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March 4, 2021, 2:21 a.m. EST

ProSiebenSat.1 proposes dividend, targets growth

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By Joshua Kirby

ProSiebenSat.1 Media SE said Thursday that net profit for 2020 fell sharply on year, but that revenue and earnings grew in the last quarter, and that it is targeting growth in 2021.

The German broadcaster reported an adjusted net income of 221 million euros ($266.6 million) for the year, down 43% from EUR387 million in 2019.

Revenue for the year was down only slightly at EUR4.05 billion, while adjusted earnings before interest, taxes, depreciation and amortization came to EUR706 million, down 19% from EUR872 million in 2019.

The full-year result was boosted by double-digit growth in revenue and adjusted Ebitda in the last quarter, mitigating the worst effects of the coronavirus pandemic in the second quarter, ProSiebenSat.1 said.

The company is proposing a dividend of EUR0.49 a share for the year, in line with a policy of paying out around 50% of adjusted net income. For 2021, ProSiebenSat.1 is targeting revenue growth of between 2% and 7% to a maximum EUR4.35 billion, and growth in adjusted Ebitda to a range of between EUR720 million and EUR780 million. The guidance takes into account continuing pandemic-related uncertainty but assumes a rapid recovery in advertising revenue after the first quarter, the company said.

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