Addressable TV

Addressable TV describes the opportunity to broadcast digital advertising in linear television programming selectively — i. e. nationally, regionally or according to target group — on Internet- connected TV sets by means of HbbTV technology. It thus combines the reach of the television mass medium with the targeted addressability of the online world. In this context, the so-called SwitchIn is a possible advertising format: The digital advertising window covers part of the screen as soon as the viewer switches to a ProSiebenSat.1 channel.

Adjusted EBITDA

Adjusted EBITDA stands for adjusted earnings before interest, taxes, depreciation and amortization.
It describes earnings before interest, taxes, depreciation and amortization, adjusted for certain influencing factors (reconciling items).

Adjusted net income

Adjusted net income is the net result attributable to shareholders of ProSiebenSat.1 Media SE before the amortization and impairments from purchase price allocations, adjusted for the reconciling items as outlined above as well as additional reconciling items.
These include valuation effects recognized in other financial result, valuation effects of put-options and earn-out liabilities, as well as valuation effects from interest rate hedging transactions. Moreover, the tax effects resulting from such adjustments are also adjusted.


The umbrella term AdTech refers to all products, providers, systems, and tools relating to advertising technology. AdTech forms the basis for programmatic advertising, for data-based, automated, and individualized buying and selling, and for real-time adjustment of advertising space. The entire process – from commissioning to performance of the service – takes places within the technology platforms provided for programmatic advertising. As such, AdTech replaces manual buying and selling of online advertising space and instead establishes a more efficient and flexible form of advertising dynamics for marketers and advertisers. Viewers can be targeted in an even better optimized way and with even greater target group focus, for example by means of individualized, real-time topic management. ProSiebenSat.1 Group currently sells around 50% of its digital display advertising via programmatic advertising systems.

Arbeitsgemeinschaft Fernsehforschung (AGF)

In the Arbeitsgemeinschaft Fernsehforschung (Working Group of Television Research), the ARD and ZDF broadcasters, the ProSiebenSat.1 Media SE station groups and the RTL Deutschland media group join forces to carry out and develop continual quantitative television audience research in Germany (ratings). The data collected exclusively by the GfK TV research department is recognized in the television market as the common currency for advertising and program planning. The AGF/GfK television panel includes 5,200 households consisting of more than 10,000 persons, which report on a daily basis (reporting basis D+EU television panel). This shows the television consumption of 75.86 million people from the age of 3 or 38.77 million television households (as of January 1, 2019).

Arbeitsgemeinschaft Online Forschung (AGOF)

Affiliation of leading online marketers in Germany. By providing standardized online coverage currency and comprehensive data on online media consumption, AGOF makes traditional and mobile internet a transparent and plannable advertising medium.

Cash flow hedge

Guarding against the risk of variable cash flows with derivative financial instruments.

Cash flow statement

The cash flow statement shows how cash and cash equivalents have changed as a result of cash inflows and outflows during the period. It is broken down into cash flow from operating activities, cash flow from investing activities and cash flow from financing activities. Cash and cash equivalents shown in the cash flow statement correspond to the cash and cash equivalents reported on the statement of financial position as of at the reporting date. Cash flow from operating activities is derived indirectly from the consolidated profit or loss.

Catch-up TV

Catch-up TV is a form of video-on-demand whereby stations give audiences the opportunity to watch television shows online for a certain period of time following the original broadcast (usually seven days). Audiences can usually access these shows for free.


Compliance is part of corporate governance. It refers to compliance with laws, directives, and voluntary codes within the company.


Corruption is ‘the abuse of entrusted power for private gains´ and can be instigated by individuals or organizations. In the Guidelines, corruption includes practices such as bribery, facilitation payments, fraud, extortion, collusion, and money laundering. It also includes an offer or receipt of any gift, loan, fee, reward, or other advantage to or from any person.

Credit facility

Defined credit line that can be drawn on to cover a credit requirement at one or more banks.


If an entity is separated from the Group, all assets and liabilities are eliminated from the consolidated financial statements by way of deconsolidation. This applies if the Group parent loses control, such as by selling all of its shares or its majority interest to third parties, if the parent’s ownership interest is diluted such that it loses control, or if the entity’s valuation changes (e.g. subordinate importance).


According to IAS 39.9 a derivative exists when
  1. the value of a financial instrument depends on an underlying, for example, the development of an interest rate, a share price, an index or a foreign currency. In addition, the standard stipulates that in comparison to other instruments which would be expected to have a similar response to changes in market conditions.
  2. a derivative requires little or no initial investment.
  3. settlement or offsetting takes place at a time in the future.

Derivative financial instruments

Financial instruments whose value or price depends on the future prices or prices of other assets (underlying assets). These include forward exchange contracts, interest rate swaps and options.

Digital out-of-Home

Digital out of Home means outdoor digital advertising, i. e. media outside of one’s own four walls: LED boards or digital backlit billboards on roads, at train stations and airports, in public transport or at point of sale (e. g. electronics stores, food stores, convenience stores). DooH is a distinct media type that has built up relevant cumulative reach, which differs from traditional outdoor advertising (billboards): DooH allows advertisers to use video advertising in order to follow the mobile target group through the day and thus effectively extend television campaigns, for example.


The share of the profit of a stock corporation distributed to the shareholders. The amount of the dividend is proposed by the Executive Board and approved by the Annual General Meeting. The dividend depends, among other things, on the profitability, economic situation and dividend policy of the company. The basis of assessment for the distribution is the profit calculated according to commercial law.


Abbreviation for Earnings before Interest and Taxes.


Abbreviation for Earnings before Interest, Taxes, Depreciation and Amortization.

Fair Value

The fair value is defined according to IFRS 13.9 as the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants on the measurement date.

Financial covenants

Obligations in the context of loan contracts. These relate primarily to key financial indicators that the borrower has to comply with.

Financial result

Is composed of the interest result, other financial result and income from investments accounted for using the equity method.

Free Cash flow

A key parameter for assessing the financial strength of the Group. Total cash and cash equivalents generated in operating business less the balance of cash used and generated in the context of investing activities.

Free Cash flow before M&A

Free cash flow adjusted for cash used and generated by M&A transactions (excl. trans-action costs) related to majority acquisitions that are carried out and planned, the purchase and sale of investments accounted for using the equity method and other investments with the exception of media-for-equity investments.

Free float

The equity share of a stock corporation that is not in fixed ownership. According to Deutsche Börse AG's definition, blocks of shares of less than five percent belong to the free float. This excludes blocks of shares held by asset managers, funds, fiduciary and pension companies.

GfK Fernsehforschung

GfK Fernsehforschung is a department within the GfK Group (Gesellschaft für Konsumforschung) that collects TV consumption data for Germany exclusively on behalf of the Arbeitsgemeinschaft Fernsehforschung (AGF). On a daily basis, GfK Fernsehforschung records the TV consumption of the households on the television panel, the people living in these households and their guests with electronic measuring instruments. This data is considered “the currency” in Germany’s TV market.

Global Reporting Initiative (GRI)

The GRI Sustainability Reporting Guidelines offer Reporting Principles and Standard Disclosures for the preparation of sustainability reports by organizations, regardless of their size, sector or location. The Guidelines are developed through a global multi-stakeholder process involving representatives from business, labor, civil society, and financial markets, as well as auditors and experts in various fields.

Gross advertising expenditure

Money spent by advertisers on the placement of advertising. Gross advertising expenditure allows only limited conclusions to be drawn on actual advertising revenues, as it does not take into account discounts, self-promotional advertising or agency commissions.

Hedge accounting

Shows an economic hedge relationship in line with IAS 39. Here what are opposing value changes of the hedged underlying transactions and the derivative financial instruments are recognised in the income statement in accordance with their economic substance.

High definition (HD)

High-definition video content as opposed to standard definition (SD). HD content is predominantly distributed via television, Blu-ray and the Internet. On televisions, the standards used are 720p, 1080i und 1080p. Online, HD content is streamed or distributed in various file formats (e.g. avi, mp4, mkv, mov) and specifications. “Native HD” means that the content was produced with HD devices from the start, and that it does not need to be upscaled to be broadcast in HD. HD content is transferred between devices via HDMI und can be protected against copying (HDCP). The HD standard is in further development.

Hybrid broadcast broadband TV (HbbTV)

Enables the link-up between TV and Internet offerings. HbbTV, the standard for interactive television, is implemented in various ways by the TV broadcasters. HbbTV applications can offer comprehensive EPGs, HD Videotext, additional interactive services such as information to accompany programs, interactive voting fields or access to videos. HbbTV also supports the full provision of additional television-related services via a broadband Internet connection.

In-stream video ads

In-stream advertising is video advertising. This includes all forms of video advertising shown before, after or during a video stream. Linear in-stream video ads play — like TV commercials— before (pre-roll), during (mid-roll) or after (post-roll) the video content. They can also allow interaction (interactive video ads). Another category is non-linear video ads, which play in parallel and overlap with the video content.

Interest rate swaps

Derivative financial instruments to swap cash flows. For example, with interest rate swaps a swap is made between fixed and floating rate cash flows.


Stands for Internet Protocol Television (IPTV). Films and television are transmitted over the Internet — and in contrast to traditional broadcasting, not via cable or satellite. IPTV is neither a standard nor a design, and therefore only a generic term that may be encountered in various forms.

Leverage ratio

Common key ratio for measuring the debt position. It is calculated as the ratio of net financial debt to adjusted EBITDA of the last twelve months.

Media-for-revenue-share / media-for-equity

Describes a business model introduced by ProSiebenSat.1 Group where start-up companies receive advertisement time in return for a revenue share and/or equity.

Media literacy

Media literacy is the capability to understand the content of media and use media competent.

Multi-channel network (MCN)

A company that enters partnerships with online platforms and offers support in areas such as product, programming, financing, cross-promotion, partner management, digital rights management, monetization/sale and establishing an audience. As a kind of record label, the multi-channel networks manage online video makers.

Net advertising revenue

Advertising revenues less discounts, self-promotional advertising, agency commissions, etc.

Net financial debt

Total loans and borrowings minus cash and cash equivalents and current financial assets.

Nielsen Media Research

Subsidiary of the American market research institute AC Nielsen. Nielsen Media Research, based in Hamburg, is devoted to monitoring the advertising market. It determines the gross advertising revenues (AdEx data) of the most important media types and advertising media (television, consumer and trade magazines, newspapers, radio, online and billboards) according to economic field, product group and family, company and brand.

Operating costs

Total costs excluding expense adjustment as well as amortization and impairments. Relevant cost variable for calculating adjusted EBITDA.

Pay TV

Television programming that can only be received if additional fees are paid. Special equipment (a decoder) is usually required.

Programming assets

Rights to TV program content (e.g. feature films, series, commissioned productions) capitalized as a separate item due to their particular importance for the financial position and performance at ProSiebenSat.1 Group. Feature films and series are posted on the statement of financial position as of the beginning of the license term. Commissioned productions are capitalized as broadcast-ready programming assets as of their date of formal acceptance. Until being broadcast, sport rights are included in advance payments. They are then posted to programming assets. When programs are broadcast, a program consumption item is posted in the income statement.

Purchase price allocation

Process by which the purchase price for a newly acquired entity is allocated to the acquired assets and (contingent) liabilities on the acquisition date.

Revolving Credit Facility (RCF)

A credit framework that can be repaid and then utilized again within a specific time period.

Scope of consolidation

The full group of entities to be included in the consolidated financial statements.

Smart reach

Smart reach gives the opportunity to show more relevant and individual advertising for users, enabling an improved offer for advertising customers to address their target groups.

Subscription video-on-demand (SVoD)

Subscription video-on-demand describes a subscription model for customers of video-on-demand platforms such as maxdome. A fixed price is charged for a defined offering that can be accessed without restriction. It belongs to the overriding pay-video-on-demand (Pay-VoD) category, which also includes other payment models, such as transactional video-on-demand (TVoD) or pay-per-view (PPV).

Syndicated facilities agreement

Loans granted jointly by multiple financial institutions, which must involve at least two lenders. Syndicated facilities are granted when the total credit is very high. The distribution among several banks serves to spread the risk. Syndicated facilities are also known as consortium loans.


Targeting means modulating advertising automatically and in a targeted fashion using various parameters. It serves to optimize the delivery of digital advertising to predefined target groups with less wasted coverage.

Term loan

Loan in which the loan obligation is repaid at the end of the agreed duration (secured term loan).

Total Reach

Monetization of overall reach. Total reach allows overlaps between the various forms of use to be presented, e.g. joint viewers of the TV broadcast of a show and the accompanying catch-up offering.

Unique User

The unit “unique user” expresses how many people in a given period were exposed to an advertising medium or individual booking units and equates to net reach. The unique user is the basis for the calculation of the reach and audience structure of online advertising media and the regulation of essential factors for media planning such as weekly consumption, monthly consumption or building exposure.

Video-on-demand (VoD)

Allows the user to stream or download videos at any time.

Working capital

Calculated on the basis of current assets minus current liabilities, thus providing an assessment of liquidity. Guarding against the risk of variable cash flows with derivative financial instruments.

Zentralverband der deutschen Werbewirtschaft (ZAW)

As a combination of associations whose members are business advertisers, the Zentralverband der deutschen Werbewirtschaft e. V. (ZAW) brings together the interests of the advertising industry, represents them to the outside world and determines the advertising investments (net) of all media types and advertising media on an annual basis. The association is dedicated to all matters concerning the advertising industry with the intention of making government regulation unnecessary.