ProSiebenSat.1 updates full-year outlook 2022 due to development of the macroeconomic environment
Group publishes preliminary figures for the third quarter of 2022, significantly influenced by high inflation and increasing consumer restraint
Growth prospects of NuCom Group, reported in the Commerce & Ventures segment, are also impacted
One-time non-cash impairment of assets, in particular of goodwill, at NuCom Group in the third quarter, which is not impacting the dividend relevant adjusted net income
Group reflects stronger as previously expected weakened macroeconomic environment in ProSiebenSat.1's important fourth quarter in its 2022 full-year outlook
Unterf hring, October 27, 2022. Based on preliminary figures, ProSiebenSat.1 Group generated Group revenues of around EUR 921 million (previous year: EUR 1,055 million), adjusted EBITDA of around EUR 118 million (previous year: EUR 162 million) and adjusted net income of around EUR 43 million (previous year: EUR 58 million) in the third quarter of 2022. In revenues, the preliminary quarterly figures reflect deconsolidation effects totaling EUR 78 million as a result of the disposal of the US production business of Red Arrow Studios as of July 1, 2022, and other disposed portfolio companies. Organically1, i.e. adjusted for portfolio and currency effects, Group revenues decreased by around 9% in the third quarter.
In the first nine months of the year 2022, ProSiebenSat.1 generated Group revenues of around EUR 2,930 million (previous year: EUR 3,041 million) on the basis of preliminary figures. Organically1, the revenue decline amounted to around 2%. Adjusted EBITDA for the months January to September 2022 was around EUR 407 million (previous year: EUR 470 million), adjusted net income was around EUR 153 million (previous year: EUR 158 million).
Besides the deconsolidation effects, the business development in the third quarter of 2022 was particularly influenced by the macroeconomic environment in the region of Germany, Austria and Switzerland, which was characterized by persistently high inflation and increasing consumer restraint. As a result, the Entertainment segments external revenues declined organically1 by around 9% in the third quarter. In particular, the advertising business, which is important for ProSiebenSat.1 Group, deteriorated significantly compared to the previous year, with Entertainment advertising revenues in the region of Germany, Austria and Switzerland decreasing by around 10% to EUR 430 million (previous year: EUR 479 million). The strong previous year's quarter also played a role here: In the third quarter of 2021, Entertainment advertising revenues in the region of Germany, Austria and Switzerland had clearly recovered from the COVID-19 effects and recorded an increase of 21%. Also, the Commerce & Ventures segment, in which amongst others NuCom Group is reported, has been affected by the deterioration in the overall economic environment in the region of Germany, Austria and Switzerland. Here, the segment's external revenues declined organically1 by around 8%.
The now predicted persistently high inflation, the energy price crisis and the resulting reluctance to consume are also impacting the growth prospects of the Commerce & Ventures segment, as a large proportion of these businesses are directly dependent on macroeconomic developments due to their focus on end consumers. Against this backdrop ProSiebenSat.1 takes into account a one-time, non-cash impairment of assets, in particular of goodwill, of the cash-generating unit NuCom Group, reported in the Commerce & Ventures segment, in the amount of around EUR 300 million in the third quarter of 2022. This impairment has no impact on the Groups adjusted net income, which is the key indicator for the Groups dividend policy.
Traditionally, the fourth quarter is the most important quarter of the year for ProSiebenSat.1 in terms of full-year revenues and contribution to earnings (Q4 2021: adjusted EBITDA of EUR 370 million). Currently, the fourth quarter of 2022 however shows signs of a more pronounced weakened macroeconomic environment than initially reflected in the latest full-year outlook. Against this backdrop, ProSiebenSat.1 is updating its financial targets for the financial year 2022. The Group now expects revenues of around EUR 4.15 billion and adjusted EBITDA around EUR 650 million for the full-year. For the Groups adjusted EBITDA, these expectations include negative consolidation effects from the full acquisition of the streaming platform Joyn as well as positive effects from cost measures. At the same time, ProSiebenSat.1 assumes the Group's high-margin advertising revenues in the region of Germany, Austria and Switzerland to be presumably down around EUR 130 million or around 17% year-on-year in the fourth quarter (previous year: EUR 776 million) and around EUR 160 million or around 7% down year-on-year for the full-year (previous year: EUR 2,233 million). This affects the Entertainment as well as the Commerce & Ventures segments. Adjusted net income, adjusted operating free cash flow, P7S1 ROCE and leverage ratio2 will thus be below the most recently communicated targets, following the update of adjusted EBITDA expectations.
Previously, amongst others, ProSiebenSat.1 had expected revenues of around EUR 4.375 billion with a variance of plus/minus EUR 75 million and adjusted EBITDA of EUR 780 million with a variance of plus/minus EUR 25 million. Here, the Group had assumed its full-year advertising revenues in the region of Germany, Austria, Switzerland to develop at the previous year's level when reaching the midpoint of the ranges. However, the achievement of these financial targets was subject to the development of the overall economic environment and the advertising market in the region of Germany, Austria and Switzerla
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ProSiebenSat.1 updates full-year outlook 2022 due to development of the macroeconomic environment 
