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Ladies and gentlemen, thank you for joining the 2018 first quarter results. Today, we will try to be as quick as possible, commenting the first quarter results as we had almost 2 weeks ago a conference call on the full year results with all the guidance on the next -- on the 2018. So we'll try to be very quick today.
The speakers today will be just, Matteo Cardani, Managing Director of Publitalia; and myself. Unfortunately, Marco is traveling abroad, and he couldn't make it for the call, and I'm going to take over him just for today.
So we'll start immediately with Matteo, and we'll hand over to him.
Okay. Good afternoon to everybody. As Simone has said, we had our call 3 weeks ago, on that occasion we already touched and commented on macroeconomics scenario and advertising market 2018 early indicators.
So let's see today if anything new happened over such limited time span or instinctively we have confirmation of early indicator. As we showed, gross domestic product growth range is between 1.3% and 1.5%. It is mainly driven by foreign demand, export volume turnaround consumption trend is weak, mainly for product due to consumption. And this definitely affected advertising spend in Q1. Advertising market is slightly negative in the first 3 months. In March, specifically, was minus 3%, due mainly to political election.
And lastly, as we note, the outcome of the political election is a puzzling situation, where no clear political party's coalition emerge as a possible solution for a new govern and a new PM. So the ongoing of the political crisis and the possibility of new elections by December of the year or even in summer, of course, is not favoring [early] investment decision.
The political uncertainty, coupled with weak private goods consumption, is well reflected in Sector Analysis, where in all key sectors, sales are flat or negative, and therefore advertising spend is affected by this situation.
Just a few remarks on the 3 main sectors, branded fast moving consumer good advertisement spend is flat or slightly negative, reflecting flat or negative sales and consumption. TLC, in the first part of the year, is in a stand-still situation, with advertising suffering. We have evidence that World Cup on the one hand and launch of second brand locals of the bike players will improve the picture in the remaining part of the year. But for the time being all TLC companies are in a sort of wait-and-see mood, waiting for the entrance of the thought operator Iliad, who should be launching in 2018.
With regard to automotive, 2018 could be a critical year, because of decline of car sales to private individuals after years of growth, even double-digit growth. This is the key performance indicators for manufacturers and does not include car fleet sales, thus form part of official total market data. Lastly, the World Cup is an attractive event of these industries, and these will act as a sort of business protection for me, this is but of course probably not for the whole market -- advertising market.
Now coming to Mediaset. The advertising performance in Q1 was minus 1.3%, and as already announced in June, our last presentation, the performance was and actually it is, in line with the total advertising market. The official reported total advertising market trend for Q1 is exactly minus 1.3%. So that means market share is stable and -- so despite weaker than expected market trends, we are ahead of our 2020 target being already more than half of the road to 39% market share.
Now as we take a look at the media sectors' performance, I would like to add just a few comments. The general picture remains pretty fuzzy and very difficult to read in a uniform away. Sector trend is still affected by a contingent situation, and within each sector, company seems to have a different behavior vis-a-vis advertising.
In any case, just as a proxy of our relevancy in the Italian advertising market, let me give you a couple of reading of this slide. Mediaset outperformed the advertising market in the sectors representing around 2/3 of our revenues, including auto, and new food, and grocery. And market share of Mediaset in one sector represent is more than half of our revenues is higher than the advertising market, and these includes fast-moving consumer good out of telco and pharma. So the -- let's say market share performance allocated by sector is definitely solid and consolidated.
And this comes to audience share performance in Q1 has been definitely a very encouraging period. On the correction is the competitive edge on the commercial target versus main competitor is still widening by 1% point as we commented 3 weeks ago. And on the multi-channel tide, we are confirming our leadership notwithstanding the aggressive launch of the new channels from Sky and Discovery. And we are expected -- we are expecting, sorry, 2018 to be a crucial year in Mediaset leadership consolidation in thematic channels.
We have already had taste of it with the successful launch of Canale 20 in April, the premier movie and the series channel that now is traveling around 1.5% holding share. And the most interesting thing is that almost without any cannibalization of our existing channel portfolio. So is a net addiction to our share performance and on Thursday this week, May 17, we are launching another channel. So Focus, docu-science channel, and so we are expecting to consolidate our leadership in the multichannel arena.
Last two charts for my part. So summarizing the main KPI for Q1. I can say they are quite positive, considering the slow start of the advertising market in 2018, advertising revenue is aligned to market trend, therefore, Mediaset market share in Q1 is stable. And so in a positive perspective, it means we are consolidating our market position. Audience share, we just commended, we have a leadership on commercial target and it sees, in a good shape, and both to the good performance of our programs and productions in general mainstream channels, and thanks to a strong portfolio, core and thematic channels.
Our cross media strategy does work, definitely, because radio and digital revenues growth is double digit after in Q1. And in core business TV Mediaset is successfully defending market share in an environment with high price competitive pressure, and stagnating investment in the first part of this year.
So last chart Q1 shows data both for Mediaset and market confirmed the early indicator picture we shared 4 weeks ago. With regard to Q2 in 2018 outlook, let me have some color, some additional evidence about the growth drivers. We introduced it in our last call. Considering, we are still in a contact with low visibility.
As I already said, we have 2 growth drivers -- 2 key drivers, core channels and thematic channels. We have already commented on the positive contribution of the consolidated portfolio of our TV Channel offer. Just a few more words about World Cup event. As you know for the first time ever the all the matches will be broadcast live on free-to-air, and it could be one of the most viewed event in Italian TV history. This event will involve 4 channels running grid and a full news coverage. So this will be positive for audiences and positive also for revenues.
That means that considering these in perspective, what can we have? We have 4 months total advertising revenue, that is partly year-on-year. May is not closed yet, but it should leave the 5 months performance in the positive territory. But it's important to explain that the good progression of the advertising revenue trend is an organic trend for the first 4, 5 months, not affected by the World Cup yet. So the World Cup will add advertising revenues to these positive organic growth. And visibility is definitely improving, thanks to the World Cup, because it help us working in advance with many clients in key sectors and these improve our visibility and is leading to early bookings, particularly from the top spenders in our key sectors.
For final remarks, as we announced some weeks ago, our premium movies and series channels are now available on all the Sky subscribers, and it is the fourth driver. We are already experimenting in the first part of May the beneficial impacts of these agreements, both from audience or revenue side. And finally, the World Cup event will end our test phase, and this is called advance TV application. And we will be -- officially be launching the -- to the advertising, our innovative first screen and second screen advertising services. It is a stale market in Italy, but we are going to be first-movers. And certainly this will enlarge a part and get to the rest of the market.
Having said that, now I hand over to Simone for the rest of the presentation.
Thank you. Thank you, Matteo. I will try to lead you through the Q1 results as quick as possible. As you know Q1 and Q2 numbers are affected by a number of nonhomogeneous items vis-a-vis last year. The same period of last year, for example, the pay TV phasing out, the World Cup. So these are effect that are creating a very difficult comparison versus last year. But in -- and therefore, I will try to focus your attention on the reiteration of 2018 guidance that we provided during the full year presentation.
So let's go briefly to the numbers. The group level, the first quarter of 2018 EBIT was EUR 53 million, and net profit was positive for EUR 3.5 million. The group net financial position is improving slightly compared to the end of last year. And was -- that was EUR 1,392,000,000. The net financial position is little bit better than our expectation, given some cash in -- positive cash-in, in the first part of the year. On the net financial position, again, we reiterate our final -- full year guidance, to maintain the group net debt to EBITDA ratio below 1x.
Moving to the Italian business. Let me spend a few words on this. First of all, I would like to comment the items here on the EBIT line, because we are going to enter in much higher details in the next slide as far as Italy. In Q1 2018 net financial charges are in line with last year and on this line we reiterate our guidance to be -- for 2018 around EUR 30 million. Regarding the tax rate, we are estimating to be around 37% for the full year 2018. Clearly, now is just a provision and just an estimation based on the assumption that I have just mentioned.
As said, I mean, we have a second part of the year, which probably will improve much better than the first part of the year, because the element and the effect that I have mentioned earlier, and this is something that is creating these non-homogeneity between -- in the first couple of quarters.
Moving to the integrated TV activities. Matteo just told you about the advertising performance. As far as pay TV, subscription revenues are holding up better than our expectation, even if you know they will be affected by the pay TV business plan in the second half of the year. Other revenues are in line with last year's. There are no particular seasonality in the first part of the year, and we reiterate on these top line our guidance to be EUR 210 million, which includes, also, the around EUR 30 million coming from the Sky agreement.
On total cost, we have cost savings in Q1. We have cost savings in line with our guidance. Please consider that the cost savings we're announcing to -- for 2018 will start from June, clearly, in more relevant way. This is simply according to our 2020 plan and these results of the pay TV business. We reiterate our guidance for total cost to be in a range between EUR 2,245,000,000 and EUR 2,275,000,000, which excluded the layoff and known -- and one-off item between EUR 20 million and EUR 50 million.
And these -- say the -- where we will end up in these range will depend mainly on timing of the cost anticipation linked to the pay TV restructuring plan. We are -- as far as the 2020 plan as I mentioned, we are currently back online with this -- the target that we set.
Let me touch briefly, also, investments. There is an increase of around EUR 28 million, due to mainly phasing, and we are not changing our guidance for the full year, which is going to be EUR 490 million. Let's move to the free cash flow. Free cash flow from productivity is better than last year in the sense that if we exclude the anticipation of payment due to -- for the World Cup of around -- and the other nonhomogeneous items, this number should be above EUR 40 million. So from a negative of EUR 33 million reported, to a positive of EUR 40 million. The line changing consolidation area, includes investments made by EI Towers for the acquisition of small activity in Italy. And again we -- I reinforced the -- and confirm the guidance for the net debt to EBITDA group level being below 1x at the end of 2018.
So this is everything for Q1. I will leave room for your questions now.
[Operator Instructions] We will take our first question from Richard Eary from UBS.
Just 2 questions, just on clarity. First of all, you said that revenues were positive for the first 4 to 5 months. Can you just expand on that in terms of, well, is that low single-digit positive? Just trying to get an understanding of actually how April and May have shaped, and any Easter impacts within that? And the second thing is just on the subscription side, you said that the numbers were holding up much better-than-expected. I think you gave some previous guidance at the low end. I'm just wondering whether you're changing that guidance.
Let me start for the second one. No, we are not changing the guidance yet because, I mean, probably the -- one of the reason why we are holding up a little bit better is because there is a quite big confusion here regarding the assignment of the next right. So we prefer to understand a little bit better how this will evolve and what could be the impact of -- on our revenues of these situation. So honestly, we are not changing. It's too early to change our guidance. We prefer to be, probably, in summertime to understand how the present situation could develop.
Okay. Coming to your revenue trend, what I simply stated, as you know, we do not comment on the single month performance. What I want to add is simply to give you a perspective of the progressive accumulated revenue trend we are actually experiencing. So my previous statement, I repeat is that on a 4-month lead basis accumulated performance, the total of advertisement revenues is a priority year-on-year and of course, May, we are off of the month. So it's not closed yet. But we are confident it should build on these parity basis and should lead the 5 month performance in the positive area. What we want to communicate to you is that if we concede out the first part of the year, the first 5 months as a whole, it's a situation where we defend our market share in terms of revenue. We have an organic situation that is quite healthy and not booming, but I would say, quite healthy and this is not, let's say, affected but a forthcoming event of the World Cup that will be definitely a net addition. Of course, we have a good visibility, a good on end revenue for the event today. And that's why we have a solid positive perspective for our Q2 and the rest of the year performance. That's it. Thank you.
Sorry, can I just ask you a follow-up? Just with the new channel launches, how are you actually trying and monetizing that, in terms of pricing of those channels? And when do we start to see -- is that now coming through in the first 4 months to 5 months? Or do we start to see a better progression as we go into Q3, Q4?
The positive expectation on the new channel is linked mainly to 2 factors. On the one hand, they are the, for example, 20 Canale 20 as a good performance in [indiscernible] because in multichannel arena, 1.5 is definitely good. And in many cases, in prime time share, we have audience share very close to Channel 8 and Channel 9. So it's a competitive channel, and it has a good audience profile, biased towards young male adult audience and focal will build more or less in the same area. So male and younger audience usually are part of the audiences that command a better price. So that's -- so these 2 factors combined give us a positive expectation. Of course, in our plan, the main contribution of the new channels will be completely developed in the H2, in the second half of this year. I hope that helps. Thank you.
Our next question comes from Lisa Yang from Goldman Sachs.
On your guidance regarding the advertising revenue. Is it fair to assume that radio and digital as still up double-digit in April, May? And if we just look at TV, could you give us a sense whether the first 5 months would be positive as well or flat? The second question is on the [indiscernible]. I know it's a bit early days. I think Marco previously said you expected to breakeven. So that would mean you could generate EUR 45 million of revenue. I mean, based on the, probably the early bookings. Could you, maybe give us some more color whether that target could be achieved? And the last one is on the recent retransmission deal with Telecom Italia. Could you give us a bit of a color on the potential impact revenue and potentially EBIT? And whether we should be expecting, also, further deals, especially on the pay TV side?
Let me start again from the last one. The agreement we reached with Telecom Italia will start from 1st January, 2019, first of all. The -- it's clearly linked to the number of subscribers they will have in progression. Clearly, we defined some different buckets for this at different prices. Let's say that the incremental EBIT that we are expecting from 1st of January, 2019, is between EUR 10 million and EUR 15 million, and the agreement will be for 3 years, initially for 3 years. Clearly, this is something that we are testing now with Telecom Italia. We hope that we will be able to reach a similar agreement, clearly assuming different -- course of different subscriber base with Sky and potentially with other telco operators. So clearly this is an activity that in other countries is pretty normal and pretty usual, so we believe that this could be also for Italy, and also, maybe one day, for Spain.
Okay. With regard to the other 2 questions, regarding advertising. We have good evidence on the World Cup, for the time being, I would not change Marco's comment we shared 3 weeks ago. So I would keep the same position as Marco on the coverage breakeven of the investment we have on the World Cup. Let's see what happens in the forthcoming weeks. And with regard to radio and digital, the positive inertia we experienced in Q1 is a keep ongoing also in April, May. So more or less around the double-digit progression.
And just for TV, would you be positive in the first 5 months as well?
As I said before, with regard to television, what we are considering in the first 5 months of the year is that we are around positive in the first 5 months, and on top of that, we will build a net addition of the World Cup event.
So first 5 months on par, flat for TV? Just the first 5 months? Just to be clear.
I can tell you exactly with regard to the 4-month period. So from January to April, as I said before, May is still under construction, so we are confident. But the general picture is the core business is consolidated, stable, with an organic situation, a good contribution from radio and digital on a double-digit basis. And on top of this, the World Cup net addition we are expecting for June and July.
Lisa, you have also to consider the weight of this thing, of the different balance...
Yes. Of course.
Clearly, a double-digit growth of Radio is some basis points growth in TV. So clearly, it's a different kind of weight.
Our next question comes from Julien Roch of Barclays.
Yes, my first question is on market share. So April, to get to flat, after 4 months, April is up about 4%. So how is the -- how are you doing with -- against the market and not the total market, but the key market please? That's my first question. And then, the second one is coming back on the World Cup, you said that you're still aiming to breakeven, which is an extra EUR 40 million to EUR 45 million of revenue, which will be a 5% boost to your revenue. So do you feel that you can be up more than 5% in Q2 and Q3 to -- in these breakeven on the World Cup? Those are my 2 questions.
All right. With regards to market share in our core business, as you can see from official reported data in television in the Q1, we had a very slight decrease of our share, minus 0.3%, minus 0.4%, and I cannot comment on 4 months data, because they are not yet released. They will be released probably in 3 or 4 weeks. We are confident that the policy we have on the accumulated fourth month performance will be reflected in market share. So we -- our perspective is due to start, let's say, the World Cup event with everything aligned to last year. And with regard to the World Cup, as I said before, I keep on, and I confirm Marco's guidance 3 weeks ago, that total net impact is, of course, unpredictable, because we don't know for the rest of the year what will be the evolution of the market, the baseline of our sales.
Okay. And if I could add a question. As the Milan core has canceled football auction and they said that MEDIAPRO had breached lots of rules. You can have a new auction. Would you be interested in bidding for Serie A?
Well, our attitude has not changed, to be honest. So first of all we need to understand what is going to be the evolution now, because situation seems to be very tricky. So for all the party involved. So let's see, if there will be another auction, we will certainly look at it, and there we will -- we won't change our opportunistic approach again. We have a baseline now, which is our plan with no football going forward. So any price of acquisition of these rights should improve the present situation.
Our next question comes from Laurie Davison from Deutsche Bank.
Just a follow-up on the World Cup bidding. Last time you reported to have bid -- sorry on the Serie A bidding, you've reported to have bid EUR 200 million for the Serie A rights. Would that be your bid again? Would you hold that bid if the MEDIAPRO bid was rejected? Second question, is just on the put option to Sky Italia that you have for the technical services and free-to-air channels. This should add cost savings, it should add incremental revenue. So is there any reason why you wouldn't exercise that option?
As far as the Serie A packages, again, the price is very much dependent on the shape of the packages. So at that time, we evaluated that the packages offered by the league could value for us EUR 200 million. Now we need to see what sort of other combination of the packages will be offered in the new potential auction. So honestly, I cannot give you now an answer without having clear what they want to do. I'll give you an example. Are they going to offer something on an exclusive basis? We don't know. Are they going to offer 8 teams or 10 teams? And which kind of teams are they going to offer? This is -- this may have different commercial reflections, and therefore, we need to have the clear picture in order to be able to assess the value of these rights according to our plan. So unfortunately, I cannot give you now an answer. As far as the put option, the put option was achieved in order to have much clarity to this confused situation regarding the put provide. So we didn't want to lose any opportunity. And therefore, we negotiated with Sky a put option. Clearly, the put option itself could allow us to shorten further the 2020 plan, because clearly, it's creating a new layer of potential -- anticipated potential savings, but for the time being, we are not discounting these in our projections, simply because we don't know whether we are going to exercise the put option or not. I have to say, clearly, it is pretty much dependent on how the football and Serie A situation will develop.
Our next question comes from Chris Johnen from HSBC.
Two. First, on the Sky deal. You have not yet announced that you've come to agreement on the re-trans side. I'm curious why. Is there anything in terms of timing that needs to be done mutually can agree? Or -- I mean, the conflict has been going on for several years now. You've come to agreement on the -- on the pay TV side. So I'm just curious what sort of timing we should expect? And I have a second question thereafter.
No. We haven't reached an agreement. So we've been talking about that -- these, and we will be talking very soon about the potential -- a potential retransmission agreement. Clearly, the perimeter of the retransmission agreement for Sky will be a little bit different compared to Sky Italia, and we are negotiating in good faith. So today, I'm not able to tell you whether we'll be signing something soon or not, but clearly this is something that you probably -- you know that we are not, today, in the Sky bouquet. So our free-to-air channels are not available in the Sky bouquet today. So everyone who wants to watch -- be a Sky subscriber today has to get out from the satellite pay TV offer and enter in the digital terrestrial or in the free-to-air satellite offer available today in Italy. So this is something clearly, which is in our view, is not a stable situation. So it's, I believe, it's just a matter of time, and we need to go negotiate -- keep on negotiating in good faith. No agreements has been reached so far.
Okay. Then a second question on the World Cup. I understand you don't want to discuss June too much. But maybe you could help us understand your thinking behind the breakeven of YouView have given a couple of months ago. If I'm correctly informed, the last time around the event it's north of EUR 100 million advertising, probably north of EUR 110 million. The Italian team, unfortunately, also didn't make it too far, so that there is, in terms of being in the event or not being in the event that, that shouldn't be too much of a difference, even if the advertising market is a little bit weaker compared to the event last time around. I'm just trying to understand how you would not expect to make a profit on that. It mean, it would mean that a lot of advertising is foregone that on a net basis, you can't make up for that. I'm just curious on whether my math is wrong on any of those things? Or if there's anything else I'm not getting?
Thank you for the question. What can I say -- for the time being, I can simply confirm that we never had, in our markets, 64 matches free-to-air. We estimated the audience potential, and we showed these estimates with the demand side, with the media agencies, and we all, let say, agree on the fact that 64 matches compared to 27 matches free-to-air in the last edition more than compensate the fact that we don't have 3 matches of the Italian national team. And mainly for the young male target, the advertiser looking for this is absolutely, let me say, not relevant. So from an audience perspective, the event is definitely appealing. And as said, I would like to comment after the World Cup, of course, the final result of our advertising revenue effort, but for the time being, we are keeping, let's say, our, let's say track on the objective market [indiscernible] on the last caller, so to reach the breakeven for the event, and we do think this is absolutely achievable, because as Marco said, this is a calculation of EUR 700,000 per match. So a reasonable one, and we have good evidence on that today. We have still one month to go, and that is why we are positive. And thank you.
Our next question comes from Omar Sheikh of Morgan Stanley.
I've just got a question to clarify the point you made about the retransmission agreement with TI and just trying to think about the revenue opportunity you have to grow the revenue stream you already announced. So if you look at the rate that you get from TI, it looks like it's around EUR 1.75 per subscriber, per month, at the midpoint of the numbers that you talked about earlier. So the question is, do you expect to get the same rate as you go to other distributors with -- for retransmission of the free-to-air channels? Because obviously, it looked -- you've got nearly 5 million subscribers in Sky Italia, and I'm guessing, you're not going to get EUR 100 million out of them. So I'm just wondering, what is the revenue opportunity? And what is the rate you're going to pay -- or you're going to receive for those channels?
No. Well, I mean, there are different ways to agree on these retransmission fee. One is the CPS, the one that you mentioned, so a cost per subscriber. The other one is to use a certain amount at a certain bucket of number of client, which another way to agree the fee. And then, there is the fixed amount, when you believe that the platform has reached a level or a maturity, you agree, a fixed amount per month or per year. We agreed on the second. We reached an agreement on the second kind of pricing. So we agreed on a price per month in relation to a progressive buckets of client. So was not made on a CPS. The Sky potential agreement, honestly, I don't know, it depends on many things. It depends on so on the advantage that being adding our channels on platform, adding more than 4.5 million subs could bring on our advertising line. So honestly, these are all considerations that we are trying to develop internally, preparing ourselves in the negotiation and the -- in dealing with other potential operators retransmitting our free-to-air channels. So...
Okay. That's clear. But just maybe as a follow-up, what's the time line then on potentially agreeing -- new agreements of this sort?
I believe that nothing will happen in 2018. And clearly, as far as Sky is concerned, it would be also pretty much dependent on how we will develop our relationship, including the put option in the next few months.
[Operator Instructions] We will now take our next question from Stefano Gamberini of Equita.
Three quick questions, if I may. First of all, regarding the advertising trend, if I understood correctly, April and May are -- market is improving, or sorry your revenues are improving, and if you can, elaborate a little bit more why there is this change compared to first quarter, also considering your introduction, where you said that the political situation is worsening the situation. The second question regarding the pay TV revenues. Could you remind us what is the guidance for 2018 of the pay TV revenues? And the third one, regarding the costs, EUR 10 million of lower cost in the first quarter, probably, the second the cost will increase due to the World Cup, while your guidance sees for reduction between 20 -- EUR 280 million and EUR 310 million. So could we expect a huge decline of cost in the last 2 quarters? And just to understand if you have more flexibility related to the trend of pay TV revenues in the last part of the year, also leading to this cost guidance?
Let me start form pay TV. So again, I guess, we're not changing -- we haven't given any specific guidance on pay TV revenues because, clearly, it will be pretty much depending on the steepness of the fadeout -- of the phase out of our client base in case we don't get the football rights, the Serie A football rights. Let's say that we have -- we understand that there is a consensus above EUR 300 million. As of today we don't see any reason why we should, let's say change this consensus, to be honest, as of today. I don't know whether I answered your question. As far as costs on pay TV, clearly, we cannot stop serving our subscribers as long as we have an offer on air. And therefore, clearly, the savings will be pretty much weighted in the second half of the year. Did I answer your question?
Yes. Just -- yes. Yes. Just to understand it, if you have more flexibility relative to the trend of pay TV revenues in the second part of the year or not, on costs?
No. Let's say, clearly, we have a certain degree of flexibility? Yes. We have it. Honestly, today, there is no indication of that we may benefit from this flexibility. But clearly, we'll see how these things develop in pay TV.
And coming back to your question with regards to advertising revenues, what can I add? You're right actually, we are in a context of limited visibility, mainly for the rest of the year, H2. There are some uncertainties from a political point of view, but coming to advertising, for sure. The telco sector is a key sector for the organic trend about advertising market for the second part of the year. For the time being, we are still waiting for the fourth operator to join, let's say, the competitor's arena. There has been some announcement that they are just starting with some social and digital activities, let's see what happens in the second part of the year. What -- probably I'm repeating, but want simply to share the fact that we are the core business that is in a good shape, not booming shape, but in a good shape. The net contribution of radio and digital, it is positive, and a good perspective on the net addition of the World Cup. And this comes to Q2, H2. And that's all what we can say in a reasonable -- in a very reasonable way today, the 15th of May. And hope to have answered. I thank you.
Ladies and gentlemen, unfortunately, we are running out of time, and I thank you very much for your attention. And as always, we are all available for any questions -- any further questions you may have after the call. Thank you very much, and bye-bye.
Thank you.