Key figures and outlook

^{2013 Revenue and EBITDA restated for IFRS 11
2014 EBITDA restated for changes in purchase price allocation
*See Key performance indicators below
**As of 31 December}

RTL Group analyses key performance indicators (KPIs) to manage its businesses, including revenue, organic growth/ decline, Adjusted EBITA, Adjusted EBITA margin, net debt, operating cash conversion rate and audience shares in main target groups. RTL Group’s key performance indicators are mostly determined on the basis of so-called alternative performance measures, which are not defined by IFRS. Management believes they are relevant for measuring the performance of the Group’s operations, financial position and cash flows, and for making decisions. These KPIs also provide additional information for users of the financial statements regarding the management of the Group on a consistent basis over time and regularity of reporting. These should not be considered in isolation but as complementary information for evaluating the Group’s business situation. RTL Group’s KPIs may not be comparable to similarly titled measures reported by other groups due to differences in the way these measures are calculated.

Further details can be found in the chapter on key performance indicators.

Following the initial outlook for the full year 2022 dated 17 March 2022, RTL Group communicated on 6 May 2022 that the German advertising market had been weaker than expected in March and April. Since then, current trading and future prospects of most European advertising markets have continued to soften. Due to this development, the effects of the Fifa World Cup in November and December, and numerous external factors – in particular the war in Ukraine, inflation, energy supply and supply chain
issues – RTL Group revised its outlook.

The outlook does not reflect the announced consolidation moves in France and the Netherlands as they are still subject to regulatory approvals, but reflects the acquisition of Lux Vide (as at 3 March 2022), Dancing Ledge Productions (as at 6 April 2022) and Element Pictures (as at 10 May 2022) by Fremantle and the sales of RTL Belgium (as at 31 March 2022) and RTL Croatia (as at 1 June 2022)¹.

On this basis and subject to the above:

• RTL Group expects its revenue to increase to between €7.3 and €7.5 billion (previous guidance: ~€7.4 billion). The revenue increase is explained by positive scope and foreign exchange rate effects of approximately €0.5 billion and organic revenue growth of €0.2 billion to €0.4 billion, depending on the performance of the TV advertising markets in H2/2022.
  
  
• RTL Group expects its Adjusted EBITA for 2022 to be between €1.05 and €1.15 billion (previous guidance: ~€1.15 billion), including streaming start-up losses of approximately €250 million (2021: €166 million), unchanged from the previous guidance. The Group expects its ‘Adjusted EBITA before streaming start-up losses’ to be between €1.3 and €1.4 billion (previous guidance: ~€1.4 billion).
  
  
• 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.

Fremantle targets full-year revenue of €3 billion by 2025.

To reach this goal and keep up with the increasing demand for content, RTL Group will invest significantly in Fremantle – both organically and via acquisitions – in all territories across drama and film, entertainment and factual shows and documentaries.

¹ In addition, the outlook includes, among other scope effects, the deconsolidation of SpotX (as of 30 April 2021) and Ludia (as of 8 September 2021) as well as the full consolidation of Eureka (as of 17 May 2021), Super RTL (as of 1 July 2021), This is Nice Group (as of 30 September 2021) and Gruner + Jahr (as of 1 January 2022).

² Total of Adjusted EBITA from RTL+, Videoland/ RTL XL, Salto and Bedrock as consolidated on RTL Group level. The Adjusted EBITA of RTL+ and Videoland/ RTL XL includes synergies with TV channels on business unit level. For the definition of Adjusted EBITA please see Key performance indicators.