Q2 2011 FINAL IR - prosiebensat1.com€¦ · Company portfolio optimized in the last months •...

| August 4, 2011

2011Thomas Ebeling, CEOAxel Salzmann, CFOMunich, August 4, 2011

| August 4, 2011

Highlights

Q2 2011:• High increase in revenues and earnings• Strong performance in core TV markets • Dynamic growth of new business operations

Strategic review concluded:• Assets in BE/NL sold at attractive valuation of EUR 1.225bn

Amendment and partial extension of term loan facilities completed:• ProSiebenSat.1 will use EUR 1.2bn of disposal proceeds

for the partial prepayment of its term loans• Extension of c. EUR 2.1bn of existing term loans to July 2016

| August 4, 2011

799.6

Key financials Q2 2011 at a glance

Q2 2011: Contributions from Belgian activities included in discontinued operations for Apr.-May. Underlying net income of ProSiebenSat.1 Group (incl. discontinued operations) incl. gain on disposal of Belgian activities (EUR 20.9m).

Revenues

[EURm]

+6.8%238.7

+6.5%692.2

Continuing operations(excl. BE/NL)

+3.1%272.0

+63.4%142.5

+5.0%

ProSiebenSat.1 Groupincl. BE/NL

RecurringEBITDA

Underlyingnet income +59.4%95.3

| August 4, 2011

TV ad marketQ2 2011 vs Q2 2010 [%]

+10.5 +10.7-15.0-3.9

+13.1+15.4+14.8

+4.1

+16.6

-20

0

20

40

D A CH DK FI NO SE HU RO

D: Nielsen Media Research (gross figures). A/CH: gross market data. All other markets: own estimates based on available market data. Revenues: Cash advertising revenues include: spotsales + sponsoring/billboarding + advertising funded programming.

P7S1 revenueperformance

P7S1 ratingsperformance

Good performance in core TV markets

| August 4, 2011

German net TV market: strong recovery in Q2 2011

+ 3 to 4

0 to 1

- 3 to 4

Q1 2011

Q2 2011 H1 2011

German net TV ad market[%]

ProSiebenSat.1 sustained leading market position

Q1 2011

Own estimates.

0

| August 4, 2011

Many of our TV businesses with strong revenue growth in Q2 2011…

Austria 22%

Denmark 16%

Switzerland 41%+

Norway 49%+

++

External revenue growth rates Q2 2011 vs Q2 2010.

| August 4, 2011

19%

… supported by dynamic growth of diversified units

Radio

External revenue growth rates Q2 2011 vs Q2 2010.

Video advertising 46%

Games 21%

Red Arrow 56%

31%Commerce & Ventures

+

++

+

+

| August 4, 2011

Q2 2010 Q2 2011

Strong ratings in Q2 2011

• Ratings improvement in Q2 2011 due

to strong local formats like

“Germany’s next Topmodel” (ProSieben),

“Danni Lowinski” (SAT.1) and

“Der letzte Bulle” (SAT.1)

• Stable performance in H1 with 28.2% (H1 2010: 28.3%)

28.2

29.2

JuneMay April

28.728.929.9

Ratings[%]

Source: AGF/GFK Fernsehforschung / TV Scope / ProSiebenSat.1 TV DeutschlandBase: SAT.1, ProSieben, kabel eins, sixx; All TV households Germany + EU; 03:00-03:00hrs; Adults 14-49; January-July

| August 4, 2011

Company portfolio optimized in the last months

• Female-targeted station sixx launched in May 2010 and expanded

• News production outsourced in June 2010: N24 sold to management

• maxdome fully acquired in January 2011 and integrated

• Shut down of 9Live in August 2011

• Games portfolio enlarged through acquisitions in May/July 2011

• New male channel MAX launched in Norway in November 2010

• Assets in BE/NL sold at very attractive valuation: sale of Belgian TVportfolio closed in June, transaction in the Netherlands closed in July

| August 4, 2011

Financials Q2 2011Axel Salzmann, CFO

| August 4, 2011

Q2 2011: Group key financials at a glance

+3.1%272.0263.8

+67.5%

+63.4%

129.0

142.5

77.0

87.2

+29.4%265.8205.4

+6.3%529.9498.7

+5.0%799.6761.2

ΔQ2 2011Q2 2010

ProSiebenSat.1 Group incl. BE/NL

-17.4%33.340.3

+82.9%

+72.3%

47.2

47.2

25.8

27.4

+37.5%55.440.3

+4.8%74.370.9

-3.4%107.4111.2

ΔQ2 2011Q2 2010

Discontinuedoperations (BE/NL)

+6.8%238.7223.5

+59.8%

+59.4%

81.8

95.3

51.2

59.8

+27.4%210.4165.1

+6.5%455.6427.8

+6.5%692.2650.0

ΔQ2 2011Q2 2010


Revenues

Operating costs

Rec. EBITDA

EBITDA

Net income(after non-controllinginterests)

Underlying netincome

[EURm]

• Revenue and recurring EBITDA growth rates from continuing operations evenhigher than figures for the Group including BE/NL

• Net income incl. discontinued operations also impacted by positivedeconsolidation effects

Q2 2011: Contributions from Belgian assets included in discontinued operations for two months (Apr-May). Net income and underlying net income of ProSiebenSat.1 Group (incl. discontinued operations) incl. gain on disposal of Belgian activities (EUR 20.9m).

| August 4, 2011

0

100

200

300

Q2 2010 Q2 2011

Continuing operations Q2 2011: revenue growth drives increase in recurring EBITDA

+6.8%

0

200

400

600

800

Q2 2010 Q2 2011

Consolidated revenues[EURm]

Recurring EBITDA[EURm]

+6.5%

650.0692.2

223.5 238.7

| August 4, 2011

Continuing operations Q2 2011: significant investments in new growth initiatives led to higher operating costs

Operating costs[EURm]

New growth initiatives• First-time consolidation effects (maxdome and

expansion of Red Arrow - Kinetic, Snowman, Sultan Sushi)

• Organic growth: expansion of new stationsMAX, sixx, FEM3 and PRO4

Existing business• Operating costs of existing core business

slightly up by 2.3% due to higher program investments

+6.5%

422.0 431.9

5.8 23.7427.8

455.6

Q2 2010 Q2 2011

| August 4, 2011

Free TV D/A/CHRevenuesRec. EBITDA

Free TV InternationalRevenuesRec. EBITDA

DiversificationRevenuesRec. EBITDA

Q2 2011: key financials of segments at a glance

+3.7%+3.0%

477.2 176.8

460.3171.6

+7.8%+19.7%

103.6 32.8

96.127.4

+6.8%-3.5%

218.862.7

204.865.0

ΔQ2 2011Q2 2010

ProSiebenSat.1 Groupincl. BE/NL

-3.8% -14.7%

92.2 29.6

95.834.7

-1.3%-3.2%

15.2 6.0

15.46.2

-/--/-

-/--/-

-/--/-

ΔQ2 2011Q2 2010


+3.7%+3.0%

477.2176.8

460.3171.6

+16.1%+9.2%

126.633.1

109.030.3

+9.5% +26.4%

88.426.8

80.721.2

ΔQ2 2011Q2 2010


[EURm]

External revenues.

| August 4, 2011

0

50

100

150

Q2 2010 Q2 2011

Continuing operations Q2 2011: positive revenue development across all segments

Free TV German-speakingRevenues [EURm]

DiversificationFree TV International

0

200

400

600

Q2 2010 Q2 2011• Full consolidation of maxdome

• Dynamic growth of Radio in the Nordic markets and good performance of Online, Mobile & Games and Ventures business

• Increase of German TV ad revenues in Q2 2011

• Continuing strong performance of Austria and Switzerland

• Strong revenue performance of Nordic markets (+22%), esp. Norway and Denmark

• CEE markets remain challenging, however improving trend in Hungary

0

50

100

150

Q2 2010 Q2 2011

+3.7% +9.5%+16.1%

460.3 477.2 109.0126.6

80.7 88.4

| August 4, 2011

H1 2011: Group key financials at a glance

+5.7%414.6392.4

+69.3%

+51.4%

167.3

181.7

98.8

120.0

+23.4%400.6324.6

+3.9%1,072.41,031.9

+4.4%1,483.61,420.6

ΔH1 2011H1 2010


-8.7%45.950.3

+67.3%

+56.3%

51.7

53.3

30.9

34.1

+24.7%62.750.3

+3.9%149.8144.2

+0.6%195.6194.5

ΔH1 2011H1 2010


+7.8%368.7342.1

+70.3%

+49.5%

115.6

128.4

67.9

85.9

+23.2%337.9274.3

+3.9%922.6887.7

+5.0%1,288.01,226.1

ΔH1 2011H1 2010


Revenues

Operating costs

Rec. EBITDA

EBITDA

Net income(after non-controllinginterests)

Underlying netincome

[EURm]

H1 2011: Contributions from Belgian actvities included in discontinued operations for first five months (Jan-May). Net income and underlying net income of ProSiebenSat.1 Group (incl. discontinued operations) incl. gain on disposal of Belgian activities (EUR 20.9m).

| August 4, 2011

0

100

200

300

400

H1 2010 H1 2011

Continuing operations H1 2011: continued revenue and earnings growth

+7.8%

0

200

400

600

800

1000

1200

1400

H1 2010 H1 2011

Consolidated revenues[EURm]

Recurring EBITDA[EURm]

+5.0%

1,226.11,288.0

342.1368.7

| August 4, 2011

Continuing operations H1 2011: stable operating costs in core business

Operating costs[EURm]

• Existing business: Stable operating costs • New growth initiatives: First-time consolidation

effects and expansion of new stations

+3.9%922.6

887.7

874.7 875.3

13.0 47.3

H1 2010 H1 2011

467.0459.9

0

200

400

600

800

Q1 2010 Q1 2011

455.6427.8

0

200

400

600

Q2 2010 Q2 2011

+6.5%

+1.5%

As expected, above average operating cost increase in Q2 2011:

| August 4, 2011

Free TV D/A/CHRevenuesRec. EBITDA

Free TV InternationalRevenuesRec. EBITDA

DiversificationRevenuesRec. EBITDA

H1 2011: key financials of segments at a glance

+1.6%+2.8%

891.7 274.9

878.0267.3

+8.5%+20.7%

192.149.5

177.041.0

+9.4%+7.4%

399.890.5

365.684.3

ΔH1 2011H1 2010


+0.8%-3.7%

165.838.6

164.540.1

-0.7%-6.8%

29.8 10.9

30.011.7

-/--/-

-/--/-

-/--/-

ΔH1 2011H1 2010


+1.6%+2.8%

891.7274.9

878.0267.3

+16.4%+17.4%

234.051.9

201.144.2

+10.4% +31.7%

162.338.6

147.029.3

ΔH1 2011H1 2010


[EURm]

External revenues.

| August 4, 2011

0

50

100

150

200

H1 2010 H1 2011

Continuing operations H1 2011: revenue increase across all segments

Free TV German-speakingRevenues [EURm]

DiversificationFree TV International

0

300

600

900

H1 2010 H1 2011

• Full consolidation of maxdome

• Strong growth of Ventures, Radio, Games and Video Ads

• 9Live with decreasing revenues

• Despite the cautious start into 2011, ad revenues flat in Germany due to good Q2 performance

• Austria and Switzerland showed good advertising growth

• Nordic markets were the primary revenue growth driver (+25%)

0

50

100

150

200

250

H1 2010 H1 2011

+1.6% 10.4%+16.4%878.0 234.0

201.1891.7

147.0162.3

| August 4, 2011

Improvement of net financial debt and leverage

Net debt reduced to EUR 2.842bn, leverage improved to 3.1x (June 30, 2010: 4.1x)

• Net debt down by EUR 179m vs. December 31, 2010, improvement of EUR 433m vs. June 30, 2010

• Good liquidity due to BE disposal proceeds and good operating performance

• New leverage target of 1.5x to 2.5x

Total loans &borrowings

Liquidity

Total debt and net debtIn EURm, IFRS

3,766

2,842

924*RCF/Other**

231

Term Loans3,535

Leverage: Net debt/LTM recurring EBITDA: LTM recurring EBITDA of EUR 909m excl Belgian operations. * Incl NL cash contribution. ** Thereof EUR 230m RCF.

Net debt

| August 4, 2011

1,7951,765

0

500

1000

1500

2000

2011 2012 2013 July2014

July2015

68

2,084

208

0

500

1000

1500

2000

2500

2011 2012 2013 July2014

July2015

July2016

ProSiebenSat.1 has further improved its capital structure

ProSiebenSat.1 has proactively addressed its debt maturity profile by launching an “amend and extend”process on July 18, 2011. Process successfully completed on July 29, 2011:• Maturity extension for EUR 2,084bn to July 2016 into new TLD, margin of 250bps for new TLD• TLB and TLC reduced from c. EUR 1.8bn to EUR 68m and EUR 212m respectively • ProSiebenSat.1 will use EUR 1.2bn of proceeds from the disposals of its BE/NL assets for the partial prepayment.

The early repayment will take place on August 24, 2011.Strong financial performance and BE/NL disposal leads to a significant deleveraging• Adjusted for the Dutch disposal (closing on July 29,1 2011), proforma net debt reduced to EUR 1.8bn and proforma

leverage improved to 2.2x as of June 30, 2011

Maturity profile post A&E/RepaymentMaturity profile pre A&E/Repayment

TLB TLC TLD

TLBTLC

3.56bnTerm Debt*

2.36bnTerm Debt

[EURm] [EURm]

Figures reflect notional amount, not reduced by financial fees.

| August 4, 2011

Continuing operations: positive financial outlook 2011 unchanged and confirmed

• Group revenues expected to grow in the mid single-digit percentage range. Underlying revenue performance of German-speaking Free TV segment will be at least low single digit percent up while Free TV International and Diversification segment will continue their dynamic revenue increase.

• ProSiebenSat.1 expects another record year with strong increase in recurring EBITDA and net income.

• Significant reduction of gross and net financial debt post completion of Be/NL disposal.

• New leverage target of 1.5x to 2.5x. Leverage expected to come in well inside target range.

We will further focus on our four-pillar-growth strategy and consider thisreporting-wise. Update on our Capital Markets Day scheduled on October 5, 2011.

| August 4, 2011

Strategy & current trading updateThomas Ebeling, CEO

| August 4, 2011

Four pillar growth strategy

Exploit international opportunities and focus on big and/or high growth markets

Strenghten positionin core market with competitive investments, new channels and technologies, innovative formats & sales strategies

Drive diversificationby leveraging idle ad-inventory, TV reach and small cash investments to build-up portfolio of new growth opportunities

Continue to build production business internationally through partnerships & worldwide sales excellence

Sound finances, cost efficiency and best practice organization

BroadcastingGerman-speaking

BroadcastingInternational

Digital & Adjacent business

Content, production & global sales

| August 4, 2011

Future growth potential of TV

OTT with HbbTV & Hybrid TV

Print cannibalization

Pricing recoveryHD/3D &

large screens

Regional & individualized

targeting

1.

| August 4, 2011

Unchanged power of TV as lead medium

0

30

60

90

120

150

180

210

240

2002 2004 2006 2008 2010

TV Print Online

Source: TimeBudget / SevenOne Media / forsa. / GfK ENIGMA / mindlineBasis: 4,339 interviewees (14-49 years)Note: Print including Magazines and Newspapers

Average daily usage in GermanyIn minutes, 14-49 years

• TV is the most important leisure activity:206 minutes per day in Germany

• TV has a proven lean back function. Larger screens and HD quality will increase the importance of TV for users.

• TV offers fast reach, is up-to-date and emotionalizing. TV is not only a driver for soft facts but also for the hardest one: The sale of products

• TV increases probability of purchase:Brands with extensive TV presence make it twice as frequently into the consumer‘s relevant set

Source: - GfK-study “Markenmonitor TV” / AC Nielsen / JupiterResearch Consumer Survey- ARD/ZDF Langzeitstudie Massenkommunikation 2005/2010

1.

| August 4, 2011

Ich liebe DeutschlandSAT.1 (up to 15.9%)

Collaboration with John de Mol1.

The Voice of GermanyProSieben and SAT.1, fall 2011

The winner isSAT.1 spring 2012, hosted by Linda de Mol

| August 4, 2011

Strong push in reality programming1.• Reality formats most successful

local genre of past 5 to 10 years: market shares over 20%

• Key TV talents hired: Sascha Naujoks, Julia Leischik, Andrea Göpel

• 5 to 10 new formats already in development funnel

• Establishment of strong reality line-up on SAT.1 by end of 2011. First format: “Schwer verliebt”

| August 4, 2011

Sunday

Two days with great series in primetime1.Thursday

• Navy CIS (up to 17.2% )• The Mentalist (up to 18.1%)• Criminal Minds (up to 13.6%)

• Navy CIS: L.A. and Hawaii Five-0 with new seasons in August

| August 4, 2011

Monday: New US highlight series

ProSieben: Strong new US series and entertainment shows

Thursday/Saturday: The nextentertainment generation

1.

• The Visitors (up to 19.7%) • Terra Nova (upcoming)• Falling Skies (upcoming)

• “Die Alm” reloaded• “The Voice” partnership• 17 Meter

| August 4, 2011

Saturday: Crime series event• Navy CIS (up to 15.2%)

Sunday: Sitcom event• Two and a half men (up to 16.8%)

Good performance of kabel eins

• Biggest Looser (up to 9.9%)• Die strengsten Eltern der Welt (up to 8.6%)• Abenteuer Leben – Täglich Wissen (up to 12.1%)

Friday: Female series• Cold Case (up to 7.9%)• Castle (up to 7.1%)

1.

| August 4, 2011

0

15

30

M ay 10 Jul 11 YE 2011

sixx with strong growth through additional technical reach and increasing viewer acceptance1.

Constantly growing ratingperformance

• Daily ratings of up to 1.7% (F14-49)

• Average market share of 0.3% in Q2 2011

Strong content line-up

• US Blockbuster series: GreysAnatomy, Desperate Housewives, Emergency Room

• Proprietary formats: Pineapple Dance Studios, FASHIONTRIXX

Technical reach in 2011

High rating potential trough

distribution push-initiatives

FY 2011: Target rating

of ~1.0%

Household (m)

12.5

30.0e

25.0

| August 4, 2011

German cable distribution model will move closer to international standards• Build up of HD channels in German cable market• Integration of OTT portals (focus maxdome) within cable-portals• Long-term distribution deal with KDG closed in July 2011,

new deals with cable companies under negotiation

HD+ on satellite successfully launched, new cable deals will reflect value of P7S1's content

Conversion rate as reported by Astra.

1.

Retail success of satellite HD+ introduction• 909,000 HD+ devices sold• 66% conversion rate after trial period• HD+ available on Sky in autumn

| August 4, 2011

Renewed distribution deals are driving our international revenue performance2.

+

+

Growth of carriage revenuesand cable fees in

H1 2011 vs H1 2010*

16%

61%

11%+

Share of carriagerevenuesH1 2011*

53%

20%

23%

Total

* Based on EURO currency

+22%31%

| August 4, 2011

Strong portfolio of 4 complementary stations:Group SoV at all-time high, growth of 8%pt to 30% in two years

New channels successfully launched in past years: MAX commercial SOV at 5% already 8 months after launch

Long-term distribution agreements in dynamic landscape:Including attractive Telenor distribution agreement for MAX

Distribution revenues doubled within the last two years:Now constituting 20% of total revenues

Close to 100% hit-rate in local productions: High quality pipeline and development

Norway – one example for our success in Nordics2.

| August 4, 2011

P7S1 already frontrunner within online video market

• Largest network of professional short- and long-form AdVoD content:Over 50 m video views p. m.

• Largest aggregation portal for professional AdVoD video content:MyVideo with 8.2 m Unique Users

• Market leader within PayVoD market:Over 35,000 titles on maxdome

AGOF March 2011

3.

| August 4, 2011

maxdome No.1 VoD platform & OTT leadership3.

• maxdome No. 1 VoD platform• Over 35,000 content titles• Increasing customer loyalty

| August 4, 2011

2011e: maxdome pre-installed on more than60% of all sold connected devices

maxdome extends its reach for the mass market3.

Launch in 2011 Launch in 2011

Launched in Q1 11 Launched in Q2 11

Launch in 2011

Launched in Q1 10 Launch in 2011

Launch in 2011

| August 4, 2011

Significant improvement of our online video advertising performance in H1 2011

Online video ad revenues

Video views GNTM 15m

Increase vs. H1 2010. * Pre-/ Mid-roll blended, TV.des and portals. GNTM: Germany‘s next Topmodel by Heidi Klum.

3.

Marketable video ad impressions*

67%+

62%+

40%+

| August 4, 2011

MyVideo.tv offers first online leanbackexperience with pre-programmed channels

• More than 1m video views in the first month • Above average viewing time of > 20 min• 10% of users stay > 60 min • 3 videos watched per visit

3.

| August 4, 2011

Browsergames.de(Covus Games 51% P7S1)

Alaplaya(burda:ic 100% P7S1)

SAT.1 Spiele & SevenGames(100% P7S1)

All P7S1 games platforms show significant growth in registrations

Cumulated registrations as of data aggregation since 01/‘06

3.Total online

registrations as of Q2 2011

8m

7m

1.6m

80%+

Growth versus

Q2 2010

41%+

298%+

| August 4, 2011

Continued success with our Pay TV channels

Launch of an additional basic ProSieben pay TV station in 2011

3.

500000

1500000

2500000

2006 2007 2008 2009 2010 2011

> 2.5mSubscribers

| August 4, 2011

M4RS and M4E: Leverage ad inventory through media investments

• Promising deal pipeline • Strategic focus on 4 industries: Health/Beauty, Travel/Leisure/Lifestyle,

Fashion/Design, Digital Services and Consumer/Social platforms• Mix of online/digital and physical goods

3.

Growth potential excl. equity participation

• No conflict/cannibalization with paying customers• New customer/direct customer relationship• No money/working capital available, no financial risk for ProSiebenSat.1• Operational scale/distribution efficiency• Equity value/growth fantasy • TV affine product/market and channel brand fit• Client accepts our booking flexibility

Investment criteria

40 deals on short list, more than currently

20 on air

M4RS and M4E can add > EUR 30m EBITDA in 2011

| August 4, 2011

Starwatch Entertainment leads the charts

Successes in H1 2011• 3 artists in Top 10 at the same time: Roxette (No.1), Lena (No.2),

Max Raabe (No.9)• Joe Cocker with Platinum for "Hard Knocks"

Starwatch Artists with Gold or Platinum in H1 2011• Chris de Burgh with GOLD for „Moonfleet & Other Stories“ (more than

100.000 sold) and PLATINUM for „Footsteps“ (more than 200,000 sold)• GOLD for Roxette and GOLD for Max Raabe• Lenny Kravitz with new album „Black And white America“ to come in August.

Kravitz sold over 35 million albums so far

Source: media control

3.

| August 4, 2011

UK (2011)

USA(2010/2011)

Sweden/Denmark (2010/2011)

Germany/Austria (2004-2010)

Australia (2010)

Co-production Partnership

Countries with Red Arrow presenceSales outside of Red Arrow footprint

Belgium/Netherlands (2010)

Increased competitiveness and new revenue growth through strong content unit

More than 30 formats on air, programs sold into more than 150 countries

4.

| August 4, 2011

Rapid expansion into key TV markets4.

2010Launch & Expansion

within Footprint

$

Time

2011Expansion beyond

footprint to English-speaking

territories

2012 onwardsExpansion to fast growing

Asian continent

| August 4, 2011

DevelopmentMore than 120 formats currently in developmentMulti-year extension of sucessful partnership betweenDick de Rijk and Red Arrow Entertainment Group

Sales 606 hours in catalogue (H1 2010: 216)Benidorm Bastards: 20+ countries (USA, UK )My Man Can: 30+ countries, (CN, UA)You Deserve It: 28 countries, (USA ,ES, IT)

4. Strong development throughout theRed Arrow value chain

Production378 hours of programming (H1 2010: 245)Benidorm Bastards: Produced by Kinetic Content for NBC (USA)You Deserve It: Produced by Kinetic Content for ABC (UK)

| August 4, 2011

Customer Structure

Trends

Trading update for core market Germany

Industry Trends

Overall ProSiebenSat.1 initially closed commitments 4% above PY,supported by strong positive trend of smaller/medium advertisers

• Attractiveness of German market: Customers with global headquarter commit and book strongly. National customers also commit strongly to ProSiebenSat.1

• Some caution from few large European customers, however majority increase TV share in media mix

• Strong commitments of small and mid-size customers

• Trade/shipment, services (driven partly by internet businesses) and motor vehicles very strong

• Food down due to weakness in white/yellow line (raw material prices)• Health & Pharma down due to budget cuts and temporary media shifts• Detergents down due to cuts from few large customers

| August 4, 2011

Three out of Top 5 German industries shift budget into TV

Source: Nielsen Media Research/SevenOne Media, Market Intelligence (16062011), excl. Media and Publishing.

-77

44

-5

45

36

Food

Cosmetics andToiletries

Trade andShipment

Motor Vehicles

Business Services

-0.3

-1.5

+3.4

+1.4

+1.2

-8.6

-0.9

+11.9

+10.7

+14.6

822.2

603.9

418.7

375.2

349.9

Top 5 industrial sectors in Germany by TV ad spendings (gross) [Change H1 2011 vs H1 2010 in EURm]

-68

TV ad spend in EURm

Change vs PY in %

TV-SoA-Shift%-PDairy products (white line)

Top sector (food) with less spendings but stable TV-share

| August 4, 2011

60.0

4.09.0

27.0

TV INT Print Other

E-Commerce companies strongly increase TV spendings

E-Commerce companies realize the power of TV…

… and spend 60% of budgets on TV

Source: Nielsen Media Research

18

85

3

16

0102030405060708090

100

E-Commerce TV market2010 / 2009 H1 11 / H1 10

Growth of gross TV ad spendings in Germany [%] Share of media spendings [%]

| August 4, 2011

Group's revenues for the year are expected to grow by a percentage in the mid-single digits

Low single digit in line with marketof which: FTA Germany (excl. N24)

At least low single digitFTA German-speaking (excl. N24)

Double digit (teens)FTA International (excl. BE/NL)

Mid single digitGroup total (continuing operations)

Double digit (teens)Diversification International (excl. Print)

High single digitGerman-speaking diversification

FY 2011

| August 4, 2011

ProSiebenSat.1 remains on course for growth

Leading TV advertising market position in Germany, dynamic growth in Nordics

ProSiebenSat.1 expects another record yearwith strong increase of recurring EBITDA and net income

Growth opportunities besides classical TV businessstimulate increase in Group revenues

Portfolio review successfully completed with disposal of TV and print assets in BE/NL at attractive valuation

Significant improvement of capital structure by partial prepayment and extension of large part of remaining term loans

| August 4, 2011

Disclaimer

This presentation contains "forward looking statements" regarding ProSiebenSat.1 Media AG ("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 objectives of management and future operations. Such forward looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of ProSiebenSat.1 or ProSiebenSat.1 Group to be materially different from future results, performance or achievements expressed or implied by such forward looking statements. These forward looking statements speak only as of the date of this presentation and are based on numerous assumptions which may or may not prove to be correct.

No representation or warranty, express or implied, is made by ProSiebenSat.1 with respect to the fairness, completeness, correctness, reasonableness or accuracy of any information and opinions contained herein. The information in this presentation is subject to change without notice, it may be incomplete or condensed, and it may not contain all material information concerning ProSiebenSat.1 or ProSiebenSat.1 Group. ProSiebenSat.1 undertakes no obligation to publicly update or revise any forward looking statements or other information stated herein, whether as a result of new information, future events or otherwise.

| August 4, 2011

Q2 2011 FINAL IR - prosiebensat1.com€¦ · Company portfolio optimized in the last months •...

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