2009 Nine Months Results. New York 23/24 November 2009

Transcription

1 2009 Nine Months Results New York 23/24 November 2009

2 Agenda Who we are Market trends Efficiency Enhancement Program 2009: Nine Months Results and EEP Update Details by Business Unit 2

3 RCS MediaGroup Positioning ITALY ITALY ITALY BRANDS SYSTEMS ITALY Leader in National and Sport Newspapers 2 nd Free Press National Title 19% Market share SPAIN 2nd National Newspaper 2nd Player in terms of Circulation 18% Market share SPAIN MEXICO 2 nd Player in the Fiction and non Fiction market 12.6% Market share Leader in the Education market 12.4% Market share 2 nd Player in the Partworks market FRANCE 4.7% Market share U.S.A. SPAIN 2nd Information Web Site in Italy 1st Sport Information Web Site in Italy 1 st Information Web Site in Europe and 1 Spanish language Web Site Worldwide 1 st Sport Informatiion Web Site in Spain MULTIMEDIA SYSTEMS TV PRESS WEB CLASSIFIED 3 National Radios 8 mln listeners RCS stake: 40.6% 1 national private radiophonic group Thematic TV Channels SPAIN National Sport Radio Leader in Sport and Financial Newspapers 18% Market share CHINA PORTUGAL Note: Market shares updated with latest available market data; Newspapers and Magazines in terms of circulation UK ON LINE & MOBILE ENT The Leading International provider of Web and Mobile community and Entertainment services in 23 countries Online Gaming 3 DTT TV

4 Agenda Who we are Market trends Efficiency Enhancement Program 2009: Nine Months Results and EEP Update Details by Business Unit 4

5 Advertising Italy: 9M09 Trend Advertising Gross Revenues, Million Euro 34 7,032 5, % 163 YoY growth ,227 Cinema Outdoor Internet Radio Magazines % -28.8% +6.2% -29.6% Internet Magazines Newspapers* % -20.8% Newspapers* -18.5% Excl. even numbered yearssportsevents TV 3,539 3, % Other 436 Other 360 9M08 TOTAL MARKET 9M09 9M09 vs 9M08 RCS * Excluding Free Press Source: Nielsen Media Research 5

6 Advertising Spain: 9M09 Trend Advertising Gross Revenues, Million Euro YoY growth 19 4,930 3, % ,183 Cinema Outdoor Internet Radio Sundays Magazines % % % -3.9% -21.5% -36.1% Internet Radio Magazines Newspapers* % -32.3% Newspapers* 2,333 TV % +87.8% DTT TV -30.7% Excl. even numbered yearssportsevents 9M08 TOTAL MARKET 9M09 9M09 vs 9M08 RCS Source: InfoAdex 6

7 Italian Newspapers Circulation: RCS vs. Market Circulation, copies/000 per day, Aug 08 Jul 09 National Newspapers (1) YoY growth 1, % 1, % M08 9M09 9M08 9M09 Sport Newspapers -8.2% % M08 9M09 9M08 9M09 MARKET RCS (1) Includes La Repubblica and Corriere della Sera Source: ADS + Internal Estimates 7

8 Italy Online Readership Workday Unique Users Thousand Users 1, % CAGR 1,236 Monthly Unique Visitors Million Users +32.8% YoY growth M09 Sept 08 Sept 09 Thousand Users Million Users % % CAGR M09 Sept 08 Sept 09 Source: Nielsen Online SiteCensus 8

9 Spain Newspapers Circulation: RCS vs. Market Circulation, copies/000 per day, Sept 08 Sept 09 Generalist Newspapers (1) 1, % 1,626 YoY growth -7.6% M08 9M09 9M08 9M09 Sport Newspapers -1.6% % M08 Financial Newspapers 9M09 9M08 9M % % M08 9M09 9M08 9M09 MARKET RCS (1) Includes newspapers with circulation > 100,000 copies Sources: OJD, Observatorio de Prensa Diaria 9

10 Spain Online Readership Million Users Workday Unique Users YoY growth +23.1% +38.5% % M M M09 Monthly Unique Visitors % % % 2.1 Source: Nielsen Net Rating (OJD) Sept 08 Sept 09 Sept 08 Sept 09 Sept 08 Sept 09 10

11 7 main editions: Norteamérica, Centroamérica, Caribe, Sudamérica, Deportes, Economía and Gossip Specific regard for the news coming from the major countries in the American continent: USA, México, Argentina and Brazil Direct access to the American edition for people living in the continent, with the chance to switch to the Spanish edition The editorial staff is placed in Miami, cooperating with the world wide correspondets network of the EL MUNDO 11

12 Agenda Who we are Market trends Efficiency Enhancement Program 2009: Nine Months Results and EEP Update Details by Business Unit 12

13 Efficiency Enhancement Program - Timing Million Euro May 14, 2009: Efficiency Enhancement Program launched to preserve profitability against the downturn in adv. market Total Recovery = 200 mln Savings 2009 additional savings estimate 2009 cumulative savings estimate steady state additional savings estimate steady state cumulative savings estimate steady state = aprox. 24 months 13

14 Efficiency Enhancement Program Details Total Recovery = 200 mln Euro 10-15% 0-5% CoGS 10-15% 40-45% G&A Production Costs Additional Revenues Others 25-30% 14

15 Agenda Who we are Market trends Efficiency Enhancement Program 2009 Nine Months Results and EEP Update Details by Business Unit 15

16 2009 Nine Months Results - Summary Million Euro 3Q09 3Q08 9M09 9M08 FY 2008 Total Revenues % % 1, % 1, % 2, % EBITDA ex Non Recurring Items % % % % % Non Recurring Items (6.3) (2.9) (32.9) (9.2) (23.3) (1)(2) EBITDA % % % % % (1)(2) (1) (2) (1)(2) EBIT (1.6) (0.3%) % (56.3) (3.5%) % % Net Profit (8.2) (1.6%) (16.2) (2.7%) (73.3) (4.5%) % % NFP (1,122.4) (1,193.5) (1,146.8) mln of SAVINGS related to the Efficiency Enhancement Program (1) The 3Q08 figures are restated: the UE s printing activities and La Coccinella are included as discontinued operations. (2) 16 The 9M08 and the FY08 figures are restated: the UE s printing activities, La Coccinella and Economica SGPS are included as discontinued operations.

17 Efficiency Enhancement Program Update Update September 2009 Million Euro 9M09 FY09E Steady State 86.7% % 100% 86.7% of total savings expected from the Efficiency Enhancement Program for 2009 already achieved in the first nine months The FY09 target is reasonably expected to be exceeded 17

18 2009 Nine Months Results- Profit & Loss Million Euro (1) (2) 3Q09 3Q08 9M09 9M08 Circulation % % % 1, % Advertising % % % % Other % % % % TOTAL REVENUES % % 1, % 1, % Operating costs (377.9) (71.5%) (444.0) (72.7%) (1,183.3) (73.0%) (1,398.3) (71.4%) Labour costs (ex non recurring costs) (108.6) (20.5%) (124.4) (20.4%) (353.9) (21.8%) (384.9) (19.7%) Writedowns (3.8) (0.7%) (3.8) (0.6%) (13.6) (0.8%) (9.6) (0.5%) Provisions (4.1) (0.8%) (1.4) (0.2%) (7.2) (0.4%) (3.9) (0.2%) EBITDA ex Non Recurring Items % % % % Non Recurring Items (6.3) (1.2%) (2.9) (0.5%) (32.9) (2.0%) (9.2) (0.5%) EBITDA % % % % D&A (23.9) (4.5%) (23.8) (3.9%) (72.2) (4.5%) (73.7) (3.8%) Writeoffs (0.4) (0.1%) (0.0) 0.0% (4.2) (0.3%) % Non Recurring Items (5.4) (1.0%) (0.0) 0.0% (10.2) (0.6%) % EBIT (1.6) (0.3%) % (56.3) (3.5%) % Net financial incomes (charges) (10.5) (2.0%) (17.9) (2.9%) (26.3) (1.6%) (44.3) (2.3%) Income (charges) from investments (0.6) (0.1%) (6.3) (1.0%) (4.8) (0.3%) (10.9) (0.6%) PRE-TAX RESULT (12.7) (2.4%) (13.5) (2.2%) (87.4) (5.4%) % Taxes % (2.4) (0.4%) % (16.8) (0.9%) Net Result from Discontinuing and Discontinued Op % % (5.9) (0.4%) % Minorities (1.1) (0.2%) (0.7) (0.1%) % (1.5) (0.1%) NET RESULT (8.2) (1.6%) (16.2) (2.7%) (73.3) (4.5%) % (1) The costs and revenues of UE s printing activities and La Coccinella are included as discontinued operations. (2) 18 The costs and revenues of UE s printing activities, La Coccinella and Economica SGPS are included as discontinued operations.

19 2009 Nine Months Results Breakdown Revenues & Ebitda Million Euro (1) (1) 9M09 9M09 EX Non Recurring Items 9M08 9M08 EX Non Recurring Items Revenues EBITDA ROS% Revenues EBITDA ROS% Revenues EBITDA ROS% Revenues EBITDA ROS% Newspapers Italy Newspapers Spain Magazines Advertising Books Dada Digicast Corporate Activities Others and eliminations TOTAL RCS % % % % (6.5) (1.7%) % % % (2.9) (1.6%) (1.4) (0.8%) % % (7.6) (2.6%) (6.7) (2.3%) (0.2) 0.0% % % % % % % % % % % % % % 45.1 (15.0) ns 45.1 (8.5) ns 47.8 (10.3) ns 47.8 (10.1) ns (297.1) (1.4) ns (297.1) (1.4) ns (411.2) (0.6) ns (411.2) (0.6) ns 1, % 1, % 1, % 1, % (1) The costs and revenues of UE s printing activities, La Coccinella and Economica SGPS are included as discontinued operations. 19

20 2009 Nine Months Results - Cash Flow Variance Million Euro NFP Acquisitions Disposals CAPEX Dividends Operating Cash Flow Others NFP UE s Printing Activities 39 mln Building Disposal (Madrid) 19 mln Sept

21 Balance Sheets Million Euro Net fixed assets 2, % 2, % Tangible & Intangible fixed assets 2, % 2, % Financial fixed assets % % Net working capital % % Reserve for risks and charges (216.3) (9.6%) (214.7) (9.1%) Employee termination indemnity (84.6) (3.8%) (88.8) (3.8%) Net invested capital: assets held for sale % % CAPITAL EMPLOYED 2, % 2, % Net financial debt (cash) 1, % 1, % Equity 1, % 1, % EQUITY & NFD 2, % 2, % 21

22 Agenda Who we are Market trends Efficiency Enhancement Program 2009: Nine Months Results and EEP Update Details by Business Unit 22

23 Newspapers Italy P&L Circ. 567,000 avg. daily copies Read. 2,907,000 per day 480 mln monthly page views 15.4 mln monthly unique users Circ. 344,000 avg. daily copies Read. 3,706,000 per day Circ. 850,000 avg. daily copies Read. 1,986,000 per day 333 mln monthly page views 9.8 mln monthly unique users Nielsen Online, SiteCensus, ADS + Internal Estimates, Audipress Million Euro 3Q09 3Q08 YoY 9M09 9M08 YoY Circulation (13.5%) (9.3%) Advertising (16.3%) (19.8%) Other (6.7%) (4.7%) TOTAL REVENUES (14.5%) (13.8%) O/W Add-ons (29.6%) (10.8%) EBITDA ex NR Items (50.0%) (53.5%) Non Recurring Items (10.3) 0.0 EBITDA (47.6%) (67.5%) 23

24 Newspapers Spain - P&L Circ. 300,000 avg. daily copies Read. 1,342,000 per day Circ. 296,000 avg. daily copies Read. 2,767,000 per day Circ. 45,000 avg. daily copies Read. 188,000 per day 394 mln page views 23.7 mln monthly unique users 499 mln page views 19.9 mln unique users OJD, Infoadex, EGM Million Euro (1) 3Q09 3Q08 YoY 9M09 9M08 YoY Circulation (9.0%) (9.0%) Advertising (17.3%) (31.2%) Other (18.6%) (27.3%) (2) TOTAL REVENUES (13.0%) (20.4%) O/W Add-ons (71.2%) (50.8%) EBITDA ex NR Items 0.1 (5.4) ns (93.2%) Non Recurring Items 0.0 (1.9) (9.0) (4.4) EBITDA 0.1 (7.3) ns (6.5) 32.5 ns (1) The costs and revenues of UE s printing activities are included as discontinued operations. (2) 24 The costs and revenues of UE s printing activities and Economica SGPS are included as discontinued operations.

25 Magazines - P&L (100%) (100%) (100%) (100%) 8 weekly magazines 22 monthly magazines New Media Million Euro 3Q09 3Q08 YoY 9M09 9M08 YoY Circulation (8.8%) (9.4%) Advertising (31.9%) (30.6%) Other (8.2%) (4.8%) TOTAL REVENUES (19.5%) (20.0%) EBITDA ex NR Items % (1) (1.4) 7.7 ns Non Recurring Items (0.3) 0.0 (1.5) (0.6) EBITDA % (2.9) 7.1 ns 25

26 Books - P&L Million Euro 3Q09 3Q08 YoY 9M09 9M08 YoY Fiction & non-fic. Italy Education Flammarion Partworks Rizzoli International Other TOTAL REVENUES EBITDA ex NR Items Non Recurring Items EBITDA (2.7) (7.5%) (0.5%) 0.2% (35.3%) 2.0% 0.0% (8.6%) (7.4%) (17.9%) (2.7) (1.2) 19.7 (7.0%) (1.3%) (3.2%) (41.2%) (12.1%) 0.0% (15.6%) (3.3%) (11.2%) 26

27 Digicast TV Activities - P&L Million Euro 3Q09 3Q08 YoY 9M09 9M08 YoY Advertising ns % Other % (0.5%) TOTAL REVENUES % % EBITDA ex NR Items (10.0%) (11.5%) Non Recurring Items (0.1) 0.0 (0.5) 0.0 EBITDA (13.3%) (16.7%) 27

28 Disclaimer Investor Relations Department Federica De Medici Leonardo Taronna Forward-looking Statements Statements contained in this document, particularly the ones regarding any RCS MediaGroup possible or assumed future performance, are or may be forward looking statements and in this respect they involve some risks and uncertainties. RCS MediaGroup actual results and developments may differ materially from the ones expressed or implied by the following statements depending on a variety of factors. Any reference to past performance of RCS MediaGroup shall not be taken as an indication of future performance. This communication does not constitute an offer or solicitation for the sale, purchase or acquisition of securities of any of the companies mentioned in any jurisdiction and is directed to professionals of the financial community. Riccardo Stilli, the Manager responsible for drawing up the company s accounting statements, hereby declares, pursuant to article 154-bis, paragraph 2 of the Testo Unico della Finanza (Legislative Decree n. 58/1998), that the information contained in this presentation corresponds to those one contained in the group s documents and books accounting records. 28