Wanda Sports Group Company Limited Reports First Quarter 2020 Results
Because the previously announced sale of
First Quarter 2020 Highlights:
- Total revenue from continuing operations was €163.7 million (
US$180 .3 million), compared to €219.9 million in the first quarter of 2019. Despite the decrease in revenue, gross profit increased from €53.6 million to €57.8 million (US$63 .7 million) year-over-year mainly due to a favorable sports events calendar, from a margin perspective, in the first quarter of 2020 prior to the full impact of the COVID-19 pandemic and associated mitigation efforts. - Loss for the period from continuing operations was €4.3 million (
US$4 .7 million), compared to a profit of €3.4 million in the first quarter of 2019. The loss principally reflected additional finance costs as well as increased personnel expenses. - Adjusted EBITDA from continuing operations was €20.7 million (
US$22 .8 million), compared to €28.2 million in the first quarter of 2019, mainly reflecting the increase in operating expenses. - There were only two mass participation events as part of our continuing operations in the first quarter of 2020, as was the case in the first quarter of 2019. The number of gross-paid athletes decreased to 4,000 in the first quarter of 2020, compared to 45,000 in the first quarter of 2019, due to event cancellations as a result of the COVID-19 outbreak.
- The Company completed a refinancing in
March 2020 as a part of which it prepaid the unsecured senior 364-day term loan facility entered into inMarch 2019 . - The Group successfully extended and expanded its partnership with the
International Biathlon Union (IBU) for exclusive media and marketing rights until the end of the 2029/30 season. - The Group has been appointed by the
French Tennis Federation as host broadcaster for theFrench Open (Roland Garros ) from 2021 to 2023.
Mr. Hengming Yang, Chief Executive Officer of
Mr.
First Quarter 2020 Business Highlights
Core Business Segments:
In its spectator sports business, the Group successfully delivered a number of world championships and large-scale regional events in the first quarter of 2020, while expanding new business wins.
Key events
- The Men's EHF (
European Handball Federation ) EURO 2020 was held fromJanuary 9 to January 26 acrossSweden ,Austria andNorway . For the first time in this tournament's history, 24 teams competed for the title with 65 games, which resulted in approximately 160 hours of TV and social media content. - FIM Motocross World Championship declared the season opening on the popular British circuit of
Matterley Basin onMarch 1 , and later the race continued tothe Netherlands . The Group is the owner of the exclusive television, marketing and global promotional rights to the FIM MXGP Motocross World Championship (and all associated support series including the FIM Motocross of Nations) until the 2036 season. - BMW IBSF (
International Bobsleigh & Skeleton Federation ) World Championships took place in Altenberg,Germany fromFebruary 17 to March 1 . The Group, as the IBSF's long-standing exclusive media and marketing rights partner, secured broadcasters in over 60 territories globally. - IBU World Championships took place in Rasen-Antholz,
Italy , fromFebruary 12 to February 23, 2020 . The Group was fully responsible for the event's marketing and sponsorship rights. This event attracted over 160,000 spectators on site, and over 126 million hours of TV live action were viewed in nine key markets with total average audiences up 21% compared to 2019. Champions Hockey League (CHL) Final Four took place in Hradec Králové,Czech Republic in February. The Group successfully captured the thrilling final game content, by serving as the exclusive media and marketing partner responsible for a variety of deliverables, including sponsorship, media sales, client and broadcaster services.- The 68th Four Hills Tournament continued in January at the four traditional ski jumping hills, two in
Germany and two inAustria . The Group served as the exclusive marketing partner of the tournament, which achieved a total cumulative audience of almost 420.54 million TV viewers across 329 broadcasting hours, and 104,100 visitors on-site over the four competitions.
Major Prolongations
- An eight-year agreement with the IBU for exclusive media and marketing rights has been extended until 2029/30, another addition to the Group's world leading ski portfolio. This extended agreement expands the Group's current role by adding the IBU Cup and IBU Junior Cup – the second- and third-tier biathlon competition series – to the portfolio. Previously the marketing rights included
World Cup and World Championship events only. - German Bundesliga football club FSV Mainz 05 has extended its exclusive marketing agreement with the Group until 2031, five years before the current agreement expires. As part of this renewed agreement, the Group is responsible for jersey sponsorship, stadium naming rights, board advertising at home games and comprehensive hospitality services at Mainz 05's stadium, the OPEL ARENA. This renewed agreement also includes the right to market the youth training centre as well as esport, handball and table tennis teams.
Key New Business Wins
- Lega Serie A, the governing body of the top division of Italian club football, has joined forces with the Group to officially launch its Serie A Esports competition. The Group served as the event's exclusive media, marketing and digital partner.
- The Group brokered a successful commercial agreement in which Ligue 1 football club
Olympique Lyonnais named Emirates as its new official main sponsor after signing a five-year partnership until the end of the 2024/25 season.
Digital, Production, Sports Solutions (DPSS)
- The Cadel Evans Great Ocean Road Race was held on
February 2, 2020 in Geelong,Australia with over 120,000 spectators over the four-day cycling festival. It was the sixth edition of the Cadel Evans Great Ocean Road Race and the second event of the 2020 UCI World Tour. The Group served as the leading consultant for the media production of the race. - The Group launched an upgraded Content Management System (CMS) platform for Activision Blizzard Call of
Duty League andOverwatch League sites, in order to improve the overall publishing experience. - The Group also partnered with a major US telco company to launch a new 5G-based in-stadium experience which allows fans equipped with a 5G device to enjoy multi-camera live and on-demand streams of the game. Coupled with various real-time data overlays and augmented reality features, the technology offers a truly immersive, zero-latency fan engagement experience that will now be brought to a variety of sports and entertainment across the US.
- The Group has been appointed by the
French Tennis Federation as host broadcaster forFrench Open (Roland Garros ) from 2021 to 2023. - The Group has acquired a stake in Videocites, an artificial intelligence-based video tracking and analytics company, and plans to introduce its technology and services to current and future rights partners of the Group. This includes content protection, media monitoring and content management. Videocites' unique fingerprinting technology enables immediate tracking of all copies of live, on-demand and promotional content across all channels, in order to garner deeper insight into consumer behavior for better understanding of audiences and influencers.
Mass Participation
The first quarter is typically low season for mass participation events of the Group. In the first quarter, the Group operated two events, the same as in the corresponding period last year.
- Megamarsch season kicked off with the first ever long-distance hiking event in Mallorca,
Spain and took place with almost 3,500 participants. The Group fully organized and managed the entire event. - HYROX, the World Series of Fitness for the winter season, was held in
Chicago andDallas ,USA andHanover , German in the first quarter of 2020. Over 3,200 participants joined the challenge.
China Business Highlights
In the first quarter of 2020, almost all sports events were cancelled or postponed across
- Over 1,000 local runners joined the Chengdu Shuangyi Health Run on
March 22 inChengdu ,Southwest China . The event was a replacement of Chengdu Shuangyi Marathon, which was scheduled for over 30,000 runners. The run started from the historical location of Dujiangyan, with 10 starting gun shots every two minutes, in order to maintain social distancing. The purpose of the event was to support in stimulating the city's vitality, and energizing people under the pandemic. - The Rock 'n' Roll Marathon Series organizing committee and other 10 marathon and outdoor running event organizers jointly launched online running for charity, in order to purchase medical protective materials for the COVID-19 frontline hospitals.
First Quarter 2020 Financial Results
Inter-year Cyclicality
The Group's activities show a pattern of significant inter-year cyclicality, particularly in its
In its
Revenue
Total revenue was €163.7 million (
[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. |
The following table sets forth a breakdown of revenue by segment for the periods indicated:
Three Months Ended |
||||||
2020 |
2019 |
|||||
(in millions, except percentages) |
USD |
EUR |
% of |
EUR |
% of |
YoY Change |
Core segments: |
||||||
|
154.0 |
139.8 |
85% |
194.1 |
88% |
(28%) |
DPSS |
25.2 |
22.9 |
14% |
21.5 |
10% |
6% |
Mass Participation |
1.1 |
1.0 |
1% |
4.3 |
2% |
(78%) |
Total Revenue |
180.3 |
163.7 |
100% |
219.9 |
100% |
(26%) |
DPSS excluding reimbursement revenues |
24.6 |
22.3 |
21.5 |
4% |
||
Total Revenue excluding reimbursement |
179.7 |
163.1 |
219.9 |
(26%) |
Spectator Sports : The decrease in revenue was primarily due to cyclicality effect of the FIS World Championships 2019, partially offset by the Men's EHF EURO 2020.- DPSS: The increase in revenue was attributable to continuing growth in the Group's digital business.
- Mass Participation: The decrease in revenue was principally driven by the decrease in total number of gross-paid athletes due to the COVID-19 impact. There were 4,000 gross-paid athletes in the first quarter of 2020, compared to 45,000 in the same period last year. The number of events were two in both periods.
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 |
||||||
2020 |
2019 |
|||||
(in millions, except percentages) |
USD |
EUR |
Gross |
EUR |
Gross |
YoY |
Core segments: |
||||||
|
52.3 |
47.5 |
34% |
44.0 |
23% |
8% |
DPSS |
11.3 |
10.2 |
45% |
9.3 |
44% |
9% |
Mass Participation |
0.1 |
0.1 |
14% |
0.3 |
7% |
(54%) |
Total Gross Profit |
63.7 |
57.8 |
35% |
53.6 |
24% |
8% |
Spectator Sports : The increase was primarily due to the contribution from the Men's EHF EURO 2020 as well as the absence of revenue deduction relating to German football business in 2019. These have offset the decrease in contributions from the Group's summer sport events and other football business.- DPSS: The increase was primarily driven by continuing growth in the Group's digital business.
- Mass Participation: The decrease in gross profit was principally driven by the decrease in the number of gross-paid athletes due to the COVID-19 impact.
Gross margin, or gross profit as a percentage of revenue, was 35%, compared with 24% in the corresponding quarter of 2019, primarily reflecting a favorable sports calendar in the spectator sports events portfolio.
Personnel expenses were € 29.1 million (
Selling, office and administrative expenses were €9.4 million (
Depreciation and amortization expenses were €5.8 million (
Other operating expenses, net was €0.4 million (
Finance costs were €12.1 million (
Income tax was €5.4 million (
Loss for the period from continuing operations was €4.3 million (
Adjusted EBITDA from continuing operations was €20.7 million (
Net loss for the Group (inclusive of discontinued operations) attributable to ordinary shareholders of
Basic and diluted net loss for the Group (inclusive of discontinued operations) per American Depositary Share ("ADS") were both €0.18 (
Cash and cash equivalents
As of
Indebtedness
As of
The following table sets forth a breakdown of interest-bearing liabilities at period end.
|
||
(in millions) |
USD |
EUR |
|
229.6 |
208.4 |
|
521.1 |
473.1 |
|
274.3 |
249.0 |
Total |
1,025.0 |
930.5 |
COVID-19 Business Operation & Outlook
- Following the global COVID-19 pandemic and resulting mitigation measures, it is the Company's utmost priority to ensure the safety and well-being of its athletes, employees and fans. As a result of the outbreak and spread of COVID-19, and government and business continuity measures adopted in response thereto, 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. Currently, some employees have returned to workplaces with heightened hygiene, face mask and social distancing protocols. In addition, races and events in
China were postponed due to containment efforts in much of the country in the first quarter of 2020. Although the Group continued to host some races and sports events inEurope andNorth America in the first quarter of 2020, byApril 2020 , all the remaining sports events were cancelled or postponed. Currently, the Group is significantly involved, together with other relevant stakeholders, in active efforts to help in the resumption of cancelled or postponed sports events (including if events are held without spectators). - The current priority is the planning for the resumption of sports events in its different markets (even if without spectators at venues). The Group is working closely with governments, partners, rights holders, sponsors and event organizers to assess the impact of COVID-19 on timing and the protocols for future events, and to manage the financial impact across the value chain. In anticipation that sports events may proceed in the future without spectators, the Group is developing additional digital and broadcast solutions to offer to and prepare partners for the expected demand for new forms of live and digital sports consumption. In addition, Infront is continuing its previously announced discussions with rights owners and with its lenders.
- Despite the challenging environment, the Group continues to innovate within its business, including online racing and event experiences to keep athlete and fan communities connected and engaged. For instance, the Group jointly supported the launch of the first digital pro-cycling race series named Digital Swiss 5, as an online alternative for the cancellation of Tour de Suisse with professional cyclists competing against each other in a virtual environment. The event achieved strong coverage on major public broadcast networks across
Europe .
Liquidity
- The Company had €164.7 million of cash and cash equivalents at the end of the first quarter of 2020, exclusive of cash and cash equivalents attributable to discontinued operations.
- The Company expects to receive approximately €345 million to €363 million of net proceeds from the sale of
The IRONMAN Group , reflecting adjustments for closing date cash amounts, working capital and outstanding indebtedness, as well as other transaction-related expenses.
In addition to the strong liquidity position, management has taken a disciplined approach to manage liquidity, including temporary wage reductions through work rotation, global hiring freeze, travel and marketing expense reductions, deferring planned acquisition initiatives as well as reduction in capital expenditure. Going forward, management will take additional actions, as necessary, in order to improve the Company's liquidity profile, enhance its financial flexibility and better manage market risk.
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
Conference Call Information
On
Participants can join the earnings conference call by completing online registration at: http://apac.directeventreg.com/registration/event/1886225. 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
About
Headquartered in
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
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
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the
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.
|
||||||
INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS |
||||||
(Amounts in thousands of Euro ("€") or, for convenience translation, thousands of |
||||||
For the three months ended |
||||||
March 31, 2020 |
March 31, 2019 |
|||||
$ |
€ |
€ |
||||
Continuing operations |
||||||
Revenue |
180,282 |
163,660 |
219,907 |
|||
Cost of sales |
(116,610) |
(105,859) |
(166,276) |
|||
Gross profit |
63,672 |
57,801 |
53,631 |
|||
Personnel expenses |
(32,101) |
(29,141) |
(26,397) |
|||
Selling, office and administrative expenses |
(10,301) |
(9,351) |
(6,992) |
|||
Depreciation and amortization |
(6,397) |
(5,807) |
(5,015) |
|||
Other operating (expense)/income, net |
(488) |
(444) |
977 |
|||
Finance costs |
(13,330) |
(12,101) |
(5,839) |
|||
Finance income |
198 |
180 |
590 |
|||
Share of (loss)/profit of associates and joint ventures |
(32) |
(29) |
137 |
|||
Profit before tax from continuing operations |
1,221 |
1,108 |
11,092 |
|||
Income tax |
(5,957) |
(5,407) |
(7,704) |
|||
(Loss)/profit for the period from continuing operations |
(4,736) |
(4,299) |
3,388 |
|||
Discontinued operations |
||||||
Loss after tax for the period from discontinued operations |
(21,718) |
(19,716) |
(12,024) |
|||
Loss for the period |
(26,454) |
(24,015) |
(8,636) |
|||
Attributable to: |
||||||
Equity holders of the parent |
(26,060) |
(23,657) |
(8,860) |
|||
Non‑controlling interests |
(394) |
(358) |
224 |
|||
(26,454) |
(24,015) |
(8,636) |
||||
Earnings per share[2]: |
||||||
Basic loss for the period attributable to ordinary equity |
(0.13) |
(0.12) |
(0.05) |
|||
Diluted loss for the period attributable to ordinary equity |
(0.13) |
(0.12) |
(0.05) |
|||
Basic loss for the period attributable to ADS holders of the |
(0.19) |
(0.18) |
(0.08) |
|||
Diluted loss for the period attributable to ADS holders of the |
(0.19) |
(0.18) |
(0.08) |
|||
Earnings per share for continuing operations: |
||||||
Basic (loss)/profit for the period attributable to ordinary |
(0.02) |
(0.02) |
0.03 |
|||
Diluted (loss)/profit for the period attributable to ordinary |
(0.02) |
(0.02) |
0.03 |
|||
Basic (loss)/profit for the period attributable to ADS holders |
(0.03) |
(0.03) |
0.05 |
|||
Diluted (loss)/profit for the period attributable to ADS holders |
(0.03) |
(0.03) |
0.05 |
|||
[2] Basic and diluted earnings per share and profit attributable to ADS holders of the parent for the three months |
|
|||||
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE |
|||||
(Amounts in thousands of Euro ("€") or, for convenience translation, thousands of |
|||||
For the three months ended |
|||||
|
|
||||
$ |
€ |
€ |
|||
Loss for the period |
(26,454) |
(24,015) |
(8,636) |
||
Other comprehensive income: |
|||||
Other comprehensive income/(loss) to be |
|||||
Net loss on cash flow hedges |
(6,725) |
(6,105) |
(333) |
||
Exchange differences on translation of |
8,369 |
7,597 |
5,204 |
||
Net other comprehensive gain to be reclassified |
1,644 |
1,492 |
4,871 |
||
Other comprehensive income for the period, net |
1,644 |
1,492 |
4,871 |
||
Total comprehensive loss for the period, net of |
(24,810) |
(22,523) |
(3,765) |
||
Attributable to: |
|||||
Equity holders of the parent |
(24,390) |
(22,141) |
(4,757) |
||
Non‑controlling interests |
(420) |
(382) |
992 |
||
(24,810) |
(22,523) |
(3,765) |
|
||||
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL |
||||
(Amounts in thousands of Euro ("€") or, for convenience translation, thousands of |
||||
|
|
|||
$ |
€ |
€ |
||
ASSETS |
||||
CURRENT ASSETS |
||||
Cash and cash equivalents |
181,450 |
164,720 |
163,225 |
|
Trade and other receivables |
267,297 |
242,652 |
264,041 |
|
Accrued income |
217 |
197 |
10,498 |
|
Contract assets |
53,662 |
48,714 |
53,541 |
|
Inventories |
217 |
197 |
9,395 |
|
Income tax receivables |
3,678 |
3,339 |
13,594 |
|
Other assets |
82,747 |
75,118 |
81,001 |
|
589,268 |
534,937 |
595,295 |
||
Assets held for sale |
947,279 |
859,940 |
8,125 |
|
1,536,547 |
1,394,877 |
603,420 |
||
NON‑CURRENT ASSETS |
||||
Long‑term receivables |
8,101 |
7,354 |
6,808 |
|
Investments in associates and |
4,414 |
4,007 |
3,277 |
|
Property, plant and equipment |
16,499 |
14,978 |
26,294 |
|
Right of use assets |
27,471 |
24,938 |
35,249 |
|
Intangible assets |
74,840 |
67,940 |
486,933 |
|
|
258,797 |
234,936 |
537,585 |
|
Contract assets |
11,419 |
10,366 |
10,268 |
|
Deferred tax assets |
19,119 |
17,356 |
23,063 |
|
Other assets |
71,593 |
64,992 |
63,164 |
|
492,253 |
446,867 |
1,192,641 |
||
TOTAL ASSETS |
2,028,800 |
1,841,744 |
1,796,061 |
|
||||
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL |
||||
(Amounts in thousands of Euro ("€") or, for convenience translation, thousands of |
||||
|
|
|||
$ |
€ |
€ |
||
LIABILITIES |
||||
CURRENT LIABILITIES |
||||
Trade and other payables |
149,871 |
136,053 |
173,855 |
|
Interest‑bearing liabilities |
264,573 |
240,179 |
204,583 |
|
Lease liabilities |
7,710 |
6,999 |
10,041 |
|
Accrued expense |
57,568 |
52,260 |
69,846 |
|
Deferred income |
- |
- |
5 |
|
Contract liabilities |
135,458 |
122,969 |
199,900 |
|
Other liabilities |
14,394 |
13,067 |
19,208 |
|
Income tax payable |
11,957 |
10,855 |
21,787 |
|
Provisions |
2,795 |
2,537 |
9,234 |
|
644,326 |
584,919 |
708,459 |
||
Liabilities directly associated |
559,421 |
507,842 |
6,975 |
|
1,203,747 |
1,092,761 |
715,434 |
||
NON‑CURRENT LIABILITIES |
||||
Interest‑bearing liabilities |
486,159 |
441,335 |
641,085 |
|
Lease liabilities |
20,796 |
18,879 |
29,154 |
|
Accrued expenses |
3,713 |
3,371 |
3,051 |
|
Contract liabilities |
22,086 |
20,050 |
17,271 |
|
Deferred tax liabilities |
22,287 |
20,232 |
99,202 |
|
Provisions |
1,965 |
1,784 |
3,936 |
|
Long‑term payroll payables |
17,040 |
15,469 |
15,336 |
|
Other liabilities |
27,935 |
25,358 |
43,578 |
|
601,981 |
546,478 |
852,613 |
||
TOTAL LIABILITIES |
1,805,728 |
1,639,239 |
1,568,047 |
|
EQUITY |
||||
Share capital |
1,675,276 |
1,520,816 |
1,520,816 |
|
Reserves |
(897,524) |
(814,770) |
(813,300) |
|
Accumulated deficit |
(558,347) |
(506,868) |
(483,211) |
|
Equity attributable to equity holders of the parent |
219,405 |
199,178 |
224,305 |
|
Non‑controlling interests |
3,667 |
3,327 |
3,709 |
|
TOTAL EQUITY |
223,072 |
202,505 |
228,014 |
|
TOTAL LIABILITIES AND |
2,028,800 |
1,841,744 |
1,796,061 |
|
||||
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS |
||||
(Amounts in thousands of Euro ("€") or, for convenience translation, thousands of |
||||
For the three months ended |
||||
|
|
|||
$ |
€ |
€ |
||
NET CASH FLOWS FROM (USED |
16,894 |
15,336 |
(29,887) |
|
NET CASH FLOWS USED IN |
(35,122) |
(31,884) |
(83,127) |
|
NET CASH FLOWS FROM |
57,750 |
52,425 |
119,638 |
|
NET INCREASE IN CASH AND |
39,522 |
35,877 |
6,624 |
|
Cash and cash equivalents at |
179,803 |
163,225 |
177,048 |
|
Effect of foreign exchange rate |
(1,436) |
(1,303) |
3,067 |
|
Transfer to assets held for sale |
(36,439) |
(33,079) |
- |
|
CASH AND CASH |
181,450 |
164,720 |
186,739 |
RECONCILIATION OF NON-IFRS MEASURE – IFRS Profit for the Period to |
||||
(Amounts in thousands of Euro ("€") or, for convenience translation, thousands of |
||||
For the three months ended |
||||
|
|
|||
$ |
€ |
€ |
||
Continued operations |
||||
(Loss)/profit for the period from continuing operations |
(4,736) |
(4,299) |
3,388 |
|
Income tax |
5,957 |
5,407 |
7,704 |
|
Net interest expenses |
9,451 |
8,579 |
2,893 |
|
Depreciation and amortization |
6,397 |
5,807 |
5,015 |
|
EBITDA from continuing operations |
17,069 |
15,494 |
19,000 |
|
Share-based compensation (1) |
1,346 |
1,222 |
451 |
|
Expenses or charges relating to acquisition (2) |
- |
- |
186 |
|
Expenses or charges relating to IPO or financing (3) |
350 |
318 |
225 |
|
Losses on foreign exchange and derivatives, and other financial |
3,681 |
3,342 |
2,356 |
|
Estimated client compensation relating to fraudulent activities( 5) |
- |
- |
6,000 |
|
Expenses or charges relating to Sarbanes-Oxley compliance (6) |
212 |
192 |
- |
|
Net loss on disposal of assets (7) |
93 |
84 |
- |
|
Expenses relating to shareholder class action lawsuit (8) |
69 |
63 |
- |
|
Adjusted EBITDA from continuing operations |
22,820 |
20,715 |
28,218 |
|
Discontinued operations |
||||
Loss for the periods from discontinued operations |
(21,718) |
(19,716) |
(12,024) |
|
Net interest expense, income tax, depreciation and amortization |
(2,900) |
(2,631) |
5,534 |
|
EBITDA from discontinued operations |
(24,618) |
(22,347) |
(6,490) |
|
Adjustments (9) |
11,856 |
10,763 |
2,745 |
|
Adjusted EBITDA from discontinued operations |
(12,762) |
(11,584) |
(3,745) |
|
Adjusted EBITDA |
10,058 |
9,131 |
24,473 |
|
1. Share-based compensation has been excluded as it is a non-recurring expense. |
||||
2. Represents expenses incurred for professional fees such as legal counsel, auditors, underwriters, valuation experts and |
||||
3. Represents professional fees of legal counsel, auditors, due diligence experts, consultants, and related expenses for our IPO and |
||||
4. Represents the loss on foreign exchange, derivative financial instruments at fair value through profit or loss, termination of the |
||||
5. Represents the amount estimated to be paid by Infront as compensation in connection with fraudulent activities presumably |
||||
6. Represents Sarbanes-Oxley Act consulting charges paid to third parties. |
||||
7. Represents net loss on disposal of property, plant and equipment and intangible assets. |
||||
8. Represents legal fees related to shareholder class action, dismissed on |
||||
9. Represents share-based compensation amounting to €2.6 million, losses on foreign exchange amounting to €7.2 million and |
View original content:http://www.prnewswire.com/news-releases/wanda-sports-group-company-limited-reports-first-quarter-2020-results-301072485.html
SOURCE
For investor and media inquiries, please contact: Wanda Sports Group, Ms. Edith Kwan, Tel: +86 (10) 8558 7456, E-mail: ir@wsg.cn; For US: Mr. Tip Fleming, Phone: +1-917-412-3333, Email: tfleming@christensenir.com; Ms. Linda Bergkamp, Phone: +1-480-614-3004, Email: lbergkamp@christensenir.com