AGM Information • Jul 13, 2016
AGM Information
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Tomorrow Brill will extend invitations to its investor community to convene for an extraordinary shareholders meeting on 24 August. On the agenda is the appointment of a member of the Supervisory Board and the presentation of the half year results.
Key voting point on the agenda will be the appointment of Professor Steven Perrick as member of the Supervisory Board. In the light of the recent debate on the appropriate corporate governance for Brill, the professional experience and profile of the proposed candidate meet the current need of particular expertise in the legal and practical application of governance issues. As a Professor of Lawat the university of Amsterdam, and a legal advisor and attorney in the firm of Spinath & Wakkie, Mr. Perrick is known for his broad knowledge and independent view in the field. He combines this with highly relevant experience as non-executive director in the Board of Reed Elsevier plc, and as author and editor of numerous legal publications.
To enable investors to prepare for the Meeting, Brill has advanced the publication of its full half year report, including an updated outlook, to 17 August. The preliminary headline results for HY 2016 are as follows:
| (in EUR million) |
2016 | 2015 HY*) | Δ | % |
|---|---|---|---|---|
| Revenue | 14.4 | 13.2 | 1.2 | 8.8% |
| EBITDA | 1.7 | 0.8 | 0.9 | 110.5% |
| EBITDA % | 11.5% | 6.0% | +558 Bps |
*) 2015 HY restated for the accounting adjustments implemented at year end 2015
The first six months saw strong growth in digital products offsetting a decline in print book revenue. As expected, revenue benefited from an increase in the hedged USD conversion rate, for a total of EUR 0.3m. Growth in digital product was supported by the sale of eBook collections in Lebanon and in China. Subscription revenue increased by 7%.
The increase of revenue resulted in sharp growth of EBITDA. Savings in the area of production and logistics compensated the expected increase in content costs.
At this point in time the company has not updated its outlook for the full year; revenues are expected to grow 1-3% and EBITDA margin will increase by at least 1%. An updated outlook will be provided with the full half year results on 17 August.
Leiden, 12 July, 2016
Herman A. Pabbruwe, Chief Executive Officer [email protected] - +31 (0)6 204 211 34
Founded in 1683 in Leiden, the Netherlands, Brill is a leading international academic publisher in 20 main subject areas, including Middle East and Islamic Studies, Asian Studies, Classical Studies, History, Biblical and Religious Studies, Language & Linguistics, Biology, and International Law. With offices in Leiden, Boston and Singapore, Brill today publishes 260 journals and around 1000 new books and reference works each year, available in both print and electronic form. Brill also markets a large number of primary source research collections and databases. The company's key customers are academic and research institutions, libraries, and scholars. Brill is a publicly traded company and is listed on Euronext Amsterdam NV. For further information, please visit www.brill.com.
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