AUFEMININ : Revenue growth in first quarter of 2015 - Results undermined by the structuring of the new Group

Press Release
Paris, 22 April 2015

Revenue growth in first quarter of 2015

Results undermined by the structuring of the new Group

aufeminin (ISIN: FR0004042083, Ticker: FEM), announced today its results for the first quarter of 2015. Revenues from Publishing up 11%

Consolidated revenues from Publishing, not including adserving for 2014 and 2015 given sales of Smart AdServer, rose by +11% compared to the first quarter of 2014.

(in thousands of euros)	auFeminin Publishing(1)	Q1 2015 Smart I	ntra-	Q1-2015	auFeminin Publishing	Q1 2014 Smart I	ntra-	Q1-	Chg. Q1 2015/ Q1 2014	Chg. aufeminin publishing Q1 2015/
including LLM	AdServer	groupe	(3)	(2)	AdServer	groupe	2014	(%)	Q1 2014 (%)
Revenues	17,386	3,953	- 80	21,259	15,597	3,510	-91	19,016	+12%	+11%
Staff costs	(6,575)	(1,956)	(8,532)	(5,418)	(1,462)	(6,880)	+24%	+21%
Operating expenses	(8,275)	(877)	80	(9,072)	(5,680)	(1,043)	90	(6,632)	+37%	+46%
EBITDA(1)	2,535	1,120	0	3,655	4,499	1,005	0	5,504	-34%	-44%
As a % of revenues	15%	28%	17%	29%	29%	29%
Other operating income and expenses	(306)	-	(306)	(226)	-	(226)	+35%	+35%
Amortization & provisions	(742)	(227)	(969)	(405)	43	(362)	+168%	+83%
Operating income	1,488	892	2,380	3,868	1,048	4,916	-52%	-62%
As a % of revenues	9%	23%	11%	25%	30%	26%
Net financial income	56	62	-10%
Corporation tax	(1,180)	(1,639)	-28%
Net income, Group share	966	3,075	-69%
As a % of revenues	5%	16%

(1) As of 31 December 2014, the Group decided to specify the definition of its performance indicator. EBITDA is calculated as follows:

operating income minus non-recurring operating income and expenses, and amortization and provisions.

(2) aufeminin publishing activity include acquisition of MyLittleParis as from January 2014 and do not include in pro forma acquisition of

Livingly Media.

(3) Q1 figures combining aufeminin and Smart figures do not include impact from activities sold according to IFRS 5.

In France, revenues for aufeminin publishing activity increased by 16.4% to €11.4m. All
businesses were up (MyLittleParis, aufeminin, Marmiton, etc.).
This growth relates to the performance of aufeminin's publishing model combining media and social e-commerce around a multi-device offer.
Internationally, Publishing activity revenues also rose 3% to €6m, reflecting the contribution
of the Livingly Media activity from March, 1st, 2015.
Excluding the contribution of Livingly Media, international business was down. This decline is primarily related to the group's decision to internalize its advertising sales in Italy in order to replicate the success achieved in Spain. In the short term, this new strategy undermined sales and results.
Smart AdServer posted a 12.6% increase in revenue to €4m. Aufeminin highlights that
Smart AdServer was sold to Cathay Capital on April, 21st, 2015

Quarterly results undermined by Italy and consolidation of Livingly Media

EBITDA from Publishing activity declined to €2.5m and incorporated the following items:
- Internalization of sales teams in Italy, detracting €1m;
- the €0.5m impact of consolidating Livingly Media.
After taking into accounts amortization and other operating expenses (mainly acquisition costs), operating income from publishing activity declined to €1.5m.
After corporate tax of €1.2m, net income, Group share amounted to €1m, of which €0.6m
related to net results coming from activities under sale as at March 31, 2015.

2015 guidance: birth of a new group

With the sale of Smart AdServer and the acquisition of Livingly Media in the United States, aufeminin is the world's leading producer of content for women, with an aggregate monthly multi-device audience of 148 million visitors (Google Analytics, January 2015).
The year 2015 will be one of consolidation and structuring of the new group with operating expenses likely to remain significant.
However, the Group is confident in its ability to deploy its new business lines by the end of the year and, in turn, remain a high level of profitability.

Next release: 22 July 2015: non-audited revenues and operating income for the second quarter of 2015

About aufeminin

aufeminin is a top-tier digital content provider which posted revenues of €87 million in 2014. A limited company which is

80.8% owned by the Axel Springer Group, it is listed in compartment B of Euronext Paris (ISIN: FR0004042083, Ticker: FEM).

As the world's No. I provider of editorial and community-based content for women, aufeminin has an editorial and community-based offer covering the most popular topics amongst women: Fashion, Baby, Beauty, Shopping, Cooking, News, Society, etc.

aufeminin is present on all platforms and devices (websites, mobile phones, tablets, TV and print) in 14 countries: France, Germany, Austria, the United Kingdom, Belgium, Spain, Italy, Poland, Switzerland, Canada, Morocco, Tunisia, USA and Brazil. As the world's leading publisher of websites for women, it has 64 million individual site visitors per month worldwide1 and an ever-increasing number of unique visitors by mobile phone which already stands at 70 million1, and by tablets which stands at 17 million1.

The aufeminin Group also owns MyLittleParis, which publishes newsletters for a 1.5 million strong online community of women readers and each month sends out a box of surprise and beauty products to more than 100,000 subscribers.

In February 2015, aufeminin, acquired Livingly Media, one of the leading publisher of lifestyle content in the United States, which gathers the websites Zimbio.com (entertainment news), StyleBistro.com (fashion, beauty, and style), and Lonny.com (home décor and design).

Contacts

Aufeminin	Actifin
[e-mail]	Alexandre Commerot [e-mail]
Delphine Groll, Group Communication Director	Aminata Doucoure, press relations : [e-mail]
[e-mail] Tel : [phone]	Tel: [phone]

1 Source: Google Analytics, March 2015