FULLTEXT DEL 1 AV 1
Kvartalsrapport Q3 2024
===== SIDA 1 =====
CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 1
New operating model implemented and cost measures deployed to drive
improved profitability
INTERIM REPORT
JANUARY – SEPTEMBER 2024
July-September 2024 January-September 2024
• Revenue from continuing operations was EUR 10.7m (15.9), a
decrease of 33 percent.
• Revenue in North America decreased 29 percent to EUR 9.5m
(13.3), equivalent to 89 percent (84) of group revenue from
continuing operations.
• New depositing customers (NDCs) from continuing operations
totalled 27 ,342 (40,104), a decrease of 32 percent.
• Adjusted EBITDA from continuing operations decreased 58 percent
to EUR 1.3m (3.2), corresponding to an adjusted EBITDA margin of
13 percent (20).
• EBITDA* from continuing operations totalled EUR -1.4m (2.9),
equivalent to an EBITDA margin of -13 percent (18).
• Earnings per share from continuing operations totalled EUR -0.55
(-0.02) before dilution and EUR -0.54 (-0.02) after dilution.
• Cash and cash equivalents were EUR 11.7m (33.5) on 30
September .
• Outstanding shares totalled 78,774,442 on 30 September .
• Revenue from continuing operations was EUR 39.5m (62.3), a
decrease of 37 percent.
• Revenue in North America decreased 36 percent to EUR 35.0m
(54.8), equivalent to 89 percent (88) of group revenue from
continuing operations.
• New depositing customers (NDCs) from continuing operations
totalled 102,894 (152,225), a decrease of 32 percent.
• Adjusted EBITDA from continuing operations decreased 84 percent
to EUR 3.9m (24.0), corresponding to an adjusted EBITDA margin
of 10 percent (38).
• EBITDA* from continuing operations totalled EUR -1.0m (23.1),
equivalent to an EBITDA margin of -3 percent (37).
• Earnings per share from continuing operations totalled EUR -0.62
(0.09) before dilution and EUR -0.61 (0.07) after dilution.
• Cash and cash equivalents were EUR 11.7m (33.5) on 30
September .
• Outstanding shares totalled 78,774,442 on 30 September .
* EBITDA was impacted by a cost of EUR 2.2m arising from a payment to terminate a content production contract. This one-off payment will generate a long-term saving of EUR 1.4m.
CATENA MEDIA GROUP , CONTINUING OPERATIONS Jul-Sep
2024
Jul-Sep
2023 Change
Jan-Sep
2024
Jan-Sep
2023 Change LTM
Jan-Dec
2023
Revenue (EUR ’000) 10,700 15,854 -33% 39,493 62,289 -37% 53,952 76,748
Adjusted EBITDA (EUR ’000) 1,340 3,199 -58% 3,885 23,969 -84% 5,363 25,447
Adjusted EBITDA margin (%) 13 20 -7pp 10 38 -28pp 10 33
EBITDA (EUR ’000) (1,350)* 2,891 -147% (1,015)* 23,125 -104% (550)* 23,590
EBITDA margin (%) -13 18 -31pp -3 37 -40pp -1 31
Direct costs (EUR ’000) (1,486) (3,043) -51% (9,582) (10,102) -5% (12,914) (13,434)
Adjusted personnel expenses (EUR ’000) (5,549) (6,152) -10% (17,728) (17,492) 1% (23,702) (23,466)
Adjusted other operating expenses (EUR ’000) (2,325) (3,460) -33% (8,298) (10,726) -23% (11,973) (14,401)
Operating cash flow (EUR ’000) 1,769 (923) 292% 3,035 20,083 -85% 2,608 19,656
Earnings per share before dilution (EUR) (0.55) (0.02) - (0.62) 0.09 - (1.08) (0.37)
Earnings per share after dilution (EUR) (0.54) (0.02) - (0.61) 0.07 - (1.07) (0.27)
New depositing customers (NDCs) 27,3 42 40,104 -32% 102,894 152,225 -32% 134,926 184,257
Net interest-bearing debt (EUR ’000) 14,607 25,425 -43% 14,607 25,425 -43% 14,607 18,356
Net interest-bearing debt/adjusted EBITDA multiple 2.79 0.65 - 2.79 0.65 - 2.79 0.66
===== SIDA 2 =====
CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 2
Stable underlying casino revenue in North America
In North American casino, the drop in revenue from EUR 8.6m to EUR
7 .6m primarily reflected a recognition in Q3 2023 of EUR 1.3m of casi-
no revenue related to prior quarters. Excluding this, casino revenue rose
slightly during the period, maintaining the year-over-year trend observed
in Q2.
A highlight for the quarter was the evolution of Bonus.com, one of our
top-performing casino products, into a global asset. The Spanish-lan -
guage version, www .bonus.com/es, launched in North America in Q2,
started to rank well, and we launched www .bonus.com/mx in Mexico at the
end of Q3. In November , we also launched https://www .bonus.com/br/ in
Brazil. These rollouts illustrate our strategy to maximise the organic growth
potential of our most authoritative brands in existing and new markets.
We made further progress incorporating social sweepstakes casino into
most of our casino offerings. Social sweepstakes casino continues to
form part of our long-term casino strategy , capitalising on the immedi-
ate revenue opportunity while also building our brands and databases in
preparation for future regulation, especially as online casino gaming is yet
to regulate in the majority of US states.
Further underperformance in sports
In sports betting, it was disappointing that we did not see the usual boost
from the start of the NFL season in September . This reflected our under-
performance as well as past misinvestment in the sports portfolio. While
we are working hard to address these issues, we appreciate it will take
some time to get back on track.
We have been operating at a loss in sports for an extended period due to
products that have not been optimally managed. In addition, the organ -
isation was scaled for a faster rate of new state launches than we have
seen in recent periods. We have adapted the organisation to these real-
ities, and in Q3 continued to take actions to return to profit by adjusting
the cost base.
In summary , while Q3 did not deliver the revenue growth we are striving
for , I am pleased with our progress in improving margins and optimising
the business. The steps we have taken to reduce costs, reset agreements
and focus on core products give us a solid platform to build on. As we
head into Q4, we remain focused on executing our strategy and returning
to profitable growth.
Manuel Stan
CEO
A challenging quarter for revenue but
profitability improves from previous quarter
From a top-line perspective, Q3 was a challenging quarter in which we
saw revenue decline by 33 percent, driven by continued underperfor -
mance in online sports betting. Lower revenue also reflected the ending
of certain media partnerships and changes made to other partner agree-
ments.
The flipside was that these cost-side measures lifted the adjusted EBIT -
DA margin from 1 percent in July to 18 percent in September and double
adjusted EBITDA quarter-over-quarter . Alongside this bottom-line im-
provement, we also saw a like-for-like increase in North American Casino
revenue and incremental gains in our key organic search rankings, de -
spite higher-than-usual volatility due to Google’s core updates.
Right teams and strategy in place
In late October we completed the process of finalising our organisational
structure, implementing a flatter content production function that creates
a foundation for future growth led by a leaner , product-oriented organisa-
tion with clear accountability at all levels.
The streamlining of the content production and content marketing teams
involved the difficult decision to part ways with 29 employees. This right-
sizing will create closer alignment with our product goals and will generate
an annual cost saving of around EUR 2.2m, starting in November .
We also completed our new executive management team with the re -
cruitment of Liv Biesemans as Chief Legal & Compliance Officer . When
Liv joins us on 1 January , all five members of the executive management
team will be new in their roles.
With the right teams and strategic priorities in place and a clear focus on
our core products, we now have a strong base to tackle our next chal -
lenge: delivering profitable growth.
Cleaning up the balance sheet
It is essential that our balance sheet reflects current realities. Alongside
cost reductions, we also announced an impairment charge in October re-
lated to both sports and casino, primarily reflecting a decrease in the book
value of the Lineups product acquired in May 2021. This balance sheet
adjustment will help provide a stable and realistic financial base for the
company as we move forward.
Despite consecutive quarters of disappointing results and low cash flow
from operations, we have adequate cash reserves and incoming pro -
ceeds from previously divested assets to cover our current debt.
We have successfully negotiated an early release from certain long-term
capitalised contracts. Although settling these impacted Q3 EBITDA neg-
atively , the long-term outcome will be EUR 1.4m of savings. We plan to
use these savings to pay down debt and reduce the principal on the senior
bond due in June 2025.
CEO’S COMMENTS
===== SIDA 3 =====
CEO’S COMMENTSSIGNIFICANT EVENTS
Significant events during Q3 2024 Significant events after the period
• Manuel Stan assumed his position as CEO on 1 July . Pierre Cadena
was appointed COO.
• A total of 1,020 warrants were used to subscribe for the same number
of new ordinary shares in Catena Media during the 18th and final
warrant exercise period. As of 30 September , the number of shares
and voting rights in Catena Media had increased from 78,773,422 to
78,774,442 and share capital had risen to EUR 118,161.66.
• On 18 September , Theodore Bergqvist announced his intention to
step down from his role as non-executive director with immediate
effect.
• On 22 October , Catena Media announced further measures to
streamline the company’s content production and content marketing
teams, as part of the transition to a leaner , product-led organisation.
The programme will generate an estimated annual cost saving of
EUR 2.2m, effective from 1 November 2024.
• On 22 October , Catena Media announced a non-cash impairment
charge of EUR 40.0m in line with IAS 36. The charge relates to a
writedown in the book value of specific sports and casino assets,
following the transition to a product-led operating model.
Cost base development
Organic search performance
In Q3 the company continued with its efforts to reduce the cost base to
reflect current operating realities. Measures taken, including those de -
scribed in the bullets below , reduced the long-term cost base by 34 per-
cent, from EUR 14.2m in Q1 2024 to EUR 9.4m Q3 2024.
• On 22 October Catena Media announced measures to reduce costs
by EUR 2.2m by further streamlining content production and content
marketing teams. The changes will involve the termination of 29
positions, giving rise to severance costs of approximately EUR
0.4m. The measures form part of the ongoing transition to a leaner ,
product-led organisation. The net annual cost saving of EUR 2.2m
will be effective from 1 November 2024.
• On 5 May Google launched an organic search policy update that
affected the rankings of sports betting and casino content published
by many major news media websites. The change reduced the
effectiveness of some of Catena Media’s strategic media
partnerships. As a result, the group decided not to renew some of
these agreements. The major impact of these non-renewals was felt
in Q3.
CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 3
Organic search is crucially important in the affiliation industry . We will
continously update the market on our average keyword ranking perfor -
mance as we consider this information to be relevant for investors and
stakeholders.
Since Q2, we have continued to observe a trend towards improved
organic search rankings for Catena Media owned and operated brands.
The average score reflects the top rankings for 70+ of the most important
keywords across Catena Media’s products. The actual keywords are not
disclosed for competitive reasons, and will vary over time depending on
strategy . Note that 1 is the best possible score.
Total average score:
• 4.05 as of 29 September
• 4.13 as of 30 June 09/2909/0108/0407/0706/0905/0503/31
Total average score
1
2
3
4
5
6
7
8
9
10
0
3
6
9
12
15
Q3 24Q2 24Q1 24
4.6
2.8
5.7
3.5
6.4
3.2
Other operating expenses
Personnel expenses
Direct costs
Total costs
1.5
5.5
2.3
* Search policy update affecting certain media partnerships.
Excluding items afecting comparability (IACs)
===== SIDA 4 =====
CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 4
Current debt position and asset sale proceeds
Catena Media is committed to ensuring the group maintains a robust and flexible financial position to address the current environment of higher interest
rates and changing financial conditions. Together , the measures taken will reduce financial risk and unlock value for investments in core growth areas. The
group’s solid financial position will enable focused debt reduction and strategic investments. Proceeds from asset sales are shown in the table below , left.
The table below , right, shows the group’s debt structure and cash balances.
Reported net debt stood at EUR 14.6m on 30 September 2024. After adjustment for a scheduled inflow of EUR 22.0m in divestment proceeds from 2024
to 2025, the group had a net cash position of EUR 7 .4m.
GEOGRAPHIC REVENUE Q3 2024 REVENUE TYPE Q3 2024
▪ North America ▪ Rest of world ▪ CPA ▪ Revenue share ▪ Fixed
OVERVIEW
CURRENT DEBT OVERVIEW AS OF 30 SEP 2024 EUR ’000
Bond issue 2021/2025
Total bonds issued 27,50 0
Repurchased bonds (6,150)
Outstanding bonds 21,350
Revolving credit facility (RCF) net of restricted cash* 5,000
Total debt* 26,350
Cash and cash equivalents 11,743
Net debt 14,607
EXPECTED PROCEEDS FROM DIVESTMENTS EUR ’000
AskGamblers and related brands
Q1 2025 15,000
Italy
Q4 2024 3,500
Q2 2025 3,500
Total proceeds 22,000
Geographic market breakdown, continuing operations
For a complete breakdown including shared central costs see page 20.
North America Rest of world
AMOUNTS IN ’000 (EUR)
Jul-Sep
2024
Jul-Sep
2023 Change
Jan-Dec
2023
Jul-Sep
2024
Jul-Sep
2023 Change
Jan-Dec
2023
Total revenue 9,493 13,291 -29% 67,0 6 3 1,207 2,563 -53% 9,685
of which Casino 7,626 8,668 -12% 34,927 614 1,443 -57% 6,307
of which Sports 1,867 4,623 -60% 32,136 593 1,120 -47% 3,378
Adjusted EBITDA 4,432 5,821 -24% 34,842 698 512 36% 2,379
Adjusted EBITDA margin (%) 47 44 3pp 52 58 20 38pp 25
NDCs 26,092 35,169 -26% 167,8 86 1,250 4,935 -75% 16,371
To date, scheduled payments for assets sold have been received
according to plan.
11%
89% 82%
15%
3%
NEW DEPOSITING CUSTOMERS Q3 2024
▪ CPA ▪ Revenue share
13%
87%
* See note 8 for more information.
===== SIDA 5 =====
CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 5
* Note that all numbers and growth percentages shown refer to continuing operations.
OUR SEGMENTS
Casino
Sports
Revenue in the Casino segment decreased by
19 percent to EUR 8.2m (10.1), corresponding
to a 77 percent share of group revenue. Adjust-
ed EBITDA decreased by 44 percent to EUR
2.7m (4.8), equal to a margin of 32 percent
(47). New depositing customers (NDCs) de -
creased by 5 percent.
As expected, casino revenue was lower in Q3
than in Q2 due to annual seasonality patterns.
Online casino players in our core markets are
more active during the Northern Hemisphere
winter .
In North America, casino revenue decreased
by 12 percent to EUR 7 .6m (8.6). Excluding
EUR 1.3m recognised in Q3 2023 as revenue
The Sports segment reported a 57 percent de-
crease in revenue to EUR 2.5m (5.7), equal to
a 23 percent share of group revenue. Adjusted
EBITDA was EUR -1.3m (-1.6). New deposit -
ing customers (NDCs) decreased by 57 per -
cent.
In North America, the underperformance partly
reflected challenging comparables given the
legalisation of sports betting in Kentucky in Q3
2023 and the absence of any state launch in Q3
this year .
Operating outcomes were nevertheless sub-
par and actions are being taken. These includ-
ed a rightsizing of the sports content organisa-
tion after the close of the quarter . The optimised
organisation is now better adapted to perfor -
mance delivery in the company’s core sports
betting products.
from prior quarters, North American casino rev-
enue increased by 3 percent.
In Japan, casino revenue was lower due to fac-
tors led by the market exit of several key brands
and operators. Unfavourable search algorithm
updates also hampered performance. The
company is actively working to re-establish its
market positions and anticipates improved effi-
ciency and growth in the near future.
Direct costs were considerably lower versus
the same period last year due to a reduction in
minimum revenue guarantees payable under
now-expired media partnerships.
Revenue in esports decreased, although
quarter-over-quarter performance showed im-
provement. Revenue growth was hindered by
unfavourable algorithm updates and a softer
impact from large esports events, which col -
lectively impacted traffic. Despite these head -
winds, the group continues to see promise in
esports betting and is focusing on optimising
the business by targeting keyword strategy and
content refinement and distribution in key geo-
graphic markets.
AMOUNTS IN ’000 (EUR)
Jul-Sep
2024
Jul-Sep
2023 Change
Jan-Sep
2024
Jan-Sep
2023 Change LTM
Jan-Dec
2023
Revenue 8,240 10,111 -19% 28,134 32,211 -13% 37,157 41,234
Adjusted EBITDA 2,674 4,793 -44% 10,394 17,1 4 8 -39% 13,760 20,514
Adjusted EBITDA margin (%) 32 47 -15pp 37 53 -16pp 37 50
NDCs 18,441 19,449 -5% 60,656 62,399 -3% 75,150 76,893
AMOUNTS IN ’000 (EUR)
Jul-Sep
2024
Jul-Sep
2023 Change
Jan-Sep
2024
Jan-Sep
2023 Change LTM
Jan-Dec
2023
Revenue 2,460 5,743 -57% 11,359 30,078 -62% 16,795 35,514
Adjusted EBITDA (1,334) (1,594) -16% (6,509) 6,821 -195% (8,397) 4,933
Adjusted EBITDA margin (%) (54) (28) -26pp (57) 23 -80pp (50) 14
NDCs 8,901 20,655 -57% 42,238 89,826 -53% 59,776 107,3 6 4
REVENUE SPORTS NORTH AMERICA
REVENUE CASINO NORTH AMERICA
5.0
10.0
15.0
20.0
EUR m
2022 Q1
2023 Q1
2022 Q2
2023 Q2
2024 Q1
2022 Q3
2023 Q3
2024 Q2
2022 Q4
2023 Q4
2024 Q3
2.0
4.0
6.0
8.0
10.0
12.0
EUR m
2022 Q1
2023 Q1
2022 Q2
2023 Q2
2024 Q1
2022 Q3
2023 Q3
2024 Q2
2022 Q4
2023 Q4
2024 Q3
===== SIDA 6 =====
CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 6
REVENUE
Revenue was EUR 10.7m (15.9), a decrease of 33 percent from the cor-
responding quarter . Revenue derived through revenue-sharing arrange-
ments accounted for 15 percent (17) of total revenue, cost-per-acquisi-
tion revenue accounted for 82 percent (81) of total revenue and fixed-fee
revenue contributed 3 percent (2) of total revenue.
EARNINGS
Adjusted EBITDA decreased by 58 percent and totalled EUR 1.3m (3.2).
This corresponds to an adjusted EBITDA margin of 13 percent (20).
EBITDA, including items affecting comparability of EUR 2.7m (0.3), de -
creased by 147 percent and totalled EUR -1.4m (2.9). This corresponds
to an EBITDA margin of -13 percent (18). Earnings per share (EPS) be -
fore dilution were EUR -0.55 (-0.02). EPS after dilution were EUR -0.54
(-0.02).
TAXES
Loss after tax from continuing operations was EUR 41.7m (1.6).
LIQUIDITY AND CASH FLOW
On 30 September , cash and cash equivalents stood at EUR 11.7m (33.5).
Net cash generated from continuing operating activities totalled EUR
1.8m (-0.9).
* Note that all numbers and growth percentages shown refer to continuing operations.
FINANCIAL PERFORMANCE
Financial performance (July-September 2024*)
EXPENSES
Total operating expenses, including items affecting comparability , totalled
EUR 53.4m (16.1).
Direct costs decreased to EUR 1.5m (3.0) following the non-renewal of
certain media partnerships and the optimisation of other agreements.
Personnel expenses decreased to EUR 6.0m (6.3), and excluding items
affecting comparability has decreased by 10 percent to EUR 5.5m (6.2).
The decline in personnel costs is due to implementing a programme of
organisational and leadership changes which led to a reduction in head -
count. Other operating expenses totalled EUR 4.5m (3.6), and exclud -
ing items affecting comparability decreased by 33 percent to EUR 2.3m
(3.5). The significant reduction in other operating expenses is attributed
to the transfer of full time equivalent contractors from operating expenses
to personnel costs, reduction in outsourced content and search engine
optimisation support costs, professional fees and travel and entertain -
ment expenditure.
===== SIDA 7 =====
CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 7
FINANCIAL PERFORMANCE
Financial performance (January-September 2024*)
REVENUE
Revenue was EUR 39.5m (62.3), a decrease of 37 percent from the cor-
responding period. Revenue derived through revenue-sharing arrange -
ments accounted for 13 percent (15) of total revenue, cost-per-acquisi -
tion revenue accounted for 84 percent (83) of total revenue and fixed-fee
revenue contributed 3 percent (2) of total revenue.
EARNINGS
Adjusted EBITDA decreased by 84 percent and totalled EUR 3.9m (24.0).
This corresponds to an adjusted EBITDA margin of 10 percent (38).
EBITDA, including items affecting comparability of EUR 4.9m (0.8), de -
creased by 104 percent and totalled EUR -1.0m (23.1). This corresponds
to an EBITDA margin of -3 percent (37). Earnings per share (EPS) before
dilution were EUR -0.62 (0.09). EPS after dilution were EUR -0.61 (0.07).
TAXES
Loss after tax from continuing operations was EUR 46.6m. In the first
nine months of 2023, profit after tax from continuing operations was EUR
7 .2m.
LIQUIDITY AND CASH FLOW
On 30 September 2024, cash and cash equivalents stood at EUR 11.7m
(33.5). Net cash generated from continuing operating activities de -
creased 85 percent compared to the first nine months of 2023 and to -
talled EUR 3.0m (20.1).
* Note that all numbers and growth percentages shown refer to continuing operations.
EXPENSES
Total operating expenses, including items affecting comparability , totalled
EUR 84.5m (47 .7).
Direct costs decreased to EUR 9.6m (10.1), following the non-renewal
of certain media partnerships and the optimisation of other agreements.
Personnel expenses increased to EUR 19.8m (17 .8), and excluding items
affecting comparability has increased marginally to EUR 17 .7m (17 .5).
Other operating expenses totalled EUR 11.1m (11.2), and excluding items
affecting comparability decreased by 23 percent to EUR 8.3m (10.7). The
decrease in other operating expenses is mainly due the transfer of full
time equivalent contractors from other operating expenses to personnel,
reduction in outsourced content and search engine optimisation support
costs, professional fees and travel and entertainment expenditure.
===== SIDA 8 =====
CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 8
SHARES AND SHARE DATA
Earnings per share for Q3 2024 were EUR -0.55 (-0.02) before dilution
and EUR -0.54 (-0.02) after dilution. At the end of the period, Catena Me-
dia had 78,774,442 outstanding shares.
Share capital was EUR 118,161.66, corresponding to EUR 0.0015 per
share. On 30 September , the closing price of the Catena Media share was
SEK 6.56.
Changes in number of shares
• On 28 August 2024, Catena Media resolved to make a directed issue
of 1,020 shares due to the exercise of the group’s warrants (CTM 101)
during the 18th and final warrant exercise period.
EQUITY
As at 30 September , equity including hybrid capital securities totalled
EUR 124.6m (215.7), equivalent to an equity-to-assets ratio of 0.79
(0.75). Excluding hybrid capital securities, equity totalled EUR 89.5m
(180.6).
LARGEST SHAREHOLDERS
The 10 largest shareholders of Catena Media plc as of 30 September
were as follows:
10 LARGEST SHAREHOLDERS AS OF 30 SEPTEMBER %
Investment AB Öresund 7. 2
Avanza Pension 5.5
Jesper Ribacka 5.0
Andre Lavold 4.8
Catena Media plc 4.0
Niklas Karlsson 3.1
Second Swedish National Pension Fund 2.9
Nordnet Pension Insurance 2.5
eQ Asset Management Oy 1.6
Seedstake Ltd 1.0
Total, 10 largest shareholders 37.6
Other shareholders 62.4
Total 100.0
STRATEGIC DIRECTION FOR THE PERIOD 2024-2026
• Embed a new operating model that enables a clearer focus on
priority products and optimises those products to drive growth while
promoting operational alignment.
• Develop and drive the key products forward to create a solid platform
for sustainable revenue growth over time.
• Diversify revenue streams by building first party-customer data,
subaffiliation capability and a richer product user experience to
deliver additional value to users and operator partners.
• Maintain a close focus on financial health and use the proceeds from
prior divestments to enable continued debt reduction and effective
risk management.
OTHER
Other
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.
FUNDING
At the end of the period Catena Media had outstanding senior unsecured
floating rate bonds of EUR 27 .5m, of which EUR 6.2m were owned by the
company , and a revolving credit facility of EUR 10.0m. During Q3 2024,
the group agreed on the partial cash collateralisation of EUR 5.0m in re -
lation to the revolving credit facility agreement until the adjusted EBITDA
target has been achieved. These blocked funds are recognised separate-
ly as restricted cash in the statement of financial position. In addition, Cat-
ena Media’s funds included the hybrid capital securities issued on 10 July
2020 and which can 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 interim statement
of financial position. For more information, see Note 5 (Borrowings) to the
condensed consolidated interim financial statements in this report, and
the company’s website www .catenamedia.com/investors.
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.
There was no dividend income during Q3 2024 and Q3 2023. Q3 2024
resulted in an operating profit of EUR 0.1m and a profit after tax of EUR
0.1m. The comparative quarter resulted in an operating loss of EUR 0.3m
and a loss after tax of EUR 0.5m.
Bond fair value movement classified in “Other gains/(losses) on financial
liability at air value through profit or loss” resulted in a gain of EUR 0.2m
(nil) in Q3 2024. Interest payable on borrowings was EUR 1m (1.4).
The parent company’s cash and cash equivalents were EUR 2.6m (3.7).
Liabilities totalled EUR 86.7m (80.8). Equity was EUR 177 .8m (184.8).
As at 30 September , the parent company’s current liabilities exceeded
current assets by EUR 57 .3m. Liabilities of EUR 38.3m exist in respect
of the parent company’s related undertakings, mainly to its subsidiary
Catena Operations Limited. The directors confirm that no amounts will be
requested and believe that it remains appropriate to prepare the financial
statements on a going concern basis.
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 gam-
bling industry . Risks are managed on a strategic, operational and financial
level. Comprehensive risk disclosures are available in the Catena Media
2023 annual report on pages 37-41 and 57-59. There were no significant
changes to any of the risks disclosed in the annual report.
===== SIDA 9 =====
CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 9
For further information, please contact
Malta, 7 November 2024
Manuel Stan, CEO
Investor Relations
ir@catenamedia.com
Manuel Stan, CEO
manuel.stan@catenamedia.com
Michael Gerrow, CFO
michael.gerrow@catenamedia.com
Registered office
Quantum Place, Triq ix-Xatt
Ta’ Xbiex, Gzira, GZR 1052, Malta
This information is information that Catena Media plc is obliged to make
public pursuant to the EU Market Abuse Regulation. The information
was submitted for publication, through the agency of the contact per -
sons, on 7 November 2024 at 07:00 CET.
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. These calendar-related shifts are associated with
changeability in the group’s quarterly performance, with revenues typical-
ly 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 there -
fore focuses its efforts on social responsibility and governance. The com-
pany 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. Following the strategic review completed in November 2023,
revenue from regulated markets amounted to 91 percent in 2023. A more
detailed description of the sustainability strategy can be found in the 2023
annual report on pages 21-29.
NOMINATION COMITTEEE
Catena Media’s Nomination Committee for the 2025 AGM consists of
Nicklas Paulson, representing Investment AB Öresund; Andreas Jöns -
son, representing Jesper Ribacka, Andreas Lindberg, representing Andre
Lavold; and Erik Flinck, Chairman of the Board of Catena Media.
EMPLOYEES
As of 30 September , the group had 212 (322) employees, of whom 70
(105) were female, corresponding to 33 percent (33) of the total. All em -
ployees were employed full-time.
PRESENTATION OF REPORT TO INVESTORS AND MEDIA
CEO Manuel Stan and CFO Michael Gerrow will present the Q3 2024 re-
port in a combined webcast and teleconference on 7 November 2024 at
09:00 CET.
Webcast
Via the webcast you are able to ask written questions. If you wish to partic-
ipate via webcast, please use the following link:
https://ir .financialhearings.com/catena-media-q3-report-2024
Teleconference
Via teleconference you are able to ask questions verbally . If you wish to
participate in the call, please register on the link below . After registration
you will be provided phone numbers and a conference ID to access the
conference:
https://conference.financialhearings.com/teleconference/?id=50048940
The presentation will be available on the website:
https://www .catenamedia.com/investors/
UPCOMING EVENTS
Year-end Report Q4 January-December 2024 11 February 2025
Annual Report 2024 Week 13 2025
Interim Report Q1 January-March 2025 13 May 2025
Interim Report Q2 January-June 2025 12 August 2025
Interim Report Q3 January-March 2025 4 November 2025
OTHER
===== SIDA 10 =====
CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 10
OTHER
REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION
To the Directors of Catena Media p.l.c.
INTRODUCTION
We have reviewed the accompanying condensed consolidated interim statement of financial position of Catena Media p.l.c. and its subsidiaries (the
‘Group’) as at 30 September 2024 and the related condensed consolidated interim statement of comprehensive income, statement of changes in equity
and statement of cash flows for the nine-month period then ended and explanatory notes. The directors are responsible for the preparation and presen-
tation of this condensed consolidated interim financial information in accordance with International Financial Reporting Standards (IFRSs) as adopted
by the EU applicable to interim financial reporting (International Accounting Standard 34 ‘Interim Financial Reporting’). Our responsibility is to express a
conclusion on this condensed consolidated interim financial information based on our review .
SCOPE OF REVIEW
We conducted our review in accordance with International Standard on Review Engagements 2410, ‘Review of interim financial information performed
by the independent auditor of the entity’. A review of interim financial information consists of making inquiries, primarily of persons responsible for fi -
nancial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted
in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit. Accordingly , we do not express an audit opinion.
CONCLUSION
Based on our review , nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial infor-
mation is not prepared, in all material respects, in accordance with International Accounting Standard 34 ‘Interim Financial Reporting’.
Lucienne Pace Ross
Principal
For and on behalf of
PricewaterhouseCoopers
78, Mill Street
Zone 5, Central Business District
Qormi
Malta
7 November 2024
===== SIDA 11 =====
CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 11
In addition to financial measures defined by IFRS, Catena Media presents
some alternative performance measures in this interim report that are not
defined by IFRS. These alter native performance measures provide valu-
able add itional information to investors and management for evalu ating
the financial performance and position of Catena Media. These non-IFRS
measures, as defined on the last page of this report, will not necessarily
be comparable to similarly defined measures in other companies’ reports
and should not be considered as substitutes for financial report ing mea-
sures prepared in accordance with IFRS. More infor mation and key ratio
calculations can be found at https://www .catenamedia.com/investors/.
Consolidated key data and ratios
Jul-Sep
2024
Jul-Sep
2023
Jan-Sep
2024
Jan-Sep
2023
Jan-Dec
2023
Financial measures defined by IFRS, total
Revenue (EUR ‘000) 10,666 18,729 39,498 72,981 88,240
Earnings per share before dilution (EUR) (0.55) (0.06) (0.62) 0.00 (0.51)
Earnings per share after dilution (EUR) (0.54) (0.06) (0.61) 0.00 (0.37)
Weighted average number of outstanding shares at period end before dilution (’000) 75,649 76,837 75,649 75,676 75,682
Weighted average number of outstanding shares at period end after dilution (’000) 76,503 76,837 76,503 104,484 102,705
Financial measures defined by IFRS, continuing operations
Revenue from continuing operations (EUR ’000) 10,700 15,854 39,493 62,289 76,748
Earnings per share before dilution from continuing operations (EUR) (0.55) (0.02) (0.62) 0.09 (0.37)
Earnings per share after dilution from continuing operations (EUR) (0.54) (0.02) (0.61) 0.07 (0.27)
Alternative performance measures
EBITDA (EUR ‘000) (1,384) 2,827 (1,282) 36,412 33,874
EBITDA margin (%) -13 15 -3 50 38
EBITDA from continuing operations (EUR ’000) (1,350) 2,891 (1,015) 23,125 23,590
EBITDA margin from continuing operations (%) -13 18 -3 37 31
Adjusted EBITDA (EUR ’000) 1,306 4,164 3,832 26,283 27,693
Adjusted EBITDA margin (%) 12 22 10 36 31
Adjusted EBITDA from continuing operations (EUR ’000)* 1,340 3,199 3,885 23,969 25,447
Adjusted EBITDA margin from continuing operations (%) 13 20 10 38 33
New depositing customers from continuing operations 27,3 42 40,104 102,894 152,225 184,257
Average shareholders’ equity, last 12 months (EUR ’000) 176,479 232,058 176,479 232,058 224,331
Net interest-bearing debt (NIBD) (EUR ’000) 14,607 25,425 14,607 25,425 18,356
NIBD/adjusted EBITDA multiple 2.79 0.65 2.79 0.65 0.66
Equity per share before dilution (EUR) 1.66 2.81 1.66 2.85 2.31
Equity per share after dilution (EUR) 1.64 2.81 1.64 2.04 1.71
Employees at period-end 212 322 212 322 256
Employees at period-end from continuing operations 212 285 212 285 255
Adjustments for Q3 2024 relate to items affecting comparability (“IACs”) from continuing operations of EUR 2.7m (0.3). IACs for the period ended 30
September 2024 were EUR 4.9m (0.8). Further details can be found in Note 3 on page 20.
KEY METRICS
===== SIDA 12 =====
CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 12
Condensed consolidated interim statements
of comprehensive income
FINANCIAL INFORMATION
AMOUNTS IN ’000 (EUR) Notes
Jul-Sep
2024
Jul-Sep
2023
Jan-Sep
2024
Jan-Sep
2023
Jan-Dec
2023
Revenue 10,700 15,854 39,493 62,289 76,748
Total revenue 10,700 15,854 39,493 62,289 76,748
Direct costs (1,486) (3,043) (9,582) (10,102) (13,434)
Personnel expenses (6,028) (6,311) (19,828) (17,821) (24,767)
Depreciation and amortisation (1,367) (3,159) (4,056) (8,500) (11,219)
Impairment on intangible assets (39,985) - (39,985) - (34,049)
Other operating expenses (4,536) (3,609) (11,098) (11,241) (14,957)
Total operating expenses (53,402) (16,122) (84,549) (47,6 6 4) (98,426)
Operating (loss)/profit (42,702) (268) (45,056) 14,625 (21,678)
Interest payable on borrowings (722) (1,373) (2,388) (4,285) (5,566)
Other gains/(losses) on financial liability at fair value through profit or loss 227 - 86 (1,978) (1,498)
Other finance income 953 594 806 661 746
Share of net loss of joint venture accounted for using the equity method (46) - (91) - -
(Loss)/profit before tax (42,290) (1,047) (46,643) 9,023 (27,9 9 6)
Tax income/(expense) 638 (545) 65 (1,870) (186)
(Loss)/profit for the period from continuing operations attributable
to the equity holders of the parent company (41,652) (1,592) (46,578) 7,1 5 3 (28,182)
Loss for the period from discontinued operations 7 (34) (2,908) (267) (6,995) (10,054)
(Loss)/profit for the period (41,686) (4,500) (46,845) 158 (38,236)
Other comprehensive income
Items that may be reclassified to profit for the period
Currency translation differences (665) 65 (195) (12) (667)
Items that will not be reclassified for the profit for the period
Interest payable on hybrid capital securities (1,210) (1,095) (3,673) (3,406) (4,597)
Total other comprehensive loss for the period (1,875) (1,030) (3,868) (3,418) (5,264)
Total comprehensive loss attributable to the equity holders
of the parent company (43,561) (5,530) (50,713) (3,260) (43,500)
Earnings per share for (loss)/profit from continuing operations attributable to the
equity holders of the parent company during the period (expressed in euros per
share):
Basic earnings per share
From (loss)/profit for the period (0.55) (0.02) (0.62) 0.09 (0.37)
Diluted earnings per share
From (loss)/profit for the period (0.54) (0.02) (0.61) 0.07 (0.27)
Condensed consolidated interim income statement measures
Operating (loss)/profit (42,702) (268) (45,056) 14,625 (21,678)
Depreciation and amortisation 1,367 3,159 4,056 8,500 11,219
Impairment on intangible assets 39,985 - 39,985 - 34,049
EBITDA (1,350) 2,891 (1,015) 23,125 23,590
Items affecting comparability in personnel expenses 3 479 159 2,100 329 1,301
Items affecting comparability in other operating expenses 3 2,211 149 2,800 515 556
Adjusted EBITDA 1,340 3,199 3,885 23,969 25,447
The notes on pages 16 to 23 are an integral part of these condensed consolidated interim financial statements.
===== SIDA 13 =====
CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 13
Condensed consolidated interim statements
of financial position
FINANCIAL INFORMATION
AMOUNTS IN ’000 (EUR) Notes
30 Sep
2024
30 Sep
2023
31 Dec
2023
ASSETS
Non-current assets
Investment in associate 1,768 - 940
Right-of-use asset 87 685 550
Other intangible assets 4 109,187 192,039 155,482
Property, plant and equipment 684 1,000 869
Restricted cash 8 5,000 - -
Other receivables - 13,789 17, 207
Total non-current assets 116,726 207 ,513 175,048
Current assets
Trade and other receivables 29,912 26,889 28,468
Current tax asset 151 - -
Cash and cash equivalents 11,743 33,525 38,510
41,806 60,414 66,978
Assets classified as held for sale - 21,226 -
Total current assets 41,806 81,640 66,978
Total assets 158,532 289,153 242,026
EQUITY AND LIABILITIES
Capital and reserves
Share capital 118 118 118
Share premium 134,041 134,039 134,039
Treasury reserve (6,154) (5,678) (6,154)
Hybrid capital securities 6 35,104 35,117 35,117
Other reserves 10,370 10,920 10,444
Accumulated losses/ retained earnings (48,900) 41,203 1,618
Total equity 124,579 215,719 175,182
Liabilities
Non-current liabilities
Borrowings 5 10,000 10,000 31,430
Deferred tax liabilities 429 2,654 790
Lease liability - 196 -
Trade and other payables - 2,508 2,058
Total non-current liabilities 10,429 15,358 34,278
Current liabilities
Borrowings 5 21,297 49,591 25,597
Trade and other payables 2,227 7, 276 6,573
Current tax liabilities - 523 396
23,524 57, 3 9 0 32,566
Liabilities directly associated with assets classified as held for sale - 686 -
Total current liabilities 23,524 58,076 32,566
Total liabilities 33,953 73,434 66,844
Total equity and liabilities 158,532 289,153 242,026
The notes on pages 16 to 23 are an integral part of these condensed consolidated interim financial statements.
===== SIDA 14 =====
CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 14
Condensed consolidated interim statements of changes in equity
FINANCIAL INFORMATION
Attributable to owners of the parent company
AMOUNTS IN ’000 (EUR)
Share
capital
Share
premium
Treasur y
reserve
Hybrid capital
securities
Other
reserves
Accumulated
losses
Total
equity
Balance at 1 January 2024 118 134,039 (6,154) 35,117 10,444 1,618 175,182
Comprehensive income
Loss for the period - - - - - (46,845) (46,845)
Interest payable on hybrid capital securities - - - - - (3,673) (3,673)
Currency translation differences - - - - (195) - (195)
Total comprehensive loss for the period - - - - (195) (50,518) (50,713)
Transactions with owners
Issue of share capital - 2 - - - - 2
Issue of capital securities, net of transaction costs - - - (13) - - (13)
Equity-settled share-based payments - - - - 121 - 121
Total transactions with owners - 2 - (13) 121 - 110
Balance at 30 September 2024 118 134,041 (6,154) 35,104 10,370 (48,900) 124,579
Attributable to owners of the parent company
AMOUNTS IN ’000 (EUR)
Share
capital
Share
premium
Treasur y
reserve
Hybrid capital
securities
Other
reserves
Retained
earnings
Total
equity
Balance at 1 January 2023 114 122,625 (21,713) 44,173 11,185 66,136 222,520
Comprehensive income
Profit for the period - - - - - 158 158
Interest payable on hybrid capital securities - - - - - (3,406) (3,406)
Currency translation differences - - - - (12) - (12)
Total comprehensive loss for the period - - - - (12) (3,248) (3,260)
Transactions with owners
Issue of share capital 10 11,414 - - - - 11,424
Issue of capital securities, net of transaction costs - - - (9,056) - - (9,056)
Repurchase of common stock, net of transaction costs - - (5,656) - - - (5,656)
Equity-settled share-based payments - - - - (253) - (253)
Cancellation of shares (6) - 21,691 - - (21,685) -
Total transactions with owners 4 11,414 16,035 (9,056) (253) (21,685) (3,541)
Balance at 30 September 2023 118 134,039 (5,678) 35,117 10,920 41,203 215,719
Attributable to owners of the parent company
AMOUNTS IN ’000 (EUR)
Share
capital
Share
premium
Treasur y
reserve
Hybrid capital
securities
Other
reserves
Retained
earnings
Total
equity
Balance at 1 January 2023 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 10 11,414 - - - - 11,424
Subscription set-offs, including transaction costs - - - (9,056) - - (9,056)
Repurchase of common stock, net of transaction costs - - (6,132) - - - (6,132)
Equity-settled share-based payments - - - - (74) - (74)
Cancellation of shares (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 16 to 23 are an integral part of these condensed consolidated interim financial statements.
===== SIDA 15 =====
CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 15
Condensed consolidated interim statements
of cash flows
FINANCIAL INFORMATION
AMOUNTS IN ’000 (EUR)
Jul-Sep
2024
Jul- Sep
2023
Jan-Sep
2024
Jan-Sep
2023
Jan-Dec
2023
Cash flows from operating activities
(Loss)/profit before tax (42,324) (3,827) (46,910) 2,637 (37,370)
Loss from discontinued operations before tax 34 2,780 267 6,386 9,374
Adjustments for:
Depreciation and amortisation 1,367 3,159 4,056 8,500 11,219
Loss/(gain) on disposal of assets - 15 (6) 65 121
Loss allowances on trade receivables (160) 28 (218) (345) (205)
Bad debts 11 (3) 115 61 70
Impairment on intangible assets 39,985 - 39,985 - 34,049
Loss on contract termination 2,211 - 2,211 - -
Unrealised exchange differences (327) (449) (69) 99 429
Interest expense 74 1,041 1,148 3,582 4,490
Net (gains)/losses on financial liability and at fair value through profit or loss (227) - (86) 1,978 1,498
Share-based payments (243) 705 121 273 (93)
401 3,449 614 23,236 23,582
Taxation paid (316) (174) (1,011) (2,065) (2,366)
Changes in:
Trade and other receivables 3,215 (5,764) 4,562 1,609 1,814
Trade and other payables (1,531) 1,566 (1,130) (2,697) (3,374)
Net cash generated from/(used in) continuing operating activities 1,769 (923) 3,035 20,083 19,656
Net cash (used in)/generated from operating activities – discontinued operations (38) (348) (226) (57) 380
Net cash generated from/(used in) operating activities 1,731 (1,271) 2,809 20,026 20,036
Cash flows (used in)/generated from investing activities
Investments in associate - - (918) - (941)
Proceeds from sale of investment of subsidiaries - 11,556 22,345 29,145
Acquisition of property, plant and equipment (28) 8 (50) (110) (127)
Net (payments)/receipts on acquisition/disposal of intangible assets (1,338) 5,818 (2,199) 778 6,542
Net cash (used in)/generated from continuing investing activities (1,366) 5,826 8,389 23,013 34,619
Net cash used in investing activities – discontinued operations - (52) - (241) (274)
Net cash (used in)/generated from investing activities (1,366) 5,774 8,389 22,772 34,345
Cash flows used in financing activities
Net payments on hybrid capital securities (4) (10) (12) (23) (24)
Net repayments on borrowings - (1,966) (26,072) (18,818) (20,901)
Proceeds on exercise of share options and warrants 1 5 1 2,992 2,992
Share buybacks - (4,262) - (5,657) (6,133)
Interest paid (1,935) (2,429) (6,247) (7,725) (10,238)
Net lease payments (124) (154) (378) (378) (557)
Net cash used in continuing financing activities (2,062) (8,816) (32,708) (29,609) (34,861)
Net cash used in financing activities – discontinued operations - - - (20) (20)
Net cash used in financing activies (2,062) (8,816) (32,708) (29,629) (34,881)
Net movement in cash and cash equivalents (1,697) (4,313) (21,510) 13,169 19,500
Cash and cash equivalents at beginning of period 18,938 37,978 38,510 24,550 24,550
Cash surrendered upon disposal - - - (2,949) (4,293)
Restricted cash (5,000) - (5,000) - -
Currency translation differences (498) (140) (257) (1,245) (1,247)
Cash and cash equivalents at end of period 11,743 33,525 11,743 33,525 38,510
The notes on pages 16 to 23 are an integral part of these condensed consolidated interim financial statements.
===== SIDA 16 =====
CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 16
Notes to the condensed consolidated interim
financial statements
Note 1
Accounting principles
This interim report was prepared in accordance with IAS 34 “Interim fi -
nancial reporting”. It was prepared under the historical cost convention,
as modified by the fair valuation of financial liabilities measured at fair val-
ue through profit or loss. The principal accounting policies applied in the
preparation of the group’s condensed consolidated financial statements
are consistent with those presented in the annual report for the year end-
ed 31 December 2023.
CRITICAL ACCOUNTING ESTIMATES
CGUs and impairment assessment
The group has two operating segments, resulting in two cash-generating
units (CGUs) for the purpose of IAS 36. Management assesses impair -
ment risk by first considering performance at a segment level, and by
further evaluating individual assets’ value-in-use where significant prod-
uct deterioration in performance had occurred. Management continually
assesses the group’s strategy in light of the changing environment. As a
result, projected future earnings are regularly reviewed, an exercise that
may require further adjustment to the assets’ carrying value or useful life.
During Q3 2024, an impairment charge of EUR 40.0m was recognised in
relation to specific sports and casino assets following the implementation
of a new product operating model in recent months.
Share-based payments
The group operates a number of equity-settled, share-based compen -
sation plans under which the entity receives services from employees as
consideration for equity instruments of the company . Through these equi-
ty-settled schemes, eligible employees are granted share options, while
directors are granted share warrants.
Due to the inherent uncertainty that applies when establishing a proper
estimate of the number of options expected to vest at the end of each re-
porting period, and the judgement required in this exercise, management
considers costs relating to share-based payments as a critical accounting
estimate.
At the end of each reporting period, the group revises its estimates of the
number of options and warrants that are expected to vest, based on the
non-market vesting conditions and service conditions that differ from one
option programme to another . The impact of the revision to original esti-
mates, if any , is recognised in the statement of comprehensive income,
with a corresponding adjustment to equity .
Income tax and transfer pricing
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 group’s subsidiaries operate and generate taxable income.
Management periodically performs a transfer pricing assessment of the
group’s subsidiaries to analyse whether the pricing is consistent with
arm’s length principles to support the position taken in the individual enti-
ty’s tax returns. The applicable tax regulation is subject to interpretation.
The assessment establishes provisions where appropriate on the basis
of amounts expected to be paid to the tax authorities. Management will
continue to review its position as the group’s cross-border activity con -
tinues to evolve.
NOTES
===== SIDA 17 =====
CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 17
Note 2
Segment reporting
The group’s operations are reported on the basis of the two operating seg-
ments: Casino and Sports. The Financial Trading segment was divested
in Q1 2023. The segments were identified in accordance with the defini -
tion of an operating segment in IFRS 8, Operating Segments. No inter-
segmental revenues arose during the period. Further , total assets and
liabilities for each reportable segment are not presented as they are not
referred to for monitoring purposes.
The following tables show figures for each period presented in this report.
NOTES
Jul-Sep 2024 Jul-Sep 2023
AMOUNTS IN ’000 (EUR) Casino Sports
Financial
Trading
Un -
allocated Total Casino Sports
Financial
Trading
Un -
allocated Total
Revenue 8,240 2,460 - - 10,700 10,111 5,743 - - 15,854
Total revenue 8,240 2,460 - - 10,700 10,111 5,743 - - 15,854
Direct costs (740) (746) - - (1,486) (797) (2,246) - - (3,043)
Personnel expenses (3,311) (2,238) - (479) (6,028) (3,001) (3,151) - (159) (6,311)
Depreciation and amortisation (1,052) (315) - - (1,367) (2,265) (894) - - (3,159)
Impairment on intangible assets (7,3 6 8)(32,617) - - (39,985) - - - - -
Other operating expenses (1,515) (3,021) - - (4,536) (1,520) (1,940) - (149) (3,609)
Total operating expenses (13,986) (38,937) - (479) (53,402) (7,5 8 3) (8,231) - (308) (16,122)
Operating (loss)/profit (5,746) (36,477) - (479) (42,702) 2,528 (2,488) - (308) (268)
Interest payable on borrowings - - - (722) (722) - - - (1,373) (1,373)
Other gains on financial liability and equity
instruments at fair value through profit or loss - - - 227 227 - - - - -
Other finance income - - - 953 953 - - - 594 594
Share of net loss of joint venture accounted for
using the equity method - - - (46) (46) - - - - -
(Loss)/profit before tax (5,746) (36,477) - (67) (42,290) 2,528 (2,488) - (1,087) (1,047)
Tax income/(expense) - - - 638 638 - - - (545) (545)
(Loss)/profit for the period from continuing
operations attributable to the equity hold-
ers of the parent company (5,746) (36,477) - 571 (41,652) 2,528 (2,488) - (1,632) (1,592)
Loss for the period from discontinued
operations (14) (20) - - (34) (1,546) (1,362) - - (2,908)
(Loss)/profit for the period (5,760) (36,497) - 571 (41,686) 982 (3,850) - (1,632) (4,500)
Other comprehensive income
Items that may be reclassified
to profit for the period
Currency translation differences - - - (665) (665) - - - 65 65
Items that will not be reclassified
to profit for the period
Interest payable on hybrid capital securities - - - (1,210) (1,210) - - - (1,095) (1,095)
Total other comprehensive loss
for the period - - - (1,875) (1,875) - - - (1,030) (1,030)
Total comprehensive (loss)/income
attributable to the equity holders
of the parent company (5,760) (36,497) - (1,304) (43,561) 982 (3,850) - (2,662) (5,530)
Adjusted EBITDA 2,674 (1,334) - - 1,340 4,793 (1,594) - - 3,199
Adjusted EBITDA margin (%) 32 (54) - - 13 47 (28) - - 20
NDCs 18,441 8,901 - - 27,3 42 19,449 20,655 - - 40,104
===== SIDA 18 =====
CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 18
Jan-Sep 2024 Jan-Sep 2023
AMOUNTS IN ’000 (EUR) Casino Sports
Financial
Trading
Un -
allocated Total Casino Sports
Financial
Trading
Un -
allocated Total
Revenue 28,134 11,359 - - 39,493 32,211 30,078 - - 62,289
Total revenue 28,134 11,359 - - 39,493 32,211 30,078 - - 62,289
Direct costs (2,973) (6,609) - - (9,582) (3,341) (6,761) - - (10,102)
Personnel expenses (9,804) (7,92 4) - (2,100) (19,828) (7,377) (10,115) - (329) (17,821)
Depreciation and amortisation (2,936) (1,120) - - (4,056) (4,729) (3,771) - - (8,500)
Impairment on intangible assets (7,3 6 8)(32,617) - - (39,985) - - - - -
Other operating expenses (4,963) (5,546) - (589) (11,098) (4,345) (6,381) - (515) (11,241)
Total operating expenses (28,044) (53,816) - (2,689) (84,549) (19,792) (27,02 8) - (844) (47,6 6 4)
Operating profit/(loss) 90 (42,457) - (2,689) (45,056) 12,419 3,050 - (844) 14,625
Interest payable on borrowings - - - (2,388) (2,388) - - - (4,285) (4,285)
Other gains/(losses) on financial liability and
equity instruments at fair value through profit
or loss - - - 86 86 - - - (1,978) (1,978)
Other finance income - - - 806 806 - - - 661 661
Share of net loss of joint venture accounted for
using the equity method - - - (91) (91) - - - - -
Profit/(loss) before tax 90 (42,457) - (4,276) (46,643) 12,419 3,050 - (6,446) 9,023
Tax income/(expense) - - - 65 65 - - - (1,870) (1,870)
Profit/(loss) for the period from continuing
operations attributable to the equity hold-
ers of the parent company 90
(42,457) - (4,211) (46,578) 12,419 3,050 - (8,316) 7,1 5 3
(Loss)/profit for the period from discontinued
operations (123) (144) - - (267) 10,179 (16,991) (183) - (6,995)
(Loss)/profit for the period (33)
(42,601) - (4,211) (46,845) 22,598 (13,941) (183) (8,316) 158
Other comprehensive income
Items that may be reclassified
to profit for the period
Currency translation differences - - - (195) (195) - - - (12) (12)
Items that will not be reclassified
to profit for the period
Interest payable on hybrid capital securities - - - (3,673) (3,673) - - - (3,406) (3,406)
Total other comprehensive loss
for the period - - - (3,868) (3,868) - - - (3,418) (3,418)
Total comprehensive (loss)/income
attributable to the equity holders
of the parent company (33)
(42,601) - (8,079) (50,713) 22,598 (13,941) (183) (11,734) (3,260)
Adjusted EBITDA 10,394 (6,509) - - 3,885 17,1 4 8 6,821 - - 23,969
Adjusted EBITDA margin (%) 37 (57) - - 10 53 23 - - 38
NDCs 60,656 42,238 - - 102,894 62,399 89,826 - - 152,225
===== SIDA 19 =====
CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 19
Jan-Dec 2023
AMOUNTS IN ’000 (EUR) Casino Sports
Financial
Trading
Un -
allocated Total
Revenue 41,234 35,514 - - 76,748
Total revenue 41,234 35,514 - - 76,748
Direct costs (4,270) (9,164) - - (13,434)
Personnel expenses (10,306) (13,160) - (1,301) (24,767)
Depreciation and amortisation (6,426) (4,793) - - (11,219)
Impairment on intangible assets (21,045) (13,004) - - (34,049)
Other operating expenses (6,144) (8,257) - (556) (14,957)
Total operating expenses (48,191) (48,378) - (1,857) (98,426)
Operating loss (6,957) (12,864) - (1,857) (21,678)
Interest payable on borrowings - - - (5,566) (5,566)
Other losses on financial liability and equity instruments at fair value through profit or loss - - - (1,498) (1,498)
Other gains on financial liability and equity instruments at amortised cost - - - - -
Other finance income - - - 746 746
Loss before tax (6,957) (12,864) - (8,175) (27,9 9 6)
Tax expense - - - (186) (186)
Loss for the period attributable to the equity holders of the parent company (6,957) (12,864) - (8,361) (28,182)
Profit/(loss) for the period from discontinued operations 9,934 (19,805) (183) - (10,054)
Profit/(loss) for the period 2,977 (32,669) (183) (8,361) (38,236)
Other comprehensive income
Items that may be reclassified to profit for the period
Currency translation differences - - - (667) (667)
Items that will not be reclassified to profit for the period
Interest payable on hybrid capital securities - - - (4,597) (4,597)
Total other comprehensive loss for the period - - - (5,264) (5,264)
Total comprehensive income/(loss) attributable to the equity holders of the parent company 2,977 (32,669) (183) (13,625) (43,500)
Adjusted EBITDA 20,514 4,933 - - 25,447
Adjusted EBITDA margin (%) 50 14 - - 33
NDCs 76,893 107,3 6 4 - - 184,257
NOTES
===== SIDA 20 =====
CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 20
NOTES
RESULTS FROM CONTINUING OPERATIONS ARE FURTHER ANAL YSED AS FOLLOWS:
Continuing operations
North America Rest of world Shared central operations Total
AMOUNTS IN ’000 (EUR)
Jul-Sep
2024
Jul-Sep
2023
Jul-Sep
2024
Jul-Sep
2023
Jul-Sep
2024
Jul-Sep
2023
Jul-Sep
2024
Jul-Sep
2023
Total revenue 9,493 13,291 1,207 2,563 - - 10,700 15,854
Change -29% - -53% - - - -33% -
of which Casino 7,626 8,668 614 1,443 - - 8,240 10,111
of which Sports 1,867 4,623 593 1,120 - - 2,460 5,743
Direct costs (1,485) (2,981) (1) (62) - - (1,486) (3,043)
Adjusted personnel expenses (2,894) (3,279) (318) (1,193) (2,337) (1,680) (5,549) (6,152)
Adjusted other operating expenses (682) (1,210) (190) (796) (1,453) (1,454) (2,325) (3,460)
Adjusted EBITDA 4,432 5,821 698 512 (3,790) (3,134) 1,340 3,199
Change -24% - 36% - - - -58% -
Adjusted EBITDA margin (%) 47 44 58 20 - - 13 20
NDCs 26,092 35,169 1,250 4,935 - - 27,3 42 40,104
Change -26% - -75% - - - -32% -
Continuing operations
North America Rest of world Shared central operations Total
AMOUNTS IN ’000 (EUR)
Jan-Sep
2024
Jan-Sep
2023
Jan-Sep
2024
Jan-Sep
2023
Jan-Sep
2024
Jan-Sep
2023
Jan-Sep
2024
Jan-Sep
2023
Total revenue 35,036 54,770 4,457 7,519 - - 39,493 62,289
Change -36% - - 41% - - - -37% -
of which: Casino 25,516 27,102 2,618 5,109 - - 28,134 32,211
of which: Sports 9,520 27 ,668 1,839 2,410 - - 11,359 30,078
Direct costs (9,552) (9,856) (30) (246) - - (9,582) (10,102)
Adjusted personnel expenses (9,379) (10,079) (1,052) (3,611) (7, 297) (3,802) (17,728) (17,492)
Adjusted other operating expenses (2,309) (4,384) (767) (2,205) (5,222) (4,137) (8,298) (10,726)
Adjusted EBITDA 13,796 30,451 2,608 1,457 (12,519) (7,939) 3,885 23,969
Change -55% - 79% - - - -84% -
Adjusted EBITDA margin (%) 39 56 59 19 - - 10 38
NDCs 97,3 4 8 138,754 5,546 13,471 - - 102,894 152,225
Change -30% - -59% - - - -32% -
NDCs have been restated following a change in reporting from an operator .
===== SIDA 21 =====
CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 21
Continuing operations
North America Rest of world Shared central operations Total
AMOUNTS IN ’000 (EUR)
Jan-Dec
2023
Jan-Dec
2023
Jan-Dec
2023
Jan-Dec
2023
Total revenue 67,063 9,685 - 76,748
of which: Casino 34,927 6,307 - 41,234
of which: Sports 32,136 3,378 - 35,514
Direct costs (13,163) (271) - (13,434)
Adjusted personnel expenses (13,392) (4,390) (5,684) (23,466)
Adjusted other operating expenses (5,666) (2,645) (6,090) (14,401)
Adjusted EBITDA 34,842 2,379 (11,774) 25,447
Adjusted EBITDA margin (%) 52 25 - 33
NDCs 167,8 86 16,371 - 184,257
NDCs have been restated following a change in reporting from an operator .
Note 3
Items affecting comparability
Items affecting comparability (IACs) relate to significant items that affect
EBITDA when comparing to previous periods and comprise costs includ-
ed in “personnel expenses” and in “other operating expenses”.
During Q3 2024, IACs from continuing operations included in personnel
expenses comprised a net reversal of costs in relation to share-based
payments of EUR 0.2m and reorganisation costs of EUR 0.7m (nil).
During Q3 2023, costs in relation to share-based payments were EUR
0.2m. During the period ended 30 September 2024, IACs from continu -
ing operations in personnel expenses comprised costs associated with
share-based payments of EUR 0.2m, reorganisation costs of EUR 1.7m
(0.2) and one-time retention incentives of EUR 0.2m (0.4). The compar-
ative period also comprised a net reversal of costs in relation to share-
based payments of EUR 0.3m.
During the year ended 31 December 2023, IACs from continuing opera -
tions in personnel expenses comprised a net reversal of costs associat -
ed to share-based payments of EUR 0.1m, reorganisation costs of EUR
0.6m and one-time retention incentives of EUR 0.8m.
During Q3 2024, there were IACs from continuing operations included
in other operating expenses EUR 2.2m related to the termination of the
contractual arrangement previously measured in accordance with the re-
quirements of IAS38 using the financial liability model. During Q3 2023,
the cost of EUR 0.1m comprised restructuring costs and professional
fees on exploratory discussions in line with the group’s strategic direction.
The aforementioned costs for the nine months ended 30 September 2024
were EUR 0.6m (0.2) and EUR nil (0.3) respectively , whilst EUR 2.2m
related to the contract termination. During the year ended 31 December
2023, restructuring costs were EUR 0.3m whilst EUR 0.3m related to pro-
fessional and legal fees.
===== SIDA 22 =====
CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 22
Note 4
Other intangible assets
The group’s acquisitions primarily comprise other components of intellectual property , which include outsourced and internal development and licences.
NOTES
Group
AMOUNTS IN ’000 (EUR)
Domains
and websites
Player
database
Other intellectual
property Total
Cost at 1 January 2024 240,147 6,673 31,565 278,385
Additions - - 1,170 1,170
Disposals (389) - - (389)
Termination of contract* - - (12,082) (12,082)
Cost at 30 September 2024 239,758 6,673 20,653 2 67,0 8 4
Accumulated amortisation and impairment losses at 1 January 2024 (92,575) (6,673) (23,655) (122,903)
Amortisation charge (488) - (2,987) (3,475)
Amortisation released upon termination* - - 8,466 8,466
Impairment charge for the period (39,985) - - (39,985)
At 30 September 2024 (133,048) (6,673) (18,176) (1 57, 8 97)
At 30 September 2024 106,710 - 2,477 109,187
At 30 September 2023 183,243 - 8,796 192,039
*Amounts refer to the termination of the contractual arrangement previously measured in accordance with the requirements of IAS38.
Note 5
Borrowings
Borrowings at the end of the reporting period comprised senior unse -
cured floating rate bonds with a nominal value of EUR 27 .5m (55.0), un-
der a framework of EUR 100m with a maturity date that was extended to
June 2025 after the partial prepayment of half the nominal amount in Q1
2024, and a revolving credit facility of EUR 10.0m (10.0). Catena Media’s
holding of outstanding bonds had a nominal value of EUR 6.2m as at the
end of the period.
The movement in fair value recognised in the statement of comprehensive
income in “Other gains/(losses) on financial liability at fair value through
profit or loss” was a gain of EUR 0.2m (nil) for Q3 2024. The movement in
fair value for the year ended 31 December 2023 resulted in a loss of EUR
1.5m. If the estimated price of the bonds were to increase by 1 percent,
the estimated fair value of the bonds would increase by EUR 0.2m. Simi-
larly , if the estimated price of the bonds were to decrease by 1 percent, the
estimated fair value of the bonds would decrease by EUR 0.2m.
Note 6
Hybrid capital securities
During Q3 2024, on 15 August 2024, the company announced the start
of the 18th and final share subscription period, running from 15 August
2024 to 24 August 2024. In total, 1,020 warrants were used to subscribe
for the same number of ordinary shares in the company . A total of 528
subscribed shares were paid exclusively in cash, and 492 were paid by
set-off and in cash. Payment for the new ordinary shares was received
in cash, with the remaining portion set off against the company’s hybrid
capital securities. The shares were issued on 16 September 2024.
At the end of Q3 2024, hybrid capital securities with a nominal value of
EUR 43.7m (43.7) net of EUR 8.6m (8.6) issuance costs, were reported
as equity . Further details are found in the table below .
AMOUNTS IN ’000 (EUR) 30 Sep 2024
Hybrid capital securities at nominal amount as of the beginning of the reporting period 43,732
Eighteenth subscription period set-off (1)
Hybrid capital securities at nominal amount as of the beginning and end of the reporting period 43,731
AMOUNTS IN ’000 (EUR) 30 Sep 2024
Hybrid capital securities at nominal amount 43,731
Issuance costs
Advisory costs, including financial, legal and assurance (2,334)
Commission fees to guarantors (6,293)
Total issuance costs (8,627)
Hybrid capital securities disclosed as of the end of the reporting period 35,104
===== SIDA 23 =====
CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 23
Note 7
Discontinued operations
Discontinued operations comprise the divestments of grey-market per -
formance marketing assets, the AskGamblers brand, the two online ca -
sino brands JohnSlots and NewCasinos, the Financial Trading segment,
all assets in Catena Media UK’s business including sports betting brands
Squawka and GG.co.uk, all shares in the group’s wholly owned Australian
subsidiary , and the Italy-facing online sports betting and casino assets.
The financial information below is presented in accordance with IFRS 5,
Non-current Assets Held For Sale and Discontinued Operations.
FINANCIAL PERFORMANCE AND CASH FLOW INFORMATION
AMOUNTS IN ’000 (EUR)
Jul-Sep
2024
Jul-Sep
2023
Jan-Sep
2024
Jan-Sep
2023
Jan-Dec
2023
Revenue (34) 2,875 5 10,692 11,492
Direct costs - (25) - (168) (172)
Personnel expenses - (1,588) (34) (5,443) (6,791)
Depreciation and amortisation - (66) - (1,776) (1,804)
Impairment on intangible assets - (2,699) - (17,8 89) (17,8 89)
Loss on disposal of intangible asset - (77) ( 1 7 ) 13,165 11,563
Other operating expenses - (1,249) (221) (4,961) (5,808)
Total operating expenses - (5,704) (272) (17,072) (20,901)
Operating loss (34) (2,829) (267) (6,380) (9,409)
Other finance income/(costs) - 49 - (6) 35
Loss before income tax (34) (2,780) (267) (6,386) (9,374)
Income tax expense - (128) - (609) (680)
Loss after income tax from discontinued operations (34) (2,908) (267) (6,995) (10,054)
Net cash (used in)/generated from operating activities (38) (348) (226) (57) 380
Net cash used in investing activities - (52) - (241) (274)
Net cash used in financing activities - - - (20) (20)
Net (decrease)/increase in cash generated by divested assets (38) (400) (226) (318) 86
Note 8
Restricted cash
During Q3 2024, the group agreed on the partial cash collateralisation of EUR 5.0m in relation to the revolving credit facility agreement with Raifessen
Bank International AG, until the adjusted EBITDA target has been achieved. These blocked funds are recognised separately as Restricted cash in the
Statement of financial position.
Note 9
Subsequent events
On 22 October , Catena Media announced further measures to streamline the company’s content production and content marketing teams, as part of its
transition to a leaner , product-led organisation. The programme will give rise to severance costs of approximately EUR 0.4m in Q4 2024 and generate an
estimated annual cost saving of EUR 2.2m, effective from 1 November 2024.
NOTES
===== SIDA 24 =====
CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 24
AMOUNTS IN ’000 (EUR)
Jul-Sep
2024
Jul-Sep
2023
Jan-Sep
2024
Jan-Sep
2023
Jan-Dec
2023
Investment and related income - - - 15,000 15,000
Personnel expenses 160 (250) (389) (14) (282)
Other operating expenses (56) (39) (126) (131) (160)
Other operating income 20 20 60 59 78
Total operating expenses 124 (269) (455) (86) (364)
Operating profit/(loss) 124 (269) (455) 14,914 14,636
Interest payable on borrowings (1,020) (1,400) (2,856) (4,346) (5,676)
Recharge of interest to subsidiary 723 1,103 1,965 3,455 4,488
Other gains/(losses) on financial liability at fair value through profit or loss 227 - 86 (1,978) (1,498)
Other finance income/(costs) 10 66 (533) 414 488
Profit/(loss) before tax 64 (500) (1,793) 12,459 12,438
Tax expense - - - - (99)
Profit/(loss) for the period 64 (500) (1,793) 12,459 12,339
Other comprehensive income
Items that will not be reclassified to profit for the period
Interest payable on hybrid capital securities (1,210) (1,095) (3,673) (3,406) (4,597)
Total other comprehensive (loss)/income for the period (1,146) (1,595) (5,466) 9,053 7,742
Condensed parent company interim statements of comprehensive
income
FINANCIAL INFORMATION
===== SIDA 25 =====
CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 25
Condensed parent company interim statements of financial position
AMOUNTS IN ’000 (EUR) 30 Sep 2024 30 Sep 2023 31 Dec 2023
ASSETS
Non-current assets
Investment in subsidiaries 261,858 261,858 261,858
Current assets
Trade and other receivables 20 15 16
Cash and cash equivalents 2,582 3,713 6,026
Total current assets 2,602 3,728 6,042
Total assets 264,460 265,586 267,900
EQUITY AND LIABILITIES
Capital and reserves
Share capital 118 118 118
Share premium 134,572 134,570 134,570
Treasury reserve (6,154) (5,678) (6,154)
Hybrid capital securities 35,104 35,117 35,117
Other reserves 8,389 8,089 8,268
Retained earnings 5,767 12,544 11,233
Total equity 17 7,79 6 184,760 183,152
Liabilities
Non-current liabilities
Borrowings 25,000 25,000 46,430
Other payables 1,781 594 891
Total non-current liabilities 26,781 25,594 47, 321
Current liabilities
Borrowings 21,297 43,341 21,430
Trade and other payables 38,586 11,891 15,898
Current tax liabilities - - 99
Total current liabilities 59,883 55,232 37,427
Total liabilities 86,664 80,826 84,748
Total equity and liabilities 264,460 265,586 267,900
FINANCIAL INFORMATION
===== SIDA 26 =====
CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 26
Condensed parent company interim statements of changes in equity
FINANCIAL INFORMATION
Attributable to owners of the parent company
AMOUNTS IN ’000 (EUR)
Share
capital
Share
premium
Treasur y
Shares
Hybrid capital
securities
Other
reserves
Retained
earnings
Total
equity
Balance at 1 January 2024 118 134,570 (6,154) 35,117 8,268 11,233 183,152
Comprehensive income
Loss for the period - - - - - (1,793) (1,793)
Interest payable on hybrid capital securities - - - - - (3,673) (3,673)
Total comprehensive loss for the year - - - - - (5,466) (5,466)
Transactions with owners
Issue of share capital - 2 - - - - 2
Subscription set-offs, including transaction costs - - - (13) - - (13)
Equity-settled share-based payments - - - - 121 - 121
Total transactions with owners - 2 - (13) 121 - 110
Balance at 30 September 2024 118 134,572 (6,154) 35,104 8,389 5,767 17 7,79 6
Attributable to owners of the parent company
AMOUNTS IN ’000 (EUR)
Share
capital
Share
premium
Treasur y
Shares
Hybrid capital
securities
Other
reserves
Retained
earnings
Total
equity
Balance at 1 January 2023 114 123,156 (21,713) 44,173 8,342 25,176 179,248
Comprehensive income
Profit for the period - - - - - 12,459 12,459
Interest payable on hybrid capital securities - - - - - (3,406) (3,406)
Total comprehensive income for the year - - - - - 9,053 9,053
Transactions with owners
Issue of share capital 10 11,414 - - - - 11,424
Subscription set-offs, including transaction costs - - - (9,056) - - (9,056)
Repurchase of common stock, net of transaction costs - - (5,656) - - - (5,656)
Equity-settled share-based payments - - - - (253) - (253)
Cancellation of shares (6) - 21,691 - - (21,685) -
Total transactions with owners 4 11,414 16,035 (9,056) (253) (21,685) (3,541)
Balance at 30 September 2023 118 134,570 (5,678) 35,117 8,089 12,544 184,760
Attributable to owners of the parent company
AMOUNTS IN ’000 (EUR)
Share
capital
Share
premium
Treasur y
Shares
Hybrid capital
securities
Other
reserves
Retained
earnings
Total
equity
Balance at 1 January 2023 114 123,156 (21,713) 44,173 8,342 25,176 179,248
Comprehensive income
Profit for the period - - - - - 12,339 12,339
Interest payable on hybrid capital securities - - - - - (4,597) (4,597)
Total comprehensive income for the year - - - - - 7,742 7,742
Transactions with owners
Issue of share capital 10 11,414 - - - - 11,424
Subscription set-offs, including transaction costs - - - (9,056) - - (9,056)
Repurchase of common stock, net of transaction costs - - (6,132) - - - (6,132)
Equity-settled share-based payments - - - - (74) - (74)
Cancellation of shares (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
===== SIDA 27 =====
CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 27
Condensed parent company interim statements of cash flows
FINANCIAL INFORMATION
AMOUNTS IN ’000 (EUR)
Jul-Sep
2024
Jul-Sep
2023
Jan-Sep
2024
Jan-Sep
2023
Jan-Dec
2023
Cash flows from operating activities
Profit/(loss) before tax 64 (500) (1,793) 12,459 12,438
Adjustments for:
Unrealised exchange differences (11) (67) 115 (87) (156)
Interest expense 825 1,401 2,650 4,614 5,944
Net (gains)/losses on financial liability at fair value through profit or loss (227) - (86) 1,978 1,498
Share-based payments (243) 159 121 (273) (93)
408 993 1,007 18,691 19,631
Changes in:
Trade and other receivables (2) 14,999 (3) (4) (6)
Trade and other payables 29 (1,858) 464 (2,077) (2,419)
Net cash generated from operating activities 435 14,134 1,468 16,610 17, 2 0 6
Cash flows generated from/(used in) investing activities
Dividend received - - - 9,632 9,632
Net proceeds from subsidiary and related parties 746 (12,524) 22,686 (1,926) 2,119
Net cash generated from/(used in) investing activities 746 (12,524) 22,686 7,70 6 11,751
Cash flows used in financing activities
Net payments on hybrid capital securities (4) (10) (5) (10) (11)
Net repayment on borrowings - - (21,905) (12,569) (12,569)
Proceeds on exercise of share options and warrants 1 7 1 2,992 2,992
Share buy-backs - (4,262) - (5,657) (6,133)
Interest paid (1,736) (2,453) (5,574) (7,1 4 8) (9,069)
Net cash used in financing activities (1,739) (6,718) (27,483) (22,392) (24,790)
Net movement in cash and cash equivalents (558) (5,108) (3,329) 1,924 4,167
Cash and cash equivalents at beginning of period 3,129 8,766 6,026 2,282 2,282
Currency translation differences 11 55 (115) (493) (423)
Cash and cash equivalents at end of period 2,582 3,713 2,582 3,713 6,026
===== SIDA 28 =====
CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 28
Definitions of alternative performance measures
DEFINITIONS
METRIC DESCRIPTION SCOPE
EBITDA Total operating profit before depreciation and amortisation and
impairment on intangible assets.
The group reports this metric so report users can monitor operat-
ing profit and cash flow and evaluate operational profitability.
EBITDA FROM
CONTINUING OPERATIONS
Operating profit from continuing operations before depreciation
and amortisation and impairment on intangible assets from con-
tinuing operations.
The group reports this metric so report users can monitor operating
profit and cash flow and evaluate operational profitability.
EBITDA MARGIN EBITDA as a percentage of total revenue. The group reports this metric so report users can monitor operational
profitability and the value created by operations.
EBITDA MARGIN FROM
CONTINUING OPERATIONS
EBITDA from continuing operations as a percentage of revenue
from continuing operations.
The group reports this metric so report users can monitor operational
profitability and the value created by operations.
ADJUSTED EBITDA EBITDA adjusted for items affecting comparability. The group reports underlying EBITDA, excluding items affecting
comparability, to provide a more comparable measure over time
than non-adjusted EBITDA and thus enhance users' understanding
of the report.
ADJUSTED EBITDA FROM
CONTINUING OPERATIONS
EBITDA from continuing operations adjusted for items affecting
comparability from continuing operations.
The group reports underlying EBITDA, excluding items affecting
comparability, to provide a more comparable measure over time
than non-adjusted EBITDA and thus enhance users’ understanding
of the report.
ADJUSTED EBITDA
MARGIN
Adjusted EBITDA as a percentage of total revenue. The group reports the underlying EBITDA margin, excluding items
affecting comparability, to provide a more comparable measure over
time than the non-adjusted EBITDA margin and thus enhance users'
understanding of the report.
ADJUSTED EBITDA
MARGIN FROM
CONTINUING OPERATIONS
Adjusted EBITDA from continuing operations as a percentage of
revenue from continuing operations.
The group reports the underlying EBITDA margin, excluding items
affecting comparability, to provide a more comparable measure
over time than the non-adjusted EBITDA margin and thus enhance
users’ understanding of the report.
NDCS (NEW DEPOSITING
CUSTOMERS)
New customers placing a first deposit with an operator (client). The group reports this metric because it is key to measuring revenues
and long-term organic growth.
ITEMS AFFECTING
COMPARABILITY
Significant items that affect EBITDA when comparing to previ-
ous periods.
Items affecting comparability comprise reorganisation costs, costs
relating to share-based payments, one-time retention incentives,
restructuring costs and costs in relation to acquisitions, professional
fees.
ORGANIC GROWTH Revenue growth rate excluding portfolios and products that have
been acquired in the past 12 months. Organic growth includes the
growth in existing portfolios and products.
The group reports this metric because it is key to measuring revenue
and long-term organic growth.
REVENUE GROWTH Increase in revenue compared to the previous accounting period
as a percentage of revenue in the previous accounting period.
The group reports this metric to enable report users to monitor busi-
ness growth.
CASH CONVERSION RATE Net cash from continuing operating activities divided by adjusted
EBITDA from continuing operations .
The group reports this metric to show the group’s ability to convert its
profits into available cash.
NET INTEREST-BEARING
DEBT (NIBD)
Interest-bearing debt less cash and cash equivalents. The group reports this metric to show the outstanding balance of
interest-bearing debt (excluding lease liabilities and other contractual
obligations which give rise to notional interest) after deducting the
group's most liquid assets, cash and cash equivalents.
NIBD/ADJUSTED EBITDA
MULTIPLE
Interest-bearing debt (notional amount including redemption pre-
mium) less cash and cash equivalents divided by adjusted
EBITDA.
The group reports this metric to show how many years it would take to
repay the group's debts, excluding exceptional costs, if NIBD and
adjusted EBITDA remained constant.