9m 2019 results presentation · contact. statements contained in this document. particularly the...

9M 2019 Results Presentation(January -September)

Madrid, October 30th 2019

1

28.8%26.5%

15.4%

8.1% 8.0%

13.2%

HIGHLIGHTS: 9M 2019 RESULTS

9M 19 Audiovisual & TV Advertising Market Share

Mediaset España32.0%

Results Presentation – 9M 19 2

Others68.0%

Atresmedia41.2%

Mediaset España43.3%

Others15.5%

Million €

* Audience Total Individuals Total day

9M 19 9M 18 %

Total Net Revenues 660.7 696.4 (5.1%)

Total operating costs 456.8 502.8 (9.1%)

EBITDA Adj. 203.9 193.7 5.3%

EBITDA margin 30.9% 27.8% 306 bp

EBIT 190.2 181.7 4.7%

EBIT margin 28.8% 26.1% 269 bp

NET PROFIT 157.0 146.9 6.8%

EPS (treasury stock excluded) 0.50 0.45 11.7%

Free Cash Flow 168.1 181.8 (7.5%)

Net cash position(end of the period) 134.3 129.2 3.9%

Pay TV Other

Infoadex’s figures

+400 bp

Audience Evolution 9M 2019


Group: Mediaset España & Atresmedia Main Channels: Telecinco & Antena3

14.3 14.6 14.4 14.1

15.4 15.5

14.7

12.7

15.0

13.8

13.1

12.2

11.7 11.5 11.611.0 11.2 11.3

Jan -19 Febr-19 Mar-19 Apr-19 May-19 June-19 July-19 Aug-19 sep-19

TEL5 ANT3

+370 bp

12.0%

14.5%

27.5

28.0 28.2

28.0

29.7

30.6

29.7

27.7

29.6

28.4

27.726.9 26.7

26.125.7 25.3

25.9 25.6

Jan -19 Febr-19 Mar-19 Apr-19 May-19 June-19 July-19 Aug-19 sep-19

MEDIASET ESPAÑA GRUPO ATRESMEDIA

28.8%

26.5%

FINANCIAL REVIEW 9M 2019

TV Advertising Revenues

Source: Infoadex

658.5

612.0

9M 18 9M 19

9M 19

Audience 28.7%

Var% -0.4%

Seconds -1.8%

GRP’S 20 -6.5%

C/GRP 20 -0.3%

-7.1%

C/GRP’s 20 9M 19

9M 19 9M 19Exc. World Cup

-0.3%%

+2.8%

ExcludingWorld Cup


Improving diversification of revenue sources

9M 19 vs 9M 18

Content Sales9M19 vs 9M18

+96%

What is next?

Digital Revenues9M19 vs 9M 18

+38%


Mediaset’s webs

Publ

icid

adSuccessful digital initiatives

Competitive price policy 2.5 euros basic monthly fee 35 euros total football monthly subscription

* Launch July 2019. Functionalities to be completed by 2020.

Contents Premium and Sports Football rights (La Liga, Champions League &

Europa Legaue) Mitele without interruptions


Launching pay OTT platform Summer 2019 Start of subscription period, 9th August 2019 Monthly & Annual subscription option

Performance Positive customer experience Number of subscribers in line with best base case More than 90k subscribers

Contents Digital news site Launched September 2019

Contents News site for senior audience Launched July 2019

Successful digital initiatives


10,56011,519 11,686

15,860

8,000

10,000

12,000

14,000

16,000

2016 2017 2018 2019

Unique Users

+50.2%

17.6 million unique users as at September 2019 (highest ever)

3,253.1

1,664.3

1,137.2*

2,187.5

489.9 410.2*

0

1,000

2,000

3,000

2017 2018 2019

Video consumption

Source: Comscore

Jan-Sep.(*) Mar.-Sep.Jan-Sep.

+186.0%

Ranked 4th as at September behind Google, Facebook & VEVO

2019 2017

339.4288.0

86.7

80.4

76.6

88.4

(50.0)

25.0

100.0

175.0

250.0

325.0

400.0

475.0

550.0

9M 18 9M 19Other operating costs Rights Amortisation Personnel

27.8%

30.9%

25.0%

27.0%

29.0%

31.0%

33.0%

35.0%

145.0

220.0

9M 18 9M 19

EBITDA EBITDA MARGIN

+15.4%

(*) Other D&A included

€ 502.8€ 456.8-9.1%

FINANCIAL REVIEW H1 2019

Million €

-7.3%

-15.1%

+5.3%

OpEx Breakdown: 9M 19 vs 9M 18 Adjusted EBITDA: 9M 19 vs 9M 18

EBITDA Million €

27.8%

30.9%

€ 193.7

€ 203.9

+306 bp


OUTLOOK 2019

1

Opex guidance in 2019 at EUR690m (OTT football rights included)

2

3

Best-in-class profitability among european broadcasters and the highest profitability among Spanish players

Leading in audience share and advertising market share

4 Increasing contribution from sales and distribution content and digital revenues both with positive margins


5 MFE Deal: Update

Appendix

Madrid, October 30th 2019

10

Profit & Loss Accounts - I

EUR mil. 9M 19 9M 18 Var (%)

Gross Advertising Revenues 644.0 687.1 (6.3%)

Mediaset España´s Media 633.5 672.5 (5.8%)

Third Party Media 10.6 14.6 (27.5%)

Commission (27.5) (29.9) (7.7%)

Net advertising revenues 616.5 657.2 (6.2%)

Other revenues 44.2 39.2 12.9%

Total Net Revenues 660.7 696.4 (5.1%)

Rights Amortisation (80.4) (86.7) (7.3%)

Personnel (88.4) (76.6) 15.4%

Other operating costs (288.0) (339.4) (15.2%)

Total Costs (456.8) (502.8) (9.1%)

EBITDA 203.9 193.7 5.3%

EBITDA Margin 30.9% 27.8% +306 pb


Profit & Loss Accounts - II

EUR mil. 9M 19 9M 18 Var (%)

EBITDA 203.9 193.7 5.3%

EBITDA Margin 30.9% 27.8% +306 pb

Other amortisations. provisions (7.7) (6.0) 29.6%

Amortisation PPA (6.0) (6.0) 0.0%

EBIT 190.2 181.7 4.7%

EBIT Margin 28.8% 26.1% +269pb

Equity Cons. Results and Depr. Fin. Assets 5.3 10.8 (50.8%)

Financial results (0.1) (0.2) (66.1%)

Pre-tax Profit 195.5 192.3 1.6%

Income taxes (37.3) (45.4) (18.0%)

Minority interests (1.2) 0.0 -

Net Profit 157.0 146.9 6.8%


Advertising Revenues by TV Sector – 9M 19

Other-9.8%

Food-11.5%

Health & Beauty-6.8%

Automotive-12.7%

Retail7.2%

Telcos18.5%

Finance-5.0%


CAPEX Allocation

mill. EUR 9M 19 9M 18 Var (%)Third party 80.8 89.6 (9.9%)

Fiction 42.5 28.1 51.2%

Co-Production/Distribution 21.0 8.2 155.1%

Tangible and Intangible Fixed Assets 7.3 5.4 34.9%

Total Capex 151.5 131.3 15.4%

53%28%

14%

5%

Third party

Fiction

Co-Production/Distribution

Tangible and Intangible FixedAssets


Increasing weight of In-house contents

TeleCinco

Cuatro

FDF

Divinity

Boing

Energy

BeMad

51.3%

97.6%

73.8%

82.0%

12.7%

2.1%

4.2%

82.0%

48.7%

2.4%

26.2%

18.0%

87.3%

97.9%

95.8%

18.0%

In - house Third Party


Balance Sheet - I

EUR mil. 9M 19 FY 18

Tangible assets 546.9 557.3

Financial 310.9 312.6

Non Financial 236.0 244.8

Audiovisual rights and Pre-payments 197.7 138.3

Third parties 115.3 82.8

Fiction 54.5 40.0

Co-production / Distribution 27.8 15.5

Pre-paid taxes 71.6 79.6

TOTAL NON-CURRENT ASSETS 816.2 775.2

Current assets 208.8 253.1

Financial investments and cash 141.4 167.9

TOTAL CURRENT ASSETS 350.2 421.0

TOTAL ASSETS 1,166.4 1,196.2


Balance Sheet - II

EUR mil. 9M 19 FY 18

Shareholders’ equity 858.0 904.8

Non-current provisions 7.2 8.9

Non-current payables 35.4 28.3

Non-current financial liabilities 6.3 0.0

TOTAL NON-CURRENT LIABILITIES 48.9 37.3

Current payables 258.7 254.1

Current financial liabilities 0.9 0.0

TOTAL CURRENT LIABILITIES 259.5 254.1

TOTAL LIABILITIES 1,166.4 1,196.2


Cash Flow

EUR mill. 9M 19 9M 18 Var. € million

Initial cash position (*) 165.5 135.3 30.2

Operating free cash flow 168.1 181.8 (13.7)

Operating cash flow 269.6 261.7 7.9

Net Investments (rights & other) (151.5) (131.3) (20.2)

Change in working capital 50.0 51.4 (1.4)

Change in Equity 0.2 (1.6) 1.8

Financial investments/disinvestments (6.7) 8.8 (15.6)

Dividends received 1.7 2.4 (0.7)

Dividend payments (100.0) (197.5) 97.5

Own stock purchase (94.6) 0.0 (94.6)

Net Cash Change (31.2) (6.1) (25.1)

Final net cash position 134.3 129.2 5.1

Free cash flow/EBIT 88.4% 100%(*) Adjusted by IFRS 16 at the beginning of the period


Next events

CORPORATE EVENTS MARKETING EVENTS

1 FY 2019 results: February 2020 (Tentative)


Contact

Statements contained in this document. particularly the ones regarding any Mediaset España possible or assumed future performance. are ormay be forward looking statements and in this respect they involve some risks and uncertainties.

Mediaset España actual results and developments may differ materially from the ones expressed or implied by the above statementsdepending on a variety of factors.

Any reference to past performance of Mediaset España shall not be taken as an indication of future performance.

The content of this document is not. and shall not be considered as. an offer document or an offer or solicitation to subscribe for. buy or sellany stock.

The shares of Mediaset España may not be offered or sold in the United States of America except pursuant to an effective registrationstatement under the U.S. Securities Act of 1933. as amended. or pursuant to a valid exemption from registration


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