EQS-News

CLIQ Digital reports full year 2023 results

EQS-News: Cliq Digital AG / Key word(s): Annual Report/Annual Results CLIQ Digital reports full year 2023 results 22.02.2024 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. CLIQ Digital reports full year 2023 results

• Record sales and EBITDA of €326 million (+18%) and €50 million (+16%) resp.
• €4.90 EPS resulting from €32 million net profit (+10%)
• Share buyback initiated
• 2024 outlook: €360-380 million sales and €52-58 million EBITDA

DÜSSELDORF, 22 February 2024 – CLIQ Digital AG today publishes its audited full year 2023 financial statements. 

Performance

in millions of €	FY 2023	FY 2022	Δ		4Q 2023	4Q 2022	Δ
Bundled-content	307	242	27%		80	76	5%
Single-content	19	26	-27%		4	7	-41%
Ad-funded[1]	-	8	-100%		-	-	-
North America	197	158	25%		54	47	15%
Europe	109	102	7%		25	30	-17%
Latin America	13	3	269%		3	2	61%
ROW	8	13	-40%		5	3	49%
Sales	326	276	18%		84	83	2%
Customer acquisition costs	135	112	21%		35	30	19%
EBITDA	50	44	16%		12	13	-8%
EBITDA margin	15%	16%	-40 bps		14%	15%	-140 bps
Profit for the period	32	29	10%		7	8	-6%
EPS (in €)	4.90	4.47	10%		1.07	1.17	-7%

• Sales: In FY 2023, Group sales grew by 18% to €326 million (PY: €276 million), whereby sales in 4Q 2023 were 2% higher both quarter-on-quarter as well as year-on-year. The growth was driven by increased online advertising campaigns promoting bundled-content streaming services, which were up 27% against 2022. Regionally, North American and European sales in FY 2023 grew by 25% and 7% respectively, whereby the market environment in Europe remained competitive. A longer than anticipated ramp-up in revenue, as previously flagged, resulted in a slight miss on 2023 sales guidance despite the record €84 million sales generated in the fourth quarter.
• Customer acquisition costs (CAC): In FY 2023, the customer acquisition costs grew by 21% to €135 million (PY: €112 million). This increase resulted in a greater number of marketing campaigns aimed to acquire new members with a higher lifetime value. The higher CAC also reflected the more competitive pricing environment, where bidding prices to acquire new members remained elevated, especially in Europe.
• EBITDA: Despite increased customer acquisition costs incurred in 2023 and higher one-off other operating expenses in the fourth quarter, EBITDA increased in FY 2023 by 16% to €50 million (PY: €44 million) in line with guidance. The EBITDA margin for the full year 2023 was marginally lower at 15.4% (PY: 15.8%).
• Earnings per share: On the back of a profit for the period of €32 million (FY 2022: €29 million), basic EPS grew by 10% to €4.90 (PY: €4.47) in FY 2023. As previously announced, the Group has decided to initiate a share buyback programme as part of its 2024 capital return strategy and not distribute a dividend from the FY 2023 profit.
• Cash flow: In FY 2023, operating free cash flow was up 21% to €19 million (PY: €15 million) despite increased customer acquisition costs to attract and acquire new members as well as higher investments in platform and technical developments (€7 million) and newly licensed content (€4 million). The cash outflow from financing activities during 2023 was €13 million (2022: €8 million) and included €12 million dividend distribution (2022: €7 million).
• Liquidity: At year-end 2023, the Group reported no bank borrowings (31/12/2022: €7 million) and consequently the net cash position was €16 million – a year-on-year increase of €6 million, notwithstanding the €12-million-dividend paid out in 2023.

Operational indicators