Wanda Sports Group Company Limited | |||
Date: June 9, 2020
|
By:
|
/s/ Honghui Liao | |
Name: Honghui Liao | |||
Title: Chief Financial Officer | |||
• |
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 in March 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 the French Open (Roland Garros) from 2021 to 2023.
|
• |
The Men’s EHF (European Handball Federation) EURO 2020 was held from January 9 to January 26 across Sweden, Austria and Norway. 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 on March 1, and later the race continued to the 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 from February 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, from February 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 in Austria. 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.
|
• |
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.
|
• |
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.
|
• |
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 and Overwatch 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 for French 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.
|
• |
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 and Dallas, USA and Hanover, German in the first quarter of 2020. Over 3,200 participants joined the
challenge.
|
• |
Over 1,000 local runners joined the Chengdu Shuangyi Health Run on March 22 in Chengdu, 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.
|
Three Months Ended March 31,
|
||||||||||||||||||||||||
2020
|
2019
|
|||||||||||||||||||||||
(in millions, except percentages)
|
USD
|
EUR
|
% of Revenue
|
EUR
|
% of Revenue
|
YoY Change
|
||||||||||||||||||
Core segments:
|
||||||||||||||||||||||||
Spectator Sports
|
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 revenues
|
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.
|
Three Months Ended March 31,
|
||||||||||||||||||||||||
2020
|
2019
|
|||||||||||||||||||||||
(in millions, except percentages)
|
USD
|
EUR
|
Gross margin
|
EUR
|
Gross margin
|
YoY Change in Gross Profit
|
||||||||||||||||||
Core segments:
|
||||||||||||||||||||||||
Spectator Sports
|
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
|
• |
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.
|
March 31, 2020
|
||||||||
(in millions)
|
USD
|
EUR
|
||||||
Wanda Sports Group Company Limited
|
229.6
|
208.4
|
||||||
Infront Group
|
521.1
|
473.1
|
||||||
The IRONMAN Group
|
274.3
|
249.0
|
||||||
Total
|
1,025.0
|
930.5
|
• |
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 in Europe and North America in the first quarter of 2020, by April 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
|
• |
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.
|
• |
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.
|
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 share2:
|
||||||||||||
Basic loss for the period attributable to ordinary equity holders of the parent
|
(0.13
|
)
|
(0.12
|
)
|
(0.05
|
)
|
||||||
Diluted loss for the period attributable to ordinary equity holders of the parent
|
(0.13
|
)
|
(0.12
|
)
|
(0.05
|
)
|
||||||
Basic loss for the period attributable to ADS holders of the parent
|
(0.19
|
)
|
(0.18
|
)
|
(0.08
|
)
|
||||||
Diluted loss for the period attributable to ADS holders of the parent
|
(0.19
|
)
|
(0.18
|
)
|
(0.08
|
)
|
||||||
Earnings per share for continuing operations:
|
||||||||||||
Basic (loss)/profit for the period attributable to ordinary equity holders of the parent
|
(0.02
|
)
|
(0.02
|
)
|
0.03
|
|||||||
Diluted (loss)/profit for the period attributable to ordinary equity holders of the parent
|
(0.02
|
)
|
(0.02
|
)
|
0.03
|
|||||||
Basic (loss)/profit for the period attributable to ADS holders of the parent
|
(0.03
|
)
|
(0.03
|
)
|
0.05
|
|||||||
Diluted (loss)/profit for the period attributable to ADS holders of the parent
|
(0.03
|
)
|
(0.03
|
)
|
0.05
|
For the three months ended
|
||||||||||||
March 31, 2020
|
March 31, 2019
|
|||||||||||
|
$ |
|
€ |
|
€ |
|||||||
Loss for the period
|
(26,454
|
)
|
(24,015
|
)
|
(8,636
|
)
|
||||||
Other comprehensive income:
|
||||||||||||
Other comprehensive income/(loss) to be reclassified to profit or loss in subsequent periods (net of tax):
|
||||||||||||
Net loss on cash flow hedges
|
(6,725
|
)
|
(6,105
|
)
|
(333
|
)
|
||||||
Exchange differences on translation of foreign operations
|
8,369
|
7,597
|
5,204
|
|||||||||
Net other comprehensive gain to be reclassified to profit or loss in subsequent periods
|
1,644
|
1,492
|
4,871
|
|||||||||
Other comprehensive income for the period, net of tax
|
1,644
|
1,492
|
4,871
|
|||||||||
Total comprehensive loss for the period, net of tax
|
(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
|
)
|
March 31, 2020
|
December 31, 2019
|
|||||||||||
|
$ |
|
€ |
|
€ |
|||||||
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 joint ventures
|
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
|
|||||||||
Goodwill
|
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
|
March 31, 2020
|
December 31, 2019
|
|||||||||||
|
$ |
|
€ |
|
€ |
|||||||
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 with the assets held for sale
|
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 EQUITY
|
2,028,800
|
1,841,744
|
1,796,061
|
For the three months ended
|
||||||||||||
March 31, 2020
|
March 31, 2019
|
|||||||||||
|
$ |
|
€ |
|
€ |
|||||||
NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES
|
16,894
|
15,336
|
(29,887
|
)
|
||||||||
NET CASH FLOWS USED IN INVESTING ACTIVITIES
|
(35,122
|
)
|
(31,884
|
)
|
(83,127
|
)
|
||||||
NET CASH FLOWS FROM FINANCING ACTIVITIES
|
57,750
|
52,425
|
119,638
|
|||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
39,522
|
35,877
|
6,624
|
|||||||||
Cash and cash equivalents at beginning of the period
|
179,803
|
163,225
|
177,048
|
|||||||||
Effect of foreign exchange rate changes, net
|
(1,436
|
)
|
(1,303
|
)
|
3,067
|
|||||||
Transfer to assets held for sale
|
(36,439
|
)
|
(33,079
|
)
|
-
|
|||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
181,450
|
164,720
|
186,739
|
For the three months ended
|
||||||||||||
March 31, 2020
|
March 31, 2019
|
|||||||||||
|
$ | € |
|
€ | ||||||||
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 charges (4)
|
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 consultants mainly in respect of
acquisitions.
|
3. |
Represents professional fees of legal counsel, auditors, due diligence experts, consultants, and related expenses for our IPO and financing.
|
4. |
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.
|
5. |
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.
|
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 May 18, 2020.
|
9. |
Represents share-based compensation amounting to €2.6 million, losses on foreign exchange amounting to €7.2 million and other non-recurring expenses amounting to
€1.0 million.
|