HolidayCheck Group AG publishes results for first half of 2019

Munich, Germany, 8 August 2019 - Despite the challenging market environment, HolidayCheck Group AG can report a pleasing set of results for the first six months of 2019.
The market research institute GfK estimates that revenue in the period under review was down by 2.0 percent across the package holiday sector as a whole due to weak demand for early bookings. By contrast, revenue at the HolidayCheck Group was slightly up, indicating a greater share of the market. Furthermore, revenue picked up considerably towards the end of the second quarter of the year thanks to a welcome surge in last-minute bookings.
In line with the forecasts, the Group's half-year earnings were down on the previous year. This was partly due to investment in new business areas such as cruises and the establishment of our own tour operator.

Revenue for the first half-year was up by 2.9 percent from EUR 72.8 million in 2018 to EUR 74.9 million in 2019. At EUR 32.7 million, the second-quarter total was 4.1 percent higher compared with EUR 31.4 million in the same period of 2018. The main factor here was a modest pick-up in business activity among German-language online travel agencies in the second quarter of 2019. Based on the company's assessment, this recovery also benefited the HolidayCheck Group.

At EUR 5.3 million in the first half of 2019, EBITDA (operating earnings before interest, tax, depreciation and amortisation) was 26.4 percent lower compared with the figure of EUR 7.2 million in the same period of 2018. Second-quarter EBITDA was slightly higher at EUR 1.3 million compared with EUR 1.2 million in 2018 (up 8.3 percent).

At EUR 5.8 million in the first half of 2019, operating EBITDA (operating earnings before interest, tax, depreciation and amortisation) was 25.6 percent down compared with the figure of EUR 7.8 million in the same period of 2018. In the second quarter, operating EBITDA stood at EUR 1.5 million compared with EUR 1.6 million in 2018 (down 6.3 percent).

EBIT (earnings before interest and tax) for the first half-year fell by 92.7 percent from EUR 4.1 million in 2018 to EUR 0.3 million. At minus EUR 1.3 million, second-quarter EBIT was down by EUR 0.9 million from minus EUR 0.4 million in 2018.

EBT (earnings before taxes) for the first six months stood at EUR 0.2 million, down 95.0 percent on the total of EUR 4.0 million over the same period of 2018. At minus EUR 1.4 million, second quarter EBT was EUR 1.0 million lower compared with the 2018 figure of minus EUR 0.4 million.

Consolidated net profit/(loss) for the first six months was minus EUR 0.5 million compared with EUR 3.0 million in the same period of 2018. The equivalent figure for the second quarter of 2019 was minus EUR 1.5 million (second quarter 2018: minus EUR 0.4 million).

Diluted and basic earnings per share for the first half of 2019 were minus EUR 0.01 compared with EUR 0.05 in the same period of 2018. In the second quarter of 2019, diluted and basic earnings per share were minus EUR 0.03 (second quarter 2018: minus EUR 0.01).

Outlook
The HolidayCheck Group's vision is to become the most holidaymaker-friendly company in the world. To this end, we plan to steadily expand our offering by speeding up the further development of our existing products and services in the core package holiday, 'hotel only' and cruise areas. We are also investing in the launch of new products and services in related areas. Our main focus here is on developing our own tour operator business.
Our subsidiaries also intend to make further investments in marketing in the form of direct sales promotions and other measures designed to give a sustained boost to the profile of our various brands.

In light of these results for the first six months of 2019 and the upwards trend in revenue for both June and July, and with due regard for the assumptions set out above, the Management Board has refined its revenue forecast for the financial year 2019 as a whole. It now anticipates a year-on-year increase of between 7.0 and 9.0 percent in the HolidayCheck Group's revenue after adjusting for acquisitions, disposals and new company formations. In its original forecast, issued at the start of 2019, the Management Board projected an increase in Group revenue of between 7.0 and 12.0 percent.

In terms of earnings, the Management Board now expects operating EBITDA for 2019 to reach between EUR 8.5 million and EUR 11.5 million. This includes a boost to earnings of around EUR 2.5 million from the first-time application of IFRS 16. In its original forecast, issued at the start of 2019, the Management Board anticipated an increase in operating EBITDA of between EUR 8.5 million and EUR 13.5 million.

Note:
The German version of the interim report will be published later today on the company's website at under the heading Investor Relations. The English version will be published shortly thereafter, also at

About HolidayCheck Group AG:
HolidayCheck Group AG (ISIN DE005495329), Munich, Germany, is one of Europe's leading digital travel firms for holidaymakers. With a total workforce of around 490, HolidayCheck Group AG comprises HolidayCheck AG (which operates hotel review and travel booking portals by the same name), HC Touristik GmbH (which operates the travel agent HolidayCheck Reisen), Driveboo AG (which operates the car rental portals MietwagenCheck and Driveboo) and WebAssets B.V. (which operates the Zoover hotel review portals and the MeteoVista/WeerOnline weather portals). HolidayCheck Group's vision is to become the world's most holidaymaker-friendly company in the world.

Media and Investor Relations HolidayCheck Group AG:
HolidayCheck Group AG
Armin Blohmann
Neumarkter Strasse 61
81673 München
Germany

phone: +49 (0)89 357 680 901
fax: +49 (0)89 357 680 999
email:

/HolidayCheckGrp
/HolidayCheckGroup