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Name | Symbol | Market | Type |
---|---|---|---|
Wanda Sports Group Company Ltd | NASDAQ:WSG | NASDAQ | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.495 | 2.25 | 2.52 | 0 | 01:00:00 |
Third Quarter 2020 Highlights:
Mr. Hengming Yang, Chief Executive Officer of Wanda Sports, commented, “Although we continue to experience extraordinary challenges and uncertainties as the pandemic disrupts our way of life across the globe, we are pleased to deliver the safe returns of some of the compelling regional events, including Italy's Serie A, the German Bundesliga and Premier League football matches with and without spectators. We remain actively committed in supporting our partners to achieve more sustainable sporting events now and in the future. In addition, our consistent achievements of long-term contractual prolongations and new business wins demonstrate our partners’ full trusts in our strategic vision and value creation, especially under the current challenging environment. Despite the continued low visibility in the near term, we remain optimistic about the demand for sporting media on a global basis, as we continue to focus on our strategic execution leveraging our global talents, assets and platform.”
Mr. Brian Liao, Chief Financial Officer of Wanda Sports commented, “In the third quarter, we significantly recovered our business momentum from the preceding quarter, which reflected our resilient business model and the success of our stringent cost control measures across the organization. We delivered revenue of $107.0 million, primarily due to re-opening of certain sports events, representing 83.8% quarter-on-quarter increase compared to the second quarter of 2020. We also achieved an improved adjusted EBITDA of $34.6 million, with a quarter-on-quarter increase of 47.1% compared to the second quarter of 2020. While we are pleased of our progress in the third quarter on both the recovery of sporting events and the cost management efforts, we remain focused on our strategic initiatives for long-term values, and we remain cautious about the speed of recovery, in light of the potential tightening of COVID restrictions and the continued uncertainty in global economic outlook.”
Third Quarter 2020 Business Highlights
Core Business Segments:
Spectator Sports
In its Spectator Sports business for the third quarter of 2020, despite the disruptions due to the pandemic, the Group successfully resumed the delivery of a number of regional and national events, either behind closed doors, or with limited spectators, under strict health and hygiene protocols. In addition, the successful major contract extensions and new business wins further solidified the Group’s leading position as the partner of choice for major sports rights holders, world-class brands and media organizations around the world, despite the uncertainty of the operating environment.
Key events
Major Prolongations
Key New Business Wins
Digital, Production, Sports Solutions (DPSS)
Mass Participation
In the third quarter, although many mass participation events were cancelled or postponed due to the pandemic, the Group did host a few successful events to provide participants with a stimulating outlet during the pandemic.
China Business Highlights
In the third quarter of 2020, almost all sports events were cancelled or postponed across China as a result of the pandemic.
Third Quarter 2020 Financial Results
Revenue
Total revenue for the third quarter of 2020 was €91.2 million (US$107.0 million), representing a decrease of 42% year-over-year, primarily attributable to a decrease in revenue from the Spectator Sports segments. Excluding reimbursement revenue1, total revenue was €90.7 million (US$106.4 million), a decrease of 41% over the third quarter of 2019.
The following table sets forth a breakdown of revenue by segment for the periods indicated:
Three Months Ended September 30, | |||||||||
2020 | 2019 | ||||||||
(in millions, except percentages) | USD | EUR | % ofRevenue | EUR | % ofRevenue | YoY Change | |||
Core segments: | |||||||||
Spectator Sports | 78.9 | 67.3 | 74% | 105.8 | 67% | (36%) | |||
DPSS | 24.3 | 20.7 | 23% | 26.0 | 17% | (20%) | |||
Mass Participation | 3.8 | 3.2 | 4% | 25.4 | 16% | (87%) | |||
Total Revenue | 107.0 | 91.2 | 100% | 157.2 | 100% | (42%) | |||
DPSS excluding reimbursement revenue | 23.7 | 20.2 | 23.3 | (13%) | |||||
Total Revenue excluding reimbursement revenue | 106.4 | 90.7 | 154.5 | (41%) |
Nine Months Ended September 30, | |||||||||
2020 | 2019 | ||||||||
(in millions, except percentages) | USD | EUR | % ofRevenue | EUR | % ofRevenue | YoY Change | |||
Core segments: | |||||||||
Spectator Sports | 287.8 | 245.5 | 81% | 438.0 | 75% | (44%) | |||
DPSS | 66.5 | 56.7 | 18% | 102.3 | 17% | (45%) | |||
Mass Participation | 5.2 | 4.5 | 1% | 46.6 | 8% | (90%) | |||
Total Revenue | 359.5 | 306.7 | 100% | 586.9 | 100% | (48%) | |||
DPSS excluding reimbursement revenue | 64.9 | 55.3 | 72.0 | (23%) | |||||
Total Revenue excluding reimbursement revenue | 357.9 | 305.3 | 556.6 | (45%) |
_______________1 Reimbursement revenues represent revenue that has associated costs of a similar, generally matching, amount (reimbursement costs), thereby resulting in a negligible gross margin impact.
Gross profit
The following table sets forth a breakdown of gross profit and the corresponding gross margin by segment for the periods indicated:
Three Months Ended September 30, | |||||||||
2020 | 2019 | ||||||||
(in millions, except percentages) | USD | EUR | Grossmargin | EUR | Grossmargin | YoY Changein GrossProfit | |||
Core segments: | |||||||||
Spectator Sports | 36.1 | 30.8 | 46% | 32.6 | 31% | (5%) | |||
DPSS | 8.9 | 7.6 | 36% | 8.8 | 34% | (14%) | |||
Mass Participation | 1.4 | 1.2 | 37% | 10.6 | 42% | (89%) | |||
Total Gross Profit | 46.4 | 39.6 | 43% | 52.0 | 33% | (24%) |
Nine Months Ended September 30, | |||||||||
2020 | 2019 | ||||||||
(in millions, except percentages) | USD | EUR | Grossmargin | EUR | Grossmargin | YoY Change in GrossProfit | |||
Core segments: | |||||||||
Spectator Sports | 125.8 | 107.3 | 44% | 132.0 | 30% | (19%) | |||
DPSS | 28.0 | 23.8 | 42% | 31.2 | 30% | (24%) | |||
Mass Participation | 0.8 | 0.8 | 16% | 18.9 | 40% | (96%) | |||
Total Gross Profit | 154.6 | 131.9 | 43% | 182.1 | 31% | (28%) |
Gross margin, or gross profit as a percentage of revenue, was 43%, compared with 33% in the corresponding quarter of 2019, primarily reflecting a higher weight of commission-model based business in football, which tends to have a higher gross margin.
Personnel expenses were €23.1 million (US$27.1 million), compared with €34.5 million in the third quarter in 2019, primarily attributable to the decreased share-based compensation expenses as well as the Group’s strict cost control measures during the pandemic, such as streamlined labor force and salary reduction.
Selling, office and administrative expenses were €6.1 million (US$7.2 million), compared with €9.6 million in the third quarter in 2019, mainly resulting from the rigorous cost saving plans including, among others, strict travel restrictions and reductions of marketing expenses.
Depreciation and amortization expenses were €5.4 million (US$6.3 million), compared with €4.6 million in the third quarter in 2019.
Other operating income, net was €13.6 million (US$16.0 million) compared with other operating expense, net of €1.4 million in the third quarter of 2019. The other operating income, net in the third quarter of 2020 was primarily contributed by a gain of €14.5 million from the disposal of the IRONMAN Group (subject to post-closing purchase price adjustment process).
Finance costs were €10.7 million (US$12.6 million), compared with €20.6 million in the third quarter in 2019, primarily due to interest expense savings under the senior 364-day term loan facility entered into in March 2020, which was repaid in July 2020 following sale of the IRONMAN Group.
Income tax was €3.4 million (US$3.9 million), compared with €5.8 million in the third quarter of 2019, primarily due to lower profit before tax.
Profit for the period from continuing operations was €5.5 million (US$6.4 million), compared to a loss for the period of €23.9 million for the third quarter of 2019, principally resulting from the gain from disposal of the IRONMAN Group as well as savings in overhead expenses and finance costs which offset the decreased gross profit.
Adjusted EBITDA from continuing operations was €29.5 million (US$34.6 million), compared to €16.9 million in the third quarter of 2019, principally resulting from the gain from the disposal of the IRONMAN Group as well as savings in overhead expenses which offset the decreased gross profit.
Net profit for the Group (inclusive of discontinued operations) attributable to ordinary shareholders of Wanda Sports Group Company Limited was €1.6 million (US$1.8 million), compared to a net loss of €31.3 million in the third quarter of 2019. Excluding the gain from the disposal of the IRONMAN Group, the Group would have incurred a net loss of €13.0 million in the third quarter of 2020.
Basic and diluted net profit for the Group (inclusive of discontinued operations) per American Depositary Share (“ADS”) were both €0.01 (US$0.01), compared to basic and diluted net loss per ADS of both €0.23 in the third quarter of 2019.
Cash and cash equivalents
As of September 30, 2020, the Group had total cash and cash equivalents of €151.7 million (US$177.8 million).
Indebtedness
As of September 30, 2020, the Group had total interest-bearing liabilities of €409.5 million (US$480.0 million) compared to €685.2 million from continuing operations as of June 30, 2020, mainly attributable to partial repayment of the credit facility of Infront Sports & Media AG, as well as the full repayment of the Company’s existing 364-day facility from the proceeds of the sale of the IRONMAN Group.
COVID-19 Business Operation & Outlook
Despite the continued public health restrictions throughout the third quarter, overall economic activities of various markets around the world increased compared to the second quarter, and this in turn led the resumption of certain sporting events, which benefitted the Group. As a leading media and marketing partner, the Group continues to focus on the meticulous planning to safely re-open organized sports in different markets (even if without spectators at venues).
In the Spectator Sports segment, its 2019/20 football season experienced delayed completion until August, with fewer games played, and without spectators. The 2020/21 season began in September, with the successful kickoffs of Italy's Serie A and the German Bundesliga matches, permitting a total of 1,000 spectators to watch the games onsite in Italy, while the German clubs could fill 20% of their normal stadium capacity. The Company currently expects no or very limited numbers of spectators for the 2020/21 football season.
In Summer Sports, some postponed events are gradually being rescheduled. For example, the FIM MXGP Motocross World Championship resumed in August, though with fewer races. The Badminton World Federation Asia Open and World Tour Finals are already postponed to 2021, but the Women's European Handball Federation EURO Championship 2020 is still tentatively expected to take place in December of this year.
The Group remains hopeful for its upcoming Winter Sports season, including the FIS World Cup and the IBU World Cup, but visibility is still relatively limited. Champions Hockey League (CHL) has already been cancelled for the 2020/21 season.
The DPSS business activities have resumed in delivering eight rounds of Lega Serie A production, and the World Triathlon Hamburg races in the third quarter, as well as the delayed French Open (at Roland Garros) tournament that finally took place in September. The Group believes it is very well positioned to deliver digital transformation services and data-driven solutions for its clients.
The Group’s on-going priority remains to ensure the safety and well-being of its athletes, employees, clients and key partners, while continue to be flexible in its full operation. Currently, some employees have returned to workplaces in compliance with the strict hygiene protocols as required by the respective public health authorities. Given the dedication and innovation of the employees, the Group continued to serve clients effectively in response to the profound global impact.
The Group’s commitment to innovation also continues to be reflected in the industry recognition by the clients as the Group enables them in adapting agile marketing strategies and in reshaping their operations for a “new normal”. Some examples included the increased broadcast coverage and digital media for compelling delivery of English Premier League, German Bundesliga, as well as Italia Serie A and B, despite limited or no spectators on-site.
The Group continues to maintain the financial flexibility of its business from both liquidity and cost management perspectives. After the closing of the IRONMAN transaction in the third quarter and applying a portion of the proceeds, the Group reduced its outstanding debt by 40% to $480.0 million. The Group continues to exercise tight cost control and comprehensive business reviews despite the recovery in the global activities in the third quarter. The Group has reduced the overall operating expenses by 33.7% year-over-year in the third quarter. The Group also expedited reviewing and optimizing procedures to minimize the negative impact on financials (e.g. reduction of headcount, hiring freeze, restricting travel and capex).
Finally, the Group is cautious about the recent (post third quarter of 2020) new wave of lockdowns throughout the world as COVID-19 cases started to rise again. The Group continues to be vigilant in managing its operations and adapting its business execution, while remaining optimistic about the long-term opportunities within the global sport media and marketing sector, despite the relatively limited visibility in the near term.
Liquidity
The Company had total cash and cash equivalents of €151.7 million (US$177.8 million) from continuing operations at the end of the third quarter.
Management is confident of the Group’s strong liquidity position and its disciplined approach in managing the ongoing capital requirements
Other Developments
About Wanda Sports Group
Wanda Sports Group is a leading global sports events, media and marketing platform with a mission to unite people in sports and enable athletes and fans to live their passions and dreams. Through its businesses, Infront and the Wanda Sports China, Wanda Sports Group has significant intellectual property rights, long-term relationships and broad execution capabilities, enabling it to deliver inspiring sports event experiences, creating access to engaging content and building inclusive communities. Wanda Sports Group offers a comprehensive array of events, marketing and media services through its three primary segments: Spectator Sports, Digital, Production, Sports Solutions (DPSS) and Mass Participation. Wanda Sport Group's full-service platform creates value for its partners and clients as well as other stakeholders in the sports ecosystem, from rights owners, to brands and advertisers, and to fans and athletes.
Headquartered in China, Wanda Sports Group has more than 48 offices in 16 countries with over 1,000 employees around the world. For more information, please visit http://investor.wsg.cn/investor-relations.
Use of Non-IFRS Financial Measures
To supplement our consolidated financial statements which are presented in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”), we also use Adjusted EBITDA as a non-IFRS financial measure. We present this non-IFRS financial measure because it is used by our management in evaluating our operating results and for financial and operational decision-making purposes. We define Adjusted EBITDA as net income excluding share-based compensation and other non-recurring expenses. We also believe that this non-IFRS financial measure provides useful information to investors and others in understanding and evaluating our consolidated results of operations in the same manner as our management and in comparing financial results across accounting periods and to those of our peer companies.
Non-IFRS financial measures should not be considered in isolation or construed as an alternative to profit/(loss) from operations and net profit/(loss) or any other measure of performance, or as an indicator of our operating performance. Adjusted EBITDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.
Reconciliation of Adjusted EBITDA and EBITDA, another non-IFRS financial measure, to the most directly comparable IFRS financial measure is set forth at the end of this release.
Exchange Rate Information
This press release contains translation of certain Euro (“€”) amounts into U.S. Dollar (“$”) at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Euro to U.S. dollar were made at the exchange rate of €0.8530 to US$1.00, the exchange rate on September 30, 2020 set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include but are not limited to management quotes and the Company's financial outlook. These forward-looking statements can be identified by terminology such as "will," "estimate," "project," "predict," "believe," "expect," "anticipate," "intend," "potential," "plan," "goal" and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements and, consequently, could be affected by the uncertain and unprecedented impact of COVID-19 on the Company's business and operations and the related impact on its liquidity needs. These forward-looking statements include, but are not limited to, statements about: the impact of the spread of COVID-19 and related mitigation efforts on the Company's business, operations and operating results; the Company's goals and strategies; the expected growth in the Company's industry; the Company's expectations regarding its ability to attract rights-in partners and monetize their rights through rights-out arrangements; changes in consumer behavior and consumer and corporate spending, including as a result of the COVID-19 crisis; the Company's ability to reach acceptable levels of engagement with its athletes following the COVID-19 crisis; the Company's future business development, results of operations and financial condition; competition in the Company's industry; general economic and business conditions, including as a result of the COVID-19 crisis; the outcome of discussions with rights owners and lenders to mitigate the impact of the effects of COVID-19 on the Group; and assumptions underlying or related to any of the foregoing as well as risks, uncertainties, and other factors described in "Risk Factors" and elsewhere in the Company's annual report on Form 20-F for the year ended December 31, 2019, which is available on the SEC's website at www.sec.gov. Additional information will be made available in future filings that the Company makes from time to time with the SEC.
In addition, any forward-looking statements contained in this press release are based on assumptions that the Company's believes to be reasonable as of this date. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.
For investor and media inquiries, please contact:
Wanda Sports Group
Edith Kwan
Tel: +86 (10) 8558 7456
E-mail: ir@wsg.cn
WANDA SPORTS GROUP COMPANY LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
(Amounts in thousands of Euro (“€”) or, for convenience translation, thousands of U.S. Dollar (“$”), except for number of shares and per share data)
For the three months ended | For the nine months ended | |||||||||||||||
September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | |||||||||||||
$ | € | € | $ | € | € | |||||||||||
Continuing operations | ||||||||||||||||
Revenue | 106,960 | 91,237 | 157,162 | 359,535 | 306,683 | 586,881 | ||||||||||
Cost of sales | (60,547 | ) | (51,647 | ) | (105,210 | ) | (204,909 | ) | (174,787 | ) | (404,786 | ) | ||||
Gross profit | 46,413 | 39,590 | 51,952 | 154,626 | 131,896 | 182,095 | ||||||||||
Personnel expenses | (27,131 | ) | (23,143 | ) | (34,536 | ) | (88,013 | ) | (75,075 | ) | (88,376 | ) | ||||
Selling, office and administrative expenses | (7,182 | ) | (6,126 | ) | (9,620 | ) | (25,444 | ) | (21,704 | ) | (29,407 | ) | ||||
Depreciation and amortization | (6,318 | ) | (5,389 | ) | (4,576 | ) | (20,023 | ) | (17,080 | ) | (14,944 | ) | ||||
Other operating income/(expense), net | 15,958 | 13,612 | (1,415 | ) | 33,130 | 28,260 | (484 | ) | ||||||||
Finance costs | (12,562 | ) | (10,715 | ) | (20,611 | ) | (38,828 | ) | (33,120 | ) | (38,644 | ) | ||||
Finance income | 1,168 | 996 | 193 | 2,549 | 2,174 | 1,041 | ||||||||||
Share of loss of associates and joint ventures | 1 | 1 | 516 | (64 | ) | (55 | ) | 506 | ||||||||
Profit/(loss) before tax from continuing operations | 10,347 | 8,826 | (18,097 | ) | 17,933 | 15,296 | 11,787 | |||||||||
Income tax | (3,945 | ) | (3,365 | ) | (5,784 | ) | (10,104 | ) | (8,619 | ) | (13,303 | ) | ||||
Profit/(loss) for the period from continuing operations | 6,402 | 5,461 | (23,881 | ) | 7,829 | 6,677 | (1,516 | ) | ||||||||
Discontinued operations | ||||||||||||||||
Loss after tax for the period from discontinued operations | (4,770 | ) | (4,069 | ) | (7,318 | ) | (69,728 | ) | (59,478 | ) | (13,754 | ) | ||||
Profit/(loss) for the period | 1,632 | 1,392 | (31,199 | ) | (61,899 | ) | (52,801 | ) | (15,270 | ) | ||||||
Attributable to: | ||||||||||||||||
Equity holders of the parent | 1,832 | 1,563 | (31,264 | ) | (61,022 | ) | (52,052 | ) | (16,678 | ) | ||||||
Noncontrolling interests | (200 | ) | (171 | ) | 65 | (877 | ) | (749 | ) | 1,408 | ||||||
1,632 | 1,392 | (31,199 | ) | (61,899 | ) | (52,801 | ) | (15,270 | ) |
Earnings per share2: | ||||||||||||||
Basic profit/(loss) for the period attributable to ordinary equity holders of the parent | 0.01 | 0.01 | (0.15 | ) | (0.29 | ) | (0.25 | ) | (0.08 | ) | ||||
Diluted profit/(loss) for the period attributable to ordinary equity holders of the parent | 0.01 | 0.01 | (0.15 | ) | (0.29 | ) | (0.25 | ) | (0.08 | ) | ||||
Basic profit/(loss) for the period attributable to ADS holders of the parent | 0.01 | 0.01 | (0.23 | ) | (0.44 | ) | (0.38 | ) | (0.12 | ) | ||||
Diluted profit/(loss) for the period attributable to ADS holders of the parent | 0.01 | 0.01 | (0.23 | ) | (0.44 | ) | (0.38 | ) | (0.12 | ) | ||||
Earnings per share for continuing operations: | ||||||||||||||
Basic profit/(loss) for the period attributable to ordinary equity holders of the parent | 0.03 | 0.03 | (0.12 | ) | 0.04 | 0.04 | (0.01 | ) | ||||||
Diluted profit/(loss) for the period attributable to ordinary equity holders of the parent | 0.03 | 0.03 | (0.12 | ) | 0.04 | 0.03 | (0.01 | ) | ||||||
Basic profit/(loss) for the period attributable to ADS holders of the parent | 0.05 | 0.04 | (0.18 | ) | 0.06 | 0.05 | (0.02 | ) | ||||||
Diluted profit/(loss) for the period attributable to ADS holders of the parent | 0.05 | 0.04 | (0.18 | ) | 0.06 | 0.05 | (0.02 | ) |
_______________2 Basic and diluted earnings per share and profit attributable to ADS holders of the parent for the three months ended September 30, 2020 and 2019 were computed in the assumption that the Company had issued 23.8 million ADS, and the Company had approximately 209 million and 205 million ordinary shares issued and outstanding as at September 30, 2020 and 2019, respectively.
WANDA SPORTS GROUP COMPANY LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Amounts in thousands of Euro (“€”) or, for convenience translation, thousands of U.S. Dollar (“$”))
For the three months ended | For the nine months ended | |||||||||||||||||
September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | |||||||||||||||
$ | € | € | $ | € | € | |||||||||||||
Profit/(loss) for the period | 1,632 | 1,392 | (31,199 | ) | (61,899 | ) | (52,801 | ) | (15,270 | ) | ||||||||
Other comprehensive income: | ||||||||||||||||||
Other comprehensive income to be reclassified to profit or loss in subsequent periods (net of tax): | ||||||||||||||||||
Net (loss)/gain on cash flow hedges | (2,502 | ) | (2,134 | ) | 229 | (10,347 | ) | (8,826 | ) | 133 | ||||||||
Exchange differences on translation of foreign operations | (2,979 | ) | (2,541 | ) | 26,304 | 1,768 | 1,508 | 17,835 | ||||||||||
Net other comprehensive (loss)/income to be reclassified to profit or loss in subsequent periods | (5,481 | ) | (4,675 | ) | 26,533 | (8,579 | ) | (7,318 | ) | 17,968 | ||||||||
Other comprehensive income not to be reclassified to profit or loss in subsequent periods: | ||||||||||||||||||
Net remeasurement on defined benefit plans | - | - | 12 | - | - | - | ||||||||||||
Net loss on equity instruments designated at fair value through other comprehensive income | - | - | - | (9,298 | ) | (7,931 | ) | - | ||||||||||
Net other comprehensive income/(loss) not to be reclassified to profit or loss in subsequent periods | 12 | (9,298 | ) | (7,931 | ) | - | ||||||||||||
Other comprehensive (loss)/income for the period, net of tax | (5,481 | ) | (4,675 | ) | 26,545 | (17,877 | ) | (15,249 | ) | 17,968 | ||||||||
Total comprehensive (loss)/income for the period, net of tax | (3,849 | ) | (3,283 | ) | (4,654 | ) | (79,776 | ) | (68,050 | ) | 2,698 | |||||||
Attributable to: | ||||||||||||||||||
Equity holders of the parent | (3,619 | ) | (3,087 | ) | (4,757 | ) | (78,750 | ) | (67,174 | ) | 779 | |||||||
Noncontrolling interests | (230 | ) | (196 | ) | 103 | (1,026 | ) | (876 | ) | 1,919 | ||||||||
(3,849 | ) | (3,283 | ) | (4,654 | ) | (79,776 | ) | (68,050 | ) | 2,698 | ||||||||
WANDA SPORTS GROUP COMPANY LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(Amounts in thousands of Euro (“€”) or, for convenience translation, thousands of U.S. Dollar (“$”))
September 30, 2020 | December 31, 2019 | |||
$ | € | € | ||
ASSETS | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 177,844 | 151,701 | 163,225 | |
Trade and other receivables | 287,675 | 245,387 | 264,041 | |
Accrued income | 1,524 | 1,300 | 10,498 | |
Contract assets | 28,691 | 24,473 | 53,541 | |
Inventories | 662 | 565 | 9,395 | |
Income tax receivables | 5,108 | 4,357 | 13,594 | |
Other assets | 76,917 | 65,610 | 81,001 | |
578,421 | 493,393 | 595,295 | ||
Assets held for sale | - | - | 8,125 | |
578,421 | 493,393 | 603,420 | ||
NONCURRENT ASSETS | ||||
Longterm receivables | 11,346 | 9,678 | 6,808 | |
Investments in associates and joint ventures | 4,172 | 3,559 | 3,277 | |
Property, plant and equipment | 14,302 | 12,200 | 26,294 | |
Right of use assets | 30,535 | 26,046 | 35,249 | |
Intangible assets | 74,947 | 63,930 | 486,933 | |
Goodwill | 274,454 | 234,109 | 537,585 | |
Contract assets | 10,742 | 9,163 | 10,268 | |
Deferred tax assets | 20,928 | 17,852 | 23,063 | |
Other assets | 70,822 | 60,411 | 63,164 | |
512,248 | 436,948 | 1,192,641 | ||
TOTAL ASSETS | 1,090,669 | 930,341 | 1,796,061 | |
WANDA SPORTS GROUP COMPANY LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(Amounts in thousands of Euro (“€”) or, for convenience translation, thousands of U.S. Dollar (“$”))
September 30, 2020 | December 31, 2019 | |||||||
$ | € | € | ||||||
LIABILITIES | ||||||||
CURRENT LIABILITIES | ||||||||
Trade and other payables | 87,889 | 74,969 | 173,855 | |||||
Interestbearing liabilities | 478,855 | 408,463 | 204,583 | |||||
Lease liabilities | 8,993 | 7,671 | 10,041 | |||||
Accrued expense | 56,538 | 48,227 | 69,846 | |||||
Deferred income | - | - | 5 | |||||
Contract liabilities | 134,254 | 114,519 | 199,900 | |||||
Other liabilities | 10,246 | 8,740 | 19,208 | |||||
Income tax payable | 12,504 | 10,666 | 21,787 | |||||
Provisions | 8,693 | 7,415 | 9,234 | |||||
797,972 | 680,670 | 708,459 | ||||||
Liabilities directly associated with the assets held for sale | - | - | 6,975 | |||||
797,972 | 680,670 | 715,434 | ||||||
NONCURRENT LIABILITIES | ||||||||
Interestbearing liabilities | 1,176 | 1,003 | 641,085 | |||||
Lease liabilities | 22,647 | 19,318 | 29,154 | |||||
Accrued expenses | 3,586 | 3,059 | 3,051 | |||||
Contract liabilities | 10,464 | 8,926 | 17,271 | |||||
Deferred tax liabilities | 22,015 | 18,779 | 99,202 | |||||
Provisions | 3,295 | 2,811 | 3,936 | |||||
Longterm payroll payables | 19,113 | 16,303 | 15,336 | |||||
Other liabilities | 25,816 | 22,021 | 43,578 | |||||
108,112 | 92,220 | 852,613 | ||||||
TOTAL LIABILITIES | 906,084 | 772,890 | 1,568,047 | |||||
EQUITY | ||||||||
Share capital | 1,782,903 | 1,520,816 | 1,520,816 | |||||
Reserves | (973,510 | ) | (830,404 | ) | (813,300 | ) | ||
Accumulated deficit | (627,507 | ) | (535,263 | ) | (483,211 | ) | ||
Equity attributable to equity holders of the parent | 181,886 | 155,149 | 224,305 | |||||
Noncontrolling interests | 2,699 | 2,302 | 3,709 | |||||
TOTAL EQUITY | 184,585 | 157,451 | 228,014 | |||||
TOTAL LIABILITIES AND EQUITY | 1,090,669 | 930,341 | 1,796,061 | |||||
WANDA SPORTS GROUP COMPANY LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Amounts in thousands of Euro (“€”) or, for convenience translation, thousands of U.S. Dollar (“$”))
For the three months ended | For the nine months ended | ||||||||||||||
September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | ||||||||||||
$ | € | € | $ | € | € | ||||||||||
NET CASH FLOWS USED IN OPERATING ACTIVITIES | (15,156 | ) | (12,928 | ) | (24,493 | ) | 8,864 | 7,561 | (23,676 | ) | |||||
NET CASH FLOWS FROM INVESTING ACTIVITIES | 358,315 | 305,643 | (6,882 | ) | 319,974 | 272,938 | (132,000 | ) | |||||||
NET CASH FLOWS USED IN FINANCING ACTIVITIES | (365,600 | ) | (311,857 | ) | (34,042 | ) | (295,081 | ) | (251,704 | ) | 97,957 | ||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (22,441 | ) | (19,142 | ) | (65,417 | ) | 33,757 | 28,795 | (57,719 | ) | |||||
Cash and cash equivalents at beginning of the period | 196,421 | 167,547 | 186,505 | 191,354 | 163,225 | 177,048 | |||||||||
Effect of foreign exchange rate changes, net | (301 | ) | (257 | ) | 1,697 | (4,113 | ) | (3,509 | ) | 3,456 | |||||
Net increase/(decrease) in cash and cash equivalents recorded in assets held for sale | 4,165 | 3,553 | - | (43,154 | ) | (36,810 | ) | - | |||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 177,844 | 151,701 | 122,785 | 177,844 | 151,701 | 122,785 | |||||||||
WANDA SPORTS GROUP COMPANY LIMITED
RECONCILIATION OF NON-IFRS MEASURE – IFRS Profit for the Period and Year to Adjusted EBITDA (unaudited)
(Amounts in thousands of Euro (“€”) or, for convenience translation, thousands of U.S. Dollar (“$”))
For the three months ended | For the nine months ended | ||||||||||||||||
September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | ||||||||||||||
$ | € | € | $ | € | € | ||||||||||||
Continued operations | |||||||||||||||||
Profit/(loss) for the period from continuing operations | 6,402 | 5,461 | (23,881 | ) | 7,829 | 6,677 | (1,516 | ) | |||||||||
Income tax | 3,945 | 3,365 | 5,784 | 10,104 | 8,619 | 13,303 | |||||||||||
Net interest expenses | 10,144 | 8,653 | 18,598 | 28,001 | 23,885 | 36,125 | |||||||||||
Depreciation and amortization | 6,318 | 5,389 | 4,576 | 20,023 | 17,080 | 14,944 | |||||||||||
EBITDA from continuing operations | 26,809 | 22,868 | 5,077 | 65,957 | 56,261 | 62,856 | |||||||||||
Share-based compensation(1) | 1,011 | 862 | 9,028 | 3,773 | 3,218 | 9,758 | |||||||||||
Expenses or charges relating to acquisition(2) | - | - | - | - | - | 503 | |||||||||||
Expenses or charges relating to IPO or financing(3) | (50 | ) | (43 | ) | (267 | ) | 322 | 275 | 3,454 | ||||||||
Restructure and disposal of investments/subsidiaries(4) | 5,792 | 4,941 | - | 4,621 | 3,942 | - | |||||||||||
Loss on foreign exchange and derivatives, and other financial charges(5) | 1,250 | 1,066 | 1,820 | 8,278 | 7,061 | 1,478 | |||||||||||
Estimated client compensation relating to fraudulent activities(6) | - | - | 1,269 | - | - | 8,298 | |||||||||||
Expenses or charges relating to Sarbanes-Oxley compliance(7) | - | - | - | 522 | 445 | - | |||||||||||
Remeasurement of contingent consideration(8) | (202 | ) | (172 | ) | - | (306 | ) | (261 | ) | - | |||||||
Net (gain)/loss on disposal of assets (9) | (7 | ) | (6 | ) | - | 96 | 82 | - | |||||||||
Expenses relating to shareholder class action lawsuit (10) | 2 | 2 | - | 169 | 144 | - | |||||||||||
Adjusted EBITDA from continuing operations | 34,605 | 29,518 | 16,927 | 83,432 | 71,167 | 86,347 | |||||||||||
Discontinued operations | |||||||||||||||||
Loss for the period from discontinued operations | (4,770 | ) | (4,069 | ) | (7,318 | ) | (69,728 | ) | (59,478 | ) | (13,754 | ) | |||||
Net interest expense, income tax, depreciation and amortization | (4 | ) | (3 | ) | 11,747 | 28,234 | 24,084 | 25,896 | |||||||||
EBITDA from discontinued operations | (4,774 | ) | (4,072 | ) | 4,429 | (41,494 | ) | (35,394 | ) | 12,142 | |||||||
Adjustments (11) | (2,889 | ) | (2,464 | ) | 17,913 | 9,278 | 7,914 | 24,053 | |||||||||
Adjusted EBITDA from discontinued operations | (7,663 | ) | (6,536 | ) | 22,342 | (32,216 | ) | (27,480 | ) | 36,195 | |||||||
Adjusted EBITDA | 26,942 | 22,982 | 39,269 | 51,216 | 43,687 | 122,542 | |||||||||||
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