2010 Thomas Ebeling, CEO Axel Salzmann, CFO August 5, 2010

Transcription

1 21 Thomas Ebeling, CEO Axel Salzmann, CFO August 5, 21

2 At a glance Thomas Ebeling, CEO 2

3 Highlights Q Continued recovery path in advertising industry in Q Strong operating result driven by revenue growth and sustained cost savings 3. Sale of N24 closed: EUR 25m EBITDA improvement per year from 211 onwards, long-term news supply agreement signed 3

4 Dynamic revenues and earnings growth in Q2 21 Group revenues EUR 76.6m % Operating costs EUR 498.1m +.5 % Recurring EBITDA EUR 263.8m % 4

5 Revenue growth across all segments in Q2 21 Free TV German-speaking EUR 459.7m % Free TV International EUR 24.8m % Diversification EUR 96.1m % 5

6 Operations Thomas Ebeling, CEO 6

7 Germany: key channels keep ratings almost stable despite Olympics and Soccer World Cup TV audience shares in Germany H1 21 vs H1 29, in percent Effect of World Cup in June 21 on H1 figures: -.8%pt ProSiebenSat.1 Group SAT.1 ProSieben kabel eins N24 Austria 18.4% 1.3 pt Switzerland 16.8% *.4pt Basis: All German TV households (Germany + EU), 24 hours (Mon-Sun) years. Source: AGF/GfK Fernsehforschung / TV Scope / SevenOne Media Audience Research. A+CH: 24 hours. *Switzerland: The audience shares until December 31, 29 are based on the "substitution method"; starting January 1, 21 all data refer to the international used "daily emphasis". Because of additional adjustments in the Telecontrol-Panel, the shares are not comparable to former years according to Publica Data AG. 7

8 International: mixed performance in H1 21 NL / Belgium Netherlands Belgium 24.4% 16.4% 2.6%pt.5pt Nordic Norway 13.7% Sweden Denmark Finland 14.4% 16.9% 2.8% 1.5%pt 1.%pt 1.4%pt.6%pt CEE Hungary 2.9% 2.3%pt Romania 7.4%.2%pt H1 21 vs. H1 29. Figures refer to extended prime time audience shares. The Netherlands: SBS 6, NET 5, Veronica; target demographic 2-49 years / Belgium: VT4, VIJFtv; target demographic years; Belgian figures refer to the region of Flanders / Hungary: TV2, since January 21 FEM3; target demographic years / Romania: Prima TV, Kiss TV; target demographic years; Romanian figures are based on the urban population / Sweden: Kanal 5, Kanal 9; target demographic years / Denmark: Kanal 4, Kanal 5, 6 eren, The Voice; target demographic 15-5 years in commercial universe / Norway: TV Norge, FEM, The Voice; target demographic years / Finland: The Voice/TV Viisi; target demographic years. 8

9 Germany: sustained leading position in a growing TV market Gross TV ad investments H1 21 vs H1 29, in EURm Gross TV ad market share ProSiebenSat.1 H1 21 vs H1 29, in percent % 4,32 4, % %pt ,857 2, Total TV ad market ProSiebenSat.1 H1 29 H1 21 TV ad share of total gross ad market increased from 4.8% to 42.8% Source: Nielsen Media Research. SevenOne Media incl. 9Live. 9

10 All advertising categories are growing Top gross TV advertising categories in Germany H1 21 vs H1 29, in EURm Gross TV Advertising Food Cosmetics and Toiletries Media and Publishing Trade and Shipment Motor Vehicles Beverages Business Services Telecommunication Finance Pharmacy % +8.4% +13.2% +6.7% +31.6% +3.2% +1.5% +45.5% +1.5% +3.6% +12.7% Source: Nielsen Media Research. 1

11 ProSiebenSat.1 is one of the leading online marketers Top online marketers in Germany Unique Users in million per month, years Gross online ad investments H1 21 vs H1 29, in EURm InteractiveMedia CCSP % SevenOne Media 1.79 # Tomorrow Focus 1.47 iq digital % United Internet Media 9.44 Total German online market ProSiebenSat.1 Source: AGOF internet facts Q1/21, Nielsen Media Research. 11

12 International: overall strong sales & share performance TV ad market H1 21 vs H1 29, in percent BE NL DK FI NO SE HU RO -2.8 Share of advertising performance Revenue Performance Share of advertising refers to net figures, own estimates based on available market data. Revenues: Cash advertising revenues include: spotsales + sponsoring/billboarding + advertiser funded programming. 12

13 Research institutes expect recovery of TV advertising markets in 21 TV ad investments (net) At current prices, change 21 vs 29 in percent ZenithOptimedia WARC Germany Austria CH NL Belgium Sweden Norway Denmark Finland Hungary Romania Source: ZenithOptimedia: Advertising Expenditure July 21 / World Advertising Research Center July

14 Financials Axel Salzmann, CFO 14

15 Q2 21: dynamic increase in earnings driven by revenue growth Revenues In EURm Recurring EBITDA* In EURm % % Q2 29 Q2 21 Q2 29 Q2 21 Recurring EBITDA margin increased by 5.7% points to 34.7% * Recurring EBITDA: EBITDA before non-recurring (exceptional) items. 15

16 Q2 21: ProSiebenSat.1 keeps operating costs stable, efficiency management has lasting effect Recurring costs* In EURm Non-recurring expenses In EURm ** % Depreciation and amortization In EURm Q2 29 Q *** Q2 29 Q2 21 Q2 29 Q2 21 * Total costs excl. D&A and non-recurring expenses. ** Thereof non-recurring costs due to N24 transaction of EUR 5.m. *** D&A for Q2 21 includes PPA of EUR 13.5m and write-down on assets relating to N24 transaction of EUR 4.9m. 16

17 Q2 21: revenues and recurring EBITDA significantly improved across all segments German-speaking Free TV External revenues, in EURm International Free TV External revenues, in EURm Diversification External revenues, in EURm % % % 96.1 Q2 29 Q2 21 Q2 29 Q2 21 Q2 29 Q2 21 Recurring EBITDA, in EURm Recurring EBITDA, in EURm Recurring EBITDA, in EURm % % % Q2 29 Q2 21 Q2 29 Q2 21 Q2 29 Q

18 H1 21: key financials at a glance Revenues In EURm Recurring costs* In EURm Recurring EBITDA** In EURm , % 1, % 1,32. 1, % H1 29 H1 21 H1 29 H1 21 H1 29 H1 21 *Overall recurring costs excl. D&A. **Recurring EBITDA: EBITDA before non-recurring (exceptional) items. 18

19 H1 21: key financials at a glance German-speaking Free TV External revenues, in EURm International Free TV External revenues, in EURm Diversification External revenues, in EURm % % % 177. H1 29 H1 21 H1 29 H1 21 H1 29 H1 21 Recurring EBITDA, in EURm Recurring EBITDA, in EURm Recurring EBITDA, in EURm % % % H1 29 H1 21 H1 29 H1 21 H1 29 H

20 H1 21: revenue split by segment and region External revenues by segment In percent External revenues by region In percent Free TV D/A/CH 61.7 (H1 29: 61.5) German-speaking Europe 69.4 (H1 29: 69.2) Diversification 12.5 (H1 29: 12.8) Nordic 13.3 (H1 29: 12.5) Free TV International 25.8 (H1 29: 25.7) CEE 3.5 (H1 29: 4.3) NL/Belgium 13.8 (H1 29: 14.) 2

21 Free TV revenue trends improved since Q4 29 German-speaking Free TV Revenue in-/decrease in percent vs prior year International Free TV Revenue in-/decrease in percent vs prior year Q1 9 Q2 9 Q3 9 Q4 9 Q1 1 Q2 1 Q1 9 Q2 9 Q3 9 Q4 9 Q1 1 Q2 1 21

22 Net financial debt and leverage improved Total debt and net debt In EURm, IFRS Favorable debt financing with no imminent refinancing requirements: 4,26 RCF/Other** EUR 498m 751 3,275 EUR 4.2bn senior secured credit facilities EUR 3.6bn term loans with bullet repayment in July 214/15 EUR 6m revolving credit facility (maturity July 214) Net debt improved to EUR 3.275bn Term Loans*** EUR 3,528m Net debt down by EUR 19.5m vs. December 31, 29, improvement of EUR 152.2m vs. June 3, 29 EUR 75.3m of cash on balance sheet EUR 5.9m of additional undrawn liquidity under the RCF 31/12/29: EUR 737.4m cash on balance sheet Leverage* improved to 4.1x (Q2 29: 5.1x) Total loans & borrowings Liquidity Net debt LTM recurring EBITDA of EUR 794.m * Net debt/ltm recurring EBITDA. ** Thereof EUR 497.2m RCF. *** Term Loan (TLB/TLC) notional EUR 3.56m net of EUR 32m finance costs. 22

23 Outlook & strategy update Thomas Ebeling, CEO 23

24 Our four pillar growth strategy 1. Core business classical TV advertising 2. Online, Pay & Distribution 3. Music, Commerce & Ventures 4. Content production & Global sales Become more independent of advertising market High-efficiency, best-practice organization 24

25 1. Strong position in key TV markets, potential to expand our presence further German-speaking Benelux Nordic CEE D A / CH NL BE NO SE FI DK HU RO BG Leading Advertsing windows Secondary Niche Market position #1 #2 #2 #3 #3 #3 #2 #3 Market position based on audience shares. Germany including N24, main competitor IP. Market position in other countries based on commercial audience shares in prime time in the relevant target group. 25

26 1. First-runs especially on SAT.1 and ProSieben with great success Top rate up from 4.8% to 5. % Top rate up from 16.7% to 41.7 % Period: FY 29 vs H1 21. Included formats: 29: self-produced first runs on SAT.1 and ProSieben aired between 8:15 pm and approx. 11:3 pm; H1 21: all first runs on SAT.1 and ProSieben aired between 5 pm and 11:3 pm. Basis: All TV households Germany [D+EU]. Source: AGF/GfK Fernsehforschung / TV Scope / Audience Research [MK/TH/SF]. New formats on SAT.1 in full-year 29: 21; in H1 21: 1. New formats on ProSieben in full-year 29: 18; in H1 21:

27 Online, Pay & Distribution: 2.examples for our business initiatives Pay TV and distribution Successful launch of HD+ by Astra: 1 of 3 sold set top boxes is HD+ ready / 22, HD+ boxes sold since market start in November 29 / manufacturers have ordered more than 1 million HD+ cards for production of new boxes Sat.1 Comedy and kabel eins classics with more than 2m subscribers for the first time Launch of pay TV channel ProSiebenSat.1 Welt in France in March Hybrid TV: Showcase Die Model WG presents first program application of German commercial TV on HbbTV at Cebit with the exclusive sponsor OTTO Applications apps with more than 1.5 million downloads so far First ipad game launched, ran ipad App will follow with start of soccer season 21/

28 Online, Pay & Distribution: 2.examples for our business initiatives Online Double digit growth of online revenues in Q2 4 channels of special interest content on MyVideo Online portfolio expanded with launch of sixx.de in May maxdome launched a new set top box in June Games games already released in H

29 3. Main business initiatives expanding music, commerce & ventures Business initiative Examples Music Increase label and distribution deals Launch digital music platform Lena - winner of Eurovision Song Contest in May - achieved platinum in Q2 / Marit Larsen, Jamie Cullum and the Scorpions attained gold First cooperations with independent labels Live entertainment and artist management Create own events / partner with stand alone events Signing new artists Cooperations with Stage Entertainment: Udo Lindenberg-Musical, Starlight Express, Sister Act WE LOVE in concert: Telekom Street gigs with Fantastische Vier in July 29

30 3. Main business initiatives expanding music, commerce & ventures Business initiative Examples Commerce and merchandising License products Create own brands More than 4 license deals closed in H1 21 Fashion brand prepared for launch Ventures 7. Convert unsold media into revenue / equity (Media for revenue and equity share deals) About 3 media for revenue share projects realized until end of Q2 3

31 4. Content power and infrastructure of Red Arrow drive programming creation & sales Production Companies Development Germany / Austria Benelux Creative Talent (worldwide) Redseven Entertainment Redseven Artists Producers at Work Magic Flight Film Sultan Sushi Belgium Q1 21 Sultan Sushi Holland Q2 21 Dick de Rijk (Worldwide Rights) Closed 9 Redseven / Phil Gurin (Co-ownership) Closed 9 Omri Marcus (Worldwide Rights) Closed 1 Co-development Partnerships International Distribution SevenOne International (Worldwide) 31

32 Content production & global sales: 4.examples for Red Arrow s business initiatives First Sultan Sushi Netherlands production of home & lifestyle format "House Hunt" for SBS6 secured Sultan Sushi Belgium produces Season 1 of House Hunt and new daily celebrity reality "Oh, What a Life" for VT4, alongside Season 2 of Dream House Under the Sun (weekly lifestyle & light entertainment) for Vijf TV Third season of Producers at work s "Anna und die Liebe" on air (SAT.1) Redseven produces "Biggest Loser" (kabel eins), "Galileo Big Picture (ProSieben), "We Are Family Spezial Moneytrap (ProSieben) Benidorm Bastards sold to over 2 countries Complete first season of Verliebt in Berlin sold to VIVA Galileo to air in Thailand, licence extension in Poland Successful Redseven game show My Man Can sold to China 9. Further co-development deals closed with international creative partners 32

33 Outlook 21 Positive economic trends in main markets Attractive content pipeline Focus on growth initiatives Continued focus on cost control 33

34 Disclaimer This presentation contains forward looking statements regarding ProSiebenSat.1 Media AG ( ProSiebenSat.1 ) or ProSiebenSat.1 Group, including opinions, estimates and projections regarding ProSiebenSat.1 s or ProSiebenSat.1 Group s financial position, business strategy, plans and objectives of management and future operations. Such forward looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of ProSiebenSat.1 or ProSiebenSat.1 Group to be materially different from future results, performance or achievements expressed or implied by such forward looking statements. These forward looking statements speak only as of the date of this presentation and are based on numerous assumptions which may or may not prove to be correct. No representation or warranty, express or implied, is made by ProSiebenSat.1 with respect to the fairness, completeness, correctness, reasonableness or accuracy of any information and opinions contained herein. The information in this presentation is subject to change without notice, it may be incomplete or condensed, and it may not contain all material information concerning ProSiebenSat.1 or ProSiebenSat.1 Group. ProSiebenSat.1 undertakes no obligation to publicly update or revise any forward looking statements or other information stated herein, whether as a result of new information, future events or otherwise. 34

35 ProSiebenSat.1 Media AG Corporate Office Medienallee 7 D Unterföhring Tel. +49/89/