22.07.2015 07:30:00

Solocal Group: 2nd Quarter 2015 Results: Internet Revenues up +4.8% and EBITDA Margin1 of 33%

Regulatory News:

Solocal Group (Paris:LOCAL):

I. Revenues and EBITDA

The Board of Directors approved the Group’s consolidated accounts as of 30 June 2015.

                       
In million of euros     Q2 2014     Q2 2015     Change     H1 2014     H1 2015     Change
Internet revenues     161.3     169.0     +4.8%     315.3     329.2     +4.4%
Search & Display 126.0 127.5 +1.2% 247.3 255.2 +3.2%
Number of visits (in million) 503 553 +10% 989 1107 +12%
ARPA4 (in €) 223 239 +7% 438 476 +9%
Number of clients (in thousand)5 565 534 -5% 564 536 -5%
Digital marketing 35.3 41.5 +17.7% 68.0 74.1 +9.0%
Penetration rate (in number of clients)6     21%     22%           21%     22%      
Print & Voice revenues     93.8     72.0     -23.2%     155.5     121.0     -22.2%
Group revenues     255.1     241.0     -5.5%     470.8     450.2     -4.4%
 

1

   

Recurring EBITDA/Group revenues margin, excluding exceptional items

2

In Q2 2015, compared to Q2 2014

3

Recurring, excluding exceptional items

4

Average Revenue Per Advertiser

5

Average number of clients for the period owning a product of the "Search & Display” range

6

Percentage of "Search & Display” Internet clients benefitting from a "Digital Marketing” service

 

The Group posted consolidated revenues of €450.2 million in H1 2015, down -4.4% compared to H1 2014 (-5,5% in Q2).

  • The Internet business is up by +4.4% in H1 2015 (+4.8% in Q2), driven primarily by:
    • an increase of +9% in ARPA4 for Search & Display, which is the result of improved monetisation of Internet audiences, up by +12% and
    • the expansion of the Digital Marketing business by +9% following renewal of our sites with new offers and enriched content.

These effects have more than offset the -5% decrease in the number of Search & Display clients, which has been impacted, in particular, by the priority given to the commercial development of high-value clients.

  • The Print & Voice business fell by -22.2% in the period (-23.2% in Q2), impacted by a broader offer of online products promoted by advisers who have acquired greater expertise in online communication.
                       
In million of euros     Q2 2014     Q2 2015     Change     H1 2014     H1 2015     Change
Internet recurring EBITDA7 49.3 55.9 13.4% 106.1 97.7 -7.9%
EBITDA / Revenues     31%     33%           34%     30%      
Print & Voice recurring EBITDA7 36.1 23.7 -34.3% 61.1 36.1 -40.9%
EBITDA / Revenues     39%     33%           39%     30%      
Group recurring EBITDA7 85.4 79.6 -6.8% 167.2 133.8 -20.0%
EBITDA / Revenues     33%     33%           36%     30%      
 

Recurring EBITDA7 of €133.8 million in H1 2015 was lower by -20.0% compared to H1 2014. The EBITDA/revenues margin was 30% in H1 2015, a drop of 6 points compared to H1 2014. This contained drop is due to a margin of 33% in Q2 2015, which is stable compared to Q2 2014, and which reflects the implementation of the operational contingency plan:

  • disciplined oversight of external expenses, which fell by -5.3% in H1 (-13.5% in Q2);
  • rigorous management of resources that caused personnel expenses to stabilise in Q2 and
  • the controlled decline of the Print & Voice business with a margin of 30% in H1.

II. Net income and financial structure

                       
In million of euros     Q2 2014     Q2 2015     Change     H1 2014     H1 2015     Change
Recurring EBITDA7     85.4     79.6     -6.8%     167.2     133.8     -20.0%
Exceptional items     (0.8)     (8.1)     na     (10.1)     (8.6)     14.9%
EBITDA     84.7     71.5     -15.6%     157.1     125.2     -20.3%
Depreciation and amortisation     (16.8)     (11.4)     +32.4%     (27.1)     (23.2)     +14.4%
Net financial income8     (30.2)     (20.9)     +30.8%     (58.0)     (42.8)     +26.2%
Corporate income tax     (16.9)     (17.7)     -4.8%     (31.7)     (25.1)     +20.8%
Net income     20.7     21.6     +4.2%     40.3     34.0     -15.6%

7

   

Excluding exceptional items

8

Including share of profit or loss of an associate

 

EBITDA of €125.2 million in H1 2015 is down 20.3% and is impacted primarily by the drop in recurring EBITDA and exceptional items of -€8.6 million related to restructuring accruals in connection with the Group’s operational contingency plan. As the French Council of State is expected to make its decision shortly in respect of the Group’s appeal following the annulment of the approval of the Employment Safeguard Plan by the French labor inspectorate (Direccte), no additional provision has been recognized for that purpose in H1 2015.

Depreciation and amortisation totalled -€23.2 million in H1 2015, down 14.4% compared to H1 2014.

Net financial income was negative by -€42.8 million in H1 2015, down 26.2% compared to H1 2014, mainly due to the impact of debt repayments made between the two periods.

In H1 2015, the Group recognised corporate income tax expense of €25.1 million, a decrease of 20.8% compared to H1 2014. The effective tax rate of 43% in H1 2015 is 1 point higher than in H1 2014.

Net income amounted to €34.0 million in H1 2015, down 15.6% compared to H1 2014 (of which Q2 2015 represented €21.6 million, up +4.2% compared to Q2 2014).

Net debt9 totalled €1,081.1 million as of 30 June 2015, a decrease of €37.8 million compared to 30 June 2014.

Net cash flow was €42.3 million in H1 2015, down by -30.3% compared to H1 2014 (of which Q2 2015 represented €21.6 million, up +125.0% compared to Q2 2014).

As of 30 June 2015, Solocal Group held net cash of €72.3 million.

III. Confirmed outlook for 2015

The Group narrows its outlook for 2015:

  • Internet revenues growth between +5% and +7%
  • A slight decrease in Group revenues
  • EBITDA/revenues margin10 between 29% and 30%
  • Net income stable compared to 2014

Furthermore, in Q2 2015, the Group proceeded with partial purchase of its bank debt in an amount of €15 million, and in September 2015 the Group intends to carry out the reverse split approved in June by the shareholders.

About Solocal Group

Solocal Group, the European market leader in local online communication, provides digital content, advertising solutions and transactional services that simply connect people with local businesses. The Group employs some 4,800 people (including nearly 2,300 local communication advisors) in France, Spain, Austria and the United Kingdom and supports the online development of SMB and major client accounts, mainly through its four flagship brands: PagesJaunes, Mappy, ComprendreChoisir and A Vendre A Louer. Over the years, Solocal Group has earned the trust of some 550,000 Internet clients. In 2014, Solocal Group generated revenues of 936 million euros, of which Internet business accounted for 68%, making it a European market leader in terms of online advertising revenues. Solocal Group is listed on Euronext Paris (LOCAL). More information may be obtained at www.solocalgroup.com.

This press release contains forward-looking statements. Although Solocal Group feels that its estimates are based upon assumptions which we believe to be reasonable, these forward-looking statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those anticipated in said forward-looking statements. For a discussion of risks and uncertainties which could cause actual results, financial condition, performance or achievements of Solocal Group to differ from those contained in the forward-looking, please refer to the "Risk factors" section of the "Document de Référence" filed with the French financial markets authority (AMF) and available on the Internet sites of the AMF (www.amf-france.org) and of Solocal Group (www.solocalgroup.com). Accounting data represented on an annual basis in audited consolidated form and on an quarterly basis in unaudited consolidated form.

9

   

Net debt is the gross financial debt plus or minus the fair net asset value of asset and/or liability derivative instruments used for cash flow hedging purposes, minus cash and cash equivalents.

10

Recurring EBITDA/Group revenues margin, excluding exceptional items

Appendix 1: Audiences of 2nd quarter and 1st half year

                       
In million of visits     Q2 2014     Q2 2015     Change     H1 2014     H1 2015     Change
PagesJaunes     361.4     392.3     +8.6%     721.0     799.7     +10.9%
of which mobile     120.8     139.2     +15.2%     232.3     274.2     +18.1%
Mappy     86.1     93.0     +8.0%     159.6     175.3     +9.8%
of which mobile     34.2     40.1     +17.2%     61.7     73.1     +18.5%
ComprendreChoisir     26.9     42.3     +57.5%     48.7     79.8     +64.0%
of which mobile     8.6     18.2     +112.9%     14.8     33.2     +124.5%
Other     29.0     25.2     -13.2%     59.3     52.6     -11.3%
Total*     503.4     552.8     +9.8%     988.6     1,107.5     +12.0%
of which mobile 168.7 203.6 +20.7% 318.7 392.3 +23.1%
Source : Solocal Group

 

*shut down of 123people in Q1 2014

on a like-for-like basis
 

Appendix 2: Income statement of 2nd quarter and 1st half year

                       
In million of euros     Q2 2014     Q2 2015     Change     H1 2014     H1 2015     Change
Group revenues     255.1     241.0     -5.5%     470.8     450.2     -4.4%
Net external expenses     (61.4)     (53.1)     +13.5%     (109.5)     (103.7)     +5.3%
Personnel expenses     (108.2)     (108.2)     +0.0%     (194.1)     (212.8)     -9.6%
Recurring EBITDA1     85.4     79.6     -6.8%     167.2     133.8     -20.0%
EBITDA/revenues     33%     33%           36%     30%      
Exceptional items     (0.8)     (8.1)     na     (10.1)     (8.6)     +14.9%
EBITDA     84.7     71.5     -15.5%     157.1     125.2     -20.3%
Depreciation and amortisation     (16.8)     (11.4)     +32.4%     (27.1)     (23.2)     +14.4%
Operating income     67.8     60.1     -11.4%     130.0     102.0     -21.5%
Net financial income (30.0) (20.9) +30.5% (57.8) (42.9) +25.8%
Share of the result from associated compagnies     (0.2)     -     na     (0.2)     0.1     na
Income before tax     37.6     39.3     +4.5%     72.0     59.1     -17.9%
Corporate income tax (16.9) (17.7) -4.8% (31.7) (25.1) +20.8%
Corporate income tax rate     45%     45%           44%     43%      
Net income     20.7     21.6     +4.2%     40.3     34.0     -15.6%
1 Excluding exceptional items
 

Appendix 3: Cash flow statement of 2nd quarter and 1st half year

                       
In million of euros     Q2 2014     Q2 2015     Change     H1 2014     H1 2015     Change
Recurring EBITDA1     85.4     79.6     -6.8%     167.2     133.8     -20.0%
Non monetary items included in EBITDA and other (3.0) (5.9) -96.7% (4.6) (8.1) -76.1%
Net change in working capital (4.3) (2.8) +34.9% 15.8 (5.6) -135.4%
Acquisition of tangible and intangible fixed assets (18.9) (18.5) +2.1% (35.5) (34.7) +2.3%
Cash financial income (24.9) (30.1) -20.9% (37.5) (42.5) -13.3%
Corporate income tax paid     (24.7)     (0.7)     +97.2%     (44.8)     (0.6)     +98.7%
Net cash flow     9.6     21.6     +125.0%     60.7     42.3     -30.3%
Increase (decrease) in borrowings and bank overdrafts (450.4) (1.3) +99.7% (489.4) (19.9) +95.9%
Capital increase 422.9 2.6 -99.4% 422.9 2.6 -99.4%
Other     (12.3)     7.5     +161.0%     (14.5)     3.8     +126.2%
Net cash variation     (30.3)     30.3     +200.0%     (20.4)     28.8     +241.2%
Net cash and cash equivalents at beginning of period     82.9     42.0     -49.3%     73.1     43.6     -40.4%
Net cash and cash equivalents at end of period     52.7     72.3     +37.2%     52.7     72.3     +37.2%
1 Excluding exceptional items
 

Appendix 4: Balance sheet

           
In million of euros

30 June
2014

31 Dec
2014

30 June
2015

ASSETS                  
Total non-current assets 227.0 229.2 235.4
Net goodwill 82.2 82.5 82.5
Other net intangible fixed assets 97.6 107.3 120.3
Net tangible fixed assets 26.2 25.3 22.2
Other non-current assets of which deferred tax assets     21.0     14.2     10.5
Total current assets 518.9 606.7 510.1
Net trade accounts receivable 333.8 441.8 335.1
Acquisition costs of contracts 56.9 46.7 36.7
Prepaid expenses 10.0 9.4 14.1
Cash and cash equivalents 54.6 46.4 75.2
Other current assets     63.6     62.5     49.1
TOTAL ASSETS     745.9     835.9     745.5
LIABILITIES                  
Total equity     (1,388.7)     (1,368.4)     (1,328.7)
Total non-current liabilities 1,240.3 1,247.0 1,232.4
Non-current financial liabilities and derivatives 1,153.0 1,139.6 1,128.5
Employee benefits (non-current) 78.4 90.4 91.0
Other non-current liabilities     8.9     16.9     13.0
Total current liabilities 894.3 957.2 841.8
Bank overdrafts and other short-term borrowings 20.5 42.5 27.8
Deferred income 552.4 575.4 493.5
Employee benefits (current) 113.2 117.6 100.2
Trade accounts payable 98.6 98.9 99.4
Other current liabilities     126.4     122.8     120.9
TOTAL LIABILITIES     745.9     835.9     745.5
 

Appendix 5: Net debt

           
In million of euros

30 June
2014

31 Dec
2014

30 June
2015

Cash and cash equivalents     54.6     46.2     75.1
Gross Cash position     54.6     46.4     75.2
Bank overdrafts     (1.9)     (2.8)     (2.8)
Net Cash position     52.7     43.6     72.3
Bank borrowings (813.9) (833.8) (811.1)
Bond borrowings -Senior secured notes (350.0) (350.0) (350.0)
Loan issuance expenses 29.3 25.8 22.2
Capital leases (1.0) (0.8) (0.9)
Fair value of hedging instruments (16.2) (9.9) (3.1)
Accrued interest not yet due (16.9) (5.1) (4.8)
Other financial liabilities     (2.8)     (5.5)     (5.8)
Gross financial debt     (1,171.5)     (1,179.4)     (1,153.5)
of which current (18.5) (39.7) (25.0)
of which non-current     (1,153.0)     (1,139.6)     (1,128.5)
Net debt     (1,118.9)     (1,135.8)     (1,081.1)
                  0
Net cash (debt) excluding fair value of financial instruments and loan issuance expenses     (1,131.9)     (1,151.6)     (1,100.2)
At 06/30/2015, €54 M available under the revolving credit line
 
     

30 June
2014

   

31 Dec
2014

   

30 June
2015

Financial leverage     2.92X     3.73X     3.83X
Covenant (max) 4.50X 4.50X 4.25X
                   
Interest coverage     3.65X     3.64X     3.72X
Covenant (min) 3.00X 3.00X 3.00X
 

Appendix 6: Historical data

                       
In million of euros     Q1 2014     Q2 2014     Q3 2014     Q4 2014     Q1 2015     Q2 2015
Internet revenues     154.0     161.3     152.5     164.8     160.3     169.0
Search & Display 121.2 126.0 119.8 130.3 127.9 127.5
Number of visits (in million) 485 503 530 526 555 553
ARPA1 (in €) 215 223 217 239 237 239
Number of clients2 (in thousand) 564 565 552 544 539 534
Digital marketing 32.7 35.3 32.6 34.5 32.3 41.5
Penetration rate (in number of clients)3     21%     21%     21%     22%     22%     22%
Print & Voice revenues     61.7     93.8     76.8     71.6     49.0     72.0
Group revenues     215.7     255.1     229.3     236.4     209.2     241.0
1 Average Revenue Per Advertiser
2 Number of average clients for the period with a product of the "Search & Display” range
3 % of Internet clients benefiting from a Digital marketing product
 
                       
In million of euros     Q1 2014     Q2 2014     Q3 2014     Q4 2014     Q1 2015     Q2 2015
Internet recurring EBITDA1 56.8 49.3 49.5 37.2 41.8 55.9
EBITDA / Revenues     37%     31%     32%     23%     26%     33%
Print & Voice recurring EBITDA1 25.0 36.1 29.0 18.2 12.4 23.7
EBITDA / Revenues     40%     39%     38%     25%     25%     33%
Group recurring EBITDA1 81.8 85.4 78.5 55.4 54.2 79.6
EBITDA / Revenues     38%     33%     34%     23%     26%     33%
1 Excluding exceptional items
 
                       
In million of euros     Q1 2014     Q2 2014     Q3 2014     Q4 2014     Q1 2015     Q2 2015
Group revenues     215.7     255.1     229.3     236.1     209.2     241.0
Net external expenses (48.0) (61.4) (52.9) (68.2) (50.5) (53.1)
Personnel expenses     (85.8)     (108.2)     (97.9)     (112.5)     (104.5)     (108.2)
Recurring EBITDA1     81.8     85.4     78.5     55.4     54.2     79.6
Exceptional items     (9.3)     (0.8)     (24.3)     0.2     (0.5)     (8.1)
EBITDA     72.5     84.7     54.2     55.5     53.7     71.5
Depreciation and amortisation     (10.3)     (16.8)     (11.9)     (13.6)     (11.9)     (11.4)
Operating income     62.2     67.8     42.3     41.9     41.8     60.1
Net financial income (27.8) (30.0) (18.6) (21.7) (22.1) (20.9)
Share of the result from associated compagnies     0.0     (0.2)     0.5     (0.3)     0.1     -
Income before tax     34.4     37.6     24.2     19.9     19.9     39.3
Corporate income tax (14.9) (16.9) (13.6) (11.5) (7.5) (17.7)
Corporate income tax rate     43%     45%     57%     57%     38%     45%
Net income     19.5     20.7     10.6     8.4     12.4     21.6
1 Excluding exceptional items
 
                       
In million of euros     Q1 2014     Q2 2014     Q3 2014     Q4 2014     Q1 2015     Q2 2015
Recurring EBITDA1     81.8     85.4     78.5     55.4     54.2     79.6
Non monetary items included in EBITDA and other (1.6) (3.0) (3.6) (5.3) (2.2) (5.9)
Net change in working capital 20.2 (4.3) (49.4) 0.2 (2.8) (2.8)
Acquisition of tangible and intangible fixed assets (16.6) (18.9) (15.6) (18.5) (16.1) (18.5)
Cash financial income (12.6) (24.9) (18.7) (29.9) (12.4) (30.1)
Corporate income tax paid     (20.1)     (24.7)     (15.2)     (0.5)     0.1     (0.7)
Net cash flow     51.1     9.6     (24.1)     1.3     20.7     21.6
Increase (decrease) in borrowings and bank overdrafts (39.0) (450.4) (4.6) 18.2 (18.6) (1.3)
Capital increase - 422.9 (0.2) (0.0) - 2.6
Other     (2.3)     (12.3)     (0.5)     0.9     (3.7)     7.5
Net cash variation     9.8     (30.3)     (29.4)     20.3     (1.6)     30.3
Net cash and cash equivalents at beginning of period     73.1     82.9     52.7     23.2     43.6     42.0
Net cash and cash equivalents at end of period     82.9     52.7     23.2     43.6     42.0     72.3
1 Excluding exceptional items

Der finanzen.at Ratgeber für Aktien!
Wenn Sie mehr über das Thema Aktien erfahren wollen, finden Sie in unserem Ratgeber viele interessante Artikel dazu!
Jetzt informieren!

Nachrichten zu Solocal Groupmehr Nachrichten

Keine Nachrichten verfügbar.

Analysen zu Solocal Groupmehr Analysen

Eintrag hinzufügen
Hinweis: Sie möchten dieses Wertpapier günstig handeln? Sparen Sie sich unnötige Gebühren! Bei finanzen.net Brokerage handeln Sie Ihre Wertpapiere für nur 5 Euro Orderprovision* pro Trade? Hier informieren!
Es ist ein Fehler aufgetreten!

Newssuche

GO

Letzte Top-Ranking Nachrichten

02.02.25 Januar 2025: Die Tops und Flops unter den Rohstoffen im abgelaufenen Monat
02.02.25 KW 5: Das sind die Tops und Flops der DAX-Aktien
02.02.25 Bitcoin, Ether & Co. im Januar 2025: Monatsbilanz der Kryptowährungen
01.02.25 KW 5: So performten die ATX-Aktien in der vergangenen Woche
01.02.25 Januar 2025: Das sind die besten und schlechtesten DAX-Aktien

Börse aktuell - Live Ticker

Trump-Zölle im Fokus: Asiens Börsen tiefrot - kein Handel in Shanghai
Die asiatischen Indizes präsentieren sich zu Wochenbeginn mit deutlichen Verlusten. Die Börse in Shanghai hat weiterhin geschlossen.

Nachrichten

Aktien ATX  DAX  EuroStoxx 50  Dow Jones  NASDAQ 100  Nikkei 225  S&P 500 

Kontakt  - Impressum - Werbung

Sitemap  - Datenschutz  - Disclaimer  - AGB  - Privatsphäre-Einstellungen