FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2024
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Q1 report 2024
May 21, 2024
Better Collective A/S
Sankt Annæ Plads 28-30
1250 Copenhagen (DK)
www.bettercollective.com
CVR NO.: 27 65 29 13
Interim report Q1, 2024
• Strong revenue performance of 95m EUR, growth of 8%
• Recurring revenue of 53 mEUR; growth of 14%
• Strong EBITDA of 29 mEUR, 31% margin; as expected down
13% due to the extraordinary performance last year
• Net debt to EBITDA of 1.7x
• Announced the acquisition of leading UK sports betting me-
dia AceOdds post Q1 for 42 mEUR
• Financial targets were upgraded by 5 mEUR on revenue and
EBITDA following the acquisition
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Q1 report 2024 Page 1
*Before special items
Revenue
mEUR
EBITDA*
mEUR
Recurring revenue
mEUR
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Q1 report 2024 Page 2
Highlights Q1, 2024 3
Financial highlights and key figures 4
CEO letter 5
Business review and financial performance 7
Financial targets 12
Other 13
Condensed interim financial statements for the
period 16
Notes 21
Parent company 30
A conference call for Better Collective’s stakeholders
will be held on May 22, at 10:00 a.m. CET and can be
joined online here.
To participate telephonically follow this link. Once
signed up you will receive an e -mail with a phone num-
ber and a personal dial-in code for the call.
The presentation material for the webcast will be avail-
able after market close on May 21 via:
www.Bettercollective.com
Upcoming events
• Q2 release - August 21, 2024
• Q3 release – November 13, 2024
• Q4 release – February 19, 2025
• Annual report – March 25, 2025
Table of
contents Q1 webcast
May 22, 2024
Q1 report 2024 Page 2
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Q1 report 2024 Page 3
Highlights Q1, 2024
Group revenue expectedly increased by 8% to 95 mEUR
(Q1 2023: 88 mEUR) with organic growth down 6%. The
growth was attained despite to extraordinary perfor-
mance last year, which included the launch of online
sports betting in two major US states. These state
launches operated on a CPA -based model, resulting in
significant one-off upfront revenues. The state launch in
North Carolina during this quarter entailed a blend of re-
curring revenue share and CPA.
Recurring revenue was 53 mEUR, posting 14% growth,
implying higher quality revenue . Recurring revenue
makes up 56% of total group revenue. This was achieved
while the sports win margin was lower than last year.
Additionally, during Q1, our core revenue share markets
(Europe & South America) saw a reduction of over 10%
in the number of soccer games in major leagues com-
pared to last year.
Group EBITDA before special items was 29 mEUR (Q1
2023: 33 mEUR) down 13% as expected due to extraor-
dinary performance last year The group EBITDA-margin
before special items was 31%. Group EBITDA margin was
impacted by the two recent acquisitions in Playmaker
Capital and Playmaker HQ being short term margin dilu-
tive.
Cash flow from operations before special items was 22
mEUR (Q1 2023: 33 mEUR). The cash conversion was
73%. By the end of Q1, capital reserves stood at 16 4
mEUR of which cash of 6 1 mEUR, and other current fi-
nancial assets of 6 mEUR and unused credit facilities of
97 mEUR.
New depositing customers (NDC) numbered more than
450,000 where 77 % was sent on revenue share con-
tracts.
Better Collective announced the completion of the Play-
maker Capital acquisition, making it the second -largest
acquisition to date. The integration has developed as
planned. Playmaker Capital and its advertising business
sees its lowest season during Q1. Due to th is as well as
the business being taken over from February the impact
from the two months of Q1 was muted with revenues of
7 mEUR and EBITDA around breakeven . T he perfor-
mance is expected to pick up over the course of the year
with the strongest quarter in Q4.
Q1 was as expected and following the acquisition of
AceOdds after Q1 the group’s 2024 financial targets
were upgraded as follows:
• Revenue of 395-425 mEUR, up from 390-420
mEUR, implying 21-30% growth
• EBITDA of 130-140 mEUR, up from 125-135mEUR,
implying 17-26% growth.
• Net/debt to EBITDA stay below 3x (unchanged)
The long -term 2023 -2027 financial targets were up-
dated following the acquisition of Playmaker Capital.
• Revenue CAGR of +20% (unchanged).
• EBITDA margin before special items of 35 -40%
(previously 30-40%).
• Net debt to EBITDA before special items of <3
(unchanged).
Better Collective raised 10% or approximately 145 mEUR
in an accelerated book building process to prepare for
future M&A. The demand in the placing was substantial.
Better Collective announced a new major shareholder as
BLS Capital Fondsmæglerselskab A/S now has 11.7% of
the voting rights.
Better Collective is now included in the Nasdaq Stock-
holm and Nasdaq Copenhagen Large Cap Index with
companies that have a market cap higher than 1 bnEUR.
Better Collective hosted its annual HLTV Award Show
gathering important people from the Counter Strike
community. The show had more than 100K peak viewers
and had more than 1.2 million views in total. In Sweden,
Better Collective hosted the popular Swedish sports
journalism award show “Guldskölden”.
Significant events
after close
Better Collective acquired UK sports betting media
AceOdds for a total consideration of 42 mEUR implying
4x last twelve months EBITDA. AceOdds offers a com-
prehensive range of betting tools, odds, reviews, and
streaming schedules through its web and app- based
platforms. With a robust presence in the UK market, Bet-
ter Collective’s global reach through local expertise
aligns perfectly with AceOdds’s vision of expanding its
influence outside the borders of the UK. Following the
acquisition Better Collective upgraded its 2024 full year
financial targets as mentioned.
On May 5 , Google activated a new policy focusing on
third-party content across a variety of commercial cat-
egories. This impacted the rankings and thereby traffic
to some of Better Collective’s media partnerships. Bet-
ter Collective remain proud of its media partnerships
and is working closely together with all parties involved
to address the changes. Consequently, some of Better
Collective’s owned and operated sports media portfolio
has seen an increase in traffic and rankings.
The Annual General Meeting 2024 was held electroni-
cally on April 22, 2024.
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Q1 report 2024 Page 4
Financial highlights and key figures
tEUR Q1 2024 Q1 2023 2023
Income statements
Revenue 95,031 87,945 326,686
Recurring revenue 53,286 46,817 191,118
Revenue Growth (%) 8% 30% 21%
Organic Revenue Growth (%) -6% 23% 13%
Operating profit before depreciation, amortization,
and special items (EBITDA before special items) 29,010 33,275 111,080
Operating profit before depreciation
and amortization (EBITDA) 26,468 32,667 109,132
Depreciation 1,472 713 3,958
Operating profit before amortization
and special items (EBITA before special items) 27,538 32,561 107,122
Special items, net - 2,542 - 607 - 1,948
Operating profit before amortization (EBITA) 24,996 31,954 105,174
Amortization and impairment 8,234 3,871 24,283
Operating profit before special items
(EBIT before special items) 19,304 28,691 82,839
Operating profit (EBIT) 16,762 28,083 80,891
Result of financial items - 6,498 - 735 - 22,881
Profit before tax 10,264 27,348 58,010
Profit after tax 7,553 20,935 39,835
Earnings per share (in EUR) 0.13 0.38 0.74
Diluted earnings per share (in EUR) 0.12 0.36 0.70
For a definition of financial key figures and ratios, please refer to page 34.
tEUR Q1 2024 Q1 2023 2023
Balance sheet
Balance Sheet Total 1,153,664 802,970 937,862
Equity 668,501 423,449 435,273
Current assets 138,218 107,722 105,812
Current liabilities 124,041 63,033 103,493
Net interest bearing debt 178,009 179,865 221,133
Cashflow
Cash flow from operations before special items 21,665 33,360 119,384
Cash flow from operations 10,016 32,966 114,639
Investments in tangible assets - 961 187 - 5,143
Cash flow from investment activities - 73,858 - 21,278 - 106,248
Cash flow from financing activities 90,940 - 7,724 29,334
Financial ratios
Operating profit before depreciation,
amortization (EBITDA) and special items margin (%) 31% 38% 34%
Operating profit before amortization margin (EBITDA) (%) 28% 37% 33%
Operating profit margin (%) 18% 32% 25%
Publishing segment
- EBITDA before special items margin (%) 34% 43% 37%
Paid media segment
- EBITDA before special items margin (%) 23% 27% 29%
Net interest bearing debt / EBITDA before special items 1.67 1.27 1.99
Liquidity ratio 1.11 1.71 1.02
Equity to assets ratio (%) 58% 53% 46%
Cash conversion rate before special items (%) 73% 100% 103%
Average number of full-time employees 1,677 926 1,252
NDCs (thousand) 450 488 1,916
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Q1 report 2024 Page 5
CEO letter
Good start to 2024 and
continued business
diversification to
future-proof business
We have come a long way since our Capital Markets
Day last year thanks to our continued focus on busi-
ness diversification and profitable growth . 2024 got
off to a good start despite comparing with extraordi-
nary performance last year , and I look forward to a
busy summer with many exciting sports events ahead
of us.
One year ago, we hosted our first Capital Markets Day
(CMD) to reflect on our achievements since listing in
2018. Here we showcased our business advancements,
which included the scaling of our audience from 7 mil-
lion to 180 million monthly visits, reducing dependency
on search engines and single clients, as well as expand-
ing our revenue streams. Over this period, we grew rev-
enue from 40 mEUR to 269 mEUR, increased opera-
tional earnings from 16 mEUR to 85 mEUR, and boosted
our market capitalization from 2 bnSEK to 10 bnSEK, all
with limited shareholder dilution. At the CMD we also
introduced and dove into what our vision of becoming
the leading digital sports media group entails.
So, what has happened since the CMD ? We have sus-
tained revenue and EBITDA growth. We have broad-
ened our business portfolio by acquiring several busi-
nesses; a social media and podcast production com-
pany, a bolt acquisition enhancing our Paid Media capa-
bilities, and we have added several leading sports media
brands to the group. This expansion has resulted in fur-
ther audience growth to more than 400 million monthly
visits (including Playmaker Capital) and it has posi-
tioned us as the leading sports media group in the rap-
idly growing South American market. Simultaneously,
we initiated the development of our proprietary AdTech
platform, AdVantage, which, if successful, could further
expand and diversify our revenue streams. If you wish to
learn more into AdVantage, we did a deep dive in our
Annual Report 2023.
Following a successful five-year listing in Stockholm, we
made the strategic decision to expand our capital mar-
kets presence by dual listing in Copenhagen, at the end
of last year. This move significantly increased interest
from investors as well as market analysts, and increased
media interest, resulting in a significant lift in employer
attractiveness. There has never been as much interest in
our company as now. This increased interest enabled us
to raise 145 mEUR in new capital during Q1, while also
welcoming large new shareholders into the group, all of
which I find very encouraging for executing our future
strategy and continued focus on M&A.
This narrative encapsulates our operational philosophy.
We are constantly scouting for new long -term growth
opportunities, exemplified by AdVantage - an initiative
that will diversify and future -proof our business and
align with our vision. At the same time, we remain laser
focused on our operations and delivering value to our
partners and audience.
Since our IPO in 2018, M&A has played a crucial role in
our transition from a sports betting affiliate to a leading
digital sports media group. We have successfully built a
structure, where our group strength acts as an amplifier
for the acquired media brands, utiliz ing our core com-
petencies to grow audiences, scaling content and opti-
mize monetization. Our Greek brand Betarades, which
we acquired in 2018, stands as a great example of this.
Betarades; a true success story
Back in 2018, we acquired the leading sports betting af-
filiate in the Greek market, laying the foundation for an
impressive journey as the brand and the team behind
have consistently surpassed our expectations. Notably,
the co-founder of Betarades has been instrumental not
only in leading Betarades but also serving as our Man-
aging Director for Southeast Europe. As a founder my-
self, I am proud to have built a business where other
founders thrive and support our long-term journey.
Since 2018, Betarades' audience has grown exponen-
tially, establishing itself as the leading sports media
across social platforms in the market. With more than
180k subscribers on YouTube and a prominent presence
on TikTok , the brand's multi -channel approach has
proven highly effective. Media monetization efforts cou-
pled with an increase in recurring revenue share income
have resulted in a remarkable five-fold revenue surge.
What has made this possible? Since the acquisition, Bet-
ter Collective has assumed the bulk of administrative re-
sponsibilities, allowing the team to focus on their core
strengths: brand building, quality content production,
and commercialization. Moreover, our global reach,
best-in-class partnership contracts, and performance
marketing expertise have unlocked new opportunities
that were previously inaccessible to Betarades. This
strategic support has propelled Betarades to new
heights.
Witnessing Betarades evolve from a dominant player in
Greek sports media affiliation to a versatile multi -chan-
nel sports media has been nothing short of inspiring. Be-
tarades now works with some of the most well -known
brand ambassadors in the region including soccer icons
from the winning 2004 European Championship team.
The journey of Betarades mirrors the journey Better Col-
lective is currently on as a group, reinforcing our com-
mitment to innovation and growth in the dynamic world
of sports media.
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Q1 report 2024 Page 6
2024 got off to a good start
In Q1 last year, online sports betting was launched in
Ohio and Massachusetts, resulting in significant revenue
generation through CPA -based contracts. This had a
substantial positive one -time impact, contributing to a
44% increase in EBITDA from Q1 2022 t o Q1 2023. In Q1
of this year, we saw the launch of sports betting in North
Carolina with revenue structured on a combination of
revenue share and CPA -based contracts. This structure
delays a portion of revenue but is strategic for future
growth. Furthermore, the sports win margin during Q1
was lower than last year and lower than forecasted.
Lastly, we saw a reduction of more than 10% fewer soc-
cer matches in the major leagues in Europe and South
America.
Despite these circumstances, Q1 marked another strong
quarter for Better Collective with revenue increasing by
8% to 95 mEUR. It is worth noting that our recurring rev-
enue grew 14 % to 53 mEUR, now including significant
audience-driven revenue from Playmaker Capital, hence
signaling another quarter of higher quality. EBITDA for
the quarter was 29 mEUR, reflecting a n expected 13%
decrease due to the extraordinary performance last year
mentioned above and ongoing revenue transition in the
US.
Positive market trends
In Q1, we saw good performance across all markets. Eu-
rope & ROW showed outstanding performance with an
impressive 20% growth of which 5 % was organic . This
achievement was fueled by a widespread impact across
markets, facilitated by our owned and operated chan-
nels alongside strategic media partnerships. In anticipa-
tion of the European Championships and Copa America,
preparations are already in action, including concept de-
velopments and brand strategies tailored to maximize
our impact.
Playmaker Capital integration
is progressing as planned
Last year, we mad e public our intention to acquire the
sports media group, Playmaker Capital, and successfully
closed the acquisition early this year. Having only taken
over the company in February, we are already observing
positive trends. The cultural fit between our organiza-
tions is excellent and we see great opportunities to
share knowledge across the teams. Overall, the integra-
tion of Playmaker Capital has progressed as planned and
we have already observed encouraging early perfor-
mance marketing result s during the quarter stemming
from affiliation revenue. With the acquisition of Play-
maker Capital, we raised the 2027 financial targets for
EBITDA from 30-40% to 35-40%, underscoring our con-
fidence in achieving synergies over time. This adjust-
ment indicates that the buildup and synergy realization
will be more pronounced in the latter part of our fore-
casted period.
North American product
diversification
Turning attention to the North American market, we are
delighted with the progress made in Q1. Our commercial
position has never been stronger with active partner-
ships established across all major players in the region.
We achieved notable successes during the North Caro-
lina state launch and the Super Bowl events. North
American NDCs were up versus last year, but revenue
was down 8% and organic down 22%, due to the already
mentioned comparison and the ongoing revenue share
transition. We increased our investment in revenue
share, which will set us up well for sustained revenue in
years to come. The mix of NDCs on revenue share versus
upfront CPA was similar as in previous quarters.
Additionally, our expansion into high- level media has
proven successful following last year’s acquisition of
Playmaker HQ. At one point three out of the top five
sports podcasts in the US on Spotify belonged to Better
Collective – led by Shaquille O’Neal’s “Big Podcast”
show, as well as “Roommates” featuring New York
Knicks stars Jalen Brunson and Josh Hart - and our
shows have been consistently frequented by renowned
celebrities and including many star athletes. This strate-
gic move has enriched our product offerings and
amplified our reach within the North American audience
cementing our leading position.
A busy summer ahead
We are looking into a busy summer, with the European
Championships and Copa America, along with the Olym-
pics. We anticipate that the European Championship will
be a significant sporting event for our group, positively
contributing to growth. Due to our limited experience
with Copa America, we take a more cautious approach
here, although we acknowledge the tournament’s inter-
est and relevance. We are now the leading digital sports
media in South America, making the tournament even
more interesting.
Lastly, as we develop AdVantage, the Olympics are be-
coming increasingly relevant, as we observe strong gen-
eral advertising interest surrounding the event.
I would like to round off by thanking all my colleagues
at Better Collective, now also including the full Play-
maker Capital group. As a co -founder it is a true pleas-
ure being surrounded by so many ambitious colleagues
that have taken ownership of our strategy and vision
and continue to deliver strong results.
Jesper Søgaar d
Co-founder & CEO
===== SIDA 8 =====
Q1 report 2024 Page 7
Business review
and financial
performance
Group
Q1 was another solid quarter for the Better Collective
group, as revenues grew 8% of which -6% was organic.
The Group saw tough comparisons due to extraordinary
performance last year where Q1 included two state
launches in the US mainly on upfront CPA based con-
tracts. During this year there was one state launch which
was on a mix of CPA and revenue share. Further Q1, saw
a lower sports win margin versus Q1 last year as well as
more than 10% fewer European and South American
soccer matches. Playmaker Capital was included from
February and contributed with revenue of 7 mEUR and
a breakeven EBITDA. The performance is expected to
pick up over the course of the year with the strongest
quarter in Q4.
Operational earnings (EBITDA before special items)
were 29 mEUR, implying a margin of 31%. The group ’s
operational profit decreased by 13% due to the afore-
mentioned factors.
Recurring revenue came in at 53 mEUR, implying growth
of 14%, and made up 56% of group revenues.
The group delivered more than 450,000 new depositing
customers to partnering sportsbooks and continued its
strong growth path during its transitional phase to rev-
enue share agreements in the US. Out of the total NDCs
77% were revenue share contracts.
Q1 report 2024 Page 7
Key figures for the group
tEUR Q1 2024 Q1 2023 Growth 2023
Revenue 95,031 87,945 8% 326,686
Cost 66,020 54,670 21% 215,605
Operating profit before depreciation and amortization and special items 29,011 33,275 -13% 111,080
EBITDA-Margin before special items 31% 38% 34%
Operating profit before depreciation and amortization 26,468 32,667 -19% 109,132
EBITDA-Margin 28% 37% 33%
Organic Growth -6% 23% 13%
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Q1 report 2024 Page 8
Publishing
The Publishing business includes revenue from Better
Collective’s proprietary owned and operated sports me-
dia as well as media partnerships. The audiences for
these brands are mostly generated through direct traffic
or organic search results.
Revenues from this segment came in at 66 mEUR imply-
ing a growth of 12%. O rganic growth was flat. Opera-
tional profit came in at 23 mEUR, implying a margin of
34%. The publishing segment accounted for 70% of
group revenue and 78% of operational earnings.
The growth in the P ublishing segment came despite
very tough comparisons in the US where Q1 2023 in-
cluded two states launches with upfront revenues
through CPA -based contracts and thereby delivered
extraordinary performance. This year the state launch of
North Carolina was based on a mix of revenue share and
CPA, hence delaying the upfront element, to gain long-
term profitable growth. Furthermore, the Publishing
segment’s revenue share income was impacted by a
lower-than-expected sports win margin, as well as more
than 10% fewer soccer matches in major leagues being
played across Europe and South America as compared
to last year.
The performance was broadly based on owned and op-
erated sports brands as well as media partnerships.
The North American contractual transition toward reve-
nue share has continued with a similar mix of NDCs sent
on revenue share versus CPA as previous quarters. The
transition postpones revenue and earnings, as it has a
short-term dampening effect on revenues and earnings.
Paid Media
The Paid Media business includes revenue efforts in paid
advertising on search engines, as well as advertising on
third party sports media. Given the upfront payment to
advertise on third party platforms the gross margin is
lower than in the Publishing business.
Paid Media revenue was 29 mEUR, implying a flat devel-
opment driven by the Skycon acquisition with organic
growth down 18% , which is to be compared with last
year’s organic growth of 51%.
Operational profit came in at 7 mEUR, down 17% with a
margin of 23% . The Paid Media segment accounted for
30% of group revenue and 22% of operational profit.
The Paid Media performance had similar high compari-
sons to the Publishing segment from last year. This can
be seen in Paid Media CPA revenue decreasing 32% dur-
ing the quarter, while recurring revenue share increased
by 80%. During Q1, more NDCs were sent on revenue
share-based contracts, like the Publishing segment.
Key figures for the Publishing segment
tEUR Q1 2024 Q1 2023 Growth 2023
Revenue 66,310 59,204 12% 220,328
Share of Group 70% 67% 67%
Cost 43,804 33,795 30% 139,685
Share of Group 66% 62% 65%
Operating profit before depreciation and amortization and special items 22,506 25,409 -11% 80,642
Share of Group 78% 76% 73%
EBITDA-Margin before special items 34% 43% 37%
Operating profit before depreciation and amortization 19,980 24,802 -19% 78,695
EBITDA-Margin 30% 42% 36%
Organic Growth 0% 12% 15%
Key figures for the Paid Media segment
tEUR Q1 2024 Q1 2023 Growth 2023
Revenue 28,721 28,741 0% 106,358
Share of Group 30% 33% 33%
Cost 22,217 20,875 6% 75,920
Share of Group 34% 38% 35%
Operating profit before depreciation and amortization and special items 6,505 7,866 -17% 30,438
Share of Group 22% 24% 27%
EBITDA-Margin before special items 23% 27% 29%
Operating profit before depreciation and amortization 6,488 7,866 -18% 30,438
EBITDA-Margin 23% 27% 29%
Organic Growth -18% 51% 13%
===== SIDA 10 =====
Q1 report 2024 Page 9
Europe & Rest of World
The Europe & Rest of the world (ROW) business includes
all markets outside of North America. The European
markets consist of more mature markets and are the leg-
acy markets of Better Collective . South America is a
strong growth market and makes up an increasingly big-
ger part of the business. Examples of sports brands in-
clude Soccernews in the Netherlands, Betarades in
Greece, Tipsbladet in Denmark, Wettbasis in Germany,
Goal.pl in Poland, and Les Transferts in Franc e, as well
as Bolavip in all South America, SomosFanaticos in Bra-
zil, and Redgol in Chile. The portfolio further includes the
esport communities HLTV and FUTBIN.
Europe & ROW are heavily exposed to recurring revenue
share income. During Q1, the sports win margin was
lower than expected and lower than last year. Further,
Q1 saw more than 10% fewer soccer matches in Europe
and South America, impacting the quarterly result.
Despite this, Europe & ROW posted revenue of 61 mEUR,
implying growth of 20%, of which 5% was organic.
Operational profits came in at 20 mEUR, giving a margin
of 33%, which is an increase of 6%. Europe & ROW reve-
nue accounted for 64 % and operational profit ac-
counted for 69% of the group.
North America
Both the US and the Canadian markets are recently reg-
ulated. As both markets are young, revenues have
largely been generated from one-time payments (CPA)
but have started gradually to transition into revenue
share. Key North American sports brands include but are
not limited to Action Network, Yardbarker, The Nation
Network, Playmaker HQ VegasInsider, RotoGrinders,
Sportshandle, and Canada Sports Betting.
The North American revenue came in at 34 mEUR, im-
plying a decline of 8%, and a decline of 22% organic
growth. The net decline was impacted by the ongoing
revenue share transition and the comparison from the
two state launches last year, which were both upfront
CPA-based revenues.
Operational profit came in at 9 mEUR, equaling a margin
of 27%, impacted by the same measures as well as hav-
ing acquired Playmaker HQ and Playmaker Capital
which are both margins dilutive. The group continues its
transition towards recurring revenue share in the North
American market and saw a similar mix of NDCs as pre-
vious quarters. Revenue share income from North Amer-
ica grew around 25% quarter over quarter.
Key figures for North America segment
tEUR Q1 2024 Q1 2023 Growth 2023
Revenue 34,010 37,143 -8% 108,600
Share of Group 36% 42% 33%
Cost 24,902 22,600 10% 77,703
Share of Group 38% 41% 36%
Operating profit before depreciation and amortization and special items 9,108 14,543 -37% 30,897
Share of Group 31% 44% 28%
EBITDA-Margin before special items 27% 39% 28%
Operating profit before depreciation and amortization 7,313 14,543 -50% 30,009
EBITDA-Margin 22% 39% 28%
Organic Growth -22% 15% 5%
Key figures for Europe & RoW segment
tEUR Q1 2024 Q1 2023 Growth 2023
Revenue 61,021 50,802 20% 218,085
Share of Group 64% 58% 67%
Cost 41,119 32,070 28% 137,902
Share of Group 62% 59% 64%
Operating profit before depreciation and amortization and special items 19,903 18,732 6% 80,183
Share of Group 69% 56% 72%
EBITDA-Margin before special items 33% 37% 37%
Operating profit before depreciation and amortization 19,156 18,124 6% 79,123
EBITDA-Margin 31% 36% 36%
Organic Growth 5% 29% 17%
===== SIDA 11 =====
Q1 report 2024 Page 10
Financial
performance first
quarter 2024
Revenue growth of 8% to 95
mEUR and organic growth of
-6%
Revenue showed strong growth v ersus 2023 of 8% and
amounted to 95 mEUR (2023: 88 mEUR). Revenue share
accounted for 45% of the revenue with 31% coming from
CPA, 4% from subscription sales, and 20% from other in-
come.
The acquisition of Playmaker Capital has contributed
with revenue of 7 mEUR during Q1, 2024.
Cost of 66 mEUR - up from 55
mEUR
The increase in costs compared to Q1, 2023 is primarily
driven by personnel costs increasing 8 mEUR corre-
sponding to an inc rease of 35 %. The increase is driven
by an increase in average number of employees increas-
ing from average 926 in Q1 2023 to 1,677 in Q1 2024,
where 370 employees joined Better Collective as part of
the acquisition of Playmaker Capital completed Febru-
ary 6, 2024.
Direct costs related to media partnerships and Paid Me-
dia increased slightly, 0.8m EUR , however less than
overall growth in revenue . The cost base excluding de-
preciation and amortization grew 11 mEUR, up to 66
mEUR (Q1 2023: 55 mEUR).
Total direct cost relating to revenue increased by 0.8
mEUR to 28 mEUR (Q1 2023: 27 mEUR) with the growth
coming from increased cost primarily related to media
partnerships. Beyond the cost of paid traffic, this in-
cludes hosting fees of websites, content generation, and
external development.
Personnel cost increased 35% from March 2023 to 29
mEUR 2024 (Q1 2023: 21 mEUR). The average number of
employees increased 81 % to 1,677 (Q1 2023: 926). Per-
sonnel costs include costs related to warrants of 1 mEUR
(Q1 2023: 0,1 mEUR).
Other external costs increased 3 mEUR or 49 % to 9
mEUR (Q1 2023: 6 mEUR). Depreciation and amortiza-
tion amounted to 10 mEUR (Q1 2023: 5 mEUR). The in-
crease is primarily due to amortization related to the ac-
quisitions in 2023 of Skycon, Playmaker HQ, Digital
Sportmedia I Norden AB (the four brands are Sven-
skaFans.com, Hockeysverige.se, Fotbolldirekt.se and
Innebandymagazinet.se), Goalmedia Technologia E
Marketing Digital (the brand is Torcedores.) and
Tipsbladet as well as new media partnerships. Addition-
ally, Better Collective completed the acquisition of
Playmaker Capital in February 2024, which also contrib-
utes to the increase in amortizations and depreciations.
Special items
Special items amounted to a n expense of 3 mEUR (Q1
2023: -1 mEUR). The net expense of 3 mEUR is primarily
related to M&A expenses of 2 mEUR and restructuring
of 1 mEUR.
Earnings
Operational earnings (EBITDA) before special items de-
creased 13% to 29 mEUR ( Q1 2023: 33 mEUR). The
EBITDA-margin before special items was 31% (Q1 2023:
38%). Including special items, the reported EBITDA was
27 mEUR. (Q1 2023: 33 mEUR).
EBIT before special items de creased 34% to 19 mEUR
(Q1 2023: 29 mEUR). Including special items, the re-
ported EBIT was 17 mEUR (Q1 2023: 28 mEUR).
Net financial items
Net financial costs amounted to 7 mEUR (Q1 2023: 1
mEUR) and included net interest, fees relating to bank
credit lines , unrealized losses on shares and exchange
rate adjustments. Interest expenses amounted to 4
mEUR and included non-payable, calculated interest ex-
penses on certain balance sheet items, 5 mEUR had cash
flow effect.
Net financial costs are impacted by an unrealized loss of
1 mEUR on Catena Media shares and net exchange rate
loss amounted to 1 mEUR.
Income tax
Better Collective has a tax presence in the places where
the company is incorporated . These places count Den-
mark (where the parent company is incorporated), Aus-
tria, France, Greece, Malta, Netherlands, Poland, Portu-
gal, Romania, Serbia, Sweden, UK, Canada, Brazil, Co-
lombia, Argentina, Uruguay and the US. Income tax
amounted to 3 mEUR (Q1 2023: 6 mEUR). The Effective
Tax Rate (ETR) was 26.4% (Q1 2023: 23.5%) increasing
primarily due to non-deductible costs.
Net profit
Net profit after tax was 8 mEUR (Q1 2023: 21 mEUR).
Earnings per share (EPS) was EUR/share 0.13 versus
0.38 EUR/share Q1 2023.
Equity
The equity increased to 66 9 mEUR as per March 31,
2024, from 435 mEUR on December 31, 202 3. Besides
the net profit of 8 mEUR, the equity has been impacted
by the share exchange in connection with the acquisi-
tion of Playmaker Capital of 46 mEUR, disposal of treas-
ury shares of 30 mEUR , the capital increase in March
with 145 mEUR, and share-based payments of 1 mEUR.
===== SIDA 12 =====
Q1 report 2024 Page 11
The decrease in USD versus EUR has impacted the eq-
uity by 6 mEUR.
Balance sheet
Total assets amounted to 1,15 4 mEUR ( Q1 2023: 803
mEUR), with an equity of 669 mEUR (2023: 435 mEUR).
This corresponds to an equity to assets ratio of 58 %
(2023: 5 3%). The liquidity ratio was 1.11 resulting from
current assets of 138 mEUR and current liabilities of 124
mEUR. The ratio of net interest-bearing debt to EBITDA
before special items was 1.67 at the end of March.
Investments
In Q4 of 2023 Better Collective announced the acquisi-
tion of Playmaker Capital, which closed on 6 February
2024. This strategic move, with a total purchase price of
111 million EUR, cements our position as a market leader
in South America while reinforcing our North American
market presence. Playmaker Capital aligns seamlessly
with our strategy, offering significant synergies that will
bring the upfront 11,7x EV/EBITDA below 5x by 2026,
expecting margins in line with Better Collective's pub-
lishing business.
Cash flow and financing
Cash flow from operations before special items was 22
mEUR (2023: 33 mEUR) with a cash conversion of 73%.
Better Collective has bank credit facilities of a total of
319 mEUR. By the end of March 202 4, capital reserves
stood at 164 mEUR consisting of cash of 61 mEUR, other
current financial assets of 6 mEUR in form of listed
shares and unused bank credit facilities of 97 mEUR.
The parent company
Better Collective A/S, is the parent company of the
group. Revenue grew by 26% to 30 mEUR (Q1 2023: 24
mEUR). Total costs including depreciation and amorti-
zation was 28 mEUR (Q1 2023: 20 mEUR). Profit after
tax was 13 mEUR (Q1 2023: 3 mEUR). The change in
profit after tax is primarily due to differences in dividend
payments from subsidiaries, exchange rate adjustments,
financial expenses, amortizations and corporate tax. To-
tal equity ended at 673 mEUR by March 31, 2024 (2023:
443 mEUR). The equity in the parent has been impacted
by the share exchange in connection with the acquisi-
tion of Playmaker Capital of 46 mEUR, the capital in-
crease in March with 145 mEUR and share -based pay-
ments of 1 mEUR.
===== SIDA 13 =====
Q1 report 2024 Page 12
Financial targets
2024
Following the acquisition of AceOdds post Q1, the finan-
cial targets for the Better Collective group for the year
2024 has been upgraded:
• Revenue of 395-425 mEUR, implying 21-30%
growth (previously 390-420 mEUR)
• EBITDA of 125-135 mEUR implying 17-26% growth
(previously 120-130 mEUR)
• Net/debt to EBITDA stay below 3x (unchanged)
2024 implications
The targets factor in an eleven -month impact from the
Playmaker Capital acquisition with the deal closing on
February 6. The acquisition is expected to ramp up over
time with expected flat revenue and earnings for 2024.
More factors are continued investmen t in developing
the AdTech platform, several AI -projects and scaling
commercial development. Further the continued North
American recurring revenue share transition to invest in
future sustainable growth coupled with high expecta-
tions for the men’s Europea n Championship this sum-
mer.
2023- 2027
The long -term 2023 -2027 financial targets have been
updated following the acquisition of Playmaker Capital.
• Revenue CAGR of +20% (unchanged).
• EBITDA margin before special items of 35-40%
(previously 30-40%).
• Net debt to EBITDA before special items of <3
(unchanged).
2023-2027 implications
The long-term targets include M&A funded by own cash
flow and debt, and not capital increases. With Play-
maker Capital, Better Collective utilized cash, debt,
treasury shares and a small capital increase, resulting in
a minimal dilution of 3%. Hence, a large part of the ac-
quisition was already included in the guidance, making
the group more comfortable in its ability to reach these.
Given the opportunity to move revenue from advertis-
ing to performance marketing and the increased profit-
ability therein the margin target is upgraded, narrowing
it toward the high end. Given the nature of performance
marketing and the change in cash flow, the margin up-
tick will happen after 12-24 months.
Disclaimer
This report contains certain forward-looking statements
and opinions. Forward -looking statements are state-
ments that do not relate to historical facts and events.
Such statements or opinions pertaining to the future, for
example wording like; “believes”, “deems”, “estimates”,
“anticipates”, “aims’, and “forecasts” or similar expres-
sions are intended to identify a statement as forward -
looking. This applies to statements and opinions con-
cerning the future financial returns, plans and expecta-
tions with respect to the business and management of
the group, future growth , profitability, general eco-
nomic and regulatory environment , and other matters
affecting Better Collective.
Forward-looking statements are based on current esti-
mates and assumptions made according to the best of
the group’s knowledge. These statements are inherently
associated with both known and unknown risks, uncer-
tainties, and other factors that could cause t he results,
including the group’s cash flow, financial condition, and
operations, to differ materially from the results, or fail to
meet expectations expressly or implicitly, assumed or
described in those statements or to turn out to be less
favorable than the results expressly or implicitly as-
sumed or described in those statements.
Better Collective can give no assurance regarding the
future accuracy of the opinions set forth herein or as to
the actual occurrence of any predicted developments
and/or targets. Considering the risks, uncertainties and
assumptions associated with forward -looking state-
ments, it is possible that certain future events may not
occur. Moreover, forward -looking estimates derived
from third-party studies may prove to be inaccurate. Ac-
tual results, performance or events may differ materially
from those in such st atements e.g. due to changes in
general economic conditions, in particular economic
conditions in the markets in which the group operates,
changes affecting interest rate levels, changes affecting
currency exchange rates, changes in competition levels,
changes in laws and regulations, and occurrence of ac-
cidents or environmental damages and systematic de-
livery failures. We undertake no obligation to update or
revise any forward -looking statements, whether be-
cause of new information, future events or otherwi se,
except to the extent required by law.
===== SIDA 14 =====
Q1 report 2024 Page 13
Other
Shares and share capital
Better Collective A/S is listed on Nasdaq Stockholm
main market and Nasdaq Copenhagen main market. The
shares are traded under the ticker “BETCO”. As per
March 31, 202 4, the share capital amounted to
628,995.05 EUR, and the total number of issued shares
was 62,899,505. The company has one (1) class of
shares. Each share entitles the holder to one vote at the
general meetings.
Shareholder structure
As of March 31, 2024, the total number of shareholders
was 5,569. A list of top ten shareholders in Better Col-
lective A/S can be found on the group’s website.
Annual General Meeting 2024
The annual general meeting 2024 w as held on April 22,
2024. Shareholders who wish to have a specific matter
brought before the general meeting must submit a writ-
ten request to the company’s Board of Directors no later
than six weeks prior to the general meeting. If the
request is received less than six weeks before the date
of the general meeting, the Board of Directors must de-
cide whether the request has been made with enough
time for the issue to be included on the agenda.
Incentive programs
To attract and retain key competences, the company
has established warrant programs for certain key em-
ployees. All warrants with the right to subscribe for one
ordinary share. If all outstanding warrants are sub-
scribed, then the maximum shareholders dilution will be
approximately 4.3%. On January 2 , 2024, the board of
directors implemented a Long-Term Incentive Plan (LTI)
for key employees in the Better Collective group.
In total the grants under the LTI in 202 4 cover 61,523
performance share units and 426, 870 share options to
79 key employees in total, vesting over a 3-year period.
The total value of the 2023 LTI grant program is 3.6
mEUR (calculated Black-Scholes value) measured at the
target level, which is to say 100% achievement of the fi-
nancial goals.
Program
Warrants outstanding
March 31, 2024 Vesting period Exercise period
Exercise price
DKK
Exercise price
EUR (rounded)
2019* 756,308 2020-2023 2022-2024 64.78 8.70
2020** 25,000 2021-2023 2023-2025 61.49 8.26
2020* 204,499 2021-2023 2023-2025 106.35 14.28
2021* 377,372 2022-2024 2024-2026 150.41 20.20
2021 US MIP Options 43,358 2021-2024 2024-2026 138.90 18.65
2022 US MIP Options 15,238 2022-2023 2023-2026 107.25 14.40
2022 Options 22,138 2022-2024 2025-2027 130.98 17.59
2022 PSU 67,276 2022-2024 2025-2027
2023 CXO Options 300,000 2023-2025 2026-2028 142.08 19.08
2023 Options 239,336 2023-2025 2026-2028 85.76 11.52
2023 PSU 131,311 2023-2025 2026-2028
2024 Options 426,870 2024-2026 2027-2029 76.67 10.28
2024 PSU 61,523 2024-2026 2027-2029
* Key employees and members of executive management
** Following the AGM on April 22, 2020, 25,000 warrants were issued to the new board member, Todd Dunlap.
===== SIDA 15 =====
Q1 report 2024 Page 14
Risk management
Through an Enterprise Risk Management process, vari-
ous gross risks in Better Collective are identified. Each
risk is described, including current risk mitigation in
place, or planned mitigating actions. The subsequent
analysis of the identified risks inclu des an inherent risk
evaluation based on two main parameters: probability
of occurrence and impact on future earnings and cash
flow. Better Collective’s management continuously
monitors risk development in the Better Collective
group. The risk evaluation is presented to the Board of
Directors annually, for discussion and any further miti-
gating actions required. The board evaluates risk dy-
namically to account for this variation in risk impact. The
policies and guidelines in place stipulate how manage-
ment must work with risk management.
Better Collective’s compliance with these policies and
guidelines is also monitored by the management on an
ongoing basis. Better Collective seeks to identify and
understand risks and mitigate them accordingly. Also,
the group’s close and longstanding relationships with
customers allow Better Collective to anticipate and re-
spond to market movements and new regulations in-
cluding compliance requirements from authorities and
sportsbooks.
With the continued expansion in North and South Amer-
ica, the overall r isk profile of Better Collective has
changed, and compliance as well as financial risk have
increased. Better Collective has mitigated the additional
risks in several ways, compliance risk through involve-
ment of regulatory bodies in our licensing process for
newly established entities, financial risk through a per-
formance-based valuation of the acquired entities, and
organizational risk through establishment of local gov-
ernance, and finance, HR, and l egal organization dedi-
cated to the North and South American operations.
Other key risk factors are described in the Annual report
2023.
Contacts
VP of Group Strategy, Investor Relations and Corporate
Communications; Mikkel Munch-Jacobsgaard
investor@bettercollective.com
This information is such information as Better Collective
A/S is obliged to make public pursuant to the EU Market
Abuse Regulation. The information was submitted for
publication, through the agency of the contact person
set out above on May 21, 2024, after market close (CET).
About
Better Collective owns global and national sport media,
with a vision to become the leading digital sports media
group. We are on a mission to excite sports fans through
engaging content and foster passionate communities
worldwide. Better Collective's portfolio of digital sports
media brands includes; HLTV , FUTBIN, Betarades,
Soc-
cernews, Tipsbladet, Action Network , Playmaker HQ ,
VegasInsider, Bolavip and Redgol. Headquartered in Co-
penhagen, Denmark, and dual listed on Nasdaq Stock-
holm (BETCO) and Nasdaq Copenhagen (BETCO DKK).
To learn more about Better Collective please visit
www.Bettercollective.com
===== SIDA 16 =====
Q1 report 2024 Page 15
Statement by the
Board of Directors
and the Executive
Management
Statement by the Board of Directors and the Execu-
tive Management on the condensed consolidated in-
terim financial statements and the parent company
condensed interim financial statements for the period
January 1 – March 31, 2024.
Today, the B oard of D irectors and the E xecutive
Management have discussed and approved the
condensed consolidated interim financial statements
and the parent company condensed interim financial
statements of Better Collective A/S for the period Jan-
uary 1 – March 31, 2024.
The condensed consolidated interim financial state-
ments for the period January 1 – March 31, 2024, are pre-
pared in accordance with IAS 34 Interim Financial Re-
porting as adopted by the EU, and additional require-
ments of the Danish Financial Statements Act. The par-
ent company condensed interim financial statements
have been included according to the Danish Executive
Order on the Preparation of Interim Financial Reports.
In our opinion, the condensed consolidated interim
financial statements and the parent company con-
densed interim financial statements give a true and fair
view of the group’s and parent company’s assets, liabil-
ities, and financial position on March 31, 2024, and of the
results of the group’s and parent company’s operations
and the group’s cash flows for the period January 1 –
March 31, 2024.
Further, in our opinion, the management’s review gives
a fair review of the development in the group’s and the
parent company’s operations and financial matters and
the results of the group’s and the parent company’s op-
erations and financial position, as well as a description
of the major risks and uncertainties, the group and the
parent company are facing. The Interim Report has not
been audited nor reviewed by the Company’s auditor.
Copenhagen, May 21, 2024
Executive
Management
Jesper Søgaard
Co-founder & CEO
Christian Kirk Rasmussen
Co-founder & COO
Executive Vice President
Flemming Pedersen
CFO
Executive Vice President
Board of Directors
Jens Bager
Chair
Therese Hillman
Vice Chair
Britt Boeskov
Todd Dunlap Leif Nørgaard René Rechtman
Petra von Rohr
===== SIDA 17 =====
Q1 report 2024 Page 16
Condensed interim financial statements for the
period
Consolidated income statement
Note tEUR Q1 2024 Q1 2023 2023
3 Revenue 95,031 87,945 326,686
Direct costs related to revenue 27,929 27,149 99,296
4 Staff costs 28,718 21,226 88,921
Other external expenses 9,374 6,295 27,389
Operating profit before depreciation and amortization (EBITDA) and special items 29,010 33,275 111,080
Depreciation 1,472 713 3,958
Operating profit before amortization (EBITA) and special items 27,538 32,561 107,122
7 Amortization and impairment 8,234 3,871 24,283
Operating profit (EBIT) before special items 19,304 28,691 82,839
5 Special items, net - 2,542 - 607 - 1,948
Operating profit 16,762 28,083 80,891
Financial income 1,607 2,672 5,987
Financial expenses 8,105 3,407 28,868
Profit before tax 10,264 27,348 58,010
6 Tax on profit for the period 2,711 6,414 18,175
Profit for the period 7,553 20,935 39,835
Earnings per share attributable to equity holders of the company
Average number of shares 58,511,905 55,154,113 55,186,772
Average number of warrants - converted to number of shares 2,481,064 2,419,909 2,658,571
Earnings per share (in EUR) 0.13 0.38 0.74
Diluted earnings per share (in EUR) 0.12 0.36 0.70
Consolidated statement of other comprehensive income
tEUR Q1 2024 Q1 2023 2023
Profit for the period 7,553 20,935 39,835
Other comprehensive income
Other comprehensive income that may be reclassified to profit or loss in subsequent peri-
ods:
Fair value adjustment of hedges for the year 483 0 - 483
Currency translation to presentation currency - 170 - 678 1,318
Currency translation of non-current intercompany loans 6,278 - 5,107 - 9,440
Tax on other comprehensive income/loss 0 1,123 0
Net other comprehensive income/loss 6,591 - 4,661 - 8,605
Total comprehensive income/(loss) for the period, net of tax 14,144 16,274 31,230
Attributable to:
Shareholders of the parent 14,144 16,274 31,230
===== SIDA 18 =====
Q1 report 2024 Page 17
Consolidated statement of financial position
Note tEUR Q1 2024 Q1 2023 2023
Assets
Non-current assets
7 Intangible assets
Goodwill 351,240 182,108 255,074
Domains and websites 548,228 459,833 466,615
Accounts and other intangible assets 86,989 33,046 79,740
Total intangible assets 986,457 674,987 801,429
Tangible assets
Right of use assets 17,056 5,634 15,575
Leasehold improvements, Fixtures and fittings, other plant and equipment 6,791 2,758 6,006
Total tangible assets 23,847 8,393 21,582
Other non-current assets
Deposits 1,869 1,623 1,803
Deferred tax asset 3,273 10,245 7,236
Total other non-current assets 5,142 11,868 9,039
Total non-current assets 1,015,446 695,248 832,050
Current assets
Trade and other receivables 61,670 51,059 48,954
Corporation tax receivable 4,177 7,196 2,252
Prepayments 5,238 3,499 4,250
Other current financial assets 5,639 17,121 6,804
Cash 61,494 28,847 43,552
Total current assets 138,218 107,722 105,812
Total assets 1,153,664 802,970 937,862
Note tEUR Q1 2024 Q1 2023 2023
Equity and liabilities
Equity
Share Capital 629 552 554
Share Premium 465,834 272,594 274,580
Currency Translation Reserve 21,162 18,516 15,055
Hedging reserves 0 0 - 483
Treasury Shares 0 - 13,577 - 21,057
Retained Earnings 180,875 145,366 166,624
Total equity 668,500 423,449 435,273
Non-current Liabilities
8 Debt to credit institutions 221,820 201,383 248,657
8 Lease liabilities 14,356 4,931 13,326
8 Deferred tax liabilities 96,640 81,013 84,670
8 Other long-term financial liabilities 28,307 29,161 52,443
Total non-current liabilities 361,123 316,488 399,096
Current Liabilities
Prepayments received from customers and deferred revenue 5,416 8,136 4,262
Trade and other payables 24,211 19,674 27,838
Corporation tax payable 7,976 5,343 6,754
8 Other financial liabilities 83,111 27,482 61,938
Debt to credit institutions 0 1,292 0
8 Lease liabilities 3,327 1,106 2,702
Total current liabilities 124,041 63,033 103,493
Total liabilities 485,164 379,521 502,589
Total Equity and liabilities 1,153,664 802,970 937,862
===== SIDA 19 =====
Q1 report 2024 Page 18
Consolidated statement of changes in equity
tEUR
Share
capital
Share
premium
Currency
translation
reserve
Hedging
reserves
Treasury
shares
Retained
earnings
Total
equity
As at January 1, 2024 554 274,580 15,055 - 483 - 21,057 166,624 435,273
Result for the period 0 0 0 0 0 7,553 7,553
Fair value adjustment of hedges 0 0 0 483 0 0 483
Currency translation
to presentation currency 0 0 6,108 0 0 0 6,108
Tax on other
comprehensive income 0 0 0 0 0 0 0
Total other
comprehensive income 0 0 6,108 483 0 0 6,591
Total comprehensive
income for the year 0 0 6,108 483 0 7,553 14,144
Transactions with owners
Capital Increase 75 191,254 0 0 0 0 191,329
Acquisition of treasury shares 0 0 0 0 0 0 0
Disposal of treasury shares 0 0 0 0 21,057 8,885 29,942
Share based payments 0 0 0 0 0 670 670
Transaction cost 0 0 0 0 0 - 2,857 - 2,857
Total transactions with owners 75 191,254 0 0 21,057 6,698 219,084
At March 31, 2024 629 465,834 21,162 0 0 180,875 668,500
During the period no dividend was paid.
tEUR
Share
capital
Share
premium
Currency
translation
reserve
Hedging
reserves
Treasury
shares
Retained
earnings
Total
equity
As at January 1, 2023 551 272,550 23,177 0 - 7,669 124,307 412,917
Result for the period 0 0 0 0 0 20,935 20,935
Fair value adjustment of hedges 0 0 0 0 0 0 0
Currency translation
to presentation currency 0 0 - 5,784 0 0 0 - 5,784
Tax on other
comprehensive income 0 0 1,123 0 0 0 1,123
Total other
comprehensive income 0 0 - 4,661 0 0 0 - 4,661
Total comprehensive
income for the year 0 0 - 4,661 0 0 20,935 16,274
Transactions with owners
Capital Increase 0 43 0 0 0 0 44
Acquisition of treasury shares 0 0 0 0 - 5,903 0 - 5,903
Disposal of treasury shares 0 0 0 0 0 0 0
Share based payments 0 0 0 0 0 126 126
Transaction cost 0 0 0 0 - 6 - 2 - 8
Total transactions with owners 0 43 0 0 - 5,909 124 - 5,741
At March 31, 2023 552 272,594 18,516 0 - 13,577 145,366 423,449
During the period no dividend was paid.
===== SIDA 20 =====
Q1 report 2024 Page 19
Consolidated statement of changes in equity - continued
tEUR
Share
capital
Share
premium
Currency
translation
reserve
Hedging
reserves
Treasury
shares
Retained
earnings
Total
equity
As at January 1, 2023 551 272,550 23,177 0 - 7,669 124,307 412,917
Result for the period 0 0 0 0 0 39,835 39,835
Fair value adjustment of hedges 0 0 0 - 483 0 0 - 483
Currency translation
to presentation currency 0 0 - 8,122 0 0 0 - 8,122
Tax on other
comprehensive income 0 0 0 0 0 0 0
Total other
comprehensive income 0 0 - 8,122 - 483 0 0 - 8,605
Total comprehensive
income for the year 0 0 - 8,122 - 483 0 39,835 31,230
Transactions with owners
Capital Increase 3 2,030 0 0 0 0 2,033
Acquisition of treasury shares 0 0 0 0 - 13,375 0 - 13,375
Disposal of treasury shares 0 0 0 0 0 0 0
Share based payments 0 0 0 0 0 2,495 2,495
Transaction cost 0 0 0 0 - 13 - 12 - 26
Total transactions with owners 3 2,030 0 0 - 13,389 2,482 - 8,874
At December 31, 2023 554 274,580 15,055 - 483 - 21,057 166,624 435,273
During the period no dividend was paid.
===== SIDA 21 =====
Q1 report 2024 Page 20
Consolidated statement of cash flows
Note tEUR Q1 2024 Q1 2023 2023
Profit before tax 10,264 27,348 58,010
Adjustment for finance items 6,498 735 22,882
Adjustment for special items 2,542 607 1,947
Operating Profit for the period before special items 19,304 28,691 82,839
Depreciation and amortization 9,706 4,584 28,241
Other adjustments of non-cash operating items 1,112 100 2,581
Cash flow from operations
before changes in working capital and special items 30,122 33,375 113,661
Change in working capital - 8,457 - 15 5,722
Cash flow from operations before special items 21,665 33,360 119,384
Special items, cash flow - 11,649 - 395 - 4,744
Cash flow from operations 10,016 32,966 114,639
Financial income, received 724 463 493
Financial expenses, paid - 5,908 - 3,168 - 10,712
Cash flow from activities before tax 4,832 30,261 104,420
Income tax paid - 3,890 - 3,799 - 15,411
Cash flow from operating activities 942 26,462 89,009
10 Acquisition of businesses - 70,279 0 - 57,282
10 Acquisition of intangible assets - 2,990 - 3,204 - 27,469
Acquisition of property, plant and equipment - 961 187 - 5,143
Sale of property, plant and equipment 438 - 238 3
Acquisition of other financial assets 0 - 14,930 - 14,930
Change in other non-current assets - 66 - 3,093 - 1,427
Cash flow from investing activities - 73,858 - 21,278 - 106,248
Note tEUR Q1 2024 Q1 2023 2023
Repayment of borrowings - 122,087 - 1,486 - 1,486
Proceeds from borrowings 71,859 0 45,490
Lease liabilities - 878 - 373 - 2,814
Other non-current liabilities - 843 0 - 483
Capital increase 145,144 44 2,033
Treasury shares 0 - 5,903 - 13,381
Transaction cost - 2,857 - 6 - 26
Warrant settlement, sale of warrants 602 0 0
Cash flow from financing activities 90,940 - 7,724 29,334
Cash flows for the period 18,024 - 2,540 12,095
Cash and cash equivalents at beginning 43,552 31,497 31,497
Foreign currency translation of cash and cash equivalents - 82 - 111 - 41
Cash and cash equivalents period end 61,494 28,847 43,552
Cash and cash equivalents period end
Cash 61,494 28,847 43,552
Cash and cash equivalents period end 61,494 28,847 43,552
===== SIDA 22 =====
Q1 report 2024 Page 21
Notes
1. General information
Better Collective A/S is a limited liability company and is incorporated in Denmark. The parent company and its
subsidiaries (referred to as the “Group” or “Better Collective”) engage in online performance marketing. Better Collec-
tive’s vision is to become the leading digital sports media group.
Basis of preparation
The Interim Report (condensed consolidated interim financial statements) for the period January 1 - March 31, 2024, has
been prepared in accordance with IAS 34 “Interim financial reporting” as adopted by the EU and additional requirements
in the Danish Financial Statements Act. The parent company condensed interim financial statements has been included
according to the Danish Executive Order on the Preparation of Interim Financial Reports.
These condensed consolidated interim financial statements incorporate the results of Better Collective A/S and its sub-
sidiaries.
The condensed consolidated interim financial statements refer to certain key performance indicators, which Better Col-
lective and others use when evaluating the performance of Better Collective. These are referred to as alternative per-
formance measures (APM s) and are not defined under IFRS. The figures and related subtotals give management and
investors important information to enable them to fully analyze the Better Collective business and trends. The APMs are
not meant to replace but to complement the performance measures defined under IFRS.
New financial reporting standards
All new or amended standards (IFRS) and interpretations (IFRIC) as adopted by the EU and which are effective for the
financial year beginning on January 1, 2024, have been adopted. The implementation of these new or amended
standards and interpretations had no material impact on the condensed consolidated interim financial statements.
Accounting policies
The condensed consolidated interim financial statements have been prepared using the same accounting policies as set
out in note 1 of the 2023 annual report which contains a full description of the accounting policies for the Group and the
parent company.
The annual report for 2023 including full description of the accounting policies can be found on Better Collective’s web-
site: https://storage.mfn.se/9896a1ee-39d1-49c3-a0fd-7447b83bcb8e/annual-report-2023.pdf
Significant accounting judgements, estimates and assumptions
The preparation of condensed consolidated interim financial statements requires management to make judgements,
estimates and assumptions that affect the reported amounts of revenue, expenses, assets, and liabilities.
Beyond the risks mentioned above, the significant accounting judgements, estimates and assumptions applied in these
consolidated interim financial statements are the same as disclosed in note 2 in the annual report for 2023 which
contains a full description of significant accounting judgements, estimates and assumptions.
===== SIDA 23 =====
Q1 report 2024 Page 22
2. Segments
Publishing and Paid Media
Better Collective operates two different business models regarding customer acquisition with different earnings -
profiles. The segments Publishing and Paid Media have been measured and disclosed separately for Revenue, Cost and
Earnings. The Publishing business includes revenue from Better Collective’s proprietary online sports media and media
partnerships where the audience is coming either directly or through organic search results, whereas Paid Media gener-
ates revenue through paid ad-traffic to our brands, thereby running on a lower earnings margin.
The performance for each segment is presented in the below tables:
Publishing Paid Group
tEUR Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023
Revenue Share 29,764 32,424 12,874 7,127 42,638 39,552
CPA 14,905 13,366 14,335 20,945 29,241 34,311
Subscription 4,248 4,483 0 0 4,248 4,483
Other 17,392 8,930 1,512 668 18,905 9,598
Revenue 66,310 59,204 28,721 28,741 95,031 87,945
Cost 43,804 33,795 22,217 20,875 66,020 54,670
Operating profit before depreciation,
amortization and special items 22,506 25,409 6,505 7,866 29,011 33,275
EBITDA-Margin before special items 34% 43% 23% 27% 31% 38%
Special items, net - 2,526 - 607 - 16 0 - 2,542 - 607
Operating profit
before depreciation and amortization 19,980 24,802 6,488 7,866 24,468 32,667
EBITDA-Margin 30% 42% 23% 27% 28% 37%
Depreciation 1,420 713 52 0 1,472 713
Operating profit before amortization 18,560 24,088 6,437 7,866 24,996 31,954
EBITA-Margin 28% 41% 22% 27% 26% 36%
Publishing Paid Group
tEUR 2023 2023 2023
Revenue Share 120,776 41,049 161,825
CPA 40,590 63,371 103,960
Subscription 17,959 0 17,959
Other 41,004 1,937 42,941
Revenue 220,328 106,358 326,686
Cost 139,685 75,920 215,605
Operating profit before depreciation,
amortization and special items 80,642 30,438 111,080
EBITDA-Margin before special items 37% 29% 34%
Special items, net - 1,948 0 - 1,948
Operating profit
before depreciation and amortization 78,695 30,438 109,132
EBITDA-Margin 36% 29% 33%
Depreciation 3,909 49 3,958
Operating profit before amortization 74,785 30,389 105,174
EBITA-Margin 34% 29% 32%
===== SIDA 24 =====
Q1 report 2024 Page 23
2. Segments, continued
Europe & Rest of World and North A merica
Better Collective’s products cover more than 30 languages and attract millions of users worldwide - with international
brands with a global reach as well as regional brands with a national reach. Better Collective’s regional brands are tai-
lored according to the specific regions or countries and their respective regulations, sports, betting behaviors, user
needs, and languages. Better Collective reports on the geographical segments North America and Europe & ROW (Rest
of World), measuring and disclosing separately for Revenue, Cost and Earnings. Historical financial figures are reported
accordingly.
The performance for each segment is presented in the below tables:
Europe & RoW North America Group
tEUR Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023
Revenue Share 36,567 31,919 6,071 7,633 42,638 39,552
CPA 13,336 11,192 15,905 23,119 29,241 34,311
Subscription 619 566 3,630 3,918 4,248 4,483
Other 10,500 7,125 8,404 2,473 18,905 9,599
Revenue 61,021 50,802 34,010 37,143 95,031 87,945
Cost 41,119 32,070 24,902 22,600 66,020 54,670
Operating profit before depreciation,
amortization and special items 19,903 18,732 9,108 14,543 29,011 33,275
EBITDA-Margin before special items 33% 37% 27% 39% 31% 38%
Special items, net - 747 - 607 -1,795 0 - 2,542 - 607
Operating profit
before depreciation and amortization 19,156 18,124 7,313 14,543 26,468 32,667
EBITDA-Margin 31% 36% 22% 39% 28% 37%
Depreciation 1,210 713 262 0 1,472 713
Operating profit before amortization 17,946 17,411 7,051 14,543 24,996 31,954
EBITA-Margin 29% 34% 21% 39% 26% 36%
Europe & Row North America Group
tEUR 2023 2023 2023
Revenue Share 136,211 25,614 161,825
CPA 49,173 54,788 103,960
Subscription 2,461 15,499 17,959
Other 30,241 12,700 42,941
Revenue 218,085 108,600 326,686
Cost 137,902 77,703 215,605
Operating profit before depreciation,
amortization and special items 80,183 30,897 111,080
EBITDA-Margin before special items 37% 28% 34%
Special items, net - 1,060 - 888 - 1,948
Operating profit
before depreciation and amortization 79,123 30,009 109,132
EBITDA-Margin 36% 28% 33%
Depreciation 2,947 1,011 3,958
Operating profit before amortization 76,176 28,998 105,174
EBITA-Margin 35% 27% 32%
===== SIDA 25 =====
Q1 report 2024 Page 24
3. Revenue specification
In accordance with IFRS 15 disclosure requirements, total revenue is split on Revenue Share, Cost per Acquisition
(CPA), Subscription, and Other as follows:
tEUR Q1 2024 Q1 2023* 2023
Revenue category
Recurring revenue (Revenue share, Subscription, CPM) 53,286 46,817 191,118
CPA, Fixed Fees 41,500 41,128 135,385
Other 245 0 183
Total revenue 95,031 87,945 326,686
%-split
Recurring revenue 56 53 58
CPA, Fixed Fees 44 47 42
Other 0 0 0
Total 100 100 100
tEUR Q1 2024 Q1 2023* 2023
Revenue type
Revenue Share 42,638 39,552 161,825
CPA 29,241 34,311 103,960
Subscription 4,248 4,483 17,959
Other 18,905 9,599 42,941
Total revenue 95,031 87,945 326,686
%-split
Revenue Share 45 45 50
CPA 31 39 32
Subscription 4 5 5
Other 20 11 13
Total 100 100 100
* Q1 2023 figures have been restated for Revenue Share and CPA because of the reclassification of upfront payments related to hybrid
revenue share contracts which were reclassified for the first time in Q3 2023.
4. Share-based payment plans
2019 Warrant programs:
During the first quarter of 2024 the company did not grant any new warrants and 48,875 warrants were exercised under
this program.
2020 Warrant programs:
During the first quarter of 2024 the company did not grant any new warrants and 15,499 warrants were exercised under
this program.
2022 Incentive Program:
During the first quarter of 2024 the company did not grant any new warrants and 0 warrants were exercised under this
program.
2023 Incentive Program:
During the first quarter of 2024 the company did not grant any new warrants and 0 warrants were exercised under this
program.
2023 CXO Options Program:
During the first quarter of 2024 the company did not grant any new warrants and 0 warrants were exercised under this
program.
2024 Incentive Program:
On January 2, 2024, a new LTI program consisting of Performance Stock Units and stock options was announced. Un-
der the program 426,870 options and 61,523 PSUs were granted to certain key employees. Whereas the options have
the right to subscribe for one ordinary share, the PSUs have a performance-based element that can increase to two
shares for one PSU – both are classified as equity-settled share-based payment transactions*. The vesting period runs
from 2024-2026 and the exercise period runs from 2027 to 2029.
* The Board of Directors keeps the right to change the classification of the share-based programs, to a cash-settled.
===== SIDA 26 =====
Q1 report 2024 Page 25
4. Share-based payment plans, continued
Management Incentive Program - Action Network:
During the first quarter of 2024 the company did not grant any new warrants and 0 warrants were exercised under this
program.
Total share-based compensation:
The total share-based compensation expense for the above programs recognized for Q1 2024 is 1,112 tEUR (Q1 2023:
134 tEUR).
5. Special items
Special items consist of recurring and non-recurring items that management does not consider to be part of the
group’s ordinary operating activities, i.e. acquisition costs, dual listing, adjustment of earn-out payments related to
acquisitions, and restructuring costs are presented in the Income statement in a separate line item labelled ‘Special
items’.
The impact of special items is specified as follows:
tEUR Q1 2024 Q1 2023 2023
Operating profit 16,762 28,083 80,891
Special Items related to:
Special items related to dual listing 0 0 - 1,129
Special items related to M&A - 1,779 - 350 - 10,224
Variable payments regarding acquisitions - cost 0 - 93 0
Variable payments regarding acquisitions - income 0 0 9,924
Special items related to Restructuring - 763 - 164 - 519
Special items, total - 2,542 - 607 - 1,948
Operating profit (EBIT) before special items 19,304 28,691 82,839
Amortization and impairment 8,234 3,871 24,283
Operating profit before amortization
and special items (EBITA before special items) 27,538 32,561 107,122
Depreciation 1,472 713 3,958
Operating profit before depreciation, amortization,
and special items (EBITDA before special items) 29,010 33,275 111,080
===== SIDA 27 =====
Q1 report 2024 Page 26
6. Income tax
Total tax for the period is specified as follows:
Income tax on profit for the period is specified as follows:
Tax on the profit for the period can be explained as follows:
7. Intangible assets
*Accounts and other intangible assets consist of accounts (33,299 tEUR), Media Partnerships (51,054 tEUR) and software and others
(2,637 tEUR)
tEUR Q1 2024 Q1 2023 2023
Tax for the period 2,711 6,414 18,175
Tax on other comprehensive income 0 -1,223 0
Total 2,711 5,290 18,175
tEUR Q1 2024 Q1 2023 2023
Deferred tax - 436 2,563 3,641
Current tax 3,143 3,851 16,400
Adjustment from prior years 4 0 - 1,867
Total 2,711 6,414 18,175
tEUR Q1 2024 Q1 2023 2023
Specification for the period:
Calculated 22% tax of the result before tax 2,258 6,017 12,762
Adjustment of the tax rates
in foreign subsidiaries relative to the 22% 340 501 1,955
Tax effect of:
Special items 0 0 868
Special items - taxable items 0 0 - 233
Other non-taxable income - 152 - 146 - 410
Other non-deductible costs 261 42 3,461
Unrecognized tax losses carried forward 0 0 2,010
Tax deductable 0 0 - 371
Adjustment of tax relating to prior periods 4 0 -1,867
Total 2,711 6,414 18,175
Effective tax rate 26.4% 23.5% 31.3%
tEUR Goodwill
Domains and
websites
Accounts and
other
intangible assets* Total
Cost or valuation
As of January 1, 2024 255,074 466,615 140,065 861,754
Additions 0 0 7,388 7,388
Acquisitions through business combinations 93,005 76,523 9,583 179,111
Transfer 0 0 - 295 - 295
Disposals 0 0 - 1,694 - 1.694
Currency Translation 3,161 5,089 522 8,772
At March 31, 2024 351,240 548,228 155,570 1,055,038
Amortization and impairment
As of January 1, 2024 0 0 60,325 60,325
Amortization for the period 0 0 8,357 8,357
Amortization on disposed assets 0 0 - 169 - 169
Currency translation 0 0 68 68
At March 31, 2024 0 0 68,581 68,581
Net book value at March 31, 2024 351,240 548,228 86,989 986,457
===== SIDA 28 =====
Q1 report 2024 Page 27
7. Intangible assets, continued
tEUR Goodwill
Domains and
websites
Accounts and other
intangible assets* Total
Cost or valuation
As of January 1, 2023 183,942 460,513 63,705 708,159
Additions 0 3,759 10,142 13,901
Acquisitions through business combinations 0 0 0 0
Transfer 0 0 0 0
Disposals 0 0 0 0
Currency Translation - 1,833 - 4,438 - 459 - 6,731
At March 31, 2023 182,108 459,833 73,388 715,330
Amortization and impairment
As of January 1, 2023 0 0 36,688 36,688
Amortization for the period 0 0 3,843 3,843
Amortization on disposed assets 0 0 0 0
Currency translation 0 0 - 189 - 189
At March 31, 2023 0 0 40,342 40,342
Net book value at March 31, 2023 182,108 459,833 33,046 674,987
*Accounts and other intangible assets consist of accounts (23,529 tEUR), Media Partnerships (9,023 tEUR) and software and others
(494 tEUR)
*Accounts and other intangible assets consist of accounts (30,474 tEUR), Media Partnerships (48,769 tEUR) and software and others
(497 tEUR)
tEUR Goodwill
Domains and
websites
Accounts and other
intangible assets* Total
Cost or valuation
As of January 1, 2023 183,942 460,513 63,705 708,159
Additions 0 3,412 53,914 57,326
Acquisitions through business combinations 75,335 10,842 29,579 115,756
Transfer 0 0 0 0
Disposals 0 0 - 6,531 - 6,531
Currency Translation - 4,203 - 8,151 - 602 - 12,956
At December 31, 2023 255,074 466,615 140,065 861,754
Amortization and impairment
As of January 1, 2023 0 0 36,688 36,688
Amortization for the period 0 0 24,283 24,283
Amortization on disposed assets 0 0 0 0
Currency translation 0 0 - 646 - 646
At December 31, 2023 0 0 60,325 60,325
Net book value at December 31, 2023 255,074 466,615 79,740 801,429
===== SIDA 29 =====
Q1 report 2024 Page 28
8. Non-current liabilities and other current financial liabilities
Debt to credit institutions:
As per March 31, 2024, Better Collective has drawn 221.8 mEUR (2023: 248.7) out of the total committed club facility of
319 mEUR established with Nordea, Nykredit, and Citibank.
Lease liabilities:
Non-current and current lease liabilities, of 14.4 mEUR (2023: 13.3 mEUR) and 3.3 mEUR (2023: 2.7 mEUR) respectively.
Deferred Tax liability:
Deferred tax liability as of March 31, 2024, amounted to 96.6 mEUR (2023: 84.7 mEUR). The change from January 1,
2024, originates from changes in deferred tax related to acquisitions, amortization of accounts from acquisitions, and
deferred tax changes in Parent Company and Better Collective US, Inc.
Deferred Tax asset:
Deferred tax asset as of March 31, 2024, amounted to 3.3 mEUR (2023: 7.2 mEUR).
The group has total tax asset of 2,010t EUR related to tax losses carried forward, which are not recognized in the financial
statement due to the uncertainty of utilizing the tax asset. Of not recognized tax losses carry forwards 2,010t EUR, may
be carried forward for up to 3 years.
Other financial liabilities:
As per March 31, 2024, other financial liabilities amounted to 83.1 mEUR (2023: 61.9 mEUR) due to deferred and variable
payments related to acquisitions. The increase from January 1, 2024, is related to the capitalization of media agreements.
Fair Value of financial assets and liabilities is measured based on level 3 - Valuation techniques. In all material aspects
the fair value of the financial assets and liabilities is considered equal to the booked value.
The fair value of financial instruments are measured based on level 2. The fair value is measured according to generally
accepted valuation techniques. Market-based input is used to measure the fair value.
9. Business combinations
Acquisition of Playmaker Capital
On November 6, 2023 Better Collective announced the acquisition of Playmaker Capital for a total price consideration
of 176 mEUR. The consideration comprises 35 % cash and a cap of 65 % shares in Better Collective A/S. The considera-
tion is financed partly by own cash and utilization of available facilities of 72 mEUR as well as a share consideration.
The share consideration payable to Playmaker Capital shareholders, a total of 3,143,009 Better Collective shares, has
been provided by Better Collective delivering 1,387,580 existing shares held as treasury shares and by issuing
1,755,429 new shares.
Playmaker Capital is a leading digital sports media group that owns and operates several strong sports media brands
across the Americas. The acquisition has been closed on 6 February 2024, and Playmaker Capital are consolidated into
Better Collective Group from the closing date.
The transferred consideration was in cash and shares in Better Collective A/S.
tEUR
Purchase amount 110,762
Cash and cash equivalents 4,840
Shares 73,314
Cash outflow 32,608
Acquired net assets at the time of acquisition tEUR
Domains and websites 76,523
Customer Relations 7,446
Technology 2,137
Other assets 18,034
Deferred tax liabilities - 18,141
Other liabilities - 68,242
Identified net assets 17,757
Goodwill 93,005
Total consideration 110,762
===== SIDA 30 =====
Q1 report 2024 Page 29
9. Business combinations, continued
A goodwill of 93,005 tEUR emerged from the acquisition of Playmaker Capital as an effect of the difference between
the transferred consideration and the fair value of acquired net assets. Goodwill is connected to the future growth ex-
pectations given the strong platform and significant synergistic opportunities. The goodwill is not tax deductible.
Transaction costs related to the acquisition of Playmaker Capital amounts to 6,420 tEUR. Transaction costs are ac-
counted for in the income statements under “special items” since the announcement. The acquisition was completed on
February 6, 2024. If the transaction had been completed on January 1, 2024 the group’s revenue would have amounted
to 99 mEUR and result after tax would have amounted to 10 mEUR. The purchase price allocation is provisional due to
uncertainties regarding measurement of acquired intangible assets.
10. Note to cash flow statement
tEUR Q1 2024 Q1 2023 2023
Acquisition of business combinations:
Net Cash outflow
from business combinations at acquisition - 32,608 0 - 57,282
Business Combinations
deferred payments from current period 0 0 0
Deferred payments
- business combinations from prior periods - 37,761 0 0
Total cash flow from business combinations - 70,279 0 - 57,282
Acquisition of intangible assets:
Acquisitions through asset transactions 0 - 13,901 - 50,639
Deferred payments related to acquisition value 0 0 - 494
Deferred payments
- acquisitions from prior periods 0 - 425 - 9,745
Intangible assets with no cash flow effect 0 11,122 33,613
Other investments - 2,990 0 - 203
Total cash flow from intangible assets - 2,990 - 3,204 - 27,468
===== SIDA 31 =====
Q1 report 2024 Page 30
Financial statements for the period
Income statement – Parent company
tEUR Q1 2024 Q1 2023 2023
Revenue 29,905 23,699 98,513
Other operating income 3,122 4,015 12,516
Direct costs related to revenue 5,178 4,693 23,071
Staff costs 12,495 8,859 40,796
Depreciation 688 178 1,438
Other external expenses 6,036 4,417 18,632
Operating profit before amortization (EBITA) and special items 8,629 9,567 27,091
Amortization 3,334 1,594 9,908
Operating profit (EBIT) before special items 5,295 7,973 17,182
Special items, net - 588 - 395 312
Operating profit 4,707 7,578 17,494
Financial income 15,698 4,003 70,010
Financial expenses 7,104 7,996 45,054
Profit before tax 13,301 3,585 42,450
Tax on profit for the period 336 762 3,181
Profit for the period 12,965 2,823 39,269
Statement of other comprehensive income
tEUR Q1 2024 Q1 2023 2023
Profit for the period 12,965 2,823 39,269
Other comprehensive income
Other comprehensive income that may be
reclassified to profit or loss in subsequent periods:
Fair value adjustment of hedges for the year 483 0 - 483
Currency translation to presentation
currency - 2,609 - 641 - 910
Currency translation of non-current
intercompany loans 0 0 0
Income tax 0 0 0
Net other comprehensive income/loss - 2,126 - 641 - 1,393
Total comprehensive income/(loss) for the period, net of tax 10,839 2,182 37,877
===== SIDA 32 =====
Q1 report 2024 Page 31
Statement of financial position – Parent company
tEUR Q1 2024 Q1 2023 2023
Assets
Non-current assets
Intangible assets
Goodwill 17,797 17,822 17,812
Domains and websites 167,694 168,504 167,831
Accounts and other intangible assets 50,608 21,813 50,418
Total intangible assets 236,099 208,140 236,061
Tangible assets
Right of use assets 8,243 283 7,469
Fixtures and fittings, other plant and equipment 2,959 488 2,494
Total tangible assets 11,202 770 9,962
Financial assets
Investments in subsidiaries 375,971 156,502 234,330
Receivables from subsidiaries 303,093 268,261 282,016
Deposits 977 1,096 940
Total financial assets 680,041 425,859 517,285
Total non-current assets 927,342 634,769 763,308
Current assets
Trade and other receivables 21,364 15,193 15,735
Receivables from subsidiaries 11,426 24,264 13,153
Tax receivable 2,579 6,360 1,479
Prepayments 2,819 2,580 2,453
Other current financial assets 5,639 0 6,804
Cash 36,559 26,592 17,825
Total current assets 80,387 74,989 57,450
Total assets 1,007,730 709,757 820,758
tEUR Q1 2024 Q1 2023 2023
Equity and liabilities
Equity
Share Capital 629 552 554
Share Premium 465,834 272,594 274,580
Currency Translation Reserve - 2,945 - 67 - 336
Hedging reserves 0 0 - 483
Treasury shares 0 - 13,577 - 21,057
Retained Earnings 209,616 151,161 189,953
Total equity 673,134 410,662 443,211
Non-current Liabilities
Debt to credit institutions 221,820 201,383 248,657
Lease liabilities 6,450 0 6,024
Deferred tax liabilities 14,058 11,534 13,832
Other non-current financial liabilities 199 27,331 25,261
Total non-current liabilities 242,526 240,248 293,774
Current Liabilities
Prepayments received from customers and deferred revenue 634 1,749 312
Trade and other payables 6,879 3,985 11,495
Payables to subsidiaries 20,931 30,930 11,993
Tax payable 185 50 196
Other current financial liabilities 61,675 20,528 58,295
Debt to credit institutions 0 1,292 0
Lease liabilities 1,767 314 1,483
Total current liabilities 92,069 58,848 83,773
Total liabilities 334,595 299,096 377,547
Total equity and liabilities 1,007,730 709,757 820,758
===== SIDA 33 =====
Q1 report 2024 Page 32
Statement of changes in equity – Parent company
tEUR
Share
capital
Share
premium
Currency
transla-
tion re-
serve
Hedging
reserves
Treasury
shares
Retained
earnings
Proposed
dividend
Total
equity
As of January 1, 2023 551 272,550 574 0 - 7,669 145,047 0 411,054
Result for the period 0 0 0 0 0 39,269 0 39,269
Other comprehensive income 0 0 0 - 483 0 0 0 - 483
Currency translation
to presentation currency 0 0 - 910 0 0 0 0 - 910
Tax on other
comprehensive income 0 0 0 0 0 0 0 0
Total other
comprehensive income 0 0 - 910 - 483 0 0 0 - 1,393
Total comprehensive income
for the year 0 0 - 910 - 483 0 39,269 0 37,877
Transactions with owners
Capital Increase 3 2,030 0 0 0 3,154 0 5,187
Acquisition of treasury shares 0 0 0 0 - 13,375 0 0 - 13,375
Disposal of treasury shares 0 0 0 0 0 0 0 0
Share based payments 0 0 0 0 0 2,495 0 2,495
Transaction cost 0 0 0 0 - 13 - 12 0 - 26
Total transactions with own-
ers 3 2,030 0 0 - 13,389 5,636 0 - 5,720
At December 31, 2023 554 274,580 - 336 - 483 - 21,057 189,953 0 443,211
During the period no dividend was paid.
tEUR
Share
capital
Share
premium
Currency
transla-
tion re-
serve
Hedging
reserves
Treasury
shares
Retained
earnings
Proposed
dividend
Total
equity
As of January 1, 2024 554 274,580 - 336 - 483 - 21,057 189,953 0 443,211
Result for the period 0 0 0 0 0 12,965 0 12,965
Fair value adjustment of
hedges 0 0 0 483 0 0 0 483
Currency translation
to presentation currency 0 0 - 2,609 0 0 0 0 - 2,609
Tax on other
comprehensive income 0 0 0 0 0 0 0 0
Total other
comprehensive income 0 0 - 2,609 483 0 0 0 - 2,126
Total comprehensive income
for the year 0 0 - 2,609 483 0 12,965 0 10,839
Transactions with owners
Capital Increase 75 191,254 0 0 0 0 0 191,329
Acquisition of treasury shares 0 0 0 0 0 0 0 0
Disposal of treasury shares 0 0 0 0 21,057 8,885 0 29,942
Share based payments 0 0 0 0 0 670 0 670
Transaction cost 0 0 0 0 0 - 2,857 0 - 2,857
Total transactions with own-
ers 75 191,254 0 0 21,057 6,698 0 219,084
At March 31, 2024 629 465,834 - 2,945 0 0 209,616 0 673,134
During the period no dividend was paid.
===== SIDA 34 =====
Q1 report 2024 Page 33
Statement of changes in equity – Parent company
tEUR
Share
capital
Share
premium
Currency
transla-
tion re-
serve
Hedging
reserves
Treasury
shares
Retained
earnings
Proposed
dividend
Total
equity
As of January 1, 2023 551 272,550 574 0 - 7,669 145,047 0 411,054
Result for the period 0 0 0 0 0 2,823 0 2,823
Other comprehensive income 0 0
Currency translation
to presentation currency 0 0 - 641 0 0 0 0 - 641
Tax on other
comprehensive income 0 0 0 0 0 0 0 0
Total other
comprehensive income 0 0 - 641 0 0 0 0 - 641
Total comprehensive income
for the year 0 0 - 641 0 0 2,823 0 2,182
Transactions with owners
Capital Increase 1 43 0 0 0 3,158 0 3,202
Acquisition of treasury shares 0 0 0 0 - 5,903 0 0 - 5,903
Disposal of treasury shares 0 0 0 0 0 0 0 0
Share based payments 0 0 0 0 0 134 0 134
Transaction cost 0 0 0 0 - 6 - 2 0 - 8
Total transactions with own-
ers 0 43 0 0 - 5,909 3,291 0 - 2,575
At March 31, 2023 552 272,594 - 67 0 - 13,577 151,161 0 410,662
During the period no dividend was paid.
===== SIDA 35 =====
Q1 report 2024 Page 34
The group uses and communicate certain Alternative Performance Measures (“APM”), which are not defined under IFRS.
Such are not to replace performance measures defined and under IFRS. The APM’s may not be indicative of the group’s
historical operating results, nor are such measures meant to be predictive o f the group’s future results. The group be-
lieves however that the APMs are useful supplemental indicators that may be used to assist in evaluating a company’s
future operating performance, and its ability to service its debt. Accordingly, the APMs are disc losed to permit a more
complete and comprehensive analysis of the group’s operating performance, consistently with how the group’s business
performance is evaluated by the Management. The group believes that the presentation of these APMs enhances an
investor’s understanding of the group’s operating performance and the group’s ability to service its debt. Accordingly,
the group discloses the APM’s to permit a more complete and comprehensive analysis of its operating performance
relative to other companies and across periods, and of the group’s ability to service its debt. However, these APM’s may
be calculated differently by other companies and may not be comparable with APM’s with similarly titled measures used
by other companies. The group’s APMs are not m easurements of financial performance under IFRS and should not be
considered as alternatives to other indicators of the Company’s operating performance, cash flows or any other
measures of performance derived in accordance with IFRS. The group’s APM’s have important limitations as analytical
tools, and they should not be considered in isolation or as substitutes for analysis of the group’s results of operations as
reported under IFRS. Our currently applied APM’s are summarized and described below.
Alternative Performance Measures
Alternative
Performance Measure Description SCOPE
Earnings per share
(EPS)
Net Profit for the period / (Average number
of shares - Average number of treasury
shares held by the company)
The group reports this APM for users to monitor de-
velopment in the net profit per share.
Diluted earnings
per share
Net profit for the period / (Average number
of shares + Average number of outstanding
warrants - Average number of treasury
shares held by the company)
The group reports this APM for users to monitor de-
velopment in the net profit per share, assuming full
dilution from active warrant programs.
Operating profit
before amortization
(EBITA)
Operating profit plus amortizations Better Collective reports this APM to allow monitor-
ing and evaluation of the Group’s operational profit-
ability.
Alternative
Performance Measure Description SCOPE
Operating profit
before amortizations
margin (%)
Operating profit before amortizations / reve-
nue
This APM supports the assessment and monitoring
of the Group’s performance and profitability
EBITDA before
special items
EBITDA adjusted for special items This APM supports the assessment and monitoring
of the Group’s performance as well as profitability
excluding special items that do no stem from ongo-
ing operations, providing a more comparable meas-
ure over time.
Operating profit
before amortizations
and special items
margin (%)
Operating profit before amortizations and
special items / revenue
This APM supports the assessment and monitoring
of the Group’s performance as well as profitability
excluding special items that do no stem from ongo-
ing operations, providing a more comparable meas-
ure over time.
Special items Items that are considered not part of ongoing
business
Items that are not part of ongoing business, e.g. cost
related to M&A and restructuring, adjustments of
earn-out payments.
Net Debt / EBITDA
before special items*
(Interest bearing debt, minus cash and cash
equivalents) / EBITDA before special items on
rolling twelve months basis
This ratio is used to describe the horizon for pay
back of the interest-bearing debt and measures the
leverage of the funding.
Liquidity ratio Current Assets / Current Liabilities Measures the ability of the group to pay its current
liabilities using current assets.
Equity to assets ratio Equity / Total Assets Reported to show how much of the assets in the
company is funded by equity
Cash conversion rate
before special items
(Cash flow from operations before special
items + Cash from CAPEX) / EBITDA before
special items
This APM is reported to illustrate the Group’s ability
to convert profits to cash
NDC New depositing customers A key figure to reflect the Group’s ability to fuel
long-term revenue and organic growth
Organic Growth Revenue growth as compared to the same pe-
riod previous year. Organic growth from ac-
quired companies or assets are calculated
from the date of acquisition measured against
the historical baseline performance.
Reported to measure the ability to generate growth
from existing business
Alternative Performance Measures
and Definitions
===== SIDA 36 =====
Q1 report 2024 Page 35
Alternative
Performance Measure Description SCOPE
Recurring revenue Recurring revenue is a combined set of reve-
nues that is defined as recurring as manage-
ment considers that the sources of these rev-
enue streams will continuously generate reve-
nue over a variable period of time and size e.g.
if players continue to bet with gaming opera-
tors with which BC has revenue share agree-
ments, customers continue current subscrip-
tions or if BC on a current basis receive reve-
nues from customers having current market-
ing agreements in respect of banners, etc. on
the group’s websites. Accordingly, it includes
Revenue share income, CPM /Advertising and
subscription revenues.
The group reports this APM to distinguish between
what management consider as recurring revenue
streams and what management consider as non-re-
curring revenue streams, e.g. revenues reflecting
one-time settlements with gaming operators.
*Net debt definition has been changed from Q3, 2023 so it is excluding earn-outs. Comparatives have been changed accordingly.
Definitions
Term Description
PPC Pay-Per-Click
SEO Search Engine Optimization
Sports win margin Sports net player winnings (operators) / sports wagering
Sports wagering The value of bets placed by the players
Recurring revenue Recurring revenue is a combined set of revenues that is defined as recurring. It includes revenue
share income, CPM/Advertising and subscription revenues
Board The Board of Directors of the company
Executive management Executives that are registered with the Danish Company register
Company Better Collective A/S, a company registered under the laws of Denmark
===== SIDA 37 =====
Q1 report 2024 Page 36
Better Collective A/S
Sankt Annæ Plads 26-28
1250 Copenhagen K
Denmark
CVR no 27 65 29 13
+45 29 91 99 65
info@bettercollective.com
bettercollective.com