- Consistent growth in activity: €57 million, +6.2% (+9.9% at constant currency)
- EBITDA of €7 million and a margin of 12.1%, reflecting the transformation of the Group's model as expected
Regulatory News:
aufeminin (Paris:FEM) (ISIN: FR0004042083, Ticker: FEM)1st creator of communities, announces its results for the first half of 2018 (to end-June), as approved by the Board on 6 September, 2018.
Financial summary published data: | |||||||||
€ millions | H1 2018 | H1 2017 | FY 2017 | ||||||
Revenue | 57.0 | 53.7 | +6% | 113.5 | |||||
EBITDA (1) | 6.9 | 8.8 | -22% | 21.3 | |||||
as a of revenue | 12.1% | 16.4% | 19% | ||||||
Operating profit | 2.7 | 5.5 | -51% | 12.1 | |||||
as a of revenue | 4.7% | 10.2% | 11% | ||||||
Attributable net profit | 1.7 | 3.0 | -43% | 11.0 | |||||
Operating cash flow | 11.7 | 5.5 | 12.3 | ||||||
Cash position | 53.7 | 81.4 | 66.2 |
(1) EBITDA: results from operating income minus expenses, non-recurring operating income, amortisation and provisions.
Growth in activity, +10% at constant currency, with an acceleration in Q2
Over the first half of the year, the aufeminin group generated revenues of €57 million, up +6.2% in actual terms and +9.9% at constant currency, with a substantial acceleration in growth during the 2nd quarter to +13.6% in actual terms and +21.5% at constant currency:
In France, revenues totalled €28.6 million, up +15.2%, driven by the increase in Aufeminin and Marmiton's activity and by the integration of Ykone. Q2 growth was +28.2%, following the +1.4% recorded in Q1;
- International activity generated revenues of €28.5 million, down -1.6% and up +5.1% at constant currency following the substantial Q2 upturn of +15.2% at constant currency, vs. -5% in Q1. International activity is still benefitting from the performances of My Little Paris in Japan and Livingly Media recorded growth in activity excluding the currency effect.
Controlled profitability in line with the transformation strategy
The Group is successfully continuing its transformation initiated two years ago. The "Programmatic content marketing" and "Social e-commerce" strategic pillars are continuing to develop as anticipated, with significant growth in line with the Group's deployment plan.
On the other hand, the traditional revenues generated by "Direct Media" have decreased, thus impacting the profitability recorded by the other pillars. In France, "Direct Media" activity was heavily affected by this major trend. This traditional activity is being replaced by programmatic revenues and by an expanding brand consulting activity.
At the same time, the Group is also beginning to deploy its "Influencer Marketing" offers through Ykone, whose contribution to the margin will start in the second half of this year given the seasonality of the activity and a first consolidation at the end of April 2018.
Total operating expenses thus totalled €50.1 million, up +12% compared with the first half of 2017. This growth was mainly due to the direct costs of "Programmatic content marketing" and "Social e-commerce" activities, whereas the personnel costs were down by -2.5%.
The Group's EBITDA totalled €6.9 million, versus €8.8 million in the first half of 2017, giving a margin of 12.1%.
Once amortisation, depreciation and other non-recurring costs, such as transaction costs of more than €1 million, are taken into account, the operating profit is equal to €2.7 million. Given net financial income of €0.2 million and a lower tax burden of €1.2 million, consolidated net profit was €1.7 million.
Net cash position of €54 million, after payment of My Little Paris and Ykone shares
Operating cash flow was €11.7 million.
During the first half of 2018, the Group took 100% control of MyLittleParis and acquired 73.5% of influencer marketing agency Ykone.
The Group had a net cash position of €53.7 million at 30 June, 2018, versus €66.2 million at the end of December 2017.
Outlook
As planned, the Group will continue to implement its transformation strategy towards, in particular, "Content marketing", "Social e-commerce", "Influencer marketing" and "Direct media" offers with greater added value. Although it will create value in the medium term, this strategy is affecting the Group's short-term profitability.
Next publication: 3rd quarter revenue and results, on 18 October 2018
About aufeminin
Leading creator of communities, aufeminin is a global media group operating in more than 20 countries across Europe, North Africa, North America and Latin America. Founded in 1999 to address subjects that matter to women, the group now operates iconic brands such as Aufeminin, Marmiton, My Little Paris, Merci Alfred, Onmeda, EtoileCasting, Netmums, Magnetism, Ykone, Zimbio, StyleBistro, Lonny, ItsRosy, Mabel Moxie and Livingly Media.
With a global audience of 122.5 million unique visitors*, aufeminin is gaining momentum on all platforms and building up its strategy of diversification around its core businesses of social e-commerce, programmatic advertising, brand publishing and influence marketing.
aufeminin has a global workforce of almost 500 people and recorded revenues of €113.5 million and EBITDA of €21.3 million in 2017. It is 94.86% owned by the TF1 Group following its acquisition from Axel Springer, former majority shareholder, on 27 April 2018 and the ensuing mandatory simplified public tender offer for the remaining shares, which ended on 4 July 2018. Groupe aufeminin is listed on compartment B of Euronext Paris (ISIN: FR0004042083, Ticker: FEM).
Strongly committed to women's rights, diversity and freedom of speech, aufeminin now brings together many communities worldwide and has become a leading player in social e-commerce, in the world of digital influencers, and in events and actions that aim to promote the empowerment of women.
*(1) Google Analytics, Groupe aufeminin, without deduplication, December 2017
http://corporate.aufeminin.com
About the TF1 group
About the TF1 group The TF1 group is the leading private-sector unencrypted television broadcaster in France, with five unencrypted channels (TF1, TMC, TFX, TF1 Séries Films and LCI), their replay platform MYTF1, plus the pay-TV theme channels TV Breizh, Histoire, UshuaïaTV and Serieclub (the last of which is 50% owned).The TF1 group has a presence in the production and distribution of content, and acquired Newen primarily to accelerate the international expansion of production and distribution.
To go further with the acquisition of Minute Buzz and Studio71, the TF1 group reinforced its digital presence with the acquisition of the aufeminin group witch composed by brands like MyLittle Paris or Marmiton last April. The TF1 group has created a large range of businesses in key entertainment and leisure fields with TF1 Entertainment (music and live show production, licences, publishing, board games,); the film industry with TF1 Films Production and TF1 Studio; and home shopping with Téléshopping. Find out more at groupe-TF1.fr
Appendices
CONSOLIDATED INCOME STATEMENT (€ millions) | |||||
IFRS | H1 2018 | H1 2017 | |||
Revenue | 57.0 | 53.7 | |||
Operating expenses | 50.1 | 44.9 | |||
of which: Staff costs | (15.3) | (15.7) | |||
of which: Other purchases and external costs | (34.6) | (28.8) | |||
EBITDA (1) | 6.9 | 8.8 | |||
as a of revenue | 12.1% | 16.4% | |||
Other operating expenses | (1.8) | (0.9) | |||
Amortisation provisions | (2.4) | (2.4) | |||
Operating income | 2.7 | 5.5 | |||
as a of revenue | 4.7% | 10.3% | |||
Financial income | 0.2 | (0.4) | |||
Corporation tax | (1.2) | (1.9) | |||
Net profit | 1.7 | 3.3 | |||
Attributable net profit | 1.7 | 3.0 | |||
(1) EBITDA results from operating income minus expenses, non-recurring operating income, amortisation and provisions.
CONSOLIDATED CASH FLOW STATEMENT (€ millions) | |||||
IFRS | H1 2018 | H1 2017 | |||
Net profit | 1.7 | 3.3 | |||
Gross cash flow | 4.9 | 5.9 | |||
Change in working capital requirements | 6.8 | (0.4) | |||
Operating cash flow | 11.7 | 5.5 | |||
Acquisition divestment of net fixed assets | (2.6) | (1.9) | |||
Acquisition divestment of net consolidated securities | (19.9) | (0.1) | |||
Others | 0.2 | (0.4) | |||
Cash flow from investments | (22.3) | (2.4) | |||
Cash flow from financing | (2.0) | 0.1 | |||
Impact of foreign currency fluctuations | 0.1 | (0.3) | |||
Cash flow | (12.5) | 2.8 | |||
66.2 | 78.6 | ||||
Cash position at start of period | |||||
Cash position at end of period | 53.7 | 81.4 |
CONSOLIDATED BALANCE SHEET (€ millions) | |||||
IFRS | H1 2018 | FY 2017 | |||
ASSETS | |||||
Non-current assets | 99.4 | 79.3 | |||
Total non-current assets | 99.4 | 79.3 | |||
Current assets | 50.0 | 42.5 | |||
Cash cash equivalents | 53.7 | 66.2 | |||
Total current assets | 103.7 | 108.7 | |||
Total assets | 203.1 | 188.0 | |||
LIABILITIES | |||||
Group shareholders' equity | 143.7 | 138.0 | |||
Minority interests | (0.1) | (0) | |||
Consolidated shareholders' equity | 143.6 | 138.0 | |||
Non-current liabilities | 17.3 | 6.1 | |||
Current liabilities | 42.2 | 43.8 | |||
Total liabilities | 203.1 | 188.0 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20180906005783/en/
Contacts:
NewCap
Relations investisseurs :
Mathilde Bohin Marc Willaume
+33 (0)1 44 71 00 13
aufeminin@newcap.eu