ProSiebenSat.1 updates full-year outlook 2022 due to development of the macroeconomic environment
27/10/2022
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
LINK: | https://en.prosiebensat1.com/en/press/prosiebensat-1-updates-full-year... |
See more stories from prosie |
Most recent headlines
04/08/2024
Dalet Appoints Santiago Solanas as CEO to Lead Next Era of Growth and Innovation
Dalet, a leading technology and service provider for media-rich organizations, is excited to announce Santiago Solanas as its new Chief Executive Officer (CEO)....
03/06/2024
Dalet and Veritone Reach Agreement to Distribute, Transact and Monetize Media Archives
Dalet, a leading technology and service provider for media-rich organizations, a...
28/04/2024
Mediahaus delivers the first SRT live-streaming sports production over 5G with URSA Broadcast G2
Mediahaus delivers the first SRT live-streaming sports production over 5G with U...
27/04/2024
Audinate Adds Major New Features to Dante Connect
PORTLAND, Oregon Audinate Group Limited, the developer of the Dante AV-over-IP solution, announced significant new additions to Dante Connect, its cloud-based D...
27/04/2024
Bell Media Launches New Portfolio of FAST Channels
TORONTO Bell Media has launched 10 English and French-language FAST channels featuring entertainment, factual, news, and sports programming. The new free stream...
27/04/2024
Study: Broadcast TV Evening News Avoids Serious Economic Issues
An extensive new analysis of the news segments in the broadcast evening news programs of ABC, CBS, NBC and PBS has found that broadcasters devoted most of their...
27/04/2024
Hughes Opens Manufacturing Facility and Private 5G Incubation Center in Maryland
GERMANTOWN, Md. EchoStar's Hughes Network Systems has opened a new manufacturing facility and private 5G incubation center in Germantown, Maryland....
27/04/2024
Broadcasting Legend Harry Pappas Dead At 78
Harry Pappas, one of three brothers who founded Pappas Telecasting Companies in 1971, died April 24. He was 78 years old....
27/04/2024
Televisa Selects Synamedia For Broadcast Distribution Overhaul
ATLANTA and LONDON Mexican telecommunications and broadcast company Televisa has selected Synamedia for an overhaul of its broadcast distribution....
27/04/2024
Participate in the Survey - The Impact of AI on Media and the Creative Industry
Participate in the Survey - The Impact of AI on Media and the Creative Industry Pascal Wagner April 26, 2024 0 Comments By participating in this surve...
27/04/2024
SDVI Rally Access Workstation Earns Two Top Awards at 2024 NAB Show
SDVI Rally Access Workstation Earns Two Top Awards at 2024 NAB Show Brie Clayton April 26, 2024 0 Comments SDVI, the leading platform provider for clo...
27/04/2024
Berklee's Music and Health Institute Launches Community Health Musician Certificate
Berklee's Music and Health Institute Launches Community Health Musician Cert...
27/04/2024
Charter Reports Higher Q1 Profits Despite Broadband, Video Losses
Charter Communications reported higher first-quarter profits despite continued cord-cutting and competition for broadband customers....
27/04/2024
Environmental Groups Aim To Make Unscripted TV More Sustainable
Two environmentally-focused groups are partnering to engage the unscripted TV world in finding better ways to address climate change. Reality of Change is an ec...
27/04/2024
Sarah Garcia Named Weekend Anchor at Telemundo 40 in Texas
Sarah Garcia has been promoted to weekend anchor at KTLM McAllen, Texas, known as Telemundo 40. Starting April 27, she will anchor Noticias Telemundo 40 weekend...
27/04/2024
CBS Sports Kicks Off FAST Channel for UEFA Champions League on Pluto TV
CBS Sports said it launched a new 24-hour free, ad supported streaming television (FAST) channel devoted to the UEFA Champions League....
27/04/2024
Brian Roberts's Pay Rose To $35 Million at Comcast
Comcast chairman and CEO Brian Roberts received $35.4 million in compensation in 2023, up 11% from the previous year, according to a proxy statement filed by th...
27/04/2024
John Lithgow Goes Back to School in Art Happens Here'
Art Happens Here With John Lithgow, which sees the actor study dance, ceramics, silk-screen printing and vocal jazz with students in Los Angeles, debuts on PBS ...
27/04/2024
FETV Wants Upfront Buyers Seeking Cable Viewers To Join Its Family
Remember Leave It to Beaver? Bewitched? Dragnet? When cable ratings were rising?...
27/04/2024
Catchy Comedy Features Gomer Pyle, USMC' Weekend Marathon
Next up for the weekend binge at Catchy Comedy is Gomer Pyle, U.S.M.C. Every weekend, Catchy Comedy features The Catchy Binge, a marathon of a classic sitcom....
26/04/2024
Sundance Film Festival CDMX 2024 kicks off today at Cinpolis
Sundance Film Festival CDMX 2024 kicks-off today with screenings in 5 theaters in Mexico City and the opening-night film, FRIDA, directed by Carla Guti rrez...
26/04/2024
Interview: Lourdes Portillo, Director of Las madres de la Plaza de Mayo, La Ofrenda
[Editor's Note: This interview is part of a larger feature about the women d...
26/04/2024
Career insights instead of everyday school life
Once again this year, SGL Carbon opened its doors to interested children and young people. On the occasion of the German Girls and Boys Day, which took place on...
26/04/2024
L3Harris Technologies Reports Strong First Quarter 2024 Results, Increases 2024 Profitability Guidance
Orders1 of $5.5 billion; book-to-bill of 1.06x Revenue of $5.2 billion, up 17%,...
26/04/2024
What Makes A Network Resilient?
Five Considerations For Communications Modernization In The 21st Century In the digital-enabled battlespace, the Joint Force needs to shoot, move and communica...
26/04/2024
CBS Sports Launches New Free Streaming Channel
CBS Sports has launched Champions League as a new, 24-hour streaming channel that will serve as the year-round destination for nonstop highlights of the UEFA ...
26/04/2024
Roku Streaming Homes Hit 81.6M
Despite tough competition in the streaming space, Roku reported solid results in Q1 2024, beating revenue expectations, with total net revenue up 19% YoY to $88...
26/04/2024
Sarah Farrell Named General Manager Of Pinewood Toronto Studios
LONDON AND TORONTO Pinewood Toronto Studios has appointed Sarah Farrell as general manager of the Studios in downtown Toronto....
26/04/2024
Quantum to Offer Advanced Filesharing Technology and Performance in StorNext and Myriad Solutions
Quantum to Offer Advanced Filesharing Technology and Performance in StorNext and...
26/04/2024
FilmLight Colour Awards welcomes 2024 entries and introduces new Emerging Talent' award
FilmLight Colour Awards welcomes 2024 entries and introduces new Emerging Talen...
26/04/2024
Picture Shop Announces Chris Evans as Head of Unscripted
Picture Shop Announces Chris Evans as Head of Unscripted Brie Clayton April 26, 2024 0 Comments Picture Shop announced Chris Evans will lead Unscripte...
26/04/2024
Participate in a Survey - The Impact of AI on Media and the Creative Industry
Participate in a Survey - The Impact of AI on Media and the Creative Industry Pascal Wagner April 26, 2024 0 Comments By participating in this survey,...
26/04/2024
Hi Barbie! Mattel Launching First FAST Channels on Samsung TV Plus
Toy maker Mattel said it is working with Samsung to launch its first free ad-supported streaming television (FAST) channels later this year....
26/04/2024
Marty Moe Named President Of Trusted Media Brands
Trusted Media Brands (TMB) said it named Marty Moe as president....
26/04/2024
Ron Howard Directs Jim Henson Documentary for Disney Plus
Ron Howard is the director on Jim Henson Idea Man, a documentary that premieres on Disney Plus May 31. Henson of course created Kermit the Frog, Miss Piggy, Big...
26/04/2024
Kraken Skate Away From RSN Root Sports for Deals With Tegna, Amazon
The ice continues to melt under the regional sports network business as the Seattle Kraken of the National Hockey League have made a long-term deal to broadcast...
26/04/2024
Warner Bros. Discovery Launches Olli First-Party Data Platform
Heading into the upfronts, Warner Bros. Discovery said it launched Olli, a first-party data platform advertiser can use for converged, targeted advertising camp...
26/04/2024
The Equalizer' Gets Season 5 on CBS
CBS has renewed the drama The Equalizer, which will see season five on in 2024-2025. Queen Latifah stars....
26/04/2024
The CW Inks New Deal for Miss USA, Miss Teen USA
The CW has entered into an exclusive multiyear broadcast partnership for the Miss USA Pageant and the Miss Teen USA Pageant. The 73rd Miss USA Pageant will air ...
26/04/2024
Fuse Urging Young Viewers To Vote With Blunt Campaign
Fuse Media isn't mincing words in a campaign urging its young viewers to register and participate in the 2024 elections....
26/04/2024
Neil Gaiman's Sandman' Universe Expands With Dead Boy Detectives'
Dead Boy Detectives, a series from Neil Gaiman about a detective agency staffed by ghosts, debuts on Netflix April 25. George Rexstrew and Jayden Revri are in t...
26/04/2024
The Story Collective opens largest film and TV studio in the heart of London
The Story Collective has gradually repurposed the former Mortlake Brewery to include production offices, workshops and sound stages By Matthew Corrigan Publi...
26/04/2024
Richard Perkett joins Amagi as chief product officer
Perkett joins the company following a 25 year career in product management, product marketing, engineering and user experience (UX) across multiple industries ...
26/04/2024
Teradek Announces Smaller More Robust Built-in Antennas f...
Teradek, the industry leader in wireless video transmitters and receivers, announced today the launch of new Bolt 6 LT 750 and Bolt 6 Monitor Module 750 RX with...
26/04/2024
Amagi Names Richard Perkett Chief Product Officer
NEW YORK Amagi has appointed Richard Perkett chief product officer (CPO)....
26/04/2024
NAB Board Election Results Announced
WASHINGTON, D.C. The National Association of Broadcasters (NAB) has announced the results of the 2024 NAB Radio and Television Board of Directors elections. The...
26/04/2024
Mattel to Launch First FAST Channels on Samsung TV Plus
EL SEGUNDO, Calif. & NEW YORK Mattel has announced a deal to launch its first three 24/7 free ad supported streaming (FAST) channels on Samsung TV Plus, Samsung...
26/04/2024
NextGen TV Launches In Portland, Maine
PORTLAND, Maine Viewers here can now receive the NextGen TV signals of five local stations with the launch of ATSC 3.0 service from host station WPFO, which is ...
26/04/2024
Rogers Inks Agreement to Deploy Comcast's Products and Technologies
TORONTO Rogers Communications has signed a 10-year agreement with Comcast to bring the latest Xfinity products and technology to Canadians....