Disclosure of an inside information according to article 17 MAR: ProSiebenSat.1 Media SE: Trading statement for Q3 2017
TV advertising revenues to develop below previous expectations for Q3 2017
Group financial outlook for FY 2017 confirmed
Munich, August 28, 2017. Due to latest indications regarding the month of September for the Groups TV advertising business, ProSiebenSat.1 Media SE is now expecting Q3 2017 revenues of its Broadcasting German-speaking segment to decline by a mid-single digit percentage compared to the prior year (Q3 2016: EUR 472 million). This was concluded today by the Company's Executive Board as a result of an analysis of current business developments. As a consequence, previous expectations regarding an improved TV advertising revenue performance in the Broadcasting German-speaking segment of ProSiebenSat.1 Group in Q3 2017 are unlikely to be met.
However, owing to a continued positive development of the TV distribution, content production and digital activities, Group revenues are still expected to increase by a mid-single digit percentage in Q3 2017 compared to the prior year (Q3 2016: EUR 857 million). In terms of Q3 2017 adjusted EBITDA, the Group is targeting an amount comparable to the corresponding prior year period (Q3 2016: EUR 202 million). This estimate already takes into account deconsolidation effects as a result of the disposal of the international online flight agency Etraveli.
While the Company continues to anticipate a back-end loaded TV advertising spending pattern for 2017 with a notable improvement in the fourth quarter, the Group revises its full-year TV advertising market outlook for Germany. Subject to TV advertising dynamics in the fourth quarter, ProSiebenSat.1 now expects the German TV advertising market in 2017 to reach about prior year's level, which compares to a previous estimate at the lower end of a +1.5 to +2.5 percent growth range.
Overall, ProSiebenSat.1 remains convinced that it can achieve continued strong growth of the businesses outside traditional TV advertising and further leverage flexibility in its cost base. Against this backdrop, but subject to improved advertising trends in the fourth quarter, the Group holds to its financial targets for the full year 2017, which comprise a targeted increase of consolidated revenues (FY 2016: EUR 3,799 million) by at least a high-single digit percentage, while both adjusted EBITDA (FY 2016: EUR 1,018 million) and adjusted net income (FY 2016: EUR 536 million) for the Group continue to be targeted to exceed prior year's level. ProSiebenSat.1 also confirms its communicated dividend policy and financial leverage target range.
Note on reporting
With the adjusted net income and the adjusted EBITDA, ProSiebenSat.1 Group also uses non-IFRS figures. Since the beginning of financial year 2017, ProSiebenSat.1 publishes a full income statement adjusted for certain influencing factors. These changes take into account the development of reporting practices for non-IFRS figures and more stringent regulatory transparency requirements in this area. Information regarding the composition of the adjusted net income and the adjusted EBITDA can be found on page 73/74 in the Annual Report 2016 which is available on our Group website www.ProSiebenSat1.com.
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Disclosure of an inside information according to article 17 MAR: ProSiebenSat.1 Media SE: Trading statement for Q3 2017
