Spark Networks SE | ||||
Date: | August 30, 2018 | By: | /s/ Robert W. O'Hare | |
Robert W. O'Hare | ||||
Chief Financial Officer | ||||
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Six months ended June 30, | ||||||
(in € thousands) | 2018 | 2017 | ||||
Revenue | 53,014 | 42,116 | ||||
Cost of revenue | (37,350 | ) | (29,039 | ) | ||
Gross profit | 15,664 | 13,077 | ||||
Other income | 24 | 49 | ||||
Other operating expenses | (17,511 | ) | (15,100 | ) | ||
Sales and marketing expenses | (2,457 | ) | (2,765 | ) | ||
Customer service expenses | (2,348 | ) | (2,195 | ) | ||
Technical operations and development expenses | (3,374 | ) | (2,764 | ) | ||
General and administrative expenses | (9,332 | ) | (7,376 | ) | ||
Operating loss | (1,823 | ) | (1,974 | ) | ||
Interest income and similar income | 214 | 73 | ||||
Interest expense and similar charges | (778 | ) | (419 | ) | ||
Net finance expenses | (564 | ) | (346 | ) | ||
Loss before taxes | (2,387 | ) | (2,320 | ) | ||
Income tax benefit | 1,240 | 616 | ||||
Net loss | (1,147 | ) | (1,704 | ) |
Six months ended June 30, | ||||||
(in € thousands) | 2018 | 2017 | ||||
Net loss | (1,147 | ) | (1,704 | ) | ||
Net finance expenses | 564 | 346 | ||||
Income tax benefit | (1,240 | ) | (616 | ) | ||
Depreciation and amortization | 1,637 | 1,505 | ||||
Impairment of intangibles | — | 25 | ||||
Share-based compensation | 1,777 | 376 | ||||
Non-recurring costs | 841 | 2,438 | ||||
Adjusted EBITDA(1) | 2,432 | 2,370 |
Six months ended June 30, | ||||||
Summary of non-recurring costs (in € thousands) | 2018 | 2017 | ||||
Contract liabilities write-offs | 289 | — | ||||
Transaction and advisory fees | 264 | 2,335 | ||||
Merger integration costs | 14 | — | ||||
Severance costs | 274 | 103 | ||||
Total adjustments | 841 | 2,438 |
• | Adjusted EBITDA does not reflect the cash capital expenditures during the measurement period, |
• | Adjusted EBITDA does not reflect any changes in working capital requirements during the measurement period, |
• | Adjusted EBITDA does not reflect the cash tax payments during the measurement period, and |
• | Adjusted EBITDA may be calculated differently by other companies in our industry, thus limiting its value as a comparative measure. |
Six months ended June 30, | |||||||
2018 | 2017 | ||||||
Revenue | 100.0 | % | 100.0 | % | |||
Cost of revenue | (70.5 | ) | (69.0 | ) | |||
Gross profit | 29.5 | 31.0 | |||||
Other income | — | 0.1 | |||||
Other operating expenses | (33.0 | ) | (35.9 | ) | |||
Sales and marketing expenses | (4.6 | ) | (6.6 | ) | |||
Customer service expenses | (4.4 | ) | (5.2 | ) | |||
Technical operations and development expenses | (6.4 | ) | (6.6 | ) | |||
General and administrative expenses | (17.6 | ) | (17.5 | ) | |||
Operating loss | (3.5 | ) | (4.8 | ) | |||
Interest income and similar income | 0.4 | 0.2 | |||||
Interest expense and similar charges | (1.5 | ) | (1.0 | ) | |||
Net finance expenses | (1.1 | ) | (0.8 | ) | |||
Loss before taxes | (4.6 | ) | (5.6 | ) | |||
Income tax benefit | 2.3 | 1.5 | |||||
Net loss | (2.3 | ) | % | (4.1 | ) | % |
Six months ended June 30, | |||||
(in € thousands) | 2018 (actual) | 2017 (pro forma) | |||
Revenue | 53,014 | 54,915 | |||
Net loss | (1,147 | ) | (3,454 | ) |
Six months ended June 30, | |||||
(in € thousands) | 2018 (actual) | 2017 (pro forma) | |||
Net loss | (1,147 | ) | (3,454 | ) | |
Net finance expenses | 564 | 33 | |||
Income tax benefit | (1,240 | ) | 1,285 | ||
Depreciation and amortization | 1,637 | 4,784 | |||
Impairment of intangibles | — | 47 | |||
Share-based compensation | 1,777 | 691 | |||
Non-recurring costs | 841 | 103 | |||
Adjusted EBITDA | 2,432 | 3,489 |
Six months ended June 30, | |||||
Summary of non-recurring costs (in € thousands) | 2018 (actual) | 2017 (pro forma) | |||
Contract liabilities write-offs | 289 | — | |||
Transaction and advisory fees | 264 | — | |||
Merger integration costs | 14 | — | |||
Severance costs | 274 | 103 | |||
Total adjustments | 841 | 103 |
Six months ended June 30, | |||||||
2018 | 2017 | ||||||
# of Registrations | |||||||
North America | 2,133,705 | 1,055,581 | |||||
International | 3,218,816 | 3,066,511 | |||||
Total # of Registrations | 5,352,521 | 4,122,092 | |||||
Average Paying Subscribers | |||||||
North America | 178,101 | 69,953 | |||||
International | 310,923 | 294,872 | |||||
Total Average Paying Subscribers | 489,024 | 364,825 | |||||
Monthly ARPU | |||||||
North America | € | 21.47 | € | 26.58 | |||
International | € | 16.12 | € | 17.50 | |||
Total Monthly ARPU | € | 18.07 | € | 19.24 | |||
Total Net Revenue | |||||||
North America | € | 22,939 | € | 11,155 | |||
International | € | 30,075 | € | 30,961 | |||
Total Net Revenue | € | 53,014 | € | 42,116 | |||
Direct Marketing | |||||||
North America | € | 14,585 | € | 9,395 | |||
International | € | 18,000 | € | 18,095 | |||
Total Direct Marketing | € | 32,585 | € | 27,490 | |||
Contribution | |||||||
North America | € | 8,354 | € | 1,760 | |||
International | € | 12,075 | € | 12,866 | |||
Total Contribution | € | 20,429 | € | 14,626 |
Six months ended June 30, | ||||||
(in € thousands) | 2018 | 2017 | ||||
Net cash inflow (outflow) from operating activities | (738 | ) | 1,409 | |||
Cash inflow (outflow) from investing activities | (1,699 | ) | (1,746 | ) | ||
Cash inflow (outflow) from financing activities | 2,164 | (1,005 | ) | |||
Net change in cash and cash equivalents | (273 | ) | (1,342 | ) |
Note | June 30, 2018 | December 31, 2017 | |||||
ASSETS | |||||||
Non-current assets | 49,163 | 47,148 | |||||
Intangible assets | 4.1 | 35,772 | 35,136 | ||||
Internally generated software | 3,083 | 3,503 | |||||
Licenses and domains | 138 | 128 | |||||
Brands and trademarks | 4,918 | 4,917 | |||||
Intangible assets under development | 2,291 | 1,090 | |||||
Other intangible assets | 1,586 | 2,314 | |||||
Goodwill | 23,756 | 23,184 | |||||
Property, plant and equipment | 4.2 | 2,194 | 2,082 | ||||
Leasehold improvements | 157 | 186 | |||||
Other and office equipment | 346 | 373 | |||||
Property, plant and equipment under construction | 1,691 | 1,523 | |||||
Other non-current financial assets | 6.1 | 94 | 23 | ||||
Other non-current non-financial assets | 41 | — | |||||
Non-current tax receivable | 440 | — | |||||
Deferred tax assets | 10,622 | 9,907 | |||||
Current assets | 22,119 | 22,034 | |||||
Current trade and other receivables | 13,683 | 13,820 | |||||
Trade receivables | 6.1 | 6,589 | 6,814 | ||||
Other current financial assets | 6.1 | 2,725 | 3,156 | ||||
Other assets | 4,369 | 3,850 | |||||
Current tax receivable | 383 | — | |||||
Cash and cash equivalents | 6.1 | 8,053 | 8,214 | ||||
TOTAL ASSETS | 71,282 | 69,182 | |||||
SHAREHOLDER'S EQUITY AND LIABILITIES | |||||||
Shareholder's equity | 4.3 | 21,076 | 19,477 | ||||
Subscribed capital | 1,317 | 1,317 | |||||
Capital reserves | 49,019 | 48,877 | |||||
Share-based payment reserve | 3.4 | 4,524 | 2,747 | ||||
Accumulated deficit | (33,728 | ) | (32,581 | ) | |||
Accumulated other comprehensive income | (56 | ) | (883 | ) | |||
Non-current liabilities | 10,927 | 765 | |||||
Non-current borrowings | 4.6 | 10,129 | — | ||||
Other non-current provisions | 4.4 | 17 | 17 | ||||
Other non-current financial liabilities | 6.1 | 25 | — | ||||
Deferred tax liabilities | 745 | 725 | |||||
Non-current contract liabilities | 11 | 23 | |||||
Current liabilities | 39,279 | 48,940 | |||||
Current borrowings | 4.6 | 3,873 | 5,850 | ||||
Other current provisions | 4.4 | 1,126 | 1,159 | ||||
Current trade and other payables | 12,568 | 21,291 | |||||
Trade payables | 6.1 | 10,177 | 11,489 | ||||
Other current financial liabilities | 6.1 | 442 | 6,515 | ||||
Other liabilities | 1,949 | 3,287 | |||||
Current income tax liabilities | 409 | 286 | |||||
Current contract liabilities | 21,303 | 20,354 | |||||
TOTAL SHAREHOLDER'S EQUITY AND LIABILITIES | 71,282 | 69,182 |
Six months ended June 30, | |||||||
Note | 2018 | 2017 | |||||
Revenue | 3.3 | 53,014 | 42,116 | ||||
Cost of revenue | (37,350 | ) | (29,039 | ) | |||
Gross profit | 15,664 | 13,077 | |||||
Other income | 24 | 49 | |||||
Other operating expenses | (17,511 | ) | (15,100 | ) | |||
Sales and marketing expenses | (2,457 | ) | (2,765 | ) | |||
Customer service expenses | (2,348 | ) | (2,195 | ) | |||
Technical operations and development expenses | (3,374 | ) | (2,764 | ) | |||
General and administrative expenses | (9,332 | ) | (7,376 | ) | |||
Operating loss | (1,823 | ) | (1,974 | ) | |||
Interest income and similar income | 214 | 73 | |||||
Interest expense and similar charges | (778 | ) | (419 | ) | |||
Net finance expenses | (564 | ) | (346 | ) | |||
Loss before taxes | (2,387 | ) | (2,320 | ) | |||
Income tax benefit | 3.5 | 1,240 | 616 | ||||
Net loss | (1,147 | ) | (1,704 | ) | |||
Other comprehensive income | 827 | — | |||||
Total comprehensive loss | (320 | ) | (1,704 | ) | |||
Net (loss) earnings per share | |||||||
Basic (loss) earnings per share (€) | 3.6 | (0.89 | ) | (68.16 | ) | ||
Diluted (loss) earnings per share (€) | 3.6 | (0.89 | ) | (68.16 | ) |
Capital reserves | ||||||||||||||||||||||
Note | Subscribed capital | Treasury share reserves | Other capital reserves | Share-based payment reserve | Accumulated deficit | Accumulated other comprehensive income | Total shareholder's equity | |||||||||||||||
Balance as of January 1, 2017 | 4.3 | 25 | — | 2,259 | (27,007 | ) | — | (24,723 | ) | |||||||||||||
Net loss | — | — | — | — | (1,704 | ) | — | (1,704 | ) | |||||||||||||
Total comprehensive loss | — | — | — | — | (1,704 | ) | — | (1,704 | ) | |||||||||||||
Share-based compensation | 3.4 | — | — | — | 376 | — | — | 376 | ||||||||||||||
Balance as of June 30, 2017 | 4.3 | 25 | — | — | 2,635 | (28,711 | ) | — | (26,051 | ) | ||||||||||||
Balance as of January 1, 2018 | 4.3 | 1,317 | (24 | ) | 48,901 | 2,747 | (32,581 | ) | (883 | ) | 19,477 | |||||||||||
Net loss | — | — | — | — | (1,147 | ) | — | (1,147 | ) | |||||||||||||
Currency translation adjustment | — | — | — | — | — | 827 | 827 | |||||||||||||||
Total comprehensive loss | — | — | — | — | (1,147 | ) | 827 | (320 | ) | |||||||||||||
Issuance of new shares | 4.3 | — | 2 | 140 | — | — | — | 142 | ||||||||||||||
Share-based compensation | 3.4 | — | — | — | 1,777 | — | — | 1,777 | ||||||||||||||
Balance as of June 30, 2018 | 4.3 | 1,317 | (22 | ) | 49,041 | 4,524 | (33,728 | ) | (56 | ) | 21,076 |
Six months ended June 30, | |||||||
Note | 2018 | 2017 | |||||
Net loss | (1,147 | ) | (1,704 | ) | |||
Non-cash items: | |||||||
Depreciation of property, plant, and equipment | 4.2 | 116 | 98 | ||||
Amortization of intangible assets | 4.1 | 1,521 | 1,407 | ||||
Impairment of intangible assets | — | 25 | |||||
Net finance expenses | 564 | 346 | |||||
Foreign currency gains and losses | (70 | ) | (85 | ) | |||
Share-based compensation | 3.4 | 1,777 | 376 | ||||
Change in operating assets and liabilities: | |||||||
Change in contract liabilities | 858 | 322 | |||||
Changes in tax positions | 3.5 | (573 | ) | (712 | ) | ||
Change in provisions | 4.4 | (62 | ) | (639 | ) | ||
Change in other operating assets and liabilities | 84 | 17 | |||||
Changes in working capital: | |||||||
Change in current trade and other receivables | (629 | ) | 421 | ||||
Change in current trade and other payables | (2,956 | ) | 1,798 | ||||
Cash inflow (outflow) from operating activities | (517 | ) | 1,670 | ||||
Interest paid | (221 | ) | (261 | ) | |||
Net cash inflow (outflow) from operating activities | (738 | ) | 1,409 | ||||
Expenditure for investments in intangible assets | 4.1 | (1,473 | ) | (728 | ) | ||
Expenditure for investments in property, plant and equipment | 4.2 | (226 | ) | (973 | ) | ||
Settlement of contingent consideration in connection with a business combination | — | (295 | ) | ||||
Proceeds from the disposal of discontinued operations | — | 250 | |||||
Cash inflow (outflow) from investing activities | (1,699 | ) | (1,746 | ) | |||
Proceeds from stock option exercises | 139 | — | |||||
Proceeds from bank loans | 4.6 | 14,910 | — | ||||
Repayment of bank loans | 4.6 | (938 | ) | (5 | ) | ||
Settlement of deferred compensation in connection with a business combination | — | (1,000 | ) | ||||
Payments directly related to loan facility | 4.6 | (60 | ) | — | |||
Repayment of shareholder loans | (6,157 | ) | — | ||||
Cash merger consideration payments to Affinitas shareholders | (5,730 | ) | — | ||||
Cash inflow (outflow) from financing activities | 2,164 | (1,005 | ) | ||||
Change in cash and cash equivalents | (273 | ) | (1,342 | ) | |||
Cash and cash equivalents at January 1 | 8,214 | 8,064 | |||||
Effects of exchange rate fluctuations on cash | 112 | — | |||||
Cash and cash equivalents at June 30 | 8,053 | 6,722 |
Standard interpretation | ||
IFRS16 | Leases | |
Amendments to IAS 19 | Amendments to 'Plan Amendment, Curtailment or Settlement' | |
Amendments to IAS 28 | Amendments to 'Long-term Interest in Associates and Joint Ventures' - Clarifications | |
Amendments to IFRS 9 | Amendments to 'Prepayment Features with Negative Compensation' - Clarifications | |
Annual Improvements | Annual improvements to IFRS standards 2015-2017 cycle (IFRS 3 Business Combinations, IFRS 11 Joint Arrangements, IAS 12 Income Taxes, IAS 23 Borrowing Costs) | |
IFRIC 23 | Uncertainty over Income Tax Treatments |
• | Loans and Receivables (LaR) |
• | Other Financial Liabilities (OFL) |
• | Liabilities designated at Fair Value (LdaFV) |
• | Fair value through profit or loss (FVPL) |
• | Fair value through other comprehensive income (FVOCI); or |
• | Amortized cost (AC) |
• | The Group’s business model for managing the asset; and |
• | The cash flow characteristics of the asset |
• | Amortized costs: Assets that are held for collection of contractual cash flows where cash flows represent solely payments of principal interest (SPPI), and that are not designated at FVPL, are measured at amortized cost. The carrying amount of these assets is adjusted by any expected credit loss allowance recognized accordingly. Interest income from these financial assets is included in “interest and similar income” using the effective interest rate method. |
• | Fair value through other comprehensive income (FVOCI): Financial assets that are held for collection of contractual cash flows and for selling the assets, where the assets cash flows represent solely payments of principal and interest, and that are not designated at FVPL, are measured at fair value through other comprehensive income (FVOCI). Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses on the instruments amortized cost which are recognized in profit or loss. When the financial asset is derecognized, the cumulative gain or loss previously recognized in OCI is reclassified from equity to profit or loss and recognized in “Net investment income.” Interest income from these financial assets is included in “Interest Income” using the effective interest rate method. |
• | Fair value through profit or loss: Assets that do not meet the criteria for amortized cost or FVOCI are measured at fair value through profit or loss. A gain or loss on debt investment that is subsequently measured at fair value through profit or loss and is not part of a hedging relationship is recognized in the profit or loss and presented in the profit or loss statement within “Net trading income” in the period in which it arises, unless it arises from debt instruments that were designated at fair value or which are not held for trading. |
January 1, 2018 (in € thousands) | Classification pursuant to IAS 39 | Carrying amount | Classification pursuant to IFRS 9 | Carrying amount | ||||||
Deposits | LaR | 20 | AC | 20 | ||||||
Other receivables | LaR | 3 | AC | 3 | ||||||
Other non-current financial assets | 23 | 23 | ||||||||
Trade receivables | LaR | 6,814 | AC | 6,814 | ||||||
Deposits | LaR | 2,099 | AC | 2,099 | ||||||
Other receivables | LaR | 1,057 | AC | 1,057 | ||||||
Other current financial assets | 3,156 | 3,156 | ||||||||
Cash and cash equivalents | LaR | 8,214 | AC | 8,214 | ||||||
Total financial assets | 18,207 | 18,207 | ||||||||
Borrowings | OFL | 5,850 | AC | 5,850 | ||||||
Trade payables | OFL | 11,489 | AC | 11,489 | ||||||
Other liabilities | OFL | 6,515 | AC | 6,515 | ||||||
Other current financial liabilities | 6,515 | 6,515 | ||||||||
Total financial liabilities | 23,854 | 23,854 |
Entity | Equity Share as of June 30, 2017 | Equity Share as of December 31, 2017 and June 30, 2018 |
Spark Networks Services GmbH (previously, Affinitas GmbH) | 100%1 | 100%1 |
Samadhi SAS (acquired on September 30, 2016) | 100% | 100% |
Spark Networks, Inc. (acquired on November 2, 2017) | 100% | |
Spark Networks Limited (acquired on November 2, 2017) | 100% | |
LOV USA, LLC (acquired on November 2, 2017) | 100% | |
Spark Networks USA, LLC (acquired on November 2, 2017) | 100% | |
Spark Networks (Israel) Limited (acquired on November 2, 2017) | 100% | |
JDate Limited (acquired on November 2, 2017) | 100% | |
HurryDate, LLC (acquired on November 2, 2017) | 100% | |
MingleMatch, Inc. (acquired on November 2, 2017) | 100% | |
Kizmeet, Inc. (acquired on November 2, 2017) | 100% | |
Reseaux Spark Canada Ltd. (acquired on November 2, 2017) | 100% | |
SocialNet, Inc. (acquired on November 2, 2017) | 100% | |
SN Events, Inc. (acquired on November 2, 2017) | 100% | |
SN Holdco, LLC (acquired on November 2, 2017) | 100% | |
Smooch Labs, Inc. (acquired on November 2, 2017) | 100% |
Six months ended June 30, 2018 | |||||||||
(in € thousands) | North America | International | Total | ||||||
Revenue | 22,939 | 30,075 | 53,014 | ||||||
Direct marketing expenses | (14,585 | ) | (18,000 | ) | (32,585 | ) | |||
Contribution margin | 8,354 | 12,075 | 20,429 | ||||||
Cost of revenue | |||||||||
Data center expenses | (1,545 | ) | |||||||
Credit card fees | (1,087 | ) | |||||||
Mobile application processing fees | (2,133 | ) | |||||||
Gross profit | 15,664 | ||||||||
Other income | 24 | ||||||||
Other operating expenses | |||||||||
Sales and marketing expenses | (2,457 | ) | |||||||
Customer service expenses | (2,348 | ) | |||||||
Technical operations and development expenses | (3,374 | ) | |||||||
General and administrative expenses | (9,332 | ) | |||||||
Operating loss | (1,823 | ) | |||||||
Interest income and similar income | 214 | ||||||||
Interest expense and similar charges | (778 | ) | |||||||
Net finance expenses | (564 | ) | |||||||
Loss before taxes | (2,387 | ) | |||||||
Income tax benefit | 1,240 | ||||||||
Net loss | (1,147 | ) | |||||||
Revenue realized over time | 22,939 | 30,075 | 53,014 |
Six months ended June 30, 2017 | |||||||||
(in € thousands) | North America | International | Total | ||||||
Revenue | 11,155 | 30,961 | 42,116 | ||||||
Direct marketing expenses | (9,395 | ) | (18,095 | ) | (27,490 | ) | |||
Contribution margin | 1,760 | 12,866 | 14,626 | ||||||
Cost of revenue | |||||||||
Data center expenses | (154 | ) | |||||||
Credit card fees | (762 | ) | |||||||
Mobile application processing fees | (633 | ) | |||||||
Gross profit | 13,077 | ||||||||
Other income | 49 | ||||||||
Other operating expenses | |||||||||
Sales and marketing expenses | (2,765 | ) | |||||||
Customer service expenses | (2,195 | ) | |||||||
Technical operations and development expenses | (2,764 | ) | |||||||
General and administrative expenses | (7,376 | ) | |||||||
Operating loss | (1,974 | ) | |||||||
Interest income and similar income | 73 | ||||||||
Interest expense and similar charges | (419 | ) | |||||||
Net finance expenses | (346 | ) | |||||||
Loss before taxes | (2,320 | ) | |||||||
Income tax benefit | 616 | ||||||||
Net loss | (1,704 | ) | |||||||
Revenue realized over time | 11,155 | 30,961 | 42,116 |
Six months ended June 30, | ||||||
in € thousands | 2018 | 2017 | ||||
Subscription revenue | 52,537 | 42,116 | ||||
Advertising revenue | 477 | — | ||||
Total Revenue | 53,014 | 42,116 | ||||
Impairment losses recognized on accounts receivable | 1,646 | 2,931 |
Six months ended June 30, | ||||||||
(in € thousands, except per share amounts) | 2018 | 2017 | ||||||
Net loss | € | (1,147 | ) | € | (1,704 | ) | ||
Weighted average shares outstanding - basic and diluted | 1,294 | 25 | ||||||
Net loss per share - basic and diluted | € | (0.89 | ) | € | (68.16 | ) |
in € thousands | Internally generated software | Licenses and domains | Brands and trademarks | Purchased software | Other intangible assets | Intangible assets under development | Goodwill | Total | ||||||||||||||||
Purchase costs | ||||||||||||||||||||||||
January 1, 2018 | 3,869 | 232 | 5,093 | — | 5,458 | 1,090 | 23,184 | 38,926 | ||||||||||||||||
Additions | 70 | 12 | — | — | 136 | 1,214 | — | 1,432 | ||||||||||||||||
Reclassification | — | 14 | — | — | — | (14 | ) | — | — | |||||||||||||||
Currency translation | 50 | — | 71 | — | 31 | 1 | 572 | 725 | ||||||||||||||||
June 30, 2018 | 3,989 | 258 | 5,164 | — | 5,625 | 2,291 | 23,756 | 41,083 | ||||||||||||||||
Accumulated amortization and impairment | ||||||||||||||||||||||||
January 1, 2018 | 366 | 104 | 176 | — | 3,144 | — | — | 3,790 | ||||||||||||||||
Additions | 540 | 16 | 70 | — | 895 | — | — | 1,521 | ||||||||||||||||
June 30, 2018 | 906 | 120 | 246 | — | 4,039 | — | — | 5,311 | ||||||||||||||||
Remaining carrying amount | ||||||||||||||||||||||||
January 1, 2018 | 3,503 | 128 | 4,917 | — | 2,314 | 1,090 | 23,184 | 35,136 | ||||||||||||||||
June 30, 2018 | 3,083 | 138 | 4,918 | — | 1,586 | 2,291 | 23,756 | 35,772 |
in € thousands | Leasehold improvement | Other and office equipment | Property, plant and equipment under construction | Total | ||||||||
Purchase costs | ||||||||||||
January 1, 2018 | 304 | 1,018 | 1,523 | 2,845 | ||||||||
Additions | — | 58 | 168 | 226 | ||||||||
Disposals | — | (2 | ) | — | (2 | ) | ||||||
Currency translation | — | 2 | — | 2 | ||||||||
June 30, 2018 | 304 | 1,076 | 1,691 | 3,071 | ||||||||
Accumulated depreciation and impairment | ||||||||||||
January 1, 2018 | 118 | 645 | — | 763 | ||||||||
Additions | 29 | 86 | — | 115 | ||||||||
Disposals | — | (1 | ) | — | (1 | ) | ||||||
June 30, 2018 | 147 | 730 | — | 877 | ||||||||
Remaining carrying amount | ||||||||||||
January 1, 2018 | 186 | 373 | 1,523 | 2,082 | ||||||||
June 30, 2018 | 157 | 346 | 1,691 | 2,194 |
in € thousands | Provisions for refunds | Restructuring provisions | Other provisions | Total | ||||||||
January 1, 2018 | 120 | 30 | 1,026 | 1,176 | ||||||||
- thereof non-current | — | — | 17 | 17 | ||||||||
- thereof current | 120 | 30 | 1,009 | 1,159 | ||||||||
Utilization | — | (30 | ) | (28 | ) | (58 | ) | |||||
Addition | — | — | 117 | 117 | ||||||||
Reclassifications | (120 | ) | — | — | (120 | ) | ||||||
Currency translation | — | — | 28 | 28 | ||||||||
June 30, 2018 | — | — | 1,143 | 1,143 | ||||||||
- thereof non-current | — | — | 17 | 17 | ||||||||
- thereof current | — | — | 1,126 | 1,126 |
Measured at amortized cost | Measured at fair value | |||||||||||||
June 30, 2018 in € thousands | Classification pursuant to IFRS 9 | Carrying amount | Fair value | Level 3 | Total | |||||||||
Deposits | AC | 21 | 21 | — | 21 | |||||||||
Loan receivables | FVPL | — | — | 70 | 70 | |||||||||
Other receivables | AC | 3 | 3 | — | 3 | |||||||||
Other non-current financial assets | 24 | 24 | 70 | 94 | ||||||||||
Trade receivables | AC | 6,589 | 6,589 | — | 6,589 | |||||||||
Deposits | AC | 2,026 | 2,026 | — | 2,026 | |||||||||
Other receivables | AC | 699 | 699 | — | 699 | |||||||||
Other current financial assets | 2,725 | 2,725 | — | 2,725 | ||||||||||
Cash and cash equivalents | AC | 8,053 | 8,053 | — | 8,053 | |||||||||
Total financial assets | 17,391 | 17,391 | 70 | 17,461 | ||||||||||
Borrowings | AC | 14,002 | 14,162 | — | 14,002 | |||||||||
Other non-current financial liabilities | AC | 25 | 25 | — | 25 | |||||||||
Trade payables | AC | 10,177 | 10,177 | — | 10,177 | |||||||||
Refund liabilities | AC | 129 | 129 | — | 129 | |||||||||
Other liabilities | AC | 313 | 313 | — | 313 | |||||||||
Other current financial liabilities | 442 | 442 | — | 442 | ||||||||||
Total financial liabilities | 24,646 | 24,806 | — | 24,646 |
Measured at amortized cost | Measured at fair value | |||||||||||||
December 31, 2017 in € thousands | Classification pursuant to IAS 39 | Carrying amount | Fair value | Total | ||||||||||
Deposits | LaR | 20 | 20 | — | 20 | |||||||||
Other receivables | LaR | 3 | 3 | — | 3 | |||||||||
Other non-current financial assets | 23 | 23 | — | 23 | ||||||||||
Trade receivables | LaR | 6,814 | 6,814 | — | 6,814 | |||||||||
Deposits | LaR | 2,099 | 2,099 | — | 2,099 | |||||||||
Other receivables | LaR | 1,057 | 1,057 | — | 1,057 | |||||||||
Other current financial assets | 3,156 | 3,156 | — | 3,156 | ||||||||||
Cash and cash equivalents | LaR | 8,214 | 8,214 | — | 8,214 | |||||||||
Total financial assets | 18,207 | 18,207 | — | 18,207 | ||||||||||
Borrowings | OFL | 5,850 | 6,284 | — | 5,850 | |||||||||
Trade payables | OFL | 11,489 | 11,489 | — | 11,489 | |||||||||
Other liabilities | OFL | 6,515 | 6,515 | — | 6,515 | |||||||||
Other current financial liabilities | 6,515 | 6,515 | — | 6,515 | ||||||||||
Total financial liabilities | 23,854 | 24,288 | — | 23,854 |
Type | Fair value | Valuation technique | Significant unobservable inputs | Range Median or Average | Inter-relationship between significant unobservable inputs and fair value measurement | ||
Loan receivable | € | 70 | Income approach: the valuation model considers the present value of expected future repayments, discounted using a risk-adjusted market interest rate and a discount factor to reflect the contingent conditions that affect the loan’s repayment. | - Expected future repayment - Risk-adjusted market interest rate - Discount for repayment contingencies | €220 - €225 20% (15%) | The estimated fair value would increase (decrease) if: - the expected future repayments were higher (lower) - the risk-adjusted market interest rate was lower (higher) - the discount for repayment contingencies was smaller (larger) |
June 30, 2018 in € thousands | Fair Value | Total Gains | ||||||
Loan receivable | € | 70 | € | 70 | ||||
Total | € | 70 | € | 70 |
Document and Entity Information |
6 Months Ended |
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Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |
Entity Registrant Name | Spark Networks SE |
Entity Central Index Key | 0001705338 |
Current Fiscal Year End Date | --12-31 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2018 |
Amendment Flag | false |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Consolidated Statement of Shareholder's Equity - EUR (€) € in Thousands |
Total |
Subscribed capital |
Treasury share reserves |
Other capital reserves |
Share-based payment reserve |
Accumulated deficit |
Accumulated other comprehensive income |
---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2016 | € (24,723) | € 25 | € 2,259 | € (27,007) | |||
Net loss | (1,704) | (1,704) | |||||
Total comprehensive loss | (1,704) | (1,704) | |||||
Share-based compensation | 376 | 376 | |||||
Ending balance at Jun. 30, 2017 | (26,051) | 25 | 2,635 | (28,711) | |||
Beginning balance at Dec. 31, 2017 | 19,477 | 1,317 | € (24) | € 48,901 | 2,747 | (32,581) | € (883) |
Net loss | (1,147) | (1,147) | |||||
Total comprehensive loss | (320) | (1,147) | 827 | ||||
Share-based compensation | 1,777 | 1,777 | |||||
Currency translation adjustment | 827 | 827 | |||||
Issuance of new shares | 142 | 2 | 140 | ||||
Ending balance at Jun. 30, 2018 | € 21,076 | € 1,317 | € (22) | € 49,041 | € 4,524 | € (33,728) | € (56) |
Description of Business and Summary of Significant Accounting Policies |
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Description Of Business And Summary Of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of Business and Summary of Significant Accounting Policies | Description of Business and Summary of Significant Accounting Policies 1.1 Reporting Entity Spark Networks SE (“Spark Networks” or the “Company”) is domiciled in Germany. The Company’s office is located at Kohlfurter Str. 41/43, 10999 Berlin, registered with the commercial register (Handelsregister) of the local court (Amtsgericht) of Munich, Germany, under HRB 232591. The Group consists of Spark Networks SE (“Spark Networks”) and its consolidated subsidiaries. The Group is a global operator of online dating websites and targets professionals and university-educated singles who are looking for a serious, long-term relationship. The Group reports two reportable segments – North America and International – and operates a portfolio of premium brands including EliteSingles, Jdate, Christian Mingle, SilverSingles, eDarling, JSwipe, and AttractiveWorld in 29 countries and 15 languages. The American Depositary Shares (“ADSs”) of Spark Networks SE, each representing one-tenth of an ordinary share, €1.00 nominal value per share, of Spark Networks SE, are publicly listed on the NYSE American exchange under the ticker symbol “LOV.” The Group was formed in 2017 through the merger of Affinitas GmbH (“Affinitas”) and Spark Networks, Inc. (“Spark”) with Affinitas as the accounting acquirer and, therefore, the accounting predecessor of Spark Networks. As such, these unaudited condensed interim consolidated financial statements are presented using the pre-combination book values (including comparatives) from the unaudited condensed interim consolidated financial statements of Affinitas. The merger with Spark, which became effective on November 2, 2017, is accounted for as a business combination using the acquisition method. 1.2 Basis of Accounting These unaudited condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). These unaudited condensed interim consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting, and should be read in conjunction with the Group’s last annual consolidated financial statements as of and for the year ended December 31, 2017, included in the Company’s Annual Report on Form 20-F for the year ended December 31, 2017 (the “2017 Form 20-F”), filed with the Securities and Exchange Commission on April 25, 2018, as amended. These unaudited condensed interim consolidated financial statements do not include all of the information required for a complete set of IFRS financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual financial statements. With the exception of the standards, interpretations, and amendments of standards and interpretations that are effective for the first time in the financial year (see Note 1.6 – New standards, interpretations and amendments to standards and interpretations) and the treatment of income tax expenses in accordance with IAS 34, the accounting policies adopted are consistent with those of the previous financial year as of and for the year ended December 31, 2017, as disclosed in the 2017 Form 20-F. These unaudited condensed interim consolidated financial statements were authorized for issue by the Company’s management board on August 28, 2018. 1.3 Functional and presentation currency These unaudited condensed interim consolidated financial statements are presented in euro, which is the Group's presentation currency. All amounts have been rounded to the nearest thousand, unless otherwise indicated. The financial statements of the Group's foreign subsidiaries are prepared using the local currency as the subsidiary's functional currency. The Group translates the assets and liabilities into euro using period-end rates of exchange, and revenue and expenses using average rates of exchange for the period. The resulting translations gain or loss is included in accumulated other comprehensive loss and is excluded from net loss. 1.4 Use of judgments and estimates In preparing these unaudited condensed interim consolidated financial statements, management has made judgments, estimates and assumptions that affect the application of the Group’s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as of and for the year ended December 31, 2017, as disclosed in the 2017 Form 20-F. 1.5 Basis of measurement These unaudited condensed interim consolidated financial statements have been prepared on the historical cost basis. 1.6 New standards, interpretations and amendments to standards and interpretations A number of new standards and amendments to standards are effective for annual periods beginning after January 1, 2019 and earlier application is permitted; however, the Group has not early adopted the following new or amended standards in preparing these unaudited condensed interim consolidated financial statements.
None of these standards, amendments to standards, or new interpretations are expected to have a significant effect on the unaudited condensed interim consolidated financial statements of the Group (except those discussed below). The following standards are effective for periods starting after July 1, 2018, which may have an effect on the unaudited condensed interim consolidated financial statements of the Group: IFRS 16 Leases IFRS 16 introduces a single, on-balance sheet lease accounting model for lessees. A lessee recognizes a right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. There are optional exemptions for short-term leases and leases of low value items. Lessor accounting remains similar to the current standard – i.e. lessors continue to classify leases as finance or operating leases. IFRS 16 replaces existing leases guidance including IAS 17 Leases, IFRIC 4 Determining whether an Arrangement contains a Lease, SIC-15 Operating Leases—Incentives and SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease. The standard is effective for annual periods beginning on or after January 1, 2019. Early adoption is permitted for entities that apply IFRS 15 Revenue from Contracts with Customers at or before the date of initial application of IFRS 16. Management has assessed the impact of the guidance and expects an immaterial negative impact on its operating results and an increase in its assets and liabilities in the Consolidated Balance Sheet of approximately €1,300 thousand. The following standards were effective for annual periods starting on January 1, 2018, and were adopted by Group for the first time in the unaudited interim consolidated financial statements: IFRS 15 Revenue from Contracts with Customers IFRS 15 establishes a comprehensive framework for determining whether, how much, and when revenue is recognized. It replaces existing revenue recognition guidance, including IAS 18 Revenue, IAS 11 Construction Contracts, and IFRIC 13 Customer Loyalty Programs. IFRS 15 is effective for annual periods beginning on or after January 1, 2018. The Group adopted IFRS 15 as of January 1, 2018 for the first time applying the modified retrospective approach. Under the modified retrospective approach, the Group applied the new standards to all new contracts initiated on/after the effective date, and, for contracts which have remaining obligations as of the effective date, the Group entered an adjustment, if any, to the opening balance of retained earnings account. There is no cumulative impact to the Group’s retained earnings at January 1, 2018 from the adoption of IFRS 15. Revenue Recognition According to IFRS 15, the Group accounts for a contract when it has approval and commitment from all parties, the rights of the parties and payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Revenue is recognized when control of the promised services is transferred to our customers, and in an amount that reflects the consideration the Group is contractually due in exchange for those services. The Company’s revenue is primarily derived directly from users in the form of recurring subscriptions. Subscription revenue is presented net of refunds and gross of credit card chargebacks. Subscribers pay in advance, primarily by credit card or through mobile app stores, and subject to certain conditions identified in our terms and conditions. Revenue is initially deferred and is recognized using the straight-line method over the terms of the applicable subscription period, which primarily range from one to twelve months. As permitted under the practical expedient available under IFRS 15, the Company does not disclose the value of unsatisfied performance obligations for contracts with an original duration of one year or less. The objective of determining the transaction price is to estimate the amount of consideration the Group is due in exchange for services, including amounts that are variable. The Company determines the total transaction price, including an estimate of any variable consideration, at contract inception and reassesses this estimate each reporting period. The Company excludes from the measurement of transaction price all taxes assessed by governmental authorities that are both (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers. Accordingly, such tax amounts are not included as a component of revenue or cost of revenue. For contracts that have an original duration of one year or less, the Company uses the practical expedient available under IFRS 15 applicable to such contracts and does not consider the time value of money or disclose the transaction price allocated to unfulfilled performance obligations as of the end of the reporting period. Contract Balances The contract liability balance consists of advance payments that are received or due in advance of the Company's performance. The Company’s liabilities are reported on a contract by contract basis at the end of each reporting period. The Company generally classifies deferred revenue as current when the term of the applicable subscription period or expected completion of our performance obligation is one year or less. At January 1, 2018, the current deferred income balance of €20,354 thousand was reclassified to the newly created financial statement caption contract liability. The non-current deferred income balance of €23 thousand was reclassified to the newly created financial statement caption non-current contract liability. Furthermore, the Group recognized a refund liability for estimated refunds resulting from the customer’s statutory right to revoke contracts for a specified period after the contract signing date. At January 1, 2018, the Group reclassified €120 thousand from the financial statement caption other current provisions to the financial statement caption other financial liabilities. IFRS 9 Financial Instruments IFRS 9 replaces the provisions of IAS 39 Financial Instruments: Recognition and Measurement ("IAS 39") that relate to the recognition, classification and measurement of financial assets and financial liabilities, derecognition of financial instruments, impairment of financial assets, and hedge accounting. The Group has adopted IFRS 9 as issued by the IASB in July 2014 with a date of transition of January 1, 2018. The adoption of IFRS 9 has resulted in changes in our accounting policies for recognition, classification, and measurement of financial assets and financial liabilities and impairment of financial assets. As permitted by the transition provisions of IFRS 9, the Group elected not to restate the comparative figures and recognize any adjustment to carrying amounts of financial assets and liabilities to the opening balance of retained earnings. Accordingly, there is no cumulative impact to the Group’s retained earnings at January 1, 2018 from the adoption of IFRS 9. IFRS 9 also significantly amends other standards dealing with financial instruments such as IFRS 7 Financial Instruments: Disclosures. Since comparative amounts were not restated, the comparative period disclosures repeat those disclosures made in the prior year. Consequently, for notes disclosures, the consequential amendment to IFRS 7 disclosures has only been applied to the current period. Prior to January 1, 2018, the Group applied IFRS 39 and classified its financial assets and financial liabilities in the following measurement categories:
From January 1, 2018, the Group applied IFRS 9 and classified its financial assets and financial liabilities in the following measurement categories:
Classification and subsequent measurement of financial assets depends on:
Based on these factors, the Group classifies its financial assets into one of the following three measurement categories:
The Group's financial liabilities satisfy the conditions for classification at amortized cost. The following table shows the classification of financial assets and liabilities in accordance with IFRS 9:
Credit risk The Company is exposed to credit risk if counterparties fail to make payments as they fall due in respect of payment of trade receivables specifically relating to receivables from chargebacks The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding-looking information. Macroeconomic information (such as market interest rates or growth rates) is incorporated as part of the internal rating model. |
Basis of consolidation |
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Disclosure Of Basis Of Consolidation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of consolidation | Basis of Consolidation 2.1 Group Composition The unaudited condensed interim consolidated financial statements comprise the following fully consolidated subsidiaries:
1In the previous year’s unaudited condensed interim consolidated financial statements, Affinitas GmbH was the parent of the Group. As predecessor of Spark Networks SE, Affinitas’ consolidated financials are carried forward. |
Notes on the consolidated statements of operations |
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Disclosure Of Income Statement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes on the consolidated statements of operations and comprehensive loss | Notes on the Consolidated Statements of Operations and Comprehensive Loss 3.1 Operating segments Basis for segmentation The management board of Spark Networks is the Group’s chief operating decision maker (“CODM”). In line with the management approach, the operating segments were identified on the basis of the Group's internal reporting. Internal reporting is the basis for the allocation of resources and the evaluation of the performance of the operating segments by the management board. On this basis, the Group’s business activity is segmented according to the countries it operates in. The performance of the operating segments is measured on the basis of revenue and direct marketing costs only. Due to the Group’s integrated business structure, costs and expenses other than direct marketing expenses are not allocated to the individual reportable segments. As such, the Group does not measure operating profit or loss by segment for internal reporting purposes. Assets are not allocated to the different business segments for internal reporting purposes. In particular, for internal management reporting purposes, the CODM reviews cash collections from customers and the related estimates of the resulting recognized revenue before deductions for the reversal of adjustments to revenue in connection with the amortization of the fair value adjustment of contract liabilities from the Spark Merger and Samadhi Acquisition. In addition, when making operating decisions and assessing performance, the CODM only reviews direct marketing costs excluding personnel-related and certain other expenses, which are being presented as direct marketing costs in the IFRS consolidated statement of comprehensive income/loss. Information about reportable segments While the CODM receives separate information for each country, all countries other than the USA and Canada (together, North America) have been aggregated into one reportable segment as the business model and long-term margin expectations are similar. This means that the Group reports the two reportable segments as North America and International. Following the Affinitas / Spark Merger, internal management reporting was adjusted to reflect the new group composition. The segment report for the comparative period was restated to reflect the current management approach. Reconciliation of reportable segment profit or loss:
3.2 Seasonality of operations The Group’s business underlies a certain degree of seasonality. Higher operating profits are usually expected in the second half of the year rather than in the first six months as there are usually higher marketing expenses in the first six months, while revenue is at a similar level in the first and second half of the year. This information is provided to allow for a better understanding of the results, however, management has concluded that this is not "highly seasonal" in accordance with IAS 34. 3.3 Revenue
No revenue was realized during the six months ended June 30, 2018 from performance obligations satisfied in prior periods. 3.4 Share-based payment arrangements Share-based payment expense reflected in our unaudited condensed interim consolidated financial statements consists of expense related to equity-based compensation plans that were independently established by Affinitas in 2013 and Spark in 2007 before the Affinitas / Spark Merger, in addition to an equity compensation plan established by Spark Networks following the close of the Merger. Share-based payment expense incurred in periods prior to the close of the Affinitas / Spark Merger resulted solely from share-based compensation granted by Affinitas. Share-based payment arrangements operated by Affinitas prior to the Affinitas / Spark Merger As the Affinitas / Spark Merger was considered a Liquidity Event, all unvested options as of the merger date will vest in November 2018 to the extent outstanding at such time. For the period ended June 30, 2018, the total share-based payment expense recognized for the equity-settled options granted under the plans operated by Affinitas prior to the merger amounted to €250 thousand. Share-based payment arrangements operated by Spark Networks following the Affinitas / Spark Merger In 2017, options were granted under the Spark Networks virtual stock option plan established in November 2017 ("VSOP 2017"). In March 2018, Networks SE established a revised Virtual Stock Option Plan (“VSOP 2018”) for selected executives and employees of Spark Networks SE and its subsidiaries. The VSOP 2018 replaces the VSOP 2017. Under the VSOP 2018, the graded vesting schedule for the VSOP 2017 options decreased from nine vesting periods (tranches) to five vesting periods (tranches). The incremental fair value resulting from this modification will be recognized over the remaining modified vesting period. The terms and conditions of the revised VSOP 2018 also apply to the 908,608 options granted under the VSOP 2017. In addition, 503,026 new virtual stock options have been granted under the VSOP 2018. For the period ended June 30, 2018, the total share-based payment expense recognized for the equity-settled options granted under the VSOP 2018 amounted to €1,469 thousand. Share-based payment arrangements operated by Spark prior to the Affinitas / Spark Merger As the Affinitas / Spark Merger was considered a change in control, all unvested Spark options vested by May 2018 to the extent outstanding at such time. For the period ended June 30, 2018, the total share-based compensation recognized for the equity-settled options granted under the plans operated by Spark prior to the merger amounted to €58 thousand. 3.5 Income taxes Income tax expense is recognized based on management’s estimate of the weighted average effective annual income tax rate expected for the full financial year. The estimated average annual effective tax rate used for the six months ended June 30, 2018 is 21.2%, compared to 26.6% for the six months ended June 30, 2017. The decrease is driven by the addition of Spark, which was acquired on November 2, 2017. Spark has an estimated average annual effective tax rate of 1.2%, primarily related to tax-deductible goodwill amortization as well as state taxes and foreign withholding tax expense. The income tax benefit of €1,240 thousand for the six months ended June 30, 2018 is affected by exceptional items that were treated separately in the calculation of income tax expenses, mainly an income tax benefit of €739 thousand related to federal Alternative Minimum Tax Credit Carryforwards in the United States that are now refundable following enactment of the Tax Cuts and Jobs Act on December 22, 2017. 3.6 Net (loss) earnings per share The Group presents earnings per share data for its common shares. Earnings per share is calculated by dividing the net (loss) income of the period by the weighted average number of common shares outstanding during the period. Dilutive net (loss) earnings per share includes any dilutive impact of stock options. For the six months ended June 30, 2018 and 2017, all stock options outstanding during the period were excluded from the calculation of diluted net (loss) earnings per share because they would have been anti-dilutive. The elements used in the computation of basic and diluted net (loss) earnings per share were as follows:
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Notes on the Consolidated Balance Sheet |
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Disclosure Of Consolidated Balance Sheet [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes on the Consolidated Balance Sheet | Notes on the Consolidated Balance Sheets 4.1 Intangible assets The following table shows the reconciliation of intangible assets for the six months ended June 30, 2018:
During the six months ended June 30, 2018, intangible assets under development increased from €1,090 thousand to €2,291 thousand. This increase results from capitalization of personnel-related development costs for a unified technology platform and the development of new software to allow dynamic psychology tests of potential subscribers before they log on to the platform. 4.2 Property, plant, and equipment The following table shows the reconciliation of property, plant, and equipment for the six months ended June 30, 2018:
During the six months ended June 30, 2018, Spark Networks procured hardware and software to facilitate an upgrade of the Group's technological infrastructure. The addition of €168 thousand mainly related to the acquisition of IT hardware, the capitalization of third-party expenses and personnel costs. Completion of this project is expected in August 2018. 4.3 Shareholder’s Equity Movements in equity components are presented in the consolidated statement of shareholders' equity. Subscribed capital and capital reserve There were no changes to subscribed capital, which was €1,317 thousand as of June 30, 2018. Capital reserves increased from €48,901 thousand as of January 1, 2018 to €49,041 thousand as of June 30, 2018 due to the exercise of stock options. As of June 30, 2018, the Company had 1,295 thousand common shares outstanding, which are presented within equity. Treasury shares As of June 30, 2018, the Company held 22,030 (December 31, 2017: 23,667) ordinary shares as treasury shares, in accordance with local law. The treasury shares were exchanged without any consideration in the course of establishing the Chardonnay Trust in connection with the Affinitas / Spark Merger. The treasury shares are recognized at par value and deducted from the ordinary shares of subscribed capital outstanding at June 30, 2018. 4.4 Provisions
On January 1, 2018, the provision for refunds within the financial statement caption Other current provisions of €120 thousand was reclassified to refund liability within the financial statement caption Other financial current liabilities. 4.5 Contract liability The contract liability balance relates to the Group’s receipt of advance consideration from customers for subscription services, in which revenue is recognized over the subscription period. The contract liability balance increased by €937 thousand, because subscription sales were higher than subscription revenue recognized in the period due to the multi-month nature of our subscription offerings. During the six months ended June 30, 2018, revenue of €17,726 thousand was realized, that was included in the beginning contract liability balance at January 1, 2018. 4.6 Long-term debt On March 15, 2018, Spark Networks Services GmbH (f/k/a Affinitas GmbH), a limited liability company incorporated under the laws of Germany (“Affinitas”), and wholly-owned subsidiary of Spark Networks SE, entered into a termination agreement (the “Termination Agreement”) to its Loan Agreement dated as of September 2016 (the “Loan Agreement”), by and among Affinitas and certain persons and entities, including certain of its stockholders and officers, named as lenders thereunder (the “Lenders”), pursuant to which the Lenders had granted Affinitas certain loans with an interest rate of 8% per annum maturing on June 30, 2018 (the “Type A Loans”) and certain loans with an interest rate of 9% per annum maturing on March 31, 2019 (the “Type B Loans”) in an aggregate principal amount of €5,850 thousand (€1,850 thousand of which is under the Type A Loans and €4,000 thousand of which is under the Type B Loans). Pursuant to the terms of the Termination Agreement, in exchange for the early termination of the loans under the Loan Agreement effective as of March 15, 2018 and the repayment in full of the then outstanding principal amount of the loans under the Loan Agreement of €5,850 thousand, the parties agreed to an early termination fee of €307 thousand, consisting of a 2% fee on the repaid principal amount of the Type A loans and a 6.75% fee on the repaid principal amount of the Type B loans. In addition, the parties agreed that interest on the loans of approximately €40 thousand under the Loan Agreement was paid in full for the month of March 2018. All payments under the Termination Agreement were made on or before March 31, 2018. On March 28, 2018, Spark Networks and Silicon Valley Bank entered into a four-year €25,000 thousand Senior Facilities Agreement. The Senior Facilities Agreement provides for a multicurrency term loan facility in an aggregate amount equal to €15,000 thousand (the “Term Loan Facility”) and a multicurrency revolving credit facility in an aggregate amount equal to €10,000 thousand (the “Revolving Credit Facility” and, together with the Term Loan Facility, the “Facilities”). In addition, subject to the terms and conditions of the Senior Facilities Agreement, including compliance with certain financial covenants, Spark Networks may incur additional incremental facilities in an aggregate amount of up to €35,000 thousand. Borrowings under the Facilities bear interest at a rate equal to LIBOR for deposits in the applicable currency plus an applicable margin ranging from 2.5% to 3.0% to be determined based on the net leverage ratio (as defined in the Facilities) for the most recently completed 12 month period ending on the last day of the fiscal year or quarterly period as applicable. The applicable margin and interest rate in effect for borrowings under the Term Loan Facility as of June 30, 2018 is 2.5%. In addition to paying interest on outstanding principal under the Facilities, Spark Networks is required to pay a commitment fee to the lenders under the Revolving Credit Facility in respect of the unutilized commitments thereunder. The commitment fee rate is 0.60% per annum, and the Revolving Credit Facility currently has €10,000 thousand of undrawn availability. Upon closing, a one-time facility fee of €150 thousand was payable, of which €90 thousand was allocated to the Term Loan Facility and €60 thousand was allocated to the Revolving Credit Facility. The facility fee on the Term Loan Facility is reflected as a debt discount and is deducted from the carrying value of the borrowings and amortized using the effective interest method. The facility fee on the Revolving Credit Facility is capitalized as a prepayment and amortized through the maturity of the Facilities on March 31, 2022. The facility fee is amortized to Interest expense and similar charges in the Consolidated Statements of Operations and Comprehensive Loss. The Facilities contain a number of covenants that, among other things, restrict, subject to certain exceptions, the Company's ability and the ability of its subsidiaries to: incur additional indebtedness, create liens, engage in mergers or consolidations, sell or transfer assets, pay dividends and distributions and make share repurchases, make certain acquisitions, engage in certain transactions with affiliates, and change lines of business. In addition, the Facilities require the following financial covenants to be maintained: (i) a fixed charge coverage ratio (as defined in the Facilities) of no less than 1:25 to 1:00 (other than for the first quarter of 2019 when it shall be no less than 1.10 to 1.00), (ii) a net leverage ratio of no greater than 2.50 to 1.00 (declining to 2.25 to 1.00 for 12-month periods ending June 30, 2019, September 30, 2019, December 31, 2019, and March 31, 2020, and declining further to 2.00 to 1.00 for 12-month periods ending June 30, 2020 and thereafter), and (iii) a minimum liquidity threshold of €5,000 thousand until March 31, 2019, consisting of available cash funds and availability under the Revolving Credit Facility. The Facilities also contain certain customary affirmative covenants and events of default, including a change of control. Spark Networks is in compliance with all of its debt covenants as of June 30, 2018. The Term Loan Facility amortizes in equal quarterly installments of €938 thousand commencing on June 29, 2018, while principal amounts outstanding under the Revolving Credit Facility are due and payable in full at maturity. As of June 30, 2018, the outstanding principal balance of the Term Loan Facility is €13,973 thousand, and there were no outstanding borrowings under the Revolving Credit Facility. |
Notes on the consolidated cash flow statement |
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Jun. 30, 2018 | |
Disclosure Of Consolidated Cash Flow Statement [Abstract] | |
Notes on the consolidated cash flow statement | Notes on the Consolidated Statements of Cash Flow The unaudited condensed interim consolidated statement of cash flows was prepared in accordance with IAS 7 and shows the inflow and outflow of cash flows during the reporting period. Cash flows are broken down into cash flows from operating activities, cash flows from investing activities and cash flows from financing activities. The cash flows arising from operating activities are determined by using the indirect method according to IAS 7.18 (b). |
Financial instruments and risk management |
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Disclosure of detailed information about financial instruments [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial instruments and risk management | Financial Instruments and Risk Management 6.1 Financial instruments The following table shows the carrying amounts and fair values of financial assets and financial liabilities and classifies these into measurement categories pursuant to IFRS 9.
The following table shows the carrying amounts and fair values of financial assets and financial liabilities and classifies these into measurement categories pursuant to IAS 39.
Measurement of fair values The Company’s majority of financial instruments, including cash and cash equivalents, restricted cash, deposits, trade receivable, other receivables, trade payable, and other payables are carried at cost, which approximates their fair value due to the short-term maturity of these instruments. The eH Shareholder Loan (as defined in Note 7.1) has been measured at fair value through profit or loss as it matures and becomes payable on a date that is contingent upon the occurrence of an event which may or may not occur. The fair value was determined on a recurring basis using significant unobservable inputs (Level 3). The following table presents the fair value of this asset as of the measurement date, valuation techniques, and related unobservable inputs of those assets.
The following table presents the total gains recognized for the six months ended June 30, 2018 recognized in profit or loss:
Financial instruments not measured at fair value Borrowings The fair value of borrowings has been measured using discounted cash flows, i.e. the present value of expected payments, discounted using a risk-adjusted discount rate. For this, the current risk-adjusted market rate has been used. |
Other Information |
6 Months Ended |
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Jun. 30, 2018 | |
Other Information [Abstract] | |
Other Information | Other Information 7.1 Balances and transactions with related parties Parent and ultimate controlling party The ultimate controlling party of the group is Spark Networks SE. The shares in the Group are publicly traded on the New York Stock Exchange. Rocket Internet SE holds more than 25% of Spark Networks' shares outstanding, and was represented on the Affinitas Board in 2015, 2016, and the pre-Merger period of 2017. Transactions with shareholders Consultation services In 2008 and 2009, Affinitas and Rocket Internet SE (“Rocket”) entered into two agreements. Under these agreements, Rocket is obliged to render consulting services to Affinitas in business, professional and/or technical areas and programming services. Affinitas is obliged to pay Rocket fees for the services rendered under the agreements, which are calculated on the basis of the incurred costs of Rocket plus expenses. For the six months ended June 30, 2018 and 2017, Spark Networks recorded costs of €12 thousand and €10 thousand, respectively. There were no amounts due to Rocket as of June 30, 2018 and December 31, 2017. Shareholder loans During the year ended December 31, 2016, the Company entered into loans with some of its shareholders and managing directors. The total amount outstanding as of June 30, 2018 and December 31, 2017 was €0 thousand and €5,850 thousand respectively, and the amount of interest incurred during the six months ended June 30, 2018 and 2017 was €127 thousand and €254 thousand, respectively. The loan was fully repaid in March 2018. Refer to Note 4.6. Shareholder payments Per the terms of the Affinitas / Spark Merger, Affinitas’ shareholders received a cash payout of €5,730 thousand. This payout included payments to Rocket and David Khalil of €1,377 thousand and €25 thousand, respectively. Affinitas Phantom Share GmbH On April 20, 2012, eHarmony, Inc. (“eH”) in its capacity as a shareholder of Affinitas GmbH, granted a shareholder loan to Affinitas Phantom Share GmbH (“APS”) in the amount of €213 thousand (the “eH Shareholder Loan”) for the purpose of financing certain payments made by APS in connection with the formation of APS. On March 3, 2013, eH assigned the eH Shareholder Loan to Affinitas GmbH. As of June 30, 2018, APS beneficially owned approximately 13% of the ordinary shares of the Company and was jointly controlled by David Khalil and Lukas Brosseder. The eH Shareholder Loan bears interest at the rate of 0.5% per year and matures on a date that is contingent upon the occurrence of the sale of certain ordinary shares of the Company held by APS, which may or may not occur. As of June 30, 2018, the eH Shareholder Loan had a carrying amount of €70 thousand, equaling its fair value based on the contingent conditions that affect its repayment. The eH Shareholder Loan and all interest was fully repaid by APS on August 23, 2018. MLLNNL, LLC The acquired subsidiary Spark had multiple, ongoing engagements with MLLNNL, LLC (“Mllnnl”), a marketing agency that employs, and was co-founded by, an employee of the Group’s wholly-owned subsidiary, Smooch Labs. Expenses related to Mllnnl appear in the consolidated results following the Affinitas / Spark Merger in November 2017. For the six months ended June 30, 2018, the Group has expensed €155 thousand for services performed by Mllnnl. Management Services Agreement with PEAK6 In August 2016, Spark entered into a purchase agreement with PEAK6 pursuant to which Spark issued and sold to PEAK6 an aggregate of 5,000,000 shares of common stock of Spark at a purchase price of $1.55 per share. Spark also issued the Spark Warrant to PEAK6 to purchase up to 7,500,000 shares of common stock of Spark at an exercise price of $1.74 per share pursuant to the terms of a warrant agreement. Upon consummation of the merger between Affinitas and Spark, all of the shares subject to the Spark Warrant vested immediately prior to the closing of the merger, and the Spark Warrant expired upon the closing of the merger. In connection with the execution of the PEAK6 purchase agreement, Spark entered into a management services agreement dated as of August 9, 2016 with PEAK6 (the “Management Services Agreement”), pursuant to which PEAK6 provides certain marketing, technology, strategy, development and other services to Spark over a five-year term, for a cash fee of $1.5 million per year (the “Management Fee”), which was paid on a quarterly basis in an amount of $375,000 per quarter. On November 2, 2017, in connection with the consummation of the merger between Affinitas and Spark, Spark and PEAK6 mutually agreed to terminate the Management Services Agreement effective December 31, 2017. As consideration for the termination, Spark paid PEAK6 an amount equal to $2.4 million (€2.0 million) in January 2018 in full satisfaction of any obligation or liability of Spark to PEAK6 for payments due to PEAK6 under the termination agreement. Consulting Agreement with PEAK6 In March 2018, Spark Networks entered into a consulting agreement dated as of March 9, 2018 with PEAK6 (the “Consulting Agreement”), pursuant to which PEAK6 provides certain technology and infrastructure advice and information gathering services and other services to Spark Networks. The Consulting Agreement can be terminated by either party upon 30 days’ notice. Under the Consulting Agreement, PEAK6 is not entitled to any fees or other amounts. 7.2 Contingent Liabilities Virtual employee share option plan For the description of the virtual employee share option plan refer to Note 3.4. Pending legal proceedings Stephanie J. Benabu vs. Videotron Ltee and Affinitas GmbH, et al. On August 1, 2016, Affinitas was served with a copy of an application to bring a class action lawsuit and to appoint the status of representative plaintiff filed with the Superior Court of the District of Montreal. The potential suit relates to the practice of automatically renewing the services provided to Canadian users of Affinitas’ products at standard pricing after a discounted trial period without active consent by the consumer. Affinitas ceased engaging in these practices and entered into a settlement agreement with the plaintiffs. The settlement agreement was ratified by the Superior Court of the District of Montreal on May 8, 2018. The agreement has no material adverse effect on the business, results of operations or financial condition of Affinitas. City of Santa Monica, California – City Attorney General Investigation On May 16, 2016, representatives from Spark met with representatives from a cross-jurisdictional working group consisting of consumer fraud attorneys from the City of Santa Monica and offices of the District Attorney from the counties of Los Angeles, Santa Cruz, Santa Clara and San Diego (“Cross Jurisdictional Group”). This meeting was held at the request of the Cross Jurisdictional Group, as a “pre-filing” meeting to explain and potentially resolve issues over auto-renewal disclosures by the Spark websites. The Cross Jurisdictional Group alleges that the Spark websites violate California law on disclosure of auto-renewal terms and ability to cancel auto-renewal. They also claim that the Spark websites violate California dating contract statues, which (where applicable) require a three day right to cancel. The Cross Jurisdictional Group sent a voluntary document request to the company on June 2, 2016. The company cooperated with the Cross Jurisdictional Group and provided information in response to the voluntary request. The Cross Jurisdictional Group has indicated that it would like the company to change its disclosures in certain respects, and that it intends to seek the payment of a penalty in an unspecified amount. In response to these disclosure requests, the company has made changes. On December 1, 2017, the company received a settlement communication from the City of Santa Monica and offices of the District Attorney, proposing settlement terms including payment of civil penalties, restitution to consumers, investigative costs and legal fees in a maximum amount of $1.6 million (€1.3 million). The proposal has been accepted by Spark. The Group maintains a provision of $1.1 million (€0.9 million) at June 30, 2018 to provide for the settlement values for penalties, costs, legal fees and estimated restitution. Management expects to fully conclude this matter in 2018. Upmarket vs. Spark Networks (Israel) Ltd. On August 6, 2017, UpMarket Projects Ltd ("UpMarket") filed a civil action ("Complaint") for breach of contract and unjust enrichment against Spark Networks USA, LLC ("Spark USA") and against Spark Networks (Israel) LTD. ("Spark Israel") in Tel-Aviv District court. In the statement of claim, UpMarket alleges that Spark USA materially breached a commercial contract between the parties by terminating such contract in contravention to its terms. The parties executed a settlement agreement in January 2018, whereby Spark made settlement payments amounting to NIS 1.1 million (€0.3 million). Trademarks Trademarks are an important element in running online dating websites. Given the large number of markets and brands, Spark Networks is dealing with oppositions to its trademark from time to time. As of June 30, 2018, there are two relevant procedures, which affect trademarks in France and Benelux. The procedures are expected to continue for more than 12 months. Outcome is unforeseeable as of the reporting date. We have additional existing legal claims and may encounter future legal claims in the normal course of business. In our opinion, the resolutions of the existing legal claims are not expected to have a material impact on our financial position or results of operations. We intend to defend vigorously against each of the ongoing lawsuits above. At this time, management does not believe the above matters, either individually or in the aggregate, will have a material adverse effect on the Group’s results of operations or financial condition and believes the recorded legal provisions as of June 30, 2018 are adequate in light of the probable and estimable liabilities. However, no assurance can be given that these matters will be resolved in our favor. 7.3 Events after the reporting date On August 23, 2018, €220 thousand of principal and interest on the eH Shareholder Loan was fully repaid by APS (refer to Note 7.1). |
Description of Business and Summary of Significant Accounting Policies (Tables) |
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Disclosure of changes in accounting policies, accounting estimates and errors [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of financial instruments | The following table shows the classification of financial assets and liabilities in accordance with IFRS 9:
The following table shows the carrying amounts and fair values of financial assets and financial liabilities and classifies these into measurement categories pursuant to IFRS 9.
The following table shows the carrying amounts and fair values of financial assets and financial liabilities and classifies these into measurement categories pursuant to IAS 39.
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Basis of consolidation (Tables) |
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Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Basis Of Consolidation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of consolidated financial statements of consolidated subsidiaries | The unaudited condensed interim consolidated financial statements comprise the following fully consolidated subsidiaries:
1In the previous year’s unaudited condensed interim consolidated financial statements, Affinitas GmbH was the parent of the Group. As predecessor of Spark Networks SE, Affinitas’ consolidated financials are carried forward. |
Notes on the consolidated statements of operations and comprehensive loss (Tables) |
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Disclosure Of Income Statement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of reconciliations of information on reportable segments to IFRS measures | Reconciliation of reportable segment profit or loss:
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Schedule Of Revenue |
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Schedule of disclosure of earnings per share | The elements used in the computation of basic and diluted net (loss) earnings per share were as follows:
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Notes on the Consolidated Balance Sheet (Tables) |
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Disclosure Of Consolidated Balance Sheet [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of reconciliation of intangible assets | The following table shows the reconciliation of intangible assets for the six months ended June 30, 2018:
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Financial instruments and risk management (Tables) |
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Disclosure of detailed information about financial instruments [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of financial instruments | The following table shows the classification of financial assets and liabilities in accordance with IFRS 9:
The following table shows the carrying amounts and fair values of financial assets and financial liabilities and classifies these into measurement categories pursuant to IFRS 9.
The following table shows the carrying amounts and fair values of financial assets and financial liabilities and classifies these into measurement categories pursuant to IAS 39.
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Schedule of significant unobservable inputs used in fair value measurement of assets | The following table presents the fair value of this asset as of the measurement date, valuation techniques, and related unobservable inputs of those assets.
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Schedule of gains (losses) recognized in profit or loss of financial instruments | The following table presents the total gains recognized for the six months ended June 30, 2018 recognized in profit or loss:
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Notes on the consolidated statements of operations and comprehensive loss Schedule of debt (Details) - EUR (€) € in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
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Disclosure Of Income Statement [Abstract] | ||
Subscription revenue | € 52,537 | € 42,116 |
Advertising revenue | 477 | 0 |
Total Revenue | 53,014 | 42,116 |
Impairment losses recognized on accounts receivable | € 1,646 | € 2,931 |
Notes on the consolidated statements of operations and comprehensive loss Computation of basic and diluted net (loss) earnings per share (Details) - EUR (€) € / shares in Units, € in Thousands, shares in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
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Disclosure Of Income Statement [Abstract] | ||
Profit/(loss) for the year | € (1,147) | € (1,704) |
Weighted average number of ordinary shares outstanding (in shares) | 1,294 | 25 |
Basic and diluted earnings (loss) per share (in euros per share) | € (0.89) | € (68.16) |
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