Cash flow Statement of ProSiebenSat.1 Group

EUR m 2015 2014

Profit from continuing operations 395.9 381.5

Profit from discontinued operations (net of income taxes) 0.3 -27.1

of which gain/ loss on the sale of discontinued operations (net of tax) –/– -14.0

Profit for the period 396.2 354.3

Income taxes 207.7 178.6

Financial result 126.4 134.4

Depreciation/amortization and impairment of other intangible and tangible assets 151.1 123.8

Consumption/reversal of impairment of programming assets 887.0 862.7

Change in provisions for pensions and other provisions 22.3 3.0

Gain/loss on the sale of assets -7.0 5.0

Negative goodwill on business combinations -0.1 –/–

Other non-cash income/expenses 1.2 0.9

Cash flow from continuing operations 1,784.6 1,690.0

Cash flow from discontinued operations -2.1 -4.6

Cash flow total 1,782.5 1,685.4

Change in working capital -12.0 -12.2

Dividends received 6.6 5.7

Income tax paid -177.8 -163.4

Interest paid -81.5 -91.2

Interest received 0.6 2.1

Payments for financing costs from derivatives –/– -6.3

Cash flow from operating activities of continuing operations 1,520.5 1,424.8

Cash flow from operating activities of discontinued operations -1.7 19.5

Cash flow from operating activities total 1,518.8 1,444.3

Proceeds from disposal of non-current assets 3.0 7.9

Payments for the acquisition of other intangible and tangible assets -122.5 -99.2

Payments for the acquisition of financial assets -41.7 -47.8

Proceeds from disposal of programming assets 15.2 7.3

Payments for the acquisition of programming assets -943.9 -889.7

Payments for loans to associated companies -0.0 -0.1

Payments for loans to other investments -0.1 -0.2

Payments for the issuance of loan receivables to external parties -3.5 -5.9

Proceeds for the issuance of loan repayments from external parties 2.1 5.0

Cash flow from obtaining control of subsidiaries or other business (net of cash and cash equivalents acquired) -425.6 -122.2

Cash flow from losing control of subsidiaries or other business (net of cash and cash equivalents disposed of) -4.6 -3.5

Cash flow from investing activities of continuing operations -1,521.7 -1,148.4

Cash flow from investing activities of discontinued operations 16.7 -25.2

of which proceeds from disposal of discontinued operation (net of cash disposed of) 16.1 -6.4

Cash flow from investing activities total -1,505.0 -1,173.6

Free cash flow of continuing operations -1.2 276.5

Free cash flow of discontinued operations 15.0 -5.7

Free cash flow 13.8 270.7

Cash Flow Statement

EUR m 2015 2014

Free cash flow (amount carried over from page above) 13.8 270.7

Dividends paid -341.9 -313.4

Repayment of interest-bearing liabilities -333.0 -459.8

Proceeds from issuance of interest-bearing liabilities 950.1 600.0

Repayment of finance lease liabilities -12.7 -9.6

Proceeds from the sale of treasury shares 10.4 7.2

Payments for shares in other entities without change in control -14.3 -0.1

Payments in connection with refinancing measures -4.8 -23.6

Dividend payments to non-controlling interests -11.7 -8.9

Cash flow from financing activities of continuing operations 242.1 -208.3

Cash flow from financing activities of discontinued operations –/– –/–

Cash flow from financing activities total 242.1 -208.3

Effect of foreign exchange rate changes of continuing operations on cash and cash equivalents 8.0 4.0

Effect of foreign exchange rate changes of discontinued operations on cash and cash equivalents –/– -0.3

Change in cash and cash equivalents total 263.8 66.1

Cash and cash equivalents at beginning of reporting period 470.6 404.51

Cash and cash equivalents at end of reporting period 734.4 470.6

1 Includes cash and cash equivalents from held for sale entities.

Cash Flow Statement continued