Quarterly Report • Apr 25, 2023
Quarterly Report
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Viaplay paying subscribers up 60% YoY to 7,643k (4,783) with 325k subscribers added QoQ
Viaplay revenues up 68% on organic basis to represent 52% share of total revenues
30% group organic sales growth with reported sales of SEK 4,537m (3,324)
Operating income before associated company income (ACI) and items affecting comparability (IAC) of SEK -291m (-49), of which SEK 163m (256) for the Nordics and SEK -454m (-305) for the International markets
Total reported operating income of SEK -325m (602), including ACI of SEK 10m (55) and IAC of SEK -44m (595)
Net income of SEK -288m (483) and EPS of SEK -3.68 (6.20)
| Full | |||
|---|---|---|---|
| Q1 | Q1 | year | |
| (SEKm) | 2023 | 2022 | 2022 |
| Net sales | 4,537 | 3,324 | 15,691 |
| Organic growth | 30.3% | 9.9% | 19.7% |
| Operating income before ACI and IAC | -291 | -49 | -372 |
| Associated company income (ACI) | 10 | 55 | 275 |
| Items affecting comparability (IAC)1) | -44 | 595 | 510 |
| Operating income | -325 | 602 | 413 |
| Net income for the period | -288 | 483 | 323 |
| Basic earnings per share (SEK) | -3.68 | 6.20 | 4.13 |
Alternative performance measures used in this report are explained and reconciled on pages 18-21.
We have continued to deliver on our growth targets despite the broader economic uncertainty and increased market volatility. Our Viaplay subscriber base grew by 60% YoY to 7.64 million, and Group sales were up 30% YoY on an organic basis. The recent direct-to-consumer launches of Viaplay in the US and Canada, and our new Viaplay Select partnerships in Canada, Austria, and Germany, have taken our footprint to 33 markets, further reinforcing our position as a leading international entertainment provider and exporter of premium international storytelling. Our original content has never been more attractive for consumers and partners, with over 130 productions set to premiere this year in what is a highly competitive environment. In combination with our mix of premium live sports rights, constant tech innovation and talented team, we are well positioned to deliver on Viaplay's considerable potential, and to reach our short- and long-term goals. Our guidance for the full year remains unchanged, reflecting our ambition to strike the right balance between maintaining the strong momentum in the business and managing the continued uncertainty in the market.
We have started the year in line with our guidance, with 30% Group and 17% Nordic YoY organic sales growth in the first quarter. Our investments in content and technology are paying off, and Viaplay continues to be the primary growth driver for the Group, accounting for 52% of Group sales and generating organic revenue growth of 68% YoY.
Our Viaplay subscriber base grew by 60% compared with the same period last year. Our combined international markets now have more than 2.9 million Viaplay subscribers, 140% more than a year ago. We are growing in line with our expectations to reach the target of 4 million subscribers by end of the year. We also added 113k Viaplay subscribers in the Nordics in Q1, which is line with our ambition to add 400k new subscribers in 2023 and reach our year-end target of 5 million subscribers.
We have adjusted our Viaplay price points upwards in almost all markets, to reflect our unique and enhanced content offerings, as well as the prevailing inflation levels. Churn levels remain fairly stable and demonstrate the importance of high quality and flexible entertainment packages in these economically challenging times. Locally relevant content and live sports coverage remain our key differentiation points, and we have seen the positive impact of our coverage of the new Formula 1 season in 10 of our European markets, including Poland for the first time.
Viaplay Nordic revenues (37% of Group revenues) were up 36% YoY on an organic basis, while international revenues were up sevenfold and accounted for 15% of Group revenues, compared with 3% in Q1 last year.
Our linear subscription and other revenues (29% of Group sales) grew 11% YoY on an organic basis. The growth in wholesale subscription revenues reflected price increases, while sublicensing and studio sales were also moderately up YoY.
Advertising revenues (19% of Group sales) were down 2% YoY on an organic basis, which was better than expected in weak markets. TV advertising prices were again raised in the annual upfront contract negotiations, and radio advertising sales have continued to be resilient. We expect the overall Scandinavian advertising market to remain soft for the rest of the year, with the outlook for H2 currently particularly uncertain. TV and radio remain high impact media, which offer high returns on investment for advertisers, and our audience shares were up in almost all markets in Q1.
Our Nordic operating profit margin of 4.2% was higher than expected and reflected the healthy subscriber growth, rising prices and lower than anticipated advertising sales decline. The YoY effect of the content investments that we made in H2 last year will result in a low H1 margin, as expected, before rising ARPU levels and lower cost inflation drive up our profitability margin for H2. We remain focused on delivering our target full year operating profit of SEK 1.2-1.35 Bn for our Nordic operations.
The combined operating losses for our international business reflected our investment in the Polish Formula 1 rights, the launch of Viaplay in the US and Canada, the scaling-up of our UK operations and the Polish and Dutch ARPU mix. These losses are expected to progressively fall during the year as the subscriber base continues to grow and ARPU levels rise. This is expected to result in the lower YoY losses for the full year of SEK 1.0-1.1 Bn, before we reach a combined full year profit for our international business in 2024.
Sustainability is as always at the top of our agenda. We have a very clear strategy, and we are making good progress towards our goals. This progress was reflected in Sustainalytics' recognition of our leading sustainability performance for the second year running, and their ranking of us in 8th position out of 294 global media businesses.
As a company and most importantly, as a team, we are more focused and united than ever. Our new organisational set-up is fully implemented and enabling us to achieve our goals together more efficiently, despite the ongoing impact of the global geo-political and macro-economic pressures.
Anders Jensen President & CEO
The Group's net sales were up 30% on an organic basis, when excluding changes in FX rates and the contribution from acquired operations. This growth was driven primarily by the 68% combined organic sales growth of Viaplay in the Nordic and International markets. Reported sales amounted to SEK 4,537m (3,324). Please see page 18 for a reconciliation of organic and reported sales growth.
Operating income before ACI and IAC amounted to SEK -291m (-49), with Nordic operating income of SEK 163m (256) offset by International operating losses of SEK -454m (-305). Total operating income amounted to SEK -325m (602) and included SEK 10m (55) of associated company income, which primarily comprised the Group's 50% share in the earnings of Allente and SEK -44m (595) of items affecting comparability. These items mainly related to the previously announced reorganisation and the integration of the Premier Sports acquisition in the UK. (Please see note 3 regarding Allente's financial performance and position, and page 19 for details about the items affecting comparability).
Net interest and other financial items totalled SEK -37m (-19). Net interest amounted to SEK -42m (-25), of which SEK -3m (-3) related to net lease liabilities. Other financial items amounted to SEK 5m (6) and mainly comprised the impact of currency exchange rates on the revaluation of financial items.
Tax amounted to SEK 74m (-100), and total net income amounted to SEK -288m (483), with total basic earnings per share of SEK -3.68 (6.20).
Cash flow from operations excluding changes in working capital totalled SEK -329m (492). Changes in working capital amounted to SEK -649m (-1,418) and primarily reflected payments for sports rights and original productions. Total cash flow from operating activities amounted to SEK -978m (-926).
Cash flow related to investing activities amounted to SEK -54m (-41), which comprised capital expenditure on tangible and intangible assets of SEK -58m (-45) and other investing activities of SEK 4m (4).
Cash flow from financing activities amounted to SEK 271m (887), with borrowings increasing by SEK 300m (900) in the quarter. The total net change in cash and cash equivalents therefore amounted to SEK -761m (-79).
The Group's net debt position at the end of the quarter was SEK 2,516m (-1,107). The financial net debt position, when excluding net lease liabilities of SEK 343m (355), was SEK 2,173m (-1,462). Cash and cash equivalents totalled SEK 2,007 (5,642), while the Group's total borrowings amounted to SEK 4,200m (4,200).
The introduction of segment reporting reflects the Group's new operational structure from 1 January 2023. Please see note 1 and 2 for more information.
| Q1 | Q1 | Reported | Organic | Full year | |
|---|---|---|---|---|---|
| (SEKm) | 2023 | 2022 | change % | change % | 2022 |
| Viaplay | 1,682 | 1,211 | 38.9% | 35.6% | 5,535 |
| Linear subscription & other | 1,313 | 1,146 | 14.6% | 11.4% | 4,914 |
| Advertising | 871 | 876 | -0.6% | -1.6% | 3,808 |
| Total sales | 3,866 | 3,233 | 19.6% | 17.0% | 14,257 |
| Operating expenses | -3,703 | -2,977 | 24.4% | - | -13,246 |
| Operating profit | 163 | 256 | -36.3% | - | 1,011 |
| Operating margin (%) | 4.2% | 7.9% | - | - | 7.1% |
| Viaplay subscribers ('000) | 4,738 | 3,576 | 32.5% | - | 4,625 |
Viaplay sales were up 36% on an organic basis and represented 44% of total Nordic sales. The Nordic Viaplay paying subscriber base grew by 33% to 4,738k subscribers, and was driven by B2B partner sales in particular. Viaplay subscription prices have been adjusted upwards in almost every market. Linear subscription and other sales, which include wholesale channel subscription sales, sublicensing revenues and external sales by the Group's content production studios, were up 11% on an organic basis and represented 34% of total Nordic sales. The wholesale subscription sales growth reflected price increases introduced for the linear channels. Advertising sales were down 2% on an organic basis, which reflected the continued weak TV advertising markets and stable to growing radio advertising markets. The Group's TV target audience share increased in all three Scandinavian markets, and each of the TV advertising markets is estimated to have declined. Viaplay Group's radio target audience share was up in Sweden and down in Norway, with both radio advertising markets estimated to have grown.
The 36% decline in operating profits reflected the 24% increase in operating expenses following the investments made over the past year in live sports rights and original content productions.
| (SEKm) | Q1 2023 |
Q1 2022 |
Reported change % |
Organic change % |
Full year 2022 |
|---|---|---|---|---|---|
| Viaplay | 671 | 91 | 637.4% | n.a | 1,434 |
| Total sales | 671 | 91 | 637.4% | n.a | 1,434 |
| Operating expenses | -1,125 | -396 | 184.1% | - | -2,817 |
| Operating profit | -454 | -305 | 48.9% | - | -1,383 |
| Operating margin (%) | n.a | n.a | - | - | n.a |
| Viaplay subscribers ('000) | 2,905 | 1,208 | 140.5% | - | 2,694 |
Viaplay sales increased more than sevenfold as the paying subscriber base grew by 140% to 2,905k subscribers, after adding 211k subscribers in Q1 alone. The subscriber growth in the international markets was mainly driven by the Polish and Dutch markets. Viaplay subscription prices have been adjusted upwards in both markets to reflect the further enhancement of the content offering, including the recent addition of the exclusive Formula 1 rights in Poland and the previous new Premier League rights from August 2022. Viaplay was launched direct-to-consumer in the US and Canada in Q1, and new Viaplay Select agreements have been signed with pay-TV operators in Austria, Canada and Germany.
The 49% increase in operating losses reflected the 184% growth in operating expenses following the abovementioned investments in content, the launch of Viaplay in the US and Canada, and the scaling-up of the UK operations, which contributed their first full quarter consolidated result.
6 | Q 1 202 3 V I A P L A Y G R O U P A B
Viaplay Group AB is the Group's Parent company and is responsible for Group-wide management, administration and financing. Net sales for the Parent company amounted to SEK 11m (10). Income before tax and appropriations amounted to SEK 52m (-56), and net income for the period amounted to SEK 41m (-45). The income statement and balance sheet for the Parent company are presented on page 13.
The Board of Directors used the authorisation of the 2022 AGM to issue and buy back class C shares in Q1 2023 to secure delivery of shares under Viaplay Group's incentive programmes. Please see Note 5 regarding the number of shares.
The 2022 Annual & Sustainability report details the Group's performance against its five-year Sustainability strategy and 15 goals.
Viaplay Group launched a programme to support sustainable production practices in Q1, including a guide, training and third-party audits, to ensure climate conscious and responsible production across the industry. One key production was audited in Q1, with two more to follow in 2023.
The Group's 2030 emission reduction targets for greenhouse gases (GHG) were validated by the Science Based Targets Initiative (SBTi) as in line with the Paris Agreement's trajectory for limiting global warming to 1.5°C. By end of 2022, the Group had reduced Co2 emissions in its own operations (scope 1 and 2) by 64.9% when compared with the 2019 levels and against its target of 46.2%. Viaplay has continued its efforts to reduce emissions across its value chain and by engaging with its suppliers.
The Group has also continued to drive diversity and inclusion in its operations and productions by supporting the Women in Tech Conference for the 10th consecutive year, attracting and empowering female tech talents, and investing in storytelling that raises awareness of key societal issues such as the recently announced 'Stroke' series in Poland and the first Dutch feature length production highlighting LGBTQ+ themes.
In response to Russia's invasion of Ukraine, the Group has continued to apply the international sanctions, exclude Russian content from its platforms, and screen contracts and counterparties to ensure that no payments are made to entities in Russia.
In addition, Viaplay Group was recognised for its leading sustainability performance by Sustainalytics for the second consecutive year, following an analysis of over 15,000 companies around the world, and received both a 2023 Industry Top-Rated Badge and a Regional Top-Rated Badge. Viaplay was ranked 8th of 294 global media businesses.
Viaplay Group provided a series of updated long-term operational and financial targets in its Q3 results announcement on 25 October 2022. These targets are listed below.
| Group sales growth 1) | ~16-19% CAGR 2020-2025 |
|---|---|
| Nordics sales growth1) | ~10-12% CAGR 2020-2025 |
| Viaplay subscribers | ~12m by end of 2025 |
| ~13% margin for 2025 with positive result for International operations already | |
| Group EBIT (excluding ACI & IAC) | in 2024, ~20% long-term margin for Nordic operations, and ~25% long term |
| margin for International operations | |
| Leverage policy2) | <2.5x Net Debt/LTM EBITDA including leases |
1) based on 2020 Group revenues excluding the contribution from the deconsolidated Viasat Consumer business and the subsequently divested Studio operations, and including the contribution from the consolidation of Premier Sports business from Q4 2022
2) based on trailing twelve month adjusted EBITDA and including leases. Viaplay Group's leverage may exceed these levels temporarily from time to time
Viaplay Group also provided a series of short-term operational and financial targets for 2023 at its Capital Markets Day on 9 November 2022. These targets are listed below.
| 2023 Group organic sales growth | ~ 24-26% (excl. FX and Premier Sports) |
|---|---|
| 2023 Nordics organic sales growth | ~12-15% |
| Viaplay subscribers at end of 2023 | ~9 million subscribers by end of 2023, of which ~5m Nordics and ~4m |
| International | |
| 2023 EBIT (excluding ACI & IAC) | Nordics: ~SEK 1.2-1.35 bn |
| International: Loss of SEK ~1.0-1.1 bn | |
| 2023 Change in working capital | Negative ~ SEK 2.0 bn |
Significant risks and uncertainties exist for the Group and the Parent company. These factors include the prevailing economic and business environments in each of the Group's markets; commercial risks related to expansion into new territories; political and legislative risks related to changes in rules and regulations in the various territories in which the Group operates; exposure to foreign exchange rate movements; changes in the ability to access capital markets; and the competition for subscribers, content, and talent. The increasing shift towards online entertainment consumption and the Group's expansion also make the Group a potential target for cyber-attacks, intrusions, disruptions or denials of service. Global macro-economic developments, with increased inflation and interest rates, put pressure on both companies and consumers. In addition, currency exchange rate volatility adds further uncertainty. Viaplay Group monitors each of these situations closely and acts accordingly.
18 January Viaplay Select comes to Canada with Crave
26 January Viaplay Select launches on CANAL+ in Austria
1 February Viaplay Group enters Dutch distribution deal with Solcon
9 February Viaplay secures MotoGP™ rights in every Nordic country
22 February Viaplay live direct-to-consumer in the US
2 March Viaplay Group's sustainability leadership and emission reduction targets recognised
7 March Viaplay live direct-to-consumer in Canada
23 March Issue and repurchase of class C shares for incentive programmes
31 March Change in number of shares and votes in Viaplay Group
31 March Viaplay partners with Camilla Läckberg and Henrik Fexeus on international thriller trilogy
5 April Viaplay Group publishes 2022 Annual & Sustainability Report
19 April Viaplay Group and Deutsche Telekom's MagentaTV enter Viaplay Select partnership
20 April Viaplay launches on Roku devices in the US, Canada and the UK
A full list of announcements and reports can be found at www.viaplaygroup.com
Stockholm, 25 April 2023
Anders Jensen President & CEO
This report has not been reviewed by the Group's auditors.
| Full | |||
|---|---|---|---|
| Q1 | Q1 | year | |
| (SEKm) | 2023 | 2022 | 2022 |
| Net sales | 4,537 | 3,324 | 15,691 |
| Cost of sales | -4,135 | -2,622 | -13,086 |
| Gross income | 402 | 702 | 2,605 |
| Selling and marketing expenses | -329 | -290 | -1,264 |
| General and administrative expenses | -454 | -470 | -1,933 |
| Other operating income and expenses | 46 | 605 | 730 |
| Share of earnings in associated companies and joint ventures | 10 | 55 | 275 |
| Operating income | -325 | 602 | 413 |
| Net financial items | -37 | -19 | -88 |
| Income before tax | -362 | 583 | 325 |
| Tax expenses | 74 | -100 | -2 |
| Net income for the period | -288 | 483 | 323 |
| Other comprehensive income | |||
| Items that are or may be reclassified to profit or loss net of tax | |||
| Currency translation differences | -112 | 96 | 123 |
| Cash flow hedges | -33 | 53 | 108 |
| Other comprehensive income for the period | -145 | 149 | 231 |
| Total comprehensive income for the period | -433 | 632 | 554 |
| Net income for the period attributable to: | |||
| Equity holders of the Parent company | -288 | 483 | 323 |
| Total comprehensive income for the period attributable to: | |||
| Equity holders of the Parent company | -433 | 632 | 554 |
| Earnings per share | |||
| Basic earnings per share (SEK) | -3.68 | 6.20 | 4.13 |
| Diluted earnings per share (SEK) | -3.68 | 6.18 | 4.13 |
| Number of shares | |||
| Shares outstanding at the end of the period | 78,225,962 | 77,981,090 | 78,225,962 |
| Basic average number of shares outstanding | 78,225,962 | 77,970,193 | 78,137,402 |
| Diluted average number of shares outstanding | 78,225,962 | 78,225,862 | 78,225,008 |
| (SEKm) | 31 Mar 2023 |
31 Mar 2022 |
31 Dec 2022 |
|---|---|---|---|
| Non-current assets | |||
| Intangible assets | 2,400 | 2,001 | 2,437 |
| Machinery, equipment and installations | 180 | 168 | 174 |
| Right-of-use assets | 308 | 313 | 335 |
| Shares and participations | 1,292 | 1,445 | 1,363 |
| Long-term sublease receivables | 107 | 122 | 104 |
| Other long-term receivables | 239 | 147 | 94 |
| Total non-current assets | 4,526 | 4,196 | 4,507 |
| Current assets | |||
| Inventories | 5,585 | 3,869 | 5,206 |
| Accounts receivable | 1,049 | 924 | 1,218 |
| Short-term sublease receivables | 33 | 31 | 32 |
| Prepaid expenses and accrued income | 8,366 | 4,888 | 7,588 |
| Other current receivables | 412 | 373 | 537 |
| Cash and cash equivalents | 2,007 | 5,642 | 2,775 |
| Total current assets | 17,452 | 15,727 | 17,356 |
| Total assets | 21,978 | 19,923 | 21,863 |
| Equity | |||
| Equity | 8,486 | 8,965 | 8,911 |
| Total equity | 8,486 | 8,965 | 8,911 |
| Non-current liabilities | |||
| Long-term borrowings | 3,250 | 3,400 | 3,250 |
| Long-term lease liabilities | 367 | 396 | 394 |
| Long-term provisions | 156 | 147 | 143 |
| Other non-current liabilities | 154 | 262 | 112 |
| Total non-current liabilities | 3,927 | 4,205 | 3,899 |
| Current liabilities | |||
| Short-term borrowings | 950 | 800 | 650 |
| Short-term lease liabilities | 116 | 112 | 119 |
| Short-term provisions | 54 | 108 | 55 |
| Other current liabilities | 8,445 | 5,733 | 8,229 |
| Total current liabilities | 9,565 | 6,753 | 9,053 |
| Total liabilities | 13,492 | 10,958 | 12,952 |
| Total shareholders' equity and liabilities | 21,978 | 19,923 | 21,863 |
| Full | |||
|---|---|---|---|
| Q1 | Q1 | year | |
| (SEKm) | 2023 | 2022 | 2022 |
| Operating activities | |||
| Net income for the period | -288 | 483 | 323 |
| Dividends from associated companies and joint ventures | - | - | 300 |
| Depreciation, amortisation and write-down | 74 | 63 | 270 |
| Other adjustments for non-cash items | -115 | -55 | -589 |
| Cash flow from operations, excluding changes in working capital | -329 | 492 | 304 |
| Changes in working capital | -649 | -1,418 | -3,305 |
| Cash flow from operating activities | -978 | -926 | -3,001 |
| Investing activities | |||
| Acquisitions of operations | - | - | -387 |
| Capital expenditures in tangible and intangible assets | -58 | -45 | -186 |
| Other cash flow from investing activities | 4 | 4 | 71 |
| Cash flow from investing activities | -54 | -41 | -502 |
| Financing activities | |||
| New borrowings | 300 | 900 | 1,400 |
| Amortisation of borrowings | - | - | -800 |
| Net change in leases | -28 | -17 | -72 |
| Other cash flow from financing activities | -1 | 4 | 7 |
| Cash flow from financing activities | 271 | 887 | 535 |
| Change in cash and cash equivalents for the period | -761 | -79 | -2,968 |
| Cash and cash equivalents at the beginning of the period | 2,775 | 5,702 | 5,702 |
| Translation differences in cash and cash equivalents | -7 | 19 | 41 |
| Cash and cash equivalents at end of the period | 2,007 | 5,642 | 2,775 |
| Full | |||
|---|---|---|---|
| Q1 | Q1 | year | |
| (SEKm) | 2023 | 2022 | 2022 |
| Opening balance | 8,911 | 8,323 | 8,323 |
| Net income for the period | -288 | 483 | 323 |
| Other comprehensive income for the period | -145 | 149 | 231 |
| Total comprehensive income for the period | -433 | 632 | 554 |
| Effect of share based programmes | 8 | 10 | 34 |
| Closing balance | 8,486 | 8,965 | 8,911 |
| Q1 Q1 year (SEKm) 2023 2022 2022 Net sales 11 10 123 General and administrative expenses -54 -79 -298 Other operating income and expenses 1 - 1 Operating income -42 -69 -174 Net financial items 94 13 138 Income before tax and appropriations 52 -56 -36 Group contribution - - - Income before tax 52 -56 -36 Tax expenses -11 11 36 Net income for the period 41 -45 - Other comprehensive income Items that are or may be reclassified to profit or loss net of tax Cash flow hedge -1 - -2 Other comprehensive income -1 - -2 Total comprehensive income for the period 40 -45 -2 |
Full | |
|---|---|---|
| 31 Mar | 31 Mar | 31 Dec | |
|---|---|---|---|
| (SEKm) | 2023 | 2022 | 2022 |
| Non-current assets | |||
| Shares and participations in Group companies | 228 | 207 | 223 |
| Long-term receivables from Group companies | 9,101 | 5,940 | 9,053 |
| Other long-term receivables | 41 | 2 | 40 |
| Total non-current assets | 9,370 | 6,149 | 9,316 |
| Current assets | |||
| Receivables from Group companies | 3,768 | 2,244 | 2,919 |
| Other current receivables | 206 | 240 | 278 |
| Short-term investments | - | - | - |
| Cash and bank | 1,838 | 5,538 | 2,610 |
| Total current assets | 5,812 | 8,022 | 5,807 |
| Total assets | 15,182 | 14,171 | 15,123 |
| Equity | |||
| Restricted equity | 158 | 157 | 157 |
| Non-restricted equity | 6,526 | 6,412 | 6,479 |
| Total equity | 6,684 | 6,569 | 6,636 |
| Non-current liabilities | |||
| Long-term borrowings | 3,250 | 3,400 | 3,250 |
| Other non-current liabilities | 12 | - | 9 |
| Total non-current liabilities | 3,262 | 3,400 | 3,259 |
| Current liabilities | |||
| Short-term borrowings | 950 | 800 | 650 |
| Liabilities to Group companies | 4,020 | 3,119 | 4,163 |
| Other current liabilities | 266 | 283 | 415 |
| Total current liabilities | 5,236 | 4,202 | 5,228 |
| Total equity and liabilities | 15,182 | 14,171 | 15,123 |
This Interim report has been prepared according to 'IAS 34 Interim Financial Reporting' and 'The Annual Accounts Act'. The interim report for the parent company has been prepared according to the Annual Accounts Act - Chapter 9 'Interim Report'.
The Group's financial accounts and the parent company accounts have been prepared according to the same accounting policies and calculation methods as were applied in the preparation of the 2022 Annual & Sustainability Report. Disclosures in accordance with IAS 34.16A are presented in the financial statements and their accompanying notes, as well as in other parts of the interim report.
In December 2022 the Group changed its operational model, introducing commercial regions to the Group's existing functional set-up, with the ambition to strengthen regional focus and bring the business closer to the customer. The new structure is fully operational as from January 1, 2023, hence the Group introduce reporting on two operating segments, Nordics and International, as disclosed in Note 2.
The Group's reporting of two operating segments, Nordics and International, is primarily based on the customer's geographical domicile. The reporting reflects the Group's operational structure and how the performance in the Group is internally monitored, reported and followed up upon by the Chief operating Decision Maker (CODM). The CEO is identified as the CODM of the Group.
The Nordics segment includes the Groups operations related to the Viaplay streaming service available in all Nordic countries, pay-TV channels in all Nordic countries except Iceland; commercial free-TV channels in Sweden, Denmark, and Norway; and commercial radio networks and audio streaming services in Sweden and Norway. The segment also includes Viaplay Studios which primarily focus on delivering original content for the Group's streaming service Viaplay.
The International segment includes the Group's streaming service Viaplay and sales in the regions Continental Europe, Baltics, UK and North America. The segment also includes the Group's Viaplay Select concept offering curated content through partner platforms on selected markets.
| Nordics | International | Total Group | ||||
|---|---|---|---|---|---|---|
| Q1 | Q1 | Q1 | Q1 | Q1 | Q1 | |
| (SEKm) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 |
| Net sales | 3,866 | 3,233 | 671 | 91 | 4,537 | 3,324 |
| Operating expenses | -3,703 | -2,977 | -1,125 | -396 | -4,828 | -3,373 |
| Operating income before IAC and ACI | 163 | 256 | -454 | -305 | -291 | -49 |
| Associated Company Income (ACI) | - | - | - | - | 10 | 55 |
| Items affecting comparability (IAC) | - | - | - | - | -44 | 595 |
| Operating income | - | - | - | - | -325 | 602 |
| Net financial items | - | - | - | - | -37 | -19 |
| Tax expenses | - | - | - | - | 74 | -100 |
| Net income | - | - | - | - | -288 | 483 |
| Full | |||
|---|---|---|---|
| Revenue by category | Q1 | Q1 | year |
| (SEKm) | 2023 | 2022 | 2022 |
| Viaplay | 2,353 | 1,302 | 6,969 |
| Linear subscription & other | 1,313 | 1,146 | 4,914 |
| Advertising | 871 | 876 | 3,808 |
| Total | 4,537 | 3,324 | 15,691 |
| Full | |||
|---|---|---|---|
| Revenue by revenue stream | Q1 | Q1 | year |
| (SEKm) | 2023 | 2022 | 2022 |
| Subscription | 3,318 | 2,272 | 10,841 |
| Advertising | 900 | 876 | 3,837 |
| Licenses, royalities and other | 271 | 149 | 657 |
| Production | 47 | 28 | 356 |
| Total | 4,537 | 3,324 | 15,691 |
| Revenue recognition | |||
| At a point in time | 271 | 149 | 657 |
| Over time | 4,266 | 3,175 | 15,034 |
| Total | 4,537 | 3,324 | 15,691 |
Allente's revenue and subscribers declined in the quarter. Allente's operating income included SEK -1m (-9) of integration costs that were reported as items affecting comparability. Amortisation and depreciation charges for the period included SEK 109m (86) of PPA-related charges. Viaplay Group's 50% share of Allente's net income of SEK 22m amounted to SEK 11m.
| Full | |||
|---|---|---|---|
| Q1 | Q1 | year | |
| (SEKm) | 2023 | 2022 | 2022 |
| Net sales | 1,646 | 1,680 | 6,808 |
| EBITDA before IAC | 182 | 267 | 1,264 |
| Depreciation and amortisation | -131 | -109 | -463 |
| Operating income before IAC | 51 | 157 | 801 |
| Items affecting comparability (IAC) | -1 | -9 | -22 |
| Operating income | 50 | 148 | 779 |
| Financial items | -23 | -2 | -65 |
| Tax | -5 | -30 | -150 |
| Net income | 22 | 116 | 564 |
| Viaplay Group 50% share of net income | 11 | 58 | 282 |
| Net debt | 1,790 | 2,071 | 1,938 |
| Total subscribers (thousand) | 1,023 | 1,047 | 1,040 |
Viaplay Group announced an agreement to acquire Premier Sports on the 21 July, 2022. Premier Sports operates sports streaming service and TV channels available across the UK. The acquisition was finalised on 21 October, 2022. The purchase price amounted to SEK 387m on a cash and debt-free basis. The purchase price allocation resulted in a surplus value of SEK 443m, which has been allocated to goodwill.
Viaplay Group AB has a total of 79,122,244 shares of which 531,536 are class A shares with 10 votes each, 77,701,208 are class B shares with one vote each and 889,500 are class C shares with one vote each. Following the issue and subsequent buy-back in Q1 of 680,000 class C shares, Viaplay Group holds 6,782 class B shares and all 889,500 class C shares. The total number of votes in Viaplay Group amounts to 83,906,068. The total number of votes in Viaplay Group excluding 6,782 class B shares and 889,500 class C shares held in treasury amounts to 83,009,786.
| Class A | Class B | Class C | ||
|---|---|---|---|---|
| Parent company | Shares | Shares | Shares | Total |
| Number of shares as at 31 December 2022 | 531,536 | 77,701,208 | 209,500 | 78,442,244 |
| Share issue | - | - | 680,000 | 680,000 |
| Number of shares at 31 March 2023 | 531,536 | 77,701,208 | 889,500 | 79,122,244 |
| Of which treasury shares | - | -6,782 | -889,500 | -896,282 |
| Number of shares excl treasury shares as at 31 Mars 2023 | 531,536 | 77,694,426 | - | 78,225,962 |
The Group has related party relationships between its subsidiaries, associated companies and joint ventures. All related party transactions are based on market terms and negotiated on an arm's length basis.
| Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|
| (SEKm) | 2021 | 2021 | 2021 | 2021 | 2022 | 2022 | 2022 | 2022 | 2022 | 2023 |
| Viaplay | 1,074 | 1,095 | 1,150 | 4,331 | 1,211 | 1,288 | 1,437 | 1,599 | 5,535 | 1,682 |
| Linear subscription & other | 1,056 | 1,118 | 1,214 | 4,498 | 1,146 | 1,149 | 1,257 | 1,362 | 4,914 | 1,313 |
| Advertising | 941 | 837 | 1,140 | 3,777 | 876 | 1,006 | 845 | 1,081 | 3,808 | 871 |
| Nordics sales | 3,070 | 3,049 | 3,505 | 12,606 | 3,233 | 3,442 | 3,539 | 4,042 | 14,257 | 3,866 |
| International (Viaplay) sales | 2 | 5 | 48 | 55 | 91 | 282 | 433 | 628 | 1,434 | 671 |
| Total net sales | 3,072 | 3,054 | 3,553 | 12,661 | 3,324 | 3,725 | 3,972 | 4,670 | 15,691 | 4,537 |
| Nordics operating income | 294 | 280 | 340 | 1,112 | 256 | 371 | 248 | 136 | 1,011 | 163 |
| International operating income | -50 | -200 | -219 | -505 | -305 | -239 | -419 | -420 | -1,383 | -454 |
| Operating income before ACI and IAC | 244 | 80 | 121 | 607 | -49 | 132 | -171 | -284 | -372 | -291 |
| Associated company income (ACI) Items affecting comparability (IAC) |
9 -74 |
34 - |
-51 - |
40 -74 |
55 595 |
73 | 71 | 76 | 275 | 10 -44 |
| Operating income | 179 | 114 | 69 | 573 | 602 | - | - | -86 | 510 | -325 |
| Net income | 92 | 55 | 32 | 325 | 483 | 205 175 |
-100 -86 |
-294 -250 |
413 323 |
-288 |
| Basic earnings per share (SEK) | 1.18 | 0.71 | 0.41 | 4.23 | 6.20 | 2.25 | -1.10 | -3.19 | 4.13 | -3.68 |
| Sales growth | 17.1% | 8.0% | 11.7% | 5.5% | 11.5% | 21.3% | 30.0% | 31.4% | 23.9% | 36.5% |
| Nordics organic growth | 31.2% | 9.7% | 10.9% | 16.2% | 6.9% | 9.6% | 12.0% | 10.3% | 9.7% | 17.0% |
| International organic growth | n.a | n.a | n.a | n.a | n.a | n.a | n.a | n.a | n.a | n.a |
| Organic growth | 31.3% | 9.9% | 12.4% | 16.7% | 9.9% | 18.4% | 25.4% | 23.9% | 19.7% | 30.3% |
| Nordics Operating margin | 9.6% | 9.2% | 9.7% | 8.8% | 7.9% | 10.8% | 7.0% | 3.4% | 7.1% | 4.2% |
| International Operating margin | n.a | n.a | n.a | n.a | n.a | n.a | n.a | n.a | n.a | n.a |
| Operating margin before ACI and IAC | 7.9% | 2.6% | 3.4% | 4.8% | -1.5% | 3.5% | -4.3% | -6.1% | -2.4% | -6.4% |
| Operating margin | 5.8% | 3.7% | 2.0% | 4.5% | 18.1% | 5.5% | -2.5% | -6.3% | 2.6% | -7.2% |
| Net debt | -1,697 | -1,392 | -2,059 | -2,059 | -1,107 | -1,636 | 546 | 1,482 | 1,482 | 2,516 |
| Net debt/EBITDA 12 months trailing | -1.2 | -1.1 | -2.1 | -2.1 | -1.4 | -2.3 | 1.2 | 8.6 | 8.6 | -24.4 |
| ROCE | 15.3% | 14.0% | 9.9% | 9.9% | 6.6% | 5.7% | 2.4% | -1.2% | -1.2% | -4.1% |
| Nordics subscribers ('000s) | 3,260 | 3,296 | 3,458 | - | 3,576 | 4,034 | 4,229 | 4,625 | - | 4,738 |
| International subscribers ('000s) | 27 | 313 | 547 | - | 1,208 | 1,515 | 2,200 | 2,694 | - | 2,905 |
| Total Viaplay subscriber base ('000s) | 3,287 | 3,608 | 4,005 | - | 4,783 | 5,549 | 6,428 | 7,318 | - | 7,643 |
| CSOV Sweden (25-59) % | 21.3 | 20.4 | 22.0 | 21.7 | 21.3 | 22.2 | 20.1 | 17.8 | 20.3 | 24.1 |
| CSOV Norway (25-59) % | 15.3 | 17.0 | 20.2 | 17.2 | 16.6 | 19.9 | 17.6 | 20.7 | 18.9 | 19.4 |
| CSOV Denmark (25-59) % | 22.7 | 19.1 | 18.4 | 19.3 | 19.0 | 19.8 | 18.5 | 21.1 | 19.6 | 20.3 |
| CSOL Sweden (12-79) % | 39.2 | 40.1 | 40.1 | 39.6 | 43.5 | 44.7 | 43.7 | 43.9 | 44.1 | 44.7 |
| CSOL Norway (10+) % | 67.4 | 65.6 | 67.3 | 66.7 | 69.7 | 68.1 | 67.5 | 64.7 | 67.5 | 66.0 |
The purpose of Alternative Performance Measures (APMs) is to facilitate the analysis of business performance and industry trends that cannot be directly derived from financial statements. Viaplay Group is using the following Alternative Performance Measures:
Change in net sales from Organic growth, Acquisitions/divestments and Changes in FX rates
Operating income before associated company income (ACI) and items affecting comparability (IAC)
Operating income before IAC
Net debt and Net debt/EBITDA
Capital Employed and Return on Capital Employed (ROCE)
Since the Group generates the majority of its sales in currencies other than in the reporting currency (i.e. SEK, Swedish Krona) and currency rates have proven to be rather volatile, and due to the fact that the Group has historically made several acquisitions and divestments, the Company's sales trends and performance are analysed as changes in organic sales growth. This presents the increase or decrease in the overall SEK net sales on a comparable basis, allowing separate discussion of the impact of acquisitions/divestments and exchange rates.
Organic growth, i.e. sales growth adjusted for acquisitions/divestments and changes in FX rates, amounted to 30.3% in Q1 2023.
| Q1 (SEKm) | Reported Net sales | Acquisitions/ divestments |
Net sales adjusted for acquisitions/ divestments |
Changes in FX rates |
Net sales adjusted for acquisitions/ divestments and changes in FX rates |
|---|---|---|---|---|---|
| Nordics | |||||
| 2023 | 3,866 | - | 3,866 | -84 | 3,782 |
| 2022 | 3,233 | - | 3,233 | - | 3,233 |
| Growth | 633 | 633 | 549 | ||
| Growth % | 19.6% | 19.6% | 17.0% | ||
| International | |||||
| 2023 | 671 | -85 | 586 | -35 | 551 |
| 2022 | 91 | - | 91 | - | 91 |
| Growth | 580 | 495 | 460 | ||
| Growth % | 637.4% | 544.0% | 505.5% | ||
| Total | |||||
| 2023 | 4,537 | -85 | 4,452 | -119 | 4,333 |
| 2022 | 3,324 | - | 3,324 | - | 3,324 |
| Growth | 1,213 | 1,128 | 1,009 | ||
| Growth % | 36.5% | 33.9% | 30.3% |
Operating income before associated company income (ACI) and items affecting comparability (IAC) refers to operating income after the reversal of material items and events related to changes in the Group's structure or lines of business, which are relevant for understanding the Group's development on a like-for-like basis. This measure is used by management to follow and analyse the underlying profits and to offer more comparable figures between periods.
| Full | |||
|---|---|---|---|
| Q1 | Q1 | year | |
| (SEKm) | 2023 | 2022 | 2022 |
| Operating income | -325 | 602 | 413 |
| Items affecting comparability (IAC) | -44 | 595 | 510 |
| Operating income before IAC | -281 | 6 | -97 |
| Associated company income (ACI) | 10 | 55 | 275 |
| Operating income before ACI and IAC | -291 | -49 | -372 |
| Full | |||
|---|---|---|---|
| Q1 | Q1 | year | |
| (SEKm) | 2023 | 2022 | 2022 |
| Restructuring and redundancy costs | -33 | - | -37 |
| Write-down of content | - | - | -27 |
| Acquisition and integration cost for Premier Sports | -3 | - | -22 |
| Advisory costs | -8 | - | - |
| Settlement of court cases | - | 595 | 595 |
| Total | -44 | 595 | 510 |
| Full | |||
|---|---|---|---|
| Q1 | Q1 | year | |
| (SEKm) | 2023 | 2022 | 2022 |
| Cost of sales | -5 | - | -38 |
| Administrative expenses | -36 | - | -34 |
| Other operating income and expenses | -3 | 595 | 582 |
| Total | -44 | 595 | 510 |
Net debt refers to the sum of interest-bearing liabilities less total cash and interest-bearing assets. Net debt also includes lease liabilities net of sublease receivables and dividends payable. Net debt is used by Group management to track the indebtedness of the Group and to analyse the leverage and refinancing needs of the Group. The net debt to EBITDA ratio provides a KPI for net debt in relation to cash profits generated by the business, i.e. an indication of a business' ability to pay its debts. This measure is commonly used by financial institutions to rate creditworthiness. A negative figure indicates that the Group has a net cash position (cash in excess of interest-bearing liabilities).
| 30 Jun | 30 Sep | 31 Dec | 31 Mar | 30 Jun | 30 Sep | 31 Dec | 31 Mar | |
|---|---|---|---|---|---|---|---|---|
| (SEKm) | 2021 | 2021 | 2021 | 2022 | 2022 | 2022 | 2022 | 2023 |
| Short-term borrowings | 800 | 800 | 800 | 800 | 150 | 150 | 650 | 950 |
| Long-term borrowings | 2,500 | 2,500 | 2,500 | 3,400 | 3,250 | 3,250 | 3,250 | 3,250 |
| Total financial borrowings | 3,300 | 3,300 | 3,300 | 4,200 | 3,400 | 3,400 | 3,900 | 4,200 |
| Interest bearing receivables | 40 | 40 | 20 | 20 | 20 | 20 | 20 | 20 |
| Dividend receivable - Allente | - | - | - | - | 100 | - | - | - |
| Short-term investments | - | - | - | - | - | 100 | - | - |
| Cash and cash equivalents | 5,415 | 5,014 | 5,702 | 5,642 | 5,254 | 3,065 | 2,775 | 2,007 |
| Cash and cash equivalents included in assets held for sale |
5 | - | - | - | - | - | - | - |
| Financial net debt | -2,160 | -1,754 | -2,422 | -1,462 | -1,974 | 215 | 1,105 | 2,173 |
| Lease liabilities | 539 | 534 | 522 | 508 | 487 | 479 | 513 | 483 |
| Lease liabilities included in liabilities related to assets held for sale |
102 | - | - | - | - | - | - | - |
| Sublease receivables | 178 | 172 | 158 | 153 | 149 | 148 | 136 | 140 |
| Total lease liabilities net | 463 | 362 | 364 | 355 | 338 | 331 | 377 | 343 |
| Net debt | -1,697 | -1,392 | -2,059 | -1,107 | -1,636 | 546 | 1,482 | 2,516 |
| Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | |
|---|---|---|---|---|---|---|---|---|
| (SEKm) | 2021 | 2021 | 2021 | 2022 | 2022 | 2022 | 2022 | 2023 |
| Operating income before IAC, continuing operations |
1,111 | 969 | 647 | 443 | 395 | 181 | -97 | -384 |
| Operating income before IAC, discontinued operations |
-10 | 2 | 8 | 16 | 3 | - | - | - |
| Depreciation, amortisation and write-downs, continuing operations1) |
264 | 267 | 296 | 294 | 292 | 292 | 270 | 281 |
| Depreciation, amortisation and write-downs, discontinued operations1) |
44 | 42 | 30 | 19 | 10 | - | - | - |
| EBITDA 12 months trailing | 1,409 | 1,280 | 980 | 772 | 700 | 473 | 173 | -103 |
| Net debt | -1,697 | -1,392 | -2,059 | -1,107 | -1,636 | 546 | 1,482 | 2,516 |
| Total net debt / EBITDA 12 months trailing | -1.2 | -1.1 | -2.1 | -1.4 | -2.3 | 1.2 | 8.6 | -24.4 |
1) Refers to non-current assets only
Return on capital employed is a performance measure for operating income before items affecting comparability in relation to the capital employed within the operations. Operating income before items affecting comparability is the main profit metric that operations are responsible for and is measured before interest and taxes. Capital employed is the sum of current and non-current assets less current and non-current liabilities, provisions and liabilities at fair value. All items are non-interest-bearing. Capital employed equals the sum of equity and net debt.
| Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | |
|---|---|---|---|---|---|---|---|---|
| (SEKm) | 2021 | 2021 | 2021 | 2022 | 2022 | 2022 | 2022 | 2023 |
| Inventories | 3,009 | 3,252 | 3,543 | 3,869 | 4,181 | 4,629 | 5,206 | 5,585 |
| Accounts receivable | 899 | 1,089 | 847 | 924 | 1,117 | 1,023 | 1,218 | 1,049 |
| Prepaid expense and accrued income | 4,238 | 4,196 | 4,990 | 4,888 | 6,682 | 6,979 | 7,588 | 8,366 |
| Other current assets | 406 | 261 | 350 | 373 | 676 | 843 | 537 | 412 |
| Other current liabilities | -6,245 | -5,498 | -6,772 | -5,733 | -8,485 | -7,207 | -8,229 | -8,445 |
| Total working capital | 2,307 | 3,300 | 2,958 | 4,321 | 4,171 | 6,267 | 6,320 | 6,967 |
| Intangible assets | 1,998 | 1,992 | 1,981 | 2,001 | 1,984 | 1,972 | 2,437 | 2,400 |
| Machinery, equipment and installations | 131 | 148 | 163 | 168 | 162 | 163 | 174 | 180 |
| Right-of-use assets | 330 | 335 | 321 | 313 | 295 | 290 | 335 | 308 |
| Shares and participations | 1,577 | 1,495 | 1,328 | 1,445 | 1,382 | 1,474 | 1,363 | 1,292 |
| Other long-term receivables | 127 | 115 | 124 | 127 | 155 | 130 | 74 | 219 |
| Capital employed held for sale | 498 | - | - | - | - | - | - | - |
| Provisions | -351 | -360 | -372 | -255 | -270 | -239 | -198 | -210 |
| Other non-current liabilities | -256 | -213 | -238 | -262 | -270 | -238 | -112 | -154 |
| Other items included in the capital | 4,054 | 3,512 | 3,306 | 3,538 | 3,438 | 3,552 | 4,073 | 4,035 |
| employed | ||||||||
| Capital employed | 6,361 | 6,812 | 6,264 | 7,858 | 7,609 | 9,819 | 10,393 | 11,002 |
| Operating income before IAC 12 months trailing, continuing operations |
1,111 | 969 | 647 | 443 | 395 | 181 | -97 | -384 |
| Operating income before IAC 12 months trailing, discontinued operations |
-10 | 2 | 8 | 16 | 3 | 0 | - | - |
| Operating income before IAC 12 months | ||||||||
| trailing, total | 1,101 | 971 | 655 | 459 | 398 | 181 | -97 | -384 |
| Average Capital Employed (5 quarters) | 7,199 | 6,933 | 6,597 | 6,916 | 6,981 | 7,673 | 8,389 | 9,337 |
| ROCE % | 15.3% | 14.0% | 9.9% | 6.6% | 5.7% | 2.4% | -1.2% | -4.1% |
| Assets held for sale | 846 | - | - | - | - | - | - | - |
| Cash and cash equivalents included in assets held for sale |
-5 | - | - | - | - | - | - | - |
| Liabilities related to assets held for sale | -446 | - | - | - | - | - | - | - |
| Lease liability, included in liabilities related to assets held for sale |
102 | - | - | - | - | - | - | - |
| Capital employed held for sale | 498 | - | - | - | - | - | - | - |
Associated companies are companies in which the Group holds voting rights of at least 20% and no more than 50%. Associated company income is the Group's share of the associated company's net income.
Capital employed is the sum of current and non-current assets less current and non-current liabilities, provisions and liabilities at fair value. All items are non-interest-bearing.
CSOL comprises Viaplay Group's estimated share of commercial radio listening amongst 10+ year olds in Norway and 12-79 year olds in Sweden.
CSOV comprises Viaplay Group's estimated share of commercial TV viewing amongst 25-59 year olds.
Earnings per share is expressed as net income attributable to equity holders of the parent divided by the average number of shares outstanding.
EBITDA is Earnings Before Interest, Taxes, Depreciation and Amortisation.
Items Affecting Comparability refer to material items and events related to changes in the Group's structure or lines of business, which are relevant for understanding the Group's development on a like-for-like basis.
Net debt is the sum of short and long-term interest-bearing liabilities less total cash and interest-bearing assets. Net debt also includes lease liabilities net of sublease receivables and dividends payable. A negative figure indicates that the Group has a net cash position (cash in excess of interest-bearing liabilities).
Operating income comprises results before interest and taxes, otherwise known as EBIT (Earnings Before Interest and Taxes).
Organic growth is the change in net sales compared to the same period of the previous year excluding acquisitions and divestments and adjusted for currency translation and transaction effects.
Return on capital employed is calculated as operating income as a percentage of average capital employed.
A Viaplay subscriber is defined as a customer who has access to Viaplay and for whom a method of payment has been provided. Viaplay Group only reports paid-for subscriptions where a payment has been received directly from the end-customer or from a partner organisation.
The 2023 Annual General Meeting of Viaplay shareholders will be held on Tuesday 16 May 2023 at Viaplay's Head Office in Stockholm. Shareholders may also exercise their voting rights by postal voting. As previously communicated, the Board of Directors will propose to the Annual General Meeting that no cash dividend be paid for 2022 and that the 2022 profits be carried forward into 2023. The AGM resolutions will be published as soon as the outcome of the voting has been established. The AGM notice and related documentation are available at www.viaplaygroup.com.
Annual General Meeting 16 May Publication of Q2 interim report 20 July Publication of Q3 interim report 24 October
[email protected] or +73 699 17 00 [email protected] or +44 7768 440 414
Download high-resolution photos: Flickr Follow us: viaplaygroup.com / Facebook / Twitter / LinkedIn / Instagram
A conference call and video webcast will take place today at 09.00 Stockholm local time, 08.00 London local time and 03.00 New York local time. The video webcast will be streamed at https://edge.media-server.com/mmc/p/2n5athhr Please register for the conference call at
https://register.vevent.com/register/BI83837a52e3284ec2ba578d7369ab38c8
Viaplay Group Ringvägen 52, PO Box 17104 104 62 Stockholm, Sweden viaplaygroup.com @viaplaygroup
Viaplay Group AB (publ) is the international entertainment provider. Our Viaplay streaming service is available direct-toconsumer in every Nordic and Baltic country, Poland, the Netherlands, the UK, the US and Canada. Every day, millions of customers enjoy our unique entertainment offering, including acclaimed Viaplay Series, Films and more, and an unrivalled lineup of premium live sports. In addition, our innovative Viaplay Select branded content concept makes Viaplay's compelling storytelling available to partners around the world. From streaming to TV channels, radio stations and production companies, our purpose is to tell stories, touch lives and expand worlds. Viaplay Group is listed on Nasdaq Stockholm ('VPLAY B').The information was submitted for publication, through the agency of the contact person set out above, at 07:30 CET on 25 April 2023.
This interim report contains statements concerning, among other things, Viaplay Group's financial condition and results of operations that are forward-looking in nature. Such statements are not historical facts but, rather, represent Viaplay Group's future expectations. Viaplay Group believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions; however, forward-looking statements involve inherent risks and uncertainties, and a number of important factors could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements. Such important factors include but may not be limited to Viaplay Group's market position; growth in the streaming industry; and the effects of competition and other economic, business, competitive and/or regulatory factors affecting the business of Viaplay Group, its group companies and the streaming industry in general. Forward-looking statements apply only as of the date they were made and, other than as required by applicable law, Viaplay Group undertakes no obligation to update any of them in the light of new information or future events.
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