 * Source: Eurisko
13 Industry Overview: profitability vs quoted peers Caltagirone Editore ranks as one of the most profitable media groups * EBITDA MARGIN 22.00% 22.10% 18.80% 18.20% 17.30% 11.74% 13.41% 14.25% 13.80% 14.20% 8.20% 9.48% 3.50% 5.20% 5.96% RCS POLIGRAFICI EDITORIALE MONDADORI GRUPPO EDITORIALE L'ESPRESSO CALTAGIRONE EDITORE * See Appendix for details about business mix. 13
14 Financials: revenue breakdown Advertising is the main driver of Group revenue milions Circulation Advertising Internet&Services Others
15 Financials: operating costs breakdown 2003 High proportion of services is due to: - in-house management of logistics - outsourcing of low-value added activities Other costs 16% Raw Materials 13% Personnel 35% Services 36% 15
16 Financials: 3Q 2004 highlights Circulation Jul-Sept 2004 Euro 000 Jul-Sept 2003 Euro 000 % Circulation ,2% 3Q Highlights Jul-Sept Jul-Sept % Add-on sales ,5% Euro of which: Net Sales ,3% Il Messaggero ,8% of which: Circulation ,3% Il Mattino Total ,7% 5,3% Advertising ,6% Other revenues Ebitda ,7% 11,7% Advertising Jul-Sept 2004 Euro 000 Jul-Sept 2003 Euro 000 % Ebit ,9% Il Messaggero Il Mattino ,7% -1,9% Leggo ,6% Corriere Adriatico (*) n.a. others ,8% Total ,6% 16
17 Financials: first 9 months of 2004 highlights Circulation Jan-Sept 2004 Euro 000 Jan-Sept 2003 Euro 000 % 9M Highlights Jan-Sept 2004 Euro 000 Jan-Sept 2003 Euro 000 % Circulation Add-on sales of which: ,7% 23,9% Net Sales ,7% Il Messaggero Il Mattino ,5% 68,5% of which: Circulation ,7% Total ,7% Advertising Other revenues ,4% 36,6% Advertising Jan-Sept 2004 Euro 000 Jan-Sept 2003 Euro 000 % Ebitda ,9% Il Messaggero ,6% Ebit ,8% Il Mattino Leggo ,6% 17,5% Corriere Adriatico (*) n.a. others ,5% Total ,4% 17
18 Financials: first 9 months of 2004 Profit & Loss Account Jan-Sept 2004 Euro 000 Jan-Sept 2003 Euro 000 % Circulation ,7% Advertising ,4% Other revenues ,6% Total ,7% Raw materials (18.927) (21.090) -10,3% Services (64.350) (58.070) 10,8% Rents, lease and similar costs (5.034) (3.557) 41,5% Personnel (57.898) (57.904) 0,0% Other costs (1.642) (1.295) 26,8% Total ( ) ( ) 4,2% Ebitda ,9% D&A (18.001) (16.754) 7,4% Other (costs) revenues (2.990) (1.170) 155,6% Ebit ,8% Profit before taxes ,3% Taxes (12.155) (7.217) 68,4% Profit before minorities ,7% Minorities (1.777) (1.072) 65,8% Net profit ,6% 18
19 Financials: net financial position Euro /09/04 31/12/03 30/06/04 Marketable securities Cash/deposits Long term borrowings (80.541) (82.358) (80.541) Short term borrowings (15.966) (21.187) (28.244) Net Financial Position
20 Financials: FY 2003 millions Dec 31, 2003 Dec 31, 2002 YoY% Circulation Advertising % 7% Underlying ciculation revenue was flat Add on promotions boosted circulation revenues by 7.9m Advertising growth for Il Messaggero and Il Mattino was + 4.5%. Leggo increased revenues by 28%. Others 7 7 0% Total Sales % Costs % Paper costs declined by 14% year- over- year Service costs increased by 8 m due to add on promotions EBITDA % % margin 22.1% 17.3% EBIT % margin % % 71% 3.6 m increase in amortization due to new printing center in Torrespaccata (6 months in 2003) 1,87 devaluation of Caltanet stake Net Financial Charges Pretax % 0% 2 m dividends from 2% RCS stake Lower interest income due to lower yield on cash deposits Extraordinaries % Tax Minorities Net income nm nm 55% Current taxes: - 12 m Defered tax credit: 16.8m due to devaluation of financial stakes Expected average future tax rate around 35% (DT no longer possible). % margin 10.4% 7.3% 20
21 Financials: profitability over time Facts Caltagirone Group acquires Il Messaggero and Il Mattino Strong cyclical upswing Strong advertising growth Reorganization of activities and completion of turnaround process Strict cost control Economic slowdown Advertising demand fall Further improvement in efficiency through reduction of labour cost Launch of LEGGO Start of a new advertising upturn New printing plant up and running (Il Messaggero) EBITDA margin EBIT margin 29.1% 31.4% Results 14.7% 17.8% 10.9% 22.1% 22.6% 18.2% 17.3% 22.1% 11.5% 6.0% 6.7% 6.9% 7.6% 1.0%
22 Financials: breakdown by quarter millions 2 0,0 1 6,7 1 6,3 1 5,3 1 2,6 1 3,4 1 3,0 9,6 4,4 6,0 1 1,3 8,3 7,7 8,1 8,1 4,8 5,7 4,1 6,5 1 1,7 1 1,3 8,6 6,2 8,0 1 0,3 8,8 6,5 8,3 9,6 2,2 2,4-0,6 1,0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q EBITDA EBI T Net Income (continuing) * *Not including extraordinary items 22
23 Financials: : cash flow 29 m 498 m (6) m 9 m (63) m (25) m 442 m Operating Cash Flow Financial investment Capex * Interest income Dividend paid Net Cash December 2002 Net Cash December 2003 * 2003 Capex is unusally high due to one-off expenditure for new printing facility in Torrespaccata 23
24 Financials: : market multiples 805 m* Adjusted firm value is 5.9x historical Ebitda m (442 m) 317m Adjusted EV Sales 2003 = 1.3x (60m) Sales m Market Cap Net Cash 2003 Peripheral Assets Adjusted EV (2% stake inrcs Mediagroup + others) Ebitda 2003 Adjusted EV Ebitda 2003 = 5.9x * As of April 20,
25 Outlook Circulation Flat/slight increase due to add-on sales Advertising Our strength in local advertising provided resilience during last cyclical downturn BUT being one of the top national players, we will benefit from any advertising upswing Cost control We aim at further improvement of existing cost structure Growth goals We pursue organic growth as well as external growth in the core business 25
26 Appendix 26
27 Business mix RCS MEDIAGROUP GRUPPO EDITORIALE L'ESPRESSO MAGAZINES 19% BOOKS 16% OTHERS 21% INTERNET/ SERVIS 3% RADIO/ TELEVISION 5% MAGAZINES 10% OTHERS 7% FREE PRESS 1% DAILY NEWSPAPERS 43% DAILY NEWSPAPERS 75% CALTAGIRONE EDITORE INTERNET SERVI CES, 1% OTHERS 2% FREE PRESS 6% DAILY NEWSPAPERS 91% P O L IG R A F IC I E D IT O R IA L I GRUPPO M ONDADORI IN TERNET/ INTERGROUP SALES COM PUTER OT HERS BOOKS SERVICES PUBLI SHING 14 % 1% 16 % DAIL Y 5 % 1% DI RECT DI VSI ON NEWSPAPERS OTHERS 7% 9 2 % 3 % PRINTI NG 22% MAGAZINES 39% As of Decmenber
28 For further information INVESTOR RELATIONS Riccardo Rossetti Claudia Del Grosso Ronchitelli Contact Alessandra Crisari Tel Fax
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