Reworld Media 2020 Annual Results

Press Release – 03/17/2021

2020 Annual Results

Consolidated EBITDA of €41.4m, up by 40%

Free cash flow of €20.9m, up by €26m

Strong ambitions in the sale of content and services subscriptions 






2019 PF 


















Net income




Gross cash




Net debt




Reworld Media (ALREW) announced strong earnings performance for the financial year 2020 with consolidated EBITDA of €41.4 million, up 40% and up on a pro-forma comparison basis. Delivering strong growth, the Group successfully integrated the assets of Mondadori France and demonstrated resilience in its activities in the face of the disruptions due to the Covid19 pandemic. Reworld Media is taking advantage of the acceleration in trends brought about by the crisis to carry out numerous operational developments that strengthen the positioning of its two business lines, BtoC and BtoB. Resolutely rooted in the digital disruption, the Group pursues an active development policy and has set new ambitions for itself: to become a major player in subscription sales and cover 100% of the levers of the Ad-Technologies market.


44% growth in the Group’s consolidated activity
A positive trend in the 2nd half of 2020

Reworld Media posted consolidated revenue of €424.7m as at 31 December 2020, up by 44% compared to the previous financial year. 60% of the Group’s turnover was generated by the BtoC activities (content, products and services distributed to the audience of the Group’s 48 proprietary media brands) and 40% by the BtoB activities (communication and AdTech solutions, including brand marketing and performance marketing). International business accounted for 24% of the Group’s consolidated turnover.

Based on a pro-forma comparison for 2019, Reworld Media’s turnover fell by -8%, of which -3.5% in the 2nd half after a 1st half-year decline of -12.8%, impacted by the economic shock linked to the Covid-19 health crisis.

● The BtoC division posted a decline limited to -9% over the fiscal year (H2 revenue: -7%, H1 REVENUE: -11%), benefiting from the resilience of subscriptions (€9.7 million in MRR ) and developments (thematic SVOD TV, paywalls, etc.). One-time sales were down sharply over the year as a whole, in line with the market trend, which was hit by the disruptions resulting from the press distribution system and the health crisis.

● The BtoB division generated growth in the 2nd half (+1%), driven by strong increases in affiliation and programmatic advertising, and a positive trend in events. This growth partially offset the 15% fall recorded in the previous half-year against a backdrop of economic shock. Overall, BtoB revenue fell by 7% over the year, while the French communications market is estimated to have fallen by 22% over the year, suffering an unprecedented impact from the health crisis.


Increases in EBITDA, in consolidated and pro-forma

Reworld Media generated consolidated EBITDA of €41.4 million at 31 December 2020, up by 40% compared with 2019 consolidated EBITDA. On a pro-forma 2019 comparison basis, the Group’s EBITDA increased by 2% and BtoC division’s EBITDA doubled.

The Group’s consolidated operating income increased by 47% to €37.4 million at 31 December 2020.

Reworld Media recorded an exceptional loss of €25.9 million reflecting primarily the costs of restructuring the press distribution network in France and closing the weekly Grazia. 

The net income of the consolidated companies came to €9.1 million at 31 December 2020, compared with a loss of €10.4 million at 31 December 2019. 


A solid balance sheet – Significant cash generation

Reworld Media showed a very healthy balance sheet at 31 December 2020 with an increase in equity to €102.1 million and gross cash of €104.1 million.

The Group generated operating cash of €27.8 million, up by €29 million vs 2019, and available cash of €20.9 million, up by €26 million vs 2019.

The Group’s net debt came out at €24.3 million, i.e. a strong decrease and 0.6 times EBITDA.

Gautier Normand, Chief Executive Officer, explained: “Reworld Media showed its robustness, rigour and determination over fiscal year 2020. Our employees stayed mobilised, involved and agile. They completed a large number of developments, taking full advantage of the general ebullience in digital technology. Our Readers and consumers enjoyed access to an array of new content, product and service offerings, and saw the emergence of 4 new media brands in magazines on topical themes, 8 SVOD TV and a paid digital offering. The BtoB Division returned to strong growth in performance and is gaining strength in events, a lever prized by companies, where projects are under development with Hopscotch Groupe, in which we now hold a significant share of the capital. Beyond the general economic context, the Group’s activity indicators are excellent, Reworld Media places itself at the heart of the digital disruption driven by technology, with growth opportunities that create value”.


Solid ambitions announced > Becoming a major player in subscription sales 

                                                > Covering 100% of the levers of the Ad-Technologies market

● Powerful assets to grow in subscription and one time sales

The BtoC division of Reworld Media encompasses a captive audience of more than 30 million French consumers via a range of content, products and services distributed by its 48 proprietary media brands. Both multi-media and multi-format (print, site, video, podcasts, SVOD TV, events, etc.), these brands are alongside consumers in each setting of their everyday, with a quality offer that caters to their interests. In 2021, Reworld Media is speeding up its product and service offering and consolidating its content production. The Group is giving priority to the subscription model with the aim of increasing MRR and expanding its portfolio of 2.3 million paid content subscribers.

● Branding & performance technologies and expertise calibrated to the needs of companies

The BtoB Division brings together strong technological expertise in brand marketing (publicity, production agency/RS strategy, proprietary events, etc.) and performance marketing (affiliation platform, international lead collection network, podcast distribution network). This Division supports the digitisation of the corporate communication market through innovation, new offers and solutions by capitalising on its strong technological and digital expertise.

“Reworld Media brings together outstanding assets. In BtoC, our audiences and the quality of our media brands enable us to go much further, to respond to people’s interests with a plethora of offers. There is a powerful trend towards digitisation in consumption patterns in which we are largely involved, developing subscription in this spirit. In BtoB, our work on both branding and performance through our technological solutions is proving increasingly strategic, we have been doing it successfully for several years and must now pick up speed. Our Group has a deep-set entrepreneurial culture, it is innovative and benefits from sustainably buoyant markets that enable it to set great ambitions for itself”Pascal Chevalier, Chairman.

Reworld Media records its growth on two large and high-potential markets, driven by technology. Digital by its DNA, and already strongly positioned on these BtoC/BtoB transformations, the Group’s ambition is to become a major player in subscription sales and cover 100% of the levers of the Ad-Technologies market.

Active development in the AdTech market