ProSiebenSat.1 again raises full-year outlook 2021 after strong third quarter
Revenues grow strongly by 15% to EUR 1,055 million in the third quarter of 2021, with adjusted EBITDA increasing clearly by 9% to EUR 162 million
Strategy on track: revenues above pre-pandemic levels across all segments
Group's advertising revenues in the German-speaking region above pre-corona-level and on record high in a third quarter
ProSiebenSat.1 continues to lead the German TV audience and advertising market in the third quarter
Adjusted net income almost doubles to EUR 58 million; adjusted operating free cash flow increases by EUR 100 million to EUR 134 million
Net financial debt significantly reduced by EUR 377 million; leverage ratio improves clearly from 3.7x to 2.5x at the end of the third quarter
Group prepays EUR 900 million of term loans after successful issuance of EUR 700 million promissory note in October 2021, extends maturity profile of the Group's financing at attractive conditions and reduces gross debt sustainably
ProSiebenSat.1 again raises full-year targets; Group expects to achieve medium-term target for P7S1 ROCE faster than planned
Unterf hring, November 4, 2021. ProSiebenSat.1 Media SE continued its revenue and earnings growth in the third quarter of 2021, benefiting from the strategic diversification of its business. The Group generated a considerable revenue increase of 15% to EUR 1,055 million (previous year: EUR 921 million), with the advertising business in particular growing strongly and improving even better than expected after the effects of the COVID-19 pandemic. At the same time, the strong positioning of the Group is paying off: In the Entertainment segment, the program production business also recorded strong revenue growth again, and the Dating segment supported the Group's revenue increase with The Meet Group, which was consolidated in September 2020. In addition, all areas in the Commerce & Ventures segment continued to show considerable signs of recovery.
With the effects of the COVID-19 pandemic still noticeable in the first quarter of 2021, the strong second and now also third quarter of 2021 had a significant impact on the nine-month period: In the months of January to September 2021, the Group increased its revenues by 19% to EUR 3,041 million (previous year: EUR 2,555 million).
Rainer Beaujean, Chairman of the Executive Board of ProSiebenSat.1 Media SE: We are very pleased with the development of ProSiebenSat.1. We posted record quarterly revenues for the second time in a row and significantly improved our profitability over the course of the year - the result of our successful strategy. Our Entertainment advertising revenues in the German-speaking region were even at the highest level in a third quarter ever. This again underlines the strength and sustainability of our medium. At the same time, our good performance throughout the Group proves that all signs point to growth also in the future. We have therefore raised our full-year targets once again. The P7S1 return on capital employed is an important KPI to measure our success. Its now expected improvement to over 13% reflects our clear and focused strategy and shows that we are well on track to reach our medium-term target of 15% faster than planned.
Operating performance
The Entertainment segment's external revenues increased by 15% to EUR 728 million in the third quarter of 2021 (previous year: EUR 633 million). Organically(1), growth was also significant at 17%. Following a strong increase in the second quarter, the advertising market continued to improve, especially in the region of Germany, Austria and Switzerland, with advertising revenues in the Entertainment segment up 18% year-on-year in the third quarter of 2021. These were thus well above pre-pandemic levels, clearly exceeding the figure from the third quarter of 2019 by 12%. The program production business also continued to develop dynamically: Revenues from program production and sales increased by 20% year-on-year. In the nine-month period, the segment's external revenues grew by 17% to EUR 2,075 million (previous year: EUR 1,772 million) due to the strong development in the second and third quarters. Both in the third quarter and on a nine-month basis, ProSiebenSat.1 continues to be the number 1 in the German TV market. The Group is the market leader in the German TV advertising market with a share of 38.7% (9M: 36.9%), and in the audience market (14- to 49-year-olds) with 24.7% (9M: 25.1%).
In the third quarter of 2021, the Dating segment generated external revenues of EUR 129 million and thus EUR 44 million more than in the previous-year quarter (previous year: EUR 84 million). This increase is driven by the acquisition of The Meet Group, which has been complementing the Dating portfolio synergistically since September 2020. Organically(1), revenues in the Dating segment remained about stable compared to the previous year, having benefited from strong demand for matchmaking offers in spring and summer 2020 on account of the pandemic. Between January and September of this year, segment revenues doubled to EUR 409 million (previous year: EUR 201 million).
External revenues in the Commerce & Ventures were almost at previous year's level amounting to EUR 198 million in the third quarter of 2021 (previous year: EUR 204 million) - despite the disposal and deconsolidation of the OTC provider WindStar Medical in December 2020. Organically(1), and thus in particular excluding the effects of the WindStar Medical disposal, the segment grew significantly by 15% and benefited from positive development in all areas. The online beauty provider Flaconi made the strongest contribution. Significant growth rates were also recorded by the rental car comparison portal Billiger Mietwagen (Silvertours) and the experience
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