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Thursday, May 08, 2008

MEDIASET: Today Telecinco our controlled company has disclosed the following press

Madrid, 8th May 2008

First quarter 2008 financial results
TELECINCO REPEATS THE RECORD RESULTS
OBTAINED IN THE FIRST QUARTER OF LAST YEAR,
DESPITE ELECTIONS AND EASTER WEEK

• Telecinco has established an ample lead in comparison to its
immediate competitor, outpacing it by 33% in terms of net income, by
128% in terms of EBITDA and by 197% in terms of net results, all
accompanied by a 5% reduction in total costs
• Telecinco’s net advertising revenues (€231.74 million) are practically
equal to those recorded in the same period of 2007 (€233.56 million),
despite the negative impact of the Spanish Elections and Easter Week
during the month of March, while total operating costs dropped by
1.6%.
• The efficiency of Telecinco’s business model regarding the ability to
control costs and sustain revenues in changing market conditions
have allowed the channel to increase both its EBIT (47.4%) and
EBITDA (48.3%) margins.
• Telecinco registered adjusted net profits of €87.84 million, a 2.1%
increase on the same period in 2007, excluding the accounting effect
caused by the amortization of intangible assets resulting from the
acquisition of Endemol.
• The channel is the audience leader in the year-to-date ratings with a
share of 19.1%, 2.4 percentage points ahead of TVE 1 (16.7%) and
2.6 percentage points ahead of Antena 3, which is in third position
with 16.5%.
• Year-to-date prime time ratings (20:30 – 00:00) reached a 20.7%
audience share, a 0.2% increase on the same period in 2007, putting a
4 point lead on Antena 3 (16.7%) and almost a 5 point lead on TVE 1
(15.8%).
Telecinco’s solid audience leadership and the ability of its business model to
adapt to different scenarios arising in the audiovisual sector have allowed it to
repeat Q107’s record results in the first quarter of 2008. Telecinco has established an ample lead in comparison to its immediate competitor,
outpacing it by 33% in terms of net income, by 128% in terms of EBITDA
and by 197% in terms of net results, all accompanied by a 5% reduction in
total costs.
Telecinco reached an adjusted net profit of €87.84 million, a 2.1% rise on the
previous year and which, with a net revenue margin of 35.3% (compared to
34.3% in 2007), re-states its position as one of the most profitable television
networks in Europe and Spain’s number one operator in terms of audience share,
advertising sales, operating margins and cash generation.
Telecinco, through Publiespaña, brings in €231.74 million in net advertising
revenues
Telecinco’s net advertising revenues were €231.74 million, practically equal to
those registered in the same period of 2007 (€233.56 million) – down by a slight
0.8%.

Despite the extraordinary negative effect of the Spanish General Elections and
Easter Week, which both fell in March, the Publiespaña Group has once again
shown their leadership position in terms of turnover with gross advertising
revenues of €242.16 million, in line with those obtained in the first quarter of
2007 (€244.40 million), showing a drop of only 0.9%. This drop was recuperated
in April, however, when Telecinco received advertising investment that has been
withheld in March.

Telecinco increases its EBIT and EBITDA operating margins

Owing to virtually equal net revenues and a 1.6% reduction in costs in the first
quarter, Telecinco has increased its EBIT and EBITDA operating margins in
percentage terms, despite the outstanding results achieved in 2007 and more
intense competition. The gross operating margin (adjusted EBITDA) reached
€120.16 million (a 48.3% margin on net revenues), a 0.7% increase on Q107.
The company’s EBIT, meanwhile, was €117.92 million, equivalent to a 47.4%
margin on net revenues. This percentage growth shows the effectiveness of the
business model in regard to the ability to control costs and maintain margins in
changing market conditions.
Adjusted net profits grew by 2.1%, excluding the impact of the amortization
of intangible assets from the acquisition of Endemol for comparative
coherence
Pre-tax profit was €110.24 million, 10.1% less than in Q107, while net profit
was €81.48 million (-5.3%).
However, in conditions homogenous to results from the same period in 2007,
Telecinco would register an adjusted net profit of €87.84 million, in
comparison to the €86.06 million of last year, implying growth of 2.1%. This
difference is due to the greater amortization of Endemol’s intangible assets, the
result of the difference between the price paid and the net book value of the
Group. It is a cost purely for accounting purposes that neither adds nor deducts company value nor does it generate any cash flow movement. This greater
amortisation is a consequence of certain asset allocations (purchase price
allocation), that relates to the difference between the price of the acquisition of
Endemol and the book value of its assets, commonly known as goodwill.
Telecinco reduces costs by 1.6%
During the first quarter of 2008, Telecinco managed to reduce its total operating
costs by 1.6% in relation to the same period in 2007, despite DTT-related
provisions and costs stemming from the film co-production activity costs
imposed by law.

Telecinco leads the ratings for the year to date and strengthens its advantage
over its second and third place competitors
The strengths of the channel’s programming in the main time slots, especially
prime time, have been Telecinco’s main weapons in the fight to lead the Spanish
television market with an audience share of 19.1%, 2.6 points ahead of Antena 3
(16.5%) and 2.4 points ahead of TVE 1 (16.7%).

This figure places Telecinco as the best performer compared to the same period
in 2007, showing a year-on-year decrease of only 1.1 points, compared with
Antena 3’s decline of 1.6 points and TVE 1’s decline of 1.2 points.
Telecinco also ended the first four months of 2007 as audience share leader in the
prime time slot (20:30-00:00) with a 20.7% share, beating Antena 3 by 4 points
(16.7%) and TVE 1 by 4.9 points (15.8%). Similarly, in this important slot the
channel is the only television station created before Cuatro and La Sexta to
increase its audience share (+0.2%), in comparison to the loss of 1.6 points seen
by TVE 1 and 1 point drop in Antena 3.

As for the commercial target, Telecinco retained its historical leadership for the
year to date in 2008, both in terms of total day (20.8%) and prime time
(22.8%), far ahead of Antena 3 (16.6% and 16.5% respectively) and TVE 1
(12.9% and 12.6% in each segment).

TELECINCO PRESS OFFICE
Department of Communications and Corporate Image
Tel. +39 0225149156
Fax +39 0225149286
e-mail: ufficiostampa@mediaset.it

http://www.mediaset.it/corporate/
Investor Relations Department
Tel. +39 0225147008
Fax +39 0225148535
e-mail: ir@mediaset.it
http://www.mediaset.it/investor/

1 comment:

david santos said...

Ciao Michele, come và? Spero tutto bene per te. Buon lavoro. Un abbraccio e un buon settimana