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Tiscali 9 months 2008 results

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9M08 financial results
Milan, 13th November 2008
2
Key 9M08 and 3Q08 results
Revenue:
9M08 at EUR 783.2 million +27% YoY
3M08 at EUR 248.0 million +12% YoY
EBITDA (before provisions):
9M08 at EUR 146.4 million +41% YoY
3M08 at EUR 50.6 million +22% YoY
3.1 million users, of which ca 2.4 million DSL of which 1.1 million multi-play and 1.3 million
direct. ARPU stable vs 2007, in spite of higher competitive pressure and of FX effect
Net debt at EUR 557 million, vs EUR 579 million as of 30th June, also due to capital injection
of convertible bond conversion
3Q08 Operating Cash Flow positive at EUR 8.5 ml, before interest charges
Strategic review process ongoing: new business plan to be presented in 4Q08
3
€ ml 9M08 % of rev. 9M07 % of rev. Delta 08/07
Revenues 783.2 100% 614.3 100% 27%
Access 427.6 55% 381.3 62% 12%
of which ADSL 387.1 49% 319.9 52% 21%
Voice 252.8 32% 141.0 23% 79%
of which dual play voice traffic 92.6 12% 88.1 14% 5%
B2B 55.2 7% 42.7 7% 29%
Media and VAS 35.8 5% 36.5 6% -2%
Other 11.8 2% 12.7 2% -7%
Gross Margin 358.5 46% 283.5 46% 26%
Operating costs 225.7 29% 182.7 30% 24%
Sales & Marketing costs 74.7 10% 65.6 11% 14%
Personnel costs 77.6 10% 72.5 12% 7%
G&A costs 73.5 9% 44.5 7% 65%
Gross Operating Result (adjusted EBITDA) 146.4 19% 103.5 17% 41%
Bad debt 22.5 3% 16.1 3% 40%
Other provisions 5.2 1% 1.3 0% 3X
Gross Operating Result (EBITDA) 118.7 15% 86.2 14% 38%
EBIT pre restructuring costs (13.8) nm (26.4) nm nm
EBIT (50.7) nm (36.3) nm nm
Net result of the Group from cont operations (98.2) nm (87.6) nm nm
Groups results 9M08 vs 9M07
Provisions increase due to stock options plan and tighter bad debt policy, especially in Italy
G&A increase due to Pipex acquisition
4
€ ml 3Q08 % of rev. 3Q07 % of rev. Delta 08/07
Revenues 248.0 100% 221.3 100% 12%
Access 128.6 52% 129.5 59% -1%
of which ADSL 117.6 47% 112.3 51% 5%
Voice 87.8 35% 56.7 26% 55%
of which dual play voice traffic 26.2 11% 32.3 15% -19%
B2B 19.3 8% 15.8 7% 22%
Media and VAS 10.1 4% 11.9 5% -15%
Other 2.2 1% 7.2 3% -69%
Gross Margin 113.7 46% 102.1 46% 11%
Operating costs 62.5 25% 61.2 28% 2%
Sales & Marketing costs 13.8 6% 23.1 10% -40%
Personnel costs 23.7 10% 22.3 10% 6%
G&A costs 25.0 10% 15.7 7% 59%
Gross Operating Result (adjusted EBITDA) 50.6 20% 41.6 19% 22%
Bad debt 6.4 3% 6.8 3% -6%
Other provisions 0.2 0% 0.1 0% nm
Gross Operating Result (EBITDA) 43.9 18% 34.6 16% 27%
EBIT pre restructuring costs (2.7) nm (5.5) nm 51%
EBIT (17.9) nm (7.8) nm nm
Net result of the Group from cont operations (40.9) nm (30.6) nm
nm
Groups results 3Q08 vs 3Q07
Sales and marketing trend affected by front loading of marketing expenses in the first months of the years
Dual play voice traffic reflects increase of flat bundled offers
5
Geographical and business breakdown
UK
68%
IT
30%
Others
2%
Other
2%
Dual up
5%Media
5%
Voice
20%
B2B
7%
Bband and
VoIP
61%
Geographical breakdown of revenues – 9M08
Business line breakdown of revenues – 9M08
Broadband and voice revenues represent 80%
of total
Voice
12%
ADSL
77%
Narrowba
nd
11%
Breakdown of customers – 9M08
6
Financials by country 9M08 vs 9M07: Italy
ITALY
€ m 9M08 % of rev. 9M07 % of rev. Delta 08/07
Revenues 235.0 100% 213.5 100% 10%
of which ADSL 92.1 39% 74.1 35% 24%
of which Voice 69.4 30% 50.9 24% 36%
Gross Margin 134.5 57% 121.9 57% 10%
Operating costs 85.1 36% 72.2 34% 18%
Sales & Marketing costs 33.2 14% 28.4 13% 17%
Personnel costs 31.2 13% 30.6 14% 2%
G&A costs 20.6 9% 13.2 6% 56%
Gross Operating Result (adjusted EBITDA)* 46.4 20% 48.3 23% -4%
Gross operating result (EBITDA)** 35.7 15% 42.8 20% -17%
EBIT pre restructuring costs (3.2) nm 2.4 nm nm
EBIT (3.4) nm 2.4 nm nm
EBIT 91 2 39% 59 5 28% 53%* Gross Operating Results is after deduction of management fee and of Tiscali Services IC costs
** EBITDA is after bad debt and other provisions
Gross margin stable, impact of increased G&A (including call centers) and of extraordinary bad debt provision
7
ITALY
€ m 3Q08 % of rev. 3Q07 % of rev. Delta 08/07
Revenues 76.9 100% 73.8 100% 4%
of which ADSL 32.9 43% 26.1 35% 26%
of which Voice 23.7 31% 19.4 26% 22%
Gross Margin 44.8 58% 44.6 60% 0%
Operating costs 21.8 28% 22.9 31% -5%
Sales & Marketing costs 4.2 5% 8.3 11% -49%
Personnel costs 10.1 13% 9.5 13% 6%
G&A costs 7.5 10% 5.1 7% 47%
Gross Operating Result (adjusted
EBITDA)*
22.4 29% 21.3 29% 5%
Gross Operating Result (EBITDA)** 19.7 26% 19.6 27% 1%
EBIT pre restructuring costs 5.8 nm 5.7 nm nm
EBIT 5.8 nm 5.7 nm nm
Financials by country 3Q08 vs 3Q07: Italy
* Gross Operating Results is after deduction of management fee
** EBITDA is after bad debt and other provisions
8
Financials by country 9M08 vs 9M07: UK
UK
€ m 9M08 % of rev. 9M07 % of rev. Delta 08/07
Revenues 534.6 100% 394.6 100% 35%
of which ADSL 295.1 55% 245.8 62% 20%
of which Voice 183.3 34% 87.8 22% 109%
Gross Margin 218.0 41% 163.5 41% 33%
Operating costs 118.8 22% 89.8 23% 32%
Sales & Marketing costs 38.8 7% 32.7 8% 19%
Personnel costs 31.3 6% 29.6 8% 6%
G&A costs 48.7 9% 27.5 7% 77%
Gross Operating Result (adjusted EBITDA)* 82.9 16% 58.6 15% 41%
Gross operating result (EBITDA)** 68.4 13% 47.1 12% 45%
EBIT pre restructuring costs (18.4) nm (21.7) nm 15%
EBIT (53.8) nm (24.9) nm -116%
EBIT 91 2 17% 59 5 15% 53%* Gross Operating Results is after deduction of management fee and of Tiscali Services IC costs
** EBITDA is after bad debt and other provisions
Impact of G&A and restructuring costs related to Pipex acquisition
9
Financials by country 3Q08 vs 3Q07: UK
UK
€ m 3Q08 % of rev. 3Q07 % of rev. Delta 08/07
Revenues 165.9 100% 141.4 100% 17%
of which ADSL 84.6 51% 86.2 61% -2%
of which Voice 64.1 39% 36.2 26% 77%
Gross Margin 66.2 40% 57.8 41% 15%
Operating costs 36.4 22% 30.1 21% 21%
Sales & Marketing costs 8.4 5% 11.3 8% -26%
Personnel costs 10.5 6% 8.8 6% 19%
G&A costs 17.5 11% 10.0 7% 75%
Gross Operating Result (adjusted EBITDA)* 24.1 15% 22.6 16% 7%
Gross operating result (EBITDA)** 20.1 12% 17.3 12% 16%
EBIT pre restructuring costs (10.5) nm (9.9) nm -6%
EBIT (25.1) nm (12.4) nm -102%
EBIT 91 2 55% 59 5 42% 53%* Gross Operating Results is after deduction of management fee and of Tiscali Services IC costs
** EBITDA is after bad debt and other provisions
10
Retail broadband and blended ARPU
28 29
25 26
9M2008 2007A
ARPU BB ARPU BB+NB
28 29
27 28
9M2008 2007A
ARPU BB ARPU BB+NB
Group (€) UK (€)
Italy (€)
ARPU stable, in spite of competitive pressure
and FX effect
30 29
23
21
9M2008 2007A
ARPU BB ARPU BB+NB
11
Customer base : Yearly evolution
Numbers in 000s 30th September 2008 30th September 2007 Delta YoY
DSL customers
Italy
Of which dual play
Of which LLU
UK broadband
Of which dual play
Of which LLU
2,355
581
244
372
1,774
887
889
2,400
518
133
310
1,882
560
706
-45
+63
+111
+62
-108
+327
+183
Significant improvement of customer mix, both in Italy and the UK: increase of direct and
multiplay customers
Migration of CPS customers to double play packages
12
Net financial position
€ ml 30 Sept 08 30 Jun 08 31 Dec 07
A. Cash 34.4 43.3 134.2
B. Other liquid assets 14.8 15.7 16.3
C. Securities - -
D. Total cash and other financial assets (A) + (B) + (C) 49.2 58.9 150.5
E. Other current financial assets 8.1 7.9 12.1
F. Non-Current financial receivables 4.6 10.5 1.2
G. Current bank debt 52.4 25.9 176.2
H. Long term loans falling within one year - - -
I. Other current financial debt (*) 22.6 30.4 19.5
J. Current financial debt (G) + (H) + (I) 75.1 56.3 195.7
K. Net current financial debt (J) – (E) – (F) – (D) 13.1 (21.1) 31.8
L. Non current bank loans 440.1 440.8 450.0
M. Bonds - 53.9 43.8
N. Other non current debt (**) 103.5 105.3 109.6
O. Non current financial debt (L) + (M) + (N) 543.6 600.1 603.4
P. Net financial debt (K) + (O) 556.7 578.9 635.2
(*) includes debt for leasing
(**) includes debt for leasing and to shareholders
13
Cash flow analysis in 3Q08
34.4
50.6
43.3
-7.8 -8.8
1.0
-6.6
-16.3
-35.6
Cashasof
30.06.2008
EBITDA
Capex
Interest
Changein
WC
OperFCF
Extr.Cash
Totaldelta
cash
Cashasof
30.09.2008
Operating FCF (before interest charges) in 3Q at EUR 8.5 ml
Extraordinary cash mainly related to Pipex restructuring costs (EUR 18 million) and utilisation of available
revolvig credit facilities for €25 million, including costs associated thereto
*WC includes non cash component of Capex
14
Disclaimer
This presentation contains unaudited and/or proforma financial data; it also includes forward-looking information
that is subject to risks and uncertainties associated with Tiscali and the Internet sector. This information reflects
Tiscali’s management expectations, based on currently available information. The forward-looking information
reflects certain assumed market parameters and other assumptions, but may differ materially from actual future
results.
This presentation does not constitute an offer of Tiscali shares.
Not for release, publication or distribution, in whole or in part, in or into United States, Canada, Australia or
Japan.