Wanda Sports Group Company Limited (the “Company” and, together
with its consolidated entities, “Wanda Sports Group,” the “Group”
or “we”) (Nasdaq: WSG), a leading global sports events, media and
marketing platform, today announced its unaudited financial results
for the second quarter ended June 30, 2020.
As the sale of The IRONMAN Group was completed
in July, The IRONMAN Group was treated for purposes of the Group’s
results for the second quarter of 2020 as an asset held for sale
and its historical results were reflected in those results as
discontinued operations. In addition, The IRONMAN Group’s
results and operating data were excluded from the comparative
second quarter 2019 results and operating data. Unless
otherwise indicated, the financial statement line items and
non-IFRS financial measures are presented on a continuing
operations basis.
Second Quarter 2020
Highlights:
- Total revenue from continuing operations for the second quarter
of 2020 was €51.8 million (US$58.2 million), representing a
decrease of 75% year-over-year, primarily attributable to a
decrease in revenue from the Spectator Sports and DPSS segments due
to the broad effects of COVID-19 mitigation efforts. Excluding
reimbursement revenue,1 total revenue was €51.4 million (US$57.8
million), a decrease of 72% over the second quarter of 2019.
- Net Profit for the period from
continuing operations was €5.5 million (US$6.2 million), compared
to €19.0 million in the second quarter of 2019.
- Adjusted EBITDA from continuing
operations was €20.9m million (US$23.5 million), compared to €41.2
million in the second quarter of 2019.
- The Group’s liquidity position
remained solid in the second quarter of 2020. The Group had total
cash and cash equivalents of €167.5 million (US$188.3 million), as
of June 30, 2019.
- The German Ice Hockey Federation
extended its exclusive media and marketing agreement with the Group
until the 2023/2024 season. The Group expanded the scope of the
renewed agreement and will also be responsible for all German
women’s and men’s national ice hockey team merchandise across all
age groups.
- The Group extended its exclusive
international media rights partnership with the Czech Republic Ski
Federation from 2026 to 2031, and the Norway Ski Federation from
2021 to 2026, respectively, to cover all FIS World Cup events
including men’s and women’s alpine skiing, cross-country skiing,
ski jumping and Nordic-combined.
- The Group recently reached an
agreement with mobile network provider Verizon for four separate
deals to support new Verizon 5G technology for multi-camera
features for some larger US sports associations (including the
NBA), consumer entertainment (including Fox’s “The Masked Singer”)
and motor sports (NASCAR, IndyCar).
- There were no mass participation
events reflected in the continuing operations in the second quarter
of 2020 due to event cancellations as a result of the COVID-19
pandemic. Despite that, the Group used new, innovative
formats and hosted several mass participation events virtually in
Europe and China.
_______________1 Reimbursement revenues
represent revenue that has associated costs of a similar, generally
matching, amount (reimbursement costs), thereby resulting in a
negligible gross margin impact.
Mr. Hengming Yang, Chief Executive Officer of
Wanda Sports Group, commented, “As expected, the entire second
quarter was affected by the global spread of the pandemic and the
related severe impact on business activity, travel and personal
routines. However, given the diversity of our business model
with long-term contracts, and our employees’ ability to adapt to
uncertainties and new norms of working, we were able to continue to
focus on business development, delivering alternative sports
service solutions, while effectively managing our costs and
liquidity. Despite our revenue of €51.8 million in the
second quarter being much lower than the previous year, our gross
margin was significantly enhanced. Looking forward, although
visibility is still unclear in terms of public health and
macroeconomic conditions, we remain positive about our partnerships
with clients and our business opportunities. We are confident
in the ability of our global workforce to persevere and navigate
the challenges ahead. We will remain vigilant in managing our
operations and in investing in our future, so that we can be
well-positioned to return to revenue and profit growth once the
markets recover.”
Mr. Brian Liao, Chief Financial Officer of Wanda
Sports Group commented, “Despite the expected contraction in our
revenue and profitability, our personnel expenses and selling,
office and administrative expenses in the second quarter of 2020
decreased by approximately 28% year-over-year, mainly driven by our
cost reduction efforts from the start of the pandemic.
Several cost categories will continue to decrease throughout the
year as we continue to respond to the crisis, such as personnel
costs, office and travel expenses, and marketing expenses. In
addition, regrettably we had to reduce the number of employees by
13% since the first quarter 2020, but will continue to invest in
core capabilities. We will continue to further streamline our
operations in order to preserve cash and protect our profitability.
In terms of liquidity, after the IRONMAN transaction, as of July
31, 2020, we have a €208.7 million cash balance. We
intend to use the balance of the net proceeds of the IRONMAN
transaction, subject to business conditions, to return capital to
its shareholders (either through a special dividend or a share
repurchase program; in either case, subject to shareholder
approval), and/or for general corporate purposes. Meanwhile,
we are intensely focused on positioning our company optimally to
return to revenue growth as we weather the unprecedented
uncertainty of the COVID-19 crisis.”
Second Quarter 2020 Business
Highlights
Core Business Segments:
Spectator SportsIn the second quarter, the
Spectator Sports business leveraged its digital ecosystem
innovation and resources by successfully delivering a number of
virtual events. These virtual events attracted a wide range
of coverage, while expanding new business wins, despite the
uncertainty of the operating environment.
Key events
- The Group, as the International Ice Hockey
Federation’s (or IIHF) long-standing exclusive media and
marketing rights partner, launched the IIHF Esports Fan
Championship on May 15. Fans from the 16 nations which had
qualified for the 2020 IIHF Ice Hockey World Championship were
given the chance to represent their countries in the digital
tournament, which was hosted on a new IIHF esports online
platform.
- The Group acted as the promoter, producer and organizer of an
alternative online esports tournament for the Italian football
league’s eSerie A TIM clubs after the suspension of the tournament
due to the pandemic. Fans were able to watch exclusive live
content on eSerie A TIM's YouTube channel.
- The Coppa Italia Coca Cola final, Italy's top
football knock-out tournament, celebrated a broadcast reach of over
10 million viewers with the match distributed to almost 220
territories globally. Virtual overlay technology provided by the
Group covered the empty stands which were decorated with the
clubs’ colors, the competition logo and the Italian flag.
- The Group jointly supported the launch of the first digital
pro-cycling race series – the Digital Swiss 5, which saw
professional cyclists competing across five digital races as an
alternative to the cancelled Tour de Suisse. The event achieved
strong coverage on major public broadcast networks across almost 30
countries.
- The Group launched a new digital ecosystem for the European
Handball Federation (EHF), which is designed to amplify the
outreach and awareness of handball across all platforms of TV, OTT,
digital and social media. All of the digitally-optimized,
high-quality content is created by experts from the Group and its
partners through more than 5,000 pieces of video content for all
major EHF competitions, in order to connect, interact and entertain
fans globally.
Major Prolongations
- The Group successfully arranged for the renewal of a commercial
agreement between Nike and Top 14 rugby club Stade Toulousain.
The sports apparel company will continue its role as the French
club's official supplier until the end of the 2025
season.
- The German Ice Hockey Federation extended its exclusive media
and marketing agreement with the Group until the 2023/2024 season.
The Group expanded the scope of the renewed agreement and will also
be responsible for all German women’s and men’s national ice hockey
team merchandise across all age groups.
- The Group extended its exclusive international media rights
partnership with the Czech Republic Ski Federation from 2026 to
2031, and the Norway Ski Federation from 2021 to 2026,
respectively, to cover all FIS World Cup events including men’s and
women’s alpine skiing, cross-country skiing, ski jumping and
Nordic-combined.
- The Group successfully extended the partnership between LGT and
the World Curling Federation (WCF), securing the
Liechtenstein-based financial group as the official sponsor for the
2022 European Curling Championships and official title sponsor for
the World Women’s Curling Championship 2024.
- German door manufacturer Hörmann extended its agreement with
the International Biathlon Union (IBU) in a deal signed by the
Group. The prolonged partnership will run for four more years
covering all IBU World Cup events until the end of the 2023/2024
season.
- Finland Biathlon also extended its long-running agreement with
the Group for exclusive marketing rights for all IBU events until
the 2029/30 season.
Key New Business Wins
- Broadcaster Pragosport reached an agreement covering 15
different media properties for a period up to 2028 in the
territories of Czech Republic, Slovakia and Hungary, with the Group
serving as the exclusive media rights partner for all clients.
- Besiktas Sports Club, one of
Turkey’s top football, basketball, volleyball, handball and esports
clubs reached an exclusive marketing and sales agreement with the
Group for all sports as well as all relevant venues from 2021 to
2024.
- The Group completed media
agreements for the Scottish Premier Football League (SPFL) in over
30 countries. These contracts will run through until at least the
conclusion of the 2022/23 season.
Digital, Production, Sports Solutions (DPSS)
- As sports events and games such as the German Bundesliga
football matches proceeded without spectators, the Group developed
additional venue advertising including installing extra rows of LED
boards in place of empty seats in order to provide more visibility
and increased exposure for sponsors and advertisers.
- The Group has renewed its contract with France’s Ligue Football
Professional (LFP) for the next four seasons continuing a
long-running and successful partnership.
- The Group obtained a project mandate with the Professional Golf
Tour (PGAT) to release the API Live Scoring and the TourCast, which
enables shots to be viewable virtually in real time.
- An agreement was reached with mobile network provider Verizon
for four separate deals to support new Verizon 5G technology for
multi-camera features for some larger US sports associations
(including the NBA), consumer entertainment (including Fox’s “The
Masked Singer”) and motor sports (NASCAR, IndyCar).
- English Premier League club Chelsea FC extended its partnership
with the Group until 2021, with new products including a
subscription-based paid video production that is currently being
developed.
- The Group signed a new three-year agreement with the Badminton
World Federation (BWF). The Group will be working with the
federation on new content for its digital platforms.
- The Group extended its relationship with video game developer
Activision Blizzard to work on its esports platforms, including a
new proprietary platform that integrated with Activision Blizzard’s
existing website. This has enabled Activision Blizzard to develop a
modern and efficient site infrastructure and completely upgrade the
website for the popular esports Overwatch league and 20 Overwatch
League team sites.
- IGBS, a joint venture between HBS and IMG, won the “Outstanding
Production Achievement –Event” award category for its production of
the Rugby World Cup Japan 2019 by the SVG (Sports Video Group)
Europe TV Awards, one of the most prestigious bodies for sports
broadcasting and production across Europe. The tournament set new
standards in rugby broadcast production with the first 8K
production, the use of augmented reality graphics and Hawk-Eye
Smart Replay technology.
Mass ParticipationIn the second quarter,
although many mass participation events were cancelled or postponed
due to the global pandemic, the Group still hosted a few successful
events to provide participants with a stimulating outlet during the
pandemic.
- Group company Megamarsch launched the #Wirgehenweiter (“we go
further”) challenge that took place from June 20-21. The virtual
event covered several walking distances and was sold out in two
weeks. This initial success led to the launch of further editions
in August and September.
- Throughout the Covid-19 lockdown, HYROX, the World Series of
Fitness (in which the Group currently has a minority investment),
sought new ways to provide fitness competitions for its worldwide
community. After the success of the Home Series, its first
initiative, which attracted 5,000 participants from 51 countries,
HYROX launched the Virtual Championships of Fitness, which began on
July 3 and includes a bodyweight and equipment division comprising
five workouts over three weeks.
China Business HighlightsIn the second quarter
of 2020, almost all sports events were cancelled or postponed
across China as a result of the COVID-19 pandemic.
- The 2020 Chengdu Double Heritage Marathon was held online from
May 1 to May 31, as an alternative solution for one of the largest
annual road races in Western China – the Chengdu Double Heritage
International Marathon. There were more than 6,500 runners
registered for the online race’s three categories, including 6km,
half-marathon, and marathon.
Second
Quarter 2020 Financial
Results
Revenue
Total revenue for the second quarter of 2020 was
€51.8 million (US$58.2 million), representing a decrease of 75%
year-over-year, primarily attributable to a decrease in revenue
from the Spectator Sports and DPSS segments. Excluding
reimbursement revenue2, total revenue was €51.4 million (US$57.8
million), a decrease of 72% over the second quarter of 2019.
The following table sets forth a breakdown of
revenue by segment for the periods indicated:
|
Three Months Ended June 30, |
|
2020 |
2019 |
(in millions, except percentages) |
USD |
EUR |
% of Revenue |
EUR |
% of Revenue |
YoY Change |
Core segments: |
|
|
|
|
|
|
Spectator Sports |
43.2 |
38.4 |
74 |
% |
138.1 |
66 |
% |
(72 |
%) |
DPSS |
14.7 |
13.1 |
25 |
% |
54.8 |
26 |
% |
(76 |
%) |
Mass Participation |
0.3 |
0.3 |
1 |
% |
16.9 |
8 |
% |
(98 |
%) |
Total Revenue |
58.2 |
51.8 |
100 |
% |
209.8 |
100 |
% |
(75 |
%) |
DPSS excluding reimbursement revenue |
14.3 |
12.7 |
|
27.1 |
|
(53 |
%) |
Total Revenue excluding reimbursement revenue |
57.8 |
51.4 |
|
182.1 |
|
(72 |
%) |
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
2020 |
2019 |
(in millions, except percentages) |
USD |
EUR |
% of Revenue |
EUR |
% of Revenue |
YoY Change |
Core segments: |
|
|
|
|
|
|
Spectator Sports |
200.1 |
178.1 |
83 |
% |
332.2 |
77 |
% |
(46 |
%) |
DPSS |
40.5 |
36.0 |
16 |
% |
76.3 |
18 |
% |
(53 |
%) |
Mass Participation |
1.5 |
1.3 |
1 |
% |
21.2 |
5 |
% |
(94 |
%) |
Total Revenue |
242.1 |
215.4 |
100 |
% |
429.7 |
100 |
% |
(50 |
%) |
DPSS excluding reimbursement revenue |
39.3 |
35.0 |
|
48.7 |
|
(28 |
%) |
Total Revenue excluding reimbursement revenue |
241.0 |
214.4 |
|
402.1 |
|
(47 |
%) |
_______________2 Reimbursement revenues
represent revenue that has associated costs of a similar, generally
matching, amount (reimbursement costs), thereby resulting in a
negligible gross margin impact.
- Spectator Sports: The decrease in revenue was primarily due to
postponement or cancellation of events as a result of the COVID-19
mitigation efforts. For example, the IIHF Ice Hockey World
Championships were cancelled, and the Italian football events were
suspended in April and May this year.
- DPSS: The decrease in revenue was primarily driven by the
cyclicality effect, as the Women’s FIFA World Cup took place in
2019.
- Mass Participation: The decrease in revenue was due to the
cancellation of all scheduled events as a result of the COVID-19
mitigation efforts. The number of events was nil and 50 in the
second quarter of 2020 and of 2019, respectively. The number of
gross-paid athletes was nil and 225,000 in the second quarter of
2020 and of 2019, respectively.
Gross profit
The following table sets forth a breakdown of
gross profit and the corresponding gross margin by segment for the
periods indicated:
|
Three Months Ended June 30, |
|
2020 |
2019 |
(in millions, except percentages) |
USD |
EUR |
Gross margin |
EUR |
Gross margin |
YoY Change in Gross Profit |
Core segments: |
|
|
|
|
|
|
Spectator Sports |
32.7 |
29.0 |
76 |
% |
55.4 |
40 |
% |
(48 |
%) |
DPSS |
6.7 |
6.0 |
46 |
% |
13.1 |
24 |
% |
(54 |
%) |
Mass Participation |
(0.6) |
(0.5) |
(189 |
%) |
8.0 |
47 |
% |
(106 |
%) |
Total Gross Profit |
38.8 |
34.5 |
67 |
% |
76.5 |
36 |
% |
(55 |
%) |
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
2020 |
2019 |
(in millions, except percentages) |
USD |
EUR |
Gross margin |
EUR |
Gross margin |
YoY Change in Gross Profit |
Core segments: |
|
|
|
|
|
|
Spectator Sports |
85.9 |
76.5 |
43 |
% |
99.4 |
30 |
% |
(23 |
%) |
DPSS |
18.2 |
16.2 |
45 |
% |
22.4 |
29 |
% |
(28 |
%) |
Mass Participation |
(0.4) |
(0.4) |
(31 |
%) |
8.3 |
39 |
% |
(105 |
%) |
Total Gross Profit |
103.7 |
92.3 |
43 |
% |
130.1 |
30 |
% |
(29 |
%) |
|
|
|
|
|
|
|
|
|
|
- Spectator Sports: The decrease in
gross profit was primarily due to the cancellation of the IIHF
World Championships and the cancellation or postponement of the
summer sport events.
- DPSS: The decrease in gross profit
was primarily driven by cyclicality effect, as the Women’s FIFA
World Cup took place in 2019.
- Mass Participation: The decrease in
gross profit was due to the cancellation of all scheduled events as
a result of the COVID-19 mitigation efforts.
Gross margin, or gross profit
as a percentage of revenue, was 67%, compared with 36% in the
corresponding quarter of 2019, primarily reflecting a higher weight
of commission-model based business in football, which commands a
higher gross margin.
Personnel
expenses were €22.8 million (US$25.6 million),
compared with €27.4 million in the second quarter in 2019,
primarily attributable to the Group’s strict cost control measures
during COVID-19 outbreak, such as a hiring freeze, salary
reductions and reduced hours. In addition, the Group received
“reduced working time” compensation from local authorities which
partially offset personnel expenses in the second quarter of
2020.
Selling, office and administrative
expenses were €6.2 million (US$7.0 million), compared with
€12.8 million in the second quarter in 2019, mainly resulting from
the cost saving actions as well as the absence of IPO-related
expenses incurred in 2019. The cost savings were due to, among
others, strict travel restrictions and reductions of marketing
expenses.
Depreciation and amortization
expenses were €5.9 million (US$6.6 million), compared with
€5.4 million in the second quarter in 2019.
Other operating income, net was
€15.1 million (US$17.0 million) compared with nil in the second
quarter of 2019, primarily reflecting insurance payments for events
that were cancelled and a positive fair value adjustment of
liabilities from acquisition of companies.
Finance costs were €10.3
million (US$11.6 million), compared with €12.2 million in the
second quarter in 2019, primarily due to interest expense savings
under the senior 364-day term loan facility entered into in March
2020, which was partially offset by an increase in foreign exchange
loss.
Income tax was €0.2 million
(US$0.2 million), compared with €0.2 million in the second quarter
of 2019.
Profit for the period from continuing
operations was €5.5 million (US$6.2 million), compared to
€19.0 million in the second quarter of 2019, mainly due to the
decreased gross profit, which was partially offset by savings in
overhead expenses and finance costs.
Adjusted EBITDA from continuing
operations was €20.9 million (US$23.5 million), compared
to €41.2 million in the second quarter of 2019, principally
resulting from the decreased gross profit, which was partially
offset by savings in overhead expenses.
Net loss for the Group (inclusive of
discontinued operations) attributable to ordinary shareholders of
Wanda Sports Group Company Limited was €30.0 million
(US$33.7 million), compared to a net profit of €23.4 million in the
second quarter of 2019.
Basic and diluted net loss
for the Group (inclusive
of discontinued operations) per American
Depositary Share (“ADS”) were both €0.22 (US$0.24),
compared to basic and diluted net profit per ADS of both €0.17 in
the second quarter of 2019.
Cash and cash equivalents
As of June 30, 2020, the Group had total cash
and cash equivalents of €167.5 million (US$188.3 million) from
continuing operations.
Indebtedness
As of June 30, 2020, the Group had total
interest-bearing liabilities of €685.2 million (US$770.0 million)
from continuing operations.
The following table sets forth a breakdown of
interest-bearing liabilities at period end.
|
June 30, 2020 |
(in millions) |
USD |
EUR |
Wanda Sports Group Company Limited |
239.0 |
212.7 |
Infront Group |
531.0 |
472.5 |
Total |
770.0 |
685.2 |
|
|
|
COVID-19 Business Operation &
Outlook
- As the global COVID-19 pandemic continues beyond the second
quarter, the Group’s top priority remains to ensure the safety and
well-being of its athletes, employees, clients and key partners. In
response to the outbreak, the Group closed its corporate offices
and requested that all employees either work remotely or work at
office premises in shifts for limited periods of time during the
second quarter. Currently, selected employees have returned
to workplaces in compliance with the heightened hygiene protocols
as required by the respective public health authorities. In
response to the pandemic, the Group undertook a number of actions
to mitigate the impact, including reducing headcount by 13% since
the first quarter of 2020, resulting in approximately 1,100
employees as of June 30, 2020, excluding discontinued
operations.
- Almost all sports events were cancelled or postponed on a
global basis in the second quarter. The Group’s current
priority is meticulous planning for the resumption of sports events
in different markets (even if without spectators at venues).
Infront is one of approximately 30 underwriters of the
#Sport4Recovery initiative, which launched an international
campaign to encourage policymakers to safely re-open organized
sports. In addition to communicating with policymakers, this
campaign aims to collaborate with the scientific community to
highlight the importance of sport for mental and physical health
recovery as well as to mobilize athletes and sports
fans.
- Despite the challenging environment, the Group continues to
adopt creative sports solutions by innovating within its business
on multiple fronts. Examples of this innovation include the
IIHF virtual world championship, the newly developed digital
ecosystem for EHF and the esports tournament for the Italian
football league’s eSerie A TIM clubs.
- To mitigate further potential risks to the Group’s financial
performance and better align its cost structure with client demand,
management continues to implement a comprehensive set of short-term
cost reduction and cash flow improvement actions. Looking
ahead and mindful of the challenges the industry faces, the Group
has initiated a comprehensive review with the goal of further
streamlining its business, in order to create a leaner organization
with greater flexibility that will continue to be highly focused on
delivering value for all its stakeholders. Overall, the review aims
to enable the Group to realize its full potential over the mid- to
long-term and to achieve a sustainable and healthy base for its
future.
Other Developments
On Jun 24, 2020, the German Football Association
(DFB) informed the Group that it would end its longstanding
partnership with Infront and terminate or discontinue all existing
contracts based on allegations of “potentially damaging
activities.” Infront responded in a public statement, among other
things, challenging the validity of the cancelation. Infront
and the DFB remain in discussions to resolve the matter between
them.
Liquidity
The Company had total cash and cash equivalents
of €167.5 million (US$188.3 million) excluding discontinued
operations at the end of the second quarter. As of July 31,
2020, post the completion of the IRONMAN Group sales, the Company
had total cash and cash equivalents of €208.7 million (US$ 234.5
million). As previously reported, the Company intends to use
the balance of the net proceeds of the IRONMAN transaction, subject
to business conditions, to return capital to its shareholders
(either through a special dividend or a share repurchase program;
in either case, subject to shareholder approval), and/or for
general corporate purposes.
Management is confident of the Group’s strong
liquidity position and its disciplined approach in managing the
ongoing capital requirements.
Financial Guidance
Due to the significant uncertainties relating to
the scope, duration and impact of COVID-19, the Company currently
is unable to reasonably estimate its 2020 financial performance
and, accordingly, is not providing any updated guidance.
Management continues to believe that the
Company’s long-term growth prospects remain promising and that
Wanda Sports Group is well positioned to play a leading role in the
global sports media and events industry into the future.
Conference Call Information
Wanda Sport’s management will host an earnings
conference call at 8:00 AM U.S. Eastern Time on September 1, 2020
(8:00 PM Beijing/Hong Kong time on September 1, 2020).
Participants can join the earnings conference
call by completing online registration at:
http://apac.directeventreg.com/registration/event/7083268. Upon
registration, all participants will be provided with participant
dial-in numbers, passcodes and unique registrant IDs to access the
conference call.
Additionally, participants can join the call via
a live webcast of the earnings conference call at:
http://investor.wsg.cn/. An archived webcast will be available
through the same link.
A telephonic replay will be available after the
conclusion of the conference call, from 11:00 a.m. U.S. Eastern
Time on September 1 to 09:59 a.m. U.S. Eastern Time on September 9,
2020 by dialing +61 2 8199 0299 and entering passcode 7083268
About Wanda Sports Group
Wanda Sports Group is a leading global
sports events, media and marketing platform with a mission to unite
people in sports and enable athletes and fans to live their
passions and dreams. Through its businesses, Infront and Wanda
Sports China, Wanda Sports Group has significant
intellectual property rights, long-term relationships and broad
execution capabilities, enabling it to deliver inspiring sports
event experiences, creating access to engaging content and building
inclusive communities. Wanda Sports Group offers a
comprehensive array of events, marketing and media services through
its three primary segments: Spectator Sports, Digital,
Production, Sports Solutions (DPSS) and Mass
Participation. Wanda Sport Group's full-service platform
creates value for its partners and clients as well as other
stakeholders in the sports ecosystem, from rights owners, to brands
and advertisers, and to fans and athletes.
Headquartered in China, Wanda Sports
Group has more than 49 offices in 17 countries with over 1,100
employees around the world. For more information, please
visit http://investor.wsg.cn/investor-relations.
Use of Non-IFRS Financial
Measures
To supplement our consolidated financial
statements which are presented in accordance with International
Financial Reporting Standards as issued by the International
Accounting Standards Board (“IFRS”), we also use Adjusted EBITDA as
a non-IFRS financial measure. We present this non-IFRS financial
measure because it is used by our management in evaluating our
operating results and for financial and operational decision-making
purposes. We define Adjusted EBITDA as net income excluding
share-based compensation and other non-recurring expenses. We
also believe that this non-IFRS financial measure provides useful
information to investors and others in understanding and evaluating
our consolidated results of operations in the same manner as our
management and in comparing financial results across accounting
periods and to those of our peer companies.
Non-IFRS financial measures should not be
considered in isolation or construed as an alternative to
profit/(loss) from operations and net profit/(loss) or any other
measure of performance, or as an indicator of our operating
performance. Adjusted EBITDA may not be comparable to similarly
titled measures presented by other companies. Other companies may
calculate similarly titled measures differently, limiting their
usefulness as comparative measures to our data. We encourage
investors and others to review our financial information in its
entirety and not rely on a single financial measure.
Reconciliation of Adjusted EBITDA and EBITDA,
another non-IFRS financial measure, to the most directly comparable
IFRS financial measure is set forth at the end of this release.
Exchange Rate
Information
This press release contains translation of
certain Euro (“€”) amounts into U.S. Dollar (“$”) at specified
rates solely for the convenience of readers. Unless otherwise
noted, all translations from Euro to U.S. dollar were made at the
exchange rate of €0.8899 to US$1.00, the exchange rate on June 30,
2020 set forth in the H.10 statistical release of the Board of
Governors of the Federal Reserve System.
Safe Harbor Statement
This announcement contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements include but
are not limited to management quotes and the Company's financial
outlook. These forward-looking statements can be identified by
terminology such as “will,” “estimate,” “project,” “predict,”
“believe,” “expect,” “anticipate,” “intend,” “potential,” “plan,”
“goal” and similar statements. The Company may also make written or
oral forward-looking statements in its periodic reports to
the U.S. Securities and Exchange Commission (“SEC”), in
its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Such statements involve
certain risks and uncertainties that could cause actual results to
differ materially from those expressed or implied in the
forward-looking statements and, consequently, could be affected by
the uncertain and unprecedented impact of the COVID-19 pandemic on
the Company's business and operations and the related impact on its
liquidity needs. These forward-looking statements include, but are
not limited to, statements about: the impact of the pandemic and
related mitigation efforts on the Company’s business, operations
and operating results; the Company's goals and strategies; the
expected growth in the Company's industry; the Company's
expectations regarding its ability to attract rights-in partners
and monetize their rights through rights-out arrangements; changes
in consumer behavior and consumer and corporate spending, in
particular as a result of the pandemic; the Company's ability to
reach acceptable levels of engagement with its athletes following
in the context of current public health concerns; the Company's
future business development, results of operations and financial
condition; competition in the Company’s industry; general economic
and business conditions, including as a result of the pandemic; the
outcome of discussions with rights owners and lenders to mitigate
the impact of the effects of the pandemic on the Group; and
assumptions underlying or related to any of the foregoing as well
as risks, uncertainties, and other factors described in ”Risk
Factors” and elsewhere in the Company’s annual report on Form 20-F
for the year ended December 31, 2019, which is available on
the SEC’s website at www.sec.gov. Additional
information will be made available in future filings that the
Company makes from time to time with the SEC.
In addition, any forward-looking statements
contained in this press release are based on assumptions that the
Company's believes to be reasonable as of this date. The Company
undertakes no obligation to update any forward-looking statements
to reflect events or circumstances after the date of this press
release or to reflect new information or the occurrence of
unanticipated events, except as required by law.
For investor and media inquiries, please
contact:
Wanda Sports Group
Edith Kwan
Tel: +86 (10) 8558 7456
E-mail: ir@wsg.cn
WANDA SPORTS GROUP COMPANY
LIMITED
UNAUDITED CONDENSED
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
(Amounts in thousands of
Euro (“€”) or, for convenience translation, thousands of U.S.
Dollar (“$”), except for number of shares and per share
data)
|
For the three months ended |
|
For the six months ended |
|
June 30,
2020 |
|
June 30, 2019 |
|
June 30, 2020 |
|
June 30, 2019 |
|
$ |
€ |
|
€ |
|
$ |
€ |
|
€ |
Continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
58,193 |
|
51,786 |
|
|
209,812 |
|
|
242,101 |
|
215,446 |
|
|
429,719 |
|
Cost of sales |
(19,419 |
) |
(17,281 |
) |
|
(133,300 |
) |
|
(138,375 |
) |
(123,140 |
) |
|
(299,576 |
) |
Gross profit |
38,774 |
|
34,505 |
|
|
76,512 |
|
|
103,726 |
|
92,306 |
|
|
130,143 |
|
Personnel expenses |
(25,611 |
) |
(22,791 |
) |
|
(27,443 |
) |
|
(58,357 |
) |
(51,932 |
) |
|
(53,840 |
) |
Selling, office and administrative expenses |
(6,997 |
) |
(6,227 |
) |
|
(12,795 |
) |
|
(17,505 |
) |
(15,578 |
) |
|
(19,787 |
) |
Depreciation and amortization |
(6,612 |
) |
(5,884 |
) |
|
(5,353 |
) |
|
(13,137 |
) |
(11,691 |
) |
|
(10,368 |
) |
Other operating income/(expense), net |
16,959 |
|
15,092 |
|
|
(46 |
) |
|
16,460 |
|
14,648 |
|
|
931 |
|
Finance costs |
(11,579 |
) |
(10,304 |
) |
|
(12,194 |
) |
|
(25,177 |
) |
(22,405 |
) |
|
(18,033 |
) |
Finance income |
1,121 |
|
998 |
|
|
258 |
|
|
1,324 |
|
1,178 |
|
|
848 |
|
Share of loss of associates and joint ventures |
(30 |
) |
(27 |
) |
|
(147 |
) |
|
(63 |
) |
(56 |
) |
|
(10 |
) |
Profit before tax from continuing operations |
6,025 |
|
5,362 |
|
|
18,792 |
|
|
7,271 |
|
6,470 |
|
|
29,884 |
|
Income tax |
172 |
|
153 |
|
|
185 |
|
|
(5,904 |
) |
(5,254 |
) |
|
(7,519 |
) |
Profit for the period from continuing
operations |
6,197 |
|
5,515 |
|
|
18,977 |
|
|
1,367 |
|
1,216 |
|
|
22,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/profit after tax for the period from discontinued
operations |
(40,108 |
) |
(35,693 |
) |
|
5,588 |
|
|
(62,264 |
) |
(55,409 |
) |
|
(6,436 |
) |
(Loss)/profit for the period |
(33,911 |
) |
(30,178 |
) |
|
24,565 |
|
|
(60,897 |
) |
(54,193 |
) |
|
15,929 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity holders of the parent |
(33,664 |
) |
(29,958 |
) |
|
23,446 |
|
|
(60,248 |
) |
(53,615 |
) |
|
14,586 |
|
Non‑controlling interests |
(247 |
) |
(220 |
) |
|
1,119 |
|
|
(649 |
) |
(578 |
) |
|
1,343 |
|
|
(33,911 |
) |
(30,178 |
) |
|
24,565 |
|
|
(60,897 |
) |
(54,193 |
) |
|
15,929 |
|
Earnings per share3: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (loss)/profit for the period attributable to ordinary equity
holders of the parent |
(0.16 |
) |
(0.14 |
) |
|
0.11 |
|
|
(0.29 |
) |
(0.26 |
) |
|
0.07 |
|
Diluted (loss)/profit for the period attributable to ordinary
equity holders of the parent |
(0.16 |
) |
(0.14 |
) |
|
0.11 |
|
|
(0.29 |
) |
(0.26 |
) |
|
0.07 |
|
Basic (loss)/profit for the period attributable to ADS holders of
the parent |
(0.24 |
) |
(0.22 |
) |
|
0.17 |
|
|
(0.44 |
) |
(0.39 |
) |
|
0.11 |
|
Diluted (loss)/profit for the period attributable to ADS holders of
the parent |
(0.24 |
) |
(0.22 |
) |
|
0.17 |
|
|
(0.44 |
) |
(0.39 |
) |
|
0.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share for continuing operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic profit for the period attributable to ordinary equity holders
of the parent |
0.03 |
|
0.03 |
|
|
0.09 |
|
|
0.01 |
|
0.01 |
|
|
0.10 |
|
Diluted profit for the period attributable to ordinary equity
holders of the parent |
0.03 |
|
0.03 |
|
|
0.09 |
|
|
0.01 |
|
0.01 |
|
|
0.10 |
|
Basic profit for the period attributable to ADS holders of the
parent |
0.05 |
|
0.04 |
|
|
0.13 |
|
|
0.01 |
|
0.01 |
|
|
0.16 |
|
Diluted profit for the period attributable to ADS holders of the
parent |
0.05 |
|
0.04 |
|
|
0.13 |
|
|
0.01 |
|
0.01 |
|
|
0.16 |
|
_______________3 Basic and diluted earnings per share and profit
attributable to ADS holders of the parent for the three months
ended June 30, 2020 and 2019 were computed in the assumption that
the Company had issued 23.8 million ADS, and the Company had
approximately 208 million and 205 million ordinary shares issued
and outstanding as at June 30, 2020 and 2019, respectively.
WANDA SPORTS GROUP COMPANY
LIMITED
UNAUDITED CONDENSED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Amounts in thousands of
Euro (“€”) or, for convenience translation, thousands of U.S.
Dollar (“$”))
|
For the three months ended |
|
For the six months ended |
|
June 30, 2020 |
|
June 30, 2019 |
|
June 30, 2020 |
|
June 30, 2019 |
|
$ |
€ |
|
€ |
|
$ |
€ |
|
€ |
(Loss)/profit for the period |
(33,911 |
) |
(30,178 |
) |
|
24,565 |
|
|
(60,897 |
) |
(54,193 |
) |
|
15,929 |
|
Other comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income to be reclassified to profit or loss in
subsequent periods (net of tax): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/gain on cash flow hedges |
(660 |
) |
(587 |
) |
|
237 |
|
|
(7,520 |
) |
(6,692 |
) |
|
(96 |
) |
Exchange differences on translation of foreign operations |
(3,987 |
) |
(3,548 |
) |
|
(13,673 |
) |
|
4,550 |
|
4,049 |
|
|
(8,469 |
) |
Net other comprehensive loss to be reclassified to profit or loss
in subsequent periods |
(4,647 |
) |
(4,135 |
) |
|
(13,436 |
) |
|
(2,970 |
) |
(2,643 |
) |
|
(8,565 |
) |
Other comprehensive income not to be reclassified to profit or loss
in subsequent periods: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net remeasurement on defined benefit plans |
- |
|
- |
|
|
(12 |
) |
|
- |
|
- |
|
|
(12 |
) |
Net loss on equity instruments designated at fair value through
other comprehensive income |
(8,912 |
) |
(7,931 |
) |
|
- |
|
|
(8,912 |
) |
(7,931 |
) |
|
- |
|
Net other comprehensive loss not to be reclassified to profit or
loss in subsequent periods |
(8,912 |
) |
(7,931 |
) |
|
(12 |
) |
|
(8,912 |
) |
(7,931 |
) |
|
(12 |
) |
Other comprehensive loss for the period, net of tax |
(13,559 |
) |
(12,066 |
) |
|
(13,448 |
) |
|
(11,882 |
) |
(10,574 |
) |
|
(8,577 |
) |
Total comprehensive (loss)/income for the period, net of tax |
(47,470 |
) |
(42,244 |
) |
|
11,117 |
|
|
(72,779 |
) |
(64,767 |
) |
|
7,352 |
|
Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity holders of the parent |
(47,135 |
) |
(41,946 |
) |
|
10,293 |
|
|
(72,016 |
) |
(64,087 |
) |
|
5,536 |
|
Non‑controlling interests |
(335 |
) |
(298 |
) |
|
824 |
|
|
(763 |
) |
(680 |
) |
|
1,816 |
|
|
(47,470 |
) |
(42,244 |
) |
|
11,117 |
|
|
(72,779 |
) |
(64,767 |
) |
|
7,352 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WANDA SPORTS GROUP COMPANY
LIMITED
UNAUDITED CONDENSED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(Amounts in thousands of
Euro (“€”) or, for convenience translation, thousands of U.S.
Dollar (“$”))
|
June 30, 2020 |
|
December 31, 2019 |
|
|
$ |
|
€ |
|
|
€ |
|
ASSETS |
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
Cash and cash equivalents |
188,276 |
|
167,547 |
|
|
163,225 |
|
Trade and other receivables |
232,804 |
|
207,172 |
|
|
264,041 |
|
Accrued income |
841 |
|
748 |
|
|
10,498 |
|
Contract assets |
50,343 |
|
44,800 |
|
|
53,541 |
|
Inventories |
634 |
|
564 |
|
|
9,395 |
|
Income tax receivables |
3,487 |
|
3,103 |
|
|
13,594 |
|
Other assets |
81,846 |
|
72,836 |
|
|
81,001 |
|
|
558,231 |
|
496,770 |
|
|
595,295 |
|
Assets held for sale |
933,618 |
|
830,827 |
|
|
8,125 |
|
|
1,491,849 |
|
1,327,597 |
|
|
603,420 |
|
NON‑CURRENT ASSETS |
|
|
|
|
|
|
|
Long‑term receivables |
10,814 |
|
9,623 |
|
|
6,808 |
|
Investments in associates and joint ventures |
4,152 |
|
3,695 |
|
|
3,277 |
|
Property, plant and equipment |
15,234 |
|
13,557 |
|
|
26,294 |
|
Right of use assets |
25,931 |
|
23,076 |
|
|
35,249 |
|
Intangible assets |
73,929 |
|
65,789 |
|
|
486,933 |
|
Goodwill |
263,686 |
|
234,654 |
|
|
537,585 |
|
Contract assets |
12,332 |
|
10,974 |
|
|
10,268 |
|
Deferred tax assets |
20,319 |
|
18,082 |
|
|
23,063 |
|
Other assets |
67,423 |
|
60,000 |
|
|
63,164 |
|
|
493,820 |
|
439,450 |
|
|
1,192,641 |
|
TOTAL ASSETS |
1,985,669 |
|
1,767,047 |
|
|
1,796,061 |
|
|
|
|
|
|
|
|
|
WANDA SPORTS GROUP COMPANY
LIMITED
UNAUDITED CONDENSED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(Amounts in thousands of
Euro (“€”) or, for convenience translation, thousands of U.S.
Dollar (“$”))
|
June 30, 2020 |
|
December 31, 2019 |
|
$ |
|
€ |
|
|
€ |
|
LIABILITIES |
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
Trade and other payables |
151,380 |
|
134,713 |
|
|
173,855 |
|
Interest‑bearing liabilities |
768,774 |
|
684,132 |
|
|
204,583 |
|
Lease liabilities |
7,877 |
|
7,010 |
|
|
10,041 |
|
Accrued expense |
54,199 |
|
48,232 |
|
|
69,846 |
|
Deferred income |
2 |
|
2 |
|
|
5 |
|
Contract liabilities |
110,591 |
|
98,415 |
|
|
199,900 |
|
Other liabilities |
10,036 |
|
8,930 |
|
|
19,208 |
|
Income tax payable |
12,973 |
|
11,545 |
|
|
21,787 |
|
Provisions |
2,822 |
|
2,511 |
|
|
9,234 |
|
|
1,118,654 |
|
995,490 |
|
|
708,459 |
|
Liabilities directly associated with the assets held for sale |
584,082 |
|
519,775 |
|
|
6,975 |
|
|
1,702,736 |
|
1,515,265 |
|
|
715,434 |
|
NON‑CURRENT LIABILITIES |
|
|
|
|
|
|
|
Interest‑bearing liabilities |
1,169 |
|
1,040 |
|
|
641,085 |
|
Lease liabilities |
19,213 |
|
17,098 |
|
|
29,154 |
|
Accrued expenses |
3,566 |
|
3,173 |
|
|
3,051 |
|
Contract liabilities |
12,812 |
|
11,401 |
|
|
17,271 |
|
Deferred tax liabilities |
20,443 |
|
18,192 |
|
|
99,202 |
|
Provisions |
2,050 |
|
1,824 |
|
|
3,936 |
|
Long‑term payroll payables |
18,029 |
|
16,044 |
|
|
15,336 |
|
Other liabilities |
24,783 |
|
22,056 |
|
|
43,578 |
|
|
102,065 |
|
90,828 |
|
|
852,613 |
|
TOTAL LIABILITIES |
1,804,801 |
|
1,606,093 |
|
|
1,568,047 |
|
EQUITY |
|
|
|
|
|
|
|
Share capital |
1,708,974 |
|
1,520,816 |
|
|
1,520,816 |
|
Reserves |
(928,267 |
) |
(826,065 |
) |
|
(813,300 |
) |
Accumulated deficit |
(603,243 |
) |
(536,826 |
) |
|
(483,211 |
) |
Equity attributable to equity holders of the parent |
177,464 |
|
157,925 |
|
|
224,305 |
|
Non‑controlling interests |
3,404 |
|
3,029 |
|
|
3,709 |
|
TOTAL EQUITY |
180,868 |
|
160,954 |
|
|
228,014 |
|
TOTAL LIABILITIES AND EQUITY |
1,985,669 |
|
1,767,047 |
|
|
1,796,061 |
|
|
|
|
|
|
|
|
|
WANDA SPORTS GROUP COMPANY
LIMITED
UNAUDITED CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS
(Amounts in thousands of
Euro (“€”) or, for convenience translation, thousands of U.S.
Dollar (“$”))
|
For the three months ended |
|
For the six months
ended |
|
June 30, 2020 |
|
June 30, 2019 |
|
June 30, 2020 |
|
June 30, 2019 |
|
$ |
€ |
|
€ |
|
$ |
€ |
|
€ |
NET CASH FLOWS FROM OPERATING ACTIVITIES |
5,791 |
|
5,153 |
|
|
30,704 |
|
|
23,024 |
|
20,489 |
|
|
817 |
|
NET CASH FLOWS USED IN INVESTING ACTIVITIES |
(923 |
) |
(821 |
) |
|
(41,991 |
) |
|
(36,751 |
) |
(32,705 |
) |
|
(125,118 |
) |
NET CASH FLOWS FROM FINANCING ACTIVITIES |
8,684 |
|
7,728 |
|
|
12,361 |
|
|
67,595 |
|
60,153 |
|
|
131,999 |
|
NET INCREASE IN CASH AND CASH EQUIVALENTS |
13,552 |
|
12,060 |
|
|
1,074 |
|
|
53,868 |
|
47,937 |
|
|
7,698 |
|
Cash and cash equivalents at beginning of the period |
185,099 |
|
164,720 |
|
|
186,739 |
|
|
183,419 |
|
163,225 |
|
|
177,048 |
|
Effect of foreign exchange rate changes, net |
512 |
|
455 |
|
|
(1,308 |
) |
|
(953 |
) |
(848 |
) |
|
1,759 |
|
Transfer to assets held for sale |
(10,887 |
) |
(9,688 |
) |
|
- |
|
|
(48,058 |
) |
(42,767 |
) |
|
- |
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
188,276 |
|
167,547 |
|
|
186,505 |
|
|
188,276 |
|
167,547 |
|
|
186,505 |
|
|
|
|
|
|
|
|
|
|
|
WANDA SPORTS GROUP COMPANY
LIMITED
RECONCILIATION OF NON-IFRS MEASURE – IFRS
Profit for the Period and Year to
Adjusted EBITDA (unaudited)
(Amounts in thousands of Euro (“€”) or,
for convenience translation, thousands of U.S. Dollar
(“$”))
|
For the three months ended |
|
For the six months ended |
|
June 30,
2020 |
|
June 30,
2019 |
|
June 30,
2020 |
|
June 30, 2019 |
|
$ |
€ |
|
€ |
|
$ |
€ |
|
€ |
Continued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period from continuing operations |
6,197 |
|
5,515 |
|
|
18,977 |
|
|
1,367 |
|
1,216 |
|
|
22,365 |
|
Income tax |
(172 |
) |
(153 |
) |
|
(185 |
) |
|
5,904 |
|
5,254 |
|
|
7,519 |
|
Net interest expenses |
7,476 |
|
6,653 |
|
|
14,634 |
|
|
17,116 |
|
15,232 |
|
|
17,527 |
|
Depreciation and amortization |
6,612 |
|
5,884 |
|
|
5,353 |
|
|
13,137 |
|
11,691 |
|
|
10,368 |
|
EBITDA from continuing operations |
20,113 |
|
17,899 |
|
|
38,779 |
|
|
37,524 |
|
33,393 |
|
|
57,779 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation(1) |
1,274 |
|
1,134 |
|
|
279 |
|
|
2,647 |
|
2,356 |
|
|
730 |
|
Expenses or charges relating to acquisition(2) |
- |
|
- |
|
|
317 |
|
|
- |
|
- |
|
|
503 |
|
Expenses or charges relating to IPO or financing(3) |
- |
|
- |
|
|
3,496 |
|
|
357 |
|
318 |
|
|
3,721 |
|
Restructure and disposal of investments/subsidiaries(4) |
(1,123 |
) |
(999 |
) |
|
- |
|
|
(1,123 |
) |
(999 |
) |
|
- |
|
Loss/(gain) on foreign exchange and derivatives, and other
financial charges(5) |
2,982 |
|
2,653 |
|
|
(2,698 |
) |
|
6,737 |
|
5,995 |
|
|
(342 |
) |
Estimated client compensation relating to fraudulent
activities(6) |
- |
|
- |
|
|
1,029 |
|
|
- |
|
- |
|
|
7,029 |
|
Expenses or charges relating to Sarbanes-Oxley compliance(7) |
284 |
|
253 |
|
|
- |
|
|
500 |
|
445 |
|
|
- |
|
Remeasurement of contingent consideration(8) |
(100 |
) |
(89 |
) |
|
- |
|
|
(100 |
) |
(89 |
) |
|
- |
|
Net loss on disposal of assets (9) |
4 |
|
4 |
|
|
- |
|
|
99 |
|
88 |
|
|
- |
|
Expenses relating to shareholder class action lawsuit (10) |
89 |
|
79 |
|
|
- |
|
|
160 |
|
142 |
|
|
- |
|
Adjusted EBITDA from continuing operations |
23,523 |
|
20,934 |
|
|
41,202 |
|
|
46,801 |
|
41,649 |
|
|
69,420 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss/(gain) for the period from discontinued operations |
(40,108 |
) |
(35,693 |
) |
|
5,588 |
|
|
(62,264 |
) |
(55,409 |
) |
|
(6,436 |
) |
Net interest expense, income tax, depreciation and
amortization |
30,024 |
|
26,718 |
|
|
8,615 |
|
|
27,067 |
|
24,087 |
|
|
14,149 |
|
EBITDA from discontinued operations |
(10,084 |
) |
(8,975 |
) |
|
14,203 |
|
|
(35,197 |
) |
(31,322 |
) |
|
7,713 |
|
Adjustments (11) |
(433 |
) |
(385 |
) |
|
3,395 |
|
|
11,662 |
|
10,378 |
|
|
6,140 |
|
Adjusted EBITDA from discontinued operations |
(10,517 |
) |
(9,360 |
) |
|
17,598 |
|
|
(23,535 |
) |
(20,944 |
) |
|
13,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
13,006 |
|
11,574 |
|
|
58,800 |
|
|
23,266 |
|
20,705 |
|
|
83,273 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______________
- Share-based compensation consisted of share-based compensation
and social insurance expenses. This item has been excluded as it is
a non-recurring expense.
- Represents expenses incurred for professional fees such as
legal counsel, auditors, underwriters, valuation experts and
consultants mainly in respect of acquisitions.
- Represents professional fees of legal counsel, auditors, due
diligence experts, consultants, and related expenses for our IPO
and financing.
- Represents expenses or costs incurred in the restructuring and
disposal of investments and subsidiary companies.
- Represents the loss/(gain) on foreign exchange, derivative
financial instruments at fair value through profit or loss,
termination of the cross-currency swap and other financial
charges.
- Represents the amount estimated to be paid by Infront as
compensation in connection with fraudulent activities presumably
undertaken by a former senior employee of Infront.
- Represents Sarbanes-Oxley Act consulting charges paid to third
parties.
- In 2020, remeasurement of contingent consideration represents
fair value change of contingent consideration from business
combination of Gsport.
- Represents net loss on disposal of property, plant and
equipment and intangible assets.
- Represents legal fees related to shareholder class action,
voluntarily dismissed on May 18, 2020.
- Represents change in fair value of investments amounting to
€1.3 million, gains on foreign exchange amounting to €3.0 million
and other non-recurring expenses amounting to €1.3 million.
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