DGAP-News: Ströer Media AG: Positive business performance in the first quarter
(firmenpresse) - DGAP-News: Ströer Media AG / Key word(s): Quarter Results
Ströer Media AG: Positive business performance in the first quarter
15.05.2013 / 07:05
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PRESS RELEASE
Ströer Media AG: Positive business performance in the first quarter
- 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.'
Operating segments
Ströer Germany
In the first quarter of 2013, the Ströer Germany segment increased its
revenue by EUR 5.0m year on year to EUR 95.4m. Higher lease and electricity
costs were partially offset by savings in other areas such as
administration and maintenance. Therefore our operational EBITDA also
improved considerably by 12.5% to EUR 17.3m (prior year: EUR 15.4m). At the
same time, the operational EBITDA margin roseto 18.2% (prior year: 17.0%).
In addition to the segment's regional operations, business with nationally
operating customers picked up. In particular, revenue in the transport
product group was up by a significant 18.4% on the prior-year quarter to
EUR 20.8m due to improved Out-of-Home Channel and Infoscreen bookings.
Overall, the proportion of segment revenue generated by digital media rose
to 8.9% (prior year: 6.4%).
Ströer Turkey
The improvement in the booking situation seen by the Ströer Turkey segment
at the end of the last quarter of 2012 continued in the first quarter of
2013. This led to 19.0% growth in segment revenue to EUR 20.3m. Ströer
Turkey's business profited from the ongoing expansion of advertising media
capacity in Istanbul as well as the giant and premium board formats
launched in the past year. Overall, the increase in revenue more than
offset higher lease payments and operating costs for the advertising media
portfolio, allowing the segment to improve both its operational EBITDA (EUR
minus 0.3m) and its operational EBITDA margin (minus 1.7%).
Other segment
The 'Other' segment includes Ströer's Polish out-of-home activities and the
western European giant poster business of the blowUP division. Continuing
price pressure and reduced demand were felt in the Polish market in
particular. However, there were signs of a recovery in the international
giant poster business towards the end of the first quarter. Segment revenue
fell by 12.8% to EUR 9.8m. This decline was largely offset by savings in
running costs and overheads. Consequently, operational EBITDA deteriorated
only slightly by EUR 0.2m year on year to EUR minus 1.5m. The corresponding
operational EBITDA margin went from minus 11.9% to minus 15.2%.
Forecast
For the second quarter of 2013 we are expecting a slight growth in total
organic revenue of 1%. The dynamic growth in Turkey will continue, while
the revenue in Germany will be subdued and in the segment Other will be
decreasing. In addition, Ströer will also first-time account for the
unorganic revenue and profit contributions from the two acquisitions in the
online marketing field, one completed in April and one to be completed in
June.
The Group's financial figures at a glance
In EUR m 3M 2013 3M 2012 Change1)Excluding exchange rate effects and effects from the (de-)consolidation
Revenue 125.5 118.6 5.8%
Ströer Germany 95.4 90.4 5.5%
Ströer Turkey 20.3 17.1 19.0%
Other 9.8 11.3 -12.8%
Billboard 61.6 60.1 2.5%
Street furniture 34.9 33.4 4.5%
Transport 21.0 17.8 18.1%
Other 8.0 7.4 7.6%
Organic growth1 5.9 -2.9
Gross profit2 31.3 29.8 5.0%
Operational EBITDA3 13.5 9.3 45.6%
Operational EBITDA margin3 10.8 7.8
Adjusted EBIT4 2.5 -0.4 n.d.
Adjusted EBIT margin4 2.0 -0.3
Adjusted profit or loss for the period5 -2.0 -6.2 67.6%
Adjusted earnings per share (EUR)6 -0.04 -0.13 69.2%
Profit or loss for the period7 -6.3 -6.2 -1.8%
Earnings per share (EUR)8 -0.14 -0.13 -7.6%
Investments9 6.1 8.0 -23.8%
Free cash flow10 9.0 -23.9 n.d.
31 Mar 2013 31 Dec 2012 Change
Total equity and liabilities 889.6 863.7 3.0%
Equity 274.5 279.6 -1.8%
Equity ratio30.9 32.4
Net debt11 299.6 302.1 -0.8%
Employees12 1,754 1,750 0.2%
and discontinuation of operations
2)Revenue less cost of sales
3)Earnings before interest, taxes, depreciation and amortization adjusted
for exceptional items and effects from the phantom stock program which was
terminated as of the IPO
4)Earnings 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
5)Adjusted EBIT before non-controlling interests net of the financial
result adjusted for exceptional items and the normalized tax expense
6)Adjusted 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)
7)Profit or loss for the period before non-controlling interests
8)Actual profit or loss for the period net of non-controlling interests
divided by the number of shares outstanding after the IPO (42,098,238)
9)Including 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
10)Cash flows from operating activities less cash flows from investing
activities
11)Financial liabilities less derivative financial instruments and cash
12)Headcount (full and part-time employees)
Key financials of the segments
Ströer Germany
In EUR m Change ChangeStröer Turkey
3M 2013 3M 2012 in EUR m in %
Revenue 95.4 90.4 5.0 5.5%
Billboard 36.9 36.3 0.6 1.6%
Street furniture 30.0 29.4 0.6 2.1%
Transport 20.8 17.6 3.2 18.4%
Other 7.6 7.1 0.6 8.3%
Organic growth 5.5% -2.1% 7.6% points
Operational EBITDA 17.3 15.4 1.9 12.5%
Operational EBITDA margin 18.2% 17.0% 1.1% points
In EUR m Change ChangeOther
3M 2013 3M 2012 in EUR m in %
Revenue 20.3 17.1 3.2 19.0%
Billboard 15.6 13.3 2.3 17.6%
Street furniture 4.7 3.8 0.9 24.0%
Transport 0.0 0.0 0.0 -3.6%
Other 0.0 0.0 0.0 -8.0%
Organic growth 20.0% -5.1% 25.1% points
Operational EBITDA -0.3 -2.7 2.3 87.2%
Operational EBITDA margin -1.7% -15.6% 13.9% points
In EUR m Change ChangeNote: all figures are rounded
3M 2013 3M 2012 in EUR m in %
Revenue 9.8 11.3 -1.4 -12.8%
Billboard 9.2 10.6 -1.4 -12.9%
Street furniture 0.1 0.1 0.0 -13.4%
Transport 0.1 0.1 0.0 -9.5%
Other 0.4 0.5 0.0 -10.7%
Organic growth -13.1% -5.3% -7.8% points
Operational EBITDA -1.5 -1.3 -0.2 -11.2%
Operational EBITDA margin -15.2% -11.9% -3.3% points
About Ströer
Ströer Media AG, Cologne, together with its subsidiaries, provides
advertisers with tailored out-of-home and online communication solutions.
Having grown as a specialist for all forms of out-of-home advertising
media, from traditional posters and advertising at bus and tram stop
shelters and on vehicles, through to sophisticated digital out-of-home
advertising media, Ströer complemented its predominantly brand-based
out-of-home portfolio in the second quarter of 2013 to include the new
online business segment 'Ströer Digital' which offers more
transaction-oriented reach-based marketing on the internet. In the field of
digital media, Ströer is setting new standards for innovation and quality
in Europe and is thus opening up new opportunities for advertisers and the
Company.
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.
Press contact
Marc Sausen
Ströer Media AG Ströer Media AG
Director Group Communication
Ströer Allee 1 D-50999 Cologne
Telephone: 02236 / 96 45-246
Fax: 02236 / 96 45-6246
Email: info(at)stroeer.de
IR Contact:
Stefan Hütwohl
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
E-Mail: ir(at)stroeer.de
End of Corporate News
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Language: English
Company: Ströer Media AG
Ströer Allee 1
50999 Köln
Germany
Phone: +49 (0)2236.96 45 0
Fax: +49 (0)2236.96 45 299
E-mail: info(at)stroeer.com
Internet: www.stroeer.de
ISIN: DE0007493991
WKN: 749399
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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