RTL GROUP PRESENTATION Brussels, 21 June 2013
The leading European entertainment network Agenda
● Q1 HIGHLIGHTS o Business Review o Strategy Review
2 Quarter 1 highlights 2013
REVENUE €1.3 billion
REPORTED EBITA continuing operations €207 million
EBITA MARGIN CASH CONVERSION NET DEBT POSITION NET RESULT 15.6% 164% €278 million €133 million
QUARTER 1
BUSINESSES
STRATEGY STRONG OPERATIONAL RESULTS AND EXCEPTIONAL CASH GENERATION 3 Agenda o Q1 highlights ● BUSINESS REVIEW o Strategy Review
4 Leading integrated pan-European entertainment network with a truly global presence
BROADCAST + CONTENT + DIGITAL P #1 in Europe P #1 global TV P Follow viewers entertainment across all platforms P #1 in Germany producer P Online network of P #1 in Benelux P Productions in 62 200+ websites countries >6.9bn video views #2 in France P P P Distribution into 150+ markets
RTL Group 2012
QUARTER 1 Revenue EBITA BUSINESSES €6.0bn €1.1bn
STRATEGY 5 RTL Group: at the heart of the European media ecosystem
LARGEST EUROPEAN FTA BROADCASTER LARGEST EUROPEAN CONTENT PRODUCER / DISTR.
2012 CONSOLIDATED REVENUES (€BN) 2012 REVENUES (€MN)
€6.0bn
1,711 €3.7bn
2x €2.7bn (a) 870
€2.6bn 12x
138 €2.4bn
QUARTER 1
BUSINESSES Scale matters: first choice partner for advertisers, content creators and rights owners
STRATEGY (a) Converted from £712 at Global Insight 2012 rate of 0.819 £/€ 6 Source: Screen Digest, company filings Leading positions in key European markets
GERMANY FRANCE #1 #2
6 FTA channels 3 FTA channels 3 Pay channels 8 Pay channels #1 Audience/ad shr. #2 Audience/ad shr. 54% Group EBITA 21% Group EBITA
NETHERLANDS BELGIUM #1 #1
4 FTA channels 3 Pay channels 3 FTA channels #1 Audience/ ad shr. #1 Audience/ad shr. Germany, France, Netherlands, Belgium TV 4% Group EBITA (a) 9% Group EBITA account for close to 90% of Group EBITA
LUXEMBOURG #1 SPAIN #2 HUNGARY #1 CROATIA #2 INDIA NEW
# Audience Share
QUARTER 1
BUSINESSES Leading positioning leads to premium ad prices and strong cash flows
STRATEGY (a) RTL Belgium consolidates Belgian radio operations representing 2% of RTL Group EBITA; radio operations in Germany and France report as separate segments 7 Note: % of Group EBITA taken as % of total; includes negative contributions composed mainly of Corporate Centre costs Other Regions include: Spain (7 FTA channels, 1 Pay channel), Hungary (1 FTA channel, 7 Pay channels), Croatia (2 FTA channels) and India (1 Pay channel). Radio stations, not shown, include: Germany (18 radio stations 4 stations with #1 position); France (3 radio stations with #1 audience/ad share) Benelux (5 radio stations); Spain (2 stations) Audience share growth: successful channel family strategy, branding and programming…
Family concept GERMANY FRANCE NETHERLANDS
Flagship/ FTA
Thematic/ Pay
2.2 0.8 1.7 Audience share gain +1.4pp +9.1pp 2008 to 2012 +2.3pp 0.3
-1.5 -6.9
QUARTER 1
BUSINESSES Channel families successfully increase audience share and counter fragmentation
STRATEGY Note: Year-on-year audience shares can fluctuate over short reference periods; Source: Germany: AGF/GfK, TV Scope 5.0, 14-49 year olds, all day, includes Super RTL and RTL II; France: Médiamétrie, Housewives <50, all day; 8 Netherlands: SKO, 20-49 year olds, prime time …drives outperformance across our TV ad markets
GERMANY FRANCE NETHERLANDS
13% 6% 10% 10% +3pp +10pp +11pp
TV ad market growth outperfomance 2008 to 2012
-4% -1%
Market Market Market
Net TV advertising market RTL Group net TV ad revenue
QUARTER 1
BUSINESSES First choice for advertisers across our footprint
STRATEGY Note: Represents cumulative TV ad share growth; German data starting from 2009 as 2008 data is distorted by a structural change in the TV advertising market due to a competitor’s shift in ad sales model which allowed Mediengruppe RTL Deutschland 9 to make an exceptional net TV advertising market share gain to 46.4%; Germany includes 100% of RTL II and Super RTL Source: RTL Group estimates, ZAW Jahrbuch, IREP, SPOT (spot and non-spot) Germany: #1 broadcaster with strong online network
MEDIENGRUPPE RTL DEUTSCHLAND
BROADCAST DIVERSIFICATION
Flagship (1984)
Online/ 2nd Gen Mobile (from 1993) Teletext
Niche FTA (2012) Media Services/ Licensing/ games Digital pay thematics Rights (2006)
QUARTER 1 Strong online & mobile portfolio, BUSINESSES Strongest family of channels profitable licensing & distribution STRATEGY 10 Focus on first class local content…
STRONG LOCAL CONTENT
RTL TELEVISION SPLIT BY PROGRAMME HOURS 2011 Daytime #1 News & Magazines #1
32% Reality #1 28%
Local Fiction #1 2% Sport #1 13% 13%
13% US Series / Movies #1 Entertainment Shows #1
# Audience Share
QUARTER 1
BUSINESSES 87% locally produced, of which 30% in-house
STRATEGY 11
Source: AGF in cooperation with GfK, TV Scope 5.0, 2012, target group 14-49, individuals 3+; differences due to rounding ...leads to strongest channel family...
AUDIENCE MARKET LEADERSHIP
(14-49 YEAR OLDS, ALL DAY – JAN-DEC 2012)
MGD RTL 33.7% P7S1 27.8% Pubcaster 19.1%
15.9%
11.3% 9.9% 7.7% 6.4% 5.6% 7.0% 6.8% 5.3% 2.2% 1.1% 0.4% 1.0% n/a
RTL VOX RTL II Super n-tv Nitro Pro7 Sat1 Kabel 1 Sixx Sat 1 ARD ZDF Dritte RTL Gold JAN-MAR 2013 (VS 2012 ANNUAL) 16.1 8.1 6.5 2.2 1.0 0.7 10.6 9.3 5.5 1.0 0.2 6.6 6.7 5.4 RTL MGD: 34.6% P7S1: 26.6% Pubcaster: 18.8%
Increase Decrease No change
QUARTER 1
BUSINESSES Leading and growing audience share across channel family
STRATEGY 12 Source: AGF in cooperation with GfK, TV Scope 5.0; differences due to rounding …and solid Q1 financial results
AUDIENCE SHARE – FAMILY OF CHANNELS SHARE OF NET ADVERTISING MARKET (in %) 14-59 (in %)
46.4 RTL 31.5 32.4 32.6 RTL 30.9 31.3 31.7 43.8 43.9 29.4 30.1 43.5 44.4 43.9 29.5 43.3 43.7 27.4 27.6 26.7 26.4 26.9 26.9 26.0 43.4 43.1 25.2 41.6 41.4 41.4 40.8 41.4 P7S1 23.9 P7S1 39.2
2005 2006 2007 2008 2009 2010 2011 2012Q1 2013 2006 2007 2008 2009 2010 2011 2012 Q1 2013 Note: P7S1 includes N24 up to 2010. 2011 and 2012 exclude Sixx AUDIENCE SHARE 14-59 (in %) KEY FINANCIALS (in € million)
REVENUE EBITA +/-0 -0.8 -0.7 +/-0 +0.3 -0.1 456 461
15.0 ROS ROS 23.9% 29.1% 9.3 8.2 7.8 134 5.6 5.2 109
QUARTER 1 RTL Sat.1 Pro7 RTL II Vox Kabel1 Q1 2012 Q1 2013 Q1 2012 Q1 2013 x Percentage point deviation vs FY 2012 BUSINESSES Source: GfK, ZAW and RTL Group estimates
STRATEGY 13 STRONG FINANCIAL AND OPERATIONAL PERFORMANCE France: strong #2 broadcaster with differentiated diversification
GROUPE M6
BROADCAST DIVERSIFICATION
Flagship Online (1987)
Mobile 2nd Gen (from 2005)
Rights Distr.
Niche FTA (2012) Music/ Shows
Distance Digital pay Selling thematics (from 1996)
Sports
M6 the #2 FTA channel, W9 the leading DTT Profitable businesses including e-commerce, rd QUARTER 1 channel in Europe’s 3 largest market mobile, online and rights distribution
BUSINESSES
STRATEGY 14 Groupe M6: consistent outperformer in French market
OUTPERFORMANCE: AUDIENCE SHARE OUTPERFORMANCE: NET TV AD GROWTH
HOUSEWIVES <50 ALL DAY 11.7% 11.2% 37.7% 2.4% 1.6%
-3.5% -4.5% 33.0% 33.3% 2010 2011 2012 Groupe M6 Market
17.5pp 10.4pp SOLID RESULTS, GOOD MARGINS (€MN)
EBITA 22.9% REVENUE EBITA 18% 16% 21.2% 1,421 Margin 20.2% 1,387 550 536 249 224 35 54 2005 2008 2012 871 850 214 170 Groupe M6 Groupe TF1
2011 2012 2011 2012 TV Diversification
QUARTER 1
BUSINESSES Groupe M6 strong number 2, steadily closing the gap to the competition
STRATEGY 15 Source: Médiamétrie, Housewives under 50; IREP, RTL Group estimates, Company data With Q1 results demonstrating financial strength
AUDIENCE SHARE – MAIN CHANNELS NET TV ADVERTISING MARKET DEVELOPMENT HOUSEWIVES <50 ALL DAY (in %) Q1 2013 VS Q1 2012 (in %) -1.0 +0.1 -1.2 -0.5 +2.6
44.1 Market M6 TF1 25.6 16.0 9.8 4.5 -3.9
M6 TF1 France 2 France 3 Others -10.8 -13.0
x Percentage point deviation vs FY 2012 M6 and TF1: based on published information. Market : RTL Group estimates
AUDIENCE SHARE – FAMILY OF CHANNELS KEY FINANCIALS (in € million) HOUSEWIVES <50 ALL DAY (in %) REVENUE EBITA -0.9 +0.2 -2.7 355 349
32.4 ROS ROS 20.3 18.2 17.7% 17.2%
63 60 Groupe M6 TF1 Group France Télévisions
x Percentage point deviation vs FY 2012 QUARTER 1 Source: Médiamétrie, housewives under 50, RTL Group estimates Q1 2012 Q1 2013 Q1 2012 Q1 2013 BUSINESSES Groupe M6: M6 and W9; TF1 Group: TF1, TMC and NT1; France TV: Fr2 – Fr5
STRATEGY 16 SOLID PERFORMANCE IN DIFFICULT MARKET CONDITIONS Netherlands: #1 broadcaster with innovative digital offers
RTL NEDERLAND
BROADCAST DIVERSIFICATION
Flagship (from 1989) Online/ Mobile
2nd Gen (from 1993)
Teletext/ Telephony
Digital pay thematics (from 2009) Rights/ Licensing
Market leader, well positioned #1 online video sales house with growing channel family with top content digital portfolio QUARTER 1
BUSINESSES
STRATEGY 17 RTL Nederland: clear market leadership….
AUDIENCE SHARE LEADERSHIP NET TV ADVERTISING GROWTH
20-49, PRIMETIME 15.4% 10.2% 11.7% 32.9% 4.3% 32.3%
30.1% -6.1% -5.4% 2010 2011 2012 3.2pp 12.3pp RTL Nederland Market
26.9% 24.0% STRONG TOP-LINE & PROFITABILITY (€MN)
REVENUE EBITA 20.0% EBITA 25% 23% Margin 430 431
108 97 2008 2010 2012 RTL Nederland SBS
2011 2012 2011 2012
QUARTER 1
BUSINESSES Strongly positioned family of channels outperforming competition
STRATEGY 18
Note: Revenue and EBITA in 2011 exclude radio operations …..continuing into Q1 2013
AUDIENCE SHARE: 20-49, PRIMETIME (in %) NET TV ADVERTISING MARKET DEVELOPMENT Q1 2013 vs Q1 2012 (in %)
+1.3 -3.0 -0.8 -1.4 +0.9
Market RTL Nederland
19.8 14.4 8.4 4.5 5.6
-5,7 RTL 4 NED 1 SBS 6 RTL 5 Net 5 -7,2
x Percentage point deviation vs FY 2012 Source: RTL Group estimates (spot and non-spot)
AUDIENCE SHARE – FAMILY OF CHANNELS KEY FINANCIALS (in € million) 20-49, PRIMETIME (in %) REVENUE EBITA -0.1 +0.7 -2.4 90 92 ROS ROS 5.6% 4.3%
32.2 26.7 20.7 5 4
Q1 2012 Q1 2013 Q1 2012 Q1 2013 QUARTER 1 RTL Nederland SBS Ned 1-3 x Percentage point deviation vs FY 2012 BUSINESSES
STRATEGY 19 MARKET LEADERSHIP MAINTAINED RTL Belgium, undisputed market leader
RTL BELGIUM SNAPSHOT BELGIUM SOUTH TV AD MARKET AND RTL BELGIUM Key highlights SHARE (2008-2012) CAGR 2.4% o Audience share leader by a 220 197 214 203 1st Gen significant margin 189 0.18% 0.18% 0.18% 0.19% 0.18% o Ad share leadership – 3x bigger than closest 2nd Gen competitor 2008 2009 2010 2011 2012 Ad mkt o Leading formats across all 70.2% 71.3% 70.4% 71.0% 71.5% show types share Radio Note: TV ad intensity is based on whole of Belgium TV ad intensity o Leadership in radio Source: RTL Group estimate, IMF, Screen Digest Net TV market (€mn) AUDIENCE SHARE DEVELOPMENT RTL BELGIUM FINANCIAL PERFORMANCE (BELGIUM SOUTH, 18-54, PRIME TIME) Q1 €MN 2009 2010 2011 2012 2013 38.9% 38.3% 37.8% 36.3% 36.1% RTL Revenue 203 219 216 210 51
Growth -6% 8% -1% -3% -6% RTBF 17.7% 18.2% 17.9% 18.6% 19.1% TF1 17.2% 17.7% 16.9% 17.3% 17.2% EBITA 36 45 46 45 12
QUARTER 1 2009 2010 2011 2012 Q1 2013 Margin 18% 21% 21% 21% 24%
BUSINESSES Source: CIM TV South, 17-23h Source: Company data
STRATEGY 20 FremantleMedia: TV entertainment production and rights exploitation - worldwide
FREMANTLEMEDIA
Production o Produced more than 9,100 hours of original TV content in 2012
o Delivers long-lasting blockbusters for broadcasters around the world
Exploitation o Exploits the value of brands on TV and beyond
o Distributes a library of over 20,000 hours of programming in more Distribution than 150 territories
Digital o Brings brands closer to the audience through new technologies and distribution channels
QUARTER 1
BUSINESSES Highly complementary: 29% of Group revenue, 13% of Group EBITA
STRATEGY 21 FremantleMedia develops, produces and invests in a diversified portfolio of brands
NON-SCRIPTED
#1 entertainment series #1 daytime entertainment Highest rated entertainment for 9 years in US show in US show in Holland since 1995
World’s top travelling format in Highest-rated launch ever on On air since 1976 in US 2010 and 2011 Discovery Channel
#1 rated show in UK Show and spin-off both in top 5 #1 game show on France 3 in 2011 programmes on A&E
SCRIPTED KIDS & FAMILY
#1 rated show UK Premiere ranked #1 on Cbeebies in across FTA digital #1 drama in Hungary #1 in time slot (boys 2012 for kids 4-6 channels in 2011 6-12) #2 premiere on Series finale ranked #1 in its slot #1 daily drama in CBBC in 2012 for #1 in time slot (kids for 14-49s in Germany Finland for 12 years kids 6-12 6-12) Sold to 52 #1 US-cable show in #2 UK show in its #1 drama on Rai 3 broadcasters in its slot for 6-11 & time slot for all over 150+ territories 9-14 children
QUARTER 1
BUSINESSES Iconic content spanning genres with global appeal
STRATEGY 22 Roll-out capability is a key competitive advantage
UNIQUE ABILITY TO RAPIDLY ROLL-OUT GLOBALLY
FREMANTLEMEDIA LAUNCHES (CUMULATIVE, 2001 TO 2012) Territories
Months
QUARTER 1
BUSINESSES Beyond roll-out, we also distribute content for partners in 150+ territories
STRATEGY 23 Source: FremantleMedia Unprecedented capability to exploit TV brands on and off air
AMERICAN IDOL CASE STUDY
Slot Machines
Lottery On-Air GAMBLING Off-Air SPONSORING
Disney World
LIVE EVENTS
Touring GAMING Social Slots SOCIAL Website DOWNLOAD 2nd Screen
Multiplatform: game in development
QUARTER 1
BUSINESSES FremantleMedia exploits brands and can turn them into franchises
STRATEGY 24 FremantleMedia – Q1 2013
KEY FACTS 2013 KEY FINANCIALS (in € million)
REVENUE EBITA
● Core franchises remain strong o Idols: 13 th season confirmed for US version X Factor: 3rd season confirmed in US upfront by Fox 311 303 Got Talent: continued high ratings on ITV1 ROS ROS 4.2% 3.3% ● Worldwide presence in production, distribution and digital
o Five year partnership with BBC to develop high quality children’s content 13 10 o New production label called Newman Street – focus on producing drama for British television
Q1 2012 Q1 2013 Q1 2012 Q1 2013 QUARTER 1
BUSINESSES
STRATEGY 25 OPERATIONAL PERFORMANCE IN LINE WITH EXPECTATIONS We follow our audience into the digital world...
DIGITAL GROWTH
Strong site portfolio ONLINE • Leading TV sites NETWORK • Growing content verticals and REACH ventures Monthly unique +15% 61mn users across yoy Leading catch-up TV offers group (2012) NON-LINEA • Among top 3 video sales houses R in GER/F/NL TV VIDEO VIEWS +71% 2.4bn catch-up yoy Over 100 apps 6.9bn 4.5bn via Youtube MOBILE • Over 90mn downloads • Innovative 2nd screen offers ONLINE REVENUE Among US YouTube top 20 Online ads, +20% NEXT GEN €200mn pay/transactional yoy revenue TV 3 orig.content and 100+ channels globally
QUARTER 1
BUSINESSES Dynamic digital growth integrated into our business
STRATEGY 26 Note: Online revenues include online advertising, pay and lead generation business; video views include FremantleMedia; all growth metrics based on 2011-12 growth Source: Nielsen Media Research ...generating online revenue across multiple new activities
DIGITAL REVENUE
DIGITAL REVENUE 2012 Digital Business Segments (€MN) • Display ads for online/mobile In-Page Ad (e.g. banners, skyscrapers) • Richmedia ad formats 200 +14% • Online video advertising (e.g pre-rolls) yoy In-Stream Ad • Long-form and short-form, delivered to all platforms/devices Online Advertising 99
+20% Transactional • Paid content/transactional viewing yoy VOD • Platform distribution revenues
Other Digital 101 Distribution/ • FremantleMedia (e.g. websites, gaming, +26% Production digital content creation and licensing) yoy
Verticals and • Verticals and ventures (e.g. dating) 2012 other • Lead generation (e.g. price comparison)
QUARTER 1
BUSINESSES More than half of digital activities are from non-advertising related businesses
STRATEGY 27 Source: Nielsen Media Research Agenda o Full-year highlights o Business Review ● STRATEGY REVIEW
28 Strategic priorities in the three key business segments
BROADCAST DIGITAL CONTENT
Family of Online/mobile Adapt the business channels portfolio
Re-transmission Maintain scale in Online video fees traditional business
Geographic Build presence Digital advertising expansion in new areas
QUARTER 1
BUSINESSES
STRATEGY 29 RTL Group needs to maintain reach in broadcast, adapt content business and expand in online video
POSITION CHANNEL FAMILIES Maintain OPTIMIZE FTA-FOOTPRINT, DEVELOP PAY AGAINST FRAGMENTATION Reach
Diversify GROW RE- Brands MULTIPLE PLATFORM TRANSMISSION FEES Monetisation PRESENCE
BROADCAST MAINTAIN SCALE Secure Widen GROW PRESENCE AND ADAPT CONTENT NEW CONTENT quality IP Exploitation BUSINESS BUSINESS DIGITAL
INCREASE REACH Expand Next Gen GROW ORIGINAL CONTENT AND FOCUS ON ONLINE Non-linear TV VIDEO NETWORKS
QUARTER 1 Enhanced STEP UP IN DIGITAL GROW 2ND SCREEN BUSINESSES viewing ADVERTISING ENGAGEMENT STRATEGY 30 RTL GROUP PRESENTATION Brussels, 21 June 2013
The leading European entertainment network RTL Group: key financial takeaways
REVENUE Delivering consistent top-line growth; diversified revenue streams
COST Flexible cost base, conservative programming rights accounting policy
EBITA EBITA exceeding €1bn for the last 3 years
CAPEX. WORKING Efficient working capital and capex management CAPITAL, TAXES
OPERATING CASH Strong and resilient cash generation and conversion (>100%) CONVERSION (a)
CAPITAL Target Net Debt / EBITDA of 0.5-1.0x; attractive dividend policy: 50-75% of net STRUCTURE income
QUARTER 1
BUSINESSES
FINANCIALS 32 (a) Cash conversion calculated as operating pre-tax free cash flow as a percentage of EBITA (continuing and discontinued operations) Note: Financial information in this section is presented using IFRS; Financial information in this section reflects audited consolidated results of RTL Group S.A. for the years ended December 31, 2010, 2011 and 2012, unless noted otherwise Revenue CAGR for the period 2009-2012 Review of Results 31 March 2013, continuing operations (1/2)
3 months to 3 months to Per cent In € million March 2013 March 2012 change
REVENUE 1,329 1,322 +0.5
REPORTED EBITA 207 191 +8.4
Reported EBITA margin (%) 15.6 14.4 +1.2pp
Net result attributable to RTL Group shareholders 133 112 +18.7
UNDERLYING REVENUE 1,329 1,322 +0.5
UNDERLYING EBITA 215 191 +12.5
QUARTER 1
BUSINESSES
FINANCIALS 33 Review of Results 31 March 2013, continuing operations (2/2)
In € million 3 months to 3 months to Per cent March 2013 March 2012 change
REPORTED EBITA 207 191 +8.4
Impairment of investment in associates and amortisation and impairment of fair value adjustments on acquisitions of subsidiaries and joint ventures and 11 (12) re-measurement of earn-out arrangements
Gain from sale of subsidiaries, joint ventures 1 - and other investments and re-measurement to fair value
Net financial (expense) / income (2) 28
Income tax expense (61) (62)
PROFIT FOR THE PERIOD – CONTINUING OPERATIONS 156 145
LOSS FOR THE PERIOD – DISCONTINUED OPERATIONS - (1)
PROFIT FOR THE PERIOD 156 144 +8.3
Attributable to: QUARTER 1
BUSINESSES Non controlling interests 23 32
FINANCIALS RTL Group shareholders 133 112 +18.7 34 Cash Flow Statement as of 31 March 2013
In € million 3 months to 3 months to March 2013 March 2012
NET CASH FLOW FROM OPERATING ACTIVITIES 327 149
Add: Income tax paid 25 81
Less: Acquisition of assets, net (12) (35)
Equals: Reported free cash flow (FCF) 340 195
Acquisition of subsidiaries and JVs, net of cash acquired (39) 1
Disposal of subsidiaries and JVs, net of cash - (2)
Other financial assets (deposit excluded), net (1) 6
Net interest received / (paid) 12 (12)
Income tax paid (25) (81)
Dividends paid (1,613) (4)
CASH GENERATED / (USED) (1,326) 103
QUARTER 1 REPORTED EBITA (CONTINUING AND DISCONTINUED) 207 187 BUSINESSES
FINANCIALS EBITA CONVERSION (FCF/EBITA) 164% 104% 35 Efficient capital structure allowing for growth and sustainable dividend policy
DIVIDEND PAYMENTS AND PAYOUT RATIO (€MN) 264% (a) 127% 113% 132% o Extraordinary dividend paid in 2013
773 789 789 835 o Clear commitment to sustainable dividend 541 policy
o Future payout ratio of 50 – 75% of adjusted 2010 2011 2012 2013 consolidated net profit Ordinary dividend (€mn) Extraordinary dividend (€mn) Payout ratio
NET DEBT/EBITDA DEVELOPMENT (€MN)
(Net cash)/ o Full strategic and financial flexibility Debt (€MN) (1,456) (1,238) (1,051) 572 o €1.5bn shareholder loan from Bertelsmann at 0.5x arm’s length to secure financial flexibility o €500mn 10 year loan at EUR swap 10y -1.1x -0.9x -0.8x +85bps (2.713%) o Short term RCF up to €1.0bn at 2010 2011 2012 PF 2012 post EURIBOR +60bps dividend
QUARTER 1
BUSINESSES Target capital structure allows for growth and sustainable dividends
FINANCIALS 36
(a): Payout ratio reflects ordinary dividend
Note: Dividend in year t 0 relates to financial year t -1; payout ratio relates to dividend paid in year t 0 divided by profit for the year attributable to RTL Group shareholders in year t-1