Quarterly Report • Nov 24, 2022
Quarterly Report
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HALF-YEARLY STATEMENT 1 APRIL – 30 SEPTEMBER 2022
| Financial indicators (IFRS) in € millions | 1 April - 30 Sept 2021 |
1 April - 30 Sept 2021* |
Change |
|---|---|---|---|
| Revenues | 44.1 | 41.2 | 7.0% |
| EBIT | 0.9 | 4.5 | -79.9% |
| EBIT margin (%) | 2.1% | 11.0% | -8.9 Pp |
| Consolidated earnings | 0.1 | 3.3 | -96.7% |
| Earnings (in EUR) | 0.01 | 0.25 | -96.0% |
| 1 July - 30 Sept 2021 |
1 July - 30 Sept 2021* |
Change | |
| Revenues | 25.2 | 22.1 | 14.0% |
| EBIT | 0.6 | 2.5 | -76.4% |
| EBIT margin (%) | 2.4% | 11.4% | -9.0 Pp |
| Consolidated earnings | -0.0 | 1.9 | -100.7% |
| Earnings (in EUR) | -0.00 | 0.14 | -101.4% |
| 30 Sept 2021 | 31 March 2021 |
||
| Total assets | 99.1 | 104.3 | -4.9% |
| Equity** | 51.1 | 56.3 | -9.3% |
| Equity ratio (%) | 51.5% | 54.0% | -2.5 Pp |
| Net financial assets | 12.2 | 14.2 | -14.1% |
*) Previous year adjusted, see notes
**) Including non-controlling interests
The global economy is in a downturn. This is the conclusion drawn by the leading German economic research institutes in their autumn report. However, conditions vary from region to region. What is common in almost all regions is high inflation, to which central banks are responding by increasing their interest rates. Moreover, in Europe, the war in Ukraine has driven energy prices upwards again, while energy costs have risen at a disproportionately high rate as a result of the strong dependence on Russian gas. Thus, inflation in the Eurozone has risen sharply in recent months, reaching 10% in September.1 2
While the German economy was still on a growth trajectory at the beginning of 2022, this momentum slowed significantly after the Russian attack on Ukraine. The summer half of 2022 was marked by the direct and indirect effects of the war. This was compounded by high inflation, which is leaving deep traces on consumer spending, as it erodes private households' real incomes and savings, thereby reducing purchasing power and consumer confidence. Retailers have been feeling the effects of this restraint since the spring and it is now also clearly spreading to business confidence in the consumer-related service sectors. The manufacturing sector also experienced a damper in the summer. For one thing, the limited availability of raw materials and intermediate products continues to impede production. For another, demand is being dragged down by high prices and the slowdown in the global economy. However, the decline is less pronounced due to the high order backlog.3
According to the Munich-based Ifo Institute's October forecast, economic output in Germany is likely to remain flat in the third quarter of 2022, while the two winter quarters should see contraction of 0.2% and 0.4%, respectively.4 This is likely to be driven by the decline in consumer spending. Experts expect inflation to peak at the beginning of 2023, when many utilities adjust their electricity and gas prices in the light of the high procurement costs. This could push inflation up to around 11% in the first quarter of 2023, with a corresponding impact on real household incomes and purchasing power. The German federal government's planned relief measures will probably only provide partial compensation for this development. The Ifo Institute expects gross domestic product to rise by only 1.6% over 2022 as a whole, followed by contraction of 0.8% in the coming year. Consumer spending is set to increase by 4% in 2022 as a whole, before declining by 1.9% in 2023. The joint report by the leading economic research institutes comes to the conclusion at the end of September that consumer confidence will decline up until the summer of 2023, initially failing to return to prepandemic levels.5
The German book and publishing industry has not been left unscathed by the macroeconomic challenges. Declining consumer spending is being accompanied by significant increases in the cost of energy, raw materials and personnel. This is being exacerbated by the shortage of paper, which is an important raw material, leading to heightened procurement bottlenecks and a further rise in paper prices.
1 Gemeinschaftsdiagnose #Herbst 2022, p. 13f: https://gemeinschaftsdiagnose.de/wp-content/uploads/2022/10/GD_2022- 2.pdf
2 https://ec.europa.eu/eurostat/documents/2995521/14698140/2-30092022-AP-DE.pdf/2d5865c0-562e-7ab9-e2bfdd1772388ea1?t=1664464562770
3 https://www.ifo.de/fakten/2022-09-12/ifo-konjunkturprognose-herbst-2022-inflation-wuergt-privaten-konsum-ab-deutsche 4 https://www.ifo.de/fakten/2022-09-12/ifo-konjunkturprognose-herbst-2022-inflation-wuergt-privaten-konsum-ab-deutsche 5 Gemeinschaftsdiagnose #Herbst 2022, S. 32ff: https://gemeinschaftsdiagnose.de/wp-content/uploads/2022/10/GD_2022- 2.pdf
September 2022 was the fifth consecutive month of year-on-year revenue contraction in book retailing. Revenues in the first three quarters of 2022 were cumulatively 1.4% lower than in the same period in the previous year. Volume sales – i.e. the number of copies sold – fell by 1.3% compared to the same period in the previous year. The prices paid were 0.1 percent down on the same period in the previous year. Revenues declined by 4.4% in September, by 1.7% in August and by 9.0% in July. Compared with the pre-pandemic year of 2019, they were 2.0% lower in the first three quarters of the year.6
Revenues from full-range book retailing were up 7.3% over the previous year in the first three quarters of 2022, reflecting the fact that stores had been closed for several months at the beginning of the previous year, however. However, pre-pandemic levels are still a long way off: brick-and-mortar book retailers sustained a cumulative 8.7% decline in revenue in the period from January to September compared to the same period in 2019. On a cumulative basis, most product groups grew only because the previous year was weak. From a monthly and quarterly perspective, volume sales were down in almost all categories. In the year to the end of September, fiction – the product group accounting for the largest share of the market – was at least able to outperform the previous year.7
Only figures for the first half of 2022 are available for eBooks. Compared to the same period of the previous year, eBook revenues increased by 3.0% in the period from January to June 2022. In the general-interest book market, this category accounted for 8.1% of all revenues. Volume sales were up 2.5% in this period, rising from 20.3 million to 20.9 million units, while the average price climbed slightly by 0.4% to 6.48 euros.8
Revenues from physical audiobooks continued to fall, with trade association Börsenverein des Buchhandels reporting a decline of 21.5% in the period from January to September 2022.9 No data for 2022 is yet available for digital audio formats, such as streaming. However, it can be assumed that this market is continuing to expand, thus making up for the declining revenues in the physical audio segment.
6 Börsenverein. Branchenmonitor Buch, Ausgabe Oktober 2022. https://www.boersenverein.de/markt-
daten/marktforschung/branchen-monitor-buch/ 7 Börsenverein. Branchenmonitor Buch, Ausgabe Oktober 2022. https://www.boersenverein.de/markt-
daten/marktforschung/branchen-monitor-buch/ 8 Börsenverein. Das E-Book in Deutschland: 1. Halbjahr 2022. https://www.boersenverein.de/markt-daten/marktforschung/e- books/
9 Börsenverein. Branchenmonitor Buch, Ausgabe Oktober 2022. https://www.boersenverein.de/markt- daten/marktforschung/branchen-monitor-buch/
Given the current macroeconomic conditions, the Executive Board is satisfied with the Group's revenues performance in the first half of the year. Earnings performance is not pleasing in view of the impairment recognised on the "smarticular" subsidiary. The massive turmoil in the printing and paper markets in the first half of the financial year exerted pressure on margins. However, disproportionately heavy strain on earnings and printing delays were avoided thanks to extensive crisis management. Bastei Lübbe AG posted Group revenues of €44.1 million in the period from April to September of the 2022/2023 financial year, compared with €41.2 million in the same period of the previous year. This translates into an increase of 7% over the previous year. Group EBIT fell to €0.9 million, down from €4.5 million in the same period in the previous year. This was mainly due to the reduction of around €0.6 million in the contribution to earnings of Business Hub Berlin UG ("smarticular") and the impairment recognised on its goodwill and other intangible assets, together with a higher-than-expected increase in the prices of paper and printing in core business. Adjusted for the impairments recognised on the subsidiary, EBIT for the first half of the financial year amounts to €2.9 million, equivalent to an adjusted EBIT margin of 6.6%.
Group revenues include the fully consolidated subsidiary CE Community Editions GmbH in the period under review for the first time (revenues in the previous year: €1.2 million; revenues in the period under review: €2.9 million).
Revenues in the "Book" segment increased from €37.7 million to €40.7 million in the period under review, underpinned by the aforementioned first-time consolidation of CE Community Editions GmbH and the favourable business performance of the LYX imprint. Moreover, "Drachenbanner" by Rebecca Gablé, the top release in the autumn 2022 programme, has already been published. In the previous year, the top sellers in the autumn 2021 programme, "Never" by Ken Follett and "Der Zorn des Oktopus" by Dirk Rossmann and Ralf Hoppe, were released in the second half of the financial year ahead of Christmas business, thus not having any impact until the third quarter of the previous year. Segment EBIT dropped to €0.9 million in the period under review, compared with €4.0 million in the same period in the previous year. This is primarily due to the factors mentioned above.
The "Novel Booklets" segment posted revenues of €3.4 million in the first half of the 2022/2023 financial year, thus falling only slightly short of the previous year (€3.6 million). The lower volume sales in wholesale press business were only partially offset by price increases and the expansion of subscription and digital business. Segment EBIT reached €29k in the period under review, compared with €0.6 million in the previous year. In addition to the slightly lower revenues, the "Novel Booklets" segment was particularly affected by the significant increase in paper, printing and delivery costs (€0.4 million).
Changes in inventories of finished goods and work in progress came to €-0.1 million, i.e. €0.3 million up on the previous year (€-0.4 million).
At €0.1 million, other operating expenses were lower than in the previous year (€0.6 million), partially as a result of the deconsolidation gains of €0.2 million on the sale of the shares in J.P. Bachem Editionen GmbH in the previous year.
At €21.6 million in the period under review, the cost of materials was substantially up on the previous year (€18.7 million) and primarily reflects higher paper and printing costs.
Personnel expenses climbed from €8.9 million in the previous year to €10.1 million. In addition to the regular salary adjustments, this is also due to the higher number of employees as a result of job vacancies filled at Bastei Lübbe AG (up €0.7 million) and the full consolidation of CE Community Editions GmbH (up €0.4 million).
Other operating expenses climbed from €8.1 million in the previous year to €8.2 million. Higher sales, IT and travel costs were offset by lower advertising and consulting costs.
Depreciation and amortisation include impairments of the goodwill (€1.7 million) and noncurrent intangible assets (€0.3 million) attributable to smarticular. Depreciation of right-ofuse assets under leases amounted to €0.7 million (previous year: €0.7 million).
Group earnings before interest and taxes (EBIT) came to €0.9 million in the period from April to September (previous year: €4.5 million). The EBIT margin stands at 2.1%, compared with 11.0% in the same period of the previous year. Adjusted for the impairment of €2.0 million, the EBIT margin come to 6.6%
Net finance income came to €2k, after net finance expense of €0.2m in the previous year. This includes income from the reduction in the contingent purchase price liabilities for the acquisition of smarticular (€0.2 million). Interest expenses under lease liabilities amounted to €0.1 million (previous year: €0.1 million).
Earnings before taxes (EBT) amounted to €0.9 million (previous year: €4.7 million).
The tax expense of €0.8 million reflects the fact that the impairment of the carrying amount of the investment in smarticular is not deductible from income tax and no deferred taxes were recognised in this connection.
Net profit for the period stands at €0.1 million (previous year: €3.3 million). The portion of this attributable to Bastei Lübbe AG's equity holders amounts to €0.1 million (previous year: €3.3 million). Accordingly, earnings per share equal €0.01, down from €0.25 in the previous year. This is based on 13,200,100 shares outstanding in the period under review (unchanged over the previous year).
Total Group assets fell by €5.2 million from €104.3 million to €99.1 million.
Non-current assets are valued at €54.8 million, compared with €56.6 million as of 31 March 2022. Author advances rose by €0.8 million to €9.0 million. Right-of-use assets under leases amount to €7.3 million (31 March 2022: €7.5 million).
Current assets declined from €47.7 million as of 31 March 2022 to €44.3 million as of 30 September 2022. This is particularly attributable to the €2.6 million decline in cash and cash equivalents primarily as a result of the dividend distribution of €5.3 million.
At €50.9 million, the share of equity attributable to the equity holders of the Parent Company is lower than on 31 March 2022 (€56.1 million). The net profit for the period of €0.1 million (of which €0.1 million is attributable to the equity holders of Bastei Lübbe AG) was offset by the dividend payment of €5.3 million for the 2021/2022 financial year.
Non-current liabilities are valued at €10.2 million, compared with €11.2 million as of 31 March 2022. This decline is primarily attributable to the planned repayment of an acquisition loan of €0.5 million. Non-current lease liabilities stand at €6.2 million (31 March 2022: €6.4 million).
Current liabilities are valued at €37.9 million as of 30 September2022, compared with €36.8 million as of 31 March 2022. This reflects higher liabilities towards authors. Current lease liabilities are valued at €1.3 million (31 March 2022: €1.3 million).
Net financial assets stood at €12.2 million as of 30 September 2022, down €2.0 million on 31 March 2022 (€14.2 million). This is mainly due to the aforementioned dividend payment of €5.3 million in September 2022.
On 4 November 2022, Bastei Lübbe AG published an ad hoc announcement in which it announced a reduction in the forecast for the current financial year. The main reason for this is the lower contribution to earnings and goodwill of the subsidiary Business Hub Berlin UG ("smarticular") as well as the greater-than-expected increase in prices for paper and printing in core business (see "Outlook").
No other events of particular significance for the assessment of the Bastei Lübbe AG Group's net assets, financial position and results of operations occurred after the reporting period.
There has been no fundamental change in Bastei Lübbe AG's risk situation and opportunities compared to the presentation in the 2021/2022 annual report.
There have been no changes in the Executive Board's forecast for the 2022/2023 financial year since the revised forecast issued on 4 November 2022.
Group revenues are still expected to come to between €90 million and € 95 million in the 2022/2023 financial year (previous year: €92.7 million), accompanied by EBIT in a range of between €6.0 million and €7.0 million (previous year: €14.7 million).
Cologne, 10 November 2022
Bastei Lübbe AG
Soheil Dastyari Chief Executive Officer
Joachim Herbst Chief Financial Officer
Sandra Dittert Chief Marketing and Sales Officer
Simon Decot Chief Programme
| 30 | ||
|---|---|---|
| September | 31 March | |
| €k | 2021 | 2022 |
| Intangible assets | 9,004 | 11,177 |
| Author advances | 20,971 | 20,144 |
| Property, plant and equipment (including right-of-use assets) | 8,229 | 8,435 |
| Financial assets | 15,315 | 15,496 |
| Deferred tax assets | 1,325 | 1,370 |
| Non-current assets | 54,843 | 56,622 |
| Inventories | 11,786 | 11,806 |
| Trade receivables | 14,647 | 14,143 |
| Financial assets | 41 | 210 |
| Income tax refund claims | 305 | 522 |
| Other receivables and assets | 2,084 | 3,014 |
| Cash and cash equivalents | 15,422 | 17,974 |
| Current assets | 44,285 | 47,668 |
| Total assets | 99,129 | 104,291 |
| Subscribed capital | 13,200 | 13,200 |
| Share premium | 9,045 | 9,045 |
| Unappropriated surplus/accumulated deficit | 13,481 | 18,678 |
| Other comprehensive income | 15,171 | 15,163 |
| Equity attributable to Bastei Lübbe AG shareholders | 50,897 | 56,086 |
| Shares held by non-controlling shareholders | 179 | 206 |
| Equity | 51,076 | 56,292 |
| Provisions | 201 | 201 |
| Deferred tax liabilities | 1,179 | 1,358 |
| Financial liabilities | 8,438 | 9,315 |
| Trade payables | 351 | 351 |
| Non-current liabilities | 10,169 | 11,225 |
| Financial liabilities | 4,914 | 5,895 |
| Trade payables | 18,020 | 16,291 |
| Income tax liabilities | 5,808 | 5,156 |
| Provisions | 7,065 | 7,733 |
| Other liabilities | 2,077 | 1,698 |
| Current liabilities | 37,884 | 36,773 |
| Total liabilities | 48,053 | 47,998 |
| Total equity and liabilities | 99,129 | 104,291 |
| €k | 1 April - 30 September 2022 |
1 April - 30 September 2021 |
|---|---|---|
| Revenues | 44,140 | 41,237 |
| Changes in inventories of finished goods and work in progress | -64 | -379 |
| Other operating income | 104 | 559 |
| Cost of materials | -21,579 | -18,691 |
| Personnel expenses | -10,111 | -8,863 |
| Other operating expenses | -8,189 | -8,107 |
| Share of profit of associates | – | – |
| Earnings before interest, income taxes, depreciation and amortisation (EBITDA) | 4,301 | 5,756 |
| Amortisation and depreciation | -3,389 | -1,215 |
| Impairment/remeasurement gains on financial assets | – | -8 |
| Earnings before interest and income taxes (EBIT) | 912 | 4,534 |
| Share of profit of associates | – | 377 |
| Net finance income/expenses | 2 | -172 |
| Earnings before taxes (EBT) | 915 | 4,739 |
| Income taxes | -806 | -1,445 |
| Consolidated net profit for the period | 109 | 3,294 |
| Of which attributable to: | ||
| Equity holders of Bastei Lübbe AG | 83 | 3,257 |
| Shares held by non-controlling shareholders | 26 | 37 |
| Earnings per share in euros (basic = diluted) (based on the net profit for the period attributable to the shareholders of Bastei Lübbe AG) |
0.01 | 0.25 |
| 1 April - 30 September |
1 April - 30 September |
|
|---|---|---|
| €k | 2022 | 2021* |
| Revenues | 25,174 | 22,080 |
| Changes in inventories of finished goods and work in progress | -205 | -496 |
| Other operating income | 75 | 413 |
| Cost of materials | -12,350 | -10,279 |
| Personnel expenses | -5,007 | -4,278 |
| Other operating expenses | -4,386 | -4,283 |
| Share of profit of associates | – | – |
| Earnings before interest, income taxes, depreciation and amortisation (EBITDA) | 3,300 | 3,158 |
| Amortisation and depreciation | -2,705 | -635 |
| Impairment/remeasurement gains on financial assets | – | -4 |
| Earnings before interest and income taxes (EBIT) | 595 | 2,520 |
| Share of profit of associates | – | 323 |
| Net finance income/expenses | 92 | -91 |
| Earnings before taxes (EBT) | 687 | 2,752 |
| Income taxes | -700 | -810 |
| Consolidated net profit for the period | -13 | 1,942 |
| Of which attributable to: | ||
| Equity holders of Bastei Lübbe AG | -25 | 1,894 |
| Shares held by non-controlling shareholders | 12 | 47 |
| Earnings per share in euros (basic = diluted) (based on the net profit for the period attributable to the shareholders of Bastei Lübbe AG) |
-0.00 | 0.14 |
| 1 April - 30 | 1 April - 30 | |
|---|---|---|
| September | September | |
| €k | 2022 | 2021* |
| Consolidated net profit for the period | 109 | 3,294 |
| Amounts that cannot be recycled to profit and loss in the future | – | – |
| Changes in the fair value of equity instruments | – | – |
| Amounts that can be recycled to profit and loss in the future | 8 | 55 |
| Foreign currency transition differences | 8 | 55 |
| Other comprehensive income | 8 | 55 |
| Consolidated comprehensive income | 118 | 3,349 |
| Of which attributable to: | ||
| Equity holders of Bastei Lübbe AG | 91 | 3,306 |
| Shares held by non-controlling shareholders | 27 | 43 |
*) Previous year adjusted, see notes
| 1 April - 30 | 1 April - 30 | |
|---|---|---|
| September | September | |
| €k | 2021 | 2021* |
| Consolidated net profit for the period | -13 | 1,942 |
| Amounts that cannot be recycled to profit and loss in the future | – | – |
| Changes in the fair value of equity instruments | – | – |
| Amounts that can be recycled to profit and loss in the future | -28 | 49 |
| Foreign currency transition differences | -28 | 49 |
| Other comprehensive income | -28 | 49 |
| Consolidated comprehensive income | -41 | 1,991 |
| Of which attributable to: | ||
| Equity holders of Bastei Lübbe AG | -50 | 1,938 |
| Shares held by non-controlling shareholders | 9 | 52 |
| 1 April - 30 September |
1 April - 30 September |
||
|---|---|---|---|
| €k | Net profit/loss for the period | 2022 109 |
2021* 3,294 |
| +/- Depreciation and amortisation of intangible assets and property, plant and equipment |
3,389 | 1,215 | |
| +/- Impairment/writeups of financial assets | – | 8 | |
| +/- Depreciation/writeups of author fees | 4,328 | 4,344 | |
| +/- Other non-cash expenses/income | – | -186 | |
| +/- Share of profit and loss of associates | – | -379 | |
| +/- Increase/decrease in provisions | -668 | -1,656 | |
| -/+ Profit/loss from the disposal of intangible assets and property, plant and equipment |
– | 8 | |
| - | Author advances | -5,154 | -6,942 |
| -/+ Increase/decrease in inventories, trade receivables and other assets not attributable to investing or financing activities |
901 | 2,283 | |
| +/- Increase/decrease in trade payables and other liabilities not attributable to investing or financing activities |
1,206 | 1,713 | |
| +/- Interest expenses/income | -2 | 172 | |
| +/- Income tax expenses/income | 806 | 1,445 | |
| +/- Tax payments made | -287 | -235 | |
| Cash flow from operating activities | 4,628 | 5,083 | |
| - | Payments made for purchases of intangible assets | -216 | -123 |
| + | Payments received from the disposal of property, plant and equipment | – | 5 |
| - | Payments made for purchases of property, plant and equipment | -381 | -79 |
| - | Payments received from the repayment of loans granted | 111 | 66 |
| - | Payments made for the acquisition of fully consolidated companies, less cash and cash equivalents acquired |
– | -5,159 |
| + | Payments received from the sale of fully consolidated companies less cash and cash equivalents sold |
– | -3 |
| + | Interest received | 1 | 2 |
| Cash flow from investing activities | -486 | -5,292 | |
| - | Payments to the shareholders of the Parent Company (dividends) | -5,280 | -3,828 |
| - | Payments made to non-controlling interests (dividends) | -54 | -40 |
| + | Payments received from raising borrowings | 125 | – |
| - | Payments made for the discharge of loans | -625 | -500 |
| - | Payments made for lease liabilities | -743 | -730 |
| - | Interest paid | -121 | -115 |
| Cash flow from financing activities | -6,698 | -5,213 | |
| Changes to cash and cash equivalents recognised in the cash flow statement | -2,556 | -5,422 | |
| Exchange-rate and valuation-related changes to cash and cash equivalents | 4 | 37 | |
| + | Cash and cash equivalents at the beginning of the period | 17,974 | 14,472 |
| = | Cash and cash equivalents at the end of the period | 15,422 | 9,087 |
| Parent company | Non controlling interests |
Group equity |
||||||
|---|---|---|---|---|---|---|---|---|
| €k | Subscrib ed capital |
Share premium |
Unappro priated surplus |
Other comprehen sive income |
Currency translation valuation reserve |
Equity | Equity | Equity |
| Amount on 1 April 2021 | 13,200 | 9,045 | 11,550 | 8,759 | -36 | 42,519 | 109 | 42,627 |
| Changes in companies consolidated |
– | – | – | – | – | – | 61 | 61 |
| Dividend distributions to shareholders |
– | – | -3,828 | – | – | -3,828 | -40 | -3,868 |
| Net profit/loss for the period |
– | – | 10,956 | – | – | 10,956 | 65 | 11,021 |
| Other comprehensive income |
– | – | – | 6,345 | 95 | 6,440 | 11 | 6,451 |
| Comprehensive income | – | – | 10,956 | 6,345 | 95 | 17,396 | 76 | 17,471 |
| Amount on 31 March 2022 |
13,200 | 9,045 | 18,678 | 15,104 | 59 | 56,086 | 206 | 56,292 |
| Amount on 1 April 2022 | 13,200 | 9,045 | 18,678 | 15,104 | 59 | 56,086 | 206 | 56,292 |
| Changes in companies consolidated |
– | – | – | – | – | – | – | – |
| Dividend distributions to shareholders |
– | – | -5,280 | – | – | -5,280 | -54 | -5,334 |
| Net profit/loss for the period |
– | – | 83 | – | – | 83 | 26 | 109 |
| Other comprehensive income |
– | – | – | – | 8 | 8 | 1 | 8 |
| Comprehensive income | – | – | 83 | – | 8 | 91 | 27 | 118 |
| Amount on 30 September 2022 |
13,200 | 9,045 | 13,481 | 15,104 | 66 | 50,897 | 179 | 51,076 |
| Segment report for the period from 1 April 2022 until 30 September 2022 | ||||
|---|---|---|---|---|
| -- | -- | -- | ------------------------------------------------------------------------- | -- |
| Novel booklets | Group | ||||
|---|---|---|---|---|---|
| 04- | 04- | 04- | 04- | 04- | 04- |
| 09/2022 | 09/2021 | 09/2022 | 09/2021 | 09/2022 | 09/2021 |
| 40,835 | 37,638 | 3,448 | 3,613 | 44,283 | 41,251 |
| 144 | 14 | – | – | 144 | 14 |
| 40,692 | 37,624 | 3,448 | 3,613 | 44,140 | 41,237 |
| 4,179 | 5,095 | 122 | 661 | 4,301 | 5,756 |
| -3,296 | -1,122 | -93 | -93 | -3,389 | -1,215 |
| – | -8 | – | – | – | -8 |
| 883 | 3,966 | 29 | 568 | 912 | 4,534 |
| Book* |
*) Previous year adjusted, see notes
| Book* | Novel booklets | Group | ||||
|---|---|---|---|---|---|---|
| 07- | 07- | 07- | 07- | 07- | 07- | |
| €k | 09/2022 | 09/2021 | 09/2022 | 09/2021 | 09/2022 | 09/2021 |
| Segment revenues | 23,483 | 20,376 | 1,725 | 1,714 | 25,208 | 22,091 |
| Internal revenues | 33 | 10 | – | – | 33 | 10 |
| External revenues | 23,450 | 20,366 | 1,725 | 1,714 | 25,174 | 22,080 |
| EBITDA | 3,138 | 2,861 | 163 | 297 | 3,300 | 3,158 |
| Amortisation and depreciation | -2,666 | -592 | -39 | -42 | -2,705 | -635 |
| Impairment/write-ups of financial assets | – | -4 | – | – | – | -4 |
| EBIT | 471 | 2,265 | 124 | 255 | 595 | 2,520 |
Bastei Lübbe AG (hereinafter also the "Parent Company") has its registered office at Schanzenstraße 6 - 20, 51063 Cologne, Germany.
It is a media company operating as a general-interest publisher. In the performance of its business activities, Bastei Lübbe publishes books, audio books, eBooks and other digital products with fiction and popular science content as well as periodicals in the form of novels. Furthermore, licensing forms part of Bastei Lübbe's business activities.
The interim financial statements and the interim management report have neither been audited in accordance with Section 317 of the German Commercial Code nor reviewed by an independent auditor.
The consolidated interim financial report as of 30 September 2022 has been prepared in accordance with IAS 34 - Interim Financial Reporting for the period from 1 April until 30 September 2022.
The recognition and measurement methods applied are fundamentally the same as those applied in the consolidated financial statements for the end of the last financial year. A detailed description of these methods can be found in the annual report for the 2021/2022 financial year.
Details of the new standards and interpretations as well as amendments to existing standards are set out in the relevant section of the annual report for the 2021/2022 financial year. The application of the amended standards and interpretations did not have any material impact on the Group's net assets, financial position, results of operations or cash flow. Any material cyclical matters are deferred on the basis of the corporate planning during the year.
The previous year's figures were adjusted for the fact that the provisional reclassification through profit and loss of the investment accounted for using the equity method and the remeasurement of the investment already held were corrected to reflect the audited value in the financial statements for the first half of the 2021/2022 financial year.
There were no changes in the consolidation accounting methods compared with the 2021/2022 financial year. Details of these can be found in the notes to the consolidated financial statements as of 31 March 2022.
There were no other changes in the companies consolidated compared with the consolidated financial statements for the 2021/2022 financial year.
As of the date on which this report was prepared, Bastei Lübbe AG holds treasury stock composed of 99,900 shares. 13,200,100 issued and fully paid-up no-par-value Bastei Lübbe AG shares are outstanding as of the reporting date.
Of the unappropriated surplus of €16,688,318.55 shown in the parent company's annual financial statements as of 31 March 2022, the Company distributed a total of €5,280,040 as a dividend to the shareholders in the reporting period. The dividend per share came to €0.40. The remaining unappropriated surplus of €10,408,278.55 was carried forward.
| Measured in accordance with IFRS 9 | ||||||||
|---|---|---|---|---|---|---|---|---|
| €k | Measurement category in accordance with IFRS 9 |
Carrying amount on 31 March 2022 |
At amortised cost |
At fair value through other compre hensive income |
At fair value through profit and loss |
Fair value on 31 March 2022 |
||
| Assets | ||||||||
| Cash and cash equivalents | AC | 15,422 | 15,422 | – | – | – | ||
| Trade receivables | AC | 14,647 | 14,647 | – | – | – | ||
| Other originated financial assets |
AC | 63 | 63 | – | – | – | ||
| Investments in associates | FVOCI | 15,100 | – | 15,100 | – | 15,100 | ||
| Investments in associates | AC | 193 | 193 | – | – | – | ||
| Equity and liabilities | ||||||||
| Trade payables | AC | 18,371 | 18,371 | – | – | – | ||
| Liabilities to banks | AC | 3,250 | 3,250 | – | – | – | ||
| Other originated financial liabilities |
AC | 10,078 | 10,078 | – | – | – | ||
| Contingent purchase price liability |
FVPL | 24 | – | – | 24 | 24 |
| Measurement | At fair value through other |
|||||
|---|---|---|---|---|---|---|
| k€ | category in accordance with IFRS 9 |
Carrying amount on 31 March 2022 |
At amortised cost |
compre hensive income |
At fair value through profit and loss |
Fair value on 31 March 2022 |
| Assets | ||||||
| Cash and cash equivalents | AC | 17,974 | 17,974 | – | – | – |
| Trade receivables | AC | 14,143 | 14,143 | – | – | – |
| Other originated financial assets |
AC | 413 | 413 | – | – | – |
| Investments in associates | FVOCI | 15,100 | – | 15,100 | – | 15,100 |
| Investments in associates | AC | 193 | 193 | – | – | – |
| Equity and liabilities | ||||||
| Trade payables | AC | 16,643 | 16,643 | – | – | – |
| Liabilities to banks | AC | 3,750 | 3,750 | – | – | – |
| Other originated financial liabilities |
AC | 10,990 | 10,990 | – | – | – |
| Contingent purchase price liability |
FVPL | 469 | – | – | 469 | 469 |
As stated in the notes to the consolidated financial statements for the 2021/2022 financial year, legal transactions are conducted with related parties within the meaning of IAS 24.5. There were no material changes as of the reporting date. The members of the Supervisory Board and the Executive Board do not hold any shares or voting rights.
At the end of the Annual General Meeting on 14 September 2022, the Chairman of the Supervisory Board, Mr Robert Stein, resigned from the Supervisory Board for personal reasons. Carsten Dentler was elected to the Supervisory Board and named new Chairman of the Supervisory Board at the constituent meeting following the annual general meeting.
There have been no other changes in the composition of the Executive Board and Supervisory Board.
No events of particular significance as defined in IAS 10 for the assessment of the Bastei Lübbe AG Group's net assets, financial position and results of operations occurred after the end of the reporting period.
To the best of our knowledge and in accordance with the applicable reporting principles for financial reporting, the consolidated financial statements of Bastei Lübbe AG, Cologne, as of 30 September 2022 give a true and fair view of the assets, liabilities, financial position and profit and loss of the Group, and the management report of the Group includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group in the remainder of the financial year.
Cologne, 10 November 2022
Bastei Lübbe AG
The Executive Board
Soheil Dastyari Chief Executive Officer
Joachim Herbst Chief Financial Officer
Sandra Dittert Chief Marketing and Sales Officer
Simon Decot Chief Programme
| Date | Event |
|---|---|
| 9 February 2023 | Quarterly statement (Q3) |
| 11 July 2023 | Annual press conference |
| 10 August 2023 | Quarterly statement (Q1) |
| 13 September 2023 | Annual general meeting |
| 9 November 2023 | Financial report for the first half of the year (HY1) |
| 9 February 2024 | Quarterly statement (Q3) |
We have very largely avoided references to individual genders in the interests of readability. All professional and personal designations apply equally to all genders.
Bastei Lübbe AG's report on the first half of the 2022/2023 financial year is available as a PDF file on the Internet at www.luebbe.com. Further information on the Company can also be found on the Internet at www.luebbe.de.
Bastei Lübbe AG Schanzenstraße 6-20 51063 Cologne, Germany Tel: +49 (0)221 82 00 22 88 Fax: +49 (0)221 82 00 12 12 E-Mail: [email protected]
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