Revenue +14%* to €107.3m, EBITDA +10%* to
€24.7m with a margin of 23%
Regulatory News:
aufeminin (Paris:FEM) (ISIN: FR0004042083, Ticker: FEM),
1st creator of communities, announces its annual results for the
year to 31 December, 2016, as approved by the Board on 8 March,
2017.
Marie-Laure Sauty de Chalon, CEO of Groupe aufeminin, says: “In
2016, aufeminin recorded a substantial increase in its activity,
with a profitability level that remains high, reflecting the
success of the ongoing transformation of its business model towards
programming and social e-commerce. Continuing to unite communities
over their fields of interest, the Group will pursue the creation,
publication and monetisation of the best content, the cornerstone
of its brands’ development, to ensure further profitable
growth.”
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 profit from
divested activities in 2015.
€ millions – audited figures
2016 2015
Δ 2015* Revenue
107.3 93.0 +15%
94.4 EBITDA (1) 24.7 23.5
+5% 22.5 as a % of revenue 23.0% 25.2% 23.8%
Attributable net profit (2) 11.0 33.8
Operating cash flow 17.9 15.4
+16% Net cash position at close 78.6
63.1
(1) EBITDA: Earnings Before Interest, Taxes,
Depreciation and Amortisation.(2) In 2015, the Group recorded
non-current operating income of €26.7 million associated with the
divestment of Smart AdServer.
Buoyant growth in activity
In 2016, the aufeminin group’s revenue totalled €107.3 million,
up 15%, including the scope effect of Livingly Media, acquired on 1
March 2015. On a comparable basis, i.e. consolidation of Livingly
Media from 1 January 2015 and at constant currency, the Group’s
revenue growth was 14%.
* comparable basis: consolidation of Livingly Media from 1
January 2015 and at constant currency
On the French market, the aufeminin group continued to
record very satisfactory performances, +9% to €51.5 million with an
acceleration in its growth over the second half of the year.
International activity recorded buoyant growth of +22.1% to
€55.9 million:
- My Little Paris, thanks to the
diversification of its revenue and the launch of its offers abroad,
notably in Japan, is continuing to record buoyant growth;
- On aufeminin’s European sites, the
financial year saw another decrease in Display Advertising, notable
in Spain;
- In the United States, the strategic
repositioning of Livingly Media resulted in further buoyant growth
in its activity.
23% EBITDA margin, reflecting the Group’s business
mix
Total operating expenses came to €82.7 million, up almost 19%.
The increase in personnel costs alone was limited to 7%, whilst the
increase in other operating expenses was notably a result of
Livingly Media’s strong growth.
With EBITDA of €24.7 million, up 5%, the EBITDA margin was 23%
in 2016 versus 25.3% in 2015. On a comparable basis (consolidation
of Livingly Media from 1 January, 2015 and constant currency),
EBITDA was up 10% with a limited decrease of 80 bp in the
margin.
The high level of profitability of the majority of the Group’s
operations thus allowed it to offset the impact of the decrease in
Display Advertising and the increase in audience acquisition
costs associated with the sharp increase in programming.
Excluding non-recurrent operating elements, and notably income
of 26.7 million associated with the divestment of Smart AdServer in
2015, current operating profit was €17.8 million, up 28%, and the
current operating margin jumped to 16.5%, compared with 14.9% in
2015.
Once, in particular, tax of €5.6 million and minority interests
of €1 million are taken into account, attributable net profit was
€11.0 million.
High EBITDA conversion rate, net cash position up €15.5
million to €78.6 million
On this basis, and taking into account a €0.6 million decrease
in working capital requirements to €2.5 million, operating cash
flow was €17.9 million, vs. €15.4 million in 2015, thus giving an
EBITDA conversion rate of 73% in 2016, up from 66% in 2015. Net
cash flow was €15.5 million, almost stable on the 2015 figure, and
the Group thus had a net cash position of €78.6 million at the end
of December 2016.
Outlook
The Groupe aufeminin will continue its transformation, notably
focussing on developing its brands, automating its advertising and
creating new sources of audience and revenue.
Next financial publication: revenue for the 1st quarter
of 2017, on April 20, 2017.
http://corporate.aufeminin.com
About aufeminin
1st creator of communities, the Groupe aufeminin provides an
editorial and community-based offer covering all the most popular
topics amongst women: Fashion, Beauty, Parenthood, Cooking, News,
Entertainment, etc.
With media brands such as aufeminin, Marmiton, My Little Paris,
Merci Alfred, 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.
With a global audience of 149 million monthly visitors (1), the
Groupe’s presence is gaining momentum on all platforms such as
mobile, videos and social networks.
The Groupe aufeminin, which is 78.43% owned by the Axel Springer
group, is listed on compartment B of Euronext Paris (ISIN:
FR0004042083, Ticker: FEM). In 2016, the Group recorded revenue of
€107 million and an EBITDA of €24.7 million.
[1] Source: Google Analytics, Groupe aufeminin - without
deduplication – January 2017
Appendices
CONSOLIDATED INCOME STATEMENT (€ millions)
IFRS – audited
2016 2015 Δ
Revenue 107.3 93.0
+10% Operating expenses 82.7 69.6 +19% of which: Staff costs
28.4 26.7 +7% of which: Other purchases and external costs 53.3
41.9 +27%
EBITDA (1) 24.7 23.5
+5% as a % of revenue 23,0% 25.2% Other operating expenses
-3.4 22.2 Amortisation & provisions 3.5 5.2
Operating
income 17.8 13.9 as a % of revenue 16.5% 14.9%
Financial income -0.1 0.2 Corporation tax -5.6 6.8 Net income from
divested activities(2) 0 -0.9 Income from associates 0 -0.1
Net profit
12.0
34.7
Attributable net profit 11.0 33.8
(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”.
CONSOLIDATED BALANCE SHEET AT 30 JUNE, 2016 (€
millions)
IFRS
2016 2015 ASSETS
Goodwill 53.7 53.8 Intangible assets
26.5 28.5
Total non-current
assets 82.4 83.9 Current
assets 43.3 41.4 Cash & cash equivalents 78.6 63.2
Total current assets
121.9 104.6
Total assets 204.3 188.5
LIABILITIES Group
shareholders’ equity 130.8 142.4
Minority interests -0.2 2.5
Consolidated shareholders’ equity 130.6
144.9 Non-current liabilities 10.3 7.9 Current
liabilities 63.4 35.7
Total
liabilities 204.3 188.5
CONSOLIDATED CASH FLOW STATEMENT (€ millions)
IFRS
2016 2015 Net profit
12.0 34.7 Gross cash flow
15.4 12.3
Change in working capital requirements
2.5
3.1
Operating cash flow
17.9 15.4
Acquisition / divestment of net
consolidatedsecurities
0.1
1.8
Others
-3.4
-0.9
Cash flow from investments
-3.3
0.9
Cash flow from financing
2.3
-0.9
Impact of foreign currency fluctuations
-1.4
0.6
Cash flow
15.5
16.0
Cash position at start of period
63.1
47.2
Cash position at end of period
78.6
63.1
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170308006092/en/
Aufemininfinances@aufeminin.comorDelphine Groll, Tel: +33
(1) 53 57 15 52Head of Group
Communicationdelphine.groll@aufeminin.comorNewcapInvestor
relations :Mathilde Bohin / Marc WillaumeTel: +33 (0)1 44 71 00
1311aufeminin@newcap.eu
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