Quarterly Report • May 14, 2009
Quarterly Report
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January 1, 2009 to March 31, 2009
| In Eur m | Q1 2009 | Q1 2008 | Change |
|---|---|---|---|
| Revenues | 627.0 | 729.1 | -14% |
| Recurring EBITDA (1) | 93.8 | 88.5 | 6% |
| EBITDA | 90.4 | 84.8 | 7% |
| EBIT | 59.0 | 49.9 | 18% |
| Financial result | -66.2 | -58.4 | 13% |
| Pre-tax result | -7.0 | -8.5 | -18% |
| Consolidated net loss attributable to Shareholders of ProSiebenSat.1 Media AG | -1.7 | -7.9 | -78% |
| Underlying net income (2) | 9.9 | 6.1 | 62% |
| Earnings per share of preferred stock (in EUR) | 0.00 | -0.04 | -100% |
| Underlying earnings per share of preferred stock (in EUR) | 0.06 | 0.03 | 100% |
| Cash flow from operating activities | 279.9 | 267.2 | 5% |
| Cash flow from investing activities | -385.8 | -340.3 | 13% |
| Free Cash-flow | -105.9 | -73.1 | 45% |
| 03/31/2009 | 03/31/2008 | Change |
|---|---|---|
| 5,911.4 | 6,034.3 | -2% |
| 415.7 | 984.4 | -58% |
| 7.0% | 16.3% | -57% |
| 1,460.0 | 1,290.4 | 13% |
| 3,512.4 | 3,414.8 | 3% |
| 5,460 | 5,985 | -9% |
(1) Recurring EBITDA: EBITDA before non-recurring items
(2) Adjusted for one-off effects
(3) Averaging full-time equivalent jobs
The tense economic conditions in Europe have been impacting the entire media industry. As expected, TV advertising revenues at the ProSiebenSat.1 Group were down in the first quarter of 2009. But efficient cost management made up for the revenue decrease. Although consolidated revenues decreased 14.0 percent, to EUR 627.0 million, recurring EBITDA grew 6.0 percent, to EUR 93.8 million. Our work to optimize our sales model in Germany for advertising time is also paying off: with the revised sales model, we regained TV advertising market share in Q1 2009.
The new organizational set-up of the German stations and the pooling of sales operations are two major strategic decisions for the first half. With our cost-cutting program, we are preparing the ProSiebenSat.1 Group to succeed in an economically challenging environment. At the same time, we will continue to invest appropriately in programming that will strengthen our stations' performance with audiences. In sales, we will follow up the gains in market share from the first quarter by capitalizing on our stations' performance at suitable prices.
ProSiebenSat.1 is the second-largest broadcasting group in Europe, with a reach of more than 78 million TV households in 12 countries. In addition to classic distribution channels like TV, radio and print, ProSiebenSat.1 also relies on innovative technologies and new media such as the internet. Our slogan, "the power of television," clearly demonstrates how ProSiebenSat.1 offers first-class entertainment and up-to-the-minute information – whenever the consumer wants them, and wherever the consumer goes.
Outlook 16
Financial Statements
Investment projects and changes in the scope of consolidation
Contracts with CBS Paramount International Television and Sony Pictures International extended. The ProSiebenSat.1 Group's investment activities concentrate on expanding the programming repertoire. The Group signed a multi-year license agreement with Sony Pictures International in March 2009. Among the constituents of the package are the German free TV rights for more than 20 new Hollywood titles a year, as well as a number of Sony Pictures series and TV movies. At the beginning of the year, the Group also extended the existing contract for German-speaking Europe with CBS Paramount International Television.
Revenue and earnings Major investments in programming safeguards the Group's stations' success for the long term. In the first quarter of 2009, ProSiebenSat.1 invested EUR 380.0 million in purchases of programming rights, compared to EUR 351.6 million a year earlier. At the same time, the Group significantly reduced operating costs through the optimized use of existing programming assets .
Subsequent events, p. 15 Centralization of German free TV activities advances on progresses as planned; new playout center starts operations. By pooling TV and marketing activities in Germany and relocating Sat.1 to the Group's main site in Munich-Unterföhring, the ProSiebenSat.1 Group is laying the cornerstone for the further evolution of its core competences. In this connection, the main editorial department of Sat.1 was transferred to a new company in January 2009. The new maz & more GmbH will produce breakfast TV for Sat.1, as well as the magazine show for the prime lead-in slot. Even after the relocation of Sat.1, Berlin will remain the Group's most important news production location, with N24 and the new maz & more GmbH .
The Group also took important technical steps to improve its competitive position. The basis here is setting up a new playout center in Munich, which went into operation at the end of the first quarter of 2009. The changeover to a new technological platform, and having a shared material pool, is intended to allow the Group to distribute all its video materials in tapeless form, so that programming content can be edited simultaneously by different employees at different sites, and content will be available faster for use on a variety of platforms. The result will be substantial advantages in time, efficiency and quality.
Portfolio optimization advances; acquisition strengthened international radio network. At the beginning of the year, Swedish subsidiary SBS Radio AB acquired 100 percent of the Stampen Group's radio business in Sweden. The transaction strengthened ProSiebenSat.1's Diversification unit, at the same time making Mix Megapol the largest radio station in Sweden. Göteborg Ett AB and its subsidiaries have been fully consolidated since January 2009 .
Divestments are another part of our strategy for optimizing our portfolio by focusing more sharply on our core competences. In other words, we will invest in strengthening businesses that have high growth potential, and shed operations that offer little potential for synergies in terms of networking with our free TV brands. The sale of solute GmbH falls in this context, which was closed in February. solute GmbH operates the billiger.de Web portal, and has hitherto been reported in the Diversification segment.
Thomas Ebeling new CEO. Thomas Ebeling assumed responsibilities as CEO of ProSieben-Sat.1 Media AG as of March 1, 2009. CFO Axel Salzmann had acted as interim CEO from December 31, 2008 until Thomas Ebeling took office.
performance, p. 8
Notes to the consolidated financial statements, p. 22
Outlook, p. 16
Current forecasts by the International Monetary Fund (IMF) indicate that the world economy will contract in 2009 for the first time since World War II, by 1.3 percent. Considerable contraction is expected in the USA (–2.8 percent), Japan (–6.2 percent), and the Euro Zone (–4.2 percent). Germany, with its concentration on exports, has particularly felt the impact of the slump in global trade. Weak exports and capital expenditures caused real gross domestic product to shrink a serious 2.1 percent against the prior quarter already in the fourth quarter of 2008. No improvement is expected for the first quarter of 2009 .
Businesses' reluctance to spend is leaving substantial dents in European TV advertising markets. In Germany, gross TV advertising investments in the first quarter of 2009 were down 2.7 percent against the year before, to EUR 2.027 billion. However, the gross figures for the German TV advertising market do not fully reflect the changes in the net advertising market. No net figures are available yet for the German TV advertising market, but the decrease was larger on a net basis.
Advertising investments were down for the first quarter of 2009 in all of the ProSieben-Sat.1 Group's other TV markets as well, although the amounts varied. Hungary was the only exception, where TV advertising spendings increased 9.0 percent gross. However, much of the growth here derives from the increase in the number of TV stations included in the figures, from 20 to 26.
| Q1 2009 in EUR m |
Change from Q1 2008 in percent |
|
|---|---|---|
| Germany | 2,027.4 | -2.7 |
| Austria | 132.6 | -3.7 |
| Switzerland | 137.6 | -6.5 |
| Netherlands | 154.2 | -9.8 |
| Belgium | 162.0 | -5.9 |
| Norway | 62.4 | -5.1 |
| Sweden | 92.8 | -8.0 |
| Denmark | 62.2 | -19.2 |
| Finland | 59.3 | -15.0 |
| Hungary | 303.7 | 9.0 |
| Romania | 38.8 | -42.5 |
| Bulgaria | 75.9 | -4.1 |
Development of the TV advertising market in the ProSiebenSat.1 Group's main countries
Some of the data are based on gross figures, and therefore give only a limited idea of what the associated net figures will prove to be. Germany: gross, Nielsen Media Research. Netherlands: net (after discount, before agency commission), SPOT organisation. Belgium: gross, CIM MDB, North, March is estimated. Sweden: net, IRM / Q1 09 is estimated, ex rate 10,9 SEK. Norway: net (after discounts, before ac), MIO-Media Agencies Organization, representing aprox. 90% of total tv ad-market / March is estimated, ex rate 8,8388 NOK. Denmark: net, DRRB, ex rate 7,4492 DKK. Finland: net, TNS Gallup Adex, March is estimated. Hungary: gross, AGB Nielsen Media Resarch, TV channels: 2008 = 20 / 2009 = 26 / ex rate 294 HUF. Romania: net, Company info, benchmarked with CME quarterly reports. Bulgaria: gross (before discounts), TNS TV Plan / 31 TVs are included, ex rate 1.95 BGN. Austria: gross, Media Focus. Switzerland: gross, Media Focus / ex rate 1,50 CHF. All figures reported to SevenOne Media, Market Intelligence.
SevenOne Media regains market share, better acceptance of advertising sales model in Germany. Against the market trend, SevenOne Media GmbH, ProSiebenSat.1 Group's advertising sales company in Germany, clearly outperformed its prior-year performance, with gross revenues of EUR 884.8 million according to Nielsen Media Research. The Group regained advertising market share, and expanded its lead in the German TV advertising market to 43.6 percent.
Source: Nielsen Media Research.
The positive trend among German audiences continued in the first quarter of 2009. During the first three months of the year, stations Sat.1, ProSieben, kabel eins and N24 improved their combined audience share in the key demographic by 0.3 percentage points, to 29.1 percent. At the European level the Group's free TV stations showed a mixed performance in the key demographic. Denmark and Finland stand out, with large increases of 2.0 and 0.8 percentage points in Group audience share against the first quarter of 2008. However, the free TV stations in Belgium and Hungary saw significant decreases.
| in percent | Q1 2009 | Q1 2008 | |||
|---|---|---|---|---|---|
| Germany | 29.1 | 28.8 | |||
| Austria | 16.5 | 14.9 | |||
| Switzerland | 16.2 | 17.5 | |||
| Netherlands | 26.4 | 25.8 | |||
| Belgium | 14.9 | 17.1 | |||
| Norway | 12.1 | 13.0 | |||
| Sweden | 14.1 | 14.9 | |||
| Denmark | 15.3 | 13.3 | |||
| Finland | 1.9 | 1.1 | |||
| Hungary | 23.4 | 24.7 | |||
| Romania | 7.6 | 7.0 |
Figures for Germany, Austria and Switzerland refer to 24-hour (Mon-Sun) audience shares. Other countries: extended prime time (NL, RO, FI: 18-24h / BE, SE, NO, DK, HU: 17-24h). Germany: Sat.1, ProSieben, kabel eins, N24; target demographic 14-49 years. Austria: ProSieben Austria, Sat.1 Österreich, kabel eins austria, PULS 4 (from Jan. 28, 2008); target demographic 12-49 years. Switzerland: ProSieben Switzerland, Sat.1 Schweiz, kabel eins Switzerland; target demographic 15-49 years. Netherlands: SBS6, Net5, Veronica; target demographic 20-49 years. Belgium: VT4, vijfTV; target demographic 15-44 years; Belgian figures refer to the region of Flanders. Norway: TV Norge, FEM, The Voice; target demographic 12-44 years. Sweden: Kanal 5, Kanal 9, The Voice; target demographic 15-44 years. Denmark: Kanal 4, Kanal 5, 6eren, The Voice; target demographic 15-50 years, commercial universe of 13 commercial tv channels. Finland: The Voice/TV Viisi; target demographic 15-44 years. Hungary: TV2; target demographic 18-49 years. Romania: Prima TV, Kiss TV; target demographic 15-44 years; Romanian figures are based on the urban population.
01// Topmodels: When the girls hit the runway on "Germany's next Topmodel," up to 25.2 percent of Germany's key demographic tunes into ProSieben. Austrian station PULS 4 found "Austria's next Topmodel" back in February – and earned audience shares of up to 13.0 percent in the process.
02// The Mentalist: In the Netherlands, 0.67 million viewers regularly tune into the series "The Mentalist," earning SBS6 audience shares of up to 24.7 percent. The new US series has also been running on Sat.1 since the first quarter of 2009, earning audience shares of up to 16.1 percent.
03// Pirates of the Caribbean 2: The latest installment of "Pirates of the Caribbean" was the most watched film on German TV in the first quarter of 2009, achieving a share of 37.5 percent on ProSieben in the key demographic between the ages of 14 and 49.
04// WipeOut: The exciting show event "WipeOut" debuts in 2009 on TV NORGE in Norway and Kanal 5 in Sweden and Denmark, through a Scandinavian co-production. Up to 2.13 million viewers caught the show on ProSieben in Q1 2009.
05// Soccer: Champions League broadcasts achieved audience shares of up to 20.0 percent of the key demographic to Sat.1 in the first quarter of 2009.
The ProSiebenSat.1 Group delivered robust earnings despite a difficult market environment in the first quarter of 2009. Although consolidated revenues were down EUR 102.1 million, or 14.0 percent, to EUR 627.0 million, recurring EBITDA increased 6.0 percent to EUR 93.8 million (Q1 2008: EUR 88.5 million). EBITDA, at EUR 90.4 million, was up EUR 5.6 million, or 6.6 percent, against the prior year. Apart from a decline in advertising revenues due to the economic climate, portfolio effects from the sale of CMore (EUR -41.9 million) also affected the Group's revenue performance. After adjustment for the CMore factor, consolidated revenues were down 8.8 percent, to EUR 627.0 million. Efficient cost management more than compensated for the revenue decrease. The recurring EBITDA margin improved to 15.0 percent (Q1 2008: 12.1 percent).
| Q1 2009 key figures: CMore deconsolidation in November 2008 | ||||||||
|---|---|---|---|---|---|---|---|---|
| in EUR m | ProSiebenSat.1 without CMore |
CMore | ProSiebenSat.1 Group (incl. CMore in Q1 2008) |
|||||
| Q1 2009 | Q1 2008 | Q1 2009 | Q1 2008 | Q1 2009 | Q1 2008 | |||
| Consolidated revenues | 627.0 | 687.2 | - / - | 41.9 | 627.0 | 729.1 | ||
| Total costs | 577.6 | 636.1 | - / - | 46.6 | 577.6 | 682.7 | ||
| Operating costs | 536.3 | 597.7 | - / - | 46.4 | 536.3 | 644.1 | ||
| Consumption of programming assets | 278.2 | 323.5 | - / - | 30.3 | 278.2 | 353.8 | ||
| Recurring EBITDA (1) |
93.8 | 92.6 | - / - | -4.1 | 93.8 | 88.5 | ||
| EBITDA | 90.4 | 89.3 | - / - | -4.5 | 90.4 | 84.8 |
(1) Recurring EBITDA: EBITDA before non-recurring items.
The decrease in consolidated revenues can be largely attributed to two factors:
Other operating income increased EUR 6.4 million of the first quarter of 2009, to EUR 9.9 million. This figure includes EUR 6.7 million of positive non-recurring effects (Q1 2008: EUR 0.0 million), most of which resulted from the sale of the internet company solute GmbH.
Information about personnel expenses, p. 13
Total expenses – comprising cost of sales, selling expenses and administrative expenses – decreased EUR 105.1 million, or 15.4 percent, against the first quarter of 2008, to EUR 577.6 million . Apart from rigorous cost management, the sale of CMore led to significantly lower total costs (EUR –46.6 million).
In programming especially, costs were reduced in the first quarter through a more efficient use of existing programming assets, in both the German-speaking and international TV markets. In this context, consumption of programming assets (recognized in cost of sales) decreased by EUR 75.6 million, to EUR 278.2 million (–21.4 percent). The consumption of programming assets for CMore included in this figure for the first quarter of 2008 was EUR 30.3 million.
| Total expenses | ||||
|---|---|---|---|---|
| in EUR m | ||||
| Q1 2009 | 407.8 | 102.8 67.0 |
577.6 | |
| Q1 2008 | 501.1 | 114.4 | 67.2 | 682.7(1) |
| Cost of sales | Selling expenses | Administrative expenses |
(1) CMore deconsolidated in November 2008. Costs for CMore's pay TV business for Q1 2008 broke down as follows: Cost of sales: EUR 37.1 million; selling costs: EUR 7.2 million; administrative expenses: EUR 2.3 million.
Total costs for the first quarter of 2009 include non-recurring effects of EUR 10.1 million (Q1 2008: EUR 3.7 million). In January through March 2009, non-recurring expenses derived primarily from steps to improve Group-wide organizational structures. Most of these nonrecurring effects on profit are recognized under administrative expenses. Recurring costs – meaning total operating costs less non-recurring expenses, amortization of intangible assets, and depreciation of property, plant and equipment – decreased EUR 107.8 million, or 16.7 percent, to EUR 536.3 million.
| in EUR m | Q1 2009 | Q1 2008 |
|---|---|---|
| Pre-tax loss | -7.0 | -8.5 |
| Financial income | 66.2 | 58.4 |
| Operating profit | 59.2 | 49.9 |
| Depreciation and amortization (1) | 31.2 | 34.9 |
| (including: from purchase price allocations) | 15.8 | 18.5 |
| EBITDA | 90.4 | 84.8 |
| Non-recurring effects (net) (2) | 3.4 | 3.7 |
| Recurring EBITDA | 93.8 | 88.5 |
(1) Amortization of intangible assets and depreciation of property, plant and equipment. (2) Difference between non-recurring expenses and non-recurring income.
The net financial result was EUR –66.2 million, following EUR –58.4 million for the same quarter of 2008. Most of the deterioration in the figure resulted from higher other finance expenses, which increased EUR 4.4 million in the first quarter of 2009 to EUR 4.5 million. Most of this increase in other finance expenses resulted from negative effects of EUR 2.4 million from foreign currencies. For the first quarter of 2008, however, the Group showed income of EUR 2.0 million from foreign currency positions. Foreign currency items largely comprise the effects of the translation of transactions denominated in foreign currencies at Swedish and Hungarian subsidiaries.
The pre-tax loss for the first quarter of 2009 improved by EUR 1.5 million to EUR –7.0 million. After deducting the tax expense and minority interests, the Group showed a loss of EUR 1.7 million for the period, compared to a loss of EUR 7.9 million for January through March of 2008.
Net financial debt. Net financial debt is the net total of borrowings and cash and cash equivalents. At March 31, 2009, net financial debt came to EUR 3.512 billion.
This is an increase of EUR 97.6 million against March 31, 2008. The increase in net financial debt derives from an increase in short-term liabilities to banks because of a higher draw down on the revolving credit facility than at the end of March 2008. Consequently short-term loans and borrowings with a term of less than one year, at EUR 497.9 million, were up EUR 365.9 million from the comparable value from a year earlier. In all, on March 31, 2009, the ProSiebenSat.1 Group had total noncurrent and current loans and borrowings of EUR 4.022 billion (March 31, 2008: EUR 3.711 billion). However, cash had increased substantially, to EUR 509.0 million (March 31, 2008: EUR 296.4 million).
(1) Allowing for the Lehman and Glitnir defaults, EUR 5.3 million is no longer available to be drawn under the revolving credit facility; see p. 54 of the 2008 Annual Report. Detailed information on borrowings is available starting on p. 54 of the 2008 Annual Report. The principles and goals of financial management are also explained there.
Net financial debt as at December 31, 2008, came to EUR 3.407 billion. The increase of EUR 105.7 million in net financial debt derives from a negative free cash flow and consequently lower cash in comparison to the end of 2008. Because of seasonal factors, cash funds were down EUR 123.9 million from December 31, 2008, to EUR 509.0 million.
Credit facilities: Allowing for guarantee utilisations, EUR 58.4 million of the revolving credit facility (RCF) were unused as of March 31, 2009. The Group had available credit facilities of EUR 54.1 million on December 31, 2008, and EUR 435.5 million on March 31, 2008.
Leverage (Net debt-to-recurring EBITDA ratio): The ratio of net financial debt to the Group's LTM recurring EBITDA (last twelve months recurring EBITDA) at the end of the first quarter of 2009 was 5.2 times ; a year earlier, net debt had been 5.1 times recurring EBITDA.
| in EUR m | Q1 2009 | Q1 2008 |
|---|---|---|
| Consolidated loss (before minority interests) | -4.2 | -6.0 |
| Cash flow | 263.4 | 341.0 |
| Change in inventories | -1.3 | -1.4 |
| Change in non-interest-bearing receivables and other assets | -22.2 | -28.8 |
| Change in non-interest-bearing liabilities | 40.0 | -43.6 |
| Change in working capital | 16.5 | -73.8 |
| Cash flow from operating activities | 279.9 | 267.2 |
| Cash flow from investing activities | -385.8 | -340.3 |
| Free cash flow | -105.9 | -73.1 |
| Cash flow from financing activities | -18.0 | 118.7 |
| Non cash change and exchange rate differences in cash and cash equivalents | -123.9 | 45.6 |
| Cash and cash equivalents at beginning of reporting period | 632.9 | 250.8 |
| Cash and cash equivalents of continuing operations at end of period | 509.0 | 296.4 |
Cash flow from operating activities: Cash generated from operating activities in the first quarter of 2009 came to EUR 279.9 million, equivalent of an increase of EUR 12.7 million in operating cash flow against the first quarter of 2008. The increase comes from changes in working capital. The change in working capital (non-interest-bearing receivables less noninterest-bearing liabilities) came to EUR 16.5 million as of March 31, 2009, compared to EUR –73.8 million as of March 31, 2008. The payment of the first installement of the cartel fine in the amount of EUR 60.0 million was made in the first quarter of 2008. This is recognized in the item for change in non-interest-bearing liabilities as of March 31, 2008.
Cash flow from financing activities: The partial repayment of the Sat.1 mortgage loan led to a cash outflow of EUR 18.0 million in the first quarter of 2009. In connection with Sat.1's relocation to Munich, EUR 18.9 million of the EUR 30.5 million mortgage was repaid. By contrast, financing activities generated cash of EUR 118.7 million in the first quarter of 2008, primarily through draw down of EUR 130.0 million on the revolving credit facility.
Contracts with CBS Paramount International Television and Sony Pictures International extended, see p. 4
Investments: The cash flow from investing activities was EUR –385.8 million, compared to EUR –340.3 million at the end of the first quarter of 2008. For the latest period, EUR 380.0 million of this figure was for investments in programming rights. The ProSiebenSat.1 Group invested EUR 351.6 million in programming assets in the first quarter of 2008 .
The resulting free cash flow was EUR –105.9 million (Q1 2008: EUR -73.1 million).
Cash on balance sheet: The above changes led to an increase of EUR 212.6 million in cash and cash equivalents against March 31, 2008, to EUR 509.0 million.
Balance-sheet ratios 100 80 60 40 20 0 3/31/2009 12/31/2008 Including: noncurrent programming assets in EUR m 1,159.7 1,149.2 Including: noncurrent liabilities in EUR m 3,523.7 3,523.2 Including: current programming assets in EUR m 300.3 230.8 Including: current lilabilities in EUR m 497.9 516.7 3/31/2009 12/31/2008 ASSETS LIABILITIES AND SHAREHOLDERS' EQUITY Noncurrent assets Current assets Shareholders' equity Noncurrent liabilities Current liabilities 23 in percent 77 23 77 22 71 7 23 69 8
Total assets: Total assets as at March 31, 2009, came to EUR 5.911 billion, compared to EUR 5.930 billion as at December as 31, 2008. The consolidated balance sheet showed no material structural changes from the year before.
Cash funds, see p. 10 Noncurrent and current assets: Programming assets, representing 24.7 percent of total assets (December 31, 2008: 23.3 percent), are among the Group's most important asset items. Current and noncurrent programming assets as at March 31, 2009, came to EUR 1.460 billion, up EUR 80.0 million from the comparable figure. Most of the increase in programming assets came from higher current programming assets (EUR +69.5 million) .
Shareholders' equity: On the equity and liabilities side, equity decreased EUR 63.2 million, to EUR 415.7 million. The equity ratio was 7.0 percent, compared to 8.1 percent at December 31, 2008. The reduction in the equity base resulted primarily from the evaluation of P&L-neutral cash flow hedge valuation effects, at EUR 200.7 million.
Current and noncurrent liabilities: Long-term and short-term liabilities increased slightly, by EUR 44.8 million, to EUR 5.496 billion. The principal reason was larger long-term liabilities, which increased EUR 85.0 million, to EUR 438.4 million, largely because of the aforementioned valuation effects from hedge accounting. However, the partial repayment of the Sat.1 mortgage loan reduced short-term loans and borrowings by EUR 18.8 million, to EUR 497.9 million.
Recurring EBITDA = EBITDA adjusted for non-recurring effects. CMore deconsolidated in November 2008.
External revenues of the Free TV segment in Germany, Austria and Switzerland for the first quarter of 2009 were EUR 388.8 million, down 6.8 percent from the prior-year figure (Q1 2008: EUR 417.1 million). Economic conditions caused advertising revenues to contract against the first quarter of 2008 in the German TV market, the ProSiebenSat.1 Group's most important region for revenues. But in Austria, TV advertising revenues rose once again, primarily because of the stations' greater technical reach. Additionally, the expansion of the free TV station PULS 4, acquired in mid-2007, also helped revenue performance. New bookings of TV advertising spots also remained stable in Switzerland.
The decline in revenues in the German market was compensated by savings on operating costs. The segment's recurring EBITDA (EBITDA adjusted for non-recurring effects) rose EUR 10.5 million, to EUR 68.1 million (+18.2 percent). EBITDA grew EUR 6.1 million against a year ago, to EUR 60.9 million (+11.1 percent). Savings targets were met, especially in the programming segment, through more efficient utilization of existing programming assets.
Advertising revenues in the international Free TV segment were seriously affected by the general economic picture during the first quarter of 2009. The segment's external revenues decreased EUR 22.1 million against a year earlier, to EUR 153.9 million (–12.6 percent). TV advertising revenues were down especially in Sweden and Belgium, and in the Eastern European markets Hungary and Romania. Apart from the difficult economic environment, foreign-exchange effects also had an adverse impact on revenues, especially in Sweden and Hungary. Only Denmark reported revenue growth against the first quarter of 2008, with the support of the successful relaunch of the free TV station formerly known as SBS Net. The station under the new name 6'eren started on January 1, 2009. Its schedule, targeting male audiences between the ages of 15 and 50, completes the Group's family of free TV stations in Denmark .
Recurring EBITDA was EUR 13.1 million, down EUR 14.4 million or 52.4 percent from the equivalent figure a year ago. EBITDA for the first quarter of 2009 declined comparably, to EUR 12.3 million (Q1 2008: EUR 27.2 million). Operating costs were down for the same period, but not enough to compensate for the revenue decline.
Revenue and earnings performance, p. 8
External revenues at the Diversification segment amounted to EUR 84.3 million for the first quarter of 2009, down 38.0 percent from the prior year equivalent of EUR 135.9 million. Most of the decrease in revenues is the result of consolidation effects from the December 2008 sale of Nordic pay TV unit CMore, which had contributed EUR 41.9 million in revenues for the first quarter of 2008. Revenues were also down due to consolidation effects as a result of the February 2009 sale of the internet company solute. Furthermore, 9Live brought in less revenue in the national and international call TV business. However, international radio operations proved to be robust, with revenues up from the prior year, especially in Norway. The music business in German-speaking Europe continued to perform very well.
Recurring EBITDA for the first quarter of 2009 was up EUR 8.4 million, to EUR 12.4 million (+210.0 percent). Apart from consolidation effects, cost-cutting measures also contributed to earnings growth. EBITDA likewise grew substantially, to EUR 17.0 million, compared to EUR 3.4 million a year ago (+400.0 percent). This figure includes EUR 4.6 million in positive nonrecurring effects (Q1 2008: EUR –0.6 million), most of which resulted from the sale of solute.
At the end of the first quarter of 2009, the ProSiebenSat.1 Group had 5,460 employees (Q1 2008: 5,985) throughout Europe (average number of full-time-equivalent positions). Of these, 2,873 (Q1 2008: 3,033) were working in Germany, equivalent to 52,6 percent of the Group's total staff. Personnel expenses, which are included in cost of sales, selling expenses and administrative expenses, came to EUR 95.7 million, compared to EUR 100.2 million for the first quarter of 2008.
ProSiebenSat.1 share on the stock exchange. On the first trading day of 2009, ProSieben-Sat.1 preference share opened at EUR 2.40, amid a market year that remains dominated by the worldwide financial crisis. In subsequent weeks, the stock came under pressure by analysts' recommendations lowering price targets, and from negative forecasts for the advertising market. It hit EUR 0.90 on March 10, its all-time low to date, but had recovered slightly by the end of the reporting period, to close at EUR 1.20 on March 31.
| 01/02 – 03/31/2009 | 01/02 – 03/31/2008 | |
|---|---|---|
| XETRA high close (EUR) | 2.40 | 16.62 |
| XETRA low close (EUR) | 0.90 | 11.85 |
| XETRA close (EUR) | 1.20 | 13.70 |
| Total trading volume (shares) | 55,082,297 | 62,987,793 |
| Average units traded per day (shares) | 874,322 | 1,032,587 |
http://www.prosiebensat1.com/ investor_relations/finanzberichte/ Our success also depends highly on off-balance-sheet assets, such as organizational advantages that result from our complementary programming among our family of stations, and the high recognition of our free TV brands. Major nonfinancial performance factors and their significance for our competitive position are described on pages 66 to 69 of the Annual Report .
From the end of the first quarter of 2009 to May 13, 2009, the date when this report was released for publication and forwarded to the Supervisory Board, no reportable events occurred that are of material significance for the assets, liabilities, financial position and profit or loss of the ProSiebenSat.1 Group or ProSiebenSat.1 Media AG. Other major matters following the end of the reporting period included:
As of the date of the preparation of the management report for the first quarter of 2009, the Executive Board continued to view the overall risk situation of the ProSiebenSat.1 Group as limited. There have been no material changes in the risks reported in the 2008 Annual Report. The development of the economic situation in Europe remains our greatest risk.
Our risk management pursues the strategy of detecting risks as early as possible, assessing them realistically, and controlling them in a focused way. Economic risks are identified as part of the Group-wide risk detection system, and are taken into account in the budgeting process, so far as possible. On the other hand, where our assumptions and estimates prove to be too conservative, they give rise to opportunities. Apart from examining economic data, risk management also includes monitoring the terms of financing agreements, such as various obligations undertaken or certain key financial figures (in what are known as "financial covenants"). For more information about future economic developments, see the Outlook section on page 16. The 2008 Annual Report includes a detailed discussion of risk categories and a description of the risk management system .
You can find current information about ProSiebenSat.1 stock and the shareholders' meeting on our Web site at http://www.prosiebensat1.com/ investor_relations/
http://www.prosiebensat1.com/ investor_relations/finanzberichte/
Opportunities relating to business performance and corporate strategy were described in detail in the 2008 Annual Report, starting on page 83. No other material opportunities have been identified since then.
The European economy is very likely to contract sharply in 2009 in the wake of the worldwide economic crisis. Though conditions will vary from region to region, this situation is also likely to affect the development of TV advertising spending.
Because clients' budgeting approach is very short-term, and because the advertising industry is very vulnerable to cyclical fluctuations in the economy, any projection for the TV advertising market is inherently uncertain. Visibility is impaired still further by the unforeseeable impact that the crisis in the international financial markets will have on real economies. In the current environment, key economic figures and forecasts can very abruptly. WARC and ZenithOptimedia currently expect TV advertising spend in Germany to decrease 3.8 and 5.4 percent, respectively, in 2009. Forecasts for the ProSiebenSat.1 Group's other markets differ, sometimes drastically. Since WARC and ZenithOptimedia release new advertising market projections approximately only every three months, they may lag considerably behind actual developments at times.
Source: Germany: Joint Diagnosis, Spring 2009 / Other countries: European Commission, May 2009.
Source: WARC (World Advertising Research Center) 03/2009, ZenithOptimedia 03/2009, figures adjusted on net basis, but methodological differences exist between different countries and sources.
The report of anticipated developments in the 2008 Annual Report includes further information on the ProSiebenSat.1 Group's expected business and strategic development during the 2009-2010 planning period.
http://www.prosiebensat1.com/ investor_relations/finanzberichte/
Given the difficult market environment, an appropriate cost policy is an important prerequisite of our future profitability. For that reason, we already began counteracting the growing economic obstacles by cutting costs back in 2008. Resources are to be used more efficiently, especially by the new set-up of the German TV stations and by pooling sales operations in Germany. The optimization of organizational structures in Germany are advancing on schedule, and are expected to be complete by mid-year. All in all, the measures initiated in 2008 should save about EUR 100 million in recurring costs for the current year against fiscal 2008.
Looking forward to 2009 as a whole, current revenue and earnings performance is within the expectations published in the 2008 Annual Report. The steps to adjust costs to the contracting advertising market have been showing their first successes, with positive effects on recurring EBITDA. Because market visibility remains poor, more detailed projections for fiscal 2009 as a whole will not be possible in the near future .
| EUR k | Q1 2009 | Q1 2008 | Change | Change in % | |
|---|---|---|---|---|---|
| 1. | Revenues | 626,979 | 729,070 | -102,091 | -14% |
| 2. | Cost of sales | -407,775 | -501,127 | -93,352 | -19% |
| 3. | Gross profit | 219,204 | 227,943 | -8,739 | -4% |
| 4. | Selling expenses | -102,806 | -114,367 | -11,561 | -10% |
| 5. | Administrative expenses | -67,033 | -67,242 | -209 | - / - |
| 6. | Other operating income | 9,851 | 3,546 | 6,305 | 178% |
| 7. | Operating profit | 59,216 | 49,880 | 9,336 | 19% |
| 8. | Income from equity interests in associated companies | -919 | 2,011 | -2,930 | -146% |
| 9. | Other financial result | -180 | - / - | -180 | - / - |
| 10. | Net interest and similar income | 2,613 | 2,472 | 141 | 6% |
| 11. | Net interest and other expenses | -63,252 | -62,757 | 495 | -1% |
| 12. | Net interest result | -60,639 | -60,285 | -354 | 1% |
| 13. | Other finance result | -4,495 | -146 | 4,349 | - / - |
| 14. | Financial income | -66,233 | -58,420 | -7,813 | -13% |
| 15. | Loss before taxes | -7,017 | -8,540 | 1,523 | -18% |
| 16. | Income taxes | 2,807 | 2,519 | -288 | 11% |
| 17. | Consolidated loss | -4,210 | -6,021 | 1,811 | -30% |
| attributable to | |||||
| Shareholders of ProSiebenSat.1 Media AG | -1,745 | -7,935 | 6,190 | -78% | |
| Minorities | -2,465 | 1,914 | -4,379 | -229% | |
| EUR | |||||
| Basic and diluted earnings per share of common stock according to IAS 33 * | -0.02 | -0.04 | 0.02 | -50% | |
| Basic and diluted earnings per share of preferred stock according to IAS 33 * | 0.00 | -0.04 | 0.04 | -100% |
* thereby accounted for consolidated net profit for the period: -1.7 EUR m [previous period: -7.9 EUR m]; thereby accounted for number of common and preferred shares: 217,670 thousand [previous year: 218,664 thousand]
| EUR k | Q1 2009 | Q1 2008 | Change | Change in % |
|---|---|---|---|---|
| Consolidated loss / profit | -4,210 | -6,021 | 1,811 | -30% |
| Change in foreign currency translation adjustment (without minorities) | -16,366 | -5,408 | -10,958 | 203% |
| Change in foreign currency translation adjustment (minorities) | -1,342 | 122 | -1,464 | - / - |
| Cash Flow hedges | -55,436 | -81,593 | 26,157 | 32% |
| Deferred taxes | 15,262 | 23,116 | -7,854 | 34% |
| Other comprehensive loss | -57,882 | -63,763 | 5,881 | -9% |
| Total comprehensive loss | -62,092 | -69,784 | 7,692 | -11% |
| attributable to | ||||
| Shareholders of ProSiebenSat.1 Media AG | -58,285 | -71,820 | 13,535 | -19% |
| Minorities | -3,807 | 2,036 | -5,843 | -287% |
| EUR k | 03/31/2009 | 12/31/08 | 03/31/08 | |
|---|---|---|---|---|
| A. | Non-current assets | |||
| I. | Intangible assets | 2,993,660 | 3,004,010 | 3,526,507 |
| II. | Property, plant and equipment | 241,772 | 248,945 | 263,715 |
| III. | Investments accounted at equity method | 5,971 | 6,868 | 4,587 |
| IV. | Non-current financial assets | 59,140 | 58,272 | 58,377 |
| V. | Programming assets | 1,159,706 | 1,149,157 | 916,585 |
| VI. | Accounts receivable and other non-current assets | 7,500 | 7,591 | 14,345 |
| VII. | Deferred taxes | 113,338 | 91,528 | 72,309 |
| 4,581,087 | 4,566,371 | 4,856,425 | ||
| B. | Current assets | |||
| I. | Programming assets | 300,279 | 230,815 | 373,799 |
| II. | Inventories | 6,893 | 5,537 | 6,180 |
| III. | Current financial assets | 207 | 211 | 235 |
| IV. | Assets for current tax | 71,936 | 59,911 | 61,175 |
| V. | Accounts receivable and other current assets | 441,969 | 434,153 | 440,174 |
| VI. | Cash and cash equivalents | 509,008 | 632,871 | 296,350 |
| 1,330,292 | 1,363,498 | 1,177,913 | ||
| Total assets | 5,911,379 | 5,929,869 | 6,034,338 |
| EUR k | 03/31/2009 | 12/31/08 | 03/31/08 | |
|---|---|---|---|---|
| A. | Shareholders' equity | |||
| I. | Subscribed capital | 218,797 | 218,797 | 218,797 |
| II. | Capital reserves | 547,139 | 547,139 | 546,987 |
| III. | Group equity generated | -58,139 | -56,394 | 334,711 |
| IV. | Treasury shares | -15,105 | -15,105 | -12,335 |
| V. | Accumulated other Group equity | -290,630 | -234,090 | -120,424 |
| Total equity attributable to shareholders of ProSiebenSat.1 Media AG | 402,062 | 460,347 | 967,736 | |
| VI. | Minority interests | 13,639 | 18,576 | 16,639 |
| 415,701 | 478,923 | 984,375 | ||
| B. | Non-current liabilities | |||
| I. | Long-term loans and borrowings | 3,523,727 | 3,523,152 | 3,579,305 |
| II | Provision for pensions and other employee benefits | 7,127 | 6,961 | 4,557 |
| III. | Other provisions | 742 | 1,248 | 5,871 |
| IV. | Non-current financial liabilities | 435,279 | 331,831 | 301,907 |
| V. | Other liabilities | 40,664 | 25,116 | 1,284 |
| VI. | Deferred taxes | 199,309 | 196,665 | 203,100 |
| 4,206,848 | 4,084,973 | 4,096,024 | ||
| C. | Current liabilities | |||
| I. | Short-term loans and borrowings | 497,855 | 516,663 | 132,034 |
| II. | Provisions | 146,517 | 178,258 | 154,719 |
| III. | Current financial liabilities | 409,113 | 432,043 | 373,318 |
| IV. | Other liabilities | 235,345 | 239,009 | 293,868 |
| 1,288,830 | 1,365,973 | 953,939 | ||
| Total liabilities and shareholders' equity | 5,911,379 | 5,929,869 | 6,034,338 |
The cash flow from operating activities includes the following proceeds and expenditures according to IAS 7: Cash flow from income taxes -35,089 -36,483 Cash flow from interest expenses -67,281 -65,502 Cash flow from interest income 1,405 2,445 Statement of changes in shareholders' equity of ProSiebenSat.1 Group for Q1 2008
| EUR k | Subscribed capital |
Capital reser ves |
Treasury stock |
Accumulated other Group equity |
Minority interests |
Sharehol ders' equity |
||
|---|---|---|---|---|---|---|---|---|
| generated | Foreign currency translation adjustment |
Valuation from cash flow hedges and interest rate swaps |
||||||
| December 31, 2007 | 218,797 | 546,987 | 342,646 | - / - | -16,073 | -40,466 | 10,435 | 1,062,326 |
| Dividends paid | - / - | - / - | - / - | - / - | - / - | - / - | -3,675 | -3,675 |
| Changes in scope of consolidation | - / - | - / - | - / - | - / - | - / - | - / - | 7,843 | 7,843 |
| Repurchase of treasury stock | - / - | - / - | - / - | -12,335 | - / - | - / - | - / - | -12,335 |
| Other comprehensive loss | - / - | - / - | - / - | - / - | -5,408 | -58,477 | 122 | -63,763 |
| Consolidated loss | - / - | - / - | -7,935 | - / - | - / - | - / - | 1,914 | -6,021 |
| Total comprehensive loss | - / - | - / - | -7,935 | - / - | -5,408 | -58,477 | 2,036 | -69,784 |
| March 31, 2008 | 218,797 | 546,987 | 334,711 | -12,335 | -21,481 | -98,943 | 16,639 | 984,375 |
| EUR k | Subscribed capital |
Capital Group reser equity |
Treasury stock |
Accumulated other Group equity |
Minority interests |
Sharehol ders' equity |
||
|---|---|---|---|---|---|---|---|---|
| ves | generated | Foreign currency translation adjustment |
Valuation from cash flow hedges and interest rate swaps |
|||||
| December 31, 2008 | 218,797 | 547,139 | -56,394 | -15,105 | -96,575 | -137,515 | 18,576 | 478,923 |
| Changes in scope of consolidation | - / - | - / - | - / - | - / - | - / - | - / - | -1,130 | -1,130 |
| Other comprehensive loss | - / - | - / - | - / - | - / - | -16,366 | -40,174 | -1,342 | -57,882 |
| Consolidated loss | - / - | - / - | -1,745 | - / - | - / - | - / - | -2,465 | -4,210 |
| Total comprehensive loss | - / - | - / - | -1,745 | - / - | -16,366 | -40,174 | -3,807 | -62,092 |
| March 31, 2009 | 218,797 | 547,139 | -58,139 | -15,105 | -112,941 | -177,689 | 13,639 | 415,701 |
ProSiebenSat.1 Media AG, as the ultimate parent company of its corporate group, is registered under the name ProSieben-Sat.1 Media AG with the Local Court of Munich, Germany (HRB 124 169). The Company's registered office and principal place of business is Unterföhring. Its address is: ProSieben-Sat.1 Media AG, Medienallee 7, 85774 Unterföhring, Germany.
ProSiebenSat.1 is the second-largest television group in Europe, with a reach of more than 78 million households using TV in 12 countries.
The interim consolidated financial statements of ProSieben-Sat.1 Media AG and its subsidiaries as of March 31, 2009, were prepared in compliance with IAS 34 "Interim Financial Reporting."
The interim consolidated financial statements are prepared in Euro. Unless specifically indicated otherwise, all amounts are in thousands of Euro (EUR k). The statement of income is presented using the cost of sales method.
The interim consolidated financial statements should be read together with the audited IFRS consolidated financial statements and notes as of December 31, 2008 which were published by ProSiebenSat.1 Media AG as of March 30, 2009.
Based on the management opinion, the interim financial statements reflect all adjustments necessary for a fair presentation of the results of operations and the financial position of the Group. Operating results for the interim period presented are not necessarily indicative of the results that may be expected for the full fiscal year.
The accounting principles applied in the interim consolidated financial statements as of March 31, 2009 are generally based on the same accounting policies as the consolidated financial statements for financial year 2008. For further information about the applied accounting policies, please refer to the consolidated financial statements as of December 31, 2008 (pages 100 - 104), which form the basis for the present quarterly financial statements.
With the amendment of IAS 1 "Presentation of financial statements", the consolidated financial statements contain in addition to the consolidated statement of income a consolidated statement of comprehensive income. The latter comprises the profit or loss of the reporting period as well as equity changes (other than those resulting from transactions with owners in their capacity as owners) that are not recognized as profit or loss (other comprehensive income).
IFRIC 13 "Customer Loyalty Programs" deals with the recognition of certain kinds of customer loyalty programs and makes clear which regulations of IAS 18 "Revenue" should be applied to them. IFRIC 13 did not have material effects on the interim financial statements as of March 31, 2009.
The revised IAS 23 "Borrowing costs" as well as the revised IFRS 2 "Share-based payments" have to be applied from January 1, 2009 onwards. The changes in both standards did not have effects on the interim financial statements as of March 31, 2009.
The revised standards IFRS 3 "Business combinations" and IAS 27 "Consolidated and separate financial statements" are mandatory for financial periods beginning on or after July 1, 2009. ProSiebenSat.1 Group is currently analyzing the effects of the amendments to Group's financial statements.
IFRS 8 "Operating Segments" was issued by the IASB in November 2006 and was applied early by the ProSieben-Sat.1 Group, It requires companies to report financial and descriptive information regarding their reportable segments. In connection with the acquisition of the SBS Broadcasting Group, the ProSiebenSat.1 Group decided to apply the standard early during the previous year, beginning with quarterly report for the quarter that ended on September 30, 2007.
The preparation of the interim consolidated financial statements involved assumptions and estimates that affect the recognition of assets and liabilities and of income and expenses. In some cases, actual values may differ from the assumptions and estimates.
The number of subsidiaries included in the consolidated financial statements changed as follows in the first quarter of fiscal 2009:
| Germany | Other countries |
Total | |
|---|---|---|---|
| Included at 12/31/2008 | 50 | 112 | 162 |
| Newly founded / consolidated companies | 6 | 10 | 16 |
| Merged / deconsolidated companies | -1 | -1 | -2 |
| Included at 3/31/2009 | 55 | 121 | 176 |
ProSiebenSat.1 Media AG directly or indirectly holds a majority of voting rights in these companies. Sixteen (as of December 31, 2008: 15) associated companies are reported using the equity method.
The changes in the scope of consolidation had no material impact on the net assets, financial position or results of operations of the ProSiebenSat.1 Group.
The list of affiliated companies as enclosed in the annual financial statements and in the consolidated financial statements of the ProSiebenSat.1 Media AG as of December 31, 2008, was incomplete due to editorial mistakes. The amended list of affiliated companies of ProSiebenSat.1 Media AG (as of December 31, 2008) are listed on pages 26 through 29.
As of January 20, 2009, SBS Radio AB acquired 100 percent of the radio business of the Stampen Group in Sweden. The Stampen Group contributed its ownership interest to the holding company SBS Radio HNV AB (formerly Produktionsaktiebolaget Göteborg Ett), in return for a 20 percent interest in SBS Radio AB (which until then was a wholly-owned subsidiary of the ProSiebenSat.1 Group). In the transaction, SBS Radio AB issued new shares. The purchase agreement includes put and call options for the 20 percent minority interest which is held by companies of the Stampen Group. The call options may be exercised from 2009, and the put options from 2012 onwards.
SBS Radio HNV AB and its subsidiaries have been fully consolidated in the financial statements of the ProSieben-Sat.1 Group since January 20, 2009. SBS Radio NHV AB operates 9 radio stations, and strengthens ProSiebenSat.1 Group's position in the Swedish radio market.
No further information under IFRS 3 can be provided at the moment, since the purchase price allocation was begun only upon consummation of the purchase agreement and had not been fully completed as of the reporting date. The effects of this acquisition on the income statement as well as on the balance sheet of ProSiebenSat.1 Group are not material.
The sale of solute GmbH was consummated in February, with effect as of January 1, 2009. The gain on disposal from the Group's viewpoint came to EUR 4,224 thousand, and is recognized under other operating income for the first quarter of 2009.
In accordance with IFRS 8 "Operating Segments", certain figures in interim financial statements must be presented separately by business segments and geographical segments. The basis of segmentation is to be the company's own internal reporting, which permits a reliable assessment of the group's risks and earnings. Segmentation is intended to provide transparency as to the profitability and prospects for success of the group's individual activities. Consistently with its internal management practices, the ProSiebenSat.1 Group adopts business segments as the basis for its primary segment reporting.
The ProSiebenSat.1 Group subdivides its operations into two business units, Free TV and Diversification. The Free TV unit in turn is subdivided into two segments, Free TV in German-Speaking Europe and Free TV International.
The Free TV in German-Speaking Europe segment essentially comprises the Group's four channels Sat.1, ProSieben, kabel eins and N24, as well as the Sat.1 regional companies, the marketing company SevenOne Media, the subsidiary ProSiebenSat.1 Produktion, and the Group's subsidiaries in Austria and Switzerland. The Free TV International segment includes advertising-financed TV channels in the Netherlands, Belgium, Denmark, Finland, Norway, Sweden, Romania, Bulgaria and Hungary. The Diversification segment pools all subsidiaries that do not generate their income directly from classic TV advertising revenues; their activities include call TV, multimedia, merchandising and radio operations, as well as related print products.
| EUR k |
Free-TV | Segment Total Diversification Segments |
Transitions | Total in consolidated financial statements 03/31/2009 |
||||
|---|---|---|---|---|---|---|---|---|
| Segment Free-TV German-Speaking |
Segment Free-TV international |
Total Free-TV* | ||||||
| Revenues | 400,521 | 154,593 | 555,114 | 87,477 | 642,591 | -15,612 | 626,979 | |
| External revenues | 388,782 | 153,946 | 542,728 | 84,251 | 626,979 | - / - | 626,979 | |
| Internal revenues | 11,739 | 647 | 12,386 | 3,226 | 15,612 | -15,612 | - / - | |
| Recurring EBITDA | 68,101 | 13,065 | 81,166 | 12,413 | 93,579 | 245 | 93,824 |
| EUR k |
Free-TV | Segment Diversification |
Total Segments Transitions |
Total in consolidated financial statements 03/31/2008 |
|||
|---|---|---|---|---|---|---|---|
| Segment Free-TV German-Speaking |
Segment Free-TV international |
Total Free-TV* | |||||
| Revenues | 433,022 | 177,427 | 610,449 | 137,641 | 748,090 | -19,020 | 729,070 |
| External revenues | 417,135 | 176,015 | 593,150 | 135,920 | 729,070 | - / - | 729,070 |
| Internal revenues | 15,887 | 1,412 | 17,299 | 1,721 | 19,020 | -19,020 | - / - |
| Recurring EBITDA | 57,626 | 27,518 | 85,144 | 4,013 | 89,157 | -696 | 88,461 |
*consolidated
The reconciliation between the segment report and the consolidated values is shown below:
Reconciliations to the segment reporting of ProSiebenSat.1 Group
| EUR k |
Q1 2009 | Q1 2008 |
|---|---|---|
| Profit/Loss | ||
| Recurring EBITDA of reportable segments |
93,579 | 89,157 |
| Items not attributable to segments | 38 | -128 |
| Consolidation of expenses and income | 156 | - / - |
| Elimination of intra-Group profits | 51 | 161 |
| Debt consolidation | - / - | -729 |
| Total in consolidated financial statements | 93,824 | 88,461 |
| Non-recurring result | -3,382 | -3,649 |
| Financial income | -66,233 | -58,420 |
| Depreciation and amortization | -31,213 | -34,932 |
| Impairments | -13 | - / - |
| Loss before taxes | -7,017 | -8,540 |
Entity-wide disclosures of the ProSiebenSat.1 Group are provided below. Here distinctions are made among the Germanspeaking region (Germany, Austria, Switzerland), B/NL (the Netherlands and Belgium), Nordic (Denmark, Finland, Norway, Sweden), and CEE (Bulgaria, Greece, Romania, Hungary).
| Entity-wide disclosures of ProSiebenSat.1 Group | |||||
|---|---|---|---|---|---|
| Geographical breakdown, EUR k |
German Speaking | B/NL | Nordic CEE |
Total in consolidated financial statements Q1 2009 |
|
| External revenues | 441,596 | 83,117 | 78,270 | 23,996 | 626,979 |
| Entity-wide disclosures of ProSiebenSat.1 Group | |||||
| Geographical breakdown, EUR k |
German Speaking | B/NL | Nordic | CEE | Total in consolidated financial statements Q1 2008 |
| External revenues | 479,414 | 86,662 | 129,671 | 33,323 | 729,070 |
As of March 31, 2009 there were no significant changes in the unrecognized contingent liabilities and other financial obligations as described in the annual report 2008.
On April 24, 2009, the Executive Board of ProSiebenSat.1 Media AG announced that Patrick Tillieux has resigned as the Chief Operating Officer (COO) and will leave the Company as on June 30, 2009. His responsibilities on the Executive Board will be assumed by Thomas Ebeling, CEO of ProSiebenSat.1 Media AG.
After March 31, 2009, ProSiebenSat.1 Media AG acquired a total of 2,206,706 preferred shares in the Company (equivalent to 3.0 percent of all preferred stock).
As a part of its portfolio optimization, ProSiebenSat.1 Produktion founded its own subsidiary for Berlin in February 2009. As a consequence of an outsourcing agreement, a strategic partner fernsehwerft GmbH will take over the technique and production attendance of ProSiebenSat.1 Produktion Berlin starting July 1, 2009 for a time period of at least 5 years.
May 13, 2009
The Executive Board
> In the list of affiliated companies as enclosed in the annual financial statements and in the consolidated financial statements of the ProSiebenSat.1 Media AG as of December 31, 2008, several information as regards the percentage of shareholdings and as regards the shareholders were incomplete due to editorial mistakes. Herewith the list of affiliated companies of ProSiebenSat.1 Media AG (as of December 31, 2008) is corrected as follows:
| No. Company | Location | Country | Interest % | via No. |
|
|---|---|---|---|---|---|
| Affiliated company | |||||
| 1 | ProSiebenSat.1 Media Aktiengesellschaft | Unterföhring | Germany | ||
| 2 | 9Live Fernsehen GmbH | Unterföhring | Germany | 100 | 1 |
| 3 | 9Live International GmbH | Unterföhring | Germany | 100 | 2 |
| 4 | Agency Atlantic EOOD | Sofia | Bulgaria | 100 | 157 |
| 5 | Agency Vitosha EOOD | Sofia | Bulgaria | 100 | 157 |
| 6 | Aktuelt Nyheter AS | Oslo | Norway | 100 | 150 |
| 7 | Amerom Television Ltd. | New York | USA | 100 | 103 |
| 8 | Anonimi Radiofoniki Etairia Lampsi A.E. (Lampsi Radio Company S.A.) | Athens | Greece | 100 | 107 |
| 9 | ArtMerchandising & Media AG | Unterföhring | Germany | 100 | 47 |
| 10 | AT Fun B.V. | Amsterdam | Netherlands | 100 | 116 |
| 11 | best webnews GmbH | Cologne | Germany | 67.64 | 135 |
| 12 | Broadcast Norge AS | Oslo | Norway | 100 | 100 |
| 13 | Carthage I B.V. | Amsterdam | Netherlands | 100 | 116 |
| 14 | CBO Media B.V. (formerly Brainstation B.V.) | Amsterdam | Netherlands | 100 | 116 |
| 15 | Cutting Edge Production AS | Oslo | Norway | 100 | 121 |
| 16 | easy 107,5 Stockholm AB | Stockholm | Sweden | 100 | 122 |
| 17 | E-FM Sverige AB | Stockholm | Sweden | 100 | 19 |
| 18 | EBS International N.V. | Zaventem | Belgium | 100 | 103, 158 |
| 19 | Euradio i Sverige AB | Stockholm | Sweden | 100 | 123 |
| 20 | European Broadcasting System S.à r.l. | Luxembourg | Luxembourg | 100 | 103 |
| 21 | European Radio Investments Limited | London | United Kingdom | 100 | 107 |
| 22 | Evroark EOOD | Sofia | Bulgaria | 100 | 157 |
| 23 | Face your Brand! GmbH | Unterföhring | Germany | 100 | 71 |
| 24 | Fem Media GmbH | Munich | Germany | 100 | 135 |
| 25 | Fria Media I Blekinge AB | Karlskrona | Sweden | 100 | 119 |
| 26 | Fria Radiobolaget i Borås AB | Borås | Sweden | 100 | 119 |
| 27 | German Free TV Holding GmbH | Unterföhring | Germany | 100 | 1 |
| 28 | Hellas Radio Service Ltd. | Athens | Greece | 100 | 103 |
| 29 | ICS SBS Broadcasting S.R.L. (formerly: I.M. Radio Contract S.R.L.) |
Chisinau | Moldova | 100 | 132 |
| 30 | INTERA KTÍV-FICTION Müsorkészítö és Filmgyártó Kft. |
Budapest | Hungary | 100 | 31 |
| 31 | INTERA KTÍV Televíziós Müsorkészítö Kft. |
Budapest | Hungary | 100 | 103 |
| 32 | kabel eins Fernsehen GmbH | Unterföhring | Germany | 100 | 27 |
| 33 | Kanal 5 AB | Stockholm | Sweden | 100 | 34 |
| 34 | Kanal 5 Holding AB | Stockholm | Sweden | 100 | 104 |
| 35 | Kanal 5 Limited | London | United Kingdom | 100 | 107 |
| Kiss FM DOO | Belgrad | Serbia | 49 | 103 | |
| 36 | Kommunikationsanpartsselskabet af 2/4 1990 | Arthus C | Denmark | 100 | 84 |
| 37 | |||||
| 38 | lokalisten media GmbH | Munich | Germany | 90 | 135 |
| 39 | MAGIC Internet Holding GmbH |
Berlin | Germany | 100 | 135 |
| 40 | MAGIC Internet GmbH |
Berlin | Germany | 100 | 39 |
| 41 | Meteos TV Holding GmbH | Unterföhring | Germany | 100 | 162 |
| 42 | Miracle Sound Oy | Helsinki | Finland | 51 | 58 |
| 43 | Miracle Sound Oulu Oy | Oulu | Finland | 100 | 42 |
| 44 | Miracel Sound Tampere Oy | Helsinki | Finland | 100 | 58, 42 |
| 45 | Mix Megapol.se AB | Stockholm | Sweden | 100 | 119 |
| 46 | MM MerchandisingMedia GmbH |
Unterföhring | Germany | 100 | 9 |
| 47 | MM MerchandisingMedia Holding GmbH |
Unterföhring | Germany | 100 | 1 |
| 48 | MTM Produkció Müsorgyártó és Filmforgalmazó Kft. |
Budapest | Hungary | 100 | 103, 116 |
| 49 | MTM -SBS Televízió Zrt. |
Budapest | Hungary | 97,51 | 103 |
| 50 | MyVideo Broadband S.R.L. | Bucharest | Romania | 100 | 39 |
| No. Company | Location | Country | Interest % | via No. |
|
|---|---|---|---|---|---|
| Affiliated company | |||||
| 51 | N24 Gesellschaft für Nachrichten und Zeitgeschehen mbH | Unterföhring | Germany | 100 | 27 |
| 52 | Niknet EOOD | Sofia | Bulgaria | 100 | 157 |
| 53 | P7S1 Broadcasting S.à r.l. | Luxembourg | Luxembourg | 100 | 54, 56 |
| 54 | P7S1 Erste SBS Holding GmbH | Unterföhring | Germany | 100 | 1 |
| 55 | P7S1 Creative Productions Holding GmbH (formerly: ProSiebenSat.1 Siebte Verwaltungsgesellschaft mbH) |
Unterföhring | Germany | 100 | 1 |
| 56 | P7S1 Zweite SBS Holding GmbH | Unterföhring | Germany | 100 | 1 |
| 57 | Producers at work GmbH | Potsdam | Germany | 67 | 1 |
| 58 | Pro Radio Oy | Helsinki | Finland | 100 | 100 |
| 59 | ProSiebenSat.1 Applications GmbH | Unterföhring | Germany | 100 | 1 |
| 60 | ProSieben Austria GmbH | Vienna | Austria | 100 | 137 |
| 61 | ProSieben Digital Media GmbH | Unterföhring | Germany | 100 | 1 |
| 62 | ProSieben Television GmbH | Unterföhring | Germany | 100 | 27 |
| 63 | ProSieben (Switzerland) Ltd. | Küsnacht | Switzerland | 100 | 139 |
| 64 | ProSiebenSat.1 Erste Verwaltungsgesellschaft mbH | Unterföhring | Germany | 100 | 1 |
| 65 | ProSiebenSat.1 Achte Verwaltungsgesellschaft mbH | Unterföhring | Germany | 100 | 1 |
| 66 | ProSiebenSat.1 Neunte Verwaltungsgesellschaft mbH (future name: Maz & More GmbH) |
Unterföhring | Germany | 100 | 51 |
| 67 | ProSiebenSat.1 Berlin Produktion GmbH (still in formation process at 12/31/2008) |
Berlin | Germany | 100 | 68 |
| 68 | ProSiebenSat.1 Produktion GmbH | Unterföhring | Germany | 100 | 1 |
| 69 | ProSiebenSat.1 Welt GmbH | Unterföhring | Germany | 100 | 1 |
| 70 | PS Event GmbH | Cologne | Germany | 67 | 71 |
| 71 | PSH Entertainment GmbH | Unterföhring | Germany | 100 | 1 |
| 72 | Puls 4 TV GmbH | Vienna | Austria | 100 | 137 |
| 73 | Puls 4 TV GmbH & Co. KG | Vienna | Austria | 100 | 137 |
| 74 | Radio Nova A/S (formerly Radio 2 A/S) | Copenhagen | Denmark | 80 | 102 |
| 75 | Radio City AB | Stockholm | Sweden | 100 | 122 |
| 76 | Radio Daltid SBS AB | Stockholm | Sweden | 51 | 119 |
| 77 | Radio Express EAD | Sofia | Bulgaria | 100 | 5 |
| 78 | Radio HIT FM Melodicum AB | Växjö | Sweden | 100 | 119 |
| 79 | Radio Match AB | Jönköping | Norway | 100 | 119 |
| 80 | Radiostasjonen Radio Norge AS (formerly: TV2 Saturn AS) | Oslo | Norway | 100 | 121 |
| 81 | Radio Stella AB | Helsingborg | Sweden | 100 | 119 |
| 82 | Radio Veselina EAD | Plovdiv | Bulgaria | 100 | 103 |
| 83 | Radio Zita Radiohonikes Epichiriseis Anonimi Etairia | Salonika | Greece | 100 | 93 |
| 84 | Radioreklame A/S | Arhus C. | Denmark | 95.2 | 120 |
| 85 | Radio VLR A/S | Taastrup | Denmark | 100 | 120 |
| 86 | Redseven Entertainment GmbH | Unterföhring | Germany | 100 | 55 |
| 87 | Reklamradio-FMK AB | Kalmar | Sweden | 100 | 119 |
| 88 | RIS Vinyl Skane AB | Stockholm | Sweden | 100 | 123 |
| 89 | Ritmo Plovdiv EOOD | Plovdiv | Bulgaria | 100 | 157 |
| 90 | Rockklassiker Sverige AB | Stockholm | Sweden | 100 | 88 |
| 91 | Romanian Broadcasting Corporation Limited | London | United Kingdom | 100 | 107 |
| 92 | Salonika Radio Investments Holding S.A. | Luxembourg | Luxembourg | 100 | 103 |
| 93 | Salonika Radio Investments S.à r.l. | Luxembourg | Luxembourg | 100 | 92 |
| 94 | Sat.1 Bayern GmbH | Unterföhring | Germany | 100 | 151 |
| 95 | Sat.1 Grundstücksverwaltungs GmbH & Co. KG | Unterföhring | Germany | 100 | 98 |
| 96 | Sat.1 Norddeutschland GmbH | Hannover | Germany | 100 | 98 |
| 97 | SAT .1 Privatrundfunk und -programmgesellschaft m.b.H |
Vienna | Austria | 51 | 98 |
| 98 | Sat.1 Satelliten Fernsehen GmbH | Berlin | Germany | 100 | 27 |
| 99 | Sat.1 Schweiz AG | Zürich | Switzerland | 50 | 98 |
| 100 SBS Belgium N.V. | Zaventem | Belgium | 100 | 103, 18 |
| No. Company | Location | Country | Interest % | via No. |
|---|---|---|---|---|
| Affiliated company | ||||
| 101 SBS Broadcasting B.V. | Amsterdam | Netherlands | 100 | 116 |
| 102 SBS Broadcast Danmark A/S | Skovlunde | Denmark | 100 | 100 |
| 103 SBS Broadcasting Europe B.V. | Amsterdam | Netherlands | 100 | 106 |
| 104 SBS Broadcasting Europe B.V. the Netherlands svensk Filial | Stockholm | Sweden | 100 | 103 |
| 105 SBS Broadcasting Holding I B.V. | Amsterdam | Netherlands | 100 | 53 |
| 106 SBS Broadcasting Holding II B.V. | Amsterdam | Netherlands | 100 | 105 |
| 107 SBS Broadcasting (UK) Limited | London | United Kingdom | 100 | 103 |
| 108 SBS Broadcasting Networks Limited | London | United Kingdom | 100 | 107 |
| 109 SBS Broadcasting (Sweden) AB | Stockholm | Sweden | 100 | 103 |
| 110 SBS Danish Television Limited | London | United Kingdom | 100 | 107 |
| 111 SBS European Pay TV Services S.á r.l. | Luxembourg | Luxembourg | 100 | 103 |
| 112 SBS Finance B.V. | Amsterdam | Netherlands | 100 | 103 |
| 113 SBS Finland Oy | Helsinki | Finland | 100 | 58 |
| 114 SBS Interactive AB (under Liquidation) | Stockholm | Sweden | 100 | 104 |
| 115 SBS Magyarországi Befektetési Kft. | Budapest | Hungary | 98.34 | 103 |
| 116 SBS Nederland B.V. | Amsterdam | Netherlands | 100 | 103 |
| 117 SBS Productions B.V. | Amsterdam | Netherlands | 100 | 101 |
| 118 SBS Publishing & Licensing B.V. | Amsterdam | Netherlands | 100 | 101 |
| 119 SBS Radio AB | Stockholm | Sweden | 100 | 123 |
| 120 SBS Radio A/S | Copenhagen | Denmark | 80 | 102 |
| 121 SBS Radio Norge AS | Oslo | Norway | 77 | 100 |
| 122 SBS Radio Sweden AB | Stockholm | Sweden | 100 | 123 |
| 123 SBS Radio Sweden Holding AB | Stockholm | Sweden | 100 | 104 |
| 124 SBS Records Aps | Copenhagen | Denmark | 100 | 120 |
| 125 SBS Services B.V. | Amsterdam | Netherlands | 100 | 116 |
| 126 SBS Services (UK) Limited | London | United Kingdom | 100 | 103 |
| 127 SBS TV A/S | Skovlunde | Denmark | 100 | 102 |
| 128 Scandinavian Broadcasting System (Jersey) Ltd. | Jersey | Channel islands | 100 | 101 |
| 129 S.C. Canet Radio SRL | Bucharest | Romania | 20 | 132 |
| 130 S.C. Media Group Services International S.R.L. | Bucharest | Romania | 100 | 132, 116 |
| 131 S.C. Prime Time Productions S.R.L. | Bucharest | Romania | 100 | 132, 116 |
| 132 S.C. SBS Broadcasting Media S.R.L. | Bucharest | Romania | 100 | 21, 91, 107 |
| 133 SevenOne Brands GmbH | Unterföhring | Germany | 100 | 1 |
| 134 SevenOne Interactive GmbH | Unterföhring | Germany | 100 | 133 |
| 135 SevenOne Intermedia GmbH | Unterföhring | Germany | 100 | 61 |
| 136 SevenOne International GmbH | Unterföhring | Germany | 100 | 1 |
| 137 SevenOne Media Austria GmbH | Vienna | Austria | 100 | 133 |
| 138 SevenOne Media GmbH | Unterföhring | Germany | 100 | 133 |
| 139 SevenOne Media (Switzerland) Ltd. | Küsnacht | Switzerland | 100 | 133 |
| 140 SevenPictures Film GmbH | Unterföhring | Germany | 100 | 1 |
| 141 SevenSenses GmbH | Unterföhring | Germany | 100 | 1 |
| 142 Seven Scores Musikverlag GmbH | Unterföhring | Germany | 100 | 1 |
| 143 solute GmbH | Karlsruhe | Germany | 74.8 | 135 |
| 144 Starwatch Music GmbH | Unterföhring | Germany | 100 | 47 |
| 145 Stichting Administratiekantoor Melida (in liquidation) | Amsterdam | Netherlands | 100 | 53 |
| 146 Svensk Radiopartner Radio City AB | Karlstad | Sweden | 100 | 119 |
| 147 Teledirekt Vermarktungsgesellschaft für Fernsehempfang mbH | Unterföhring | Germany | 100 | 1 |
| 148 Turun Ensitorppa Oy | Helsinki | Finland | 100 | 58 |
| 149 TV5 Finland Oy | Helsinki | Finland | 100 | 58 |
| 150 TV Norge AS | Oslo | Norway | 100 | 12 |
| No. Company | Location | Country | Share % | via No. |
|---|---|---|---|---|
| Affiliated company | ||||
| 151 tv-weiß-blau Rundfunkprogrammanbieter GmbH | Unterföhring | Germany | 100 | 98 |
| 152 V8 Broadcasting B.V. | Amsterdam | Netherlands | 100 | 101 |
| 153 Veronica Broadcasting VOF | Amsterdam | Netherlands | 100 | 152, 13 |
| 154 Veronica Litho B.V. | Hilversum | Netherlands | 100 | 101 |
| 155 Veronica Uitgeverij B.V. | Hilversum | Netherlands | 100 | 101 |
| 156 Vinyl AB | Stockholm | Sweden | 100 | 123 |
| 157 Vitosha FM EOOD | Sofia | Bulgaria | 100 | 103 |
| 158 VT4 Limited | London | United Kingdom | 100 | 103 |
| 159 VT4 Marketing & Sales N.V. | Zaventem | Belgium | 100 | 158, 18 |
| 160 VT4 Network N.V. | Zaventem | Belgium | 100 | 158, 18 |
| 161 wer-weiss-was GmbH | Hamburg | Germany | 74.8 | 135 |
| 162 wetter.com AG | Singen | Germany | 73 | 135 |
| 163 Wetter Fernsehen - Meteos GmbH | Singen | Germany | 100 | 41 |
| Affiliated companies, not consolidated | ||||
| 164 Anadolu Televizyon Ve Radyo Yayincilik Ve Ticaret Anonim Sirketi | Istanbul | Turkey | 98 | 125 |
| 165 Balkans Media Investments EOOD | Sofia | Bulgaria | 100 | 157 |
| 166 maxdome Verwaltungs GmbH | Unterföhring | Germany | 100 | 141 |
| 167 Merchandising Prague spo. s r o. | Prague | Czech Republic | 100 | 47 |
| Associated companies -at equity | ||||
| 168 Autoplenum GmbH | Munich | Germany | 25.1 | 135 |
| 169 Big Brother AB | Stockholm | Sweden | 50 | 104 |
| 170 Big Brother Kommanditbolag | Stockholm | Sweden | 51 | 33, 169 |
| 171 IP Multimedia (Switzerland) AG | Küsnacht | Switzerland | 23 | 139 |
| 172 maxdome GmbH & Co. KG | Unterföhring | Germany | 50 | 141 |
| 173 LOVESEARC H DP AB |
Stockholm | Sweden | 95.09 | 33 |
| 174 Österjöns Reklamradio AB | Visby | Sweden | 40 | 119 |
| 175 Poolside Reise GmbH | Munich | Germany | 40 | 135 |
| 176 Privatfernsehen in Bayern Verwaltungs-GmbH | Munich | Germany | 49.9 | 151 |
| 177 Privatfernsehen in Bayern GmbH & Co. KG | Munich | Germany | 49.9 | 151 |
| 178 Radiobokningen i Västmanland Handelsbolag | Västerås | Sweden | 20 | 119 |
| 179 Radio Silkeborg af 1997 A/S | Silkeborg | Denmark | 34 | 84 |
| 180 TV 10 B.V. | Amsterdam | Netherlands | 100 | 181 |
| 181 TV10 Holdings LLC | Wilmington | USA | 50 | 101 |
| 182 Veronica/Jetix Text VOF | Amsterdam | Netherlands | 100 | 152, 180 |
| 183 VG Media Gesellschaft zur Verwertung der Urheber- und | ||||
| Leistungsschutzrechte von Medienunternehmen mbH | Berlin | Germany | 50 | 1 |
| Other equity interests | ||||
| 184 AFK Aus- und Fortbildungs GmbH für elektronische Medien | Munich | Germany | 12 | 1 |
| 185 Berliner Pool TV Produktionsgesellschaft mbH | Berlin | Germany | 50 | 51 |
| 186 Deutscher Fernsehpreis GmbH | Cologne | Germany | 25 | 1 |
| 187 ZeniMax Media Inc. | Rockville | USA | 8.03 | 103 |
| March 4, 2009 | Press conference / IR conference on preliminary figures for 2008 |
|---|---|
| March 30, 2009 | 2008 Annual Report |
| May 14, 2009 | Quarterly Report for Q1 2009 |
| June 4, 2009 | 2009 Annual Shareholders' Meeting |
| August 6, 2009 | Interim Report for H1 2009 |
| November 5, 2009 | Quarterly Report for Q3 2009 |
ProSiebenSat.1 Media AG Corporate Communications Medienallee 7 85774 Unterföhring Tel. +49 [89] 95 07 – 11 64 Fax +49 [89] 95 07 – 11 59
ProSiebenSat.1 Media AG Corporate Office Julian Geist Katrin Schneider Heike Nachbaur
ProSiebenSat.1 Media AG Investor Relations Medienallee 7 85774 Unterföhring Tel. +49 [89] 95 07 – 15 02 Fax +49 [89] 95 07 – 15 21 E-Mail: [email protected]
ProSiebenSat.1 Media AG Medienallee 7 85774 Unterföhring Tel. +49 [89] 95 07 - 10 Fax +49 [89] 95 07 – 11 21 www.ProSiebenSat1.com HRB 124 169 AG Munich
This and other publications are available on the Internet, along with further information about the ProSiebenSat.1 Group, at http://www.prosiebensat1.com/.
Forward-looking statements. This report contains forward-looking statements regarding ProSiebenSat.1 Media AG and the ProSiebenSat.1 Group. Such statements may be identified by the use of such terms as "expects," "intends," "plans," "assumes," "pursues the goal,"and similar wording. Various factors, many of which are outside the control of ProSiebenSat.1 Media AG, could affect the Company's business activities, success, business strategy and results. Forward-looking statements are not historical facts, and therefore incorporate known and unknown risks, uncertainties and other important factors that might cause actual results to differ from expectations. These forward-looking statements are based on current plans, goals, estimates and projections, and take account of knowledge only up to and includingthe date of preparation of this report. Given these risks, uncertainties and other important factors, ProSiebenSat.1 Media AG undertakes no obligation, and has no intent, to revise such forward-looking statements or update them to reflect future events and developments.Although every effort has been made to ensure that the provided information and facts are correct, and that the opinions and expectations reflected here are reasonable, ProSiebenSat.1 Media AG assumes no liability and offers no warranty as to the completeness, correctness, adequacy and/or accuracy of any information or opinions contained herein.
Medienallee 7 85774 Unterföhring www.ProSiebenSat1.com
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