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 third quarter ended September 30, 2020.
Third Quarter 2020
Highlights:
- Total revenue from continuing
operations for the third quarter of 2020 was €91.2 million
(US$107.0 million), representing a decrease of 42% 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, total revenue was €90.7 million (US$106.4 million), a
decrease of 41% over the third quarter of 2019.
- Net profit for the period from
continuing operations was €5.5 million (US$6.4 million), compared
to a loss of €23.9 million in the third quarter of 2019.
- Adjusted EBITDA from continuing
operations was €29.5m million (US$34.6 million), representing an
increase of 74% compared to €16.9 million in the third quarter of
2019.
- The Group’s liquidity position
remained solid in the third quarter of 2020. The Group had total
cash and cash equivalents of €151.7 million (US$177.8 million) as
of September 30, 2020.
- The Group delivered a 30% increase
in coverage across sub-Saharan Africa for the English Premier
League, one of the world’s top football leagues, as the new season
2020/21 began on September 12 and runs until May 23.
- The German Ski Association (DSV)
and the Austrian Ski Association (ÖSV) have prolonged their
exclusive marketing partnership for the
annual Vierschanzentour-nee with the Group, for another
four years until and including season 2025/26. This extension
covers all marketing activities for the world’s biggest
annual event in ski jumping.
- The Group and Lega Basket
Serie A (LBA) have agreed to an exclusive three-year
partnership ahead of the presentation of the 2020/2021
Championship; the Group will be the exclusive
marketing, sponsorship and digital rights partner
starting from the 2020/21 season until the end of the 2022/23
season.
Mr. Hengming Yang, Chief Executive Officer of
Wanda Sports, commented, “Although we continue to experience
extraordinary challenges and uncertainties as the pandemic disrupts
our way of life across the globe, we are pleased to deliver the
safe returns of some of the compelling regional events, including
Italy's Serie A, the German Bundesliga and Premier League football
matches with and without spectators. We remain actively committed
in supporting our partners to achieve more sustainable sporting
events now and in the future. In addition, our consistent
achievements of long-term contractual prolongations and new
business wins demonstrate our partners’ full trusts in our
strategic vision and value creation, especially under the current
challenging environment. Despite the continued low visibility in
the near term, we remain optimistic about the demand for sporting
media on a global basis, as we continue to focus on our strategic
execution leveraging our global talents, assets and platform.”
Mr. Brian Liao, Chief Financial Officer of Wanda
Sports commented, “In the third quarter, we significantly recovered
our business momentum from the preceding quarter, which reflected
our resilient business model and the success of our stringent cost
control measures across the organization. We delivered revenue of
$107.0 million, primarily due to re-opening of certain sports
events, representing 83.8% quarter-on-quarter increase compared to
the second quarter of 2020. We also achieved an improved adjusted
EBITDA of $34.6 million, with a quarter-on-quarter increase of
47.1% compared to the second quarter of 2020. While we are pleased
of our progress in the third quarter on both the recovery of
sporting events and the cost management efforts, we remain focused
on our strategic initiatives for long-term values, and we remain
cautious about the speed of recovery, in light of the potential
tightening of COVID restrictions and the continued uncertainty in
global economic outlook.”
Third Quarter 2020 Business Highlights
Core Business Segments:
Spectator Sports
In its Spectator Sports business for the third
quarter of 2020, despite the disruptions due to the pandemic, the
Group successfully resumed the delivery of a number of regional and
national events, either behind closed doors, or with limited
spectators, under strict health and hygiene protocols. In addition,
the successful major contract extensions and new business wins
further solidified the Group’s leading position as the partner of
choice for major sports rights holders, world-class brands and
media organizations around the world, despite the uncertainty of
the operating environment.
Key events
- The Group delivered a 30% increase
in coverage across sub-Saharan Africa for the English Premier
League, one of the world’s top football leagues, as the new season
2020/21 began on September 12 and runs until May 23. Over 25
broadcasters across more than 20 territories will show one match a
week on free-to-air television, including English, French or
Portuguese commentary as well as dedicated services in local
languages such as Swahili.
- Italian Serie A and B season
2019/2020 were completed in August. As it has in the past, the
Group advised on the distribution of the international
feed and packaged the rights for broadcasters and digital media
(including film, sound, text and imagery) for various platforms
across all markets. Pre-produced magazine and highlight programming
as well as additional footage, background information and
interviews were also generated around the matches, creating
increased international exposure for Italian club football.
- Italian Serie A, the German
Bundesliga and the English Premier League successfully began their
new football season 2020/21 in September, also allowing a limited
number of home spectators to return to the stadiums. In Italy,
1,000 spectators were permitted to watch the games onsite, while
the German clubs were allowed to fill 20% of their normal stadium
capacity.
- Following a five-month hiatus due
to the COVID-19 pandemic, the 2020 FIM Motocross World Championship
returned to the hard sand circuit of Kegum in Latvia and continued
across Europe to Faenza in Italy.
Major Prolongations
- The German Ski Association and the
Austrian Ski Association have prolonged their exclusive marketing
partnership for the annual Vierschanzentour-nee with the
Group, for another four years until and including season 2025/26.
This extension covers all marketing activities for the
world’s biggest annual event in ski jumping. Moreover, the Group
closed a four-year Presenting Sponsorship agreement for the event
with bet-at-home, the sports betting provider, until the end
of the 2023/24 season.
- The Group successfully arranged a
global partnership agreement extension between TCL, a consumer
electronics company, and the International Basketball Federation
(FIBA). The partnership will continue to cover all FIBA events for
seasons 2020-2023 including the FIBA World Cup in 2023. A further
extension was also closed by the Group between FIBA and sports good
supplier Schelde Sports for backstop units until 2024. The
multi-event partnership will cover FIBA's top-level international
competitions including the FIBA Basketball World Cup 2023, FIBA
Eurobasket 2022, and the basketball tournaments at the Paris 2024
Olympic Games.
- The Group successfully extended a
sponsorship agreement in which LIQUI MOLY, the German motor oil
manufacturer, will be a partner of the EHF Champions
League Men for the 2020/21 season. The sponsorship sees LIQUI
MOLY featured on LED boards, floor stickers and across all
advertising materials.
- The Group and the Italian
Winter Sports Federation (FISI) have extended their exclusive
media rights partnership for all FIS World Cup events
taking place in Italy through the end of the 2025/26 season. This
renewal of the more than 20-year long partnership means the Group
continues its role for the organization of production, broadcast
and distribution of all FIS World Cup Alpine Skiing, Nordic
Combined, Cross-Country Skiing, Ski Jumping, Snowboarding and
Freestyle competitions.
- The Norwegian Ski
Federation has extended its exclusive international media
rights agreement with the Group, for FIS World Cup
events, including men's and women's alpine skiing, cross-country
skiing, ski jumping and Nordic combined. This new five-year deal
will run from 2021/22 to 2025/26.
- The Nordic Entertainment (NENT)
Group has closed a five-season agreement with the Group for
Scottish Professional Football League (SPFL) broadcast rights,
extending its coverage to 2024-25, and adding rights in Iceland for
the first time to the prior coverage of Denmark, Finland, Norway
and Sweden. The agreement is for rights to the top-tier
Premiership, second-tier Championship and the League Cup. The Group
holds the SPFL international distribution rights in a five-season
deal from 2020-21 to 2024-25.
- The Group recently renewed its
long-running commercial agreement with the German Ice Hockey
Federation (DEB) until the end of the 2023-24 season and continued
to represent exclusive sponsorship and media rights, along with the
merchandising rights, to Germany’s national teams.
- The Group successfully extended an
agreement for Pirelli, the Italian tire manufacturer, to continue
to be the official tire supplier of the FIM Motocross World
Championship until the end of the 2023 MXGP season.
Key New Business Wins
- The Group and Lega Basket Serie A (LBA) have agreed
to an exclusive three-year partnership ahead of the presentation of
the 2020/2021 Championship; the Group will be the exclusive
marketing, sponsorship and digital rights partner
starting from the 2020/21 season until the end of the 2022/23
season. The Group will manage sponsors at all LBA events including
the regular season and playoff phases of the Serie A Championship,
the Italian Cup 'Final Eight', the Italian Super Cup and the
NextGen Cup, as well as non-competitive events exclusively managed
by LBA. The agreement also covers the investment and implementation
of a digital strategy aimed at growing LBA's digital channels,
which includes post-production content creation of both recent and
archived footage.
- The Group successfully arranged
several media rights partnerships after a competitive pitch process
on behalf of the EHF: the EHF Champions League Men and the DELO EHF
Champions League and European handball club competitions will be
broadcast on DAZN in Austria, Germany, Spain and Switzerland for
six seasons up until the end of the 2025/26 season; BTRC in Belarus
has also reached an agreement to cover EHF club handball
tournaments for the next three seasons; and Eurosport will be the
exclusive broadcaster for all men's and women's European handball
club competitions, including the EHF Champions League, in
France and Poland. This six-year agreement will run until the end
of the 2025/26 season.
- The Group successfully facilitated
an agreement in which FOKUS CLAN, one of Germany's top football
esports organizations, will wear jerseys equipped by Adidas for the
2020/21 season. In addition, OUTFITTER, the online specialists for
soccer, team sports and athleisure, has extended its agreement with
FOKUS CLAN, providing merchandising and streetwear for the team and
its fans.
- The Group and the Italian Ice
Sports Federation (FISG) have signed an exclusive six-year
marketing, sponsorship and digital rights
partnership running until the end of the 2025/26 season. The Group
will manage sponsorship research and activation at both
the federation level and for individual events in Italy and will
develop a digital activation concept to elevate the presence of
Italian ice sports on social and digital platforms.
- The Group, as the exclusive media
rights partner of the European Volleyball Confederation (CEV), has
successfully secured a major media rights agreement with Polish
broadcaster Polsat for the exclusive rights to broadcast the CEV
Champions League Volley, CEV Volleyball Cup and CEV Volleyball
Challenge Cup matches from the 2020/2021 to 2024/2025 seasons.
Digital, Production, Sports Solutions (DPSS)
- The World Curling Federation has
agreed to a two-year contract extension on digital content
production and social media strategy with the Group to further
advance their audience growth in China ahead of the 2022 winter
Olympic and Paralympic Games.
- The Group closed several strategic
deals, including an extension with PGA TOUR (digital products &
platforms), new product builds for NASCAR, a new partnership with a
European telco provider around the Group's fan engagement products
as well as the creation of digital 5G-based in-venue experience for
an European-based football association.
- The Group launched a joint venture
with Minute.ly, a video optimization startup. This new sport tech
partnership will allow the Group to sell Minute.ly's technology as
part of its offering to prospective and existing customers in
Europe and the US, in order to increase user engagement and content
outreach.
- Eight rounds of Lega Serie A were
delivered in July, in which the Group provided end-to-end media
production service by handling the entire gamut of broadcast
production and content creation across diverse platforms as well as
media rights distribution, marketing and commercialization.
- The Group has been appointed by
France’s Ligue Football Professional (LFP) for host broadcast
production quality and consultancy services for the seasons 2020/21
to 2024/25.
- The Group has been appointed as the
LED boards service provider for the FIFA Futsal World Cup Lithuania
2021.
Mass Participation
In the third quarter, although many mass
participation events were cancelled or postponed due to the
pandemic, the Group did host a few successful events to provide
participants with a stimulating outlet during the pandemic.
- Megamarsch (50/100km walk/hike) in
Mönchengladbach (Germany) took place with strict protective
measures, staggered starting times, and limited participants for
each starting time slots. The Group organized and managed the
entire event.
- The re-opening of Muddy Angel Run
in September and the XLETIX Challenge in early October both took
place in Berlin, Germany, in compliance of strict protection
guidelines and hygiene measures. Both events signaled a return of
mass sport events and showed that it is possible to host outdoor
sports events during these extraordinary times. The Muddy Angel
Run, held at the Karlshorst harness racing track, saw the return of
more than half of the 2,900 registered participants. Similarly, the
XLETIX Challenge in the Offroad Park Berlin Brandenburg hosted more
than 50% of the 3,000 registrations on the day.
China Business Highlights
In the third quarter of 2020, almost all sports
events were cancelled or postponed across China as a result of the
pandemic.
- The 2020 Shenyang Marathon Carnival
was held online from August 27 to September 20, and was one of the
largest online road races since the pandemic with over 370,000
participants across China. The online races included 3km, 5km,
10km, half-marathon, and marathon. The Group organized and managed
the entire event.
Third Quarter 2020
Financial Results
Revenue
Total revenue for the third quarter of 2020 was
€91.2 million (US$107.0 million), representing a decrease of 42%
year-over-year, primarily attributable to a decrease in revenue
from the Spectator Sports segments. Excluding reimbursement
revenue1, total revenue was €90.7 million (US$106.4 million), a
decrease of 41% over the third quarter of 2019.
The following table sets forth a breakdown of
revenue by segment for the periods indicated:
|
Three Months Ended September 30, |
|
2020 |
2019 |
(in millions, except
percentages) |
USD |
EUR |
% ofRevenue |
EUR |
% ofRevenue |
YoY Change |
Core segments: |
|
|
|
|
|
|
Spectator Sports |
78.9 |
67.3 |
74% |
|
105.8 |
67% |
|
(36%) |
|
DPSS |
24.3 |
20.7 |
23% |
|
26.0 |
17% |
|
(20%) |
|
Mass Participation |
3.8 |
3.2 |
4% |
|
25.4 |
16% |
|
(87%) |
|
Total
Revenue |
107.0 |
91.2 |
100% |
|
157.2 |
100% |
|
(42%) |
|
DPSS excluding reimbursement
revenue |
23.7 |
20.2 |
|
23.3 |
|
(13%) |
|
Total Revenue excluding
reimbursement revenue |
106.4 |
90.7 |
|
154.5 |
|
(41%) |
|
|
Nine Months Ended September 30, |
|
2020 |
2019 |
(in millions, except
percentages) |
USD |
EUR |
% ofRevenue |
EUR |
% ofRevenue |
YoY Change |
Core segments: |
|
|
|
|
|
|
Spectator Sports |
287.8 |
245.5 |
81% |
|
438.0 |
75% |
|
(44%) |
|
DPSS |
66.5 |
56.7 |
18% |
|
102.3 |
17% |
|
(45%) |
|
Mass Participation |
5.2 |
4.5 |
1% |
|
46.6 |
8% |
|
(90%) |
|
Total
Revenue |
359.5 |
306.7 |
100% |
|
586.9 |
100% |
|
(48%) |
|
DPSS excluding reimbursement
revenue |
64.9 |
55.3 |
|
72.0 |
|
(23%) |
|
Total Revenue excluding
reimbursement revenue |
357.9 |
305.3 |
|
556.6 |
|
(45%) |
|
_______________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.
- Spectator
Sports: The decrease in revenue was primarily due to the
cyclicality impact from FIBA Basketball World Cup 2019 and CEV
EuroVolley 2019, as well as postponement or cancellation of events
as a result of the COVID-19 mitigation efforts. These decreases
partially offset increased revenue from the Italian football and
DFB business.
- DPSS: The
decrease in revenue was primarily driven by the cyclicality effect
from FIFA Women's World Cup 2019™ which partially offset the
increased revenue from Italian football production business.
- Mass
Participation: The decrease in revenue was due to the cancellation
of most scheduled events as a result of the COVID-19 mitigation
efforts. There were three such events in the third quarter of 2020
compared to 45 events in the third quarter of 2019. The number of
gross-paid athletes was 4,000 and 342,000 in the third 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 September 30, |
|
2020 |
2019 |
(in millions, except
percentages) |
USD |
EUR |
Grossmargin |
EUR |
Grossmargin |
YoY Changein GrossProfit |
Core segments: |
|
|
|
|
|
|
Spectator Sports |
36.1 |
30.8 |
46% |
|
32.6 |
31% |
|
(5%) |
|
DPSS |
8.9 |
7.6 |
36% |
|
8.8 |
34% |
|
(14%) |
|
Mass Participation |
1.4 |
1.2 |
37% |
|
10.6 |
42% |
|
(89%) |
|
Total Gross
Profit |
46.4 |
39.6 |
43% |
|
52.0 |
33% |
|
(24%) |
|
|
Nine Months Ended September 30, |
|
2020 |
2019 |
(in millions, except
percentages) |
USD |
EUR |
Grossmargin |
EUR |
Grossmargin |
YoY Change in GrossProfit |
Core segments: |
|
|
|
|
|
|
Spectator Sports |
125.8 |
107.3 |
44% |
|
132.0 |
30% |
|
(19%) |
|
DPSS |
28.0 |
23.8 |
42% |
|
31.2 |
30% |
|
(24%) |
|
Mass Participation |
0.8 |
0.8 |
16% |
|
18.9 |
40% |
|
(96%) |
|
Total Gross
Profit |
154.6 |
131.9 |
43% |
|
182.1 |
31% |
|
(28%) |
|
- Spectator
Sports: The decrease in gross profit was primarily due to the
cyclicality impact as well as postponement or cancellation of
events as mentioned above which partially offset the contribution
from DFB business.
- DPSS: The
decrease in gross profit was primarily driven by the cyclicality
effect from FIFA Women's World Cup 2019™ which partially offset the
increased gross profit from Italian football production
business.
- Mass
Participation: The decrease in gross profit was due to the
cancellation of most scheduled events as a result of the COVID-19
mitigation efforts.
Gross margin, or gross profit
as a percentage of revenue, was 43%, compared with 33% in the
corresponding quarter of 2019, primarily reflecting a higher weight
of commission-model based business in football, which tends to have
a higher gross margin.
Personnel
expenses were €23.1 million (US$27.1 million),
compared with €34.5 million in the third quarter in 2019, primarily
attributable to the decreased share-based compensation expenses as
well as the Group’s strict cost control measures during the
pandemic, such as streamlined labor force and salary reduction.
Selling, office and administrative
expenses were €6.1 million (US$7.2 million), compared with
€9.6 million in the third quarter in 2019, mainly resulting from
the rigorous cost saving plans including, among others, strict
travel restrictions and reductions of marketing expenses.
Depreciation and amortization
expenses were €5.4 million (US$6.3 million), compared with
€4.6 million in the third quarter in 2019.
Other operating income, net was
€13.6 million (US$16.0 million) compared with other operating
expense, net of €1.4 million in the third quarter of 2019. The
other operating income, net in the third quarter of 2020 was
primarily contributed by a gain of €14.5 million from the disposal
of the IRONMAN Group (subject to post-closing purchase price
adjustment process).
Finance costs were €10.7
million (US$12.6 million), compared with €20.6 million in the third
quarter in 2019, primarily due to interest expense savings under
the senior 364-day term loan facility entered into in March 2020,
which was repaid in July 2020 following sale of the IRONMAN
Group.
Income tax was €3.4 million
(US$3.9 million), compared with €5.8 million in the third quarter
of 2019, primarily due to lower profit before tax.
Profit for the period from continuing
operations was €5.5 million (US$6.4 million), compared to
a loss for the period of €23.9 million for the third quarter of
2019, principally resulting from the gain from disposal of the
IRONMAN Group as well as savings in overhead expenses and finance
costs which offset the decreased gross profit.
Adjusted EBITDA from
continuing operations was €29.5 million (US$34.6 million),
compared to €16.9 million in the third quarter of 2019, principally
resulting from the gain from the disposal of the IRONMAN Group as
well as savings in overhead expenses which offset the decreased
gross profit.
Net profit
for the Group (inclusive of discontinued operations)
attributable to ordinary shareholders of Wanda Sports Group Company
Limited was €1.6 million (US$1.8 million), compared to a
net loss of €31.3 million in the third quarter of 2019. Excluding
the gain from the disposal of the IRONMAN Group, the Group would
have incurred a net loss of €13.0 million in the third quarter of
2020.
Basic and diluted net profit
for the Group (inclusive
of discontinued operations) per American
Depositary Share (“ADS”) were both €0.01 (US$0.01),
compared to basic and diluted net loss per ADS of both €0.23 in the
third quarter of 2019.
Cash and cash equivalents
As of September 30, 2020, the Group had total
cash and cash equivalents of €151.7 million (US$177.8 million).
Indebtedness
As of September 30, 2020, the Group had total
interest-bearing liabilities of €409.5 million (US$480.0 million)
compared to €685.2 million from continuing operations as of June
30, 2020, mainly attributable to partial repayment of the credit
facility of Infront Sports & Media AG, as well as the full
repayment of the Company’s existing 364-day facility from the
proceeds of the sale of the IRONMAN Group.
COVID-19 Business Operation &
Outlook
Despite the continued public health restrictions
throughout the third quarter, overall economic activities of
various markets around the world increased compared to the second
quarter, and this in turn led the resumption of certain sporting
events, which benefitted the Group. As a leading media and
marketing partner, the Group continues to focus on the meticulous
planning to safely re-open organized sports in different markets
(even if without spectators at venues).
In the Spectator Sports segment, its 2019/20
football season experienced delayed completion until August, with
fewer games played, and without spectators. The 2020/21 season
began in September, with the successful kickoffs of Italy's Serie A
and the German Bundesliga matches, permitting a total of 1,000
spectators to watch the games onsite in Italy, while the German
clubs could fill 20% of their normal stadium capacity. The Company
currently expects no or very limited numbers of spectators for the
2020/21 football season.
In Summer Sports, some postponed events are
gradually being rescheduled. For example, the FIM MXGP Motocross
World Championship resumed in August, though with fewer races. The
Badminton World Federation Asia Open and World Tour Finals are
already postponed to 2021, but the Women's European Handball
Federation EURO Championship 2020 is still tentatively expected to
take place in December of this year.
The Group remains hopeful for its upcoming
Winter Sports season, including the FIS World Cup and the IBU World
Cup, but visibility is still relatively limited. Champions Hockey
League (CHL) has already been cancelled for the 2020/21 season.
The DPSS business activities have resumed in
delivering eight rounds of Lega Serie A production, and the World
Triathlon Hamburg races in the third quarter, as well as the
delayed French Open (at Roland Garros) tournament that finally took
place in September. The Group believes it is very well positioned
to deliver digital transformation services and data-driven
solutions for its clients.
The Group’s on-going priority remains to ensure
the safety and well-being of its athletes, employees, clients and
key partners, while continue to be flexible in its full operation.
Currently, some employees have returned to workplaces in compliance
with the strict hygiene protocols as required by the respective
public health authorities. Given the dedication and innovation of
the employees, the Group continued to serve clients effectively in
response to the profound global impact.
The Group’s commitment to innovation also
continues to be reflected in the industry recognition by the
clients as the Group enables them in adapting agile marketing
strategies and in reshaping their operations for a “new normal”.
Some examples included the increased broadcast coverage and digital
media for compelling delivery of English Premier League, German
Bundesliga, as well as Italia Serie A and B, despite limited or no
spectators on-site.
The Group continues to maintain the financial
flexibility of its business from both liquidity and cost management
perspectives. After the closing of the IRONMAN transaction in the
third quarter and applying a portion of the proceeds, the Group
reduced its outstanding debt by 40% to $480.0 million. The Group
continues to exercise tight cost control and comprehensive business
reviews despite the recovery in the global activities in the third
quarter. The Group has reduced the overall operating expenses by
33.7% year-over-year in the third quarter. The Group also expedited
reviewing and optimizing procedures to minimize the negative impact
on financials (e.g. reduction of headcount, hiring freeze,
restricting travel and capex).
Finally, the Group is cautious about the recent
(post third quarter of 2020) new wave of lockdowns throughout the
world as COVID-19 cases started to rise again. The Group continues
to be vigilant in managing its operations and adapting its business
execution, while remaining optimistic about the long-term
opportunities within the global sport media and marketing sector,
despite the relatively limited visibility in the near term.
Liquidity
The Company had total cash and cash equivalents
of €151.7 million (US$177.8 million) from continuing operations at
the end of the third quarter.
Management is confident of the Group’s strong
liquidity position and its disciplined approach in managing the
ongoing capital requirements
Other Developments
- After the sale
of The IRONMAN Group was completed on July 17, 2020, the Group
continues to operate IRONMAN® and IRONMAN® 70.3® triathlon series,
Rock 'n' Roll Marathon Series® and Epic Series® off-road mountain
bike series races in China under an exclusive event
license agreement.
- Business
relations with German Football Association DFB were terminated in
September by mutual agreement, and the resulting financial
obligations have been settled. The DFB will now market the DFB Cup
itself, but should the DFB decide at a later date to put the
marketing rights out to public tender again, this tender will be
open to all market participants, including the Group.
- On September 30,
2020, the Group announced that its Board of Directors has received
a preliminary non-binding proposal from Wanda Sports &
Media (Hong Kong) Holding Co. Limited to acquire all
of the outstanding Class A ordinary shares of the Group, including
American depositary shares representing Class A Ordinary Shares
(with every two ADSs representing three Class A Ordinary Shares),
for US$2.50 in cash per ADS, or US$1.67 per
Class A Ordinary Share. On October 6, 2020, the Group announced
that the Board formed an independent committee consisting of its
independent directors, Mr. Edwin Fung and
Mr. Kenneth Howard Jarrett, to consider the proposal. On
October 23, 2020, the Group announced that the independent
committee retained Houlihan Lokey (China) Limited as its
independent financial advisor and Skadden, Arps, Slate,
Meagher & Flom LLP as its legal counsel. Despite the
on-going review process, management continues to focus on strategic
execution and daily operating performance.
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 the 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 48 offices in 16 countries with over 1,000
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 €0.8530 to US$1.00, the exchange rate on September
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 COVID-19 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 spread of COVID-19
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,
including as a result of the COVID-19 crisis; the Company's ability
to reach acceptable levels of engagement with its athletes
following the COVID-19 crisis; 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 COVID-19 crisis;
the outcome of discussions with rights owners and lenders to
mitigate the impact of the effects of COVID-19 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 nine months
ended |
|
September 30, 2020 |
|
September 30, 2019 |
|
September 30, 2020 |
|
September 30, 2019 |
|
|
$ |
€ |
|
€ |
|
$ |
€ |
|
€ |
Continuing
operations |
|
|
|
|
|
|
|
|
|
|
Revenue |
|
106,960 |
|
91,237 |
|
|
157,162 |
|
|
359,535 |
|
306,683 |
|
|
586,881 |
|
Cost of sales |
|
(60,547 |
) |
(51,647 |
) |
|
(105,210 |
) |
|
(204,909 |
) |
(174,787 |
) |
|
(404,786 |
) |
Gross
profit |
|
46,413 |
|
39,590 |
|
|
51,952 |
|
|
154,626 |
|
131,896 |
|
|
182,095 |
|
Personnel expenses |
|
(27,131 |
) |
(23,143 |
) |
|
(34,536 |
) |
|
(88,013 |
) |
(75,075 |
) |
|
(88,376 |
) |
Selling, office and
administrative expenses |
|
(7,182 |
) |
(6,126 |
) |
|
(9,620 |
) |
|
(25,444 |
) |
(21,704 |
) |
|
(29,407 |
) |
Depreciation and
amortization |
|
(6,318 |
) |
(5,389 |
) |
|
(4,576 |
) |
|
(20,023 |
) |
(17,080 |
) |
|
(14,944 |
) |
Other operating income/(expense),
net |
|
15,958 |
|
13,612 |
|
|
(1,415 |
) |
|
33,130 |
|
28,260 |
|
|
(484 |
) |
Finance costs |
|
(12,562 |
) |
(10,715 |
) |
|
(20,611 |
) |
|
(38,828 |
) |
(33,120 |
) |
|
(38,644 |
) |
Finance income |
|
1,168 |
|
996 |
|
|
193 |
|
|
2,549 |
|
2,174 |
|
|
1,041 |
|
Share of loss of associates and
joint ventures |
|
1 |
|
1 |
|
|
516 |
|
|
(64 |
) |
(55 |
) |
|
506 |
|
Profit/(loss) before tax
from continuing operations |
|
10,347 |
|
8,826 |
|
|
(18,097 |
) |
|
17,933 |
|
15,296 |
|
|
11,787 |
|
Income tax |
|
(3,945 |
) |
(3,365 |
) |
|
(5,784 |
) |
|
(10,104 |
) |
(8,619 |
) |
|
(13,303 |
) |
Profit/(loss) for the
period from continuing operations |
|
6,402 |
|
5,461 |
|
|
(23,881 |
) |
|
7,829 |
|
6,677 |
|
|
(1,516 |
) |
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations |
|
|
|
|
|
|
|
|
|
|
Loss after tax for the period
from discontinued operations |
|
(4,770 |
) |
(4,069 |
) |
|
(7,318 |
) |
|
(69,728 |
) |
(59,478 |
) |
|
(13,754 |
) |
Profit/(loss) for the
period |
|
1,632 |
|
1,392 |
|
|
(31,199 |
) |
|
(61,899 |
) |
(52,801 |
) |
|
(15,270 |
) |
|
|
|
|
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
|
|
|
|
Equity holders of the parent |
|
1,832 |
|
1,563 |
|
|
(31,264 |
) |
|
(61,022 |
) |
(52,052 |
) |
|
(16,678 |
) |
Noncontrolling interests |
|
(200 |
) |
(171 |
) |
|
65 |
|
|
(877 |
) |
(749 |
) |
|
1,408 |
|
|
|
1,632 |
|
1,392 |
|
|
(31,199 |
) |
|
(61,899 |
) |
(52,801 |
) |
|
(15,270 |
) |
Earnings per share2: |
|
|
|
|
|
|
|
|
|
|
Basic profit/(loss) for the period attributable to ordinary equity
holders of the parent |
|
0.01 |
0.01 |
|
(0.15 |
) |
|
(0.29 |
) |
(0.25 |
) |
|
(0.08 |
) |
Diluted profit/(loss) for the
period attributable to ordinary equity holders of the parent |
|
0.01 |
0.01 |
|
(0.15 |
) |
|
(0.29 |
) |
(0.25 |
) |
|
(0.08 |
) |
Basic profit/(loss) for the
period attributable to ADS holders of the parent |
|
0.01 |
0.01 |
|
(0.23 |
) |
|
(0.44 |
) |
(0.38 |
) |
|
(0.12 |
) |
Diluted profit/(loss) for the
period attributable to ADS holders of the parent |
|
0.01 |
0.01 |
|
(0.23 |
) |
|
(0.44 |
) |
(0.38 |
) |
|
(0.12 |
) |
|
|
|
|
|
|
|
|
|
|
|
Earnings per share for continuing
operations: |
|
|
|
|
|
|
|
|
|
|
Basic profit/(loss) for the
period attributable to ordinary equity holders of the parent |
|
0.03 |
0.03 |
|
(0.12 |
) |
|
0.04 |
|
0.04 |
|
|
(0.01 |
) |
Diluted profit/(loss) for the
period attributable to ordinary equity holders of the parent |
|
0.03 |
0.03 |
|
(0.12 |
) |
|
0.04 |
|
0.03 |
|
|
(0.01 |
) |
Basic profit/(loss) for the
period attributable to ADS holders of the parent |
|
0.05 |
0.04 |
|
(0.18 |
) |
|
0.06 |
|
0.05 |
|
|
(0.02 |
) |
Diluted profit/(loss) for the
period attributable to ADS holders of the parent |
|
0.05 |
0.04 |
|
(0.18 |
) |
|
0.06 |
|
0.05 |
|
|
(0.02 |
) |
_______________2 Basic and diluted earnings per
share and profit attributable to ADS holders of the parent for the
three months ended September 30, 2020 and 2019 were computed in the
assumption that the Company had issued 23.8 million ADS, and the
Company had approximately 209 million and 205 million ordinary
shares issued and outstanding as at September 30, 2020 and 2019,
respectively.
WANDA SPORTS GROUP COMPANY
LIMITEDUNAUDITED 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 nine months
ended |
|
September 30, 2020 |
|
September 30, 2019 |
|
September 30, 2020 |
|
|
September 30, 2019 |
|
|
|
$ |
€ |
|
€ |
|
$ |
€ |
|
€ |
Profit/(loss) for the period |
|
1,632 |
|
1,392 |
|
|
(31,199 |
) |
|
(61,899 |
) |
(52,801 |
) |
|
(15,270 |
) |
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 |
|
(2,502 |
) |
(2,134 |
) |
|
229 |
|
|
(10,347 |
) |
(8,826 |
) |
|
133 |
|
Exchange differences on translation of foreign operations |
|
(2,979 |
) |
(2,541 |
) |
|
26,304 |
|
|
1,768 |
|
1,508 |
|
|
17,835 |
|
Net other comprehensive
(loss)/income to be reclassified to profit or loss in subsequent
periods |
|
(5,481 |
) |
(4,675 |
) |
|
26,533 |
|
|
(8,579 |
) |
(7,318 |
) |
|
17,968 |
|
Other comprehensive income not to
be reclassified to profit or loss in subsequent periods: |
|
|
|
|
|
|
|
|
|
|
Net remeasurement on defined benefit plans |
|
- |
|
- |
|
|
12 |
|
|
- |
|
- |
|
|
- |
|
Net loss on equity instruments designated at fair value through
other comprehensive income |
|
- |
|
- |
|
|
- |
|
|
(9,298 |
) |
(7,931 |
) |
|
- |
|
Net other comprehensive
income/(loss) not to be reclassified to profit or loss in
subsequent periods |
|
|
|
|
12 |
|
|
(9,298 |
) |
(7,931 |
) |
|
- |
|
Other comprehensive (loss)/income
for the period, net of tax |
|
(5,481 |
) |
(4,675 |
) |
|
26,545 |
|
|
(17,877 |
) |
(15,249 |
) |
|
17,968 |
|
Total comprehensive (loss)/income
for the period, net of tax |
|
(3,849 |
) |
(3,283 |
) |
|
(4,654 |
) |
|
(79,776 |
) |
(68,050 |
) |
|
2,698 |
|
Attributable to: |
|
|
|
|
|
|
|
|
|
|
Equity holders of the parent |
|
(3,619 |
) |
(3,087 |
) |
|
(4,757 |
) |
|
(78,750 |
) |
(67,174 |
) |
|
779 |
|
Noncontrolling interests |
|
(230 |
) |
(196 |
) |
|
103 |
|
|
(1,026 |
) |
(876 |
) |
|
1,919 |
|
|
|
(3,849 |
) |
(3,283 |
) |
|
(4,654 |
) |
|
(79,776 |
) |
(68,050 |
) |
|
2,698 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 (“$”))
|
September 30, 2020 |
|
December 31, 2019 |
|
$ |
€ |
|
€ |
ASSETS |
|
|
|
|
CURRENT ASSETS |
|
|
|
|
Cash and cash equivalents |
177,844 |
151,701 |
|
163,225 |
Trade and other receivables |
287,675 |
245,387 |
|
264,041 |
Accrued income |
1,524 |
1,300 |
|
10,498 |
Contract assets |
28,691 |
24,473 |
|
53,541 |
Inventories |
662 |
565 |
|
9,395 |
Income tax receivables |
5,108 |
4,357 |
|
13,594 |
Other assets |
76,917 |
65,610 |
|
81,001 |
|
578,421 |
493,393 |
|
595,295 |
Assets held for sale |
- |
- |
|
8,125 |
|
578,421 |
493,393 |
|
603,420 |
NONCURRENT ASSETS |
|
|
|
|
Longterm receivables |
11,346 |
9,678 |
|
6,808 |
Investments in associates and
joint ventures |
4,172 |
3,559 |
|
3,277 |
Property, plant and
equipment |
14,302 |
12,200 |
|
26,294 |
Right of use assets |
30,535 |
26,046 |
|
35,249 |
Intangible assets |
74,947 |
63,930 |
|
486,933 |
Goodwill |
274,454 |
234,109 |
|
537,585 |
Contract assets |
10,742 |
9,163 |
|
10,268 |
Deferred tax assets |
20,928 |
17,852 |
|
23,063 |
Other assets |
70,822 |
60,411 |
|
63,164 |
|
512,248 |
436,948 |
|
1,192,641 |
TOTAL ASSETS |
1,090,669 |
930,341 |
|
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 (“$”))
|
September 30, 2020 |
|
December 31, 2019 |
|
|
|
|
|
|
|
$ |
€ |
€ |
|
LIABILITIES |
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
Trade and other payables |
87,889 |
|
74,969 |
|
|
173,855 |
|
Interestbearing liabilities |
478,855 |
|
408,463 |
|
|
204,583 |
|
Lease liabilities |
8,993 |
|
7,671 |
|
|
10,041 |
|
Accrued expense |
56,538 |
|
48,227 |
|
|
69,846 |
|
Deferred income |
- |
|
- |
|
|
5 |
|
Contract liabilities |
134,254 |
|
114,519 |
|
|
199,900 |
|
Other liabilities |
10,246 |
|
8,740 |
|
|
19,208 |
|
Income tax payable |
12,504 |
|
10,666 |
|
|
21,787 |
|
Provisions |
8,693 |
|
7,415 |
|
|
9,234 |
|
|
797,972 |
|
680,670 |
|
|
708,459 |
|
Liabilities directly associated
with the assets held for sale |
- |
|
- |
|
|
6,975 |
|
|
797,972 |
|
680,670 |
|
|
715,434 |
|
NONCURRENT LIABILITIES |
|
|
|
|
Interestbearing liabilities |
1,176 |
|
1,003 |
|
|
641,085 |
|
Lease liabilities |
22,647 |
|
19,318 |
|
|
29,154 |
|
Accrued expenses |
3,586 |
|
3,059 |
|
|
3,051 |
|
Contract liabilities |
10,464 |
|
8,926 |
|
|
17,271 |
|
Deferred tax liabilities |
22,015 |
|
18,779 |
|
|
99,202 |
|
Provisions |
3,295 |
|
2,811 |
|
|
3,936 |
|
Longterm payroll payables |
19,113 |
|
16,303 |
|
|
15,336 |
|
Other liabilities |
25,816 |
|
22,021 |
|
|
43,578 |
|
|
108,112 |
|
92,220 |
|
|
852,613 |
|
TOTAL LIABILITIES |
906,084 |
|
772,890 |
|
|
1,568,047 |
|
|
|
|
|
|
EQUITY |
|
|
|
|
Share capital |
1,782,903 |
|
1,520,816 |
|
|
1,520,816 |
|
Reserves |
(973,510 |
) |
(830,404 |
) |
|
(813,300 |
) |
Accumulated deficit |
(627,507 |
) |
(535,263 |
) |
|
(483,211 |
) |
Equity attributable to equity
holders of the parent |
181,886 |
|
155,149 |
|
|
224,305 |
|
Noncontrolling interests |
2,699 |
|
2,302 |
|
|
3,709 |
|
TOTAL EQUITY |
184,585 |
|
157,451 |
|
|
228,014 |
|
TOTAL LIABILITIES AND EQUITY |
1,090,669 |
|
930,341 |
|
|
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 nine months
ended |
|
September 30, 2020 |
|
September 30, 2019 |
|
September 30, 2020 |
|
September 30, 2019 |
|
$ |
€ |
|
€ |
|
$ |
€ |
|
€ |
NET CASH FLOWS USED IN OPERATING ACTIVITIES |
(15,156 |
) |
(12,928 |
) |
|
(24,493 |
) |
|
8,864 |
|
7,561 |
|
|
(23,676 |
) |
NET CASH FLOWS FROM INVESTING
ACTIVITIES |
358,315 |
|
305,643 |
|
|
(6,882 |
) |
|
319,974 |
|
272,938 |
|
|
(132,000 |
) |
NET CASH FLOWS USED IN FINANCING
ACTIVITIES |
(365,600 |
) |
(311,857 |
) |
|
(34,042 |
) |
|
(295,081 |
) |
(251,704 |
) |
|
97,957 |
|
NET DECREASE IN CASH AND CASH
EQUIVALENTS |
(22,441 |
) |
(19,142 |
) |
|
(65,417 |
) |
|
33,757 |
|
28,795 |
|
|
(57,719 |
) |
Cash and cash equivalents at
beginning of the period |
196,421 |
|
167,547 |
|
|
186,505 |
|
|
191,354 |
|
163,225 |
|
|
177,048 |
|
Effect of foreign exchange rate
changes, net |
(301 |
) |
(257 |
) |
|
1,697 |
|
|
(4,113 |
) |
(3,509 |
) |
|
3,456 |
|
Net increase/(decrease) in cash
and cash equivalents recorded in assets held for sale |
4,165 |
|
3,553 |
|
|
- |
|
|
(43,154 |
) |
(36,810 |
) |
|
- |
|
CASH AND CASH EQUIVALENTS AT END
OF PERIOD |
177,844 |
|
151,701 |
|
|
122,785 |
|
|
177,844 |
|
151,701 |
|
|
122,785 |
|
|
|
|
|
|
|
|
|
|
|
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 nine months ended |
|
September 30,
2020 |
|
September 30,
2019 |
|
September 30,
2020 |
|
September 30,
2019 |
|
$ |
€ |
|
€ |
|
$ |
€ |
|
€ |
Continued
operations |
|
|
|
|
|
|
|
|
|
Profit/(loss) for the period from continuing operations |
6,402 |
|
5,461 |
|
|
(23,881 |
) |
|
7,829 |
|
6,677 |
|
|
(1,516 |
) |
Income tax |
3,945 |
|
3,365 |
|
|
5,784 |
|
|
10,104 |
|
8,619 |
|
|
13,303 |
|
Net interest expenses |
10,144 |
|
8,653 |
|
|
18,598 |
|
|
28,001 |
|
23,885 |
|
|
36,125 |
|
Depreciation and
amortization |
6,318 |
|
5,389 |
|
|
4,576 |
|
|
20,023 |
|
17,080 |
|
|
14,944 |
|
EBITDA from continuing
operations |
26,809 |
|
22,868 |
|
|
5,077 |
|
|
65,957 |
|
56,261 |
|
|
62,856 |
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation(1) |
1,011 |
|
862 |
|
|
9,028 |
|
|
3,773 |
|
3,218 |
|
|
9,758 |
|
Expenses or charges relating to
acquisition(2) |
- |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
503 |
|
Expenses or charges relating to
IPO or financing(3) |
(50 |
) |
(43 |
) |
|
(267 |
) |
|
322 |
|
275 |
|
|
3,454 |
|
Restructure and disposal of
investments/subsidiaries(4) |
5,792 |
|
4,941 |
|
|
- |
|
|
4,621 |
|
3,942 |
|
|
- |
|
Loss on foreign exchange and
derivatives, and other financial charges(5) |
1,250 |
|
1,066 |
|
|
1,820 |
|
|
8,278 |
|
7,061 |
|
|
1,478 |
|
Estimated client compensation
relating to fraudulent activities(6) |
- |
|
- |
|
|
1,269 |
|
|
- |
|
- |
|
|
8,298 |
|
Expenses or charges relating to
Sarbanes-Oxley compliance(7) |
- |
|
- |
|
|
- |
|
|
522 |
|
445 |
|
|
- |
|
Remeasurement of contingent
consideration(8) |
(202 |
) |
(172 |
) |
|
- |
|
|
(306 |
) |
(261 |
) |
|
- |
|
Net (gain)/loss on disposal of
assets (9) |
(7 |
) |
(6 |
) |
|
- |
|
|
96 |
|
82 |
|
|
- |
|
Expenses relating to shareholder
class action lawsuit (10) |
2 |
|
2 |
|
|
- |
|
|
169 |
|
144 |
|
|
- |
|
Adjusted EBITDA from
continuing operations |
34,605 |
|
29,518 |
|
|
16,927 |
|
|
83,432 |
|
71,167 |
|
|
86,347 |
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations |
|
|
|
|
|
|
|
|
|
Loss for the period from
discontinued operations |
(4,770 |
) |
(4,069 |
) |
|
(7,318 |
) |
|
(69,728 |
) |
(59,478 |
) |
|
(13,754 |
) |
Net interest expense, income tax,
depreciation and amortization |
(4 |
) |
(3 |
) |
|
11,747 |
|
|
28,234 |
|
24,084 |
|
|
25,896 |
|
EBITDA from discontinued
operations |
(4,774 |
) |
(4,072 |
) |
|
4,429 |
|
|
(41,494 |
) |
(35,394 |
) |
|
12,142 |
|
Adjustments (11) |
(2,889 |
) |
(2,464 |
) |
|
17,913 |
|
|
9,278 |
|
7,914 |
|
|
24,053 |
|
Adjusted EBITDA from discontinued
operations |
(7,663 |
) |
(6,536 |
) |
|
22,342 |
|
|
(32,216 |
) |
(27,480 |
) |
|
36,195 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
26,942 |
|
22,982 |
|
|
39,269 |
|
|
51,216 |
|
43,687 |
|
|
122,542 |
|
|
|
|
|
|
|
|
|
|
|
- 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 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.
- Represents fair value change of contingent consideration from
business combination.
- 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 mainly gain on foreign exchange and change in fair
value of investments.
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