Azerion publishes interim Q1 2023 results
Consolidation and integration leading to resilient revenue
growth and increased profitability
Highlights of Q1 2023
- Resilient growth in
the Platform and Premium Games segments, with Net revenue of almost
€ 113 million, up from € 94 million in Q1 2022. Adjusted EBITDA of
almost € 9 million up by 48% compared to Q1 2022, reflecting
improved margins due to accelerated integration of previous
acquisitions, as well as cost optimisation.
- Upgraded expected
annualised cost savings to at least € 15 million from at least € 10
million, excluding any effects from foreign exchange. The expected
savings are compared to the January 2023 baseline.
- Launch of
Performance by Azerion, enriching campaigns across all features and
platforms, driving increased performance across the full
advertisement funnel.
- Roll out of
proprietary ad format Oneskin, an integrated rich media native
product that creates a highly scalable feature on the Azerion
Platform.
- Expanded brand
licensing partnerships with SmileyWorld, Mattel and L.O.L.
Surprise! O.M.G. Fashion House™ to create engaging in game branded
advertising content in metaverse social games Habbo, Hotel Hideaway
and Woozworld.
- Successfully
completed the legal merger between Azerion Holding B.V. and Azerion
Group N.V. to simplify financial reporting.
Selected Financial KPIs
Financial results - Azerion Group N.V.
in millions of €
|
Q1 |
Q1 |
|
2023 |
2022 |
Net revenue |
112.7 |
94.4 |
Gross profit |
42.0 |
32.8 |
Operating profit / (loss) |
(7.7) |
(144.9) |
Adjusted EBITDA |
8.7 |
5.9 |
Net revenue growth % |
19.4% |
|
Gross profit margin % |
37.3% |
34.7% |
Adjusted EBITDA growth % |
47.5% |
|
Adjusted EBITDA margin % |
7.7% |
6.3% |
Message from the CEO
"I am pleased with our continued growth in underlying
profitability in Q1 2023. We made significant progress integrating
previous acquisitions and further optimising our operations, whilst
releasing new products and services to our current and new
advertising and publisher partners. We are working hard to make our
platform more efficient, better serving our clients, increasing our
resilience and positioning us to capture exciting market
opportunities. We expect to continue improving our underlying
profitability in Q2 2023, which provides us confidence in achieving
our strategic and financial objectives for 2023 and beyond." - Umut
Akpinar
Financial overview
Net revenue
Net revenue for the quarter amounted to € 113 million an
increase of approximately 19%, compared to Q1 2022, mainly due to
growth in the Platform segment.
Earnings
Adjusted EBITDA was € 8.7 million for the quarter compared to €
5.9 million in Q1 2022, an increase of approximately 48%,
reflecting improved margins due to accelerated integration of
previous acquisitions as well as cost optimisation.
The operating loss for the quarter amounted to € (7.7) million,
compared to a loss of € (144.9) million in Q1 2022 mainly explained
by € 141.6 million of one-off De-SPAC related expenses incurred in
Q1 2022.
Cash flow
Cash flow from operating activities in Q1 2023 was an inflow of
€ 27.4 million, Cash flow from investing activities was an outflow
of € (24.9) million, mainly due to acquisitions. Cash flow from
financing activities totalled an outflow of € (3.1) million.
Capex
Azerion capitalizes development costs related to asset
development, a core activity to support innovation in its platform.
These costs primarily relate to developers’ time devoted to the
development of games, platforms, and other new features. In Q1 2023
Azerion capitalized € 4.6 million, equivalent to 15.9% of gross
personnel costs, which is broadly in line with previous
quarters.
Financial position and financing
Our net interest-bearing debt*) amounted to € 177.4 million as
of 31 March 2023, mainly comprising our outstanding bond loan with
a nominal value of € 200 million (part of a total € 300 million
framework) and lease liabilities with a balance of € 19.9 million
less the cash and cash equivalents position of € 50.3 million.
*) As defined in section 1.1 of the Terms & Conditions of
the Senior Secured Callable Fixed Rate Bonds ISIN: SE0015837794.
Please also refer to the Definitions section and the notes of this
Interim Report for more information.
Segment Platform
Our Platform segment includes our digital advertising activities
and e-Commerce, which are fully integrated through our technology.
It generates Net revenue mainly by displaying digital
advertisements in both game and non-game content, as well as
selling and distributing AAA games through our e-commerce channels.
Platform is also integrated with parts of our Premium Games
segment, leveraging inter-segment synergies.
Platform – Selected Financial KPIs
Financial results - Platform
in millions of €
|
Q1 |
Q1 |
|
2023 |
2022 |
Net revenue |
89.3 |
72.5 |
Gross profit |
30.0 |
22.4 |
Operating profit / (loss) |
(8.4) |
(11.4) |
Adjusted EBITDA |
3.6 |
2.0 |
Net revenue growth % |
23.2% |
|
Gross profit margin % |
33.6% |
30.9% |
Adjusted EBITDA growth % |
80.0% |
|
Adjusted EBITDA margin % |
4.0% |
2.8% |
Platform Net revenue of € 89.3 million in Q1
2023, an increase of 23.2% compared to Q1 2022, driven by increases
in product offerings to advertisers across the globe, primarily due
to previous acquisitions.
Adjusted EBITDA was € 3.6 million in Q1 2023, increasing by 80%
compared to Q1 2022, mainly reflecting growth in revenue as well as
lower operating expenses resulting from integration of previous
acquisitions and related efficiencies.
Results also benefited from increased user engagement levels,
with users spending more time playing casual games, as well as
strong performance in e-Commerce. In addition, we have grown our
casual games distribution portfolio during Q1 2023, adding
approximately 437 new games and 50 new publishers partners.
Advertising - Selected Operational KPIs
Advertising - Operational KPIs1)
|
Q1 2022 |
Q2 2022 |
Q3 2022 |
Q4 2022 |
Q1 2023 |
Avg. Gross Revenue per Million Processed Ad Requests from
advertising auction platform (€) |
8.6 |
9.1 |
11.2 |
16.7 |
11.2 |
1) The reporting of average digital ads sold per month has been
temporarily discontinued due to ongoing integration of operational
reporting data from acquisitions completed in the second half of
2022.
The Average gross revenue per million processed ad
requests was € 11.2 in Q1 2023, compared to € 8.6 in Q1
2022, demonstrating our ability to manage the advertising auction
platform efficiently and profitably.
This measure excludes ad requests that are rejected before
entering our advertising auction platform Improve
Digital.
Segment Premium Games
Our Premium Games segment includes social games and metaverse,
comprising nine premium game titles. The segment generates revenue
mainly by offering users the ability to make in-game purchases for
extra features and virtual goods to enhance their gameplay
experience. The aim of this segment is to stimulate social
interaction among players and build communities, offering an
extended value proposition to advertisers and generating
cross-selling opportunities with the Platform segment.
Premium Games – Selected Financial KPIs
Financial results - Premium Games
in millions of €
|
Q1 |
Q1 |
Net revenue |
23.5 |
21.9 |
Gross profit |
12.0 |
10.5 |
Operating profit / (loss) |
0.6 |
(0.7) |
Adjusted EBITDA |
5.1 |
3.9 |
Net revenue growth % |
7.3% |
|
Gross profit margin % |
51.1% |
47.9% |
Adjusted EBITDA growth % |
30.8% |
|
Adjusted EBITDA margin % |
21.7% |
17.8% |
Premium Games Net revenue in Q1 2023 benefited
from strong growth in Social Card games, in particular Governor of
Poker 3 and Monopoly Poker, expanding new features and content for
users to further grow and monetise the games’ communities. Net
revenue grew to € 23.5 million in Q1 2023, an increase of
7.3% compared to Q1 2022.
Adjusted EBITDA was € 5.1 million in Q1 2023, an increase of
30.8% compared to Q1 2022, reflecting our focus on managing for
value.
Premium Games – Selected Operational
KPIs
Premium Games - Operational KPIs
|
Q1 2022 |
Q2 2022 |
Q3 2022 |
Q4 2022 |
Q1 2023 |
Avg. Time in Game per Day (min) |
81 |
80 |
80 |
79 |
84 |
Avg. DAUs (thousands) |
607 |
569 |
556 |
559 |
601 |
Avg. ARPDAU (€) |
0.38 |
0.4 |
0.42 |
0.45 |
0.42 |
- The Average
time in game per day from our Premium Games players
increased in Q1 2023 compared to Q1 2022 due to increased audience
engagement with our Social Card game titles.
- The Average
daily active users (DAUs) remained at a similar level as
in Q1 2022.
- The Average
revenue per daily active user (ARPDAU) increased by more
than 10% compared to Q1 2022, primarily driven by new features and
events that enhance user gameplay experience and monetisation of
players.
Outlook
Previously provided guidance remains unchanged:
- Adjusted EBITDA for
2023 is expected to be at least EUR 75 million, with annual
Adjusted EBITDA margin thereafter expected to grow and be in the
range of 14% to 16% in the medium term. The expected improvement in
Adjusted EBITDA margin is expected to be primarily driven by gross
profit margin optimisation, cost efficiencies and overall benefits
of scale as the Azerion platform grows. This outlook does not
include the impact of any material acquisitions or
divestments.
- Net revenue for 2023
is expected to be around EUR 560 million, with expected annual
growth thereafter of around 15% in the medium term. This outlook
does not include the impact of any material acquisitions or
divestments.
Other information
Interest Bearing Debt
in millions of €
|
31 March 2023 |
31 December 2022 |
Total non-current indebtedness |
215.7 |
215.8 |
Total current indebtedness |
12.0 |
12.8 |
Total financial indebtedness |
227.7 |
228.6 |
Deduct Zero interest bearing loans |
- |
(0.1) |
Interest Bearing Debt |
227.7 |
228.5 |
Less: Cash and cash equivalents |
(50.3) |
(50.9) |
Net Interest Bearing Debt (Bond terms) |
177.4 |
177.6 |
References to the bond terms in the table above refer to the
terms as defined in the senior secured callable fixed rate bond
ISIN: SE0015837794
Reconciliation of net income to Adjusted EBITDA
in millions of €
|
Q1 |
2023 |
2022 |
|
Azerion Group |
Premium Games |
Platform |
Other |
Azerion Group |
Premium Games |
Platform |
Other |
Profit / (loss) for the period |
(12.4) |
|
|
|
(134.8) |
|
|
|
Income Tax expense |
0.9 |
|
|
|
0.7 |
|
|
|
Profit / (loss) before tax |
(11.5) |
|
|
|
(134.1) |
|
|
|
Net finance costs |
3.8 |
|
|
|
(10.8) |
|
|
|
Share in profit/(loss) of joint venture |
- |
|
|
|
- |
|
|
|
Operating profit / (loss) |
(7.7) |
0.6 |
(8.4) |
0.1 |
(144.9) |
(0.7) |
(11.4) |
(132.8) |
Depreciation & Amortization |
10.3 |
3.1 |
7.2 |
- |
8.1 |
3.1 |
5.0 |
- |
|
|
|
|
|
|
|
|
|
De-SPAC related expenses |
- |
- |
- |
- |
141.6 |
1.3 |
7.5 |
132.8 |
Other |
- |
0.1 |
- |
(0.1) |
1.1 |
0.2 |
0.9 |
- |
Acquisition expenses |
2.8 |
- |
2.8 |
- |
- |
- |
- |
- |
Restructuring |
3.3 |
1.3 |
2.0 |
- |
- |
- |
- |
- |
Adjusted EBITDA |
8.7 |
5.1 |
3.6 |
- |
5.9 |
3.9 |
2.0 |
0.0 |
Operating expenses
Breakdown of operating expenses
in millions of €
|
Q1 |
2023 |
2022 |
Personnel costs |
(27.8) |
(39.5) |
Includes: |
|
|
Azerion Founder Warrants, reported as share-based payment
expense |
- |
(9.9) |
De-SPAC early exercized share-based payment expense |
- |
(10.3) |
Other expenses |
(11.6) |
(129.5) |
Includes: |
|
|
De-SPAC transaction related expenses |
|
(121.4) |
Operating expenses |
(39.4) |
(169) |
Of which: |
|
|
Platform |
(31.2) |
(28.2) |
Premium Games |
(8.2) |
(8.1) |
Restructuring
In relation to ongoing consolidation and integration,
restructuring charges in Q2 2023 are expected to be in the range of
€ 4 million to € 5 million. These costs impact the reported
operating profit / loss, but are removed from Adjusted EBITDA.
Settlement
In May 2023 a claim was settled resulting in a cash outflow of
about € 0.4 million and in a gain of about € 0.7 million due to a
release of a provision in segment Platform in Q2 2023.
Bond Refinancing
On 8 April 2021, the Group issued senior secured callable fixed
rate bonds for a total of € 200 million, within a total framework
amount of € 300 million. The maturity date of the bonds is 28 April
2024 and the bonds carry a fixed interest rate of 7.25% per annum.
The management team are fully engaged in evaluating the options
available to refinance the bonds. Those options include, but are
not limited to, pursuing a similar repeat bond issuance, the
implementation of alternative external third-party financing
solutions and/or utilisation of other internally available
financial resources. The refinancing strategy and execution
planning will continue and be finalised in an appropriate timeframe
taking into account considerations relating to business
performance, strategic and operational requirements, internal cash
generation, any implied deleveraging and applicable market
conditions.
Merger and Updated comparative figures
Azerion became listed on 1 February 2022 through a De-SPAC
Transaction and from that point onwards Azerion Group N.V. results
were reported alongside those of Azerion Holding B.V. As at 1
January 2023, Azerion Group N.V. and Azerion Holding B.V. merged,
with Azerion Group N. V. the surviving company. As a consequence,
Azerion will now report in the quarters of 2023, and for the
comparative results of the quarters of 2022, only the consolidated
results of Azerion Group N.V.
Next to this important change for the company, the following
comparative figure changes have been and will be reflected in our
quarterly press releases:
- The quarterly
reporting of 2022 for the quarters of Q1 and Q3 only reflected the
results of Azerion Holding B.V. This report shares the results for
these quarters of Azerion Group N.V.
- Headquarter costs
allocation towards the segments Platform and Premium Games have
been updated to reflect Gross profit as preferred allocation
methodology
- The accounting for
the Azerion Founder Warrants has been updated to reflect the Annual
Report 2022 accounting treatment change towards Share based
payment
- The results of the
full year 2022 income tax calculation finalised post Q4 2022 press
release
- Listing expenses and
share based payment expenses have been updated to reflect the
Annual Report 2022 applied reclassification from Other gains and
losses towards Other expenses and Personnel costs
respectively.
- Certain statement of
financial position classifications have been updated to reflect the
changes applied in Annual Report 2022
Condensed consolidated statement of profit or loss and other
comprehensive income
in millions of €
|
Q1 |
|
2023 |
2022 |
Net revenue |
112.7 |
94.4 |
Costs of services and materials |
(70.7) |
(61.6) |
Gross profit |
42.0 |
32.8 |
Personnel costs |
(27.8) |
(39.5) |
Depreciation |
(1.9) |
(1.6) |
Amortization |
(8.4) |
(6.5) |
Impairment of non-current assets |
- |
- |
Other gains and losses |
- |
(0.6) |
Other expenses |
(11.6) |
(129.5) |
Operating profit / (loss) |
(7.7) |
(144.9) |
|
|
|
Finance income |
2.9 |
16.7 |
Finance costs |
(6.7) |
(5.9) |
Net Finance costs |
(3.8) |
10.8 |
|
|
|
Share in profit/(loss) of joint venture and associate |
- |
- |
Profit / (loss) before tax |
(11.5) |
(134.1) |
|
|
|
Income tax expense |
(0.9) |
(0.7) |
Profit / (loss) for the period |
(12.4) |
(134.8) |
Attributable to: |
|
|
Owners of the company |
(12.5) |
(134.6) |
Non-controlling interest |
0.1 |
(0.2) |
|
|
|
Items that may be reclassified to profit and loss, net of tax |
|
|
Exchange difference on translation of foreign operations |
0.1 |
(0.6) |
Total other comprehensive income |
(12.3) |
(135.4) |
Attributable to: |
|
|
Owners of the company |
(12.2) |
(135.1) |
Non-controlling interest |
(0.1) |
(0.3) |
Condensed consolidated statement of financial position
in millions of €
|
31 March 2023 |
31 December 2022 |
Assets |
|
|
Non-current assets |
429.9 |
429.3 |
Goodwill |
185.2 |
184.2 |
Intangible assets |
182.7 |
186.2 |
Property, plant and equipment |
21.2 |
20.5 |
Non-current financial assets |
39.1 |
36.8 |
Deferred tax asset |
1.6 |
1.5 |
Investment in joint ventures |
0.1 |
0.1 |
|
|
|
Current assets |
188.9 |
209.2 |
Trade and other receivables1) |
136.7 |
157.3 |
Current tax assets |
1.9 |
1.0 |
Cash and cash equivalents |
50.3 |
50.9 |
Total assets |
618.8 |
638.5 |
|
|
|
Equity |
|
|
Shareholders’ equity |
82.2 |
93.8 |
Non-controlling interest |
2.4 |
2.4 |
Total equity |
84.6 |
96.2 |
|
|
|
Liabilities |
|
|
Non-current liabilities |
258.8 |
257.7 |
Borrowings |
201.3 |
201.5 |
Lease liabilities |
14.4 |
14.3 |
Provisions |
1.5 |
1.6 |
Deferred tax liability |
26.2 |
25.3 |
Other non-current liability |
15.4 |
15.0 |
|
|
|
Current liabilities |
275.4 |
284.6 |
Borrowings |
6.5 |
7.9 |
Lease liabilities |
5.5 |
4.9 |
Provisions |
4.1 |
0.9 |
Trade, other payables and accrued liabilities |
228.8 |
221.9 |
Current tax liabilities |
6.6 |
5.4 |
Other current liabilities |
23.9 |
43.6 |
Total liabilities |
534.2 |
542.3 |
Total equity and liabilities |
618.8 |
638.5 |
1) Contract assets and Contract liabilities have been
reclassified to Trade and other receivables and Trade and other
payables to reflect the appropriate accounting treatment
Condensed consolidated statement of cash flow
in millions of €
|
Q1 |
Q1 |
|
2023 |
2022 |
Cash flows from operating activities |
|
|
Operating profit / (loss) |
(7.7) |
(144.9) |
|
|
|
Adjustments for |
|
|
Depreciation amortisation & impairment |
10.3 |
8.1 |
Movements in provisions per profit and loss |
3.3 |
- |
Share-based payments expense |
- |
20.1 |
De-SPAC related expenses |
- |
12.5 |
Other non-cash items |
- |
(0.5) |
|
|
|
Changes in working capital items: |
|
|
(Increase)/Decrease in trade and other receivables |
19.8 |
20.2 |
Increase (decrease) in trade payables and other payables |
7.9 |
(17.4) |
|
|
|
Utilization of provisions |
(2.1) |
- |
Interest paid |
(4.1) |
(5.3) |
Income tax paid |
- |
- |
Net cash provided by (used for) operating activities |
27.4 |
(0.5) |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
- |
Payments for property, plant and equipment |
(0.5) |
(0.9) |
Payments for intangibles |
(6.2) |
(4.7) |
Net cash outflow on acquisition of subsidiaries |
(18.2) |
(2.6) |
Decrease/ (Increase) in loans and other investments |
- |
- |
Net cash outflow from investing activities |
(24.9) |
(8.2) |
|
|
|
Cash flows from financing activities |
|
|
Proceeds from external borrowings |
0.1 |
0.1 |
Repayment of external borrowings |
(1.5) |
(1.9) |
Increase in loans to related parties |
- |
- |
De-SPAC related expenses |
- |
(25.7) |
Payment of principal portion of lease liabilities |
(1.7) |
(1.4) |
Proceeds from De-SPAC transaction |
- |
404.1 |
Settlement of De-SPAC transaction |
- |
(310.9) |
Other inflows (outflows) from financing activities |
- |
- |
Net cash inflows financing activities |
(3.1) |
64.3 |
|
|
|
Net increase in cash and cash equivalents |
(0.6) |
55.6 |
Effect of changes in exchange rates on cash and cash
equivalents |
0.2 |
- |
Cash and cash equivalents at the beginning of the period |
50.9 |
35.3 |
Cash and cash equivalents at the end of the period |
50.3 |
90.9 |
Definitions
Adjusted EBITDA represents operating Profit /
(Loss) excluding depreciation, amortization, impairment of
non-current assets, restructuring and acquisition related expenses
and other items at management discretion.
Adjusted EBITDA Margin represents Adjusted
EBITDA as a percentage of Net revenue
Average gross revenue per million processed ad requests
from the advertising auction platform is calculated by
dividing gross advertising revenue by a million of advertisement
requests running through advertising auction platform Improve
Digital. Not all advertisement requests are processed and become
eligible to be fulfilled as an advertisement sold, therefore this
metric measures our efficiency and overall profitability of the
digital advertising auction platform, demonstrating that the
revenue generated by the advertisements that are sold also
remunerate and more than cover the costs of all the advertisement
requests.
Average time in game per day measures how many
minutes per day, on average, the players of Premium Games spend in
our games. This demonstrated their engagement with the games, which
generates more opportunities to grow the ARPDAU.
Average DAUs represents average daily
active users, which is the number of distinct users per day
averaged across the relevant period.
Average ARPDAU represents Average Revenue per
Daily Active User, which is revenue per period divided by days in
the period divided by average daily active users in that period and
represents average per user in-game purchases for the period.
EBITDA represents operating Profit / (Loss)
excluding depreciation, amortization and impairment of non-current
assets
Financial Indebtedness represents as defined in
the terms and conditions of the Senior Secured Callable Fixed Rate
Bonds ISIN: SE0015837794 any indebtedness in respect of:
- monies borrowed or
raised. including Market Loans;
- the amount of any
liability in respect of any Finance Leases;
- receivables sold or
discounted (other than any receivables to the extent they are sold
on a non-recourse basis);
- any amount raised
under any other transaction (including any forward sale or purchase
agreement) having the commercial effect of a borrowing;
- any derivative
transaction entered into in connection with protection against or
benefit from fluctuation in any rate or price (and, when
calculating the value of any derivative transaction, only the mark
to market value shall be taken into account, provided that if any
actual amount is due as a result of a termination or a close-out,
such amount shall be used instead);
- any counter
indemnity obligation in respect of a guarantee, indemnity, bond,
standby or documentary letter of credit or any other instrument
issued by a bank or financial institution; and
- (without double
counting) any guarantee or other assurance against financial loss
in respect of a type referred to in the above paragraphs
(a)-(f).
Gross Profit Margin represents Gross Profit as
a percentage of Net revenue
Gross Profit represents the profit made after
subtracting from Net revenue all (variable) costs that are related
to manufacturing of its products or services.
Net Interest Bearing Debt as defined in the
terms and conditions of the Senior Secured Callable Fixed Rate
Bonds ISIN: SE0015837794 means the aggregate interest bearing
Financial Indebtedness less cash and cash equivalents of Azerion
Group N.V. and its subsidiaries from time to time in accordance
with the Accounting Principles (for the avoidance of doubt,
excluding any Bonds owned by the Issuer, guarantee, bank
guarantees, Subordinated Loans, any claims subordinated pursuant to
a subordination agreement on terms and conditions satisfactory to
the Agent and interest-bearing Financial Indebtedness borrowed from
any Azerion Group Company) as such terms are defined in the terms
and conditions of the Senior Secured Callable Fixed Rate Bonds
ISIN: SE0015837794
Operating expenses are defined as the aggregate
of personnel costs and other expenses as reported in the statement
of Other comprehensive income. More details on the cost by nature
reporting can be found in the published annual financial statements
of 2022.
Disclaimer and Cautionary Statements
This communication contains information that qualifies as inside
information within the meaning of Article 7(1) of the EU Market
Abuse Regulation.
This communication may include forward-looking statements. All
statements other than statements of historical facts are, or may be
deemed to be, forward-looking statements. Forward-looking
statements include, among other things, statements concerning the
potential exposure of Azerion to market risks and statements
expressing management’s expectations, beliefs, estimates,
forecasts, projections and assumptions. Words and expressions such
as aims, ambition, anticipates, believes, could, estimates,
expects, goals, intends, may, milestones, objectives, outlook,
plans, projects, risks, schedules, seeks, should, target, will or
other similar words or expressions are typically used to identify
forward-looking statements. Forward-looking statements are
statements of future expectations that are based on management’s
current expectations and assumptions and involve known and unknown
risks, uncertainties and other factors that are difficult to
predict and that could cause the actual results, performance or
events to differ materially from future results expressed or
implied by such forward-looking statements contained in this
communication. Readers should not place undue reliance on
forward-looking statements.
Any forward-looking statements reflect Azerion’s current views
and assumptions based on information currently available to
Azerion’s management. Forward-looking statements speak only as of
the date they are made and Azerion does not assume any obligation
to update or revise such statements as a result of new information,
future events or other information, except as required by law.
The interim financial results of Azerion Group N.V. as included
in this communication are required to be disclosed pursuant to the
terms and conditions of the Senior Secured Callable Fixed Rate
Bonds ISIN: SE0015837794.
This report has not been reviewed or audited by Azerion’s
external auditor.
Certain financial data included in this communication consist of
alternative performance measures (“non-IFRS financial measures”),
including EBITDA and Adjusted EBITDA. The non-IFRS financial
measures, along with comparable IFRS measures, are used by
Azerion’s management to evaluate the business performance and are
useful to investors. They may not be comparable to similarly titled
measures as presented by other companies, nor should they be
considered as an alternative to the historical financial results or
other indicators of Azerion Group N.V.’s cash flow based on IFRS.
Even though the non-IFRS financial measures are used by management
to assess Azerion Group N.V.’s financial position, financial
results and liquidity and these types of measures are commonly used
by investors, they have important limitations as analytical tools,
and the recipients should not consider them in isolation or as a
substitute for analysis of Azerion Group N.V.’s financial position
or results of operations as reported under IFRS.
For all definitions and reconciliations of non-IFRS financial
measures please also refer to
www.azerion.com/investors.
This report may contain forward-looking non-IFRS financial
measures. We are unable to provide a reconciliation of these
forward-looking non-IFRS financial measures to the most comparable
IFRS financial measures because certain information needed to
reconcile those non-IFRS financial measures to the most comparable
IFRS financial measures is dependent on future events some of which
are outside the control of Azerion. Moreover, estimating such IFRS
financial measures with the required precision necessary to provide
a meaningful reconciliation is extremely difficult and could not be
accomplished without unreasonable effort. Non-IFRS financial
measures in respect of future periods which cannot be reconciled to
the most comparable IFRS financial measure are calculated in a
manner which is consistent with the accounting policies applied in
Azerion Group N.V.’s consolidated financial statements.
This communication does not constitute an offer to sell, or a
solicitation of an offer to buy, any securities or any other
financial instruments.
Contact
Investor Relations: ir@azerion.comMedia relations:
press@azerion.com
Grafico Azioni Azerion Group NV (EU:AZRN)
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