Operating expenses Breakdown of Operating expenses in millions of € Q4 FY 2024 2023 2024 2023 Personnel costs (20.2) (24.9) (86.2) (98.5) Includes: Restructuring related expenses (0.1) (0.8) (1.3) (7.7) Acquisition related one-off items - - (1.7) - Other expenses (12.5) (8.7) (40.7) (37.3) Includes: One-off settlement expenses - - (3.0) - Operating expenses (32.7) (33.6) (126.9) (135.8) 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 € Q4 FY 2024 2023 2024 2023 Revenue 168.0 171.8 551.2 515.0 Costs of services and materials (112.4) (117.9) (377.4) (332.3) Personnel costs (20.2) (24.9) (86.2) (98.5) Depreciation (3.0) (2.2) (9.0) (8.1) Amortisation (12.5) (11.7) (38.8) (38.3) Other gains and losses1) (0.3) (0.3) (1.5) 72.3 Other expenses (12.5) (8.7) (40.7) (37.3) Operating profit / (loss) 7.1 6.1 (2.4) 72.8 Finance income 3.1 1.0 7.0 8.5 Finance costs (14.1) (16.7) (46.5) (37.2) Net Finance costs (11.0) (15.7) (39.5) (28.7) Share in profit/(loss) of associate 0.5 - 0.5 - Profit / (loss) before tax (3.4) (9.6) (41.4) 44.1 Income tax expense 6.7 2.4 6.0 (19.0) Profit / (loss) for the period 3.3 (7.2) (35.4) 25.1 Attributable to: Owners of the company 3.3 (7.9) (36.7) 23.7 Non-controlling interest - 0.7 1.3 1.4 Exchange difference on translation of foreign operations (0.3) (0.3) 1.0 (0.6) Financial assets fair value through OCI 0.0 - (0.8) - Total other comprehensive income (0.3) (0.3) 0.2 (0.6) Total comprehensive income/(loss) 3.0 (7.5) (35.2) 24.5 Attributable to: Owners of the company 3.0 (8.2) (36.5) 23.1 Non-controlling interest - 0.7 1.3 1.4 1)Earn-out results have been reclassified from Other expenses to Other gains and losses Condensed consolidated statement of financial position Condensed consolidated statement of financial position in millions of € 31 December 2024 31 December 2023 Assets Non-current assets 409.2 413.6 Property, plant and equipment 24.3 17.0 Goodwill 192.6 187.1 Intangible assets 167.0 176.3 Non-current financial assets 4.9 30.8 Deferred tax asset 7.6 2.3 Investment in joint venture and associate 12.8 0.1 Current assets 299.6 238.4 Trade and other receivables 208.4 196.7 Current tax assets 0.6 1.4 Cash and cash equivalents 90.6 40.3 Total assets 708.8 652.0 Equity Share capital 1.2 1.2 Share premium 143.6 140.2 Legal reserve 33.2 27.7 Share based payment reserve 12.6 12.7 Currency translation reserve (1.0) (1.9) Fair value through OCI (0.8) - Retained earnings (117.1) (75.6) Shareholders’ equity 71.7 104.3 Non-controlling interest 6.2 5.3 Total equity 77.9 109.6 Liabilities Non-current liabilities 310.9 220.1 Borrowings 256.0 161.9 Lease liabilities 12.7 10.1 Provisions 1.6 1.6 Deferred tax liability 25.3 30.0 Other non-current liability 15.3 16.5 Current liabilities 320.0 322.3 Borrowings 19.2 8.4 Provisions 2.2 3.6 Trade payables 136.9 142.0 Accrued liabilities 97.5 112.7 Current tax liabilities 14.0 13.4 Lease liabilities 6.7 4.2 Other current liabilities 43.5 38.0 Total liabilities 630.9 542.4 Total equity and liabilities 708.8 652.0 Condensed consolidated statement of cash flow Condensed consolidated statement of cash flow In millions of € Q4 Q4 FY FY 2024 2023 2024 2023 Cash flows from operating activities Operating profit / (loss) 7.1 6.1 (2.4) 72.8 Adjustments for operating profit / (loss): Depreciation and amortisation & Impairments 15.5 13.9 47.8 46.4 Movements in provisions per profit and loss (0.1) 0.9 1.1 8.8 Gain on sale of social card game portfolio - - - (72.6) Loss on sale of subsidiaries - 0.1 - 0.1 Share-based payments expense - 0.1 0.4 0.8 Adjustment for acquisitions and disposals presented under investing activities - - 5.7 (2.9) Changes in working capital items: (Increase)/Decrease in trade and other receivables (7.6) (6.4) 19.9 12.2 Increase (decrease) in trade payables and other payables 4.9 25.0 (32.5) 14.8 Utilisation of provisions (0.3) (3.1) (3.1) (9.9) Interest received 0.2 0.3 1.1 0.3 Interest paid (8.5) (3.2) (26.8) (17.2) Income tax paid (1.2) (2.7) (4.2) (3.7) Net cash provided by (used for) operating activities 10.0 31.0 7.0 49.9 Cash flows from investing activities Payments for property, plant and equipment (0.3) (0.1) (0.8) (1.5) Payments for intangibles (6.2) (3.7) (20.0) (23.3) Net cash outflow on acquisition of subsidiaries (11.7) (10.8) (27.7) (43.9) Net cash inflow/(outflow) from sale of business - - 11.2 66.0 Distributions from equity method investees - - 0.5 - Net cash outflow on acquisition of securities and equity investments - - - (2.6) Net cash provided by (used for) investing activities (18.2) (14.6) (36.8) (5.3) Cash flows from financing activities Proceeds from external borrowings 34.5 162.6 92.1 163.1 Repayment of external borrowings (0.1) (200.7) (3.3) (204.3) Payment of principal portion of lease liabilities (2.9) (1.8) (7.7) (6.8) Early cancelation of lease liability - - - (1.5) Dividends paid to shareholders of non-controlling interests - - (0.2) (0.4) Costs related to the issuance of new bond - (3.5) - (3.5) Fees and costs related to the redemption of the old bond - (1.5) - (1.5) Other inflows (outflows) from financing activities - (0.5) - (0.5) Net cash provided by (used for) financing activities 31.5 (45.4) 80.9 (55.4) Net increase/(decrease) in cash and cash equivalents 23.3 (29.0) 51.1 (10.8) Effect of changes in exchange rates on cash and cash equivalents (1.0) 0.1 (0.8) 0.2 Cash and cash equivalents at the beginning of the period 68.3 69.2 40.3 50.9 Cash and cash equivalents at the end of the period 90.6 40.3 90.6 40.3 Definitions Adjusted EBITDA represents Operating Profit / (Loss) excluding depreciation, amortisation, impairment of non-current assets, restructuring and acquisition related expenses and other items at management discretion, principally those assessed as extraordinary items or non-recurring items which are not in line with the ordinary course of business.
Premium Games – Selected Financial KPIs Financial results - Premium Games In millions of € Q4 2024 Q4 2023 FY 2024 FY 2023 Revenue (excluding social card games) 14.8 14.1 53.9 49.3 Social card games portfolio - - - 28.3 Total Revenue 14.8 14.1 53.9 77.6 Operating profit / (loss) (excluding social card games) (0.1) 0.5 (0.7) (6.2) Social card games portfolio - - - 81.0 Total Operating profit / (loss) (0.1) 0.5 (0.7) 74.8 Adjusted EBITDA (excluding social card games) 3.9 3.6 12.7 9.0 Social card games portfolio - - - 9.7 Total Adjusted EBITDA 3.9 3.6 12.7 18.7 Revenue growth % (excluding social card games) 5.0% - 9.3% - Adjusted EBITDA growth % (excluding social card games) 8.3% - 41.1% - Adjusted EBITDA margin % (excluding social card games) 26.4% 25.5% 23.6% 18.3% Revenue of € 14.8 million in Q4 2024, as compared to € 14.1 million in Q4 2023, an increase of 5.0%, mainly driven by the increased number of paying users in metaverse titles due to the ongoing strong performance of Habbo Hotel Origins combined with new Social Casinos sale features, improved discount strategies and increased partner user acquisition spend.Revenue was € 53.9 million in FY 2024, as compared to € 49.3 million in FY 2023 (excluding social card games), an increase of 9.3%, driven by social casino and metaverse performance and the factors previously described for Q4 2024, partly offset by the sale of Woozworld at the start of January 2024 (totaling € 1.7 million Revenue in FY 2023).
Other information Interest-bearing debt Interest-bearing debt in millions of € 31 December 2024 31 December 2023 Total non-current indebtedness 268.7 172.0 Total current indebtedness 25.9 12.6 Total financial indebtedness 294.6 184.6 Deduct Zero interest-bearing loans (0.2) (0.1) Interest-bearing debt 294.4 184.5 Less: Cash and cash equivalents (90.6) (40.3) Net Interest-bearing debt (Bond terms) 203.8 144.2 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 Profit / (loss) for the period to Adjusted EBITDA Reconciliation of Profit / (loss) for the period to Adjusted EBITDA - Q4 in millions of € Q4 2024 2023 Azerion Group Premium Games Platform Other Azerion Group Premium Games Platform Other Profit / (loss) for the period 3.3 (7.2) Income Tax expense (6.7) (2.4) Profit / (loss) before tax (3.4) (9.6) Net finance costs 11.0 15.7 Share in profit/(loss) of associate (0.5) - Operating profit / (loss) 7.1 (0.1) 7.2 - 6.1 0.5 5.6 - Depreciation & Amortisation 15.5 3.6 11.9 - 13.9 3.3 10.6 - Share in profit/(loss) of associate 0.5 - 0.5 - - - - - Other 4.1 1.2 2.9 - 1.7 (0.2) 1.9 - Acquisition expenses1) 2.8 (0.9) 3.7 - 3.9 (0.1) 4.0 - Restructuring 0.1 0.1 - - 0.8 0.1 0.7 - Adjusted EBITDA 30.1 3.9 26.2 - 26.4 3.6 22.8 - 1)In the past, all changes to the fair value of liabilities for contingent considerations were adjusted out of EBITDA on the basis that these impacts were acquisition related.
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