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OVERVIEW

Clemens Mulokozi & Dr. Martin Emele
"When children do sports, they speak one language."
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Financial Debt
  • Overview
  • Debt Issuance Program
FINANCING INSTRUMENTS AND MATURITY PROFILE
HOT TOPICS
Publications
Annual Report 2023
Executive Board
Interview with Group CEO Bert Habets
Investor Relations
Annual General Meeting 2024
CURRENT SHARE PRICE
Share Price Information
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Volume (shares)

ProSiebenSat.1 Group uses various debt financing instruments for the purpose of its Group financing. This Group financing is regularly adjusted with respect to volumes and maturities.

ProSiebenSat.1 Group is currently financed via two term loans and a revolving credit facility (RCF) as part of a syndicated facilities agreement provided by banks as well as various promissory loans.

In May 2023 ProSiebenSat.1 Group has extended its syndicated facilities agreement. A term loan of 400 million Euros is maturing in April 2026 (plus an extension option for a further year) and another term loan of 800 million Euros in April 2027. The RCF, as part of the syndicated facilities agreement of 500 million Euros is also maturing in April 2027.

In December 2016, ProSiebenSat.1 Group issued promissory loans of 225 million Euros with a term of ten years and a fixed coupon.

In October 2021, the company issued another set of promissory loans in the total amount of 700 million Euros with tenors of four, six, eight and ten years and respective volumes of 226 million Euros, 346 million Euros, 80 million Euros and 48 million Euros. The issuance consists of four tranches with fixed coupons (four to ten years) and three tranches with variable interest rates (four to eight years). The fixed coupon tranches total 403 million Euros and the floating interest tranches total 297 million Euros.

For short-term or seasonal financing needs, ProSiebenSat.1 Group uses its RCF. Additionally, various money market instruments are used for this purpose.

Borrower of the syndicated credit facilities, the promissory loans and the money market instruments used for Group financing purposes is currently ProSiebenSat.1 Media SE. The described debt instruments used to finance the ProSiebenSat.1 Group are all unsecured.

The maturity profile of the stated financing instruments is shown in the chart below.

Financing Instruments and Maturities
  • Financing Instruments
  • in EUR m
  • Maturity
  • Promissory Loan '21
  • 226
  • October 2025
  • Term Loan '22
  • 400
  • April 2026
  • Promissory Loan '16
  • 225
  • December 2026
  • Term Loan '22
  • 800
  • April 2027
  • Promissory Loan '21
  • 346
  • October 2027
  • Promissory Loan '21
  • 80
  • October 2029
  • Promissory Loan '21
  • 48
  • October 2031

Excluding syndicated revolving credit facility (currently undrawn) totaling EUR 500 million (maturing April 2027) as well as other loans and borrowings.

FINANCIAL POLICY

As part of its strategy the ProSiebenSat.1 Group focuses on sustainable and profitable growth based on three pillars: Entertainment, Dating and Commerce & Ventures. Operating cash flows from current business activities and the use of external financing are part of the financing mix. An important indicator for the corresponding financial planning is the Group's leverage ratio (leverage factor). It indicates the level of net financial debt in relation to LTM adjusted EBITDA – EBITDA adjusted for reconciling items that the ProSiebenSat.1 Group has generated in the last twelve months (LTM = last twelve months). The target for the ratio of net financial debt to LTM adjusted EBITDA is a factor of between 1.5 to 2.5.

At the same time, the ProSiebenSat.1 Group pursues an attractive dividend policy for its shareholders and has also defined clear goals. The target is to distribute a dividend of 25-50 % of the adjusted net income (Group adjusted net income).

Another key element of its financial target framework and part of the ProSiebenSat.1 Group's growth strategy is to achieve a P7S1 ROCE1) (return on capital employed) of more than 15 per cent in the medium term. P7S1 ROCE is the ratio of the Group's adjusted EBIT to the Group's capital employed.

1) For definition see page 98 of the Annual Report 2020.

HOT TOPICS
Publications
Annual Report 2023
Executive Board
Interview with Group CEO Bert Habets
Investor Relations
Annual General Meeting 2024
CURRENT SHARE PRICE
Share Price Information
Change
Volume (shares)
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Clemens Mulokozi & Dr. Martin Emele
"When children do sports, they speak one language."
“UKIMWI” is spelled out in capital letters on the ground of the dusty sports field in Bukoba, Tanzania. Ukimwi is Swahili, and it means AIDS. The children from the elementary school put the word together using lots of little wooden sticks.
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