3rd quarter 2008 November 13, 2008

Transcription

1 3rd quarter 2008 November 13,

2 Overview > Q results > Update on full year 2008 guidance > Immediate priorities and business update 2

3 Results in EUR m Q3 08 Q3 07 Change Sep 08 Sep 07 Change Revenues Operating expenses EBITDA Depreciation and amortization Amortization of subscriber base EBIT Financial result Profit/(loss) before taxes Income taxes Net income/(loss) Earnings per share (in EUR)

4 Revenues and costs in EUR m Q3 08 Q3 07 Change Sep 08 Sep 07 Change Revenues Program Advertising Hardware Other Total Costs (including depreciation) Program Transmission Customer service Hardware Selling expenses General and administrative expenses Other operating (income)/expenses Total Depreciation included Costs (excluding depreciation) EBITDA

5 Pay TV operating costs in EUR m Change Q3 08/Q3 07 Change 08/ 07 Change in operating expenses Change in other income Change in operating costs Change in Home of Hardware cost of sales Change in pay TV operating costs One-time gains > EUR 55 million one-time gains in 2008 year to date EBITDA 5

6 Subscribers in '000 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Direct subscribers at beginning 2,495 2,535 2,534 2,450 2,376 Additions Churn Net change Direct subscribers at end 2,535 2,534 2,450 2,376 2,411 Direct program revenues (EUR m) Program ARPU (EUR, monthly) Churn rate (12 months rolling) 30.3% 25.9% 22.9% 22.2% 21.4% Wholesale subscribers at end

7 Cash flow in EUR m Q3 08 Q3 07 Sep 08 Sep 07 Operating cash flow EBITDA Changes in net working capital Other Total Cash flow from investing activities Sale of equity stakes Program rights, plant and equipment Other Total Cash flow from financing activities Capital increase Net borrowings Interest paid Other Total Cash flow

8 Balance sheet in EUR m Total assets 1, ,771.7 Total current assets Cash and cash equivalents Film assets and prepayments for sports and film rights Others Total non-current assets 1, ,370.0 Film assets and prepayments for sports and film rights Intangible assets 1, ,169.5 Others Total liabilities and stockholders' equity 1, ,771.7 Total liabilities Total current liabilities Borrowings Trade payables Others Total non-current liabilities Borrowings Trade payables Others Total stockholders' equity ,040.5 Net debt

9 Full year 2008 outlook > Full year 2008 revenues in excess of EUR 1,015 million > EBITDA guidance narrowed and expected in the range of negative EUR 40 million to negative EUR 60 million 9

10 Immediate priorities and business update > Security gap closed, old encryption technology switched off: Fully secure system fundamental for Premiere s future growth > Focusing on monthly paying subscriber growth and higher ARPU > Tight cost control > Christmas business: > Strong programming line-up > Special Christmas promotion > Bundesliga rights > Preemptive waiver of upcoming covenant breach received from bank syndicate discussions on debt restructuring are ongoing > Strategic review expected to be completed by year-end 10

11 Disclaimer This presentation contains forward-looking statements based on the currently held beliefs and assumptions of the management of Premiere AG, which are expressed in good faith and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of Premiere AG, or media industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Given these risks, uncertainties and other factors, recipients of this document are cautioned not to place undue reliance on these forward-looking statements. Premiere AG disclaims any obligation to update these forward-looking statements to reflect future events or developments. Whilst all reasonable care has been taken to ensure that the information and facts stated herein are accurate and that the opinions and expectations contained herein are fair and reasonable, no representation or warranty, expressed or implied, is made by Premiere AG with respect to the fairness, completeness, correctness, reasonableness or accuracy of any information and opinions contained herein. It is pointed out that the existing presentation may be incomplete or condensed, and it may not contain all material information concerning Premiere AG or the Premiere group. Premiere AG reserves the right to change and complete the information in this presentation without notice. 11