Growing to the next level - ProSiebenSat.1 Media SE · October 15, 2015 Growing to the next level...
Transcript of Growing to the next level - ProSiebenSat.1 Media SE · October 15, 2015 Growing to the next level...
| Page 1| October 15, 2015 |
October 15, 2015
Growing to the next levelCapital Markets Day 2015Thomas Ebeling
Keynote
| Page 2| October 15, 2015 | | Page 2| October 15, 2015 |
We have made great achievements since last year’s CMD …
Note: all audience shares target group A14-49, 9M 2015
Leading audience
share
>29%
Success of small
channels
Σ 3.9%
share
Key strategic
M&A deals
New commerce
verticals
Beauty & Accessories
Online Comparison
Distribution
deals
Lighthouse
productions
International
footprint of MCN
#1
GER
#5
Global
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… and introduce new strategic elements and topics today …
“String of Pearls”
M&A strategy
New advanced
sales offerings
Enhanced
vertical
strategy
Distinct
positioning
of small
channels
Own Ad Tech
ecosystem
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… supporting our strong equity story
We have delivered
multi-year
financial and
operational
outperformance
We maintain
leading positions
in the German-
speaking TV and
online video
business
We are strongly
positioned in our
growing core TV
market and in
dynamic digital
markets
We expect to
exceed our initial
EUR 1bn 2018
revenue growth
target
Share price increase and attractive dividends
Dual
approach
Market
leader
Growth
path
Financial
outperformance
| Page 5| October 15, 2015 | | Page 5| October 15, 2015 |
External revenues
We grew dynamically in H1 2015 …
H1 2014
+155
(+12%)
H1 2015
1,272
1,427
[in EUR m]
Rec.
EBITDA
margin of
27.3%
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… across all three business segments
Content Production
& Global Sales
+EUR 43.3m
Reve
nu
e g
row
th
vs
. H
1 2
01
4
Broadcasting
German-speaking
DistributionTV advertising
+3.4% +28.7%
+EUR 45m
+4.7%
Digital & Adjacent
Ventures &
Commerce
Digital
EntertainmentAdjacent
+37.2% +18.0% +9.1%
+EUR 66.6m
+26.1% +76.5%
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We have continuously grown since 2009 …
Note: CAGR calculated based on annual growth rates of continuing operations at the time
[in EUR m]
2013
+8.6%
2014
2,8763,031
H1 2015
LTM
1,921
2009
2,051
2,6052,356
2,199
20122010 2011
External Group revenues
| Page 7
CAGR:
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… with strong revenue and earnings performance
Note: CAGRs calculated based on annual growth rates of continuing operations at the time
+8.6%Revenues (CAGR 2009 - LTM H1 2015)
Recurring EBITDA (CAGR 2009 - LTM H1 2015)
Recurring EBITDA margin (LTM H1 2015)
Underlying net income (CAGR 2009 - LTM H1 2015)
Net debt reduction (2009 - LTM H1 2015)
Financial leverage (June 30, 2015)
+10.9%
+29.0%
+28.6%
EUR 1.5bn
2.0x
| Page 8
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How we
strengthen
our TV
position
2
How we
build our
Group
strategy on
key industry
trends
1
How we take
D&A to the
next level
3
Our strategy
2
How we
broaden our
production
footprint
4
What is our
financial
outlook?
5
Outlook
1 3 4 5
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Key industry trends are influencing our businesses …
Growing TV
viewing share of
best agers
Tech & data
as new key
success factors
Disintermediation
of key steps in
our value chains
Fragmentation of
channels &
platforms
Global platform-
driven players
entering the market
Changing TV
and online
viewing habits
Increasing convergence of
TV and digital commerce
1 2 3 4 5
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… on which we base our strategic objectives …
Industry trend Our strategic objectives
1 2 3 4 5
Global platform players Build new platform-driven digital verticals
Convergence of TV
& digital commerceFurther connect TV and our digital commerce platforms
Tech & data Build own programmatic ecosystem with acquired Ad Tech stack
Disintermediation Integrate along the TV and online video value chain
Fragmentation Expand our reach through new distribution platforms
Best ager Establish specific products/services for elderly target group
Changing viewing habits Become a local and global video entertainment player
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Broadcasting
German-speakingDigital & Adjacent
Content Production
& Global Sales
… translated into our segment strategies
Optimize portfolio value through M&A
Strengthen and expand our
leading TV position with
broader reach and leverage
synergies with digital
Build leading local and
international digital
commerce verticals &
entertainment platforms
Become a leading global
content producer/distributor
1 2 3 4 5
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Capture CPM upside potential through premium pricing
Build reach and revenue streams through new distribution platforms
Follow 360° sales approach covering the entire value chain
Attack print, radio and outdoor – national and regional
Grow audience share with existing and new channels
TV growth plan at a glance
| Page 13
1 2 3 4 5
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Digital & Adjacent growth plan at a glance
1 2 3 4 5
Become a global digital entertainment player
Secure top 3 PayVoD position through distribution deals
Enter new adjacent segments and digitize business
Accelerate growth through strategic M&A moves
Continue to build and grow new commerce verticals
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Content Production & Global Sales growth plan at a glance
Continue to build scale across key markets (e.g. English-speaking) and genres
Extend US scripted, reality and factual portfolio
Targeted strategic content production partnerships
1 2 3 4 5
Continuously optimize portfolio
Expand own digital production capabilities and output
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M&A growth plan at a glance
Accelerate build-up of digital commerce verticals by leveraging our TV power
Expand Digital Entertainment business globally
Continue to build (US) content/production footprint
1 2 3 4 5
No transformative acquisition or merger currently contemplated
Continue “String of Pearls” strategy with smaller and larger bolt-on acquisitions
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How we
strengthen
our TV
position
2
How we
build our
Group
strategy on
key industry
trends
1
How we take
D&A to the
next level
3
Our strategy
2
How we
broaden our
production
footprint
4
What is our
financial
outlook?
5
Outlook
1 3 4 5
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Audience share (A14-49)[9M, in %]
Best 9 months ratings performance in the last ten years …
28.327.9 27.9
28.6 28.6 28.6
27.7 27.6
28.4
29.5
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
| Page 18Basis: All German TV households (Germany + EU), A 14-49 years, Mon-Sun, full day 3-3h; P7S1 w/o N24 & w/o
9live, sixx since Feb. 1, 2011, SAT.1 Gold since Jan. 17, 2013, ProSieben MAXX since Sept. 3, 2013
Source: AGF in cooperation with GfK/TV Scope/P7S1 TV Deutschland
1 2 3 4 5
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… with a clear lead over key competitor
1) Basis: All German TV households (Germany + EU), A 14-49 years, Mon-Sun, full day 3-3h; RTL
Mediengruppe w/o RTL II minority; Source: AGF in cooperation with GfK/TV Scope/P7S1 TV Deutschland
2) Gross values; Source: Nielsen/SevenOne Media, Sales Steering & Market Insights
| Page 19
1 2 3 4 5
Audience share1)
29.5
24.5
[9M 2015, in %]
33.3
44.5
[9M 2015, in %]
Share of advertising2)
%pts %pts
∆+11.2
∆
+5.0
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The German TV market remains strong …
1 2 3 4 5
High quality content typically available on FTA TV
Lower Pay TV penetration, limited willingness to pay
Online video consumption incremental to TV viewing
TV viewing expected to remain stable in the coming years
Studio contracts with supporting rights (incl. holdbacks)
Windowing and preference for German language protect FTA TV
and drive reach as well as monetization
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… and TV is by far the leading medium
Basis: TV viewers 3+; Internet users 2+; March 2015
Source: AGF in cooperation with GfK/TV Scope/Nielsen Netview/B4P/SevenOne estimates
1 2 3 4 5
Monthly net reach & usage duration
Usage
(hrs/month)
50%
Monthly net reach
100%
120100806040200
Internet
Private TV Total TV
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Daily TV and video consumption1)
[Ø daily video viewing in minutes]
TV related consumption with increasing potential until 2020 …
1) Basis: All German TV households (Germany + EU)
Source: AGF in cooperation with GFK, SOM projection
• Online video usage is incremental to TV related consumption
• We have already captured the online eyeballs with our strong Digital Entertainment
portfolio and are well prepared for potential changes in video consumption
1 2 3 4 5
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177 171
50
3831
217
9
2015E 2020E
259
117 98
60
29
33
2020E
187
2015E
162
12
Ad target group (A 14-49) Young segment (A 14-29)
+12%TV related -2%
TV related
[Ø daily video viewing in minutes]
Classic linear TV
Online TV related (streaming & catch-up)
Online non-TV related(including PayVoD)
| Page 23| October 15, 2015 | | Page 23| October 15, 2015 |
… supported by low penetration of alternative offerings …
1) DE ProSiebenSat.1 Distribution (2015E); USA SNL Kagan (2015E); UK ofcom International CMR 2014 (2013); NORDICS Digital TV Research (2014E) 2) DE VPRT
Jahresbericht Pay-TV in Deutschland 2015 (2014) USA SNL Kagan 2015 (2014) UK ofcom International CMR 2014 (2013) NORDICS (*SWE only) ofcom International
CMR 2014 (2013) 3) DE AGF TV Scope (Q1 2015) USA Nielsen (Q1 2015) UK Thinkbox Annual Review 2014 (2014) NORDICS FIN Finnpanel Oy, TAM 2014 (2014) NOR
TNS Gallup TV-meterpanel (2014) 4) DE P7S1 Analysis, YTD 08/2015, based on Goldmedia, GfK, forsa, PWC, IHS, Ampere Research; USA Nielsen Total Audience
Report Q2 2015; UK ofcom CMR UK 2015 Q1; NORDICS eMarketer (2014) 5 & 6) TNS Google The Connected Consumer Survey 2014/2015 (2014) 7) AKAMAI Q1 2015
Pay TV penetration1) 20% 85% 53% 86-96%
Monthly spend per Pay TV
household2) USD 25 USD 95 USD 96 USD 33*
Share of time shifted
usage (vs. live TV)3) 2% 11% 14% 5-7%
SVoD penetration4) 7% 45% 22% 32-69%
Connected TV
penetration5) 32% 30% 41% 31-43%
Daily online video usage6) 21% 32% 33% 26-33%
Low penetration of pay offerings and alternative video technologies strengthen the position
of linear Free-TV in Germany compared to other countries
Share of broadband
connections >15 Mbps7) 14% 22% 24% 25-35%
1 2 3 4 5
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… and distinct characteristics of the German TV market
Ad break intensityHigh intensity – no ad break regulations
(15-20 min/h)
Low intensity – highly regulated
(max. 12 min/h)
Channel
fragmentation
High fragmentation – premium TV package
incl. >300 channels
Less fragmentation – strong lighthouse
channels
Content quality in
Free-TV
High-quality & top sport content not in
basic TV service – Pay TV a ”Must Have”
>50 high/good quality channels in FTA
TV with top US & sport content
Language English language preferredDubbed version preferred
Studio contracts Broad syndication modelFTA TV with strong negotiation position
with supporting rights (incl. holdbacks)
Windowing Parallel windowing of top contentFTA TV widely protected vs. VoD
Distinct characteristics of the German TV market secure dominant position of Free-TV compared to the US
1 2 3 4 5
| Page 25| October 15, 2015 | | Page 25| October 15, 2015 |1) Media usage 2014 (n = 1,501); based on Adults 14+ years; forsa, SevenOne Media
2) Magna Global (June, 2015), TV incl. Multichannel/Pay TV, Online including search (incl. Google) & other (incl. Facebook)
TV usage share1) clearly
higher than print …
37%
4%
Print usageTV usage
… while TV advertising
share2) still lagging behind
37%
Print advertising
22%
TV advertising
1%pt increase in media mix equals ~EUR 60m net TV ad revenues for P7S1
1 2 3 4 5
[share of usage, in %] [net share of advertising, in %]
TV usage share above print while TV ad share lagging behind …
%pts
∆
+33%pts
∆
-15
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… which strongly differs from media mix in other countries
Source: Magna Global (Jun, 2015), TV incl. Multichannel/Pay TV, Online including search & other
Share of advertising: TV vs. print 2014[in % of total media]
TV
1 2 3 4 5
2231
53
38
28
40 3945
3637
2115
19 17 1612
20 21
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National
RegionalNot directly
addressable2)
We see an addressable EUR 2.7bn print ad spending potential
1) Newspapers and magazines only; excl. professional magazines and direct mail
2) Not directly addressable: B2B, classifieds, tobacco, etc.
Source: Nielsen Media Research (2014)/SOM Market Insights
Gross print ad spendings 20141)
[in EUR bn]
National:
Core TV
potential
Regional:
TV & digital
potential
1.1
1.6
2.7
| Page 27
3.2
2.22.9
Total:
8.3
1 2 3 4 5
Addressable net print potential
(at 50% yield)
| Page 28| October 15, 2015 | | Page 28| October 15, 2015 |
Our strategy aims to strengthen & expand our leading position …
Key market dynamics Our strategic priority
Linear TV with stronger position in
Germany than in most other markets
Still comparably high print ad share
in Germany
TV and digital remain complementary
but with increasing convergence
Defend and broaden our
core TV business
Gain advertising business from
print with TV
Exploit synergies between TV
and our digital business
1 2 3 4 5
| Page 29| October 15, 2015 | | Page 29| October 15, 2015 |
… and translates into five priority actions
Broaden
channel
portfolio
Attack
Secure top
content
| Page 29
Drive
distributionand panel
coverage
Maximize
synergieswith digital
| Page 29
1 2 3 4 5
| Page 29
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Content: Multi-year deals secure our program beyond 2019
1 2 3 4 5
Key TV program already secured beyond 2019
Examples
| Page 31| October 15, 2015 | | Page 31| October 15, 2015 |
Channel portfolio: We have broadened our positioning …
1) Basis: All German TV households (Germany + EU), A 14-49 years, Mon-Sun, full day 3-3h
Source: AGF in cooperation with GfK/TV Scope/P7S1 TV Deutschland
1 2 3 4 5
9M 2015 audience shares1)
Grow small
channels
1.4% 1.4% 1.1%
Broaden core
channels
10.9% 9.4% 5.3%
Increase female share Become younger Increase relevance
Focus on female Strengthen elder female Become broader
| Page 32| October 15, 2015 | | Page 32| October 15, 2015 |
… and continue to launch new small channels
1 2 3 4 5
Families & mainstream
middle class
Innovative low cost,
mono-thematic channels
for stable target groups
that are attractive for
advertisers
Approach Target groups
Elderly/best agers
Females
Less digital Millennials
| Page 33| October 15, 2015 | | Page 33| October 15, 2015 |
Existing solution: Cable spot overlay
National spots with regional discount
SAT.1 regional windows
HbbTV 1.0 non-spot products
HbbTV 2.0 spot overlay
IPTV spot overlay (cooperation req.)
Mobile live stream targeting (e.g. 7TV)
Attack print: We are able to address regional potential of print
Long-termShort-term
Potential
ban 2016
Levers to address regional potential
1 2 3 4 5
HbbTV pricing
upside potential
due to print &
individual
TV targeting
| Page 34| October 15, 2015 | | Page 34| October 15, 2015 |
HD
Mobile
Distribution: We maximize the value of our program offering
Windowing MonetizationReach
Increased reach through new
technologies and devices
1 2 3 4 5
Optimized windowing along
entire value chain
First time monetization of
terrestrial HD distribution (2017)
Catch up/
archive
Live TV
Teaser Full preview
Connected TV
+ +
| Page 35| October 15, 2015 | | Page 35| October 15, 2015 |
Synergies: TV is the key enabler for our digital businesses
High potential for product
bundles and cross-promotion
>60k hrs top US studio content and
exclusive local content
Direct shopping through “clickable”
Smart TV/HbbTV
Content
Cross-
promotion
TV ad space at no additional cost Advertising
Sales channel
Shared customer data & insights Data
1 2 3 4 5
TV Dig. Entertainment
Ventures & Commerce
| Page 36| October 15, 2015 | | Page 36| October 15, 2015 |
How we
strengthen
our TV
position
2
How we
build our
Group
strategy on
key industry
trends
1
How we take
D&A to the
next level
3
Our strategy
2
How we
broaden our
production
footprint
4
What is our
financial
outlook?
5
Outlook
1 3 4 5
| Page 37| October 15, 2015 | | Page 37| October 15, 2015 |
PayVoD GamesAdVoDTravel
vertical
New
verticalsVentures
AdjacentDigital EntertainmentVentures & Commerce
Music, Artist Mgmt.,
Live, Licensing
Digital & Adjacent Market position
#4#1
Top
5
#2
Top
5
Top
5
#1
#1
#2
#1Beauty & Accessories
#1
#1
#1
#1
Online Comparison
Other assets
Top
5
Top
34)Top
35)
#1
#12)
#13)
Top
3
#2
#1
Leading German
media VC investor
(M4R/E)
Video Innovation Hub
7NXTNew
#1
#11)
1) Etraveli is the #1 flight player in the Nordics; Etraveli signed with envisaged closing in Q4 2015
2) Studio71 is #1 MCN in Germany, together with CDS top 5 globally 3) Yieldlab is #1 Premium SSP in DACH
4) SVoD market Germany, according to Forsa 5) Mobile and PC games publishers in Europe, excluding
direct publishing by developers, P7S1 estimates
| Page 37
We maintain leading positions with our D&A assets
1 2 3 4 5
| Page 38| October 15, 2015 | | Page 38| October 15, 2015 |
In Ventures & Commerce we continue our success story
1) Source: eMarketer
1 2 3 4 5
E-commerce market growing double-
digit globally1) We continue to
invest with M4R/E
and in Lead Gen assets,
to build new verticals in
the most attractive markets,
and grow these verticals in
Germany and internationally
with our platforms and M&A
International platform-driven players
entering German market
New local digital markets emerging,
e.g. for health or food products
Key market dynamics Our strategic priority
| Page 39| October 15, 2015 | | Page 39| October 15, 2015 |
We optimized our four phase approach to build verticals …
1 2 3 4 5
Test media fit of
markets with
M4R/E
Understand
markets with
asset-light invests
Build verticals
based on phase 1
and 2 learnings
Expand most
promising verticals
internationally
M4R/ELead Gen
InternationalVertical
Key criteria for
vertical selection:
• Synergies with TV
• Structural market
growth
• Attractive margins
• Synergies with
existing verticals
• Low likelihood of
disruptive forces
Example: Phases of Travel vertical
40 countries
| Page 40| October 15, 2015 | | Page 40| October 15, 2015 |
… and have proven that our vertical strategy creates synergies …
1) Estimated for FY 2015, rec. EBITDA w/o TV airtime costs
Note: Etraveli signed with envisaged closing in Q4 2015
We generate more revenues and cost savings with inter- and
intra-vertical synergies compared to standalone businesses
Marketing excellence (CRM, SEO, SEA)
Shared services (e.g. HR, Finance, Legal)
Cross-unit data management
Joint WKZ initiatives (ad allowance)
Cross-vertical lead gen and traffic pushExample:
Travel vertical >25%contribution to
revenue growth1)
>35%contribution to rec.
EBITDA growth1)
15%contribution to total
rec. EBITDA1)
1 2 3 4 5
| Page 41| October 15, 2015 | | Page 41| October 15, 2015 |
… therefore we take our vertical strategy to the next level
1 2 3 4 5
Focus on selected profitable
market segments vs. “cover
everything”
Segment focus
Create new revenue streams
by bundling video, social and
commerce (e.g. through new
video innovation hub 7NXT)
Blended offerings
Broaden commerce portfolio
with own exclusive offline
brands/products
Own brands
Establish multiple
distribution platforms for
attractive brands
New sales platforms
| Page 42| October 15, 2015 | | Page 42| October 15, 2015 |
In online video we further strengthen our position …
1 2 3 4 5
Key market dynamics Our strategic priority
Video entertainment is becoming a
local and global market (YouTube,
Facebook)
Advertising targeting is shifting from
context buying to audience buying
Global players (Netflix, amazon) are
pushing into the German SVoD market
We build a global video player
with key content verticals
around Studio71 and CDS,
create an Ad Tech stack
to broaden AdVoD business,
and secure our national PayVoD
top 3 position via distribution
| Page 43| October 15, 2015 | | Page 43| October 15, 2015 |
We create an own
Ad Tech stack along the
programmatic value chain
We secure our top 3
SVoD position through
distribution deals
We build the
foundation for further
global MCN expansion
… through global expansion, Ad Tech and distribution …
1 2 3 4 5
| Page 44| October 15, 2015 | | Page 44| October 15, 2015 |
… growing our total video views further
1) Video Views of P7S1 AdVoD platforms and mandates
2) Collective Digital Studio video views pro forma (deal closed in Q3 2015)
P7S1 total video views Germany1)
[in bn]
H1 2014
+47%
1.8
H1 2015
2.6
Mandate
1 2 3 4 5
Mandate Mandate
+9bnCollective
Digital
Studio2)
| Page 45| October 15, 2015 | | Page 45| October 15, 2015 |
We accelerate our growth with a “String of Pearls” M&A strategy
1 2 3 4 5
We will continue our “String of Pearls” strategy of bolt-on acquisitions and
opportunistic lighthouse deals to grow our commerce and entertainment business
Commerce examples
…
Entertainment examples
…
Bolt-on acquisitions accelerate our growth in
national and international markets
Attractive shareholder value creation potential
for us through synergies with TV and our verticals
Approach also includes joint deals with partners
(e.g. VC funds) to secure most attractive assets
| Page 46| October 15, 2015 | | Page 46| October 15, 2015 |
Summary: In D&A we focus on five priority actions
1 2 3 4 5
Strengthen
Ad Techfootprint
Become a
global online
entertainment
player
Leverage
TV and vertical
synergies
Continue
“String of
Pearls”M&A strategy
Build & grow
further
commerce
verticals
| Page 47| October 15, 2015 | | Page 47| October 15, 2015 |
How we
strengthen
our TV
position
2
How we
build our
Group
strategy on
key industry
trends
1
How we take
D&A to the
next level
3
Our strategy
2
How we
broaden our
production
footprint
4
What is our
financial
outlook?
5
Outlook
1 3 4 5
| Page 48| October 15, 2015 | | Page 48| October 15, 2015 |
Red Arrow has been showing continuous growth
Red Arrow has been on an
aggressive growth trajectory …
[external revenues, in EUR m]
… while establishing a global footprint
20142012 H1 2015
LTM
20132010
CAGR+90%
1 2 3 4 5
2011
1438
95
124
202
246
| Page 49| October 15, 2015 | | Page 49| October 15, 2015 |
Content production
1 2 3 4 5
Key market dynamics Our strategic priority
Fragmentation of demand side –
more smaller channels and digital/
OTT platforms
“Golden age of scripted” – high
demand for English-language fiction
content
Online market highly active, yet still
experimental
Create and own rights of
“traveling” formats to
maximize return across
channels/platforms
Expand US scripted
catalogue
Build online production
and sales capabilities
| Page 49
| Page 50| October 15, 2015 | | Page 50| October 15, 2015 |
How we
strengthen
our TV
position
2
How we
build our
Group
strategy on
key industry
trends
1
How we take
D&A to the
next level
3
Our strategy
2
How we
broaden our
production
footprint
4
What is our
financial
outlook?
5
Outlook
1 3 4 5
| Page 51| October 15, 2015 | | Page 51| October 15, 2015 |
We continued our strong financial performance in H1 2015 …
1 2 3 4 5
Double-digit underlying net income growth
rate above revenue and rec. EBITDA increase
Strong rec. EBITDA increase
Continued double-digit revenue growth
+14.8%
+12.2%
+8.6%
H1 2015 vs. H1 2014
| Page 52| October 15, 2015 | | Page 52| October 15, 2015 |
… and confirm our positive outlook for 2015 …
1 2 3 4 5
High single-digit Group revenue growth
TV ad performance in line with positive net TV ad market
Digital & Adjacent with double-digit revenue growth
Rec. EBITDA & underlying net income above prior year
| Page 53| October 15, 2015 | | Page 53| October 15, 2015 |
… driven by positive development in all segments
Broadcasting German-speaking
• Continuing growth environment in TV advertising and distribution
• Growing reach and improved monetization of new channels
• Continuing efficiency of content exploitation across channel portfolio
Digital & Adjacent
• Gaining scale in Ventures & Commerce and Digital Entertainment business
• Further internationalization of SevenVentures business (“importer of choice”)
• Leveraging TV power, vertical synergies and scale of commerce portfolio
Content Production & Global Sales
• Broadening footprint in English-speaking markets
• Increasing benefits from traveling formats and returning shows
• Growing scripted and non-scripted catalogue through content investments
1 2 3 4 5
| Page 54| October 15, 2015 | | Page 54| October 15, 2015 |
We already achieved our current 2018 targets to a high degree …
1) 2018 target has already been exceeded
2012-18 revenue growth target, degree of achievement[achievement based on H1 2015, in EUR m]
343
674
182
Broadcasting
German-speaking
Digital & Adjacent
600
300
Content Production
& Global Sales
1,000
1501)
150%
Achievement by H1 2015
Current CMD 2018 target
57%61% 67%
Target achievement in %
1 2 3 4 5
100
Current
rec. EBITDA
growth target:
EUR
200-250m
| Page 55| October 15, 2015 | | Page 55| October 15, 2015 |
… and therefore raise our revenue & rec. EBITDA growth targets
1 2 3 4 5
300600
+175
+75
1,200+850
1,000
100
375275
1,850
+600
CMD 2018 target increase
Initial CMD 2018 target
2012-18 revenue growth target increase[in EUR m]
Broadcasting
German-speaking
Digital & Adjacent Content Production
& Global Sales
New
rec. EBITDA
growth target:
EUR
350m