ProSiebenSat.1 Media SE · XETR:PSM
ProSiebenSat.1 Media — Q1 2017 Earnings Presentation
74 slides from ProSiebenSat.1 Media's earnings presentation, May 11, 2017
Slide 1: Q1 2017 IR Presentation
May 11, 2017 Q1 2017 IR Presentation
Slide 2: Q1 2017 – At a Glance
May 11, 2017 Q1 2017 – At a Glance Thomas Ebeling Chief Executive Officer
Slide 3: Our recent major operational highlights
1 2 3 4 At a Glance Our recent major operational highlights Partnership with Discovery for aggregated OTT platform1) Acquisition of ATV in Austria and integration into ProSiebenSat.1 PULS 42) Continued dynamic growth of Digital Ventures & Commerce – driven by all Commerce verticals | May 11, 2017 |
Slide 4: Key financials in Q1 2017
1 2 3 4 At a Glance Key financials in Q1 2017 [Q1 2017 vs. Q1 2016; in EUR m] Revenues 910 +13% Adjusted EBITDA 188 +10% Adjusted net income 88 +10% | May 11, 2017 | Continuing operations. 4
Slide 5: Q1 2017: all segments contribute to Group revenue growth
1 2 3 4 At a Glance Q1 2017: all segments contribute to Group revenue growth Ext. segment revenues [in EUR m; growth rates in %] Broadcasting German- Content Production & Global Digital Entertainment Digital Ventures & Commerce speaking Sales +2% +2% +53% +24% 502 229 493 +14% organic growth of digi
Slide 6: Well on track to achieve our 2018 target
1 2 3 4 At a Glance Well on track to achieve our 2018 target Ext. segment and Group revenues Degree of [in EUR m; FY 2012-Q1 2017 (LTM); 2018 target] achievement1) Target 2018: EUR 4,506m 72% 470 3,799 3,907 75% 362 377 3,261 1,172 70% 2,876 262 768 848 2,605 2,356 124 202 465 65% 563 95 611 371 442
Slide 7: We confirm our revenue and earnings outlook for 2017
1 2 3 4 At a Glance We confirm our revenue and earnings outlook for 2017 At least high single-digit Group revenue growth German TV ad market to grow +1.5% to +2.5% ProSiebenSat.1 TV ad revenues to grow broadly in line with market Digital Entertainment and Digital Ventures & Commerce with double-digi
Slide 8: Q1 2017 – Financial Performance
May 11, 2017 Q1 2017 – Financial Performance Ralf Gierig Deputy Chief Financial Officer
Slide 9: Q1 2017: double-digit revenue and adjusted EBITDA increase
1 2 3 4 Financial Performance Q1 2017: double-digit revenue and adjusted EBITDA increase Consolidated revenues Adjusted EBITDA [in EUR m] [in EUR m] +13% +10% 1,000 910 200 188 802 170 750 150 500 100 250 50 0 0 Q1 2016 Q1 2017 Q1 2016 Q1 2017 Q1 2017: Adjusted EBITDA margin of 21% | May 11, 2017 |
Slide 10: Q1 2017: continued strong adjusted net income growth
1 2 3 4 Financial Performance Q1 2017: continued strong adjusted net income growth Financial result Adjusted net income [in EUR m] [in EUR m] -53% +10% 25 100 88 80 75 0 50 -11 -25 -24 25 0 -50 Q1 2016 Q1 2017 Q1 2016 Q1 2017 | May 11, 2017 | 10
Slide 11: Broadcasting German-speaking: continued solid revenue and adjusted EBITDA performance
1 2 3 4 Financial Performance Broadcasting German-speaking: continued solid revenue and adjusted EBITDA performance External revenues and adjusted EBITDA [in EUR m] Q1 Q1 YoY Comments 2017 2016 Flat TV advertising revenues reflecting Ext. revenues 502 493 +2% timing effect of Easter, tougher compara
Slide 12: Digital Entertainment: online video business drives revenue growth
1 2 3 4 Financial Performance Digital Entertainment: online video business drives revenue growth External revenues and adjusted EBITDA [in EUR m] Q1 Q1 YoY Comments 2017 2016 Dynamic revenue growth of AdVoD Ext. revenues 97 95 +2% business in general and multi-channel network Studio71 in particular;
Slide 13: Digital Ventures & Commerce: dynamic revenue and adj. EBITDA growth
1 2 3 4 Financial Performance Digital Ventures & Commerce: dynamic revenue and adj. EBITDA growth External revenues and adjusted EBITDA [in EUR m] Q1 Q1 YoY Comments 2017 2016 Ext. revenues 229 150 +53% Dynamic revenue growth of all Commerce verticals driven by on Online Dating 31 n/a n/a average do
Slide 14: Content Production & Global Sales: solid double-digit revenue growth
1 2 3 4 Financial Performance Content Production & Global Sales: solid double-digit revenue growth and improved profitability External revenues and adjusted EBITDA [in EUR m] Q1 Q1 YoY Comments 2017 2016 Dynamic organic segment revenue Ext. revenues 78 63 +24% growth driven by Global Sales business
Slide 15: Q1 2017: Group P&L – improvement of most key metrics
1 2 3 4 Financial Performance Q1 2017: Group P&L – improvement of most key metrics [in EUR m] Q1 2017 Q1 2016 Δ Revenues 910 802 +13% Adjusted EBITDA 188 170 +10% Reconciling items1) -25 -9 >100% Thereof restructuring expenses related to ATV -16 n/a n/a EBITDA 163 162 +1% Depreciation and amortizati
Slide 16: Financial leverage of 1.8x well within target range
1 2 3 4 Financial Performance Financial leverage of 1.8x well within financial leverage target range Net financial debt Net debt [in EUR m] 2.1x 1.8x 2,500 -65 2,000 1,500 1,000 1,953 1,889 500 0 31/03/2016 Change 31/03/2017 Financial leverage1) | May 11, 2017 | 1) Net financial debt to LTM adjusted
Slide 17: 2016 dividend proposal
1 2 3 4 Financial Performance 2016 dividend proposal 2016 dividend proposal 2013-16 underlying EPS and DPS in Euro 2.50 2.372) Dividend • Dividend per share: EUR 1.90 2.18 yield 1.96 3) 2.00 1.78 1.80 1.90 5.2% • Total dividend pay-out1): EUR 435m 1.47 1.60 1.50 • Pay-out ratio: 84.7% 1.00 • AGM on
Slide 18: We confirm our 2017 financial outlook
1 2 3 4 Financial Performance We confirm our 2017 financial outlook at least high single-digit Group revenue growth increase (%) Adjusted EBITDA above prior year Adjusted net income above prior year Financial leverage 1.5x – 2.5x Dividend pay-out ratio 80 – 90%1) | May 11, 2017 | 1) Based on adjuste
Slide 19: Broadcasting German-speaking & Red Arrow
May 11, 2017 Broadcasting German-speaking & Red Arrow Thomas Ebeling Chief Executive Officer
Slide 20: Our key achievements
1 2 3 4 Broadcasting German-speaking & Red Arrow Our key achievements Maintained the leading position in the German TV market Achieved top ratings with our premium formats (e.g., 18.3%1) with GNTM) Partnered with Scripps Networks to launch thematic branded windows Entered cooperation with Discovery
Slide 21: We are the leader in the German TV market
1 2 3 4 Broadcasting German-speaking & Red Arrow We are the leader in the German TV market Audience share (A 14-49)1) Share of advertising2) [Q1 2017, in %] [Q1 2017, in %] Others 26.8% 24.3% 41.4% Others 46.6% 26.6% 34.3% 1) Basis: all German TV households (German-speaking), A 14-49, Mon-Sun, 3-3 h
Slide 22: We launched thematic windows with Scripps Networks
1 2 3 4 Broadcasting German-speaking & Red Arrow We launched 2 out of 4 thematic windows with Scripps Networks Since Since Planned Planned February March in May in May Channel Multi-year license agreement: branded windows to be launched on 3 TV channels in H1 2017 Rationale Exclusive volume of >1,20
Slide 23: We plan to establish an aggregated OTT platform with Discovery
1 2 3 4 Broadcasting German-speaking & Red Arrow We plan to establish an aggregated OTT platform with Discovery Aggregated OTT platform for the German market Objective to build an aggregated OTT platform including premium content from P7S1 and Discovery & New joint technology development based on 7T
Slide 24: By integrating ATV into the P7S1 Group
1 2 3 4 Broadcasting German-speaking & Red Arrow By integrating ATV into the P7S1 Group … Mid term strategy Develop a complementary program strategy of PULS 4 and ATV channels, making the combined group more attractive to viewers and advertisers Re-align ATV 2 until year-end 2017 Create an Integrati
Slide 25: We extend our leadership in the Austrian TV market
1 2 3 4 Broadcasting German-speaking & Red Arrow … we extend our leadership in the Austrian TV market Audience share (A 12-49)1) Share of advertising2) [Q1 2017; in %] [Q1 2017; in %] 25.7% 42.1% Others 5.8% Others 22.0% 33.7% 20.7%3) 36.1% 3.7% 13.9%3) 26.7% 6.0% 31.4% 1) Basis: all Austrian TV hou
Slide 26: TV stable despite high PayVoD penetration in 14-49 target group
1 2 3 4 Broadcasting German-speaking & Red Arrow TV stable despite high PayVoD penetration in 14-49 target group Broadest user universe (A 14-49)1) Video consumption (A 14-49)2) [in %; usage at least rarely or more often] [in minutes; viewing time rolling last 4 quarters] TV consumption stable despi
Slide 27: Moreover, continued TV panel upgrade
1 2 3 4 Broadcasting German-speaking & Red Arrow Moreover, continued TV panel upgrade … Implemented and planned TV panel adaptions Complete coverage of 2nd, 3rd, … TV sets 2015 More TV usage situations Upgrade of single household measurement 2015 Panel Inclusion of German-speaking non-EU foreigners
Slide 28: Will lead to notable increase of measured TV viewing time
1 2 3 4 Broadcasting German-speaking & Red Arrow … will lead to notable increase of measured TV viewing time … Percentage of linear TV viewing time per device (A 14-49) [Q1 2015, 2016 and 2017; in %] 4% 6% 7% Usage via web browser or mobile app not included in TV measurement so far 96% 94% 93% Web b
Slide 29: We participate due to our digital TV offerings
1 2 3 4 Broadcasting German-speaking & Red Arrow … in which we participate due to our digital TV offerings Linear TV offering Digital extension of 12th season GNTM ProSieben.de ProSieben App +47% reach vs. TV only1) HbbTV Offering includes live viewing, catch-up and bonus material (e.g., interviews,
Slide 30: Red Arrow successfully improved its KPIs
1 2 3 4 Broadcasting German-speaking & Red Arrow Red Arrow successfully improved its KPIs … Number of Number of Number of hours Number of Returning Shows in the international productions1) produced2) returning shows3) shows’ rate4) catalogue5) sales clients5) 340+ 1,300+ 130+ 66% 930+ 340+ vs. vs. v
Slide 31: Red Arrow is an established partner for leading broadcasters worldwide
1 2 3 4 Broadcasting German-speaking & Red Arrow … and is an established partner for leading broadcasters worldwide Diversified customer portfolio to Our program highlights engage minimize volatility audiences worldwide Global production revenues 73% All-time high ratings Strongest series premiere [
Slide 32: Broadcasting German-speaking & Red Arrow: outlook 2017
1 2 3 4 Broadcasting German-speaking & Red Arrow Broadcasting German-speaking & Red Arrow: outlook 2017 1 Continue to strengthen core channels 2 Launch new thematic magazines, windows and potentially channels 3 Develop innovative multi-channel consumer offerings targeting millennials 4 Leverage TV G
Slide 33: Broadcasting German-speaking Ad Market Performance
Titelmasterformat durch Klicken bearbeiten The power of television May 11, 2017 Broadcasting German-speaking Ad Market Performance Thomas Ebeling Chief Executive Officer
Slide 34: Q1 2017 with stable TV ad performance
1 2 3 4 Broadcasting German-speaking – Ad Market Performance Q1 2017 with stable TV ad performance Net TV advertising market in Q1 2017 slightly negative to stable and in line with expectations P7S1 German-speaking TV advertising revenues stable vs. prior year Further increase of TV share in media m
Slide 35: We now expect backloading of 2017 net TV ad market growth into H2
1 2 3 4 Broadcasting German-speaking – Ad Market Performance We now expect backloading of 2017 net TV ad market growth into H2 Estimated 2017 German net TV ad market growth Comments Market growth rate estimate 2017 [in %] Q1 2017 market slightly negative to stable due to very strong prior Ø year gro
Slide 36: Comments on TV ad market and P7S1 revenue outlook
1 2 3 4 Broadcasting German-speaking – Ad Market Performance Comments on TV ad market and P7S1 revenue outlook Q2 2017E FY 2017E • Q2 2017 market now expected to be flat vs. prior • German TV advertising market estimate slightly lowered year reflecting comparable figures and deferred TV to +1.5% to
Slide 37: TV ad market with tough comparable figures in Jan-Apr 2016
1 2 3 4 Broadcasting German-speaking – Ad Market Performance TV ad market with tough comparable figures in period Jan-Apr 2016 (T1) Net TV ad market growth Comments [in %] T1 market growth FY market growth Commitments [January-April] Ø Market in sports years in T1 always stronger as in 2017E non-spo
Slide 38: Private consumption and TV ad market development highly correlated
1 2 3 4 Broadcasting German-speaking – Ad Market Performance Private consumption and TV ad market development highly correlated Private consumption in Germany Comments and German TV ad market Private consumption TV ad market [in EUR bn] [in EUR m] Private consumption important 1.700 4.600 and main d
Slide 39: Macro indicators continue to signal robust economic growth in Germany
1 2 3 4 Broadcasting German-speaking – Ad Market Performance Macro indicators continue to signal robust economic growth in Germany Real GDP1) Real private consumption1) ifo Business Climate Index2) [in EUR bn] [index: basis=2010] [index: basis=2005] 3,000 115 115 110 110 2,800 105 105 2,600 100 100
Slide 40: We expect German TV ad market to grow in line with analyst estimates
1 2 3 4 Broadcasting German-speaking – Ad Market Performance We expect German TV ad market to grow in line with industry analyst estimates German net TV ad market estimates 2017 +2.9% +2.5% +1.0% +1.5% to +2.5% P7S1 internal market estimate Source: Warc International Ad Forecast 2017 (September 2016
Slide 41: TV continues to benefit at the expense of print
1 2 3 4 Broadcasting German-speaking – Ad Market Performance TV continues to benefit at the expense of print Gross ad spendings, Germany 2017 vs. 2016 [in % and %pts] Share of segment Change in media mix Total 100.0% TV 47.8% +0.3%pts Online 10.9% +0.2%pts Radio 6.3% +0.2%pts Newspapers 16.1% -0.4%p
Slide 42: 7 out of 10 biggest industries maintained or increased TV in media mix
1 2 3 4 Broadcasting German-speaking – Ad Market Performance 7 out of 10 biggest industries maintained or increased TV in media mix Gross TV ad spendings of top 10 TV industries, Germany 2017 vs. 2016 [in EURm and %pts] in EUR m in EUR m Share Δ Δ TV in media mix Total 89 3.422 100.0% +2.7% +0.3%pts
Slide 43: We foster the print budget shifts with thematic TV formats
1 2 3 4 Broadcasting German-speaking – Ad Market Performance We foster the print budget shifts with thematic TV formats Print only customers 2016: Thematic formats relevant for print advertisers shift from print to TV in Q1 20171) ∆ TV growth vs. print growth [Gross ad revenues in EUR m] Tata Sons 5
Slide 44: TV is the leading medium to deliver reach and increase brand awareness
1 2 3 4 Broadcasting German-speaking – Ad Market Performance TV is the leading medium to deliver reach and increase brand awareness TV delivers by far the highest reach impact TV increases brand awareness Reach Impact Score: monthly net reach multiplied by viewing duration of users1) Recall: adverti
Slide 45: Strong net CPT development since 2009
1 2 3 4 Broadcasting German-speaking – Ad Market Performance Strong net CPT development since 2009 Net CPT development [index: 2007=100] 140 130 Market 120 110 100 90 80 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017E Basis: All TV-HH (D+EU), TA 1-30; SevenOne Media: SAT.1, ProSieben, kabel
Slide 46: TV strongly positioned against emerging digital weaknesses
1 2 3 4 Broadcasting German-speaking – Ad Market Performance TV strongly positioned against emerging digital weaknesses Brand safety ~10% of digital video advertising in environments with risks to brands1) Ad Fraud Up to 70% of video impressions of programmatic video fraudulent due to robot traffic2
Slide 47: Digital giants get challenged with quality and measurement issues
1 2 3 4 Broadcasting German-speaking – Ad Market Performance Digital giants get challenged with quality and measurement issues “YouTube “However, when the Times flagged six virulently anti-Semitic videos to Brand Safety Google last week, the site failed to remove any within 24 hours.” Challenge”1) D
Slide 48: Continued leadership position in TV ad market
1 2 3 4 Broadcasting German-speaking – Ad Market Performance Continued leadership position in TV ad market ProSiebenSat.1 gross TV ad market share [in %] Q1 2017 Q1 2016 Germany 41.4% 42.4% Austria 36.1% 36.0% Switzerland 27.6% 29.1% | May 11, 2017 | Basis: Q1 2017; source: Nielsen Media Research/Me
Slide 49: P7S1 leading the market in addressable TV advertising
1 2 3 4 Broadcasting German-speaking – Ad Market Performance P7S1 leading the market in addressable TV advertising Addressable TV Example for successful SwitchIn campaigns Toyota Coca Cola Philips 51 campaigns 45 clients Q1 2017 Aldi Kia Dr. Oetker 26 campaigns 17 clients Q1 2016 1:1 communication a
Slide 50: Sales outlook 2017
1 2 3 4 Broadcasting German-speaking – Ad Market Performance Sales outlook 2017 1 German net TV ad market growth of +1.5% to +2.5% 2 P7S1 broadly in line with positive net TV ad market 3 Continued increase of TV share in media mix 4 Further increase of CPTs 5 Scaling of addressable TV as top priorit
Slide 51: Broadcasting German-speaking Distribution
May 11, 2017 Broadcasting German-speaking Distribution Thomas Ebeling Chief Executive Officer
Slide 52: Dynamic growth of Distribution continues
1 2 3 4 Broadcasting German-speaking – Distribution Dynamic growth of Distribution continues Continued double-digit revenue growth of +13% Dynamic increase of HD subscriptions with +0.9m to 7.4m in Q1 2017 Continued strong distribution presence Successful launch of new DVB-T2 as subsequent platform
Slide 53: 7.4m HD subscribers in Q1 2017: well on track to reach 2018 target
1 2 3 4 Broadcasting German-speaking – Distribution 7.4m HD subscribers in Q1 2017: well on track to reach 2018 target HD FTA subscriber development [in m] +14% 9.2 +0.9m vs. 1.8 7.4 Q1 2016 6.5 5.6 4.6 3.3 1.2 Q1 Q1 Q1 Q1 Q1 Q1 CMD 2012 2013 2014 2015 2016 2017 target 2018 HD 3.0% 8.3% 11.6% 14.1%
Slide 54: Successful launch of new DVB-T2 as subsequent platform of DVB-T
1 2 3 4 Broadcasting German-speaking – Distribution Successful launch of new DVB-T2 as subsequent platform of DVB-T ~1.8m >1.7m households DVB-T2 affected from devices sold2) DVB-T abandon- ment1) >160k paying subscribers3) Abandonment of DVB-T service on Successful launch of new DVB-T2 with 160k 29
Slide 55: Digital Entertainment
May 11, 2017 Digital Entertainment Thomas Ebeling Chief Executive Officer
Slide 56: We further strengthened our Digital Entertainment portfolio
1 2 3 4 Digital Entertainment We further strengthened our Digital Entertainment portfolio SevenOne Media is the no. 1 in instream premium market Studio71 improved market position to no. 3 global MCN Commercial roll-out of our content marketplace glomex Maxdome sustains top 3 market position as local
Slide 57: Digital Entertainment continues revenue growth
1 2 3 4 Digital Entertainment Digital Entertainment continues revenue growth External revenues Entity adj. EBITDA +12% organic [in EURm] growth [in EURm] YoY +2% 95 97 0 -2 Q1 2016 Q1 2017 Q1 2016 Q1 2017 | May 11, 2017 | 57
Slide 58: We further strengthened our AdVoD business in Germany
1 2 3 4 Digital Entertainment We further strengthened our AdVoD business in Germany ProSiebenSat.1 AdVoD revenues, Germany1) Successful TV channel apps [in EURm] 14m +22% #1 apps installed2) in instream premium market Multi-channel network +67% +52% video views video views in Germany3) in US3) Q1 20
Slide 59: Successful relaunch of TV channel red button portals
1 2 3 4 Digital Entertainment Successful relaunch of TV channel red button portals Relaunch of red button portals for our TV channels Best-in-class design and user experience Unique contextual content - aligned with current TV program, time and weather +64% +88% Launch of multimedia magazines on eac
Slide 60: Continued positive development of our major assets
1 2 3 4 Digital Entertainment Continued positive development of our major assets Protection of top 3 position as local partner of choice with +29% SVoD continued dynamic subscriber growth subscriber growth1) Improved market position to no. 3 Global MCN while +54% preparing roll-out with our new part
Slide 61: Digital Ventures & Commerce
May 11, 2017 Digital Ventures & Commerce Thomas Ebeling Chief Executive Officer
Slide 62: Digital Ventures & Commerce key highlights in Q1
1 2 3 4 Digital Ventures & Commerce Digital Ventures & Commerce key highlights in Q1 Digital Ventures & Commerce with dynamic 53% YoY revenue growth Strong Q1 performance of our key DV&C assets Integration of Preis24 into Verivox to leverage synergies Our Lifestyle Commerce ecosystem around Wellbein
Slide 63: Digital Ventures & Commerce continues its dynamic growth trajectory
1 2 3 4 Digital Ventures & Commerce Digital Ventures & Commerce continues its dynamic growth trajectory External revenues +15% Entity adj. EBITDA organic [in EUR m] [in EUR m] growth +53% YoY +26% 229 150 47 37 Q1 2016 Q1 2017 Q1 2016 Q1 2017 | May 11, 2017 | 63
Slide 64: We continue our active portfolio management
1 2 3 4 Digital Ventures & Commerce We continue our active portfolio management M&A focus to expand our portfolio Selection We have comprehensive investment criteria only Online Price Online Attractive • Structural growth market Comparison Dating market financials • Attractive revenue and EBITDA Lif
Slide 65: etraveli leads Online Travel to double-digit growth
1 2 3 4 Digital Ventures & Commerce etraveli leads Online Travel to double-digit growth Online Travel external revenues Key highlights [in EUR m] +12% 71 etraveli continued dynamic growth in international 63 markets billiger-mietwagen with strong growth in core business Tropo launched Eurowings Holi
Slide 66: Verivox is key growth driver of Online Price Comparison vertical
1 2 3 4 Digital Ventures & Commerce Verivox is key growth driver of our Online Price Comparison vertical OPC external revenues1) Key highlights [in EUR m] +10% 33 Verivox integrates Preis24 to leverage synergies and 30 strengthen position in Telco New Mario Barth Verivox campaign with highest ad eff
Slide 67: Parship Elite Group continues its growth within targeted range
1 2 3 4 Digital Ventures & Commerce Parship Elite Group continues its growth within targeted range Online Dating ext. revenues Key highlights [in EUR m] +6%2) 31 Customer Lifetime Value at new record level 30 due to successful ElitePartner brand repositioning Profitability of ElitePartner notably im
Slide 68: Flaconi drives revenue growth in Lifestyle Commerce vertical
1 2 3 4 Digital Ventures & Commerce Flaconi drives revenue growth in Lifestyle Commerce vertical Lifestyle Commerce ext. revenues Key highlights [in EUR m] +27%3) 62 Flaconi with strong organic revenue growth 492) 26 Amorelie with successful launch of 10 exclusive brands and start of online cooperat
Slide 69: Our Commerce assets support our TV business to win new customers
1 2 3 4 Digital Ventures & Commerce Our Commerce assets support our TV business to win new customers Integrated J.P. Boden products Created co-branded Sold ad targeting and advertorials on Stylight TV campaign product PEP (Zalando coop)1) | May 11, 2017 | 1) Targeting product PEP (Prominent Engageme
Slide 70: Q1 2017 – Summary & Outlook
May 11, 2017 Q1 2017– Summary & Outlook Thomas Ebeling Chief Executive Officer
Slide 71: Our Executive Board as of August 1, 2017
1 2 3 4 Outlook Our Executive Board as of August 1, 2017 Conrad Albert (49) Christof Wahl (52) Thomas Ebeling (58) Sabine Eckhardt (45) Jan Frouman (45) Dr. Jan Kemper (37) External Affairs & Industry Chief Operating Officer Chief Executive Officer Chief Commercial Officer Content & Broadcasting Chi
Slide 72: We confirm our revenue and earnings outlook for 2017
1 2 3 4 Outlook We confirm our revenue and earnings outlook for 2017 At least high single-digit Group revenue growth German TV ad market to grow +1.5% to +2.5% ProSiebenSat.1 TV ad revenues to grow broadly in line with market Digital Entertainment and Digital Ventures & Commerce with double-digit re
Slide 73: Disclaimer
Disclaimer This presentation contains "forward-looking statements" regarding ProSiebenSat.1 Media SE ("ProSiebenSat.1") or ProSiebenSat.1 Group, including opinions, estimates and projections regarding ProSiebenSat.1's or ProSiebenSat.1 Group's financial position, business strategy, plans and objecti
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