At EUR 92.3 million, TOMORROW FOCUS AG achieved its highest-ever half-year revenue total in the first six months of 2013. The figure is around 32 percent up on the same period in 2012 and was accompanied by a substantial improvement in operating profits.
Consolidated revenue for the TOMORROW FOCUS Group in the first half of 2013 showed a year-on-year increase of 31.8 percent from EUR 70.0 million to EUR 92.3 million. At EUR 46.1 million, the second-quarter total was up 36.8 percent compared to the figure of EUR 33.7 million for the same period in 2012.
These results were mainly driven by an excellent performance in the Transactions segment, where revenue for the half-year period grew by 44.7 percent from EUR 51.5 million in 2012 to EUR 74.5 million in 2013. Compared to the previous year, segment revenue was up 52.1 percent in the second quarter from EUR 23.8 million to EUR 36.2 million. As required under IFRS rules, the segment figure includes gross holiday revenue generated by Ecotour.com’s virtual tour operator business. This came to around EUR 8.6 million in the first half of 2013 and EUR 6.1 million in the second quarter. Alongside HolidayCheck AG, EliteMedianet GmbH also made a valuable contribution to the outstanding revenue growth in this segment.
Revenue in the Advertising segment was down by a small margin of 1.6 percent from EUR 12.7 million in the first half of 2012 to EUR 12.5 million in the current reporting period. This was due to the loss of marketing customers. The segment has attracted several new partners such as Apple iAd and Huffington Post, although some of these new contracts will not commence until later in the year. Despite this setback, it is all the more encouraging to note that the segment’s revenue in the second quarter of 2013 was nevertheless up by 1.5 percent on the previous year from EUR 6.7 million to EUR 6.8 million.
Revenue in the Technologies segment for the half-year reporting period was down by 8.6 percent from EUR 5.8 million in 2012 to EUR 5.3 million. This was due to a decline in the volume of offsetting transactions. At EUR 3.0 million, segment revenue in the second quarter of 2013 was largely unchanged on the previous year.
In order to provide a more accurate comparison between the first half of 2013 and the equivalent period in 2012, the figures have been adjusted to remove the following one-off non-operating items.
Under IFRS rules, amortisation and depreciation on the assets identified during purchase price allocation following the corporate takeovers in 2012 came to EUR 0.9 million in the first half of 2013 (first half of 2012: EUR 0.1 million), while the compounding of future put/call obligations amounted to EUR 1.4 million (first half of 2012: EUR 0.5 million).
Group earnings before interest, taxes, depreciation and amortisation (Group EBITDA) for the first half of 2013 were 31.2 percent higher at EUR 10.1 million compared to the previous year’s figure of EUR 7.7 million. Group EBITDA for the second quarter of 2013 stood at EUR 5.3 million, up 51.4 percent from the corresponding figure of EUR 3.5 million in 2012.
At EUR 6.9 million, adjusted Group earnings before interest and taxes (Group EBIT) for the first half of 2013 rose by 27.8 percent compared to the previous year’s figure of EUR 5.4 million.
Adjusted Group EBIT for the second quarter was EUR 4.0 million, an increase of 60.0 percent on the figure of EUR 2.5 million achieved in the same period of 2012.
Adjusted Group earnings before taxes (Group EBT) for the first half of 2013 stood at EUR 4.8 million, 37.1 percent up on the previous year’s figure of EUR 3.5 million. At EUR 3.7 million, Group EBT for the second quarter was 76.2 percent up on the 2012 figure of 2.1 million.
Adjusted Group earnings after taxes for the first half of 2013 were 36.0 percent higher at EUR 3.4 million compared to EUR 2.5 million recorded in the first half of 2012. The second-quarter figure stood at EUR 3.2 million, up 77.8 percent from the equivalent 2012 figure of EUR 1.8 million.
Adjusted consolidated earnings per share for the first half of 2013 were up 50.0 percent at EUR 0.06 compared to EUR 0.04 in the first half of 2012. The unadjusted figure for the 2013 half-year period was EUR 0.02 compared to EUR 0.03 in the first six months of 2012. Adjusted consolidated earnings per share for the second quarter rose by 66.7 percent from EUR 0.03 in 2012 to EUR 0.05 in the current financial year. The unadjusted second-quarter figure was unchanged on the previous year at EUR 0.03.
Over recent years, the TOMORROW FOCUS Group has established a number of valuable and sustainable Internet-based business models. Accordingly, the Management Board is very confident that the Group can maintain the same pattern of growth in the second half of financial 2013, when its latest acquisitions Ecotour, NetMoms, Tjingo and Zoover will also contribute to results. The overall aim is to achieve a double-digit percentage increase in the Group’s revenue and EBITDA.
Furthermore, the Group is exploring the potential for acquiring additional Internet-based companies that would complement its existing structure, especially in the areas of travel and advertising.
The German-language version of the interim financial statements of the TOMORROW FOCUS Group for the first half of 2013 will be published later today on the website at www.tomorrow-focus.de. Publication of the translation in English will follow soon after.