Caybon Interim Report Second Quarter 2023April - June 2023
- Net Sales increased by 16% to 262,409 (226,130) TSEK, of which 18% is acquired growth, 3% is exchange rate related and 5% is negative organic growth.
- EBITDA decreased by 36% to 13,874 (21,511) TSEK, adjusted* EBITDA decreased 46% to 13,874 (25,656) TSEK.
- EBITA decreased 59% to 6,677 (16,427) TSEK, adjusted* EBITA decreased 68% to 6,677 (20,572) TSEK.
- EBITA margin amounted to 2.5% (7.3), adjusted* EBITA-margin amounted to 2.5% (9.1).
- Net Profit for the period amounted to -18,318 (3,596) TSEK.
- Cash Flow from operations was 11,609 (27,348) TSEK.
- It should be noted that FMG Group was not part of Caybon Group during the second quarter 2022.
January - June 2023
- Net Sales increased by 11% to 517,953 (467,576) TSEK, of which 17% is acquired growth, 2% is exchange rate related and 8% is negative organic growth.
- EBITDA decreased by 48% to 25,970 (49,644) TSEK, adjusted* EBITDA decreased 54% to 25,970 (56,723) TSEK.
- EBITA decreased 72% to 11,130 (39,541) TSEK, adjusted* EBITA decreased 76% to 11,130 (46,620) TSEK.
- EBITA margin amounted to 2.1% (8.5), adjusted* EBITA margin amounted to 2.1% (10).
- Net Profit for the period amounted to -27,139 (12,760) TSEK.
- Cash Flow from operations was 7,389 (28,807) TSEK.
- It should be noted that FMG Group was not part of Caybon Group during the first half of 2022.
Adjusted amounts exclude non-recurring items and aim to give a picture of the underlying development; see note 6.
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2023
|
2022
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|
2023
|
2022
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LTM
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2022
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TSEK
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Apr-Jun
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Apr-Jun
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Chg, %
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Jan-Jun
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Jan-Jun
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Chg, %
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Full year
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Net Sales
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262 409
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226 130
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16%
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517 953
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467 576
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11%
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1 033 991
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983 615
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Gross profit
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131 982
|
117 835
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12%
|
266 065
|
248 366
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7%
|
547 745
|
530 501
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Gross profit margin, %
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50,3%
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52,1%
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-3%
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51,4%
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53,1%
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-3%
|
53,0%
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53,9%
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EBITDA
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13 874
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21 511
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-36%
|
25 970
|
49 644
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-48%
|
76 397
|
100 071
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EBITDA margin, %
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5,3%
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9,5%
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-44%
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5,0%
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10,6%
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-53%
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7,4%
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10,2%
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Adjusted EBITA
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6 677
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20 572
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-68%
|
11 130
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46 620
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-76%
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52 653
|
88 144
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Adjusted EBITA margin, %
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2,5%
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9,1%
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-72%
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2,1%
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10,0%
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-78%
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5,1%
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9,0%
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Net Profit
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-18 318
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3 596
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-609%
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-27 139
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12 760
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-313%
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-38 484
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1 416
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Cash flow from operations
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11 609
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27 348
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-58%
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7 389
|
28 807
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-74%
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57 245
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78 662
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EBITDA, EBITA and Net Profit are affected by non-recurring items amounting to 0 (4,145) TSEK for the period Apr-Jun and 0 (7,079) for the period Jan-Jun. Specification found in note 6.
CEO comment
Profitability despite current market headwinds
Despite the challenges of the current macro-economic environment, Caybon still delivered a positive EBITDA and cashflow from operations.
Sales growth
Caybon showed growth in net sales for the Group in the second quarter, due to the contribution of FMG. Caybon reported net sales of 262,409 (226,130) TSEK in the second quarter, which represented a growth of 16% in total. However, organic growth was negative and down by 5%, while exchange rate contributed 3% and acquired growth contributed 18%. The earnings came in lower, with adjusted EBITA at 6,677 (20,572) TSEK.
Campaign segment
Both Mediaplanet and FMG have been affected by weak market conditions and global uncertainties that have continued to dampen media spend. However, we have seen positive movements and increased sales and profit in other business areas, such as N365. The campaign segment reported EBITA at 6,939 (15,148) TSEK. Net sales grew and amounted to 194,543 (150,071) TSEK. This increase was mainly due to the acquisition of FMG. Despite the various challenges, we can also report a couple of positive developments for Mediaplanet:
Our significant investment in a new CRM has reached its launch stage and I'm happy that all Mediaplanet markets will be active in this new system by the end of Q3. We have been proactive on the management side, with new local leadership now in place for Poland, Finland and Germany.
Network segment
In the Network segment Net Sales declined by 11% to 69,750 (78,038) TSEK, while EBITA declined to 7,393 (12,224) TSEK. Splay One's continued negative organic growth year-on-year is an effect of its ongoing organisational restructuring and changes that were made to the product mix. For Newsner, the decline in revenue was an effect of the discontinued Facebook Instant Articles (FBIA) revenue model, although and gladly, the decrease was not as much as initially expected.
I am confident that the changes both business areas are making will lead to an improved performance in the near future.
Outlook
The macroeconomic outlook for the second half of 2023 is pessimistic. And that pessimism may continue to rub off on overall mediaspend and have some effect on our business for the time being. This means that it is difficult to assess when we will see a broad recovery in Caybon's advertising markets (especially the campaign segment).
Richard Båge, CEO
For more information please contact:
Richard Båge, Chief Executive Officer. Email: [email protected]
Johan Janing, Chief Finance Officer. Email: [email protected]
Caybon Holding AB (publ) is required to disclose this information pursuant to EU Market Use Regulation 596/2014. The information was provided by the above contact persons for publication on 25 August 2023 at 08:00 CET.
The following documents can be retrieved from beQuoted
20230825-PM-Q2-2023-ENG.pdf
Caybon-Interim-Report-April-June-2023.pdf About Caybon
Caybon is a world-leading digital media company focused on branded content that drives tangible results.
Caybon is a group of scalable, digitally focused marketing companies specialised in content and distribution. The purpose is to offer advertisers and organisations a way to communicate with their target group in an editorial and relevant context. The various offerings include a range of solutions from online media, videos, performance related advertising, events as well as printed products. Revenues in turn are derived from content production as well as various forms of advertising solutions. The clients range from small to medium sized companies all the way up to multinational groups. The client base is thus diversified in terms of both size, sector and geography. The six brands within the Group are grouped into two business segments: Campaign and Network.
Next reporting will be the Interim report for Q3 on Nov 17 2023
For more info visit www.caybon.com
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