ProsiebenSat.1 at a Glance

ProSiebenSat.1 Group concluded the 2019 financial year largely in line with its expectations: Despite the challenging development in the TV advertising business, the Group increased its revenues by 3% to EUR 4,135 million (previous year: EUR 4,009 million); the organic increase was 2%.

As expected, the Group’s adjusted EBITDA decreased in the full-year and was down by 14% to EUR 872 million (previous year: EUR 1,013 million). This reflects the Group’s decision to continue investing in the future of the Entertainment business and NuCom Group’s growth as announced. Furthermore, lower TV core advertising revenues had an impact on adjusted EBITDA. Adjusted net income essentially reflects the development in adjusted EBITDA as well as investments in Joyn and, as expected, declined by 28% or EUR 154 million to EUR 387 million (previous year: EUR 541 million). EBITDA of the Group however rose by 47% to EUR 838 million (previous year: EUR 570 million), with net income growing by 65% to EUR 412 million (previous year: EUR 250 million). This was mainly due to lower reconciling items than in the previous year. Also, free cash flow before M&A improved by 39% to EUR 339 million (previous year: EUR 244 million).

ProSiebenSat.1 Group has set itself the target of further diversifying its revenues. The digital and smart advertising business’ share in Entertainment revenues is to reach 25% in the mid-term (2019: 9%), and the digital business’ share in Group revenues (before portfolio changes) is to increase to over 50% (2019: 34%).

Key Figures for the ProSiebenSat.1 Group
EURm

2019

2018

2017

2016

2015

Revenues

4,135

4,009

4,078

3,799

3,261

Revenue margin before income taxes (in %)

13.8

8.6

15.8

17.3

18.5

Total costs

3,592

3,710

3,590

3,056

2,555

Operating costs1

3,297

3,027

3,053

2,804

2,355

Consumption of programming assets

958

1,319

1,145

915

896

Adjusted EBITDA2

872

1,013

1,050

1,018

926

Adjusted EBITDA margin (in %)

21.1

25.3

25.8

26.8

28.4

EBITDA

838

570

1,084

982

881

Reconciling items3

-34

-443

 

34

-35

-44

Operating result (EBIT)

578

348

820

777

730

Financial result

-6

-4
 

 

-174

-119

-126

Result before income taxes

572

344

646

658

604

Net income atttributable to shareholders4

413

248

471

402

391

Profit from discontinued operations (net of income taxes)

–/–

–/–
 

 

–/–

-42

0

Adjusted net income5

387

541

550

5367

4666

Adjusted earnings per share (in EUR)

1.71

2.36

2.40

2.477

2.186

Investments in programming assets

1.170

1,070

1,048

992

944

Free cash flow

207

-78
 

 

728

-4

-1

Cash flow from investing activities

-1,396

-1,536
 

 

-894

-1,623

-1,522

1 Total costs excl. expense adjustments, depreciation, amortization, and impairments. 2 EBITDA before reconciling items. 3 Expense adjustments less income adjustments. 4 Net income attributable to shareholders of ProSiebenSat.1 Media SE. 5 Net income attributable to shareholders of ProSiebenSat.1 Media SE before the amortization and impairments from purchase price allocations, adjusted
for the reconciling items. These include valuation effects recognized in other financial result, valuation effects of put-options and earn-out liabilities, as well as valuation effects from interest rate hedging transactions. Moreover, the tax effects resulting from such adjustments are also adjusted. 6 Adjustment due to retrospective adjustment of changes in the fair value of put options and earn-out liabilities in the second quarter of 2016. 7 Adjusted due to changes in reporting practices for non-IFRS figures from the beginning of financial year 2017.

Key Figures for the ProSiebenSat.1 Group
EURm

12/31/2019

12/31/2018

12/31/2017

12/31/2016

12/31/2015

Programming assets

1,204

1,113
 

 

1,198

1,312

1,252

Equity

1,288

1,070

1,252

1,432

943

Equity ratio (in %)

19.5

16.5

19.1

21.7

17.8

Cash and cash equivalents

950

1,031

1,552

1,271

734

Financial debt

3,195

3,194
 

 

3,185

3,185

2,675

Leverage ratio1

2.6

2.1

1.63

1.9

2.1

Net financial debt

2,245

2,163

1,6323

1,913

1,940

Employees2

7,253

6,583

6,483

6,054

4,880

1 Ratio net financial debt to adjusted EBITDA in the last twelve months. 2 Full-time equivalent positions as of reporting date. 3 After reclassification of cash and cash equivalents of assets held for sale.