DISCLOSURE OF AN INSIDE INFORMATION ACCORDING TO ARTICLE 17 MAR: ProSiebenSat.1 Media SE: Adjustment of financial outlook for the full year 2017
- Group revenues for the full year to grow by a mid-single digit percentage
- Adjusted EBITDA and adjusted net income for the full year to slightly exceed the previous year’s level
- Q3 results in line with expectations
Munich, November 8, 2017. ProSiebenSat.1 Media SE adjusts its financial outlook for the full year 2017. This was concluded today by the Company’s Executive Board as a result of an analysis of recent business developments and current forecasts for the fourth quarter.
In the first six weeks of the fourth quarter 2017, the Group’s TV advertising business developed positively as expected and has grown by a mid-single digit percentage compared to the previous year. An overall statement regarding the TV advertising business in the fourth quarter will however only be possible after the end of the month of December which shows strong comparable figures versus the previous year for ProSiebenSat.1.
The Content Production & Global Sales segment is expected to record a double-digit percentage decrease in revenues in the fourth quarter compared to the previous year’s period. Main reasons for this development are strong comparable figures as well as shifts of some productions to the next year. Furthermore, the structural challenges for parts of the Digital Entertainment segment are continuing. In combination with a planned increase of programming costs in the Broadcasting German-speaking segment in the fourth quarter, ProSiebenSat.1 currently expects that both adjusted EBITDA (Q4 2016: EUR 392 million) and adjusted net income (Q4 2016: EUR 226 million) for the Group will be below the respective previous year’s figure in the fourth quarter.
Therefore, ProSiebenSat.1 now anticipates Group revenues for the full year 2017 to grow by a mid-single digit percentage range (2016: EUR 3,799 million). Previously, ProSiebenSat.1 expected an increase at least at a high-single digit percentage.
Against the backdrop of the expected earnings development in the fourth quarter, ProSiebenSat.1 now anticipates for the full year a more moderate earnings improvement than before and expects the Group’s adjusted EBITDA (2016: EUR 1,018 million) and adjusted net income (2016: EUR 536 million) to slightly exceed the previous year’s level, respectively.
Previously, ProSiebenSat.1 expected both the Group’s adjusted EBITDA and adjusted net income for the full year to exceed the previous year’s level.
The business development of the Group within the third quarter 2017 was in line with expectations of the Company as adjusted on August 28, 2017.
Note on reporting
With the adjusted net income and the adjusted EBITDA, ProSiebenSat.1 Group also uses non-IFRS figures. Since the beginning of financial year 2017, ProSiebenSat.1 publishes a full income statement adjusted for certain influencing factors. These changes take into account the development of reporting practices for non-IFRS figures and more stringent regulatory transparency requirements in this area. Information regarding the composition of the adjusted net income and the adjusted EBITDA can be found on page 73/74 in the Annual Report 2016 which is available on our Group website www.ProSiebenSat1.com.
- Investor RelationsDirk VoigtländerHead of Investor Relations / Senior Vice PresidentTel. +49 89 9507-1463Dirk.Voigtlaender@ProSiebenSat1.com
- Corporate & Finance CommunicationStefanie Rupp-MenedetterSpokesperson & Head of Corporate & Finance CommunicationTel. +49 89 9507-2598Stefanie.Rupp@ProSiebenSat1.com