Axel Springer 9-month Net Income Declines; Organic Revenues Flat

Axel Springer (AXELF.PK) reported net income of 134.1 million euros in the first nine months of 2019 compared to 247.4 million euros, prior year. The Group said net income was influenced by special effects. Earnings per share was 1.00 euros compared to 2.11 euros, prior year. Adjusted net income decreased by 32.0 percent year-on-year to 174.5 million euros. Adjusted earnings per share decreased by 37.7 percent to 1.30 euros from 2.08 euros. Organically, adjusted earnings per share were 32.5 percent down on the prior-year figure.

For the nine month period, EBITDA adjusted for special effects was at 439.8 million, down by 18.8 percent. Excluding consolidation and currency effects, adjusted EBITDA decreased by 15.1 percent.

For the nine month period, revenues were 2.26 billion euros, down by 2.7 percent on the prior-year period. Adjusted for consolidation and currency effects, revenues were up 0.2 percent. Revenues from digital activities increased organically by 6.1 percent and significantly expanded their share of total revenues from 69.2 percent in the prior-year period to 73.4 percent.

Looking forward, Axel Springer said it continues to maintain the forecast as adjusted on September 30, 2019.

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