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Axel Springer’s performance in the first quarter of 2013 was boosted by the significant revenue and earnings growth of its Digital Media. The segment extended its position as the Group’s biggest operating segment by increasing its revenues by 20.9 percent over the year-ago figure. The growth of Axel Springer’s digital media activities was especially strong in the international markets.
Furthermore, the EBITDA of the Digital Media segment rose by 33.9 percent to EUR 62.8 million, that being the highest earnings contribution of all the segments. Amid an economically challenging environment, consolidated revenues rose by 1.8 percent to EUR 803.6 million (PY: EUR 789.0 million). As expected, consolidated EBITDA fell by 3.0 percent to EUR 132.4 million (PY: EUR 136.5 million), due to heightened investments in the accelerated digitization of the Group and the decrease in print media revenues, due to market conditions. However, Axel Springer’s profitability remained on a high level, with an overall EBITDA margin of 16.5 percent. Against the background of the accelerated digitization strategy announced in early March 2013, the Executive Board reaffirmed its expectations for the full year. Dr. Mathias Döpfner, Chief Executive Officer of Axel Springer AG: “The strong revenue and earnings growth of the Digital Media segment confirms us that accelerating the digital transformation of Axel Springer is the right course. The Digital Media segment is not only the highest revenue contributor, but the highest earnings contributor as well. We are working hard in all areas of the company to complete the transformation to becoming the leading digital media group. As announced earlier, our full-year earnings in 2013 will be weighed down by heightened investments in the digitization of our business and by structural adjustments in the print business.” As expected, consolidated earnings before interest, taxes, amortization and depreciation (EBITDA), adjusted for non-recurring effects, were influenced by the accelerated transformation of the Group’s business. Thus, Axel Springer’s first-quarter EBITDA of EUR 132.4 million was 3.0 percent less than the corresponding year-ago figure (PY: EUR 136.5 million). That corresponds to an EBITDA margin of 16.5 percent, as compared to 17.3 percent in the first quarter of last year. The biggest contributor to earnings was the Digital Media segment, the EBITDA of which rose to EUR 62.8 million (PY: EUR 46.9 million), reflecting an EBITDA margin of 19.7 percent (PY: 17.8 percent). On the other hand, the earnings performance of our German print media activities was affected by lower revenues, due to market conditions and calendar effects, and by slightly higher restructuring expenses compared to the year-ago period. Nonetheless, the profitability of Axel Springer’s German print media remained on a high level, with a 19.7 percent (PY: 23.4 percent) EBITDA margin of the Newspapers National segment and a 19.5 percent (PY: 21.1 percent) EBITBA margin of the Magazines National segment. Amid persistently difficult economic conditions in the international markets, the Print International segment generated an EBITDA margin of 10.3 percent (PY: 11.4 percent). In the first quarter, Axel Springer increased its consolidated revenues by 1.8 percent to EUR 803.6 million (PY: EUR 789.0 million). Thanks to the dynamic growth of revenues in the Digital Media segment, which resulted both from organic growth and the consolidation of newly acquired companies, Axel Springer was able to more than offset the expected decrease in print media revenues. Adjusted for consolidation and currency effects, the Group’s total revenues were 2.7 percent less than the corresponding year-ago figure. Assuming that the structurally declining trends of the print business do not worsen considerably, the Executive Board continues to anticipate a lower single-digit percentage increase in Group-wide total revenues in financial year 2013. The Executive Board anticipates that the expected decrease in circulation revenues will be more than offset by the expected increase in advertising revenues, coupled with stable other revenues. The Executive Board anticipates organic growth in the Group’s digital media activities, reinforced by acquisition effects, whereas the revenues generated in the Group’s national and international print business will be less than the respective prior-year figures, due to market conditions. As a result of heightened investments in the accelerated digitization of the Group’s business and significant expenditures for structural adjustments in the print business, Axel Springer anticipates a single-digit percentage decrease in consolidated EBITDA for the full year 2013. International revenues rise further / Digital Media contribute nearly two thirds of the Group’s total advertising revenues. In the first three months of 2013, Axel Springer generated 37.3 percent (PY: 33.4 percent) of its total revenues in its international activities. In a reflection of the growing internationalization of digital activities, international revenues rose by 13.8 percent to EUR 300.0 million (PY: EUR 263.5 million). Thanks to strong advertising growth in its digital media activities, Axel Springer generated total advertising revenues of EUR 434.8 million in the first quarter of 2013 (PY: EUR 399.6 million), reflecting an increase of 8.8 percent over the corresponding year-ago figure. Nearly two thirds (63.5 percent) of the Group’s total advertising revenues were contributed by the Digital Media segment. By contrast, the advertising revenues of the print segments were lower than the respective year-ago figures. At EUR 276.8 million, circulation revenues were 5.8 percent less than the year-ago figure (EUR 293.8 million). This decrease resulted from the shrinking circulation numbers of various titles in all three of the Group’s print segments, due to market conditions. The other revenues of EUR 91.9 million were 3.9 percent less than the year-ago figure (EUR 95.6 million). In this respect, the increases in the Print International and Magazines National segments were not enough to fully offset the decreases in the Digital Media and Newspapers National segments. 5.6 percent increase in consolidated net income. At EUR 72.3 million, Axel Springer’s consolidated net income for the first quarter was 5.6 percent higher than the year-ago figure of EUR 68.5 million. Adjusted for significant non-operating effects, consolidated net income amounted to EUR 65.6 million (PY: EUR 77.5 million). Earnings per share improved by 3.3 percent, from EUR 0.62 to EUR 0.64, while adjusted earnings per share declined from EUR 0.68 to EUR 0.54. Segments: Digital Media contribute the highest share of revenues and earnings. The Digital Media segment contributed the highest share of revenues and earnings to the Group’s performance in the first quarter of 2013, underscoring the strategic importance of these activities for Axel Springer. Revenue growth was especially strong in the international markets. The total segment revenues of EUR 318.2 million were 20.9 percent higher than the year-ago figure (EUR 263.1 million). This increase was driven both by organic growth and by consolidation effects related to Totaljobs, Onet.pl, Immoweb.be, and meinestadt.de, among other acquisitions. The Digital Media segment generated organic growth of 6.6 percent in the first three months of 2013. Advertising revenues, which rose by 27.1 percent to EUR 276.0 million (PY: EUR 217.3 million), were particularly important for the positive performance of the Digital Media segment. Due in particular to deconsolidation effects, other revenues declined from EUR 45.8 million in the first quarter of last year to EUR 42.1 million in the quarter just ended. At EUR 62.8 million, the EBITDA of the Digital Media segment was 33.9 percent higher than the year-ago figure (EUR 46.9 million) and accounted for approximately 47 percent of the Group’s consolidated EBITDA. Furthermore, the segment’s EBITDA margin improved from 17.8 percent to 19.7 percent.
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