Addressable TV

Addressable TV describes the opportunity to broadcast digital advertising in linear television programming selectively – i. e. nationally, regionally or according to target group – on internet-connected TV sets by means of HbbTV technology. It thus combines the reach of the television mass medium with the targeted addressability of the online world.

Arbeitsgemeinschaft Fernsehforschung (AGF)

In the Arbeitsgemeinschaft Fernsehforschung (Working Group of Television Research), the ARD and ZDF broadcasters, the ProSiebenSat.1 Media SE station groups and the RTL Deutschland media group join forces to carry out and develop continual quantitative television audience research in Germany (ratings). The data collected exclusively by the GfK TV research department is recognized in the television market as the common currency for advertising and program planning. The AGF/GfK television panel includes 5,000 households consisting of almost 10,500 persons, which report on a daily basis (reporting basis D+EU television panel). This shows the television consumption of 75.08 million people from the age of 3 or 38.19 million television households (as of January 1, 2016).

Arbeitsgemeinschaft Online Forschung (AGOF)

Affiliation of leading online marketers in Germany. By providing standardized online coverage currency and comprehensive data on online media consumption, AGOF makes traditional and mobile internet a transparent and plannable advertising medium.

Cash flow hedge

Guarding against the risk of variable cash flows with derivative financial instruments.

Cash flow statement

The cash flow statement shows how cash and cash equivalents have changed as a result of cash inflows and outflows during the period. It is broken down into cash flow from operating activities, cash flow from investing activities and cash flow from financing activities. Cash and cash equivalents shown in the cash flow statement correspond to the cash and cash equivalents reported on the statement of financial position as of at the reporting date. Cash flow from operating activities is derived indirectly from the consolidated profit or loss from continuing operations for the period.

Catch-up TV

Catch-up TV is a form of video-on-demand whereby stations give audiences the opportunity to watch television shows online for a certain period of time following the original broadcast (usually seven days). Audiences can usually access these shows for free.

Common share

Voting share without any preferential rights (opposite: preference share).

Credit facility

Defined loan framework at one or more banks which can be utilized to cover credit requirements.


If an entity is separated from the Group, all assets and liabilities are eliminated from the consolidated financial statements by way of deconsolidation. This applies if the Group parent loses control, such as by selling all of its shares or its majority interest to third parties, if the parent’s ownership interest is diluted such that it loses control, or if the entity’s valuation changes (e.g. subordinate importance).


According to IAS 39.9 a derivative exists when the value of a financial instrument depends on an underlying, for example, the development of an interest rate, a share price, an index or a foreign currency. In addition, the standard stipulates that in comparison to other instruments which would be expected to have a similar response to changes in market conditions a derivative requires little or no initial investment. Furthermore, settlement or offsetting takes place at a time in the future.

Derivative finance instruments

Financial instruments whose value or price depends on future prices or other asset values (underlyings). These include swaps and options.

Digital out-of-home (DooH)

Digital out-of-home means outdoor digital advertising, i. e. media outside of one’s own four walls: LED boards or digital backlit billboards on roads, at train stations and airports, in public transport or at point of sale (e. g. electronics stores, food stores, convenience stores). DooH is a distinct media type that has built up relevant cumulative reach, which differs from traditional outdoor advertising (billboards): DooH allows advertisers to use video advertising in order to follow the mobile target group through the day and thus effectively extend television campaigns, for example.


Digitalization and digital technology have established themselves in people’s everyday lives and are changing the production, distribution and reception of content. The rapid spread of smartphones, tablets, smart TVs and other internet-connected entertainment devices, plus access to information anytime anywhere, are having a major impact on media use. The media convergence that digitalization allows – e.g. of television and internet – has spawned even more interactivity. New media formats and distribution channels make interactive media consumption possible and offer consumers, providers and the advertising industry many new opportunities. Fully digitalizable content that can be distributed via online platforms is just one of the outcomes.


The share of the profit of a stock corporation distributed to the shareholders. The amount of the dividend is proposed by the Executive Board and approved by the Annual General Meeting. The dividend depends, among other things, on the profitability, economic situation and dividend policy of the company. The basis of assessment for the distribution is the profit calculated according to commercial law.

Dual broadcasting system

A dual broadcasting system means the concurrent existence of private and public broadcasters. The most important difference between the two broadcasting systems is in the form and purpose of the organization. The duty of the public broadcasting organizations, with the main stations ARD and ZDF, is the “basic provision of the population with information.” Their financing is guaranteed by law and provided by license fees. The private providers operate as independent commercial enterprises, obtaining most of their revenues from marketing advertising.


Abbreviation for Earnings before Interest and Taxes.


Abbreviation for Earnings before Interest, Taxes, Depreciation and Amortization.

Fair Value

The fair value is defined according to IFRS 13.9 as the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants on the measurement date.

Financial covenants

Obligations in the context of loan contracts. These relate primarily to key financial indicators that the borrower has to comply with.

Financial result

Is composed of the interest result, other financial result and income from investments accounted for using the equity method.

Free cash flow

A key parameter for assessing the financial strength of the Group. Total cash and cash equivalents generated in operating business less the balance of cash used and generated in the context of investing activities.

Free float

The number of shares in a company that are owned by many different shareholders and are thus widely spread.

GfK Fernsehforschung

GfK Fernsehforschung is a department within the GfK Group (Gesellschaft für Konsumforschung) that collects TV consumption data for Germany exclusively on behalf of the Arbeitsgemeinschaft Fernsehforschung (AGF). On a daily basis, GfK Fernsehforschung records the TV consumption of the households on the television panel, the people living in these households and their guests with electronic measuring instruments. This data is considered “the currency” in Germany’s TV market.

Gross advertising expenditure

Money spent by advertisers on the placement of advertising. Gross advertising expenditure allows only limited conclusions to be drawn on actual advertising revenues, as it does not take into account discounts, self-promotional advertising or agency commissions.

Gross/net reach

Net reach is the number of people who were reached by a piece of video content at least once. In contrast, gross reach is the total of all contacts made, regardless of whether specific individuals are reached multiple times.


A hedge is a financial transaction to secure another transaction against risks such as exchange rate fluctuations or changes in commodity prices.

Hedge accounting

Shows an economic hedge relationship in line with IAS 39. Here what are often opposing value changes of the hedged underlying transactions and the derivative financial instruments used for hedging are recorded in accounting terms.

High definition (HD)

High-definition video content as opposed to standard definition (SD). HD content is predominantly distributed via television, Blu-ray and the internet. On televisions, the standards used are 720p, 1080i und 1080p. Online, HD content is streamed (e.g. on YouTube) or distributed in various file formats (e.g. avi, mp4, mkv, mov) and specifications. “Native HD” means that the content was produced with HD devices from the start, and that it does not need to be upscaled to be broadcast in HD. HD content is transferred between devices via HDMI und can be protected against copying (HDCP). The HD standard is in further development.

Hybrid broadcast broadband TV (HbbTV)

Enables the link-up between TV and internet offerings. HbbTV, the standard for interactive television, is implemented in various ways by the TV broadcasters. HbbTV applications can offer comprehensive EPGs, HD Videotext, additional interactive services such as information to accompany programs, interactive voting fields or access to videos. HbbTV also supports the full provision of additional television-related services via a broadband internet connection.

Impairment test

Examination of the value of assets, especially for goodwill and intangible assets with indefinite useful lives. If the carrying amount exceeds the recoverable amount, then an impairment must generally be recognized in the income statement.

In-stream video ads

In-stream advertising is video advertising. This includes all forms of video advertising shown before, after or during a video stream. Linear in-stream video ads play – like TV commercials – before (pre-roll), during (mid-roll) or after (post-roll) the video content. They can also allow interaction (interactive video ads). Another category is non-linear video ads, which play in parallel and overlap with the video content.

Interest rate swaps

Derivative financial instruments to swap cash flows. For example, with interest rate swaps a swap is made between fixed and floating rate cash flows.


Stands for Internet Protocol Television (IPTV). Films and television are transmitted over the internet – and in contrast to traditional broadcasting, not via cable or satellite. IPTV is neither a standard nor a design, and therefore only a generic term that may be encountered in various forms.


Shows how high net debt is in relation to recurring EBITDA in the last twelve months.

Leverage factor

Common key ratio for measuring the debt position. It is calculated as the ratio of net financial debt to recurring EBITDA of the last twelve months.


Describes a business model introduced by the ProSiebenSat.1 Group where start-up companies receive advertisement time in return for a revenue share and/or equity.

Multi-channel network

A company that enters partnerships with online platforms like MyVideo and offers support in areas such as product, programming, financing, cross-promotion, partner management, digital rights management, monetization/sale and establishing an audience. As a kind of record label, the multi-channel networks manage online video makers.

Net advertising revenue

Advertising revenues less discounts, self-promotional advertising, agency commissions, etc.

Net financial debt

Total loans and borrowings minus cash and cash equivalents and current financial assets.

Nielsen Media Research

Subsidiary of the American market research institute AC Nielsen. Nielsen Media Research, based in Hamburg, is devoted to monitoring the advertising market. It determines the gross advertising revenues (AdEx data) of the most important media types and advertising media (television, consumer and trade magazines, newspapers, radio, online and billboards) according to economic field, product group and family, company and brand.

Operating costs

Total costs excluding depreciation and amortization as well as non-recurring expenses. Relevant cost variable for calculating recurring EBITDA.

Pay TV

Television programming that can only be received if additional fees are paid. Special equipment (a decoder) is usually required.

Preference share

Share that does not generally confer a voting right, but instead grants other benefits, usually in the form of a higher dividend (opposite: common share).

Programming assets

Rights to TV program content (e.g. feature films, series, commissioned productions) capitalized as a separate item due to their particular importance for the financial position and performance at the ProSiebenSat.1 Group. Feature films and series are posted on the statement of financial position as of the beginning of the license term. Commissioned productions are capitalized as broadcast-ready programming assets as of their date of formal acceptance. Until being broadcast, sport rights are included in advance payments. They are then posted to programming assets. When programs are broadcast, a program consumption item is posted in the income statement.

Purchase price allocation

Process by which the purchase price for a newly acquired entity is allocated to the acquired assets and (contingent) liabilities on the acquisition date.

Real-Time-Response Test (RTR)

An instrument of market and program research: When initial sequences or a pilot episode of new TV formats are screened, test persons document their response and reactions using a type of remote control, with accuracy down to the second and in real time. This makes it possible to measure intuitive and spontaneous reactions without the participants first having to verbalize their impressions.

Recurring EBITDA

Earnings before Interest, Taxes, Depreciation and Amortization. Describes earnings before interest, taxes, depreciation and amortization, adjusted for non-recurring items.

Revolving Credit Facility (RCF)

A credit framework that can be repaid and then utilized again within a specific time period.

Scope of consolidation

The full group of entities to be included in the consolidated financial statements.

Second Screen

A term describing the use of a second screen (mobile devices such as smartphones, tablets and notebooks) in parallel with broadcast television.

Subscription video-on-demand (SVoD)

Subscription video-on-demand describes a subscription model for customers of video-on-demand platforms such as maxdome. A fixed price is charged for a defined offering that can be accessed without restriction. It belongs to the overriding pay-video-on-demand (Pay-VoD) category, which also includes other payment models, such as transactional video-on-demand (TVoD) or pay-per-view (PPV).

Syndicated facilities agreement

Loans granted jointly by multiple financial institutions, which must involve at least two lenders. Syndicated facilities are granted when the total credit is very high. The distribution among several banks serves to spread the risk. Syndicated facilities are also known as consortium loans.


Targeting means modulating advertising automatically and in a targeted fashion using various parameters. It serves to optimize the delivery of digital advertising to predefined target groups with less wasted coverage.

Term loan

Loan in which the loan obligation is repaid at the end of the agreed duration (secured term loan).

Total costs

Total of cost of sales, selling expenses and administrative expenses, as well as other operating expenses.

Underlying net income

Consolidated profit after non-controlling interests from continuing activities, before the effects of purchase price allocations and other special items.

Unique User

The “unique user” is the basis of the AGOF Internet Facts. The unit expresses how many people in a given period were exposed to an advertising medium or individual booking units and equates to net reach. The unique user is the basis for the calculation of the reach and audience structure of online advertising media and the regulation of essential factors for media planning such as weekly consumption, monthly consumption or building exposure.


The ProSiebenSat.1 Group is expanding its value chain across all segments and thus diversifying its revenue and earnings base. By diversifying vertically, the Company is generating additional revenues in Ventures & Commerce in particular. For example, ProSiebenSat.1 bundles websites such as,,, and into a vertical in the online travel market. ProSiebenSat.1 has significantly increased the name recognition and revenues of the consolidated travel portals with the aid of TV spots. The companies are also increasingly gaining reciprocal benefits from synergies from the integration of advertising and sales, as their platforms complement each other. As the area Ventures & Commerce is growing so dynamically, other verticals are also being established.


Allows the user to stream or download videos at any time.

Working capital

Calculated on the basis of current assets minus current liabilities, thus providing an assessment of liquidity. Guarding against the risk of variable cash flows with derivative financial instruments.

Zentralverband der deutschen Werbewirtschaft (ZAW)

As a combination of associations whose members are business advertisers, the Zentralverband der deutschen Werbewirtschaft e.V. (ZAW) brings together the interests of the advertising industry, represents them to the outside world and determines the advertising investments (net) of all media types and advertising media on an annual basis. The association is dedicated to all matters concerning the advertising industry with the intention of making government regulation unnecessary.