ProSiebenSat.1 at a Glance

The ProSiebenSat.1 Group is one of the largest independent media corporations in Europe. Free TV financed by advertising is our core business. With the stations SAT.1, ProSieben, kabel eins, sixx, SAT.1 Gold, and ProSieben MAXX, we are the number one in the German TV advertising market. We have tapped into an attractive new business area with the distribution of our television channels in HD quality. We are also Germany’s leading online video marketer. We operate maxdome, the biggest German video-on-demand portal, and provide users with the best digital entertainment via our multi-channel network Studio71 or the streaming app 7TV. In recent years, we have built a strong e-commerce portfolio, which is now one of our key growth drivers. In addition, our Group has an international program production and distribution network in seven countries. This means ProSiebenSat.1 has a broad revenue and earnings basis.

In the 2014 financial year, we generated revenues of EUR 2.876 billion and recurring EBITDA of EUR 847.3 million. By 2018, we want to increase our revenues by a further EUR 1 billion compared to 2012. The growth segment Digital & Adjacent is then expected to contribute 25 % to 30 % of consolidated revenue. These medium-term financial goals are reflected in our strategy: We want to develop the ProSiebenSat.1 Group into a leading Broadcasting, Digital Entertainment and Commerce Powerhouse.

Revenues and Recurring EBITDA (bar chart)Revenues and Recurring EBITDA (bar chart)

Group revenue share by segment

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

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Forecasts 2014

  

Actual figures 2014

  

Forecasts 2015/2016

 

  

 

  

 

  

 

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

1

After reclassification of cash and cash equivalents from the Eastern European business. Adjusted for LTM recurring EBITDA from the Northern and Eastern European business.

2

Adjusted for LTM recurring EBITDA from the Eastern European business.

3

Relevant target group of 14 to 49 year olds.

Revenues
High single-digit increase
(2013: EUR 2,605.3 million)

  

+10.4 %

  

Revenues
Increase
to EUR 2,875.6 million

  

Revenues
Mid to high single-digit increase

Broadcasting German-speaking
Slight increase
(2013: EUR 1,997.8 million)

  

+3.2 %

  

Broadcasting German-speaking
Increase
to EUR 2,062.7 million

  

Broadcasting German-speaking
Slight increase

Digital & Adjacent
Significant increase
(2013: EUR 483.7 million)

  

+26.3 %

  

Digital & Adjacent
Increase
to EUR 610.7 million

  

Digital & Adjacent
Significant increase

Content Production & Global Sales
Significant increase
(2013: EUR 123.8 million)

  

+63.4 %

  

Content Production & Global Sales
Increase
to EUR 202.2 million

  

Content Production & Global Sales
Mid to high single-digit increase

Recurring EBITDA
Mid single-digit increase
(2013: EUR 790.3 million)

  

+7.2 %

  

Recurring EBITDA
Increase
to EUR 847.3 million

  

Recurring EBITDA
Mid single-digit increase

Broadcasting German-speaking
Slight increase
(2013: EUR 678.6 million)

  

+3.6 %

  

Broadcasting German-speaking
Increase
to EUR 702.8 million

  

Broadcasting German-speaking
Slight increase

Digital & Adjacent
Significant increase
(2013: EUR 105.4 million)

  

+22.7 %

  

Digital & Adjacent
Increase
to EUR 129.3 million

  

Digital & Adjacent
Significant increase

Content Production & Global Sales
Significant increase
(2013: EUR 10.6 million)

  

+80.1 %

  

Content Production & Global Sales
Increase
to EUR 19.1 million

  

Content Production & Global Sales
Mid to high single-digit increase

Underlying net income
High single-digit increase
(2013: EUR 379.7 million)

  

+10.3 %

  

Underlying net income
Increase
to EUR 418.9 million

  

Underlying net income
High single-digit increase

Leverage factor
1.5 – 2.5
(2013: 1.8)1

  

1.82

  

Leverage factor

  

Leverage factor
1.5 – 2.5

German TV audience market3
market leader ship

  

28.7 %

  

German
TV audience market
Growth by 0.6 percentage points

  

German
TV audience market
At least maintain or to slightly expand leading position

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Key figures of the ProSiebenSat.1 Group – Part 1

 

  

 

  

 

in EUR m

  

2014

  

2013

Revenues

  

2,875.6

  

2,605.3

Revenue margin before income taxes (in %)

  

19.5

  

20.2

Total costs

  

2,209.0

  

1,961.9

Operating costs1

  

2,046.9

  

1,835.8

Consumption of programming assets

  

867.8

  

858.7

Recurring EBITDA2

  

847.3

  

790.3

Recurring EBITDA margin (in %)

  

29.5

  

30.3

EBITDA

  

818.4

  

757.8

Non-recurring items3

  

–28.9

  

–32.6

EBIT

  

694.5

  

668.9

Financial result

  

–134.4

  

–142.0

Profit before income taxes

  

560.1

  

526.9

Consolidated net profit (after non-controlling interests)4

  

346.3

  

312.1

Profit from discontinued operations (net of income taxes)

  

–27.1

  

–47.6

Underlying net income5

  

418.9

  

379.7

Basic earnings per share (underlying)

  

1.96

  

1.78

Investments in programming assets

  

889.7

  

860.2

Free cash flow

  

276.5

  

330.1

Cash flow from investing activities

  

–1,148.4

  

–1,018.3

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Key figures of the ProSiebenSat.1 Group – Part 2

 

  

 

  

 

in EUR m

  

12/31/2014

  

12/31/2013

1

Total costs excluding 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 AG including discontinued operations.

5

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

6

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

7

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

8

After reclassification of cash and cash equivalents of Eastern European operations. Adjusted for the LTM recurring EBITDA contribution of Northern and Eastern European operations.

9

After reclassification of cash and cash equivalents of Eastern European activities.

10

Adjusted for the LTM recurring EBITDA contribution of Eastern European operations.

Explanation of reporting principles in the 2014 financial year/fourth quarter of 2014: The figures for the 2014 financial year relate to those for continuing activities 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 operations in question are grouped together as a single line item, result from discontinued operations, and are reported separately. In addition to the operating earnings generated by the operations in Hungary and Romania by the time of their respective deconsolidations, the result from discontinued operations shown after taxes for the 2014 financial year also includes the corresponding results of deconsolidation. The figures for the financial year 2013 for the income statement and the statement of cash flows have been presented on a comparable basis. The figures in the previous year’s statement of financial position were not adjusted.

Programming assets

  

1,211.9

  

1,201.6

Equity

  

753.9

  

584.1

Equity ratio (in %)

  

19.3

  

16.4

Cash and cash equivalents

  

470.6

  

395.7

Financial liabilities

  

1,973.1

  

1,842.0

Leverage6

  

1.810

  

1.88

Net financial debt

  

1,502.5

  

1,446.39

Employees7

  

4,210

  

3,590