ProSiebenSat.1 at a Glance

ProSiebenSat.1 Group is one of the most successful independent media companies in Europe with a strong lead in TV and the digital space. In 2015, the Group increased its revenues by 13.4 % to EUR 3.261 billion, while recurring EBITDA rose by 9.2 % to EUR 925.5 million.

Advertising-financed free TV is the Group’s core business. The station family comprising SAT.1, ProSieben, kabel eins, sixx, SAT.1 Gold, and ProSieben MAXX is the number 1 in the German audience and TV advertising markets. The Group has tapped into an additional attractive business area through the distribution of its television channels in HD quality. At the same time, the Group successfully networks the wide reach of its TV business with a strong digital unit. In this way, ProSiebenSat.1 is opening up new markets and has created a strong base for long-term growth. The Group is already Germany’s leading video marketer on the Internet. With the video-on-demand portal maxdome, ProSiebenSat.1 is one of the most successful suppliers of digital entertainment. Studio71 is the largest multi-channel network in Germany and is among the top 5 worldwide. In recent years, ProSiebenSat.1 has also built up a successful e-commerce portfolio that is now one of its most important growth drivers. Via its international production and distribution business Red Arrow Entertainment Group, the Company is present with 15 companies in six countries.

By 2018, ProSiebenSat.1 intends to increase its revenues by EUR 1.85 billion up to around EUR 4.2 billion, compared to 2012. The ProSiebenSat.1 Group is headquartered in Unterföhring/ Munich and employs approximately 4,900 people. The share was one of the largest MDAX stocks in 2015; in March 2016 it will be included in the leading equity index DAX as the first media stock.

(XLS:) Download

Forecasts 2015

  

Actual figures 2015

  

Forecasts 2016/2017

Revenues
Significant increase
(2014: EUR 2,875.6 million)

  

+13.4 %

  

Increase
to EUR 3,260.7 million

  

Significant increase (2016)
High single-digit increase (2017)

All information relates to continuing operations. Segment revenues relate to external revenues. The forecasts reflect the percentage change vs. previous year.

1

Adjusted for LTM recurring EBITDA from the Eastern European business.

2

Relevant target group of 14- to 49-year-olds.

Broadcasting German-speaking
Slight increase
(2014: EUR 2,062.7 million)

  

+4.3 %

  

Increase
to EUR 2,152.1 million

  

Slight increase

Digital & Adjacent
Significant increase
(2014: EUR 610.7 million)

  

+38.6 %

  

Increase
to EUR 846.4 million

  

Significant increase

Content Production & Global Sales
Significant increase
(2014: EUR 202.2 million)

  

+29.7 %

  

Increase
to EUR 262.2 million

  

Significant increase

Recurring EBITDA
Mid single-digit increase
(2014: EUR 847.3 million)

  

+9.2 %

  

Increase
to EUR 925.5 million

  

Mid to high single-digit increase

Broadcasting German-speaking
Slight increase
(2014: EUR 702.8 million)

  

+4.5 %

  

Increase
to EUR 734.3 million

  

Slight increase

Digital & Adjacent
Significant increase
(2014: EUR 129.3 million)

  

+31.6 %

  

Increase
to EUR 170.2 million

  

Significant increase

Content Production & Global Sales
Mid to high single-digit increase
(2014: EUR 19.1 million)

  

+30.8 %

  

Increase
to EUR 25.0 million

  

Significant increase

Underlying net income
High single-digit increase
(2014: EUR 418.9 million)

  

+11.6 %

  

Increase
to EUR 467.5 million

  

Mid to high single-digit increase

Leverage ratio1
1.5 – 2.5
(2014: 1.8)

  

2.1

  

 

  

1.5 – 2.5

German TV audience market2
At least maintain or slightly expand leading market position
(2014: 28.7 %)

  

29.5 %

  

Growth by 0.8 percentage points

  

Consolidate leading market position at a high level

(XLS:) Download

Key figures of ProSiebenSat.1 Group – Part 1

 

  

 

  

 

EUR m

  

2015

  

2014

Revenues

  

3,260.7

  

2,875.6

Revenue margin before income taxes (in %)

  

18.5

  

19.5

Total costs

  

2,555.4

  

2,209.0

Operating costs1

  

2,354.5

  

2,046.9

Consumption of programming assets

  

895.5

  

867.8

Recurring EBITDA2

  

925.5

  

847.3

Recurring EBITDA margin (in %)

  

28.4

  

29.5

EBITDA

  

881.1

  

818.4

Non-recurring items3

  

–44.4

  

–28.9

EBIT

  

729.9

  

694.5

Financial result

  

-126.4

  

–134.4

Profit before income taxes

  

603.6

  

560.1

Consolidated net profit (after non-controlling interests)4

  

390.9

  

346.3

Profit from discontinued operations (net of income taxes)

  

0.3

  

–27.1

Underlying net income5

  

467.5

  

418.9

Basic earnings per share (underlying)

  

2.19

  

1.96

Investments in programming assets

  

943.9

  

889.7

Free cash flow

  

–1.2

  

276.5

Cash flow from investing activities

  

–1,521.7

  

–1,148.4

(XLS:) Download

Key figures of ProSiebenSat.1 Group – Part 2

 

  

 

  

 

EUR m

  

31.12.2015

  

31.12.2014

1

Total costs excl. D&A and non-recurring expenses.

2

EBITDA before non-recurring (exceptional) items.

3

Non-recurring expenses netted against non-recurring income.

4

Consolidated net profit attributable to shareholders of ProSiebenSat.1 Media SE including discontinued operations.

5

Consolidated profit for the period attributable to shareholders before the effects of purchase price allocations and additional special items.

6

Ratio net financial debt to recurring EBITDA in the last twelve months; adjusted for the LTM recurring EBITDA contribution of Eastern European operations.

7

Full-time equivalent positions as of reporting date from continuing operations.

Explanation of reporting principles in the financial year 2015 / at December 31, 2015: The figures for the 2015 financial year and the fourth quarter of 2014 relate to those for continuing operations reported in accordance with IFRS 5, i.e. not including the contributions to revenues and earnings of operations sold and deconsolidated in February 2014 (Hungary) and April/August 2014 (Romania). The income statement items of the entities concerned are grouped as a single line item, result from discontinued operations, and reported separately. The result from discontinued operations includes both the net profit generated by the companies sold in Hungary and Romania as well as the respective gain on disposal and is presented after taxes. The figures for the financial years 2013 and 2012 for the income statement and the cash flow statement have been presented on a comparable basis. In the financial year 2011, the Belgian TV operations and the Dutch TV and print operations were deconsolidated on closing of the respective share purchase agreements in June and July 2011 respectively. The income statement items for the operations concerned are reported separately as the result from discontinued operations. The 2011 result from discontinued operations contains the net profit as well as the gain on disposal and is presented after taxes. The figures for 2010 (income statement and the cash flow statement) have only been restated for the figures of the operations sold in the financial year 2011.
The previous year‘s figures in the statement of financial position were not adjusted.

Programming assets

  

1,252.4

  

1,211.9

Equity

  

943.1

  

753.9

Equity ratio (in %)

  

17.7

  

19.3

Cash and cash equivalents

  

734.4

  

470.6

Financial liabilities

  

2,674.8

  

1,973.1

Leverage6

  

2.1

  

1.8

Net financial debt

  

1,940.4

  

1,502.5

Employees7

  

4,880

  

4,210
Revenues and Recurring EBITDA (bar charts)Revenues and Recurring EBITDA (bar charts)

Group revenue share by segment (III)

Group revenue share by segment (pie chart)Group revenue share by segment (pie chart)