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Annual Report 2007

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Annual Report 2007 Five-year summary Annual report 2007 The leading European entertainment network 2007 2006 2005 2004 2003 €m €m €m €m €m RTL Group 45, boulevard Pierre Frieden Revenue 5,707 5,640 5,115 4,878 4,452 L-1543 Luxembourg – of which net advertising sales 3,615 3,418 3,149 3,016 2,706 T: +352 2486 5201 Other operating income 71 86 103 118 76 F: +352 2486 5139 Consumption of current programme rights (2,048) (1,968) (1,788) (1,607) (1,501) www.rtlgroup.com Depreciation, amortisation and impairment (213) (217) (219) (233) (335) Other operating expense (2,689) (2,764) (2,518) (2,495) (2,201) Amortisation and impairment of goodwill and fair value adjustments on acquisitions of subsidiaries and joint ventures (142) (14) (16) (13) (317) Gain/(loss) from sale of subsidiaries, joint ventures and other investments 76 207 1 (18) 3 Profit from operating activities 762 970 678 630 177 Share of results of associates 60 72 63 42 (4) Earnings before interest and taxes (“EBIT”) 822 1,042 741 672 173 Net interest income/(expense) (4) 2 (11) (25) (35) Financial results other than interest 26 33 2 (19) (20) Profit before taxes 844 1,077 732 628 118 Income tax income/(expense) (170) 34 (116) (196) (95) Profit for the year 674 1,111 616 432 23 Attributable to: RTL Group shareholders 563 890 537 366 14 Minority interest 111 221 79 66 9 Profit for the year 674 1,111 616 432 23 pages ratings, EBITA 898 851 758 709 487 174 Plus: awards, Amortisation and impairment of goodwill strong (incl. disposal group) and fair value adjustments on of anniversaries acquisitions of subsidiaries and joint ventures (152) (14) (16) (13) (317) and Amortisation of fair value adjustments advertising on acquisitions of associates – (2) (2) (6) – revenues highlights Gain/(loss) from sale of subsidiaries, results joint ventures and other investments 76 207 1 (18) 3 and Earnings before interest and taxes (“EBIT”) 822 1,042 741 672 173 Earnings per share (in €) – Basic 3.67 5.79 3.50 2.38 0.09 – Diluted 3.67 5.79 3.50 2.38 0.09 Ordinary dividend per share 1.30 1.20 1.05 0.95 0.80 Extraordinary dividend per share 3.70 1.80 – – – Dividends paid (€million) 774 464 163 146 123 Average number of full-time equivalent employees 8,894 8,788 8,771 8,221 7,465 Net assets (€million) 6,431 6,151 5,348 4,862 4,268 Net cash/(debt) (€million) 1,059 734 267 246 (298) In late 2006 Leona Lewis won the TV talent show The X Factor (produced by FremantleMedia). Within one year she has become an international pop star. 2007 report Annual Group RTL How RTL Group increased revenue and EBITA for the sixth consecutive year Key figures RTL GROUP Fully consolidated profit + 180.5 % (2007: –5.4%) INDEX = 100 DJ STOXX centres at a glance + 30.6 % Share price performance 2003–2007 (2007: –6.7%) Dividend per share 2003–2007 (€) * * Of which € 3.70 pro- 07 5.00 posed extraordinary ** dividend per share 06 3.00 05 1.05 ** Of which € 1.80 2007 2006 2005 2004 2003 2007 2006 2005 2004 2003 extraordinary Germany: television and radio €m €m €m €m €m Belgium: television and radio €m €m €m €m €m 04 0.95 dividend per share 03 0.80 Revenue 1,983 1,965 1,858 1,826 1,877 Revenue 210 186 174 167 148 + 66.7% EBITA 336 301 244 262 261 EBITA 49 34 28 26 28 Adjusted earnings per share*** 2003–2007 (€) 2007 2006 2005 2004* 2003 2007 2006 2005 2004 2003 France: television €m €m €m €m €m France: radio €m €m €m €m €m *** Adjusted earnings 07 3.54 per share represents 06 3.52 the net profit for the period adjusted Revenue 1,357 1,410 1,270 1,145 570 Revenue 190 198 198 207 208 05 2.96 for impairment of EBITA 237 249 229 207 100 EBITA 33 33 37 43 41 goodwill, disposal 04 2.62 groups and * M6 has been fully consolidated from February 2004 amortisation of fair 03 2.14 value adjustments on acquisitions, gain or + 0.6% loss from sale of 2007 2006 2005 2004 2003 2007 2006 2005 2004 2003 subsidiaries, joint FremantleMedia: content €m €m €m €m €m Luxembourg: television, radio and technical services €m €m €m €m €m ventures and other Revenue 2003–2007 (€million) investments, net of income tax expense Revenue 1,132 1,128 947 866 819 Revenue 86 79 110 125 – and one-off tax effects 07 5,707 EBITA 131 125* 104 101 68 EBITA 1 1* 16 5 – 06 5,640 * Restated * Restated 05 5,115 2007 2006 2005* 2004 2003 2007 2006 2005 2004 2003 04 4,878 UK: television €m €m €m €m €m Croatia: television €m €m €m €m €m 03 4,452 + 1.2% Revenue 499 466 370 276 250 Revenue 48 44 38 14 – Revenue per EBITA 10 (1) 36 18 9 EBITA 2 0 (8) (19) – EBITA 2003–2007 (€million) business segment 2007 (€million) * Five has been fully consolidated from September 2005 07 898 TV 4,418 2007 2006 2005 2004 2003 06 851 Content 1,176 Netherlands: television and radio €m €m €m €m €m 05 758 Radio 279 04 709 Other 65 Revenue 408 350 358 338 327 03 487 Eliminations (231) EBITA 85 70 46 39 25 + 5.5% Total 5,707 Equity 2003–2007 (€million) EBITA per business segment 2007 (€million) 07 6,431 06 6,151 TV 731 05 5,348 Content 126 04 4,862 Radio 79 03 4,268 Other (38) + 4.6% Total 898 Market capitalisation 2003–2007 (€billion) Shareholding structure 31 December 2007* * Excluding 0.76% 07 12.5 which is held collectively 06 13.1 as treasury stock by Bertelsmann RTL Group and one of 05 10.5 90.3% RTL Group its subsidiaries 04 8.5 03 7.3 Public 9.7% – 5.4% 2007 was the most successful business year in the history of RTL Group. Australian Idol 2007 Grand final for the fifth season of Australian Idol at the Sydney Opera House on 25 November 2007. When Natalie Gauci finally took the 2007 crown, half of the audience in the 18 to 49 age group watching commercial television tuned in to the show. Contents 6 Chairman’s statement 8 Chief Executive’s report 12 Profit centres at a glance 14 The year in review 40 Treading the red carpet 48 The power of our brands 62 Corporate responsibility 68 Operations 70 How we work 72 Operations Management Committee 74 Corporate governance 78 The Board 83 Financial information 84 Directors’ report 109 Auditors’ report 110 Consolidated financial statements 114 Notes 171 Fully consolidated profit centres at a glance 173 Five-year summary Chairman’s statement 6 RTL Group Annual Report 2007 “Withsubstantialcash generationanda strongbalancesheet, theGrouphasample financialflexibilityto pursuevalue-creating investments.” Siegfried Luther, Chairman of the Board of Directors it would not proceed with a contemplated voluntary public offer for RTL Group shares for the time being, “in light of uncertainties” in the Luxembourg Takeover Law, while 2007offeredclearproofoftheoperational maintaining its strategic goal to take RTL Group private. andfinancialstrengthofourGroup.For If Bertelsmann does indeed make an offer, the RTL Group thesixthconsecutiveyear,RTLGroup Board of Directors will assess it in accordance with reportssignificantgrowthofitsoperating the interests of the company and its minority shareholders. profit.Withsubstantialcashgeneration The RTL Group share price ended the year at €80.77, down andastrongbalancesheet,theGroup 5.4 per cent from the end of 2006, though this was better hasamplefinancialflexibilitytopursue than the DJ STOXX index of European media shares which value-creatinginvestments. was down 6.7 per cent over the year. At the end of the year, Gunter Thielen and Ewald Walgenbach resigned from RTL Group’s Board of Directors. The resignations followed changes in the Bertelsmann AG Executive Board. RTL Group is in excellent shape. This is ever more important, The Board thanks Gunter Thielen and Ewald Walgenbach for as the digital world presents many opportunities and their contribution in building RTL Group’s strong position and challenges for a broadcasting and production company such for their loyal services as members of the Board of Directors. as RTL Group. I am pleased to report that the Board and the management team all agree on three appropriate strategic The RTL Group Board co-opted Hartmut Ostrowski, the new responses: first, developing and strengthening our families Chairman and Chief Executive Officer of Bertelsmann AG. of channels. The strong results generated by the RTL families Replacing Mr Thielen, he has joined the RTL Group Board as in Germany, the Netherlands and Belgium, and also by Groupe non-executive director as from 1 January 2008 and has M6 in France, underline the validity of this concept. In the UK, also become a member of the Nomination and Compensation where RTL Group operates the young Five family, the company Committee. had to record a significant impairment of goodwill, mainly due to stronger competition in the increasingly fragmented UK Finally, I would like to thank everyone within our Group television market, affecting all established broadcasters. companies and at the Corporate Centre for their magnificent effort, initiative, creativity and dedication. Without their The second response is to further increase our non- commitment and hard work, such a strong overall performance advertising revenue streams, not only by activities such as would not be possible. merchandising, shopping or testing new digital business models, but also by significantly growing our production unit, FremantleMedia, across all markets.
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