ProSiebenSat.1 claims improved profitability

The consolidated revenues of ProSiebenSat.1 Group declined by 7.9% during the third quarter of 2009 to €559.4 million (Q3 2008, adjusted for CMore: €607.6 million). The Group said it was able to offset the decline in revenues by consistent cost management.

The operating margin thus improved by 1.6% to 16.9%. At €94.4 million, recurring EBITDA was 1.8% higher than the prior year figure of €92.7 million (adjusted for CMore).

During the third quarter of 2009, external revenues of the advertising-financed Free TV in German-speaking Europe segment (the most important revenue region) were down by only 2% (€6.9 million), and revenues in the Free TV International segment declined by 14.4% (€25.2 million).

Besides lower TV advertising revenues in Europe, the ProSiebenSat.1 Group’s consolidated revenues were influenced by the sale of CMore in particular. Adjusted for the effects of the CMore deconsolidation (revenue contribution in Q3 2008: €38.9 million), Group revenues for the third quarter of 2009 were down by 7.9% (€48.2 million).

Looking to the future the Group said “Our planning remains conservative, an adequate investment policy and consequent cost control will still be our priority.”

In the third quarter 2009, operating costs fell by 9.6%, or €49.6 million year on year, to €469.2 million. For the first nine months of 2009, they decreased by 11.4%, or €193.2 million (adjusted for CMore).

The group said its German channels Sat.1, ProSieben, kabel eins and N24 increased their aggregate viewer market share by 0.8% during the third quarter of 2009, to 30.5%.