pdf 4 MB - ProSiebenSat.1

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Financial Year 2011
Annual Press Conference
March 1, 2012
| March 1, 2012
Page 1
2011 Key Achievements
Thomas Ebeling, CEO
| March 1, 2012
Page 2
Strong operational progress in 2011
✔
Record year for ProSiebenSat.1
✔
Successful four pillar growth strategy implemented
✔
Portfolio optimized
✔
Financial leverage significantly reduced
| March 1, 2012
Page 3
ProSiebenSat.1 has achieved operational milestones in 2011
Highlights
Areas for improvement
BeNe disposal
CEE
De-risking (Amend & Extend completed)
SAT.1 day and access time
New channels: sixx, MAX
Production business in Germany
New ad business initiatives
M4RS/ES
Red Arrow expansion (US, UK)
Games partnerships (EA, Sony)
| March 1, 2012
Page 4
2011 marked another record year
[EURm]
2,756.2
+6.0%
Recurring EBITDA
850.0
+7.4%
Underlying net income (cont. op.)
309.4
+12.4%
Underlying net income
685.3
+91.9%
Revenues
Page 5
| March 1, 2012
Figures preliminary and unaudited. Continuing operations. Underlying net income after non-controlling interests. Total underlying net income includes discontinued operations.
Revenue increase based on our four pillar growth strategy
1
2011
Broadcasting
German-speaking
+2.7%
2
Broadcasting
International
+12.4%
3
Digital & Adjacent
+28.7%*
4
Content Production
& Global Sales
+149.6%
| March 1, 2012
External revenue growth rate vs 2010 based on continuing operations. Figures preliminary and unaudited. *Digital & Adjacent revenue growth rates excl. 9Live.
Page 6
EUR 750m revenue growth target for 2015 – 25 percent
already achieved
Revenue growth
>100
[EURm]
>250
>750
>150
>250
2010*
Thereof already
realized in 2011
Degree of
achievement in 2011
Broadcasting
German-speaking
Broadcasting
International
Digital/
Adjacent
Content
Production
2015e
50
62
53*
20
186
20%
41%
21%*
20%
25%
| March 1, 2012
External revenue growth rate vs 2010 based on continuing operations. * revenues excl. 9Live. External revenues.
Page 7
2011
Financial
Performance Review
Axel Salzmann, CFO
| March 1, 2012
Page 8
ProSiebenSat.1 has delivered strong financials in 2011 /
Targets achieved
Company guidance for 2011
„Group revenues expected to grow in the
mid single-digit percentage range in FY 2011‟
„ProSiebenSat.1 expects another record EBITDA
in FY 2011‟
„Significant reduction of gross and net financial
debt post completion of BE/NL disposal‟
„Leverage expected to come in well inside target
range of 1.5x to 2.5x at YE 2011‟
| March 1, 2012
Figures preliminary and unaudited. Growth rates based on continuing operations.
+6.0% +6%
EUR 850m
+6%
(+7.4%)
EUR 1.82bn
(net debt, -39.8%)
2.1x +6%
Page 9
Strong revenue growth and sustained high profitability
Consolidated revenues
Recurring EBITDA
[EURm]
[EURm]
+6.0%
3,000
2,601.0
+7.4%
2,756.2
1,000
1.000
791.5
2,500
850.0
750
2,000
1,500
500
1,000
250
500
0
0
2010
2011
2010
2011
Recurring EBITDA margin:
30.8% (+0.4%pts)
| March 1, 2012
Figures preliminary and unaudited. Continuing operations.
Page 10
Almost stable operating costs in existing business and
prudent investments in new growth initiatives
Operating costs
[EURm]
2,000
+5.2%
1,820.6
1,915.7
139.3
213.3
1,681.3
1,702.4
1,500
New growth initiatives
• First-time consolidation and organic
growth effects (maxdome, expansion
of Red Arrow, online games and new
stations sixx, MAX and PRO4)
1,000
500
0
2010
2011
| March 1, 2012
Existing business
• Operating costs of existing core
business increased slightly by 1.3% due
to higher program costs
Page 11
Revenue increase across all segments
(existing reporting structure)
External revenues
[EURm]
2,000
Free TV German-speaking
Free TV International
+3.7%
+12.6%
1,866.8
1,936.6
500
421.9
Diversification
+10.3%
475.2
1,500
450
312.3
344.4
2010
2011
300
1,000
250
150
500
0
0
2010
2011
0
2010
2011
Revenue growth excl. 9Live*
+23.5%
| March 1, 2012
Figures preliminary and unaudited. Continuing operations. *9Live revenues, 2010: EUR 46.9m, 2011: EUR 16.7m.
Page 12
New reporting structure underlines considerable growth of
our new pillars
External revenues
[EURm]
2,000
Broadcasting
German-speaking
Broadcasting
International
+2.7%
+12.4%
1,853.2
1,903.0
1,500
600
502.8
565.2
Diversification
Content Production
Digital & Adjacent
& Global Sales
+9.8%
300
231.5
254.3
+149.6%
150
400
200
100
200
100
50
0
0
0
1,000
500
0
2010
2011
2010
2011
2010
2011
112.6**
66.0**
13.5
2010
33.7
2011
Revenue growth excl. 9Live*
+28.7%
| March 1, 2012
Figures preliminary and unaudited. Pro forma continuing operations. *9Live revenues, 2010: EUR 46.9m, 2011: EUR 16.7m. **Total revenues incl. internal revenues.
Page 13
Group key financials at a glance
[EURm]
Revenues
2011
2010
Δ
2,756.2
2,601.0
+6.0%
850.0
791.5
+7.4%
-97.6
-97.7
+0.1%
EBITDA
752.4
693.8
+8.4%
Operating result (EBIT)
606.7
566.8
+7.0%
-240.1
-238.2
-0.8%
-22.8
./.
./.
Net income from continuing operations*
262.5
234.6
+11.9%
Underlying net income from continuing operations
309.4
275.2
+12.4%
Underlying net income discontinued operations
375.9
82.0
>+100%
335.8
./.
./.
685.3
357.2
+91.9%
Recurring EBITDA
Non-recurring items
Financial result
of which debt amend & extend
of which BE/NL disposal gain
Underlying net income for the period
| March 1, 2012
Figures preliminary and unaudited. Continuing operations. *Net income from continuing operations after non-controlling interests.
Page 14
Portfolio optimization and restructuring measures have
caused non-recurring expenses
Non-recurring items in FY/Q4 2011
[EURm]
Portfolio optimization
Discontinuation of 9Live
Disposals (BE/NL TV and print, Greek and
Bulgarian radio)
Reorganization
Restructuring CEE
Other reorganization
Other (e.g. satellite analog switch-off, severance
payments, legal expenses)
Total
| March 1, 2012
FY 2011
of which
Q4 2011
44
25
1
-/-
19
1
26
24
2
23
21
2
28
13
98
37
Page 15
Dividend proposal 2011 for the AGM by the Executive Board
In EURm
[EURm]
2011
Net income from continuing
operations*
PPA (after tax) and other
EPS underlying
(preference share)
2010
262.5
234.6
46.9
40.6
309.4
275.2
1.46
1.30
2011 Dividend proposal
• Per preference share
EUR 1.17
• Per common share
EUR 1.15
• Total dividend payout** EUR 244.9m
• Payout ratio***
79.2%
AGM on May 15, 2012 / Dividend payment on May 16, 2012
| March 1, 2012
Figures preliminary and unaudited. Continuing operations. PPA = Purchase price allocation amortization. *Net income (after non-controlling interests).
**Dividend payout calculated on the basis of common and preference shares excluding 7.64m treasury shares. ***Versus underlying net income.
Page 16
Significant reduction of net debt and financial leverage,
target range achieved
[EURm]
RCF/
Other*
12/31/2010
Leverage: 3.3x
12/31/2011
Leverage: 2.1x
3,762
231
741
3,021
2,336
Term
Loans
3,531
Total loans &
borrowings
518
1,818
Cash
Net debt
Term
Loans
Cash
Debt and cash
position at YE 2011
Net debt
Total loans &
borrowings
• EUR 1.2bn term loan repayment (Aug 24, 2011) / EUR 230m RCF repayment
• EUR 241.2m dividend payment / EUR 32.6m share buyback
| March 1, 2012
Figures preliminary and unaudited. Leverage: Net debt/LTM recurring EBITDA: LTM recurring EBITDA of EUR 850m in 2011 (excl. BE/NL).
Note: Cash includes cash and cash equivalents. *Thereof EUR 230m RCF.
Page 17
Equity ratio significantly improved
Total equity and liabilities
[EURm]
6,316
5,034
Liabilities
5,290
Equity ratio
16.2%
| March 1, 2012
Figures preliminary and unaudited.
Equity
1,026
12/31/2010
Liabilities
3,593
12.4%pts
Equity
1,441
12/31/2011
Equity ratio
28.6%
Page 18
Financial targets for fiscal year 2012
Group revenue growth (in percent)
Recurring EBITDA/recurring EBITDA margin
Interest result and finance cost reduction
| March 1, 2012
Based on continuing operations.
mid-single digit
+6%
> EUR 850m/~30%
> EUR 50m
further improvement
Page 19
2011
Operational
Performance Review
Thomas Ebeling, CEO
| March 1, 2012
Page 20
1. Broadcasting
German-speaking
Thomas Ebeling, CEO
| March 1, 2012
Page 21
Good viewer share performance in German-speaking
territories
Audience share
Q4 2011 Q4 2010 FY 2011 FY 2010
Germany
29.6%
28.3%
28.9%
28.5%
Austria
20.4%
19.9%
20.2%
19.3%
Switzerland
15.7%
18.3%
16.1%
17.6%
Page 22
| March 1, 2012
Basis for Germany: all German TV households (Germany + EU), 14-49 years; Mon-Sun, 3-3 h. Source: AGF/GfK Fernsehforschung / TV Scope / ProSiebenSat.1 TV Deutschland
Audience Research.. Figures for Austria and Switzerland are based on 24 hours in key dempgraphics (Mon-Sun).
SevenOne is Austria„s fastest growing TV company
Audience share
[percent]
35
30
35
+0.9%
25
19.3
+0.4%
30
25
20.2
20
30
25
20
13.9
14.3
35
35
35
-1.2%
18.6
20
17.4
30
-0.6%
25
25
20
20
15
15
15
15
10
10
10
10
12.4
+0.1%
30
11.8
15
10
5.0
4.9
5
5
5
5
5
0
0
0
0
0
2010
2011
2010
2011
RTL Group
P7S1 Group
| March 1, 2012
2010
2011
ORF 1
2010
2011
ORF 2
2010
2011
ATV
Page 23
ProSiebenSat.1 continues positive ratings development
Audience share in Germany
[percent]
FY 2010 vs. 2011
35
35
28.5
28.9
30
-1.9%
+1.2%
+0.2%
+0.4%
30
YTD 2011 vs. 2012
35
35
29.1
29.3
30
27.1
28.3
25
25
25
25
20
20
20
20
15
15
15
15
10
10
10
10
5
5
5
5
0
0
0
0
2010
2011
P7S1 Group
2010
2011
RTL Group
2011
31.4
29.5
2011
2012
30
2012
P7S1 Group
| March 1, 2012
Basis: All German TV households (Germany + EU), 14-49 years; Mon-Sun, 3-3 h, YTD: 01.01.-29.02., last 4 days provisionally weighted.
Source: AGF/GfK Fernsehforschung / TV Scope / ProSiebenSat.1 TV Deutschland Audience Research
RTL Group
Page 24
Strong competitive position
in German audience market
Andreas Bartl / Jürgen Hörner
| March 1, 2012
Page 25
Substantial competitive position in Germany
Strong profitability
Complementary Free TV channels
At least stable ratings with upside potential
| March 1, 2012
Page 26
Two tier 1 channels with complimentary positioning
Target group structure and audience shares
[viewers 14-49 years, all day, in percent]
male
6.1%
old
11.7%
young
10.6%
0.5%
female
| March 1, 2012
Basis: All German TV households (Germany + EU), 14-49 years; Mon-Sun, 3-3 h, Ø 2011.
Source: AGF/GfK Fernsehforschung / TV Scope / ProSiebenSat.1 TV Deutschland Audience Research.
Page 27
ProSiebenSat.1 viewer share growth mainly driven by sixx
Market shares [in percent]
ProSiebenSat.1
Group Germany
28.9
28.5
11.6
11.7
10.7
10.6
6.2
2010
2011
2010
2011
2010
2011
2010
6.1
2011
0.0
0.5
2010
2011
P7S1 Group
| March 1, 2012
Basis: All German TV households (Germany + EU), 14-49 years; Mon-Sun, 3-3 h.
Page 28
Strong program line-up (1/3)
Leading in
German fiction
Blockbuster US series
line-up on Sundays
Morning TV
leader
Continued day time
strength
The Mentalist
Navy CIS
Hawaii Five-0
Most successful daily
science magazine
| March 1, 2012
Page 29
Most successful line-up
of US sitcoms
| March 1, 2012
Most successful daily
science magazine
Blockbuster
entertainment formats
Leader in
blockbuster movies
Page 30
Excellent movie
line-up
Strongest local formats
of 2nd generation channel
German Free TV premiere
of top US series
Strong in US sitcoms /
strong original formats
Dance Summer 2012
| March 1, 2012
Page 31
Nearly 200 formats currently in development
| March 1, 2012
Fiction
Entertainment
61
65
Reality
Factual
35
22
Page 32
P7S1 is a major driver of the German TV production industry…
EUR 394m*
3,699
100+
34
invested in 2011
hours of programm
acquired in 2011
production
companies
commissioned in
2011
theatrical
coproductions
since 2001, ten top
10 hits
| March 1, 2012
* Excl. inhouse editing.
Page 33
… with long-established partnerships with Germany‟s
most successful TV production companies
| March 1, 2012
Page 34
Very good partnership with leading international
producer John de Mol secures attractive formats
The Voice
Season II
coming 2012
| March 1, 2012
The Winner is
Coming
April 2012
The Recruits
Coming
2012
The Best
Coming
2012/2013
Page 35
Long-running partnerships with almost all successful
Hollywood studios deliver premium US content
| March 1, 2012
Page 36
Strongest sitcom line-up in German TV …
Leading with
US sitcoms
Up to 32.5%
in 2012
Up to 11.0%
in 2012
| March 1, 2012
Basis: All German TV households (Germany + EU), 14-49 years; January 2012.
Page 37
… further strengthened by new hit formats
| March 1, 2012
2 Broke Girls
New Girl
Suburgatory
Mike & Molly
Are you there, Chelsea?
Apartment 23
Page 38
ProSiebenSat.1 has secured long-term contracts
with key German talents
Stefan Raab
Anke Engelke
| March 1, 2012
Heidi Klum
Henning Baum
Joko und Klaas
Annette Frier
Bastian Pastewka
Page 39
The Voice: a new blockbuster created with innovative
two-channel programming
Average market share of 24.3%
(up to 30.9%)
Social TV App: 18m Online video
views / 199k Connect mobile downloads
Best Entertainment:
Awarded with “Die Goldene Kamera”
Second season starting in autumn
2012 on SAT.1 and ProSieben
| March 1, 2012
Basis: All German TV households (Germany + EU), 14-49 years;
Page 40
Goals for 2012
1
Moderate viewer share growth
2
Establish new blockbuster formats
3
Improve performance of key SAT.1 slots (access time, day time)
4
Continue to develop TV for the future
5
Launch one new channel
| March 1, 2012
Page 41
SAT.1: new exciting prime time highlights…
Das Vermächtnis der
Wanderhure
The Winner is …
Die Tore der Welt
Der letzte Bulle
The Voice of Germany II
… and strong push to develop day time and access time
| March 1, 2012
Page 42
ProSieben: new season of top entertainment formats,
new sitcoms and new US series
TV Total Wok WM
“17 Meter” and new
show
Two broke Girls
| March 1, 2012
Germany‟s next
Topmodel
Touch
Two and a half Men
Page 43
kabel eins: great movies, Euro League and strong US series
Euro League
Castle
Last Samurai
| March 1, 2012
Justified
King Arthur
Page 44
sixx: innovative local female formats, high-class US series
and top world wide hosts
Vampire Diaries
Dance Summer 2012
sixx – das magazin
| March 1, 2012
Dog Whisperer
Body
Body Check
Check
Page 45
Excellent German Free TV team
Jürgen Hörner
Acting MD TV D / MD ProSieben
Joachim Kosack
Karl König
MD SAT.1
MD kabel eins
Katja Hofem-Best Wolfgang Link
MD sixx
SVP Entertainment
Dr. Gunnar Wiedenfels
Sascha Naujoks
Zeljko Karajica
Klaus Henning
Markan Karajica
CFO National
SVP Reality
COO
SVP Program Planning
MD Marketing
| March 1, 2012
Page 46
Ad market performance
Thomas Ebeling, CEO
| March 1, 2012
Page 47
Strong ad performance across all German-speaking
countries
Gross TV
P7S1 advertising market share
Q4 2011 Q4 2010 FY 2011 FY 2010
Germany
43.1%
40.8%
42.3%
41.6%
Austria
29.5%
25.2%
30.4%
25.2%
Switzerland
24.5%
24.0%
25.2%
24.4%
| March 1, 2012
Source: Germany: gross (excl. 9Live), Nielsen Media Research. Austria: gross, Media Focus. Switzerland: gross, Media Focus. January 1, 2011 – December 31, 2011.
Page 48
ProSiebenSat.1 compensated sale of N24 and
outperformed German TV ad market
Net TV ad revenues 2011 vs. 2010
[own evaluation]
German net TV
ad market
+0.6
ProSiebenSat.1
without N24
+2.0
| March 1, 2012
Page 49
Most German advertising segments growing in 2011
Gross TV ad spendings of Top 10 industries
[2011 vs. 2010, in EURm]
Food -202
Cosmetics & Toiletries
Δ in %
Food impacted by various
transient factors in 2011
-124 White Line
(e.g. raw material cost increase)
-42
Trade & Shipment
69
Business Services
186
Motor Vehicles
46
Beverages
-18
Telecommunication
-3
1.641
-10.9
1.340
-3.0
875
8.5
856
27.9
765
6.5
702
-2.5
659
-0.4
Finance
2
642
0.3
Health & Pharmacy
3
501
0.7
398
-8.8
11,111
1.8
Detergents
-38
Total
| March 1, 2012
Source: Nielsen Media Research / SevenOne Media, Market Intelligence, excl. Media.
199
Page 50
Most industries with positive start into 2012
Gross TV ad spendings of Top 10 industries in Jan. 2012
[Jan. 2012 vs. Jan. 2011, in EURm]
Δ in %
White line
-2
Food
5
19
Business Services
5
Cosmetics & Toiletries
Trade & Shipment
-13
Motor Vehicles
Health & Pharmacy
7
-1
Telecommunication
12
Finance
3
Beverages
Detergents
5
-4
Total
| March 1, 2012
Source: Nielsen Media Research / SevenOne Media, Market Intelligence, excl. Media.
32
100
5.1
87
27.9
66
7.5
52
44
-20.0
42
-2.0
42
35
39.7
8.6
27
24.9
19
-18.5
660
5.1
17.4
Page 51
Strong growth with new customers expected to
continue in 2012
New business ad revenues in Germany
[in EURm]
80
70
> EUR 50m
60
50
40
30
20
10
0
2008
2009
| March 1, 2012
2010
2011
2012e
Page 52
Smaller customers drive advertising commitments
Initial commitment status
[2012 vs. 2011, Germany]
Flattish
Top 50
| March 1, 2012
Own estimates as of Feb. 6, 2012.
+8%
Non Top 50
+2%
Total
Page 53
Successful decentralized TV advertising test run
with Kabel BW
Technology for decentralized TV advertising now
available via cable
Primary focus on tapping advertising budgets of
new clients who are not advertising on TV or P7S1
| March 1, 2012
Page 54
Disproportionate advertising share of print is a growth
opportunity in Germany
Media usage and net media mix
[in %]
40
30
39%
1pp increase in media
mix equals ~EUR 150m
for the market and
~EUR 60m for P7S1
27%
26%
20
10%
10
3%
2%
0
TV
Newspaper
Share of net media usage 2010
Magazine
Share of media spendings 2010
| March 1, 2012
Based on ZAW data; excluding direct mail and directories.
Source: ZAW, OVK, mindline media, OVK Werbestatistik (Onlineinvestments incl. Search und Affiliate) / SevenOne Media Market Research.
Page 55
Our priorities for 2012
1
Increase TV share in media mix, maintain good TV ad share position
2
Further increase net CPT
3
Further increase new business revenues
4
Role out decentralized advertising model
5
Offer innovative marketing solutions to our customers
| March 1, 2012
Page 56
Germany: Sales status / Outlook 2012 summary
1
Positive market start in Q1 expected
2
Low single-digit full-year market growth possible
3
TV will most likely gain at expense of print
4
We will develop close to market in Germany
5
Growth in German-speaking countries will continue
| March 1, 2012
Page 57
Distribution
Conrad Albert
| March 1, 2012
Page 58
Sustainable growth of HD device market supports
Group's HD business
3D-TV
HDTV
Hybrid-TV
+13%
13.7 m
450,000
+16%
9.6 m
| March 1, 2012
Sales television. Source: PCs and smartphones are estimated by EITO (European Information Technology Observatory), in cooperation with Bitkom.
Page 59
Number of paying German HD subscribers in TV
multiplied nearly tenfold in 2011
Paying subscribers in Germany
HD penetration will more than triple by 2015
(from 2.9m households in 2011 to 10.8m in 2015e)
450.000
400.000
350.000
300.000
250.000
200.000
HD+
KDG
Tele Columbus
150.000
Primacom
100.000
Vodafone
50.000
Kabel BW
0
Eutelsat
Dec 10 Jan 11 Feb 11 Mar 11 Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12
| March 1, 2012
* Source: Billing of net operator.
Page 60
New distribution deal with Deutsche Telekom completes
P7S1‟s distribution portfolio
January 2010
July 2010
April 2010
| March 1, 2012
January 2011
December 2010
September 2011
August 2011
November 2011
October 2011
February 2012
January 2012
Page 61
2. Broadcasting
International
Thomas Ebeling, CEO
| March 1, 2012
Page 62
Significant audience share increase in Norway and Finland
Audience share
Q4 2011 Q4 2010 FY 2011 FY 2010
Denmark
16.3%
15.7%
16.2%
16.7%
Sweden
15.0%
15.6%
13.8%
14.5%
Norway
18.1%
15.4%
17.4%
14.4%
Finland
5.2%
4.0%
5.1%
3.3%
Page 63
| March 1, 2012
Denmark: key demographic age 15-50, based on 14 advertising-financed TV stations; incl. Voice. Finland: key demographic age 15-44; incl. Voice from April 2011 on. Norway: key
demographic age 12-44; incl. The Voice. Sweden: key demographic age 15-44. Source: AdvantEdge; Finnpanel OY; MMS/AGB Nielsen; TNS-Gallup.
Ad share gains in most markets
Net TV advertising market share
Denmark
15.8%
13.6%
15.1%
13.6%
Sweden
15.4%
15.9%
15.3%
16.1%
Norway
25.0%
22.2%
24.5%
20.6%
Finland
2.8%
1.5%
2.5%
1.6%
| March 1, 2012
Own estimates.
Q4 2011 Q4 2010 FY 2011 FY 2010
Page 64
Strong carriage revenue performance in Nordics
Carriage revenues for Nordics in total
[EURm]
+24.2%
Cable
117.5
94.6
DTT
Satellite
(DTH)
IPTV &
others
2010
2011
| March 1, 2012
Page 65
Strong channel portfolio in Norway
Market position increased to #2 in 2011
• Share of viewing: +3.0%pp
(FY 2010: 14.4 vs. FY 2011: 17.4)*
• Ad sales: +>30%
• Carriage revenues: +>70%
Key success factors
• 99% hit rate on local productions
• Repositioning of TV Norge
as broad entertainment channel
• Launch of MAX: SoV increased to 2.6%
| March 1, 2012
* Adults 12-44 y. Mon-Sun, 17-24h.
Source: TNS-Gallup, AdvantEdge.
Page 66
All-time high in Finland in 2011
#3 position in TV market consolidated
• Revenues +52%
• Share of viewing +1.8%pp
(FY 2010: 3.3 vs. FY 2011: 5.1)*
• Ad sales +53%
Key success factors
• Strong portfolio of movies and sitcoms
• TV5: SoV increased from 3.3% to 4.2%
with the expansion of its broadcasting
licence (24h)
| March 1, 2012
* Adults 15-44 y. / Mon-Sun, 18-24h.
Source: Finnpanel Oy, AdvantEdge.
Page 67
Successful launch of multiple channels across Nordics
Denmark
Sweden
Norway
Finland
Launch
date
Jan
2009
Jan
2012
Feb
2007
Nov
2010
Sep
2007
Jan
2012
Sep
2008
Target
audience
15-50
15-50
30-59
12-44
12-44
30+
15-44
Audience
share 1
2011
percent
4.5 **
3.4
2.5
0.5
2.6
2.8
1.0*
| March 1, 2012
Full day, commercial shares; Denmark: 15-50 years, Sweden: 15-59 years, Norway: 12-44 years, Finland: 15-59 years. * Audience share of 2012 YTD (5.2.12).
*** Audience share without The Voice TV; Source: Advantedge; Finnpanel OY; MMS/AGB Nielsen; P7S1 Nordics
Page 68
Further growth through transfer of Danish radio model
across the Nordics
Denmark – synergies through
full integration of radio
and TV stations
• Same production
Finland
Norway
hub for TV & radio
• Shared back-office
Sweden
(Financials, HR, IT…)
• All sales forces
located in one building
| March 1, 2012
will complete
integration of radio
during 2012
Page 69
3. Digital & Adjacent
Dr. Christian Wegner
| March 1, 2012
Page 70
Accelerated growth in Digital & Adjacent: +29% vs. 2010*
Q4 2011
FY 2011
1
Online Video
+128%
+87%
2
Online Games
+124%
+85%
3
Commerce & Ventures
+37%
+70%
Digital & Adjacent*
+32%
+29%
| March 1, 2012
*External revenues growth rates vs. 2010. Excl. 9Live.
Page 71
Broad portfolio with leading position in core markets
Adjacent
Digital
Paid
Ad-financed
Transaction
M4R/E Deals
Video Ad No. 1
Pay VoD No. 1
| March 1, 2012
Media
ventures No. 1
Page 72
1
No. 1 sales house in fast-growing premium InStream
video ads
InStream video ads
Share of Advertsing
InStream video ads
[Gross media EURm]
+ 130%
180
170
160
140
other
120
22%
100
+ 121%
80
60
0
32%
SoA
2011
74
+ 285%
32
40
20
IP
3,0
2007
8,3
2008
7.1M
2009
2010
| March 1, 2012
Source: Nielsen Media Search, gross revenues video in-streams, YTD Dez 2011.
2011
46%
Page 73
1
Premium ad sales excellence attracts new mandates
| March 1, 2012
Page 74
1
MyVideo: No. 1 legal entertainment portal for premium
content
• Unique users: 7.9m
• Video views: 440m (+30%)
• German online video premiere
“Sons of Anarchy”: 2.5m views
• No. 1 iPad app 24h after launch
• No. 1 iPhone entertainment at launch
• Over 1.4m total app downloads
| March 1, 2012
Page 75
1
ProSieben.de/Sat1.de: The Voice, best practice social TV
Outlook
•
•
•
•
18m Online video views (best online format ever)
4.5m average interactions per live show
562k Connect visits since start
199k Connect mobile downloads
| March 1, 2012
• GNTM Connect Feb 2012
• P7 Connect in Q3 2012
Page 76
1
maxdome: No. 1 blockbuster provider on your TV screen
Outlook
• New product features:
Next generation Smart TV
App, "Red-Button" concept,
recommendation
• Largest Library Online: 45,000 titles
• Signed Blockbuster Deals: Disney, Sony,
Warner, FOX
• New signed Distribution Deals: Philips,
Panasonic, Toshiba and Loewe
| March 1, 2012
• New flexible subscription
models: monthly packages
• New distribution deals
• New Mobile devices
Page 77
1
Unrivaled online blockbuster content: 45,000 titles
Current Blockbusters
(Extract)
| March 1, 2012
Series
Docus
Comedy
Kids
Music
Page 78
1
New pay TV channel: ProSiebenFUN
Target Group: 14-39 years
Program
• Event and entertainment shows
• Sitcoms and comedy series
• Fun blockbusters
• Music events
• Fun sports
• Launch in Q2/2012
| March 1, 2012
Page 79
2
Online and mobile gaming becoming a mass market
130m active gamers in Europe
36m active gamers in Germany
53% of game time in Germany
spent on online and mobile gaming
| March 1, 2012
Source: NewZoo, Jun 2011; active gamers in Europe incl. GER, UK, FR, NL, BE, IT, ES.
Page 80
2
Europe is the second largest online gaming market
worldwide
Online gaming market share
Europe online gaming market forecast
[$bn]
Latin America
CAGR +11%
Other
5
1%
7%
Western
16% Europe
63%
3.7
4
3
Asia
Pacific
4.5
2.6
2
13%
United States
1
0
2011
| March 1, 2012
Source: PWC Global Media and Entertainment Outlook 2011-2015, Other: CEE, Middle East, Africa, Canada.
2012E
2015E
Page 81
2
Three major milestones in online games achieved
2011
2011
2012
Platform acquisitions
EA channeling deal
Sony licensing deal
Leading aggregation
platform for online
browser games acquired
Exclusive online games
partnership (six games)
Exclusive multi-year,
pan-European licensing
partnership of eight
Blockbuster titles
| March 1, 2012
Page 82
3
Ventures & Commerce:
No. 1 media for revenue / equity investor
Ongoing M4RS/M4ES deals in 2011
Thereof 8 deals not extended
Deals evaluated in 2011
New M4RS/M4ES deals negotiated
Thereof 18 deals with media start in 2011
EBITDA-impact (in EUR m)
EBITDA-impact (in EUR m)
Growth of more than 80% vs. 2010
Growth of 70% vs. 2010
| March 1, 2012
36
>200
20
>40 >40
Page 83
3
New industry focus: Digital, Lifestyle, Health/Beauty
Digital
Lifestyle
Health/Beauty
Dating
Fashion
Health
Travel
Lifestyle
Beauty
Mobile
Living
Wellness
Education
Food
Customer Acquisition
Sustainability
| March 1, 2012
Page 84
Our priorities for 2012
1
Foster M4R/E investment leadership
2
Expand online games and broaden distribution portfolio
3
Increase maxdome subscriber base and ensure presence on all hybrid devices
4
Grow premium video ad sales and create more online TV content
5
Explore new business opportunities in Digital & Adjacent
| March 1, 2012
Page 85
4. Content Production &
Global Sales
Jan Frouman, Group MD Red Arrow Entertainment Group
| March 1, 2012
Page 86
International expansion of Red Arrow drives revenue growth
Revenue growth rates
Q4 2011
FY 2011
Global Sales
+23%
+77%
Content Production
+312%
+162%
1,300 hours in the catalogue
660 hours of programming produced in 2011
| March 1, 2012
External revenue growth rates vs. 2010.
Page 87
Successful expansion into key strategic territories in 2011
UK (2011/2012)
Sweden/Denmark/
Norway (2010-2012)
India/China
Expand existing base of
business (sales and
production)
USA (2010/2011)
| March 1, 2012
Belgium/
Netherlands
(2010)
Germany/Austria
(2004-2010)
Australia (2010)
Co-production
Partnership
Page 88
Breakthrough in key US market
You Deserve It
Betty White„s Off
Their Rockers
6 eps. produced by
Kinetic Content for
ABC
12 eps. produced by
Kinetic Content for
NBC
Sold to Netflix, 2x8
eps. ordered
NBC„s second-highest
rated show of the
season
Starring Sopranos
icon, Stevie Van Zandt
| March 1, 2012
Lilyhammer
The Indestructibles
10 eps. aired on
National Geographic
worldwide / 2 eps.
aired on Fox
Concept based on
Galileo X-perience
Page 89
Red Arrow launches partnership with leading
UK format producer CPL
•
•
•
•
One of the UK‟s most dynamic entertainment production companies
First strategic investment in the UK non-scripted market
Supplier of factual entertainment shows to major UK broadcasters
CPL‟s roster of hit shows delivers top-quality formats for SevenOne International
| March 1, 2012
Page 90
Hong Kong sales office as a launch pad for Asian market
• Booming TV market and advertising revenues
with >50% of TV households worldwide
• Existing strong SevenOne International
track record
| March 1, 2012
Source: IDATE, according to World Television Markets January 2012.
Page 91
Summary and Outlook
Thomas Ebeling, CEO
| March 1, 2012
Page 92
Excellent performance in 2011 / Good start into 2012
✔
Strong financial performance in 2011
✔
Growth strategy established
✔
Good start of core business TV into the year 2012
✔
Dynamic growth outside traditional TV business
✔
Further revenue and earnings growth after record results in 2011
| March 1, 2012
Page 93
Deliver at least EUR 750m revenue growth by 2015
Continue to operate at industry leading margin level
Generate almost 50% of our revenues outside traditional
German TV advertising in 2015
Grow revenues in line with market in Germany
Double-digit growth targeted for all other segments combined
| March 1, 2012
Page 94
Financial targets for fiscal year 2012
Group revenue growth (in percent)
Recurring EBITDA/recurring EBITDA margin
Interest result and finance cost reduction
| March 1, 2012
Based on continuing operations.
mid-single digit
+6%
> EUR 850m/~30%
> EUR 50m
further improvement
Page 95
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.
| March 1, 2012
Page 96
| March 1, 2012
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