ProSiebenSat.1 Group reports record earnings in fiscal 2006
Geschrieben am 22-02-2007
Munich (ots) -
- EBITDA grows 16 percent to EUR 484 million
- Pre-tax income increases 10 percent to EUR 387 million
- Consolidated revenues climb 5.8 percent to EUR 2.105 billion
- EBITDA margin hits new high of 23.0 percent
- Consolidated profit up 9.0 percent to EUR 240.7 million
- New lines of business accelerate Group growth
- Outlook: Group revenue and earnings to increase again in 2007,
The ProSiebenSat.1 Group closed out fiscal 2006 with yet another
record performance. EBITDA for the year grew 15.7 percent, to EUR
484.3 million. Pre-tax profit rose 10.3 percent against the prior
year, to EUR 386.7 million, the highest profit in corporate history.
Based on preliminary figures, the Group generated revenues of EUR
2.105 billion, outperforming the prior year by 5.8 percent and
pushing the EBITDA margin up to 23.0 percent (2005: 21.0%), while
return on revenues climbed to 18.4 percent (2005: 17.6%). The Group's
consolidated profit for the year was up 9.0 percent, to EUR 240.7
million. Earnings per preferred share improved to EUR 1.11, compared
to EUR 1.02 for 2005.
"The ProSiebenSat.1 Group had a very successful fiscal 2006. We
increased our TV advertising revenues and enhanced our stations'
profitability even further. Our new lines of business sped up the
Group's growth even more," said Guillaume de Posch, CEO of
ProSiebenSat.1 Media AG. "Strategically, we accomplished a great deal
during the year. We ensured digital distribution of our programming,
and we put new services on the market, like our two Pay TV channels.
In Call TV, Mobile TV and video-on-demand, we are already the largest
provider in Germany. We've positioned the Group successfully for the
The Free TV segment's revenues for fiscal 2006 increased more than
had been expected at the beginning of the year. At the same time, the
Diversification unit grew stronger, by expanding existing activities,
by tapping new revenue potential, and through strategic investments.
External revenues in the advertising-financed TV segment grew EUR
55.4 million, or 3.1 percent, to EUR 1.866 billion. The contributions
to revenues from the Transaction TV and Other Diversification
segments totaled EUR 238.1 million for 2006. This is equivalent to an
11.3 percent share of Group revenues. The contribution for fiscal
2005 was 9.0 percent, or EUR 178.5 million.
Slight increase in total costs The ProSiebenSat.1 Group's
operating costs rose EUR 52.1 million in fiscal 2006, to EUR 1.672
billion. This moderate 3.2 percent cost increase is largely the
result of the consolidation of 9Live for the full year. The Group
acquired the station on June 1, 2005, and consolidated it only from
that date onward. The station contributed EUR 24.6 million to
operating costs in the first five months of fiscal 2006. Apart from
these consolidation effects, higher expenses for personnel and
materials also contributed to an increase of total costs. Personnel
expenses grew in part because of new hires in fiscal 2006, and
because of the second cycle of the stock option plan approved by the
shareholders' meeting in August 2006.
Financial result dominated by one-off charges In fiscal 2006,
ProSiebenSat.1 Media AG redeemed a EUR 200 million bond issue at
105.625 percent of the principal amount. In combination with the
early retirement of the bond, the former EUR 325 million revolving
credit facility was replaced with a new EUR 500 million revolving
credit facility. Both of these changes had a significant impact on
the financial result for the period. These one-off charges lead to an
increase of other financial expenses for the year by EUR 16.1
million, to EUR 18.8 million. Consequently the financial result
changed by minus EUR 33.0 million, to minus EUR 57.5 million.
Net financial debt down significantly Net financial debt as of
December 31, 2006, was EUR 121.8 million, compared to EUR 227.2
million a year earlier - a decrease of 46.4 percent. This significant
reduction in net financial debt is due to the positive development of
the cash-flows in 2006.
Expenditures for programming assets remain high Most of the
ProSiebenSat.1 Group's capital expenditures are for programming
assets. In 2006, the Group invested EUR 955.0 million in programming
rights, compared to EUR 907.3 million in 2005.
With a share of 54.7 percent of total assets, programming assets
are the ProSiebenSat.1 Group's most important asset item. As of
December 31, 2006, programming assets amounted to EUR 1.056 billion,
following on EUR 1.057 billion the year before.
Personnel In fiscal 2006 the ProSiebenSat.1 Group averaged a total
of 2,976 employees (2005: 2,788, as full-time equivalents). Most of
the 6.7 percent increase came from larger staffing for the Free TV
segment, especially at subsidiaries Producers at Work and
ProSiebenSat.1 Produktion. The larger number of employees also
reflects the expansion of the Diversification unit.
Personnel expenses came to EUR 235.5 million, up EUR 22.9 million,
or 10.8 percent, against the prior-year equivalent.
Free TV segment benefits from high advertising revenues Revenues
and operating results were both up at the ProSiebenSat.1 Group's Free
TV segment. Higher advertising revenues were the main growth driver.
The year's total revenues for the segment climbed to EUR 1.932
billion, a gain of EUR 72.2 million, or 3.9 percent, against the same
period last year. External revenues gained 3.1 percent, to reach EUR
1.866 billion. The operating profit came to EUR 401.3 million, 13.5
percent above the prior year's level. EBITDA grew even faster in
2006, to reach EUR 429.1 million - up 13.2 percent from the year
before. As a consequence, the EBITDA margin rose from 20.4 percent to
Sports events affect audience shares In 2006 Sat.1, ProSieben,
kabel eins and N24 earned a combined audience share of 29.4 percent
(2005: 30.3%). TV ratings in 2006 were dominated by major sports
events - the Winter Olympics in February and the Soccer World Cup in
the summer. Since the broadcast rights for these events were held by
ARD, ZDF and RTL, the ProSiebenSat.1 Group's ratings felt the impact,
Sat.1: Joins the ranks of the most profitable TV stations Revenues
and earnings were both up again at Sat.1 for fiscal 2006. Revenues
rose to EUR 855.5 million, up 3.0 percent from the prior-year figure.
Pre-tax profit was EUR 204.6 million, up 27.1 percent from the
previous year's figure. The rise in EBITDA was comparable, to EUR
205.4 million, a 27.3 percent gain. This vigorous rise in earnings
results not only from positive revenue performance, but especially
also from improved cost management. The increase in the station's
EBITDA yielded a rise in EBITDA margin from 19.4 percent to 24.0
percent. This now makes Sat.1 one of the most profitable TV stations
in the German market.
ProSieben also among the most profitable in 2006 Revenues at
ProSieben for fiscal 2006 were down slightly from the high level of
the year before. Most of the 2.0 percent decrease to EUR 736.8
million resulted from lower advertising revenues. At the beginning of
the year, especially in the first quarter, advertising revenues were
still down as a consequence of the station's weak ratings in fiscal
2005. But as its audience share grew, by the fourth quarter the
station was able to generate substantially higher TV advertising
revenues than in the comparable quarter a year earlier. Another
reason for the decrease in revenues was lower internal programming
sales. This figure was down EUR 9.5 million against the year before,
to EUR 37.6 million. The slight decline in revenues for fiscal 2006
also kept pre-tax profit and EBITDA below the prior-year figures.
Pre-tax profit was EUR 147.9 million (2005: EUR 167.1 million) and
EBITDA was EUR 147.6 million (2005: 165.6 million). Although the
EBITDA margin changed accordingly, it still maintained the prior
year's high quality. At an EBITDA margin of 20.0 percent (2005:
22.0%), ProSieben was also in fiscal 2006 one of Germany's most
profitable TV stations.
TV advertising revenues up substantially at kabel eins Revenue and
profitability continued to rise at kabel eins during 2006. The
station's increasingly strong programming performance, along with its
quality image, yielded a substantial increase in advertising revenues
in fiscal 2006. Revenues were up 14.3 percent from a year earlier,
totaling EUR 255.2 million. Pre-tax profit was up to EUR 69.7
million, a 48.3 percent gain against the year before. Although costs
increased so as to improve programming quality, EBITDA grew more than
proportionately, rising to EUR 69.7 million - an outperformance of
49.6 percent beyond the previous year's figure. The profitable growth
of kabel eins is reflected in the EBITDA margin, which rose from an
already high 20.9 percent to 27.3 percent.
N24 still on successful course N24, Germany's leading news
station, closed 2006 very successfully. The station's revenues
reached EUR 89.4 million, up 7.7 percent above the prior- year
figure. Higher advertising revenues provided the main impetus for
growth. The earnings situation also improved at the same time.
Pre-tax profit grew a vigorous 39.4 percent, to EUR 13.1 million.
EBITDA increased 33.0 percent, to EUR 13.3 million. The EBITDA margin
increased from 12.0 percent to 14.9 percent.
9Live: The leading brand for interactive TV The Transaction TV
segment consists of quiz station 9Live, which generates its revenues
mainly through telephone calls. The station also earns revenues by
producing Call TV programming on contract, and by providing services
in organizing game shows.
The ProSiebenSat.1 Group took over full ownership of 9Live on June
1, 2005, when the station was consolidated into the Group. In 2006,
the station moved to Unterföhring, where the Group is headquartered.
This direct presence makes it possible to take even greater advantage
of the potential to use resources Group-wide more efficiently.
The Transaction TV segment generated total revenues of EUR 95.8
million in fiscal 2006, compared to EUR 54.9 million a year earlier.
Most of the substantial rise in revenues resulted from effects of the
full consolidation of 9Live for the full year. In 2005, the station
was consolidated only for June through December. In fiscal 2006,
9Live's contribution to external Group revenues was EUR 94.1 million,
compared to EUR 54.0 million the year before (June through December).
The consolidation of 9Live for the full fiscal year 2006 is also the
major factor in the development of earnings. The segment's operating
profit grew to EUR 17.9 million in 2006 (June through December 2005:
EUR 8.0 million). EBITDA increased to EUR 26.5 million (June-
December 2005: EUR 14.0 million). The EBITDA margin was 27.7 percent,
compared to 25.5 percent a year earlier.
Other Diversification, a growth field Both revenues and earnings
grew very well in the Other Diversification segment in fiscal 2006.
The segment's total revenues were up 22.7 percent, to EUR 165.7
million. External revenues also registered a significant increase. In
fiscal 2006 the segment contributed EUR 144.0 million to Group
revenues, up 15.7 percent against the prior-year figure. The rapid
increase in revenues had a positive effect on earnings. The operating
profit increased 17.2 percent to EUR 25.2 million. EBITDA was up 15.9
percent against the prior year, to EUR 29.1 million, while the EBITDA
margin, at 17.6 percent, was slightly below the prior year (2005:
Most of the growth in the Other Diversification segment was driven
by the established multimedia services of SevenOne Intermedia. Other
major contributors to the positive revenue development were the
international programming marketer SevenOne International and, in the
second half, the new digital services offered by SevenSenses. These
include the Pay TV stations kabel eins classics and Sat.1 Comedy,
which went on the air in June 2006, as well as the maxdome
video-on-demand portal, which was successfully launched in June 2006.
Alongside organic growth, strong external growth through acquisitions
and equity investments strengthened the segment. During the year the
ProSiebenSat.1 Group increased its stake in wetter.com AG, and
expanded its Internet services with investments in the online portals
MyVideo and lokalisten.de. MyVideo and lokalisten.de are Internet
portals for user-generated content, and are among the most heavily
visited interactive platforms on the German-speaking Internet.
Outlook The German economic research institutes assume that the
upswing in the German economy will continue during the year. They
project that gross domestic product will gain between 1.4 and 2.1
percent in 2007. The economic experts cite rising domestic demand as
one reason for growth. The ProSiebenSat.1 Group assumes that this
expansion will have a positive impact on the TV advertising market,
and currently views 2 to 3 percent as a realistic expectation for net
growth in the German TV advertising market for 2007. Given
advertising clients' habit of booking on short notice, long-term
projections for the TV advertising market are always subject to
reservations. The ProSiebenSat.1 Group projects that it can achieve
above-average growth in TV advertising revenues, and can thus expand
its lead in the German TV market, given that the family of stations
will achieve the planned ratings. In the future, profitable growth at
the ProSiebenSat.1 Group will continue to be supported primarily by
the main line of business, advertising-financed television.
"The ProSiebenSat.1 Group will continue emphatically pursuing its
strategic goals in the current year. We will strengthen our core
business in Free TV with a whole line of new programming. Our
stations have many new programs that will debut in the spring. At the
same time, we will expand our new lines of business," said CEO
Guillaume de Posch. "Our Diversification revenues will grow both
organically and through acquisitions. With our investment in Solute
we have just acquired another innovative Internet company. We are
thus further expanding our position as one of the largest providers
on the Internet."
Against this background, the ProSiebenSat.1 Group assumes that it
will achieve further gains in both revenues and earnings this fiscal
year. In so doing, the Group will systematically further pursue its
programs to enhance efficiency in all areas. During the current
fiscal year, including further acquisitions, the Diversification unit
is expected to contribute up to 15 percent of Group revenues.
You can find the preliminary 2006 financial statements on the
Internet at www.prosiebensat1.com.
A separate press release on the acquisition of Solute GmbH has
also been published today, and will be available on
www.prosiebensat1.com. Katja Pichler Corporate spokesperson
ProSiebenSat.1 Media AG Medienallee 7 D-85774 Unterföhring
Originaltext: ProSiebenSat.1 Media AG
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Phone +49 (89) 95 07-11 80
Fax +49 (89) 95 07-11 84
Press release online: www.ProSiebenSat1.com
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