Overall Assessment of Future Development - Management View

For the ProSiebenSat.1 Group, 2014 marked another year of growth in which we achieved or even exceeded our targets. We are also confident moving forward into 2015: Our revenues are developing as planned, the growth forecasts for TV and our digital markets are positive. Against this backdrop, we expect an increase in Group revenues by a mid to high-single-digit percentage for 2015. At the same time, recurring EBITDA is likely to grow by a mid single-digit percentage, and underlying net income by a high single-digit percentage. We assume that all segments will again contribute to the increase in revenues and earnings.

Our profitable growth is due to the consistent integration of our TV activities with the digital offerings. This strategy forms the foundation of our vision of an integrated Broadcasting, Digital Entertainment and Commerce Powerhouse. The ProSiebenSat.1 group will continue to make consistent use of its growth opportunities in the core business of TV and strengthen its leading position in the audience and advertising markets. At the same time, we will further advance the dynamic development in the Digital & Adjacent and Content Production & Global Sales segments. The goal is to grow more independent from the economically sensitive advertising market in the future. By 2018, we expect Group revenues to increase by EUR 1 billion compared to 2012.

We give our shareholders an appropriate share in the Company’s success and plan to continue paying out 80 % to 90 % of underlying net income as a dividend. At the same time, we are sticking to the defined target range for the leverage factor of 1.5 to 2.5. This gives ProSiebenSat.1 a stable financial foundation.