SÈVRES, France--(BUSINESS WIRE)--Regulatory News:
SoLocal Group (Paris:LOCAL):
-
Q3 2015 results:
- Internet revenues of €152 million, up +2%1
- Revenues of €212 million, down -6%1
- EBITDA2 of €78 million, down -4%1
- EBITDA/revenue margin3 of 37%
-
The operational contingency plan announced in April has been
implemented to a large extent.
The outlook for the year becomes:- Annual Internet revenue growth reduced between +3% and +5%4
- Annual EBITDA/revenue margin3 increased to 31%
- Securisation of compliance with bank covenants
Jean-Pierre Remy, Chief Executive Officer of SoLocal Group, stated: “We have favoured above all profitability. Implementing the operational contingency plan has produced the expected outcome and given us the required leeway with respect to our financial covenants. This gives us the time to explore all refinancing options.”
I. Revenues and EBITDA
The Board of Directors approved the Group’s consolidated accounts as of 30 September 2015.
When presenting its Q3 2015 results, SoLocal Group separates the evolution of its continued activities from that of divested activities (see press release of 19 October 2015). Business indicators discussed are for continued activities. The indicators for all activities are provided in the appendix.
1 In Q3 2015, compared to Q3 2014, for continued activities
2
Recurring, excluding exceptional items, for continued activities
3
Recurring EBITDA/revenue margin, excluding exceptional items, for
continued activities
4 Compared to 2014, for continued
activities
| In million of euros | Q3 2014 | Q3 2015 | Change | 9M 2014 | 9M 2015 | Change | ||||||
| Internet revenues | 149.3 | 151.8 | +1.7% | 457.4 | 477.0 | +4.3% | ||||||
| Local search | 117.6 | 118.0 | +0.3% | 359.6 | 369.8 | +2.8% | ||||||
| Number of visits (in million) | 531 | 568 | +7% | 1,520 | 1,677 | +10% | ||||||
| ARPA5 (in €) | 212 | 225 | +6% | 641 | 695 | +8% | ||||||
| Number of clients6 (in thousand) | 555 | 525 | -5% | 561 | 532 | -5% | ||||||
| Digital marketing | 31.8 | 33.8 | +6.3% | 97.9 | 107.2 | +9.5% | ||||||
| Penetration rate (in number of clients)7 | 21% | 22% | 21% | 22% | ||||||||
| Print & Voice revenues | 76.8 | 60.5 | -21.2% | 232.3 | 181.4 | -21.9% | ||||||
| Revenues | 226.2 | 212.3 | -6.1% | 689.8 | 658.4 | -4.6% | ||||||
| Scope of continued activities | ||||||||||||
The Group posted revenues of €658.4 million in the first 9 months of 2015, a decrease of -4.6% compared to the first 9 months of 2014 (-6.1% in Q3):
- The Internet business grew by +4.3% (+1.7% in Q3), driven by the positive evolution of the Digital marketing business, which was up +9.5%, and Local search ARPA, which increased by +8%, despite a slowdown in new client acquisition due to reduced investments in sales.
- The Print & Voice business fell by -21.9% over the period (-21.2% in Q3), which is in line with the trend in the first half of the year.
| In million of euros | Q3 2014 | Q3 2015 | Change | 9M 2014 | 9M 2015 | Change | ||||||
| Internet recurring EBITDA8 | 52.5 | 57.8 | 10.1% | 162.5 | 160.5 | -1.2% | ||||||
| EBITDA / revenue margin | 35% | 38% | 36% | 34% | ||||||||
| Print & Voice recurring EBITDA8 | 29.2 | 20.4 | -30.1% | 90.3 | 56.5 | -37.4% | ||||||
| EBITDA / revenue margin | 38% | 34% | 39% | 31% | ||||||||
| Group recurring EBITDA8 | 81.6 | 78.3 | -4.0% | 252.8 | 217.0 | -14.2% | ||||||
| EBITDA / revenue margin | 36% | 37% | 37% | 33% | ||||||||
| Scope of continued activities | ||||||||||||
Recurring EBITDA8 was €217.0 million in the first 9 months of 2015, which was -14.2% lower than in the first 9 months of 2014. The EBITDA/revenue margin was 33% in the first 9 months of 2015, a drop of 4 points compared to the first 9 months of 2014. This limited decrease results from a strong margin of 37% in Q3 2015, which reflects the successful implementation of the operational contingency plan, a sharp reduction in costs and the divestment of unprofitable and not growing businesses.
5 Average Revenue Per Advertiser
6 Average
number of clients during the period with a product from the Local search
product range
7 Percentage of “Local search” Internet
clients receiving a “Digital marketing” service
8 Excluding
exceptional items
II. Net income and financial structure
| In million of euros | Q3 2014 | Q3 2015 | Change | 9M 2014 | 9M 2015 | Change | ||||||
| Recurring EBITDA | 81.6 | 78.3 | -4.0% | 252.8 | 217.0 | -14.2% | ||||||
| Exceptional items | (24.4) | (1.8) | +92.6% | (34.4) | (4.1) | +88.1% | ||||||
| EBITDA | 57.2 | 76.5 | +33.7% | 218.4 | 213.0 | -2.5% | ||||||
| Depreciation and amortisation | (11.6) | (13.0) | -12.1% | (34.1) | (34.9) | -2.3% | ||||||
| Net financial income9 | (18.1) | (21.2) | -17.1% | (76.1) | (64.0) | +15.9% | ||||||
| Corporate income tax | (14.0) | (19.9) | -42.1% | (46.7) | (50.1) | -7.3% | ||||||
| Income from continued activities | 13.6 | 22.4 | +64.7% | 61.5 | 64.0 | +4.1% | ||||||
| Income from divested activities | (3.0) | (5.5) | -83.3% | (10.6) | (13.1) | -23.6% | ||||||
| Net income | 10.6 | 16.9 | +59.4% | 50.9 | 50.9 | +0.0% | ||||||
| Scope of continued activities | ||||||||||||
EBITDA of €213.0 million in the first 9 months of 2015 is down -2.5% as the decrease in recurring EBITDA was partially offset by limited exceptional items in connection with the operational contingency plan. These figures do not take into account, as of 30 September 2015, the potential impacts of the voluntary departures plan and of the decision of the Conseil d’Etat on the annulment of the approval of the Employment Safeguard Plan by the French labor inspectorate (Direccte) late 2013.
Depreciation and amortisation amounted to -€34.9 million in the first 9 months of 2015, up +2.3% compared to the first 9 months of 2014.
Net financial income was negative by -€64.0 million in the first 9 months of 2015, down -15.9% compared to the first 9 months of 2014, mainly due to the impact of debt repayments made between the two periods.
In the first 9 months of 2015, the Group recognised corporate income tax expense of -€50.1 million, up +7.3% compared to the first 9 months of 2014. The effective tax rate of 44% in the first 9 months of 2015 was 1 point higher than in the first 9 months of 2014.
Net income from continued activities amounted to €64.0 million in the first 9 months of 2015, up +4.1% compared to the first 9 months of 2014 (of which, €22.4 million in Q3 2015, up 64.7% compared to Q3 2014).
Net income from divested activities totalled -€13.1 million in the first 9 months of 2015, a drop of -23.6% compared to the first 9 months of 2014, mainly due to exceptional provisions recognised in connection with the divestments of these activities.
The Group’s net income totalled €50.9 million in the first 9 months of 2015, which was stable compared to the first 9 months of 2014 (of which, €16.9 million in Q3 2015, up +59.4% compared to Q3 2014).
Net debt10 totalled €1,098.7 million as of 30 September 2015, a decrease of €61.5 million compared to 30 September 2014, as a result of the cash generated by the Group’s businesses.
9 Including share of profit or loss of an associate
10
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
Net cash flow from continued activities was €58.0 million in the first 9 months of 2015, up +32.7% compared to the first 9 months of 2014 (of which, €11.8 million in Q3 2015, up 159.0% compared to Q3 2014).
Net cash flow from divested activities was -€5.4 million in the first 9 months of 2015, an increase of 28.0% compared to the first 9 months of 2014, as the extraordinary provisions recognised in connection with the divestments of these activities have only marginal cash impacts.
The Group’s net cash flow was €52.6 million in the first 9 months of 2015, up +45.3% compared to the first 9 months of 2014 (of which, €9.3 million in Q3 2015, up 138.60% compared to Q3 2014).
As of 30 September 2015, the Group had a net cash position of €69.2 million.
III. Outlook for 2015
The Group has lowered its revenue growth outlook and raised its profitability outlook with regard to continued activities:
- Internet revenue growth between 3% and 5%11
- Revenues down around -5%11
- EBITDA/revenue margin12 of 31%
- Net income13 stable compared to 2014
In addition:
- The Group secures compliance with bank covenants;
- The reverse stock split has been effective on 26 October 2015.
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, Ooreka (the new name of 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.
11 Compared to 2014
12 Recurring
EBITDA/revenue margin, excluding exceptional items
13
Excluding potential impacts of the voluntary departures plan and of the
decision of the Conseil d’État on the annulment of the approval granted
to the Employment Protection Plan (PSE) adopted in late 2013
Appendix 1: Audiences of 3rd quarter and the first 9 months
| In million of visits | Q3 2014 | Q3 2015 | Change | 9M 2014 | 9M 2015 | Change | ||||||
| PagesJaunes | 375.9 | 400.0 | +6.4% | 1,096.8 | 1,199.8 | +9.4% | ||||||
| of which mobile | 130.9 | 156.4 | +19.5% | 363.1 | 430.7 | +18.6% | ||||||
| Mappy | 92.6 | 99.2 | +7.1% | 252.2 | 274.4 | +8.8% | ||||||
| of which mobile | 41.2 | 47.5 | +15.2% | 102.9 | 120.6 | +17.2% | ||||||
| Ooreka | 33.3 | 42.9 | +28.7% | 82.0 | 122.7 | +49.6% | ||||||
| of which mobile | 11.6 | 19.5 | +67.7% | 26.5 | 52.8 | +99.5% | ||||||
| Other | 28.7 | 26.3 | -8.3% | 88.9 | 79.9 | -10.1% | ||||||
| Total* | 530.5 | 568.4 | +7.1% | 1,519.9 | 1,676.8 | +10.3% | ||||||
| of which mobile | 191.9 | 233.3 | +21.6% | 514.1 | 630.8 | +22.7% | ||||||
| Source : SoLocal Group | ||||||||||||
| on a like-for-like basis | ||||||||||||
Appendix 2: Income statement of 3rd quarter and the first 9 months
| Consolidated | Continued activities | Divested activities | ||||||||||||||||
| In million of euros | Q3 2014 | Q3 2015 | Change | Q3 2014 | Q3 2015 | Change | Q3 2014 | Q3 2015 | Change | |||||||||
| Group revenues | 229.3 | 213.2 | -7.0% | 226.2 | 212.2 | -6.2% | 3.1 | 0.9 | -71.0% | |||||||||
| Net external expenses | (52.9) | (53.1) | -0.4% | (48.8) | (51.0) | -4.5% | (4.1) | (2.1) | +48.8% | |||||||||
| Personnel expenses | (97.9) | (84.6) | +13.6% | (95.7) | (83.0) | +13.3% | (2.2) | (1.6) | +27.3% | |||||||||
| Recurring EBITDA1 | 78.5 | 75.5 | -3.8% | 81.6 | 78.3 | -4.0% | (3.1) | (2.8) | +9.7% | |||||||||
| Exceptional items | (24.3) | (0.1) | +99.6% | (24.4) | (1.8) | +92.6% | 0.1 | 1.7 | na | |||||||||
| EBITDA | 54.2 | 75.4 | +39.1% | 57.2 | 76.5 | +33.7% | (3.1) | (1.0) | +67.7% | |||||||||
| Depreciation and amortisation | (11.9) | (21.7) | -82.4% | (11.6) | (13.0) | -12.1% | (0.4) | (8.7) | na | |||||||||
| Operating income | 42.3 | 53.7 | +27.0% | 45.7 | 63.4 | +38.7% | (3.4) | (9.7) | na | |||||||||
| Net financial income | (18.6) | (21.2) | -14.0% | (18.6) | (21.2) | -14.0% | (0.0) | - | - | |||||||||
| Share of the result from associated companies | 0.5 | - | na | 0.5 | - | na | - | - | - | |||||||||
| Income before tax | 24.2 | 32.6 | +34.7% | 27.6 | 42.3 | +53.3% | (3.4) | (9.7) | na | |||||||||
| Corporate income tax | (13.6) | (15.7) | -15.4% | (14.0) | (19.9) | -42.1% | 0.4 | 4.2 | na | |||||||||
| Corporate income tax rate | 56.1% | 48.1% | 50.8% | 47.0% | -13.1% | -43.2% | ||||||||||||
| Net income | 10.6 | 16.9 | +59.4% | 13.6 | 22.4 | +64.7% | (3.0) | (5.5) | -83.3% | |||||||||
| 1Excluding exceptional items | ||||||||||||||||||
| Consolidated | Continued activities | Divested activities | ||||||||||||||||
| In million of euros | 9M 2014 | 9M 2015 | Change | 9M 2014 | 9M 2015 | Change | 9M 2014 | 9M 2015 | Change | |||||||||
| Group revenues | 700.1 | 663.4 | -5.2% | 689.8 | 658.4 | -4.6% | 10.3 | 5.0 | -51.5% | |||||||||
| Net external expenses | (162.3) | (156.8) | +3.4% | (151.1) | (149.2) | +1.3% | (11.2) | (7.6) | +32.1% | |||||||||
| Personnel expenses | (292.0) | (297.3) | -1.8% | (285.8) | (292.2) | -2.2% | (6.2) | (5.2) | +16.1% | |||||||||
| Recurring EBITDA1 | 245.7 | 209.3 | -14.8% | 252.8 | 217.0 | -14.2% | (7.0) | (7.8) | -11.4% | |||||||||
| Exceptional items | (34.4) | (8.6) | +75.0% | (34.4) | (4.1) | +88.1% | 0.0 | (4.6) | - | |||||||||
| EBITDA | 211.3 | 200.6 | -5.1% | 218.4 | 213.0 | -2.5% | (7.0) | (12.4) | -77.1% | |||||||||
| Depreciation and amortisation | (39.1) | (44.9) | -14.8% | (34.1) | (34.9) | -2.3% | (5.0) | (10.1) | na | |||||||||
| Operating income | 172.3 | 155.7 | -9.6% | 184.3 | 178.1 | -3.4% | (12.0) | (22.4) | -86.7% | |||||||||
| Net financial income | (76.4) | (64.1) | +16.1% | (76.4) | (64.1) | +16.1% | (0.0) | (0.0) | - | |||||||||
| Share of the result from associated companies | 0.3 | 0.1 | -66.7% | 0.3 | 0.1 | -66.7% | - | - | - | |||||||||
| Income before tax | 96.2 | 91.7 | -4.7% | 108.2 | 114.1 | +5.5% | (12.0) | (22.4) | -86.7% | |||||||||
| Corporate income tax | (45.3) | (40.8) | +9.9% | (46.7) | (50.1) | -7.3% | 1.4 | 9.3 | na | |||||||||
| Corporate income tax rate | 47.1% | 44.5% | 43.1% | 43.9% | 11.4% | 41.4% | ||||||||||||
| Net income | 50.9 | 50.9 | +0.0% | 61.5 | 64.0 | +4.1% | (10.6) | (13.1) | -23.6% | |||||||||
| 1Excluding exceptional items | ||||||||||||||||||
Appendix 3: Cash flow statement of 3rd quarter and the first 9 months
| In million of euros | Q3 2014 | Q3 2015 | Change | 9M 2014 | 9M 2015 | Change | ||||||
| Recurring EBITDA1 | 81.6 | 78.3 | -4.0% | 252.8 | 217.0 | -14.2% | ||||||
| Non monetary items included in EBITDA | 2.8 | 4.5 | +60.7% | 7.7 | 9.3 | +20.8% | ||||||
| Net change in working capital | (48.9) | (24.4) | +50.1% | (36.5) | (31.7) | +13.2% | ||||||
| Acquisition of tangible and intangible fixed assets | (15.2) | (18.6) | -22.4% | (49.9) | (52.8) | -5.8% | ||||||
| Cash financial income | (18.7) | (12.8) | +31.6% | (56.2) | (55.3) | +1.6% | ||||||
| Non recurring items | (6.7) | (7.2) | -7.5% | (16.2) | (20.0) | -23.5% | ||||||
| Acquisition costs of shares | (0.2) | - | - | (0.4) | - | - | ||||||
| Corporate income tax paid | (14.7) | (7.9) | +46.3% | (57.5) | (8.6) | +85.0% | ||||||
| Net Cash flow from continued activities | (20.0) | 11.8 | na | 43.7 | 58.0 | +32.7% | ||||||
| Net Cash flow from divested activities | (4.1) | (2.5) | +39.0% | (7.5) | (5.4) | +28.0% | ||||||
| Net cash flow | (24.1) | 9.3 | na | 36.2 | 52.6 | +45.3% | ||||||
| Increase (decrease) in borrowings and bank overdrafts | (4.6) | (10.4) | na | (494.1) | (30.3) | +93.9% | ||||||
| Capital increase | (0.2) | - | na | 422.7 | 2.6 | -99.4% | ||||||
| Other | (0.4) | (2.1) | na | (14.7) | 0.7 | na | ||||||
| Net cash variation | (29.4) | (3.2) | +89.1% | (49.9) | 25.6 | na | ||||||
| Net cash and cash equivalents at beginning of period | 52.7 | 72.3 | +37.2% | 73.1 | 43.6 | -40.4% | ||||||
| Net cash and cash equivalents at end of period | 23.2 | 69.2 | na | 23.2 | 69.2 | na | ||||||
| 1Excluding exceptional items | ||||||||||||
Appendix 4: Balance sheet
| In million of euros | 30 Sept. 2014 | 31 Dec 2014 | 30 Sept. 2015 | |||
| ASSETS | ||||||
| Total non-current assets | 238.5 | 229.2 | 235.1 | |||
| Net goodwill | 82.5 | 82.5 | 79.7 | |||
| Other net intangible fixed assets | 102.5 | 107.3 | 123.4 | |||
| Net tangible fixed assets | 25.1 | 25.3 | 23.0 | |||
| Other non-current assets of which deferred tax assets | 28.5 | 14.2 | 9.0 | |||
| Total current assets | 443.9 | 606.7 | 430.8 | |||
| Net trade accounts receivable | 299.5 | 441.8 | 263.2 | |||
| Acquisition costs of contracts | 51.7 | 46.7 | 31.5 | |||
| Prepaid expenses | 7.3 | 9.4 | 10.7 | |||
| Cash and cash equivalents | 24.7 | 46.4 | 71.7 | |||
| Other current assets | 60.8 | 62.5 | 53.8 | |||
| TOTAL ASSETS | 682.4 | 835.9 | 665.9 | |||
| LIABILITIES | ||||||
| Total equity | (1,374.3) | (1,368.4) | (1,309.7) | |||
| Total non-current liabilities | 1,236.4 | 1,247.0 | 1,238.8 | |||
| Non-current financial liabilities and derivatives | 1,138.4 | 1,139.6 | 1,130.3 | |||
| Employee benefits (non-current) | 79.8 | 90.4 | 94.6 | |||
| Other non-current liabilities | 18.1 | 16.9 | 13.9 | |||
| Total current liabilities | 820.4 | 957.2 | 736.8 | |||
| Bank overdrafts and other short-term borrowings | 17.0 | 37.5 | 8.1 | |||
| Deferred income | 490.2 | 575.4 | 423.9 | |||
| Employee benefits (current) | 108.3 | 117.6 | 96.6 | |||
| Trade accounts payable | 83.7 | 98.9 | 90.3 | |||
| Other current liabilities | 121.2 | 127.9 | 117.9 | |||
| TOTAL LIABILITIES | 682.4 | 835.9 | 665.9 |
Appendix 5: Net debt
| In million of euros | 30 Sept. 2014 | 31 Dec 2014 | 30 Sept. 2015 | |||
| Cash and cash equivalents | 24.6 | 46.2 | 71.7 | |||
| Gross Cash position | 24.7 | 46.4 | 71.7 | |||
| Bank overdrafts | (1.5) | (2.8) | (2.5) | |||
| Net Cash position | 23.2 | 43.6 | 69.2 | |||
| Bank borrowings | 813.9 | 813.8 | 798.8 | |||
| Bond borrowings -Senior secured notes | 350.0 | 350.0 | 350.0 | |||
| Revolving credit line drawn* | - | 20.0 | - | |||
| Loan issuance expenses | (27.5) | (25.8) | (20.3) | |||
| Capital leases | 0.9 | 0.8 | 0.8 | |||
| Fair value of hedging instruments | 12.9 | 9.9 | - | |||
| Accrued interest not yet due | 14.8 | 5.1 | 11.7 | |||
| Other financial liabilities | 3.8 | 5.5 | 6.5 | |||
| Gross financial debt | 1,168.8 | 1,179.4 | 1,147.6 | |||
| of which current | 30.3 | 39.7 | 17.3 | |||
| of which non-current | 1,138.4 | 1,139.6 | 1,130.3 | |||
| Net debt | 1,145.6 | 1,135.8 | 1,078.4 | |||
| - | ||||||
| Net cash (debt) excluding fair value of financial instruments and loan issuance expenses | 1,160.2 | 1,151.6 | 1,098.7 | |||
| *At 09/30/2015, €52 M available under the revolving credit line | ||||||
| 30 Sept. 2014 | 31 Dec 2014 | 30 Sept. 2015 | ||||
| Financial leverage | 3,35X | 3,73X | 3.85X | |||
| Financial leverage from continued activities | 3.72X | |||||
| Covenant (max) | 4,50X | 4,50X | 4.25X | |||
| Interest coverage | 3,74X | 3,64X | 3.57X | |||
| 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 | Q3 2015 | |||||||
| Internet revenues | 150.4 | 157.7 | 149.3 | 160.5 | 157.9 | 167.3 | 151.8 | |||||||
| Local search | 118.8 | 123.2 | 117.6 | 127.2 | 125.9 | 125.9 | 118.0 | |||||||
| Number of visits (in million) | 486 | 504 | 531 | 526 | 555 | 553 | 568 | |||||||
| ARPA1 (in €) | 211 | 218 | 212 | 234 | 234 | 236 | 225 | |||||||
| Number of clients (in thousand) | 564 | 565 | 555 | 544 | 539 | 534 | 525 | |||||||
| Digital marketing | 31.6 | 34.5 | 31.8 | 33.3 | 32.0 | 41.4 | 33.8 | |||||||
| Penetration rate (in number of clients)2 | 21% | 21% | 21% | 22% | 22% | 22% | 22% | |||||||
| Print & Voice revenues | 61.7 | 93.8 | 76.8 | 71.3 | 49.0 | 72.0 | 60.5 | |||||||
| Revenues from continued activities | 212.1 | 251.5 | 226.2 | 231.8 | 206.9 | 239.3 | 212.3 | |||||||
| Revenues from divested activties | 3.6 | 3.6 | 3.1 | 4.3 | 2.4 | 1.7 | 0.9 | |||||||
| Consolidated revenues | 215.7 | 255.1 | 229.3 | 236.1 | 209.2 | 241.0 | 213.2 | |||||||
| 1 Average Revenue Per Advertiser | ||||||||||||||
| 2 % 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 | Q3 2015 | |||||||
| Internet recurring EBITDA | 58.6 | 51.4 | 52.5 | 39.5 | 44.4 | 58.3 | 57.8 | |||||||
| EBITDA / revenue margin | 39% | 33% | 35% | 25% | 28% | 35% | 38% | |||||||
| Print & Voice recurring EBITDA | 25.0 | 36.1 | 29.2 | 18.4 | 12.4 | 23.7 | 20.4 | |||||||
| EBITDA / revenue margin | 40% | 39% | 38% | 26% | 25% | 33% | 34% | |||||||
| Recurring EBITDA from continued activities | 83.6 | 87.5 | 81.6 | 57.9 | 56.8 | 82.0 | 78.3 | |||||||
| EBITDA / revenue margin | 39% | 35% | 36% | 25% | 27% | 34% | 37% | |||||||
| Recurring EBITDA from divested activities | (1.8) | (2.1) | (3.1) | (2.6) | (2.6) | (2.4) | (2.8) | |||||||
| Consolidated recurring EBITDA | 81.8 | 85.4 | 78.5 | 55.4 | 54.2 | 79.6 | 75.5 | |||||||
| EBITDA / revenue margin | 38% | 33% | 34% | 23% | 26% | 33% | 35% | |||||||
| Recurring EBITDA excluding exceptional items | ||||||||||||||
| In million of euros | Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | Q1 2015 | Q2 2015 | Q3 2015 | |||||||
| Group revenues | 212.1 | 251.5 | 226.2 | 231.8 | 206.9 | 239.3 | 212.2 | |||||||
| Net external expenses | (44.6) | (57.7) | (48.8) | (63.5) | (47.6) | (50.6) | (51.0) | |||||||
| Personnel expenses | (83.9) | (106.2) | (95.7) | (110.4) | (102.5) | (106.7) | (83.0) | |||||||
| Recurring EBITDA1 | 83.6 | 87.5 | 81.6 | 57.9 | 56.8 | 82.0 | 78.3 | |||||||
| Exceptional items | (9.3) | (0.7) | (24.4) | 0.2 | (0.4) | (1.8) | (1.8) | |||||||
| EBITDA | 74.3 | 86.8 | 57.2 | 58.1 | 56.4 | 80.1 | 76.5 | |||||||
| Depreciation and amortisation | (10.1) | (12.4) | (11.6) | (13.1) | (11.4) | (10.4) | (13.0) | |||||||
| Operating income | 64.2 | 74.4 | 45.7 | 45.0 | 44.9 | 69.7 | 63.4 | |||||||
| Net financial income | (27.8) | (30.0) | (18.6) | (21.7) | (22.1) | (20.9) | (21.2) | |||||||
| Share of the result from associated companies | 0.0 | (0.2) | 0.5 | (0.3) | 0.1 | - | - | |||||||
| Income before tax | 36.4 | 44.2 | 27.6 | 23.0 | 23.0 | 48.9 | 42.3 | |||||||
| Corporate income tax | (15.3) | (17.4) | (14.0) | (11.8) | (7.9) | (22.4) | (19.9) | |||||||
| Corporate income tax rate | 42.0% | 39.3% | 50.8% | 51.2% | 34.2% | 45.8% | 47.0% | |||||||
| Net income from continued activities | 21.1 | 26.8 | 13.6 | 11.2 | 15.1 | 26.5 | 22.4 | |||||||
| Net income from divested activities | (1.6) | (6.1) | (3.0) | (2.8) | (2.7) | (4.9) | (5.5) | |||||||
| Net income | 19.5 | 20.7 | 10.6 | 8.4 | 12.4 | 21.6 | 16.9 | |||||||
| 1Excluding exceptional items | ||||||||||||||
| In million of euros | Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | Q1 2015 | Q2 2015 | Q3 2015 | |||||||
| Recurring EBITDA1 | 83.6 | 87.5 | 81.6 | 57.9 | 56.8 | 82.0 | 78.3 | |||||||
| Non monetary items included in EBITDA and other | 2.1 | 2.8 | 2.8 | 3.7 | 2.9 | 1.9 | 4.5 | |||||||
| Net change in working capital | 17.4 | (5.0) | (48.9) | (1.0) | (4.5) | (2.8) | (24.4) | |||||||
| Acquisition of tangible and intangible fixed assets | (16.3) | (18.5) | (15.2) | (18.0) | (15.9) | (18.3) | (18.6) | |||||||
| Cash financial income | (12.6) | (24.9) | (18.7) | (29.9) | (12.4) | (30.1) | (12.8) | |||||||
| Non recurring items | (3.5) | (5.9) | (6.7) | (8.8) | (5.1) | (7.8) | (7.2) | |||||||
| Acquisition costs of shares | (0.1) | (0.1) | (0.2) | - | - | - | - | |||||||
| Corporate income tax paid | (18.8) | (24.0) | (14.7) | (1.0) | 0.1 | (0.7) | (7.9) | |||||||
| Net Cash flow from continued activities | 51.9 | 11.9 | (20.0) | 2.9 | 21.9 | 24.2 | 11.8 | |||||||
| Net Cash flow from divested activities | (0.9) | (2.5) | (4.1) | (1.6) | (1.2) | (1.7) | (2.5) | |||||||
| Net cash flow | 51.0 | 9.4 | (24.1) | 1.3 | 20.7 | 22.5 | 9.3 | |||||||
| Increase (decrease) in borrowings and bank overdrafts | (39.0) | (450.4) | (4.6) | 18.2 | (18.6) | (1.3) | (10.4) | |||||||
| Capital increase | - | 422.9 | (0.2) | (0.0) | - | 2.6 | - | |||||||
| Other | (2.2) | (12.1) | (0.4) | 0.9 | (3.7) | 6.6 | (2.1) | |||||||
| Net cash variation | 9.8 | (30.3) | (29.4) | 20.3 | (1.6) | 30.3 | (3.2) | |||||||
| Net cash and cash equivalents at beginning of period | 73.1 | 82.9 | 52.7 | 23.2 | 43.6 | 42.0 | 72.3 | |||||||
| Net cash and cash equivalents at end of period | 82.9 | 52.7 | 23.2 | 43.6 | 42.0 | 72.3 | 69.2 | |||||||
| 1Excluding exceptional items | ||||||||||||||