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Mediaset Group MEDIASET GROUP Report on operating performance in the first half of 2002 Interim Report 2002 MEDIASET S.p.A. - via Paleocapa, 3 - 20121 Milan Share capital EUR 614,238,333.28 wholly paid-in Taxpayer’s code, VAT number and registration number in the register of companies in Milan: 09032310154 Report on operating performance in the first half of 2002 Interim Report 2002 BOARD MEMBERS Board of Directors Chairman (*) Fedele Confalonieri Deputy Chairman (*) Pier Silvio Berlusconi Managing Director (*) Giuliano Adreani Directors Franco Amigoni Tarak Ben Ammar Marina Berlusconi Pasquale Cannatelli Enzo Concina Maurizio Costa Mauro Crippa Gilberto Doni Bruno Ermolli Adriano Galliani (1) Marco Giordani Alfredo Messina Jan Mojto (*) Gina Nieri Roberto Ruozi (*) Claudio Sposito Board of Statutory Auditors Chairman Achille Frattini Regular Auditors Francesco Antonio Giampaolo Riccardo Perotta Supplementary Auditors Gianfranco Polerani Francesco Vittadini Independent Auditors Deloitte & Touche S.p.A. (*) Members of the Executive Committee (1) Resigned on 10 July 2002 CONTENTS Report on operations in the first half of 2002................................................................................... 1 The general economic situation................................................................................................................ 5 Financial and economic results of the Mediaset Group............................................................................ 6 Drafting criteria................................................................................................................................... 6 Economic results................................................................................................................................. 6 Balance sheet and financial position .................................................................................................... 13 Results of the parent company, Mediaset S.p.A. ...................................................................................... 15 Investments in subsidiary and affiliated companies................................................................................... 17 Structure and operations of the Mediaset Group..................................................................................... 19 Commercial television - Italy .............................................................................................................. 19 Advertising division........................................................................................................................ 19 Broadcasting and contents division................................................................................................ 20 Commercial television - International................................................................................................. 32 Multimedia and telecommunications division ..................................................................................... 33 Personnel.................................................................................................................................................. 35 Legal developments in the television industry .......................................................................................... 36 Relationships with companies in the Fininvest Group and the Mediolanum Group and “related parties” ................................................................................... 37 Significant events after 30 June 2002 ........................................................................................................ 38 Foreseeable developments....................................................................................................................... 39 Report on the limited auditing by the Independent Auditors ....................................................... 41 Consolidated balance sheet and income statement at 30 June 2002 .... ...................................... 45 Notes to the consolidated financial statements........................................ ...................................... 53 Form and content..................................................................................................................................... 55 Main changes in the consolidation area and investments in subsidiary and affiliated companies made in the first half of 2002 ........................................................ 55 Consolidation method .............................................................................................................................. 56 Valuation criteria and accounting policies................................................................................................. 56 Additional information.............................................................................................................................. 60 Comments on the main items Assets.................................................................................................................................................. 61 Shareholders’ equity and liabilities ...................................................................................................... 71 Off-balance sheet items ...................................................................................................................... 78 Income statement ............................................................................................................................... 80 Attachments ............................................................................................................................................. 87 Interim Report 2002 Report on operations in the first half of 2002 MEDIASET GROUP MEDIASET GROUP Report on operations in the first half of 2002 Dear Shareholders, The Group heading your company achieved the following results in the first half of 2002: consolidated net revenues amounted to EUR 1,301.6 million compared to EUR 1,369.7 million of the same period of the previous year, with a 2.9% decrease, net of the effect arising in the first half of 2001 from the proportional consolidation of the Epsilon group; EBITDA amounted to EUR 800.2 million compared to EUR 846.7 million recorded in the same period of the previous year, basically at the same percentage level of revenues (61.5% compared to 61.8% in the first half of 2001); EBIT reached EUR 413.0 million, compared to EUR 500.3 million in the first half of 2001, net of amortisation, depreciation and write- downs amounting to EUR 387.2 million (EUR 346.4 million in the first half of 2001). Operating profitability amounted to 31.7% compared to 36.5% recorded at the end of the first half of 2001. EBT amounted to EUR 357.2 million (compared to EUR 450.3 million achieved in the first half of 2001), with a decrease due to the economic effect of the period, equal to EUR 31.9 million, connected to the write- down which cancelled the book value (EUR 203.8 million) of the 2.28% investment held in Kirch Media GmbH & Co KgaA, for which a provision of EUR 171.9 million had already been allocated at 31 December 2001. This write-down, in consideration of the beginning of the bankruptcy procedure of this company, mirrors the likely impossibility to recover the capital invested. The simultaneous start of the preliminary insolvency procedure against the Kirch Media parent company, Taurus Holding, makes it difficult to receive the amount, equal to the capital invested by Mediaset plus the interest, which according to the contract should be paid by Taurus Holding to Mediaset with respect to the exercise of the put option carried out in the second quarter of this year. The parent company, Mediaset S.p.A. achieved at the end of the period an EBT of EUR 167.0 million, compared to EUR 337.8 million achieved in the same period of the previous year, after amortisation, depreciation and write-downs amounting to EUR 84.7 million. Consolidated economic results obtained in the first half of 2002 confirm the main trends in terms of the television core business operations in the first quarter, and are in line with period estimates. In particular, in the first half of 2002, advertising sales on Mediaset networks with third parties, though still lower on the whole (-2.6%) than the amount recorded in the same period of 2001, continue to be higher (+1,6%) than the highly exceptional amount recorded in the same period of 2000; television operating costs were instead reduced, in line with the expected containment objectives on a yearly basis, by 4.2%. By virtue of these results, but also of the higher amortisation of television rights, an element which is difficult to reduce during the year, since it is largely generated by the high purchase volumes of previous years, the period EBIT fell by EUR 87.3 million compared to the first half of 2001, a period in which income results were affected by the positive trend of advertising sales. The expected more favourable trend in advertising sales in the second half of the year, together with the continuous reduction of television operating costs that has already been planned for summer and autumn schedules will progressively bring back in line, as expected, the economic margins on an annual basis, and lead to the achievement of EBITDA at a stable level and significant operating profitability. 3 Interim report 2002 Mediaset Group: Report on operations In spite of a still weak economic situation and the presence of factors of instability and uncertainty,
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