1h 2020 results presentationplit/1h20...adv rev -39.1% yoy | 8 | phasing of advertising collection...
TRANSCRIPT
1H 2020 Results Presentation
Milan, 9th September 2020
Audience & Advertising
MEDIASET | Four stages of the Linear TV Audience EvolutionAudience evolution yoy - Breakdown by different periods of Covid-19 crisis
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99
104
Index YOY
TV Mediaset
137134
Index YOY
TV Mediaset
113115
Index YOY
TV Mediaset
105
110
Index YOY
TV Mediaset
JAN FEB MAR APR MAY JUNE JULY AUG
Source: Auditel, Live+Vosdal; included Radio 105 TV + R101TV + Virgin Radio TV internal estimate (= 0,3)
3.7
34.8
7.48.8
15.1
30.2
MediasetRaiLa7
25.523.1
3.1
Sky
Mediaset
La7
Rai
Other
Discovery
CORE CHANNELS 1H 2020
Mediaset DTT (Free+Pay)
Rai DTTLa7 DDiscoverySky Channels
9.37.10.68.87.4
MULTICHANNELS
+0.3 pt
MEDIASET 1H 2020│Audience performanceCore channels vs multichannels, commercial target (15-64 yrs, 24H)
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MEDIASET | Total Audience Evolution (Linear & Non-Linear)Conjunctural situation and structural trend - yoy evolution
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104
212
137
Index YOY
TVL TVC OLV
134
162 167
Index YOY
TVL TVC OLV
115
135147
Index YOY
TVL TVC OLV
110
207
120
Index YOY
TVL TVC OLV
Note: TVL (Linear TV), TVC (Connected TV), OLV (OnLine Video)Sources: Auditel Average Minute Rating Linear TV; Audiweb Audience Viewers Digital Screens; Internal Data CTVs VOD Consumption
JAN FEB MAR APR MAY JUNE JULY AUGUST
ITALY | Analysis of the advertising market1H20 VS 1H19 (Var %)
-26.8-22.3
-37.4
-15.8
-33.1
-59.8
-70
-60
-50
-40
-30
-20
-10
0
Tot.Adv Mkt TV Radio Digital Print OOH
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MEDIASET 1H 2020 | Total advertising revenues 1H 2020 vs 1H 2019 (mio Eur)
985.2
744.2
1H 2019 1H 2020
-24.5%
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1H20 Mediaset Adv Revenue Share 40.5 % (+130 basis points yoy)
MEDIASET 1H 2020 | Three stages of the Covid-19 crisisUnderstanding intensity and duration of the current crisis
Covid-19 lockdown impact (23 Feb-9 May)
Adv Rev -39.1% yoy
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Phasing of advertising collection in 1H20
2020 positive start(1 Jan-22 Feb)
Adv Rev + 1.7% yoy
Gradual unwind of lockdown
(10 May-30 Jun)Adv Rev -26.9% yoy
1H20 Advertising Revenues -24.5% yoy
JAN FEB MAR APR MAY JUNE
11.8%
7.6%
7.0%
5.2%
5.1%
1.2%
0.1%
-2.8%
-27.1%
-30.0%
-36.9%
-42.3%
-47.9%
HOUSEHOLD CARE (ACN)
FOOD (ACN)
FMCG (ACN)
BEVERAGES (ACN)
COMMUNICATION G&S (CONFC.)
CONSUMER DURABLES (GFK)
PERSONAL CARE (ACN)
PHARMA (NEW LINE)
LEISURE G&S (CONFC.)
CLOTHING & FOOTWEAR (CONFC.)
MOBILITY G&S (CONFC.)
CAR SALES (UNRAE)
HORECA (CONFC.)
> 70 % OF MEDIASET
ADVERTISING REVENUES
< 30 % OF MEDIASET ADVERTISING REVENUES
1H 2020 vs 1H 2019 (Var %)
ITALY 1H 2020 | Retail sales trend by sector
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MEDIASET │The 3R model - Shaping the path of recovery by sector
RESILIENT SECTORS
RESTARTING SECTORS
STILL RESTRICTED
SECTORS
FMCG, PHARMA, TLC, RETAIL & OTT
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Resilient, restarting and restricted sectors
*Horeca: hotel, restaurants and catering services
RESILIENT SECTORSLEISURE SERVICES, HORECA*, TRAVEL, COSMETICS, CLOTHING & FOOTWEAR, HOUSEHOLD FURNITURE & APPLIANCES
STILL RESTRICTED SECTORS
RESTARTING SECTORS
AUTOMOTIVE, FINANCE& INSURANCE
MEDIASET 1H 2020 | Sector Analysis - The 3R model
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JAN FEB MAR APR MAY JUNE H1 PERFORMANCE
-13.4
-1.4
7.9
-78.0
-60.0
-24.9
-57.1
-43.0
-17.3
-52.0
-33.0
-13.0RESILIENT SECTORS
RESTARTING SECTORS
STILL RESTRICTED SECTORS
Resilient, restarting and restricted sectors
Phasing of advertising collection in 1H20
ITALY | Evolution of confidence index Monthly evolution, consumers and business: after a deep down during the lockdown, a positive and sharp upturn in June, July and August
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Source: ISTAT
50
60
70
80
90
100
110
120
gen-18
feb-18
mar-18
apr-18
mag-18
giu-18
lug-18
ago-18
set-18
ott-18
nov-18
dic-18
gen-19
feb-19
mar-19
apr-19
mag-19
giu-19
lug-19
ago-19
set-19
ott-19
nov-19
dic-19
gen-20
feb-20
mar-20
apr-20
mag-20
giu-20
lug-20
ago-20
consumers business
ITALY | Goods & Service ConsumptionReal consumption has a pattern aligned with confidence indexVery strong and deep downturn during the lockdown but positive upturn signals (yoy evolution)
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-80,0
-70,0
-60,0
-50,0
-40,0
-30,0
-20,0
-10,0
0,0
10,0
Source: CONFCOMMERCIO
SERVICES: -35.3%AVG: -20.2%GOODS: -13.5%
Yoyevolution
(%)Total Services Goods
March2020
-33.0 -46.8 -27.4
April 2020
-46.8 -70.5 -36.1
May 2020 -28.1 -57.0 -15.3
June2020
-15.2 -37.9 -4.4
Financials
Group Adj Net Financial Position (30/06) * (766.9) (576.2)
MEDIASET GROUP 1H 2020 | P&L Highlights
(Euro mio) 1H 2019 1H 2020
Net Consolidated Revenues 1,482.5 1,166.4
EBITDA 474.1 300.2
EBIT 191.6 31.7
Italy 39.3 (57.6)
Spain 154.2 88.9
Net Profit 102.7 (18.9)
Group Net Financial Position (30/06) (1,194.7) (1,197.7)
Italy (1,282.0) (1,195.4)
Spain 87.3 (2.2)
* Excluding financial liabilities according to IFRS 16 and the financial debt arising from the acquisition of ProSiebenSat.1 stake
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MEDIASET ITALIAN BUSINESS 1H 2020 | P&L results
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(Euro mio) 1H 2019 1H 2020
Total Net Revenues 1,002.2 791.3
Total gross adv. revenues 985.2 744.2
Commissions (139.3) (105.7)
Total net adv. revenues 845.9 638.5
Other revenues 156.3 152.8
Total Costs (963.0) (848.9)
Personnel costs (186.8) (171.6)
Other Operating costs (562.6) (466.2)
Rights amortisazion (174.0) (170.0)
Other D&A (39.5) (41.1)
Operating Profit 39.3 (57.6)
MEDIASET ITALIAN BUSINESS 1H 2020 | P&L results
(Euro mio) 1H 2019 1H 2020
Operating Profit 39.3 (57.6)
Financial Income 9.3* 1.5
Associates 4.6** 3.4
Pre-Tax Profit 53.3 (52.7)
Taxes (18.1) (6.9)
Minorities 0.6 1.2
Net Profit 35.8 (58.3)
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* 1H2019 restated to include dividends received by ProsiebenSat.1** Including 40% of EI Towers. EI Towers results includes PPA impact of (6.3) mio Euro
MEDIASET ITALIAN BUSINESS 1H 2020 | Investments
262.8 252.0*
25.819.6
(Euro mio) TV rights and cinema
Technical & immaterial
Total Investments
1H 20201H 2019
277.8282.3
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* Including 21.5 mio euro of an Italian big blockbuster distributed by Medusa
MEDIASET ITALIAN BUSINESS 1H 2020 | Cash flow statement
(Euro mio) 1H 2019 1H 2020
Initial Net Financial Position (1/01) (1,042.5) (1,318.0)
Cash Flow from Operations 227.9 154.8
Investments (282.3) (277.8)
Disinvestments 2.8 -
Change in Net Working Capital (CNWC) 119.3 248.2
Cash Flow from Core Activities 67.7 125.2
Equity (investment)/disinvestment (383.3) (17.1)
Change in consolidation area (13.4) (3.2)
Dividends received 89.5 17.7
Net Cash Flow (239.6) 122.6
Net Financial Position (30/06) (1,282.0) (1,195.4)
Adjusted Net Financial Position (30/06) * (856.1) (778.1)
* Excluding financial liabilities according to IFRS 16 and the financial debt arising from the acquisition of ProSiebenSat.1 stake
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MEDIASET ITALIAN BUSINESS 1H 2020 | Cash flow from Core Activities
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109.4
15.8
125.2
(mio Eur)
Appendix
MEDIASET ESPANA 1H 2020 | P&L Results
(Euro mio) 1H 2019 1H 2020
Net Consolidated Revenues 482.5 375.1
Personnel (58.8) (56.5)
Other Operating Costs (200.3) (172.0)
EBITDA 223.4 146.6
Amortisation & Depreciation (69.2) (57.7)
EBIT 154.2 88.9
Financial Income (loss) - (0.3)
Associates 5.0 1.7
Pre-Tax Profit 159.2 90.4
Taxes (31.2) (19.4)
Net Profit 127.4 70.0
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MEDIASET ESPANA 1H 2020 | Investments
98.3 64.2
2.5
(Euro mio) Tv rights and cinema
Co-production
Total Investments
120.0 68.7
1H 20201H 2019
2.04.7
Tangible & Intangible fixed assets
16.9
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MEDIASET ESPANA 1H 2020 | Cash Flow Statement
(Euro mio) 1H 2019 1H 2020
Initial Net Financial Position (1/01) 165.5 (30.2)
Free Cash Flow 120.5 87.4
- Cash Flow from Operations 210.4 136.9
- Investments/Disinvestiments (120.0) (68.7)
- Change in Net Working Capital (CNWC) 30.0 19.1
Change in Equity 0.8 (0.5)
Equity (Investments)/Disinvest. (6.7) (60.6)
Own stock purchase (94.6) -
Dividends received 1.7 1.7
Dividends distributed (100.0) -
Total Net Cash Flow (78.2) 28.0
Final Net Financial Position (30/06) 87.3 (2.2)
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Forward-looking Statements
Statements contained in this document, particularly the ones regarding any Mediaset Group possibleor assumed future performance, are or may be forward looking statements and in this respect theyinvolve some risks and uncertainties.
Mediaset Group actual results and developments may differ materially from the ones expressed orimplied by the above statements depending on a variety of factors.
Any reference to past performance of Mediaset Group shall not be taken as an indication of futureperformance.
This announcement does not constitute an offer to sell or the solicitation of an offer to buy thesecurities discussed herein.
The executive responsible for the preparation of the Mediaset S.p.A. accounts, Luca Marconcini,declares that, as per para. 2 art. 154-bis, of the “Testo Unico della Finanza”, that the accountinginformation contained in this document corresponds to that contained in the company’s books.
Investor Relations Department:
Tel: +39 02 2514.7008
Fax: +39 02 2514.6719
Email: [email protected]
WebSite: www.mediaset.it/investor