MGI reports record quarter achieving 96% revenue growth with an underlying 38% organic growth Monday, April 26, 2021 - Disclosure of an inside information according to Article 17 of the Regulation (EU) No 596/2014 Media and Games Invest plc ("MGI", or the "Company"); publishes its Interim Report Q1 2021 reporting strong organic revenue growth of 38% for the group with additional 58% M&A driven growth following the KingsIsle and LKQD acquisition - and far more than doubled profitability as adjusted EBITDA (+127%) and adjusted EBIT (+173%) surged. Highlights Q1 ? Net revenues amounted to 51.9 mEUR (Q1'20: 26.5 mEUR), which is an increase of 96% based on a strong organic growth of 38% with additional 58% M&A-driven growth. ? Adjusted EBITDA1 amounted to 13.5 mEUR (Q1'20: 5.9 mEUR), which is an increase of 127% based on the high revenue increase following organic growth, supported by a strong EBITDA contribution from KingsIsle. ? Adjusted EBIT2 amounted to 9.3 mEUR (Q1'20: 3.4 mEUR), which is an increase of 173%. ? Earnings per share (EPS) undiluted/diluted amounted to EUR 0.02 cents (Q1'20: EUR 0.01 cents) and increased by 83%. EPS undiluted/diluted adjusted for PPA-amortization amounted to EUR 0.04 cents (Q1'20: EUR 0.02 cents) and increased by 94%. ? Net interest-bearing debt3 as of March 31, 2021 amounted to 97.6 mEUR (December 31, 2020: 61.6 mEUR). ? The leverage ratio4 amounted to 2.7 as per March 31, 2021 (2.1 as of December 31, 2020). This increase was caused by the cash out for the KingsIsle acquisition while KingsIsle's EBITDA just contributed to one quarter yet. Despite that, MGI ended up in the mid-range of its net leverage target ratio of 2 - 3x. ? Cash and cash equivalents amounted to 51.7 mEUR as of March 31, 2021 compared to 46.3 mEUR as of December 31, 2020. SELECTED KEY PERFORMANCE INDICATORS, MGI GROUP In mEUR Q1 2021 Q1 2020 FY 2020 Net Revenues 51.9 26.5 140.2 YoY Growth in revenues 96% 99% 67% EBITDA5 12.1 5.3 26.5 EBITDA margins6 23% 20% 19% Adj. EBITDA 13.5 5.9 29.1 Adj. EBITDA margins 26% 22% 21% Adj. EBIT 9.3 3.4 17.5 Adj. EBIT margins7 18% 13% 12% Net Result 2.3 0.1 2.7
SELECTED KEY PERFORMANCE INDICATORS, MGI SEGMENTS
MGI Games Segment In mEUR Q1 2021 Q1 2020 FY 2020 Net Revenues 27.4 13.9 75.2 YoY Growth in revenues 97% - 74% EBITDA 9.5 4.5 21.4 EBITDA margins 35% 32% 29% Adj. EBITDA 10.9 5.0 23.2 Adj. EBITDA margins 40% 36% 31% MGI Media Segment In mEUR Q1 2021 Q1 2020 FY 2020 Net Revenues 24.5 12.6 65.0 YoY Growth in revenues 94% - 59% EBITDA 2.6 0.8 5.1 EBITDA margins 11% 6% 8% Adj. EBITDA 2.6 0.9 6.0 Adj. EBITDA margins 11% 7% 9%
A word from Remco Westermann, CEO
“We closed the start of the year with another record quarter underway. Revenue increased 96% to 51.9 million euros year-on-year. This was achieved through a combination of 38% organic growth and 58% growth driven by mergers and acquisitions. We have also increased the already high profitability. of 127% to 13.5 million euros of adjusted EBITDA. At the same time, we have laid many cornerstones for future growth, heralding the strongest organic pipeline in MGI history. This includes the launch of the upcoming game Heroes of Twilight and Skydome as well as the launch of Verve in Japan. The positive growth outlook is complemented by a strong recovery in the media market due to the foreseeable end of the pandemic. Combined with a strong balance sheet after the € 40 million Tap issue, we are poised for further organic and M&A driven growth, ”said Remco Westermann, CEO and Chairman of the Board of MGI Group.
Notes – All Notes are defined as in MGI’s Q1 2020 Interim Report
Note (1) Adjusted EBITDA: Published EBITDA excluding non-recurring costs. EBITDA adjustments amounted to EUR 1.4m (Q1’20: EUR 0.6m) driven by M&A costs related to the KingsIsle acquisition. Note (2) Adjusted EBIT: Profit before interest and taxes excluding non-recurring costs and PPA depreciation. Note (3) Net interest-bearing debt: Interest-bearing financial debt excluding loans to shareholders and related parties less cash and cash equivalents. Note (4) Leverage ratio: Net interest-bearing debt divided by adjusted EBITDA for the last 12 months, excluding loans to shareholders and related parties. Note (5) EBITDA: Profit before interest, taxes, depreciation and amortization. Note (6) EBITDA margins: EBITDA divided by net income. Note (7) Adjusted EBIT margins: Adjusted EBIT divided by net income. Invitation to investor presentation
MGI is also inviting investors to participate in the presentation of Q1 results by Remco Westermann (CEO) and Paul Echt (CFO) on Monday April 26, 2021 at 10:00 a.m. CEST. The presentation will be conducted in English and will also be available on demand on the Company’s website at www.mgi.group.
To participate by webcast, please visit:
To participate by phone, please call: Sweden: +46856642692 UK: +443333009265 USA: +18338230589 Germany: +4969222239166
The preliminary report Q1 2021 is available on the company’s website www.mgi.group.
The information in this notice has been made available for publication by the agency of the responsible person specified below as of the date disclosed by the news distributor of MGI EQS Newswire at the time of the publication of this press release. The responsible persons listed below can be contacted for more information.
Media and Games Invest plc
168 Saint-Christophe Street
VLT 1467 Valletta
Telephone: +356 21 22 7553 Fax: +356 21 22 7667 E-mail: [email protected] Internet: www.mgi.group
Remco Westermann Chairman of the Board of Directors and CEO +49 40411 885206
Sören Barz Head of Investor Relations +49 170 376 9571 [email protected]
Jenny Rosberg, ROPA, IR contact Stockholm +46707472741 [email protected]
Axel Mühlhaus / Dr. Sönke Knop, edicto GmbH, IR contact Frankfurt +49 69 9055 05 51 [email protected]
About Media and Games Invest plc
Media and Games Invest plc (ISIN: MT0000580101) is a digital integrated media and games company with a primary operational presence in Europe and North America. The company combines organic growth with synergistic value-generating acquisitions, demonstrating continued strong and profitable growth with a CAGR of 45% over the past 6 years. In addition to strong organic growth, MGI Group has successfully acquired over 30 companies and assets over the past 6 years. Acquired assets and businesses are integrated and, among other things, cloud technology is actively used to gain efficiencies and competitive advantages. The company’s shares are listed on the Nasdaq First North Premier Growth Market in Stockholm and in the Scale segment of the Frankfurt Stock Exchange. The Company has a covered bond listed on Nasdaq Stockholm and on the Open Market of the Frankfurt Stock Exchange, as well as an unsecured bond listed on the Open Market of the Frankfurt Stock Exchange.
The company’s certified advisor on the Nasdaq First North Premier Growth Market is FNCA Sweden AB; [email protected], + 46-8-528 00399.
This press release contains forward-looking statements that reflect the intentions, beliefs or current expectations of the company regarding the future results of operations, financial condition, liquidity, performance, prospects, expected growth, strategies and opportunities and the markets and the objectives of the company and the group. in which the company and the group operate. Forward-looking statements are statements that are not historical fact and can be identified by words such as “believe”, “expect”, “anticipate”, “intend”, “may”, “plan” , “estimate”, “will”, “should”, “could”, “aim” or “could”, or, in each case, their negative or similar expressions. The forward-looking statements contained in this press release are based on various assumptions, many of which, in turn, are based on other assumptions. Although the company believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that they will materialize or prove to be correct. Since these statements are based on assumptions or estimates and are subject to risks and uncertainties, actual results or results could differ materially from those stated in forward-looking statements due to many factors. These risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this press release by these forward-looking statements. The Company does not guarantee that the assumptions underlying any forward-looking statements in this press release are free from error, and readers of this press release should not place undue reliance on any forward-looking statements in this press release. The forward-looking information, opinions and statements which are expressly or impliedly contained herein speak only as of the date and are subject to change without notice. Neither the Company nor anyone else undertakes to review, update, confirm or publicly publish revisions of any forward-looking statement to reflect events that occur or circumstances that arise in connection with the contents of this release, unless required by law. or the applicable stock exchange rules. ————————————————– ————————————————– ——————- File: MGI – Interim report Q1 2021
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(END) Dow Jones News Wire
April 26, 2021 02:32 ET (06:32 GMT)