Meetic

: news group


Results for the 1st quarter of 2012

2/5/2012

EBITDA MARGIN: 12.5%

MEETIC (MEET - FR0004063097), the European leader in online dating, today announces its consolidated results for the 1st quarter to 31st March 2012.

 

Consolidated revenue for the three-month period ending 31st March 2012

Consolidated revenue for the first quarter of 2012 decreased to €41.2 million driven by a 13% decrease in subscribers. The number of subscribers at 31st March 2012 was 757,332. 

 

Consolidated results for the three-month period ending 31st March 2012   

Marketing expense for the three-month period ending 31st March 2012 was €23.7 million, or 58% of revenue, compared to €36.5 million, or 79% of revenue, for the prior year period.

EBITDA margin: 12.5% - EBITDA margin before the cost of free shares: 14.3%
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) increased to €5.3 million for the three- month period ending 31st March 2012 compared to -€3.0 million for the prior year period. The increase in EBITDA was driven by lower marketing expense. EBITDA margin was 12.5% and EBITDA margin before the cost of free shares was 14.3% for the three-month period ending 31st March 2012.

Net profit: €3.4 million
Net profit totalled €3.4 million for the three-month period ending 31st March 2012, giving a net margin of 8.2%, compared to a net loss of €3.2 million for the prior year period.

Cash flow
At 31st March 2012, the Group had a net cash position of €36.1 million and no debt. At 31st December 2011, the Group had a net cash position of €33.1 million and no debt. 

By Axelle
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2011 Annuals Results

1/2/2012

EBITDA MARGIN: 20.3%

 
MEETIC (MEET - FR0004063097), the European leader in online dating, today announces its consolidated and audited results for the financial year to 31st December 2011, approved by the Board meeting1 of 26th January 2012.
 
Consolidated annual revenue by activity
 

2011 consolidated annual revenue totalled €178.3 million, down 4.2% on the previous year.

 

Consolidated revenue by quarter

Revenue for the 4th quarter of 2011 totalled €42.1 million. It reflects both the impact of the increase in competitive pressure and the Group’s decision to continue optimising its marketing expenditure, within a context where advertising costs are traditionally higher in the 4th quarter. 

Subscriber indicators

  • The Group had a total of 762,099 subscribers at 31st December 2011, compared to 797,093 subscribers at 30th September 2011 and 858,197 subscribers at 31st December 2010.

  • Monthly ARPU (Average Revenue Per User) was €16.9 over the second half of 2011, versus €17.5 over the first half of 2011. Over the year as a whole, monthly ARPU was €17.2, versus €18.9 in 2010.

2011 main events

Completion of the Match.com takeover offer on Meetic:
IAC/InterActiveCorp has become Meetic’s majority shareholder, with an 81% stake in the Group.
On 22nd June 2011, Match.com Europe Limited tabled a tender offer with the AMF for the acquisition of all Meetic shares at a price of €15 per share. Following this offer, which ended on 1st September 2011, IAC/InterActiveCorp, the indirect parent company of Match.com Pegasus Ltd and Match.com Europe Ltd, indirectly holds 81% of Meetic’s capital and at least 79% of Meetic’s voting rights.

Payment of an interim dividend of €0.87 per share
At its meeting of 12th December 2011, Meetic’s Board of Directors decided to pay an interim dividend of €0.87 per share with regards to the 2011 financial year. This interim dividend was paid on 19th December 2011. 

 

2011 annual results   

EBITDA margin (after the cost of free shares): 20.3%
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), after the cost of free shares, totalled €36.2 million, giving an EBITDA margin of 20.3%, within the guidance bracket reaffirmed throughout the year.
Marketing expenditure totalled €11.8 million over the 4th quarter of 2011, taking annual marketing expenditure to €92.5 million, or roughly 52% of revenue, compared to €94.8 million and 51% of revenue in 2010.

Depreciation of investments and receivables on investments in associates
The Group’s share of net income from associates increased from €1 million for six months of activity in 2010 to €1.9 million for 12 months of activity in 2011.
The Group observed an indication of an impairment loss for its Latin American activities, and therefore implemented an impairment test on the shares of Match.com Global Investments SARL, thus writing down a total for depreciation of investments and related receivables of €10.6 million.
The Group’s net profit, impacted by this depreciation, thus totalled €8.9 million at 31st December 2011 versus €24.2 million in 2010.

Cash flow
At 31st December 2011, and following the payment of a dividend totalling €20 million on 19th December 2011, the Group had a cash surplus of €33.1 million. Operating cash flow totalled €22.5 million over 2011.

 

2012 outlook: continuing to execute the strategy

In 2012, the Group will therefore continue to execute its strategy by intensifying operational, technical and marketing synergies between match.com and Meetic. In particular, the Group would look to benefit from match.com’s knowhow to optimise its products and improve site usage, in order to improve monetisation rates on the Group’s online services.

By implementing these synergies, match.com and Meetic are ideally positioned to seize on growth opportunities and to continue providing their clients with the level of innovation and service that underpin the two companies’ reputations. 

 

 

Note 1: Audit procedures have been carried out on consolidated accounts. The audit report will be issued once the necessary procedures for verifying footnotes to the consolidated financial statements and management report have been completed. 

By Axelle
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Distribution of an interim dividend of € 0.87 per share for 2011

12/12/2011

MEETIC’s Board of Directors (MEET - FR0004063097), meeting today, decided to pay an interim dividend of €0.87 per share for 2011 Fiscal Year.

This interim dividend will have an ex date on 14 December 2011, AM, and a payment date on 19 December 2011. The last trading day with dividend rights attached will be Tuesday 13th December 2011.

For the record, according to the most recent declaration to the AMF stock market regulators on 8th December 2011, Meetic’s share capital consisted of 22,989,848 shares. 

By Axelle
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Results for the 3rd quarter of 2011

2/11/2011

Q3 2011 EBITDA MARGIN: 20.4%

MEETIC (MEET - FR0004063097), the European leader in online dating, today announces its consolidated results for the 3rd quarter and the first 9 months of 2011.

Consolidated revenue* 

The Group’s consolidated revenue for the first 9 months of the year totalled €136.2 million, a slight decrease of -1.1% compared to the same period of last year.

Quarterly change in activity

Within a context of heightened competitive pressure, which was particularly intense over the period, Meetic decided to continue optimising its marketing expenditure over the 3rd quarter, thus prioritising profitability. The total amount spent on advertising over the third quarter was €22.5 million, compared to €21.7 million over the second quarter and €36.5 million over the first quarter, giving a total investment of €80.7 million over the first 9 months of the year, or 59% of revenue for that period.

The EBITDA margin for the third quarter of 2011 was thus 20.4%.
The Group had a total of 797,093 subscribers at 30th September 2011, compared to 844,435 at 30th June 2011.

Consolidated results to 30th September 2011 

EBITDA margin stable at 14%
EBITDA for the first 9 months of the year was stable, totalling €19.2 million compared to €19.3 million for the same period of 2010, giving an EBITDA margin of 14%.
Meetic is again reiterating its guidance of an EBITDA margin of over 20% in 2011.

Net profit: +6.6%
Taking into account depreciations of €2.9 million, income tax of €5.1 million and its share in the net profit of Match.com Global Investments of €1.3 million, the Group recorded net profit of €12.2 million over the first 9 months of the year compared to €11.4 million over the same period of 2010, an increase of +6.6%. 

Cash flow:
At 30th September 2011, the Group had a cash surplus of €51.4 million and no debt. This compares to a cash surplus of €39.2 million at 30th June 2011.

IAC/InterActiveCorp becomes a 81.07% stakeholder in Meetic

Pursuant to the tender offer that ended on 1st September 2011, IAC/InterActiveCorp, the indirect parent company of Match.com Pegasus Ltd and Match.com Europe Ltd, indirectly holds 81.07% of Meetic’s capital and at least 76.68% of Meetic’s voting rights.

As announced at the end of September 2011, following the changes in its capital, Meetic carried out changes in the composition of its Board of Directors: Gregory R. Blatt, Chief Executive Officer of the IAC Group and a Director of Meetic, was appointed Chairman of the Meetic Group’s Board of Directors, thus replacing Marc Simoncini, who remains a member of the Board. At the same time, Philippe Chainieux was promoted to Chief Executive Officer of the Meetic Group and became a member of the Board.

Henceforth the clear majority shareholder in the Meetic Group, the IAC Group is currently working in active cooperation with Meetic’s teams to optimise synergies between the two structures. Subsequently, backed by its leadership position and its particularly solid financial structure, Meetic’s short-term priority is to generate cash flow and to ensure a return to progressive organic growth via a selective marketing investment strategy and the implementation of operational synergies. 

By Axelle
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Changes in the composition of the Board of Directors

29/9/2011

Gregory R. Blatt appointed Chairman of the Board
Philippe Chainieux appointed CEO of the Meetic group

MEETIC (MEET - FR0004063097), the European leader in online dating, today announces changes in the composition of its Board of Directors.

Following the restructuring of the Group’s capital, a MEETIC Board meeting was held on Wednesday 28th September 2011. Gregory R. Blatt, Chief Executive Officer of the IAC group, MEETIC’s majority shareholder, has been appointed Chairman of the Board of Directors, thus replacing Marc Simoncini, who remains a member of the Board.

At the same time, Philippe Chainieux was promoted to Chief Executive Officer of the MEETIC group and becomes a member of the Board.

The MEETIC group’s Board of Directors thus now consists of the following members: Gregory R. Blatt, Chairman; Marc Simoncini, Philippe Chainieux and W. Michael Presz, Directors; Anne M. Busquet, recently appointed, and Marc-Louis Landeau, independent Directors.

By Axelle
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