Regulatory News:
Groupe aufeminin (Paris:FEM) (ISIN: FR0004042083, Ticker:
FEM), 1st creator of communities, announces its results for the
first half of 2016 to the end of June.
The aufeminin Board of Directors met on 7 September to approve
the Group’s first-half results. Over the first six months of 2016,
the Group continues to report highly satisfactory performances on
the French market, whilst abroad the development of My Little
Paris, the integration of Livingly Media in the United States, and
the insourcing of advertising operations in Italy continued
successfully. This significant growth in activity allowed the Group
to improve its operating profitability and its net cash
position.
Marie-Laure Sauty de Chalon, CEO of aufeminin, says: “Despite
the uncertain economic situation in France and across Europe,
Groupe aufeminin has successfully achieved this first stage of the
transformation of its business model that will enable it to
maintain a high level of profitability in 2016.”
Financial summary – published data: consolidation of
Livingly Media from 1 January in 2016 vs. 1
March in 2015 (post acquisition) and reclassification of
Smart AdServer, divested on 30 April 2015, as “net income from
divested activities” in 2015. Following this divestment, the
aufeminin group is focusing on publishing and e-commerce, i.e. the
monetisation of the communities associated with the Group’s various
brands through the sale of advertising space and paying content on
various mediums.
€ thousands - audited
30 June 2016 30 June
2015 Δ 31 Dec. 2015 Revenue
51,267 42,116 +22%
93,036 EBITDA (1) 12,436 9,490
+31% 23,491 as a % of revenue 24.3% 22.5% 25.2%
Attributable net profit(2) 5,847 28,846
-80% 33,821 Operating cash flow
8,419 4,909 +72% 15,398 Cash
position 69,027 60,791
+13% 63,126
(1) EBITDA results from operating income minus
expenses, non-recurring operating income, amortisation and
provisions.(2) In 2015, non-recurring operating
income of €26.7 million associated with the divestment of Smart
AdServer was recorded.
Significant growth in activity
In H1 2016, the aufeminin group recorded revenue of €51.3m, up
22% compared with the 1st half of 2015 including the scope effect
of Livingly Media, acquired on 1 March 2015.
On the French market, the aufeminin group continued to record
good performances in an environment that remains difficult, albeit
with a slight improvement in Q2 2016.
International activity continued to record buoyant growth: +43%
to €26.6m over the 1st half:
- in the United States, Livingly Media’s
strategic repositioning resulted in further substantial growth in
activity;
- on the other international markets, the
Q1 trends globally continued, with further positive performances
notably in Italy and Japan.
Improvement in the EBITDA margin: close control of operating
expenses and the strategic repositioning of Livingly Media on
programming are both bearing fruit
The 19% increase in operating expenses, +€6.2m to €39m, was
associated with the growth in activity, the investments carried out
over the 1st half and the inclusion of Livingly Media over all 6
months of the 1st half of 2016 versus 4 months of the 1st half of
2015, following its acquisition on 1 March 2015.
Hence, he aufeminin group recorded a significant improvement in
its profitability, with EBITDA increasing by 31% to €12.4m,
compared with €9.5m in the 1st half of 2015. The EBITDA margin was
24.3%, up by more than 170 bp compared with the same period of
2015.
Operating profit was €9.5m, vs. €31.3m in H1 2015, the latter
including €26.7m of non-current operating income associated with
the divestment of Smart AdServer. Once, in particular, tax of €3.0m
is taken into account, the Group recorded consolidated profit of
€6.4m and attributable net profit of €5.9m in the 1st half of
2016.
Increase in the cash position
On the basis of these results and lower working capital
requirements of €0.3m, operating cash flow was €8.4m, vs. €4.9m in
the 1st half of 2015. Given, in particular, tangible and intangible
investments of €1.6m, net cash flow was €5.9m. The Group thus had a
cash position of €69m at end-June 2016, an improvement of €8.2m
compared with end-June 2015 and €5.9m compared with end-December
2015.
Outlook
Over the second half of the year, the Group will continue the
transformation of its business model with the development of social
audiences and the diversification of its revenue.
Next publication: unaudited 3rd quarter revenue and
operating profit, on 20 October, 2016.
About aufeminin http://corporate.aufeminin.com
1st creator of communities, the aufeminin group provides an
editorial and community-based offer covering all the most popular
topics amongst women: Fashion, Baby, Beauty, Shopping, Cooking,
News, Entertainment, etc.
With media brands such as aufeminin, Marmiton, My Little Paris,
Merci Alfred, Gifted Agency, Onmeda, Zimbio.com, Livingly.com and
Stylebistro.com, the Group is present in more than 20 countries in
Europe, North Africa, North America and Latin America. Leader on
the desktop market with a global audience of 42 million visitors a
month, the aufeminin group’s presence is growing on the mobile
market, with 73 million visitors, and tablet market, with 12
million visitors, and is developing its presence on all other
platforms, including video, print and social networks(1).
The aufeminin group, which is 79.3% owned by the Axel Springer
group, is listed on compartment B of Euronext Paris (ISIN:
FR0004042083, Ticker: FEM). In 2015, with 370 staff, the Group
recorded revenue of €93 million and an EBITDA margin of 25%.
(1) Google Analytics, aufeminin group, no double counting,
August 2016
Appendices
I. CONSOLIDATED INCOME STATEMENT (€ thousands)
IFRS – audited
30/06/2016 30/06/2015 Δ
Revenue 51,267 42,116
+22% Operating expenses 38,832 32,627 of which: Staff costs
(13,443) (14,098) of which: Other purchases and external costs
(25,389) (18,529)
EBITDA (1) 12,436
9,490 +31% as a % of revenue 24.3% 22.5% Other
operating expenses (1,713) 23,509 Amortisation & provisions
(1,178) (1,615)
Operating income 9,545 31,383
Financial income (127) 318 Corporation tax (3,050) (2,939) Net
income from divested activities(2) - 869 Income from associates
Net profit
-
6,367
(9)
29,623
Attributable net profit 5,847 28,846
(1) EBITDA results from operating income minus expenses,
non-recurring operating income, amortisation and provisions.(2)
Given the divestment of Smart AdServer at end-April 2015,
SmartAdServer’s 2015 results have been reclassified as “Net income
from divested activities”.
II. CONSOLIDATED BALANCE SHEET AT 30 JUNE, 2016 (€
thousands)
IFRS
30/06/2016 31/12/2015 Δ
ASSETS Non-current
assets 82,311 83,904
Total non-current assets
82,311 83,904 -2% Current
assets 40,267 41,426 Cash & cash equivalents 69,138 63,212
Total current
assets 109,405 104,638
5% Total
assets 191,716 188,541
2% LIABILITIES
Group shareholders’ equity
145,536 142,476 2%
Minority interests 3,010 2,457
Consolidated shareholders’ equity
148,546 144,933 2%
Non-current liabilities 7,774 7,875 Current liabilities 35,396
35,733
Total
liabilities 191,716 188,541
2%
III. CONSOLIDATED CASH FLOW STATEMENT (€
thousands)
IFRS
30/06/2016 30/06/2015 Net profit
6,367 29,623 Gross cash flow
8,121 4,040 Change in
working capital requirements 298 870
Operating cash flow 8,419
4,909 Purchases of intangible & tangible fixed
assets (1,598) (854) Acquisition / divestment of net consolidated
securities 110 10,268 Others (127) 340
Cash flow from investments (1,616)
9,755
Cash flow from financing 310
(1,928) Impact of foreign currency fluctuations
(1,211) 880
Cash flow
5,902 13,616 Cash position at
start of period 63,126 47,175 Cash position at end of period 69,027
60,791
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160907006443/en/
Aufemininfinances@aufeminin.comDelphine Groll, Tel: +33
(1) 53 57 15 52Head of Group
Communicationdelphine.groll@aufeminin.comorNewCapInvestor
relations:Mathilde Bohin / Marc Willaume, Tel: +33 (0)1 44 71 00
13aufeminin@newcap.eu
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