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ProSiebenSat.1 Q3 Profit Rises; Adjusts Dividend Policy, Plans Share Buyback

German commercial broadcaster ProSiebenSat.1 Media AG (PBSFF.PK) Thursday reported that its third-quarter consolidated net profit, after non-controlling interests, rose 3 percent to 126 million euros from 122 million euros in the year-ago period.

However, adjusted net income decreased 24 percent to 75 million euros from 99 million euros in the prior-year period.

Operating profit or EBIT for the period declined 23 percent to 133 million euros, while EBITDA decreased 33 percent to 187 million euros.

Adjusted EBITDA decreased 13 percent to 175 million euros from 202 million euros in the year-ago period.

However, revenue for the quarter increased 1 percent to 892 million euros from 883 million euros in the year-ago period, but continued to be impacted by currency and consolidation effects. Adjusted for these factors, the Group generated revenue growth of 4 percent.

Looking ahead to fiscal 2018, ProSiebenSat.1 affirmed its outlook for adjusted EBITDA margin and adjusted net income.

However, the Group now expects full-year revenue to decrease in the low-single-digit percentage range to around 4 billion euros. Adjusted for consolidation and currency effects, Group revenues are however expected to grow in a low-single-digit percentage range.

Previously, ProSiebenSat.1 forecast an unadjusted revenue increase of the Group in a low- to mid-single-digit percentage range and an adjusted revenue increase in a mid-single-digit percentage range compared to the previous year.

Further ahead, ProSiebenSat.1 said it aims to increase Group revenues from 4 billion euros to 6 billion euros, and adjusted EBITDA from 1 billion euros to 1.5 billion euros in the mid-term, over the next around five years.

ProSiebenSat.1 said it is adjusting its dividend pay-out policy. The Group thus intends to pay out 50 percent of adjusted net income as a dividend, previously 80 percent to 90 percent, for the first time in the financial year 2018 - to be paid in 2019.

The company also said it plans a share buyback program of up to 250 million euros with a term of 12 to 24 months. A first tranche with a volume of up to 50 million euros will be repurchased in the short term, beginning with November 9, 2018.

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