The media company from Unterföhring cuts the dividend significantly.
(Photo: Reuters)
Unterfoehring The media group Pro Sieben Sat 1 drastically cuts the dividend for the past financial year. After the 80 cents distributed in 2021, there should only be five cents for 2022, the company listed in the MDax announced on Thursday evening in Unterföhring.
Pro Sieben Sat 1 justified this with a changed dividend policy. When measuring distributions, the company now takes into account the general economic environment and the adjusted consolidated net income with a special focus on an “appropriate level” of the gearing ratio. In addition, Pro Sieben Sat 1 also takes into account the requirements for investments in the operating business and for the implementation of strategic growth options, especially in the core entertainment business.
The reference figure for dividend payments remains the adjusted consolidated net income. Instead of half as before, the company only wants to pay out 25 to 50 percent of this to the shareholders.
The company also announced a change at the top of the finance department. Martin Mildner will take over from Ralf Gierig on May 1st, it said. The price of the Pro Sieben Sat 1 share on the Tradegate trading platform recently fell by almost six percent compared to the closing price in the main Xetra business.
More: Pro Sieben announces balance sheet submission and prevents expulsion from the MDax