pdf 11 MB - ProSiebenSat.1

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Annual Investors‘ and Analysts‘ Conference
Results 2006
Guillaume de Posch, Chief Executive Officer
Lothar Lanz, Chief Financial Officer
Peter Christmann, Sales & Marketing
Dr. Marcus Englert, Diversification
Munich, February 22, 2007
Agenda
Highlights 2006
TV Advertising Market 2006
Diversification 2006
Financial Statements 2006
Outlook
2
Very solid fiscal year despite Soccer World Cup
Record earnings: Best pre-tax profit and best EBITDA
Highest EBITDA margin in Group history
Innovative programming of family of stations
Decisive steps taken in digital services and Internet
Market leader in Call TV
Largest video-on-demand provider
Diversification revenues up 33 percent
3
ProSiebenSat.1 Group: Achievements in fiscal 2006
EUR m
2006
2005
Change
2,104.6
1,989.6
+5.8%
EBITDA
484.3
418.5
+15.7%
EBITDA margin
23.0%
21.0%
+9.5%
Pre-tax profit
386.7
350.7
+10.3%
Consolidated profit
240.7
220.9
+9.0%
Earnings per share*
In EUR
1.11
1.02
+8.8%
Revenues
* Preference share
Figures 2006 preliminary and unaudited.
4
Core business Free TV: Achievements 2006
All three full service stations achieve an EBITDA margin of at least 20 percent.
Sat.1
now among Germany´s
most profitable TV
stations
ProSieben
“reloaded”: Back to its
usual high ratings and
brand power
14-9
kabel eins
significantly increases
revenues, profit and
profitability
14-9
N24 expands its lead
still further as
Germany´s most
successful news station
5
The German TV market: Audience share
29.4% 30.3% 29.4%
0.5%
0.8%
5.2%
5.5%
World Cup effect: -0.7 percent
1.1%
N24
kabel
eins
Sat.1
5.4%
25.3%
11.6%
12.3%
11.3%
0.5%
n-tv
Super RTL 2.5%
Vox
5.5%
25.7%
25.8%
0.6%
0.6%
2.7%
2.5%
6.4%
7.1%
8.0%
12.1%
11.7%
11.6%
Pro
Sieben
16.8%
16.0%
2004
2005
2006
ProSiebenSat.1 Media AG
2004
2005
2006
RTL Group
Basis: All German TV households (Germany + EU), Mo.-Sun., 03:00-03:00 h, viewers aged 14-49
Source: AGF/GfK Fernsehforschung / pc#tv aktuell / SevenOne Media Marketing & Research
7.8%
8.8%
8.1%
8.6%
2004
2005
2006
ZDF
15.6%
RTL
7.3%
7.5%
6.5%
6.0%
2004
2005
2006
RTL2
ARD
Public service stations
6
Free TV: Successful programs of Group‘s stations
Top 5 programs of the stations in fiscal 2006. Audience share in key demographic (14 – 49).
“Verliebt in Berlin – Das Ja-Wort“ (38.6%), “Verliebt in Berlin“ (up to 29.0%)
UEFA Champions League FC Barcelona – FC Arsenal, 2nd Half (29.9%)
“Das Wunder von Bern“ (27.0%)
“NCIS" (up to 22.2%)
“Schillerstraße“ (up to 22.0%)

“Pirates of the Caribbean: The Curse of the Black Pearl“ (40.0%)
“(T)Raumschiff Surprise – Periode 1“ (34.1%)
“Harry Potter and the Chamber of Secrets“ (30.5%)
“POPSTARS“ (up to 30.0%)
“ProSieben Fairy tails spoof“ (up to 28.7%)
“Germany´s next Topmodel“ (up to 24.0%)
“Ghost Whisperer“ (up to 11.8%)
“Beverly Hills Cop III“ (11.7%)
“Without a Trace“ (up to 10.6%)
“Cold Case“ (up to 10.5%)
“Mein neues Leben“ (up to 9.1%)
“N24 Nachrichten“ (up to 4.9%)
Documentary: “Das Reich des Bösen“ (4.5%)
“Morgenreport“ (up to 4.2%)
“Kronzuckers Kosmos“ (up to 4.2%)
“Was erlauben Strunz“ (up to 2.1%)
Basis: All German TV households (GER+EU)
Source: AGF/GfK Fernsehforschung / pc#tv aktuell / SevenOne Media Marketing & Research)
7
Agenda
Highlights 2006
Outlook
8
German TV advertising market: Net TV revenues
TV advertising market is gradually recovering. Notable growth for the first time in 2006.
In EUR bn
+6.3%
+9.1%
+6.8%
-5.1%
-11.5%
-3.7%
+1.3%
+1.8%*
5.00
4.75
~ +3.0%*
4.7
4.5
4.50
4.3
4.25
4.0
4.0
4.00
4.0
3.9
3.9
2004
2005
3.8
3.8
3.75
3.50
1997
1998
1999
2000
2001
2002
2003
Source: ZAW, 2005 / 2006e: ProSiebenSat.1 Media AG
*ZAW - data for 2005 are not comparable due to the change of the assessment basis from the previous year. ProSiebenSat.1 Media AG therefore calculates
with adjusted data and assumes an actual growth rate of 0.5% .
2006e
9
Free TV: Gross revenues 2006
ProSiebenSat.1 Group shows growth of TV advertising revenues and improves gap between gross and
net advertising revenues. In EUR m
Geman TV market (gross)
External Free TV revenues ProSiebenSat.1 Group
In percent
+3.1%
9000
8,046.7
3.5
8,298.1
8000
7000
+3.1%
3.0
2.5
+1.9%
6000
2.0
5000
1.5
4000
3000
1.0
2000
0.5
1000
0.0
0
2005
2006
Gross
Net
Figures 2006 preliminary and unaudited. Sat.1, ProSieben, kabel eins, N24, 9Live
10
German TV advertising market: Top 10 TV ad sectors
Food industry is the most important industry for TV advertising.
Gross advertising spending by sectors in 2006 in EUR m, changes vs 2005 in percent
0
300
600
900
1200
1500
1800
Changes
2005/2006
2100
8,298.1
TV advertising total
1,545.6
Food
1,092.7
Personal Care
+3.1%
+4.4%
+15.7%
Media
656.7
-11.7%
Automobiles
656.2
+2.2%
Beverages
639.7
-6.3%
IT & Communications
628.5
+21.4%
Services
Finance
Retail & Mail Order
Pharmacy
565.0
481.4
411.0
331.0
- 9.1%
+10.1%
+12.0%
+21.9%
Source: Nielsen Media Research
11
German TV advertising market: Top 10 Drivers 2006
Personal care registers highest TV ad sales.
Top 10 sectors adding to the growth of advertising spending in EUR m
0
25
50
75
100
125
Personal Care
111.0
IT & Communications
65.0
Food
59.4
Pharmacy
150
TV spendings
2006
Changes
2005/2006
148.4 1,092.7
15.7%
628.5
21.4%
1,545.6
4.4%
331.0
21.9%
Finance
44.1
481.4
10.1%
Retail & Mail Order
44.0
411.0
12.0%
105.1
24.4%
656.2
2.2%
10.1
201.9
5.3%
9.7
170.3
6.0%
20.6
Audio & Video
Automobiles
Tourism
Others
14.0
Source: Nielsen Media Research
12
TV ad market: Innovative marketing platforms
New technologies extend the functionality of TV advertising.
With Betty, Visible World and maxdome TV, advertising becomes interactive, individual and retrievable by request.
13
TV ad market: Innovative marketing platforms
Further advertising platforms are being developed.
Start of commercial push for video ads, mobile and PoS advertising.
Marketing of video advertising:
Firstly in the environment of professionally
produced videos on MyVideo.de
Secondly on the entire ProSiebenSat.1
Networld
ProSiebenSat.1 Mobile: advertising services for
mobile TV [DMB]
Marketing of WAP portals
Point of Sale TV
Marketing of audio visual advertising space in
department stores.
14
Agenda
Highlights 2006
Outlook
15
Achievements 2006: Positioning in the digital world
The classic Free TV provider has become a provider of up-to-the-minute TV
services in the digital media world.
Free TV
The only genuine
family of stations
Transaction TV
Leading Call TV
brand
Brand extension
Pay TV
First
Mover
Videoon-demand
Market leader
Mobile TV
Market leader
ProSiebenSat.1
Networld
.de
Germany´s second
biggest Networld
16
ProSiebenSat.1 Group: Market leader in Call TV
Germany’ s first quiz station 9Live is the leading brand for interactive TV in Germany.
Full ownership of 9Live on June 1, 2005
Efficiency gains through move to Group headquarters
Call TV service provider for the entire Group
Innovative programming formats and
technological know-how:
Successful start of interactive event-shows
New show highlights in primetime
Sustainable customer relationships
“9Live Gold“ largest TV members club
with 527,000 customers
9Live is fully consolidated since June 1, 2005
17
ProSiebenSat.1 Group: Pay TV services extended
Launch of two new Pay TV stations Sat.1 Comedy and kabel eins classics in Germany.
Launch of ProSiebenSat.1 Welt in Canada.
Launch of Sat.1 Comedy and kabel eins classics on June 1, 2006
630,000 digital cable subscribers at the end of 2006
Kabel Deutschland: Digital Home (also Kabel BW)
Unity Media: tividi family
IPTV: T-COM (T-Home), Telefόnica, United Internet and HanseNet (Alice home TV)
Pay TV station wetter.Fernsehen: Stakes in wetter.com AG increased
Launch of ProSiebenSat.1 Welt in Canada in October 2006
Soccer coverage extended: Three Bundesliga matches a week
17,000 subscribers in the U.S. and Canada
18
ProSiebenSat.1 Group: Largest video-on-demand portal
With 3,500 titles, maxdome is Germany´s biggest video-on-demand service.
Launched on July 27, 2006: Fast market penetration
Co-operation with United Internet (1&1, GMX, Web.de)
Successful Launch: 150,000 active subscribers*
Largest offer: Movies, Series, Comedy
Innovative advertising concepts: advertising-on-demand
* Active subscribers: at least one stream/week
19
ProSiebenSat.1 Group: Leading mobile TV provider
Mobile phone is an attractive distribution channel for moving picture content.
New opportunities to communicate with target groups.
Leading distributor of Mobile TV content in German
speaking countries via UMTS as well as DMB
12 stations via UMTS
Start of first full Mobile TV program ProSiebenSat.1
Mobile in October 2006
Group provides two of the four nationally distributed
programs on DMB-basis with N24 and ProSiebenSat.1
Mobile
20
ProSiebenSat.1 Group: Germany´s second largest online provider
ProSiebenSat.1 Networld enlarged by stakes in online platforms MyVideo and lokalisten.de.
Acquisition of 30 percent in September 2006
Group expands user-generated content services
Exponential growth: over 6m videos are viewed per day
Innovative marketing prospects
Acquisition of 30 percent in October 2006
Group expands services with social network
Entry into the Web 2.0 market
December 2006: 400m page impressions, 10m visits
Source: IVW Ranking / MyVideo / lokalisten.de
21
MyVideo: Wide reach, individual and interactive use
Since September 2006, number of page impressions of MyVideo has quadrupled.
MyVideo traffic per month in million
653.9
700
600
6.2 m video views per day*
Unique users per month:
3,641,000**
500
400
Commercial push
300
192.0
200
28.3
100
0
Apr
M ay
June
July
Aug
Sept
Oct
Nov
Dec
Page Impressions
Video views
Visits
Source: IVW / MyVideo
*MyVideo, December, 2006 / **Nielsen//NetRating, December 2006
22
ProSiebenSat.1 Group: starwatch music
ProSiebenSat.1-Group operates the label starwatch music in cooperation with Warner Music since 2005.
Identification, marketing and media support of own artists
Optimal analysis of music program formats of the stations
Monrose (POPSTARS) scores a number one hit in the media control top 100 single charts with “Shame”
Roger Cicero´s album „Männersachen“ is awarded platinum status
23
Agenda
Highlights 2006
Outlook
24
ProSiebenSat.1 Group: EBITDA and EBITDA margin
Best EBITDA and EBITDA margin in Group history.
EBITDA
In EUR m
EBITDA margin
In percent
+15.7%
484.3
500
25
23.0
21.0
418.5
400
20
359.3
17.5
16.7
321.3
15
300
11.9
240.3
200
10.4
170.4
188.7
10
100
5
0
0
2000 2001 2002 2003 2004 2005 2006
9.0
2000 2001 2002 2003 2004 2005 2006
2000 – 2002 according to German GAAP, from 2003 onwards IFRS
25
ProSiebenSat.1 Group: Revenues
ProSiebenSat.1 Group with above-average earnings rise in fiscal 2006. In EUR m
+5.8%
2200
2,104.6
1,989.6
2000
1,807.1
1,834.6
2003
2004
1800
1600
1400
1200
1000
800
600
400
200
0
2005
2006
26
ProSiebenSat.1 Group: Revenues and costs
Continued cost control. In EUR m
Revenues
Costs
+5.8%
+3.2%
2500
2000
2000
1,989.6
2,104.6
1,620.3
1,672.4
2005
2006
1500
1500
1000
1000
500
500
0
0
2005
2006
27
ProSiebenSat.1 Group: Total costs
Cost increase mainly results from consolidation of 9Live for the full year as well as
higher personnel expenses. In EUR m
+2.0%
1400
+6.5%
+9.4%
-0.1%
+10.8%
+14.9%
1,275.2 1,301.0
Total cost increase:
52.1 EUR m
(+3.2 percent)
1200
1000
2005
2006
947.2 946.0
800
600
400
210.1 223.7
200
212.6 235.5
135.0 147.7
34.8
40.0
0
Cost of sales
Selling expenses
Administrative
expenses
Consumption of
programming
assets*
* Included in cost of sales/ **Included in cost of sales, selling expenses and administrative expenses
Personnel
expenses**
Depreciation and
amortiziation**
28
ProSiebenSat.1 Group: EBITDA per quarter
Significant rise in EBITDA despite slight increase in total costs. Strong fourth quarter.
In EUR m
250
+10.0%
+22.3%
+19.3%
2005
2006
200.2
200
167.8
154.8
150
126.6
-2.0%
100
70.6
64.2
59.9
58.7
50
0
Q1
Q2
Q3
Q4
29
ProSiebenSat.1 Group: Pre-tax profit and pre-tax profit margin
Pre-tax profit rises due to higher revenues. Pre-tax margin grows on a high level.
Pre-tax profit
In EUR m
Pre-tax profit margin
In percent
+10.3%
400
+4.5%
20
386.7
17.6
350.7
350
18.4
16
300
12
250
200
8
150
100
4
50
0
0
2005
2006
2005
2006
30
ProSiebenSat.1 Group: Consolidated profit / Earnings per share
Consolidated profit and earnings per share are up as a result of strong increase in revenues.
Consolidated profit
In EUR m
Earnings per share*
In EUR
+9.0%
250
240.7
+8.8%
1.2
1.11
1.02
220.9
1.0
200
0.8
150
0.6
100
0.4
50
0.2
0
0.0
2005
* Preference share
2006
2005
2006
31
ProSiebenSat.1 Group: Net financial debt
Significant decrease of net debt due to positive development cash-flows. In EUR m
Debt instruments as per December 31, 2006
Net financial debt
300
-46.4%
500
500
RCF**
400
200
227.2
300
200
150
100
Notes
121.8
37
Mortages
100
0
May 2009
August 2011
2021
Current long-term credit ratings:
0
12/31/2005
12/31/2006
Net debt / LTM*-EBITDA
0.5x
0.3x
* LTM: Last twelve months ** Revolving Credit Facility
Fitch:
BBB (Outlook negative)
Moody‘s:
Ba1 (Review for possible
downgrade)
32
ProSiebenSat.1 Group: Fiscal 2006 – key figures
2006
EUR m
2005
EUR m
EUR m
Changes
Percent
2,104.6
1,989.6
115.0
5.8
EBITDA
484.3
418.5
65.8
15.7
EBIT
444.3
382.7
61.6
16.1
Financial loss
-57.5
-33.0
-24.5
-74.2
Pre-tax profit
386.7
350.7
36.0
10.3
Consolidated net profit
240.7
220.9
19.8
9.0
1.11
1.02
0.09
8.8
Programming investments
955.0
907.3
47.7
5.3
Free Cash-Flow
292.4
70.1
222.3
317.1
Balance sheet total
1,932.1
2,016.6
-84.5
-4.2
Shareholders' equity
1,240.5
1,187.7
52.8
4.4
Equity ratio
64.2%
58.9%
-/-
9.0
EBITDA margin
23.0%
21.0%
-/-
9.5
121.8
227.2
-105.4
-46.4
0.3x
0.5x
-/-
-53.7
2,976
2,788
188
6.7
Revenues
Earnings per preference share (IFRS) (in EUR)
Net financial debt
Net debt / LTM*-EBITDA
Employees (averaging full-time equivalent jobs)
* LTM: Last twelve months
33
Free TV segment: Fiscal 2006 – key figures by station
Sat.1, kabel eins and N24 enhance profitability. ProSieben is affected by a timelag factor because of
the station’s weak ratings in 2005, but positive development in Q4 2006.
Key figures
In EUR m
Revenues
EBITDA
Pre-tax profit
EBITDA margin
2006
2005
Percent
2006
2005
Percent
2006
2005
Percent
2006
2005
Percent
Sat.1
855.5
830.9
3.0
205.4
161.3
27.3
24.0
19.4
23.7
204.6
161.0
27.1
ProSieben
736.8
751.7
-2.0
147.6
165.6
-10.9
20.0
22.0
-9.1
147.9
167.1
-11.5
kabel eins
255.2
223.3
14.3
69.7
46.6
49.6
27.3
20.9
30.6
69.7
47.0
48.3
89.4
83.0
7.7
13.3
10.0
33.0
14.9
12.0
24.2
13.1
9.4
39.4
N24
34
ProSiebenSat.1 Group: Fiscal 2006 – key figures by segment
All segments increase revenues and profits.
Key figures
In EUR m
Total revenues
2006
Free TV
External revenues
2005 Percent
2006
Operating profit
EBITDA
2005 Percent
2006
2005
Percent
2006
2005
Percent
1,932.2
1,860.0
3.9
1,866.5
1,811.1
3.1
429.1
379.0
13.2
401.3
353.6
13.5
95.8
54.9
74.5
94.1
54.0
74.3
26.5
14.0
89.3
17.9
8.0
123.8
165.7
135.0
22.7
144.0
124.5
15.7
29.1
25.1
15.9
25.2
21.5
17.2
Transaction TV
Other Diversification
35
Diversification: Development of revenues
Diversification unit contribution rises to 11.3 percent to Group revenues. In EUR bn
2.4
6.1%
9.0%
11.3%
Diversification
2.0
Core business Free TV
1.6
1.2
0.8
0.4
93.9%
91.0%
88.7%
2004
2005
2006
0.0
36
Diversification: Development of revenues
Diversification unit grows significantly. In EUR m
External revenues of Diversification
250
200
+33.4%
238.1
Contribution of 9Live
January through May 2006:
40.1 EUR m
178.5
150
100
50
0
2005
Consolidation of 9Live since June 1, 2005
2006
37
Agenda
Highlights 2006
Outlook
38
Economic climate
Experts expect continued upward economic trend. In percent
Real GDP
Private Consumption
3.5
3.5
3.0
3.0
3.2
2.5
2.7
2.5
1.8-2.5
1.4-2.1
2.0
2.0
2.4
1.3-2.0
1.9
1.5
1.5
1.2
1.0
1.0
1.2
0.9
0.0-0.9
0.6
0.5
0.1
0.5
0.0
0.0
0.0
-0.1
-0.5
-0.2
-0.5
2000
2001
2002
2003
-1.0
2004
2005
2006
2007e 2008e
0.1
2000
2001
-0.8
2002
2003
2004
2005 2006* 2007e 2008e
Source: Federal Statistical Office, *Private Consumption: Figures 2006 preliminary / 2007/2008: Projection Economic institutes / German Council of Economic Experts
39
Free TV segment: Net TV Advertising
ProSiebenSat.1 Group expects the net TV advertising market to grow by 2 to 3 percent in 2007.
In percent
15
9.1
10
6.8
5
1.3
~3
~2 - 3
2006e*
2007e*
1.8
0
1999
2000
2001
2002
-5
2003
2004
2005**
-3.7
-5.1
-10
-11.5
-15
Source: ZAW, *ProSiebenSat.1 estimates
**ZAW - data for 2005 are not comparable due to the change of the assessment basis from the previous year. ProSiebenSat.1 Media AG therefore calculates with
adjusted data and assumes an actual growth rate of 0.5% .
40
Outlook 2007: Programming highlights of Group’s stations
The family of stations shows a whole range of new programs in the upcoming months.
Program highlights of all stations in the first half 2007.
First-rate family entertainment
German series like “R.I.S. – Die Sprache der Toten“, “GSG 9“ and “Allein unter Bauern“
New successful licensed U.S. series like “NCIS“, “Criminal Minds“ and “Ugly Betty“
Comedies like “Hilfe Hochzeit! Die schlimmste Woche meines Lebens“ and “Schillerstraße“
Event-Productions like “Der geheimnisvolle Schatz von Troja“, “Zodiak“ and “The Company“
Shows like “Nur die Liebe zählt“, “Die Comedy-Falle“ and “MegaClever““
Television, abounding with stars
Hollywood blockbusters like “Ocean‘s Twelve“, “Spider-Man 2“ and “Starsky & Hutch“
News seasons of successful contest-shows like “Germany‘s next Topmodel“ and “POPSTARS“
Unbeatable events with entertainer Stefan Raab and shows like “Besserwisser“ and “Maskerade“
State-of-the-art comedy on Mondays with “Stromberg“, “Die ProSieben Märchenstunde“ and “Switch“
New first-rate U.S. series with “Cold Case“ or “Weeds“
First-class. Exciting. Entertaining.
German TV premieres of high-rating TV series like „Life on Mars“
New seasons of attractive licensed series like “Medium“, “Ghost Whisperer“ and “The King of Queens“
New comedy shows like “Der Comedy-Flüsterer“ and “Mein schlimmster Tag“
New sequels of popular documentary “Mein neues Leben“, with an extended version on Sundays “Mein
neues Leben XXL"
Top-Movies like “As Good as it Gets“, “American Beauty“ und “The Tailor of Panama“
N24: News, straight to the point
Extension of live news coverage with programs like “Mittagsreport“
New societal and political talk shows like “Talk ohne Show“, hosted by Bärbel Schäfer
Strengthening of economic news coverage with new programs like “Börse am Mittag“ and “Börse am Abend“
New series like Dieter Kronzucker‘s “Menschen und Mythen“
Exciting documentaries during prime time
41
Allein unter Bauern (Sat.1)
Start: February 28
42
GSG 9 (Sat.1)
Start: March 7
43
Der Schatz von Troja (Sat.1)
March 19/20
44
R.I.S. – Die Sprache der Toten (Sat.1)
Start: March 25
45
Lisa comes back to „Verliebt in Berlin“ (Sat.1)
April
46
Hilfe Hochzeit! Die schlimmste
Woche meines Lebens (Sat.1)
Start: April 13
47
Ugly Betty (Sat.1)
Start: Spring
48
Germany´s next Topmodel (ProSieben)
Start: March 1
Switch (ProSieben)
Start: March 5
50
Stromberg (ProSieben)
Start: March 5
51
Die ProSieben Märchenstunde
Start: March 26
52
McFight Night (ProSieben)
March 30
53
Weeds (ProSieben)
Start: April 4
54
Ghost Whisperer (kabel eins)
Start: Spring
55
Mein neues Leben XXL (kabel eins)
Start: March 18
56
Outlook for media development: TV remains most important medium
Television is the only classic medium to gain further importance in the next ten years.
Among new media, mobile phones and Internet become increasingly important.
Gain / loss in importance of media
Data in percent
Internet
11
11
18 4 14
16
43
27
22 3
51
49
100
75
50
19
36
30
15
32
21
23
Television
96
66
21
Computer/Video
games
Video / DVD
11 2 9
79
17
Mobile phone
87
66
47
44
Teletext
12 6 18
Radio
11 6 17
small gain
34 6
28
Newspapers
9 4 13
strong gain
35 5
30
Magazines
9 3 12
small loss
36
Books
8 3 11
strong loss
34
Cinema
15
15
25
0
639
0
25
50
75
100
Source: TimeBudget 14 / SevenOne Media / forsa
57
Outlook 2007: Further expansion on the Internet
Through strategic investments and the expansion of ProSiebenSat.1 Networld the group expands its
internet presence: New revenue streams and content platforms.
Acquisition of 75 percent in February 2007
Germany´s second largest price comparison portal
Dynamic growth: More than 3m unique users
Innovative marketing prospects
ProSiebenSat.1 Networld is growing steadily: Germany´s
second largest online portal
January 2007: 2.1bn page impressions
Further expansion of ProSiebenSat.1 Networld planned
Nielsen//NetRatings, December 2006 / billiger.de / IVW, January 2007
58
ProSiebenSat.1 Group: Strategic Goals
Leading commercial TV group in Germany
1
2
3
Strengthening Free
TV core business
Expansion of
Diversification
Positioning
in the digital world
Further Growth
Further increase in revenues will be driven by growth in both units.
Further increase of Group results due to growing revenues and continued cost control.
Diversification unit to generate up to 15 percent of total revenues in 2007.
59
Shareholder structure as at December 31, 2006
P7S1 Holding is the principal shareholder of ProSiebenSat.1 Media AG.
German Media Partners L.P.
SABAN
Companies
Axel Springer
AG
Providence
Equity Partners
Bain Capital Quadrangle
Investors
Group
Split of capital stock
In percent
Alpine Equity Putnam
Investments
Partners
Hellman &
Friedman
Thomas H.
Lee Partners
37.5
Axel Springer AG
50.5
100%
48.2%
Sat.1
Beteiligungs
GmbH
51.8%
24.9% Capital stock
24.9% Common stock
24.9% Preferred stock
P7S1 Holding
L.P.
37.6% Capital stock
75.1% Common stock
12.0
Public free float
Public free float
German Media
Partners L.P.
Split of common stock
In percent
12.0
37.5% Capital stock
0.0% Common stock
Axel Springer AG
P7S1 Holding L.P.
88.0
60
New shareholder structure after completion of closing of transaction
KKR/Permira will become the new principal shareholder of ProSiebenSat.1 Media AG.
Split of capital stock
In percent
Axel Springer
AG
KKR/Permira
37.5
50.5
Sat.1
Beteiligungs
GmbH
51.8%
24.9% Capital stock
24.9% Common stock
Lavena
Holding 4
GmbH
37.6% Capital stock
75.1% Common stock
Axel Springer AG
Lavena Holding 4
100%
48.2%
Public free float
12.0
Public free float
Split of common stock
In percent
12.0
37.5% Capital stock
0.0% Common stock
Axel Springer AG
Lavena Holding 4
88.0
Note: Percentages for capital stock and preferred stock are before any tender offer take-up
61
Preliminary transaction timeline
The acceptance period of the tender offer is from January 30 to March 19, 2007 (plus 2 weeks additional
acceptance period). Closing of SPA expected before end of Q1 2007.
Dec 06
Signing of Share Purchase Agreement
Submission of Offer Documents to BaFin
BaFin-Review of Offer Document
Tender Offer Period (seven weeks plus two
weeks additional acceptance period)
Reasoned Opinion by Board of ProSiebenSat.1
Media AG
Anti-Trust and Media Authority review and
approval
Closing and Settlement of SPA/Tender
Jan 07
Feb 07
Mar 07
Apr 07
May 07
D
D
D
D
D
D
D
62
ProSiebenSat.1 Group and SBS Broadcasting Group
ProSiebenSat.1 Group
SBS Broadcasting Group
63
SBS Broadcasting Group in Europe
Skandinavia
Benelux
The Netherlands
Free TV
Denmark
Sweden
Net 5
Eastern Europe
Hungary
Kanal 4
Kanal 5 Skandinavien
TV 2
Irisz
SBS 6
One
Kanal 5
Veronica
The Voice
The Voice
Norway
Belgium
Finland
VT4
TV Norge
Vijf TV
The Voice
Rumania
Prima TV
The Voice
Kiss TV
Bulgaria
The Voice
Norway
Pay TV
Sweden
C More
Denmark
C More
Finland
C More
C More
64
SBS Broadcasting Group in Europe
Skandinavia
Benelux
The Netherlands
Radio
CAZ!
Denmark
Finland
Eastern Europe
Southern Europe
Bulgaria
Greece
The Voice
Uusi Kiss
Ritmo
Radio 2
Iskelmä
Atlantic
Radio City
Vitosha
Local stations
Veselina
Sweden
Mix Megapol
The Voice
Radio Express
Norway
Rockklassiker
Radio 1
Vinyl 107
The Voice
Studio 107,5
Lampsi FM
Other Services
BTI
Rumania
Magic FM
Vijf TV
Kiss FM
Print
The Netherlands
Veronica
TV Satellite
65
The ProSiebenSat.1 Media AG is the leading electronic
media group in Germany.
We provide people with first-class entertainment and
comprehensive information – whenever they need it,
wherever they are.