Annual Report 2015 Entertain I.nform E. Entertain I.nform E. ngage . 49.4 % TV ADVERTISING 4.3 %...

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Transcript of Annual Report 2015 Entertain I.nform E. Entertain I.nform E. ngage . 49.4 % TV ADVERTISING 4.3 %...

  • Annual Report 2015 Entertain. Inform. Engage.

  • 49.4 % TV ADVERTISING

    4.3 % RADIO ADVERTISING

    4.1 % PLATFORM REVENUE

    22.0 % CONTENT

    8.4 % DIGITAL

    11.8 % OTHER

    Key fi gures

    RTL GROUP REVENUE SPLIT In 2015, TV advertising accounted for 49.4 per cent of RTL Group’s total revenue, making the Group one of the most diversified groups when it comes to revenue. Content represented 22 per cent of the total, while greater exposure to fast-growing digital revenue streams and higher margin platform revenue will further improve the mix.

    SHARE PRICE PERFORMANCE 30/04/2013 – 31/12/2015*

    + 42.7 % )RTL GROUP

    + 48.1 % DJ STOXX 600

    + 54.5 % MDAX

    INDEX = 100

    * RTL Group shares have been listed in the Prime Standard of the Frankfurt Stock Exchange since 30 April 2013.

  • 3

    Key fi gures

    RTL Group Annual Report 2015

    Key fi gures

    REVENUE 2011 – 2015 (€ million)

    15 6,029

    14 5,808

    13 5,824*

    12 5,998

    11 5,765 * Restated for IFRS 11

    EQUITY 2011 – 2015 (€ million)

    15 3,409

    14 3,275*

    13 3,593

    12 4,858

    11 5,093 * Restated for changes in purchase price allocation

    EBITA 2011 – 2015 (€ million)

    15 1,167

    14 1,144*

    13 1,148**

    12 1,078

    11 1,134 * Restated for changes in purchase price allocation

    ** Restated for IFRS 11

    MARKET CAPITALISATION* 2011 – 2015 (€ billion)

    15 11.9

    14 12.2

    13 14.4

    12 11.7

    11 11.9 * As of 31 December

    NET PROFIT ATTRIBUTABLE TO RTL GROUP SHAREHOLDERS 2011 – 2015 (€ million)

    15 789

    14 652*

    13 870

    12 597

    11 696 * Restated for changes in purchase price allocation

    TOTAL DIVIDEND/ DIVIDEND YIELD PER SHARE 2011 – 2015 (€ ) (%)

    15 4.00* 4.9

    14 5.50** 6.8

    13 7.00*** 10.0

    12 10.50 13.9

    11 5.10 6.6 * Including an extraordinary interim dividend of € 1.00 per share, paid in September 2015

    ** Including an extraordinary interim dividend of € 2.00 per share, paid in September 2014 *** Including an extraordinary interim dividend of € 2.50 per share, paid in September 2013

    ONLINE VIDEO VIEWS 2011 – 2015 (billion)

    15 105.0

    14 36.4

    13 16.8

    12 6.9

    11 1.9

    CASH CONVERSION RATE* 2011 – 2015 (%)

    15 87

    14 95

    13 106

    12 101

    11 104 * Calculated as operating pre-tax free cash fl ow as a percentage of EBITA

    PLATFORM REVENUE* 2011 – 2015 (€ million)

    15 248

    14 225**

    13 185

    12 175

    11 128 * Revenue generated across all distribution platforms (cable, satellite, IPTV) including subscription and re-transmission fees

    ** Restated

    DIGITAL REVENUE* 2012 – 2015 (€ million)

    15 508

    14 295

    13 233

    12 188 * Excluding e-commerce, home shopping and platform revenue for digital TV

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    the first video!Corporate information

    6 Chief Executives’ report

    12 Our business model

    14 Our strategy

    20 Our role in society

    25 Corporate Responsibility Report 2015 (booklet)

    26 Entertain. Inform. Engage.

    The highlights of 2015

    56 Chairman’s statement

    58 The Board / Executive Committee

    Financial information

    66 Directors’ report

    115 Management responsibility statement

    116 Consolidated financial statements

    121 Notes

    208 Auditors’ report

    210 Credits

    211 Five-year summary

    5RTL Group Annual Report 2015

  • 6

    Chief Executives’ report

    RTL Group Annual Report 2015

    “2015 was a record year for RTL Group: for the fi rst time in our history,

    revenue exceeded € 6 billion.”

    GUILLAUME DE POSCH Co-Chief Executive Offi cer

    Focusing on growth in a changing world

  • 7

    Chief Executives’ report

    RTL Group Annual Report 2015

    “With more than € 500 million in revenue, digital has become a dynamic third

    pillar for RTL Group.”

    ANKE SCHÄFERKORDT Co-Chief Executive Offi cer

    Picking up on this, we talked to Anke Schäferkordt and Guillaume de Posch

    about RTL Group’s growth in 2015, about fostering closer collaboration

    across its business units and, above all, how RTL Group is responding to the rapid changes

    across the whole ‘total video’ value chain.

    “We are confident our digital businesses will reach such scale over the next 24 months

    that they become one of the growth drivers of RTL Group’s total revenue,”

    said RTL Group’s Co-CEOs at the 2014 results presentation. This followed major investments in online video

    companies BroadbandTV, StyleHaul and SpotX.

  • 8

    Chief Executives’ report

    RTL Group Annual Report 2015

    RTL Group @rtlgroup · 11 Nov 15 RTL Group Co-CEO Anke Schäferkordt talking #digitalisation at #OWM 2015 in Berlin.

    8 14

    “For us, TV isn’t just ‘television’ any more, it means

    ‘total video’.”

    ANKE SCHÄFERKORDT

    On 11 November 2015, RTL Group Co-CEO

    Anke Schäferkordt was invited to speak at the OWM symposium

    in Berlin where advertisers and marketing executives talked

    about the topic “Winning in the Digital Reality”. Picture:

    Anke Schäferkordt with host Wolfram Kons.

    How did RTL Group perform in 2015? GUILLAUME DE POSCH: Despite a mixed picture in the global economy, 2015 was a record year for RTL Group: for the fi rst time in our history, revenue exceeded €6 billion. Operating profi t EBITA also reached a new high, despite lower positive one-off effects than 2014. Net profi t for RTL Group shareholders increased strongly by 21.0 per cent to €789 million.

    ANKE SCHÄFERKORDT: All European net TV advertising markets in RTL Group’s territories were up or stable year-on-year, with the German market remaining the healthiest in our portfolio. At Mediengruppe RTL Deutschland, we outperformed the German TV advertising market, which was estimated to have grown by 2.0 to 3.0 per cent in 2015. We also generated higher diversifi cation

    revenue such as online couponing and platform revenue. As a result, our biggest profi t centre grew signifi cantly and generated another record profi t.

    Did digital grow as forecast? ANKE SCHÄFERKORDT: With more than €500 million in revenue, digital has become a dynamic third pillar for RTL Group, complementing our market-leading broadcasting and content production businesses. Digital revenue now represents 8.4 per cent of RTL Group’s total revenue. The massive growth rate of 72.2 per cent for our digital revenue refl ects our early investments in online video.

    According to Comscore, RTL Group is now number one on YouTube worldwide, with strong positions in the US, Europe and Germany. We generate around 11 billion video views each month, including mobile. We are the strongest and most international online video operator of all the broadcast groups in the US or Europe.

    Organically, the revenue growth rates for our multi-channel network businesses BroadbandTV, StyleHaul and Divimove – and for our monetisation platform SpotX – are 50 per cent or more. And they will continue to grow, at signifi cant double-digit rates.

    GUILLAUME DE POSCH: We need to invest in these businesses to further strengthen their strong market positions. Some of them will continue to generate short-term start-up losses. The fact that we achieved faster revenue growth while keeping our high profi t margin at Group level underlines the tremendous strength of our core broadcasting business. In other words: RTL Group is on the growth track. Driven by our digital businesses, we expect our total revenue to continue growing moderately in 2016.

    What is the proposed dividend for 2015? GUILLAUME DE POSCH: In September 2015, we paid an extraordinary interim dividend of €1.00 per share as an advance for the fi scal year 2015. In addition, RTL Group’s Board of Directors has proposed a fi nal dividend of €3.00 a share for the fi scal year 2015. As in previous years, this refl ects the Group’s strong cash fl ows, investment plans and target

  • 9

    Chief Executives’ report

    RTL Group Annual Report 2015

    RTL Group @rtlgroup · 20 Jan 15 Guillaume de Posch, Co-CEO of RTL Group, at the ‘Let’s Go Connected’ forum by @Bertelsmann_com

    4 32

    “The RTL Digital Hub team manages our portfolio of digital acquisitions and supports

    their further international expansion.”

    GUILLAUME DE POSCH

    On 20 January 2015, Bertelsmann organised the

    ‘Let’s Go Connected’ forum in Brussels to exchange views on

    challenges ahead in the digital realm.

    leverage factor. Based on our average share price on the Frankfurt Stock Exchange in 2015, all dividends for the fi scal year – totalling €4.00 a share – represent a dividend yield of 4.9 per cen