Milan, 15th September 2021
Transcript of Milan, 15th September 2021
1H 2021 Results Presentation
Milan, 15th September 2021
Audience & Advertising
Monthly evolution, consumers and business
Source: Istat
ITALY | Evolution of confidence index
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50
60
70
80
90
100
110
120
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
set-20
ott-20
nov-20
dic-20
gen-21
feb-21
mar-21
apr-21
mag-21
giu-21
lug-21
ago-21
consumers business
Monthly evolution, consumers and business
ITALY | Good & Service Consumption
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-75,0
-55,0
-35,0
-15,0
5,0
25,0
45,0
65,0
services goods total
Source: Confcommercio
12M 2020SERVICES: -30.2%AVG: -15.0%GOODS: - 8.3%
6M 2021SERVICES: +26.7AVG: +7.7%GOODS: +1.9%
ITALY | Analysis of the advertising market1H 2021 vs 1H 2020 (∆ %)
26.7 33.2 22.0 29.3 7.7
-14.2
-20
-10
0
10
20
30
40
Tot.Adv Mkt TV Radio Digital Print OOH
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Source: AC Nielsen
MEDIASET 1H 2021 | Total advertising revenues 1H 2021 vs 1H 2020 (mio Euro)
744.2
979.9
1H 2020 1H 2021
+31.7%
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1H 2021 Advertising market share: 42.1 % (+1.5 bps yoy)
MEDIASET 1H 2021 | Advertising trend by quarter
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4.6% 3.5%6.1%
66.1%
Q3 20 Q4 20 Q1 21 Q2 21
Four positive quarters in a row (∆ % yoy)
MEDIASET 1H 2021 | Total Audience Evolution (Linear & Non-Linear)
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Sources: Auditel Average Minute Rating Linear TV; Audiweb Audience Viewers Digital Screens; Internal Data CTVs VOD Consumption
1H 2021 vs 1H 2019 (∆ %)
+106%
+156%
TVL TVC OLV
+377%
MEDIASET 1H 2021│Linear TV Audience performanceCore channels vs multichannels, commercial target (15-64 yrs, 24H)
Source: Auditel, Live+Vosdal; included Radio 105 TV + R101TV + Virgin Radio TV + RMC TV internal estimate (= 0,3)
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3.4
34.5
7.28.6
16.1
30.5
MediasetRaiLa7
25.623.8
2.9
Sky
Mediaset
La7
Rai
Other
Discovery
CORE CHANNELS 1H 2021
Mediaset DTT (Free+Pay)
Rai DTTLa7 DDiscoverySky Channels
8.96.70.58.67.2
MULTICHANNELS
Digital Non-Linear Audience performance: 39.9%
1H 2021
MEDIASET 1H 2021│The 3R model - Shaping the path of recovery by sector
RESILIENT SECTORS
RESTARTING SECTORS
STILL RESTRICTED
SECTORS
FMCG, PHARMA, TELCO, RETAIL & OTT
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Resilient, restarting and restricted sectors
*Horeca: hotel, restaurants and catering services
RESILIENT SECTORS
LEISURE SERVICES, HORECA*, TRAVEL, COSMETICS, CLOTHING & FOOTWEAR, HOUSEHOLD FURNITURE & APPLIANCES
STILL RESTRICTED SECTORS
RESTARTING SECTORS
AUTOMOTIVE, FINANCE& INSURANCE
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MEDIASET 1H 2021 | The 3R model – Advertising revenues trend by sector
FMCG
PHARMA
TELCO
RETAIL
OTT
LEISURE,HORECA
TRAVEL
COSMETICS
CLOTHING & FOOTWEAR
HOUSEHOLD FURNITURE
APPLIANCES
RESILIENT SECTORS
RESTRICTED SECTORS
AUTOMOTIVE
FINANCE & INSURANCE
RESTARTING SECTORS
+25.5%
+23.5%
+80.7%
MEDIASET 1H 2021│Advertising breakdown by sector
4.1
23.4
13.2
7.910.83.4
8.4
10.5
18.3 Food +19.3
Non Food +37.8
Telco+29.8Auto
+19.7
Media+5.3
Pharma+5.0
Retail+73.0
Other+65.2
MS relative performance vs Tot Adv Market
Finance+31.9
Source: Nielsen
MS share better than Tot Adv Market
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1H 2021 vs 1H 2020 (∆ %)
Resilient sectors
Financials
MEDIASET GROUP 1H 2021 | P&L Highlights
(Euro mio) 1H 2019 1H 2020 1H 2021
Net Consolidated Revenues 1,482.5 1,166.4 1,387.2
EBITDA 474.1 300.2 429.0
EBIT 191.6 31.7 198.7
Italy 39.3 (57.6) 94.6
Spain 154.2 88.9 103.8
Net Profit * 102.7 (18.9) 226.7
Group Net Financial Position (30/06) (1,197.7) (731.7)
Italy (1,195.4) (888.4)
Spain (2.2) 156.7
Group Net Financial Position for covenant purpose (30/06) ** (576.2) (222.0)
* Including 40% of EI Towers. EI Towers results includes PPA impact of (6.0) mio Euro** 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 2021 | P&L results
(Euro mio) 1H 2019 1H 2020 1H 2021
Total Net Revenues 1,002.2 791.3 963.7
Total gross adv. revenues 985.2 744.2 979.9
Commissions (139.3) (105.7) (139.1)
Total net adv. revenues 845.9 638.5 840.8
Other revenues 156.3 152.8 122.9
Total Costs (963.0) (848.9) (869.1)
Personnel costs (186.8) (171.6) (177.1)
Other Operating costs (562.6) (466.2) (510.9)
Rights amortisazion (174.0) (170.0) (144.9)
Other D&A (39.5) (41.1) (36.2)
Operating Profit 39.3 (57.6) 94.6
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MEDIASET ITALIAN BUSINESS 1H 2021 | P&L results
(Euro mio) 1H 2019 1H 2020 1H 2021
Operating Profit 39.3 (57.6) 94.6
Financial Income (Losses) 9.3 1.5 21.2
Associates 4.6 3.4 96.5
o/w PPA impact (6.0) (6.0) (6.0)
Pre-Tax Profit 53.3 (52.7) 212.3
Taxes (18.1) (6.9) (34.2)
Minorities 0.6 1.2 0.8
Net Profit 35.8 (58.3) 178.9
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MEDIASET ITALIAN BUSINESS 1H 2021 | Investments
252.0* 158.0
17.925.8
(Euro mio) TV rights and cinema
Technical & immaterial
Total Investments
1H 20211H 2020
175.9277.8
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* Including 21.5 mio euro of an Italian big blockbuster distributed by Medusa
(Euro mio) 1H 2019 1H 2020 1H 2021
Initial Net Financial Position (1/01) (1,042.5) (1,318.0) (1,187.7)
Free cash flow 67.7 125.2 133.3
Cash Flow from Operations 227.9 154.8 298.9
Investments (282.3) (277.8) (175.9)
Disinvestments 2.8 0.1 0.3
Change in Net Working Capital (CNWC) 119.3 248.1 10.0
Equity (investment)/disinvestment (383.3) (17.1) 15.3
Change in consolidation area (13.4) (3.2) -
Dividends received 89.5 17.7 150.7
Net Cash Flow (239.6) 122.6 299.3
Net Financial Position (30/06) (1,282.0) (1,195.4) (888.4)
Net Financial Position for covenant purpose (30/06) ** (856.1) (778.1) (583.1)
MEDIASET ITALIAN BUSINESS 1H 2021 | Cash flow statement
* Initial Net Financial Position includes financial liabilities according to IFRS 16 for 111.0 mio** Excluding financial liabilities according to IFRS 16 and the financial debt arising from the acquisition of ProSiebenSat.1 stake
*
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Appendix
MEDIASET ESPANA 1H 2021 | P&L Results
(Euro mio) 1H 2020 1H 2021
Net Consolidated Revenues 375.1 423.6
Personnel (56.5) (61.1)
Other Operating Costs (172.0) (209.1)
EBITDA 146.6 153.3
Amortisation & Depreciation (57.7) (49.5)
EBIT 88.9 103.8
Financial Income (loss) (0.3) 4.4
Associates 1.7 1.8
Pre-Tax Profit 90.4 110.0
Taxes (19.4) (23.6)
Net Profit 70.0 85.4
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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:
Email: [email protected]
WebSite: https://corporate.mediaset.it/en/