2008 FY RESULTS PRESENTATION DOWNLOADplit/2008+FY... · 2010-03-22 · Canale 5 16.6 Italia 1 22.3 Italia 1 15.1 Rai Uno 15.4 ... Rai Due 11.9 Rai Due 11.9 Rai Tre 11.5 Italia 1 10.8

| 1 |

| 2 |

Fedele ConfalonieriChairman

| 3 |

4,082.1

1,149.0

506.8

0.43

(1,208.8)

MEDIASET GROUP | Consolidated Results

Net Consolidated Revenues

Operating Profit

Net Profit

Dividend per Share (Euro)

Group Net Financial Position (31/12)

2007 2008(Euro ml.)

4,251.8

984.6

459.0

0.38

(1,371.7)

| 4 |

3,002.1

663.8

330.8

MEDIASET ITALIAN BUSINESS | P&L Results


Operating Profit

Net Profit

2007 2008(Euro ml.)

3,271.0

597.7

378.1

| 5 |

1,081.6

485.3

353.1

TELECINCO | P&L Results


Operating Profit

Net Profit

2007 2008(Euro ml.)

981.9

386.9

211.3

| 6 |

Pier Silvio BerlusconiExecutive Vice Chairman

| 7 |

MEDIASET GROUP

| 8 |

FTA TV

CONTENT

PAY TV

MEDIASET GROUP

| 9 |

34.1

43.0

35.9

42.2

36.3

43.4

38.7

42.9

2009*200820072006

Broadcasting

Source: Auditel, 24 Hours, (% audience share)* Spring 2009 (up to 14th of March)

AUDIENCE SHARE | 2006-2009 Evolution4-64 yrs

| 10 |

TOTAL AUDIENCE | 24 Hours Trend

Source: Auditel, average viewers, 24 Hours

Million of viewers

Jan - Feb2008

10,810,1

Jan – Feb2009

+6.5%

Individuals

Jan – Feb2008

6,76,3

Jan – Feb2009

Million of viewers

+6.7%

15/64 years

Broadcasting

| 11 |

AUDIENCE 2008 | Channel ranking (24 hours)

Italia 1 25.2 Canale 5 24.6 Canale 5 24.5 Canale 5 22.9Canale 5 16.6 Italia 1 22.3 Italia 1 15.1 Rai Uno 15.4Rai Uno 11.3 Rai Uno 12.5 Rai Uno 14.1 Italia 1 14.5Rai Due 8.1 Rai Due 8.2 Rai Due 9.4 Rai Due 10.6Rai Tre 4.9 Rete 4 5.2 Rai Tre 6.5 Rai Tre 7.1Rete 4 3.8 Rai Tre 5.0 Rete 4 6.0 Rete 4 6.5La7 1.3 La7 1.5 La7 2.2 La7 2.8

MEDIASET 45.6 MEDIASET 52.1 MEDIASET 45.6 MEDIASET 43.9RAI 24.3 RAI 25.7 RAI 30.0 RAI 33.1

Canale 5 21.2 Rai Uno 24.5 Rai Uno 31.7Rai Uno 18.9 Canale 5 18.9 Canale 5 18.0Rai Due 11.9 Rai Due 11.9 Rai Tre 11.5Italia 1 10.8 Rai Tre 11.4 Rete 4 11.2Rai Tre 9.0 Rete 4 9.3 Rai Due 10.7Rete 4 7.9 Italia 1 6.9 Italia 1 4.1La7 3.5 La7 4.3 La7 3.4

MEDIASET 39.9 RAI 47.8 RAI 53.9RAI 39.8 MEDIASET 35.1 MEDIASET 33.3

15-24 yrs4-14 yrs 25-34 yrs 35-44 yrs

55-64 yrs45-54 yrs 65+ yrs

Source: Auditel, 24 Hours, (% audience share)

Broadcasting

| 12 |

0.20.6 0.6 0.5 0.4 0.4 0.3 0.3 0.3 0.3 0.2 0.2 0.2


23.5

16.9

12.7

9.6

7.66.8

2.6

Can

ale

5

Rai

Uno

Italia

1

Rai

Due

Rai

Tre

Ret

e 4

La7

Boin

g/+1

Sky

Spo

rt 1

Sky

Sho

w

Fox

Crim

e

Dis

ney

Cha

nnel

Sky

Cin

ema

1

Sky

Cal

cio

1

Fox

Fox

Life

Pla

yhou

seD

isne

y

Rai

4

Nic

kelo

deon

Fox

Crim

e +1

Spring 2009*, 4-64 yrs

Broadcasting


| 13 |


0.630.62

0.46

0.41 0.41

0.310.28 0.2 0.27

0.24 0.24 0.23 0.23 0.22 0.21 0.20 0.20 0.19 0.19 0.19

Boin

g/+1

Sky

Spo

rt 1

Sky

Sho

w

Fox

Crim

e

Dis

ney

Cha

nnel

Sky

Cin

ema

1

Sky

Cal

cio

1

Fox

Fox

Life

Pla

yhou

seD

isne

y

Rai

4

Nic

kelo

deon

Fox

Crim

e +1

Boo

mer

ang

Sky

TG24

Sky

Cin

ema

Fam

ily

Sky

Spo

rt 24

Sky

Cin

ema

+1

Rai

Gul

p

Sky

Vivo

Spring 2009*, 4-64 yrs

Broadcasting


| 14 |

+3.3%

+0.8%

4.8%

80.1%

Multichannel (RAI + MS)

Total (RAI+MS)

Broadcasting

-2.5%Generalist channels (RAI + MS) 75.3%

Spring 2009* Δ vs.2008*

Spring 2009*, Individuals


SWITCH OFF IMPACT ON AUDIENCE | “All Digital” Areas (Sardinia)

| 15 |

FTA TV Costs= Personnel Costs + Operating Costs + TV Rights Amortisation + Other D&A + Intra-company Items

1.7%1,8%

2.3%

InflationMEDIASET

Broadcasting

FTA TV COSTS | 2001-2008 Evolution and 2009 Budget

2001-2007 CAGR

MEDIASET

0%

Inflation

0.9%

2009E

0.8%

1,8%

3.3%

InflationMEDIASET

2008(*)

2.0%Guidance

* Excluding € 21.6 ml. non-recurring income from the application of the new Italian pension reform applied to the employee retirement fund (TFR), as of 31/12/2006, and in compliance with the IFRS Source: International Monetary Fund, Bank of Italy

| 16 |

FTA TV

CONTENT

PAY TV

MEDIASET GROUP

| 17 |

October 2008 - February 2009, 4-64 yrsTOP 30 PROGRAMMES | Fiction and Entertainment

Channel Programme Average Viewers #Producer#12

Mediaset/ Independent Canale 5 Arcizelig 6'563'843

3Independent Canale 5 I Cesaroni 6'034'294

4Mediaset Canale 5 Super Paperissima Errori... 5'707'833

5Mediaset/ Independent Canale 5 Zelig 5'665'319

6Mediaset Canale 5 Striscia La Notizia 5'592'152

7Endemol Rai Uno Il Commissario Montalbano 5'527'524

8Mediaset Canale 5 Scherzi A Parte 5'415'527

9Mediaset Canale 5 Paperissima Errori In Tv 5'381'091

10Endemol Canale 5 Grande Fratello 5'377'786

11Mediaset Canale 5 Paperissima Sprint 4'572'601

12Mediaset/ Independent Canale 5 Amici Di Maria De Filippi 4'310'682

13Mediaset/ Independent Canale 5 Zelig Svisti E Mai Visti 4'243'218

14Mediaset/ Independent Canale 5 C'e' Posta Per Te 4'188'911

15Independent Canale 5 Anna E I Cinque 4'069'808

16Endemol Rai Uno I Migliori Anni 4'031'390

17Independent Rai Due L'isola Dei Famosi 6 4'009'313

18Independent Rai Uno L'anno Che Verra' 4'006'217

19Independent Rai Uno Tutti Pazzi Per Amore 3'918'988

20Taodue Canale 5 Ris 5 Delitti Imperfetti 3'816'825

21Taodue Canale 5 Distretto Di Polizia 8 3'717'005

22Endemol Canale 5 Amiche Mie 3'705'656

23Endemol Rai Uno Provaci Ancora Prof 3 3'556'150

24Independent Rai Uno Ballando Con Le Stelle 3'524'419

25Independent Rai Uno Il Commissario Manara 3'497'266

26Endemol Rai Uno Affari Tuoi 3'373'701

27Taodue Canale 5 Il Capo Dei Capi 3'348'577

28Mediaset/ Independent Canale 5 La Corrida 3'342'219

29Endemol Rai Uno Affari Tuoi-telethon 3'318'725

30

GenreEntertainmentFictionEntertainmentEntertainmentEntertainmentFictionEntertainmentEntertainmentEntertainmentEntertainmentEntertainmentEntertainmentEntertainmentFictionEntertainmentEntertainmentEntertainmentFictionFictionFictionFictionFictionEntertainmentFictionEntertainmentFictionEntertainmentEntertainment

Endemol Rai Uno Tutti Pazzi Per La Tele 3'191'166Entertainment

Broadcasting

Mediaset/ Independent Canale 5 Supershow Speciale 3‘159‘764Entertainment

| 18 |

#12





























30Endemol Rai Uno Tutti Pazzi Per La Tele 3'191'166

EntertainmentFictionEntertainmentEntertainmentEntertainmentFictionEntertainmentEntertainmentEntertainmentEntertainmentEntertainmentEntertainmentEntertainmentFictionEntertainmentEntertainmentEntertainmentFictionFictionFictionFictionFictionEntertainmentFictionEntertainmentFictionEntertainmentEntertainmentEntertainment

Broadcasting


Channel Programme Average Viewers #Producer Genre


| 19 |

#12





























30Endemol Rai Uno Tutti Pazzi Per La Tele 3'191'166

EntertainmentFictionEntertainmentEntertainmentEntertainmentFictionEntertainmentEntertainmentEntertainmentEntertainmentEntertainmentEntertainmentEntertainmentFictionEntertainmentEntertainmentEntertainmentFictionFictionFictionFictionFictionEntertainmentFictionEntertainmentFictionEntertainmentEntertainmentEntertainment

Broadcasting


Channel Programme Average Viewers #Producer Genre


| 20 |

• Further development of the creativity of non-scripted formats

• Focus on operating efficiency in the 7 main markets

• Expansion of the network in emerging markets (Asia, Latin America, Australia, Middle East)

• M&A Opportunities

ENDEMOL | Strategic guidelines for the next three years

Broadcasting

| 21 |

FTA TV

CONTENT

PAY TV

MEDIASET GROUP

| 22 |

Evolution by platform

Broadcasting

DTT | Digital Platform Penetration

Source: Informa, October 2008

2003 2004 2005 2006 2007 2008

24% DTH

2% IPTV

27% DTT

Total 54%(13 million of “digital families”)

| 23 |

Season 2007-08

July 31 December

Season 2008-09

Broadcasting

2,911,000

2,067,000

Source: Company data

+40.8% Net Addition+79.5% Gross Addition

MEDIASET PREMIUM | Customer base growth

| 24 |

Season 2007-08

Season 2008-09

3,225,000

2,452,000

Broadcasting

2,911,000

2,067,000

Source: Company data, until 15 March 2009

July 31 December 15 March

MEDIASET PREMIUM | Customer base growth

| 25 |

Mediaset Premium | Commercial offer development

Broadcasting

TodayFrom 2005 until Jan 2008

Only football

- ARPU Step-up (+33%, from 60€ to 80€)- Improved CRM (over 50% of clients is

now profiled)- Multi-platform strategy (i.e. Alice IPTV

Commercial agreement)

Over 400 ml Euro Revenues in 2008

New offer features:

| 26 |

2008

+ 9.0%Advertising Revenues

75.6%

OtherRevenues

24.6%

Total Revenues: 3,271.0 ml Euro

804.6 ml Euro

2001 - 2008 | Mediaset Italian Business Revenue evolution

Broadcasting

2007

+ 27.7%Advertising Revenues

82.0%

Other Revenues

18.0%


2001

Advertising Revenues

95.1%


Other Revenues4.9%

| 27 |

MEDIASET GROUP | Consolidated P&L

Broadcasting

NET REVENUES

EBITDA

NET PROFIT

4,251.8

2,144.7

459.0

Euro ml.

2008

| 28 |


Broadcasting

NET REVENUES

EBITDA

NET PROFIT

3,271.0

1,569.0

378.1

2008

Euro ml.

3,002.1

1,487.3

330.8

2007

+9.0%

+5.5%

+14.3%

%

| 29 |

Giuliano AdreaniCEO

| 30 |

Source: Confcommercio

Q1 Q2 Q3 Q4

-1.4%-3.7%

-1.4%-2.8%

Advertising

Consumption trendGoods + Services - Volumes vs. previous year

-4.6%

Jan 2009

2008

| 31 |

( Euro ml.)

2007 2008

2,880.6 2,881.1

Advertising

2,937.6 (+0.4%)(including Digitalia 08)

MEDIASET | 2008 Advertising revenues

| 32 | Advertising

2008 Italian advertising spending trendVar % 2008 vs. 2007

Source: Nielsen

Mediaset

RAI Press+1.5%

-1.8%

-9.1%

Mediaset RAI Press

-4.4%

-14.8% -13.5%

3Q2008

4Q2008

Mediaset

Total Market without Mediaset

RAI

Press

2008 vs. 2007

+0.1%

-4.3%

-3.6%

-7.1%

| 33 |

Press*

Advertising

Sector analysis | Grocery

-7.4%

-13.0%

TV

Var 2008 vs. 2007

Source: Nielsen* Press: commercial national newspaper

FY2008 2H2008

-4.7%

-7.7%

-2.5%

-2.7%

1H2008

| 34 |

Press*

Advertising

Sector analysis | Finance

+18.5%

-20.4%

TV

Var 2008 vs. 2007

-1.2%

-14.3%

-12.6%

-9.1%

FY2008 2H20081H2008


| 35 | Advertising

+6.7%

-4.5%

-14.0%


Sector analysis | TelecomVar 2008 vs. 2007

Mediaset

RAI Press*

| 36 | Advertising

Mediaset

RAI Press*+3.9%

-3.8%

-15.7%


Sector analysis | AutomotiveVar 2008 vs. 2007

| 37 | Advertising

+24.5%

-14.8%

-8.0%


Sector analysis | RetailVar 2008 vs. 2007

Mediaset

RAI Press*

| 38 | Advertising

MEDIASET 2008 | Customer Base

1,133

298

Active clients

New clients

103.9 Euro ml.Revenues from new clients

| 39 |

First hints on 2009

| 40 |

Mediaset

Total Market without Mediaset

Rai

Newspapers*

Magazines

Radio

Billboard

Cinema

Internet

Jan 2009 vs. Jan 2008

Advertising

-12.0%

-22.5%

-25.7%

-32.1%

-27.2%

-30.9%

-21.9%

-34.2%

+1.7%

First Hints on 2009

Source: Nielsen (January)* Commercial National Newspaper

| 41 |

Marco GiordaniCFO

| 42 |

MEDIASET GROUP | P&L Consolidated Results


EBITDA

EBIT

NET PROFIT (Reported)

NET PROFIT (Adjusted)

4,251.8

2,144.7

984.6

459.0

465.7

2007 2008(Euro ml.)

Financials

Net profit adjusted in 2007 for the impact of the amortization of intangibles related to the PPA of Endemol; in 2008 for the net impact of Impairment Test, amortization of intangibles related to the PPA of Endemol and the impact of the fiscal assets realignment (2008 Italian Budget Law)

4,082.1

2,166.0

1,149.0

506.8

514.4

| 43 |

2008 RESULTS | Italian Business

| 44 |

3,002.1(377.6)*

(1,137.2)1,487.3(692.5)(131.0)

663.8(56.2)

0.4608.0

(276.9)45.5%330.8

3,271.0(429.2)

(1,272.9)1,569.0(803.7)(167.6)

597.7(79.1)(33.3)485.3

(104.5)21.5%378.1

Net Consolidated RevenuesPersonnel CostsOther Operating CostsEBITDARights AmortisationOther Amortisation & DepreciationOperating ProfitFinancial Income (Losses)AssociatesPre-Tax ProfitTaxesTax rateNET PROFIT

2007 2008(Euro ml.)

* Including € 23.0 ml. non-recurring income from the application of the new Italian pension reform applied to the employee retirement fund (TFR), as of 31/12/2006, and in compliance with the IFRS

Financials


+9.0%

+5.5%

(10.0%)

+14.3%

% Var

| 45 |

FTA TV

Network Operator

Pay TV

Other Activities

Intra-company Eliminations

Adjustments

TOTAL

Total NetRevenues

2,534.2

190.8

403.7

423.7

(111.1)

(170.3)

3,271.0

OperatingProfit

666.1

10.8

(60.9)

16.7

-

(35.0)

597.7

(Euro ml.)

Financials

Total Costs(including D&A)

(1,868.1)

(180.1)

(464.6)

(406.9)

111.1

135.3

2,673.2

MEDIASET ITALIAN BUSINESS | Operations Breakdown

| 46 |

2,535.5

2,880.6

6.0

(429.2)

78.0

(1,831.3)

(317.6)

(796.6)

(575.6)

(60.0)

(81.4)

704.227.8%

(Euro ml.)

Total Net TV Revenues

TV Advertising Revenues

Multichannel Adv. Revenues

Commissions

Other TV Revenues

Total TV CostsPersonnel

TV Operating Costs

TV Rights Amortisations

Other D&A

Net Intra-company Items

FTA TV Operating Profitmargin

20082007

2,534.2

2,881.1

9.1

(428.7)

72.6

(1,868.1)

(350.8)

(787.8)

(588.8)

(77.5)

(63.2)

666.126.3%


*

Financials

MEDIASET ITALIAN BUSINESS | FTA TV

| 47 |

187.363.5

5.4

118.4

(180.0)(32.7)

(86.8)

(60.5)

7.310.5%

Total Net Revenues3° Party Revenues

Other Revenues

Net intra-company Items

Total CostsPersonnel

Other Operating Costs

Other Amortisation & Depreciation

Network Operator Operating Profit

margin

20082007(Euro ml.)

190.874.4

5.3

111.1

(180.1)(34.8)

(94.2)

(51.1)

10.813.5%


*

Financials

MEDIASET ITALIAN BUSINESS | Network Operator

| 48 |

225.9

124.6

8.1

94.3

(1.1)

(265.3)(3.2)

(123.2)

(107.9)

(31.1)

(39.5)

Total Net PPV Revenues

PPV Revenues

Advertising Revenues

Other Revenues

Commissions

Total PPV CostsPersonnel


Rights Amortisations and Other D&A

Net intra-company items

PPV Operating Profit

20082007(Euro ml.)

403.7

199.1

13.1

192.9

(1.5)

(464.6)(8.8)

(196.7)

(217.4)

(41.7)

(60.9)


*

Financials

MEDIASET ITALIAN BUSINESS | Pay TV

| 49 |

210.982.7

39.1

20.3

31.5

37.4

(217.9)(23.9)

(132.1)

(47.9)

(8.2)

(5.9)

(7.0)

Total Net RevenuesMedusa/Taodue 3° Party revenues

Medusa/Taodue intra-company revenues

Multimedia

Mediashopping

Other Non-TV Revenues

Total CostsPersonnel

Other Operating Cost

Right Amortisations

Other Amortisations & Depreciations

Intra-company Items

Other Activities Operating Profit

20082007(Euro ml.)

423.7159.2

169.8

21.0

32.1

41.6

(406.9)(34.8)

(239.1)

(96.1)

(30.6)

(6.2)

16.7


*

Financials

MEDIASET ITALIAN BUSINESS | Other Activities

| 50 |

Option rights

20082007

67.5 78.2

48.6 217.9

34.5 30.8

598.9 **617.3*

0 1.0

768.0 926.8

(Euro ml.)

TV rights and cinema

PPV rights

DTT

Technical & immaterial

Total Investments

* Including € 54.5 ml. Medusa TV Rights investment** Including € 86.9 ml. Medusa TV Rights investment

Financials

MEDIASET ITALIAN BUSINESS | Investments

| 51 |

(964.4)

300.31,161.1

(768.0)

4.1

(96.9)

(64.4)

235.9

160.9

(488.8)

(2.8)

(162.8)

(257.6)

(1,222.0)

(1,208.8)

Net Financial Position (01/01)

Free Cash Flow from Core Activities

- Cash Flow from Operations

- Investments

- Disinvestments

- Change in Net Working Capital (CNWC)

Equity (Investments)/Disinvest.

Free Cash Flow

Cashed-in Dividends from Tele5/Others

Dividends

Change in equity (incl. Buyback Program)

Change in consolidation area

Total Net Cash Flow


GROUP Net Financial Position (31/12)

20082007(Euro ml.)

(1,222.0)

357.21,356.4

(926.8)

3.4

(75,8)

(16.7)

340.5

164.0

(488.7)

-

(139.7)

(123.8)

(1,345.8)

(1,371.7)

Financials

MEDIASET ITALIAN BUSINESS | Cash Flow Statement

+18.9%

+44.3%

%Var

| 52 |

* To be approved by AGM, 21st/22nd April 2009; treasury shares are not eligible to receive dividends

Financials

MEDIASET GROUP | Dividend policy

2003 2004 2005 2006 2007 2008

Net Profit (Euro ml.) 369.7 549.6 603.4 505.5 506.8 459.0

Earnings per Share (Euro) 0.31 0.47 0.53 0.44 0.45 0.40

Recurring FCF (Euro ml.) 282.9 466.9 478.6 517.6 471.8 416.5

Dividends *271.3 448.8 489.3 488.8 489.5 431.8

Dividend per Share (Euro) 0.23 0.38 0.43 0.43 0.43 0.38

Dividend/Recurring FCF 96% 96% 102% 94% 104% 104%

Pay-out Ratio 73% 82% 81% 97% 97% 94%

(Euro ml.)

*

| 53 |

- Group Net Financial Position: -1,371.7

- Bank debt is financed through:~84% Committed credit facilities~16% Uncommitted credit facilities

- Consolidated 08Net Debt/08EBITDA = 0.64x

- Preserved dividend distribution

- Focus on FCF conversion- Cost efficiency- Working capital control- Counterparty risk management

MEDIASET | Maintain a sound financial structure

Financials

2008

2009

| 54 |

MEDIASET GROUP | Back up Slides

| 55 |

Television Rights

Goodwill and consolidation differences

Other tangible and intangible assets

Financial assets

Net working capital & other assets/liabilities

Net Invested Capital

Group shareholders’ equity

Minority interests

Net assets

Net financial position

2,205.0

41.0

970.6

719.6

(234.7)

3,701.5

2,478.1

1.4

2,479.5

(1,222.0)

2007(Euro ml.)

Financials

MEDIASET ITALIAN BUSINESS | Balance Sheet

2,266.6

150.0

931.8

746.5

(168.5)

3,926.4

2,527.2

53.4

2,580.6

(1,345.8)

2008

| 56 |


Free Cash Flow


- Investments

- Disinvestments


Treasury Shares


Dividends (paid and received)

Change in consolidation area

Total Net Cash Flow


20082007(Euro ml.)

(1,208.8)

672.2

1,865.0

(1,122.6)

4.5

(74.7)

(1.3)

(53.6)

(640.7)

(139.5)

(162.9)

(1,371.7)

(568.3)

666.7

1,730.7

(953.2)

10.5

(121.3)

(33.4)

(468.9)

(640.9)

(164.0)

(640.5)

(1,208.8)

Financials

MEDIASET GROUP | Consolidated Cash Flow

| 57 |

Television Rights

Goodwill and consolidation differences

Other tangible and intangible assets

Financial assets

Net working capital & other assets/liabilities

Net Invested Capital

Group shareholders’ equity

Minority interests

Net assets

Net financial position

2,351.5

394.5

1,070.8

533.1

(304.4)

4,045.5

2,543.9

292.9

2,836.7

(1,208.8)

2007(Euro ml.)

Financials

MEDIASET GROUP | Consolidated Balance Sheet

2,396,1

513.2

1,052.1

361.6

(195.5)

4,127.5

2,482.4

273.4

2,755.8

(1,371.7)

2008

| 58 |

370,5

255

466,9 478,6

517,6

471,8

416,5

247,8

123,9

219,8

282,9

431,8

488,8488,8489,3

271,3283,2

216,2247,4

448,8

20042003200220012000 20051999

(Euro ml.)

(*) FCF excluding participation investment and “one-off cash event”2006/2008 including T5 dividend

Dividend FCF (*)

2006 2007 2008

Financials

MEDIASET | Dividend and FCF

2009

| 59 |

MEDIASET SPANISH BUSINESS | Back up Slides

| 60 |

981.9

(89.2)

(317.0)

575.7

(188.7)

386.9

(3.4)

(175.9)

207.6

(23.1)

211.3

282.6

TELECINCO | P&L Results


Personnel Costs


EBITDA

Amortisation & Depreciation

EBIT

Financial Income (Losses)

Associates

Pre-Tax Profit

Taxes

NET PROFIT Reported

NET PROFIT Adjusted*

2007 2008(Euro ml.)

Financials

* Excluding the net impact of the Impairment Test and amortization of the intangibles related to the PPA of Endemol

1081.6

(84.9)

(318.1)

678.7

(193.5)

485.3

5.3

(3.1)

487.4

(137.4)

353.1

362.1

| 61 |

20082007

148.3 148.1

11.5 9.0

TV rights

Tangible & Intangible Fixed Assets

Total Investments

TELECINCO | Investments

Financials

185.3 195.8

(Euro ml.)

25.5 38.7Co-production & Distribution

| 62 |

TELECINCO | Cash Flow Statement


Free Cash Flow


- Investments/Disinvestment


Change in Equity


Cashed in Dividends

Dividends

Total Net Cash Flow


13.2

315.1

508.6

(195.8)

2.3

(1.3)

(36.8)

1.6

(317.6)

(39.0)

(25.8)

(Euro ml.)

Financials

396.1

366.8

566.7

(185.3)

(14.6)

27.7

(464.5)

1.2

(314.3)

(383.0)

13.1

2007 2008

Forward-looking StatementsStatements contained in this document, particularly the ones regarding any Mediaset Group possible or assumed future performance, are or may be forward looking statements and in thisrespect they involve some risks and uncertainties.

Mediaset Group actual results and developments may differ materially from the onesexpressed or implied by the above statements depending on a variety of factors.

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

This announcement does not constitute an offer to sell or the solicitation of an offer to buy the securities discussed herein.

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 “Testo Unico della Finanza”, that the accounting information contained in this document corresponds to that contained in the company’s books.

Investor Relations Department:

Tel: +39 02 2514.7008Fax: +39 02 2514.6719Email: [email protected]: www.mediaset.it/investor/

Documents

2008 FY RESULTS PRESENTATION DOWNLOADplit/2008+FY... · 2010-03-22 · Canale 5 16.6 Italia 1 22.3 Italia 1 15.1 Rai Uno 15.4 ... Rai Due 11.9 Rai Due 11.9 Rai Tre 11.5 Italia 1 10.8