Surprisingly, it was a close enough guess. Looking at the photo title, it's actually two girls: Priska and Kristi. The image was created using the original photo - an amateur picture found on the internet - and substituting the flesh for bubbles taken from other parts of the image.
Think about it as an extreme bubbling technique. Except that instead of tricking you into seeing someone naked, you don't see anything at all.
Created by Peter Freitag, the whole publication imitates the format of the classic Swedish and Danish glossy porn magazines from the '80s and '90s, like legendary Private or Foxy Lady (both very NSFW). From the cover - with naff metallic typography and the three little flags that indicate the languages of the magazine's text - to its interior pages - with the bad multiple panel layout - everything is a satire of old-school European A5-sized hardcore publications. Except the hardcore has been atomised to unrecognisable dots.