Germany’s ProSiebenSat.1 Media says it ended 2023 on “a good note” after posting earnings of €335M ($358.5M) in its fourth quarter financials.
The broadcaster and media giant had a torrid 2023, in which revenues and earnings fell and the company was forced to reduce headcount in the face of a reduced TV advertising market and restructuring challenges.
However, preliminary results for 2023 Q4 results show it had exceeded previous EBITDA expectations by 11% and grew profits by €32M year-on-year. Further good news came in a major decrease in net debt, down from €1.78B in Q3 to €1.55B.
The company called the figures a “significant increase” and attributed this to “combination of the expected positive business development in the fourth quarter of 2023 as well as various smaller and non-recurring earnings effects that arose during the preparation of the consolidated financial statements.”
Revenues for Q4 were largely flat at €1.28B, compared with €1.27B. Group revenues for the full 2023 were €3.85B, compared with €4.16B in 2022. Earning for the year are also expected to be down €100M at €578M.
ProSieben said its figures are contingent on consolidated revenues increasing slightly and noted it continues to “focus on a lean cost structure, which is having a positive impact on earnings and at the same time opening up headroom for investments, especially in local content.”
“We ended 2023 on a good note,” said Martin Mildner, Group CFO of ProSiebenSat.1 Media. “In the crucial fourth quarter, our advertising revenues in the DACH region were slightly above the previous year’s level and we were able to improve our performance in many parts of the Commerce & Ventures portfolio.
“At the same time, our cost measures are taking effect, which strengthens our profitability. This gives us confidence for 2024, even if the economic environment remains challenging.”
ProSiebenSat.1 will publish its full financial outlook for the financial year 2024 on March 7.
Jesse Whittock
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