ProSiebenSat.1 Quarterly Sales Beat Estimates on German TV Ads
ProSiebenSat.1 AG, the German broadcaster controlled by KKR & Co. and Permira Advisers LLP, reported first-quarter revenue that exceeded analysts’ estimates as German television-advertising sales increased.
Revenue rose 13 percent to 563 million euros ($737 million) in the three months through March, the Munich-based company said in a statement today. That compared with the average projection of 542 million euros from seven analysts, data compiled by Bloomberg showed. Recurring earnings before interest, taxes, depreciation and amortization rose 4.7 percent to 128 million euros, in line with estimates.
ProSiebenSat.1, which competes with Bertelsmann SE’s RTL Group SA in Germany, sold its SBS Nordic unit last month for $1.7 billion to focus on its home market and digital divisions. With the help of those proceeds, Chief Executive Officer Thomas Ebeling has taken steps to facilitate an exit for KKR and Permira, including proposing a more than quadrupled dividend for 2012.
“We are very pleased with our start into the financial year,” Ebeling, whose contract was extended until 2017 in March, said in the statement. “All segments grew in the first quarter of 2013, and our Digital & Adjacent business is continuing to develop very dynamically.”
Revenue from that unit, which includes Web-based video, online games and music ticketing, jumped 44 percent to 97 million euros in the quarter. ProSiebenSat.1 said today Digital & Adjacent may add 150 million euros in sales on top of the 600 million-euro increase in sales between 2010 and 2015 that the company had projected earlier. The broadcaster confirmed its full-year 2013 forecast.
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