Financial Year 2011 Annual Press Conference March 1, 2012

Transcription

1 Financial Year 2011 Annual Press Conference March 1, 2012 March 1, 2012 Page 1

2 2011 Key Achievements Thomas Ebeling, CEO March 1, 2012 Page 2

3 Strong operational progress in 2011 Record year for ProSiebenSat.1 Successful four pillar growth strategy implemented Portfolio optimized Financial leverage significantly reduced March 1, 2012 Page 3

4 ProSiebenSat.1 has achieved operational milestones in 2011 BeNe disposal Highlights CEE Areas for improvement De-risking (Amend & Extend completed) New channels: sixx, MAX SAT.1 day and access time Production business in Germany New ad business initiatives M4RS/ES Red Arrow expansion (US, UK) Games partnerships (EA, Sony) March 1, 2012 Page 4

5 2011 marked another record year [EURm] Revenues 2, % Recurring EBITDA % Underlying net income (cont. op.) % Underlying net income % March 1, 2012 Page 5 Figures preliminary and unaudited. Continuing operations. Underlying net income after non-controlling interests. Total underlying net income includes discontinued operations.

6 Revenue increase based on our four pillar growth strategy 1 Broadcasting 2 Broadcasting 3 Digital & Adjacent 4 German-speaking International Content Production & Global Sales % +12.4% +28.7%* % March 1, 2012 Page 6 External revenue growth rate vs 2010 based on continuing operations. Figures preliminary and unaudited. *Digital & Adjacent revenue growth rates excl. 9Live.

7 EUR 750m revenue growth target for percent already achieved Revenue growth [EURm] >100 >250 >150 >750 >250 Thereof already realized in 2011 Degree of achievement in 2011 Broadcasting German-speaking 50 20% Broadcasting International 62 41% Digital/ Adjacent March 1, 2012 Page 7 External revenue growth rate vs 2010 based on continuing operations. * revenues excl. 9Live. External revenues. 53* 21%* Content Production 2010* 2015e 20 20% %

8 2011 Financial Performance Review Axel Salzmann, CFO March 1, 2012 Page 8

9 ProSiebenSat.1 has delivered strong financials in 2011 / Targets achieved Company guidance for 2011 Group revenues expected to grow in the mid single-digit percentage range in FY 2011 ProSiebenSat.1 expects another record EBITDA in FY 2011 Significant reduction of gross and net financial debt post completion of BE/NL disposal +6.0% +6% EUR 850m +6% (+7.4%) EUR 1.82bn (net debt, -39.8%) Leverage expected to come in well inside target range of 1.5x to 2.5x at YE x +6% March 1, 2012 Page 9 Figures preliminary and unaudited. Growth rates based on continuing operations.

10 Strong revenue growth and sustained high profitability Consolidated revenues [EURm] 3,000 2,500 2,000 2, ,756.2 Recurring EBITDA [EURm] +6.0% +7.4% , ,500 1, Recurring EBITDA margin: 30.8% (+0.4%pts) March 1, 2012 Page 10 Figures preliminary and unaudited. Continuing operations.

11 Almost stable operating costs in existing business and prudent investments in new growth initiatives Operating costs [EURm] 2,000 1,500 1, % 1, New growth initiatives First-time consolidation and organic growth effects (maxdome, expansion of Red Arrow, online games and new stations sixx, MAX and PRO4) 1, , , Existing business Operating costs of existing core business increased slightly by 1.3% due to higher program costs March 1, 2012 Page 11 Figures preliminary and unaudited. Continuing operations.

12 Revenue increase across all segments (existing reporting structure) External revenues [EURm] Free TV German-speaking Free TV International Diversification +3.7% +12.6% 1, , , ,500 1, % Revenue growth excl. 9Live* +23.5% March 1, 2012 Page 12 Figures preliminary and unaudited. Continuing operations. *9Live revenues, 2010: EUR 46.9m, 2011: EUR 16.7m.

13 New reporting structure underlines considerable growth of our new pillars External revenues [EURm] Broadcasting German-speaking Broadcasting International Diversification Content Production Digital & Adjacent & Global Sales +2.7% +12.4% +9.8% % 2,000 1,500 1, , , ** ** Revenue growth excl. 9Live* +28.7% March 1, 2012 Page 13 Figures preliminary and unaudited. Pro forma continuing operations. *9Live revenues, 2010: EUR 46.9m, 2011: EUR 16.7m. **Total revenues incl. internal revenues.

14 Group key financials at a glance [EURm] Δ Revenues 2, , % Recurring EBITDA % Non-recurring items % EBITDA % Operating result (EBIT) % Financial result % of which debt amend & extend /../. Net income from continuing operations* % Underlying net income from continuing operations % Underlying net income discontinued operations >+100% of which BE/NL disposal gain /../. Underlying net income for the period % March 1, 2012 Page 14 Figures preliminary and unaudited. Continuing operations. *Net income from continuing operations after non-controlling interests.

15 Portfolio optimization and restructuring measures have caused non-recurring expenses Non-recurring items in FY/Q [EURm] FY 2011 of which Q Portfolio optimization 44 1 Discontinuation of 9Live 25 -/- Disposals (BE/NL TV and print, Greek and Bulgarian radio) 19 1 Reorganization Restructuring CEE Other reorganization 2 2 Other (e.g. satellite analog switch-off, severance payments, legal expenses) Total March 1, 2012 Page 15 Figures preliminary and unaudited. Continuing operations.

16 Dividend proposal 2011 for the AGM by the Executive Board [EURm] In EURm Net income from continuing operations* PPA (after tax) and other Underlying net income Dividend proposal Per preference share EUR 1.17 Per common share EUR 1.15 Total dividend payout** EUR 244.9m EPS underlying (preference share) Payout ratio*** 79.2% AGM on May 15, 2012 / Dividend payment on May 16, 2012 March 1, 2012 Page 16 Figures preliminary and unaudited. Continuing operations. PPA = Purchase price allocation amortization. *Net income (after non-controlling interests). **Dividend payout calculated on the basis of common and preference shares excluding 7.64m treasury shares. ***Versus underlying net income.

17 Significant reduction of net debt and financial leverage, target range achieved [EURm] 12/31/2010 Leverage: 3.3x 12/31/2011 Leverage: 2.1x RCF/ Other* 3, ,021 Term Loans 3,531 Term Loans 2, ,818 Total loans & borrowings Cash Net debt Total loans & borrowings Cash Net debt Debt and cash position at YE 2011 EUR 1.2bn term loan repayment (Aug 24, 2011) / EUR 230m RCF repayment EUR 241.2m dividend payment / EUR 32.6m share buyback March 1, 2012 Page 17 Figures preliminary and unaudited. Leverage: Net debt/ltm recurring EBITDA: LTM recurring EBITDA of EUR 850m in 2011 (excl. BE/NL). Note: Cash includes cash and cash equivalents. *Thereof EUR 230m RCF.

18 Equity ratio significantly improved Total equity and liabilities [EURm] 6,316 Liabilities 5,290 5,034 Liabilities 3,593 Equity ratio 16.2% Equity 1,026 12/31/ %pts Equity 1,441 12/31/2011 Equity ratio 28.6% March 1, 2012 Page 18 Figures preliminary and unaudited.

19 Financial targets for fiscal year 2012 Group revenue growth (in percent) Recurring EBITDA/recurring EBITDA margin Interest result and finance cost reduction Underlying net income mid-single digit +6% > EUR 850m/~30% > EUR 50m further improvement March 1, 2012 Page 19 Based on continuing operations.

20 2011 Operational Performance Review Thomas Ebeling, CEO March 1, 2012 Page 20

21 1. Broadcasting German-speaking Thomas Ebeling, CEO March 1, 2012 Page 21

22 Good viewer share performance in German-speaking territories Audience share Q Q FY 2011 FY 2010 Germany 29.6% 28.3% 28.9% 28.5% Austria 20.4% 19.9% 20.2% 19.3% Switzerland 15.7% 18.3% 16.1% 17.6% March 1, 2012 Page 22 Basis for Germany: all German TV households (Germany + EU), years; Mon-Sun, 3-3 h. Source: AGF/GfK Fernsehforschung / TV Scope / ProSiebenSat.1 TV Deutschland Audience Research.. Figures for Austria and Switzerland are based on 24 hours in key dempgraphics (Mon-Sun).

23 SevenOne is Austria s fastest growing TV company Audience share [percent] % +0.4% -1.2% -0.6% % P7S1 Group RTL Group ORF 1 ORF ATV March 1, 2012 Page 23

24 ProSiebenSat.1 continues positive ratings development Audience share in Germany [percent] FY 2010 vs YTD 2011 vs % +0.2% +1.2% -1.9% March 1, 2012 Page 24 Basis: All German TV households (Germany + EU), years; Mon-Sun, 3-3 h, YTD: , last 4 days provisionally weighted. Source: AGF/GfK Fernsehforschung / TV Scope / ProSiebenSat.1 TV Deutschland Audience Research P7S1 Group RTL Group P7S1 Group RTL Group

25 Strong competitive position in German audience market Andreas Bartl / Jürgen Hörner March 1, 2012 Page 25

26 Substantial competitive position in Germany Strong profitability Complementary Free TV channels At least stable ratings with upside potential March 1, 2012 Page 26

27 Two tier 1 channels with complimentary positioning Target group structure and audience shares [viewers years, all day, in percent] male 6.1% 11.7% old 10.6% young 0.5% female March 1, 2012 Page 27 Basis: All German TV households (Germany + EU), years; Mon-Sun, 3-3 h, Ø Source: AGF/GfK Fernsehforschung / TV Scope / ProSiebenSat.1 TV Deutschland Audience Research.

28 ProSiebenSat.1 viewer share growth mainly driven by sixx Market shares [in percent] ProSiebenSat.1 Group Germany P7S1 Group March 1, 2012 Page 28 Basis: All German TV households (Germany + EU), years; Mon-Sun, 3-3 h. Source: AGF/GfK Fernsehforschung / TV Scope / ProSiebenSat.1 TV Deutschland Audience Research.

29 Strong program line-up (1/3) Leading in German fiction Blockbuster US series line-up on Sundays Morning TV leader Continued day time strength The Mentalist Navy CIS Hawaii Five-0 Most successful daily science magazine March 1, 2012 Page 29

30 Strong program line-up (2/3) Most successful line-up of US sitcoms Most successful daily science magazine Blockbuster entertainment formats Leader in blockbuster movies March 1, 2012 Page 30

31 Strong program line-up (3/3) Excellent movie line-up Strongest local formats of 2 nd generation channel German Free TV premiere of top US series Strong in US sitcoms / strong original formats Dance Summer 2012 March 1, 2012 Page 31

32 Nearly 200 formats currently in development Fiction 61 Entertainment 65 Reality 35 Factual 22 March 1, 2012 Page 32

33 P7S1 is a major driver of the German TV production industry EUR 394m* 3, invested in 2011 hours of programm acquired in 2011 production companies commissioned in 2011 theatrical coproductions since 2001, ten top 10 hits * Excl. inhouse editing. March 1, 2012 Page 33

34 with long-established partnerships with Germany s most successful TV production companies March 1, 2012 Page 34

35 Very good partnership with leading international producer John de Mol secures attractive formats The Voice The Winner is The Recruits The Best Season II coming 2012 Coming April 2012 Coming 2012 Coming 2012/2013 March 1, 2012 Page 35

36 Long-running partnerships with almost all successful Hollywood studios deliver premium US content March 1, 2012 Page 36

37 Strongest sitcom line-up in German TV Leading with US sitcoms Up to 32.5% in 2012 Up to 11.0% in 2012 March 1, 2012 Page 37 Basis: All German TV households (Germany + EU), years; January Source: AGF/GfK Fernsehforschung / TV Scope / ProSiebenSat.1 TV Deutschland Audience Research.

38 further strengthened by new hit formats 2 Broke Girls New Girl Suburgatory Mike & Molly Are you there, Chelsea? Apartment 23 March 1, 2012 Page 38

39 ProSiebenSat.1 has secured long-term contracts with key German talents Stefan Raab Heidi Klum Joko und Klaas Anke Engelke Henning Baum Annette Frier Bastian Pastewka March 1, 2012 Page 39

40 The Voice: a new blockbuster created with innovative two-channel programming Average market share of 24.3% (up to 30.9%) Social TV App: 18m Online video views / 199k Connect mobile downloads Best Entertainment: Awarded with Die Goldene Kamera Second season starting in autumn 2012 on SAT.1 and ProSieben March 1, 2012 Page 40 Basis: All German TV households (Germany + EU), years; Source: AGF/GfK Fernsehforschung / TV Scope / ProSiebenSat.1 TV Deutschland Audience Research.

41 Goals for Moderate viewer share growth Establish new blockbuster formats Improve performance of key SAT.1 slots (access time, day time) Continue to develop TV for the future Launch one new channel March 1, 2012 Page 41

42 SAT.1: new exciting prime time highlights Das Vermächtnis der Wanderhure The Winner is Der letzte Bulle Die Tore der Welt The Voice of Germany II and strong push to develop day time and access time March 1, 2012 Page 42

43 ProSieben: new season of top entertainment formats, new sitcoms and new US series TV Total Wok WM 17 Meter and new show Germany s next Topmodel Touch Two broke Girls Two and a half Men March 1, 2012 Page 43

44 kabel eins: great movies, Euro League and strong US series Euro League Castle Justified Last Samurai King Arthur March 1, 2012 Page 44

45 sixx: innovative local female formats, high-class US series and top world wide hosts Vampire Diaries Dance Summer 2012 Dog Whisperer sixx das magazin Body Check March 1, 2012 Page 45

46 Excellent German Free TV team Jürgen Hörner Acting MD TV D / MD ProSieben Joachim Kosack MD SAT.1 Karl König MD kabel eins Katja Hofem-Best MD sixx Wolfgang Link SVP Entertainment Markan Karajica MD Marketing Klaus Henning SVP Program Planning Zeljko Karajica COO Sascha Naujoks SVP Reality Dr. Gunnar Wiedenfels CFO National March 1, 2012 Page 46

47 Ad market performance Thomas Ebeling, CEO March 1, 2012 Page 47

48 Strong ad performance across all German-speaking countries Gross TV P7S1 advertising market share Q Q FY 2011 FY 2010 Germany 43.1% 40.8% 42.3% 41.6% Austria 29.5% 25.2% 30.4% 25.2% Switzerland 24.5% 24.0% 25.2% 24.4% March 1, 2012 Page 48 Source: Germany: gross (excl. 9Live), Nielsen Media Research. Austria: gross, Media Focus. Switzerland: gross, Media Focus. January 1, 2011 December 31, 2011.

49 ProSiebenSat.1 compensated sale of N24 and outperformed German TV ad market Net TV ad revenues 2011 vs [own evaluation] German net TV ad market ProSiebenSat.1 without N March 1, 2012 Page 49

50 Most German advertising segments growing in 2011 Gross TV ad spendings of Top 10 industries [2011 vs. 2010, in EURm] Food Cosmetics & Toiletries Trade & Shipment Business Services Motor Vehicles Beverages Telecommunication Finance White Line Food impacted by various transient factors in 2011 (e.g. raw material cost increase) Δ in % Health & Pharmacy Detergents Total , March 1, 2012 Page 50 Source: Nielsen Media Research / SevenOne Media, Market Intelligence, excl. Media.

51 Most industries with positive start into 2012 Gross TV ad spendings of Top 10 industries in Jan [Jan vs. Jan. 2011, in EURm] White line Food -2 5 Business Services 19 Cosmetics & Toiletries 5 Trade & Shipment -13 Motor Vehicles 7 Health & Pharmacy -1 Telecommunication 12 Finance 3 Beverages 5 Detergents -4 Total Δ in % March 1, 2012 Page 51 Source: Nielsen Media Research / SevenOne Media, Market Intelligence, excl. Media.

52 Strong growth with new customers expected to continue in 2012 New business ad revenues in Germany [in EURm] > EUR 50m e March 1, 2012 Page 52

53 Smaller customers drive advertising commitments Initial commitment status [2012 vs. 2011, Germany] Flattish +8% +2% Top 50 Non Top 50 Total March 1, 2012 Page 53 Own estimates as of Feb. 6, 2012.

54 Successful decentralized TV advertising test run with Kabel BW Technology for decentralized TV advertising now available via cable Primary focus on tapping advertising budgets of new clients who are not advertising on TV or P7S1 March 1, 2012 Page 54

55 Disproportionate advertising share of print is a growth opportunity in Germany Media usage and net media mix [in %] 39% % 27% 1pp increase in media mix equals ~EUR 150m for the market and ~EUR 60m for P7S TV 3% Newspaper 2% 10% Magazine Share of net media usage 2010 Share of media spendings 2010 March 1, 2012 Page 55 Based on ZAW data; excluding direct mail and directories. Source: ZAW, OVK, mindline media, OVK Werbestatistik (Onlineinvestments incl. Search und Affiliate) / SevenOne Media Market Research.

56 Our priorities for Increase TV share in media mix, maintain good TV ad share position Further increase net CPT Further increase new business revenues Role out decentralized advertising model Offer innovative marketing solutions to our customers March 1, 2012 Page 56

57 Germany: Sales status / Outlook 2012 summary Positive market start in Q1 expected Low single-digit full-year market growth possible TV will most likely gain at expense of print We will develop close to market in Germany Growth in German-speaking countries will continue March 1, 2012 Page 57

58 Distribution Conrad Albert March 1, 2012 Page 58

59 Sustainable growth of HD device market supports Group's HD business 3D-TV HDTV Hybrid-TV +13% 13.7 m +16% 9.6 m 450,000 March 1, 2012 Page 59 Sales television. Source: PCs and smartphones are estimated by EITO (European Information Technology Observatory), in cooperation with Bitkom.

60 Number of paying German HD subscribers in TV multiplied nearly tenfold in 2011 Paying subscribers in Germany HD penetration will more than triple by 2015 (from 2.9m households in 2011 to 10.8m in 2015e) Dec 10 Jan 11 Feb 11 Mar 11 Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12 HD+ KDG Tele Columbus Primacom Vodafone Kabel BW Eutelsat March 1, 2012 Page 60 * Source: Billing of net operator.

61 New distribution deal with Deutsche Telekom completes P7S1 s distribution portfolio January 2010 July 2010 January 2011 September 2011 November 2011 February 2012 April 2010 December 2010 August 2011 October 2011 January 2012 March 1, 2012 Page 61

62 2. Broadcasting International Thomas Ebeling, CEO March 1, 2012 Page 62

63 Significant audience share increase in Norway and Finland Audience share Q Q FY 2011 FY 2010 Denmark 16.3% 15.7% 16.2% 16.7% Sweden 15.0% 15.6% 13.8% 14.5% Norway 18.1% 15.4% 17.4% 14.4% Finland 5.2% 4.0% 5.1% 3.3% March 1, 2012 Page 63 Denmark: key demographic age 15-50, based on 14 advertising-financed TV stations; incl. Voice. Finland: key demographic age 15-44; incl. Voice from April 2011 on. Norway: key demographic age 12-44; incl. The Voice. Sweden: key demographic age Source: AdvantEdge; Finnpanel OY; MMS/AGB Nielsen; TNS-Gallup.

64 Ad share gains in most markets Net TV advertising market share Q Q FY 2011 FY 2010 Denmark 15.8% 13.6% 15.1% 13.6% Sweden 15.4% 15.9% 15.3% 16.1% Norway 25.0% 22.2% 24.5% 20.6% Finland 2.8% 1.5% 2.5% 1.6% Own estimates. March 1, 2012 Page 64

65 Strong carriage revenue performance in Nordics Carriage revenues for Nordics in total [EURm] % Cable DTT Satellite (DTH) IPTV & others March 1, 2012 Page 65

66 Strong channel portfolio in Norway Market position increased to #2 in 2011 Share of viewing: +3.0%pp (FY 2010: 14.4 vs. FY 2011: 17.4)* Ad sales: +>30% Carriage revenues: +>70% Key success factors 99% hit rate on local productions Repositioning of TV Norge as broad entertainment channel Launch of MAX: SoV increased to 2.6% March 1, 2012 Page 66 * Adults y. Mon-Sun, 17-24h. Source: TNS-Gallup, AdvantEdge.

67 All-time high in Finland in 2011 #3 position in TV market consolidated Revenues +52% Share of viewing +1.8%pp (FY 2010: 3.3 vs. FY 2011: 5.1)* Ad sales +53% Key success factors Strong portfolio of movies and sitcoms TV5: SoV increased from 3.3% to 4.2% with the expansion of its broadcasting licence (24h) March 1, 2012 Page 67 * Adults y. / Mon-Sun, 18-24h. Source: Finnpanel Oy, AdvantEdge.

68 Successful launch of multiple channels across Nordics Denmark Sweden Norway Finland Launch date Jan 2009 Jan 2012 Feb 2007 Nov 2010 Sep 2007 Jan 2012 Sep 2008 Target audience Audience share percent ** * March 1, 2012 Page 68 Full day, commercial shares; Denmark: years, Sweden: years, Norway: years, Finland: years. * Audience share of 2012 YTD (5.2.12). *** Audience share without The Voice TV; Source: Advantedge; Finnpanel OY; MMS/AGB Nielsen; P7S1 Nordics

69 Further growth through transfer of Danish radio model across the Nordics Denmark synergies through full integration of radio and TV stations Same production hub for TV & radio Shared back-office (Financials, HR, IT ) All sales forces located in one building Finland Norway Sweden will complete integration of radio during 2012 March 1, 2012 Page 69

70 3. Digital & Adjacent Dr. Christian Wegner March 1, 2012 Page 70

71 Accelerated growth in Digital & Adjacent: +29% vs. 2010* Q FY Online Video +128% +87% 2 Online Games +124% +85% 3 Commerce & Ventures +37% +70% Digital & Adjacent* +32% +29% March 1, 2012 Page 71 *External revenues growth rates vs Excl. 9Live.

72 Broad portfolio with leading position in core markets Digital Adjacent Ad-financed Paid Transaction M4R/E Deals Video Ad No. 1 Pay VoD No. 1 Media ventures No. 1 March 1, 2012 Page 72

73 1 No. 1 sales house in fast-growing premium InStream video ads InStream video ads [Gross media EURm] ,0 8, % % % Share of Advertsing InStream video ads other 22% SoA M 46% IP 32% March 1, 2012 Page 73 Source: Nielsen Media Search, gross revenues video in-streams, YTD Dez 2011.

74 1 Premium ad sales excellence attracts new mandates March 1, 2012 Page 74

75 1 MyVideo: No. 1 legal entertainment portal for premium content Unique users: 7.9m Video views: 440m (+30%) German online video premiere Sons of Anarchy : 2.5m views No. 1 ipad app 24h after launch No. 1 iphone entertainment at launch Over 1.4m total app downloads March 1, 2012 Page 75

76 1 ProSieben.de/Sat1.de: The Voice, best practice social TV Outlook 18m Online video views (best online format ever) 4.5m average interactions per live show 562k Connect visits since start 199k Connect mobile downloads GNTM Connect Feb 2012 P7 Connect in Q March 1, 2012 Page 76

77 1 maxdome: No. 1 blockbuster provider on your TV screen Largest Library Online: 45,000 titles Signed Blockbuster Deals: Disney, Sony, Warner, FOX New signed Distribution Deals: Philips, Panasonic, Toshiba and Loewe Outlook New product features: Next generation Smart TV App, "Red-Button" concept, recommendation New flexible subscription models: monthly packages New distribution deals New Mobile devices March 1, 2012 Page 77

78 1 Unrivaled online blockbuster content: 45,000 titles Current Blockbusters (Extract) Series Docus Comedy Kids Music March 1, 2012 Page 78

79 1 New pay TV channel: ProSiebenFUN Target Group: years Program Event and entertainment shows Sitcoms and comedy series Fun blockbusters Music events Fun sports Launch in Q2/2012 March 1, 2012 Page 79

80 2 Online and mobile gaming becoming a mass market 130m active gamers in Europe 36m active gamers in Germany 53% of game time in Germany spent on online and mobile gaming March 1, 2012 Page 80 Source: NewZoo, Jun 2011; active gamers in Europe incl. GER, UK, FR, NL, BE, IT, ES.

81 2 Europe is the second largest online gaming market worldwide Online gaming market share Latin America 1% 7% Other 16% Western Europe Europe online gaming market forecast [$bn] CAGR +11% Asia Pacific 63% 13% United States E 2015E March 1, 2012 Page 81 Source: PWC Global Media and Entertainment Outlook , Other: CEE, Middle East, Africa, Canada.

82 2 Three major milestones in online games achieved 2011 Platform acquisitions Leading aggregation platform for online browser games acquired 2011 EA channeling deal Exclusive online games partnership (six games) 2012 Sony licensing deal Exclusive multi-year, pan-european licensing partnership of eight Blockbuster titles March 1, 2012 Page 82

83 3 Ventures & Commerce: No. 1 media for revenue / equity investor Ongoing M4RS/M4ES deals in 2011 Thereof 8 deals not extended 36 Deals evaluated in 2011 >200 New M4RS/M4ES deals negotiated Thereof 18 deals with media start in 2011 EBITDA-impact (in EUR m) EBITDA-impact (in EUR m) Growth of more than 80% vs Growth of 70% vs >40 >40 March 1, 2012 Page 83

84 3 New industry focus: Digital, Lifestyle, Health/Beauty Digital Lifestyle Health/Beauty Dating Travel Mobile Education Customer Acquisition Fashion Lifestyle Living Food Sustainability Health Beauty Wellness March 1, 2012 Page 84

85 Our priorities for Foster M4R/E investment leadership Expand online games and broaden distribution portfolio Increase maxdome subscriber base and ensure presence on all hybrid devices Grow premium video ad sales and create more online TV content Explore new business opportunities in Digital & Adjacent March 1, 2012 Page 85

86 4. Content Production & Global Sales Jan Frouman, Group MD Red Arrow Entertainment Group March 1, 2012 Page 86

87 International expansion of Red Arrow drives revenue growth Revenue growth rates Q FY 2011 Global Sales +23% +77% Content Production +312% +162% 1,300 hours in the catalogue 660 hours of programming produced in 2011 March 1, 2012 Page 87 External revenue growth rates vs

88 Successful expansion into key strategic territories in 2011 UK (2011/2012) Sweden/Denmark/ Norway ( ) India/China Expand existing base of business (sales and production) USA (2010/2011) Belgium/ Netherlands (2010) Germany/Austria ( ) Australia (2010) Co-production Partnership March 1, 2012 Page 88

89 Breakthrough in key US market You Deserve It Betty White s Off Their Rockers Lilyhammer The Indestructibles 6 eps. produced by Kinetic Content for ABC 12 eps. produced by Kinetic Content for NBC NBC s second-highest rated show of the season Sold to Netflix, 2x8 eps. ordered Starring Sopranos icon, Stevie Van Zandt 10 eps. aired on National Geographic worldwide / 2 eps. aired on Fox Concept based on Galileo X-perience March 1, 2012 Page 89

90 Red Arrow launches partnership with leading UK format producer CPL One of the UK s most dynamic entertainment production companies First strategic investment in the UK non-scripted market Supplier of factual entertainment shows to major UK broadcasters CPL s roster of hit shows delivers top-quality formats for SevenOne International March 1, 2012 Page 90

91 Hong Kong sales office as a launch pad for Asian market Booming TV market and advertising revenues with >50% of TV households worldwide Existing strong SevenOne International track record March 1, 2012 Page 91 Source: IDATE, according to World Television Markets January 2012.

92 Summary and Outlook Thomas Ebeling, CEO March 1, 2012 Page 92

93 Excellent performance in 2011 / Good start into 2012 Strong financial performance in 2011 Growth strategy established Good start of core business TV into the year 2012 Dynamic growth outside traditional TV business Further revenue and earnings growth after record results in 2011 March 1, 2012 Page 93

94 Deliver at least EUR 750m revenue growth by 2015 Continue to operate at industry leading margin level Generate almost 50% of our revenues outside traditional German TV advertising in 2015 Grow revenues in line with market in Germany Double-digit growth targeted for all other segments combined March 1, 2012 Page 94

95 Financial targets for fiscal year 2012 Group revenue growth (in percent) Recurring EBITDA/recurring EBITDA margin Interest result and finance cost reduction Underlying net income mid-single digit +6% > EUR 850m/~30% > EUR 50m further improvement March 1, 2012 Page 95 Based on continuing operations.

96 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. March 1, 2012 Page 96