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Media and Games Invest publishes Half Year Report 2021 - Strong organic revenue growth of 36% in Q2'21 while adj. EBITDA increased by 127%; intends to refinance German Bond of 25 mEUR

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Media and Games Invest SE / Key word(s): Half Year Report/Bond
Media and Games Invest publishes Half Year Report 2021 - Strong organic revenue growth of 36% in Q2'21 while adj. EBITDA increased by 127%; intends to refinance German Bond of 25 mEUR

18-Aug-2021 / 08:00 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Media and Games Invest publishes Half Year Report 2021 - Strong organic revenue growth of 36% in Q2'21 while adj. EBITDA increased by 127%; intends to refinance German Bond of 25 mEUR

Wednesday, August 18, 2021 - Disclosure of inside information according to Article 17 of the Regulation (EU) No 596/2014 (MAR)
 

August 18, 2021 - Media and Games Invest SE ("MGI" or the "Company", ISIN: MT0000580101; ticker M8G; Nasdaq First North Premier Growth Market and Scale Segment Frankfurt Stock Exchange) publishes its Half Year Report 2021 showing strong organic revenue growth of 37% with additional 56% M&A driven revenue growth in H1'21 compared to H1'20, resulting in total H1'21 revenue of 109 mEUR, and overall growth of net revenues of 93%. Profitability also more than doubled in H1'21, with adjusted EBITDA (+127%) and adjusted EBIT (+168%) growing even stronger than revenues in H1'21. The financial performance confirms the positive underlying trend and is outstanding considering the already strong numbers in the H1'20 where lockdowns due to Covid-19 resulted in a strong uplift of the revenues especially in the second quarter of 2020. Due to the strong financial performance, MGI has experienced a declining cost of capital in recent times. Therefore, the Company plans to refinance its German unsecured bond (ISIN: DE000A2R4KF3) with a volume of 25 mEUR and an interest rate of 7.00% at a price of 103% of the nominal value in October 2021 (in line with the bond's terms and conditions). For this purpose, MGI has mandated Pareto Securities to evaluate a subsequent bond issue of its Senior secured bond (ISIN: SE0015194527) of up to 80 mEUR. The remaining amount after the repayment of up to 55 mEUR are envisaged to be used for further M&A and organic growth investments.

HIGHLIGHTS Q2 2021
 

 

HIGHLIGHTS H1 2021
 


SELECTED KEY PERFORMANCE INDICATORS, MGI GROUP

In mEUR

Q2 2021

Q2 2020

H1 2021

H1 2020

FY 2020

Net Revenues

57.1

30.0

109.0

56.6

140.2

YoY Growth in revenues

90%

97%

93%

98%

67%

EBITDA5

14.5

6.3

26.6

11.6

26.5

EBITDA margins6

25%

21%

24%

21%

19%

Adj. EBITDA

15.3

6.7

28.7

12.7

29.1

Adj. EBITDA margins

27%

22%

26%

22%

21%

Adj. EBIT

11.1

4.2

20.4

7.6

17.5

Adj. EBIT margins7

19%

14%

19%

13%

12%

Net Result

3.4

0.4

5.6

0.5

2.7

 

 

SELECTED KEY PERFORMANCE INDICATORS, MGI SEGMENTS

 

MGI Games Segment

 

 

 

 

 

 

 

 

 

In mEUR

Q2 2021

Q2 2020

H1 2021

H1 2020

FY 2020

Net Revenues

28.0

18.8

55.4

32.7

75.2

YoY Growth in revenues

49%

-

69%

-

74%

EBITDA

10.2

5.3

19.6

9.8

21.4

EBITDA margins

36%

28%

35%

30%

29%

Adj. EBITDA

10.6

5.5

21.4

10.5

23.2

Adj. EBITDA margins

38%

29%

39%

32%

31%


 

 

 

 

 

 

MGI Media Segment

 

 

 

 

 

 

 

 

 

 

 

In mEUR

Q2 2021

Q2 2020

H1 2021

H1 2020

FY 2020

Net Revenues

29.1

11.2

53.6

23.8

65.0

YoY Growth in revenues

159%

-

125%

-

59%

EBITDA

4.4

1.0

7.0

1.8

5.1

EBITDA margins

15%

9%

13%

8%

8%

Adj. EBITDA

4.7

1.2

7.3

2.1

6.0

Adj. EBITDA margins

16%

11%

14%

9%

9%

The Half-Year Report 2021 is available on MGI's corporate website at www.mgi-se.com in the Investor Relations section.

Information and Explanation of the Issuer to this News:

A WORD FROM REMCO WESTERMANN, CEO

'We are pleased to announce another strong quarter driven particularly by revenue synergies and organic growth from our Media and Games segments. In Q2 2021, MGI's Group revenues increased by 90% to 57 m EUR (Q2'20: 30 mEUR). With 36%, the organic growth was well above plan and therefore outstanding, especially when taking into account that the second quarter last year had exceptionally strong numbers driven by positive effects of the Covid-19 pandemic. Adjusted EBITDA grew even stronger than the revenues due to the strong performance of KingsIsle in combination with overall economies of scale and increased by 127% to 15 mEUR (Q2'20: 7 mEUR). Economies of scale especially kicked in for the Media segment based on revenue growth and synergy realization, reaching 16% adj. EBITDA margin for the second quarter in 2021 (Q2'20: 11%). While we are happy to deliver outstanding growth, our capital markets activity in Q2 2021 has been equally appealing raising more than 270 mEUR in equity and debt from well-known institutional investors, which enables us to execute on our M&A pipeline and continue our path of strong M&A driven as well as organic growth.' says Remco Westermann, CEO & Chairman of the Board of Media and Games Invest SE.


NOTES - ALL NOTES ARE DEFINED AS IN THE HALF YEAR REPORT Q2 2021 OF MGI
Note (1) Adjusted EBITDA: Reported EBITDA excluding one-time costs. EBITDA adjustments amounted to 2.1 mEUR in H1 2021 (H1'20: 1.1 mEUR) and were made for one-time M&A (legal and advisory) related costs as well as the ESOP program.
Note (2) Adjusted EBIT: Earnings before interest and taxes excluding one-time costs and PPA depreciation. For adjustments, please see footnote 1 above.
Note (3) Net interest bearing debt: Interest bearing Financial Indebtedness excluding Shareholder and Related Party Loans minus Cash and Cash Equivalents.
Note (4) Leverage ratio: Net Interest-Bearing Debt divided by adjusted EBITDA for the past 12 months.
Note (5) EBITDA: Earnings before interest, taxes, depreciation, and amortization.
Note (6) EBITDA margins: EBITDA divided by Net Revenues.
Note (7) Adjusted EBIT margins: Adjusted EBIT divided by Net Revenues.



CAPITAL MARKETS DAY 2021

Event date
Thursday, August 19, 2021, 10.30 am CEST

Weblink
https://tv.streamfabriken.com/mgi-cmd-2021

Participant dial in number (NOTE: PIN code needed for participants)
DE: +4969222239167
SE: +46850558354
UK: +443333009030
US: +1 6319131422

Participants Pin Code
PIN: 21012820#

Responsible parties

This information is such information Media and Games Invest SE is obliged to make public in accordance with the (EU) Market Abuse Regulation 596/2014. The information in this release has been made public through the agency of the responsible persons set out below for publication at the time stated by MGI's news distributor EQS Newswire at the publication of this release. The responsible persons below may be contacted for further information.

For further information, please contact:

Remco Westermann
Chairman of the Board and CEO
+356-203 301 64
board@mgi-se.com

Sören Barz
Head of Investor Relations
+49 170 376 9571
soeren.barz@mgi-se.com, investor@mgi-se.com
www.mgi-se.com

Jenny Rosberg, ROPA, IR contact Stockholm
+46707472741
Jenny.rosberg@ropa.se

Axel Mühlhaus / Dr. Sönke Knop, edicto GmbH, IR contact Frankfurt
+49 69 9055 05 51
mgi@edicto.de

About Media and Games Invest SE

Media and Games Invest SE is a digital integrated games and media company with main operational presence in Europe and North America. The company combines organic growth with value-generating synergetic acquisitions, demonstrating continuous strong, profitable growth with a revenue CAGR of 78% (2018 - LTM Q2'21). Next to strong organic growth, the MGI Group has successfully acquired more than 30 companies and assets in the past 6 years. The acquired assets and companies are integrated and amongst others cloud technology is actively used to achieve efficiency gains and competitive advantages. The Company's shares are listed on Nasdaq First North Premier Growth Market in Stockholm and in the Scale segment of the Frankfurt Stock Exchange. The Company has a secured bond that is listed on Nasdaq Stockholm and on the Frankfurt Stock Exchange Open Market as well as an unsecured bond listed on the Frankfurt Stock Exchange Open Market.

The Company's certified advisor on Nasdaq First North Premier Growth Market is FNCA Sweden AB; info@fnca.se, +46-8-528 00 399.

Forward-looking statements

This release contains forward-looking statements that reflect the Company's intentions, beliefs, or current expectations about and targets for the Company's and the group's future results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which the Company and the group operates. Forward-looking statements are statements that are not historical facts and may be identified by words such as 'believe', 'expect', 'anticipate', 'intend', 'may', 'plan', 'estimate', 'will', 'should', 'could', 'aim' or 'might', or, in each case, their negative, or similar expressions. The forward-looking statements in this release, including the pro-forma financial figures addressed therein, are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that the expectations reflected in these forward-looking statements and pro-forma financial numbers [are reasonable][have been developed on a reasonable basis], it can give no assurances that they will materialize or prove to be correct. Because these statements are based on assumptions or estimates and are subject to risks and uncertainties, the actual results or outcome could differ materially from those set out in the forward-looking statements as a result of many factors. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The Company does not guarantee that the assumptions underlying the forward-looking statements in this release (including the pro-forma financial figures) are free from errors and readers of this release should not place undue reliance on the forward-looking statements in this release. The information, opinions and forward-looking statements that are expressly or implicitly contained herein speak only as of its date and are subject to change without notice. Neither the Company nor anyone else undertake to review, update, confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this release, unless it is so required by law or applicable stock exchange rules.

18-Aug-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

Media and Games Invest SE

St. Christopher Street 168

VLT 1467 Valletta

Malta

Phone:

+356 21 22 7553

Fax:

+356 21 22 7667

E-mail:

info@mgi.group

Internet:

www.mgi.group

ISIN:

MT0000580101

WKN:

A1JGT0

Listed:

Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Munich, Stuttgart, Tradegate Exchange; FNSE

EQS News ID:

1227207


 

End of Announcement

DGAP News Service

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