Quarterly Report • Nov 10, 2022
Quarterly Report
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QUARTERLY STATEMENT 9M/Q3 2022 report
STRÖER SE & Co. KGaA
Ströer SE & Co. KGaA 1
9M/Q3 2022 quarterly statement
| The Group's financial figures at a glance | 3 |
|---|---|
| Financial performance, financial position, and net assets of the Group | 4 |
| Financial performance of the segments | 10 |
| Share information | 13 |
| Outlook | 13 |
| Consolidated income statement | 15 |
| Consolidated statement of financial position | 16 |
| Consolidated statement of cash flows | 17 |
| Financial calendar, contacts and editorial information, disclaimer | 19 |
The German Act to Implement the Directive Amending the Transparency Directive came into force on November 26, 2015, as did amendments to the stock exchange rules and regulations of the Frankfurt Stock Exchange. In this context, Ströer publishes a quarterly statement rather than a quarterly financial report for the first and third quarter of each financial year.
| EUR m | Q3 2022 | Q3 2021 | 9M 2022 | 9M 2021 |
|---|---|---|---|---|
| Revenue | 436.3 | 414.3 | 1,246.3 | 1,100.2 |
| EBITDA (adjusted) | 133.6 | 138.7 | 353.9 | 318.9 |
| Exceptional items | -2.7 | -2.5 | 5.4 | -5.6 |
| EBITDA | 130.9 | 136.1 | 359.3 | 313.3 |
| Amortization, depreciation, and impairment | -73.3 | -75.6 | -219.6 | -231.1 |
| thereof attributable to purchase price allocations and impairment losses |
-6.8 | -14.6 | -20.3 | -37.5 |
| EBIT | 57.6 | 60.5 | 139.7 | 82.2 |
| Net finance income/costs | -5.4 | -7.4 | -17.7 | -21.5 |
| EBT | 52.2 | 53.1 | 122.0 | 60.7 |
| Taxes | -13.0 | -12.9 | -29.1 | -14.8 |
| Consolidated profit or loss for the period | 39.1 | 40.2 | 92.9 | 45.9 |
| Adjusted consolidated profit or loss for the period | 46.3 | 56.2 | 104.2 | 83.4 |
| Free cash flow (before M&A transactions) | 32.2 | 76.7 | 115.9 | 159.4 |
| Net debt (Sep. 30/Dec. 31) | 739.7 | 612.3 |
The Ströer Group's revenue continued to grow in the third quarter of 2022, advancing by EUR 22.0m compared with the already very strong third quarter of 2021 to EUR 436.3m. The Group thus achieved an increase of EUR 146.1m or 13.3% to EUR 1,246.3m in the first nine months (prior year: EUR 1,100.2m). As in the preceding quarters, the effects of the war in Ukraine have had only a minimal impact on the Group's operating business to date. Organic growth stood at 13.5% (prior year: 11.7%).
The renewed increase in operating business was accompanied by a moderate rise in cost of sales, which was up by EUR 46.3m in the first nine months of 2022 at EUR 724.4m. Besides higher running costs and revenue-based lease payments in out-of-home advertising, this item was also significantly impacted by higher revenue-based fees in dialogue marketing (door to door). Gross profit totaled EUR 521.9m at the end of the third quarter of 2022 (prior year: EUR 422.1m).
Selling and administrative expenses in the Group also increased, rising by EUR 45.7m to EUR 399.0m (prior year: EUR 353.3m), as a result of targeted investments in growth and the continued increase in operating business. Given the revenue growth, selling and administrative expenses expressed as a percentage of revenue were therefore only marginally lower than in the prior year at 32.0% (prior year: 32.1%). Other net operating income also grew by EUR 3.0m to EUR 12.4m (prior year: EUR 9.4m). In the prior-year period, other net operating income had been boosted by, among other things, the reversal of a pandemic-related provision that was no longer required and in 2022 it was boosted by the gain on the disposal of the subsidiary SEM Internet Reklam Hizmetleri ve Danismanlik A.S., Istanbul, Turkey. The Group's share of the profit or loss of investees accounted for using the equity method increased slightly to a profit of EUR 4.5m (prior year: profit of EUR 4.0m).
The Ströer Group's EBIT climbed by EUR 57.5m to EUR 139.7m in the first nine months of 2022 (prior year: EUR 82.2m). This growth was directly attributable to the tangible recovery in the Group's OOH business, which was all the more evident because the first two quarters in the prior year had been significantly affected by the pandemic. This positive development is also reflected in the Group's EBITDA (adjusted), which rose by EUR 34.9m year on year to EUR 353.9m in the first nine months of 2022. The return on capital employed (ROCE) advanced to 21.0%, which was on a par with the prepandemic level (prior year: 17.1%).
The Group's net finance costs improved by EUR 3.8m to EUR 17.7m (prior year: EUR 21.5m). Besides general funding costs for existing loan liabilities, net finance costs have notably consisted of expenses from unwinding the discount on lease liabilities since the introduction of IFRS 16. Besides the positive effects from these IFRS 16 lease liabilities, payments received in respect of written-down receivables also contributed to this positive development.
Reflecting the overall positive business performance, the Ströer Group's tax base also increased markedly. As a result, the tax expense jumped year on year to EUR 29.1m (prior year: EUR 14.8m).
All in all, the Ströer Group has been very successful across the board in 2022 as the effects of the war in Ukraine and the pandemic have had only a minimal impact on its operating business. Ströer generated consolidated profit for the period of EUR 92.9m, more than double the prior-year figure of EUR 45.9m. The Group's adjusted consolidated profit for the period increased by EUR 20.8m to EUR 104.2m.
| EUR m | 9M 2022 | 9M 2021 |
|---|---|---|
| Cash flows from operating activities | 233.6 | 221.5 |
| Cash received from the disposal of intangible assets and property, plant, and equipment |
0.6 | 3.1 |
| Cash paid for investments in intangible assets and property, plant, and equipment |
-118.3 | -65.2 |
| Cash received and cash paid in relation to investees accounted for using the equity method and to financial assets |
3.1 | 1.3 |
| Cash received from and cash paid for the sale and acquisition of consolidated entities |
7.8 | -0.4 |
| Cash flows from investing activities | -106.8 | -61.2 |
| Cash flows from financing activities | -127.7 | -175.6 |
| Change in cash | -0.9 | -15.4 |
| Cash at the end of the period | 62.5 | 70.1 |
| Free cash flow before M&A transactions (incl. IFRS 16 payments for the principal portion of lease liabilities) |
-5.3 | 37.6 |
| Free cash flow before M&A transactions | 115.9 | 159.4 |
The Ströer Group increased its cash flows from operating activities by EUR 12.1m to EUR 233.6m in the first nine months of 2022. Following a strong rise in operating business, which was evident in noticeably improved EBITDA (up by EUR 46.0m year on year), the growth in tax payments (up by EUR 25.1m) had the opposite effect, whereby the effect was partially due to the payment of back taxes for prior periods. The utilization of provisions also had a negative impact (net outflow of EUR 14.7m). Overall, cash flows from operating activities only reflected the considerable improvement in operating business to a very limited extent, with the first two quarters shaped by a significant increase compared with the pandemic-induced lackluster prior-year figures, and the third quarter being compared with an already strong third quarter in 2021.
Investments in the organic growth of the Ströer Group's business in the reporting period, particularly in out-of-home advertising, were stepped up considerably, while M&A transactions boosted the net cash inflow thanks to the disposal of the subsidiary SEM Internet Reklam Hizmetleri ve Danismanlik A.S., Istanbul, Turkey. Furthermore, the Ströer Group acquired the land and buildings housing the Ströer headquarters in Cologne for around EUR 11.2m in the third quarter of 2022. Cash flows from investing activities amounted to a net outflow of EUR 106.8m at the end of the third quarter (prior year: net outflow of EUR 61.2m). Free cash flow before M&A transactions came to EUR 115.9m (prior year: EUR 159.4m). Adjusted for payments for the principal portion of lease liabilities in connection with IFRS 16, it came to a net outflow of EUR 5.3m (prior year: net inflow of EUR 37.6m).
As in the prior year, cash flows from financing activities in the reporting period were heavily influenced by the payment of a dividend to the shareholders of Ströer SE & Co. KGaA as well as payments for the principal portion of lease liabilities in connection with IFRS 16. By contrast, the cash paid for the acquisition of shares in fully consolidated entities was immaterial. Overall, cash flows from financing activities came to a net outflow of EUR 127.7m (prior year: net outflow of EUR 175.6m).
At the end of the third quarter, cash stood at EUR 62.5m.
At the end of the first nine months of 2022, the Ströer Group's non-current liabilities were up by EUR 156.2m at EUR 1,463.8m, which was essentially due to additional financial liabilities from new non-current note loans (EUR 203.0m) that were placed on the capital markets in June 2022. The liquidity received from this round of borrowing was partly utilized to repay existing note loans (EUR 120.0m) ahead of schedule that would have been due to be repaid in October 2022 and had been recognized in current liabilities. The rise in non-current financial liabilities was offset to some extent by the decline in lease liabilities accounted for in accordance with IFRS 16.
Current liabilities decreased by EUR 139.4m to EUR 779.7m in the same period (prior year: EUR 919.1m). This reduction was largely attributable to the early repayment of note loans (EUR 120.0m) in June 2022 mentioned above. Additionally, current income tax liabilities decreased significantly following large tax payments. There was a slight decline in trade payables and current provisions.
The liabilities associated with assets held for sale recognized as at December 31, 2021 in an amount of EUR 7.1m related to the subsidiary SEM Internet Reklam Hizmetleri ve Danismanlik A.S., Istanbul, Turkey. This company was sold on June 30, 2022.
The Group's equity amounted to EUR 441.4m at the end of the reporting period, which was EUR 42.5m lower than at year-end 2021 (prior year: EUR 483.9m). Within this figure, the profit for the first nine months of 2022 was outweighed by the distribution of a dividend to the shareholders of Ströer SE & Co. KGaA. Due to this seasonal effect, the equity ratio of 16.4% at the end of the third quarter was therefore slightly lower than the year-end figure (prior year: 17.8%). Adjusted for the lease liabilities accounted for in accordance with IFRS 16, the equity ratio was 24.6% as at the reporting date (prior year: 27.3%).
The Ströer Group bases the calculation of its net debt on the existing loan agreements with its lending banks. The additional lease liabilities that have had to be recognized since the introduction of IFRS 16 were excluded from the calculation of net debt both in the facility agreement and in the contract documentation for the note loans. This is because the contracting parties do not believe that the financial position of the Ströer Group has changed as a result of the new standard being introduced. To maintain consistency, the impact of IFRS 16 on EBITDA (adjusted) was also excluded from the calculation of the leverage ratio.
| EUR m | Sep. 30, 2022 | Dec. 31, 2021 | |
|---|---|---|---|
| (1) | Lease liabilities (IFRS 16) | 890.8 | 945.1 |
| (2) | Liabilities from the facility agreement | 330.9 | 280.6 |
| (3) | Liabilities from note loans | 432.2 | 349.8 |
| (4) | Liabilities to purchase own equity instruments |
24.8 | 27.5 |
| (5) | Liabilities from dividends to be paid to non controlling interests |
0.2 | 4.9 |
| (6) | Other financial liabilities | 38.9 | 40.4 |
| (1)+(2)+(3)+(4)+(5)+(6) | Total financial liabilities | 1,717.8 | 1,648.4 |
| (2)+(3)+(5)+(6) | Total financial liabilities excluding lease liabilities (IFRS 16) and liabilities to purchase own equity instruments |
802.1 | 675.7 |
| (7) | Cash | 62.5 | 63.4 |
| (2)+(3)+(5)+(6)-(7) | Net debt | 739.7 | 612.3 |
In the first nine months of 2022, net debt increased from EUR 612.3m to EUR 739.7m, a rise of EUR 127.4m. Besides the usual seasonal variation, the main reasonsfor the increase were the payment of a dividend to the shareholders of Ströer SE & Co. KGaA, the payment of back taxes and the acquisition of land and buildings housing the Ströer headquarters. The leverage ratio (defined as the ratio of net debt to EBITDA (adjusted)) stood at 2.21 at the end of the third quarter, which was slightly higher than the ratio of 1.97 at the end of 2021 due to seasonal effects. However, the leverage ratio represented a further improvement compared with the end of the third quarter of 2021 (2.49).
The Ströer Group's non-current assets fell by EUR 23.9m to EUR 2,337.0m in the first three quarters of 2022 (prior year: EUR 2,360.9m). This decline is due partly to profit distributions from investees accounted for using the equity method and partly to the fact that additions to intangible assets and property, plant, and equipment were more than offset by amortization, depreciation, and impairment, particularly on right-of-use assets pursuant to IFRS 16.
Current assets, by contrast, were virtually unchanged overall at EUR 347.9m compared with the figure of EUR 347.8m at December 31, 2021. In terms of individual items, inventories swelled, primarily as a result of continued growth in the AsamBeauty Group, while trade receivables declined but remained within their usual range.
The assets classified as held for sale that were recognized as at December 31, 2021 in a total amount of EUR 9.0m related to the subsidiary SEM Internet Reklam Hizmetleri ve Danismanlik A.S., Istanbul, Turkey. This company was sold on June 30, 2022.
| EUR m | Q3 2022 | Q3 2021 | Change | 9M 2022 | 9M 2021 | Change | ||
|---|---|---|---|---|---|---|---|---|
| Segment revenue, thereof | 202.2 | 194.2 | 7.9 | 4.1% | 541.1 | 444.5 | 96.6 | 21.7% |
| Classic OOH | 129.3 | 132.6 | -3.3 | -2.5% | 347.1 | 313.8 | 33.3 | 10.6% |
| Digital OOH | 58.4 | 47.4 | 10.9 | 23.0% | 151.2 | 94.2 | 57.0 | 60.5% |
| OOH Services | 14.5 | 14.2 | 0.4 | 2.6% | 42.8 | 36.5 | 6.3 | 17.3% |
| EBITDA (adjusted) | 98.7 | 94.8 | 3.8 | 4.0% | 245.9 | 195.0 | 50.8 | 26.1% |
| EBITDA margin (adjusted) | 48.8% | 48.8% | 0.0 percentage points |
45.4% | 43.9% | 1.6 percentage points |
At EUR 541.1m, the revenue generated by the OOH Media segment in the first nine months of 2022 was substantially higher than in the equivalent period of 2021 (prior year: EUR 444.5m). Out-of-home advertising benefited from market growth. However, from mid-way through the first quarter when the war in Ukraine started, this growth flattened somewhat in respect of German campaign customers. Revenue in the prior-year period had still been significantly impacted by the lockdowns imposed to contain the COVID-19 pandemic.
The Classic OOH product group offers traditional out-of-home advertising products to our customers. Its revenue of EUR 347.1m in the reporting period represented a significant year-on-year increase (prior year: EUR 313.8m). The Digital OOH product group, which consists of our digital out-of-home products (particularly public video and roadside screens), grew its revenue by a considerable 60.5% to EUR 151.2m in the reporting period. The ongoing expansion of our roadside screen portfolio meant that the revenue generated by our attractive network of digital advertising media was significantly higher than the levels in previous years. Ever more customers are opting for programmatic placement of advertising using our portfolio of digital advertising media. Revenue in the OOH Services product group was also much higher year on year at EUR 42.8m (prior year: EUR 36.5m). This product group includes the local marketing of digital products to small and medium-sized customers as well as activities that complement the customer-centric portfolio in the out-of-home advertising business.
The very healthy business performance had a noticeable positive impact on earnings in the first nine months of 2022. Overall, the segment was able to significantly exceed the level of earnings reported a year earlier and EBITDA (adjusted) rose by EUR 50.8m to EUR 245.9m in the reporting period (prior year: EUR 195.0m). The fact that government subsidy programs (short-time working) were still being used in the prior-year period makes this increase particularly encouraging. The improved capacity utilization in respect of the fixed-cost base was reflected in the higher EBITDA margin (adjusted) of 45.4% (prior year: 43.9%).
| EUR m | Q3 2022 | Q3 2021 | Change | 9M 2022 9M 2021 | Change | |||
|---|---|---|---|---|---|---|---|---|
| Segment revenue, thereof | 176.2 | 170.2 | 6.0 | 3.5% | 527.9 | 505.6 | 22.2 | 4.4% |
| Digital | 89.0 | 100.8 | -11.8 | -11.7% | 275.9 | 287.5 | -11.5 | -4.0% |
| Dialog | 87.2 | 69.3 | 17.9 | 25.8% | 252.0 | 218.2 | 33.8 | 15.5% |
| EBITDA (adjusted) | 36.6 | 43.2 | -6.7 | -15.5% | 114.4 | 126.0 | -11.5 | -9.2% |
| -4.7 percentage | -3.2 percentage | |||||||
| EBITDA margin (adjusted) | 20.8% | 25.4% | points | 21.7% | 24.9% | points |
Revenue in the Digital & Dialog Media segment rose by EUR 22.2m to EUR 527.9m in the first nine months of 2022. The Digital product group, which encompasses our online marketing activities, reported revenue of EUR 275.9m over the same period, which was down on the figure for the prioryear period of EUR 287.5m. The revenue growth was curtailed by significant negative exchange-rate effects in our peripheral digital business in Turkey. However, we sold this business in the reporting period. This disposal means that there is only limited comparability with the figures for the prior-year period. In our publisher portfolio, our own special interest portals managed to escape the general market pressure and generated a considerable year-on-year increase in revenue. The challenging news environment coupled with the change in the publisher portfolio, however, increasingly took their toll on business over the course of the reporting period. The Dialog product group comprises our call center activities and direct sales activities (door to door). Its revenue rose sharply again in the reporting period, jumping by EUR 33.8m to EUR 252.0m. This reflected the tremendous success of our door-todoor sales business in selling telecommunications products, which more than made up for the difficulties in selling products in the energy sector and the higher absence rates due to the pandemic, particularly in the call centers.
The challenging market environment in both product groups was reflected in earnings. Overall, the segment generated EBITDA (adjusted) of EUR 114.4m in the reporting period (prior year: EUR 126.0m) and an EBITDA margin (adjusted) of 21.7% (prior year: 24.9%).
| EUR m | Q3 2022 | Q3 2021 | Change | 9M 2022 9M 2021 | Change | |||
|---|---|---|---|---|---|---|---|---|
| Segment revenue, thereof | 73.9 | 63.0 | 10.9 | 17.3% | 216.0 | 174.9 | 41.1 | 23.5% |
| Data as a Service | 33.0 | 25.1 | 7.9 | 31.6% | 100.8 | 72.7 | 28.1 | 38.7% |
| E-Commerce | 40.9 | 38.0 | 3.0 | 7.8% | 115.2 | 102.3 | 12.9 | 12.7% |
| EBITDA (adjusted) | 6.5 | 7.6 | -1.1 | -13.9% | 16.6 | 19.0 | -2.5 | -13.0% |
| -3.2 percentage | -3.2 percentage | |||||||
| EBITDA margin (adjusted) | 8.8% | 12.0% | points | 7.7% | 10.9% | points |
The DaaS & E-Commerce segment recorded a significant EUR 41.1m increase in revenue to EUR 216.0m in the first nine months of 2022, despite the general uncertainty prevailing in the market. The Data as a Service product group saw a sharp EUR 28.1m rise to EUR 100.8m owing to Statista's continued growth both in Germany and internationally. This meant the product group's revenue in the first nine months virtually equaled that for the entire prior year. The E-Commerce product group, in which AsamBeauty's business is reported, generated a further substantial increase in revenue, which rose by EUR 12.9m to EUR 115.2m. The sales channels e-com and retail delivered the biggest contributions to this positive trend.
Overall, the segment delivered EBITDA (adjusted) of EUR 16.6m in the first nine months of 2022 (prior year: EUR 19.0m). With regard to costs, a high ongoing level of investment in the dynamic expansion of the platforms coupled with general increases in the prices of procured items in the e-commerce business had a negative impact. All in all, the EBITDA margin (adjusted) stood at 7.7% (prior year: 10.9%).
On September 28, 2022, Ströer SE & Co. KGaA announced to the capital markets its first share buyback program with a total maximum repurchase volume of EUR 50.0m. The volume of EUR 50.0m represents the likely maximum number of shares that can be acquired over the subsequent six months within the regulatory limits. The program was launched on October 3, 2022.
The Group continues to anticipate a robust business performance for the fourth quarter and for its year-end business and therefore expects revenue and earnings for 2022 as a whole to be in line with the expectations of the capital markets. The average estimate from analysts for revenue currently stands at around EUR 1.8b. The year-on-year percentage increase in EBITDA (adjusted) is expected to be broadly similar to the increase in revenue.
| Consolidated income statement | 15 |
|---|---|
| Consolidated statement of financial position | 16 |
| Consolidated statement of cash flows | 17 |
| EUR k | Q3 2022 | Q3 20211),2) | 9M 2022 | 9M 20211),2) |
|---|---|---|---|---|
| Revenue | 436,274 | 414,288 | 1,246,271 | 1,100,172 |
| Cost of sales | -250,227 | -234,356 | -724,418 | -678,079 |
| Gross profit | 186,047 | 179,931 | 521,853 | 422,093 |
| Selling expenses | -72,670 | -67,851 | -229,663 | -194,678 |
| Administrative expenses | -58,099 | -54,735 | -169,369 | -158,654 |
| Other operating income | 5,507 | 7,159 | 25,697 | 22,403 |
| Other operating expenses | -3,994 | -6,265 | -13,303 | -13,006 |
| Share of the profit or loss of investees accounted for | ||||
| using the equity method | 797 | 2,289 | 4,473 | 4,046 |
| Finance income | 1,900 | 241 | 2,526 | 814 |
| Finance costs | -7,302 | -7,641 | -20,218 | -22,322 |
| Profit or loss before taxes | 52,186 | 53,128 | 121,995 | 60,695 |
| Income taxes | -13,045 | -12,940 | -29,117 | -14,793 |
| Consolidated profit or loss for the period | 39,141 | 40,188 | 92,878 | 45,902 |
| Thereof attributable to: | ||||
| Owners of the parent | 36,938 | 37,194 | 84,639 | 37,431 |
| Non-controlling interests | 2,203 | 2,994 | 8,239 | 8,471 |
| 39,141 | 40,188 | 92,878 | 45,902 |
1) Restated due to the purchase price allocations that were finalized after September 30, 2021. Please refer to note 6 in the notes to the consolidated financial statements in our 2021 annual report for our disclosures on restatement in connection with purchase price allocations.
2) Restated due to a change in accounting policy under which income from the reversal of provisions is allocated to the same functions within the business for which the underlying provisions were originally recognized on the basis of the function-of-expense method.
| Assets (EUR k) | Sep. 30, 2022 | Dec. 31, 2021 |
|---|---|---|
| Non-current assets | ||
| Intangible assets | 1,065,045 | 1,067,273 |
| Property, plant, and equipment | 1,207,735 | 1,214,044 |
| Investments in investees accounted for using the equity method | 26,047 | 35,000 |
| Financial assets | 3,635 | 3,413 |
| Other financial assets | 648 | 558 |
| Other non-financial assets | 8,974 | 10,597 |
| Deferred tax assets | 24,926 | 30,007 |
| Total non-current assets | 2,337,009 | 2,360,892 |
| Current assets | ||
| Inventories | 31,941 | 24,388 |
| Trade receivables | 189,094 | 200,724 |
| Other financial assets | 12,316 | 13,778 |
| Other non-financial assets | 41,352 | 39,047 |
| Current tax assets | 10,740 | 6,481 |
| Cash | 62,465 | 63,382 |
| Total current assets | 347,909 | 347,799 |
| Assets classified as held for sale | 0 | 9,040 |
| Total assets | 2,684,918 | 2,717,732 |
| Equity and liabilities (EUR k) | Sep. 30, 2022 | Dec. 31, 2021 |
|---|---|---|
| Equity | ||
| Subscribed capital | 56,692 | 56,692 |
| Capital reserves | 755,092 | 762,342 |
| Retained earnings | -378,375 | -336,837 |
| Accumulated other comprehensive income/loss | -4,625 | -7,689 |
| 428,782 | 474,507 | |
| Non-controlling interests | 12,603 | 9,351 |
| Total equity | 441,385 | 483,859 |
| Non-current liabilities | ||
| Provisions for pensions and similar obligations | 43,594 | 43,445 |
| Other provisions | 23,489 | 22,972 |
| Financial liabilities | 1,377,115 | 1,216,179 |
| Trade payables | 1,445 | 1,443 |
| Other liabilities | 1,426 | 1,302 |
| Deferred tax liabilities | 16,781 | 22,301 |
| Total non-current liabilities | 1,463,849 | 1,307,641 |
| Current liabilities | ||
| Other provisions | 79,274 | 91,283 |
| Financial liabilities | 340,686 | 432,181 |
| Trade payables | 210,236 | 226,463 |
| Other liabilities | 127,922 | 127,584 |
| Current income tax liabilities | 21,565 | 41,578 |
| Total current liabilities | 779,683 | 919,089 |
| Liabilities associated with assets held for sale | 0 | 7,142 |
| Total equity and liabilities | 2,684,918 | 2,717,732 |
| EUR k | 9M 2022 | 9M 20211) |
|---|---|---|
| Cash flows from operating activities | ||
| Profit or loss for the period | 92,878 | 45,902 |
| Expenses (+)/income (–) from net finance income/costs and net tax income/expense | 46,810 | 36,301 |
| Amortization, depreciation, and impairment (+) on non-current assets | 75,147 | 88,992 |
| Depreciation and impairment (+) on right-of-use assets under leases (IFRS 16) | 144,444 | 142,130 |
| Share of the profit or loss of investees accounted for using the equity method | -4,473 | -4,046 |
| Cash received from profit distributions of investees accounted for using the equity method | 7,674 | 4,163 |
| Interest paid (–) in connection with leases (IFRS 16) | -11,323 | -13,678 |
| Interest paid (–) in connection with other financial liabilities | -4,753 | -4,236 |
| Interest received (+) | 39 | 49 |
| Income taxes paid (–)/received (+) | -49,961 | -24,850 |
| Increase (+)/decrease (–) in provisions | -13,988 | 723 |
| Other non-cash expenses (+)/income (–) | -11,225 | -1,364 |
| Gain (–)/loss (+) on disposal of non-current assets | -109 | -1,024 |
| Increase (–)/decrease (+) in inventories, trade receivables and other assets | 7,267 | -48,475 |
| Increase (+)/decrease (–) in trade payables and other liabilities | -44,811 | 926 |
| Cash flows from operating activities | 233,616 | 221,514 |
| Cash flows from investing activities | ||
| Cash received (+) from the disposal of intangible assets and property, plant, and equipment | 614 | 3,089 |
| Cash paid (–) for investments in intangible assets and property, plant, and equipment | -118,336 | -65,221 |
| Cash received (+)/cash paid (–) in relation to investees accounted for using the equity method | ||
| and to financial assets | 3,131 | 1,344 |
| Cash received (+) from/cash paid (–) for the sale of consolidated entities | 10,440 | 530 |
| Cash received (+) from/cash paid (–) for the acquisition of consolidated entities | -2,639 | -973 |
| Cash flows from investing activities | -106,790 | -61,232 |
| Cash flows from financing activities | ||
| Cash received (+) from equity contributions | 0 | 1,796 |
| Dividend distributions (–) | -135,966 | -124,918 |
| Cash paid (–) for the acquisition of shares not involving a change of control | -3,651 | -15,197 |
| Cash received (+) from borrowings | 297,157 | 285,475 |
| Cash repayments (–) of borrowings | -164,049 | -201,004 |
| Cash payments (–) for the principal portion of lease liabilities (IFRS 16) | -121,233 | -121,789 |
| Cash flows from financing activities | -127,742 | -175,637 |
| Cash and cash equivalents at the end of the period | ||
|---|---|---|
| Change in cash and cash equivalents | -917 | -15,355 |
| Cash and cash equivalents at the beginning of the period | 63,382 | 85,469 |
| Cash and cash equivalents at the end of the period | 62,465 | 70,114 |
| Composition of cash and cash equivalents | ||
| Cash | 62,465 | 70,114 |
| Cash and cash equivalents at the end of the period | 62,465 | 70,114 |
1) Restated due to the purchase price allocations that were finalized after September 30, 2021. Please refer to note 6 in the notes to the consolidated financial statements in our 2021 annual report for our disclosures on restatement in connection with purchase price allocations.
Publication of the 2022 annual report March 30, 2023
Christoph Löhrke Marc Sausen Head of Investor & Credit Relations Director Corporate Communications Ströer-Allee 1 . 50999 Cologne Ströer-Allee 1 . 50999 Cologne Phone: +49 (0)2236 9645 356 Phone: +49 (0)2236 9645 246 Fax: +49 (0)2236 9645 6356 Fax: +49 (0)2236 9645 6246 [email protected] / [email protected] [email protected] / [email protected]
Ströer SE & Co. KGaA Ströer-Allee 1 . 50999 Cologne Phone: +49 (0)2236 9645 0 Fax: +49 (0)2236 9645 299 [email protected]
Cologne local court HRB 86922 VAT identification no.: DE811763883
This quarterly statement was published on November 10, 2022 and is available in German and English. In the event of inconsistencies, the German version shall prevail.
This quarterly statement contains forward-looking statements that entail risks and uncertainties. The actual business performance and results of Ströer SE & Co. KGaA and of the Group may differ significantly from the assumptions made in this quarterly statement. This quarterly statement does not constitute an offer to sell or an invitation to submit an offer to purchase securities of Ströer SE & Co. KGaA. There is no obligation to update the statements made in this quarterly statement.
Ströer SE & Co. KGaA Ströer-Allee 1 50999 Cologne Germany
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