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 NRJ GROUP - 1st quarter 2008 financial information
First quarter turnover of €79.9 million
Pursuit of a multimedia development strategy
Turnover excluding Group barter operations in the first quarter of 2008 fell to 79.9 million euros against 94.5 million euros in the first quarter of 2007, equivalent to an 15.4% decrease (-13,2% on a like-for-like basis and at a constant exchange rate). This reflects growth in television, broadcasting and mobile phone operations (on a like-for-like basis) and a decline in radio and non-media activities.
In the first quarter of 2008, in a media market that has proved especially tough for the radio industry, turnover from radio activity in France stands at 50 million euros, compared to 60.2 million euros for the same period last year. This drop in turnover is chiefly attributable to downturn in advertising investment from the transport and services sectors, including the banking and insurance industry, a consequence of the effects of the financial crisis.
At 8.3 million, turnover generated from international radio activity is up 5.1% on the first quarter of 2007, a result of growth in German and Nordic zones and stability across French-speaking zones.
Turnover from television continues to demonstrate impressive growth, reaching 4.3 million euros in the first quarter of 2008, compared to 1.5 million euros in the same period last year (+187%). In April 2008, the NRJ12 channel continued to boost its audience figures, capturing a 2.7% DTT audience share and crossing the 1% national audience threshold (source: Médiamétrie - target viewers aged four and over). The television division is also showing satisfactory growth, including the successful launch of the Ile de France NRJ Paris channel.
Turnover from telephone operations topped 5.5 million euros in the first quarter of 2008 against 3.7 million euros in the first quarter of 2007 on a like-for-like basis, representing 47.4% growth. In the first quarter, NRJ Mobile pursued its growth strategy with the roll-out of new pre-payed offer aimed at the youth market. Thus by the end of April 2008, NRJ Mobile had acquired close to 740,000 customers since launch, including over 65,000 subscribers.
Turnover from non-media stands at 5.6 million euros in the first quarter of 2008 compared to 14.7 million euros in the first quarter of 2007. In the first quarter, the Group is no longer taking earnings from the musical "Le Roi Soleil" [The Sun King] but has launched its new co-production Cléopâtre, with tickets now on sale ahead of the opening in January 2009.
Finally, Group turnover from broadcasting continues to increase at a satisfactory rate, largely as a result of the growth of DTT broadcasting. Revenue from broadcasting totals 6.0 million euros in the first quarter of 2008, against 3.8 million euros in the first quarter of 2007, a 57.9% increase. In total, including turnover generated inside the Group, broadcasting revenue reached 9.3 million euros in the first quarter of 2008.
Note on how the 2008 first quarter results were prepared
The Group's consolidated recurring operating profit is down in the first quarter as a result of the drop in turnover and the development of Group activities, including the enhancement of programming schedules of radios and TV channels as well as the pursuit of new mobile phone customers.
Recent developments and outlook
The Group continues to pursue its multimedia development strategy with an increased focus on Radio, Television and Internet. With regard to radio activity in France, which delivered marginally improved turnover in April, the Group continues to work on programming and musical research in order to boost audience share. In Television, the Group continues to record strong turnover growth and is pursuing to enrich the NRJ12 programming schedule, and to deploy the channel NRJ Paris in Ile de France (Paris region). The Group is also developing its internet sites.
In addition, as announced previously, the Group is committed in a plan for the optimisation of its expenses.
Summary of important first quarter publications
Publication of 2007 sales (28 January 2008 press release)
Publication of 2007 annual results (25 March 2008 press release)
The Group's General Meeting will be held on the 27 June 2008 at head office
The Group will announce its 2008 first-half sales on 23 July 2008
(press release to be published the previous day after close of trading on the Paris stock exchange)
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