Årsredovisning 2023

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INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
A LEADING PROVIDER OF 
AFFILIATION MARKETING FOR 
OPERATORS OF ONLINE SPORTS 
BETTING AND CASINO PLATFORMS. 
Annual 
Report 2023
Our trusted brands connect players with operators in North 
America, Asia-Pacific and other selected markets, delivering a 
valued and seamless user experience.

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INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
Introduction
The year in brief 3
Interim CEO’s comments 5
Strategy
Strategic review
Business model
7
9
Our strategy 11
Operations
Our market 14
Trends
Our segments
17
19
Sustainability
Highlights 
Our sustainability strategy
21
24
Financial information
Group key figures 31
The share 32
Directors’ report 33
Risks and risk management 37
Board signatures 41
Financial statements 42
Corporate governance
Governance report 
Remuneration report 
Board of directors
75 
84 
90
Executive management 91
Other information
Auditor’s report 
Definitions
92 
96
Contents
About Catena Media
Catena Media generates high-value leads for operators of online 
casino and sports betting platforms. Focused on the Americas, the 
group’s large brand portfolio guides users to customer websites and 
enriches the experience of players worldwide. Headquartered in Malta, 
the group employs over 250 people globally. The share (CTM) is listed 
on Nasdaq Stockholm Mid Cap.
CATENA MEDIA ANNUAL REPORT 2023 2

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INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
The year in brief Highlights from continuing operations *
76,748
-22%
25,447
-47%
33%
-16pp
The year was one of organisational trans -
formation as we further pivoted operations 
to focus on the stable regulatory environ -
ment of North America. We sold several 
non-core businesses as part of a structural 
reset. These divestments helped reduce 
debt, streamline the organisation and create 
scope for investments into new data- and 
tech-based capabilities. 
We entered a joint venture to develop a gen -
erative artificial intelligence application for 
online betting and casino gaming affiliation. 
Two content partnerships with US media 
groups were also signed. Sports betting 
launched successfully in Ohio, Massachu -
setts, Kentucky and Maine. Operationally, 
strong competition in North America and a 
retrenchment by online betting and casino 
operators put pressure on revenue and 
earnings. Towards year-end, the group fore -
cast a return to organic growth later in 2024.
* Continuing operations exclude all assets divested between Q3 2022 and Q4 2023. These are classified as “discontinued operations” and comprise European grey-mar -
ket performance marketing assets, AskGamblers and related brands, the Financial Trading segment, UK and Australian sports betting brands and Italian sports and 
casino assets.
Key figures from continuing operations* 2023 2022 Change
Revenue (EUR ’000) 76,748 98,610 -22%
Adjusted EBITDA (EUR ’000) 25,447 48,382 -47%
Adjusted EBITDA margin (%) 33 49 -16pp
EBITDA (EUR ’000) 23,590 46,762 -50%
EBITDA margin (%) 31 47 -16pp
Operating cash flow (EUR ’000) 19,656 46,026 -57%
Net interest-bearing debt (EUR ’000) 18,356 52,950 -65%
NIBD/adjusted EBITDA multiple 0.66 0.90 -27%
Earnings per share before dilution (EUR) (0.37) 0.46 -
Earnings per share after dilution (EUR) (0.27) 0.31 -
New depositing customers (NDCs) 184,257 228,601 -19%
REVENUE 
(EUR ‘000) 
ADJUSTED EBITDA 
(EUR ‘000)
REVENUE NORTH AMERICA  
(EUR M)
ADJUSTED 
EBITDA MARGIN
CATENA MEDIA ANNUAL REPORT 2023 3
2021
Adjusted EBITDA and margin, EURm
202320222020
31.5
67.9
84.5
67.1

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INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
Stable revenue in North 
America as Ohio launches 
online sports betting
Revenue dips as US operators 
scale back marketing spending
Transition to more sustainable 
long-term revenue model begins
A weak quarter but revenue 
projected to grow again later in 
2024
€31.5m
 7%
€18.7m
59%
74,186
€14.9m
 19%
€2.1m
14%
37 ,935
€15.9m
 28%
€3.2m
20%
40,104
€14.5m
 41%
€1.5m
10%
32,032  
Revenue
Y ear-on-year 
revenue growth
Adjusted  
EBITDA
Adjusted  
EBITDA margin
New depositing  
customers
Q1 Q2 Q3 Q4
*Numbers from continuing operations as of 31 December 2023, see page 3 for more information.
• Revenue decreases 2% in North America due 
to challenging comparatives from the record 
New York launch in Q1 2022. Total group rev -
enue from continuing operations is 5% lower 
at EUR 35m. 
• Launch of legal online sports betting in Ohio 
on 1 January delivers a strong inflow of new 
depositing customers in one of the group’s 
best ever US state launches. 
• Carnegie Investment Bank is engaged to 
advise on strategic options for the group in 
an extension of the review of the business 
commenced in May 2022.
• Solid Super Bowl in February and the 
successful launch of online sports betting in 
Massachusetts in March. 
• Positive revenue contributions received from 
the media partnership with NJ.com.
• A slowdown in new state openings and lower 
marketing spending by online betting and ca -
sino operators are the primary causes a 16% 
revenue decrease in North America. 
• Market-wide tightening in North America 
dampens organic search volume and new 
depositing customer inflow, particularly in 
sports.  
• Stiffer competition noted in North America 
from non-traditional affiliates as well as estab -
lished media organisations.  
• Significant operational and financial stream -
lining measures implemented in North Ameri -
ca ahead of the NFL resumption in Q3. 
• Agreement signed with US news media group 
Lee Enterprises to provide online sports bet -
ting and casino content. 
• Group revenue down 28% as a transition be -
gins towards a more sustainable income mod -
el based on a higher ratio of bettor recruitment 
under revenue share contracts. 
• Launch of online sports betting affiliation in 
Kentucky, with an adult population of 3.5m.
• Media partnership signed to provide sports 
betting, casino gaming and fantasy sports 
content to US-based sports publisher The 
Sporting News. 
• Sale of Catena Media’s UK and Australian 
businesses marks a further concentration of 
the group’s operational focus to the Americas.
• Programme initiated to reduce annual costs 
by EUR 3.8-4.2m by streamlining support 
functions.
• Stronger competition in North America and 
the shift to revenue share push group revenue 
41% lower, but growth is forecasted to resume 
in second half of 2024. 
• Online sports betting launches in Maine, with 
an adult population of 1.1m.  
• Sale of group’s Italian sports betting and 
casino assets for EUR 19.8m completes the 
strategic review first announced in May 2022. 
• Joint venture signed with a specialist artificial 
intelligence partner to develop a generative 
AI application dedicated to online betting and 
casino gaming affiliation. 
• Work to establish a single, coherent technical 
platform for the group’s affiliation activities 
accelerates prior to scheduled launch in Q1 
2024.
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INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2023 5
Early in 2023, the launch of regulated online 
sports betting in Ohio and Massachusetts further 
extended our footprint in the key North American 
market. By year-end our operational presence 
had grown to 28 state and regional markets. 
During the year we experienced growing compet -
itive pressures in North America. It is fair to say 
that we could have responded faster in specific 
areas, and we are looking to recover this lost 
ground in 2024 with the assistance of some of 
the investments being made in the business, of 
which I will talk more later. 
A drop in marketing spending by operators in 
North America coincided with a reduction in 
the cost-per-acquisition (CPA) rates paid by 
operators for customer referrals. At the same 
time, we initiated a strategic transition of some 
contracts from CPA to revenue share to embed a 
more sustainable and balanced revenue model 
for the future. This shift, while impacting short-
term revenue, will help us create a more stable 
and predictable income flow and thus a more 
foreseeable financial model over time.
The year was also characterized by an empha -
sis on operational efficiency and profitability, 
For Catena Media, 2023 was a year of transformation and strategic recalibration. We 
accelerated the pivot towards a lean, agile organisation focused on leveraging our core 
strengths in the stable, regulated markets of the Americas. Sales of non-core assets 
allowed us to streamline the business and achieve net-debt-free status. This process 
created headroom for investments into technological and data-based innovations that 
will be foundational for a new phase in our history. We also continued the work of em -
bedding a more predictable revenue model geared to delivering a sustainable income 
inflow for years to come and a return to growth in the second half of 2024.
particularly in our European business, in the 
wake of the strategic review that began in May 
2022 and which completed in the latter part of 
2023. Asset sales implemented as part of the 
strategic review enabled us to become net cash 
positive during the second half of the year when 
factoring in all projected sale proceeds, totalling 
EUR 76m. The disposals of non-core businesses 
streamlined the organisation and narrowed our 
operational focus. They also created the scope 
for us to invest in future-oriented initiatives 
designed to improve our performance across the 
business and drive a return to revenue growth fol -
lowing the overall weak operational performance 
we delivered in 2023.
Much work remains to be done, but we ended the 
year as a business that is gaining the flexibility 
and agility to respond faster to changes and 
opportunities in our operating environment. 
Compared to 12 months ago, we have broad -
ened our focus across multiple channels, paving 
the way for a more diversified operational model. 
As interim CEO, I am determined to drive forward 
our evolution into a multichannel business that 
engages in media partnerships, paid media and 
new forms of affiliation alongside our foundation -
Pierre Cadena
Interim CEO
Turning the corner
Comments from the Interim CEO
CATENA MEDIA ANNUAL REPORT 2023 5

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INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2023 6
Focus 2024 • Update technology by rolling out a new technical 
platform with improved scalability and future artificial 
intelligence (AI) integration 
• Further evolve our minimum viable product (MVP) 
created under a strategic joint venture to develop a 
generative AI application dedicated to online sports 
betting and gaming affiliation 
• Maintain top rankings through products that enrich 
the user experience, leveraging informative content 
that creates organic growth 
• Expand our reach by growing our portfolio of 
partnerships with established news organisations to 
increase traffic volume in current and future markets 
• Accelerate the expansion into new verticals to 
support business growth
CATENA MEDIA ANNUAL REPORT 2023 6
al strength in organic search. This multicentric 
approach will ensure we are well positioned to 
grasp the opportunities that will flow from rapid 
technological developments and the emergence 
of artificial intelligence (AI) – twin forces that I be -
lieve will reshape the online betting and gaming 
industry. 
Towards year-end, we began implementing an 
expansive internal investment programme, chan -
nelling significant resources into technology and 
AI. These investments are strategically aimed at 
future-proofing our operations and steering the 
group back to a sustainable growth path.
At the programme’s core is a new technical 
platform, which launched in February 2024 and 
will be fully deployed in Q2. This will be the first 
time our affiliate activities have existed under a 
single tech framework. The platform will enhance 
our technical robustness, support the rapid 
incorporation of data and product development 
innovations, and facilitate the swift introduction 
of new verticals. The platform is also designed to 
bolster our capabilities in organic search, to im -
prove data-gathering and business intelligence, 
and to deliver a whole new level of operational 
scalability.
Late in the year we entered a joint venture with a 
leading AI specialist to create a generative AI tool 
tailored for affiliation content production. The tool 
will embed artificial intelligence in our brands and 
better enable us to personalise content and en -
rich the user experience. This project has yielded 
a minimum viable product (MVP) that we began 
integrating early in 2024 and will continue to 
refine this year. As AI technology learns quickly, 
we intend to make this a core tool for our teams to 
help them produce more personalised content, 
in larger volumes, so that we can compete in the 
landscape that is going to be our new reality.
Also this year, we will expand into paid media, 
a relatively new area for us that promises to 
broaden our market reach and reduce our 
reliance on state-specific launches, particularly 
in sports betting. Furthermore, we are exploring 
early partnerships aimed at developing new 
affiliation revenue channels. These are expected 
to materialize in the first half of 2024.
In February 2024, Michael Daly stepped down 
as CEO as the board sought new leadership to 
drive this new phase in our development. I look 
forward to spearheading that effort until 1 July, 
when we will welcome our new CEO, Manuel 
Stan. As we look forward to the year ahead, 
our transformation will intensify. The strategic 
initiatives we have undertaken are not just about 
navigating the challenges of today, but are 
aimed at securing our leadership position in an 
increasingly competitive and evolving industry. 
We anticipate initial rollouts of these endeavours 
in Q1 and Q2, leading us to turn the corner and 
return to growth in the second half of the year. We 
expect adjusted earnings before interest, tax, 
depreciation and amortisation (EBITDA) to reach 
EUR 20-30m for the full year.
In closing, I wish to express my gratitude to our 
teams, whose commitment during a challenging 
time of internal change has been instrumental 
in navigating the challenges of the past year. 
Their creativity and spirit will help us seize the 
opportunities that lie ahead and continue our 
progress towards becoming the data- and tech -
nology-driven leader of online sports betting and 
casino affiliation in the Americas.
Pierre Cadena
Interim CEO

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CATENA MEDIA ANNUAL REPORT 2023 7
Transforming for a new era and changing market drivers
COMPLETING OUR STRATEGIC REVIEW
The completion in November 2023 of the stra -
tegic review originally announced by the board 
of directors in mid-2022 marks a new phase in 
our history – and our future. The strategic review 
will raise around EUR 76m once all assets sold 
have been fully paid. These proceeds are being 
used for debt reduction, technology investments 
and the implementation of a more balanced 
revenue model featuring a higher mix of reve -
nue-share-based contracts and reduced depen -
dence on cost-per-acquisition (CPA) deals.
Advances in data and technology solutions are 
changing the landscape for affiliate marketing 
in online sports betting and casino gaming. 
We intend to be at the forefront of this process 
of change. Regulatory developments and 
increased demand for personalised content 
will raise barriers to entry and require a greater 
focus on delivering value to both operators and 
consumers.
• Reinforcing the core organic search business 
and developing existing products
• Multiple technology investments including in 
artificial intelligence (AI)
• Growing the paid media division
• Strategic media partnerships that broaden 
our audience and deliver value to partners
We are strengthening the business with new prod -
uct offerings that prioritise technology, innovation 
and superior user experiences. The primary initia -
tives are:
Highlights and results 
of the strategic review 
2022-2023
• Narrower operational focus on stable, 
regulated markets, primarily in the Americas, 
along with selected international niche 
markets.
• Significantly lower presence in unregulated 
grey markets and those with unclear regulatory 
frameworks, in line with long-term strategic and 
risk reduction goals. Income from regulated 
markets totalled 91 percent of group revenue 
in 2023.
• Sales of multiple non-core businesses, in 2023 
including the UK, Australian and Italian casino 
and sports businesses. 
• Approximately EUR 76m will have been raised 
from asset sales once these are fully paid.
• Annualised cost savings of EUR 3.8-4.2m, 
fully achieved in 2024, by streamlining support 
functions in European operations. 
• Sale proceeds to be primarily used to 
repay debt and fund tech- and data-based 
investments. 
• Stronger financial position permitting transition 
to a more balanced revenue model with a 
higher mix of revenue share-based contracts 
and reduced dependence on CPA.
INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION

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CATENA MEDIA ANNUAL REPORT 2023 8
THE AMERICAS IN FOCUS
The strategic review identified the Americas and 
other selected niche markets as the prime source 
of superior growth opportunities that can sustain 
value creation in the long-run. A process was put 
in place to reorganise the group’s asset portfolio 
to focus on the Americas.
When the strategic review concluded in Novem -
ber 2023, multiple non-core assets, including 
most of the European sports betting and casino 
portfolio, had been sold to interested parties. 
Once fully paid, these transactions will gener -
ate a total of EUR 76 million in sale proceeds, 
strengthening the balance sheet.
 
GREATER OPERATIONAL FLEXIBILITY
Today we stand strong, with a stronger financial 
position that has reduced risk and created the 
investment headroom to capitalize efficiently 
on opportunities as and when they arise in an 
increasingly fast-moving marketplace. 
Proceeds from a number of asset sales will 
continue to be received up until Q2 2025. 
These funds will primarily be used to fund debt 
In mid-2022, the board of directors announced a strategic review of the business to 
identify the best ways for Catena Media to thrive over the long-term amid changing 
fundamentals in the online affiliation industry. The review, which was completed in 
November 2023, has transformed us into a lean, agile group ready to take on new 
challenges and opportunities in our core markets.
Strategic reset delivers an agile  
 business positioned for growth
repayment and to support value-creating invest -
ments in tech-related initiatives. They will also fa -
cilitate our ongoing transition to a more balanced 
revenue model featuring reduced dependence 
on cost-per-acquisition (CPA) deals in favour of a 
higher mix of revenue-share-based contracts.
COST SAVINGS AND EFFICIENCY
The streamlining of the business also generat -
ed a significantly lower cost base, especially in 
Europe. This has set the scene for more efficient 
cost control, allowing us to respond rapidly to 
changing conditions in the business environment 
without compromising our long-term profitability 
and competitive position in key markets. 
CORE TECHNOLOGY FOCUS
As we move forward, we are using cash from di -
vestments to reinvent our core technology focus 
and strengthen our offer with new verticals that 
prioritise technology, innovation and superior 
user experiences. As we transition to a multi -
channel business operating media partnerships, 
paid media, sub-affiliation and other verticals 
alongside our core organic search business.
Some of our brands:
INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION

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CATENA MEDIA ANNUAL REPORT 2023 9
MULTICHANNEL BUSINESS MODEL
We attract large numbers of visitors to our 
websites in two ways: via organic traffic achieved 
using advanced knowledge of search engine 
optimisation, and by pay-per-click marketing. We 
refer interested users as prospects to our partner 
casino and sports betting operators. When the 
user deposits funds with the operator, we invoice 
our share of the revenue generated.
In addition to our traditional channels, we have 
expanded into media partnerships in recent 
years. Media partnerships operate at a lower 
margin than our traditional media affiliation 
but extend our marketing reach and offer solid 
potential for long-term value creation. Nurturing 
and expanding mutually beneficial partnerships 
with strategic media partners is a high priority for 
the group. 
GUARANTEEING TOP-QUALITY LEADS
Through sophisticated technical platforms, we 
seek to provide partners with high-quality online 
leads. The superior usability and innovative 
Catena Media is an affiliate marketing specialist. We generate player leads for 
operators of online casino gaming and sports betting platforms. In essence, we 
operate as a market facilitator, producing content that attracts, interests and informs 
bettors. This content, distributed via our broad portfolio of specialist content media 
websites, engages users with offers and participation opportunities that generate 
qualified leads for our partner platform operators and create value for all parties.
functions that we bring to our partnerships 
ensure a high rate of lead conversions. To attract 
visitors, our content teams develop unique 
eye-catching content. The objective is to attract 
the attention of visitors and future users, guiding 
them with insightful content to make smart and 
informed decisions before moving on to one of 
our partners.
We create effective content based on a deep 
understanding of what the player is looking for. 
What constitutes relevant content ranges widely 
– from offering sports fans informed background 
and commentary on team lineups to comparing 
online casino products and services. 
Content produced by our international teams 
is distributed via a diverse portfolio of Catena 
Media branded websites and media platforms. 
These are differentiated at market, regional and 
local level to ensure we cover the widest possible 
span of potential users and operators in our key 
markets of North America, Latin America and 
Acia-Pacific.
Driving global  innovation in lead 
generation
Business model
How we create value
CONSUMER OPERATORSCATENA MEDIA’S 
PLATFORM
INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION

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CATENA MEDIA ANNUAL REPORT 2023 10
MATCHING OUR PARTNERS WITH LEADS
Through deep customer knowledge, advanced 
technological solutions and tailored content, 
Catena Media can deliver high-quality leads 
to our operator partners. The goal is to convert 
users that show interest in online casino gaming 
and sports betting into leads or prospects for 
customer operators. Our operators generally 
seek long-term customers with high disposable 
income. The operators we work with may be local 
to a specific market, or they may be regional or 
global. Each seeks a set of desired customer 
traits, which we work to match. By collaborating 
with Catena Media, operators can tap into their 
target audience with precision. 
MULTIPLE REVENUE MODELS 
Catena Media deploys primarily two revenue 
models: cost-per-acquisition and revenue-share 
based contracts. The cost-per-acquisition model 
involves an upfront payment for a successful 
player referral and is currently our main income 
source in North America. Under cost-per-acqui -
sition, we receive a fixed sum when a user per -
forms an action intended by the operator. Actions 
may encompass activities such as accepting 
an introductory offer, placing a bet or making a 
financial transaction. 
Catena Media offers a focused and specialised alternative to traditional media by 
providing more targeted and actionable content on a multichannel platform driven 
by return on investment. This creates a more personalised user experience and 
represents a smarter branding choice for partners.
model is revenue share, whereby we receive 
an agreed portion of the net revenue that a user 
generates on a customer website post-referral. 
Unlike the cost-per-acquisition model, revenue 
share can deliver income into the future, depend -
ing on the player’s actions and spending. 
Depending on our agreement with the operator, 
we may operate a hybrid arrangement containing 
a mix of revenue share and cost-per-acquisition. 
We also have fixed revenue deals and subscrip -
tion revenue deals, which are usually event-driv -
en one-time arrangements under which we act 
more as an outside marketing agency for the 
operator.
TOWARDS A MORE BALANCED MIX 
In recent quarters, a transition towards a more 
balanced mix of revenue models has been 
initiated. More and more operators are signing 
revenue-share contracts, which will lead to 
greater long-term value over time. Although the 
transition will have a short-term revenue impact, 
it ensures a more sustainable revenue inflow 
through greater stability of payments. This facili -
tates the planning of investments in the organ -
isation and growth-enhancing projects, which 
reduces revenue volatility.
Diversified revenue streams from 
 different channels
FIXED FEES
Fixed upfront fee for specific 
marketing exposure on one of 
Catena Media’s websites.
COST PER ACQUISITION (CPA)
Upfront fee from the operator for 
each new user forwarded from 
Catena Media.
REVENUE SHARE
Portion of the revenue the user 
generates for the operator over 
time.
Our revenue
streams
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CATENA MEDIA ANNUAL REPORT 2023 11
ATTRACTIVE, REGULATED AND STABLE 
MARKETS
Stable, regulated markets present the ideal context for sustain -
able growth, giving greater predictability that allows for efficient 
responses to emergent market needs and opportunities. In combi -
nation with strong underlying demand, such markets offer the best 
conditions for sustained value creation over time. Our prime focus 
is on the Americas, complemented by a presence in other selected 
niche markets where we see opportunities for profitable growth and 
expansion. 
INTEGRITY
We do the right thing in the right way in 
all situations.
DIVERSITY
We act as one united company while 
embracing our global diversity.
ACCOUNTABILITY
We take ownership and responsibility.
EXPERTISE
We have the skills and knowledge to 
achieve all our goals.
INNOVATION
We turn creative ideas into valuable 
realities.
DRIVING TECHNOLOGICAL INNOVATION
Superior user experiences made possible by advanced technology 
and innovative solutions hold the key to our long-term growth. By 
leveraging data-driven technology, we tailor our offer to meet the 
evolving needs of our end-user audiences and communities. This 
requires significant investments in both platforms and skill devel -
opment, and remains a core priority going forward. By fostering a 
culture of continuous innovation, we drive a business that leads by 
example and sets new standards for how affiliate marketing creates 
value.
A FLEXIBLE AND AGILE BUSINESS
Affiliate marketing for online sports betting and casino gaming is 
evolving rapidly. Maintaining edge in this dynamic environment 
calls for a flexible organisational structure that can adapt and seize 
opportunities as they are created. With a right-sized balance sheet 
following the completion of the strategic review, Catena Media has 
a solid platform from which to focus on the most profitable and 
promising openings as and when they evolve. Our lean and coher -
ent organisational structure mitigates business risk and gives the 
flexibility we need in our fast-paced market. 
Catena Media seeks to be the data- and technology-driven leader in online affiliate mar-
keting for sports betting and casino gaming in the Americas and selected niche markets. 
Achieving this vision involves developing and implementing sophisticated technological 
solutions that keep us one step ahead in a dynamic and complex operating environment. 
Our strategy, newly clarified and redefined following the strategic review of 2022-2023, 
rests on three pillars that together give us operating stability combined with the agility 
and creativity to respond fast to change and cement our market-leading positions. 
Delivering a superior user 
experience through tech 
and data excellence
Our strategy
CATENA MEDIA ANNUAL REPORT 2023 11
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CATENA MEDIA ANNUAL REPORT 2023 12
Taking the initiative in tech
Interview with Edward Midolo, 
Vice President Technology
How important is technology in our indus -
try today and to Catena Media – and how 
are we raising the bar?
Technology has always been fundamental, 
but in the last nine months or so we have 
transformed the way we see and deploy 
it. We are redefining our tech capabilities 
to become the frontrunner in data- and tech-
based affiliation in our core markets. This 
involves establishing tech as the corner -
stone of everything we do. It’s a big mindset 
change and very exciting for everyone 
involved.
What measures are we taking to achieve 
this?
We’re working on multiple fronts, but one 
core initiative is to implement a single tech 
platform for all our brands. The platform, 
which will roll out in the first half of 2024, 
will transform how we manage and develop 
our brands. Ultimately, it will give us the 
tools and scalability to customise and tailor 
our products to provide personalised user 
journeys. We believe this will drive true 
value, both for our users and for our operator 
customers.
In what ways will the new platform and as -
sociated changes generate value?
Providing tailored, more personalised 
information to users builds brand reputation 
and loyalty. Over time, we will see a shift to 
people visiting our brands directly instead 
of finding us via web searches, as they often 
do today. This will lead to more unique visits, 
higher conversion rates and a superior user 
experience. It will also mitigate our depen -
dence on web search.
How exactly will we be able to personalise 
content – can you give an example?
Sure. Consider what happens when a user 
clicks on our sites. In the past, we didn’t 
know much about that user and therefore 
could not personalise content for them to 
any meaningful degree. Our new advanced 
data analytics capability will give us a wealth 
of data intelligence that we can use to create 
formats that suit the individual and his or her 
preferences. Ultimately, this will improve 
conversion rates and drive the business 
forward. Think of it as the difference be -
tween traditional TV, which just broadcasts 
programmes to any viewer, or Netflix, which 
knows if you like action movies or romantic 
comedies and can offer you content based 
on your specific likes and preferences.
We are also developing an artificial intel -
ligence application. What can you tell us 
about that?
AI will be transformational for Catena Media. 
It offers tremendous opportunities to auto -
mate a ton of internal processes, and we are 
already beginning to use it for that purpose. 
Even more excitingly, it will help us generate 
high-quality, personalised content that adds 
value for our users. Working with a strategic 
partner, we have built an AI model dedicated 
to online sports betting and affiliation. Cur -
rently, we are in the early phase of introduc -
ing and refining it. But our experiences so far 
are extremely encouraging, especially with 
regard to the very high quality content we 
believe our model will be able to generate.
Catena Media is implementing a cluster of connected initiatives designed to 
make us a frontrunner in AI and data-based affiliation in our core markets. 
Edward Midolo, VP Technology, explains how the transformation is going and 
how it will drive long-term business value.
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CATENA MEDIA ANNUAL REPORT 2023 13
TECH-DRIVEN INITIATIVES
Catena Media integrates technology to the core 
of our business. With the help of data-driven 
technology, we will advance the development of 
products that cater to the complex and changing 
needs of our end-users. 
With the successful roll-out of a single and 
coherent tech infrastructure in Q1 2024, the 
robustness of our platforms improved, while 
allowing for substantial scalability of continuous 
efforts to grow our offering. This is instrumental in 
building an organisation adapted to fast rollouts 
of up-and-coming initiatives that range from AI to 
sub-affiliation.
PIONEERING ARTIFICIAL INTELLIGENCE
At Catena Media, we believe that AI constitutes a 
force that will empower our teams, and that, cou -
pled with their knowledge, can help create more 
attractive content further driving our growth. 
During Q4 2023, the first steps to introducing 
artificial intelligence into the organisation were 
taken. Together with a specialist AI partner, 
Catena Media established a joint venture to build 
a large language model (LLM) tailored for content 
affiliation. The rapid pace of development in the 
field allows for many opportunities and this initia -
tive is one of many to come. With the realisation 
Guided by our new strategic direction, we are reinventing our tech focus to sharpen our 
edge as a media affiliation leader. A variety of tech-based initiatives and the develop -
ment of new revenue channels are gearing the group for renewed growth in our core 
markets.
of a minimum viable product only months after 
the agreement was settled, this approach pro -
vides a promising form of development that can 
be implemented in similar projects. 
 
MULTICENTRIC ORGANISATION
The strategic review has allowed us to diversify 
the channels in which we want to specialise going 
forward. We are transitioning into a multichan -
nel business with a more diverse offering to sit 
alongside our core expertise in organic search. 
We firmly believe this new multicentric structure 
and our core focus on regulated markets in the 
Americas will deliver sustainable revenue growth 
over time.
New strategic initiatives for deeper 
 expertise and a broader offer
CATENA MEDIA ANNUAL REPORT 2023 13
We are currently implementing a wide-ranging internal investment 
programme – including large investments in both tech and AI – to 
fast-track our ambition to be the data- and technology-driven 
leader of online affiliate marketing in the sports betting and casino 
gaming space.
Pierre Cadena , Interim CEO
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CATENA MEDIA ANNUAL REPORT 2023 14
Catena Media is a leading affiliate in casino and sports betting in North America, Asia-Pacific and 
selected regional markets. We are expanding fast, particularly in the United States and Canada 
as new states legalise online sports betting and casino gaming. 
Our market – North America in focus
The charts above display the current percentages of the adult population 1 in North 
America with access to legalised online sports betting or casino. These figures 
highlight the substantial untapped potential in the market, as many states have yet 
to legalise these activities, indicating significant long-term growth opportunities. 
Yet to regulate Yet to regulate
Casino Sports
1 Total adult population based on management’s assessment. For Canada, only Ontario.
2 North Carolina launched online sports betting in March 2024.
 NEW NORTH AMERICAN STATE OPENINGS 2023
OUR GROWING FOOTPRINT IN NORTH AMERICA 1
MARKET PENETRATION 1
State Adult population Launch date
Ohio 9.2 m Q1
Massachusetts 5.7 m Q1
Kentucky 3.5 m Q4
Maine 1.1 m Q4
16%
84% 50%
CT
NH
NJ
MD
AZ
NV OH
TN
VAWV
PA
MIWY
CO
IA
IL IN
NY
LA
•  Ontario (Canada)
OR
RH
MA
KS
ME
NE
  Online sports betting
  Online casino and sports betting
  Legalised, not yet operational
  Legalised, single provider monopoly, no affiliation
NC2
KY
VT
INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
50%

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CATENA MEDIA ANNUAL REPORT 2023 15
INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
NORTH AMERICA 
North America is Catena Media’s largest market, 
accounting for 87 percent of group revenue in 
2023. During the year, group revenue in North 
America decreased by 21 percent to EUR 67.1m 
(84.5). 
This decline was due to multiple factors, 
including lower marketing spending by online 
sportsbook and casino operators and our 
strategic transition to a more balanced reve -
nue model, with a higher mix of revenue-share 
contracts than in the past. It also reflected an 
increase in competition from both traditional and 
non-traditional affiliates. Towards year-end the 
group launched a multifaceted programme of 
initiatives to confront competition and restore 
the business to a growth path. These measures 
are projected to lead to renewed revenue growth 
in the second half of 2024.
Despite a relative lull in the launch calendar 
due to the approach of the 2024 US general 
election, four US states – Ohio, Massachusetts, 
Kentucky and Maine – legalised sports betting 
during the year. Over 28 US states plus the 
District of Columbia now allow regulated online 
sportsbooks. Several have also regulated casino 
gaming. In addition, the Canadian province of 
Ontario has legalised both online sports betting 
and casino gaming. 
Our largest state markets by revenue today are 
Michigan, New Jersey and Pennsylvania. We 
provide content for sports bettors and casino 
and poker players in each of these. The three 
most populous US states – California, Texas 
and Florida – have yet to approve online sports 
betting or casino gaming. 
Alongside state launches, Catena Media seeks to 
drive organic revenue growth in established states 
and provinces. We leverage our market- leading 
expertise in search engine optimisation to ensure 
we remain the go-to affiliate for would-be players 
interested in online sports book or casino. 
Partnerships with established media groups are 
a way to spur revenue growth and reach parts of 
the market that can complement our traditional 
affiliation. In 2023 we built further on our media 
collaboration with NJ.com. We also signed media 
partnerships with US news media group Lee 
 Enterprises to provide online sports betting and 
casino content, and with US-based sports pub -
lisher The Sporting News to provide sports bet-
ting, casino gaming and fantasy sports content. 
ASIA-PACIFIC  
Our two Japanese brands, CasinoOnline.jp and 
Slotsia, experienced different trajectories in 
2023. At CasinoOnline, we conducted a com -
prehensive technical rebuild and diversification 
process that involved a full migration from the 
previous website. 
These measures, intended to deliver upgraded 
functionality and an enhanced user experi -
ence, naturally caused some disruption to the 
organisation and brand operations. They played 
a major role in the lower revenue and decrease 
in new depositing customers that we saw at Ca -
sinoOnline during the year. We expect improve -
ments once the upgrade gains full traction in the 
first half of 2024. 
By contrast, Slotsia recorded strong growth in 
2023, its acceleration confirming the ongoing 
appetite for casino gaming among Japanese 
1 Source: Eilers & Krejcik Gaming Estimates, January 2023. Projections in 2023 USD.
PROJECTED US ONLINE GROSS 
GAMING REVENUE 2023-2027 1
Online casino and poker Online sports
5-YEAR CAGR CASINO 19% SPORTS 16%
2023 2024 2025 2026 2027
$8.6 bn
$6.3 bn $7.0 bn $8.8 bn $11.1 bn $12.9 bn
$14.2 bn
$12.4 bn
$11.2 bn
$10.0 bn
5-Year CAGR: 17%
consumers. Underlying player interest in the 
market remains robust and we are confident 
that the fundamentals are in place to expand 
the Japanese business in 2024. Casino gaming 
is the primary focus, but we are also building a 
presence in esports, a dynamic market segment 
with high potential. 
LATIN AMERICA
Latin America is a region of considerable long-
term potential. Processes to legalise online 
sports betting and casino gaming are ongoing 
in a number of countries. These include the big -
gest market, Brazil, where the formal launch of 
legal sports betting came a step closer in 2023. 
During the year we continued to expand our foot-
print in regulating markets like Brazil as well as in 
already-regulated markets including Colombia and 
Argentina. User traffic in Latin America is growing 
fast, as is revenue – albeit from a low base. 
In 2023 we saw some of our smaller projects 
grow in visibility and traffic in Argentina and Mex -
ico, in particular, thanks to strategic optimisation 
and the implementation of high-value content.

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CATENA MEDIA ANNUAL REPORT 2023 16
INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
Growth around the corner
BRANDS AND TECH 
The group enters 2024 as a more focused, 
streamlined entity with the agility and flexibility to 
operate coherently across a smaller number of 
core markets. Several key brands will be upgrad -
ed in 2024. The introduction of a new technical 
platform early in 2024 will be the first time Catena 
Media addresses affiliation activities through a 
single tech infrastructure. 
AI 
In late 2023 we entered a joint venture with a 
major AI industry partner to develop a generative 
AI capability for online sports betting and casino 
affiliation. In early 2024 we implemented a mini -
mum viable product and will develop this further 
during the year. AI holds enormous promise 
for Catena Media in content creation and user 
personalisation.
REVENUE MODEL 
The group is transitioning to a more balanced 
revenue model featuring a higher mix of 
revenue-share-based contracts and reduced 
dependence on cost-per-acquisition (CPA) 
deals. This rebalancing will bring greater stability 
and sustainability to revenue inflow over time, 
although there is always a short-term effect on 
upfront income when foregoing CPA in favour of 
revenue share.
With the conclusion of the strategic 
review, Catena Media is beginning a 
new chapter.
CATENA MEDIA ANNUAL REPORT 2023 16
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CATENA MEDIA ANNUAL REPORT 2023 17
Trends powering our industry
REGULATION 
We believe that nationally regulated markets 
offer the foreseeability and predictability we need 
to ensure sustainable revenue growth over the 
long term. In the last two or so years we have 
pivoted operations to concentrate our focus on 
regulated markets, particularly in North America 
and selected regulated or regulating countries 
in Latin America, including Brazil, Mexico, 
Argentina and Colombia. This realignment saw 
us divest a number of grey-market assets during 
the strategic review in 2022-2023. Regulated 
markets accounted for more than 90 percent of 
group revenue in 2023.
A number of market trends impact Catena Media as an affiliate marketing partner in 
the online casino gaming and sports betting space. Today, three priority areas stand 
out when it comes to organising our business activities and responding operational -
ly to changes around us: regulation, competition and technology.
COMPETITION
Catena Media is a longstanding leader in online 
sports betting and casino gaming affiliation in 
our core markets. This is especially true in North 
America, where we were an early front-runner 
and an organic search pioneer dating back to 
when the first US states moved to legalise online 
betting and casino. Competitors typically target 
the leader in any market, and this is the case for 
us in North America, where in 2023 we experi -
enced stiff competition from existing competitors 
as well as new affiliate entrants and non-tradi -
tional affiliates. In the second half of 2023 we  
responded to this competition to minimise the 
impact on market share. We believe advance -
ments in technology will raise future barriers to 
entry in our industry. With our core competencies 
in organic search and our rollouts of AI and tech -
nological enhancements, planned for 2024, we 
believe we are well equipped to thrive in the new 
competitive landscape.
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CATENA MEDIA ANNUAL REPORT 2023 18
The emergence of artificial 
intelligence (AI) is poised to 
reshape the media industry. 
For the online sports betting 
and casino gaming sector, the 
changes will be huge, as will 
the opportunities to expand, 
enhance and personalise 
content, thereby improving the 
user experience.
Catena Media is investing into 
AI to fast-track our ambition to 
be the data- and technology-
driven leader of online affiliate 
marketing in sports betting and 
casino gaming. Rollout began 
in Q1 2024 of an AI minimum 
viable product that we will 
refine further during the year.
The battle to attract the 
attention of users and convert 
them into revenue sources 
is hardening. Differentiated 
content that stands out from 
the crowd is paramount as 
competition intensifies.
Catena Media is investing 
significantly in technology 
advancements in areas such 
as search engine optimisation 
and also in expanding and 
improving the content offerings 
and functionalities of its core 
brands across all markets.
One of the strongest market 
drivers is the extremely rapid 
growth of online casino and 
sports betting in the US. This 
growth has been propelled 
since 2020 by multiple states 
opening their markets to 
licensed online operators.
In 2023, we launched online 
sports betting in Ohio, 
Massachusetts, Kentucky 
and Maine, bringing our 
affiliate marketing model to a 
combined adult population of 
19.5 million. We are preparing 
for further state launches, led 
by North Carolina in the early 
part of 2024.
Government regulation of 
online casino and sports 
betting is a worldwide and 
increasing trend. Tighter 
regulation increases market 
certainty and raises barriers to 
entry for potential competitors, 
to the benefit of established 
providers like Catena Media.
Catena Media strongly 
believes that regulated 
markets offer the best potential 
for sustainable long-term 
growth, and we welcome 
ongoing regulation processes, 
especially in the Americas. We 
work only with fully compliant 
operators in regulated 
markets.
Soaring interest in online 
casino and sports betting has 
come partly at the expense 
of land-based casinos. 
Online casinos offer more 
convenience and privacy than 
brick-and-mortar alternatives 
and can also host a wider 
variety of games.
As an online affiliate, Catena 
Media is insulated from the 
shift from physical casino 
and sports betting to online 
environments and remains 
well placed to benefit from the 
growth in web-based sports 
betting and casino.
People increasingly use 
smartphones and other 
portable devices alongside 
desktop computers for online 
betting and gaming. This 
opens the way for affiliates and 
operators to offer more tailored 
and differentiated mobile 
experiences and to reach users 
in novel ways.
Products and solutions are 
built on the latest technology 
platforms to maximise the 
experience for mobile users. 
We continuously monitor 
tech trends and adopt new 
innovations to ensure we 
continue to offer optimised user 
interactions.
Trends and how we respond 
HARNESSING THE 
POTENTIAL OF AI
STRICTER LICENSING 
AND REGULATORY 
REQUIREMENTS
GROWING IMPORTANCE 
OF DIFFERENTIATED 
CONTENT
FASTER SHIFT FROM 
PHYSICAL TO ONLINE
FAST DEVELOPMENT OF 
THE US MARKET
ACCELERATION OF 
MOBILE-FIRST
IMPLICATIONS FOR CATENA MEDIA
HOW WE ACT
CATENA MEDIA ANNUAL REPORT 2023 18
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CATENA MEDIA ANNUAL REPORT 2023 19
Catena Media conducts business activities in two operating segments: Casino and 
Sports. Our role as an affiliate involves connecting and recruiting potential users as 
leads or prospects for the operators of online sports betting and casino gaming.
Our segments
CASINO
Provide attractive and informed 
content, insight and offers that 
connects people interested in slots, 
poker, blackjack and other casino 
games with selected platform 
operators. 
SPORTS
Publish targeted content on sports 
teams, individuals and fixtures to inform 
sports, fantasy sports and esports 
betting fans and help them choose the 
right offers from online operators.
* Catena Media divested its former financial trading segment in January 2023.
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CATENA MEDIA ANNUAL REPORT 2023 20
MEDIA PARTNERSHIPS IN THE SPOTLIGHT 
Revenue in the Casino segment decreased by 
19 percent in 2023 to 41.2m (51.2). Adjusted 
EBITDA was 23 percent lower at EUR 20.5m 
(26.5), while new depositing customers totalled 
76,893 (99,541). 
The year began with an uplift from the media 
content partnership signed with the NJ.com 
news and information website in August 2022. 
Improved organic search positioning also 
boosted traffic on the group’s key casino brands, 
including the PlayNJ.com website.
In March, a second large national media part -
nership was signed with Lee Enterprises, which 
operates 77 brands in 26 US states.
STRONGER NORTH AMERICAN 
COMPETITION
Increased competition led to a contraction in 
casino revenue in the second quarter, notwith -
standing higher player inflow in New Jersey 
thanks to organic improvements and media 
partnerships. In Japan, a technical upgrade was 
STREAMLINING FOR GROWTH 
Revenue in the Sports segment decreased by 
25 percent in 2023 to 35.5m (47.4) and adjusted 
EBITDA was 77 percent lower at EUR 4.9m (2.9). 
New depositing customers totalled 107 ,364 
(129,060). 
OHIO AND MASSACHUSETTS LAUNCHES 
The year got off to a strong start with the launch 
of regulated online sports betting in Ohio and 
Massachusetts in the first quarter. Both states 
generated solid player revenue and were sup -
ported by favourable organic search perfor -
mance in more mature states such as Pennsylva -
nia and New Jersey.
STIFFER COMPETITION IN KEY MARKETS
A decline in revenue was seen in Q2, traditionally 
the weakest period of the year due to the sea -
sonal interlude in North American major-league 
sports calendars. The first effects were felt of 
lower marketing spend by North American opera -
tors and stiffer competition in organic search – 
two themes that would persist until year-end.
initiated at CasinoOnline.jp, while the growth of 
the Slotsia brand underlined the market’s strong 
long-term prospects.
A decline in social and sweeps casino revenue 
fuelled a wider revenue decline in Q3, although 
in New Jersey, the largest regulated casino state 
market, the NJ.com partnership was growth-pos -
itive. Cost-per-acquisition (CPA) rates also rose 
in this mature market, underlining the strong 
player value delivered to operators despite 
increasing competition.
BRAND DEVELOPMENT AND UPGRADES 
Towards year-end, a higher mix of revenue-share 
deals and stronger competition in organic search 
dampened revenue in North American casino. 
Several initiatives took shape to implement sig -
nificant technical improvements at key regional 
brands and to deliver more lifetime value to part -
ners and an enhanced user experience through 
improved brand function, positioning and impact. 
This work is expected to be revenue-enhancing 
from the second half of 2024. In parallel, moves 
began to expand casino content across partner -
ships with media organisations.
SHIFT TO REVENUE SHARE BEGINS 
A strategic shift from some cost-per-acquisition 
(CPA) contracts to a revenue share model de -
livered lower revenues during the second half of 
the year. Revenue share deals deliver recurring 
revenue over time but result in lower upfront 
payments than CPA arrangements. Simultane -
ously, operators scaled back the CPA rates paid 
to affiliates amid downward pressure on budgets 
due to a slower pace of new state launches in 
2023 compared to prior years.
TWO NEW STATES – KENTUCKY AND MAINE
The legalisation of sports betting in Kentucky 
and Maine delivered a modest boost as the group 
invested to broaden media partner collabora -
tions and gear for expansion in paid media, a new 
vertical that will become more significant in 2024.
Esports revenue continued to surge as the main 
brand, Esports.net, expanded its organic reach 
and strengthened its authority as a favoured 
choice for esports players.
Casino Sports
* All numbers and growth percentages shown refer to continuing operations, see page 3 for more information.
Casino Jan-Dec 2023 Jan-Dec 2022 Change
Revenue (EUR ’000) 41,234 51,222 -19%
Adjusted EBITDA (EUR ’000) 20,514 26,526 -23%
Adjusted EBITDA margin (%) 50 52 -2pp
New depositing customers 76,893 99,541 -23%
Sports Jan-Dec 2023 Jan-Dec 2022 Change
Revenue (EUR ’000) 35,514 47 ,388 -25%
Adjusted EBITDA (EUR ’000) 4,933 21,856 -77%
Adjusted EBITDA margin (%) 14 46 -32pp
New depositing customers 107 ,364 129,060 -17%
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CATENA MEDIA ANNUAL REPORT 2023 21
New intake at Catena Academy Formation of the Responsible 
Gambling Affiliate Association (RGAA)
CSRD Mental Health Awareness Month 
Catena Academy, our proprietary leadership de -
velopment programme, continued in 2023. Cat -
ena Academy fosters team members’ expertise 
with the goal of retaining and upskilling internal 
talent to support the business. Over six months, 
a cohort of employees participates in a series 
of workshops, mentoring sessions and coach -
ing opportunities to enhance their leadership 
abilities. The programme represents a significant 
investment in team development and underlines 
our commitment to promoting a culture of contin -
uous learning and growth. In 2023, 10 employees 
completed the training.
In anticipation of the the European Union’s 
forthcoming Corporate Sustainability Reporting 
Directive (CSRD), Catena Media has started pre -
paring to meet the higher standards of sustain -
ability reporting. We initiated a double materiality 
analysis at the end of 2023 to identify our ma -
terial topics accoding to the new requirements. 
This undertaking will ensure that our reporting 
framework will meet the new  requirements and 
also assesses the impact of our operations on 
sustainability topics and how surroundings affect 
our business and what  financial risks or opportu -
nities this might entail.
In a pioneering move to uphold responsible gam -
bling practices, Catena Media joined industry 
peers in launching the Responsible Gambling Af -
filiate Association (RGAA) on 8 November 2023. 
The RGAA aims to be a beacon for responsible 
advertising and consumer protection within the 
gambling affiliate sector. This coalition aims to 
foster responsible gambling marketing, advocate 
for sensible regulation, and safeguard consumer 
interests, establishing a balanced environment 
for gambling affiliates to effectively contribute to 
the market. The initiative underscores our col -
lective commitment to promoting safe gambling 
experiences and elevating standards across the 
affiliate marketing industry.
We empowered our employees throughout May 
2023 for Mental Health Awareness Month to take 
steps toward prioritising their well-being (body, 
mind, and spirit). This was achieved through an 
internal “Step Into Spring” Challenge in which the 
team “walked” across the globe. As a company, 
we walked 42,724,521 steps throughout the 
month of May.
During May, we also held a series of mental 
health training events to help normalise and 
discuss stress and how we manage it. The ses -
sions were hosted by a professional third party 
and reinforced our commitment to health and 
wellbeing.
Highlights 2023
CATENA MEDIA ANNUAL REPORT 2023 21
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CATENA MEDIA ANNUAL REPORT 2023 22
A good corporate citizen
We believe all companies share an obligation to conduct themselves as good corporate citizens. For Catena Media, this 
involves going beyond ensuring the sustainability of our own business model. It also means addressing the wider operating 
environment – the sector we operate in, our key stakeholders such as our employees, and the natural environment and its reso -
urces.
FOCUS ON SOCIAL RESPONSIBILITY AND 
 GOVERNANCE 
As a purely online business, Catena Media has 
a relatively small, albeit not negligible, impact on 
the natural environment. We believe we can best 
contribute to a sustainable future by focusing 
on good corporate citizenship in the fields of 
governance and social responsibility. These 
areas have therefore commanded our attention 
in recent years, and we have connected them to 
the UN Global Compact 10 principles and the UN 
Sustainable Development Goals (SDGs). This 
approach forms the basis for our sustainability 
reporting, as shown in this report.
UN GLOBAL COMPACT AND THE SDGS
The UN Global Compact forms the core of our 
sustainability framework alongside selected UN 
Sustainable Development Goals. Catena Media 
officially joined the Global Compact in early 
2022. For a number of years our code of conduct, 
which all employees are required to uphold, has 
applied the Global Compact’s 10 principles in the 
areas of human rights, labour, environment, and 
anti-corruption. 
We believe these universal principles represent 
fundamental values on which every business 
should base its strategies and operations. Joining 
the Global Compact underlines our commitment 
to those principles and values, and underscores 
our ambition to show and report on progress 
across our sustainability-related engagements.
Further elements in our sustainability gover -
nance framework are the Nasdaq ESG Guide 
and the Maltese Companies Act’s provisions 
relating to the EU Directive 2014/95/EU on 
Non-Financial Reporting (NFRD). 
SUSTAINABILITY COUNCIL
During the year our Sustainability Council, a 
joint body comprising members of the board and 
management that we founded at the end of 2021, 
continued its work. The council is our central gov -
erning body for sustainability, linking the board of 
directors – which approves all company policies, 
the group’s code of conduct and the overall 
corporate strategy, including sustainability – with 
executive management, which implements all 
strategies.
The Sustainability Council develops and follows 
up on the sustainability strategy and its focus ar -
eas and targets. It also updates the board every 
quarter on progress and strategy implementation 
relating to environment, social responsibility and 
corporate governance. The council members 
consist of two directors, the CEO, CFO and Chief 
Human Resources Officer. The council’s chair 
is the CFO, who is also responsible for group 
sustainability reporting.
ABOUT THIS REPORT
In the 2023 report we continue to report on a 
range of sustainability metrics. We are not yet 
legally obliged to do so under the terms of EU’s 
Corporate Sustainability Reporting Directive 
(CSRD) but preperations are currently under way 
to meet the requirements of the upcoming direc -
tive. Our disclosures should be seen as a starting 
point towards beginning to measure our impacts. 
We still have much work to do, especially with 
regard to environmental impact reporting.
The report starts with an update on the gov -
ernance and overall reporting framework that 
underpins our sustainability efforts. It also de -
scribes the group’s strategy, based on our three 
focus areas – responsible business, responsible 
employer, and environmental responsibility – and 
how these relate to our reporting framework, the 
UN Global Compact and the UN Sustainable 
Development Goals. The report summarises 
each focus area, describing key developments 
and achievements in 2023.
Board of directors  
approves code of conduct, 
policies, sustainability strategy
Quarterly updates about ESG 
matters, our sustainability work and 
progress according to the strategy
Regular updates on sustainability 
work and progress during bi-weekly 
management meetings
Sustainability Council
develops and follows up on the 
sustainability strategy and its 
focus areas and targets
Executive management
inputs to and implements the 
sustainability strategy
SUSTAINABILITY GOVERNANCE
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CATENA MEDIA ANNUAL REPORT 2023 23
Materiality assessment
In 2023, we began the process of conducting a double materiality assessment, 
which is a requirement of the Corporate Sustainability Reporting Directive (CSRD). 
The assessment will cover a range of stakeholders, including employees, NGOs, 
senior management, investors and non-executive directors, and prepare Catena 
Media for the future of sustainability reporting.
IDENTIFYING KEY MATERIAL TOPICS
The starting point for the existing assessment 
was to identify potential material topics for 
Catena Media. To understand the organisation’s 
context, we considered our activities, busi -
ness relationships, sustainability context, and 
stakeholders. We also reached out to selected 
stakeholders to hear their views on our mate -
rial topics and potential impacts. An employee 
survey was sent out to all employees. Feedback 
from investors allowed us to understand their 
requirements and expectations in the coming 
years. Interviews with non-executive directors 
and top management delivered valuable input on 
their perspectives. 
OUR KEY MATERIAL TOPICS
After the assessment, internal discussions were 
conducted to determine what material topics 
would lay the foundation for our sustainability work 
and reporting. Based on the existing materiality 
assessment, we identified several material areas 
valuable to our stakeholders. The material are:
• Anti-corruption and anti-money laundering
• Diversity, equality and inclusion in the workplace
• Attracting, developing, rewarding and  
retaining employees
• Customer responsibility, especially  
ethical marketing
• Safe storage and transparent management of 
customer data
PREPARATIONS FOR CSRD AND DOUBLE 
MATERIALITY
Following last year’s materiality assessment, 
we began the process of conducting a double 
materiality analysis at the end of 2023. This 
process will involve more stakeholders, including 
operators, end-customers and non-governmen -
tal organisations. The difference compared to 
the single materiality analysis approach is that 
the former includes only one perspective, which 
is the impact. A double materiality analysis takes 
account of both the organisation’s impact on the 
planet and society (inside-out perspective), and 
the planet’s and society’s potential financial im -
pact on the organisation (outside-in perspective). 
This more nuanced method will provide a 
comprehensive understanding of the impacts, 
risks and opportunities associated with Catena 
Media’s sustainability profile and engagement. 
• Impact materiality: this aspect covers how 
Catena Media’s activities factually and theo -
retically affect the environment and society. 
It is an “inside-out” perspective in which our 
actions and decisions are scrutinised for their 
impact on the environment and society.
• Financial materiality: here the analysis focus -
es on how external sustainability factors can 
affect the company’s financial performance. It 
is, in contrast to the material impact, an “out -
side-in” perspective in which external chang -
es and trends are analysed to understand their 
potential impact on Catena Media.
CATENA MEDIA ANNUAL REPORT 2023 23
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CATENA MEDIA ANNUAL REPORT 2023 24CATENA MEDIA ANNUAL REPORT 2023 24
Our sustainability 
strategy
RESPONSIBLE BUSINESS  
– A POSITIVE ROLE IN SOCIETY
Being a responsible business is at the core of 
who we are as a company. We are committed 
to playing a positive role in society by delivering 
value to our customers and employees through 
our services and job opportunities. Our aim is to 
establish industry-leading standards through the 
implementation of robust policies against bribery 
and corruption, and through other applicable 
policies. We strive to maintain strong corporate 
governance through a diverse and active board of 
directors.
RESPONSIBLE EMPLOYER  
– AN ATTRACTIVE PLACE TO WORK
Creating a supportive, healthy and diverse work 
environment that enhances employee perfor -
mance is crucial to our success. Our people are 
integral, and we strive to attract and retain talent 
through a company culture built on trust, trans -
parency and a commitment to respect, diversity 
and equal opportunity. This culture fosters inno -
vation, strong customer relationships, and the de -
velopment of innovative products and services. 
Our organisation is people-focused and actively 
promotes work-life balance for all employees.
ENVIRONMENTAL RESPONSIBILITY  
– MINIMISING OUR IMPACTS
Our remote-first and hybrid working model results 
in a relatively small environmental footprint. Even 
so, we are committed to reducing our environ -
mental impact on an ongoing basis. We aim to 
achieve this by offsetting our greenhouse gas 
emissions and considering environmental foot -
print in our decision-making processes. 
Labour standards:
#3. Uphold the freedom of association and the 
effective recognition of the right to collective 
bargaining
#4. Elimination of all forms of forced and 
compulsory labour
#5. Abolition of child labour
#6. Elimination of discrimination in respect of 
employment and occupation
Human rights:
#1. Support and respect internationally 
proclaimed human rights
#2. No complicity in human rights abuses
Anti-corruption:
#10. Work against corruption in all its forms, 
including extortion and bribery
Environment:
#7. Support a precautionary approach to 
environmental challenges
#8. Undertake initiatives to promote greater 
environmental responsibility
#9. Encourage the development and diffusion 
of environmentally friendly technologies
#3 Good health and well-being: 3.4
#4 Quality education: 4.4
#5 Gender equality: 5.5
#8 Decent work and economic growth: 8.5, 8.8
#5 Gender equality: 5.5
#12 Responsible consumption and production: 12.6
#16 Peace and justice, strong institutions: 16:5
#13 Climate action 13.2
Number of full-time employees (FTEs)
Gender diversity
Gender pay ratio
Employee turnover
Sickness absence
Gender diversity
Board meeting attendance
Board independence
CEO pay ratio
Greenhouse gas emissions
Offset emissions
Development and growth
Diversity and equal opportunities
Health and well-being
Social engagement
Business ethics and anti-corruption
Data protection and privacy 
Customer responsibility
Board diversity and attendance
Responsible travel
Emissions
UN GLOBAL COMPACT
UN SUSTAINABLE DEVELOPMENT GOALS
KEY METRICS
KEY ISSUES
RESPONSIBLE BUSINESS RESPONSIBLE EMPLOYER ENVIRONMENTAL RESPONSIBILITY
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CATENA MEDIA ANNUAL REPORT 2023 25
A responsible business
We strive to embody the change we want to see in the world. To achieve this goal, we are dedicated to being a caring employer, a 
trusted partner and a responsible company. We aim to set the benchmark standard in our industry via strong anti-bribery,  
anti-corruption and similar policies while maintaining robust governance through an active and diverse board of directors.
WE STAND FOR BUSINESS ETHICS AND 
ZERO CORRUPTION
At Catena Media we understand the significance 
of maintaining strong corporate ethics and 
anti-corruption practices. These measures not 
only benefit the business but also promote a sus -
tainable and equitable business environment. 
We implement an all-inclusive code of conduct 
that defines our values and establishes ex -
pectations for all employees, associates and 
stakeholders. The code is reviewed annually and 
adjusted as necessary to ensure its relevance 
and efficacy. The code of conduct is publicly 
available on our website.
We also have an anti-corruption policy that aims 
to combat any non-compliant practices within 
the company or among our partners. The policy 
includes steps such as vetting associates, mon -
itoring transactions, and reporting and investi -
gating any alleged violations. The anti-corruption 
policy follows global standards and regulations 
such as the Foreign Corrupt Practices Act and 
the UK Bribery Act.
Furthermore, we operate a reporting mecha -
nism for whistleblowers. This platform allows 
employees, partners and other stakeholders to 
report anonymously, and without fear of reprisal, 
any suspected violations of the code of conduct 
or anti-corruption policy. The compliance team 
promptly and thoroughly investigates the reports, 
and appropriate action is taken as necessary.
DATA PROTECTION AND PRIVACY
Catena Media recognises the importance of 
handling personal data securely and with care in 
accordance with data protection laws. We pro -
mote a culture of privacy and integrity to ensure 
that all employees, from senior managers to new 
colleagues, understand how to treat personal 
data responsibly and keep it safe.
To support this, we have implemented a range of 
policies and procedures, such as our data protec -
tion policy, information security policy, and privacy 
by design and default procedure. We regularly re -
view these policies to ensure they are up-to-date 
and aligned with best practices. Our employees 
are required to read, understand and adhere to 
these policies as part of their job responsibilities.
New employees receive instruction in our privacy 
policies, procedures and guidelines during 
their induction week, and all employees receive 
regular mandatory training on privacy and their 
responsibilities when handling personal data. We 
also undertake routine security awareness train -
ing with an emphasis on social engineering.
To supplement our policies and training, we 
implement technical measures designed to 
maximise data protection. For example, we have 
an internal information security team, a robust 
incident management process and vulnerability 
remediation processes. We also apply security 
controls to identify, capture and block unwanted 
or malicious requests and emails.
 
At all times we aspire to be transparent with cus -
tomers about what information we collect, how we 
use it, who we share it with and how we safeguard 
it. We also inform customers about their personal 
data rights. Our data protection officer acts as the 
main contact point for data subjects with regard 
to all issues related to personal data rights and 
processing.
Key issues
• Business ethics and anti-corruption
• Data protection and privacy
• Customer responsibility
• Board diversity 
We are committed to promoting re -
sponsibility and compliance across 
our operations. To support this goal, 
we apply a code of conduct that out -
lines our values and expectations for 
all employees.
The code focuses on promoting 
business ethics and integrity, while 
also addressing the working condi -
tions of its employees. It covers a 
wide range of areas, including:
• Fair competition
• Conflict of interest and 
competition
• Human rights
• Anti-discrimination 
Our code 
of conduct
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CATENA MEDIA ANNUAL REPORT 2023 26
CUSTOMER RESPONSIBILITY
We are continually focused on responsible 
gaming, responsible advertising and compliance 
with the many jurisdictional guidelines and licence 
requirements that apply in the markets where we 
operate. 
As an affiliate that helps operators to acquire new 
players, we have no access to data on player 
behaviour or any potential gaming addiction 
patterns as this information is held by our operator 
customers. We therefore focus on informing and 
educating players about online casino and sports 
betting before they start playing. 
Catena Media commits to carry out compliant 
marketing activities and to promote player pro -
tection. Ultimately, this ensures that our brands 
are trustworthy and grow sustainably. We apply 
internal advertising guidelines to reflect the 
requirements in the different jurisdictions in which 
we operate. These are regularly updated. The 
Catena Media compliance team conducts regular 
website reviews to ensure all our websites provide 
responsible gaming information and the correct 
help sites and contact information. This work and 
our internal guidelines help our global teams nav -
igate compliance-related issues on a daily basis. 
Through our responsible gaming and advertising 
guidelines and frequent training and communica -
tions updates to all employees, we do our utmost 
to ensure that responsible gaming is top-of-mind 
for everyone at Catena Media.
BOARD ATTENDANCE
Board meeting attendance, which measures the 
percentage of board meetings and audit, remu -
neration and technology committee meetings 
attended per director, was 93 percent during the 
year. All directors were independent of the compa -
ny and management and of major shareholders.
Key metric Unit 2023 2022 Comments
Gender diversity , board % 29% 29% Percentage of female members of the board of directors (elected 
at the AGM during the reporting period).
Board meeting attendance % 93% 89% Percentage of board meetings attended per director , including 
audit, remuneration and technology committee meetings.
Board independence % 88% 100% Percentage of directors that are independent of the company 
and management and of major shareholders.
CEO pay ratio Times 9.8 12.4
CEO’s salary divided by the median salary of employees (FTE 
excl CEO). N.B. other compensation such as bonuses is not 
included.
CATENA MEDIA ANNUAL REPORT 2023 26
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CATENA MEDIA ANNUAL REPORT 2023 27CATENA MEDIA ANNUAL REPORT 2023 27
A responsible employer
We are committed to being a responsible employer with a clearly defined company culture founded on trust and transparency. 
We attach high value to respect, support, diversity and equal opportunities, and we take a people-first approach to our work. 
Additionally, we believe in promoting a healthy work-life balance for all our employees.
DEVELOPMENT AND GROWTH
We believe that cultivating trust and transparency 
is crucial and an integral part of our company 
culture. We ensure that all employees are kept 
informed through fortnightly company meetings 
and maintain open communication channels 
through feedback and engagement tools. Ad -
ditionally, we encourage employees to express 
their thoughts freely by enabling an anonymity 
filter so they can speak their minds. 
Each year, a selected group of employees 
participates in the Catena Academy leadership 
programme. Intake follows an internal application 
process and took place in 2023 for the second 
consecutive year after a two-year break due to 
the covid pandemic. Participants take part in an 
academic course that incorporates mentoring, 
assessments, presentations, coaching and work -
shops – all culminating in a graduation ceremony. 
 DIVERSITY AND EQUAL OPPORTUNITIES
At year-end, 32 percent of employees and 13 
percent of executive and senior management 
were female. The gender pay ratio, calculated as 
the median salary of males divided by the median 
salary of females (excluding the CEO), was 1.2. 
The CEO pay ratio, calculated as the CEO’s 
salary divided by the median salary of all employ -
ees, was 9.8. This ratio is expected to be higher 
than peers due to the CEO’s employment under 
North American terms and conditions, for which 
salaries and benefits exceed the group average.
HEALTH AND WELLBEING
At Catena Media, the health and wellbeing of 
our employees remains our top priority. Our 
remote-first office setup empowers colleagues 
to make their own decisions on where they can 
perform their duties best. Moreover, we provide a 
comprehensive wellness package with generous 
wellness benefits and health insurance to all em -
ployees. We operate an extended global mental 
health programme that provides employees with 
professional support across a broad spectrum 
of personal, work-related and family issues. 
Additionally, we offer mental health awareness 
training to managers. 
In 2023, employees’ average sickness absence 
rate was 4.7 days per person, improved from 5.2 
in 2022. We continue to closely monitor this met -
ric to identify areas where we can further support 
employees to achieve optimal wellbeing.
Key issues
• Development and growth
• Diversity and equal opportunities
• Health and wellbeing
• Social engagement
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CATENA MEDIA ANNUAL REPORT 2023 28
SOCIAL ENGAGEMENT
Catena Media’s Volunteer Day initiative allows all 
employees to devote time to helping others and 
to get involved with, and support, their local com -
munities. The programme entitles every Catena 
Media employee to take two paid days of leave 
per year for local community or charity work. The 
activities performed during Volunteer Days are 
as multifaceted as one would expect for a diverse 
company with an international workforce.
In 2023, 86 volunteer days were used, evenly 
distributed among men and women. Employees 
used these days for community work that included 
beach cleaning, animal welfare, assisting the 
elderly, helping at youth centres, organising and 
distributing food to people in need, and supporting 
local organisations. 
Key metric Unit 2023 2022 Comments
Employees (workforce) Full-time 
employees (FTEs) 231 420
FTEs as of 31 Dec, as stated in the annual report. 
Excludes contractors and one part-time employee in 
2021, 2022 and 2023.
Gender pay ratio Times 1.2 1.5
Median salary of males divided by median salary 
of females (FTEs, excl. CEO). N.B. excludes other 
compensation such as bonuses.
Gender diversity, all group % 32% 35% Percentage of women in workforce (total FTEs).
Gender diversity, management % 13% 18% Percentage of women in workforce (executive and 
senior management team only).
Employee turnover % 71% 30% Percentage of all leavers, voluntarily and involuntarily 
from total workforce (total FTEs).
Sickness absence Days per FTE 4.7 5.2 Sick days for all FTEs divided by total FTEs.
CATENA MEDIA ANNUAL REPORT 2023 28
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CATENA MEDIA ANNUAL REPORT 2023 29CATENA MEDIA ANNUAL REPORT 2023 29
Environmental responsibility
The group’s remote-first and hybrid working setup contributes to an organisation with a relatively small environmental footprint. 
We are nevertheless determined to reduce environmental impacts by better measuring our greenhouse gas emissions and 
taking account of environmental factors in our decision-making processes. 
REMOTE FIRST
Since our business operates online, our environ -
mental footprint is relatively small and relates 
primarily to our office network and to data stor -
age and server operations and business travel. 
We are nonetheless firmly committed to finding 
opportunities to mitigate any negative effects 
from our infrastructure and operations. 
As a remote-first company, we have a small office 
network and hence a rather limited eco-foot -
print. This setup enables people to work from 
almost anywhere. Nevertheless, the group has 
implemented various energy efficiency mea -
sures over the years, including low-energy office 
lighting. Each floor of our Malta headquarters 
has recycling stations to support the sorting of 
recyclable materials, including metal, paper and 
cardboard, plastic and glass. Today we consider 
such measures to be normal hygiene and look 
constantly for additional ways to improve and 
lower our environmental impacts.
GLOBAL TRAVEL PLATFORM
We operate a global travel platform that provides 
a one-stop-shop for travel bookings and travel 
management. The platform also offers extensive 
reporting and analysis functionality so we can 
analyse travel patterns and optimise accordingly.
Gaining a full perspective on our travel-related 
emissions forms a significant part of our carbon 
footprint management, and to better understand 
our business travel emissions is a significant 
step in minimising our negative impacts in the 
future. Furthermore, the platform provides a vital 
foundation to start reporting on our greenhouse 
gas emissions at group level.
EMISSIONS
In 2023, we continued to lay the groundwork for 
reporting on greenhouse gas emissions across 
the group. We prepared for future comprehensive 
emissions reporting. Our emissions originate 
from various sources, including office environ -
ments (both on-site and remote), business travel 
and facilities supporting data storage and server 
operations.
For business travel emissions, we operate a 
robust framework through our dedicated travel 
platform, which streamlines the way we track and 
manage these emissions. The methodology for 
reporting emissions from our office operations is 
clearly defined, while acknowledging the unique 
challenges posed by remote work settings. The 
emissions attributed to data storage and server 
operations represent a more intricate challenge, 
which we are committed to addressing further in 
2024.
As we move forward with implementing the 
Corporate Sustainability Reporting Directive 
(CSRD), our goal is to report on scope 1, 2, and 
3 emissions, embracing a holistic approach to 
our environmental impact. This commitment 
underscores our dedication to not only adhere to 
regulatory expectations but also to lead by exam -
ple in our industry by fostering transparency and 
sustainability.
Key issues
• Business travel
• Emissions
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Financial information
KEY FINANCIAL DATA FOR THE GROUP
THE SHARE
DIRECTORS' REPORT
RISKS AND RISK MANAGEMENT
BOARD SIGNATURES
GROUP FINANCIAL INFORMATION
STATEMENTS OF COMPREHENSIVE INCOME
STATEMENTS OF FINANCIAL POSITION
STATEMENTS OF CHANGES IN EQUITY
STATEMENTS OF CASH FLOWS
PARENT COMPANY FINANCIAL INFORMATION
STATEMENTS OF COMPREHENSIVE INCOME
STATEMENTS OF FINANCIAL POSITION
STATEMENTS OF CHANGES IN EQUITY
STATEMENTS OF CASH FLOWS
NOTES TO THE FINANCIAL STATEMENTS
CORPORATE GOVERNANCE
REMUNERATION REPORT
BOARD OF DIRECTORS
EXECUTIVE MANAGEMENT
AUDITOR'S REPORT
DEFINITIONS
OTHER INFORMATION
31
32
33
37
41
42
43
44
45
46
47
48
49
50
75
84
90
91
92
96
97
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CATENA MEDIA ANNUAL REPORT 2023 30

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Key financial data for the group
EUR 2023 2022 2021 2020 2019
Income statement 
Revenue (EUR 000s) 88,240 137,927 136,112 105,991 102,817
Revenue growth (%) (36) 1 28 3 (2)
Organic revenue growth (%) (36) (4) 24 9 (6)
Adjusted EBITDA (EUR 000s) 27,6 93 59,050 69,734 52,503 44,349
EBITDA (EUR 000s) 33,874 44,125 63,530 50,055 40,506
(Loss)/profit before tax (EUR 000s) (37,370) 9,517 (5,773) 14,770 (10,358)
(Loss)/profit after tax (EUR 000s) (38,236) 7,528 (7,169) 12,517 (10,536)
Earnings per share before dilution (EUR) (0.51) 0.10 (0.10) 0.20 (0.18)
Earnings per share after dilution (EUR) (0.37) 0.07 (0.06) 0.12 (0.17)
Balance sheet
Balance sheet total 242,026 322,625 366,173 340,855 332,513
Equity 175,182 222,520 228,524 240,116 146,996
Current assets 66,978 75,216 47,816 48,332 32,839
Current liabilities 32,566 23,546 41,411 17,4 0 9 26,290
Net interest-bearing debt (NIBD) (EUR 000s) 18,356 52,950 58,142 57,026 150,214
Cash flow
Cash flow generated from operations 20,036 56,385 65,803 48,981 37,9 97
Cash flow generated from/(used in) investing activities 34,345 (30,915) (43,358) (10,453) (39,788)
Cash flow generated (used in)/generated from financing 
activities (34,881) (27,663) (24,176) (19,578) 1,121
Financial ratios 
Adjusted EBITDA margin (%) 31 43 51 49 42
EBITDA margin (%) 38 32 47 47 39
NIBD/adjusted EBITDA multiple 0.66 0.90 0.83 1.09 3.39
Cash conversion rate (%) 72 95 94 93 86
Employees at year end 256 447 425 402 396
EUR 2023 2022
Income statement
Revenue (EUR 000s) 76,748 98,610
Revenue growth (%) (22) -
Adjusted EBITDA (EUR 000s) 25,447 48,382
EBITDA (EUR 000s) 23,590 46,762
(Loss)/profit before tax (EUR 000s) (27,9 9 6) 33,448
(Loss)/profit after tax (EUR 000s) (28,182) 33,590
Earnings per share before dilution (EUR) (0.37) 0.46
Earnings per share after dilution (EUR) (0.27) 0.31
Cash flow
Cash flow generated from operations 19,656 46,026
Cash flow generated from/(used in) investment activities 34,619 (29,064)
Cash flow generated used in financing activities (34,861) (27,442)
Financial ratios
Adjusted EBITDA margin (%) 33 49
EBITDA margin (%) 31 47
Cash conversion rate (%) 77 95
Employees at year end 255 264
New depositing customers (NDCs) 184,257 228,601
CONTINUING OPERATIONS* ALL OPERATIONS INCLUDING DISCONTINUED OPERATIONS
* Continuing operations exclude all assets divested between Q3 2022 and Q4 2023. 
These are classified as “discontinued operations” and comprise European grey-
market performance marketing assets, AskGamblers and related brands, the 
Financial Trading segment, UK and Australian sports betting brands and Italian sports 
and casino assets. 
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The Catena Media plc share has been traded on the Mid Cap list of Nasdaq Stockholm since 4 September 2017 . 
The shares were previously traded on Nasdaq Stockholm’s First North Premier list, where Catena Media was listed 
on 11 February 2016 under the trading symbol CTM.
The share
SHARE PERFORMANCE
Nasdaq Stockholm recorded a 13 percent increase in value in 2023. 
During the period Catena Media’s share price fell 38 percent, from 
SEK 19.82 on 1 January to SEK 12.38 on 31 December . The lowest 
closing price, SEK 10.59, was noted on 18 December 2023 and the 
highest, SEK 37 .54, was observed on 16 February 2023. The group's 
market value at the end of 2023 was SEK 975.2m.
TRADING VOLUME
In 2023, a total of 84.2 million Catena Media shares were traded and 
the average number of traded CTM shares on the Nasdaq Stockholm 
Mid Cap list was 0.3m shares per day over 252 trading days.
The turnover rate, calculated as the number of shares traded in re-
lation to the total number of shares in the company , was 107 percent.
SHAREHOLDERS
At year-end 2023, Catena Media had 10,772 shareholders. The pro-
portion of registered shares abroad was estimated at 42.3 percent, of 
which shareholders in Denmark, Malta and the US accounted for 8.3 
percent, 5.1 percent and 3.4 percent respectively .
The 10 largest shareholders on 31 December 2023 held a total of 
40.4 percent of the capital and votes. Catena Media was the fifth larg-
est shareholder and owned 4.0 percent at year-end. 
DIVIDEND 
Catena Media's strategy commits the group to growth, meaning that 
dividends may be low or not occur at all in the medium term. For the 
financial year ended 31 December 2023, the board proposes to the 
AGM that no dividend will be paid. The board has a long-term ambi-
tion to pay a maximum of 50 percent of profit after tax in dividends. 
Dividend payments will be at the board's discretion, and no date has 
been set for any future payment.
SHARE CAPITAL 
At the end of 2023, Catena Media’s share capital was EUR 118,160.06, 
distributed among 78,773,374 shares and an equal number of votes, 
an increase of 2,442,515 shares during the year . All shares carry 
equal entitlement to the company's profit and equity . 
OPTIONS AND WARRANTS
During 2023, 2,805,000 (nil) share options and 160,000 (nil) warrants were 
issued under two long-term incentive programmes.
As of 31 December 2023, the outstanding warrants (TO1) relating 
to the rights issue in the summer of 2020 totalled 27 ,022,988. These 
can be exercised during subsequent warrant subscription periods, 
which commence on the day following the publication of each quar-
terly report, up to and including the Q2 2024 report.
SHAREHOLDER STRUCTURE
Ten largest shareholders as per 31 December 2023 %
Better Collective A/S 7.7
Investment AB Öresund 7. 2
Avanza Pension 5.7
Second Swedish National Pension Fund 4.7
Catena Media plc 4.0
Nordnet Pension Insurance 3.9
Niklas Karlsson 2.6
Alcur Funds 1.9
Mats Qviberg 1.4
eQ Asset Management Oy 1.3
Sub-total, 10 largest shareholders 40.4
Other shareholders 59.6
TOTAL 100.0
KEY SHARE DATA
2023
Earnings per share (EUR) after dilution -0.37
Outstanding shares at year end 78,773,374 
Last price paid 2023, SEK 12.38
Highest price paid 2023, SEK 37.5 4
Lowest price paid 2023, SEK 10.59
Number of shareholders, 31 Dec 2023 10,772
Number of shares traded in 2023 84,152,525
Marketplace Nasdaq Stockholm
Listed 4 September 2017
Segment Mid Cap
Sector Discretionaries
Trading name CTM
ISIN code MT0001000109
Currency SEK
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DIRECTORS’ REPORT
For the year ended 31 December 2023
The board of directors presents its annual report together with the 
consolidated and separate financial statements of Catena Media plc ("the 
group” and "the company”), registration number C70858, for the financial 
year ended 31 December 2023. The company has its head office and reg-
istered address at Quantum Place, Triq ix-Xatt, Ta’ Xbiex, Gzira in Malta. 
The group has subsidiaries in Malta, UK, US, Canada, Germany , Japan 
and Sweden. “Catena Media” or “the group” is used throughout this annu-
al report when describing the group’s operations. 
PRINCIPAL ACTIVITY
Catena Media’s principal activity is to attract consumers through online 
marketing techniques, and subsequently channel these same consumers 
to clients, namely companies with an online business in online sports bet-
ting and casino. Catena Media owns hundreds of strong brands including 
Lineups, PlayUSA and Legal Sports Report. These are websites that pro-
vide consumers with valuable information about casino and sports. Catena 
Media is dependent on selling online traffic to clients and in return obtaining 
revenues from platform operators via advertising, shared revenues or reve-
nue for each consumer who signs up as a customer with the operator .
BUSINESS OVERVIEW
Catena Media holds a strong market position in the online casino and sports 
betting sector . The group achieves economies of scale by operating the same 
online brands in several geographical markets. A shared technical platform 
enables efficiency in production perspective and in data collection. Analys-
ing consumer quality and conversion is crucial to developing and improving 
website content. The group has acquired several assets in prior years and, as 
part of the strategic review in December 2022, the group set its focus on the 
stable regulatory environment of North America and the high-margin oppor-
tunities offered as the legalisation of states and provinces in the online sports 
betting and casino rolls out. The group is also committed to expanding its 
already-significant market presence in Japan, which offers stable and pre-
dictable operating conditions. The group possesses extensive experience 
of integrating assets to create synergies while focusing on accelerating in-
vestment into long-term growth plans. Catena Media is well positioned for 
future organic growth, with a focus on scaling the current brand portfolio and 
preparing for future market launches in North America.
Directors’ report
FINANCIAL YEAR 2023
During the 2023 financial year the group divested the AskGamblers busi-
ness and associated global casino brands, JohnSlots and NewCasinos, 
for EUR 45.0m on a cash and debt-free basis. The transaction, complet-
ed on 31 January 2023, was for the sale of two wholly owned subsidiaries 
in Malta and Serbia. The group’s operations were previously reported on 
the basis of the three operating segments: Casino, Sports, and Financial 
Trading. The strategic review that was carried out in specific parts of the 
business resulted in the divestment of all the Financial Trading assets. 
During the year , the group also divested all assets in Catena Media UK's 
business, including sports betting brands Squawka and GG.co.uk, and all 
shares in the group's wholly-owned Australian subsidiary for EUR 6.0m. 
During Q4 2023 the group sold its Italian online sports betting and casi-
no assets for EUR 19.8m. The group is set to focus operations on high-
growth, regulated markets in North America, positioning itself to address 
opportunities offering the strongest potential returns. During the year , the 
group also entered into a joint venture with a specialist AI partner to devel-
op a generative AI application exclusively dedicated to content production 
for online betting and casino gaming affiliation.
MARKET DEVELOPMENT
Market data shows growth for online casino and sports betting. Some mar-
kets in which Catena Media operates have shown strong growth in recent 
years and have a positive outlook. Catena Media’s view is that demand for 
lead generation and gambling affiliation will continue to grow as a result. 
Only a handful of businesses in the fragmented affiliate market have the 
capacity to generate a substantial number of new depositing customers 
(NDCs) for operators. The strongest competitors span the same geo-
graphical markets as Catena Media and there seems to be a steady trend 
towards launches of new casino brands addressed primarily to the affiliate 
channel. This creates opportunities for geographic expansion as well as 
acquisitions. Catena Media has become one of the largest lead genera-
tors, delivering high-value online sports betting and casino users to plat-
form operators. The group has adapted to market developments and user 
needs and has built a scalable business model and advanced technology 
platform. Catena Media has adapted the organisation for organic growth 
through both expertise and resources.
REVENUE
Group revenue from continuing operations totalled EUR 76.7m (98.6) for 
the year , a decrease of 22 percent from the previous financial year . Reve-
nue in North America decreased by 21 percent to EUR 67 .1m (84.5) and 
accounted for 87 percent (86) of group revenue from continuing operations. 
NDCs totalled 184,257 (228,601), a decrease of 19 percent from prior year .
EXPENSES
Total operating expenses, including items affecting comparability (IACs) 
and an impairment charge on intangible assets relating to the European 
business following the completion of the strategic review , totalled EUR 
98.4m (63.0). Direct costs rose to EUR 13.4m (11.1) as a result of in-
creased media and influencer partnerships. Personnel expenses in-
creased to EUR 24.8m (23.5), and excluding items affecting comparability 
increased by 3 percent to EUR 23.5m (22.7). The increase in personnel 
expenses is mainly attributable to the North American operations.
Other operating expenses decreased to EUR 15.0m (17 .3), and ex -
cluding items affecting comparability decreased by 13 percent to EUR 
14.4m (16.5). The decrease in other operating expenses is due to a de-
crease in external content production in North America and a reduction in 
technology costs in line with the cost reduction programme. 
IACs from continuing operations totalled EUR 1.9m (1.6) during the 
year ended 31 December 2023. A net reversal of costs in relation to share-
based payments of EUR 0.1m, reorganisation costs of EUR 0.6m and a 
one-time retention bonus of EUR 0.8m, were included in “personnel ex -
penses”. Restructuring costs of EUR 0.5m and a net cost of EUR 0.3m 
relating to share based payments were classified in ‘‘personnel expenses’’ 
during the year ended 31 December 2022. Items affecting comparability 
in “other operating expenses” included restructuring costs of EUR 0.3m 
and professional fees of EUR 0.3m on exploratory discussions in line with 
the group’s strategic direction. During the year ended 31 December 2022 , 
IAC’s in ‘‘other operating expenses’’ comprised a net loss from the phish-
ing attack including associated legal fees of EUR 0.2m, restructuring costs 
of EUR 0.5m and minor costs in relation to the acquisition of Lineups.com.
EARNINGS
Adjusted EBITDA decreased by 47 percent and totalled EUR 25.4m 
(48.4). This corresponds to an adjusted EBITDA margin of 33 percent 
(49). EBITDA, including items affecting comparability of EUR 1.9m (1.6), 
decreased by 50 percent and totalled EUR 23.6m (46.8). This corresponds 
to an EBITDA margin of 31 percent (47). Earnings per share (EPS) before 
dilution were EUR -0.37 (0.46). EPS after dilution were EUR -0.27 (0.31).
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CASH AND CASH FLOW
Operating activities
Cash flows from operating activities before changes in working capital and 
tax totalled EUR 23.6m (46.1) for the year . Depreciation and amortisation 
charges were EUR 11.2m (10.8). Interest expense on borrowings was 
EUR 5.6m (4.8). The notional interest charges on contingent considera-
tions, other commitments and lease liabilities netted off against the notion-
al interest income on amounts receivable from divestments resulted in an 
income of EUR 1.1m for 2023 and a cost of EUR 1.4m for 2022. Net losses 
on financial liabilities measured at fair value through profit or loss arising 
on the company's bond totalled EUR 1.5m. A gain on fair value movement 
of EUR 1.4m resulted in 2022. An impairment loss of EUR 34.0m was 
recognised in 2023 in relation to the group's European non-core assets. 
During the comparative year , the company incurred a gain from financial 
liability and equity instruments at amortised cost of EUR 2.9m arising from 
changes in contractual arrangements. Net cash generated from continu-
ing operating activities decreased by 65 percent compared to 2022 and 
was EUR 20.0m (56.4). 
Investing activities
Cash flows generated from continuing investing activities totalled EUR 
34.6m (-29.1) during the current year . Proceeds from divested subsidiaries 
of EUR 29.1m (nil) related to the AskGamblers business and associated 
global casino brands and the Italian online sports betting assets. Proceeds 
from the sale of intangible assets of EUR 6.5m related to the European 
grey-market performance marketing assets, the Financial Trading assets, 
the UK and Australian sports betting brands and the Italian online casino as-
sets netted off against payment for the affiliation assets of Lineups.com and 
other contractual commitment. Prior year's acquisition costs of EUR 28.7m 
comprised payments for the affiliation assets of i15 Media, LLC, Lineups.
com, Inc. and fees for commitments from a contractual arrangement. Ac-
quisition of property , plant and equipment totalled EUR 0.1m (0.4), while the 
joint venture investment during the current year was EUR 0.9m (nil). 
Financing activities
Cash flows used in continuing financing activities for the year totalled EUR 
34.9m (27 .4) and mainly comprised interest paid on borrowings of EUR 
10.2m (9.1), payments for share buybacks of EUR 6.1m (8.6), net repay-
ment of borrowings of EUR 20.9m (8.3) and lease payments of EUR 0.6m 
(1.4). Proceeds from the exercise of share options were of EUR 3.0m (0.02).
Cash and cash equivalents at year-end were EUR 38.5m (24.6). The 
cash conversion rate was 77 percent (95).
INVESTMENT AND FINANCING 
During the year , asset disposals of EUR 26.4m net of amortisation and 
impairment related to the divestment of UK and Australian sports betting 
brands and Italian online casino and sports assets. During prior year on 
15 December 2022, the group entered into an agreement to sell Ask -
Gamblers and associated global brands. The deal was completed on 31 
January 2023 together with the sale of all Financial Trading assets via a 
management buyout. As a result, intangible assets of EUR 27 .4m, net of 
amortisation were classified as held for sale as at 31 December 2022. 
Costs for the development of websites and other applications were 
EUR 1.6m (4.8). During the prior year additions of EUR 1.7m in intangible 
assets related to North American assets acquired. Acquisitions of proper-
ty plant and equipment totalled EUR 0.2m (0.5).
INTEREST-BEARING DEBT AND LEVERAGE 
As at 31 December 2023, Catena Media had outstanding senior unse-
cured floating rate bonds of EUR 55.0m (55.0), an outstanding bank 
term loan of EUR 4.2m (12.5) and a revolving credit facility of EUR 10.0m 
(10.0). During the year , the company announced repurchases of its own 
bonds, following which Catena Media’s holding of outstanding bonds had 
a nominal value of EUR 12.3m. The ratio of net interest-bearing liability to 
adjusted EBITDA was 0.66 (0.90) as of 31 December 2023 and complied 
with maintenance covenants. The long-term financial leverage target set 
by the board of directors is to operate within the ratio of 0-1.75. 
SHAREHOLDERS’ EQUITY
As at 31 December 2023, equity including hybrid capital securities totalled 
EUR 175.2m (222.5), equivalent to an equity-to-assets ratio of 0.72 (0.69). 
Excluding hybrid capital securities, equity totalled EUR 140.1m (178.3).
SIGNIFICANT EVENTS IN 2023
First quarter
• Strong player participation in conjunction with the legalisation of on-
line sports betting in Ohio on 1 January created one of the strongest 
US market launches in Catena Media’s history . 
•  A total of 6,663,913 warrants were used to subscribe for the same 
number of new ordinary shares in Catena Media during the 12th war-
rant exercise period. As of 31 March, the number of shares and voting 
rights in Catena Media had increased from 72,035,349 to 78,699,262 
and share capital had risen by EUR 9,995.87 to EUR 118,048.89. 
• Robust initial revenue inflow from Massachusetts after the state 
opened for licensed online sports betting on 10 March.
Second quarter
• On 17 April the group announced a long-term partnership to provide 
online sports betting and casino content to Lee Enterprises Inc, one of 
the largest online newspaper publishers in the US. 
• On 22 May Erik Edeen joined Catena Media as interim group CFO. 
• On 16 May the group published new financial targets for 2023-2025. 
• On 14 June the group announced a repurchase of Catena Media bonds. 
Third quarter
• On 17 July the group launched a new programme to buy back up to 
SEK 55m of Catena Media shares. 
• On 3 August the group agreed to sell its UK and Australian online 
sports betting brands for EUR 6.0m to Moneta Communications Ltd. 
• On 7 August Catena Media announced the departure of Per Wider-
ström from the board of directors.
• On 8 August, the group launched a programme to reduce annual 
costs by EUR 3.8-4.2m by streamlining support functions. 
• On 10 August Catena Media announced a media partnership with 
leading US-based sports publisher The Sporting News covering 
sports betting, casino gaming and fantasy sports in the Americas.
• On 28 September the group launched online sports betting affiliation 
in Kentucky , with an adult population of 3.5m. 
• The group repurchased 2,197 ,516 ordinary shares from 1 July to 30 
September 2023.
Fourth quarter
• On 24 October Catena Media announced the appointment of Pierre 
Cadena as Vice President Corporate Strategy . 
• The group repurchased 312,600 ordinary shares during October 2023. 
• On 7 November Catena Media announced the completion of its share 
buyback programme. From 17 July to 31 October 2023, the group 
purchased 2,510,116 Catena Media shares for SEK 54,970,745. As of 
7 November 2023, Catena Media held 3,124,309 of its own ordinary 
shares. The total number of shares in Catena Media plc is 78,773,274. 
• The group launched online sports betting affiliation in Maine, with an 
adult population of 1.1m, on 3 November . 
• On 21 November the group announced agreements to sell its Italian 
online sports betting and casino assets for EUR 19.8m. The sale com-
pleted the strategic review begun by the board of directors in May 2022.
• On 19 December the group initiated a written procedure under its 
outstanding bond loan 2021/2024.
EMPLOYEES
As of 31 December 2023, the group had 256 (447) employees, of whom 
82 (158) were female, corresponding to 32 percent (35) of the total. Of all 
employees, 255 were employed full-time and 1 was employed part-time.
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FINANCIAL TARGETS
#1 Double-digit organic growth in both revenue and adjusted EBITDA for 
2025 and 2026 at group level.
#2 Net interest-bearing debt to adjusted EBITDA ratio of 0-1.75.
PARENT COMPANY
Catena Media plc, registration number C70858, is a public company with 
its head office in Malta. Catena Media plc is the ultimate holding compa-
ny , with the purpose of receiving dividend income from the main operat-
ing company , Catena  Operations Limited. Catena Media plc is listed on 
Nasdaq Stockholm’s main market, Mid Cap. The shares are traded under 
the ticker CTM and with the ISIN code MT0001000109. The warrants are 
traded under the ticker CTM TO1 with the ISIN code MT5000000158. Dur-
ing the year ended 31 December 2023, dividend income was EUR 15.0m 
(5.7). Operating profit was EUR 14.6m (4.8) and profit after tax was EUR 
12.3m (5.1). At 31 December 2023 the distributable reserves amounted to 
EUR 4.7m. Bond fair value movement classified in "Other gains/(losses) 
on financial liability at fair value through profit or loss", resulted in a loss of 
EUR 1.5m in 2023 and a gain of EUR 1.4m in 2022. Interest payable on 
borrowings was EUR 5.7m (4.7). The parent company’s cash and cash 
equivalents were EUR 6.0m (2.3). Liabilities totalled EUR 84.7m (84.9). 
Equity was EUR 183.2m (179.2). 
OTHER GROUP COMPANIES
CATENA OPERATIONS LIMITED
The company reported a profit before tax of EUR 28.6m (7 .8) and a profit 
after tax of EUR 15.3m (16.6) for all operations including discontinued. Net 
equity at year-end totalled EUR 246.7m (279.3). 
CATENA MEDIA UK LIMITED
Profit before tax was EUR 0.4m (0.7) while profit after tax was EUR 0.3m 
(0.6) for all operations including discontinued. Net equity at year-end to-
talled EUR 7 .5m (7 .1).
CATENA MEDIA DOO BEOGRAD
During December 2022, the group announced the sale of its wholly owned 
Serbian subsidiary as part of the strategic review . As a result, all Serbian 
operations are classified as discontinued. The transaction was completed 
on 31 January 2023. Net profit for January 2023 was EUR 0.07m. During 
the year ended 31 December 2022, profit before tax was EUR 0.5m, profit 
after tax was EUR 0.4m and net equity totalled EUR 1.7m. 
CATENA MEDIA US INC
The company reported a loss before tax of EUR 1.0m (0.3) and a loss after 
tax of EUR 1.6m (0.5). Deficit equity at year-end totalled EUR 4.9m (4.4).
CATENA AUSTRALIA PTY LIMITED
On 3 August the group announced its agreement to sell its wholly owned 
Australian entity . Net profit for the period ended 30 September 2023 was 
EUR 0.01m. During the comparative year ended 31 December 2022 profit 
before tax was EUR 0.03m, profit after tax was EUR 0.02m and net equity 
at year-end was EUR 0.07m.
CATENA MEDIA K.K
Profit before tax was EUR 0.1m (0.2). Profit after tax for the year was EUR 
0.04m (0.1). Net equity at year-end totalled EUR 0.4m (0.4).
CATENA MEDIA SVERIGE AB
Profit before tax was EUR 0.03m (0.1). Profit after tax was EUR 0.02m 
(0.1). Net equity at year-end totalled EUR 0.5m (0.5).
CATENA MEDIA ITALIA S.R.L.
On 21 November the group announced the divestment of its Italian subsid-
iary including online sports betting assets. Profit before tax for the period 
ended 30 November 2023 was EUR 2.2m, while profit after tax was EUR 
1.5. Interim dividends distributed to Catena Operations Limited amounted 
to EUR 1.6m. During the comparative year ended 31 December 2022 prof-
it before tax was EUR 2.3m, profit after tax was EUR 1.6m and net equity 
totalled EUR 2.1m. Interim dividends amounting to EUR 5.7m were dis-
tributed to Catena Operations Limited.
CATENA MEDIA CANADA LTD
Profit before tax was EUR 0.3m (0.3) and profit after tax was EUR 0.2m 
(0.2). Net equity at year-end totalled EUR 0.5m (0.4).
CATENA MEDIA GERMANY GMBH
Loss before tax was EUR 0.02m (0.01) and loss after tax was EUR 0.02m 
(0.01). Deficit equity at year-end totalled EUR 0.02m (-0.004).
LINEUPS.COM INC.
Profit before tax was EUR 0.6m (1.3) and profit after tax was EUR 0.8m 
(1.0). Net equity at year-end totalled EUR 1.8m (1.3).
CATENA PUBLISHING LIMITED
The subsidiary was incorporated 10 May 2022. During December 2022, 
the group announced the sale of its wholly owned Maltese subsidiary as 
part of its strategic review . As a result of this, all the company's operations 
are classified as discontinued. The transaction was completed on 31 Jan-
uary 2023. Profit before tax for the period 10 May 2022 to 31 January 2023 
was EUR 0.6m and profit after tax was EUR 9.0m. 
CATENA EUROPE LIMITED
The subsidiary was incorporated 10 May 2022. The company did not op-
erate during the year ended 31 December 2022. Loss for the year ended 
31 December 2023 was EUR 0.01m, while the net equity at year end was 
EUR 0.01m.
SIGNIFICANT RISKS AND UNCERTAINTIES 
Catena Media’s risk management aims to execute the business strategy 
while maintaining a high level of risk awareness and control. The group is, 
in particular , exposed to compliance risks related to the online gambling 
industry . Risks are managed on a strategic, operational and financial level. 
Comprehensive risk disclosures are shown on pages 37-41 and 57-59. 
SEASONALITY
A significant portion of Catena Media’s sports betting business is sub-
ject to the seasonal openings and closures of the major sports leagues in 
North America and Europe. These calendar-related shifts are associated 
with changeability in the group’s quarterly performance, with revenues typ-
ically being higher in the first and fourth quarters. Fluctuations in quarterly 
results are also reflective of market launches in North America, such as 
those seen during the last two years.
SUSTAINABILITY
Sustainability is a strategic imperative for Catena Media. The group is a 
digital platform with a relatively small environmental footprint and therefore 
focuses its efforts on social responsibility and governance. The company 
works constantly to improve governance and to make its operations more 
sustainable, emphasising business ethics, corporate governance and 
transparency . Socially , the group stands for equality , ethical conduct and 
diversity at all levels. Catena Media’s sector leadership in corporate social 
responsibility is reflected in a commitment to fair and equitable gaming. In 
Q4 2021 the group company established a sustainability council consist-
ing of members from the board of directors and executive management. It 
is tasked with further developing the sustainability strategy . Following the 
strategic review completed in November 2023, revenue from regulated 
markets amounted to 91 percent in 2023. A more detailed description of 
sustainability can be found on pages 21-29.
LEGAL DISPUTES AND PROCEEDINGS
This type of risk refers to the costs that may be incurred by Catena Media 
for pursuing legal proceedings, as well as costs of third parties. During the 
year Catena Media was not involved in any disputes that affected or will 
affect the group’s position in a material manner .
REMUNERATION TO SENIOR EXECUTIVES
The board’s proposed guidelines for remuneration of senior executives for 
2023 envisage salaries and other terms of employment for management 
being at market levels. In addition to a fixed basic salary , senior managers 
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may also receive variable remuneration and bonuses, which are to have 
a predetermined ceiling and based on results achieved relative to estab-
lished targets or other key performance indicators. 
An amount is to be set annually for the total cost for fixed and variable 
remuneration. This amount must include all the group’s remuneration costs. 
In cases where the group terminates the employment of a senior executive, 
the individual may be entitled to severance pay , in which case this shall have 
a predetermined ceiling. No severance pay is payable if the employee ter-
minates his or her employment. The board has the right to deviate from the 
guidelines if particular reasons apply in individual cases. Further details are 
available in the Corporate Governance Report on page 75. 
SHARES AND OWNERSHIP STRUCTURE
The ownership structure of Catena Media plc on 31 December 2023 in-
cluded the following major shareholders: Better Collective A/S owning 
7 .7% of issued shares, Investment AB Öresund owning 7 .2%, Avanza 
Pension owning 5.7%, Second Swedish National Pension Fund owning 
4.7%, Catena Media plc owning 4.0%, Nordnet Pension Insurance own-
ing 3.9%, Niklas Karlsson owning 2.6%, Alcur Funds owning 1.9%, Mats 
Qviberg owning 1.4% and eQ Asset Management Oy owning 1.3%. 
FUNDING
At the end of the year Catena Media had  outstanding senior unsecured 
floating rate bonds of EUR 55.0m, of which EUR 12.3m were owned by 
the company , an outstanding bank term loan of EUR 4.2m, and a revolving 
credit facility of EUR 10.0m. In addition, Catena Media’s funds included 
the hybrid capital securities issued on 10 July 2020 and which may be 
redeemed in full by the company on 10 July 2025 at the earliest or used 
as a payment set-off by their holders during any of the warrant exercise 
windows following an interim or year-end report, until and including the 
Q2 2024 interim report. At the end of the period, hybrid capital securities 
with a nominal value of EUR 43.7m, net of EUR 8.6m issuance costs, were 
reported in the company’s statement of financial position. For more infor-
mation, see Note 24 (Borrowings) and Note 30 (Hybrid capital securities) 
to the financial statements in this report, and the company’s website www .
catenamedia.com/investors. 
SALE OF ASKGAMBLERS AND RELATED BRANDS
On 15 December 2022, the company announced it had entered into an 
agreement for the sale of two wholly owned subsidiaries in Malta and Ser-
bia that operate the AskGamblers brand and two online casino brands, 
JohnSlots and NewCasinos. On 31 January 2023, the company an-
nounced the successful completion of its sale of the AskGamblers busi-
ness and associated global casino brands from the buyer , Gaming Inno-
vation Group Inc. 
DIVESTMENT OF FINANCIAL TRADING SEGMENT
The Financial Trading segment was divested via a management buyout 
on 31 January 2023. 
SALE OF UK ASSETS
On 3 August, the company announced it had entered into an agreement 
for the sale of all assets in Catena Media UK’s business, including sports 
betting brands Squawka and GG.co.uk, and all shares in the group’s whol-
ly owned Australian subsidiary .
SALE OF ITALIAN ASSETS
On 21 November , the group announced agreements to sell its Italy facing 
online sports betting and casino assets.
ANNUAL GENERAL MEETING
The annual general meeting of Catena Media plc for the financial year 1 
January 2023 to 31 December 2023 will be held on Wednesday 15 May 
2024, at Hilton Malta, Portomaso, St. Julian's, ST J4012, Malta at 10:00 
am (CEST).
DIVIDEND
No dividend was paid from 1 January to 31 December 2023.
PROPOSED ALLOCATION OF THE COMPANY’S PROFITS
Retained earnings of EUR 11.2m available to the annual general meeting 
are carried forward.
BOARD OF DIRECTORS
The board of directors consists of:
• Göran Blomberg (Chairman)
• Øystein Engebretsen
• Theodore Bergqvist
• Sean Hurley
• Adam Krejcik 
• Austin Malcomb 
• Esther Teixeira Boucher 
The group’s General Counsel, Jan Tjernell, is the company secretary and 
also serves as board secretary . 
STATEMENT OF DIRECTORS’ RESPONSIBILITIES FOR THE 
FINANCIAL STATEMENTS
The directors are required by the Companies Act (Cap. 386) to prepare fi-
nancial statements that give a true and fair view of the state of affairs of the 
group and the parent company per the end of each reporting period and of 
the profit or loss of that period. In preparing the financial statements, the 
directors are responsible for:
• Ensuring that the financial statements are drawn up in accordance 
with the International Financial Reporting Standards (IFRS) as adopt-
ed by the EU.
• Selecting and applying appropriate accounting policies.
• Making accounting estimates that are reasonable in the circumstances.
• Ensuring that the financial statements are prepared on the going con-
cern basis, unless it is inappropriate to presume that the group and 
the parent company will continue in business as a going concern.
The directors are also responsible for designing, implementing and main-
taining internal controls as the directors determine is necessary to enable 
the preparation of financial statements that are free from material misstate-
ment, whether due to fraud or error , and that comply with the Companies 
Act (Cap. 386). They are also responsible for safeguarding the assets of 
the group and the parent company , and hence for taking reasonable steps 
for the prevention and detection of fraud and other irregularities.
The financial statements of Catena Media plc for the year ended 31 De-
cember 2023 are included in the Annual Report 2023, which is published 
digitally and made available on the company’s website. The directors are 
responsible for the maintenance and integrity of the annual report on the 
website in view of their responsibility for the control over , and the securi-
ty of, the website. Access to the company’s website is available in other 
countries and jurisdictions, where legislation governing the preparation 
and dissemination of financial statements may differ from the require-
ments or practice in Malta.
AUDITORS
PricewaterhouseCoopers has indicated its willingness to continue in of -
fice and a resolution for its reappointment will be proposed at the annual 
general meeting.
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Catena Media’s risk management is geared to enabling 
the company to execute the business strategy while 
maintaining a high level of risk awareness and control. 
The process is based on a risk management framework 
approved by the board of directors. The framework ad-
dresses the most significant risks facing the company . 
These are strategic, operational, financial, legal and 
compliance risks. Under the framework, Catena Media 
carries out internal risk control assessments on a month-
ly , quarterly or annual basis, depending on the risk level 
and where in the business it arises. These assessments 
are then communicated to the CEO and the board.
The overall level of risk appetite is determined by 
the board and controlled through risk management and 
reporting. By weighing potential returns against po-
tential risks in the business plan, the board decides an 
appropriate level of risk and return. The board and the 
sub-committees to which it has delegated responsibil-
ity review and discuss specific risk topics on an ongo-
ing basis, weighing up the nature of the risks and their 
potential impact on the group. The board also considers 
how identified risks should be monitored and controlled.
Like any business, Catena Media is exposed to a range of external and internal factors that have the 
potential to cause fluctuations in the group’s financial position, results of operations and share price. 
The group applies a risk control process that monitors, and seeks to minimise risk with the aim of 
establishing a stable environment conducive to achieving sustainable shareholder value over time. 
Risks and risk management
FINANCIAL RISKS
A. Currency risk
B. Credit risk
C. Banking and financing risk
D. Interest rate risk
MARKET RISKS
E. Dynamic changes in the environment
F. Business cycle risk
G. Search algorithm risk
H. Competition risk
BUSINESS ACTIVITIES AND INDUSTRY RISKS
I. Revenue share model risk
K. Customer agreement risk
L. Cyber and IT system risk
M. Privacy risk
N. Theft risk
O. Recruitment and retention risk
LEGAL AND REGULATORY RISKS
P. Legal and regulatory risk
Q. Political risk
R. Brand abuse and Intellectual property rights (IPR) risk
S. Tax risk
SOCIAL RISKS
T. Reputational risk
U. Financial crimes risk
A
M
E
Q
S
C
O
G
I
K
B
N
F
R
T
D
P
H
J
L
PROBABILITY
IMPACT
A
B
F
J
OQ
R
S
T
L
P
N
M
E
C
D
H
K
I
G
Very likely
Likely
Possible
Unlikely
Very unlikely
Negligible                 Low                Moderate        High Very high
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===== SIDA 38 =====

RISK TYPE DESCRIPTION RISK MANAGEMENT PROBABILITY IMPACT
FINANCIAL RISKS
A CURRENCY 
RISK
The group operates internationally and is exposed to currency risk in revenue, 
expenses and bank balances that are denominated in currencies other than the 
functional currency . The increasing popularity of cryptocurrency also exposes 
Catena Media to price changes and volatility in this instrument as well as to cryp-
to system and wallet security risks.
Most customers are billed in EUR or other larger currencies, nota-
bly GBP and USD, which provides a natural hedge. Smaller billing 
currencies include bitcoin, yen and SEK. Balances in smaller cur-
rencies are kept to a minimum and the remainder is converted into 
EUR to minimise exchange rate impacts. Catena Media has poli-
cies in place to minimise crypto price volatility risk and to facilitate 
prompt payments from operators. The sale of Global Brands has 
reduced Catena Media's exposure to crypto currencies since many 
operators who pays in crypto were related to Global Brands.
UNLIKEL Y HIGH
B CREDIT RISK Credit risk arises principally from outstanding receivables due from Catena Me-
dia’s customers and, to a lesser degree, on funds held on account in payment 
wallets and similar locations. A customer’s inability to pay would have adverse 
effects on the group’s financial position.
Credit risk is regularly monitored by the finance team, which has 
a dedicated accounts receivable and debt collection team. Catena 
Media assesses customers’ credit quality based on their financial 
position and by weighing in their track record and other factors.
UNLIKEL Y LOW
C BANKING AND 
FINANCING 
RISK
Catena Media’s primary finance sources are historically bank loans and corpo-
rate bonds. Adverse developments in the credit and financial markets as well 
as banks' know-your-customer KYC compliance requirements and position to-
wards the iGaming sector might negatively impact the group’s ability to maintain 
its banking setup and refinance operations, potentially leading to higher financial 
costs. An impaired ability to refinance debt may also hinder debt repayments 
that fall due.
The group has liquidity targets in place to ensure that any liabilities 
that fall due are repaid. However , material negative changes in the 
financial markets may be out of scope for the group and have the 
potential to affect the group’s financial position.
UNLIKEL Y MODERATE
D INTEREST 
RATE RISK
The group is partly financed by financial instruments with floating rates of Stibor 
and Euribor plus a margin. Thus, Catena Media is exposed to fluctuations on the 
Euribor and Stibor markets.
Catena Media does not currently take any measures to manage in-
terest rate risk. Even if such measures were to be undertaken in the 
future, they might not fully eliminate or reduce the negative poten-
tial impact on the group of interest rate movements.
UNLIKEL Y MODERATE
MARKET RISKS
E DYNAMIC 
CHANGES IN 
THE ENVIRON-
MENT
Pandemics, wars or climate catastrophes has the potential to impact negatively 
on the global economy and thereby weaken the group’s financial position. It may 
reduce the disposable incomes of online users, leading to reduced demand for 
Catena Media’s services. Cancellations of sports events may reduce sports bet-
ting activity . 
A force majeure factor such as a pandemic, a war , or a climate ca-
tastrophe, is beyond the group’s direct control. Nevertheless, some 
consequences can be mitigated. Catena Media strives to diversify 
its revenue streams to secure a steady inflow of cash.
LIKEL Y MODERATE
F BUSINESS  
CYCLE RISK
In recessions, the disposable income of online users may be reduced, leading to 
lower demand for the group’s products and services. Market consolidation may 
also lead to fewer operators, narrowing the group's sales base. In both cases, 
such events could reduce revenue and earnings.
Catena Media operates in multiple markets in different parts of the 
world and maintains a balanced and diversified portfolio. This limits 
the impact of an economic downturn in any one market because 
markets not affected by recession may continue to generate reve-
nue and earnings in line with, or above, expectations. 
POSSIBLE MODERATE
INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2023 38

===== SIDA 39 =====

RISK TYPE DESCRIPTION RISK MANAGEMENT PROBABILITY IMPACT
G SEARCH 
ALGORITHM 
RISK
Catena Media's brands rely for visibility on specific algorithms used by search en-
gines. Any material updates to algorithms may significantly affect the group's ability 
to attract quality traffic to its websites and require it to adjust its SEO.
Catena Media monitors algorithm changes on an ongoing basis 
and controls content quality . The group ensures its websites are 
well-built, fast and up-to-date with the latest software. 
LIKEL Y HIGH
H COMPETITION 
RISK
Online affiliate marketing is characterised by rapid technical changes and im-
provements. Catena Media must constantly develop and offer new features to 
attract sufficient visitors to its websites to generate revenue and maintain fees 
from operators. Demand for affiliate marketing services might decrease if opera-
tors were to shift to more in-house SEO efforts or shift away from bonus offerings 
which would require alternatives to attract players.
Research and development is a core activity to maintain market 
edge. The group monitors markets and competitors closely to en-
sure detection of any changes that could potentially challenge Cat-
ena Media’s position. 
LIKEL Y MODERATE
OPERATING RISKS
I REVENUE 
SHARE MODEL 
RISK
A portion of the group’s revenue derives from a share of the net revenue that a 
user generates on an operator’s platform. Hence, an increase in the operator’s 
cost base might reduce the net revenue ultimately paid to Catena Media. Any 
undetected miscalculations on the operator’s side might result in incorrect fees, 
also resulting in lower revenue.
The group regularly conducts operator audits to ensure that finan-
cial calculations are accurate. Catena Media also monitors the de-
velopment of operator costs.
UNLIKEL Y LOW
J CUSTOMER 
AGREEMENT 
RISK
Catena Media’s revenue and earnings might be adversely affected if a custom-
er terminates its agreement with the group or does not comply with the agree-
ment or its licensing requirements including know-your-customer and anti-mon-
ey-laundering policies. The group assumes unlimited liability for its services to 
operators, meaning that were an operator to receive a sanction or penalty due to 
services provided by Catena Media, the group might be held responsible.
Catena Media monitors customer satisfaction closely and works 
actively to detect any activity that might fall outside the scope of 
prevailing regulations. 
UNLIKEL Y LOW
K CYBER AND IT 
SYSTEM RISK
IT systems are an integral part of Catena Media’s operations, and any inter-
ruptions or errors may significantly decrease the ability of the group and/or its 
customers to supply services. Moreover , a risk of information security weakness 
exists in respect of vulnerabilities such as cyberattacks or fraud. A data breach 
could give rise to financial costs, legal penalties and/or reputational impairment.
Catena Media conducts regular IT system scanning and constant 
monitoring to detect any security issues. The group has a dedicated IT 
security team tasked with protecting against data breaches and simi-
lar weaknesses, based on defined security management processes. 
Procedures and routines are in place for technical operations, disaster 
recovery , business continuity planning and incident management.
LIKEL Y MODERATE
L PRIVACY  
RISK 
Non-compliance with data privacy rules (e.g. the EU’s General Data Protection 
Regulation (GDPR) or similar regulations in the US) might expose Catena Media 
to financial penalties, damages payments to data subjects and indemnities to 
third parties such as operators or service providers. A risk arises of the group 
entering into a data processing agreement with unlimited liability and/or indem-
nities or that creates exposure by identifying Catena Media as a data processor .
Catena Media provides annual privacy training for staff in all depart-
ments and operates a privacy hub hosting extensive information. 
Employees are required to sign documents and policies on data 
protection and privacy . Data mapping is performed to oversee in-
formation flow , ownership and governance. 
POSSIBLE MODERATE
M THEFT  
RISK
Any theft or corruption of databases or intellectual property by an external or in-
ternal party would potentially expose the group to financial and/or reputational 
losses as well as operational disruption. This also includes the risks related to 
Phishing, where sensitive data or money could end up in the wrong hands.
Catena Media operates an internal security protocol, provides rele-
vant training and restricts staff access to sensitive data.
POSSIBLE MODERATE
INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2023 39

===== SIDA 40 =====

RISK TYPE DESCRIPTION RISK MANAGEMENT PROBABILITY IMPACT
N RECRUITMENT 
AND RETEN-
TION RISK
A failure to recruit or retain qualified employees, especially in areas requiring 
specialist competency such as search engine optimisation, may impair the 
group’s ability to achieve its growth targets and achieve maximum results from 
business operations.
Catena Media has tools and processes in place to meet its global 
hiring needs. The group has a retention strategy based on learning, 
development and succession planning and the payment of com-
petitive remuneration and benefits
POSSIBLE MODERATE
LEGAL AND REGULATORY RISKS
O LEGAL AND 
REGULATORY 
RISK
The laws and regulations that govern the online gambling industry are complex, 
constantly evolving and, in some cases, also uncertain. Since the group oper-
ates in multiple countries, it is exposed to a potentially wide range of regulations. 
Markets are regulated by both central or local governments. In the US, where our 
presence is growing, the respective states have a lot of influence over the reg-
ulatory aspect. Revenue might also be reduced in the event that Catena Media 
or an operator were to breach regulations and be penalised by the authorities. 
Regulatory authorities may also take decisions that directly affect Catena Me-
dia, for example by changing regulations for affiliates, such as some states have 
done related to revenue-share models, which impacts our ability to differentiate 
revenue streams. Such changes might also result in increased administrative 
costs for the group, or require the group to change, limit or cease its business in 
specific jurisdictions/states.
Catena Media's Compliance department closely tracks regulatory 
developments in its markets, actively monitores proposed chang-
es to legislation and advertising rules and evaluates existing and 
potential operator customers. The group diversifies its customer 
base across multiple segments and territories and engages active-
ly in dialogue with relevant authorities to ensure full compliance by 
all parties in all aspects. The sale of grey market operations have 
 mitigated the legal and regulatory risk in the group in so far that 
 regulated markets have predicatbility to a higher degree and and 
spill over effects from grey markets to regulatory markets is mitigat-
ed. In addition the risk of draconian changes in a regulated market 
is less than in a grey market.
VERY LIKEL Y LOW
P POLITICAL 
RISK
Political shifts, sanctions and similar changes may affect the ability of the group 
to operate. Catena Media's increased focus on US also makes us more vuner-
able for potential material changes to the regulations applicable to the group’s 
operations, but also in the rest of Americas.
Catena Media has no direct operations in Russia or Ukraine, where 
war broke out in Q1 2022. The group does have outsourced IT devel-
opment staff in Ukraine, where a risk of service interruption exists. 
Mitigation measures have been taken to address this.
VERY 
UNLIKEL Y
MODERATE
Q BRAND 
ABUSE AND 
INTELLECTUAL 
PROPERTY 
RIGHTS (IPR) 
RISK
Rogue websites and social media channels pose a risk of brand abuse and 
trademark infringements. Catena Media uses its intellectual property rights, 
such as trademarks, domain names and website content copyright when provid-
ing marketing services. A risk exists that the group might be prevented from fully 
exercising its IPR in all jurisdictions where it operates if, for instance, a domain 
name owned by the group were to be challenged by a third party . Any inability 
to fully use IPR may impair the group’s competitiveness and negatively affect 
revenue and earnings.
Catena Media has monitoring and takedown processes in respect 
of brand and trademark abuses. The group mitigates IPR risk by 
working actively to ensure that its intellectual property rights are 
valid in multiple jurisdictions to mitigate the risk. Catena Media also 
seeks to diversify the asset portfolio on a continuous basis to re-
duce the risk of infringement of third parties’ IPR registrations. 
VERY LIKEL Y LOW
R TAX RISK Online gaming operators are subject to direct and indirect taxes, including gam-
bling taxes. It is increasingly common for licensing regimes to impose taxes on 
operators. An increased tax burden on operators may indirectly reduce Catena 
Media’s revenues. Also, the group may be required to participate in tax audits 
and investigations, for instance into its current transfer-pricing setup, that may 
result in higher tax expenses.
Catena Media continuously reviews its tax frameworks to ensure 
the group applies the correct tax rates and complies with applicable 
regulations. 
POSSIBLE MODERATE
INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2023 40

===== SIDA 41 =====

RISK TYPE DESCRIPTION RISK MANAGEMENT PROBABILITY IMPACT
SOCIAL RISKS
S REPUTATIONAL 
RISK
Online gaming is a high-profile industry that at times receives negative publicity 
in contexts such as underage gambling and user addiction. Such negative pub-
licity might lead to declining social acceptance of online gambling, potentially 
affecting Catena Media’s reputation and inviting stricter legislation. Such pub-
licitity might also result in banks being unwilling to service Catena Media or de-
manding higher social and governance standards. Reputational damage might 
also occur if the group were to conduct business with unlicensed operators or 
operators with criminal links. Reputational damage could reduce the group’s 
ability to operate and impact on its revenue and earnings.
Catena Media engages in dialogue with stakeholders to discuss, 
build and improve regulatory compliance among industry actors. 
The group is also part of an industry network that seeks to promote 
understanding and destigmatisation of online gaming, where a 
trade assosciation is being set up in which we together with author-
ities and competitors will agree on rules for affiliates going forward. 
This will lead to a "gambling-certification" and will assure we are op-
erating in non-grey (or black) markets and fulfill other obligations as 
well as support sustainable gambling. Moreover , Catena Media has 
a supportive relationship with Raiffeisen Bank International (RBI) 
in Austria.
UNLIKEL Y LOW
T FINANCIAL 
CRIMES RISK
Catena Media’s operations entail deposits and withdrawals of money with the po-
tential to originate from fraudulent operator activity , such as money-laundering. 
Any involvement by Catena Media in such activity might result in civil or criminal 
action and penalties. This, and the attendant reputational damage, could adverse-
ly affect the group’s financial position and earnings.
The group operates a strict anti-money laundering policy and con-
ducts randomised player controls. Catena Media also strives to 
implement an extensive know-your-customer process and an au-
tomated detection process to deter financial crime. 
UNLIKEL Y MODERATE
Approved by the board of directors on 26 March 2024 
and signed on its behalf by:
Göran Blomberg
Chairman
Austin Malcomb 
Director
Esther Teixeira-Boucher 
Director
Øystein Engebretsen
Director
Sean Hurley 
Director
Theodore Bergqvist 
Director
Adam Krejcik
Director
INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2023 41

===== SIDA 42 =====

INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2023 42
Statements of comprehensive income – Group
EUR '000 Note
Jan – Dec 
2023
Jan – Dec 
2022
Revenue 5 76,748 98,610
Total revenue 76,748 98,610
Direct costs 6 (13,434) (11,051)
Personnel expenses 8 (24,767) (23,547)
Depreciation and amortisation 13,16,17,18 (11,219) (10,842)
Impairment on intangible assets 13,16 (34,049) (311)
Other operating expenses 10 (14,957) (17, 25 0)
Total operating expenses (98,426) (63,001)
Operating (loss)/profit (21,678) 35,609
Interest payable on borrowings 24 (5,566) (4,757)
Other (losses)/gains on financial liability at fair value  
through profit or loss 24 (1,498) 1,375
Other gains on financial liability and equity instruments  
at amortised cost - 2,943
Other finance income/(cost) 11 746 (1,722)
(Loss)/profit before tax (27,996) 33,448
Tax (expense)/income 12 (186) 142
(Loss)/profit for the year attributable  
to the equity holders of the parent company (28,182) 33,590
Loss for the year from discontinued operations 13 (10,054) (26,062)
(Loss)/profit for the year (38,236) 7, 5 2 8
EUR '000 Note
Jan – Dec 
2023
Jan – Dec 
2022
Other comprehensive loss
Items that may be reclassified to (loss)/profit for the year
Currency translation differences (667) (867)
Items that will not be reclassified to (loss)/profit for the year
Interest payable on hybrid capital securities (4,597) (4,328)
Total other comprehensive loss for the year (5,264) (5,195)
Total comprehensive (loss)/income attributable to the equity 
holders of the parent company (43,500) 2,333
Earnings per share attributable to the equity holders of the parent 
company during the year (expressed in euros per share)
Basic earnings per share
From (loss)/profit for the year 14 (0.37) 0.46
Diluted earnings per share
From (loss)/profit for the year 14 (0.27) 0.31
The notes on pages  50 to 74 are an integral part of these financial statements.

===== SIDA 43 =====

INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2023 43
Statements of financial position – Group
EUR ‘000 Note
31 Dec 
2023
31 Dec 
2022
ASSETS
Non-current assets
Investment in joint venture 19 940 -
Right-of-use asset 18 550 249
Other intangible assets 16 155,482 244,758
Property, plant and equipment 17 869 1,483
Other receivables 21 17, 2 07 919
Total non-current assets 175,048 247,4 0 9
Current assets
Trade and other receivables 21 28,468 20,714
Cash and cash equivalents 22 38,510 24,550
66,978 45,264
Assets classified as held for sale 13 - 29,952
Total current assets 66,978 75,216
Total assets 242,026 322,625
EQUITY AND LIABILITIES
Capital and reserves
Share capital 23 118 114
Share premium  23 134,039 122,625
Treasury reserve 29 (6,154) (21,713)
Hybrid capital securities 30 35,117 44,173
Other reserves 23 10,444 11,185
Retained earnings 1,618 66,136
Total equity 175,182 222,520
EUR ‘000 Note
31 Dec 
2023
31 Dec 
2022
Liabilities
Non-current liabilities
Borrowings 24 31,430 68,067
Deferred tax liabilities 26 790 4,370
Lease liability - 84
Trade and other payables 27 2,058 4,038
Total non-current liabilities 34,278 76,559
Current liabilities
Borrowings 24 25,597 8,333
Amounts committed on acquisition 25 - 4,574
Trade and other payables 27 6,573 9,967
Current tax liabilities 396 372
32,566 23,246
Liabilities directly associated with assets classified as held for sale 13 - 300
Total current liabilities 32,566 23,546
Total liabilities 66,844 100,105
TOTAL EQUITY AND LIABILITIES 242,026 322,625
The notes on pages 50 to 74 are an integral part of these financial statements.
The financial statements on pages 42 to 74 were approved and authorised for issue by the board of directors on 
26 March 2024 and signed on its behalf by:
Göran Blomberg     Øystein Engebretsen
Chairman of the Board     Director

===== SIDA 44 =====

INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2023 44
Statements of changes in equity – Group
Attributable to owners of the parent
EUR '000 Note
Share
capital
Share
premium
Treasur y 
shares
Hybrid capital
securities
Other
reserves
Retained 
earnings
 Total
 equity
Balance at 1 January 2022 114 122,361 (13,098) 44,466 11,745 62,936 228,524
Comprehensive income
Profit for the year - - - - - 7,52 8 7,52 8
Interest payable on hybrid capital securities - - - - - (4,328) (4,328)
Currency translation differences - - - - (867) - (867)
Total comprehensive (loss)/income for the year - - - - (867) 3,200 2,333
Transactions with owners
Issue of share capital 23 - 264 - - - - 264
Subscription set-offs, including transaction costs - - - (293) - - (293)
Repurchase of common stock, including transaction costs - - (8,615) - - - (8,615)
Equity-settled share-based payments - - - - 307 - 307
Total transactions with owners - 264 (8,615) (293) 307 - (8,337)
Balance at 31 December 2022 114 122,625 (21,713) 44,173 11,185 66,136 222,520
Comprehensive income
Loss for the year - - - - - (38,236) (38,236)
Interest payable on hybrid capital securities - - - - - (4,597) (4,597)
Currency translation differences - - - - (667) - (667)
Total comprehensive loss for the year - - - - (667) (42,833) (43,500)
Transactions with owners
Issue of share capital 23 10 11,414 - - - - 11,424
Subscription set-offs, including transaction costs - - - (9,056) - - (9,056)
Repurchase of shares, including transaction costs - - (6,132) - - - (6,132)
Equity-settled share-based payments - - - - (74) - (74)
Cancellation of shares 23 (6) - 21,691 - - (21,685) -
Total transactions with owners 4 11,414 15,559 (9,056) (74) (21,685) (3,838)
Balance at 31 December 2023 118 134,039 (6,154) 35,117 10,444 1,618 175,182
The notes on pages 50 to 74 are an integral part of these financial statements.

===== SIDA 45 =====

INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2023 45
Statements of cash flows – Group
EUR '000  Note
Jan – Dec 
2023
Jan – Dec 
2022 
Cash flows from operating activities
(Loss)/profit before tax - including both continued & discontinued  
operations (37 ,370) 9,516
Loss before tax from discontinued operations 9,374 23,932
Adjustments for:
Depreciation and amortisation 11,219 10,842
Loss on disposal of property, plant and equipment 121 67
Loss allowance on trade receivables (205) (1,641)
Bad debts 70 1,115
Impairment on intangible assets 34,049 311
Unrealised exchange differences 429 (275)
Interest expense 4,490 6,204
Net losses/(gains) on financial liability at fair value through profit or loss 1,498 (1,375)
Gain on financial liability - (2,943)
Share-based payments (93) 307
23,582 46,060
Taxation paid (2,366) (1,048)
Changes in:
Trade and other receivables 1,814 (1,939)
Trade and other payables (3,374) 2,953
Net cash generated from continued operating activities 19,656 46,026
Net cash generated from operating activities - discontinued operations 10 380 10,359
Net cash generated from operating activities 20,036 56,385
Cash flows generated from/(used in) investing activities
Investment in joint venture (941) -
Sale of investment in subsidiary 29,145 -
Acquisition of property, plant and equipment (127) (410)
Net proceeds from disposal/(payments on acquisition) of intangible assets 6,542 (28,654)
EUR '000  Note
Jan – Dec 
2023
Jan – Dec 
2022 
Net cash generated from/(used in) continued investing activities 34,619 (29,064)
Net cash used in investing activities - discontinued operations 10 (274) (1,851)
Net cash generated from/(used) in investing activities 34,345 (30,915)
Cash flows used in financing activities
Net payments on hybrid capital securities (24) (33)
Net payment on borrowings (20,901) (8,333)
Proceeds on exercise of share options and warrants 2,992 19
Share buybacks (6,133) (8,615)
Interest paid (10,238) (9,078)
Lease payments (557) (1,402)
Net cash used in continued financing activities (34,861) (2 7,4 4 2)
Net cash used in financing activities - discontinued operations 10 (20) (221)
Net cash used in financing activities (34,881) (2 7,6 6 3)
Net movement in cash and cash equivalents 19,500 (2,193)
Cash and cash equivalents at beginning of year 24,550 2 7,6 91
Cash surrendered upon disposal (4,293) -
Currency translation differences (1,247) (948)
Cash and cash equivalents at end of year 22 38,510 24,550
The notes on pages 50 to 74 are an integral part of these financial statements.

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INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2023 46
Statements of comprehensive income – Parent Company
EUR '000 Note
Jan – Dec 
2023
Jan – Dec 
2022
Investment and related income 5 15,000 5,730
Personnel expenses 8 (282) (682)
Other operating expenses 10 (160) (277)
Other operating income 78 78
Total operating expenses (364) (881)
Operating profit 14,636 4,849
Interest payable on borrowings (5,676) (4,714)
Recharge of interest to subsidiary 4,488 3,527
Other (losses)/gains on financial liability at fair value through profit or 
loss 24 (1,498) 1,375
Other finance income 11 488 37
Profit before tax 12,438 5,074
Tax expense 12 (99) -
Profit for the year 12,339 5,074
EUR '000 Note
Jan – Dec 
2023
Jan – Dec 
2022
Other comprehensive loss
Items that will not be reclassified to profit for the year - -
Interest payable on hybrid capital securities (4,597) (4,328)
Total comprehensive income for the year 7,74 2 746
The notes on pages 50 to 74 are an integral part of these financial statements.

===== SIDA 47 =====

INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2023 47
Statements of financial position – Parent Company
EUR '000 Note
31 Dec 
2023
31 Dec 
2022
ASSETS
Non-current assets
Investment in subsidiaries 20 261,858 261,858
Current assets
Trade and other receivables 21 16 11
Cash and cash equivalents 22 6,026 2,282
Total current assets 6,042 2,293
TOTAL ASSETS 267 ,900 264,151
EQUITY AND LIABILITIES
Capital and reserves
Share capital 23 118 114
Share premium 134,570 123,156
Treasury reserve 29 (6,154) (21,713)
Hybrid capital securities 30 35,117 44,173
Other reserves 8,268 8,342
Retained earnings 11,233 25,176
TOTAL EQUITY 183,152 179,248
EUR '000 Note
31 Dec 
2023
31 Dec 
2022
LIABILITIES
Non-current liabilities
Borrowings 24 46,430 78,900
Trade and other payables 27 891 1,847
Total non-current liabilities 47 ,321 80,747
Current liabilities
Borrowings 24 21,430 -
Trade and other payables 27 15,898 4,156
Current tax liabilities 99 -
Total current liabilities 3 7,4 2 7 4,156
TOTAL LIABILITIES 84,748 84,903
TOTAL EQUITY AND LIABILITIES 267 ,900 264,151
The notes on pages 50 to 74 are an integral part of these financial statements. 
The financial statements on pages 42 to 74 were approved and authorised for issue by the board of directors on 
26 March 2024 and signed on its behalf by:
Göran Blomberg     Øystein Engebretsen
Chairman of the Board     Director

===== SIDA 48 =====

INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2023 48
Statements of changes in equity – Parent Company
Attributable to owners of the parent
EUR '000 Note
Share
capital
Share
premium
Treasur y
 shares 
Hybrid capital
securities
Other
reserves
Retained 
earnings
Total
equity
Balance at 1 January 2022 114 122,892 (13,098) 44,466 8,035 24,430 186,839
Comprehensive income
Profit for the year - - - - - 5,074 5,074
Other comprehensive income for the year - - - - - (4,328) (4,328)
Total comprehensive income for the year - - - - - 746 746
Transactions with owners
Issue of share capital 23 - 264 - - - - 264
Subscription set-offs, including transaction costs - - - (293) - - (293)
Repurchase of shares, including transaction costs - - (8,615) - - - (8,615)
Equity-settled share-based payments - - - - 307 - 307
Total transactions with owners - 264 (8,615) (293) 307 - (8,337)
Balance at 31 December 2022 114 123,156 (21,713) 44,173 8,342 25,176 179,248
Comprehensive income
Profit for the year - - - - - 12,339 12,339
Interest payable on hybrid capital securities - - - - - (4,597) (4,597)
Total comprehensive income for the year - - - - - 7,74 2 7,74 2
Transactions with owners
Issue of share capital 23 10 11,414 - - - - 11,424
Subscription set-offs, including transaction costs - - - (9,056) - - (9,056)
Repurchase of shares, including transaction costs - - (6,132) - - - (6,132)
Equity–settled share-based payments - - - - (74) - (74)
Cancellation of shares 23 (6) - 21,691 - - (21,685) -
Total transactions with owners 4 11,414 15,559 (9,056) (74) (21,685) (3,838)
Balance at 31 December 2023 118 134,570 (6,154) 35,117 8,268 11,233 183,152
The notes on pages 50 to 74 are an integral part of these financial statements.

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INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2023 49
Statements of cash flows – Parent Company
EUR '000 Note
Jan – Dec 
2023
Jan – Dec 
2022
Cash flows from operating activities
Profit before tax 12,438 5,074
Adjustments for:
Unrealised exchange differences (156) 137
Interest expense 5,944 4,714
Net losses/(gains) on financial liability at fair value through profit or loss 1,498 (1,375)
Share-based payments (93) 307
19,631 8,857
Changes in:
Trade and other receivables (6) 13
Trade and other payables (2,419) (57)
Net cash generated from operating activities 17, 2 0 6 8,813
Cash flows generated from investing activities
Dividend received 9,632 1,431
Net proceeds from subsidiary and related parties 2,119 5,354
Net cash generated from investing activities 11,751 6,785
EUR '000 Note
Jan – Dec 
2023
Jan – Dec 
2022
Cash flows used in financing activities
Net payments on hybrid capital securities (11) (39)
Net payment on borrowings (12,569) -
Proceeds on exercise of share options and warrants 2,992 19
Share buy-backs (6,133) (8,615)
Interest paid (9,069) (7,78 9)
Net cash used in financing activities (24,790) (16,424)
Net movement in cash and cash equivalents 4,167 (826)
Cash and cash equivalents at beginning of year 2,282 3,252
Currency translation differences (423) (144)
Cash and cash equivalents at end of year 22 6,026 2,282
The notes on pages 50 to 74 are an integral part of these financial statements.

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INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2023 50
Notes to the financial statements
Note 1 
Reporting entity
Catena Media plc (“the company”) is a limited liability company and is 
incorporated in Malta.
The consolidated financial statements include the financial 
statements of Catena Media plc and its subsidiaries (“the group” or 
“Catena Media”).
Note 2 
Summary of material accounting policies
The principal accounting policies applied in the preparation of these 
financial statements are set out below . These policies have been con-
sistently applied to all periods presented, unless otherwise stated. 
The parent company applies the same accounting principles as the 
group.
BASIS OF PREPARATION 
The company was incorporated on 29 May 2015 under the terms of 
the Maltese Companies Act (Cap. 386). The consolidated financial 
statements have been prepared in accordance with International 
Financial Reporting Standards (IFRS) as adopted by the EU and the 
requirements of the Maltese Companies Act (Cap. 386). They have 
been prepared under the historical cost convention, apart from finan-
cial liabilities which are recognised at fair value through profit or loss.
The preparation of financial statements in conformity with IFRS as 
adopted by the EU requires the use of certain accounting estimates. It 
also requires the directors to exercise their judgement in the process 
of applying the group’s accounting policies (see Note 4 – Critical 
accounting estimates and judgements). 
The financial statements incorporate the results of Catena Media 
plc and its subsidiaries Catena Operations Limited, Catena Media 
UK Limited, Catena Media doo Beograd, Catena Media US Inc, 
Catena Media Australia PTY Limited, Catena Media K.K., Catena 
Media Sverige AB, Catena Media Italia Srl, Catena Media Canada 
Ltd, Lineups.com, Inc., Catena Media Germany GmbH, Catena 
Publishing Limited and Catena Europe Limited. 
Catena Publishing Limited and Catena Europe Limited were both 
incorporated on 10 May 2022. Catena Publishing Limited and Catena 
Media doo Beograd were divested on 31 January 2023. Catena Media 
Australia PTY Limited and Catena Media Italia Srl were divested on 30 
September 2023 and 30 November 2023 respectively .
As a result of the divestment of assets which are now being 
classified as "discontinued operations", certain prior year balances 
presented in the statement of comprehensive income and other 
corresponding notes have been restated.
Standards, interpretations and amendments to published 
standards effective in 2023
In 2023, the group adopted new standards, amendments and inter-
pretations to existing standards that are mandatory for the group's 
accounting period beginning on 1 January 2023. These new stand-
ards have had no or very little impact on the group's financial position, 
profit or disclosures.
Standards, interpretations and amendments to published 
standards not yet effective
In management's opinion, there are no other standards not yet effec-
tive that would be expected to have a material impact on the group in 
the current or future reporting periods.
PRINCIPLES OF CONSOLIDATION
Subsidiaries
Subsidiaries are all entities over which the group has control. The 
group controls an entity when the group is exposed to, or has rights to, 
variable returns from its involvement with the entity and has the ability 
to affect those returns through its power to direct the activities of the 
entity . Subsidiaries are fully consolidated from the date on which the 
control is transferred to the group. They are deconsolidated from the 
date that control ceases.
The acquisition method of accounting is used to account for 
business combinations by the group (refer to page 52). Intercompany 
transactions, balances and unrealised gains on transactions 
between group companies are eliminated. Unrealised losses are also 
eliminated unless the transaction provides evidence of an impairment 
of the transferred asset.
Investment in joint venture
A joint venture is a joint arrangement whereby the parties that have 
joint control of the arrangement have rights to the net assets of the 
joint arrangement. Joint control is the contractually agreed sharing of 
control of an arrangement, which exists only when decisions about 
the relevant activities require unanimous consent of the parties shar-
ing control.

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INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2023 51
The results and assets and liabilities of the joint venture are 
incorporated in these financial statements using the equity method 
of accounting.
Under the equity method, an investment in a joint venture is 
recognised initially in the consolidated statement of financial position 
at cost and adjusted thereafter to recognise the group’s share of the 
profit or loss and other comprehensive income of the joint venture. 
When the group’s share of losses of a joint venture exceeds the group’s 
interest in that joint venture, the group discontinues recognising its 
share of further losses. Additional losses are recognised only to the 
extent that the group has incurred legal or constructive obligations or 
made payments on behalf of the joint venture. 
An investment in a joint venture is accounted for using the equity 
method from the date on which the investee becomes a joint venture. 
FOREIGN CURRENCY TRANSLATION
Functional and presentation currency
Items included in these financial statements are measured using the 
currency of the primary economic environment in which each of the 
group’s entities operate ("the functional currency"). The consolidated 
and separate financial statements are presented in euro (EUR), which 
is the Company's functional and presentation currency .
Change in functional currency
During the current year and prior to Q4 2023, the EUR was regarded 
as the functional and presentation currency of the main operating 
entity of the group, Catena Operations Limited. After reviewing the 
group’s interim financial performance, following the divestment of the 
main European assets and in line with the group’s strategic direction, 
the primary economic environment in which the group operates has 
changed. As a result of this assessment, management determined 
the use of the United States dollar (USD) as the functional currency of 
Catena Operations Limited to be more appropriate. The presentation 
currency of the group remains unchanged, in line with the currency in 
which the parent company’s share capital is denominated in accord-
ance with Article 187(1) of the Maltese Companies Act. The change in 
functional currency was accounted for on 1 October 2023 in accord-
ance with IAS 21 “The effects of changes in foreign exchange rates”. 
Transactions and balances
Foreign currency transactions are translated into the functional 
currency using the exchange rates prevailing on the dates of the 
transactions. Foreign exchange gains and losses resulting from the 
settlement of such transactions and from the translation of monetary 
assets and liabilities denominated in foreign currencies at year-end 
exchange rates are generally recognised in profit or loss. Non-mone-
tary assets and liabilities that are measured in terms of historical cost 
in a foreign currency are translated at the exchange rate on the date of 
the transaction. Foreign exchange gains and losses are presented in 
the statement of comprehensive income on a net basis.
Group companies
Group companies have different functional and presentation curren-
cies. Catena Media UK Limited uses the British pound sterling (GBP) 
as its functional and presentation currency while Catena Media doo 
Beograd uses Serbian dinars (RSD) as its functional and presentation 
currency . Catena Media US Inc. and Lineups.com, Inc. use the United 
States dollar (USD) as their functional and presentation currency . Cat-
ena Media Australia PTY Limited uses the Australian dollar (AUD) as 
its functional and presentation currency while Catena Media Canada 
Ltd uses the Canadian dollar (CAD) as its functional and presenta-
tion currency . Catena Media K.K. uses the Japanese yen (JPY) as its 
functional and presentation currency . Catena Media Sverige AB uses 
the Swedish krona (SEK) as its functional and presentation currency . 
As also referred to in 'Change in functional currency' on page 51, Cat-
ena Operations Limited uses the Unitied States dollar (USD) as its 
functional currency and the euro (EUR) as  its presentation currency . 
The results and financial position of the subsidiaries are translated 
as follows:
• Assets and liabilities for each statement of financial position 
presented are translated at the closing rate on the date of that 
statement of financial position.
• Income and expenses for each statement of comprehensive in-
come are translated at average exchange rates (unless this is not 
a reasonable approximation of the cumulative effect of the rates 
prevailing on the transaction dates, in which case income and 
expenses are translated on the dates of the transactions).
• All resulting translation differences are recognised in other com-
prehensive income.
On consolidation, translation differences arising from the translation 
of any net investment in foreign entities and of borrowings, are rec-
ognised in other comprehensive income. When a foreign operation is 
sold or any borrowings forming part of the net investment are repaid, 
the associated exchange differences are reclassified to profit or loss, 
as part of the gain or loss on the sale.
REVENUE
The revenue of the company mainly arises from the dividends earned 
from its subsidiaries. The group’s revenue is derived from online and 
affiliate marketing. The group recognises revenue as set out below .
Dividend income
Dividends are recognised in the statement of comprehensive income 
when the company’s right to receive payment is established. 
Commission income
The group’s revenue consists of revenue generated in the form of 
commission on players/investors directed to operators as well as 
advertising fees charged to operators who want additional exposure 
on the group’s websites. This is applicable to operators of online casino 
and sports betting platforms. The commission takes the form of:
Revenue share
Under a revenue share deal the group receives a share of the reve-
nues that the operator has generated as a result of a player playing on 
their site. Revenue is recognised in the month that it is earned by the 
respective operator .
Cost per acquisition
Under a cost-per-acquisition deal, a client pays a one-time fee for 
each player who deposits money on the client’s site. Cost-per-acqui-
sition contracts consist of a pre-agreed rate with the client. Revenue 
from such contracts is recognised in the month in which the deposits 
are made.
Fixed fees
The group also generates revenue by charging a fixed fee for opera-
tors who would like to be listed and critically reviewed on the group’s 
sites as well as through advertising revenue, whereby an advertising 
space is sold to operators who wish to promote their brands more 
prominently on one of the many sites the group offers. Such revenue is 
apportioned on an accruals basis over the whole term of the contract.
Interest income
Interest income is recognised as it accrues in profit or loss, using the 
effective interest method.

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INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2023 52
INCOME TAX
The income tax expense or credit for the period is the tax paya-
ble on the current period’s taxable income based on the applicable 
income tax rate for each jurisdiction adjusted by changes in deferred 
tax assets and liabilities attributable to temporary differences and to 
unused tax losses.
The current tax charge is calculated on the basis of the tax laws 
enacted or substantively enacted at the end of the reporting period in 
the countries where the company’s subsidiaries operate and generate 
taxable income. Management periodically evaluates positions taken 
in tax returns with respect to situations in which applicable tax 
regulation is subject to interpretation. It establishes provisions, where 
appropriate, on the basis of amounts expected to be paid to the tax 
authorities. 
Deferred tax is provided in full, using the liability method, on 
temporary differences arising between the tax bases of assets and 
liabilities and their carrying amounts in the consolidated financial 
statements. However , deferred tax liabilities are not recognised if they 
arise from the initial recognition of goodwill. Deferred tax is also not 
accounted for if it arises from initial recognition of an asset or liability 
in a transaction other than a business combination that at the time of 
the transaction affects neither accounting nor taxable profit or loss. 
Deferred tax is determined using tax rates (and laws) that have been 
enacted or substantively enacted by the end of the reporting period 
and are expected to apply when the related deferred tax asset is 
realised or the deferred tax liability is settled. 
Deferred tax assets are recognised only if it is probable that 
future taxable amounts will be available to utilise those temporary 
differences and losses. Deferred tax assets and liabilities are offset 
when there is a legally enforceable right to offset current tax assets 
and liabilities and when the deferred tax balances relate to the same 
taxation authority . Current tax assets and tax liabilities are offset 
where the entity has a legally enforceable right to offset and intends 
either to settle on a net basis, or to realise the asset and settle the 
liability simultaneously . 
Current and deferred tax is recognised in profit or loss, except to 
the extent that it relates to items recognised in other comprehensive 
income or directly in equity . In this case, the tax is also recognised in 
other comprehensive income or directly in equity , respectively .
BUSINESS COMBINATIONS
The acquisition method of accounting is used to account for all busi-
ness combinations, regardless of whether equity instruments or other 
assets are acquired. The consideration transferred for the acquisition 
of a business comprises the:
• Fair values of the assets transferred;
• Liabilities incurred to the former owners of the acquired business; 
• Equity interests issued by the group;
• Fair value of any asset or liability resulting from a contingent con-
sideration arrangement; and
• Fair value of any pre-existing equity interest in the business.
Identifiable assets acquired and liabilities and contingent liabilities 
assumed in a business combination are, with limited exceptions, 
measured initially at their fair values on the acquisition date. The 
group recognises any non-controlling interest in the acquired entity 
on an acquisition-by-acquisition basis either at fair value or at the 
non-controlling interest’s proportionate share of the acquired entity’s 
net identifiable assets. Acquisition-related costs are expensed as 
incurred. 
The excess of the consideration transferred, amount of any non-
controlling interest in the acquired entity and acquisition-date fair 
value of any previous equity interest in the acquired entity over the fair 
value of the net identifiable assets acquired is recorded as goodwill.
If those amounts are less than the fair value of the net identifiable 
assets of the business acquired, the difference is recognised directly 
in profit or loss as a bargain purchase. 
The company and the group account for business combinations 
using the acquisition method when control is transferred to the group. 
The consideration transferred in the acquisition is generally measured 
at fair value, as are the identifiable net assets acquired. Any goodwill 
that arises is tested annually for impairment. Any gain or bargain 
purchase is recognised in profit or loss immediately . Transaction 
costs are expensed as incurred, except if related to the issue of debt 
or equity securities. 
The contingent consideration is measured at fair value on the 
date of acquisition. The amounts payable in the future are discounted 
to their present value as of the date of the exchange. The discount 
rate used is the entity’s incremental borrowing rate, which is the rate 
at which similar borrowing could be obtained from an independent 
financier under comparable terms and conditions. If an obligation to 
pay contingent consideration that meets the definition of a financial 
instrument is classified as equity , then it is not re-measured and 
settlement is accounted for within equity . Otherwise subsequent 
changes in fair value of the contingent consideration are recognised 
in profit or loss and are reflected in the statement of financial position 
against the contingent liability recognised.
REORGANISATIONS BETWEEN GROUP ENTITIES
Reorganisations between group entities under common control are 
accounted for using the reorganisation method of accounting. Under 
this method, assets and liabilities are incorporated at the predeces-
sor carrying values, which are the carrying amounts of assets and 
liabilities of the acquired entity as recognised and measured in that 
entity’s financial statements before reorganisation. No goodwill arises 
in reorganisation accounting, and any difference between the consid-
eration given and the aggregate book value of the assets and liabilities 
of the acquired entity , is included in equity . The financial statements 
incorporate the acquired entity’s full year results, including compar-
atives, as if the post-reorganisation structure was already in place at 
the commencement of the comparative period.
GOODWILL AND OTHER INTANGIBLE ASSETS
Recognition and measurement
An intangible asset is recognised if it is probable that the expected 
future economic benefits that are attributable to the asset will flow to 
the group and the cost of the asset can be measured reliably . Intan-
gible assets are initially measured at cost. The cost of a separately 
acquired intangible asset comprises its purchase price and any 
directly attributable cost of preparing the asset for its intended use.
Where the cost of acquisition includes contingent consideration, 
cost is determined to be the current fair value of the contingent 
consideration as determined on the date of acquisition. Any 
subsequent changes in estimates of the likely outcome of the 
contingent event are reflected in the intangible asset's carrying 
amount of a business. The cost of acquisition of intangible assets 
for which the consideration comprises an issue of equity shares is 
calculated as the fair value of the equity instruments issued in the 
transaction. 
Goodwill represents the excess of the cost of an acquisition 
over the fair value of the group’s share of the net identifiable assets 
of the acquired business on the date of acquisition. Goodwill on 
acquisitions of businesses is included in ‘Intangible assets’. Goodwill 
is tested annually for impairment and carried at cost less accumulated 
impairment losses.

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