ProsiebenSat.1 at a Glance

ProSiebenSat.1 Group closed the year 2020 with a strong fourth quarter. Especially the 3% increase in entertainment advertising revenues, continued dynamic revenue development of the online beauty provider Flaconi and the positive effects of the acquisition of the US online dating company The Meet Group were the drivers in the fourth quarter. Also Red Arrow Studios achieved significant growth year-on-year. The Group’s adjusted EBITDA also grew by 12% to EUR 377 million (previous year: EUR 338 million) due to the positive development in the fourth quarter of 2020. The Group thus generated total revenues of EUR 4,047 million in full-year 2020 (previous year: EUR 4,135 million) and was therefore only 2% below the previous year despite the effects of the COVID-19 pandemic, which significantly impacted the Group’s business in the second quarter in particular. Adjusted EBITDA came to a value of EUR 706 million in 2020 (previous year: EUR 872 million).

ProSiebenSat.1 Group measures the mid-term financial success of the company on the basis of P7S1 ROCE (return on capital employed). The Group introduced this key financial indicator as a key figure for the entire Group in 2020. In financial year 2021, we target a P7S1 ROCE of more than 10% (previous year: 10%). For the Group as a whole, this key figure is expected to exceed 15% in the mid-term.

Key Figures for the ProSiebenSat.1 Group
EURm

2020

2019

Revenues

4,047

4,135

Revenue margin before income taxes (in %)

9.1

13.8

Total costs1

3,664

3,592

Consumption of programming assets

966

958

Adjusted EBITDA2

706

872

Adjusted EBITDA margin (in %)

17.4

21.1

EBITDA

801

838

Reconciling items3

95

-34

Operating result (EBIT)

553

578

Adjusted EBIT

514

684

Financial result

-183

-6

Result before income taxes

370

572

Adjusted net income4

221

387

Net Income

252

412

Net income attributable to shareholders of ProSiebenSat.1 Media SE4

267

413

Net income attributable to non-controlling interests

-15

-1

Adjusted earnings per share (in EUR)

0.98

1.71

Payments for the acquisition of programming assets

1,063

1,072

Free cash flow

120

207

Cash flow from investing activities

-1,391

-1,396

Free cash flow before M&A

235

339

Audience share (in %)5

27.2

28.2

Total video viewtime (in billion minutes)6

1,084

1,076

Total daily TV consumption (AGF) (in minutes)7

211

202

1 Total costs comprise cost of sales, selling expenses, administrative expenses and other operating expenses.
2 EBITDA before reconciling items.
3 Expense adjustments less income adjustments.
4 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, valuation effects from interest rate hedging transactions as well as other material one-time items. Moreover, the tax effects resulting from such adjustments are also adjusted. Annual Report 2019, page 88.
5 ProSiebenSat.1 Group; AGF in cooperation with GfK; market standard: TV; VIDEOSCOPE 1.4; Target group: 14–49.
6 Total number of minutes viewed across linear and non-linear platforms: Linear free TV, TVC (TV Websites, mobile apps, SmartTV), 7TV, Studio71 Germany (TV content), JOYN (until 12/31/2019 estimate); HbbTV data currently not available due to introduction of new tracking system.
7 Total TV Market; Target group: 14–69.

Key Figures for the ProSiebenSat.1 Group
EURm

12/31/2020

12/31/2019

HD subscribers (in m)1

10.6

10.0

Employees2

7,307

7,253

Programming assets

1,213

1,204

Equity

1,687

1,288

Equity ratio (in %)

23.8

19.5

Cash and cash equivalents

1,224

950

Financial debt

3,192

3,195

Leverage ratio3

2.8

2.6

Net financial debt

1,968

2,245

P7S1 ROCE (in %)4

10

16

1 HD FTA subscribers, Germany.
2 Full-time equivalent positions as of reporting date.
3 Ratio net financial debt to adjusted EBITDA in the last twelve months.
4 Ratio of earnings (ROCE) of the last twelve months to capital employed (average).