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ADLPerformance is a trademark of ADLPartner
a company listed on Euronext Paris

Key performance indicators

Gross sales volume and net asset value are economic indicators that measure the ADLPartner Group's performance

Gross sales volume

Gross sales volume represents the value of subscriptions and other products sold.

Net sales represent:

  • For subscription sales: the amounts paid by magazine publishers, with sales generated by the company in its capacity as a press agent. Net sales therefore correspond to a gross margin, deducting the cost of magazines sold from the amount of sales recorded,
  • For other products sold: sales revenue.

Gross sales volume is reported before any discounts or cancellations. It therefore represents the most stable and standard indicator for the group's performances.

Gross sales volume from continuing operations was up 4.2% at €287.8 million in 2019 compared with €276.2 million in 2018.

Gross sales volume can be broken down as follows:

By geographic region (€ million)
  2019 2018
ADLPARTNER FRANCE 273.7 263.8
ADLPARTNER HISPANIA 14.1 12.4
TOTAL 287.8 276.2

 

By product offering (€ million)
  2019 2018
Open-ended subscriptions 196.9 199.0
Fixed-term subscriptions 26.3 29.3
Books-articles-audio-video  9.8 12.1
Others (insurance and marketing services) 54.9 35.8
TOTAL 287.8 276.2

 

Net asset value

The portfolio of open-ended subscriptions managed by the Company represented 2,765,572 units at 31 December 2019. It came from 2,824,390 subscriptions at 31 December 2018. It should be noted that all group companies hold the financial rights relating to each open-ended subscription.

The value of the portfolio of open-ended subscriptions, net of taxes (group share), rose from €104.7 million at 31 December 2018 to €108.6 million at 31 December 2019.

This change in the real asset value is not reflected in the consolidated financial statements. 

The value of the portfolio of open-ended subscriptions is calculated by determining the present value of the future net revenues that these subscriptions will generate throughout their useful life. These revenues are determined accurately using the statistical information accumulated by the Company over several years concerning the behavior of such subscriptions in France and for its subsidiaries.

The life curve of subscriptions recruited by a promotional campaign makes it possible to determine, at any time, the residual life expectancy of subscriptions with great accuracy. The net contribution still to be received can be determined by applying the average revenues observed and the margin on direct costs (with discounts deducted) to the number of remaining subscriptions.

The present value of this contribution, calculated by applying a rate based on the money market rate, gives the value of this portfolio of subscriptions. This value is then corrected for any underlying tax. 

The value of the portfolio of open-ended subscriptions, net of taxes (group share), can be broken down as follows

Value of ADL'S portfolio (exclusive of tax - Group share), (€ thousands)
  at 31/12/2019* at 31/12/2018*
ADLPartner France 107,682 103,695
ADLPartner Hispania 889 979
TOTAL 108,571 104,674

* Value of the portfolio according to IFRS 15

Factoring in the portfolio value (group share) and consolidated shareholders’ equity (group share), net asset value (group share) is up 3.7% from €124 million at 31 December 2018 to €128.6 million at 31 December 2019. The net asset value does not include an estimate of the net future income of the portfolio of insurance contracts held by the group.

Net asset value can be broken down as follows:

  at 31/12/2019* at 31/12/2018*
  Total Group share Minority interrests Total Group share Minority interrests
Consolidated shareholders' equity 22,680 19,681 2,699 21,240 19,331 1,909
Value of ADL's portfolio (net of taxes) 108,571 108,571 0 104,674 104,674 0
NET ASSET VALUE 131,251 128,552 2,699 125,914 124,005 1,909

* Values of the portfolios and shareholders’ equity according to IFRS 15

Net asset value (group share) represents €32.4 per share (excluding treasury stock).