GESTEVISION TELECINCO S.A.

Transcription

1 GESTEVISION TELECINCO S.A. SPAIN WINS ON TELECINCO COMPANY PRESENTATION Deutsche Bank European TMT Conference London, September 9-10 th

2 GROUP ( million) 1H10 1H09 VAR. % Total Net Revenues ( mn) % Total Operating Costs *** **** % EBITDA adj.* ( mn) % EBITDA adj/net Revenues 32.8% 30.6% EBIT ( mn) % EBIT/Net Revenues 31.7% 29.3% Net Profit Reported ( mn) % Net Profit Adjusted** ( mn) % FCF ( mn) % FCF/Total Net Revenues 28.3% 10.5% Net Cash Position % 17,2 24h Total Individuals Audience Share, Jan 1 st June 30 th ,1 Grupo Telecinco Grupo Antena 3 14,9 T5 TV Advertising Market 1H % 11.1% Others 5.1% 32.4% 12,1 A3 * After the rights consumption ** Excluding the Net Impact of the amortization of the PPA of Endemol *** Including the reversal of a provision for 8 million **** Including the reversal of a provision for 35 million 12.4% 27.7% FIRST HALF 2010 HIGHLIGHTS Sources: SOFRES and INFOADEX 2

3 3

4 January 1 st August 31 st 2010 Audience 24h Total Individuals by Groups BROADCASTING Audience 24h Commercial Target* by Groups Others Others Vs 2009 Audience Prime Time Total Individuals by Groups Audience Prime Time Commercial Target* by Groups Others Others Telecinco s group of channels is leader within the commercial groups * Commercial target: Audience group comprising of individuals from 16 to 59 living in communities of over 10,000 inhabitants and across middle and upper social classes Sources: SOFRES 4

5 January 1 st August 31 st 2010 BROADCASTING Audience 24h Total Individuals by Groups Launch of Ban of advertising on State TV Analog switch-off World Cup Jan- 09 Feb- 09 Mar- 09 Apr- 09 May- 09 Jun- 09 Jul- 09 Aug- 09 Sep- 09 Oct- 09 Nov- 09 Dec- 09 Jan- 10 Feb- 10 Mar- 10 Apr- 10 May- 10 Jun- 10 Jul- 10 Aug- 10 Telecinco s group of channels is leader, among the commercial groups, in audience since September 2009 Fuente: SOFRES 5

6 January 1 st August 31 st 2010 Audience 24h Total Individuals by Channel BROADCASTING Audience 24h Commercial Target* by Channel Vs Audience Prime Time Total Individuals by Ch Audience Prime Time Commercial Target* by Ch Telecinco channel is leader among the commercial channels * Commercial target: Audience group comprising of individuals from 16 to 59 living in communities of over 10,000 inhabitants and across middle and upper social classes Sources: SOFRES 6

7 BROADCASTING January 1 st August 31 st 2010 Audience Prime Time Total Individuals by Channel 2 Matches 2 Matches Monday Tuesday Wednesday Thursday Friday Saturday Sunday Telecinco leads all nights, among the commercial channels. Sources: SOFRES 7

8 BROADCASTING June 11 th July 11 th 2010 Audience share for the matches broadcasted on Telecinco Opening match: First phase: First phase: First phase: 1/8 final: 1/4 final: Semifinal: Final: Extra time, Final: South Africa- Mexico SPAIN- Switzerland Honduras -SPAIN Chile- SPAIN SPAIN- Portugal Paraguay -SPAIN Germany -SPAIN Netherlands -SPAIN Netherlands -SPAIN The audience of the matches broadcasted by Telecinco increased as the national team progressed in the competition Source: SOFRES 8

9 9

10 ADVERTISING Advertising market 1H 2009/2010 performance by media Cinema 0.4% External Radio 6.7% +3.5% Internet 9.7% 5.7% 48.9% Television 2,589 2, % Press/ Magazines 1, % 1,311 Internet 13.5% 0.7% Radio 1H09 1H % External 7.4% Television -3.3% Press/ Magazines Total Advertising Market Total TV Advertising Market Cinema 81.0% -5% 0% 5% 10% 15% Spanish advertising market grows in 1H2010 Source: INFOADEX 10

11 ADVERTISING AT THE END OF THE FIRST HALF 2010 TL5 IS LEADER IN REVENUES, PRICES, MARKET SHARE AND POWER RATIO Total Free TV advertising market 1H10: 1,244.7 (+5.1% vs. 1H09) Telecinco Antena3 Cuatro Forta La Sexta Group audience (%) 17.2% 15.1% 7.9% 11.5% 7.0% Market share (%) 32.4% 27.7% 12.4% 11.3% 11.1% Power ratio Telecinco is leader in all relevant parameters Source: INFOADEX and Sofres 11

12 ADVERTISING Advertising Revenues, First Half 2010 Gross TV Advertising Revenues (million ) Special Initiative s share on 1H10 Telecinco Gross Advertising Revenues: 13.3% Special Initiatives (million ) +43.0% % ( millions) 1H09 1H10 1H09 1H10 Commercial Strategy, 1H2010 Audience Share SECONDS GRP s (20 ) C/GRP s (20 ) TV gross Adv. Revenues % % % % % Mill. % 17.2% +8.3% +1.3% +8.3% +28.4% % TL5 TV advertising revenues outperforms the market Source: Kantar Media Publiespaña Data: Telecinco, Factoria de Ficcion, La Siete y Cincoshop 12

13 ADVERTISING Sector Breakdown (% on total Adv sales) TV advertising market by sectors Sector Growth (1H10 vs. 1H09) Automotive Finance Retail Telecoms Automotive Food Food H Other Health & Beauty Telecoms Finance Retail Other Health & Beauty TV Advertising Market by Sectors at 1H10 Source: Publiespaña 13

14 14

15 FINANCIAL RESULTS ( million) 1H10 TOTAL NET REVENUES % TOTAL COSTS * ** 38.7% Personnel % Operating Costs % Amortizations & Depreciations % EBITDA (1) % EBIT % Pre-Tax Profit % Net Profit Reported % Net Profit Adjusted (2) % EBITDA/ NET REVENUES 32.8% 30.6% EBIT/ NET REVENUES 31.7% 29.3% NET PROFIT Reported/ NET REVENUES 23.3% 19.4% NET PROFIT Adjusted/ NET REVENUES 24.8% 23.1% 1H09 VAR % * Including the reversal of a provision for 8 million ** Including the reversal of a provision for 35 million Consolidated Financial Results (1) Post-rights amortization (2) Excluding the net impact of the amortization of the intangibles related to the PPA of Endemol 15

16 FINANCIAL RESULTS millions 1H10 1H09 FX Effect in Organic Growth in Net Consolidated Revenues EBITDA Net Profit* * Net Profit includes a net impact of amortization of PPA intangibles of -40m Edam Group 1H10, P&L Highlights 16

17 FINANCIAL RESULTS 1H10 1H09 Diff. in million Initial Cash Position Free Cash Flow Cash Flow from Operations Net Investments Change in Net Working Capital Change in Equity Financial Investments Dividends received Dividend payments Total Net Cash Flow Final Cash Position Free Cash Flow/Total Net Revenues 28.3% 10.5% Consolidated Cash Flow statement ( million) 17

18 FINANCIAL RESULTS EBITDA (in million ) EBITDA/ NET REVENUES (in %) NET PROFIT Adjusted* (in million ) NET PROFIT Adjusted*/NET REVENUES (in %) % 30.6% 32.8% 37.4% 23.1% 24.8% 1H08 1H09 1H10 1H08 1H09 1H10 * Adjusted Net Profit: excludes the accounting impact (after taxes) of the amortization of the intangibles resulting from the PPA of the Endemol acquisition. Margins ( million) 18

19 FINANCIAL RESULTS 82.6 million 92.4 million H H TV Rights TV Rights Co-production Tangible & non-fiction Fiction Distribution Intangible Fixed Assets Net Investments 19

20 FORESEEN ACQUISITION TIMETABLE 1Q 2010 Due Diligence Signing of final Transaction Agreement CNMV process initiated Initiate antitrust process Done 2Q2010 Telecinco shareholder approvals End of phase 1 of the Spanish antitrust authority control over the deal Opening of the phase 2 process of the Spanish antitrust authority 3Q 2010 Conditions for closing Regulatory and antitrust approvals Consent from Grupo Prisa banking creditors Rights issue execution by Telecinco 4Q 2010 Second capital increase restricted to Prisa Completion of the transaction Roadmap to completion by fourth quarter 20

21 Back Up slides 21

22 FINANCIAL RESULTS ( million) 1H10 1H09 VAR % Gross Adv. Revenues % - Multiplex Telecinco % - Other n.a. Discounts % Net Advertising Revenues % Other Revenues % TOTAL NET REVENUES % Personnel % Rights Amortization % Other Operating Costs ** *** 74.4% Total Costs % EBITDA adj* % ** Including the reversal of a provision for 8 million *** Including the reversal of a provision for 35 million * Post-rights amortisation Consolidated Profit & Loss Account (I) 22

23 FINANCIAL RESULTS ( million) 1H10 1H09 VAR % EBITDA adj* % Other Amortization & Depreciation % EBIT % Equity Consolidated Results % Financial Results n.a. EBT % Income taxes n.a. Minority Interests % Net Profit reported % Net Profit adjusted** % *Post-rights amortisation **Excluding the net impact of the amortization of the intangibles related to the PPA of Endemol Consolidated Profit & Loss Account (II) 23

24 FINANCIAL RESULTS FREE CASH FLOW ( million) 102.2% 45.6% 114.1% FCF / NET REVENUES (in %) 38.2% % 28.3% 1H08 1H09 1H10 FCF Net Profit Adjusted FCF Conversion / NP Adjusted FCF generation ( million) 24

25 FINANCIAL RESULTS 1H10 1H Fixed assets Financial Non Financial Audiovisual Rights and Pre-payments TV, Third Party Rights TV, Spanish Fiction Rights Co-production / distribution Pre-paid taxes TOTAL NON-CURRENT ASSETS Current assets Financial investments and cash TOTAL CURRENT ASSETS TOTAL ASSETS Shareholders' equity Non-current provisions Non-current payables Non-current financial liabilities TOTAL NON-CURRENT LIABILITIES Current payables Current financial liabilities TOTAL CURRENT LIABILITIES TOTAL LIABILITIES Consolidated Balance Sheet ( million) 25

26 BROADCASTING January 1 st June 30 th 2010 Audience 24h, Total Individuals Others 7.1 Tem. Pay Vs Audience Prime Time (20:30), Total Individuals Others 6.9 Tem. Pay In 1H2010, TL5 increases the gap and is the leader among the commercial channels. Sources: SOFRES 26

27 BROADCASTING January 1 st June 30 th 2010 Audience 24h, Commercial Target* Tem. Others Pay Vs Audience Prime Time (20:30), Commercial Target* Others 8.3 Tem. Pay TL5 starts another year as leader in commercial target. * Commercial target: Audience group comprising of individuals from 16 to 59 living in communities of over 10,000 inhabitants and across middle and upper social classes Sources: SOFRES 27

28 BROADCASTING June 11 th July 11 th 2010 Audience 24h Total Individuals by Channel Otros 7.1 Tem. Pago Vs. average 1/1/10 7/23/10 During the world cup competition Telecinco is leader in audience Source: SOFRES 28

29 BROADCASTING 1H % 45.2 % 1H % 60.8% Programming Mix in 1H10; January 1 st June 30 th 2010 In-House Production vs. Library in terms of broadcasting hours Live Recorded In-house production 84.7% 87.7% 15.3% 12.3% 1H09 1H10 Third party rights In House production 36.0% 1H09: 49.8% 27.8% 1H09: 29.1% 36.2% 1H09: 21.1% Productions with Independent Companies Produced by Atlas & Telecinco Productions with Participating Companies Endemol La fábrica de la Tele Mandarina TL5 programming mix shows a stable performance of in-house production. 29

30 INTERNET Nº2 page among the other broadcaster s webs 2010* Unique Users Page viewed RTVE.es Telecinco.es Antena3TV.com In the first half of 2010 Telecinco improves its records of single users and viewed pages. Pages Unique Users 6.85 Nº5 web in the ranking of the media companies 2010* Unique Users Page viewed Marca.com ElMundo.es Minutos.es RTVE.es Telecinco.es ,8% 2009* 2010* ,9% 2009* 2010* Source: Nielsen Online (data obtained with Country Market Intelligence), audited by OJD *First half 2010 and 2009 average; data in million Aim achieved: a leading website with its own identity 30

31 Investor Relations Department Phone: Fax: inversores@telecinco.es WEB: telecinco.es/inversores/en DISCLAIMER Statements contained in this document, particularly the ones regarding any Telecinco possible or assumed future performance, are or may be forward looking statements and in this respect they involve some risks and uncertainties. Telecinco actual results and developments may differ materially from the ones expressed or implied by the above statements depending on a variety of factors. Any reference to past performance of Telecinco shall not be taken as an indication of future performance. The content of this document is not, and shall not be considered as, an offer document or an offer or solicitation to subscribe for, buy or sell any stock. The shares of Telecinco may not be offered or sold in the United States of America 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 31

32 GESTEVISION TELECINCO S.A. COMPANY PRESENTATION Deutsche Bank European TMT Conference London, September 9-10 th