ProSiebenSat.1 closes 2021 with revenue growth of 11%; adjusted EBITDA increases by a considerable 19%

03/03/2022

ProSiebenSat.1 closes 2021 with revenue growth of 11%; adjusted EBITDA increases by a considerable 19%

2021 results

New record revenues with growth of 11% to EUR 4,494 million

Full-year advertising revenues again above pre-crisis 2019 level despite ongoing pandemic and weak Q1 2021

Significant increase in adjusted EBITDA of 19% to EUR 840 million and in adjusted net income of 64% to EUR 362 million

P7S1 ROCE clearly increased to 14.1%; leverage ratio reduced to 2.2x

Executive Board and Supervisory Board accordingly propose higher dividend of EUR 0.80 per share; increase of 63% compared to the previous year

2022 outlook

Full-year outlook: ProSiebenSat.1 aims for revenue growth to around EUR 4.6 billion with a variance of plus/minus EUR 100 million (previous-year figure adjusted for currency and portfolio effects: EUR 4.413 billion) and adjusted EBITDA of EUR 840 million with a variance of plus/minus EUR 25 million (previous-year figure adjusted for currency and portfolio effects: EUR 825 million)

In the medium- to long-term, the Group has the ambition to grow revenues organically by on average +4% - 5% per year

Unterf hring, March 3, 2022. ProSiebenSat.1 Group grew dynamically in 2021: Group revenues increased by 11% year-on-year to EUR 4,494 million (previous year: EUR 4,047 million); organically1, Group revenues also grew with a clear plus of 10%. The biggest growth driver was the Entertainment segment, with significantly higher advertising revenues than expected at the beginning of the financial year. At the same time, the broad set-up and cross-divisional cooperation within the Group, which ProSiebenSat.1 is driving forward in all segments, paid off. Part of this strategy was also the acquisition of the US online dating provider The Meet Group in September 2020, which has since strengthened the Dating & Video segment and had a very positive impact on Group revenues.

Rainer Beaujean, Group CEO of ProSiebenSat.1 Media SE: Despite the ongoing COVID-19 pandemic, 2021 was a record year for ProSiebenSat.1. We again demonstrated the success and resilience of our business model, raising our outlook three times during the year and finally achieving all financial targets in full. The main driver was our advertising business, which grew faster and more significantly than initially expected - thus enabling us to clearly strengthen our market leadership. At the same time, our robust positioning in three strong segments paid off again. We therefore not only grew profitably but can also propose to our shareholders a 63% higher dividend than in the previous year.

Operating performance

The Entertainment segment's external revenues increased by 12% to EUR 3,098 million in the financial year 2021 (previous year: EUR 2,768 million). The organic1 growth of the segment's revenues was 13%. This increase reflects the momentum of the advertising business, which has recovered significantly - and better than expected at the beginning of the year - from the impact of the pandemic. In the full-year, the segment's advertising revenues grew 11%, thus 2% above the pre-pandemic level of 2019. In this context, ProSiebenSat.1 remained the number one in the German TV market in the full-year. The Group leads the German TV advertising market with a share of 37.6%; in the TV audience market (14- to 49-year-olds), ProSiebenSat.1 is also market leader with a share of 25.6%. At the same time, revenues from program production and sales performed strongly in 2021, growing 25% year-on-year. In addition, distribution revenues grew by 6%.

In the Dating & Video segment, external revenues amounted to EUR 542 million for the full-year, up 63% on the previous year's figure (previous year: EUR 333 million). This significant increase was driven by the acquisition of The Meet Group in September 2020. The Dating business contributed 51% to the segment's external revenues, with the US matchmaking service eharmony generating strong organic growth. In the Video business, government stimulus programs in the US fueled private consumption in 2021 and had a positive impact on the revenues of this business. Organic1 revenues in the Dating & Video segment were about at the level of the previous year. The high previous-year figure had an impact here: In 2020, ParshipMeet Group had strongly benefited from the restrictions on public life resulting from the pandemic and increased its revenues dynamically accordingly. Adjusted for currency effects and on a pro forma basis, i.e. taking into account The Meet Group's revenues for the full-year 2020, the segment recorded a revenue increase of around 7% in 2021.

External revenues in the Commerce & Ventures segment amounted to EUR 854 million in 2021 (previous year: EUR 945 million) and thus 10% below the previous year's figure, particularly due to deconsolidation. This development mainly reflects the disposal of the OTC provider WindStar Medical in December 2020. In contrast, the segment's organic1 revenues increased by 3%: The online beauty provider Flaconi made a particular contribution to this. Strong growth rates were also recorded by the car rental comparison portal Billiger Mietwagen (Silvertours), although not yet at pre-pandemic levels. At the same time, the investment vehicle SevenGrowth and SevenVentures, with its media-for-equity and media-for-revenue business, increased their revenues. The increasingly tense situation in the energy market however had a negative impact on the Verivox comparison portal. In addition, the experience and leisure business of Jochen Schweizer mydays was affected by a renewed rise in infection rates, especially in the fourth quarter.

ProSiebenSat.1 Group's adjusted EBITDA increased significantly by 19% to EUR 840 million in the full-year (previous year: EUR 706 million), reflecting the strong growth in revenues

LINK:	https://en.prosiebensat1.com/en/press/prosiebensat-1-closes-2021-with-...
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ProSiebenSat.1 closes 2021 with revenue growth of 11%; adjusted EBITDA increases by a considerable 19%

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