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2010Thomas Ebeling, CEOAxel Salzmann, CFOMay 6, 2010
2
Q1 2010 at a glanceThomas Ebeling, CEO
3
Good start in Q1 2010
Group revenues and earnings increased
Strengthened viewer market position in core
market Germany
Advertising revenues up in German TV market
New growth initiatives kicked off
Cost savings sustained
2.
1.
3.
4.
5.
4
Recurring EBITDA Group revenues
EUR 658.4m EUR 128.6m
Good start in Q1 2010
Net income
EUR 21.2m
+5.0% +37.1% +EUR22.9m
5
Revenues of German-speakingFree TV segment
EUR 416.7m
Good start in Q1 2010
Revenues of International
Free TV segment
EUR 160.8m
+7.2% +4.5%
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OperationsThomas Ebeling, CEO
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Basis: All German TV households (Germany + EU), 24 hours (Mon-Sun) 14-49 years. Source: AGF/GfK Fernsehforschung / TV Scope / SevenOne Media Audience Research. A+CH: 24 hours.
29.1
10.5 11.6
5.7
1.3
29.7
10.8 11.6
6.1
1.2
ProSiebenSat.1Group
SAT.1 ProSieben kabel eins N24
Q1 2009 Q1 2010
German-speaking Free TV business: strong performance of key channels
TV audience shares in GermanyIn percent
Switzerland 17.0%Austria 17.6% 1.1%pt 0.8%pt
+0.6pt
8
Netherlands
24.7%
0.2%pt
1.7%pt 1.2%pt
0.8%pt 0.9%pt 1.4%pt 0.7%pt
2.2%pt
Belgium
16.1%
Norway
12.9% Sweden
13.2% Denmark
16.6% Finland
2.6%
Hungary
21.2% Romania
7.8%
International viewer markets: mixed performance
Figures refer to extended prime time audience shares. The Netherlands: SBS 6, NET 5, Veronica; target demographic 20-49 years / Belgium: VT4, VIJFtv; target demographic 15-44 years; Belgian figures refer to the region of Flanders / Hungary: TV2, since January 2010 FEM3; target demographic 18-49 years / Romania: Prima TV, Kiss TV; target demographic 15-44 years; Romanian figures are based on the urban population. Sweden: Kanal 5, Kanal 9; target demographic 15-44 years / Denmark: Kanal 4, Kanal 5, 6‘eren, The Voice; target demographic 15-50 years in commercial universe / Norway: TV Norge, FEM, The Voice; target demographic 12-44 years / Finland: The Voice/TV Viisi; target demographic 15-44 years.
NL / Belgium
Nordic
CEE
9
Source: Nielsen Media Research. SevenOne Media incl. 9Live
0
500
1000
1500
2000
2500
3000
Total TV ad market ProSiebenSat.1
German gross ad market: sales & share performance in Q1 2010
Gross TV advertising investmentsQ1 2010 vs Q1 2009, in EURm
2,359.9
2,028.0
+16.4%
884.81,040.5
+17.6%
Gross TV ad market share ProSiebenSat.1Q1 2010 vs Q1 2009, in percent
0
20
40
60
80
100
Q1 2009 Q1 2010
43.6
+0.5%pt
44.1
TV ad share of total gross ad market increased from 40.0% to 42.9%
10
In EURm, Q1 2010 vs Q1 2009. Source: Nielsen Media Research.
2.360
430
262
255
174
160
158
151
137
132
128
0 500 1.000 1.500 2.000 2.500
Gross TV Advertising
Food
Cosmetics and Toiletries
Media and Publishing
Trade and Shipment
Business Services
Pharmacy
Motor Vehicles
Finance
Beverages
Telecommunication
German gross ad market: development of major advertising categories in Q1 2010
Gross TV advertising of top 10 TV categories
+16.4%
+12.9%
+14.0%
+4.6%
+26.9%
+47.8%
+25.4%
+6.7%
+4.8%
+25.7%
+3.8%
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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.
NL BE SE NO DK FI HU RO
TV ad market yoyIn percent
International ad markets: sales & share performance in Q1 2010
Share of advertisingperfomance
RevenuePerfomance
1.1
3.12.2 1.3
-10.9
0.3
-13.5
1.3
12
FinancialsAxel Salzmann, CFO
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* Recurring EBITDA: EBITDA before non-recurring (exceptional) items.
0
50
100
150
Q1 2009 Q1 2010
Q1 2010 - Group: dynamic earnings growth
RevenuesIn EURm
Recurring EBITDA*In EURm
0
200
400
600
800
Q1 2009 Q1 2010
627.0 658.4
93.8
128.6+5.0% +37.1%
Recurring EBITDA margin increased by 4.5%points to 19.5%
14
* Total costs excl. D&A and non-recurring expenses **Thereof purchase price allocation: EUR 13.6m in Q1 2010 (Q1 2009: EUR 15.8m).
0
200
400
600
800
Q1 2009 Q1 2010
Q1 2010 – operating costs: cost savings realized in 2009 are sustained
0
5
10
15
Q1 2009 Q1 2010
0
10
20
30
40
Q1 2009 Q1 2010
Recurring costs*In EURm
Non-recurringexpensesIn EURm
Depreciationand amortization**In EURm
10.1 9.4
32.631.2
532.2536.3
-0.8%
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Revenue split by segment and region
External revenues by segment In percent
External revenues by regionIn percent
German-speaking Europe70.7(Q1 2009: 70.4)
NL/Belgium12.8(Q1 2009: 13.3)
Nordic 13.1(Q1 2009: 12.5)
CEE 3.4(Q1 2009: 3.8)
Diversification segment 12.3(Q1 2009: 13.4)
Free TV D/A/CH63.3(Q1 2009: 62.0)
Free TV International24.4(Q1 2009: 24.6)
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0
100
200
300
400
500
Q1 2009 Q1 20100
50
100
150
200
Q1 2009 Q1 20100
20
40
60
80
100
Q1 2009 Q1 2010
0
20
40
60
80
100
Q1 2009 Q1 20100
5
10
15
20
Q1 2009 Q1 20100
5
10
15
20
Q1 2009 Q1 2010
Q1 2010 - segments: recurring EBITDA improved across all segments, diversification revenues down because of Call TV
Recurring EBITDA, in EURm Recurring EBITDA, in EURmRecurring EBITDA, in EURm
External revenues, in EURmInternational Free TV DiversificationGerman-speaking Free TV
External revenues, in EURmExternal revenues, in EURm
+7.2%
+40.5%
+4.5%
+47.3% +9.7%
-4.0%388.8 416.7
68.1
95.7
13.612.4
19.3
13.1
80.984.3160.8153.9
17
* Net debt/LTM recurring EBITDA
Debt facilitiesIn EURm
0
500
1000
1500
2000
July 2014 July 2015 July 2014
600
RCF
1,771
Term Loans
B
1,800
Term Loans
C
Debt and liquidity: lower net debt vs. Q1 2009
Net debt down by EUR 81.7m to EUR 3.431bn yoy
• Net debt up vs. December 31, 2009 due to typical
cash flow seasonality
(Net debt as at 12/31/2009: EUR 3.295bn)
EUR 604.1m of cash on balance sheet
• EUR 497.2m cash draw down
• EUR 50.9m of additional undrawn liquidity
under the RCF
Leverage* improved to 4.7x (Q1 2009: 5.2x)
• LTM recurring EBITDA of EUR 731.3m
18
Outlook & strategy update Thomas Ebeling, CEO
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What does it take to win tomorrow in TV?
Strong Free TV core business
Substantially more diversified revenue sources
High-efficiency, best-practice organization
1.2.3.
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• 15% of all TV spots are supported by SevenOne AdFactory products• AdFactory’s new ad concepts increased by 15% since foundation.
High success rate: half of the concepts have already been realized with clients• New initiatives to improve capitalization of on-air sponsorships,
e.g. Rotkäppchen Sekt, Roland Versicherung• Exploration of new product placement possibilities • Market data show that TV is the most effective advertising medium
1. Strong Free TV core business
• 15 new formats in Germany with focus on creating new TV genreslike “medicaltainment” or “countrytainment”
• Audience successes in international markets in prime time with local formats such as a home dining show (Belgium, Denmark and Norway) and US series (e.g. “Mentalist”, “CSI Miami” and “CSI NY”)
• SBS 6 - Netherlands’ most important “media brand”
• Female channel FEM3 in Hungary launched (Q1) • Launch of female channel sixx in Germany (May 7, 2010)• Programming schedule of SAT.1 enhanced by local formats
Attractive content
Complementary stations
Salesexcellence
21
Programming highlights in the upcoming monthson German key stations
SAT.1 showtime:“Die perfekte Minute”, “Deutschland gegen Holland –Das große Duell live in SAT.1”SAT.1 soccer time:Champions League / Europa League Final, World Cup 2010 Special with Oli Pocher
Comeback of German series:“Danni Lowinski” and “Der letzte Bulle”
Sucessful shows: Germany’s next Topmodel Finale, “Schlag den Raab”, “Die TV total Autoball-WM 2010”Blockbuster made in Hollywood: “Sex and the City – Der Film“
1.
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Complementary stations attractive for advertisers:launch of sixx for the female target group1.
• No classical commercial breaks
• Concept-based marketing: individual and tailor-made
• Targeted acquisition of new, non-TV customers
First contracts with advertisers signed:
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Substantially more diversified revenue sources
Core businessadvertising
(TV + Online)
Pay & Platform
Music,Commerce &
Ventures
Become more independent of the TV advertising market
Contentcreation &
international sales
2.
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Substantially more diversified revenue sources:content creation & international sales
• Red Arrow Entertainment Group launched
• Acquisition of Sultan Sushi (Belgium)
• Multi-year contract with Omri Marcus (format developer) signed
• SevenOne International: Dynamic sales growth in Q1. Approx. 20 formats sold internationally including “Schiller Street” (South Africa), “Money Trap” (Bulgaria), “Funny Farm” (Germany) and substantial movie packages to numerous countries (e.g. France, Italy)
• Top MIP news to date: SevenOne International secured rights to “Benidorm Bastards”
• Group-wide cooperations, e.g. Gameshow “Deutschland gegen Holland”
• New initiatives to unlock unused inventory, e.g. “Verliebt in Berlin” for VIVA
2.
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Substantially more diversified revenue sources:TV brands and content on all platforms
• 9 Apps with about 1.3 million downloads so far
• Launch of N24 iPad app in May
• In total, 195,000 N24 und ProSieben websticks sold, thereof approx. 80,000 in Q1. Launch of SAT.1 webstick in June 2010
• Web-streaming of Champions-League with more than 300.000 live-views in Q1
• HbbTV showcase presented at the CeBIT
• Increased number of special interest channels on MyVideo, e.g. FOCUS GESUNDHEIT, Hausgemacht.TV
• MyVideo offers catch-ups: about 20 titles since launch in Q1 2010 (e.g. “Germany's next Topmodel”, “Schillerstraße”) / service will be expanded in the upcoming months (e.g. “POPSTARS“)
2.
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• 6 new music artists signed in Q1, e.g. Lena, Scorpions, Kim Wilde• Live entertainment, e.g. GNTM-final public-viewing (June)• 4 new games in Q1, 9 more launches in 2010 • More than 20 media for revenue share and 2 media for equity
partnerships until the end of Q2 • Talent managing agency “tma” launched, 5 top German artists
including Michael Mittermeier signed
• New management team: Dan Marks joins Executive Board (New Media), Arnd Benninghoff (SevenOne Intermedia), Christoph Bellmer(New TV), Dr. Christoph Schneider (maxdome)
• Successful launch of HD+, more set-top boxes sold than expected• HD distribution contract with Tele Columbus signed (April) • More cable HD distribution deals expected before year-end
Substantially more diversified revenue sources
Platform & Pay
Music, Commerce &
Ventures
2.
27
Ventures: media for revenue and equity share
Description
• Mid to long term cooperation
• Convert unsold media into revenue / equity
• Potential partners are small to mid-sized companies with high brand fitfor whom TV ads are not yet affordable
• No cannibalization of classical advertising TV spots
2.Description
Examples
28
Music and commerce
Music & Tour Cooperations License Business=
Classical music business Live Entertainment + +
+
= Artist Management
2.
29
Key messages
Good start into 2010
Economic conditions improving, but visibility still low
Improvement of our content pipeline
Continuing cost management
New revenue growth initiatives
2.
1.
3.
4.
5.
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