Contents 1 Key Figures 2 At a Glance 3 ProSiebenSat.1 Corporate History 12 Chairman’s Statement 14 Interview: Urs Rohner 16 Management Report and Group Management Report 32 ProSiebenSat.1 Shares 38 Television: Management Reports 40 Sat.1: The Station for Young Families 46 ProSieben: Young Television with Strong Brands 50 Kabel 1: The Best of TV 54 N24: News and Business Information around the Clock 58 Merchandising: Vigorous Revenue Growth in the Licensing Business 62 Services: Increasingly Important to the Group 64 Active Encouragement for People with New Ideas 66 Corporate Sponsorship 68 2001 Financial Statements 70 Consolidated Balance Sheet of ProSiebenSat.1 Media AG 71 Consolidated Statement of Income for ProSiebenSat.1 Media AG 72 Statement of Changes in Consolidated Fixed Assets of ProSiebenSat.1 Media AG 74 Balance Sheet of ProSiebenSat.1 Media AG 75 Statement of Income for ProSiebenSat.1 Media AG 76 Statement of Changes in Fixed Assets of ProSiebenSat.1 Media AG 78 Notes to the Financial Statements 93 Major Subsidiaries and Associated Companies of the ProSiebenSat.1 Group 96 Auditor’s Opinion 97 Supervisory Board and Executive Board 98 Report of the Supervisory Board 100 Five-Year Summary 104 Glossary and Index 108 Financial Calendar ProSiebenSat.1 Media AG Addressing New Challenges Medienallee 7 D-85774 Unterföhring Tel.+49[89]9507-10 Fax+49[89]9507-1122 www.ProSiebenSat1.com [email protected] Contents 1 Key Figures 2 At a Glance 3 ProSiebenSat.1 Corporate History 12 Chairman’s Statement 14 Interview: Urs Rohner 16 Management Report and Group Management Report 32 ProSiebenSat.1 Shares 38 Television: Management Reports 40 Sat.1: The Station for Young Families 46 ProSieben: Young Television with Strong Brands 50 Kabel 1: The Best of TV 54 N24: News and Business Information around the Clock 58 Merchandising: Vigorous Revenue Growth in the Licensing Business 62 Services: Increasingly Important to the Group 64 Active Encouragement for People with New Ideas 66 Corporate Sponsorship 68 2001 Financial Statements 70 Consolidated Balance Sheet of ProSiebenSat.1 Media AG 71 Consolidated Statement of Income for ProSiebenSat.1 Media AG 72 Statement of Changes in Consolidated Fixed Assets of ProSiebenSat.1 Media AG 74 Balance Sheet of ProSiebenSat.1 Media AG 75 Statement of Income for ProSiebenSat.1 Media AG 76 Statement of Changes in Fixed Assets of ProSiebenSat.1 Media AG 78 Notes to the Financial Statements 93 Major Subsidiaries and Associated Companies of the ProSiebenSat.1 Group 96 Auditor’s Opinion 97 Supervisory Board and Executive Board 98 Report of the Supervisory Board 100 Five-Year Summary 104 Glossary and Index 108 Financial Calendar ProSiebenSat.1 Media AG Addressing New Challenges Medienallee 7 D-85774 Unterföhring Tel.+49[89]9507-10 Fax+49[89]9507-1122 www.ProSiebenSat1.com [email protected] Group Structure Key Figures by Business Area M Business Segments of the Activities Major Subsidiaries ProSiebenSat.1 Group Dec. 31, 2001 Dec. 31, 2000 Change Television • Commercial Television • Sat.1 [100%] • Foreign Advertising Windows • ProSieben [100%] TV2 External revenues [EUR m] 1,942 2,079 -7% • Television Advertising Sales • Kabel 1 [100%] Total revenues [EUR m] 1,961 2,086 -6% • Transaction Television • N24 [100%] Operating profit [EUR m] 137 282 -51% • SevenOne Media [100%] Employees1 1,772 1,894 -6% • Euvía Media [48.4%] Sat.13 Total revenues [EUR m] 831 956 -13% Multimedia • Internet • Kirch Intermedia [49.9%] Pre-tax profit/loss [EUR m] -77 34 -326% • Teletext Employees1 194 552 -65% Merchandising • Merchandising • MM Merchandising München [100%] ProSieben Total revenues [EUR m] 860 866 -1% • Viewers’ Clubs • ArtMerchandising & Media [66%] Pre-tax profit [EUR m] 262 257 2% • E-Commerce • SevenOne Club & Shop [100%] Employees1 298 264 13% • Dialog-, Direct- and Cross-Marketing Kabel 1 Total revenues [EUR m] 215 220 -2% Services • Creative Design • SevenSenses [100%] Pre-tax profit [EUR m] 34 51 -33% • Studios • SZM Studios [100%] Employees1 48 42 14% • IT Development • ProSieben Information N24 Total revenues [EUR m] 67 38 76% Service [100%] Pre-tax loss [EUR m] -38 -34 -12% As of March 31, 2002 Employees1 274 127 116% Merchandising4 External revenues [EUR m] 59 45 31% Total revenues [EUR m] 66 50 32% Operating profit [EUR m] 15 11 36% Employees1 110 86 28% Services External revenues [EUR m] 11 11 -/- Total revenues [EUR m] 172 129 33% Operating profit [EUR m] 8 -4 300% Employees1 1,112 1,043 7% 1 Full-time equivalent jobs as of December 31 2 Business segment TV excluding merchandising activities in 2000 3 Sat.1 excluding merchandising activities in 2000 and including GBV Gesellschaft für Beschaffung und Verwertung von Fernsehrechten mbH & Co. Vertriebs KG in 2000 4 Including Sat.1 merchandising activities in 2000 Group Structure Key Figures by Business Area M Business Segments of the Activities Major Subsidiaries ProSiebenSat.1 Group Dec. 31, 2001 Dec. 31, 2000 Change Television • Commercial Television • Sat.1 [100%] • Foreign Advertising Windows • ProSieben [100%] TV2 External revenues [EUR m] 1,942 2,079 -7% • Television Advertising Sales • Kabel 1 [100%] Total revenues [EUR m] 1,961 2,086 -6% • Transaction Television • N24 [100%] Operating profit [EUR m] 137 282 -51% • SevenOne Media [100%] Employees1 1,772 1,894 -6% • Euvía Media [48.4%] Sat.13 Total revenues [EUR m] 831 956 -13% Multimedia • Internet • Kirch Intermedia [49.9%] Pre-tax profit/loss [EUR m] -77 34 -326% • Teletext Employees1 194 552 -65% Merchandising • Merchandising • MM Merchandising München [100%] ProSieben Total revenues [EUR m] 860 866 -1% • Viewers’ Clubs • ArtMerchandising & Media [66%] Pre-tax profit [EUR m] 262 257 2% • E-Commerce • SevenOne Club & Shop [100%] Employees1 298 264 13% • Dialog-, Direct- and Cross-Marketing Kabel 1 Total revenues [EUR m] 215 220 -2% Services • Creative Design • SevenSenses [100%] Pre-tax profit [EUR m] 34 51 -33% • Studios • SZM Studios [100%] Employees1 48 42 14% • IT Development • ProSieben Information N24 Total revenues [EUR m] 67 38 76% Service [100%] Pre-tax loss [EUR m] -38 -34 -12% As of March 31, 2002 Employees1 274 127 116% Merchandising4 External revenues [EUR m] 59 45 31% Total revenues [EUR m] 66 50 32% Operating profit [EUR m] 15 11 36% Employees1 110 86 28% Services External revenues [EUR m] 11 11 -/- Total revenues [EUR m] 172 129 33% Operating profit [EUR m] 8 -4 300% Employees1 1,112 1,043 7% 1 Full-time equivalent jobs as of December 31 2 Business segment TV excluding merchandising activities in 2000 3 Sat.1 excluding merchandising activities in 2000 and including GBV Gesellschaft für Beschaffung und Verwertung von Fernsehrechten mbH & Co. Vertriebs KG in 2000 4 Including Sat.1 merchandising activities in 2000 Key Figures Consolidated Financial Statements Dec. 31, 2001 Dec. 31, 2000 Change Revenues [EUR m] 2,015 2,155 -6.5% Pre-tax profit [EUR m] 106 205 -48% Net profit for the year [EUR m] 68 93 -27% EBIT [EUR m] 154 245 -37% EBITDA [EUR m] 225 332 -32% Cash flow in accordance with DVFA/SG [EUR m] 1,253 1,279 -2% Earnings per share in accordance with DVFA/SG [EUR] 0.34 0.53 -36% Total assets [EUR m] 2,028 1,669 22% Shareholders' equity [EUR m] 650 647 0.5% Equity ratio 32% 39% -18% Pre-tax return on equity 16% 32% -50% Pre-tax profit margin 5% 10% -50% Programming assets [EUR m] 1,206 1,147 5% Programming assets / Total assets 59% 69% -14% Programming investment [EUR m] 1,180 999 18% Net financial debt 897 550 63% Dividend* [EUR] 0.160.30 -47% Dividend yield 0.50% 0.93% -46% Tax rate ProSiebenSat.1 Media AG 37% 44% -16% ProSiebenSat.1 Group 38% 56% -32% Employees** 3,029 3,187 -5% * Dividend per share of preferred stock ** Full-time equivalent jobs as of December 31 2 At a Glance ProSiebenSat.1 Media AG Ownership of share capital Share capital: EUR 194,486,400 KirchMedia GmbH & Co. KGaA 52.52% (194,486,400 no-par shares) Axel Springer Verlag AG 11.48% Free float 36.00% Common stock Preferred stock (restricted registered shares) (bearer shares) 97,243,200 no-par shares 97,243,200 no-par shares Portion of capital represented by one share: One euro Portion of capital represented by one share: One euro Executive Board Supervisory Board Urs Rohner (Chairman) Dr. Dieter Hahn (Chairman) Born in 1959 in Zurich Deputy Chairman of TaurusHolding GmbH & Co. KG, Management segment: Multimedia and Sales Ismaning Dr. Ludwig Bauer Thomas Kirch (Vice-Chairman) Born in 1957 in Freyung Businessman, Munich Management segment: Television Dr. Mathias Döpfner Jürgen Doetz Chairman of the Executive Board of Axel Springer Born in 1944 in Heidelberg Verlag AG, Berlin Management segment: Media Policy and Regulation Alfred Lehner Lothar Lanz Former Chairman of the Executive Board of Bayerische Born in 1948 in Bihlafingen Landesbank Girozentrale AG, Munich Management segment: Finance, Merchandising and Services Prof. Dr. Hans-Joachim Mertens Professor at Johann Wolfgang Goethe-Universität, Claus Larass Frankfurt am Main Born in 1944 in Jüterborg Management segment: Information, News and Political Jan Mojto Programs General Manager of TaurusHolding GmbH & Co. KG, Ismaning Dr. Klaus Piette General Manager of TaurusHolding GmbH & Co. KG, Ismaning Hans Reischl Chairman of the Executive Board of REWE-Zentral AG, Cologne Gisela Schmitt Member of the Executive Board of REWE-Zentral AG, Cologne ProSiebenSat.1 Corporate History 3 January 1984 Sat.1 is the first German commercial television company to go on the air August 1988 Launch of Sat.1 Text January 1989 ProSieben goes on the air February 1992 Kabel 1 goes on the air. ProSieben holds a 45 percent interest July 1992 Formation of the MediaGruppe München marketing company January 1993 Formation of SZM Studios July 1994 Launch of ProSieben Text November 1995 ProSieben acquires the remaining 55 percent of Kabel 1 December 1995 ProSieben is transformed into a stock corporation March 1996 ProSieben takes over MM Merchandising München April 1996 Launch of ProSieben Online September 1996 Launch of Sat.1 Online July 1997 ProSieben is listed on the stock exchange August 1997 Launch of Kabel 1 Text and Kabel 1 Online April 1999 Formation of the SevenSenses creative agency August 1999 Formation of the Sat.1 marketing company Media 1 January 2000 N24 goes on the air.