Strong growth and delivery while going
public
Highlights of Q1 2022
- Net Revenue of over EUR 94
million, more than doubling Q1 2021, mainly driven by strong growth
in the Platform segment.
- Adjusted EBITDA of nearly EUR 6
million, up 118% compared to Q1 2021, primarily boosted by the
Premium Games segment.
- Expanded the partnership with
Ubisoft, adding 10 exclusive titles, following the successful
development, release and distribution of Hungry Shark Arena
- Completed the integration of
Habbo Avatars collection, offering unique playable Avatars in the
Habbo metaverse.
- Announced the acquisition of
digital marketing company Infinia, bolstering our media platform
capabilities, sales force and volumes in Spain and Latin
America.
- In May, we won the Digital Media
Owners Spring Award as number one media owner, surveyed by the
Institute of Practitioners in Advertising in the UK.
Financial Overview
Financial results (EURm) |
|
|
Pro forma |
Azerion Holding B.V. |
Q1 2022 |
Q1 2021 |
LTM |
Net Revenue |
94,4 |
45,5 |
403,2 |
COGS |
(61,5) |
(30,6) |
|
Gross profit |
32,8 |
15,0 |
|
Operating & Other Expenses |
(44,9) |
(18,1) |
|
Operating profit / (loss) |
(12,1) |
(3,1) |
|
EBITDA |
(3,9) |
1,7 |
|
Adjusted EBITDA |
5,9 |
2,7 |
53,5 |
|
|
|
|
Revenue growth, % |
107,3% |
|
|
Gross margin, % |
34,8% |
32,9% |
|
Adjusted EBITDA growth, % |
117,6% |
|
|
Adjusted EBITDA margin, % |
6,2% |
5,9% |
13,2% |
Co-CEO Umut Akpinar said:
“This quarter demonstrated our capacity to
deliver results while completing our listing on Euronext Amsterdam.
Our financial performance continued to improve and, despite
macroeconomic volatility, we remain confident in our guidance to
deliver at least EUR 450 million revenue this year. We will
continue integrating our acquisitions and further drive volumes
across our owned and operated platform.”
Co-CEO Atilla Aytekin said:
“Listing Azerion was an important milestone for our company,
welcomed by our clients and partners, who increasingly approach us
with business propositions. Our market continues to consolidate and
we remain actively working on our acquisition funnel to complement
our organic growth with more volume, capabilities and technology.
As we continue to mature our M&A pipeline, we will consider a
variety of options to fund acquisitions, including raising
equity.”
Financial overview Q1 2022
Revenue
Revenue for the quarter amounted to EUR 94.4
million, an increase of EUR 48.9 million, or 107.3%, compared to Q1
2021. This reflects higher revenue from both the Platform and
Premium Games segments.
Earnings
We delivered EUR 5.9 million adjusted EBITDA for
the quarter compared to EUR 2.7 million in Q1 2021, an increase of
EUR 3.2 million.
The loss before tax amounted to EUR 17.6 million
compared to a loss of EUR 5.1 million in Q1 2021. Non-recurring
items amounted to a net charge of EUR 9.8 million, mostly related
to early exercise of share appreciation rights.
Cash flow
Our cash flow from operating activities in Q1
2022 was an inflow of EUR 6.5 million. Cash flow from investing
activities was an outflow of EUR 8.2 million, mainly due to capital
expenditures. Cash flow from financing activities totalled an
inflow of EUR 9.0 million, mainly reflecting a capital contribution
from Azerion Group N.V.
Capex
We capitalize development costs related to asset
development, a core activity to support innovation in our platform.
These costs primarily relate to developers’ time devoted to the
development of games, platforms, and other new features. In Q1 2022
we capitalized EUR 3.9 million, equivalent to 17.5% of personnel
costs.
Acquisitions
During Q1 2022 we announced the acquisition of
Infinia, which completed in April 2022.
Financial position and financing
Our net interest-bearing debt amounted to EUR
185.3 million as at 31 March 2022, mainly comprising our
outstanding bond loan with a nominal value of EUR 200 million (part
of an in total EUR 300 million framework) and lease liabilities
with a balance of EUR 19.0 million less the cash and cash
equivalents position of EUR 42.6 million.
Segment information
Platform
Our Platform segment includes casual games
distribution, advertising and e-Commerce, which are fully
integrated through our technology. It generates revenue mainly by
displaying digital advertisements in both game and non-game
content, as well as selling and distributing AAA games through our
e-commerce channels. Platform is also integrated with our Premium
Games segment, leveraging inter-segment synergies.
Platform Financial Highlights
Financial results (EURm) |
|
|
Platform |
Q1 2022 |
Q1 2021 |
Net Revenue |
72,5 |
34,2 |
COGS |
(50,2) |
(24,3) |
Gross profit |
22,3 |
9,9 |
Operating & Other Expenses |
(33,8) |
(13,2) |
Operating profit / (loss) |
(11,5) |
(3,3) |
EBITDA |
(6,4) |
0,7 |
Adjusted EBITDA |
2,0 |
1,2 |
|
|
|
Revenue growth, % |
111,8% |
|
Gross margin, % |
30,8% |
29,1% |
Adjusted EBITDA growth, % |
64,6% |
|
Adjusted EBITDA margin, % |
2,7% |
3,5% |
Financial data for Q1 2021 has been revised to reflect reporting
segments adopted as of Q3 2021
Platform revenue was EUR 72.5 million in Q1
2022, an increase of 111.8% compared to Q1 2021, mainly due to
acquisitions. Gross margin remained at a similar level as in Q1
2021. Adjusted EBITDA was EUR 2.0 million in Q1 2022, an increase
of 64.6% compared to Q1 2021.
Besides the impact of acquisitions, the improved
financial performance reflects increased quality and quantity of
the casual games distribution portfolio, achieved through exclusive
partnerships and organic influx of content providers. New quality
content and continuous adaptation of existing titles contributed to
an increase in revenue compared to Q1 last year. During Q1 2022 we
added approximately 745 new titles to our casual games distribution
portfolio. In addition, we added 20 new publisher partners to our
network to facilitate growth in key markets.
Advertising - Selected KPIs
Advertising Selected KPIs |
Q1 2022 |
Q4 2021 |
Q3 2021 |
Q2 2021 |
Q1 2021 |
Avg. Digital Ads Sold per Month (bn) |
4.4 |
4.9 |
4.3 |
3.2 |
2.9 |
Avg.
Gross Revenue per Million Ad Requests (EUR) |
6.10 |
9.73 |
7.14 |
6.72 |
3.66 |
- Avg. Digital Ads Sold per
Month: the average number of paid impressions per month
increased to 4.4 billion from 2.9 billion in Q1 2021, reflecting
significant growth in the advertising business.
- Avg. Gross Revenue per Million
Ad Requests: Average gross revenue per million ad requests was
EUR 6.10 in Q1 2022, compared to EUR 3.66 in Q1 2021.
Premium Games
Our Premium Games segment includes social games
and metaverse, comprising nine premium game titles. The segment
generates revenue mainly by offering users the ability to make
in-game purchases for extra features and virtual goods to enhance
their gameplay experience. The aim of this segment is to stimulate
social interaction among players and build communities.
Premium Games Financial Highlights
Financial results (EURm) |
|
|
Premium Games |
Q1 2022 |
Q1 2021 |
Net Revenue |
21,8 |
11,3 |
COGS |
(11,3) |
(6,3) |
Gross profit |
10,5 |
5,0 |
Operating & Other Expenses |
(11,0) |
(4,8) |
Operating profit / (loss) |
(0,6) |
0,1 |
EBITDA |
2,5 |
1,3 |
Adjusted EBITDA |
3,9 |
1,5 |
|
|
|
Revenue growth, % |
93,7% |
|
Gross margin, % |
48,0% |
44,2% |
Adjusted EBITDA growth, % |
151,9% |
|
Adjusted EBITDA margin, % |
17,7% |
13,6% |
Financial data for Q1 2021 has been revised to
reflect reporting segments adopted as of Q3 2021
Premium Games revenue was EUR 21.8 million in Q1
2022, an increase of 93.7% compared to Q1 2021. Gross margin
increased to 48.0% from 44.2% in Q1 2021. Adjusted EBITDA was EUR
3.9 million in Q1 2022, an increase of 151.9% compared to Q1
2021.
The improved financial results reflect the
acquisition of Whow Games and lower user acquisition costs. Results
were also positively impacted by stronger performance of Governor
of Poker 3 and Hotel Hideaway driven by a combination of new
features, virtual goods and improved events in Hotel Hideaway. We
also promoted our Premium Games with TV commercials in France for
Governor of Poker 3, integrated Teletubbies-branded avatars in
Hideaway and Habbo, and improved first-time user experience in
Governor of Poker 3.
Results also benefited from the expansion of Web
3.0 with the integration of the Habbo Avatars NFT collection, which
offers unique playable Avatars, airdrops towards owners and the
feature to sell unique in-game usable NFT furniture, in the Habbo
metaverse.
Premium Games – Selected KPIs
Premium Games Selected KPIs |
Q1 2022 |
Q4 2021 |
Q3 2021 |
Q2 2021 |
Q1 2021 |
Avg. Time in Game per Day (min) |
82 |
80 |
79 |
79 |
79 |
Avg. DAUs
(thousands) |
604 |
599 |
616 |
693 |
696 |
Avg.
ARPDAU (EUR) |
0.38 |
0.42 |
0.37 |
0.34 |
0.33 |
Note: Whow Games included for the full
historical period for comparability purposes
- Avg. Time in Game per Day:
time spent playing our Premium Games continued to grow steadily,
mainly due to improved first time user experience and continuous
improvement of live operations.
- Avg. DAUs: Daily Active
Users increased by 1% compared to Q4 2021, following the reset of
number of users post Covid-19 elevated levels.
- Avg. ARPDAU: Average
Revenue per Daily Active User decreased compared to Q4 2021, due to
seasonality. Compared to Q1 2021, ARPDAU increased from EUR 0.33 to
EUR 0.38, primarily driven by improved live operations with better
events and promotions.
Background information: Azerion Holding B.V.
and Azerion Group N.V.
Azerion Holding B.V. is the main holding
subsidiary of Azerion Group N.V., formerly known as EFIC1. The
Azerion Holding B.V. Interim Unaudited Financial Results Q1 2022
are released as required by the terms and conditions of the listed
Senior Secured Callable Fixed Rate Bonds (ISIN:
SE0015837794).
The first consolidated financial results for the
post business combination Azerion Group N.V. will be the half year
2022 interim financial results, further details for which will
follow closer to the time.
Condensed Consolidated financial statements
(unaudited)
The condensed consolidated financial statements
have been prepared in accordance with IFRS.
Condensed consolidated statement of profit or loss and
other comprehensive income (EURm) |
|
Q1 2022 |
Q1 2021 |
|
|
|
|
|
|
|
|
|
|
Revenue |
|
94,4 |
45,5 |
|
Costs of services &
materials |
|
(61,5) |
(30,6) |
Gross profit |
|
32,8 |
15,0 |
|
Personnel costs |
|
(18,6) |
(8,9) |
|
Depreciation |
|
(1,6) |
(1,0) |
|
Amortization |
|
(6,5) |
(3,5) |
|
Impairment of non-current
assets |
|
- |
- |
|
Other gains and losses |
|
(9,3) |
(0,3) |
|
Other expenses |
|
(8,9) |
(4,5) |
Operating profit / (loss) |
|
(12,1) |
(3,2) |
|
Finance income |
|
0,4 |
0,7 |
|
Finance costs |
|
(5,9) |
(2,7) |
Net finance costs |
|
(5,5) |
(2,0) |
|
Share in profit / (loss) of
joint venture |
|
- |
- |
Profit / (loss) before tax |
|
(17,6) |
(5,1) |
|
Income Tax expense |
|
(0,7) |
(0,1) |
Profit / (loss) for the period |
|
(18,3) |
(5,2) |
Attributable
to: |
|
|
|
|
Owners of the company |
|
(18,0) |
(4,7) |
|
Non-controlling
interest |
|
(0,2) |
(0,4) |
|
|
|
|
|
Profit / (loss) for the period |
|
(18,3) |
(5,2) |
|
|
|
|
|
|
Exchange difference on translation of foreign operations |
|
(0,4) |
4,5 |
|
Remeasurement of net defined benefit liability |
|
0,0 |
0,1 |
|
|
|
|
|
|
Total comprehensive income for the period |
|
(18,6) |
(0,6) |
|
Total comprehensive
(loss) / income attributable to: |
|
|
|
|
Owners of the company |
|
(17,9) |
0,2 |
|
Non-controlling interest |
|
(0,7) |
(0,8) |
|
Condensed consolidated statement of financial position
(EURm) |
|
March 31, 2022 |
December 31, 2021 |
|
|
|
|
|
|
Assets |
|
|
|
|
|
Non-current assets |
|
|
321,1 |
323,6 |
|
Intangible assets (incl. Goodwill) |
|
262,6 |
264,8 |
|
Property, plant and equipment |
|
19,1 |
18,5 |
|
Non-current financial assets |
|
36,2 |
36,1 |
|
Deferred tax asset |
|
3,2 |
4,2 |
|
Investment in joint ventures |
|
0,0 |
0,1 |
|
Current assets |
|
|
131,7 |
140,1 |
|
Trade and other receivables |
|
76,5 |
91,3 |
|
Contract assets |
|
11,6 |
12,1 |
|
Current tax assets |
|
1,1 |
1,3 |
|
Cash and cash equivalents |
|
42,6 |
35,3 |
Total assets |
|
|
452,9 |
463,7 |
|
|
|
|
|
|
Equity |
|
|
|
|
Shareholders' equity |
|
|
(1,1) |
(8,6) |
Non-controlling interest |
|
|
1,4 |
1,7 |
Total equity |
|
|
0,4 |
(6,9) |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
Non-current liabilities |
|
258,3 |
260,2 |
|
Borrowings |
|
198,8 |
199,0 |
|
Lease liabilities |
|
13,9 |
14,3 |
|
Provisions |
|
|
1,2 |
0,4 |
|
Employee benefits |
|
1,0 |
1,0 |
|
Deferred tax liability |
|
28,2 |
29,8 |
|
Other non-current liability |
|
15,2 |
15,6 |
|
Current liabilities |
|
|
194,2 |
210,5 |
|
Borrowings |
|
5,5 |
6,8 |
|
Lease liabilities |
|
5,1 |
4,7 |
|
Provisions |
|
|
0,3 |
1,0 |
|
Trade and other payables |
|
135,5 |
141,1 |
|
Other current liabilities |
|
44,6 |
53,5 |
|
Contract liabilities |
|
0,6 |
0,4 |
|
Current tax liabilities |
|
2,6 |
3,0 |
Total liabilities |
|
|
452,5 |
470,6 |
|
|
|
|
|
|
Total equity and liabilities |
|
452,9 |
463,7 |
Condensed consolidated statement of cash flow
(EURm) |
Q1 2022 |
|
|
Cash flows from operating
activities |
|
Operating profit / (loss) |
(12,0) |
|
|
Adjustments for non-cash operating
profit / (loss) |
9,8 |
|
|
Changes in
working capital items: |
|
Decrease /
(increase) in net receivables |
20,2 |
Increase /
(decrease) in accounts payables and other payables |
(5,8) |
|
|
Income tax paid |
(0,4) |
Interest paid |
(5,3) |
Net cash provided by (used for) operating
activities |
6,5 |
|
|
Cash flows from investing
activities |
|
Net capital expenditures |
(5,6) |
Decrease / (increase) in loans and other
investments |
0,0 |
Net cash outflow on acquisition of
subsidiaries |
(2,6) |
Net cash provided by (used for) investing
activities |
(8,2) |
|
|
Cash flows from financing
activities |
|
Capital contributions |
12,2 |
Other financing activities |
(3,2) |
Net cash provided by (used for) financing
activities |
9,0 |
|
|
Effect of changes in exchange rates on
cash and cash equivalents |
(0,0) |
Effect of exchange rate changes & accounting
principles |
(0,0) |
|
|
Cash flow variation |
7,3 |
|
|
Cash and cash equivalents at the
beginning of the year |
35,3 |
Cash and cash equivalents at the end of the
period |
42,6 |
Other information
|
|
Q1 2022 |
|
|
Reconciliation of net income to Adjusted EBITDA
(EURm) |
Azerion Holding B.V. |
Premium Gaming |
Platform |
|
|
|
|
|
|
|
|
|
|
Profit / (loss) for
the period |
(18,3) |
|
|
|
Income Tax expense |
0,7 |
|
|
Profit / (loss)
before tax |
(17,6) |
|
|
|
Net finance costs |
5,6 |
|
|
Operating profit /
(loss) (also called EBIT) |
(12,0) |
(0,6) |
(11,5) |
|
Depreciation & Amortization |
8,1 |
3,1 |
5,1 |
EBITDA |
(3,9) |
2,5 |
(6,4) |
|
|
|
|
|
|
Transition
expenses - Capital Markets* |
8,8 |
1,3 |
7,5 |
|
Other
non-recurring income or expenses |
1,0 |
0,1 |
0,9 |
|
|
|
|
|
Adjusted EBITDA |
5,9 |
3,9 |
2,0 |
|
|
|
|
|
*Early exercised share-based appreciation rights |
|
|
|
Interest Bearing Debt (EURm) |
|
March 31, 2022 |
December 31, 2021 |
Total
non-current indebtedness |
|
212,7 |
213,3 |
Total current indebtedness |
|
10,6 |
11,5 |
Total
financial indebtedness |
|
223,3 |
224,8 |
|
|
|
|
Adjustments |
|
|
|
|
|
|
|
Add Postponed
VAT payables |
|
0,6 |
0,5 |
Add Postponed
Wage tax payable |
|
4,5 |
3,2 |
Deduct Zero
interest bearing loans |
|
0,6 |
0,7 |
Interest Bearing Debt |
|
227,9 |
227,8 |
Less: Cash and
cash equivalents |
|
(42,6) |
(35,3) |
Net
Interest Bearing Debt |
|
185,3 |
192,5 |
Cautionary Notice
This communication contains information that
qualifies as inside information within the meaning of Article 7(1)
of the EU Market Abuse Regulation.
This communication may include forward-looking
statements. All statements other than statements of historical
facts may be forward-looking statements. Words and expressions such
as believes, estimates, plans, projects, anticipates, expects,
intends, may, will, should or other similar words or expressions
are typically used to identify forward-looking statements.
Forward-looking statements are subject to risks, uncertainties and
other factors that are difficult to predict and that may cause the
actual results of the company to differ materially from future
results expressed or implied by such forward-looking
statements.
Any forward-looking statements reflect the
company’s current views and assumptions based on information
currently available to the company’s management. Forward-looking
statements speak only as of the date they are made, and the company
does not assume any obligation to update such statements, except as
required by law.
This report has been prepared as required by the
terms and conditions of the Senior Secured Callable Fixed Rate
Bonds ISIN: SE0015837794. This report has not been reviewed or
audited.
Some financial positions, which have currently
been assessed for Azerion Holding B.V. are likely to change as a
result of the consolidation of the post business combination
accounts of Azerion Group N.V., to be reported in the half year
2022 results on the dates indicated in our financial calendar at
www.azerion.com/investors.
Certain financial data included in the report
consists of alternative performance measures (“non-IFRS financial
measures”), including EBITDA and Adjusted EBITDA. The alternative
performance measures, along with comparable IFRS measures, are used
by Azerion’s management to evaluate the business performance and
are useful to investors. They may not be comparable to
similarly-titled measures as presented by other companies, nor
should they be considered as an alternative to the historical
financial results or other indicators of Azerion Holding's cash
flow based on IFRS. Even though the alternative performance
measures are used by management to assess the Azerion Holdings
financial position, financial results and liquidity and these types
of measures are commonly used by investors, they have important
limitations as analytical tools, and the recipients should not
consider them in isolation or as a substitute for analysis of
Azerion Holding's financial position or results of operations as
reported under IFRS.
Adjusted EBITDA as defined in the Definitions
section of this Interim Report. For all definitions and
reconciliations of alternative performance measures please also
refer to www.azerion.com/investors. This report may contain
forward-looking alternative performance measures. We are unable to
provide a reconciliation of these forward-looking alternative
performance measures to the most comparable IFRS financial measure
because certain information is dependent on future events some of
which are outside the control of the company.
Contact
Investor Relations: ir@azerion.comMedia relations:
press@azerion.com |
|
|
|
|
|
Definitions
Adjusted EBITDA means in all places
other than in relation to Pro Forma LTM, in respect of the
period, the consolidated profit of the Holding Group from ordinary
activities according to the latest Financial Report(s):(a) before
deducting any amount of tax on profits, gains or income paid or
payable by any member of the Holding Group;(b) before deducting any
Net Finance Costs;(c) before taking into account any extraordinary
items and any non-recurring items which are not in line with the
ordinary course of business;(d) before taking into account any
Transaction Costs;(e) not including any accrued interest owing to
any Holding Group Company;(f) before taking into account any
unrealised gains or losses on any derivativeinstrument (other than
any derivative instruments which are accounted for on ahedge
account basis);(g) after adding back or deducting, as the case may
be, the amount of any loss or gain against book value arising on a
disposal of any asset (other than in the ordinary course of
trading) and any loss or gain arising from an upward or downward
revaluation of any asset; and(h) after adding back any amount
attributable to the amortisation, depreciation or depletion of
assets of members of the Holding Group
Adjusted EBITDA means in the
context of Pro Forma LTM, EBITDA as defined in the terms and
conditions of the Senior Secured Callable Fixed Rate Bonds ISIN:
SE0015837794, in respect of the Reference Period, the consolidated
profit of the Holding Group from ordinary activities according to
the latest Financial Report(s):
(a) before deducting any amount of tax on
profits, gains or income paid or payable by any member of the
Holding Group;(b) before deducting any Net Finance Cost(c) before
taking into account any extraordinary items and any non-recurring
items which are not in line with the ordinary course of business
provided that such items are not in excess of an amount equal to
ten (10) per cent. of EBITDA in the Reference Period;(d) before
taking into account any Transaction Costs;(e) not including any
accrued interest owing to any Holding Group Company;(f) before
taking into account any unrealised gains or losses on any
derivativeinstrument (other than any derivative instruments which
are accounted for on ahedge account basis);(g) after adding back or
deducting, as the case may be, the amount of any loss or gain
against book value arising on a disposal of any asset (other than
in the ordinary course of trading) and any loss or gain arising
from an upward or downward revaluation of any asset;(h) after
deducting the amount of any profit (or adding back the amount of
any loss) of any Holding Group Company which is attributable to
minority interests;(i) plus or minus the Holding Group's share of
the profits or losses of entities which are not part of the Holding
Group; and(j) after adding back any amount attributable to the
amortisation, depreciation or depletion of assets of members of the
Holding Group
Adjusted EBITDA Margin means Adjusted
EBITDA as a percentage of revenue
ARPDAU means Average Revenue per Daily
Active User - revenue per period divided by days in the period
divided by average daily active users in that period
Average DAUs: DAUs means Daily Active
Users and average DAUs is the number of distinct users per
day averaged across the relevant period
Azerion Holding means Azerion Holding
B.V. and Holding Group means Azerion Holding and each of its
subsidiaries from time to time and Holding Group Company means any
of them
EBIT means, in respect of the period, the
consolidated profit from ordinary activities according to the
latest Financial Report(s):
(a) before deducting any amount of tax on
profits, gains or income paid or payable by any member of the
Group;(b) before deducting any Net Finance Charges
EBITDA means, in respect of the period,
the consolidated profit of the Holding Group from ordinary
activities according to the latest Financial Report(s):(a) before
deducting any amount of tax on profits, gains or income paid or
payable by any member of the Holding Group;(b) before deducting any
Net Finance Costs;(c) before deducting any amount attributable to
the amortisation, depreciation or depletion of assets of members of
the Holding Group.
EFIC1 means European FinTech IPO Company
1 B.V.
Financial Indebtedness means as defined
in the terms and conditions of the Senior Secured Callable Fixed
Rate Bonds ISIN: SE0015837794 any indebtedness in respect of:
- monies borrowed or raised,
including Market Loans;
- the amount of any
liability in respect of any Finance Leases;
- receivables sold or
discounted (other than any receivables to the extent they are sold
on a non-recourse basis);
- any amount raised under
any other transaction (including any forward sale or purchase
agreement) having the commercial effect of a borrowing;
Gross Margin means Gross Profit as a
percentage of revenue
Gross Profit means the profit Azerion
Holding B.V. makes after subtracting all (variable) costs that are
related to manufacturing and selling its products or services. The
gross profit can be calculated by deducting the cost of goods sold
(COGS) from total sales.
Net Interest Bearing Debt as
defined in the terms and conditions of the Senior Secured Callable
Fixed Rate Bonds ISIN: SE0015837794 means the aggregate interest
bearing Financial Indebtedness less cash and cash equivalents of
the Holding Group in accordance with the Accounting Principles (for
the avoidance of doubt, excluding any Bonds owned by the Issuer,
guarantees, bank guarantees, Subordinated Loans, any claims
subordinated pursuant to a subordination agreement on terms and
conditions satisfactory to the Agent and interest bearing Financial
Indebtedness borrowed from any Group Company) as such terms are
defined in the terms and conditions of the Senior Secured Callable
Fixed Rate Bonds ISIN: SE0015837794
Pro Forma LTM means the last twelve
months Revenue or Adjusted EBITDA (as applicable) adjusted to
include the contribution from companies or assets acquired during
the last twelve months as if they had been acquired at the start of
the last twelve months
Reference Period means as defined in the
terms and conditions of the Senior Secured Callable Fixed Rate
Bonds ISIN: SE0015837794 each period of twelve consecutive calendar
months
Transaction Costs means all fees, costs
and expenses, stamp, registration and other taxes incurred by
Azerion Holding or any other Holding Group Company in connection
with (i) the Bond Issue, (ii), any Subsequent Bond Issue, (iii) the
listing of the Bonds or any Subsequent Bonds, (iv) acquisitions,
mergers and divestments of companies and (v) an Equity Listing
Event, as such terms are defined in the terms and conditions of the
Senior Secured Callable Fixed Rate Bonds ISIN: SE0015837794
Azerion Group NV (EU:AZRN)
過去 株価チャート
から 3 2024 まで 4 2024
Azerion Group NV (EU:AZRN)
過去 株価チャート
から 4 2023 まで 4 2024