2009 FY Report.Pdf
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Key Figures Key Figures for the ProSiebenSat.1 Group(1) in EUR m 2009 2008(7) 2007 (8) 2006 2005 Revenue 2,760.8 3,054.2 2,710.4 2,104.6 1,989.6 Total expenses 2,310.7 2,851.0 2,341.9 1,672.4 1,620.3 Recurring costs(2) 2,077.5 2,413.1 2,063.1 1,629.7 1,585.4 Consumption of programming assets 1,068.6 1,247.1 1,145.8 946.0 947.2 Recurring EBITDA(3) 696.5 674.5 662.9 487.0 418.5 Recurring EBITDA margin (in %) 25.2 22.1 24.5 23.1 21.0 EBITDA 623.0 618.3 522.3 484.3 418.5 Non-recurring items(4) 73.5 56.2 140.6 2.7 0.0 EBIT 475.1 263.5 385.3 444.3 382.7 Financial result -244.5 -334.9 -135.5 -57.5 -33.0 Profit before taxes 231.0 -68.4 249.8 386.7 350.7 Consolidated net income (after minority interests) 144.5 -129.1 89.4 240.7 220.9 Underlying net income(5) 184.8 170.4 272.8 244.8 220.9 Investments in programming assets 1,227.2 1,397.0 1,176.7 955.0 907.3 in EUR m December 31, 2009 December 31, 2008 December 31, 2007 December 31, 2006 December 31, 2005 Programming assets 1,526.5 1,380.0 1,317.7 1,056.3 1,057.5 Shareholders’ equity 580.8 478.9 1,062.3 1,240.5 1,187.7 Equity ratio (in %) 9.4 8.1 17.7 64.2 58.9 Cash & Cash equivalents 737.4 632.9 250.8 63.5 157.6 Net financial debt 3,294.6 3,406.7 3,328.4 121.8 227.2 Employees(6) 4,814 5,450 4,852 2,976 2,788 (1) All figures on legal basis; PSP is not shown as discontinued operations. (2) Total costs excl. D&A and non-recurring expenses. (3) EBITDA be- fore non-recurring (exceptional) items. (4) Non-recurring expenses netted against non-recurring income. (5) The consolidated profit for the period, before the effects of purchase price allocations and non-cash currency measurement expenses. The 2008 figure is also adjusted for impairment of EUR 180.0 million for SBS goodwill. (6) Average full-time equivalent positions. (7) CMore deconsolidated in November 2008. (8) Consolidation of SBS Broadcasting Group in July 2007. NETHERLANDS // SBS 6 is the Netherlands’ No. 2 private TV station, and especially ap- peals to viewers between 20 and 49 with big variety shows, in-house productions, series, and coverage of sports events. ProSiebenSat.1 also owns not only the TV stations NET 5 and Veronica, but also Veronica Magazine, the country’s leading TV periodical, as well as the TV periodical Totaal TV and the Veamer video- on-demand portal. belgium // The two Belgian TV stations VT4 and VIJFtv are aimed at the Flemish-speaking part of the Belgian population. VT4 (for a youn- ger target audience) and VIJFtv (a younger fe- male target audience) combine local Flemish productions with international blockbuster movies and popular U.S. series. Sweden // With a TV schedule made up of light entertainment shows and series, Kanal 5 especially aims to appeal to young people, and is one of Sweden’s most popular stations. Pro- SiebenSat.1 also operates station Kanal 9 and Mix Megapol, the country’s fastest-growing radio network. NORWAY // TV NORGE is Norway’s second- largest commercial television station. Its wide range of entertainment programming has made it very popular with audiences. In FEM, ProSiebenSat.1 also has a station that targets a female audience. Another audience favorite in Norway is Radio Norge, the country’s second- largest private radio station. finland // In Finland, the music channel The Voice attracts young audiences. In the eve- DENMARK // Kanal 5 offers a wide variety of ning, TV Viisi carries hit series and feature entertainment, and especially appeals to au- films on the same frequency. Furthermore, diences between the ages of 15 and 50 with ProSiebenSat.1 operates six radio networks, U.S. series, local productions, blockbuster among others, The Voice and Iskelmä. movies and coverage of sports events. Kanal 5 also broadcasts in HD. ProSiebenSat.1’s portfo- lio includes the TV stations Kanal 4, 6’eren and The Voice, as well as Denmark’s largest private radio station, Nova FM. The Voice broadcasts music for a target audience between the ages of 15 and 30 on both radio and TV. GERMANY // SAT.1, ProSieben, kabel eins and N24 make ProSiebenSat.1 the biggest commer- cial TV corporation in Germany. ProSiebenSat.1 is a success in online sales. Its stations’ Web sites score well with users, as do such portals as fem, lokalisten and MyVideo. AUSTRIA // Stations ProSieben Austria, SAT.1 Österreich and kabel eins Austria offer regional advertising and programming windows along- side programming from their sister stations in Germany. Together with PULS 4, the stations make up Austria’s leading free TV corporation. HungarY // TV2 is one of Hungary’s largest commercial TV stations. Its success is founded on in-house productions, U.S. series, and Hun- garian adaptations of hit TV concepts.With the new channel FEM3, launched in January 2010, ProSiebenSat.1 offers diversified entertain- ment especially for the female target group. ROMANIA // Prima TV is one of Romania’s first commercial TV stations. It is also one of the country’s most successful channels today, espe- cially prized by its audiences (ages 15 to 44) for its high-quality light entertainment shows and local productions. ProSiebenSat.1 also ope- switZerland // With its stations SAT.1 Switz- rates three leading radio stations in Romania – erland, ProSieben Switzerland and kabel eins Kiss FM (the country’s No. 1 station), Magic FM Switzerland, the ProSiebenSat.1 Group is Switz- and One FM – as well as music station KissTV. erland’s largest provider of commercial televi- sion. ProSiebenSat.1 also operates numerous online platforms in Switzerland. bulgaria // ProSiebenSat.1 scores in Bulgaria GREECE // A mix of national and international with a mix of national and international music, music has made Lampsi FM the most popular on radio and TV both. Four radio networks and radio station in Greece. the music channel The Voice attract a broad audience in all age groups. Reports from the Executive and Supervisory Board ....26 Contents Foreword from the CEO .....................................................28 Report of the Supervisory Board ....................................32 Proposed Allocation of Profits .......................................38 Management Declaration and Corporate Governance Report .......................................38 Management Declaration .............................................38 Corporate Governance Report .....................................43 Compensation Report ..................................................45 Group Management Report ............................................48 Business Operations and Business Conditions .............50 Business Operations and Group Structure ..................50 Corporate Management, Goals, Strategy ......................54 Legal Environment .......................................................56 Economic and Industry Environment ...........................59 Business Performance in 2009 .....................................64 Changes in Scope of Consolidation and Organizational Measures .............................................64 Comparison of Actual and Projected Business Developments ...............................................65 Group Earnings .............................................................67 Group Financial Position and Performance ................. 71 Segment Reporting .........................................................79 Free TV German-speaking Segment ............................79 Free TV International Segment ....................................80 Diversification Segment ...............................................81 Employees .......................................................................82 The ProSiebenSat.1 Share ..............................................85 Non-Financial Performance Indicators .........................88 Strong Brands as a Factor for Success ........................88 Process Capital – Organizational and Process Advantages .....................................................89 Supplier Capital - Long-standing Supplier Relationships..................................................89 Customer Capital - Solid Customer Relationships .......89 Sustainability as a Factor for Success .........................90 Research and Development .........................................92 Events after the Reporting Period .................................93 Risk Report ......................................................................93 Opportunity Management ............................................94 Risk Management .........................................................94 Risk Situation: Development of Individual Risks ..........96 Outlook ..........................................................................103 Future Environment....................................................103 Opportunities Specific to the Industry ......................105 Opportunities in the Legal and Media Policy Environment..........................................106 Opportunities for Performance and Strategy ...........106 Company Outlook .......................................................108 Consolidated Financial Statements ............................. 112 Income Statement ......................................................... 114 Statement of Financial Position ................................... 115 Cash Flow Statement .................................................... 116 Statement of Changes in Equity .................................. 117 Cross-references Notes to the Financial Statements .............................. 118 Responsibility Statement of the Executive Board ......166 Websites Auditor‘s