ProSiebenSat.1 Group has its headquarters in Unterföhring near Munich and is one of the leading German entertainment company with a strong e-commerce business. We offer premium entertainment – whenever, wherever and on any device. We reach 45 million TV households in Germany, Austria and Switzerland with our 14 free TV and pay TV stations. At the end of 2018, the digital offerings managed by SevenOne Media GmbH, ProSiebenSat.1 Group’s marketer had a monthly reach of around 34 million unique users (aged 16 or over). In addition, ProSiebenSat.1 Group’s global digital studio Studio71 generated an average of around 9 billion video views a month with its web channels in 2018.

Successful formats like “Germany’s Next Top Model,” “The Voice of Germany” and “Young Sheldon” and superstars like Heidi Klum, Joko and Klaas, and Dwayne Johnson are part of our family. Shows like “Bosch” and “Married at first sight” are in-house productions of our production and distribution business Red Arrow Studios. Our global video channel network Studio71 gets 9 billion video views a month and operates across 1,400 channels. Our NuCom Group is a rapidly growing e-commerce player with leading portfolio companies in the areas of consumer advice, matchmaking, gift experiences, gift cards and beauty & lifestyle. ProSiebenSat.1 Group’s strategic brand portfolio

ProSiebenSat.1 has around 6,500 employees who devote tremendous passion to entertaining and inspiring our viewers and customers every single day. The ProSiebenSat.1 Media SE share is traded on the stock exchanges in Frankfurt and Luxembourg. The company is listed in the MDAX.

In the 2018 financial year, the relevant financial and non-financial indicators developed in line with expectations. Revenues remained slightly down on the previous year at EUR 4,009 million (previous year: EUR 4,078 million). Adjusted EBITDA and adjusted net income declined by 4% to EUR 1,013 million (previous year: EUR 1,050 million) and by 2% to EUR 541 million (previous year: EUR 550 million), respectively. Nevertheless, adjusted for currency and portfolio effects, ProSiebenSat.1 Group posted slight revenue growth year on year. The share of the non-advertising business increased to 44% (previous year: 43%) despite the deconsolidation of the online travel portfolio. Report on Economic Position: The Financial Year 2018

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Key figures of ProSiebenSat.1 Group

 

2018

2017

Revenues

4,009

4,078

Revenue margin before income taxes (in %)

8.6

15.8

Total costs

3,710

3,590

Operating costs1

3,027

3,053

Consumption of programming assets

1,319

1,145

Adjusted EBITDA2

1,013

1,050

Adjusted EBITDA margin (in %)

25.3

25.8

EBITDA

570

1,084

Reconciling items3

–443

34

Operating result (EBIT)

348

820

Financial result

–4

–174

Result before income taxes

344

646

Net result attributable to shareholders of ProSiebenSat.1 Media SE

248

471

Adjusted net income4

541

550

Adjusted earnings per share (in EUR)

2.36

2.405

Payments for the acquisition of programming assets

1,070

1,048

Free cash flow

–78

728

Cash flow from investing activities

–468

–894

Free cash flow before M&A

244

468

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12/31/2018

12/31/2017

1

Total costs excl. expense adjustments, depreciation, amortization and impairments.

2

EBITDA before reconciling items.

3

Expense adjustments less income adjustments.

4

Net result 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.

5

Calculated on the basis of the volume weighted average number of shares for the financial year 2017 of 228.9 million; taking into account the shares carrying dividend rights at the reporting date, the economic underlying earnings per share amount to EUR 2.40.

6

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

7

After reclassification of cash and cash equivalents of Tropo.

8

Full-time equivalent positions as of reporting date.

Programming assets

1,113

1,198

Equity

1,070

1,252

Equity ratio (in %)

16.5

19.1

Cash and cash equivalents

1,031

1,552

Financial debt

3,194

3,185

Leverage ratio6

2.1

1.67

Net financial debt

2,163

1,6327

Employees8

6,583

6,483
Business performance in the first quarter of 2019

In the first quarter of 2019, the Group increased its revenues by 4% to EUR 913 million (previous year: EUR 881 million). This was mainly driven by the strong performance in the Content Production & Global Sales and Commerce segments. Adjusted EBITDA decreased by 5% in the first quarter to EUR 190 million (previous year: EUR 200 million). As announced, lower advertising revenues and investments in the Entertainment segment affected the Group’s profitability and earnings performance here.

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