Thomas Ebeling, CEO Axel Salzmann, CFO November 11, 2010

Transcription

1 21 Thomas Ebeling, CEO Axel Salzmann, CFO November 11, 21

2 At a glance Thomas Ebeling, CEO 2

3 Highlights Q We continued our earnings growth due to higher revenues and sustained cost management 2. We are on a growth course in almost all markets 3

4 Significant earnings growth in Q3 21 at almost stable operating costs Group revenues EUR 626.9m + 12.% Operating costs EUR 475.m + 1.2% Recurring EBITDA EUR 154.9m % 4

5 Revenue growth across all segments continued in Q3 21 Free TV German-speaking + EUR 387.1m 14.8% Free TV International EUR 156.7m + 5.% Diversification + EUR 83.1m 13.8% 5

6 Operations Thomas Ebeling, CEO 6

7 Germany: solid performance in challenging months of Olympics and Soccer World Cup TV audience shares in Germany Q1-Q3 21 vs Q1-Q3 29, in percent Effect of World Cup and Olympics on 21 ratings: -.9%pt ProSiebenSat.1 Group** SAT.1 ProSieben kabel eins Q1-Q3 29 Q1-Q3 21 Austria 19.% 1.8 pt Switzerland 17.3% *1.pt 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. ** Excl. N24. 7

8 International: ratings performance impacted by Olympics and Soccer World Cup Netherlands Belgium In percent Q1-Q3 29 Q1-Q3 21 Ratings 21 incl. WM and Olympics effect Norway Sweden Denmark Finland Hungary Romania Q1-Q3 21 vs. Q1-Q3 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 Q1-Q3 21 vs Q1-Q3 29, in EURm Gross TV ad market share ProSiebenSat.1 Q1-Q3 21 vs Q1-Q3 29, in percent % 6,235 7, % %pt ,688 3, Total TV ad market ProSiebenSat.1 Q1-Q3 29 Q1-Q3 21 TV ad share of total gross ad market increased from 4.3% to 42.4% Source: Nielsen Media Research. SevenOne Media incl. 9Live. 9

10 All advertising categories are growing Top gross TV advertising categories in Germany Q1-Q3 21 vs Q1-Q3 29, in EURm Gross TV Advertising Food Cosmetics and Toiletries Media and Publishing Trade and Shipment Motor Vehicles Beverages Business Services Telecommunication Finance Pharmacy 7, % +8.6% +14.1% +18.3% +3.5% +5.4% +12.% +51.8% +12.4% +13.% +6.3% Source: Nielsen Media Research. 1

11 ProSiebenSat.1 has improved its position as one of the leading online marketers in a growing market Top online marketers in Germany Unique Users in million per month, users aged 14+ Gross online ad investments Q1-Q3 21 vs Q1-Q3 29, in EURm* InteractiveMedia CCSP Tomorrow Focus % #3 SevenOne Media ,575 United Internet Media IP Deutschland ,177 ebay Advertising Group Yahoo! Deutschland Axel Springer Media Impact Ströer Interactive Microsoft Advertising Q3 29 Q3 21 Users aged 14+: 49.68m = 7.5% of all Germans. Source: AGOF internet facts 21-II, Nielsen Media Research. *Total market. 11

12 International: revenue growth in all markets except CEE TV ad market Q1-Q3 21 vs Q1-Q3 29, in percent BE NL DK FI NO SE HU RO 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 + advertising funded programming. 12

13 Financials Axel Salzmann, CFO 13

14 Q3 21: dynamic earnings growth driven by higher revenues Revenues In EURm Recurring EBITDA* In EURm % % Q3 29 Q3 21 Q3 29 Q3 21 Recurring EBITDA margin increased by 7.8%pts to 24.7% *Recurring EBITDA: EBITDA before non-recurring (exceptional) items. 14

15 Q3 21: operating costs almost stable Operating costs* In EURm Non-recurring expenses In EURm % Q3 29 Q Depreciation and amortization In EURm Q3 29 Q3 21 Q3 29 Q3 21 *Recurring cost (operating costs): Total costs excl. D&A and non-recurring expenses. 15

16 Q3 21: profitable growth across all segments Free TV German-speaking External revenues, in EURm Q3 29 Q3 21 Free TV International External revenues, in EURm Q3 29 Q3 21 Diversification External revenues, in EURm Q3 29 Q3 21 Recurring EBITDA, in EURm Recurring EBITDA, in EURm Recurring EBITDA, in EURm Q3 29 Q3 21 Q3 29 Q3 21 Q3 29 Q

17 Q1-Q3 21: key financials at a glance Revenues In EURm Recurring costs* In EURm Recurring EBITDA** In EURm % % % 2,45.9 1,51.3 1,55.3 1, Q1-Q3 29 Q1-Q3 21 Q1-Q3 29 Q1-Q3 21 Q1-Q3 29 Q1-Q3 21 *Total costs excl. D&A and non-recurring expenses. **Recurring EBITDA: EBITDA before non-recurring (exceptional) items. 17

18 Q1-Q3 21: key financials at a glance Free TV German-speaking External revenues, in EURm Free TV International External revenues, in EURm Diversification External revenues, in EURm ,15.7 1, Q1-Q3 29 Q1-Q3 21 Q1-Q3 29 Q1-Q3 21 Q1-Q3 29 Q1-Q3 21 Recurring EBITDA, in EURm Recurring EBITDA, in EURm Recurring EBITDA, in EURm Q1-Q3 29 Q1-Q3 21 Q1-Q3 29 Q1-Q3 21 Q1-Q3 29 Q1-Q

19 Q1-Q3 21: revenue split by segment and region External revenues by segment In percent External revenues by region In percent Free TV German-speaking 61.8 (Q1-Q3 29: 61.2) German-speaking 69.4 (Q1-Q3 29: 68.7) Diversification 12.7 (Q1-Q3 29: 12.8) Nordic 13.5 (Q1-Q3 29: 12.7) Free TV International 25.5 (Q1-Q3 29: 26.) CEE 3.4 (Q1-Q3 29: 4.2) B/NL 13.7 (Q1-Q3 29: 14.4) 19

20 Free TV revenues by quarter Free TV German-speaking External revenue in-/decrease in percent vs prior year 14.8 Free TV International External revenue in-/decrease in percent vs prior year Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q

21 Net financial debt and leverage improved Total debt and net debt In EURm, IFRS 4,28 RCF/Other** EUR 498m Term Loans*** EUR 3,53m 744 3,284 Favorable debt financing with no imminent refinancing requirement: 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 reduced to EUR 3.284bn Net debt down by EUR 1.8m vs. December 31, 29, improvement of EUR 25.6m vs. September 3, 29 EUR 743.4m of cash on balance sheet EUR 7.9m of additional undrawn liquidity under the RCF December 31, 29: EUR 737.4m cash on balance sheet Total loans & borrowings Liquidity Net debt Leverage* improved to 3.8x (Q3 29: 5.3x) LTM recurring EBITDA of EUR 854.5m * Net debt/ltm recurring EBITDA. ** Thereof EUR 497.2m RCF. *** Term Loan (TLB/TLC) notional EUR 3.56bn net of EUR 3m finance costs. 21

22 Outlook & strategy update Thomas Ebeling, CEO 22

23 Research institutes expect recovery of TV advertising markets Net TV ad investments 21 ZenithOptimedia Germany Austria CH NL Belgium Sweden Norway Denmark Finland Hungary Romania German net TV ad market e 211e Zenith WARC At current prices, change vs. previous year in percent. Source: ZenithOptimedia: Advertising Expenditure October 21 // WARC: July

24 TV emerges stronger from economic downturn in 29 Viewing time 233 min + 5.9% Sales volume 4.65m TV sets % Favorite occupation 76.7% + 2.% All figures refer to German core market. Source: AGF/GfK-Fernsehforschung; TV Scope, Q1-Q3 21 vs. Q1-Q3 29. Note: Adjustments in the method of collecting data for 21 figures. Sales volume (H1 29 vs 21): gfu / BVT / GfK. Favorite occupation: TdW 21 III - 29/III, 14+years. 24

25 TV emerges stronger from economic downturn in 29 Media split of relevant advertising categories in Germany on a gross basis Change Q1-Q3 21 vs Q1-Q3 29 in EURm Food Cosmetics and toiletries Trade and shipment TV Internet Print Radio -.3 Cinema Outdoor TV Internet Print Radio -.2 Cinema Outdoor TV Internet Print Radio -.2 Cinema Outdoor Source: Nielsen Media Research. 25

26 We have strong brands & a potential to leverage ProSieben s No.1 brand image beyond TV HD and Basic Pay TV Fashion and lifestyle VoD services Education and science Entertainment and lifestyle Music 26

27 Our four pillar growth strategy High-efficiency, best-practice organization 1. Free TV Advertising 2. Music, Commerce & New Media & Ventures Pay / Distribution Content production & Global sales Become more independent of advertising market 27

28 1. Strong with performance in German core TV market further upside potential SAT.1 Regaining past strength as family channel ProSieben kabel eins sixx Creative process #1 choice of modern media generation / exploring line-extensions (for new target groups) Leveraging successful Group formats / more female programs Becoming leading female station Increasing top-rate Complementary stations Minimizing cannibalization and volatility 28

29 1. Further international upside potential also in our TV markets Norway FEM achieves a strong audience share of more than 3% two years after launch (technical reach: ~3%) without cannibalization MAX went on air on November 1st with market share of 3.4% and technical reach of 63% Finland Sustain #3 market position Belgium Turnaround continues / focus on local programs Distribution Increasing carriage revenues across international markets / multi-year deals with cable operators secured Extended prime time target demographic years 29

30 2. New Media & Pay / Distribution: our key growth initiatives TV.de Strong own portals / premium content MyVideo No.1 ad-financed web TV portal / 4+ channels maxdome No.1 video-on-demand platform with 35, titles Online sales No.1 video-advertising marketer Transaction platforms Launch of ecommerce platforms Games Capitalizing growth of online gaming HD Push HD TV / Launch new channels 3

31 3. Main business initiatives expanding music, commerce & ventures Business Initiative Current examples Music Increase distribution deals (+5% in 214) Increase label deals (+2% in 214) Joe Cocker Kim Wilde Artists management Live events Expand artist management (tma) Launch digital music streaming platform Expand live entertainment (create own events, cooperate with stand-alone events) Michael Mittermaier Digital Music Starlight Express Sister Act 31

32 4. Red Arrow aims to build up a leading global content house Development Production International Distribution Goals Create a Red Arrow owned and controlled content pipeline Create adequate production scale and generate additional revenues through 3rd-party business Expand SevenOne International s sales catalog Current examples Omri Marcus (Worldwide Rights) Sultan Sushi Belgium (März) and Holland (June) Kinetic Content in USA (Sep) Australian Granada Media (Sep) Snowman Productions for Nordic region (Okt) Benidorm Bastards sold to more than 2 countries My Man Can sold to about 6 countries including China 32

33 Key Messages 21 and outlook Positive economic trends in main markets 2. Attractive content pipeline developing Dynamic Good audience share performance growth with new revenue initiatives 5. Continued efficient cost management 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/