ProSiebenSat.1 confirms 2022 outlook
May 12, 2022
ProSiebenSat.1 has reported that results in Q1 2022 in line with the Group’s expectations, noting that its “synergistic business model demonstrates resilience despite the Russia-Ukraine war, ongoing pandemic, and strains on consumer sentiment.”
The German broadcasting group saw revenues grow by 2 per cent to €954 million, with a significant growth in advertising revenue being the main driver – advertising revenues in the first quarter of 2022 grew by €43 million or 10 per cent compared to the previous year’s quarter.
The group’s adjusted EBITDA decreases by 14 per cent to €123 million mainly due to the planned bringing-forward of programming expenses in the Entertainment segment. Adjusted net income increases by a healthy 14 per cent to €42 million; adjusted operating free cash flow grows significantly by 77 per cent to €145 million.
Rainer Beaujean, Group CEO of ProSiebenSat.1, commented: Our good start to the year once again proves that we are on the right track with our strategy. With our clear positioning and focus on reach, monetisation, and value creation, we were able to continue our growth in the first quarter despite the overall economic uncertainties. On this fundament, and based on the current war and sanctions situation as well as its current economic impact, we remain confident to achieve our full-year targets – and confirm our outlook for 2022.”
“In April, our Entertainment advertising revenues in the German-speaking region were slightly above the previous year’s level, or by around 7 per cent in the first four months of the year. At the same time, current developments show how important it is to use reach responsibly. We do this with our programming, not only by entertaining, but also by informing – both always with a clear attitude,” he added.
Ralf Peter Gierig, Group CFO of ProSiebenSat.1 Group, added: “Our focus on profitability and effective cash flow management is again paying off this quarter. We have again reduced our net financial debt as well as lowered our leverage ratio.”