09.08.2018
Bastei Lübbe AG DE000A1X3YY0
DGAP-News: Bastei Lübbe AG: Revenue and results develop as expected in the first quarter 2018/2019
DGAP-News: Bastei Lübbe AG / Key word(s): Quarterly / Interim Statement
Bastei Lübbe AG: Revenue and results develop as expected in the first
quarter 2018/2019
09.08.2018 / 10:00
The issuer is solely responsible for the content of this announcement.
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Press release
Bastei Lübbe AG: Revenue and results develop as expected in the first
quarter 2018/2019
- 2017/2018 annual financial statements published
- Efficiency programme proceeding as planned
- Outlook for 2018/2019 as a whole: Consolidated revenue of EUR 95 million
and positive EBIT expected
Cologne, 9 August 2018 - Bastei Lübbe AG (ISIN DE000A1X3YY0), which is
listed in the Prime Standard of the Frankfurt Stock Exchange, has published
its audited annual financial statements for the 2017/2018 financial year and
is now announcing its business performance for the first quarter of
2018/2019.
2017/2018 annual financial statements published
In the 2017/2018 financial year, Bastei Lübbe generated consolidated revenue
of EUR 140.2 million after EUR 146.3 million in the previous year. This
year-on-year comparison includes the sale of the giftware company Räder in
the previous year at EUR 15.1 million. Adjusted for this sale, consolidated
revenue increased by around EUR 9 million compared to the previous year.
Positive impulses resulted primarily from the "Book" core business and from
the subsidiary Daedalic Entertainment ("Digital" segment). The "Book"
segment, which since the start of the 2017/2018 financial year has also
included revenue from e-book and audio productions, generated revenue of EUR
84.7 million, up 21.7% on the 2016/2017 financial year. "Once again, it
appears that the revenue contributions made by novels from our hit authors,
chief among them the sure-fire global bestsellers Dan Brown and Ken Follett,
are well above average. The two blockbusters ranked first and second on the
German book market in terms of sales in 2017," says Carel Halff, CEO of
Bastei Lübbe AG, on the positive development in the "Book" segment.
Consolidated earnings before interest and taxes (EBIT) fell significantly
short of expectations in the year under review at EUR -18.0 million
(previous year: EUR -0.3 million). This was due primarily to one-time
effects of EUR 18.1 million. These resulted from unscheduled write-downs of
affiliated companies (EUR 8.3 million), the reassessment of amortisation
patterns of capitalised royalties (EUR 8.2 million) and the loss of the sold
majority interest in BuchPartner GmbH (EUR 1.6 million). Considering income
taxes, the Bastei Lübbe Group generated net profit for the period of EUR
-16.2 million after EUR -2.9 million in the previous year. Bastei Lübbe AG
shareholders accounted for EUR -12.7 million after EUR -2.1 million in the
previous year. Accordingly, earnings per share amounted to EUR -0.96 in
2017/2018 as against EUR -0.16 in the 2016/2017 financial year.
Positive outlook for the year as a whole - forecast confirmed
The current 2018/2019 financial year is a year of transition for Bastei
Lübbe AG, in which activities are being focused on the development of the
core business and sustainable profitability. Good entertainment for a wide
audience from global authors and the addressing of new target groups with
more specific offers complement each other in the portfolio. The growth
areas include the imprint LYX, audio download and streaming offerings and
digital-only content. The company is being made fit for the future with a
broad-based efficiency programme. For the 2018/2019 financial year, the
Management Board confirms the targets it announced on 14 June 2018 of
consolidated revenue of around EUR 95 million and positive EBIT in the range
of EUR 0.5 to 2 million. It must be borne in mind that the expected revenue
for the 2018/2019 financial year is missing revenue of around EUR 35 million
compared to the previous year due to the sale of BuchPartner GmbH.
Business performance in the first quarter of 2018/2019
In the first quarter of 2018/2019 (from 1 April to 30 June 2018), the
Cologne-based publisher generated revenue of EUR 20.8 million after EUR 27.5
million in the same period of the previous year. Consolidated revenue was
thus around 24% lower than in the previous year. Adjusted for the
discontinued "Retail" segment (BuchPartner), proceeds fell by around 10% as
a result of the programme-related fluctuations in the "Book" and "Digital"
segments that are typical for the business. Group EBIT amounted to EUR -1.2
million in the period under review after EUR -0.8 million in the previous
year. Adjusted for discontinued operations, EBIT fell by EUR 2.3 million to
EUR -1.2 million. This is primarily due to the expected revenue decline, the
higher cost ratio for royalties and the non-recurring negative effects of
approximately EUR 0.5 million from the efficiency programme, which is
proceeding as planned. The more conservative amortization system for prepaid
royalties had the expected effect year-on-year.
The figures for the first quarter of 2018/2019 were in line with
expectations. The Management Board continues to view the prospects for the
current financial year as positive. In the context of the Group's strategic
realignment, the Management Board and Supervisory Board are persuaded to
refrain from a dividend distribution for the 2017/2018 financial year. The
increase in the Group's efficiency and the reduction of its debt are clear
priorities at present. "2018/2019 will be a year of transition. The
efficiency programme is being implemented and business is stable and in line
with expectations," says Carel Halff.
The full interim report on the first quarter of 2018/2019 is available
online at https://www.luebbe.com/en/investor-relations/financial-reports.
About Bastei Lübbe AG:
Bastei Lübbe AG is a German publishing house with headquarters in Cologne
specialising in the publication of books, audio books and e-books with
fiction and popular science content. The company's core business also
includes the periodically published puzzle magazines and novel magazines.
With its total of twelve publishing houses and imprints, the company group
currently offers around 3,600 titles in the areas of fiction, non-fiction as
well as books for children and young adults. In the growing segment of
hardcover fiction books, the company has been the market leader in Germany
for many years. At the same time, Bastei Lübbe is an engine for innovation
in the area of digital media and distribution channels, among other things
by the production of thousands of audio and eBooks. This includes the stake
in the renowned game publisher "Daedalic Entertainment".
With annual sales of approx. 107 million euros (financial year 2017/2018),
Bastei Lübbe AG is one the largest medium-sized publishing companies in
Germany. The shares of the company have been listed in the Prime Standard
segment on the Frankfurt stock exchange (GSIN A1X3YY, ISIN DE000A1X3YY0)
since 2013. Further information is available at www.luebbe.com.
Contact Bastei Lübbe AG:
Barbara Fischer
Head of Press and Public Relations
Tel.: 0221 / 82 00 28 50
E-Mail: [email protected]
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09.08.2018 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Bastei Lübbe AG
Schanzenstraße 6 - 20
51063 Köln
Germany
Phone: 02 21 / 82 00 - 0
Fax: 02 21 / 82 00 - 1900
E-mail: [email protected]
Internet: www.luebbe.de
ISIN: DE000A1X3YY0, DE000A1K0169
WKN: A1X3YY, A1K016
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
Stuttgart, Tradegate Exchange
End of News DGAP News Service
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