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RTL Group reports strong operating results in second half of 2023 - Dynamic streaming growth continues
14.03.24 | RTL Group
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With a strong second half of the year, RTL Group's results came in in line with the guidance for the full-year 2023: On a pro-forma basis, Group revenue of €6.9 billion and Adjusted EBITA of €927 million, the latter including streaming start-up losses of €179 million
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In H2/2023, RTL Group generated an Adjusted EBITA of €677 million on a pro-forma basis, up 16.3 per cent on H2/2022 (€582 million) and the second highest ever - despite challenging advertising markets and significant streaming start-up losses
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Group revenue down 5.4 per cent to €6.2 billion due to lower TV advertising revenue and lower Fremantle revenue; Group revenue down 4.1 per cent organically
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Adjusted EBITA at €782 million; Adjusted EBITA margin of 12.5 per cent
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Proposed dividend of €2.75 per share, in line with the Group's dividend policy
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RTL Group's family of TV channels in Germany increased its lead over main commercial competitor ProSiebenSat1 to 5.8 percentage points, the highest lead in the last 10 years
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Paying subscribers for RTL Group's streaming services in Germany, Hungary and France up 30.5 per cent to 5.6 million; streaming revenue up 72.6 per cent to €283 million
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Following the envisaged disposal of the Dutch streaming service Videoland and the investments in M6+ in France, RTL Group has updated the targets for its streaming services RTL+ in Germany, M6+ in France and RTL+ in Hungary: by 2026, the Group aims to reach around 9 million paying subscribers and around €750 million of streaming revenue. RTL Group plans to increase its content spend to around €500 million and to become profitable by 2026
- Group revenue was down 5.4 per cent to €6,234 million (2022: €6,589 million), mainly due to significantly lower TV advertising revenue from broadcasting businesses and lower Fremantle revenue. Group revenue was down 4.1 per cent organically3 compared to 2022.
- TV advertising revenue across the Group was down 8.2 per cent year on year, despite market share gains, particularly in Germany.
- Streaming revenue4 was up 72.6 per cent to €283 million (2022: €164 million), thanks to the rapidly growing number of paying subscribers, higher revenue per subscriber and the first-time inclusion of 6play in France.
- Distribution revenue5 was stable at €331 million (2022: €332 million).
- Adjusted EBITA6 declined to €782 million (2022: €922 million), mainly due to lower profit contributions from RTL Deutschland as the German TV advertising market decreased significantly in 2023. The Adjusted EBITA includes streaming start-up losses of €176 million (2022: €222 million). The Adjusted EBITA margin6 was 12.5 per cent (2022: 14.0 per cent).
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Group profit from continuing operations was €483 million (2022: €642 million). Group profit from discontinued operations was €115 million (2022: €124 million). Total Group profit was €598 million (2022: €766 million).
- Total net cash from operating activities was €537 million, thereof €77 million from discontinued operations. The operating cash conversion rate7 for continuing operations was 68 per cent (2022: 49 per cent). RTL Group had net debt8 of €-291 million at the end of 2023 (end of 2022: net cash of €180 million).
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For RTL Group's Annual General Meeting on 24 April 2024, RTL Group's Board of Directors has proposed a dividend of €2.75 per share for 2023. The ex-dividend date of the dividend payment would be 25 April 2024 and the payment date 29 April 2024.
- Based on the average share price in 2023 (€38.449), the proposed dividend of €2.75 per share represents a dividend yield of 7.2 per cent.
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In March 2023, RTL Deutschland announced the renewal of the exclusive broadcasting and streaming rights for the Uefa Europa League and Uefa Europa Conference League. For the seasons 2024/25 to 2026/27, the matches will be shown on its linear channels RTL and Nitro as well as its streaming service RTL+.
- RTL Deutschland acquired the exclusive free-TV rights to 12 Uefa Euro 2024 matches from Deutsche Telekom. Groupe M6 will share the free-to-air TV rights for the Uefa Euro 2024 with TF1 and will broadcast 13 matches. These matches include the final, one semi-final and two quarter-finals (including the match of France if the team qualifies).
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In June 2023, RTL Hungary announced that it has acquired the broadcasting rights for the Uefa Champions League. Starting in the 2024/25 season, RTL Hungary will be the home of the Uefa Champions League matches for three years and will broadcast around 200 live games per season - including the finals - on linear TV and on its streaming service RTL+.
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In March 2024, Groupe M6 announced that it acquired the exclusive free-to-air TV rights for the majority of the matches of the Fifa World Cup in 2026 and 2030 - representing 54 matches for each tournament. This significant acquisition strengthens Groupe M6's event-based, free-to-air sports offering and its streaming service M6+.
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The number of paying subscribers for the German streaming service RTL+ increased by 23.0 per cent to 4.941 million, compared to 4.016 million at the end of December 2022. The growth was driven by the strategic partnership with Deutsche Telekom to bundle RTL+ Premium in Magenta TV, as well as increasingly attractive content such as leading reality TV formats, football matches of the Uefa Europa League and the growing number of originals such as Sisi and Pumuckl's New Adventures. In November 2023, RTL+ was the most-used streaming service in Germany, ahead of all major streaming services in the German market, based on usage time per user10.
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In August 2023, RTL Deutschland started the roll-out of Germany's first multimedia app RTL+, which offers video, music, podcasts, audiobooks and magazine content in one single app.
- In March 2024, Groupe M6 presented its investment plan for its streaming service M6+ (previous 6play). The additional investments of €100 million in content, technology and marketing will build up over time. The service will be primarily financed by advertising (AVOD), complemented by a premium subscription tier (SVOD). The service will run on the technology platform provided by Bedrock and is set to launch in May 2024.
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In March 2023, Fremantle launched its new label Undeniable, which will focus on producing world-class premium feature documentaries.
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In February 2024, Fremantle reached an agreement with Oaktree Capital Management to fully acquire Asacha Media Group, a European production group based in France that owns stakes in eight production companies in France, Italy and the UK. Successful formats from this portfolio include Death in Paradise for BBC One and Scènes de ménages for M6. Asacha Media Group is diversified in geography, genre and its customer base, complementing Fremantle's footprint in Europe and strengthening Fremantle's position as home to top and new talent.
- In February 2024, Fremantle acquired an 80 per cent stake in the Asian production company Beach House Pictures. The Singapore-based company operates in Japan, Korea and China as well as the US, UK and Europe, and is focused on non-scripted entertainment such as MasterChef Singapore.
Fremantle had major creative successes in 2023 and won 145 awards (2022: 115). The film Poor Things from Fremantle company Element Pictures was awarded four Academy Awards (Oscars) out of eleven nominations, alongside winning two Golden Globes and The Golden Lion at the Venice Film Festival. Wildside film C'è ancora domani (There's Still Tomorrow) won three awards at the Rome Film Festival and was Italy's most successful film of the year. In 2024, Fremantle will deliver several films such as Queer, starring Daniel Craig, and Without Blood, directed by Angelina Jolie and starring Salma Hayek.
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RTL Group expects its full-year revenue for 2024 to increase to around €6.6 billion, based on higher revenue from RTL Deutschland (mainly driven by strong growth in streaming revenue) and Fremantle (mainly driven by a recovery in the US market and acquisitions).
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RTL Group expects its Adjusted EBITA for 2024 to be around €750 million, with a variance of plus/minus €50 million, depending on the development of the German and French TV advertising markets in 2024. This Adjusted EBITA outlook includes higher content costs, primarily for the broadcast of Euro 2024 matches in France and Germany, and higher streaming start-up losses (2023: €176 million) primarily due to the investments in M6+ in France.
- RTL Group's dividend policy remains unchanged: RTL Group plans to pay out at least 80 per cent of the adjusted full-year net result.
2023 | 2024e | |
Revenue | €6,234m | ~€6.6bn |
Adjusted EBITA | €782m | ~€750m (+/- €50m) |
thereof streaming start-up losses | €176m | ~€200m |
202311 | 2026e12 | |
Paying subscribers | 5.6m | ~9m |
Streaming revenue | €283m | ~€750m |
Content spend per annum | €270m | ~€500m |
Profitability is expected by 202613.
Fremantle targets full-year revenue of €3 billion by 2025/2026.
To achieve this goal, RTL Group is investing significantly in Fremantle - both organically and via acquisitions - across entertainment, drama and film, and documentaries.
After integrating its acquired labels/production companies into the Fremantle network and reducing overhead, Fremantle's Adjusted EBITA margin is expected to increase to 9 per cent by 2026.
2023
€ m |
2022
€ m | Per cent change | |
Revenue | 6,234 | 6,589 | (5.4) |
Adjusted EBITA | 782 | 922 | (15.2) |
Adjusted EBITA margin (%) | 12.5 | 14.0 | |
Adjusted EBITA | 782 | 922 | (15.2) |
Significant special items | (125) | (42) | |
Impairment and reversals of investments accounted for using the equity method | - | (5) | |
Impairment of goodwill and amortisation and impairment of fair value adjustments on acquisitions of subsidiaries | (43) | (46) | |
Impairment and reversals on other financial assets at amortised cost | (2) | (30) | |
Gain/(loss) from sale of subsidiaries, other investments and re-measurement to fair value of pre-existing interest in aquiree | 40 | 107 | |
Fair value measurement of investments and re-measurement of earn-out arrangements | (32) | (78) | |
EBIT | 620 | 828 | (25.1) |
Financial result | (13) | (56) | |
Income tax expense | (124) | (130) | |
Group profit from continuing operations | 483 | 642 | |
Group profit from discontinued operations | 115 | 124 | |
Total Group profit | 598 | 766 | (21.9) |
Attributable to: | |||
- RTL Group shareholders | 467 | 673 | (30.6) |
Continuing operations | 352 | 549 | (35.9) |
Discontinued operations | 115 | 124 | (7.3) |
- Non-controlling interests | 131 | 93 | +40.9 |
Continuing operations | 131 | 93 | +40.9 |
Discontinued operations | - | - | |
Basic and diluted EPS (in €) | 3.02 | 4.35 | (30.6) |
Basic and diluted EPS from continuing operations (in €) | 2.27 | 3.55 | (35.9) |
Basic and diluted EPS from discontinued operations (in €) | 0.74 | 0.80 | (7.3) |
Oliver Fahlbusch
Executive Vice President Communications & Investor Relations, RTL Group
+352 / 24 86 5200
oliver.fahlbusch@rtl.com
Irina Mettner-Isfort
Vice President Media & Investor Relations, RTL Group
+49 221 456 56410
irina.mettner.isfort@rtl.com
2 Due to the reached agreement to sell RTL Nederland, as communicated on 15 December 2023, the operating segment RTL Nederland is classified as held for sale and presented as discontinued operations in RTL Group's consolidated accounts for the year 2023 (Application of IFRS 5 'Non-current assets held for sale and discontinued operations' to the operating segment RTL Nederland). The figures of the consolidated income statement and the consolidated cash flow statement for the year 2022 are restated in accordance with IFRS 5 to report the discontinued operations separately from continuing operations. If not indicated otherwise, all figures presented/reported in this document refer to continuing operations
3 Adjusted for portfolio changes and at constant exchange rates. Further details can be found in Key performance indicators on page 23 of RTL Group's Full-year results 2023 report
4 Streaming revenue includes SVOD, TVOD, in-stream and distribution revenue from RTL+ in Germany, 6play in France and RTL+ in Hungary (including RTL+/RTL+ Active/RTL+ Light)
5 Revenue generated across all distribution platforms (cable, satellite, internet TV) including re-transmission fees
6 See Key performance indicators on pages 23 to 25 of RTL Group's Full-year results 2023 report
7 Operating cash conversion rate reflects the level of operating profits converted into cash. Further details can be found in Key performance indicators on page 26 of RTL Group's Full-year results 2023 report
8 Net cash/(debt) excludes current and non-current lease liabilities. Including these, net debt as of 31 December 2023 was €-592 million (31 December 2022: net debt of €-205 million). See Key performance indicators on page 27 of RTL Group's Full-year results 2023 report
9 Frankfurt Stock Exchange
10 Source: Consumer Panel Services GfK: SVOD-Tracker
11 RTL+ in Germany, 6play in France and RTL+ in Hungary
12 RTL+ in Germany, M6+ (previous 6play) in France and RTL+ in Hungary
13 Total of Adjusted EBITA from RTL+ in Germany and Hungary, M6+ in France and Bedrock as consolidated on RTL Group level. The Adjusted EBITA of RTL+ in Germany and Hungary and M6+ includes synergies with TV channels at business unit level. For the definition of Adjusted EBITA please see Key performance indicators on pages 23 to 24 of RTL Group's Full-year results 2023 report
RTL is Europe's leading entertainment brand standing for entertainment, independent journalism, inspiration, energy and attitude. With our TV channels, streaming services, radio stations and online platforms in Germany, the Netherlands, France, Hungary and Luxembourg, we reach millions of people across Europe every day. The RTL brand is owned by RTL Group.
About RTL Group
RTL Group is a leading entertainment company across broadcast, streaming, content and digital, with interests in 60 television channels, seven streaming services and 36 radio stations. The Group's families of TV channels are either number one or number two in six European countries, while RTL Group owns or has interests in radio stations in France, Germany, Spain and Luxembourg. RTL Deutschland is the Group's largest business unit and Germany's first cross-media champion, operating across TV, streaming, radio, digital and publishing. RTL Group's streaming services include RTL+ in Germany and Hungary, Videoland in the Netherlands and 6play in France. Fremantle is one of the world's largest creators, producers and distributors of scripted and unscripted content, responsible for more than 11,000 hours of programming per year, alongside an international network of teams operating in 27 countries. The streaming tech company Bedrock and the ad-tech company Smartclip are also owned by RTL Group. As a market leader, RTL Group strives to foster alliances and partnerships within the European media industry, for example by building a one-stop advertising sales house in Germany with Ad Alliance and driving international advertising sales with RTL AdAlliance. Bertelsmann is the majority shareholder of RTL Group, which is listed on the Luxembourg and Frankfurt stock exchanges and in the MDAX stock index.
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RTL Group SA published this content on 14 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 March 2024 07:04:02 UTC.