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Azerion publishes interim Q3 2023 results

GlobeNewswire LogoGlobeNewswire3 mo ago

Azerion publishes interim Q3 2023 results - GlobeNewswire

Quick Summary:

In October, completed the refinancing of the Company’s outstanding € 200 million bonds with a new issuance of senior secured callable floating rate bonds for a nominal amount of € 165 million. In October, completed the acquisition of Hawk, a demand side advertising technology platform that provides advertisers and agencies with easy access to large audiences in growth formats such as digital out of home, audio and connected TV through a single, multi-channel buying platform.  Highlights YTD Q3 2023 Net revenue of approximately € 343.2 million YTD Q3 2023, up +13% from approximately € 303.8 million YTD Q3 2022 mainly driven by Platform growth, particularly in advertising revenue from Direct sales, and the integration of previous acquisitions. Adjusted EBITDA of approximately € 45.5 million YTD Q3 2023, up +52% from approximately € 30.0 million YTD Q3 2022 reflecting improved margins due to increased Platform revenue and contribution from Direct sales, continued integration of previous acquisitions and ongoing cost optimisation.    Selected KPIs Financial results - Azerion Group N.V.- Q3 2023 in millions of €  Q3 2023Q3 2022   Net revenueOperating profit / (loss)1)Adjusted EBITDANet revenueOperating profit / (loss)Adjusted EBITDANet revenue growthAdjusted EBITDA growthGroup108.5 77.3 18.3 105.5 0.2 12.4 2.8% 47.6% Platform90.8 4.0 13.5 84.2 (0.4) 7.2 7.8% 87.5% Premium Games17.7 73.3 4.8 21.3 1.7 5.2 (16.9)% (7.7)% of which social card games portfolio6.7 74.7 2.1 9.3 3.2 3.7   Other- - - - (1.1) -    1) The operating profit of the Group, Premium Games and social card games portfolio includes the net gain from the sale of the social card games portfolio for € 72.6 million.

As a result, the previously communicated medium term guidance is retained: expected annual Net revenue growth of around 15% and annual Adjusted EBITDA margins expected to be in the range of 14% to 16%.  Other information Interest Bearing Debt Interest Bearing Debt in millions of €  30 September 202331 December 2022Total non-current indebtedness13.4 215.8 Total current indebtedness208.1 12.8 Total financial indebtedness221.5 228.6 Deduct Zero interest bearing loans- (0.1) Interest Bearing Debt221.5 228.5 Less: Cash and cash equivalents(69.2) (50.9) Net Interest Bearing Debt (Bond terms)152.3 177.6 References to bond terms in the table above refer to the terms as defined in the Senior Secured Callable Floating Rate Bonds ISIN: NO0013017657 Reconciliation of net income to Adjusted EBITDA  Reconciliation of net income to Adjusted EBITDA - Q3 in millions of €  Q3 20232022 Azerion GroupPremium GamesPlatformOtherAzerion GroupPremium GamesPlatformOtherProfit / (loss) for the period54.4    (5.2)    Income Tax expense18.1    1.1    Profit / (loss) before tax72.5    (4.1)    Net finance costs4.8    4.3    Operating profit / (loss)77.3 73.3 4.0 - 0.2 1.7 (0.4) (1.1) Depreciation & Amortization11.3 3.0 8.2 0.1 9.6 2.9 6.5 0.2 De-SPAC related expenses- - - - 0.1 0.1 - - Other1)(72.6) (72.7) 0.1 - 0.8 0.1 - 0.7 Acquisition expenses2.8 1.2 1.7 (0.1) 1.6 0.2 1.2 0.2 Restructuring(0.5) - (0.5) - 0.1 0.2 (0.1) - Adjusted EBITDA18.3 4.8 13.5 - 12.4 5.2 7.2 - 1) Other mainly includes the net gain from the sale of the social card games portfolio for € 72.6 million.

Condensed consolidated statement of profit or loss and other comprehensive income Condensed consolidated statement of profit or loss and other comprehensive income in millions of €  Q3YTD 2023202220232022Net revenue108.5 105.5 343.2 303.8 Costs of services and materials(67.7) (67.0) (214.4) (190.6) Personnel costs(19.8) (20.2) (73.6) (83.3) Depreciation(2.0) (1.7) (5.9) (4.9) Amortization(9.3) (7.9) (26.6) (21.4) Other gains and losses72.5 (0.6) 72.6 (1.4) Other expenses(4.9) (7.9) (28.6) (150.0) Operating profit / (loss)77.3 0.2 66.7 (147.8)      Finance income2.1 1.0 7.5 17.2 Finance costs(6.9) (5.3) (20.5) (17.0) Net Finance costs(4.8) (4.3) (13.0) 0.2      Profit / (loss) before tax72.5 (4.1) 53.7 (147.6)      Income tax expense(18.1) (1.1) (21.4) (2.4) Profit / (loss) for the period54.4 (5.2) 32.3 (150.0) Attributable to:    Owners of the company54.1 (5.1) 31.6 (149.8) Non-controlling interest0.3 (0.1) 0.7 (0.2)      Exchange difference on translation of foreign operations(0.3) - (0.3) (1.3) Total other comprehensive income(0.3) - (0.3) (1.3)      Total comprehensive income/(loss)54.1 (5.2) 32.0 (151.3) Attributable to:    Owners of the company56.5 (5.1) 31.3 (150.4) Non-controlling interest(2.4) (0.1) 0.7 (0.9)      Loss per share for losses attributable to the ordinary equity holders of the company:    Basic profit/(loss) per share (in €)  0.26 (1.33) Diluted profit/(loss) per share (in €)  0.20 (1.33) Condensed consolidated statement of financial position Condensed consolidated statement of financial position in millions of €  30 September 202331 December 2022Assets  Non-current assets428.6 429.3 Goodwill169.0 184.2 Intangible assets168.8 186.2 Property, plant and equipment17.7 20.5 Non-current financial assets71.8 36.8 Deferred tax asset1.2 1.5 Investment in joint venture and associate0.1 0.1    Current assets201.8 209.2 Trade and other receivables132.0 157.3 Current tax assets0.6 1.0 Cash and cash equivalents69.2 50.9 Total assets630.4 638.5    Equity  Share capital1.2 1.2 Share premium141.0 130.8 Treasury shares(0.8) 0.0 Legal reserve27.5 25.2 Share based payment reserve12.7 13.7 Currency translation reserve(1.7) (1.3) Other equity instruments15.0 29.0 Retained earnings(77.3) (104.8) Shareholders’ equity117.6 93.8 Non-controlling interest4.6 2.4 Total equity122.2 96.2    Liabilities  Non-current liabilities60.7 257.7 Borrowings2.9 201.5 Lease liabilities10.5 14.3 Provisions1.4 1.6 Deferred tax liability34.3 25.3 Other non-current liability11.6 15.0    Current liabilities447.5 284.6 Borrowings203.9 7.9 Provisions1.9 0.9 Trade payables 1)92.2 111.9 Accrued liabilities1)92.9 103.7 Current tax liabilities16.3 5.4 Lease liabilities4.2 4.9 Other current liabilities1)36.1 49.9 Total liabilities508.2 542.3 Total equity and liabilities630.4 638.5 1) Trade, other payables and accrued liabilities have been reclassified to Trade payables, Accrued liabilities and Other current liabilities to better reflect the reporting by nature Condensed consolidated statement of cash flow Condensed consolidated statement of cash flow in millions of €  2023202220232022 Q3Q3YTDYTDOperating profit / (loss)77.3 0.2 66.7 (147.8)      Adjustments for:    Depreciation and amortisation11.2 9.6 32.5 26.4 Movements in provisions per profit and loss1.3 0.3 7.9 1.8 Gain on sale of social card game portfolio(72.6) - (72.6) - Share-based payments expense0.1 0.5 0.7 22.9 De-SPAC related expenses- 0.1 - 14.6 De-SPAC listing expense- - - 107.1 Other non-cash items(2.9) (2.2) (2.9) (0.1)      Changes in working capital items:     (Increase)/Decrease in trade and other receivables(5.1) (10.1) 18.6 (1.6) Increase (decrease) in trade payables and other payables(18.0) 20.7 (10.2) 16.3      Utilization of provisions(1.6) (0.9) (6.8) (1.6) Interest paid(5.1) (4.6) (14.0) (14.0) Income tax paid(0.4) (0.7) (1.0) (1.2) Net cash provided by (used for) operating activities(15.8) 12.9 18.9 22.8      Cash flows from investing activities    Net proceeds from sale of business66.0 - 66.0 - Payments for property, plant and equipment(0.8) (0.5) (1.4) (1.4) Payments for intangibles(7.6) (4.5) (19.6) (14.2) Net cash outflow on acquisition of subsidiaries(8.1) (6.2) (33.1) (45.4) Net cash outflow on acquisition of securities and equity investments(2.6) - (2.6) - Net cash provided by (used for) investing activities46.9 (11.2) 9.3 (61.0)      Cash flows from financing activities    Proceeds from external borrowings0.4 - 0.5 - Repayment of external borrowings(0.8) 1.2 (3.6) (2.0) De-SPAC related expenses- (0.2) - (33.4) Payment of principal portion of lease liabilities(1.7) (2.1) (5.0) (5.2) Early cancellation of lease liability(1.5) - (1.5) - Dividends paid to shareholders of non-controlling interests(0.4) - (0.4) - Proceeds from De-SPAC transaction- - - 404.1 Settlement of De-SPAC transaction- - - (310.9) Net cash provided by (used for) financing activities(4.0) (1.1) (10.0) 52.6      Net increase in cash and cash equivalents27.1 0.6 18.2 14.4 Effect of changes in exchange rates on cash and cash equivalents(0.1) (0.2) 0.1 (0.5) Cash and cash equivalents at the beginning of the period42.2 48.8 50.9 35.3 Cash and cash equivalents at the end of the period69.2 49.2 69.2 49.2 Definitions Adjusted EBITDA represents operating Profit / (Loss) excluding depreciation, amortization, impairment of non-current assets, restructuring and acquisition related expenses and other items at management discretion.

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Article Details

Author / Journalist: Azerion Group NV

Category: Technology

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Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2023-11-30 @ 06:15:00 (3 months ago)

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Copyright Owner: © GlobeNewswire

News ID: 18790825

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