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Investor Presentation Mark Wyllie, Vice-President Corporate Finance September 2006

Investor Presentation Mark Wyllie, Vice-President Corporate Finance September 2006. Safe H arbour Statement.

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Investor Presentation Mark Wyllie, Vice-President Corporate Finance September 2006

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  1. Investor PresentationMark Wyllie, Vice-President Corporate FinanceSeptember 2006

  2. Safe Harbour Statement This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from the anticipated results as a consequence of certain risks and uncertainties, including but not limited to general economic conditions in the markets in which theCompany operates, and other risks detailed from time to time in the Company’s Securities and Exchange Commission Filings.

  3. Key investment considerations • 12 years of experience operating leading TV stations in Central and Eastern Europe • High growth investment proxy for pan-CEE consumer spending • Diversified portfolio of six countries with combined population of 91 million and GDP of about US$ 410 billion* • 2006 projected revenues of US$ 564m and Segment EBITDA of US$ 204m, three years guidance for TV Nova. • Transparency through NASDAQ and Prague Stock Exchange regulation *As of 31 December 2005 For a reconciliation of non-GAAP financial measures presented here to most comparable GAAP financial measures, please see the corresponding reconciliation slides on page 52 and 53 of the 2Q 2006 Investor Presentation, which are published on our website at www.cetv-net.com.

  4. Multichannel profitability Attractive market structure Growing markets Strong market positions • Free to air dominance supports multichannel profitability • Limited free to air licenses • Low competition from state TV • Advertisers competing for increasing consumer spending and limited air time • Leading TV stations in our five main markets with large and loyal audiences High audience share, high margins, unique assets Unique assets & focused growth

  5. CME original1 stations combined segment net revenue 2005, up 154% since 2000 Our markets outperform Western Europe Our revenue growth has historically exceeded regional forecasts TV advertising spending indices 2000 - 2008 Index to 2000=100 Eastern Europe Western Europe Source: CME estimates based on ZenithOptimedia data 1 Original stations comprise operations in Romania, Slovak Republic, Slovenia and Ukraine. Revenues are not adjusted for exchange rates. TV advertising spend indices are actual to 2005 and forecasts for 2006-2008.

  6. We have considerable headroom for growth TV advertising spending per capita 2005: CME vs. Eastern Europe vs. Western Europe Opportunity: Eastern European average converges towards Western European average US$ Opportunity: CME markets grow towards Eastern European average * Eastern Europe excludes CME markets Source: CME estimates based on ZenithOptimedia data (June 2006)

  7. Mature advertising markets sell cars, we sell soap Premium products* as % of TV advertising • Premium value products account for 47% of TV advertising in the UK • Low value products, such as food, cosmetics and soap, still dominate TV advertising in Eastern Europe *Premium products include finance, automotive, entertainment, media, leisure, travel, transport & distribution Source: UK- World Advertising Research Center (European Marketing Pocketbook 2006) CME stations percentages based on CME 2005 estimates

  8. We have enjoyed years of steady growth Segment Net Revenues by Quarter 2001 - 2005 revenue including acquisitions CAGR3 41%1 2001- 2005 revenue for original2 stations CAGR 25% 1 Includes Croatia from July 2004 and Czech Republic from May 2005 2 Original stations comprise operations in Romania, Slovak Republic, Slovenia and Ukraine. 3CAGR: Compound Annual Growth Rate Source: CME For a reconciliation of non-GAAP financial measures presented here to most comparable GAAP financial measures, please see the corresponding reconciliation slide on page 52 of the 2Q 2006 Investor Presentation which is published on our website at www.cetv-net.com.

  9. We convert audience share to profit 2005 All Day Audience Share and Revenue Share Combined Segment EBITDA Margin 36% 34% 2.1x 1.8x 30% 2.2x 2.7x 26% 23% 14% 1.3x Audience Share x Power Ratio = Revenue Share Revenue x EBITDA Margin = Profit Sources: Audience share data: Czech Republic, Mediaresearch; Slovenia, Peoplemeters AGB Media Services; Slovak Republic, Visio / MMK; Romania, Peoplemeters Taylor Nelson Sofres; Ukraine, Peoplemeters GFK USM. Revenue share: CME segment revenue data and CME estimate of segment market size. Segment EBITDA data: CME. For a reconciliation of non-GAAP financial measures presented here to most comparable GAAP financial measures, please see the corresponding reconciliation slides on page 52 and 53 of the 2Q2006 Investor Presentation, which are published on our website at www.cetv-net.com.

  10. Cable, satellite, DTT and new media provide additional platforms for our content • We already deliver multiple channels in our top five markets • We plan to launch additional thematic channels • Free to air TV is currently the major advertising medium and will continue to be in the medium-term • No additional national analogue terrestrial license possible • Automatic carriage on DTT networks Free to Air Dominance Multichannel Profitability Free to air dominance supports multichannel profitability

  11. Local content drives station dominance • Launch promotional video at www.cetv-net.com:http://www.cetv-net.com/file/u/presentations/Rosegarden_2006-09-13.wmv

  12. TV Nova Market Leadership All day every day TV Nova has the leading audience share in almost every spot

  13. Strategy in the Czech Republic • No real-term price increases over last five years • Prices and TV share of ad spend are well below regional benchmarks • No advertising on state TV by 2008 • Scope for cost-cutting at TV Nova Strategic plan Opportunity • Implement new sales policy to extract full value from GRPs generated • Increase prices to grow total TV advertising market revenue and maintain ratings dominance • Reduce programming and infrastructure costs

  14. Source: CME, Informa New media is a future opportunity US Internet advertising expenditure as a % of total advertising expenditure Broadband household penetration forecast (%) Source: ZenithOptimedia (Advertising Expenditure Forecasts: June 2006)

  15. 24ur.com Total Visits / Month 2001 – 2005 (in millions) Czech Republic Slovenia Nova.cz Total Visits / Month 2001 – 2005 (in millions) Bar Big Brother Superstar2 Superstar1 Test the Nation 2 Test the Nation 1 Source: CME • TV Nova site attracted 1.3 million unique users in August 2005 and matched No. 3 portal in the market • 24ur.com is the No.1 local news portal • 2005 revenues of US$ 1.8m TV brands drive Internet audience

  16. Leverage Existing Brands Relaunch News Websites • News is our core proposition • TV brands drive Internet audience Communities Content Delivery • TV creates communities, we need to attract them online • Our key asset is content, we need to make it available on new platforms New Media Strategy Disciplined Investment

  17. Growing markets Strong competitive positions High margins Free to air dominance Multichannel profitability Proxy for consumer spending growth Conclusions

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