MEDIASET: Mediaset Board Meeting 13 May 2008

APPROVAL FOR THE RESULTS OF THE FIRST QUARTER OF 2008
Consolidated Results
Net revenues: €1,098.9 million
Operating profit: €255.8 million
Net profit: €121.0 million
Italy
Publitalia sales grow: +3,0%
Ratings: Mediaset channels and Canale 5
leader in the 15-64 year-old audience
Mediaset Premium: revenues double
Spain
Operating profitability: 47.4%
Ratings: Telecinco Spain’s leading channel
The Board of Directors of Mediaset, which met today under the Chairmanship of Fedele
Confalonieri, has approved the company’s report on the first quarter of 2008.
MEDIASET GROUP: CONSOLIDATED RESULTS
Performance in the first three months of 2008 can be summarised as follows:
• the Mediaset Group’s consolidated net revenues grew by 13.9% to reach €1,098.9
million, compared with €964.9 million in the first quarter of 2007.
• the Group’s EBIT, which came to €255.8 million was in line with that of the same
period of the previous year (€255.7 million).
• operating profitability was 23.3%, compared with 26.5% in Q1 2007.
• profit before taxation and that attributable to third-party shareholders, amounted to
€231.0 million, compared with €247.6 million in the first quarter of 2007. This result
was affected by higher financial charges resulting from the acquisitions made in the
second half of 2007 (Endemol and Medusa).
• net profit attributable to the Group came to €121.0 million, compared with €124.5
million in the first quarter of the previous year and reflects an improvement in the tax
rate following the reduction in ordinary rates of taxation from 2008 in both Italy and
Spain.
However, the result is also impacted by the amortizations made during the price
allocation for the acquisition of Endemol. Net of this effect, the net profit for the Group
was €126.4 million.
• the Group’s net financial position went from –€1,208.8 million on 31 December 2007
to -€967.3 million on 31 March 2008.
• In the first three months of the year net cash generation amounted to €279.9 million,
an increase on the €211.0 million of the same period of the previous year.
It should be noted that, since last July, the companies acquired during 2007 have been
consolidated. The companies of the Medusa Group have been fully consolidated, while the
33.3% stake in Endemol, held through Mediacinco, has been consolidated on a net equity
basis.
A BREAKDOWN OF RESULTS BY GEOGRAPHIC AREA
Italy
• In the first quarter of 2008 consolidated net revenues amounted to €850,5 million,
an increase of 19.1% on the €714.2 million of the same period of the previous year.
The increase is due to the positive contribution of Publitalia, increased revenues from
Mediaset Premium’s pay per view activities, the network operator business and the
consolidation of the revenues of the Medusa Group.
Gross television advertising revenues came to €742.1 million, an increase of
3.0% on the first quarter of 2007. This result was achieved thanks to a particularly
sustained increase in advertising sales in the first two months of the year. In March
advertising revenues were in line with those of March 2007, despite the Easter
holidays that usually result in a slowdown in advertising investments (in 2007 Easter
was in April).
Mediaset Premium revenues amounted to €108.8 million, more than double the
figure of the first quarter of 2007 (€45.3 million).
Income from Mediaset Premium deriving from the sale of encrypted football rights to
other platforms amounted to €62.2 million (€10.5 million in the same period of last
year).
• EBIT came to €137.9 million, in line with the €137.7 million in Q1 2007.
• total television costs during the period remained in line with those of the same period
of the previous year, confirming the objective for 2008 for an extremely contained rise
in costs.
• pre-tax profit came to €120.8 million, compared with €125.0 million in the first three
months of 2007.
• net profit amounted to €80.5 million, compared with €81.2 million in Q1 2007.
TV ratings: in the first three months of the year Mediaset channels confirmed their
national leadership in all the time bands among viewers in the 15 to 64 year-old age
range (the commercial target). Indeed, during the period, Mediaset recorded a 43.3%
share in prime time and 43.1% in the 24 hours.
Canale 5 is Italy’s most popular channel in the commercial target with 24.1% in prime
time and 23.4% in the 24 hours
Spain
• In the first three months of 2008 consolidated net revenues generated by the
Telecinco Group came to €249.0 million, essentially in line with the €251.1 million of
the same period of the previous year. A positive result, despite Easter falling in the first
quarter, a general election and an advertising market that after years of uninterrupted
growth has shown some signs of a slowdown.
• In any case, a sharp focus on costs allowed for an EBIT figure of €117.9 million, in line
with the €118.0 million of Q1 2007.
• Operating profitability remained among the highest among European broadcasters,
reaching 47.4% (47.0% in Q1 2007).
• Pre-tax profit went from €122.6 million in the first quarter of 2007 to €110.2 million in
the first quarter of 2008.
• Net profit amounted to €81.5 million, compared with €86.1 million in Q1 2007.
TV ratings: Telecinco consolidated its position as Spain’s absolute leader with a prime
time share of 20.6% and 19.1% in the 24 hours.
FORECAST FOR THE YEAR
For the current year, the expectation is for an improvement in consolidated net profit
compared with that of 2007. The scale of the improvement will mainly be determined by
the trend in advertising revenues in both of the principle markets.
Italy
• After the first four months of 2008, gross advertising sales for Mediaset’s channels
confirmed the positive trend observed in the first months of the year, recording an
increase of around 3% on the same period of the previous year, in line with the result at
the end of the first quarter.
• After the first four months of 2008, Mediaset channels confirmed their leadership in Italy
in the commercial target (15-16 year-olds) with an average share of 43.5% in Prime
Time and 43.3% in the 24 hours. Canale 5 was the leading national channel in prime
time con with a 24.3% share, while Italia 1 confirmed its third place with 11.7%.
• The excellent performance of Mediaset Premium continued: at the end of April 2008
active customers had grown to 2,565,000, compared with 1,940,000 at 30 April 2007.
Spain
• In the first four months of 2008 Telecinco confirmed its position as the most popular
channel in both the 24 hours and prime time. In particular, in prime time Telecinco, with
a 20.7% share, is the only one of the historic networks to have increased its ratings,
outperforming Antena 3 by 4 points and TVE1 by 4.9 points. During the same period
Telecinco consolidated its undisputed leadership in the commercial target in all the time
bands with 22.8% in prime time and 20.8% in the 24 hours.
The executive responsible for the preparation of the Mediaset S.p.A. accounts, Andrea Goretti,
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, 13 May 2008

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