As part of its realignment strategy, TOMORROW FOCUS AG is now concentrating on the brands that make up its Travel segment, namely HolidayCheck, MeteoVista, MietwagenCheck and Zoover.

Since the second quarter of 2015, following the disposal of EliteMedianet GmbH (subject to approval under anti-cartel legislation), the companies forming the Group's Subscription segment have been classed under IFRS rules as 'held for sale'. Structured sale processes are currently under way for jameda and organize.me, the two remaining companies in this segment, and should be completed by the end of the year. The company wound up its former Publishing segment in the first quarter of 2015 following the sale of TOMORROW FOCUS Publishing GmbH in April.

Against this background, the Management Board of TOMORROW FOCUS AG has today decided to concentrate strategically on sustainable measures to accelerate growth in customer numbers and revenue across its existing Travel segment operations in the German-speaking area (Germany, Austria and Switzerland) and the Benelux countries. To this end, over the next 18 months it will scale up investment in a range of product and marketing campaigns designed to attract new and retain existing customers.The company wants to harness the potential of new target groups and attract in particular customers who are not yet making their holiday bookings online. Furthermore the intention is to persuade existing customers to use its portals more frequently for their holiday planning.

In view of these fundamental changes in the Group's structure, the original forecast for the financial year of 2015 has been revised. In percentage terms, TOMORROW FOCUS AG aims to generate mid-to-high single digit revenue growth in the Group's continuing operations (revenue generated in financial 2014: EUR 100.1 million) with Group operating EBITDA at least reaching the break-even point.

At EUR 54.7 million, consolidated revenue from continuing operations in the first half of 2015 was 3.4 percent higher compared with the figure of EUR 52.9 million for the same period in 2014. Consolidated revenue from continuing operations in the second quarter was up by a modest 0.8 percent year-on-year from EUR 24.1 million in 2014 to EUR 24.3 million in 2015. This slight improvement in revenue was accompanied by a significant rise in costs, and the operating result was therefore below expectations.

One of the main factors here was a substantial appreciation of the Swiss franc against the euro. The resulting increase in personnel and rental costs at HolidayCheck AG (Bottighofen, Switzerland) reduced the Group's total earnings in the first half-year of 2015 by around EUR 1.7 million (of which EUR 0.6 million in the second quarter).

At the same time, the German-language travel sector experienced strong competition between travel portal operators in the first half of 2015. One effect of this was to drive up marketing costs at HolidayCheck AG by a considerable margin.
For reasons of comparability, the following earnings figures for the first half of 2015 have been adjusted to exclude non-recurring costs of EUR 2.5 million (of which EUR 0.7 million in the second quarter of 2015). The main cost items here were EUR1.0 million (EUR 0.4 million non-recurring in the second quarter of 2015) for the revaluation of a long-term incentive programme and EUR 1.2 million (of which EUR 1.0 million in the second quarter of 2015) for Group restructuring measures.The consolidated earnings figures for the first half and second quarter of 2014 have been adjusted to exclude non-recurring costs of EUR 1.6 million linked to the early takeover of WebAssets B.V.

Group operating earnings before interest, taxes, depreciation and amortisation (Group operating EBITDA) from continuing operations in the first half of 2015 stood at EUR 4.1 million, down 57.7 percent on the previous year's six-month total of EUR 9.7 million.

At EUR 0.5 million, Group operating EBITDA from continuing operations in the second quarter of 2015 was 88.9 percent lower compared with EUR 4.5 million in the same quarter of 2014.

Group operating earnings before interest and taxes (Group operating EBIT) from continuing operations stood at EUR 0.8 million in the first half of 2015, down 88.2 percent compared with EUR 6.8 million in the previous year.

Group operating EBIT from continuing operations in the second quarter was down from EUR 3.1 million in 2014 to minus EUR 1.1 million.

Group operating earnings before taxes (Group operating EBT) from continuing operations stood at EUR 0.2 million in the first half of 2015, down 95.5 percent compared with EUR 4.4 million in the same period of 2014.

Group operating EBT from continuing operations in the second quarter of 2015 was minus EUR 1.4 million (second quarter 2014: EUR 1.7 million).

Group operating earnings after taxes from continuing operations ended the first half-year period at minus EUR 0.5 million compared with EUR 2.3 million in the first half of 2014.

Group operating earnings after taxes from continuing operations in the second quarter declined from EUR 0.6 million in 2014 to minus EUR 1.5 million in the current financial year.

The Group operating result after taxes from discontinued operations for the first half of 2015 was EUR 17.3 million (first half 2014: minus EUR 4.4 million). This total is largely made up of income from disposal of the Group's discontinued Publishing segment. The Group operating result after taxes from discontinued operations for the second quarter of 2015 stood at EUR 17.4 million (second quarter 2014: minus EUR 0.3 million).

The Group operating result after taxes for the first half of 2015 was EUR 16.8 million (first half 2014: minus EUR 2.1 million).

The Group operating result after taxes for the second quarter of 2015 was EUR 15.9 million (second quarter 2014: EUR 0.3 million).

Consolidated earnings per share for all the Group's operations stood at EUR 0.25 for the first half of 2015 compared with minus EUR 0.01 in the first six months of 2014.

Consolidated earnings per share for all the Group's operations in the second quarter of 2015 were EUR 0.26 (second quarter 2014: EUR 0.03).

As at 30 June 2015, the equity ratio stood at 61.1 percent compared with 53.7 percent as at 31 December 2014.

About TOMORROW FOCUS AG

TOMORROW FOCUS AG (ISIN DE005495329) is based in Munich, Germany, and is one of the leading exchange-listed Internet groups in Germany. The company's main business models are based on digital transactions, predominantly in the travel sector. The Group has a workforce of around 400. The Travel segment includes HOLIDAYCHECK AG, which operates hotel review and travel booking portals by the same name as well as the car rental portal MIETWAGENCHECK; WEBASSETS B.V., which operates the ZOOVER hotel review portals and the METEOVISTA/WEERONLINE weather portals; and TOMORROW TRAVEL B.V., which operates the Dutch online travel agent TJINGO.
Furthermore the company portfolio includes JAMEDA GmbH, which operates the biggest German physician rating portal JAMEDA.de; and ORGANIZE.ME GmbH, which operates an app-based document organisation and reminder system.

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