Banijay Group: 9M 2024 results
Press
Release
Paris, 7 November 2024
First nine-month 2024
Results
+15% ADJUSTED EBITDA GROWTH IN 9M
2024
GUIDANCE CONFIRMED FOR 2024:
ORGANIC ADJUSTED EBITDA GROWTH IN THE
LOW-TEENS
9M 2024 FINANCIAL
HIGHLIGHTS1
-
Revenue up +8.9% to €3,125m
- Adjusted EBITDA up
+15.3% to €546m, Adjusted EBITDA margin of 17.5% up 100bp vs 9M
2023
- Adjusted net
income up +14.3% at current currencies to €248m,
net income at €56m (€21m in 9M 2023)
- Adjusted free cash flow
conversion of 80% (vs 83% in 9M 2023)
- Strong liquidity
position of €439m and 3.2x leverage ratio (3.1x as at
December 2023)
9M 2024 BUSINESS
HIGHLIGHTS1
Content production & distribution,
and live experiences
- Revenue down (2.8)% to €2,085m:
anticipated seasonality of major scripted show deliveries in
Q4 2024 compared to 2023 and consolidation of Balich Wonder
Studio
- Content production &
distribution:
- Solid demand from streamers and
strong pipeline of new shows for linear broadcasters
- Launch of two new premium
documentary labels and first move into ‘edutainment’ category
- Live experiences:
- Increased stake in the Independents
to ~14% of capital from below 5% at the initial investment
- Further market consolidation and
production of leading fashion shows and cultural events
Online sports betting &
gaming
- Revenue up +44.0% to €1,040m in 9M
2024: robust growth of +48.8% in Q3 fueled by a busy sports
calendar and enriched user experience with the successful release
of a new version of the Betclic app
- Market share gains across all
products and all geographies, with +39% increase in Unique Active
Players versus 9M 2023
GUIDANCE CONFIRMED FOR 2024
- Full year
guidance confirmed: organic Adjusted EBITDA
growth2 in the
low-teens
- Solid 9M 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 & distribution
- Softer demand expected in Q4 at
live shows in KSA, in line with market trends
- Online sports betting & gaming:
capitalizing on Unique Active Player growth, with no major sports
events in Q4
François Riahi, CEO of Banijay Group, said:
“Banijay Group continued its strong
performance with high single-digit revenue and double-digit
earnings growth for the first nine months of 2024. The demand for
quality entertainment remains strong and growing.
Online sports betting & gaming once
again outperformed its markets across all activities, driven by a
busy calendar of major sporting events and the success of our
platform in attracting and retaining more players.
In Content production & distribution, we
saw significant demand from streamers, while the delivery of a
strong lineup of major scripted shows in Q4 will drive organic
revenue growth on a full year basis. Our unique positioning, in
terms of size, footprint and IP detention, puts us in a very
favorable competitive position.
Thanks to our strong results for the first
nine months, and our highly-visible pipeline for Q4, we are
increasingly confident in our full-year performance.”
*****
Banijay Group invites you to its 9M 2024 results conference call
on:
Thursday, 7 November 2024, at 6:00pm
CET
Webcast live:
You can watch the presentation on the following link:
https://edge.media-server.com/mmc/p/qj5rdpu4/
Dial-in access telephone
numbers:
You need to register to the following link:
https://register.vevent.com/register/BI3aa1b967c3fc4438b05b9221e6d3abde
Slides related to 9M 2024 results are available
on the Group’s website, in the “Investor relations” section:
https://group.banijay.com/results-center/
KEY FINANCIALS IN 9M 2024
|
€m |
9M 2023 |
9M 2024 |
% reported change |
% constant currency |
|
|
|
|
|
|
|
Revenue |
2 866.2 |
3 124.6 |
9.0% |
8.9% |
| Adjusted
EBITDA |
472.9 |
546.4 |
15.5% |
15.3% |
| Adjusted
EBITDA margin |
16.5% |
17.5% |
|
|
| |
|
|
|
|
| Net
income/(loss) for the period |
20.9 |
55.5 |
166.0% |
|
| Adjusted net
income |
217.1 |
248.2 |
14.3% |
|
| |
|
|
|
|
| Adjusted
free cash flow |
391.8 |
436.6 |
11.4% |
|
| Free cash flow
conversion rate |
83% |
80% |
|
|
| |
|
|
|
|
|
For the twelve-month period ended |
31 Dec 2023 |
30 Sept. 2024 |
|
|
|
|
|
|
|
|
| Net financial
debt (reported) |
2 280 |
2 591 |
|
|
|
Net financial debt / Adjusted EBITDA |
3.1x |
3.2x |
|
|
Refer to the Appendix for definition
9M 2024 KEY EVENTS
Content production &
distribution (Banijay Entertainment)
Expanding Banijay Kids & Family with
the acquisition of Procidis
In September 2024, the Group acquired Procidis
to expand its kids and family offering. Procidis is the
France-based production company behind the educational animation
franchise Once upon a Time, which has been broadcast in more than
100 countries and translated into 80 languages. Procidis also owns
a substantial licensing programme across games, audio,
experiential, promotion and publishing through its umbrella brand,
Hello Maestro.
Bolstering premium documentary
offering with the launch of BD4 and
Navybee
To meet the growing demand for talent-led
premium documentaries, in Q3 2024 the Group launched two new
labels: BD4 and Navybee.
BD4 is a premium unscripted and documentary
offering from Banijay Americas, led by award-winning producer
Daniel Silver, who brings over twenty years of experience at
Netflix, Disney+, Marvel Entertainment, ABC News and ESPN Film.
Navybee, housed in the existing label of
Workerbee Group which is part of Banijay UK, will be led by the
renowned producer Demi Doyle and will focus on talent-led premium
documentaries featuring high profile names from the worlds of
entertainment and sport.
Emmy awards
Multiple shows have received nominations, awards
and top rankings with streaming platforms. Following 13 nominations
at the 76th Primetime Emmy Awards (July 2024),
Ripley (Netflix) won in four categories including
“Outstanding Directing For A Limited Or Anthology Series Or Movie”.
Below Deck Down Under (Bravo) was nominated for two Emmys,
while The Night Manager (Disney+ Hotstar), was nominated
13 times at the International Emmy Awards.
Live experiences (Banijay
Live)
Raising stake in The
Independents
The Group has exercised further its option to
progressively increase its minority stake in the Independents and
has the option to become the majority shareholder by 2026. It now
holds ~14% of capital from below 5% at inception.
The Independents: bolts-on acquisition
of Bureau Béatrice and Kitten Production
Following the acquisition of Sunshine and
Kennedy in H1 2024, two specialist agencies focused on strategic
consulting for brand, cultural and entertainment projects, The
Independents continued to consolidate the market in Q3
2024.
Bureau Béatrice
In August 2024, The Independents expanded its
presence in the Middle East by acquiring Dubai-based, multi-media
and creative technology agency Bureau Béatrice. Bureau Beatrice
supports luxury brands by creating dynamic, interactive and
immersive experiences, with a client portfolio that includes major
brands such as Tiffany & Co, Bulgari, Prada, Richard Mille,
Swarovski, M-A-C Cosmetics, L'Oréal and Formula 1.
Kitten Production
In September 2024, The Independents acquired
Kitten Production, a creative agency based in Paris, Barcelona and
Milan that specialises in the production of stills, motion and
digital content for fashion brands. Its clients include leading
luxury and fashion brands such as Louis Vuitton, Jacquemus and
Saint Laurent.
Balich Wonder Studio: investment in
Black Lemon
In September 2024, Balich Wonder Studio entered
the French market with a minority investment in agency black lemon,
which specialises in producing powerful live experiences and has a
client list of brands such as Dior, Jean Paul Gaultier, Rabanne,
Chaumet, Pernod-Ricard, Moët Hennessy and Diptyque.
Online sports betting &
gaming (Banijay Gaming)
2024 Paris Olympic Games
The Paris 2024 Olympic Games, with high audience
engagement, strong performances from French athletes and over 70
sports open to betting, resulted in record sports betting levels in
France, three times the amount of online sports betting compared to
Tokyo 2020. Football, tennis, basketball, volleyball and handball
attracted a large part of the betting volumes but individual
sports, namely swimming and table tennis, also saw a spike in
betting.
POST-9M 2024 EVENTS
Balich Wonder Studio to develop 2026
Winter Olympics opening ceremony
In October 2024, the organizing committee for
the upcoming 2026 Winter Olympic Games announced that Balich Wonder
Studio has been selected to stage the opening ceremony at the San
Siro Stadium in Milan on February 6, 2026. This will be Balich
Wonder Studio’s 17th Olympic ceremony.
OUTLOOK
The Group confirms its 2024 guidance of organic
Adjusted EBITDA growth3 in the low teens.
This reflects the continued profitable growth
expected for each business segment.
- Strong pipeline at
Content production & distribution, expected to generate FY 2024
organic revenue growth:
- Major scripted
shows are expected to be delivered in Q4, including new seasons of
Marie-Antoinette for Canal+, Carême for Apple
TV+, and SAS Rogue Heroes for BBC One in the UK
- Softer demand in
live shows in KSA in Q4, in line with market trends
- Online sports
betting & gaming: positive commercial momentum to continue,
with no major sports events in Q4
- 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 – 9M 2024
|
In € million |
9M 2023 |
9M 2024 |
% reported change |
|
|
|
|
|
|
Revenue |
2 866.2 |
3 124.6 |
9.0% |
| Total external
and personnel expenses |
(2 377.0) |
(2 551.9) |
7.4% |
| External
expenses |
(1 411.2) |
(1 648.3) |
16.8% |
| Personnel
expenses excluding LTIP & employment-related earn-out &
option expenses |
(965.8) |
(903.6) |
(6.4)% |
| Other operating
income & expenses excl. restructuring costs & other
non-recurring items |
(17.8) |
(23.2) |
30.2% |
| Depreciation and
amortization expenses net of reversals related to fiction and other
operational provisions |
1.5 |
(3.2) |
|
|
Adjusted EBITDA |
472.9 |
546.4 |
15.5% |
| Adjusted
EBITDA margin |
16.5% |
17.5% |
|
| |
|
|
|
| Restructuring
costs and other non-recurring items |
(19.6) |
(44.4) |
|
| LTIP
expenses |
(107.1) |
(109.9) |
|
|
Employment-related earn-out and option expenses |
(14.4) |
(20.5) |
|
|
Depreciation and amortization (excl. D&A fiction and other
operational provisions) |
(88.0) |
(96.7) |
|
|
Operating profit/(loss) |
243.8 |
274.9 |
12.8% |
| |
|
|
|
| Cost of net
debt |
(146.8) |
(146.2) |
|
|
Other finance income/(costs) |
(55.1) |
(17.9) |
|
| Net
financial income/(expense) |
(201.9) |
(164.0) |
(18.8)% |
| Share of net
income from associates & joint ventures |
(2.1) |
(3.8) |
|
|
|
|
|
|
|
Earnings before provision for income taxes |
39.8 |
107.2 |
169.5% |
|
|
|
|
|
| Income tax
expenses |
(18.9) |
(51.6) |
|
|
Net income/(loss) for the period |
20.9 |
55.5 |
166.0% |
|
Attributable to: |
|
|
|
|
Non-controlling interests |
6.8 |
4.2 |
|
|
Shareholders |
14.1 |
51.3 |
|
|
|
|
|
|
|
Restructuring costs and other non-recurring items |
19.6 |
44.4 |
|
| LTIP and
employment-related earn-out and option expenses |
121.6 |
130.4 |
|
| Other finance
income/(costs) |
55.1 |
17.9 |
|
|
|
|
|
|
|
Adjusted net income |
217.1 |
248.2 |
14.3% |
CONSOLIDATED REVENUE
At constant currencies, Banijay Group recorded
revenue of €3,125m, equating to +8.9% growth. This breaks down into
-2.8% for Content production and distribution and +44.0% for Online
sports betting & gaming.
Group revenue was up +8.6% in H1 2024 and +9.6%
in Q3 2024.
This is reflected as follows by business:
|
€m |
9M 2023 |
9M 2024 |
% reported change |
% constant currency |
|
|
|
|
|
|
| Production |
1 770.4 |
1 634.5 |
(7.7)% |
(7.5)% |
|
Distribution |
277.5 |
232.9 |
(16.1)% |
(16.6)% |
| Live
experiences & other |
99.7 |
217.2 |
118.0% |
117.7% |
|
Banijay Entertainment & Banijay Live |
2 147.7 |
2 084.7 |
(2.9)% |
(2.8)% |
|
|
|
|
|
|
| Sportsbook |
558.4 |
813.6 |
45.7% |
45.4% |
| Casino |
106.9 |
153.9 |
43.9% |
42.6% |
| Poker |
43.7 |
57.4 |
31.4% |
28.5% |
| Turf |
9.5 |
15.1 |
59.1% |
44.4% |
|
Banijay Gaming |
718.5 |
1 040.0 |
44.7% |
44.0% |
|
|
|
|
|
|
|
TOTAL REVENUE |
2 866.2 |
3 124.6 |
9.0% |
8.9% |
Content production &
distribution4
As stated in H1 2024, the traditional
seasonality of content production and distribution 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 9M 2024 compared to 9M 2023.
Content production:
Content production revenue in 9M 2024 stood at
€1,634.5m, down (7.5)% with Q3 2024 down (8.6)%, due to the
expected phasing of shows compared to 9M 2023.
Crafting the next generation of
superbrands: high-performing comebacks, new adaptions &
spin-offs
Secret Story returned in Portugal after
a six-year hiatus and was the most watched show in its timeslot for
its premiere on TVI. Crossing Land, Sea and Air returned
after a decade off the air in the Netherlands, achieving best new
show of the year for RTL4 and was a slot winner for the young
generation. Dilemma, a non-scripted format, is the first
international adaptation in Portugal on TVI, more than a decade
after its original release in France. It was the top ranking show
in its slot6 and received 2.9m impressions on social
media.
Alongside these successful comebacks, the Group
is also producing new format adaptations and spin-offs. The
Summit, an entertainment competition series, is already
recording a promising start for the sneak peak of the show aired in
September 2024 with over 3m viewers on CBS. MasterChef: Dessert
Masters will air on Band in Brazil, marking the first
international adaptation for this spin-off format and the ninth
spin-off of the global hit format as MasterChef Brazil
celebrates a decade on-air. Love Triangle will return to
screens in the UK in 2025, to E4 and Channel 4.
Preferred partner with streamers, supported by globally
recognized creative excellence and top rankings
Demand from streaming platforms has increased
for non-scripted content as they look for higher returns and
greater engagement with viewers.
Amazon Prime is a key partner in adapting
successful formats. Following huge success in 10 countries with
local adaptations, LOL: Last One Laughing has been
commissioned for a new adaptation in the UK with Jimmy Carr as
host. After its "Rising Format Star" award in 2023 by K7 with the
highest number of new launches for the year, Good Luck
Guys has been commissioned for its eighth adaptation in
Poland.
In Italy on Netflix, SuperSex, The Life You
Wanted, and The Law According to Lidia Poet are among
the top 5 most-watched TV series in H1 2024 at, respectively, slot
#1 (10m hours viewed), #3 (5m hours viewed), and #4 (4m hours
viewed).
Content distribution:
9M 2024 revenue was down -16.6% to €232.9m,
including -9.5% in Q3 2024, due to a high comparison basis in 9M
2023 when a significant number of new scripted shows were
delivered.
The content catalogue increased by a further
+17,000 hours to ~200,000 hours at the end of September 2024
compared to December 2023.
The Group’s successful scripted shows and
non-scripted super brands continued to travel. Over the nine-month
period, the license of major scripted shows such as Peaky
Blinders or Grantchester continued to generate strong
distribution revenue. Main contributors in non-scripted shows
include Big Brother, showing a strong audience worldwide
during its premieres: more than 3.6m consolidated viewers in the
US, 3.4m reached in Spain and 2.5m in Italy. MasterChef
also continued to generate a strong engagement, with its spin-off
Celebrity MasterChef gathering 3.2m consolidated viewers
in the UK for the premiere and kicked off as the leader in its slot
in Spain.
Live experiences & other:
Revenue was up +118% at €217m over the first 9
months 2024 and is mainly attributable to the consolidation of
Balich Wonder Studio.
During the period, Balich Wonder Studio produced
the opening ceremony for Euro 2024 in Munich as well as the
kick-off ceremony of the UEFA Champions League final in London. In
terms of cultural events, Balich Wonder Studio produced the
400th edition of the Festino di Santa Rosalia in
Palermo, and was live broadcasted. Balich also produced Viva
Vivaldi: The Four Seasons Immersive Concert in August 2024 at the
Arena di Verona in Italy, which was attended by more than 10k
spectators.
The Independents7 played a major role
in producing fashion shows for top luxury brands during the
presentation of their Spring/Summer 2025 collections across New
York, Paris, and Milan. Within its ecosystem of complementary and
specialized agencies, The Independents contributed to the Maison
Valentino show in Paris in September 2024, being responsible for
the show's production and design, video production, and
front-of-house management through three agencies. The event was
streamed live on YouTube and attracted over 265k viewers.
Online sports betting &
gaming8:
The Group once again recorded an outstanding
performance over the first 9M 2024, with a strong Q3 2024
across all products and key geographies.
Revenue was up +44.0% to €1,040.0m in 9M 2024
compared to 9M 2023, including +48.8% in Q3 2024, aided by a sharp
increase of +39% in the number of Unique Active Players (UAP)
compared to 9M 2023 and the enriched user experience with the
release of the eighth version of the app in June 2024. Overall, the
Group continued to gain further market shares.
Over the period, sportsbook revenue rose by
+45.4%, while online casino, poker and turf recorded very solid
revenue growth of +41.0%.
Since the beginning of the year, activity for
online sportsbook was strongly supported by major sports events
such as CAN (African Cup of Nations) in Ivory Coast, UEFA Euro 2024
in Germany followed by the Olympic Games in Paris. The latter
helped to raise interest in sports betting - particularly team
sports such as football, tennis, and handball, as well as
individual sports like swimming and table tennis – but remains a
small event for the Group in terms of betting.
The new online platform and mobile app, which
spans all product categories, contributed to the outstanding
performance in Q3 2024. It offers a more immersive and engaging
player experience, thanks to a redesigned interface with integrated
motion and visual elements. Among new products, Supersub was
introduced on the French market for UEFA Euro 2024 and increased
live betting and “prop” bets are now offered in sportsbook. In
casino, the Group launched a new “Wheels” game and a full game
offering is now available on iOS, with 2,000 games in total. In
poker, a new twister bonus zone has been launched in France.
The Group continues to strengthen its
Responsible Gaming policy, with 99% of its online sports betting
and gaming revenue being generated in locally regulated markets
over 9M 2024, which is stable compared to 2023.
ADJUSTED EBITDA
At constant exchange rates, Banijay Group
recorded a +15.3% increase in Adjusted EBITDA to €546.4m in 9M 2024
compared to 9M 2023. This reflected a solid level of profitability
with a 100bp improvement in Adjusted EBITDA margin to 17.5%.
|
Adjusted EBITDA - In € million |
9M 2023 |
9M 2024 |
% reported
change |
% constant currency |
|
|
|
|
|
|
| Banijay
Entertainment & Banijay Live |
293.8 |
287.5 |
(2.1)% |
(2.0)% |
| Banijay
Gaming |
184.8 |
265.5 |
43.6% |
42.5% |
| Holding |
(5.7) |
(6.6) |
|
|
|
Adjusted EBITDA |
472.9 |
546.4 |
15.5% |
15.3% |
|
|
|
|
|
|
| Banijay
Entertainment & Banijay Live |
13.7% |
13.8% |
|
|
| Banijay
Gaming |
25.7% |
25.5% |
|
|
|
Adjusted EBITDA margin |
16.5% |
17.5% |
|
|
At a Group level, total external charges and
personnel expenses (excluding LTIP and employment-related earn-out
& option expenses) rose by +7.4% in 9M 2024, in line with the
group’s revenue growth, reflecting higher sports betting taxes and
marketing expenses for the Online sports betting & gaming
business.
FROM ADJUSTED EBITDA TO ADJUSTED NET
INCOME
Restructuring and other non-recurring
items: -€44.4m in 9M 2024 compared to -€19.6m in 9M
2023.
LTIP expenses totaled -€109.9m
in 9M 2024 compared to -€107.1m in 9M 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: -€20.5m in 9M 2024 compared to -€14.4m in
9M 2023.
Net financial result amounted
to -€164.0m in 9M 2024 compared to -€201.9m in 9M 2023. Of this
amount:
- Cost of net debt
totaled -€146.2m in 9M 2024 compared to -€146.8m in 9M 2023,
reflecting the refinancing operations at Content production &
distribution in 2023.
- Other financial income and
expenses amounted to -€17.9m in 9M 2024 compared to
-€55.1m in 9M 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 -€51.6m in 9M 2024
compared to -€18.9m in 9M 2023.
Adjusted net income rose by
+14.3% to €248.2m in 9M 2024.
FREE CASH FLOW AND NET FINANCIAL DEBT
The Group’s Adjusted free cash flow (after lease
payments) reached €436.6m in 9M 2024, up +11.4% year-on-year,
driven by the business performance.
Capex expenditures increased to €71.6m in 9M
2024 from €47.7m in 9M 2023 due to increased distribution advanced
at Content production & distribution and higher IT costs
capitalized in Online sports betting & gaming.
Adjusted free cash flow conversion after capex
and leases payment amounted to 80%.
The change in working capital requirements
€(46.5)m in 9M 2024 came mostly from the seasonality of show
production and a higher level of fiction in progress.
Income taxes paid amounted to €(73.2)m in 9M
2024 compared to €(69.9)m in 9M 2023.
Adjusted operating free cash flow stood at
€316.9m in 9M 2024.
|
€m |
9M 2023 |
9M 2024 |
% reported
change |
| Adjusted
EBITDA |
472.9 |
546.4 |
15.5% |
| Capex |
(47.7) |
(71.6) |
|
|
Total cash outflows for leases that are not recognised as rental
expenses |
(33.3) |
(38.2) |
|
| Adjusted
free cash flow |
391.8 |
436.6 |
11.4% |
|
|
|
|
|
| Change in
working capital* |
(14.4) |
(46.5) |
|
|
Income tax paid |
(69.9) |
(73.2) |
|
| Adjusted
operating free cash flow |
307.5 |
316.9 |
3.0% |
*Includes fictions in progress and excludes LTIP
paid, exceptional items cash-out, trade receivables on providers
and players’ liabilities
The Group’s net financial debt totaled €2,591m
as of 30 September 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 €172m of which €148m to Banijay Group
shareholders and €24m to minority shareholders, acquisitions and
change in financial assets for €160m, LTIP paid for €93m, €146m
interests recognized in 9M 2024 and €56m of foreign exchange impact
and exceptional items.
As a result, the financial leverage ratio stood
at 3.2x as of 30 September 2024, +0.1x compared to
31 December 2023.
Agenda: FY 2024 results: 6
March 2025 (after market)
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
This communication contains information that qualifies as inside
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: Net financial debt /
LTM Adjusted EBITDA.
Number of Unique Active
Players: average number of unique players playing at least
once a month in a defined period.
Content production & distribution: refers
to Banijay Entertainment and Banijay Live
Online sports betting & gaming: refers to
Banijay Gaming
Table 1: Revenue and Adjusted EBITDA breakdown by
activity
|
€m |
H1 2023 |
H1 2024 |
% change |
% constant currency |
Q3 2023 |
Q3 2024 |
% change |
% constant currency |
9M 2023 |
9M 2024 |
% change |
% constant currency |
| Production |
1 179.3 |
1 097.5 |
(6.9)% |
(6.9)% |
591.1 |
536.9 |
(9.2)% |
(8.6)% |
1 770.4 |
1 634.5 |
(7.7)% |
(7.5)% |
|
Distribution |
184.3 |
147.6 |
(19.9)% |
(20.2)% |
93.2 |
85.4 |
(8.4)% |
(9.5)% |
277.5 |
232.9 |
(16.1)% |
(16.6)% |
| Live experiences
& other |
70.4 |
150.7 |
114.1 % |
113.8 % |
29.3 |
66.6 |
127.5 % |
127.1 % |
99.7 |
217.2 |
118.0 % |
117.7 % |
|
Banijay Entertainment & Live |
1 434.0 |
1 395.8 |
(2.7)% |
(2.7)% |
713.6 |
688.9 |
(3.5)% |
(3.1)% |
2 147.7 |
2 084.7 |
(2.9)% |
(2.8)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sportsbook |
389.2 |
551.4 |
41.7% |
40.6% |
169.2 |
262.2 |
55.0% |
54.8% |
558.4 |
813.6 |
45.7% |
45.4% |
| Casino |
65.4 |
98.9 |
51.3% |
51.2% |
41.6 |
54.9 |
32.2% |
31.5% |
106.9 |
153.9 |
43.9% |
42.6% |
| Poker |
28.6 |
37.6 |
31.3% |
31.3% |
15.1 |
19.9 |
31.7% |
29.7% |
43.7 |
57.4 |
31.4% |
28.5% |
| Turf |
6.1 |
9.7 |
59.5% |
59.5% |
3.4 |
5.5 |
58.5% |
48.5% |
9.5 |
15.1 |
59.1% |
44.4% |
|
Banijay Gaming |
489.3 |
697.6 |
42.6% |
41.7% |
229.3 |
342.4 |
49.4% |
48.8% |
718.5 |
1 040.0 |
44.7% |
44.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL REVENUE |
1 923.3 |
2 093.3 |
8.8% |
8.6% |
942.9 |
1 031.3 |
9.4% |
9.6% |
2 866.2 |
3 124.6 |
9.0% |
8.9% |
|
Adjusted EBITDA - In € million |
9M 2023 |
9M 2024 |
% change |
% constant
Currency |
| Banijay
Entertainment & Banijay Live |
293.8 |
287.5 |
(2.1)% |
(2.0)% |
| Banijay
Gaming |
184.8 |
265.5 |
43.6 % |
42.5 % |
| Holding |
(5.7) |
(6.6) |
|
|
|
Adjusted EBITDA |
472.9 |
546.4 |
15.5 % |
15.3 % |
|
|
|
|
|
|
| Banijay
Entertainment & Banijay Live |
13.7% |
13.8% |
|
|
|
Banijay Gaming |
25.7% |
25.5% |
|
|
|
Adjusted EBITDA margin |
16.5% |
17.5% |
|
|
Table 2: Adjusted operating free cash flow by
activity
|
Banijay Entertainment & Banijay Live - €m |
9M 2023 |
9M 2024 |
% reported
change |
|
|
|
|
|
| Adjusted
EBITDA |
293.8 |
287.5 |
(2.1)% |
| Adjusted EBITDA
margin (%) |
13.7% |
13.8% |
|
|
|
|
|
|
| Capex |
(42.0) |
(48.3) |
|
| Total cash
outflows for leases that are not recognised as rental expenses |
(31.2) |
(35.7) |
|
|
Adjusted free cash flow |
220.6 |
203.5 |
(7.8)% |
|
|
|
|
|
| Change in
WC(1) |
(21.8) |
(56.2) |
|
| Income tax
paid |
(24.8) |
(45.9) |
|
|
Adjusted Operating free cash flow |
174.1 |
101.3 |
(41.8)% |
|
Banijay Gaming |
9M 2023 |
9M 2024 |
% reported |
|
|
|
|
change |
| Adjusted
EBITDA |
184.8 |
265.5 |
43.6% |
| Adjusted EBITDA
margin (%) |
25.7% |
25.5% |
|
|
|
|
|
|
| Capex |
(5.8) |
(23.3) |
|
| Total cash
outflows for leases that are not recognised as rental expenses |
(2.2) |
(2.5) |
|
|
Adjusted free cash flow |
176.9 |
239.7 |
35.5% |
|
|
|
|
|
| Change in
WC(2) |
9.8 |
8.4 |
|
| Income tax
paid |
(45.1) |
(27.3) |
|
|
Adjusted Operating free cash flow |
141.6 |
220.8 |
55.9% |
(1) Includes fictions in progress and excludes LTIP payment and
exceptional items for Content production & distribution
(2) Excludes 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-sept-23 |
30-sept-24 |
|
Profit/(loss) |
20.9 |
55.5 |
|
Adjustments: |
436.8 |
467.6 |
| Share of
profit/(loss) of associates and joint ventures |
2.1 |
3.8 |
| Amortization,
depreciation, impairment losses and provisions, net of
reversals |
89.8 |
101.6 |
| Employee
benefits LTIP & employment-related earn-out and option
expenses |
121.6 |
130.3 |
| Change in fair
value of financial instruments |
14.1 |
4.5 |
| Income tax
expenses |
18.9 |
51.6 |
| Other
adjustments(1) |
38.7 |
24.3 |
| Cost of
financial debt and current accounts |
151.6 |
151.6 |
|
Gross cash provided by operating activities |
457.7 |
523.1 |
| Changes in
working capital |
(85.8) |
(150.3) |
| Income tax
paid |
(69.9) |
(73.2) |
|
Net cash flows provided by operating
activities |
302.0 |
299.6 |
| Purchase of
property, plant and equipment and of intangible assets |
(48.1) |
(89.3) |
| Purchases of
consolidated companies, net of acquired cash and other liabilities
related to business combination |
(77.3) |
(46.0) |
| Investing in
associates and Joint ventures |
(18.4) |
(80.1) |
| Increase in
financial assets |
(97.7) |
(22.8) |
| Disposals of
property, plant and equipment and intangible assets |
0.3 |
0.1 |
| Proceeds from
sales of consolidated companies, after divested cash |
- |
(2.7) |
| Decrease in
financial assets |
11.4 |
58.6 |
| Dividends
received |
0.2 |
0.2 |
|
Net cash provided by/(used for) investing
activities |
(229.6) |
(182.0) |
| Change in
capital |
- |
11.7 |
| Dividends
paid |
(148.2) |
(148.0) |
| Dividends paid
by consolidated companies to their non-controlling interests |
(17.8) |
(24.0) |
| Transactions
with non-controling interests |
(28.1) |
(0.3) |
| Proceeds from
borrowings and other financial liabilities |
1 293.6 |
239.0 |
| Repayment of
borrowings and other financial liabilities |
(1 038.7) |
(89.7) |
| Other cash items
related to financial activities |
0.1 |
- |
| Interest
paid |
(165.1) |
(143.2) |
|
Net cash flows from/(used in) financing
activities |
(104.2) |
(154.5) |
| Impact of
changes in foreign exchange rates |
(29.7) |
10.4 |
|
Net increase/(decrease) of cash and cash
equivalents |
(61.5) |
(26.5) |
|
|
|
|
| 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 |
418.1 |
436.3 |
(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 September 2024 |
|
ASSETS |
|
|
| Goodwill |
2 765.8 |
2 802.3 |
| Intangible
assets |
204.7 |
264.4 |
| Right-of-use
assets |
149.2 |
141.2 |
| Property, plant
and equipment |
70.6 |
66.3 |
| Investments in
associates and joint ventures |
31.7 |
115.5 |
| Non-current
financial assets |
228.5 |
148.3 |
| Other
non-current assets |
36.9 |
52.3 |
|
Deferred tax assets |
58.4 |
71.1 |
|
Non-current assets |
3 546.0 |
3 661.3 |
|
|
|
|
| Inventories and
work in progress |
678.1 |
885.8 |
| Trade
receivables |
587.5 |
585.1 |
| Other current
assets |
360.9 |
404.4 |
| Current
financial assets |
30.2 |
38.0 |
|
Cash and cash equivalents |
464.2 |
438.8 |
| Current
assets |
2 121.0 |
2 352.1 |
| TOTAL
ASSETS |
5 667.0 |
6 013.4 |
| |
|
|
| EQUITY
AND LIABILITIES |
|
|
| Share
capital |
8.1 |
8.1 |
| Share premiums,
treasury shares and retained earnings (deficit) |
(35.8) |
(117.2) |
| Net
income/(loss) - attributable to shareholders |
60.8 |
51.3 |
|
Shareholders' equity |
33.0 |
(57.8) |
| Non-controlling
interests |
19.2 |
15.5 |
|
Total equity |
52.3 |
(42.4) |
|
|
|
|
| Other
securities |
139.4 |
139.4 |
| Long-term
borrowings and other financial liabilities |
2 551.9 |
2 432.5 |
| Long-term lease
liabilities |
126.1 |
112.6 |
| Non-current
provisions |
34.3 |
33.0 |
| Other
non-current liabilities |
287.4 |
422.1 |
| Deferred tax
liabilities |
7.9 |
6.8 |
|
Non-current liabilities |
3 147.0 |
3 146.4 |
|
|
|
|
| Short-term
borrowings and bank overdrafts |
358.3 |
670.9 |
| Short-term lease
liabilities |
41.8 |
46.4 |
| Trade
payables |
709.7 |
674.5 |
| Current
provisions |
13.5 |
16.2 |
| Customer
contract liabilities |
750.0 |
1 002.9 |
| Other current
liabilities |
594.3 |
498.4 |
|
Current liabilities |
2 467.7 |
2 909.3 |
| TOTAL
EQUITY AND LIABILITIES |
5 667.0 |
6 013.4 |
*31 Dec. 2023 restatement is disclosed in the 9M 2024 condensed
consolidated financial statements
Table 5: IFRS consolidated net financial
debt
|
In € million |
31 December
2023 |
30 September 2024 |
| Bonds |
1 284.2 |
1 283.3 |
| Bank borrowings
and other (1) |
1 437.3 |
1 619.1 |
| Bank
overdrafts |
1.5 |
2.5 |
| Accrued
interests on bonds and bank borrowings |
37.2 |
41.5 |
| Vendor
loans |
143.5 |
149.9 |
|
Total bank indebtedness |
2 903.7 |
3 096.2 |
| Cash and cash
equivalents |
(464.2) |
(438.8) |
| Funding of
Gardenia |
(79.7) |
(58.7) |
| Trade
receivables on providers |
(60.8) |
(57.1) |
| Players'
liabilities |
50.2 |
60.3 |
| Cash in trusts
and restricted cash |
(31.0) |
(0.3) |
|
Net cash and cash equivalents |
(585.5) |
(494.6) |
|
|
|
|
|
Net debt before intercompany loan and derivatives
effects |
2 318.2 |
2 601.7 |
|
|
|
|
|
Net debt before derivatives effects |
2 318.2 |
2 601.7 |
| Derivatives -
liabilities |
6.4 |
7.3 |
| Derivatives -
assets |
(44.6) |
(17.4) |
|
Net debt |
2 280.0 |
2 591.5 |
Table 6: Cash flow statement
|
|
30 September 2024 |
|
In € million |
Banijay Entertainment |
Banijay Gaming |
Holding |
Banijay Group |
|
Net cash flow from operating activities |
148.5 |
158.1 |
(7.0) |
299.6 |
|
Cash flow (used in)/from investing activities |
(134.8) |
0.8 |
(48.0) |
(182.0) |
|
Cash flow (used in)/from financing activities |
(177.8) |
(32.1) |
55.4 |
(154.5) |
|
Effect of foreign exchange rate differences |
10.4 |
- |
- |
10.4 |
|
Net increase/(decrease) in cash and cash
equivalents |
(153.6) |
126.8 |
0.4 |
(26.5) |
|
Cash and cash equivalents as of 1 January |
368.1 |
93.3 |
1.5 |
462.9 |
|
Cash and cash equivalents as of 30 September |
214.4 |
220.1 |
1.9 |
436.3 |
|
|
30 September 2023 |
|
In € million |
Banijay Entertainment |
Banijay Gaming |
Holding |
Banijay Group |
|
Net cash flow from operating activities |
196.3 |
121.0 |
(15.3) |
302.0 |
|
Cash flow (used in)/from investing activities |
(140.0) |
(2.7) |
(86.9) |
(229.6) |
|
Cash flow (used in)/from financing activities |
(85.6) |
(112.6) |
94.0 |
(104.2) |
|
Effect of foreign exchange rate differences |
(29.7) |
- |
- |
(29.7) |
|
Net increase/(decrease) in cash and cash
equivalents |
(59.0) |
5.7 |
(8.2) |
(61.5) |
|
Cash and cash equivalents as of 1 January |
396.2 |
72.1 |
11.2 |
479.3 |
|
Cash and cash equivalents as of 30 September |
337.3 |
77.8 |
3.0 |
418.1 |
Table 7: Banijay Entertainment: Net financial debt as of
30 Septembre 2024
|
At Banijay Entertainment level: |
|
|
| In €
million |
31 Dec. 2023 |
30 Sept. 2024 |
|
|
|
|
| Total
Secured Debt (OM definition) |
1 988 |
2 043 |
| Other debt |
326 |
317 |
| SUN |
409 |
402 |
|
Total Debt |
2 722 |
2 762 |
| Net Cash |
(368) |
(214) |
|
Total net financial debt (excl. Earn-out &
PUT) |
2 354 |
2 548 |
| EO &
PUT |
178 |
117 |
|
Total net financial debt (incl earn-out &
PUT) |
2 532 |
2 665 |
|
|
|
|
|
Ratios at Banijay Entertainment
level: |
|
|
| Leverage Ratio,
as presented |
4.49 |
4.96 |
| Adjusted
Leverage Ratio, as presented |
4.82 |
5.19 |
| Senior secured
net leverage ratio |
3.43 |
3.79 |
|
|
|
|
| Cash
conversion rate - Banijay Entertainment
definition* |
73% |
48% |
|
Banijay Entertainment contribution at Banijay Group
level: |
|
|
| In €
million |
31 Dec. 2023 |
30 Sept. 2024 |
|
|
|
|
| Total
net financial debt (excl. Earn-out & PUT) |
2 354 |
2 548 |
| Transaction
costs amortization and other |
(32) |
(27) |
| Vendor loan |
- |
- |
| Lease debt (IFRS
16) |
(155) |
(148) |
|
Total net financial debt at Banijay Group
level |
2 167 |
2 373 |
|
|
|
|
| Derivatives |
(38) |
(10) |
|
Total net financial debt at Banijay Group level after
derivatives |
2 129 |
2 363 |
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 / LTM (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 Growth compared with €756M proforma in 2023
3 Growth compared with €756M proforma in 2023
4 Revenue growth is at constant currencies
5 At current exchange rates, excluding Balich Wonder
Studio, consolidated as of Q4 2023
6 During the week of the premiere
7 Not consolidated in Banijay Group accounts
8 Revenue growth is at constant currencies
- Banijay Group_PR_9M 2024 Results
Banijay Group NV (EU:BNJ)
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부터 12월(12) 2024 으로 1월(1) 2025
Banijay Group NV (EU:BNJ)
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