ProSiebenSat.1 achieved revenues of almost EUR 3 billion in the first nine months of 2022 despite the market slowdown
Unterfoehring (ots) –
– Group confirms preliminary quarterly figures published on October 27, 2022: In an increasingly difficult economic environment, Group sales decreased organically(1) in Q3 2022 by 9% to EUR 920 million; In the first nine months, consolidated organic sales (1) of EUR 2,929 million were almost stable at the previous year’s level.
– Earnings also reflect macroeconomic burdens: In Q3 2022, the Group achieved adjusted EBITDA of EUR 118 million (previous year: EUR 162 million) and adjusted net income of EUR 43 million (previous year: EUR 58 million); in the nine-month period, adjusted EBITDA fell to EUR 407 million (previous year: EUR 470 million), adjusted net income was only 3% below the previous year (EUR 158 million) at EUR 153 million.
– Impairment in the Commerce & Ventures segment: non-recurring non-cash impairment of assets, in particular goodwill, of NuCom Group in Q3 in the amount of EUR 312 million; this has no effect on the adjusted net income relevant to dividends. – Effective cash flow management: net financial liabilities of EUR 1,739 million, down EUR 372 million on the previous year; Gearing at the end of Q3 at 2.2x well within the target corridor.
– Important strategic progress made: Following the completed takeover on October 31, 2022, the streaming platform Joyn will become the focus of digital entertainment.
– Full-year outlook as communicated on October 27, 2022: ProSiebenSat.1 expects consolidated revenues of around EUR 4.15 billion and adjusted EBITDA of around EUR 650 million for the year as a whole.
Unterfoehring, November 15, 2022. In the third quarter of 2022, the ProSiebenSat.1 Group generated consolidated revenues of EUR 921 million in a very challenging market environment (previous year: EUR 1,055 million). This is a decrease of 13 percent. Organically(1), i.e. currency-adjusted and excluding the sales contributions from the most recently sold portfolio companies such as the US production business of Red Arrow Studios as of July 1, 2022, consolidated sales of EUR 920 million were 9 percent or EUR 86 million below the previous year’s figure (previous year: 1,007 million euros). Overall, the deconsolidation effects in the third quarter amounted to 78 million euros. In addition, sales are significantly influenced by the macroeconomic environment in the DACH region, which is characterized by persistently high inflation and increasing consumer restraint. The advertising market was particularly affected by this. In addition, the deterioration in the overall economic environment in the DACH region had an impact on the companies of the NuCom Group, which are reported in the Commerce & Ventures segment, so that end customers used their offers to a lesser extent in the third quarter. The strong comparable quarter in the previous year also played a role: Group sales had reached a record level in the third quarter of 2021, when the advertising market in particular had recovered quickly and dynamically from the consequences of the COVID-19 pandemic.