Mediaset Group Mediaset Group (Net of the Epsilon Group)
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MEDIASET GROUP Annual Report 2000 MEDIASET S.p.A. - via Paleocapa, 3 - 20121 Milan Share capital ITL 1,181,227,564,000 wholly paid-in. Taxpayer’s code, VAT number and registration number in the register of companies in Milan: 09032310154 MEDIASET GROUP 2001 Ordinary and Extraordinary General Meeting Report, Consolidated Financial Statements and Annual Financial Statements for the year ended December 31, 2000 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 Marco Giordani Alfredo Messina Jan Mojto Gina Nieri Roberto Ruozi Claudio Sposito Board of Statutory Auditors Chairman Achille Frattini Statutory auditors Francesco Antonio Giampaolo Riccardo Perotta Alternate auditors Gianfranco Polerani Francesco Vittadini IndependentIndependent AuditingAuditing FirmFirm Deloitte & Touche S.p.A. NOTICE OF MEETING The shareholders are called to attend the ordinary and extraordinary general meeting to be held in Via Cinelandia 5, Cologno Monzese (Milan), on April 9, 2001, at 10:00 a.m., for the first call and, should it be required, on April 17, 2001, at the same time and venue, for the second call, to decide upon the following agenda: 1) appointment of Directors; 2) annual and consolidated financial statements as of December 31, 2000; Report on operations of the Board of Directors; Report of the Statutory Auditors; consequent resolutions; 3) authorization to the Board of Directors for the purchase and disposal of own shares, following revocation of the current authorization; consequent resolutions; 4) conversion of the share capital in Euro; consequent resolutions; 5) modification of art. 13 of the articles of association; consequent resolutions; 6) proposal of adoption of the regulation of the general meeting of Mediaset S.p.A. shareholders; consequent resolutions. The shareholders with the relevant certificate will have the right to take part in the meeting. Certificates must be requested at least five days before the date of the shareholders’ meeting from the authorized bodies, pursuant to CONSOB resolution no. 11768 dated December 23, 1998. The documents regarding the issues on the agenda will be available at the Registered office of the company and at Borsa Italiana S.p.A. within the terms envisaged by current regulations; shareholders may obtain a copy. The Chairman Fedele Confalonieri CONTENTS Mediaset Group: Consolidated Financial Statements as of December 31, 2000 Board of Directors’ Rreport on operating performance....................... 1 The general economic situation ................................................................................... 5 Financial and economic results of the Mediaset Group ................................................ 7 Drafting criteria................................................................................................... 7 Economic results................................................................................................. 7 Balance sheet and financial position ................................................................... 15 Results of the parent company - Mediaset S.p.A.......................................................... 17 Investments in subsidiary and affiliated companies .................................................... 18 Other operations .......................................................................................................... 20 Structure and operations of the Mediaset Group .......................................................... 23 Commercial Television – Italy: advertising division ............................................ 23 Commercial Television – Italy: broadcasting and contents division.................... 25 Commercial Television – International ................................................................ 37 Multimedia and telecommunications division..................................................... 41 Terrestrial digital television ........................................................................................ 44 Personnel ..................................................................................................................... 46 Legal developments in the television industry ............................................................. 48 Relationships with companies in the Fininvest Group and the Mediolanum Group ...... 49 Significant events after December 31, 2000................................................................. 50 Foreseeable developments ........................................................................................... 51 Balance sheet and income statement as of December 31, 2000...... 53 Notes to the consolidated financial statements and Attachments 61 Structure and contents................................................................................................. 63 Main changes in the consolidation area and investments in subsidiary and affiliated companies made in 2000 ....................................................................... 63 Group operations and regulatory framework ................................................................ 64 Consolidation method.................................................................................................. 65 Valuation criteria and accounting principles ................................................................ 66 Conversion of financial statements in extra-EMU currency ......................................... 69 Additional information................................................................................................. 69 Comments on the main items Assets ................................................................................................................. 71 Shareholders’ equity and liabilities ..................................................................... 82 Memorandum Accounts ...................................................................................... 90 Income statement ............................................................................................... 93 Attachments.................................................................................................................103 IndipendentIndipendent Auditors’Auditors’ ReportReport.........................................................................1 17 CONTENTS Mediaset S.p.A.: Financial Statements as of December 31, 2000 Board of Directors’ Report on operating performance.........................121 Corporate Governance..................................................................................................125 The general economic situation ...................................................................................128 Financial results...........................................................................................................129 Economic results.................................................................................................129 Balance sheet and financial position ...................................................................131 Key events during the year ...........................................................................................132 Company activities..............................................................................................132 Employee Stock Plans..........................................................................................133 New organisation chart .......................................................................................134 Euro project.........................................................................................................134 Structure and operations of the Mediaset Group ..........................................................136 Commercial Television – Italy: advertising division ............................................136 Commercial Television – Italy: broadcasting and contents division....................137 Commercial Television – International ................................................................142 Multimedia and telecommunications operations.................................................144 Terrestrial digital television .........................................................................................146 Personnel .....................................................................................................................148 Legal developments in the television industry .............................................................148 Additional information pursuant to article 2428 of the Civil Code.............................149 Research & Development Operations ..................................................................149 Own shares .........................................................................................................149 Relationships with subsidiaries, affiliates, the parent company and related companies ............................................................................................................................150 Significant events after December 31, 2000........................................................151 Foreseeable developments ..................................................................................152 Proposals of the Board of Directors to the General Meeting .........................................152