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ProSiebenSat.1 Group with first upward trend in advertising business as of July after COVID-19 impact on Q2 2020

31/07/2020

ProSiebenSat.1 Group with first upward trend in advertising business as of July after COVID-19 impact on Q2 2020

Outlook: Economic brightening in ProSiebenSat.1 Group's core markets and first positive trend in the advertising business tangible as of July

Focus on core business pays off: Entertainment offerings' Total Video Viewtime grows by 3.4% in H1 2020 compared to the previous-year period

As expected and already announced, considerable COVID-19 impact on Q2 2020, mainly due to declines in the advertising business: Group revenues decrease by 25% to EUR 709 million; adjusted EBITDA declines from EUR 213 million to EUR 23 million; adjusted net income decreases from EUR 85 million to minus EUR 52 million

Positive development in NuCom Group with revenue growth of 5%

Liquidity position remains very good due to strict cash flow management: EUR 1,190 million in cash as of June 30, 2020

Unterfoehring, July 31, 2020. After the global COVID-19 pandemic and the resulting restrictions in public and economic life had as expected considerable impact on ProSiebenSat.1 Group's business performance in the second quarter of 2020, the Group is seeing the first signs of recovery in the advertising business as of July, supported by the economic brightening in the Group's core markets of Germany, Austria and Switzerland. In the second quarter, the Group recorded a revenue decline of 25% to EUR 709 million (previous year: EUR 947 million). Organically (1), revenues decreased by 26%. As announced, this resulted in particular from the significant COVID-19 driven declines in the advertising and content production business, while NuCom Group's revenues continued to grow, underscoring the importance of the Group's diversified set-up. Performance in the second quarter affected the half-year period accordingly: Overall, ProSiebenSat.1 closed the first six months of 2020 with revenues of EUR 1,634 million (previous year: EUR 1,860 million), down 12% year-on-year.

Rainer Beaujean, Chairman of the Executive Board & Chief Financial Officer of ProSiebenSat.1 Media SE: In our core markets of Germany, Austria and Switzerland, the economic environment is beginning to brighten, so we are seeing the first upward trend also in the advertising market as of July. We expect a decline of slightly less than 20% in July advertising revenues compared to the previous year and thus a clearly lower decline than in the past quarter. There are also signs of a further improvement in August with a minus of around 10% currently. At the same time, we continue to focus on our consequent cost and cash management and are looking more optimistically into autumn. Although it will not be possible to make up for the declines resulting from COVID-19 by then, the months from September to December will be decisive for the Group's business performance in the full-year. In the past, ProSiebenSat.1 has generated around 50% of its adjusted EBITDA in this period.

Operating performance in the second quarter of 2020

In the second quarter, external revenues in the SevenOne Entertainment Group segment declined by 34% to EUR 398 million (previous year: EUR 601 million). Organically, external revenues likewise decreased by 34%. As announced, this almost exclusively reflects the decline in advertising revenues, as the Group saw lower advertising bookings in the second quarter due to COVID-19. In the first half of the year, external revenues declined by 19% to EUR 961 million (previous year: EUR 1,180 million) as a result of the COVID-19 pandemic.

In contrast to the advertising market development, SevenOne Entertainment Group's entertainment and infotainment offerings achieved clear success in recent months. In the second quarter, the channels scored particularly highly in the for advertising customers relevant prime time with high reach for local formats such as Promis unter Palmen (SAT.1) and The Masked Singer (ProSieben). The linear and digital viewing time of the offerings has increased accordingly. Since the start of the year, Total Video Viewtime - the total number of minutes viewed on all of the Group's linear channels and digital entertainment platforms - has increased by 3.4% year-on-year.

As announced, the effects of the governmental COVID-19 restrictions also made a clear impact on the Red Arrow Studios segment, with the international content production business being especially affected. In the second quarter, external revenues decreased by 31% year-on-year to EUR 102 million (previous year: EUR 148 million). Organically, thus adjusted for currency effects, revenues declined by 33%. In the first six months of the year, external revenues were down by 17% to EUR 236 million (previous year: EUR 283 million), with the distribution business and the digital studio Studio71 developing stably.

In contrast, NuCom Group continued to grow in a COVID-19 influenced environment. The portfolio saw a 5% increase in external revenues to EUR 209 million (previous year: EUR 198 million) in the second quarter. Organic growth was likewise 5%. Parship Group's matchmaking business and the Beauty & Lifestyle vertical around the online beauty provider Flaconi both saw a significant increase in revenues respectively. In contrast, the impact of the nearly global travel restrictions and lockdowns was clearly noticeable in the business of the portfolio companies billiger-mietwagen.de (Silvertours) and Jochen Schweizer mydays. NuCom Group also grew in the half-year period - external revenues increased by 10% to EUR 437 million (previous year: EUR 397 million).

The other key financial figures also reflect the COVID-19 pandemic's considerable impact on the macroeconomic environment and the Group's business in the second quarter. The Group's adjusted EBITDA decreased by 89% to EUR 23 million (previous year: EUR 213
LINK: https://en.prosiebensat1.com/en/press/prosiebensat-1-group-with-first-...
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