Yahoo Finance With $4.9 Billion Revenues, Germany’s ProSiebenSat.1 Group Exceeds Projections in Pandemic Year
Despite a 2020 blighted by COVID-19, German broadcasting giant ProSiebenSat.1 Group posted revenues of €4.04 billion ($4.91 billion) and adjusted earnings of €700 million ($850.9 million) for the full year, according to preliminary, unaudited figures.
In the third quarter of 2020, the group had targeted revenues of approximately €3.85 billion ($4.52 billion) for the full year, with an EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of €650 million ($763 million), which they have exceeded.
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The preliminary results attribute the relative spurt in business to the group’s slow but steady growth in its advertising business. The company had previously forecast a decrease in advertising revenues.
Net financial debt at the end of 2020 decreased to €1.97 billion ($2.39 billion) due to good cash flow.
“We are very satisfied with our development in the fourth quarter. We are pleased that we were thus able to bring a conciliatory ending to 2020, which was a difficult year for everyone due to COVID-19. This shows that our program investments have paid off. In a competitive environment, we convinced with highly attractive entertainment and infotainment formats and thus also strengthened our position in the TV advertising market,” said Rainer Beaujean, chairman of the executive board and CFO of ProSiebenSat.1 Media SE.
“Now, we are fully focusing on 2021. As already announced, we expect that the current lockdown measures in our core markets will affect particularly our advertising business in the first quarter compared to the previous year,” Beaujean added.
“However, we expect a significant improvement in the entertainment segment year-on-year especially in the second quarter. As in 2020, as an early cycle company we anticipate a rapid recovery as soon as the restrictions are being eased or lifted. Overall, we are focused on consistently pursuing our strategy in all segments and positioning ProSiebenSat.1 in an even more synergistic and cost-efficient way.”
The group will publish final 2020 figures as well as the financial projections for 2021 on March 4.
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