Ströer Media AG: Positive business performance in the first quarter
May 15, 2013 7:05 AM
Ströer Media AG / Key word(s): Quarter Results
- Consolidated revenue up 5.8% to EUR 125.5m
- 5.9% organic growth
- Operational EBITDA increases by 45.6% to EUR 13.5m
- Clear improvement in adjusted profit or loss for the period
- Further reduction in net debt
Cologne, 15 May 2013 In the first quarter of 2013, Ströer Media AG built on the positive trends already indicated in the final weeks of 2012 and increased its revenue by EUR 6.8m year on year to EUR 125.5m. Organic consolidated revenue grew by 5.9%, mainly due to higher revenue in Germany and Turkey - across all product groups. Gross profit was also up 5.0% to EUR 31.3m.
Operational EBITDA rose significantly by 45.6% to EUR 13.5m, boosted by a favorable product mix and continous cost control. As a result, the operational EBITDA margin therefore increased from 7.8% to 10.8%.
At EUR minus 6.3m, the loss for the period remained virtually unchanged against the prior-year level. The financial result in the first quarter of 2013 deteriorated slightly by EUR minus 0.6m to EUR minus 4.6m. In the prior-year quarter, the appreciation of the Turkish lira and the Polish zloty led to exceptional income due to revaluation of intragroup euro loans granted by the holding company to its foreign subsidiaries. This effect, which was not repeated in the first quarter 2013, could not be fully compensated by lower interest expenses from the optimization of the Group's financing structure in August 2012. The optimized financial result is particularly reflected in the significant improvement in the adjusted loss for the period which, at EUR minus 2.0m, was 67.6% lower than in the prior year (loss of EUR minus 6.2m).
The Group's net debt decreased slightly by EUR 2.5m in the reporting period to EUR 299.6m, primarily due to the positive free cash flow of EUR 9.0m. As a result, the leverage ratio (the ratio between net debt and operational EBITDA) fell slightly to 2.7.
In the first quarter of 2013, Ströer continued to adjust the pace of its investments to reflect the market conditions and invested selectively in specific growth projects in Germany and abroad. Overall, Ströer reduced its investments by 23.8% to EUR 6.1m (prior year: EUR 8.0m).
'We are very pleased with the first quarter. We were able to carry forward the momentum from the final weeks of 2012 into the new year and report a positive business performance in Germany and Turkey,' said Udo Müller, CEO of Ströer. '2013 will also be shaped by our entry into the online advertising market. We will use our existing and new infrastructure to strategically focus on issues such as the regionalization of online advertising.'
The Group's financial figures at a glance
1Excluding exchange rate effects and effects from the (de-)consolidation and discontinuation of operations
2Revenue less cost of sales
3Earnings before interest, taxes, depreciation and amortization adjusted for exceptional items and effects from the phantom stock program which was terminated as of the IPO
4Earnings before interest and taxes adjusted for exceptional items, effects from the phantom stock program which was terminated as of the IPO, amortization of acquired advertising concessions and impairment losses on intangible assets
5Adjusted EBIT before non-controlling interests net of the financial result adjusted for exceptional items and the normalized tax expense
6Adjusted profit or loss for the period net of reported non-controlling interests divided by the number of shares outstanding after the IPO (42,098,238)
7Profit or loss for the period before non-controlling interests
8Actual profit or loss for the period net of non-controlling interests divided by the number of shares outstanding after the IPO (42,098,238)
9Including cash paid for investments in property, plant and equipment and in intangible assets but excluding cash paid for investments in non-current financial assets and cash paid for the acquisition of consolidated entities
10Cash flows from operating activities less cash flows from investing activities
11Financial liabilities less derivative financial instruments and cash
12Headcount (full and part-time employees)
Key financials of the segments
The Ströer Group commercializes more than 280,000 out-of-home advertising faces and several thousand websites. With consolidated revenue of EUR 560m for full-year 2012, Ströer Media AG is one of largest providers of out-of-home advertising in Europe in terms of revenue.
The Ströer Group has approximately 1,800 employees at over 70 locations.
For more information on the Company, please visit www.stroeer.de.
Ströer Out-of-Home Media AG
Director Group Finance and Investor Relations
Ströer Allee 1 | D-50999 Cologne, Germany
Phone: +49 (0)2236 / 96 45-338
Fax: +49 (0)2236 / 96 45-6338
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|Company:||Ströer Media AG|
|Ströer Allee 1|
|Phone:||+49 (0)2236.96 45 0|
|Fax:||+49 (0)2236.96 45 299|
|Listed:||Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart|
|End of News||DGAP News-Service|