Annual Results 2011 - nextradiotv.com - NXTV Résultats... · Le grand RDV i>tél ... Financière...

Annual Results 2011 NextRadioTV Group

15 March 2012

Contents

1. Introduction 3

2. 2011 Highlights 5

3. Presentation of results 14

4. Outlook 19

5. Appendices 31

3

1. Introduction

5

2. 2011 Highlights

Notes(1) EBITDA: Operating profit before amortisation, depreciation and provision charges, bonus shares, group savings schemes, other non-recurring items and a € 0,7 million litigation provision(2) EBIT (PRO): Operating profit before bonus shares, group savings schemes, other non-recurring items and a € 0,7 million litigation provision(3) Restated net profit: Net profit before bonus shares, group savings schemes, other non-recurring items and a € 0,7 million litigation provision

6

2011 Highlights – Key figures

⇒ Strong growth in results

(€ millions) 2011 2010 % change

Total operating revenue 158.4 138.9 14%

EBITDA(1) 24.4 17.4 41%

EBIT (PRO)(2) 20.0 14.4 39%

Restated net profit(3) 11.3 7.7 48%

Notes(1) Médiamétrie 126,000 Radio – November-December 2011(2) Médiamétrie 126,000 – Cumulative September-December 2010/2011

7

2011 Highlights – Radio division

⇒ 30% EBITDA margin for the 2011 financial year

� 10% growth in EBITDA: € 20.6 million compared to € 18.8 million in 2010

� RMC, #3 commercial radio station in France(1)

� New audience record, with 7.9% cumulative share

� 500,000 new listeners, half of which are in Northern France

� #2 private radio among AB+ individuals, with audience ratings up 21%

for this target group

� BFM Business Radio, #1 for business

� Record audience, with a 22% increase in cumulative share for the year(2)

� 540,000 listeners every day

� Profitability maintained due to synergies with BFM Business TV

NotesSource: Médiamétrie 126,000 – Annual audience share in % - 13+/15+ (in 2001) - 5am/12am – M to F - Nationwide private networks(1) Médiamétrie 126,000 –November-December 2011 wave - 13+ - 5am/12am – M to F

88

2011 Highlights – RMC Radio

⇒ Change in RMC audience ratings over the past 10 years

6.6% national audience share(1)

4.1 million listeners every day

� Strong growth in EBITDA: € 2.5 million compared to (€ 3.9 million) in 2010

� Positive EBIT (PRO) for BFMTV in 2011

� Divisional revenue of € 51.2 million, up 50% vs. 2010, driven by:

� Confirmation of BFMTV’s leadership

� Launch of BFM Business TV in November 2010

� Historic ratings for BFMTV

� Largest increase in audience ratings in the French TV sector(1)

� 1.6% nationwide audience share, i.e. 2x that of the #2 all-news DTT channel

� Successful introduction of BFM Business TV to the audiovisual landscape

⇒ First-time positive financial year EBITDA for the TV division

9

2011 Highlights – TV division

Notes(1) Médiamétrie Médiamat – November-December 2011

2011 Highlights – BFMTV

10

FREE DAILY PRESS NATIONWIDE DAILY PRESS RADIO INTERNET

2,759,000READERS PER DAY

4,713,000LISTENERS PER DAY

2,350,000READERS PER DAY

627,000VISITORS PER DAY

9.2 MILLIONVIEWERS PER DAY(1)

TELEVISION

⇒ BFMTV, the leading news brand in France

Notes(1) Médiamétrie Médiamat – Extrapolated cumulative ratings – 4+ year olds- November - December 2011 – Monday-Sunday 3am-3am

⇒ BFMTV, top news TV channel in France regardless of criteria used

11

9.2 million viewers per day(2)

1.6% national audience share(1) (vs. 0.8% for i-télé)

2011 Highlights – BFMTV (continued)

Notes(1) Médiamétrie Médiamat – Nationwide audience share - 4+ year olds - Monday-Sunday 3am-3am(2) Médiamétrie Médiamat – Extrapolated cumulative ratings - 4+ year olds- November - December 2011 – Monday-Sunday 3am-3am

Nationwide audience share (%)

1,6

0,8

-

0,2

0,4

0,6

0,8

1,0

1,2

1,4

1,6

1,8

2,0

May-08 Nov-08 May-09 Nov-09 May-10 Nov-10 May-11 Nov-11

� Continued roll-out of channel distribution

� Almost 3 million viewers already

� 25%: percentage of decision-makers who watch BFM Business TV every day(1)

� 5 hours: average weekly watching time for daily viewers

� First full financial year for BFM

Business TV

� Recognised brand and presenters

for business

⇒ BFM Business TV, the leading business and financial news channel

12

2011 Highlights – BFM Business TV

Notes(1) IPSOS MédiaCT – 2011 “BFM Business as seen by decision-makers” assessment study

Notes(1) Harris interactive –NetObserver ranking February 2012(2) Médiamétrie – From any location

1313

2011 Highlights – Digital division

⇒ NextInteractiveMedia: the Group’s digital platform

� Stabilised financial situation: EBITDA of € 1.4 million in 2011

� 01net strengthened its status as leader

� France’s favourite high-tech website(1) and leading French high-tech

community with more than 200,000 Facebook fans (up 270%)

� #1 high-tech multimedia editing office in France

� Continued rollout of BMF and RMC’s online operations

� RMC Sport.fr posted the strongest increase in ratings (up 152%) in the sports

category(2)

� At the start of 2012, BFMTV.com had 2.8x more visitors than in January 2011

� BFMTV HD, #1 iPad news application since 2008 (ITunes)

14

3. Presentation of results

(€ millions) FY 2011 FY 2010 % change

Radio 67.9 65.3 4%

TV 51.2 34.2 50%

Digital 35.1 36.0 (2% )

Other operations 3.1 2.1 48%

Total revenue 157.3 137.6 14%


EBITDA Radio 20.6 18.8 10%

as % of revenue 30% 29%

EBITDA TV 2.5 (3.9)

EBITDA Digital 1.4 2.5

EBITDA Other operations (0.1) 0.0

Group EBITDA 24.4 17.4 41%

15

Key financial data by division

(1)

Notes(1) FY 2010 Key financial data by division comparable to FY 2011 Key financial data, after transfer of RMC and BFM online operations from Other operations to Digital and transfer of Seminar activities from Digital to Other operations



Personnel costs (68.8) (61.5) 12%

Other expenses (65.2) (60.0) 9%

Total operating expenses (134.0) (121.5) 10%

EBITDA(1) 24.4 17.4 41%

EBIT (PRO)(2) 20.0 14.4 39%

Cost of net financial debt (1.8) (1.8)

Income tax (6.8) (4.9)

Restated net profit(3) 11.3 7.7 48%

Bonus shares & group savings schemes (0.5) (0.6)

Non-recurring items (3.7) (1.5)

Tax effect on restated items 1.3 0.7

Net profit 8.4 6.2 35%

Minority interests (0.5) (0.4) 24%

Group share of net profit 7.9 5.8 36%

Consolidated income statement

16Notes(1) EBITDA: Operating profit before amortisation, depreciation and provision charges, bonus shares, group savings schemes, other non-recurring items and a € 0,7 million litigation provision(2) EBIT (PRO): Operating profit before bonus shares, group savings schemes, other non-recurring items and a € 0,7 million litigation provision(3) Restated net profit: Net profit before bonus shares, group savings schemes, other non-recurring items and a € 0,7 million litigation provision

(€ millions) FY 2011 FY 2010

Goodwill 124.5 125.1

Other assets 12.2 11.0

Deferred tax assets 24.2 26.4

Operating WCR (12.7) (16.3)

Cash and cash equivalents 18.2 31.7

Total Assets 166.4 177.9

Shareholder's equity 113.5 113.2

Minority interests 1.7 1.2

Provisions 6.5 4.2

Financial liabilities 44.7 59.3

Total Equity and Liabilities 166.4 177.9

Gross debt (44.7) (59.3)

Cash and cash equivalents 18.2 31.7

Net debt (26.4) (27.6)

Net debt / EBITDA (x) 1.1x 1.6x

17

Consolidated balance sheet


Net profit 8.4 6.2

Change in WCR (3.2) 2.8

Amortisation, depreciation and provision charges 6.8 1.5

Cost of net financial debt 1.8 1.8

Deferred tax charge 2.2 3.1

Non-cash income and expenses 0.5 0.5

Cash flow from operating activities 16.5 15.9

Cash flow used in investing activities (5.5) (7.8)

Share capital increase - 1.3

Dividends (4.0) (3.3)

Share buyback programme (4.3) (1.4)

Interest paid (1.3) (1.1)

Proceeds from/(repayment of) borrowings (14.9) 3.4

Cash flow used in financial activities (24.5) (1.1)

Change in cash and cash equivalents (13.5) 7.0

18

Cash flow statement

19

4. Outlook

� Continued growth of RMC audience

� End 2011 - commissioning of new frequencies granted by the CSA

� Untapped audience in Northern and Eastern France

� Coverage of major political and sporting events in 2012

� New studio: RMC available live on video online and on mobile phones

� Revenue: continue to outperform the radio market

� Acquisition of new advertisers

� Development of revenue management

� RMC, a key player for the upper-middle class: #2 private radio on this target(1)

⇒ Increased profitability of the Radio business (30% margin)

20

Outlook – Radio division

Notes(1) Médiamétrie 126,000 Radio – November-December 2011

Outlook – RMC Radio

21

2012

THIS IS WHERE IT ALL HAPPENS!

THE RADIO STATION THAT AIRS ITS VIEWS

� Continued expansion of our

audience, up 22% in 2011(1)

� Gradual development of general

public business news

� Continued synergies with BFM

Business TV

� Introduction of new lines of

business development

22

Outlook – BFM Business Radio

Notes(1) Médiamétrie 126,000 – Cumulative September-December 2010/2011(2) IPSOS MédiaCT – 2011 “BFM Business as seen by decision-makers” assessment study

133 110

95 90 76

49

“WE HAVE NEVER TALKED ABOUT THE ECONOMY AS MUCH”

Highest affinity with business

decision-makers(2)

� BFMTV, very strong development potential

� New Manned schedule 7 days a week from 6am to 12.30am since Sept. 2011

� Top channel for the 2012 presidential election

� On the way to € 100 million in revenue

� BFM Business TV, a strong new growth driver

� Offer new TV programming from 7pm/8pm until 12am

� Diversify content and build on education

� Capitalise on the strong results from early audience research

� Application for a DTT frequency

23

⇒ Make NextRadioTV the leading TV news group

Outlook – TV division

24

Outlook – BFMTV

BFMTV set a historic record for an all-news channel on 5 October 2011

with the broadcast of the final debate of the PS primary election

⇒Record audience for the 1st political highlight of the season

5 million viewers between 8.30pm and 11pm

an average of 1.4 million viewers

5.8% audience ratings

+59%vs Nov-Dec 2010

Olivier MAZEROLLE

25

Outlook – BFMTV

⇒Record audience for political shows, both on week days and on Sundays

Ruth ELKRIEF

Alain MARSCHALL

The top Sunday news channel political

rendezvous

+100%vs. Nov-Dec 2010

7pm-8pm

+52%vs Nov-Dec 2010

8pm-9pm

47 638

122 529

204 415

Le grand

RDV i>télé

(10am-11am)

Le grand Jury

LCI (6.30pm-

7.30pm)

26

Outlook – TV division

⇒Filing of 3 applications with the CSA as part of the call for tender

for 6 new nationwide free-to-air channels on DTT HD

27

Outlook – RMC Sport HD

⇒RMC Sport HD, #1 free-to-air sports new channel in DTT HD

� Rational project, which does not undermine revenue growth

� Overall model closer to that of BFM Business than BFMTV

� Priority project for the Group

28

Outlook – RMC Découverte

⇒RMC Découverte, THE documentary and knowledge channel

� Documentary channel hosted by eminent personalities, allying rigour and

entertainment

� Project designed to bring a new dimension to the documentary genre in

France

� Documentaries are the success factor for a free offering in most major

European countries

29

Outlook – BFM Business TV

⇒BFM Business TV, the leading business and financial news channel

� Project based on the success of the channel broadcast on DTT in the

Paris region, and on cable, satellite and broadband TV

� Wider range of programmes to take into account a broader audience

� Building on the general public’s growing interest in economic matters

since 2008

30

⇒⇒⇒⇒ To become the leading digital news group in France

Outlook – Digital division

� Capitalising on leading news brands

� Creation of a single news portal under the BFMTV umbrella brand

� Strengthening online teams (editorial, technical and marketing)

� Targeting 15 million unique visitors in 2014-15

31

Appendices

NextRadioTV shareholding structure at March 14

32

of which� Financière de l’Echiquier (8%)

� Fimalac (4.9%)

Total number of shares: 16 679 124

Total number of voting rights: 23 356 152

Market capitalisation: 239,8 M€

NextRadioTV share price : 14,38 €


Revenue 67.9 65.3 4%

Other operating revenue 1.0 0.9 16%



Other expenses (24.2) (24.9) -3%


EBITDA 20.6 18.8 10%


Amort., depr., and prov. Charges (0.6) (0.3)

EBIT (PRO) 20.0 18.4 8%


33

Key financial data – Radio division

34

Key financial data – TV division


Revenue 51.2 34.2 50%

Other operating revenue 0.0 0.2





EBITDA 2.5 (3.9)

as % of revenue 5% NA


EBIT (PRO) (0.5) (6.1)

35

Outlook – BFMTV

6am – 10amCéline PITELET & Fabien

CROMBE

10am – 2pmStéphanie DE MURU – Rachid

M’BARKI

2pm – 6pmCéline COURATIN – Jean-Alexandre

BARIL

Fully-live broadcast from 6am to 6pm generated 41% year-

on-year growth for BFMTV

⇒Success of fully-live broadcast at week-ends

36

Key financial data – Digital division


Revenue 35.1 36.0 -2%

Other operating revenue - 0.1

Total operating revenue 35.1 36.1 -3%




EBITDA 1.4 2.5


EBIT (PRO) 0.7 2.1

Detailed IFRS income statement

37


Radio 67.9 65.3

TV 51.2 34.2

Digital 35.1 36.0

Other operations 3.1 2.1

Total revenue 157.3 137.6

Other operating revenue 1.1 1.3

Total operating revenue 158.4 138.9

Personnel costs (68.8) (61.5)

Tax and duties (3.0) (2.7)

Net provision charges (1.9) (0.4)

Other operating expenses (60.4) (56.9)

Total operating expenses (134.0) (121.5)

EBITDA(1) 24.4 17.4


EBIT (PRO)(2) 20.0 14.4

Cost of net financial debt (1.8) (1.8)

Income tax (6.8) (4.9)

Restated net profit(3) 11.3 7.7

Bonus shares and group savings schemes (0.5) (0.6)

Non-recurring items (3.7) (1.5)

Tax effect on restated items 1.3 0.7

Net profit 8.4 6.2

Minority interests (0.5) (0.4)

Group share of net profit 7.9 5.8

Notes(1) EBITDA: Operating profit before amortisation, depreciation and provision charges, bonus shares, group savings schemes, other non-recurring items and a € 0,7 million litigation provision(2) EBIT (PRO): Operating profit before bonus shares, group savings schemes, other non-recurring items and a € 0,7 million litigation provision(3) Restated net profit: Net profit before bonus shares, group savings schemes, other non-recurring items and a € 0,7 million litigation provision

⇒⇒⇒⇒ 2012 Shareholders’ agenda

� 2012 Q1 revenue Wednesday 11 April 2012

� Annual General Meeting Thursday 24 May 2012

� 2012 Q2 revenue Wednesday 25 July 2012

� 2012 HY1 results Wednesday 25 July 2012

� 2012 Q3 revenue Thursday 18 October 2012

� 2012 Q4 revenue Thursday 24 January 2013

38

Financial communication

39

Disclaimer

� Statements contained in this document, particularly those concerning

forecasts on future NextRadioTV performance, are potentially subject to

various risks and uncertainties.

� Any reference to NextRadioTV Group past performance should not be

interpreted as an indicator of future performances.

� The limited review procedures on the full-year consolidated financial

statements have been completed. The auditors’ report on the full-year

financial reporting will be issued once the necessary procedures for the

publication of the annual financial report have been finalised.

40

Notes

41

Notes

Annual Results 2011 - nextradiotv.com - NXTV Résultats... · Le grand RDV i>tél ... Financière...

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