ProSiebenSat.1 Group

ProSiebenSat.1 Group is based in Munich/Unterföhring and is one of the most successful independent media companies in Europe with a strong presence in the TV and digital market. The Group is growing dynamically, with consolidated revenues increasing by 17 % to EUR 3,799 million in 2016 (Q1 2017: EUR 910 million). At the same time, recurring respectively adjusted EBITDA increased by 10 % to EUR 1,018 million (Q1 2017: EUR 188 million). [G4-3, G4-5]

Advertising-financed free TV is the Group’s core business. The station family comprising SAT.1, ProSieben, kabel eins, sixx, SAT.1 Gold, ProSieben MAXX, and kabel eins Doku 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. Already today, ProSiebenSat.1 is Germany’s leading video marketer on the Internet and with maxdome or Studio71 one of the most successful providers of digital entertainment. ProSiebenSat.1 has also built up a successful e-commerce business of digital platforms in recent years, with brands such as Verivox, Parship and Flaconi, which is now one of the Group’s most important growth drivers. This broadcasting, digital entertainment and commerce portfolio is supplemented by Red Arrow, an international production and distribution network. With Red Arrow Entertainment Group, the Company is represented with 19 companies in seven countries. Thus, ProSiebenSat.1 has a broadly diversified revenue and earnings base. In October 2016, ProSiebenSat.1 once again increased its mid-term growth targets, and expects to increase its revenues by EUR 2.15 billion to around EUR 4.5 billion by 2018, compared to 2012. [G4-4, G4-6, G4-8]

As of March 31, 2017, ProSiebenSat.1 Group had 6,461 employees on average. The ProSiebenSat.1 Media SE share is traded on the stock exchanges in Frankfurt and Luxembourg. In March 2016, it became the first media company to be included into the leading DAX index. [G4-7, G4-9]

Revenues by segment [G4-8]

Revenues by segment (Ring chart)

Revenues by region [G4-6]

Revenues by region (Ring chart)

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Key figures [G4-9]

 

  

 

  

 

EUR m

  

2016

  

2015

1

Total costs excl. D&A and expense adjustments.

2

EBITDA before reconciling items (net).

3

Expense adjustments netted against income adjustments.

4

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

5

Consolidated profit for the period attributable to shareholders of ProSiebenSat.1 Media SE before the effects of purchase price allocations and additional reconciling items.

6

Due to the merger of share classes in 2013, from this year on basic earnings per share (underlying) are shown. Prior year figures were not determined.

7

Ratio net financial debt to recurring EBITDA in the last twelve months.

8

Average full-time equivalents from continuing operations.

9

Calculated on the basis of the volume-weighted average number of shares in 2016 of 216.8 million; taking into account the dividend-entitled shares as of the balance sheet date, adjusted economic earnings per share amounts to EUR 2.24.

Explanation of reporting principles: The figures for the financial year 2016 relate to those for continuing operations reported in accordance with IFRS 5, i.e. not including the revenue and earnings contributions of the entities sold. The following entities were deconsolidated in the in the past: Hungary (February) and Romania (April and August respectively) in the financial year 2014; the Northern European operations (April) in the financial year 2013; Belgium (June) and Netherlands (July) in the financial year 2011. The income statement items of the relevant entities are presented separately as a single figure, result from discontinued operations. This figure also contains the respective gain on disposal and is presented after tax.
The previous years‘ figures in the statement of financial position were not adjusted.

Revenues

  

3,799

  

3,261

Revenue margin before income taxes (in percent)

  

17.3

  

18.5

Total costs

  

3,056

  

2,555

Operating costs1

  

2,804

  

2,355

Consumption of programming assets

  

915

  

896

Recurring EBITDA2

  

1,018

  

926

Recurring EBITDA margin (in percent)

  

26.8

  

28.4

EBITDA

  

982

  

881

Reconciling items (net)3

  

–35

  

–44

EBIT

  

777

  

730

Financial result

  

–119

  

–126

Profit before income taxes

  

658

  

604

Consolidated net profit (after non-controlling interests)4

  

402

  

391

Profit from discontinued operations (net of income taxes)

  

–42

  

0

Underlying net income5

  

513

  

466

Basic earnings per share (underlying)6

  

2.379

  

2.18

Investments in programming assets

  

992

  

944

Free cash flow

  

–4

  

–1

Cash flow from investing activities

  

–1,623

  

–1,522

 

EUR m

  

12/31/2016

  

12/31/2015

Programming assets

  

1,312

  

1,252

Equity

  

1,432

  

943

Equity ratio (in percent)

  

21.7

  

17.8

Cash and cash equivalents

  

1,271

  

734

Financial liabilities

  

3,185

  

2,675

Leverage7

  

1.9

  

2.1

Net financial debt

  

1,913

  

1,940

Employees8

  

6,054

  

4,880