RTL Group, the leading European entertainment network, announces its audited results for the year ended 31 December 2008.
Highlights
| In EUR million | Year to December 2008 |
Year to December 2007 |
Per cent change |
|---|---|---|---|
| Revenue | 5,774 | 5,707 | +1.2 |
| Underlying revenue1 | 5,748 | 5,603 | +2.6 |
| Reported EBITA2 | 916 | 898 | +2.0 |
| Restructuring costs and non recurring items | (32) | (3) | |
| Start-up losses3 | 23 | 38 | |
| Adjusted EBITA | 971 | 933 | +4.1 |
| Reported EBITA margin (%) | 15.9 | 15.7 | |
| Adjusted EBITA margin (%) | 16.8 | 16.3 | |
|
Reported EBITA |
916 |
898 |
+2.0 |
| Amortisation and impairment of fair value adjustments on acquisitions of subsidiaries and joint ventures | (31) | (19) | |
| Impairment of goodwill and disposal groups | (364) | (133) | |
| Impairment of goodwill on associates | (12) | - | |
| (Loss)/Gain from sale of subsidiaries, joint ventures and other investments | (9) | 76 | |
| Net financial income | 28 | 22 | |
| Income tax expense | (232) | (170) | |
| of which: Current tax expense | (195) | (267) | |
| Deferred tax (expense)/income | (37) | 97 | |
| Profit for the year | 296 | 674 | |
| Attributable to: | |||
| Minority interest | 102 | 111 | |
| RTL Group shareholders | 194 | 563 | |
| Adjusted EPS (EUR)4 | 3.87 | 3.54 | +9.3 |
| Proposed/paid ordinary dividend per share (EUR) | 1.40 | 1.30 | +7.7 |
| Proposed/paid extraordinary dividend per share (EUR) | 2.10 | 3.70 | (43.2) |
1 Adjusted for scope changes and at constant exchange rates
2 EBITA represents earnings before interest and income tax expense excluding impairment of goodwill, disposal groups and amortisation and impairment of fair value adjustments on acquisitions and gain or loss from sale of subsidiaries, joint ventures and other investments
3 Primarily launch costs of digital television channels in France, Germany and the UK
4 Adjusted earnings per share represents the net profit for the period adjusted for impairment of goodwill, disposal groups and amortisation of fair value adjustments on acquisitions and gain or loss from sale of subsidiaries, joint ventures and other investments, net of income tax expense and one-off tax effects
RTL Group increases revenue and EBITA, for the seventh consecutive year
Mediengruppe RTL Deutschland and FremantleMedia with record EBITA
Selective acquisitions and launches to strengthen core business activities
“A position of strength”
Gerhard Zeiler, Chief Executive Officer of RTL Group, said:
“In spite of increasingly difficult advertising markets in Europe, in 2008 RTL Group increased its revenue and operating result for the seventh year running. The company has a broad-based, secure setup, and is active in many countries and business areas. In particular, strong performances at Mediengruppe RTL Deutschland and FremantleMedia contributed to the increase in profits.
Based on the 2008 results and the cash position, we propose a total dividend of EUR 3.50 per share - consisting of an ordinary dividend of EUR 1.40 and an extraordinary dividend of EUR 2.10.
This position of strength is the result of our strategy, which is based on strict investment criteria. In 2008, we significantly stepped up our online activities with targeted acquisitions and investments. After our takeover of the Alpha Media Group in Greece, we now have 45 TV channels in 11 European countries.
Operating in a very challenging time, we are experiencing a substantial slowdown in advertising bookings. We will respond to this by focusing on our core business, and by reviewing all costs and structures. This will result in a significantly lower cost base in all of our operations.
Given the current state of the advertising markets, and the very short-term bookings cycle, it is impossible to give reliable full-year guidance. But it has to be expected that the profitability level will be down compared to 2008.”
Conference Call RTL Group Results for press:
| Date: | Thursday 12 March 2009 11.00 (Luxembourg) / 10.00 (London) |
| Number to dial: | +44(0)20 7138 0825 UK toll +33(0)1 70 99 42 76 France toll +49(0)69 2222 2244 Germany toll |
| Confirmation Code: | 4471846 |
The slides of the presentation and the mp3-file will also be available on www.rtlgroup.com
About RTL Group
RTL Group is the leading European entertainment network, with interests in 45 television channels and 32 radio stations in 11 countries and content production throughout the world. The television portfolio of Europe’s largest broadcaster includes RTL Television in Germany, M6 in France, Five in the UK, the RTL channels in the Netherlands, Belgium, Luxembourg, Croatia and Hungary, Alpha TV in Greece, Ren TV in Russia and Antena 3 in Spain. RTL Group’s flagship radio station is RTL in France, and it also owns or has interests in other stations in France, Germany, Belgium, the Netherlands, Greece, Spain and Luxembourg. RTL Group's content production arm, FremantleMedia, is one of the largest international producers outside the US. Each year, it produces 10,000 hours of programming across 57 countries.