pdf 6 MB - ProSiebenSat.1
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pdf 6 MB - ProSiebenSat.1
Q3 2012 November 8, 2012 | November 8, 2012 Page 1 Q3 At a glance Thomas Ebeling, CEO | November 8, 2012 Page 2 ProSiebenSat.1 has achieved solid financials in Q3 2012 Group continues revenue and earnings growth ✔ Dynamic revenue growth outside core business TV ✔ Improved financial result through significantly lower interest expenses ✔ Underlying net income more than doubled ✔ | November 8, 2012 Page 3 Financial highlights in Q3 2012 [EURm] Revenues 636.9 +7.1% ✔ Recurring EBITDA 167.3 +2.3% ✔ 65.1 +184.3% ✔ Underlying net income | November 8, 2012 Continuing operations. Page 4 Continuing strong growth of business segments Digital & Adjacent and Content Production & Global Sales in Q3 1 Revenue growth vs. Q3 2011 Broadcasting German-speaking 2 Broadcasting International 3 Digital & Adjacent 4 Content Production & Global Sales -EUR 13.0m +EUR 10.9m +EUR 29.1m* +EUR 16.0m -3.2% +8.8% +51.2%* +168.4% | November 8, 2012 Continuing operations. *Revenues excl. 9Live. Page 5 Q3/FY German-speaking TV advertising revenue growth comparison illustrates effect of tough comparables German-speaking TV advertising revenue growth [Q3/FY 2011/12] 8% +6.3% 6% 4% +2.6% >+1.0% 2% Q3 strongest quarter in terms of German-speaking TV advertising revenue growth in 2011 0% -2% -2.9% -4% -6% Q3 2011 FY 2011 | November 8, 2012 Continuing operations. P7S1 estimates. Q3 2012 FY 2012E Page 6 We have already achieved 42 percent of our 2015 revenue growth target >100 Revenue growth [EURm] >250 >750 >150 >250 2010* Thereof already realized* Broadcasting German-speaking Broadcasting International EUR 43m EUR 91m EUR 124m* 17% 61% 50%* Degree of achievement* | November 8, 2012 Continuing operations. *Revenues excl. 9Live. Digital & Adjacent Content Production & Global Sales EUR 56m 56% 2015e EUR 314m 42% Page 7 Broadcasting German-speaking segment with back-loaded growth opportunities to hit CMD targets… Initiatives 2011 2012 2013 2014 2015 1 Print vs. TV fair share/media mix 2 Pricing opportunities 3 Ad intensity recovery 4 Expand target groups MAXX 5 New markets (e.g., lottery, betting) 6 Ban public sponsoring 7 Regional advertising Testing phase 8 Transaction models (e.g., HbbTV) | November 8, 2012 Page 8 …supported by potential advertising share gains Audience shares [in percent] Net advertising shares [in percent] -0.8%pts -0.7%pts 28.5 27.7 41.6 40.9 9M 2011 9M 2012 9M 2011 9M 2012 -2.4%pts 29.8 9M 2011 +0.9pts 27.4 39.3 40.2 9M 2012 9M 2011 9M 2012 | November 8, 2012 Basis: All German TV households (Germany + EU), 14-49 years; Mon-Sun, 3-3h. RTL Group: incl. RTL Nitro with 0.3% from April 2012 onwards; excl. RTL II with 6.3% in 9M 2012 (9M 2011: 5.5%). Source: AGF/GfK Fernsehforschung / TV Scope / ProSiebenSat.1 TV Deutschland Audience Research; Net Advertising Shares: Own estimates based on Nielsen gross values. Page 9 Q3 Financial Performance Review Axel Salzmann, CFO | November 8, 2012 Page 10 Q3 2012: Strong revenue increase and further recurring EBITDA improvement Consolidated revenues [EURm] Recurring EBITDA [EURm] +2.3% +7.1% 700 600 594.5 636.9 200 163.6 167.3 Q3 2011 Q3 2012 150 500 400 100 300 200 50 100 0 0 Q3 2011 Q3 2012 Recurring EBITDA margin: 26.3% (-1.3%pts) | November 8, 2012 Continuing operations. Page 11 Q3 2012: Revenue contribution of Digital & Adjacent segment increased to 13.5% External revenues [EURm] 500 400 300 200 100 0 Broadcasting German-speaking Broadcasting International Digital & Adjacent Content Production & Global Sales -3.2% +8.8% +49.7% +168.4% 404.4 391.4 100 200 150 123.2 134.1 100 50 50 25 0 Q3 2011 75 Q3 2012 85.9 57.4 0 Q3 2011 Q3 2012 Q3 2011 Q3 2012 50 40 30 20 10 0 29.1* 35.5* 25.5 9.5 Q3 2011 Q3 2012 TV advertising revenues: -2.9% | November 8, 2012 Continuing operations. *Total revenues incl. internal revenues. Page 12 9M 2012: Group revenues and recurring EBITDA developed in line with full year targets Consolidated revenues [EURm] 2,000 Recurring EBITDA [EURm] +6.0% 1,882.5 1,995.0 1,600 600 +3.8% 532.3 552.4 9M 2011 9M 2012 450 1,200 300 800 150 400 0 0 9M 2011 9M 2012 Recurring EBITDA margin: 27.7% (-0.6%pts) | November 8, 2012 Continuing operations. Page 13 9M 2012: Flat German-speaking TV advertising revenues and dynamic revenue growth in all other segments External revenues [EURm] 1,600 Broadcasting German-speaking Broadcasting International Digital & Adjacent Content Production & Global Sales -0.5% +7.1% +31.6% +195.7% 1,287.3 1,280.3 1,200 800 400 0 9M 2011 9M 2012 500 400 300 200 100 0 403.2 431.8 9M 2011 9M 2012 TV advertising revenues: +0.1% | November 8, 2012 Continuing operations. *9Live revenues 9M 2011: EUR 16.6m. **Total revenues incl. internal revenues. 250 200 150 100 50 0 228.5 173.6 9M 2011 9M 2012 100 80 60 40 20 0 75.1** 81.8** 54.4 18.4 9M 2011 9M 2012 Revenue growth excl. 9Live*: +45.5% Page 14 Broadcasting German-speaking: Q3 development affected by strong prior-year figures External revenues and recurring EBITDA [EURm] Q3 2012 Q3 2011 y-o-y 9M 2012 9M 2011 y-o-y Comments Ext. revenues 391.4 404.4 -3.2% 1,280.3 1,287.3 -0.5% Flat TV advertising revenues in the first nine months and slightly lower program sales Thereof ad revs. 371.8 382.9 -2.9% 1,220.9 1,220.3 +0.0% Rec. EBITDA 122.3 | November 8, 2012 Continuing operations. 130.9 -6.6% 407.5 402.8 +1.2% Recurring EBITDA improvement in the first nine months due to good cost control Page 15 Broadcasting International: Segment revenues again benefited from strong Nordic operations External revenues and recurring EBITDA [EURm] Q3 2012 Ext. revenues Rec. EBITDA 134.1 24.7 | November 8, 2012 Continuing operations. Q3 2011 123.2 17.3 y-o-y +8.8% +42.8% 9M 2012 431.8 87.4 9M 2011 403.2 78.4 y-o-y Comments +7.1% Continued strong growth of TV advertising and carriage revenues in the Nordic region +11.5% Q3 recurring EBITDA driven by higher profits in the Nordic region as well as minor improvement in CEE countries Page 16 Digital & Adjacent: All key pillars contributed to dynamic segment revenue growth External revenues and recurring EBITDA [EURm] Q3 2012 Ext. revenues Rec. EBITDA 85.9 21.7 Q3 2011 57.4 13.8 y-o-y +49.7%1 +57.2%3 9M 2012 228.5 59.4 | November 8, 2012 Continuing operations. 1) 9Live adjusted revenue growth: 51.5%. 2) 9Live adjusted revenue growth: 45.5%. 3) 9Live adjusted rec. EBITDA growth: 61.9%. 4) 9Live adjusted rec. EBITDA growth: 64.1%. 9M 2011 173.6 43.2 y-o-y Comments +31.6%2 Revenue growth driven by online video advertising, maxdome, online games, music and ventures business +37.5%4 Recurring EBITDA benefited disproportionately despite continuing investments in growth opportunities Page 17 Content Production & Global Sales: Improved geographical footprint turned into strong revenue growth External revenues and recurring EBITDA [EURm] Q3 2012 Q3 2011 y-o-y 9M 2012 9M 2011 y-o-y Ext. revenues 25.5 9.5 +168.4% 54.4 18.4 +195.7% Total revenues 35.5 29.1 +22.0% 81.8 75.1 +8.9% Rec. EBITDA -1.4 | November 8, 2012 Continuing operations. 1.3 -207.7% -1.9 4.6 -141.3% Comments Segment revenues benefited from geographical expansion into key territories UK and US Recurring EBITDA still affected by expansion of content production and distribution business Page 18 Group revenue growth contribution of Digital & Adjacent segment increased to 55% in 9M 2012 External revenue growth [EURm/in percent] 2,000 +196% +46%* +7% 36.0 1,950 71.5* +7% 1,900 -1% -7.0 1,995.0 28.6 1,850 1,865.9* 1,800 9M 2011 Broadcasting German-speaking | November 8, 2012 Continuing operations. *Adjusted for 9Live revenues of EUR 16.6m in 9M 2011. Broadcasting International Digital & Adjacent Content Production & Global Sales 9M 2012 Page 19 Net income showed strong improvement on higher operating profits and lower financial expenses [EURm] Q3 2012 Q3 2011 y-o-y 9M 2012 9M 2011 y-o-y Revenues 636.9 594.5 +7.1% 1,995.0 1,882.5 +6.0% Recurring EBITDA 167.3 163.6 +2.3% 552.4 532.3 +3.8% -12.2 -29.9 +59.2% -53.4 -60.7 +12.0% 0.0 0.0 n/a -27.5 0.0 n/a 155.1 133.7 +16.0% 499.0 471.6 +5.8% -28.0 -32.7 +14.4% -90.3 -108.7 +16.9% Operating result (EBIT) 127.1 101.0 +25.8% 408.7 362.9 +12.6% Financial result -37.0 -82.4 +55.1% -119.2 -177.0 +32.7% -38.6 -49.6 +22.2% -122.6 -154.0 +20.4% Net income* 61.3 11.4 >+100% 196.0 127.0 +54.3% Underlying net income 65.1 22.9 >+100% 241.1 152.1 +58.5% Non-recurring items Thereof provision for cartel fine EBITDA Depreciation and amortization Thereof interest result | November 8, 2012 Continuing operations. *After non-controlling interests. Page 20 Net debt in line with prior year’s level despite acquisitions in the amount of >EUR 40m and increased 2011 dividend Net debt [EURm] Net financial debt 2,075 -9 2,066 09/30/2011 Net debt reduction 09/30/2012 | November 8, 2012 Financial leverage: Net debt/LTM recurring EBITDA: LTM recurring EBITDA of EUR 870.1m (excl. BE/NL). Financial leverage improved to 2.4x on September 30, 2012, down from 2.5x last year Page 21 We confirm our FY 2012 targets FY 2012 targets 9M 2012 +6.0% mid-single digit Recurring EBITDA/recurring EBITDA margin +3.8%/27.7% >EUR 850m/~30% Interest result and finance cost reduction EUR 54.2m >EUR 50m +58.5% further improvement Group revenue growth Underlying net income | November 8, 2012 Continuing operations. Page 22 Q3 Operational Performance Thomas Ebeling, CEO | November 8, 2012 Page 23 1. Broadcasting German-speaking Thomas Ebeling, CEO | November 8, 2012 Page 24 Ratings impacted by challenging sports year 2012 Audience shares [in percent] Q3 2011 Q3 2012 9M 2011 9M 2012 Germany 29.4% 26.8% 28.5% 27.7% Austria 20.3% 20.7% 20.1% 20.7% Switzerland 16.2% 14.4% 16.4% 14.4% | November 8, 2012 Page 25 Basis for GER: All German TV households (Germany + EU), 14-49 years; Mon-Sun, 3-3h. Source: AGF/GfK Fernsehforschung/TV Scope/ProSiebenSat.1 TV Deutschland Audience Research. CH: Swiss channels SAT.1, ProSieben, kabel eins; key demographics 15–49, since 2011 include solely the use of the Swiss signal/program window. A: SAT.1 Österreich, ProSieben Austria, kabel eins austria and PULS 4. Figures for A and CH are based on 24 hours in key demographics (Mon-Sun). German stations expected to perform almost in line with previous sports years Audience shares [in percent] 28.0 28.8 28.5 2008 2009 2010 Sports year Sports year 28.9 2011 27.7-28.0 2012 Estimate; sports year | November 8, 2012 Basis: All German TV households (Germany + EU), 14-49 years; Mon-Sun, 3-3h. Source: AGF/GfK Fernsehforschung/TV Scope/ProSiebenSat.1 TV Deutschland Audience Research. Page 26 German stations ahead of key competitor Audience shares [in percent] -2.4%pts -0.8%pts 29.8 28.5 9M 2011 27.7 9M 2012 27.4 9M 2011 9M 2012 | November 8, 2012 Basis: All German TV households (Germany + EU), 14-49 years; Mon-Sun, 3-3h. RTL Group: incl. RTL Nitro with 0.3% from April 2012 onwards; excl. RTL II with 6.3% in 9M 2012 (9M 2011: 5.5%). Source: AGF/GfK Fernsehforschung / TV Scope / ProSiebenSat.1 TV Deutschland Audience Research. Page 27 Outperforming the competition in commercial universe Audience shares, commercial universe: Excl. ad free public stations and channels below 0.5% audience shares* [in percent] -2.1%pts +-0.0%pts | November 8, 2012 37.0 37.0 9M 2011 9M 2012 38.3 36.2 9M 2011 9M 2012 Page 28 Basis: All German TV households (Germany + EU), 14-49 years; Mon-Sun, 3-3h., excl. ad free public stations (e.g., 3sat, Arte) and excl. ARD/ZDF on weekdays after 8pm and on weekends/bank holidays; excl. channels below 0.5% audience shares. Source: AGF/GfK-Fernsehforschung / TV Scope / SevenOne Media. ProSiebenSat.1 most awarded private TV group at „Deutscher Fernsehpreis 2012“ Best entertainment show The Voice of Germany Best TV series Der letzte Bulle Best comedy Knallerfrauen Entertainment Joko & Klaas Special award for exceptional TV performance* | November 8, 2012 E.g., for the ProSieben entertainment show „Joko gegen Klaas – Das Duell um die Welt“. Page 29 Lighthouse formats with strong ratings in Q3/Q4 2012 31.2% 30.2% Up to share of viewing Joko gegen Klaas – Das Duell um die Welt Up to share of viewing The Voice of Germany II Since Oct 18, 2012 19.6% 21.7% Up to share of viewing Knallerfrauen share of viewing TV total Quizboxen Since Oct 19, 2012 | November 8, 2012 Basis: All German TV households (Germany + EU), 14-49 years; Mon-Sun, 3-3h; except „Joko und Klaas – Das Duell um die Welt“: 14-29 years. AGF/GfK-Fernsehforschung / TV Scope / ProSiebenSat.1 TV Deutschland Audience Research. Page 30 Sustained strong position in all German-speaking ad markets in first nine months P7S1 gross advertising market share [in percent] Q3 2011 Q3 2012 9M 2011 9M 2012 Germany 43.6% 42.5% 41.9% 42.5% Austria 31.9% 33.6% 30.7% 32.5% Switzerland 25.9% 27.1% 25.6% 26.2% | November 8, 2012 Source: Germany: gross (excl. 9Live), Nielsen Media Research. Austria: gross, Media Focus. Switzerland: gross, Media Focus. *Own estimates (as of September 30, 2012). Net share development* Page 31 TV and Online continue to gain advertising share at the expense of print in Germany Gross TV ad spendings [9M 2012 vs. 9M 2011] EURm Media mix, in %pts 184 Total 196 TV 312 Online Radio 44 1.0% 18.2% Magazines -3.9% -30 | November 8, 2012 Source: Nielsen Media Research. 1.6%pts 4.3% -5.8% Outdoor, Cinema 0.7%pts 2.6% Newspapers -225 -114 n.a. -3.0% 0.2%pts -1.5%pts -0.8%pts -0.2%pts Page 32 TV share rises in 9 out of 10 top industries despite budget reduction in food, trade and finance Gross TV investments top 10 TV industries, Germany [9M 2012 vs. 9M 2011] Total Food White line -40 196 -15 Cosmetics & Toiletries 34 Business Services Trade & Shipment 50 -19 39 Motor Vehicles 1 Beverages Telecommunication Finance Pharmacy Detergents 10 -8 8 2 | November 8, 2012 Source: Nielsen Media Research / SevenOne Media, Market Intelligence, excl. Media. EURm Δ in % Δ TV in media mix, in %pts 7,645 2.6% 0.7%pts 1,168 -1.3% 0.4%pts 960 3.6% 1.3%pts 605 8.9% 0.8%pts 592 584 -3.0% 2.2%pts 7.1% -1.1%pts 486 0.2% 1.3%pts 440 2.2% 415 -1.9% 3.3%pts 2.3%pts 322 2.7% 3.3%pts 278 0.7% 0.6%pts Page 33 Positive market growth continues; Q4 might benefit from trend to back-loading German net TV ad market growth [in percent] Q3: estimate + 1% H1 2011: ~+ 1%, H1 2012: ~+2% 2011 2012 2011 2012 Q2 Q1 | November 8, 2012 Source: Own estimates based on ZAW. 2012 2011 Q3 Q4: positive start 2011 2012 Q4 Page 34 Net TV ad market growth probably stronger in 2012 German net TV ad market growth [in percent] 1.0-2.0% 0.7% 2011 2012 | November 8, 2012 Source: Own estimates based on ZAW and Nielsen gross values. Page 35 Positive price development continues in German ad market Gross CPT* growth 9M 2012 [in percent vs. YE 2011] 11.5 7.8 7.5 5.9 2.0 | November 8, 2012 Source: AGF/GfK-Fernsehforschung / DAP TV Scope / SevenOne Media. * CPT = Cost per thousand. Page 36 Market research firms expect continuing German TV advertising growth German net TV ad market estimates 2013 [in percent] +2.2% +1.9% +1.3% | November 8, 2012 Source: ZenithOptimedia Advertising Expenditure Forecasts September 2012, Warc International Ad Forecast June 2012, PwC German entertainment and media outlook 2012-2016 October 2012. Page 37 Outperforming key competitor in Austria Audience shares [in percent] +0.4%pts 20.3 -1.1%pts 20.7 14.0 Q3 2011 Q3 2012 | November 8, 2012 Basis for Austria: 12-49 years; period: Q3 2012. SevenOne Austria excl. sixx Austria since July 3, 2012,; sixx Austria with 1.1% in Q3 2012. Source: AGTT/GfK Fernsehforschung; Evogenius Reporting. Q3 2011 12.9 Q3 2012 Page 38 Fastest growing group in Q3, taking TV ad market leadership Advertising market share, gross [EURm] +9.5% +10.1% 54.7 49.7 -4.1% 54.2 49.5 36.5 Q3 2011 +1.2% Q3 2012 | November 8, 2012 Source: Media Focus 2011/2012, Q3 2012. IP incl. RTL II. Q3 2011 Q3 2012 Q3 2011 35.0 Q3 2012 12.1 12.2 Q3 2011 Q3 2012 Page 39 Number of paying HD Free subscribers almost tripled YTD HD Free paying subscribers in Germany [in million households, monthly average] Cable IPTV Satellite HD technical reach 4.5 3.7 Technical reach will more than double in 2012 2.9 2.0 2.1 1.6 1.3 0.7 Dec 11 0.7 1.3 HD Free paying subscribers to reach ~50% penetration in 2012 ~2.5m subscribers at the end of 2012 1.0 0.5 0.5 0.7 Mar 12 0.1 Jun 12 0.1 Sep 12 | November 8, 2012 Note: All figures are for paying subscribers, final DTAG subscriber figures not reported yet. Source: ProSiebenSat.1. Page 40 Strong growth in number of basic Pay-TV subscribers Basic Pay-TV subscribers in Germany [in million households, monthly average] Cable IPTV Satellite 3.5 3.3 2.8 2.9 1.4 1.5 1.6 1.6 1.4 1.5 ~3.6m subscribers at the end of 2012 Dec 2011 Mar 12 | November 8, 2012 Source: ProSiebenSat.1. 0.3 Jun 12 0.4 Sep 12 Page 41 Key takeaways and sales outlook 1 TV and online gaining at the expense of print 2 Positive pricing development continues 3 Continued low single-digit full-year ad market growth outlook 4 Promising start into Q4 5 In 2012, P7S1 will perform almost in line with the market in Germany, better in Austria and Switzerland | November 8, 2012 Page 42 2. Broadcasting International Thomas Ebeling, CEO | November 8, 2012 Page 43 Continued strong audience share increase across all markets in the first nine months of 2012 Audience shares [in percent] Q3 2011 Q3 2012 Denmark 15.9% 19.4% 16.1% 19.1% Sweden 13.6% 13.1% 13.5% 13.8% Norway 17.0% 19.4% 17.0% 19.0% Finland 6.2% 7.0% 5.0% 6.2% | November 8, 2012 9M 2011 9M 2012 Page 44 Total Universe. Denmark: Key demographic age 15-50; 17-24h; based on 14 advertising-financed TV stations; incl. Voice. Finland: key demographic age 15-44; 17-24h; incl. Voice from Apr 2011 on. Norway: key demographic age 12-44; 17-24h; incl. The Voice and from Jan 2012 on: VOX. Sweden: key demographic age 15-44; 17-24h. Source: AdvantEdge; Finnpanel OY; MMS/AGB Nielsen; TNS-Gallup; 18-24h. Significant ad share gains in all Nordic countries in the first nine months of 2012 Net TV advertising market share [in percent] Q3 2011 Q3 2012 Denmark 14.9% 16.0% 14.8% 16.7% Sweden 14.7% 14.7% 15.1% 15.6% Norway 24.3% 28.7% 24.3% 27.5% Finland 2.6% 5.1% 2.3% 4.4% | November 8, 2012 9M 2011 9M 2012 Page 45 Source: Own estimates and media agency input. Share of advertising in Denmark, Finland, Norway, Sweden refers to net share of advertising. Q3 actual 2012 TV ad market is based on latest estimates. Gross TV advertising market share will be released by Zenith Optimedia after date of publication. P7S1 channels outperformed ad markets in all countries Net TV advertising market, P7S1 market share, net cash advertising revenues [in percent and %pts] Q3 2012 vs. Q3 2011 9M 2012 vs. 9M 2011 Ad market P7S1 market share Denmark -12.6% +1.1%pts -5.6% -5.7% +1.9%pts +6.4% Sweden +4.6% 0.0%pts +11.8% +4.7% +0.5%pts +10.2% Norway +3.1% +3.4%pts +27.4% +5.9% +3.2%pts +24.3% Finland +1.2% +2.5%pts +76.5% +0.6% +2.1%pts +72.7% | November 8, 2012 Ad revenues Ad market P7S1 market share Ad revenues Page 46 Source: Own estimates and media agency input. Share of advertising in Denmark, Finland, Norway, Sweden refers to net share of advertising. Q3 actual 2012 TV ad market is based on latest estimates. Gross TV advertising market share will be released by Zenith Optimedia after date of publication. Distribution revenues in Nordic countries represent a substantial share of total revenues Carriage revenues [in percent] Share of carriage revenues in total revenues in Q3 2012 Growth of carriage revenues in Q3 2012 vs. Q3 2011 Growth of carriage revenues in 9M 2012 vs. 9M 2011 Denmark 59% +11.3% +11.3% Sweden 28% +14.3% +8.3% Norway 24% +9.2% +10.2% | November 8, 2012 FTV Finland does not have carriage revenues. The calculation of total share of carriage revenues based on Nordic group (incl. total revenues of FTV Finland). Page 47 Continued strong performance in Nordic countries Increased share of viewing in all countries ✔ Increased share of advertising in all countries ✔ Long-term earnings secured through carriage model ✔ | November 8, 2012 Page 48 3. Digital & Adjacent Dr. Christian Wegner, Chief Digital & Adjacent Officer | November 8, 2012 Page 49 All key business units show strong growth in 9M 2012 Revenues [9M 2012 vs. 9M 2011] Revenue growth vs. 9M 2011 Online Video +51% Online Games +66% | November 8, 2012 Note: External revenues growth rates vs. 2011; excl. 9Live; Online Video incl. external mandates. Ventures & Commerce +90% Music +46% Page 50 InStream market leadership with 1.3bn video views for 9M 2012 InStream video ad market [Gross, EURm, Germany] +23% InStream video, advertising market share [Gross, Germany] +23% Other 143 19% IP 116 30% 9M 2012 42 51 SevenOne Media 51% Q3 2011 Q3 2012 9M 2011 9M 2012 SevenOne Media: 1.3bn video views* in 9M 2012 | November 8, 2012 Source: Nielsen Media Research YTD Sep 2012. Note: *YTD Sep 2012; incl. UGC, incl. mandates; source: own estimates and Webtrekk. Page 51 Strong second screen and social media presence for "The Voice of Germany" Second Screen App "Connect" • Meeting point to interact with other viewers (~100k app users, ~1m website users) • Live polls enrich experience ("Applausometer") – Ø length of stay 46min | November 8, 2012 The Voice Social Media • “The Voice of Germany” featured on top social media channels (~0.6m FB fans) • Formats trigger TV viewing, interaction and provide background information Page 52 Dynamic growth of Online Games fueled by strong pipeline and media partnerships Dynamic revenue growth Successful launch of DC Universe Online Strong pipeline with blockbusters +66% Future media partnerships 9M 2011 9M 2012 Mobile games platform | November 8, 2012 Page 53 Successful launch of DC Universe Online with >1.2m verified accounts • >1.2m total verified accounts • Daily active users doubled since launch • Daily registrations 5x since P7S1 launch • 80% of users outside Germany | November 8, 2012 Page 54 New blockbuster releases in the next quarters PlanetSide 2 Everquest II Q4 2012 | November 8, 2012 Q1 2013 Page 55 12 international TV and Online partnerships – Lighthouse partnerships signed with TF1 and Doğan • Partnership with TF1 started in August • French games market with 23.3m active gamers and EUR 3.1bn consumer spending Additional intl. partners: | November 8, 2012 Source: Newzoo 2012. • Exclusive partnership signed with • Doğan TV Holding in October Turkish games market with 21.8m active gamers playinalive Page 56 Full launch of mobile aggregation games app in Q1 2013 targeting ~22m mobile games users in Germany Mobile games app Own mobile games aggregation platform Mobile games channel Selected mobile games on P7Games.de | November 8, 2012 Source: Newzoo 2012, PWC 2012-2016. Mobile games talent pool We offer customers AAA games on mobiles and Smart TVs Early stage media funding in small and promising mobile games developer Mobile games ad networks Cross promotion platform and barter deals with other apps Page 57 Dynamic growth of Ventures & Commerce Deal flow Revenue growth YTD vs. PY* • 48 active deals YTD +90% • 40+ deals under negotiation • Target long list: ~270 | November 8, 2012 Note: *External revenues growth rates vs. 2011, excl. 9Live. Page 58 Strong Ventures portfolio will be extended through strategic investments Portfolio as of Q3 2012 Strategic roadmap Start: 2010/11 2012/13 2013 Number of investments 13 Run logistics Source goods Sell services Integrate IT platforms 3 4 4 25-50% >50% Find partners Aggregate content Invest media Optimize marketing mix <10% Digital commerce Media investments | November 8, 2012 Note: Includes direct and indirect equity. Lifestyle commerce Majority media investments 10-25% P7S1 equity stake +24 M4R deals Page 59 New strategic SevenVentures deals: Covus and apomio Covus • P7S1 owns majority stake of 51% • Platform and expert team to build digital market places for SevenVentures • Combination of resources: Build category leader by combination of TV power and entrepreneurial team • Project pipeline in P7S1 target group markets – games, software and entertainment (browsergames.de, freemium.com, gutscheincodes.de) | November 8, 2012 apomio • Option for P7S1 to expand equity position from currently 19.9% to majority stake • Online-based price comparison platform with focus on drugs and pharmacy products • Opportunity to develop a category leader in a large, high growth market and synergy potential with other M4R/M4E deals in health industry Page 60 TV is the nucleus for our D&A developments to grow revenues organically beyond EUR 500m until 2015 – upside through M&A Initiatives to drive further growth P7S1 Vision Our vision is to become Online Video Increase content, convenience and mobile accessibility of MyVideo and maxdome Online Games Enlarge games pipeline and international distribution partnerships a broadcasting, digital entertainment and commerce powerhouse by using Ventures & Commerce Expand media investment in focus areas, with 40+ deals under negotiation Music Broaden artist base and explore opportunities in digital/retail distribution our TV Power and idle ad inventory | November 8, 2012 Page 61 4. Content Production & Global Sales Thomas Ebeling, CEO | November 8, 2012 Page 62 Solid growth in scale across portfolio of activities More than 400 formats currently in development Development Production 230+ pitch-ready titles 600+ hours produced in 2012, covering both scripted and non-scripted content Sales | November 8, 2012 500+ titles in the 2012 catalogue Programs sold into more than 130 countries Page 63 Positive pick-up of “THE TASTE” Food-based competition-elimination series 4 superstar chefs, including Nigella Lawson First-time ever blind tasting Picked up by abc (USA), FOX (India), M6 (France) | November 8, 2012 Page 64 From a start-up to top 10 in under three years Rank Independent production group1 Rank1 Distribution company 1 FremantleMedia 1 BBC Worldwide 2 Endemol 2 FremantleMedia 3 Shine 3 ITV Global Entertainment 4 All3Media 4 Endemol (EWD) 5 Zodiak 5 Red Arrow International 6 Banijay 6 Zodiak Rights 7 Eyeworks 7 Shine 8 All3Media 8 Red Arrow Entertainment Group 9 Talpa 10 Tinopolis | November 8, 2012 Based on est. 2011 revenues. Source: Red Arrow analysis and company information. 1Defined as working independently regardless of ownership by a broadcaster group or studio. Page 65 Based on 2011 gross revenues. Source: Red Arrow analysis and company information. 1Cut-off at EUR 50m gross revenues. Summary and Outlook Thomas Ebeling, CEO | November 8, 2012 Page 66 We confirm our positive full-year outlook 1 Full-year guidance with third consecutive year of EBITDA growth reaching new record level 2 We confirm our Capital Markets Day targets 3 Very dynamic performance in key growth areas HD, Nordics, Digital & Adjacent and Production 4 Transformation into a digitalized broadcasting company progressing | November 8, 2012 Page 67 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, expressed 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. | November 8, 2012 Page 68 | November 8, 2012 Page 69