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Prosieben: second quarter profit 68 million, cuts 2022 estimates

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(ANSA) – MILAN, 11 AUGUST – In the second quarter of the year Prosieben, the German media group of which Mfe-Mediaset is largely the largest shareholder, recorded a net profit of 68 million, up 7.9% compared to the same period in 2021, but below analysts’ estimates which indicated an average of 74 million.

Revenues are at 1.06 billion compared to 1.03 forecast, with debt growing to 1.88 billion, up 8% compared to the end of June 2021. Full-year estimates indicate revenues between 4.3 and 4.45 billion, revised downwards compared to the last ‘spread’ of 4.5-4.7 billion. Analysts’ forecasts were around 4.5 billion. Estimates on gross operating profit (Ebitda) for the whole of 2022 are also down.

“Revenue growth in the second quarter demonstrates once again that, thanks to our diversified structure, we are more crisis-proof than many other media companies,” comments Rainer Beaujean, CEO of Prosieben.

ProSiebenSat.1 on a half-yearly basis, from January to June 2022, recorded revenue growth of 1% to 2,009 million (the previous year to 1,986 million), for the first time over the two billion mark. Organically, therefore adjusted for currency effects and excluding the contributions to the revenues of the portfolio companies sold in 2021, the revenues of the German media group increased by 2% in the first half of 2022.

In any case, the negative reaction of the stock market: the Prosieben stock after the cut in the 2022 estimates on the Frankfurt list drops by 2% to 8.38 euros. Holds Mfe-Mediaset, which in the German group is largely the largest shareholder just under 25% of the capital but which has exceeded this threshold in terms of voting rights: the MfeA share falls by about one percentage point to € 0.43, MfeB rises instead of around 1% at 0.61. (HANDLE).

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Source: Ansa

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