ProSiebenSat.1 posts slight organic revenue growth in 2018
Group revenues decline as expected by 2% to EUR 4,009 million, 1% growth adjusted for consolidation and currency effects
Adjusted EBITDA decreases by 4% to EUR 1,013 million, adjusted net income declines by 2% to EUR 541 million
Share of non-advertising business increases to 44%; commerce business with double-digit organic growth
Executive Board and Supervisory Board propose dividend of EUR 1.19 per share
Group drives implementation of strategy and confirms investments in Entertainment business
Positive start into the year with growing TV ratings and video views
KPI for Total Video Viewtime established; introducing a Total Reach metric in first half of 2019 together with AGF
Outlook 2019: Group expects revenue growth in the mid-single-digit percentage range and an adjusted EBITDA margin between 22% to 25%; visibility on TV ad market remains low
Max Conze, CEO of ProSiebenSat.1 Media SE: 2018 was not a year we can be satisfied with as the weakness in TV advertising was not yet sufficiently counter-balanced with digital and commerce growth. Nevertheless, we kicked off the critical transformation to be a digital, diversified entertainment to commerce champion and the start into 2019 is showing encouraging signs of progress: Total video views are growing, latest TV ratings are the best since 2016 with a strong line up of local hero programs. Digital and smart ad business, NuCom Group and Red Arrow Studios are all growing double-digit. The team is coming together and we are executing better. On the other side, the underlying TV advertising market continues to be difficult to read with a decent January and February while March is expected to be weak. Now our full focus is on the successful launch of our streaming platform together with Discovery this summer, on expanding local content, total video views, total and smart reach as well as addressable advertising products. And we will continue to rapidly grow and scale our NuCom commerce champions. Transformation is never easy but I am confident we have the strategy, passionate people and will to lead and win.
Munich, March 7, 2019. As in the previous quarters, ProSiebenSat.1 Group's revenue development was impacted by consolidation and currency effects also in the full-year 2018: As expected, 2018 revenues therefore were slightly below the previous year by 2% at EUR 4,009 million (previous year: EUR 4,078 million). The deconsolidation of the travel portfolio since the third quarter of 2017 and of the video-on-demand portal maxdome in July 2018 had a significant impact. However, adjusted for consolidation effects, ProSiebenSat.1 achieved a slight increase in revenues of 1%. Particularly in the second half of the year, growth in the Content Production & Global Sales and Commerce segments proved dynamic which could also compensate for the weaker development of advertising revenues in the Entertainment segment. In total, the share of non-advertising business increased to 44% in 2018 (previous year: 43%) - despite the deconsolidation of the online travel portfolio. In the full-year, adjusted EBITDA and adjusted net income declined by 4% to EUR 1,013 million (previous year: EUR 1,050 million) and by 2% to EUR 541 million (previous year: EUR 550 million) respectively. The adjusted EBITDA margin amounted to 25.3% (previous year: 25.8%), which was also in line with expectations. As well as varying revenue dynamics of the business areas, this also reflects the Group's efficient cost management.
Dr. Jan Kemper, CFO ProSiebenSat.1 Media SE: We initiated an extensive transformation of the Entertainment business in 2018 and are already seeing initial positive effects on the financial side, though we still have some way to go. Our fourth quarter results clearly show that a more diversified revenue profile will be the key to the Groups future success. I am of course especially pleased that the NuCom Group's products and services are so well received by our consumers. Combined with an ongoing efficiency program at Group level, this enabled us to partially compensate for the industry-wide weakness in the advertising market.
Strategy & Priorities in 2019: Investments into the future
ProSiebenSat.1 is consistently implementing the strategy presented at the 2018 Capital Markets Day and investing an additional EUR 120 million in total in local content, the expansion of digital platforms and an improved monetization of reach in 2019 in order to set up a modern and future-fit Entertainment business. The focus on local productions is already being implemented in the Entertainment business across all genres, which is also supported by a closer cooperation with the Groups own production network Red Arrow Studios. Their program grid share is expected to already reach about 20% this year. The start into the year in the Entertainment segment was positive: Next to an increase of TV audience shares by 1.4 percentage points to 27.5% (February YTD), also video views grew across all channels. At the same time, ProSiebenSat.1 is working intensively on introducing a total reach metric for TV and digital that is then marketable. Additionally, the share of targeted advertising via addressable TV is expected to increase significantly. The market launch of new products such as Cross Device Bridge and Addressable TV Spot will contribute to this. An important milestone will also be the market launch of a joint streaming platform with Discovery Communications that is planned for the summer of 2019. Therefore, both partners will invest together up to EUR 100 million this year. Katja Hofem, currently COO at ProSiebenSat.1 TV Deutschland, will strengthen the management team of 7TV as of March 15, 2019, and will have a special focus on developing and producing new formats as well as on program acquisi
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ProSiebenSat.1 posts slight organic revenue growth in 2018
