Beginning with the fiscal year 2017, RTL Group will report EBITDA as its key performance indicator for operating profit, adapting to more common reporting standards of the media industry (previously: EBITA).

Given the current economic climate, RTL Group does not see any signs of either a wider advertising market rally or decline – especially with uncertainty around the Brexit and the political elections in Europe – and expects the picture in 2017 to be similar to 2016 with overall slight growth. Accordingly, RTL Group currently believes 2017 will be another challenging year for its TV channels and therefore expects only slight top line growth from its core broadcast markets.

FremantleMedia – RTL Group’s content production arm – will continue to face market pressure on both volumes and pricing, but should benefit from the investments made in new businesses and also in the pipeline, especially in drama and digital. Accordingly, RTL Group expects FremantleMedia’s revenue to be broadly stable, subject to stable exchange rates, with EBITDA progressing strongly.

Digital revenues are expected to continue to show dynamic double-digit revenue growth and increase its share of RTL Group’s total revenue to at least 15 per cent within the next three to five years.

The company will continue to focus on cash conversion and expects 2017 levels to be broadly in line with previous years, not below 90 per cent.

RTL Group keeps a leverage target of 0.5 and 1.0 times net debt to full-year EBITDA for the financial year 2017.

The dividend policy remains unchanged: RTL Group plans to pay out between 50 and 75 per cent of the adjusted net result for the financial year 2017 as an ordinary dividend. The potential for an interim dividend payment will be assessed by the Board after having reviewed the Group’s investment pipeline, cash generation and net debt level.

RTL Group expects its total revenue for the financial year 2017 to continue to grow moderately (+2.5 per cent to +5.0 per cent), driven by the Group’s digital businesses and Mediengruppe RTL Deutschland – this means 2017 revenue is expected to reach a window of between €6,393 million and €6,549 million. The company expects EBITDA for the full year 2017 to be broadly stable (-1.0 per cent to +1.0 per cent), mainly due to the lack of positive one-off effects at the level of Groupe M6.


Outlook RTL Group

In million €




Per cent change



6,393 to 6,549

Moderately up

+2.5 to +5.0



1,397 to 1,425

Broadly stable

-1.0 to +1.0


8 March 2017

The Board of Directors

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