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Mediaset: results approved for the first nine months of 2011

Mediaset Board Meeting 8 November 2011

RESULTS APPROVED FOR THE FIRST NINE MONTHS OF 2011

Consolidated results
Net revenues: EUR 3.040.5 million
Net profit: EUR 166.6 million

Italy
Net revenues: EUR 2.309.4 million
Mediaset Premium Pay TV revenues: +16.5%
Net profit: EUR 121.2 million

Ratings: Canale 5 Italy's leading channel
in the commercial target in all the main time bands

Mediaset channels confirm leadership
in prime time an across the whole day among the 15-64 - year-old audience

Spain
Net revenues: EUR 731.6 million
Net profit: EUR 107.7 million
Ratings: the Mediaset Espaņa channels leaders
in prime time and the 24-hours


The Board of Directors of Mediaset, which met today under the Chairmanship of Fedele Confalonieri, has approved the interim report to 30 September 2011.

The Group's results in the first nine months of the year were affected by the difficult global economic situation. In this context, however, the Mediaset Group was able to consolidate its market share in advertising - and confirmed the best performance in terms of sales in the TV sector - and maintain its ratings leadership in the commercial targets of reference.


MEDIASET GROUP: CONSOLIDATED RESULTS

The following is a summary of the results for the first nine months of 2011:

  • The consolidated net revenues of the Mediaset Group came to EUR 3.040.5 million, essentially in line (-0.17%) compared with the EUR 3.045.8 million in the first nine months of 2010.
  • EBIT amounted to EUR 368.2 million, compared with the EUR 534.7 of the same period of the previous year.
  • Pre-tax profit and minority interest came to EUR 334.7 million, compared with EUR 348.4 million in the period to 30 September 2010.
  • Net profit attributable to the Group came to EUR 166.6 million, compared with the EUR 192.6 million of the same period of the previous year, a period that was impacted by the writedown of the company's stake in Endemol (-EUR 75.4 million).
  • The Group's net financial position went from - EUR 1.590.2 million on 31 December 2010 to - EUR 1.807.5 million on 30 September 2011.
  • The Group's net cash generation amounted to EUR 243.3 million, compared with the EUR 589.7 million of the same period of the previous year.


A BREAKDOWN OF RESULTS BY GEOGRAPHIC AREA

Italy

  • In the first nine months of 2011 consolidated net revenues came to EUR 2.309.4 million, compared with EUR 2.423.9 million for the same period of last year. The figure for 2011 was also affected by the end of revenues generated by the re-sale of content and capacity to telecoms operators for a total of 123.0 million.

- Advertising sales by Publitalia for Mediaset's FTA channels came to EUR 1.876.7 million, compared with EUR 1.932.7 million in the first nine months of 2010 (-2.9%), showing a slight improvement compared with the first half of the year. It should also be noted that the most recent Nielsen figures, for the period January-August 2011, show a fall in the television advertising market, without considering the contribution of Mediaset, which was equal to -6%.
Total advertising revenues by Publitalia 80 and Digitalia 08, which also includes digital pay channels and video content distributed on the Mediaset portal, saw a smaller slide of -1.8%.

- Mediaset Premium revenues: despite a slowdown in the pay TV market, revenues from characteristic activities (card sales. re-charges, Easy Pay subscriptions and advertising sales) saw a good increase, rising from EUR 385.5 million in the period to 30 September 2010 to EUR 449.2 million in the same period of 2011 (+16.5%).
The number of Easy pay subscribers was over 2 million.

  • EBIT for the period came to EUR 248.1 million, compared with the EUR 367.9 million in the period to 30 September 2010.
  • Net profit came to EUR 121.2 million, compared with the EUR 207.0 million of the first nine months of 2010.
  • Ratings: during the first nine months of the year the Mediaset channels confirmed their national overall leadership in prime time (39.4%) and in the 24-hours (38.9%) among viewers in the 15 to 64 age range (the commercial target). Canale 5 was Italy's most viewed channel in the commercial target, both in prime time (19.0%) and in the 24-hours (18.1%).


Spain

The results of Mediaset Espaņa for the first nine months of 2011 include the full consolidation of the FTA television activities of Cuatro, which was bought at the end of 2010.

  • In the first nine months of 2011 the consolidated net revenues generated by the Mediaset Espaņa Group reached EUR 731.6 million, compared with EUR 622.4 million in the same period of the previous year.
  • Television advertising revenues amounted to EUR 706.7 million, compared with EUR 572.9 million in the first nine months of 2010.
  • EBIT amounted to EUR 120.1 million, compared with EUR 166.9 million in the same period of last year.
  • Net profit for the period came to EUR 107.7 million, compared with the EUR 32.2 million of the first nine months of 2010. This result was affected, in the period to 30 September 2010, by charges related to the writedown of the company's stake in Endemol
  • Ratings: in the first nine months of 2011 the television channels of the Mediaset Espaņa Group achieved leadership in both prime time (24.7%) and the 24-hours (26.3%). Telecinco remained Spain's most popular commercial TV channel over the whole day (14.2%).


FORECAST FOR THE FULL YEAR

In recent weeks the volatility of financial markets has increased further, also as a result of the public debt crisis in the Eurozone. Italy and Spain, in particular, continue to be among the most exposed economic areas and there is therefore little prospect of a significant change in the trend in the advertising market compared with the first nine months of the year.

The trend in Mediaset's advertising sales will consequently continue to be affected by the negative economic situation, also in the last quarter, albeit remaining better than the market as a whole.

In the light of the consolidated results at the end of the first nine months and expectations for both television advertising sales and the performance of other business areas in the Group, the company expects to end 2011 with a consolidated net profit that is lower than that recorded in 2010.

 

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, November 8, 2011

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