ProSiebenSat.1 continues to grow despite difficult market environment and achieves revenues above EUR 2 billion for the first time in a 1st half of the year
High previous year's level confirmed: Group continues revenue growth even in a difficult market environment with an increase of 1% to EUR 1,055 million, adjusted EBITDA stable year-on-year at EUR 166 million
Diversification successful: Revenue growth driven by Entertainment with 2% increase and Commerce & Ventures with 10% increase (organic1)
Portfolio even more synergistic: Further Group portfolio optimization through disposal of Red Arrow Studios' US production business and thus continued focus of programming on local, relevant, and live content
Consistent programming strategy: With this local focus, the ProSiebenSat.1 channel family is confirming its role as the market leader in Germany and the German-speaking region
Effective cash flow management: Leverage ratio reduced to 2.3x through consistent liquidity management, adjusted operating free cash flow increases by 26% to EUR 109 million
Full-year outlook: Update of full-year guidance following the disposal of US business of Red Arrow Studios and in the context of current advertising market expectations in the German-speaking region
Unterf hring, August 11, 2022. After a good start to the year, ProSiebenSat.1 Group continued to grow in the second quarter of 2022. Group revenues rose by 1% to EUR 1,055 million (previous year: EUR 1,048 million), while adjusted EBITDA remained stable year-on-year at EUR 166 million (previous year: EUR 166 million). In view of a strong previous-year quarter, which had benefited from catch-up effects due to the COVID-19 pandemic in the spring and summer months of 2021, as well as the current challenging economic environment because of the Russia/Ukraine war, this again underscores the Group's successful strategy.
ProSiebenSat.1 Group also confirms its high previous year's level on a half-year basis: From January to June 2022, the Group recorded a revenue growth of 1% to EUR 2,009 million (previous year: EUR 1,986 million). Organically1, thus adjusted for currency effects and excluding the revenue contributions of the portfolio companies sold in 2021 such as Gravitas Ventures, Amorelie, and moebel.de, ProSiebenSat.1 Group's revenues increased by 2% in the first half of 2022.
Rainer Beaujean, Group CEO of ProSiebenSat.1 Media SE: Our revenue development in the second quarter proves once again that, thanks to our diversified set-up, we are more crisis-proof than many other media companies. We were thus able to continue our growth as a Group despite difficult economic conditions. This was not only driven by our Entertainment segment, but also by the Commerce & Ventures business. Thereby, ProSiebenSat.1 also generated for the first-time revenues of more than EUR 2 billion in a first half of the year. At the same time, we are clearly focusing on synergies to create value in the long-term. The disposal of Red Arrow Studios' US production business was the next milestone to position our Group in a more focused way and more profitably in the long-term. We are closely monitoring the economic uncertainties in our environment - we have reviewed our outlook accordingly and updated our forecast to reflect the most recent portfolio measures. Overall, we remain confident for the second half of 2022.
Operating performance
The Entertainment segment's external revenues recorded growth of 2% or EUR 11 million to EUR 748 million in the second quarter of 2022 (previous year: EUR 736 million). Advertising revenues were largely stable (-1% or EUR -7 million) compared to the strong previous-year period and were almost at the pre-crisis level of 2019 - a solid development in view of the Russia/Ukraine war. At the same time, revenues from the content business (program production and sales) grew by 15% adjusted for currency effects and despite the disposal of the US film distributor Gravitas Ventures in November 2021 (EUR -11 million), with the revenue increase mainly resulting from the European business. This regional focus corresponds to the strategically relevant portfolio for the Entertainment segment: Following the disposal of Gravitas Ventures and further optimizing the portfolio with the disposal of the US production companies as of July 1, 2022, the Group has now completed the strategic divestments at Red Arrow Studios and is focusing on synergies in the German-speaking region (Germany, Austria, Switzerland). Accordingly, ProSiebenSat.1 further increased the share of local formats on the Group's stations compared to the previous year and is still the market leader among viewers aged 14 to 49 in the second quarter of 2022 with a share of 25.5% (previous year: 24.9%). On a half-year basis, the segment's external revenues grew by 5% or EUR 64 million to EUR 1,410 million. The main driver was a 4% rise in advertising revenues, as the advertising market grew very strongly before the start of the Russia/Ukraine war.
External revenues in the Dating & Video segment grew at an average annual rate of 10% on a pro forma basis in the second quarter of 2022 compared with 2019, the comparative period before the outbreak of the pandemic, As expected, segment revenues however declined year-on-year as the previous year's period had been characterized by record revenues: Government economic aid stimulated private consumption in spring 2021 as part of the largest stimulus package in the history of the US. This had a very positive effect on the usage and monetization of our video offerings in the US region. In the second quarter of 2022, revenues accordingly amounted to EUR 130 million (previous year: EUR 139 million), a decrease of 6% or EUR 9 million. On a half-year basis, revenues declined by 6% or EUR 18 million year-on-year to EU
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ProSiebenSat.1 continues to grow despite difficult market environment and achieves revenues above EUR 2 billion for the first time in a 1st half of the year 
