Good morning.
Good morning, shareholders, shareholder representatives of the press, ladies and gentlemen. On behalf of the supervisory board, I would like to extend a cordial welcome to you. My name is Werner Brandt. I hereby declare today's Annual General Meeting of ProSiebenSat.1 Media SE open, and as the Chairman of the supervisory board, I am happy to chair the meeting in accordance with section 17, paragraph one of our articles of incorporation. The COVID-19 pandemic has been with us for over two years. We very much regret that we are again not able to hold a physical AGM this year. Even though some of the strict protective measures have already been lifted in the last few weeks, some in-person events are possible again, and we can once more move freely in many areas of daily life. The protection of our employees and your protection remains our top priority.
Therefore, we have decided to hold the annual general meeting as a virtual meeting again this year, now for the third year in a row. With the exception of the proxies appointed by the company, Mrs. Birte Stein and Mr. Daniel Kolb, who are present at the meeting, it is therefore not possible for shareholders or their proxies to physically attend today's annual general meeting. Instead, our shareholders and their proxies can follow the live audio and video transmission of the entire annual general meeting via our password-protected online service, the so-called Shareholder Portal in German and in English, which you can access via our website, www.prosiebensat1.com on the internet. The transmission of the meeting is broadcast from the premises of Eisbach Studios, Grasbrunner Straße 20, 81677 Munich, which is the venue of the annual general meeting.
As the chairman of the meeting, I have decided to grant interested members of the public the opportunity to follow the video and audio broadcast of the shareholders meeting on the internet in German and with an English translation until the company begins to answer the questions submitted by shareholders in advance. Dear journalists, I would like to thank you for the good cooperation. It is also important to us to provide the press with access to this year's shareholders meeting. I have therefore decided that selected press representatives will be able to follow the audio and video broadcast of the entire shareholders meeting. I would like to make the following statement on the presence of the executive board and the supervisory board. Our executive board member, Christine Scheffler, is unfortunately ill with corona. Since she has symptoms, she is not going to participate in the AGM.
I wish Miss Scheffler a speedy recovery. The other members of the executive board are present here today. I would like to welcome the executive board and our supervisory board members who will be following the live video and audio broadcast of the annual general meeting on their screens, just like you, our shareholders. For reasons of health protection only Dr. Helmes here beside me and myself represent the supervisory board on site today. I would also like to welcome Professor Dieter Mayer, notary public, who will record the minutes of the shareholders' meeting and who is also present on site today for this purpose. Last but not least, as I already mentioned, I would also like to welcome the proxy representatives appointed by the company on site.
I would now like to explain to you some specific characteristics associated with conducting today's shareholders meeting in the format of a virtual meeting. The company has set up the aforementioned Shareholder Portal, which is accessible via our website for shareholders to exercise certain shareholder rights by electronic communication. The personal access data for the Shareholder Portal was sent to the shareholders as described in detail in the invitation to the shareholders meeting. Just like in previous years, the possibilities to exercise the voting rights have been adapted to the requirements of a virtual meeting. Shareholders and their representatives or proxies who are entitled to participate can, even now during the shareholders meeting, use the Shareholder Portal to exercise their voting rights via electronic communication by absentee voting or grant a proxy and issue voting instructions to the proxy representatives appointed by the company.
To do so, please go to the Absentee Voting or Proxy with Instructions to Company Proxy Representatives box in the Shareholder Portal and submit your vote or your instructions for exercising voting rights with regard to the individual agenda items there. If you wish to change or revoke your vote or proxy and instructions to the proxy representatives today during the shareholders' meeting, please go to the Change Data or Revocation box in the Shareholder Portal. You can continue to use the Shareholder Portal for absentee voting to issue a proxy and instructions to the company's proxy representatives or to make changes or revoke your decision until voting begins at today's shareholders' meeting. I will let you know in good time when the vote begins.
In the run-up to the shareholders' meeting, it was also possible to exercise voting rights by absentee voting using the Shareholder Portal or to grant a proxy and issue instructions to the proxy representatives appointed by the company to exercise voting rights. Furthermore, it was also possible to use absentee voting to grant proxies and to issue instructions to the proxy representatives appointed by the company by letter or email to the address stated in the invitation to the shareholders' meeting. The relevant form was sent to the shareholders as described in the invitation to the Annual General Meeting, and it has also been available for download on the company's website. According to the legal requirements, shareholders must be granted the right to ask questions at virtual shareholders meetings by means of electronic communication.
For this purpose, eligible shareholders and their proxies had the opportunity to submit questions to the company via the shareholder portal in the run-up to today's annual general meeting up to and including 3rd of May 2022. These questions will be answered later during today's annual general meeting. The company has also decided on a voluntary basis to go beyond the statutory requirements by also allowing shareholders to ask questions during the shareholders' meeting. This is meant to provide those shareholders or their proxies who submitted questions via the shareholder portal in the run-up to the shareholders' meeting with the opportunity to ask follow-up questions arising from the answers to their questions at today's meeting. We ask that such follow-up questions be submitted in German via the shareholder portal.
For this purpose, we will again enable the question option in the shareholder portal for those shareholders or their proxies who submitted questions via the shareholder portal in the run-up to the shareholders' meeting from the beginning of the Q&A session or the session where the questions will be answered at today's meeting. To ensure an orderly conclusion of the Q&A process, including any follow-up questions, this option will be disabled again some time before the end of the Q&A session. I will announce this in good time beforehand. For the sake of good order, I would also like to point out that this additional opportunity to ask questions during the shareholders' meeting, which has been set up voluntarily, does not constitute a right to ask questions or have information provided.
The Executive Board, therefore, decides at its own due discretion how and to what extent it answers follow-up questions submitted today during the Annual General Meeting. Furthermore, the company has decided to give shareholders or their proxies the opportunity to submit video statements on the agenda on a voluntary basis for the first time this year. The corresponding comments on the agenda in the form of video messages could be submitted to the company via the Shareholder Portal up to and including 1st of May 2022. They were published on the Shareholder Portal in the run-up to the Annual General Meeting, provided that the requirements stated in the invitation to the Annual General Meeting were met and can still be viewed until the end of today's Annual General Meeting. The Executive Board has also decided at its due discretion to broadcast video statements at today's Annual General Meeting.
The broadcast will take place after the end of the public broadcast, immediately before the start of the session in which questions will be answered. Finally, I would like to point out that in the period from the beginning and until the end of the shareholders' meeting, shareholders who have exercised their voting rights and their proxies have the opportunity to object to resolutions of the shareholders' meeting electronically via the Shareholder Portal. If you would like to raise such an objection, please use the Record Objection box in the Shareholder Portal. Please also indicate the agenda items to which you wish to object.
Hard copies of the objections raised, together with the name and shareholder number of the respective shareholder, will be handed over to the notary public, who will then include them in the minutes of the shareholders' meeting. Ladies and gentlemen, shareholders, before we now enter into the agenda, I would like to explain some more formalities. I note that the annual general meeting was convened in due form and time in accordance with the law and the company's articles of incorporation by publication of the invitation in the Federal Gazette on the 28th of March, 2022. The invitation has also been available on the company's website since that time. A specimen copy of that publication is available to the notary public, and it will be attached to the minutes of the shareholders' meeting.
From the time the annual general meeting was convened, in particular also the detailed information specified in the invitation, including the information pursuant to Section 124a of the German Stock Corporation Act, has been accessible on the company's website in addition to the invitation. This information can also be viewed there today during the meeting, and it is also available here at the meeting venue. Notifications pursuant to Section 125 of the German Stock Corporation Act were sent out in accordance with the legal requirements. The company has not received any supplementary motions to the agenda. Furthermore, the company has not received any countermotions or election proposals to be made accessible within the deadlines provided for this purpose. Ladies and gentlemen, shareholders, let me share with you the following further information on today's shareholders' meeting.
After my introductory remarks, I will first give you the report of the supervisory board, and then the CEO will present the report of the Executive Board. After the report of the Executive Board and the calling of the other items on the agenda, all video statements submitted in due time will be broadcast. The Executive Board will then proceed with the answers to the questions submitted in advance by the shareholders. Any follow-up questions that may have been asked up to that point will then also be answered. We will then proceed to the vote. Until voting begins, you can still cast, change, or revoke your vote via the Shareholder Portal as explained in detail at the beginning or issue change and revoke proxies and instructions to the company's proxy representatives. Ladies and gentlemen, I have now received the register of attendance.
The attendance register records the shareholding of those shareholders who have issued a proxy and instructions to exercise their voting rights to the proxy representatives appointed by the company. In contrast, the shareholdings of shareholders who exercise their voting rights by absentee voting are not recorded in the attendance register. Their votes are only taken into account when determining the voting results. I would now like to announce the attendance at today's shareholders' meeting. Out of the share capital of the company in the amount of EUR 233 million, which is divided up into 233 million no par value shares, 118,147,271 shares are represented at today's shareholders' meeting with as many votes. This corresponds to 50.71% of all no par value shares and the registered share capital respectively.
In addition, we received absentee votes for 3,771,009 no par value shares, and this corresponds to 1.62% of all no par value shares or the registered share capital. Ladies and gentlemen, the notary public has also received a copy of the attendance register. The attendance register is updated continuously. Any changes will be recorded in an addendum which I will announce to you in due course. Ladies and gentlemen, shareholders, we are now starting the agenda. Item one of the agenda relates to the presentation of the adopted financial statements and the approved consolidated financial statements, the management report and the consolidated management report of ProSiebenSat.1 Media SE, and the report of the supervisory board, each for the fiscal year 2021.
The documents mentioned have been available for download from the company's website since the date the shareholders' meeting was convened. I believe I can therefore assume that everyone is familiar with these documents. The aforementioned documents can also be viewed now during the shareholders' meeting on our internet website. Ernst & Young GmbH audited the financial statements, the consolidated financial statements, the management report, and the consolidated management report for the fiscal year 2021, and Ernst & Young issued their unqualified audit opinion. The audit reports as well as the financial statements, the consolidated financial statements, the management report, and the consolidated management report were presented to the Supervisory Board in good time. Following its own audit and review, the Supervisory Board has concurred with the auditor's conclusions and has approved the annual financial statements presented by the Executive Board after extensive consultations with the auditor.
The annual financial statements have thus been adopted pursuant to Section 172 of the German Stock Corporation Act. The Supervisory Board has also approved the consolidated financial statements. The subject matter of the audit also included the separate consolidated non-financial report. The documents were first discussed in great detail by the Audit and Finance Committee and subsequently by the entire Supervisory Board in the presence of the auditors in charge. After completion of its own audit, the Supervisory Board did not raise any objections. In the following, I would like to present a summary report on the work done by the Supervisory Board. Ladies and gentlemen, you will find the written report of the Supervisory Board on pages 20-30 of the annual report. I do not want to go into all the details here, but rather focus on the broad lines of the Supervisory Board's work.
In fiscal 2021, the Supervisory Board performed the tasks required of it by law, the company's articles of incorporation, the rules of procedure and the German Corporate Governance Code. All in all, the Supervisory Board held six regular meetings in person and six extraordinary meetings in fiscal 2021. In addition, resolutions were also adopted by circular vote. In meetings and on the basis of written and oral reports, the Supervisory Board received regular, prompt, and comprehensive information on the business and financial situation and on the current business development. During the reporting period, the Supervisory Board concerned itself, in particular, with the following subjects. The strategy of the ProSiebenSat.1 Group, and here in particular, it looked at strategic issues relating to streaming and content. The further development of the joint streaming platform and a possible refinancing of the group's financial liabilities.
In connection with the changes in the lineup of the Supervisory Board, the Supervisory Board conducted a comprehensive selection process from mid-2021. We have also looked closely at the publicly known concerns of Mediaset MFE. Please rest assured that we always have the interests of all shareholders in mind and have taken them into account in our activities. In addition, we also intensively discussed personnel matters concerning the Executive Board. For further details on the activities of the Supervisory Board and its committees, please refer to our detailed written report, which is printed on page 20 and the following pages of this annual report. Now I would like to briefly talk about the changes in the Executive Board and Supervisory Board. In December 2021, the Supervisory Board decided to extend Mr. Beaujean's executive board contract by five years and appointed him Group CEO.
The extension of Rainer Beaujean's contract and his appointment as Group CEO is the logical consequence of his very successful work on the board. Together with the Executive Board team, Mr. Beaujean successfully led ProSiebenSat.1 through the corona crisis. The consistent implementation of the strategic realignment is impressive, and for me, it's proof of the very good cooperation of the Executive Board. In addition, Mr. Ralf Peter Gierig, a long-standing expert on the company and an accomplished financial expert, was appointed Chief Financial Officer with effect from the 1st ofJanuary 2022. I would now like to ask Mr. Gierig to briefly introduce himself to you.
Thank you very much, Dr. Brandt. Ladies and gentlemen, I would also like to welcome you all very much to today's AGM. It is my pleasure to be able to introduce myself to you today in my new role as CFO of ProSiebenSat.1 Media SE. Now, while this might be my very first annual general meeting on stage, I have been working backstage on all the prior AGMs in the company's history. All in all, I can look back at a 20-year-long history of doing so and supporting the company. I've known your company from day one and was able to contribute to many milestones of the company, which made ProSiebenSat.1 into the digital group that you know today. Now, with my banking background, I was put in charge of our group's treasury management and our investor relations from 2004 onwards.
Furthermore, I was CFO of the former diversification segment from 2011 to 2013 for two years all in all, and also had a shaping hand in the early days of our so-called Media for Equity and Media for Revenue business, which we are still fortunate enough to be profiting off of today. Now in October 2016, I was appointed Deputy Group CFO, and subsequently took over the Group CFO role on two interim occasions for a few months on the respective occasion. Now, since the 1st of January of this year, I have stepped into the role of our company's CFO. As CFO, I am responsible for the areas of controlling, accounting and taxes, shared services, treasury, procurement, real estate, as well as corporate security for the holding and the group's segments.
It is especially important to me to continue to ensure continuity and reliability across all financial aspects for you, our shareholders. To do so, we are managing our group based on clear KPIs and are focusing our business on profitability and cash flow. With Rainer Beaujean at the helm, our board team with Christine Scheffler and Wolfgang Link is working on consistently implementing our synergistic strategy with a focus on reach, monetization, and value creation. With this business model, we are not only future-proof and resilient, we are at the same time generating a strong return and can offer attractive dividends to you, our shareholders. With that being said, thank you very much for your attention.
Thank you very much, Mr. Gierig, and a lot of success with your task. Ladies and gentlemen, there will also be some personnel changes on the Supervisory Board. After eight years and two periods in office, I have decided not to run again. The Supervisory Board intends to elect Dr. Andreas Wiele as its new chairman, and thus as my successor in the event of his election today by the Annual General Meeting. Dr. Wiele, formerly a member of the executive board of Axel Springer SE, is a high-profile digitization and transformation expert in the media industry, and has already belonged to the Supervisory Board since 13th of February of this year as a court-appointed member.
In addition, Bert Habets, the former CEO of RTL Group and currently CEO of the Greek Antenna Group, will also be nominated for election as a new member of the Supervisory Board at today's annual general meeting. He has profound experience in the management of international media companies, as well as extensive expertise on streaming video services. With Dr. Andreas Wiele and Bert Habets, we have gained two very experienced media experts for the Supervisory Board. I'm also particularly pleased that Andreas Wiele has agreed to stand for the office of Chairman of the Supervisory Board. I'm also very pleased that Professor Rolf Nonnenmacher is standing for re-election at today's annual general meeting to continue his successful work on the audit committee. The former auditor and chairman of the Governance Commission on the German Corporate Governance Code is chairman of our audit committee.
He meets the qualification requirements in the field of auditing alongside Dr. Helmes, who covers the required qualification in the field of accounting for another member of the Supervisory Board. The nominated candidates are the result of a comprehensive selection process initiated by the Supervisory Board in mid-2021. The Supervisory Board unanimously approved the election proposals. On behalf of the entire Supervisory Board, I would like to thank Adam Cahan, who resigned from his office in November 2021, for his many years of successful work. The Supervisory Board candidates standing for election today would now like to take the opportunity to address the shareholders in the form of a short video message, and these video messages will now be played.
My name is Andreas Wiele. I'm pleased to introduce myself to you. I've spent my entire professional career in the media industry. First 13 years at Bertelsmann in Germany, Paris, and New York, then 20 years as part of the executive board of Axel Springer SE. During this time, we transformed the traditional national print company into an integrated digital European media group, and I was able to play a leading role in shaping this transformation with decisive responsibility. This restructuring is considered one of the most successful transformations in the media sector so far. In addition, I have had the opportunity to gain a lot of experience in the television and video business in these 20 years. For instance, I was involved in the acquisition of the news channel N24, as well as the development of both the television sales and production businesses.
In 2005, I eventually got to know ProSiebenSat.1 intensively. I was part of the negotiation team for the acquisition by Axel Springer, which, as you might know, failed in front of the cartel office. Since then, I have been appreciating the company, and I am observing its activities closely. After leaving Axel Springer, I worked as a senior advisor for the KKR private equity company as a senior advisor for the global tech, media, and telecoms business. During this time, I was once again able to get to know the investor side intensively. Therefore, I believe that I can contribute and bring along the necessary skills through my 35 years of experience and use them in the Supervisory Board of ProSiebenSat.1. This is my experience in the television and video business, my experience in digital transformation, my involvement in a stock-listed company, and my knowledge on the investor perspective.
I have already had the opportunity to spend a week in Munich in February, where I got to know over 30 executives of the company. I really look back on this week with a feeling of excitement. I'm enthusiastic about the clear strategy of the company and the excellent team spirit under the lead of Rainer Beaujean. The clear strategy, focusing on live and local content in the entertainment segment as well as the synergistic digital business models, are two strong pillars that shape the future of the company in a successful way. Thus, I ask for your trust and for your approval, as you are the owners of this company. I would be pleased to contribute to the increasing company value in the position as future member of the Supervisory Board. Thank you very much.
My name is Bert Habets, and I'm a Dutch citizen. Although my German is quite okay, I hope you will allow me to introduce myself in English, and so that I can add a few words of what I think I can contribute to the success of ProSiebenSat.1. Working in media for all my professional life, an industry that is in a constant state of flux, has taught me that a clear vision, but at the same time being agile in day-to-day execution, are one of the most important parts to be successful. Currently, I am the CEO of the European media company Antenna Group, where I lead, amongst others, the divisions of free TV production, and digital. Prior to that, I held positions in a number of boards and supervisory boards across the international media landscape.
From 2018 to 2019, I served as CEO at RTL Group. During that time, I was responsible for the strategic direction and operational excellence of the divisions Broadcast, TV Production, and Digital. Before that, I was CEO of the Dutch RTL operation for a period of nine years, where together with the team, we shaped the company from being a traditional TV broadcaster into an all-round media company, including a very successful RTL Ventures unit specializing in Media for Equity. I'm familiar with the challenges and opportunities in media and digital as transformation pushes forward in our industry. I also know ProSiebenSat.1 for a long time as the main competitor that I've always respected and whose strategic direction I always followed very carefully, especially with its unique division of Media for Equity.
Because of my long-lasting experience within RTL Group and Bertelsmann, I know the German governance system and its two-tier board structure well, and I'm thus familiar with the duties of the supervisory board. I would like to add my media and streaming video experience, as well as my governance knowledge, and put it to work for the board of ProSiebenSat.1. I would be really pleased if you shareholders of ProSiebenSat.1 would give me your trust. Because at the end of the day, that's what counts. We all aim to contribute to the group main objective, which is to create shareholder value for all of the ProSiebenSat.1 shareholders. Vielen Dank.
Dear shareholders, many of you already know me. My name is Rolf Nonnenmacher, and I have been a member of the Supervisory Board of ProSiebenSat.1 Media SE since 2015. In addition, I have been working in other supervisory boards since 2014 at Continental and until 14 days ago at Covestro. Until 2013, I was working as an auditor for over 30 years at KPMG. Most recently, I was holding the position as spokesman of the Executive Board. I am contributing my extensive expertise and experience in accounting and auditing to the work of the Audit Committee of ProSiebenSat.1. Moreover, I am active as Chairman of the Government Commission on the German Corporate Governance Code. I'm deeply convinced that good corporate governance is more important than ever for companies and their shareholders.
At the same time, it is very important that ProSiebenSat.1 maintains its particularly diverse, inclusive, and enriching environment, and that it can consistently develop its sustainability strategy from what it has already achieved. Together with my colleagues of the Supervisory Board, I would like to contribute as an independent member to ensure that ProSiebenSat.1 remains securely positioned to master the challenges of the future and to continue its successful development. For this work, ladies and gentlemen, dear shareholders, I would like to ask you for your trust. Thank you.
I would like to thank Andreas Wiele, Bert Habets, and Rolf Nonnenmacher for their presentations. Ladies and gentlemen, at this point, please allow me to say a few personal words. Today, after almost eight years, my term as a member and Chairman of the Supervisory Board of ProSiebenSat.1 Media comes to an end.
I am very proud of this company and its development. Private media companies have a special responsibility in a free and democratic community or society. The Russian invasion of Ukraine is an attack on this free democracy. It is an attack on peace and freedom in Europe. Free media make an indispensable contribution to the defense of democracy in this war. They remind us every day with words and pictures that peace and freedom cannot be taken for granted. It is good that ProSiebenSat.1 is also making an important contribution to this. We are using our immense reach to inform people extensively about this war. Ladies and gentlemen, being Chairman of the supervisory board of this company was not always easy, but it was an exciting and interesting task. I was very happy to take on this task.
The company, and especially its employees, have grown very close to my heart during these eight years. There were not only ups, there were also downs, there were highs and lows, but we always went in the right direction. ProSiebenSat.1 is very well positioned today, and it can look to the future with confidence. We are firmly anchored in the German media landscape. I would like to express my gratitude to all staff members for their commitment. They all render this group unique. I would also like to thank the members of the executive board for their good cooperation and close exchange. The company is in very good hands with you. Of course, I would also like to thank all my colleagues on the supervisory board. Last but not least, I would like to thank you, dear shareholders, for your trust over the years.
It has been my pleasure and honor to represent your interests as chairman of the supervisory board. Ladies and gentlemen, before I will give the floor to the executive board, we would like to present the work and goals of the ProSiebenSat.1 Group in a short trailer.
ProSiebenSat.1 stands for the best entertainment and combines this with a strong dating and video and commerce and ventures portfolio. This is what drives us every day. We empower brands, and we create moments that matter. We love to entertain, live, local, relevant. We delight and inform more than 60 million viewers and users every month in Germany, Austria, and Switzerland. We are creating even more local in-house productions for all platforms and targeted advertising products for our customers.
This is the basis for better monetization of our reach, and in this way, we create a profitable basis for the company's digital business areas. We love to inform. We take responsibility, especially in difficult times, because for us, reach is not just a privilege, it's an obligation. We impart knowledge at eye level and in the language of our target group. In this way, we make an important contribution to diversity of opinion. We love to build and grow. We also use our reach of millions to make brands great and create environments in which they can grow sustainably. We build digital commerce brands by turning them into market leaders through our advertising power. We focus on investments with clear entertainment synergies. Online dating and social entertainment complement our business in a value-creating way.
Here we are tapping into a dynamic new market of the future, full of potential for growth and synergies. This setup is the foundation for profitable growth in the long term and for the creation of sustainable value for all stakeholders. Our claim: entertain and inform in the best possible way on all platforms. Build up startups and emerging growth companies profitably. Promote synergies across the group and grow profitably in all areas. We empower brands and create moments that matter.
Ladies and gentlemen, now the Chairman of the Executive Board, Mr. Rainer Beaujean, will report to us on the situation of the company and the group.
Dear shareholders, on behalf of the Executive Board of ProSiebenSat.1 Media SE, I would like to welcome you to our Annual General Meeting for the 2021 Financial Year. I would also like to welcome our Supervisory Board, our employees, and all media representatives who are following our AGM live on the Internet. Moreover, I would like to welcome our Supervisory Board candidates standing for election today on the screens. We thank you very much for taking the time to join us today. Ladies and gentlemen, we welcome you today from the Eisbach Studios in Munich. An annual general meeting of ProSiebenSat.1 already took place here back in 2018, at that time, still in physical presence. Now, the fact that we are here again now is an outlook into a new normal for us.
Our wish is that the overall conditions next year will allow us to offer the annual general meeting as a hybrid event to you in order to combine the positive aspects of the virtual with the opportunities of meeting in person. Now, because ProSiebenSat.1 also stands for strong TV brands and formats, a live broadcast like today's event is in line with our day-to-day business. Therefore, we've again made an effort to make this annual general meeting particularly informative and interesting for you. This also includes the fact that, as in the previous year, you will once again have the opportunity to communicate directly with us today and ask your follow-up questions live in addition to the questions submitted in advance.
Now, because the direct exchange with you is so close to our heart, and it is a matter of fact that we will be available to answer your questions. Ladies and gentlemen, the trailer just underlined it visually as well. Your company, ProSiebenSat.1, is the home of popular entertainment and digital consumer brands that make each other stronger. We are an innovative digital group that is well prepared and fit for the future, thanks to our positioning. In our daily work, ProSiebenSat.1 as a whole is united by one common vision. We empower brands and create moments that matter. Now, what that means is that we strengthen brands and create unforgettable moments. We entertain, inform, and bring people together around the clock. We enrich your everyday lives with our products, services, and experiences. Hopefully, you can experience this for yourself every day.
Our business is based on one clear principle. We reach around 60 million people on TV and 11 million online every month via our 15 TV stations, the streaming platform Joyn, and via our other entertainment platforms. We want to continuously strengthen this reach and monetize it in a variety of ways, always with the clear goal in mind to continuously create values for you, our shareholders. On this basis, we have built up an integrated group portfolio of the entertainment, commerce, advertising, and dating and video segments. This pays off in every aspect on the triad of reach, monetization, and value creation. Our goal is to grow profitably as a group with this business model. After all, joint growth also implies that we are even stronger as a group.
Because goals can be achieved better if everyone contributes skills that not only complement each other, but actually increase in strength when they work in synergy. That is exactly what we do here at ProSiebenSat.1. We work successfully every single day to ensure that our business areas grow together and mesh profitably. Thereby, we focus on our existing strengths and combine them in a way that everything pays off towards our goal. Strengthening our reach and monetizing it in the best possible way. It is for this reason that we demand and promote synergies throughout the entire group and thus create value. Now, before I go into detail here, I would like to take the time to address what has been going on in front of all of our eyes for over two months now.
The war in Ukraine keeps us in suspense, and every day we receive new shocking pictures and information. Therefore, the image of growing together, which I just mentioned, is also reflected in our personal lives these days. In crisis situations, cohesion counts once again. We people are moving closer together, are showing solidarity, and are facing the challenges as one. Also, as a group, we have launched various initiatives since the beginning of the war to help together. It is important to me to thank all our employees who provide support here, both on a large and a small scale. Whether it is the 38 Ukrainian employees of our companies, Glomex and Red Arrow, and the colleagues who have done everything to evacuate them, partly with their families, or to support them in the daily contact.
Whether it is the editorial teams who put on special broadcasts in addition to their day-to-day business, or even the sales teams who provide advertising space on our platforms for fundraising appeals. In Austria, for example, around 1,000 news and special broadcasts have been produced since the start of the war. The two 10-hour solidarity and fundraising specials by our Austrian colleagues on PULS 24, as well as the Sound of Peace rally, which ProSieben and Sat.1 broadcast live from the Brandenburg Gate as partners and raised donations of over EUR 12.5 million are particularly worth mentioning. Of course, our reporting was and is also shaped by current events.
In order to provide comprehensive information and not let this war slip into the mundane, ProSieben and Sat.1 have broadcast more than 25 special shows at 8:15 P.M., and more than 50 news flashes since Russia's attack on Ukraine at the end of February. In addition, there are countless contributions in our daily news and magazine formats. Today, we are taking our social responsibility more seriously than ever. Because as a company with our reach, we see it as our duty to entertain and to inform. Our duty is to show attitude. Our duty is to classify and verify news, and our duty is to communicate relevant topics at eye level and in the language of the audience. That, of course, does not just apply in times of war. What moved us in 2021 was also reflected in our program.
COVID-19 and the German federal elections were the predominant topics that we addressed in a tangible and target group specific way. Now, I would like to explain to you what that means with the help of a few examples, and make clear that even an initially unconventional narrative can find a broad audience without becoming apolitical. Now, last year in September, we broadcast the final TV trial of the chancellor candidates simultaneously on ProSieben, Sat.1, and Kabel Eins, as well as on the associated station websites and on our streaming platform, Joyn. The Frankfurter Allgemeine Zeitung newspaper called this trial by far the most interesting of the three editions. In total, we aired more than 26 hours of special broadcasts during the federal elections. We created eight new TV formats and produced 76 reports tailored specifically for the federal elections.
Now, in this process, we introduced new approaches and aspects to the political discussion, which the chancellor candidates have also presented in a different way. These qualitatively new approaches were also a quantitative success. More than 53 million viewers over the age of three followed our election reporting. Also unexpected for many was the first TV appearance of the new German Chancellor, Olaf Scholz, in early December 2021. Just a few days after taking office, he addressed a direct vaccination appeal to the people on Joko & Klaas 15 minutes live at prime time on ProSieben. It's not the first time our TV duo has used the broadcast time they earned on the show, Joko & Klaas vs. ProSieben, for relevant topics. In March 2021 of the planned 15 would actually become 402 minutes, almost seven hours.
The real-time documentary, Pflege ist #NichtSelbstverständlich, Care is #not for granted, addressed the nursing crisis in the German healthcare system in a powerful way. Only in the linear TV broadcast, almost six million viewers from the age of three followed the complete shift of a nurse. The reactions were overwhelming in social media, the press, and in politics. Now, all these examples show in 2021, we continued to give socially relevant topics more and more space in our program. We did this out of conviction and with a clear stance. After all, we are clearly committed to our obligations in the areas of society, diversity and inclusion, climate and environment, as well as governance and compliance. This also forms the basis of our sustainability strategy. In doing so, we align the strategy with the UN Sustainable Development Goals.
To further strengthen our information expertise, we are currently establishing our own newsroom, which will start in January 2023. The trend toward an ever-increasing need for information confirms our strategic initiative. At the very latest, during the pandemic, it became obvious to everyone that media are systemically relevant. Now, in the light of the current world affairs, it becomes even more clear what contribution independent media make in a society. The importance of diversity and objectivity, yes, even state neutrality in news reporting is being demonstrated to us on a daily basis in Russia with the Ukraine coverage. It is also demonstrated to us and becoming more and more clear how well our broadcasting system in Germany actually works. It is a guarantor of democracy, and thus also the basis for peace and freedom.
Our media system is hence a constitutive pillar of our free democratic basic order and has proven itself over decades to the benefit of our society. It is also a fact that the world around us is changing rapidly. As media companies, we have to be innovative digital enterprises today that respond flexibly to new challenges and position ourselves strategically in such a way that we form counterweights to global competitors. That is why we have to focus on our own strengths. That is exactly what we continued to do consistently in 2021. We drove relevance and innovation in our business areas and once again created value for ourselves and all our stakeholders through our unique business model. A look on our results proves this. 2021 was a record year for ProSiebenSat.1.
We continuously increased our operating performance over the year, thus raising our financial outlook for the full year a full three times and ultimately achieving it in total. Now, because we concentrated on implementing our strategy and made our portfolio even more focused, we grew dynamically and profitably as a group, even in a market environment that remains challenging. That even significantly better than many of our competitors. Now, in detail, this means we significantly increased our group revenues by 11% to EUR 4.5 billion and our adjusted EBITDA by a strong 19% to EUR 840 million. At the same time, the significant increase of 64% in adjusted net income is also paying off for you, dear shareholders, because today we are proposing a significantly higher dividend for distribution.
We also continued to focus on our own profitability and our own cash flow. Thanks to our strong operating business, we were able to lower our net financial debt by EUR 117 million and continued to consistently lower our leverage ratio. The biggest growth driver was our entertainment segment in the last year, which recorded a strong revenue and earnings performance. Now, this was in particular due to our advertising business, which recovered from the effects of the pandemic much more quickly than expected at the beginning of the year, with revenues up by 11% in total. As a reminder, in the entertainment segment, we concentrate on the core markets of Germany, Austria, and Switzerland. Here we unite leading linear and digital entertainment platforms with the content distribution and sales business.
Our ambition is to act as market leader for video content in the German-speaking region going forward as well. To this end, we are focusing on the production of local relevant content, which we are increasingly producing ourselves, as well as selectively distributing it across all platforms. In our commerce and venture segment, we bundle the ProSiebenSat.1 Group's growth and investment businesses. Through a wide range of investment forums, we can support companies at diverse stages of growth. In 2021, we recorded a strong performance in the commerce business. Only the start of the Omicron variant and the incipient energy crisis with its effect on our comparison portal, Verivox, have impaired this somewhat. At the same time, we continue to grow steadily in our ventures business, so our cooperation with young digital companies.
In the ParshipMeet Group, so our dating and video segment, we further integrated the Meet Group in 2021. Although we have hardly been able to meet in person in teams since the acquisition in September 2020 due to the COVID-19 pandemic. The offerings of the new ParshipMeet Group cover the entire range of interpersonal relationships, from so-called social entertainment to online dating and matchmaking. Thus, from open-ended meetings via video, for example, to seriously finding a partner. A key element here is ParshipMeet Group's expertise in live video streaming. Last year, across all platforms, we played out more than 200,000 hours of video content on a daily basis. These social entertainment platforms are about so much more than just dating. Here, users share their interests and follow others who are particularly good at something, whether it's putting on makeup, cooking, or making music.
Particularly for young people, it is no longer crucial on which platform they consume entertainment, and that is precisely where the future of entertainment lies. This video expertise of the ParshipMeet Group not only strengthens our position in the dating business, but also shows the proximity to our entertainment business. Similarly, we want to create growth potential for the entire group by cleverly combining our existing expertise. What is important to me when we talk about records and successes is there's always people behind it. The fact that we were able to close the financial year so successfully is thanks to our approximately 8,000 employees worldwide who work every day to translate our vision into reality.
I would like to express my special thanks for this commitment from all of our employees, because without our employees, we would not be where we are today because they are the ones who bring our strategy to life. I would also like to thank our members of the Works Council, our members of the Supervisory Board, and you, our shareholders, for your support in the past year. We were able to meet the challenges of the year so successfully because we acted together and as one. The year 2022 will also not be devoid of challenges either. I believe we can already say that with certainty in this year, which is only four months young. Why we as ProSiebenSat.1 are nevertheless confident about the future is due to our clear strategy and our positioning, which has already proven to be very successful in many crises.
In order to illustrate the strategy to you, I will now leave the familiar segment logic in which we report our key financial figures. After all, the decisive factor is what these segments contribute to overall. We are convinced that our strategy of focusing not on a single business area, but on mutually complementary group, will continue to grow our revenues and create value in the future. The success of the past encourages us to do so. Over the past 10 years, we have consistently diversified our business. With this strategy, we have grown by an average of 7% per year and have more than doubled our revenues since 2011. None of our direct European competitors has achieved anything like this. 10 years ago, around 80% of our revenues still came from TV advertising.
Today, classic TV advertising is still an important part, but it only accounts for around 40% of our revenues. Around 60% come from new business areas. This diversification has paid off for you, dear shareholders, as well because it has created huge value. Over the past 10 years, we have distributed a total of EUR 3.2 billion to you. In parallel with the further development of our group, we invested around EUR 2.1 billion in company acquisitions over the same period. We have already recovered EUR 800 million through value creating disposals during this time, and we have managed to keep our debt almost stable despite all these investments and dividend payments. These results would not have been possible without the clear interaction of our segments, especially with our advertising business.
Let me clarify once again what our strategic focus is because it determines where we come from, where we stand, and where we're heading in the future. We have a million-strong reach, which we want to strengthen further and which we monetize in a variety of ways, always with the goal of creating increasing returns for our shareholders. How does this focus translate into operational and financial goals? Operationally, we want to strengthen our position as the leading digital-first infotainment and entertainment provider in the German-speaking region and use this strength to establish and expand synergetic digital consumer brands. Financially, our ambition based on our already very high revenue levels of over EUR 4 billion is to increase our group revenues organically by an average of 4%-5% per year in the medium to long term.
At the same time, we have our sights firmly set on the profitability of our investments and want to achieve a ProSiebenSat.1 return on capital employed of more than 15% in the medium term. All this makes ProSiebenSat.1 a very valuable investment for you also in the medium and long term. Now let us get into the first part of our business model, reach. We strengthen our reach by offering local and relevant live content on all important platforms. Three levers play a special role here. We are the leading independent digital entertainment platform in the German audience market. With an average consumer audience share of 25.5% in the advertising relevant target group, we were again the number one among viewers in Germany in 2021. Hence, we remained clearly ahead of our competitor, the Ad Alliance, which markets the RTL channels.
Why are we number one? It's because we have a unique content offering that sets us apart from our competitors. With content tailored to our target group, we create relevance, exclusivity, and the reach which we need for the best possible monetization. Therefore, we continue to focus on producing relevant, local, and live content and have increased our share by a further 13.5% year-on-year in 2021 on our largest stations in prime time, thus the time slot with the highest reach between 8:15 P.M. and 11:00 P.M. This includes the infotainment initiatives just described, as well as our big entertainment shows like Wer stiehlt mir die Show?, Stealing My Show, or Germany's Next Topmodel. Sports reporting, which we have reestablished as a permanent element on all our stations.
This content is what we use to inspire our viewers, and that is why it is an extremely important asset. Now, that's why we keep our program investment at around EUR 1 billion every year as we see that our programming focus works. Even during the pandemic, investing in our content was a top priority for us, and this is only possible because we have a broad-based, successful business model that allows us to make such investments even in economically challenging times. We distribute this strong content on all channels with a special focus on digital platforms. That is why we follow a platform-independent approach. We use all platforms, both our own and those of third-party providers, to be wherever our viewers and our users are. In this way, we reach as many people as possible with our content.
Our streaming platform, Joyn, is moving to the center of our digital strategy. Many people ask us why we do not rely on a paid subscription model like our competitors. Now, at this point, I would like to ask you directly, how many streaming subscriptions do you and your family want, or rather can afford? And what are you willing to pay for them? Because on average, users in Germany want to pay a maximum of EUR 17 for a maximum of 2.5 streaming subscriptions. I think at this point, at the latest, it becomes clear that the large streaming subscription providers are reaching their growth limits. Joyn is different. We have a hybrid model, and that hits the spot. We have a strong advertising financed area that is very close to our free TV offering and combine this offering with a small but sweet subscription area.
Incidentally, this is the path that we at ProSiebenSat.1 have been consistently following for two years now. Now, I'm sure many of you have heard about the decline in the share price of the so-called streaming giants such as Netflix. Because at the end of the day, these are not businesses with which you can make money in a sustainable manner. We have a clear path to monetization with our strategy, and that is what we want to talk to you about next. Let me sum up. We are doing everything we can to further strengthen our reach. The more reach we have, the more monetization opportunities it creates. The next question is obvious. How do we monetize our reach? Now, on the one hand, we use our traditional sales business, which sells our TV reach to our advertising partners.
Here, we monetize our reach directly. However, traditional is no longer the right term because we now offer our advertising customers cross-media campaigns. Campaigns that can be played out across different platforms with which they can address users even more specifically. To this end, we rely on our innovative advertising market technologies and enhance TV with digital benefits such as addressability. This makes TV even more attractive as an advertising medium. We see a lot of interest here. In 2021, we increased our addressable TV advertising campaigns by 20%. This shows that our position in the advertising market is strong, and with intelligent advertising technologies, we are becoming even stronger. We also monetize our reach indirectly. What does that mean? Here we come back to what we do at Commerce and Ventures. We invest in young companies and make them big through TV advertising.
In return, we get shares in the companies themselves or their revenues. In exchange, they have to meet certain criteria. The product is aimed at end consumers and benefits accordingly from our reach. It addresses the mass market in the German-speaking region, has long-term structural growth potential and should be digital. A good example is our investment in the sports and wellness platform, Urban Sports Club, in which we invested with media volume as well as small amount of capital. Urban Sports Club offers members a flexible sports and wellness subscription for now over 50 sports, including extensive online courses. Now, shortly after joining, we launched our first joint campaign, and successfully so. Our reach has clearly increased the platform's brand awareness. Urban Sports Club has recorded more new sign-ups in the campaign period compared to the same months in the pre-crisis year 2019.
This impressively underlines the value and effectiveness of the medium TV and our investment currency. Why do we have this investment currency in the first place? If you look at our available advertising inventory over an entire year, you will see that we do not market all advertising inventory to classic advertising customers. In some months and sometimes quarters, we are 100% sold out. Over the full year, we can also use around 25% of our idle inventory internally. For example, for our commerce and ventures investments, as well as for the ParshipMeet Group brands or Joyn. This, by the way, always at market-based prices. Thus, we can increase awareness of these brands through TV advertising. At the same time, we experience a win-win situation. Finally, we would need to fill this inventory with content otherwise.
In other words, with expensive formats we would have to acquire or produce ourselves. Thus, we lower our external spending while at the same time building up stronger consumer brands in whose awareness and success we participate. This shows that our commerce and ventures business is 100% synergistic with entertainment. As it allows us to monetize our reach of millions indirectly as well. What happens when we have invested in companies via advertising time? We manage the portfolio which we have built up according to clear principles. When we have invested, we rather use our reach instead of large amount of money to make the companies as well known as possible in the German-speaking region. During this period, we are the right owner.
Now, at some point, there will come a point when we can no longer drive growth primarily through reach in our core markets. At that point, we reevaluate our investment by deciding whether to hold the investment or to sell our shares and hence realizing the value created. The following key questions are crucial to make this decision. Are there synergies with our business? Does the company contribute to our KPIs such as profitability, cash flow, or the ProSiebenSat.1 return on capital employed? Is it a platform business, and is it internationally scalable? In 2021, we went through this decision-making process as part of our active portfolio management with, among others, the online platform Amorelie and the furniture portal moebel.de and decided to sell each of them.
Because we pay strict attention to ensure that our businesses pay off for each other, that we can create synergies, and that we continue to be the best owner to develop the companies further. We were very successful with this principle in 2021, and it will continue to guide us going forward. At the same time, companies that fulfill the mentioned points will remain in our portfolio. We can even create a new separate growth pillar for the group with successful companies that we have built up in this particular business area. Most recently, for example, the dating and video segment emerged from a successful commerce and ventures business. Nevertheless, the principle that we regularly check whether we are still the best owner also applies to the ParshipMeet Group. Let us close the circle now. Strengthening and monetizing our reach advances our group as a whole.
Our strategy creates substantial earnings and cash flows, and therefore strong returns for our shareholders. For the past two years, our dividend payments, once you approve the 2021 dividend, will be amounting to a total of EUR 292 million. Let us get straight to our dividend proposal for this year. Our strong operating performance, as well as the corresponding growth in our adjusted net income, leads to a significantly higher dividend proposal than last year. Together with the supervisory board, we are therefore proposing a dividend of EUR 0.80 per share. In the previous year, we paid a dividend of EUR 0.49, which represents an increase of 63%. Thus, we distribute a total of EUR 181 million with a dividend yield of 5.7% based on the 2021 year-end closing price.
Based on last Friday's closing price, the dividend yield is even 7.3%. Now, we are very pleased that we can let you participate in the success of our strategy in such an attractive way. This is just further evidence of our strong strategy and its potential to create high value. Last but not least, our improved profitability as well as our cost and cash flow measures contributed particularly to the fact that we are in such good financial position and that we were able to close 2021 on a positive note despite challenging conditions. Just to make sure you understand me correctly, of course, we are not satisfied with the current performance of the share price. From our point of view, your and our company should have a much higher valuation than it currently is trading for on the stock market.
Although the pandemic is not yet over and the war in Ukraine is currently weighing on share prices, we are convinced that the better fundamental data of our company will sooner or later be reflected in the share price performance once more. To this end, we will contribute our value creation strategy, which focuses on cash flow, profitability, and further consistent portfolio management, and with which we have the ambition to grow organically by an average of 4%-5% in the coming years. I believe not only in my role as CEO, but also in the role as a shareholder myself in the future viability of our company. Let me now address another issue that certainly concerns you as shareholders of our company. The interest of our currently largest shareholder, MEDIAFOREUROPE.
MEDIAFOREUROPE, formerly known as Mediaset, first invested in our company in May 2019. For us, this is a sign that even possible investors with extensive industry knowledge can see enormous potential in ProSiebenSat.1. After all, MEDIAFOREUROPE has also underlined, even publicly, that ProSiebenSat.1 is an attractive investment for them. Our strategy with which we are achieving our medium- and long-term goals is clear and makes us strong together as a group. As explained at the beginning, we have managed to grow by an average 7% per year over the past 10 years. Therefore, we are better underway than our direct competitors, even across Europe. This is also true even if we just look at the last two years. This just once again shows the consistency of our business model, even in economically challenging times.
Because we have an exact idea of how we can actively shape our future, grow and create value through targeted investments in our own business. For example, we know very well that transnational platforms can work, but just rarely in the media business. A look at our own portfolio proves this. We can develop international platforms such as the offerings of the ParshipMeet Group into global leaders in their fields because their earnings can be scaled across countries. Now, in contrast, our entertainment business, as I just outlined, focuses on unique local content, which on the one hand sets us apart from the many international streaming providers, and on the other hand, enables us to play content out in a much more targeted manner and thus monetize it better.
For this reason, consolidation seems to be an easy way forward, but it is not the right one as there are no relevant cross-national synergies. Again, we know this with a look at our own past with SBS Broadcasting Group. Now, how to create value by actively shaping your business yourselves and setting it up for the future via innovations is what I've just outlined to you. Investors who know us, who know us well even, appreciate this strategy very much. It is important for me to clarify one thing. MEDIAFOREUROPE currently is our largest shareholder, whose opinions and contributions are welcomed by us, and we take them seriously, just as we do with the views of all of our shareholders.
Even if we do not agree on some issues, we are very happy to discuss ideas or points of contact, and of course, carefully weigh what is advantageous for ProSiebenSat.1, your company, and thus also for you, dear shareholders, and what adds, in particular, the most value. Now, before I come to the end, I would like to take this opportunity to say goodbye and thank you to Dr. Werner Brandt, both on behalf of the executive board and personally. Dr. Brandt has been chairman of the supervisory board of ProSiebenSat.1 since June 2014, and his term of office ends with today's annual general meeting. Dr. Brandt is a strong voice for good corporate governance in German companies, and we have always valued our exchange as well.
He has steered our supervisory board prudently and with an always steady hand, accompanying ProSiebenSat.1's development from a pure TV company to a digital group. My colleagues at the executive board and I would like to thank you, dear Dr. Brandt, for the open, intensive exchange, as well as the cooperation which was characterized by respect and trust and was always constructive. At the same time, three candidates are standing for election to our supervisory board today. All three, Dr. Andreas Wiele, Bert Habets, and Professor Rolf Nonnenmacher, meet the competency profile set up by our supervisory board in an outstanding way, so that they will be able to support my colleagues on the executive board and myself very well with their qualifications and experience. Of course, this is only the case if you share this view and elect the three candidates to the supervisory board today.
Please allow me to emphasize at this point how important I consider that shareholders should exercise their voting rights and thus also should have a say in the future of their company. Speaking of new personnel additions, I would also like to welcome my executive board colleague, Ralf Peter Gierig, to this round. Ralf Gierig is CFO of ProSiebenSat.1 since the beginning of the year, but he's anything but a newcomer. He has been part of this group for more than 20 years, and we have worked together very closely in a spirit of trust since my very first day at ProSiebenSat.1. Therefore, I am very pleased that Ralf is now strengthening our executive board team. Together, we as executive board have a lot to do.
Macroeconomic developments in our core markets remain uncertain because of the COVID-19 pandemic and in particular because of the war in Ukraine. Still, I believe we can look forward with confidence, not least because we have a very robust and crisis-proof business model, and our diversification strategy of recent years has already brought us through the COVID-19 pandemic very well. As per usual, we published our full year outlook at the beginning of March this year. Let me repeat the key points once again. Please note that for comparability reasons, we have adjusted the 2021 figures for the values generated by the portfolio companies sold in 2021.
Without further portfolio changes, the group expects revenue growth in 2022 of around EUR 4.6 billion, with a variance of ±EUR 100 million, as well as the group's adjusted EBITDA of around EUR 840 million, with a variance of ±EUR 25 million. We plan entertainment programming costs at the level of 2021, and the main part will be for local content and may be varied by around EUR 50 million, depending on the advertising market developments. For our adjusted net income, we expect a result at or slightly above the previous year's level of EUR 362 million.
Similarly, we expect the adjusted operating free cash flow, i.e., our relevant indicator for cash flow management, to be at or slightly above previous year's level of EUR 599 million when a midpoint of adjusted EBITDA range is reached. For our ROCE, return on capital employed, we expect a development slightly above the level of the previous year of 14.1% and a leverage ratio at or slightly below the previous year's level at around 2.2x. Of course, we confirm our dividend policy, distributing around 50% of our adjusted net income to you. Ladies and gentlemen, let me summarize the key messages of this speech for you once again. Our strategy is based on the triad of reach, monetization, and value creation.
We strengthen our total reach by building on our leading position in the German-speaking region, by providing our viewers with unique local and relevant content that they can only get from us, and by being present on all relevant platforms. We monetize this reach successfully because we have a strong position in the advertising market and make it even stronger with smart advertising technologies. We create additional value through indirect monetization via our commerce and ventures business. Simultaneously, we make the entertainment-related businesses big, continuously assessing whether we are still the best owner. With this strategy, we achieve attractive returns because we want to increase our revenues organically by an average of 4%-5% per year in the medium to long term, and we continue to pay attractive dividends through our strong cash flow focus, while still having additional potential for value creation through successful investments.
It is precisely this convincing and clear strategy that we have been successfully implementing for more than two years now. We are working on relevant topics and are driving innovation and value creation. Ladies and gentlemen, I think back to my first annual general meeting two years ago in the midst of the COVID-19 crisis. Back then, I promised you that we would ensure consistency and stability on the executive board, that with a sharpened focus on the right implementation, measurable progress and a clear focus on earnings, we would get ProSieben through this crisis, well, for your benefit, dear shareholders. I think I was able to show you today how well we delivered on that promise, and we did it together as a team. Our work is far from done.
Despite the uncertainties that brings the Russia-Ukraine war, we see enormous potential in our strategy, which we intend to realize together. I've shown you today that our strength as a group lies particularly in our shared vision. We strengthen brands and create unforgettable moments. By interlocking our businesses and playing off each other, we drive our engine of reach and monetization. This makes us more independent, fit for the future, and creates the basis for sustainable growth. Because only together can we achieve our goals and succeed in the long term for us and above all, for you, dear shareholders. Thank you very much for your attention.
Mr. Beaujean, thank you very much for your comments. Before we now start the debate by answering the questions submitted by our shareholders, I would first like to call up the other items on the agenda. Under agenda item two, a resolution is to be passed on the use of the balance sheet's profits for the fiscal year 2021. The Executive Board and Supervisory Board propose a dividend of EUR 0.80 per share. Under agenda items three and four, the Executive Board and the Supervisory Board propose that the members of the Executive Board and Supervisory Board, respectively, be granted formal approval for their activities in the fiscal year 2021.
As you will have read in the press, MEDIAFOREUROPE has submitted a motion for individual approval and asked the company to vote on the formal approval of the activities of the members of the executive board and the supervisory board individually. However, the executive board and the supervisory board have decided to adhere to the stipulated procedure of overall approval. It takes into account the principle of the overall responsibility of the executive board or the supervisory board, and is therefore not only provided by law as a rule, but it is also still considered good corporate governance in Germany. Furthermore, it corresponds to the overwhelming market practice also at DAX and MDAX companies.
The Executive Board and the Supervisory Board of our company work and see themselves as a team and therefore find it consistent and appropriate to be assessed as a team in the context of the approval of their activities. Item five of the agenda provides for the election of the auditor. Upon recommendation of its Audit and Finance Committee, the Supervisory Board again proposes that Ernst & Young GmbH Stuttgart be reappointed. Under Item six of the agenda, the ordinary meeting of shareholders will be asked by the Executive Board and the Supervisory Board to approve the remuneration report pursuant to Section 162 of the German Stock Corporation Act for the fiscal year 2021.
The remuneration report prepared by the executive board and supervisory board for the fiscal year 2021 was audited by the auditors Ernst & Young GmbH in accordance with the requirements of Section 162, paragraph three of the German Stock Corporation Act. The auditor's report is attached to the remuneration report. For further details, please refer to the invitation to the AGM, which includes the printed version of the remuneration report. Agenda item seven provides for the election of three persons to the supervisory board. As already mentioned, the supervisory board nominates Dr. Andreas Wiele, Mr. Bert Habets, and Professor Dr. Rolf Nonnenmacher for election. The new supervisory board members will be elected by way of individual election. CVs and further information on the candidates for the supervisory board can be found in the invitation to the AGM and on the company's website.
Each of the three candidates has confirmed that if selected to the supervisory board for ProSiebenSat.1 Media SE, he will not hold more than the number of supervisory board mandates and comparable functions recommended by the current version of the German Corporate Governance Code, and that he will have sufficient time to perform his duties as a member of the supervisory board of ProSiebenSat.1 Media SE. Furthermore, each of the three candidates has confirmed that he is currently not subject to any conflict of interest and has declared that in the event that a conflict of interest should arise in the future, he will disclose this to the chairman of the supervisory board without delay.
For the exact wording of the resolutions proposed by the administration on items two to seven of the agenda, I would like to refer you to the invitation of the AGM, which you can view on our website. This concludes the public broadcast of the AGM. I would now like to ask our AV technicians to terminate the public broadcast of the AGM on the Internet. As we now begin to answer questions submitted by shareholders, only the company's shareholders or their representatives and selected representatives of the press are authorized to follow the shareholders meeting on the Internet.