ProSiebenSat.1 Group Exceeds Earnings Expectations for Fiscal 2009
Ad Hoc Disclosure per § 15 Securities Trading Act
Munich, February 10, 2010. According to preliminary figures for fiscal 2009, the ProSiebenSat.1 Group increased its operating profit for the year and exceeded consensus estimates.
The Groups recurring EBITDA (EBITDA adjusted for non-recurring effects) grew 3.3 percent in 2009 to reach EUR 696.5 million (2008: EUR 674.5 million; 2008 adjusted for CMore: EUR 656.8 million). The consolidated profit for the year, after taxes and minority interests, was also above the analysts consensus, growing to EUR 144.5 million (2008: EUR 129.1 million; 2008 adjusted for CMore: EUR 119.1 million). Underlying net income (the adjusted consolidated profit for the period after taxes and minority interests) improved to EUR 184.8 million (2008: EUR 170.4 million; 2008 adjusted for CMore: EUR 149.1 million).
This positive performance resulted from higher advertising revenues in the fourth quarter of 2009, especially in the Groups core market, Germany. External revenues in the German-speaking Free TV segment were up 4.8 percent for the period from October to December 2009, to EUR 547.3 million (Q4 2008: EUR 522.1 million). Consolidated revenues grew slightly to EUR 880.5 million (Q4 2008: EUR 876.8 million; Q4 2008 adjusted for CMore: EUR 864.6 million). The Groups recurring EBITDA improved against the same quarter last year, to EUR 307.2 million (Q4 2008: EUR 279.3 million; Q4 2008 adjusted for CMore: EUR 282.8 million).
Revenues for the year were down, given the years industry-wide decline in advertising revenues, to EUR 2.761 billion (2008: EUR 3.054 billion; 2008 adjusted for CMore: EUR 2.922 billion). Net debt was down EUR 112 million as of years end, to EUR 3.295 billion (December 31, 2008: EUR 3.407 billion).
The Nordic Pay TV division CMore was deconsolidated in November 2008. CMore was reported in the diversification segment until its deconsolidation. The ProSiebenSat.1 Group will release its preliminary unaudited figures for fiscal 2009 on March 4, 2010, as scheduled.