pdf 2 MB - ProSiebenSat.1

2010
Thomas Ebeling, CEO
Axel Salzmann, CFO
May 6, 2010
Q1 2010 at a glance
Thomas Ebeling, CEO
2
Good start in Q1 2010

1.
Group revenues and earnings increased
2.
Strengthened viewer market position in core
market Germany

3.
Advertising revenues up in German TV market
4.
New growth initiatives kicked off
5.
Cost savings sustained



3
Good start in Q1 2010
+5.0%
+EUR
+37.1%
22.9m
Group revenues
Recurring EBITDA
Net income
EUR 658.4m
EUR 128.6m
EUR 21.2m
4
Good start in Q1 2010
+7.2%
+4.5%
Revenues of
German-speaking
Free TV segment
Revenues of
International
Free TV segment
EUR 416.7m
EUR 160.8m
5
Operations
Thomas Ebeling, CEO
6
German-speaking Free TV business:
strong performance of key channels
TV audience shares in Germany
In percent
+0.6pt
29.1 29.7
Q1 2009
10.5 10.8
Q1 2010
11.6 11.6
5.7
6.1
1.3
ProSiebenSat.1
Group
Austria 17.6% 1.1%pt
SAT.1
ProSieben
kabel eins
1.2
N24
Switzerland 17.0% 0.8%pt
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.
7
International viewer markets: mixed performance
NL / Belgium
Netherlands
Belgium
24.7%
16.1% 1.2%pt
1.7%pt
Nordic
CEE
12.9%
0.8%pt
Hungary
21.2%
Denmark
Sweden
Norway
13.2%
0.9%pt
Finland
16.6% 1.4%pt 2.6%
0.7%pt
Romania
2.2%pt
7.8%
0.2%pt
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.
8
German gross ad market: sales & share performance in Q1 2010
Gross TV advertising investments
Gross TV ad market share ProSiebenSat.1
Q1 2010 vs Q1 2009, in EURm
Q1 2010 vs Q1 2009, in percent
100
+16.4%
3000
2,359.9
80
2500
2,028.0
2000
+17.6%
1500
1000
884.8
1,040.5
500
+0.5%pt
60
43.6
44.1
Q1 2009
Q1 2010
40
20
0
Total TV ad market
ProSiebenSat.1
0
TV ad share of total gross ad market increased from 40.0% to 42.9%
Source: Nielsen Media Research. SevenOne Media incl. 9Live
9
German gross ad market: development of major
advertising categories in Q1 2010
Gross TV advertising of top 10 TV categories
Gross TV Advertising
2.360
Food
+16.4%
+12.9%
430
Cosmetics and Toiletries
262
+14.0%
Media and Publishing
255
+4.6%
Trade and Shipment
174
+26.9%
Business Services
160
+47.8%
Pharmacy
158
+25.4%
Motor Vehicles
151
+6.7%
Finance
137
+4.8%
Beverages
132
+25.7%
Telecommunication
128
+3.8%
0
500
1.000
1.500
2.000
2.500
In EURm, Q1 2010 vs Q1 2009. Source: Nielsen Media Research.
10
International ad markets: sales & share performance in Q1 2010
TV ad market yoy
In percent
3.1
2.2
1.1
NL
1.3
1.3
0.3
BE
SE
NO
DK
FI
HU
RO
-10.9
Share of
advertising
perfomance
-13.5
Revenue
Perfomance
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.
11
Financials
Axel Salzmann, CFO
12
Q1 2010 - Group: dynamic earnings growth
Revenues
In EURm
Recurring EBITDA*
In EURm
800
150
+5.0%
627.0
+37.1%
128.6
658.4
600
100
93.8
400
50
200
0
Q1 2009
0
Q1 2009
Q1 2010
Q1 2010
Recurring EBITDA margin increased by 4.5%points to 19.5%
* Recurring EBITDA: EBITDA before non-recurring (exceptional) items.
13
Q1 2010 – operating costs:
cost savings realized in 2009 are sustained
Recurring costs*
In EURm
Non-recurring
expenses
In EURm
15
10
10.1
9.4
Q1 2009
Q1 2010
5
800
-0.8%
0
600
536.3
532.2
Depreciation
and amortization**
In EURm
400
40
31.2
32.6
30
20
200
10
0
0
Q1 2009
Q1 2010
Q1 2009
Q1 2010
* Total costs excl. D&A and non-recurring expenses **Thereof purchase price allocation: EUR 13.6m in Q1 2010 (Q1 2009: EUR 15.8m).
14
Revenue split by segment and region
External revenues by segment
External revenues by region
In percent
In percent
Free TV D/A/CH
German-speaking Europe
63.3
70.7
(Q1 2009: 62.0)
(Q1 2009: 70.4)
Diversification
segment
Nordic
12.3
13.1
(Q1 2009: 13.4)
(Q1 2009: 12.5)
CEE
Free TV International
3.4
24.4
(Q1 2009: 3.8)
(Q1 2009: 24.6)
NL/Belgium
12.8
(Q1 2009: 13.3)
15
Q1 2010 - segments: recurring EBITDA improved across
all segments, diversification revenues down because of Call TV
German-speaking Free TV
International Free TV
Diversification
External revenues, in EURm
External revenues, in EURm
External revenues, in EURm
500
400
+7.2%
388.8
200
416.7
150
153.9
100
160.8
-4.0%
84.3
80.9
Q1 2009
Q1 2010
80
60
300
100
200
100
Q1 2009
20
0
0
Q1 2010
Recurring EBITDA, in EURm
+40.5%
100
95.7
68.1
40
50
0
80
+4.5%
Q1 2009
Q1 2010
Recurring EBITDA, in EURm
+47.3%
20
15
19.3
20
0
Q1 2009
Q1 2010
20
+9.7%
15
13.1
60
40
Recurring EBITDA, in EURm
10
10
5
5
0
0
Q1 2009
Q1 2010
12.4
Q1 2009
13.6
Q1 2010
16
Debt and liquidity: lower net debt vs. Q1 2009
Debt facilities
In EURm
Net debt down by EUR 81.7m to EUR 3.431bn yoy
• Net debt up vs. December 31, 2009 due to typical
2000
1500
1000
cash flow seasonality
1,771
1,800
Term
Loans
Term
Loans
B
C
500
(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
600
under the RCF
RCF
Leverage* improved to 4.7x (Q1 2009: 5.2x)
0
July 2014
July 2015
July 2014
• LTM recurring EBITDA of EUR 731.3m
* Net debt/LTM recurring EBITDA
17
Outlook & strategy update
Thomas Ebeling, CEO
18
What does it take to win tomorrow in TV?
1.
2.
3.
Strong Free TV core business
Substantially more diversified
revenue sources
High-efficiency, best-practice organization
19
1.
Strong Free TV core business
• 15 new formats in Germany with focus on creating new TV genres
Attractive
content
•
•
Complementary
stations
like “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
• 15% of all TV spots are supported by SevenOne AdFactory products
• AdFactory’s new ad concepts increased by 15% since foundation.
Sales
excellence
•
•
•
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
20
1.
Programming highlights in the upcoming months
on 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“
21
1.
Complementary stations attractive for advertisers:
launch of sixx for the female target group
•
•
•
No classical commercial breaks
Concept-based marketing: individual and tailor-made
Targeted acquisition of new, non-TV customers
First contracts with
advertisers signed:
22
2.
Substantially more diversified revenue sources
Core business
advertising
Content
creation &
international sales
Pay &
Platform
Music,
Commerce &
Ventures
(TV + Online)
Become more independent of the TV advertising market
23
2.
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
24
2.
•
•
•
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
•
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“)
HbbTV showcase presented at the CeBIT
Increased number of special interest channels on MyVideo, e.g. FOCUS GESUNDHEIT,
Hausgemacht.TV
25
2.
Substantially more diversified revenue sources
Platform & Pay
Music,
Commerce &
Ventures
•
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
•
•
•
•
6 new music artists signed in Q1, e.g. Lena, Scorpions, Kim Wilde
•
Talent managing agency “tma” launched, 5 top German artists
including Michael Mittermeier signed
HD distribution contract with Tele Columbus signed (April)
More cable HD distribution deals expected before year-end
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
26
2.
Ventures: media for revenue and equity share
Description
Description
•
•
•
Mid to long term cooperation
•
No cannibalization of classical advertising TV spots
Convert unsold media into revenue / equity
Potential partners are small to mid-sized companies with high brand fit
for whom TV ads are not yet affordable
Examples
27
2.
Music and commerce
=
Classical music business
=
+
Live Entertainment
Music & Tour Cooperations
+
+
Artist Management
License Business
28
Key messages
1.
Good start into 2010
2.
Economic conditions improving, but visibility still low
3.
Improvement of our content pipeline
4.
Continuing cost management
5.
New revenue growth initiatives
29
30