2007 FIRST HALF RESULTS (January- June)

Transcription

1 G E S T E V I S I Ó N T E L E C I N C O S. A. 26th July FIRST HALF RESULTS (January- June) 1

2 First Half 2007, Leadership in Audience, Advertising and Profitability 1H06 1H07 Var. % Audience Share, 1H Total Net Revenues ( mn) % 13.1 Total Operating Costs EBITDA adj. ( mn) EBITDA adj/net Revenues % % +7.7% +10.6% 24 h Commercial Target PT 20:30 Advertising Market Share Net Profit ( mn) FCF ( mn) FCF/Total Net Revenues Net Cash Positon % % % + 9.6% % 31%* 1H07 * TL5 Estimate GROUP 2

3 G E S T E V I S I Ó N T E L E C I N C O S.A. BROADCASTING 2007 FIRST HALF RESULTS (January- June)

4 2007, Improving the Competitive Position, January July 24th 2007 Audience 24h, Total Individuals (%) Audience Prime Time, Total Individuals (%) 20,8 19,9 20,0 20,1 20,9 20,7 20,7 21,0 20,0 20,2 20,7 20,5 21,0 20,8 18,2 18,3 18,4 18,2 17,9 18,0 17,5 17,3 17,5 17,4 17,3 16,6 16,3 16,4 14,4 14,6 14,8 14,6 14,2 14,4 13,9 Jan'07 Feb'07 Mar'07 Abr'07 May 07 Jun'07 Jul'07 18,0 18,1 17,6 17,7 17,5 17,5, 18,2 17,2 16,8 16,6 16,7 15,4 15,3 15,9 15,1 15,3 15,4 15,0 15,1 15,2 14,6 Jan'07 Feb'07 Mar'07 Abr'07 May 07Jun'07 Jul'07 Audience 24h, Commercial Target (%) 22,9 22,0 22,2 22,7 23,2 22,9 23,3 18,7 18,4 18,3 17,6 14,5 13,7 14,1 13,1 11,8 12,0 12,0 11,7 17,5 17,2 17,1 12,7 12,8 13,0 11,2 11,2 11,0 Jan'07 Feb'07 Mar'07 Abr'07 May 07 Jun'07 Jul'07 BROADCASTING 4

5 2007, Improving the Competitive Position, January July 24th Audience 24h, Total Individuals Tem. Loc Prime Time (20:30), Total Individuals Tem. Loc Vs TL5 less affected by the entrance of new competitors BROADCASTING 5

6 2007, Leadership in all time slots, January June 2007 Audience, Total Individuals Telecinco Antena 3 TVE1 FORTA La 2 Cuatro La Sexta Total Day 20,4 17,9 17,4 14,5 4,6 7,8 3,4 Morning 18,5 18,4 17,1 13,7 5,9 7,0 2,5 Afternoon 20,4 19,0 19,0 16,3 5,0 6,5 3,1 Evening 20,6 17,5 18,7 14,3 3,8 7,0 2,9 PT 20:30 20,6 17,6 16,7 15,1 4,2 8,2 4,1 Late night 23,6 17,7 14,1 10,7 4,1 11,1 3,8 Daytime 20,3 18,0 17,8 14,2 4,8 7,6 3,0 TL5 leads all time slots BROADCASTING 6

7 Undisputed Leadership, The Prime Time in 1H 2007 Audience Share Total Individuals (22:00-00:00), January June 2007 Telecinco maintains its outstanding Prime Time leadership BROADCASTING 7

8 The Best Programming line-up, 1H 2007 Ranking of Programmes 1H 2007 (Audience, share % and thousand) Telecinco places 12 programmes in the top 20 ranking Ranking of programmes: Only 2 broadcasts or more BROADCASTING 8

9 2007, Improving the Competitive Position, January July 24th 2007 Audience 24h, Total Individuals, TL5+A3TV+TVE1 = 100 6M06* M07* Diff TL5 improves its relative competitive position *From January 1st until July 24th BROADCASTING 9

10 2007, Improving the Competitive Position, January July 24th Audience 24h, Commercial Target Tem. Local Vs Audience Prime Time (20:30), Commercial Target Tem. 2.7 Local Undisputed leadership in Commercial Target BROADCASTING 10

11 Programming Mix 1H07 In-House Production vs. Library In-House Production Library H H07 In 1H07 Telecinco increases in-house production BROADCASTING 11

12 G e s t e v i s i ó n T e l e c i n c o S. A. BROADCASTING ADVERTISING 2007 FIRST HALF RESULTS (January-June)

13 Advertising Revenues, 1H07 Telecinco Gross Advertising Revenues (million ) + 7.5% Special Initiatives (million ) 15.4 % 1H % % H06 1H07 1H06 1H07 Record advertising revenues have been reached in 1H07, with Special Initiatives growing at a high rate, making 15.4% of total revenues ADVERTISING 13

14 Commercial Strategy, 1H07 Audience SHARE SECONDS GRP s (20 ) C/GRP s (20 ) Publiespaña Revenues % (%) (%) (%) (%) mill (%) 20.4% -4.2% -1.0% -2.1% +9.8% % Prices increases allow further revenue expansion Source: TNS and Publiespaña ADVERTISING 14

15 Advertising Spanish TV Market Sector Breakdown (% on total Adv sales) Sector Growth (1H07 vs. 1H06) Food Other Finance +31.3% Retail 6,1% Automotive 19,7% 23,9% 1H07 15,6% 17,2% 8,5% 9,1% Health&Beauty Telecos & Energy Food Health & Beauty Automotive Retail +1.1% +10.9% +16.8% +12.3% +13.2% Source: Publiespana Telecom Finance Other +2.1% ADVERTISING 15

16 G e s t e v i s i ó n T e l e c i n c o S. A. BROADCASTING FINANCIALS 2007 FIRST HALF RESULTS (January-June)

17 Margin Expansion EBIT (in million ) EBIT/ NET REVENUES (in %) % NET PROFIT (in million ) NET PROFIT/NET REVENUES (in %) % 50.5 %, %, 37.0% 34.5% 1H05 1H06 1H07 1H05 1H06 1H07 Operating margins continue growing EBIT million (+ 10.8%) and Net Profit million (+13.5%) FINANCIALS 17

18 Consolidated Financial Results ( million) 1H07 1H06 Var. % Total Net Revenues % Total Costs (278.9) (259.0) 7.7 % Personnel (39.6) (37.7) 5.1 % Operating Costs (157.3) (142.7) 10.2 % Amortisation & Depreciation (82.0) (78.6) 4.3 % EBIT % Pre-tax Profit % NET PROFIT after Minorities % EBITDA (1) % (1) Post-rights amortisation EBITDA/NET REVENUES EBIT/NET REVENUES NET PROFIT/NET REVENUES 51.7 % 51.2 % 37.0 % 51.1 % 50.5 % 35.6 % FINANCIALS 18

19 Cash Flow Generation and Cash Conversion FREE CASH FLOW ( million) % % FCF/ NET REVENUES (in %) 37.2% 1H05 1H06 1H07 Strong cash generation with high cash conversion FCF increased by 19.9 million in 1H07 (+ 9.6%) FINANCIALS 19

20 Net Investments million million H H TV Rights non-fiction TV Rights Fiction Co-production Distribution Tangible & Intangible Fixed Assets FINANCIALS 20

21 Consolidated Cash Flow Statement ( million) 1H07 1H06 Diff. In million Initial Cash Position Free Cash Flow Cash Flow from Operations Net Investments (90.6) (81.0) (9.6) Change in Net Working Capital (2.4) Change in Equity Financial Investments 1.5 (11.3) 12.8 Dividends received Dividend payments (314.2) (290.3) (23.9) Total Net Cash Flow (23.6) (89.2) 65.6 Final Cash Position Free Cash Flow/Total Net Revenues 39.7% 39.6% FINANCIALS 21

22 TELECINCO Back up Slides Consolidated Financial Statements Balance Sheet FINANCIALS 22

23 Consolidated Profit & Loss Account (I) ( million) 1H07 1H06 %07/06 Gross Adv. Revenues -Telecinco -Other Discounts Net Advertising Revenues Other revenues (24.28) (22.16) % 7.5% 42.1% 9.6% 7.8% 35.2% TOTAL NET REVENUES % Personnel Rights Amortisation Other Operating Costs Total Costs (39.61) (79.55) (157.29) (276.45) (37.70) (75.72) (142.68) (256.10) 5.1% 5.1% 10.2% 7.9% EBITDA adj * % * Post-rights amortisation FINANCIALS 23

24 Consolidated Profit & Loss Account (II) ( million) 1H07 1H06 %07/06 EBITDA* % Other Amortisation & Depreciation (2.45) (2.88) (15.1%) EBIT % Equity Consolidated Results Financial Results % EBT % Income Taxes (90.86) (82.46) 10.2% Minority Interests 0.41 (0.21) Net Profit % * Post-rights amortisation FINANCIALS 24

25 Consolidated Balance Sheet ( million) 1H07 1H Tangible assets 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 FINANCIALS 25

26 TELECINCO Back up Slides Audience Share January - June BROADCASTING 26

27 2007, Improving the Competitive Position, January June Audience 24h, Total Individuals Tem. Loc Audience Prime Time (20:30), Total Individuals Vs Tem. Loc BROADCASTING 27

28 2007, Improving the Competitive Position, January June 2007 Audience 24h, Total Individuals, TL5+A3TV+TVE1 = 100 6M06* M07* Diff TL5 improves its relative competitive position *From January 1st until June 30th 28 BROADCASTING

29 2007, Improving the Competitive Position, January June Audience 24h, Commercial Target Tem. Loc Audience Prime Time (20:30), Commercial Target Vs Tem Loc BROADCASTING 29

30 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 buy or sell any stock. 30

31 G e s t e v i s i ó n T e l e c i n c o S. A. 26th July