The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Julien Roch - Barclays Bank PLC - Analyst
: I'll start with Q3 trends. You said that July and August were still impacted by the Euro and the Olympics. So could we assume that July and August
are in line with June? And do you have any early visibility on September? That's my first question.
The second one is on free cash flow, minus EUR30 million in the first half, which is a strong improvement versus EUR162 million last year. So at
EUR575 million of EBITDA, what level of free cash flow do you expect to generate this year? I know you guide on adjusted operating cash flow, but
investors focus on free cash flow without adjustment. And lastly, my usual question, you gave us Joyn viewing minutes of 9.8 billion in the first
half. Can we get total minutes across all your content in linear and on-demand, please?
Question: Annick Maas - AllianceBernstein Holding LP - Analyst
: So you said on a full year basis, the agencies are expecting the TV advertising market to grow 2% in Germany. By how much is ProSieben going to
outperform this? My second one is on Verivox and Flaconi. If you could give us an update on where we stand on potential monetization?
And just on the dating business. You said now that in the European side, you've seen a stabilization in terms of new customer intake. What does
that mean actually in terms of revenues for the European dating business? Is it still declining? Or are we seeing now a stabilization of revenues as
well in Europe?
Question: Adrien de Saint Hilaire - BofA Securities Inc - Analyst
: Yes. A few questions, please. So you highlighted that Q2 was impacted by the Eero. But I believe that when you guided us on Q2, you talked about
a continuation from Q1, which was about 5% and obviously, we knew about the Euro. So I'm just wondering if there is some softening in the
underlying ad market in June, July? Or is it just that the market share shift was perhaps stronger than what you anticipated?
And then on Verivox and Flaconi, thanks for the disclosure on revenue. Could we have some sense on what you expect broadly in terms of profitability
for those two assets? Either if you want to comment on H1 or what you would expect for the full year because it appears that Verivox has very
strong revenue growth. I'm just curious on how that translates on to EBITDA for the business and whether or not Flaconi is now actually more than
breakeven.
Question: Fathima-Nizla Naizer - Deutsche Bank AG - Analyst
: Two questions from my end. The first, I think, is linked to the previous question, which is how much visibility do you typically have in terms of how
much in advance your advertising is booked these days? Has this changed over the last year? Could you remind us what the setup is like, that would
be great. And secondly, the content spending stepping up in Q4.
Could you remind us again what would drive this? Where is this spending going into? And where would the benefit of this path in content spend
can be seen? Some color there would be great.
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AUGUST 08, 2024 / 8:00AM, PSMGn.DE - Half Year 2024 Prosiebensat 1 Media SE Earnings Call
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