AUFEMININ
Press Release
Paris, 3 September 2015
H1 revenue growth: +20%
Profitability impacted by changes to consolidation scope
aufeminin (ISIN: FR0004042083, Ticker: FEM) today announces its results for the first half of
2015.
The Board of Directors of aufeminin, which met on 3 September 2015, has approved the
Group's financial statements for H1.
In thousands of euros Audited data | Aufeminin publishing | H1 2015 | H1 2014 | Change. (%) |
Revenue | 42,116 | 35,180 | +20% | |
Payroll | (14,098) | (10,971) | +29% | |
Operating expenses | (18,528) | (13,092) | +42% | |
EBITDA (1) | 9,490 | 11,118 | -15% | |
as a % of revenue | 23% | 32% | ||
Other operating income and expenses | 23,509 | (226) | n/a | |
Depreciation, amortisation and provisions | (1,615) | (1,578) | +2% | |
Operating profit | 31,383 | 9,314 | +237% | |
As a % of revenue | 75% | 26% | ||
Financial result | 318 | (7) | n/a | |
Corporate income tax | (2,939) | (3,132) | -6% | |
Net result from the activities disposed | 869 | 1,357 | -36% | |
Group net result As a % of revenue | 29 623 70% | 7 470 21% | +297% | |
Minority interest | 777 | 370 | +110% | |
Net result aufeminin Group | 28,846 | 7,100 | +306% | |
As a % of revenue | 68% | 20% |
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(1) EBITDA is calculated as operating income minus expenses, non-recurring operating income, and amortisation and provisions.
(2) In view of the sale of Smart AdServer in late April 2015, income from Smart AdServer in the first half of 2015 was reclassified as "net income from activities disposed". The same reclassification was applied to the comparison period.
Growth in the "publishing" business line
aufeminin performed well in the first half of the year, with revenue (restated for activities
sold) up 20% to €42 million.
Internationally, the Group continued the integration of its recent acquisition in the United
States, Livingly Media, and carried on with the internalization of the sales teams in Italy.
High EBITDA (margin of 23%) maintained following the integration of Livingly
Media and the change in the sales strategy in Italy
As expected, the integration of Livingly Media impacted the Group's profitability in the first half of 2015. The Group is carrying on with the integration of Livingly Media in an effort to meet its profitability target in the United States.
At the same time, the rollout of Livingly Media's social media technologies on aufeminin's platforms was launched in the first half of the year and will continue.
This strategy for the rollout and investment of Livingly Media within the Group should begin to bear fruit in the second half of the year.
In addition, the insourcing of advertising activity in Italy resulted in costs over the financial year that have not yet generated the desired results.
Consequently, EBITDA amounted to €9.5 million, compared to €11.1 million in the first half of
2014.
Results strengthened by the sale of Smart AdServer
Operating income was €31.4 million due to the proceeds from the sale of Smart AdServer.
With a tax expense of €2.9 million, Group net income amounted to €29.6 million. Net income aufeminin Group was €28.8 million.
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Outlook for the second half of 2015
The Group, the world's leading producer of content for women, has seen substantial growth in its mobile and social media audiences while its desktop audience has waned. aufeminin is thus increasingly generating communities beyond its platforms.
This evolution, which was anticipated by the Group, is gradually transforming the Group's business model with a multi-device audience and multi-form revenues.
Over the current year, aufeminin will continue to deliver high profitability while carrying on with its transition, the results of which should be fully visible in 2016.
About aufeminin
aufeminin is a top-tier digital content provider which posted revenues of €87 million in 2014. A limited company which is 80.8%
owned by the Axel Springer Group, it is listed in compartment B of Euronext Paris (ISIN: FR0004042083, Ticker: FEM).
As the world's No. I provider of editorial and community-based content for women, aufeminin has an editorial and community- based offer covering the most popular topics amongst women: Fashion, Baby, Beauty, Shopping, Cooking, News, Entertainment, etc.
aufeminin is present on all platforms and devices (websites, mobile phones, tablets, video, print and social) in 21 countries: France, Germany, Austria, the United Kingdom, Belgium, Spain, Italy, Poland, Switzerland, Canada, Morocco, Tunisia, USA and Brazil. As the world's leading publisher of desktop for women, it has 53 million individual site visitors per month worldwide1 and an ever-increasing number of unique visitors by mobile phone which already stands at 66 million1, and by tablets which stands at 15 million1.
The aufeminin Group also owns MyLittleParis, which publishes newsletters for a 1.5 million strong online community of women readers and each month sends out a box of surprise and beauty products to more than 100,000 subscribers.
In February 2015, aufeminin, acquired Livingly Media, one of the leading publisher of lifestyle content in the United States, which gathers the websites Zimbio.com (entertainment news), Livingly.com (fashion, beauty, and style), and Lonny.com (home décor and design).
Contacts
Aufeminin | Actifin |
finances@aufeminin.com Delphine Groll, Directrice de la Communication Groupe delphine.groll@aufeminin.comtel : +33 (1) 53 57 15 52 | Emma Barféty, ebarfety@actifin.fr Relations presse : Aminata Doucoure, adoucoure@actifin.fr Tel : +33 (0)1 56 88 11 11 |
1 Source: Google Analytics, July 2015
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I. SIMPLIFIED CONSOLIDATED BALANCE SHEET AT 30 JUNE 2015 (IN THOUSANDS OF EUROS)
Under IFRS (in thousands of
euros) H1 2015 2014
Change
(%)
ASSETS
Non-current assets 82 245 58 819 +40%
Current assets 41 314 45 008 -6% Cash and cash equivalents 60 860 47 175 +29%
Total assets 184 418 151 001 +22%
LIABILITIES AND
SHA REH OLDERS' EQUITYGroup shareholders' equity 134 003 107 681 +24%
Minority interests 4 100 6 566 -38%
equity 138 103 114 248 21%%
Non-current liabilities | 8 420 | 7 522 | +12% |
Current liabilities | 37 895 | 29 231 | +30% |
Total liabilities and shareholders' equity | 184 418 | 151 001 | +22% |
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II. CONSOLIDATED CASH FLOW STATEMENT (IN THOUSANDS OF EUROS)
Under IFRS (in thousands of euros) H1 2015 H1 2014
Net profit (loss) 29 623 7 471
Depreciation, amortisation and provisions 1 818 1 543
Profit/loss from share-based payments 341 551
Gains on disposals, net of tax (26 206) 2
Other items (1 583) (326)
Gross cash flow 3 995 9 241
Change in working capital requirement 870 (10 926)
Acquisition of intangible and tangible fixed
assets (831) (860)
Acquisition of net consolidated securities 10 268 (18 130) Other items 363 (248)
impact of foreign currency variations 880 267
Cash flow 13 616 (21 497)
Opening cash position 47 175 56 006
Closing cash position 60 791 34 509
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