Consolidated revenues increased by 6.0% to EUR 2.756 billion
 Recurring EBITDA up from EUR 791.5 million to EUR 850.0 million
 Underlying net income increased by 12.4% to EUR 309.4 million
 Financial leverage reduced from 3.3 to 2.1 times,
net financial debt decreases by almost 40%
 Dividend proposal of EUR 1.17 per preference share and
EUR 1.15 per common share
 Positive start into the financial year 2012
Note: All statements and figures are based on the continuing operations of the ProSiebenSat.1
Group unless otherwise stated. Due to their sale, the Belgian and Dutch companies are recognized
as “discontinued operations” up to the date of their deconsolidation in June and July 2011
respectively, in accordance with IFRS 5. The previous year’s income statement was adjusted
accordingly.
Munich, March 1, 2012. The ProSiebenSat.1 Group achieved its growth
targets for 2011 and improved all relevant key financial figures. The company
increased consolidated revenues by 6.0% year-on-year to EUR 2.756 billion.
Due to this increase in revenues, recurring EBITDA grew by 7.4% to EUR
850.0 million. Underlying net income from continuing operations after taxes and
non-controlling interests – the basis for the dividend payment – increased by
12.4% to EUR 309.4 million. Taking discontinued operations into account, the
Group generated an underlying net income of EUR 685.3 million (previous
year: EUR 357.2 million). Net financial debt decreased to EUR 1.818 billion at
the end of the year – this is a significant improvement in comparison to the
prior year figure (EUR 3.021 billion). After three quarters of strong growth, the
Group also exceeded the previous year’s revenues and recurring EBITDA in
the important fourth quarter of 2011.
Thomas Ebeling, CEO of the ProSiebenSat.1 Group: “2011 was another record
year for ProSiebenSat.1. We maintained the good revenue momentum of the
first three quarters in the final quarter. Thus we substantially exceeded our
target for recurring EBITDA and increased the net result disproportionately in
2011.”
“In October 2011 we presented our four-pillar growth strategy. On this basis,
we want to increase the Group’s revenues by EUR 750 million until 2015
against the year 2010. We have already achieved approximately 25% of the EUR 750 million aimed for, and are therefore confident that we will realize our Page 2 of 7
entire growth potential by 2015. To achieve this goal, we will implement the
milestones from our strategy plan in all pillars. We will push forward the
integration of TV with our online, paid-content and mobile services. Thanks to
our exclusive games-partnership with Sony Online Entertainment we will make
a significant step in the “Digital & Adjacent” growth pillar this year in the
strongest growing entertainment segment worldwide. In our “Content
Production & Global Sales” pillar, we intend to enter the rapidly growing Asian
TV market with the Red Arrow Entertainment Group, and will open a branch in
Hong Kong in the coming weeks. The media industry is undergoing a process
of transformation. We see this as a great opportunity to benefit from with
entrepreneurial spirit, innovation and excellent execution.”
The ProSiebenSat.1 Group will publish the full and audited results for the
financial year 2011 on March 30, 2012.
Record recurring EBITDA due to dynamic revenue growth
The TV advertising markets relevant for ProSiebenSat.1 proved robust in 2011
despite the European debt crisis. The company benefited from this
development and increased its consolidated revenues by 6.0% to EUR 2.756
billion (previous year: EUR 2.601 billion). In 2011, the Group consequently also
invested in growth areas such as online games, video-on-demand, and the
expansion of new TV stations. In view of these investments, recurring costs
increased in line with expectations. However, in the traditional TV business
costs remained almost stable despite higher revenues. In the full year 2011,
the company recorded recurring costs of EUR 1.916 billion, which represents a
year-on-year increase of 5.2% or EUR 95.1 million. The increase in costs was
thus again below the revenue growth.

On the basis of the dynamic revenue performance, the company increased
recurring EBITDA by 7.4% year-on-year to EUR 850.0 million (previous year:
EUR 791.5 million). The operating margin of 30.8% (previous year: 30.4%)
emphasizes the high and sustainable profitability of the company. At EUR
752.4 million, EBITDA was 8.4% or EUR 58.6 million above the prior-year
figure. Underlying net income after taxes and non-controlling interests including
discontinued operations almost doubled to EUR 685.3 million (previous year:
EUR 357.2 million). This figure includes the earnings contributions from the
companies disposed of in the Netherlands and Belgium up to the date of their
deconsolidation as well as the sale proceeds from the transaction amounting to
EUR 335.8 million. Underlying net income from continuing operations rose by
EUR 34.2 million to EUR 309.4 million (+12.4%).
Consolidated revenues increased in the important fourth quarter
The ProSiebenSat.1 Group continued its profitable growth in the fourth quarter
of 2011. The company increased consolidated revenues to EUR 873.7 million,
thus exceeding the high previous-year figure by 5.4% or EUR 44.8 million.
Recurring costs of EUR 560.4 million were 7.6% higher than in the previous
year (EUR 520.8 million) in particular due to greater investments in our growth
areas. Nevertheless, recurring EBITDA increased by 1.7% to EUR 317.7 million (previous year: EUR 312.5 million). In the fourth quarter, EBITDA was Page 3 of 7
EUR 280.8 million, and thus 4.1% or EUR 12.1 million lower than in the same
quarter of the previous year. This contains non-recurring expenses primarily
relating to portfolio optimization measures which were completed by the end of
the year. One of these measures was the company’s repositioning of its TV
and sales activities in Hungary.

Revenues grow in all four pillars
All of the Group’s segments contributed to the revenue growth in 2011. With
the start of the 2012 financial year, the ProSiebenSat.1 Group will align
segment reporting to the four pillars of its growth strategy. These are
“Broadcasting German-speaking”, “Broadcasting International”, “Digital &
Adjacent” and “Content Production & Global Sales”. The objective of the fourpillar strategy is to diversify business operations even more rigorously in future
and to become less dependent from advertising-financed free TV business. On
the basis of the four-pillar strategy, the Group developed as follows in 2011:
At EUR 1.903 billion, revenue in the “Broadcasting German-speaking” segment
exceeded the previous-year figure by 2.7% or EUR 49.8 million. The German
TV advertising market also showed a positive development in 2011. In this
environment, the German TV family increased its net advertising revenues in
line with the market, as expected. In Austria and Switzerland, too, TV
advertising revenues were above the comparative figures. In addition to higher
revenues from the sale of TV advertising time, the renegotiation of distribution agreements with various cable network operators already had a positive impact.
In the “Broadcasting International” segment – the second pillar – revenue
growth was primarily driven by the Scandinavian TV stations. The growth is a
result of higher advertising and distribution revenues in virtually all markets.
Norway and Denmark in particular posted high growth rates in a very positive
economic environment. This dynamic revenue development can also be
attributed to the successful expansion of new stations such as MAX in Norway.
Advertising revenues in the radio sector also grew year-on-year. Overall,
segment revenue increased by 12.4% to EUR 565.2 million (previous year:
EUR 502.8 million).
The two pillars “Digital & Adjacent” and “Content Production & Global Sales”
are combined in the “Diversification” segment. The innovative “media for
revenue share” or “media for equity” business model was an important growth
driver for the pillar “Digital & Adjacent” in which the ProSiebenSat.1 Group
provides start-up companies with advertising time in return for a revenue share
and/or an equity stake of the company. In the digital sector the online portfolio primarily contributed to growth. Among others the ProSiebenSat.1 Group
recorded a high double-digit growth rate with the selling of video content on the internet. Overall, revenues from “Digital & Adjacent” rose by 9.8% to EUR
254.3 million (previous year: EUR 231.5 million). Adjusted for the shut down of
9Live, revenues showed a growth rate of 28.7% to EUR 237.6 million (previous
year: EUR 184.6 million). The pillar “Content Production & Global Sales” with the Red Arrow Entertainment Group, which is also included in the Page 4 of 7
“Diversification” segment, likewise contributed significantly to the revenue
increase with EUR 33.7 million (+149.6% or EUR 20.2 million). The program
production and distribution company succeeded, supported by strategic
investments, to establish itself in the UK and the USA, the most important TV
markets globally.
On the basis of the old segment structure, which will be replaced by the new
reporting approach described above as of the start of the financial year 2012,
revenue developed as follows. The “Free-TV German-speaking” segment, to
which Red Arrow belongs under the old segment structure, achieved year-onyear a revenue growth of 3.7% or EUR 69.8 million to EUR 1.937 billion.
Revenue of the “Free TV International” segment increased by 12.6% or EUR
53.3 million to EUR 475.2 million. The “Diversification” segment posted
revenues of EUR 344.4 million. This corresponds to a growth of 10.3% or EUR
32.1 million compared to 2010.

Audience shares increased
In 2011, the ProSiebenSat.1 Group expanded its audience shares in nearly all
markets. In Germany, SAT.1, ProSieben, kabel eins and sixx reached 28.9%
altogether, thus 0.4 percentage points up on the previous-year figure. Female
station sixx, launched in May 2010, developed dynamically – above all due to
the significant extension of its reach – and achieved an annual market share of
0.5%. New TV stations contributed to higher audience shares internationally as
well. Norwegian male station MAX increased its ratings by 2.2 percentage
points to 2.6%. MAX, one of the most successful new stations in Europe,
already ranks number two in this genre one year after launch. Overall, the
Norwegian stations TV Norge, FEM, MAX and The Voice achieved a 3.0
percentage point increase to 17.4% in 2011.

Capital structure significantly improved
As of December 31, 2011, the ProSiebenSat.1 Group’s net financial debt
amounted to EUR 1.818 billion, thus significantly decreasing by 39.8% year-onyear (previous year: EUR 3.021 billion). Leverage also declined and with a
factor of 2.1 times is within the defined target range of 1.5 to 2.5 times
(previous year: 3.3 times) net debt to recurring EBITDA.
In August 2011, the ProSiebenSat.1 Group used the proceeds from the
disposal of the companies in Belgium and the Netherlands to prepay EUR 1.2
billion and thus a significant part of its debt facilities. In addition to this the company extended a significant part of its remaining term loans to 2016 at attractive terms.
The again improved profitability and the term loan repayment have also
strengthened the Group’s shareholder’s equity position significantly. As of
December 31, 2011, the corresponding equity ratio improved to 28.6%
(previous year: 16.2%) and reflects the Group’s solid capital structure.
Shareholders’ equity amounted to EUR 1.441 billion, thus 40.5% or EUR 415.5
million higher than at the prior-year reporting date.

Axel Salzmann, CFO: “The disposal of the companies in Belgium and the
Netherlands was an important step toward strengthening the capital structure.
We are highly profitable and have a stable balance sheet position with our
financing secured long term. The significant reduction of financial liabilities will lead to considerably lower interest expenses and thus strengthen our
profitability further.”

Proposed dividend of EUR 1.17 per preference share and EUR 1.15 per
common share
The shareholders of the ProSiebenSat.1 Group will participate in the success
of the past financial year. The Group maintains its general dividend policy of
paying out 80% to 90% of underlying net income from continuing operations.
Therefore, for 2011, the Executive Board will propose to the Supervisory Board
a dividend of EUR 1.17 per preference share (previous year: EUR 1.14) and
EUR 1.15 per common share (previous year: EUR 1.12). In total, the company
would pay out EUR 244.9 million (previous year: EUR 241.2 million), totalling to
a payout ratio of 79.2% of the Group’s underlying net income from continuing
operations.

Outlook for 2012: ProSiebenSat.1 plans further growth
The company has started well into the first quarter of the year and is expecting
further growth in revenue and recurring EBITDA in 2012. However, the revenue
growth is expected not only to result in an increase in recurring EBITDA
compared to fiscal 2011, but also, in combination with lower interest expenses,
to contribute to a further increase in underlying net income. Up to 2015, the
ProSiebenSat.1 Group targets additional revenue potential of EUR 750 million
in comparison to the fiscal 2010 revenue basis. The basis for this is the fourpillar growth strategy.