MEETIC : Results for the 3rd Quarter of 2011 – Q3 2011 Ebitda Margin: 20.4%

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

  • Consolidated revenue*
In millions of eurosIFRS 30th Sept. 2011(9 months) 30th Sept. 2010(9 months) ? (%)
Internet 132.4 133.5 (0.9%)
% of total revenue 97% 97%  
Mobile 2.7 2.8 (3.3%)
% of total revenue 2% 2%  
Others 1.1 1.4 (19.8%)
% of total revenue 1% 1%  
Total 136.2 137.7 (1.1%)

*Unaudited

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
In millions of euros Q1 2011 Q2 2011 Q3 2011 Q1 2010 Q2 2010 Q3 2010
Internet 45.0 44.9 42.5 42.0 46.6 44.9
Mobile 0.8 0.9 1.0 1.0 0.9 0.9
Others 0.4 0.4 0.3 0.4 0.5 0.5
Total 46.2 46.2 43.8 43.4 48.0 46.3

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
In millions of euros (IFRS) 30th Sept. 2011

(9 months)

30th Sept. 2010**
(Consolidated)
? (%)
Revenue 136.2 137.7 (1.1%)
EBITDA* before the cost of free shares 22.3 21.2 +4.6%
% of total revenue 16.3% 15.4%  
EBITDA* 19.2 19.3 (0.9%)
% of total revenue 14.1% 14.0%  
Operating profit 16.3 16.2 +0.6%
% of total revenue 12.0% 11.8%  
Share in net income of associates 1.3 0.5 n/a
Net profit from continuing activities 12.2 9.1 +33,6%
Net profit from discontinued activities 2.3
(Net profit) 12.2 11.4 +6.6%
% of total revenue 9.0% 8.3%  

* Earnings Before Interest, Taxes, Depreciation and Amortization

** Data at 30th September 2010 has been restated to include CVAE (contribution based on a business’ added value) under income tax

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.

About Meetic, European online dating leader (www.meetic-corp.com): Meetic manages two services in Europe: online dating and matchmaking, mainly under the Meetic and Meetic Affinity brands, and markets two highly complementary economic models on the dating market, one based on internet use, the other on mobile phones. By acquiring the European activities of world leader Match.com in June 2009, Meetic has strengthened its first place on the continent. The group is currently established in 16 European countries, and is available in 13 languages. From inception, the group has pursued a clear leadership strategy focusing on quality, innovative marketing and perfect technological expertise. Meetic works hard to optimize service quality and to satisfy every possible expectation of its European subscribers. In 2010, Meetic posted sales of ?186.0m and an EBITDA margin of 20.6%. Meetic is 81.07% held by the IAC group, whose headquarters are located in New York, USA.

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