Separate and Consolidated Interim Financial Statements As at 30 June 2017

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Separate and Consolidated Interim Financial Statements As at 30 June 2017 Separate and Consolidated Interim Financial Statements as at 30 June 2017 Separate and Consolidated Interim Financial Statements as at 30 June 2017 Table of contents Report on Operations of the Board of Directors 5 Rai Interim Financial Statements as at 30 June 2017 109 Consolidated Interim Financial Statements as at 30 June 2017 175 Corporate Directory 240 Rai Financial Consolidated Introduction Statements Financial Statements 5 Report on Operations of the Board of Directors Corporate Bodies 7 Organisational Structure 8 Highlights 9 Introduction from the Chairman of the Board of Directors 10 The mission 13 The market scenario 13 The Rai product: offer and performance 22 Map of Rai’s offer 22 The publishing offer 24 Performance of Rai’s offer 30 The activities 33 The legislative and regulatory framework 86 Corporate Governance 90 Corporate Governance Report - Rai’s Control Governance Model and the Internal Control and Risk Management System 92 Other information 97 Rai Financial Consolidated Introduction Statements Financial Statements 7 Report on Operations Corporate Bodies Board of Directors Chairman Monica Maggioni Directors Rita Borioni Arturo Diaconale Marco Fortis Carlo Freccero Guelfo Guelfi Giancarlo Mazzuca Paolo Messa (resigned from 1 June 2017) Franco Siddi until 5 September 2017 from 6 September 2017 Secretary Nicola Claudio Anna Rita Fortuna Board of Statutory Auditors Chairman Biagio Mazzotta Statutory Auditors Anna Maria Magro Roberto de Martino Alternate Statutory Pietro Floriddia Auditors M.M. Assunta Protopapa General Manager until 6 June 2017 from 9 June 2017 Antonio Campo Dall’Orto Mario Orfeo Independent Auditors PricewaterhouseCoopers Rai Financial Consolidated Introduction 8 Statements Financial Statements Report on Operations Organisational Structure (chart as at 30 June 2017) Chairman of the Board of Directors Board of Directors Supervisory Internal Board Auditing General Manager Editorial Area (4) Chief Digital Officer (3) Chief Technology Officer (2) Chief Financial Officer (1) Finance and Planning Corporate and Support Functions (5) Subsidiares Rai Cinema Rai Com Rai Pubblicità Rai Way (1) Strategic Planning and Management Control, Administration and Finance, Real Estate and Services, Coordination of Regional and Foreign Offices, Licence Fee, Tax Affairs, Regulatory and Methodological Support and PMO functions report to the Chief Financial Offer. (2) TV Production, Quality and Planning, Research and Technological Innovation Centre, Frequency Planning and Spectrum Management, Satellite Structure, ICT functions report to the Chief Technology Officer. (3) Digital Media, Teche Archives and Public Interest Services functions report to the Chief Digital Officer. (4) Includes: Editorial staff for news and information, Editorial Coordination of TV Schedules, Mastheads, Channels and TV Genres, Creative Direction and Radio. (5) Includes, among others, Communication and External Relations, Human Resources and Organisation, Legal and Corporate Affairs. Rai Financial Consolidated Introduction Statements Financial Statements 9 Report on Operations Highlights (in millions of Euros) Rai SpA Rai Group June 2017 June 2016 Change June 2017 June 2016 Change 1,246.5 1,313.7 ( 6 7. 2 ) External revenues 1,335.2 1,405.2 (70.0) (696.8) (74 6.4) 49.6 External costs (543.5) (572.9) 29.4 (466.0) (475.9) 9.9 Personnel cost (515.2) (531.1) 15.9 (1,162.8) (1,222.3) 59.5 Total operating costs (1,058.7) (1,104.0) 45.3 (40.7) (20.5) (20.2) Operating result 8.6 58.2 (49.6) 35.2 (56.3) (21.1) Result before tax 1.7 49.1 ( 4 7. 4 ) 47.1 66.2 (19.1) Result for the period (2.2) 33.4 (35.6) 84.3 9 7.9 (13.6) Investments in programmes 220.4 218.7 1.7 30.2 22.8 7. 4 Technical investments 46.1 28.3 17. 8 114. 5 120.7 (6.2) Total investments 266.5 2 47.0 19.5 June 2017 December 2016 Change June 2017 December 2016 Change 856.5 799.4 5 7.1 Equity 469.8 476.6 (6.8) (129.9) 563.5 (693.4) Net financial debt (liquidity) 60.3 549.6 (489.3) (in units) 11,162 11, 3 0 3 (141) Personnel under permanent contracts 12,321 12,489 (168) 726 700 26 Personnel under fixed-term contracts 800 741 59 Personnel 11,888 12,003 (115) 13,121 13,230 (109) (under Permanent and Fixed-term Contracts) Rai Financial Consolidated Introduction 10 Statements Financial Statements Report on Operations Introduction from the Chairman of the Board of Directors In a competitive market that is evolving rapidly all the time, Rai’s first six months of 2017 ended with a practically break-even net result, slightly lower than that of the same period the previous year, while the gradual process of innovation in production continued both with new digital offers and with experiments in new languages. Even if consolidated income and expenditure balanced out, there was a substantial reduction in revenues owing to the weakness of the advertising market, but, even more, to a 10% reduction (from Euro 100 to Euro 90) in the unit fee. By this reduction all the benefits have been almost entirely exhausted which have arisen from the system of the licence fee being included in the electricity bill, the most important structural change in the composition of Rai’s financial resources, which came into force last year, extending the number of licence fee paying households by almost 5 million, to the widespread satisfaction of public opinion. The level of the present fee is now not only much lower (from 30% to 50%) than that of similar European public services (France, Germany and the United Kingdom), but also that of broadcasting companies in much smaller countries by size and users (e.g. Croatia and Slovenia). As regards production, Italians continued to show their confidence in the Public Ser- vice’s programmes in the first half of 2017. 41.2 million people watch Rai’s TV, radio or web offer every day, a number which confirms that the Company is the Italian TV market leader, a unique specimen among the big European public broadcasters. These are encouraging results which again show the traditional strength of the Com- pany’s offer. Nevertheless, without abandoning the identity and values of a Public Service, Rai is well aware of the huge challenges on the horizon in the entire world of the media and the profound, rapid changes in the market, in technologies and in public tastes generated by the “digital revolution”. The new digital giants (Google, Facebook, Amazon, etc.) have attained unassailable financial dimensions and are increasingly active and capable of competing in the audiovisual sector at a global level; in a mere handful of years the social media have become key partners – with sometimes worrying developments – in spreading con- tent and information; the use of mobile devices and on-demand modes is growing strongly while users, especially young people, are moving away from traditional TV. Hence all broadcasting companies, but above all Public Service broadcasters, are called upon to carry out far-reaching processes of innovation of programme produc- tion and content, both in order to be able to compete in the new scenario but espe- cially so that they can offer the public an unswerving reference point which assures people of the quality and reliability of content, in the sense of information, which is tending to be increasingly swallowed up in the ocean of new offers and proposals. Rai Financial Consolidated Introduction Statements Financial Statements 11 Report on Operations In this regard Rai launched a number of initiatives during the first half of 2017. The completion of the Brand Refresh project in April, which gave each Network a co- herent and clearly recognisable design. Experiments with new TV genres and also new distribution models, as for the “Non Uccidere” TV series, broadcast in preview on RaiPlay in June. The video offer was strengthened on the web, producing almost 300 million pages visited, against about 130 million in the same period of 2016. The launching of five new digital radio stations in June, each for a different range of themes. The international partnerships were strengthened by signing a framework Agreement in June for cooperation and the development of co-production partner- ships with France Télévisions. In the field of information, the primary reason for the existence of all Public Service networks, its audience figures are a recompense for Rai’s TV news programmes: they prove that the public still consider the Company to be a reliable, authoritative source of information. This predominant position is maintained on the traditional media and is also to be won on the new media, where the possibility of disintermediation and the viral mech- anisms triggered by the web allow low quality content to spread in a manner and in a time which were unthinkable before. Faced as we are with the proliferation of fake news and propaganda, the work of those who, by virtue of their history, objectives and structure, are not subject to the imperative of chasing clicks and shares on social networks is more important than ever. For this reason Rai is giving the matter profound thought, which will lead to the preparation of a new information plan. The aim is to achieve an overall reform of programme production and offer on all platforms. A process of global rethinking to make Rai’s information more integrated, efficient and modern without giving up its fundamental principles of completeness, accuracy, transparency and pluralism. In a period of rapid and at times traumatic changes, unfamiliar competitive and in- creasingly exacting challenges and contests with ever more powerful and aggressive global companies, it is crucially important for a modern Public Service to rethink its profile, identity and corporate mission, as well as the necessary resources, and set them out more and more clearly and distinctively.
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