Mediaset: approval for the results of the First Half of 2013
Mediaset Board Meeting 1 August 2013
APPROVAL FOR FIRST HALF RESULTS 2013
Net revenues: EUR1,737.0 million
Net profit: EUR30.1 million
Net revenues: EUR1,310.4 million
Total costs: down by EUR1,224.0 million
Operating profit (EBIT): EUR86.4 million
Net profit: EUR17.6 million
Ratings rise: Canale 5 Italy's most popular channel
in primetime and over the 24-hours in the commercial target
Mediaset channels confirm their leadership across the whole day among the 15-64-year-old audience
Premium Pay TV revenues: up to EUR280.2 million
Net revenues: EUR427.0 million
Operating profit (EBIT): EUR47.2 million
Net profit: EUR30.1 million
Ratings: Mediaset Espaņa channels leaders
in prime time and the 24-hours
Telecinco Spain's leading channel
The Board of Directors of Mediaset, which met today under the Chairmanship of Fedele Confalonieri, has approved the report for the first half of 2013.
Despite the on-going economic crisis, which is particularly marked in the media world, the Mediaset Group confirms the slightly positive signals recorded in the firs quarter of 2013 in terms of profits generated, operating profitability and a further fall in the level of debt.
Results that have been achieved in a 2013 advertising market that has so far recorded a downturn even greater than the already dramatic slump of 2012, with an evident impact on the Group's half-yearly revenues.
MEDIASET GROUP: CONSOLIDATED RESULTS
The following is a summary of the highlights of the results for the first six months of 2013:
- The consolidated net revenues of the Mediaset Group came to EUR1,737.0 million, compared with EUR1,999.3 million in the first half of 2012.
- The Group's EBIT came to EUR133.6 million, compared with EUR145.6 million in the same period of the previous year.
- Operating profitability grew to 7.7%, compared with 7.3% in the first half of 2012.
- Net profit attributable to the Group amounted to EUR30.1 million, compared with EUR42.8 million in the first half of the previous year.
- The Group's consolidated net financial position showed an improvement in the period from -EUR1,712.8 million on 31 December 2012 to -EUR1,536.4 million on 30 June 2013.
A BREAKDOWN OF RESULTS BY GEOGRAPHIC AREA
- In the first half of 2013 consolidated net revenues amounted to EUR1,310.4 million, compared with EUR1,525.8 million in the same period of the previous year.
- Advertising revenues continued to be affected by the general downturn in advertising spending. In this context total advertising sales by Publitalia '80 and Digitalia '08 came to EUR1,061.7 million, compared with EUR1,286.3 million in the first half of 2012.
- Mediaset Premium Revenues: sales from Premium's characteristic business - card sales, re-charges, Easy Pay subscriptions - rose to EUR280.2 million, compared with the EUR260.1 million of the same period of 2012 (+7.7%).
- Total operating costs fell by EUR1,224.0 million compared with EUR1,412.2 million in the first six months of 2012 (-13.3%), In line with previously announced efficiency objectives.
- EBIT came to EUR86.4 million, compared with EUR113.6 million in the first half of 2012.
- Net profit came to EUR17.6 million, compared with EUR27.1 million in the first half of 2012.
Ratings: In an increasingly crowded and competitive market, with a 35.2% share, the Mediaset channels confirmed their national leadership in 24-hours among viewers in the 15 to 64 year-old age range (the commercial target). Canale 5 remained Italy's most popular channel in the commercial target, both in prime time (17.5%) and the 24-hours (16.5%).
- In the first six months of 2013 consolidated net revenues generated by the Gruppo Mediaset Espaņa amounted to EUR427.0 million, compared with EUR474.0 million in the same period of the previous year.
- Gross television advertising revenues came to EUR418.2 million, compared with EUR478.5 million in the first half of 2012.
- EBIT for the period rose to EUR47.2 million, compared with EUR32.0 million for the first six months of 2012.
- Net profit amounted to EUR30.1 million, compared with EUR37.6 million in the first half of 2012.
- Ratings: in the first six months of 2013, the channels of the Gruppo Mediaset Espaņa achieved leadership in both prime time (27.2%) and across the 24-hours (28.8%). Telecinco confirmed its position as the country's most popular commercial channel across the entire day (13.5%) and in prime time (13.5%).
FORECAST FOR THE YEAR
The trend in advertising sales in July, both in Italy and Spain, showed a slight improvement compared with the negative trend during the first half.
In Italy, Mediaset's advertising sales in July, for the first time in almost two years, showed an improvement on the same period of 2012, reaching around +4%. On current visibility, also August is expected to show an increase on the same month of last year.
These first important signals of improved dynamism reinforce the expectations for a stabilisation in the market in the second half of the year. However, the poor visibility and the still widespread economic uncertainty make it impossible to make reliable predictions on the trend in advertising revenues for the full year.
In Italy, the Group remains focused on the implementation of the three-year (2012-2014) cost reduction plan. In this regard, the results achieved last year and in the first six months of 2013 confirm the expectation of achieving the announced structural reduction target ahead of schedule, ensuring that in the current year there will be a further significant improvement in the level of cash generation.
The Board of Directors of Mediaset has authorised the issue of an unrated bonded loan, the company's second on the Eurobond market, aimed solely at qualified investors. The bond will be for a maximum nominal amount of EUR500 million, and may be executed in one or more tranches up to 31/12/2014 depending on market conditions.
The final terms of the issue will be determined at the time of pricing based on market conditions and once decided will be communicated to the market.
The operation will diversify the Group's funding sources and optimise the profile of the relative long-term maturities.
The present press release does not represent an offer to purchase bonds in the United States of America. The shares are and shall not be registered in the United States pursuant to United States Securities Act of 1933, as subsequently modified (the ?Securities Act?) as well as pursuant to any other financial rule in any State of the USA or in Australia, Canada, Japan or in any other Country in which this offer or solicitation is subject to authorization of local authorities or is forbidden by the law.
The shares cannot be offered or sold in the USA to, on behalf of or in favor of a U.S. person (?U.S. person?, whose meaning is the one stated in the Regulation S of Security Act), unless they are registered pursuant to Securities Act or if exemptions can be applied pursuant to Securities Act.
The present press release does not represent an offer to the public of financial products in Italy, pursuant to art. 1, par. 1, lett. t), of Leg. Decree 24 February 1998 n. 58.
The present press release does not represent an offer for sale or a solicitation to invest in financial products. No actions are or shall be undertaken to allow a public offer of the bonds in any jurisdiction, including Italy.
The present press release (and the information contained herein) cannot be published or distributed, directly or indirectly, in USA, Australia, Canada and Japan.
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 Single Finance Bill, that the accounting information contained in this press release corresponds to that contained in the company's books.
Cologno Monzese, August 1, 2013
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