Banijay Group: H1 2024 results
Press
Release
Paris, 1 August 2024
First-half 2024 Results
DOUBLE DIGIT ADJUSTED EBITDA
GROWTH:
OUSTANDING PERFORMANCE IN ONLINE SPORTS BETTING,
CAPITALISING ON A BUSY SPORTS CALENDAR
SOLID DEMAND FOR HIGHLY-RATED CONTENT, SKEWED TOWARDS Q4 2024
PRODUCTION OF LANDMARK LIVE EVENTS IN H1 2024
GUIDANCE CONFIRMED FOR 2024
H1 2024 FINANCIAL
HIGHLIGHTS1
-
Revenue up +8.6% to €2,093m in H1 2024
- Adjusted EBITDA up
+11.7% to €368m, Adjusted EBITDA margin of 17.6% up 60bp vs H1
2023
- Adjusted net
income up +13.9% at current currencies to €191m,
net income at €40m (€12m in H1 2023)
- Adjusted free cash flow
conversion of 77% (vs 84% in H1 2023)
- Strong liquidity
position of €397m and stable 3.1x leverage ratio including
the payment of dividend (30 June 2024 vs 31 December 2023)
H1 2024 BUSINESS
HIGHLIGHTS1
- Content
production & distribution, and live events
- Revenue down (2.7)% to €1,396m in
H1 2024 reflecting anticipated amplified seasonality of major
scripted show deliveries in Q4 2024 compared to 2023 and
consolidation of Balich Wonder Studio
- Solid demand from streamers as
win-win partnerships lead to expanded content offering
- Strong pipeline of new shows for
streaming platforms and linear broadcasters
- At the forefront of major live
events and continued expansion in the live events production of
content:
- UEFA Champions League Final
(London), UEFA Euro 2024 opening ceremony (Munich)
- Preferred partner for leading
luxury fashion houses: Vogue World show (Paris)
- Acquisitions of Sunshine and
Kennedy by The Independents
- Online
sports betting & gaming
- Revenue up +41.7% to €698m in H1
2024, reflecting an outstanding growth of +52.5% in Q2 fueled by a
busy sports calendar
- Market share gains across all
products and all geographies, with +37% increase in Unique Active
Players compared to H1 2023
- Delivering unmatched user
experience through successful release of Betclic app version 8
FULLY ON TRACK TO MEET 2024 GUIDANCE
- Low teens
Adjusted EBITDA organic growth
- Solid H1 2024 performance driven by
leading positions across all activities
- Strong pipeline of scripted show
deliveries in Q4 2024, expected to generate FY 2024 organic revenue
growth at Content production & distribution2
- Good pipeline of live shows in H2
2024
- Online sports betting & gaming:
capitalizing on busy sports calendar and UAP growth
François Riahi, CEO of Banijay Group, said:
“The first half of 2024 demonstrates once
again the unique positioning of Banijay Group within the
Entertainment industry, with a double-digit growth in
earnings.
Our online sports betting and gaming
business delivered outstanding performance, taking advantage of a
busy sports calendar to gain market shares across all products and
geographies. We also registered continued demand from clients in
the content production business, particularly with streaming
platforms as they expand their entertainment offer. In H2, we will
deliver a strong pipeline of scripted shows and solid growth in
content production & distribution. In the live events field in
H1, we successfully produced iconic shows in the worlds of sport
and fashion. Our schedule of upcoming live events is robust, and we
will continue to look for opportunities to consolidate this
fast-growing segment of the entertainment industry.
Thanks to our first half performance, and
our highly visible pipeline for H2, we are well on track to meet
our full year earnings guidance for the year of organic Adjusted
EBITDA growth in the low teens.”
*****
Banijay Group invites you to its H1 2024 results conference call
on:
Thursday, 1 August 2024, at 6:00pm
CET
Webcast live:
You can watch the presentation on the following link:
https://edge.media-server.com/mmc/p/om98q635/
Dial-in access telephone
numbers:
You need to register to the following link:
https://register.vevent.com/register/BI29456800f042417d83371a208e70b797
Slides related to H1 2024 results are available
on the Group’s website, in the “Investor relations” section:
https://group.banijay.com/results-center/
KEY FINANCIALS IN H1 2024
|
€m |
H1 2023 |
H1 2024 |
% reported change |
% constant currency |
|
|
|
|
|
|
|
Revenue |
1 923.3 |
2 093.3 |
8.8% |
8.6% |
| Adjusted
EBITDA |
327.3 |
367.5 |
12.3% |
11.7% |
| Adjusted
EBITDA margin |
17.0% |
17.6% |
|
|
| |
|
|
|
|
| Net
income/(loss) for the period |
11.6 |
39.8 |
243.0% |
|
| Adjusted net
income |
167.4 |
190.8 |
13.9% |
|
| |
|
|
|
|
| Adjusted
free cash flow |
274.1 |
284.7 |
3.9% |
|
| Free cash flow
conversion rate |
84% |
77% |
|
|
| |
|
|
|
|
|
For the twelve-month period ended |
31 Dec 2023 |
30 June 2024 |
|
|
|
|
|
|
|
|
| Net financial
debt (reported) |
2 280 |
2 400 |
|
|
|
Net financial debt / Adjusted EBITDA |
3.1x |
3.1x |
|
|
Refer to the Appendix for definition
H1 2024 KEY EVENTS
Content Production and
Distribution
Acquisition of Caryn Mandabach
Productions
In June 2024, the Group completed the
acquisition of Caryn Mandabach Productions, an independent company
specializing in scripted content. Founded by the award-winning
producer Caryn Mandabach, the company has produced several
highly-acclaimed drama hits, including Peaky Blinders, the global
phenomenon that has reached 190 territories across traditional
broadcast and on-demand services, now residing on Netflix. The
first Peaky Blinders film for Netflix will start
production in the coming months.
As part of the agreement, Banijay Entertainment
now owns 100% of the rights for Peaky Blinders. Created and written
by Steven Knight, the series received numerous awards including
Best Drama Series at the 2018 TV BAFTAs.
Banijay UK and Mandabach have also launched
Conduit Productions under a first-look development and production
agreement.
Totally Spies! live action series under
development
In June 2024, the Group partnered with Amazon
MGM Studios to develop Totally Spies!, a live action series
produced by Will Ferrell, based on the cult classic French cartoon.
Originally running for six seasons from 2001, the show returned for
a seventh season in May, following an 11-year hiatus. It has been
translated into 60 languages, sold in more than 220 territories and
has attracted a social media following of 3 million. An eighth
season has also been commissioned.
Exclusive global development deal with
Marc Pos, creator of The Traitors
In April 2024, the Group entered into an
exclusive global development deal with leading Dutch creator and
producer Marc Pos, through his independent label MPLab. Marc Pos is
an industry-renowned creative entrepreneur and the
multi-award-winning mastermind behind The Traitors,
recently named Format of the Year by K7. As part of the
partnership, Banijay Entertainment and Pos, will devise original
non-scripted formats with broad international appeal. Additionally,
the rights to all IP created under the agreement will be managed by
the distribution arm of Banijay Entertainment, Banijay Rights.
Live Experiences
Bolts-on acquisition of Sunshine and
Kennedy by The Independents
In H1 2024, The Independents continued to
consolidate the market, with the acquisition of two specialist
agencies focused on strategic consulting for brand, cultural and
entertainment projects: London-based Kennedy (March 2024) and
London and Los Angeles-based Sunshine (April 2024). Sunshine has
played a key part in some of the most innovative projects in the
entertainment industry over the last decade, including Gucci's
spectacular CHIME for Change show, headlined by Beyoncé and the
recent revamp of the Victoria's Secret Fashion Show starring Naomi
Campbell which was broadcasted on Amazon Prime.
Online Sports betting and gaming
Renewals and new
partnerships
In June 2024, Betclic renewed its agreement with
the LNB (National Basketball League) for the naming of the
professional French championship "Betclic ELITE" until 2029. This
partnership includes the introduction of the Betclic Cam, a
player-mounted camera system that offer an unprecedent,
closer-to-the-action experience.
In June 2024, Betclic also renewed its
partnership with LFP until 2025 for Football League 1 and
League 2 in France.
In July 2024, Betclic signed a sponsorship deal
including naming with the Polish Football Association. This
agreement, set to run for four years until the end of the 2027/2028
season, supports 108 clubs across three divisions each season.
These commitments strengthen Betclic's support
for basketball and football professional associations.
POST-H1 2024 EVENTS
The 76th Emmy Awards recognized Banijay Entertainment
productions including Ripley, which received 13
nominations, and 51 Minds’s Below Deck Down Under, which
received two.
OUTLOOK
The Group confirms its guidance to low-teens
Adjusted EBITDA organic growth for 2024.
This reflects the continued profitable growth
expected for each business segment.
- Content production
& distribution:
- Major scripted
shows are expected to be delivered to the second half of the year,
and more specifically in Q4, including new seasons of
Marie-Antoinette for Canal+, Carême for Apple
TV+, and SAS Rogue Heroes for BBC One in the UK
- Strong pipeline at
Content production & distribution3 expected to
generate FY 2024 organic revenue growth
- Good pipeline of
live shows in H2 2024
- Online sports
betting & gaming, positive commercial momentum combined with a
busy sports event calendar including UEFA Euro 2024.
- Free cash flow
conversion: above 80%
- Net debt leverage:
below 3x as at 31 December 2024
------------------
As previously communicated, Banijay Group aims
to expand its free float and stock liquidity. In this respect, the
company continues to actively monitor market conditions in
readiness for a market opportunity.
PROFIT & LOSS – H1 2024
|
In € million |
H1 2023 |
H1 2024 |
% reported change |
|
|
|
|
|
|
Revenue |
1 923.3 |
2 093.3 |
8.8% |
| Total external
and personnel expenses |
(1 584.4) |
(1 709.7) |
7.9% |
| External
expenses |
(993.5) |
(1 099.7) |
10.7% |
| Personnel
expenses excluding LTIP & employment-related earn-out &
option expenses |
(590.9) |
(610.1) |
3.2% |
| Other operating
income & expenses excl. restructuring costs & other
non-recurring items |
(11.5) |
(14.1) |
22.8% |
| Depreciation and
amortization expenses net of reversals related to fiction and other
operational provisions |
(0.0) |
(2.0) |
|
|
Adjusted EBITDA |
327.3 |
367.5 |
12.3% |
| Adjusted
EBITDA margin |
17.0% |
17.6% |
|
| |
|
|
|
| Restructuring
costs and other non-recurring items |
(9.5) |
(26.3) |
|
| LTIP
expenses |
(79.1) |
(73.8) |
|
|
Employment-related earn-out and option expenses |
(9.0) |
(22.3) |
|
|
Depreciation and amortization (excl. D&A fiction and other
operational provisions) |
(60.3) |
(61.8) |
|
|
Operating profit/(loss) |
169.4 |
183.3 |
8.2% |
| |
|
|
|
| Cost of net
debt |
(88.8) |
(94.4) |
|
|
Other finance income/(costs) |
(58.2) |
(28.6) |
|
| Net
financial income/(expense) |
(147.0) |
(123.0) |
(16.3)% |
| Share of net
income from associates & joint ventures |
(1.3) |
(2.5) |
|
|
|
|
|
|
|
Earnings before provision for income taxes |
21.1 |
57.8 |
173.8% |
|
|
|
|
|
| Income tax
expenses |
(9.5) |
(18.0) |
|
|
Profit/(loss) from continuing operations |
11.6 |
39.8 |
|
|
Net income/(loss) for the period |
11.6 |
39.8 |
243.0% |
|
Attributable to: |
|
|
|
|
Non-controlling interests |
5.3 |
5.2 |
|
|
Shareholders |
6.3 |
34.6 |
|
|
|
|
|
|
|
Restructuring costs and other non-recurring items |
9.5 |
26.3 |
|
| LTIP and
employment-related earn-out and option expenses |
88.1 |
96.1 |
|
| Other finance
income/(costs) |
58.2 |
28.6 |
|
|
|
|
|
|
|
Adjusted net income |
167.4 |
190.8 |
13.9% |
CONSOLIDATED REVENUE
At constant currencies, Banijay Group recorded
revenue of €2,093m, equating to +8.6% growth. This breaks down into
-2.7% for content production and distribution and +41.7% for online
sports betting and gaming.
Group revenue was up +10.6% in Q1 2024 and +6.9%
in Q2 2024.
This is reflected as follows by business:
|
€m |
H1 2023 |
H1 2024 |
% reported change |
% constant currency |
|
|
|
|
|
|
| Production |
1 179.3 |
1 097.5 |
(6.9)% |
(6.9)% |
|
Distribution |
184.3 |
147.6 |
(19.9)% |
(20.2)% |
| Live
experiences & other |
70.4 |
150.7 |
114.1% |
113.8% |
|
Banijay Entertainment & Banijay Live |
1 434.0 |
1 395.8 |
(2.7)% |
(2.7)% |
|
|
|
|
|
|
| Sportsbook |
389.2 |
551.4 |
41.7% |
40.6% |
| Casino |
65.4 |
98.9 |
51.3% |
51.2% |
| Poker |
28.6 |
37.6 |
31.3% |
31.3% |
| Turf |
6.1 |
9.7 |
59.5% |
59.5% |
|
Banijay Gaming |
489.3 |
697.6 |
42.6% |
41.7% |
|
|
|
|
|
|
|
TOTAL REVENUE |
1 923.3 |
2 093.3 |
8.8% |
8.6% |
Content production and
distribution4
The traditional seasonality of content
production and live events is amplified in 2024 due to major
scripted show deliveries in Q4 2024. This led revenue to decline by
-8% at Content production & distribution5 in H1 2024
compared to H1 2023.
Content production:
Content production revenue in H1 2024 stood at
€1,097.5m, down -6.9% with Q2 2024 down -11.0%, due to the expected
phasing of shows compared to H1 2023.
Meeting the evolving demands of
streaming platforms
In the face of changing consumer behaviors and
to reach the widest possible audiences, streaming platforms are
increasingly looking to expand their catalogues with non-scripted
entertainment formats, non-English language local content,
docuseries, and live programming. In this evolving environment,
Banijay Entertainment is well positioned to meet their needs thanks
to its large, diverse catalogue of high-performing IP.
The Group is leveraging its iconic super brands
with new format adaptations, like a Peaky Blinders movie
for Netflix and a Totally Spies! live action series for
Amazon Prime.
Preferred non-scripted partner for streamers
Building the Band, a non-scripted music
competition show, has been commissioned by Netflix while The
Fifty, originally created in France and adapted in the US
Hispanic market, is returning for a second season in Germany.
Crafting the hits of
tomorrow
The Group continues to produce successful new
scripted content, including Ripley on Netflix, a scripted
show that ranked in the top 106 English language shows
globally; Spanish drama series Raising Voices on Netflix,
which was the highest rated show globally; Shardlake, a
detective series on Disney+ in the UK, which was the top-rated show
for its premiere; and Three Are the Champions on RTL in
Germany, the most watched series in its timeslot.
Looking ahead, the Group has a robust pipeline
of upcoming new shows, including Headliners on ABC in
Australia, Bergerac on UK TV, Nothing can erase
you (Rien ne t’efface) on TF1 in France and Who
will stay in the light (Qui restera dans la lumière) on France
2.
Content distribution:
First half revenue was down -20.2% to €147.6m
due to a high comparison basis in H1 2023 when a significant number
of new scripted shows were delivered.
The content catalogue increased by a further
+10,000 hours to ~195,000 hours at the end of June 2024 compared to
December 2023.
The Group’s iconic super brands continued to
travel. Key contributors in H1 2024 included Masterchef,
Deal and No Deal or Survivor through the
sale of non-scripted finished tapes, and series like Grantchester
on scripted side, generating licensing fees. The appeal for
superbrands is reflected in their rating and social media
engagement: Survivor was the top reality show on
Paramount+ in the US, with 6.3m viewers on average and about 1bn
social impressions. Deal or No Deal Island was the most
watched in the US in all categories on NBC and recorded 342m social
impressions and 3.7m viewers on average.
Live experiences & other:
Revenue growth (+114% to €150.7m in H1 2024) is
mainly attributable to the consolidation of Balich Wonder
Studio.
In H1 2024, Balich Wonder Studio produced the
opening ceremony for Euro 2024 in Munich and the ceremony for the
UEFA Champions League final in London in June 2024. These events
attracted 20m+ and 150m+ onscreen viewers, respectively.
During the period, The Independents7
produced the famous Vogue World Paris 2024 which celebrated a
century of French fashion and sport and was the first ever runway
show held in the Place Vendôme. The event recorded ~830m
impressions on Instagram. The Independents also designed the
Jacquemus fashion show in Capri and the Dior Fall / Winter 2024
runway fashion show in Scotland.
Online sports betting and
gaming8:
Online sports betting and gaming activity
recorded a standout performance in H1 2024, driven by all products
across core geographies, and recent markets such as Ivory Coast.
Revenue was up +41.7% to €697.6m versus H1 2023, including +52.5%
in Q2 2024 fueled by a busy sports calendar. In H1 2024, sportsbook
revenue rose by +40.6% to €551.4m, while Online Casino, Poker and
Turf revenue recorded a growth of +46.0% to reach €146.1m.
The number of Unique Active Players increased by
+37% in H1 2024 even against high H1 2023 comparison, which
benefited from the FIFA World Cup at the end of 2022.
The outstanding growth featured major events
such as the UEFA Champions League and UEFA Euro 2024, as well as
market share gains across all geographies. In June 2024, Betclic
released the eighth version of its app with new designs and more
emotions for the players in sportsbetting, poker and casino.
Supersub was introduced on the French market for UEFA Euro 2024. In
addition, Betclic continues to expand its betting offer with a
particular emphasis on live betting and “props” bets.
The continuous improvement of the platform
combined with strong interest in products have strengthened leading
positions in core markets. The recently added territory of Ivory
Coast recorded standout Unique Active Player growth.
The Group continues to strengthen its
Responsible Gaming policy, with 99.0% of its online sports betting
& gaming revenue being generated in locally regulated markets
in H1 2024, stable compared to 2023.
ADJUSTED EBITDA
At constant exchange rates, Banijay Group
recorded a +11.7% increase in Adjusted EBITDA to €367.5m in H1 2024
compared to H1 2023. This reflected a solid level of profitability
with a 60bp improvement in Adjusted EBITDA margin to 17.6%.
|
Adjusted EBITDA - In € million |
H1 2023 |
H1 2024 |
% reported
change |
% constant currency |
|
|
|
|
|
|
| Banijay
Entertainment & Banijay Live |
200.7 |
196.4 |
(2.1%) |
(2.2%) |
| Banijay
Gaming |
130.2 |
176.4 |
35.5% |
33.7% |
| Holding |
(3.5) |
(5.2) |
49.1% |
|
|
Adjusted EBITDA |
327.3 |
367.5 |
12.3% |
11.7% |
|
|
|
|
|
|
| Banijay
Entertainment & Banijay Live |
14.0% |
14.1% |
|
|
| Banijay
Gaming |
26.6% |
25.3% |
|
|
| Holding |
|
|
|
|
|
Adjusted EBITDA margin |
17.0% |
17.6% |
|
|
At a Group level, total external charges and
personnel expenses (excluding LTIP and employment-related earn-out
& option expenses) rose by +7.9% in H1 2024, in line with
group’s revenue growth.
FROM ADJUSTED EBITDA TO ADJUSTED NET
INCOME
Restructuring and other non-recurring
items: -€26.3m in H1 2024 compared to -€9.5m in H1
2023.
LTIP expenses totaled -€73.8m
in H1 2024 compared to -€79.1m in H1 2023. LTIPs charges are in
line with Group’s trajectory to record on average 10% of Adjusted
EBITDA as LTIPs expenses, given the non-linear accounting
methodology under IFRS accounting standards.
Employment-related earn-out and option
expenses: -€22.3m in H1 2024 compared to -€9.0m in
H1 2023.
Net financial result amounted
to -€123.0m in H1 2024 compared to -€147.0m in H1 2023. Of this
amount:
- Cost of net debt
totaled -€94.4m in H1 2024 compared to -€88.8m in H1 2023. The rise
was attributable to increased interest costs given the refinancing
operations at Content production & distribution in 2023.
- Other financial income and
expenses amounted to -€28.6m in H1 2024 compared to
-€58.2m in H1 2023, mainly explained by the change in fair value of
the Put/Earn-out debt and other financial instruments, hedging
instruments and currency impact.
Income tax expenses
The tax charge amounted to -€18.0m in H1 2024
compared to -€9.5m in H1 2023.
Adjusted net income rose by
+13.9% to €190.8m in H1 2024.
FREE CASH FLOW AND NET FINANCIAL DEBT
The Group’s Adjusted free cash flow (after lease
payments) reached €284.7m in H1 2024, up +3.9% year-on-year, driven
by the business performance.
Capex expenditures increased to €57.4m in H1
2024 from €30.8m in H1 2023 due to higher IT costs capitalized in
Banijay Gaming and increased distribution advanced.
Adjusted free cash flow conversion after capex
and leases payment amounted to 77%.
The change in working capital requirement
(+€29.6m) in H1 2024 came mostly from the seasonality of show
production, higher betting taxes and players liabilities.
The rise in income taxes paid came from higher
taxable organic results in 2023 compared to 2022, and the impact of
Balich Wonder Studio consolidation.
Adjusted operating free cash flow stood at
€263.4m in H1 2024.
|
€m |
H1 2023 |
H1 2024 |
% reported
change |
| Adjusted
EBITDA |
327.3 |
367.5 |
12.3% |
| Capex |
(30.8) |
(57.4) |
|
|
Total cash outflows for leases that are not recognised as rental
expenses |
(22.4) |
(25.4) |
|
| Adjusted
free cash flow |
274.1 |
284.7 |
3.9% |
|
|
|
|
|
| Change in
working capital* |
(69.3) |
29.6 |
|
|
Income tax paid |
(53.5) |
(50.9) |
|
| Adjusted
operating free cash flow |
151.3 |
263.3 |
74.0% |
*Excludes LTIP paid, exceptional items cash-out,
trade receivables on providers and players’ liabilities
The Group’s net financial debt totaled €2,400m
as of 30 June 2024 compared to €2,280m as of
31 December 2023. The increase in net
financial debt mainly reflects the seasonality of cash payments,
the dividend payment of €148m, acquisitions and change in financial
assets for €58m, LTIP paid & exceptional items for €58m, €94m
interests recognized in H1 2024 and €25m of others, mostly
foreign exchange impact.
As a result, the financial leverage ratio stood
at 3.1x as of 30 June 2024, stable compared to
31 December 2023.
Agenda: Q3 2024 results: 7
November 2024
Investor Relations
Caroline Cohen – Phone: +33 1 44 95 23 34 –
c.cohen@group.banijay.com
Marion Heudes – Phone: +33 1 44 95 23 47 -
m.heudes@group.banijay.com
Press Relations
banijaygroup@brunswickgroup.com
Hugues Boëton – Phone: +33 6 79 99 27 15
Nicolas Grange – Phone: +33 6 29 56 20 19
About Banijay Group
Banijay Group is a global entertainment leader
founded by Stéphane Courbit, a 30-year entrepreneur and
entertainment industry pioneer. Our mission is to inspire passion
by providing audiences with engaging and innovative entertainment
experiences. The Group’s activities include content production
& distribution (through Banijay Entertainment, the largest
international independent producer distributor), live experiences
(through Banijay Live, a leading player in live experiences) and
online sports betting & gaming (through Banijay Gaming,
Europe’s fastest-growing online sports betting platform). In 2023,
Banijay Group recorded revenue and Adjusted EBITDA of €4,318m and
€737m respectively. Banijay Group is listed on Euronext Amsterdam
(ISIN: NL0015000X07, Bloomberg: BNJ NA, Reuters: BNJ.AS).
Forward-looking statements
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information within the meaning of Article 7(1) of the EU Market
Abuse Regulation.
Forward Looking
Statements
Some statements in this press release may be considered
“forward-looking statements”. By their nature, forward-looking
statements involve risk and uncertainty because they relate to
events and depend on circumstances that may occur in the future.
These forward-looking statements involve known and unknown risks,
uncertainties and other factors that are outside of our control and
impossible to predict and may cause actual results to differ
materially from any future results expressed or implied. These
forward-looking statements are based on current expectations,
estimates, forecasts, analyses and projections about the industry
in which we operate and management's beliefs and assumptions about
possible future events. You are cautioned not to put undue reliance
on these forward-looking statements, which only express views as at
the date of this press release and are neither predictions nor
guarantees of possible future events or circumstances.
We do not undertake any obligation to release publicly any
revisions to these forward-looking statements to reflect events or
circumstances after the date of this press release or to reflect
the occurrence of unanticipated events, except as may be required
under applicable securities law.
Alternative performance
measures
The financial information in this release includes non-IFRS
financial measures and ratios (e.g. non-IFRS metrics, such as
adjusted EBITDA) that are not recognized as measures of financial
performance or liquidity under IFRS. The non-IFRS financial
measures presented are measures used by management to monitor the
underlying performance of the business and operations and, have
therefore not been audited or reviewed. Furthermore, they may not
be indicative of the historical operating results, nor are they
meant to be predictive of future results. These non-IFRS measures
are presented because they are considered important supplementary
measurements of Banijay Group N.V.'s (the "Company") performance,
and we believe that these and similar measures are widely used in
the industry in which the Company operates as a way to evaluate a
company’s operating performance and liquidity. Not all companies
calculate non-IFRS financial measures in the same manner or on a
consistent basis. As a result, these measures and ratios may not be
comparable to measures used by other companies under the same or
similar names.
Regulated information related to this press release is
available on the website:
https://group.banijay.com/results-center/
https://group.banijay.com/
APPENDIX
Glossary
Adjusted EBITDA: for a period
is defined as the operating profit for that period excluding
restructuring costs and other non-core items, costs associated with
the long-term incentive plan within the Group (the "LTIP") and
employment related earn-out and option expenses, and depreciation
and amortization net of reversals (excluding D&A fiction and
non-recurring provisions). D&A fiction are costs related to the
amortization of fiction production, which the Group considers to be
operating costs. As a result of the D&A fiction, the
depreciation and amortization line item in the Group's combined
statement of income deviates from the depreciation and amortization
costs in this line item.
Adjusted net income: defined as
net income (loss) adjusted for restructuring costs and other
non-core items, costs associated with the LTIP and employment
related earn-out and option expenses and other financial
income.
Adjusted free cash flow:
defined as Adjusted EBITDA adjusted for purchase and disposal of
property plant and equipment and of intangible assets and cash
outflows for leases that are not recognized as rental expenses.
Adjusted operating free cash
flow: defined as adjusted EBITDA adjusted for purchase and
disposal of property plant and equipment and of intangible assets,
cash outflows for leases that are not recognized as rental
expenses, change in working capital requirements, and income tax
paid.
Net financial debt: defined as
the sum of bonds, bank borrowings, bank overdrafts, vendor loans,
accrued interests on bonds and bank borrowings minus cash and cash
equivalents, funding of Gardenia, trade receivables on providers,
cash in trusts and restricted cash, plus players liabilities plus
(or minus) the fair value of net derivatives liabilities (or
assets) for that period. Net financial debt is pre-IFRS 16.
Leverage: Adjusted net
financial debt / Adjusted EBITDA.
Number of Unique Active
Players: average number of unique players playing at least
once a month in a defined period.
Table 1: Revenue and Adjusted EBITDA breakdown by
activity
|
€m |
Q1 2023 |
Q1 2024 |
% reported change |
% constant currency |
Q2 2023 |
Q2 2024 |
% change |
% constant currency |
H1 2023 |
H1 2024 |
% change |
% constant currency |
| Production |
553.0 |
541.4 |
(2.1)% |
(2.3)% |
626.3 |
556.1 |
(11.2)% |
(11.0)% |
1 179.3 |
1 097.5 |
(6.9)% |
(6.9)% |
|
Distribution |
67.9 |
60.5 |
(10.9)% |
(12.5)% |
116.5 |
87.1 |
(25.2)% |
(24.8)% |
184.3 |
147.6 |
(19.9)% |
(20.2)% |
| Live experiences
& other |
35.5 |
77.8 |
119.1% |
117.7% |
34.9 |
72.9 |
109.0% |
109.4% |
70.4 |
150.7 |
114.1% |
113.8% |
|
Banijay Entertainment & Live |
656.4 |
679.7 |
3.5% |
3.1% |
777.6 |
716.1 |
(7.9)% |
(7.7)% |
1 434.0 |
1 395.8 |
(2.7)% |
(2.7)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sportsbook |
194.8 |
246.8 |
26.7% |
25.5% |
194.4 |
304.6 |
56.7% |
55.8% |
389.2 |
551.4 |
41.7% |
40.6% |
| Casino |
30.6 |
51.2 |
67.1% |
67.0% |
34.7 |
47.7 |
37.4% |
37.3% |
65.4 |
98.9 |
51.3% |
51.2% |
| Poker |
15.2 |
18.9 |
24.5% |
24.5% |
13.5 |
18.7 |
38.9% |
38.9% |
28.6 |
37.6 |
31.3% |
31.3% |
| Turf |
3.1 |
4.6 |
45.2% |
45.3% |
2.9 |
5.1 |
74.8% |
74.8% |
6.1 |
9.7 |
59.5% |
59.5% |
|
Banijay Gaming |
243.8 |
321.5 |
31.9% |
30.8% |
245.5 |
376.1 |
53.2% |
52.5% |
489.3 |
697.6 |
42.6% |
41.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL REVENUE |
900.2 |
1 001.1 |
11.2% |
10.6% |
1 023.1 |
1 092.2 |
6.8% |
6.9% |
1 923.3 |
2 093.3 |
8.8% |
8.6% |
|
Adjusted EBITDA - In € million |
H1 2023 |
H1 2024 |
% change |
% constant currency |
| Banijay
Entertainment |
200.7 |
196.4 |
(2.1%) |
(2.2%) |
| Banijay
Gaming |
130.2 |
176.4 |
35.5% |
33.7% |
| Holding |
(3.5) |
(5.2) |
49.1% |
|
|
Adjusted EBITDA |
327.3 |
367.5 |
12.3% |
11.7% |
|
|
|
|
|
|
| Banijay
Entertainment |
14.0% |
14.1% |
|
|
|
Banijay Gaming |
26.6% |
25.3% |
|
|
|
Adjusted EBITDA margin |
17.0% |
17.6% |
|
|
Table 2: Adjusted operating free cash flow by
activity
|
Banijay Entertainment & Banijay Live - €m |
H1 2023 |
H1 2024 |
% reported
change |
|
|
|
|
|
| Adjusted
EBITDA |
200.7 |
196.4 |
(2.1)% |
| Adjusted EBITDA
margin (%) |
14.0% |
14.1% |
|
|
|
|
|
|
| Capex |
(27.0) |
(43.1) |
|
| Total cash
outflows for leases that are not recognised as rental expenses |
(20.9) |
(23.6) |
|
|
Adjusted free cash flow |
152.7 |
129.8 |
(15.0)% |
|
|
|
|
|
| Change in
WC(1) |
(64.2) |
11.9 |
|
| Income tax
paid |
(18.6) |
(32.5) |
|
|
Adjusted Operating free cash flow |
70.0 |
109.1 |
55.8% |
|
Banijay Gaming |
H1 2023 |
H1 2024 |
% reported |
|
|
|
|
change |
| Adjusted
EBITDA |
130.2 |
176.4 |
35.5% |
| Adjusted EBITDA
margin (%) |
26.6% |
25.3% |
|
|
|
|
|
|
| Capex |
(3.8) |
(14.4) |
|
| Total cash
outflows for leases that are not recognised as rental expenses |
(1.5) |
(1.8) |
|
|
Adjusted free cash flow |
124.9 |
160.1 |
28.2% |
|
|
|
|
|
| Change in
WC(2) |
(5.1) |
17.8 |
|
| Income tax
paid |
(34.3) |
(18.4) |
|
|
Adjusted Operating free cash flow |
85.5 |
159.5 |
86.5% |
(1) Excluding LTIP payment and exceptional items for Content
production & distribution
(2) Excluding LTIP payment, exceptional items, trade receivables
on providers and players’ liabilities for Online sports betting
& gaming
Table 3: Consolidated statement of cash flows
|
In € million |
30-juin-23 |
30-juin-24 |
|
Profit/(loss) |
11.6 |
39.8 |
|
Adjustments: |
309.0 |
299.5 |
| Share of
profit/(loss) of associates and joint ventures |
1.3 |
2.5 |
| Amortization,
depreciation, impairment losses and provisions, net of
reversals |
60.6 |
69.5 |
| Employee
benefits LTIP & employment-related earn-out and option
expenses |
88.1 |
96.0 |
| Change in fair
value of financial instruments |
31.0 |
18.5 |
| Income tax
expenses |
9.5 |
18.0 |
| Other
adjustments(1) |
26.6 |
0.6 |
| Cost of
financial debt and current accounts |
91.9 |
94.4 |
|
Gross cash provided by operating activities |
320.6 |
339.3 |
| Changes in
working capital |
(108.4) |
(20.2) |
| Income tax
paid |
(53.5) |
(50.9) |
|
Net cash flows provided by operating
activities |
158.7 |
268.2 |
| Purchase of
property, plant and equipment and of intangible assets |
(31.0) |
(57.5) |
| Purchases of
consolidated companies, net of acquired cash and other liabilities
related to business combination |
(5.5) |
(33.6) |
| Investing in
associates and Joint ventures |
(12.6) |
(7.3) |
| Increase in
financial assets |
(95.4) |
(17.5) |
| Disposals of
property, plant and equipment and intangible assets |
0.2 |
0.1 |
| Proceeds from
sales of consolidated companies, after divested cash |
0.0 |
(2.2) |
| Decrease in
financial assets |
6.6 |
33.2 |
| Dividends
received |
0.1 |
0.2 |
|
Net cash provided by/(used for) investing
activities |
(137.6) |
(84.7) |
| Change in
capital |
(0.0) |
11.7 |
| Dividends
paid |
(148.1) |
(148.0) |
| Dividends paid
by consolidated companies to their non-controlling interests |
(17.3) |
(17.7) |
| Transactions
with non-controling interests |
- |
(0.3) |
| Proceeds from
borrowings and other financial liabilities |
362.4 |
60.2 |
| Repayment of
borrowings and other financial liabilities |
(114.6) |
(69.5) |
| Other cash items
related to financial activities |
0.0 |
0.1 |
| Interest
paid |
(91.2) |
(105.7) |
|
Net cash flows from/(used in) financing
activities |
(8.8) |
(269.2) |
| Impact of
changes in foreign exchange rates |
(28.2) |
19.3 |
|
Net increase/(decrease) of cash and cash
equivalents |
(15.9) |
(66.4) |
|
|
|
|
| Net cash and
cash equivalents at the beginning of the period |
479.4 |
462.9 |
| Net cash and
cash equivalents at the end of the period |
463.5 |
396.5 |
(1) Other
adjustments include notably in 2023: i) unrealized foreign exchange
gains; ii) acquisition costs reclassified in “Purchases of
consolidated companies”; and (iii) other financial items
reclassified in “Interests paid” and in 2022 i) unrealized foreign
exchange gains; ii) losses on disposal and liquidation of
subsidiaries; and (iii) IFRS 2 listing costs.
Table 4: Consolidated balance sheet
|
In € million |
31 December 2023 |
30 June 2024 |
|
ASSETS |
|
|
| Goodwill |
2 834.0 |
2 871.4 |
| Intangible
assets |
204.7 |
245.1 |
| Right-of-use
assets |
149.2 |
148.1 |
| Property, plant
and equipment |
70.6 |
67.3 |
| Investments in
associates and joint ventures |
31.7 |
42.6 |
| Non-current
financial assets |
228.5 |
179.6 |
| Other
non-current assets |
36.9 |
36.7 |
|
Deferred tax assets |
58.4 |
71.1 |
|
Non-current assets |
3 614.0 |
3 661.9 |
|
|
|
|
| Inventories and
work in progress |
678.1 |
819.1 |
| Trade
receivables |
588.9 |
529.7 |
| Other current
assets |
357.6 |
390.0 |
| Current
financial assets |
30.2 |
46.1 |
|
Cash and cash equivalents |
464.2 |
397.2 |
| Current
assets |
2 119.0 |
2 182.1 |
| TOTAL
ASSETS |
5 733.0 |
5 844.0 |
| |
|
|
| EQUITY
AND LIABILITIES |
|
|
| Share
capital |
8.1 |
8.1 |
| Share premiums,
treasury shares and retained earnings (deficit) |
(35.8) |
(126.0) |
| Net
income/(loss) - attributable to shareholders |
60.8 |
34.6 |
|
Shareholders' equity |
33.0 |
(83.3) |
| Non-controlling
interests |
20.2 |
18.3 |
|
Total equity |
53.2 |
(65.0) |
|
|
|
|
| Other
securities |
139.4 |
139.4 |
| Long-term
borrowings and other financial liabilities |
2 551.9 |
2 445.6 |
| Long-term lease
liabilities |
126.1 |
119.9 |
| Non-current
provisions |
34.3 |
32.7 |
| Other
non-current liabilities |
352.5 |
409.7 |
| Deferred tax
liabilities |
7.9 |
6.9 |
|
Non-current liabilities |
3 212.1 |
3 154.2 |
|
|
|
|
| Short-term
borrowings and bank overdrafts |
358.3 |
490.2 |
| Short-term lease
liabilities |
41.8 |
46.5 |
| Trade
payables |
709.7 |
660.0 |
| Current
provisions |
13.5 |
17.6 |
| Customer
contract liabilities |
750.0 |
934.1 |
| Other current
liabilities |
594.3 |
606.5 |
|
Current liabilities |
2 467.7 |
2 754.8 |
| TOTAL
EQUITY AND LIABILITIES |
5 733.0 |
5 844.0 |
Table 5: IFRS consolidated net financial
debt
|
In € million |
31 December 2023 |
30 June 2024 |
| Bonds |
1 284.2 |
1 298.3 |
| Bank borrowings
and other (1) |
1 437.3 |
1 458.7 |
| Bank
overdrafts |
1.5 |
0.7 |
| Accrued
interests on bonds and bank borrowings |
37.2 |
28.2 |
| Vendor
loans |
143.5 |
147.7 |
|
Total bank indebtedness |
2 903.7 |
2 933.6 |
| Cash and cash
equivalents |
(464.2) |
(397.2) |
| Funding of
Gardenia |
(79.7) |
(82.5) |
| Trade
receivables on providers |
(60.8) |
(79.0) |
| Players'
liabilities |
50.2 |
60.0 |
| Cash in trusts
and restricted cash |
(31.0) |
(0.3) |
|
Net cash and cash equivalents |
(585.5) |
(499.0) |
|
|
|
|
|
Net debt before intercompany loan and derivatives
effects |
2 318.2 |
2 434.6 |
|
|
|
|
|
Net debt before derivatives effects |
2 318.2 |
2 434.6 |
| Derivatives -
liabilities |
6.4 |
2.1 |
| Derivatives -
assets |
(44.6) |
(36.4) |
|
Net debt |
2 280.0 |
2 400.4 |
Table 6: Cash flow statement
|
|
30 June 2024 |
|
In € million |
Banijay Entertainment |
Banijay Gaming |
Holding |
Banijay Group |
|
Net cash flow from operating activities |
131.6 |
142.0 |
(5.4) |
268.2 |
|
Cash flow (used in)/from investing activities |
(96.3) |
11.8 |
(0.2) |
(84.7) |
|
Cash flow (used in)/from financing activities |
(145.8) |
(137.2) |
13.9 |
(269.2) |
|
Effect of foreign exchange rate differences |
19.3 |
- |
- |
19.3 |
|
Net increase/(decrease) in cash and cash
equivalents |
(91.3) |
16.5 |
8.3 |
(66.4) |
|
Cash and cash equivalents as of 1 January |
368.1 |
93.3 |
1.5 |
462.9 |
|
Cash and cash equivalents as of 30 June |
276.8 |
109.9 |
9.9 |
396.5 |
|
|
30 June 2023 |
|
In € million |
Banijay Entertainment |
Banijay Gaming |
Holding |
Banijay Group |
|
Net cash flow from operating activities |
96.6 |
71.2 |
(9.0) |
158.7 |
|
Cash flow (used in)/from investing activities |
(50.4) |
(0.8) |
(86.4) |
(137.6) |
|
Cash flow (used in)/from financing activities |
(28.2) |
(74.8) |
94.3 |
(8.8) |
|
Effect of foreign exchange rate differences |
(28.2) |
- |
- |
(28.2) |
|
Net increase/(decrease) in cash and cash
equivalents |
(10.2) |
(4.5) |
(1.2) |
(15.9) |
|
Cash and cash equivalents as of 1 January |
396.1 |
72.1 |
11.2 |
479.4 |
|
Cash and cash equivalents as of 30 June |
385.9 |
67.6 |
10.0 |
463.5 |
Table 7: Banijay Entertainment: Net financial debt as of
30 June 2024
|
At Banijay Entertainment level: |
|
|
| In €
million |
31 Dec. 2023 |
30 June 2024 |
|
|
|
|
| Total
Secured Debt (OM definition) |
1 988 |
2 049 |
| Other debt |
326 |
355 |
| SUN |
409 |
409 |
|
Total Debt |
2 722 |
2 812 |
| Net Cash |
(368) |
(277) |
|
Total net financial debt (excl. Earn-out &
PUT) |
2 354 |
2 535 |
| EO &
PUT |
178 |
199 |
|
Total net financial debt (incl earn-out &
PUT) |
2 532 |
2 734 |
|
|
|
|
|
Ratios at Banijay Entertainment
level: |
|
|
| Leverage Ratio,
as presented |
4.49 |
4.87 |
| Adjusted
Leverage Ratio, as presented |
4.82 |
5.25 |
| Senior secured
net leverage ratio |
3.43 |
3.85 |
|
|
|
|
| Cash
conversion rate - Banijay Entertainment
definition* |
73% |
68% |
|
Banijay Entertainment contribution at Banijay Group
level: |
|
|
| In €
million |
31 Dec. 2023 |
30 June 2024 |
|
|
|
|
| Total
net financial debt (excl. Earn-out & PUT) |
2 354 |
2 535 |
| Transaction
costs amortization and other |
(32) |
(30) |
| Vendor loan |
- |
- |
| Lease debt (IFRS
16) |
(155) |
(154) |
|
Total net financial debt at Banijay Group
level |
2 167 |
2 352 |
|
|
|
|
| Derivatives |
(38) |
(33) |
|
Total net financial debt at Banijay Group level after
derivatives |
2 129 |
2 318 |
Leverage ratio: total Net financial debt / (Adj
EBITDA + shareholder fees + proforma impact from acquisitions)
Adjusted leverage ratio: total net financial
debt including earn-out and puts / (Adjusted EBITDA + shareholder
fees + proforma impact from acquisitions)
Senior secured net leverage ratio: total Senior
Secured Notes + Earn-out – Cash / (Adjusted EBITDA + shareholder
fees + proforma impact from acquisitions)
* Based on free cash flow as defined as follows: Adjusted EBITDA
+ change in working capital
– income tax paid – capex
1 Growth at constant currencies, unless indicated
differently
Refer to the Appendix for definition
2 Excluding Balich Wonder Studio, consolidated as of Q4
2023
3 Excluding Balich Wonder Studio, consolidated as of Q4
2023
4 Revenue growth is at constant currencies
5 At current exchange rates, excluding Balich Wonder
Studio, consolidated as of Q4 2023
6 For the first 2 weeks
7 Not consolidated in Banijay Group accounts
8 Revenue growth is at constant currencies
- Banijay Group_PR_H1 2024 Results
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