MFE-MEDIAFOREUROPE N.V. 
By Mediaset Board of Directors Meeting 14 May 2013
FIRST QUARTER 2013 RESULTS APPROVED
Consolidated results
Net revenues: EUR831.6 million
Operating profit (EBIT): EUR53.4 million
Net profit: EUR9.3 million
Net debt: down to EUR1,584.3 million
Italy
Net revenues: EUR635.4 million
Operating costs: down to EUR600.8 million
Operating profit (EBIT): EUR34.6 million
Net profit: EUR4.2 million
Ratings: Mediaset channels leaders in the commercial target
in all the main time bands
Canale 5 Italy's most popular channel
Premium pay-TV revenues: up to EUR144.5 million
Spain
Net revenues: EUR196.6 million
Operating profit (EBIT): EUR18.8 million
Net profit: EUR12.5 million
Ratings: Mediaset España channels
leaders in prime time and the 24-hours
The Board of Directors of Mediaset, which met today under the Chairmanship of Fedele Confalonieri, has approved the report for the first quarter of 2013.
In the context of a persistent economic crisis, the Mediaset Group ended the first quarter of the year with positive results in terms of operating profitability, EBIT and a reduction in its debt level.
These results were achieved thanks to significant efficiency measures such as the previously announced structural cost-reductions that have not only been confirmed but enhanced. On the other hand, consumer spending - and consequently the advertising market - remains in a dramatic slump with the inevitable impact on the Group's revenues.
It is clear that when the economy in general begins to show signs of a recovery, Mediaset will be in a position to ensure its contribution to the overall system, also in terms of investment and development.
The performance of the Mediaset Group in the first three months of 2013 is summarised in the following results:
MEDIASET GROUP: CONSOLIDATED RESULTS
- The consolidated net revenues of the Mediaset Group came to EUR831.6 million, compared with the EUR977.8 million in the first quarter of 2012.
- The Group's EBIT rose to EUR53.4 million, compared with EUR38.5 million in the same period of the previous year.
- Operating profitability rose to 6.4%, compared with 3.9% in Q1 2012.
- Net profit attributable to the Group amounted to EUR9.3 million, compared with EUR10.1 million in the first quarter of the previous year
- There was a fall in the Group's net debt from EUR1,712.8 million at 31 December 2012 to EUR1,584.3 million at 31 March 2013).
A BREAKDOWN OF RESULTS BY GEOGRAPHIC AREA
Italy
- In the first quarter of 2013 consolidated net revenues amounted to EUR635.4 million, compared with EUR760.2 million in the same period of the previous year.
In particular:
- Advertising revenues in the period were affected by the continuing recession that in 2012 led to a marked reduction in advertising expenditure. In this context total gross advertising sales by Publitalia '80 and Digitalia '08 came to EUR501.8 million, compared with EUR622.7 million in Q1 2012, in line with the television advertising market reflected in the Nielsen figures for the quarter.
- Mediaset Premium Revenues: sales from Premium's characteristic business - card sales, re-charges, Easy Pay subscriptions - rose to EUR144.5 million, compared with EUR131.1 million in the same period of 2012 (+10.2%).
- Total operating costs, including amortizations, were down to EUR600.8 million, compared with EUR742.0 million in Q1 2012 (-19.0%) in line with declared efficiency targets.
- EBIT rose to EUR34.6 million, compared with EUR18.1 million in Q1 2012.
- Net profit rose to EUR4.2 million, compared with EUR1.3 million in the first quarter of 2012.
Ratings: in an increasingly competitive TV market, the Mediaset channels confirmed their leadership in the commercial target in all the main time bands: 37.3% in prime time and 36.2% in the 24-hours.
Canale 5 was the most popular channel in the commercial target, both in prime time (18.4%) and the 24-hours (17.6%).
Spain
- In the first three months of 2013 consolidated net revenues generated by the Gruppo Mediaset España amounted to EUR196.6 million, compared with EUR218.0 million in the same period of the previous year.
- Gross television advertising revenues came to EUR191.2 million, compared with EUR221.3 million in Q1 2012.
- EBIT for the period came to EUR18.8 million, compared with EUR20.4 million for the first three months of 2012.
- Net profit amounted to EUR12,5 million, compared with EUR21.2 million in Q1 2012.
- Ratings: in the first three months of the year the channels of the Grupo Mediaset España were leaders in both prime time (27.3%) and across the 24-hours (28.4%). Telecinco confirmed its position as the country's most popular commercial channel across the entire day (13.1%).
FORECAST FOR THE YEAR
The figures for advertising sales at the end of the four months of the year show that both in Italy and Spain there was a downturn compared with the previous year, in line with the trend recorded for the first quarter.
Even if the main clients and media buyers in their respective countries are beginning to give some signals of increased dynamism and stabilisation in the second half of the year, the poor visibility and economic uncertainty and instability in both countries do not allow for reliable forecasts on the trends in advertising sales over the full year.
In Italy, the Group remains focused on implementing the three-year cost-reduction plan (2012-2014). The results achieved in 2012 and the first quarter of 2013 make it possible to hope that the announced reduction in structural costs can be achieved ahead of schedule.
Despite the difficult scenario, also in 2013 the attention of the Group will be focused on consolidating market share in the respective advertising market segments, cash generation and medium term profitability.
The executive responsible for the preparation of the Mediaset S.p.A. accounts, Luca Marconcini, 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, May 14, 2013
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