BERLIN (dpa-AFX) - German media holding company Axel Springer SE (AXELF.PK) reported that its net income for the first half of the year declined to 133.4 million euros from 185.6 million euros in the prior year. Earnings per share were 1.07 euros compared to 1.57 euros in the prior year.
Adjusted net income declined by 8.9 percent to 154.2 million euros from the previous year, impacted by special effects, including long-term equity-based compensation programs, expenses related to KKR's takeover offer, and write-downs on the investment in Purplebricks.
Adjusted earnings per share decreased by 11.9 percent to 1.19 euros, due to higher minority interests. Organically, adjusted earnings per share were 4.6 percent down on the prior-year figure.
Revenues were 1.53 billion euros, down by 1.9 percent on the prior-year period, hurt by significant consolidation effects resulting from the divestments of aufeminin last year and the @Leisure Group in June 2019. Adjusted for consolidation and currency effects, revenues increased by 1.0 percent.
For 2019, Axel Springer expects a decline in revenues in the low single-digit percentage range. Previously, a low single-digit percentage increase had been expected. Organically, Axel Springer expects an increase in the low single-digit percentage range, having previously expected growth in the low to mid-single digits.
The company projects adjusted EBITDA to decline by a mid-single-digit percentage amount, instead of a figure at the previous year's level. The adjusted forecast of organic growth is at the previous year's level, an increase in the low to mid single-digit percentage range having been previously expected.
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