Net interest-bearing debt Azerion s net interest-bearing debt amounted to EUR 31.1m, as per 31-Dec Interest-bearing debt mainly comprises the Company's outstanding bond loan with a nominal value of EUR 25m, less the cash and cash equivalents position of EUR 9.9m. Cash flow from financing activities totalled EUR 29.0m, and this was mainly the result of a bond issuance in June As a result, the cash flow for 2019 ended at EUR 0.6m, resulting in a year-end cash and cash equivalent position of EUR 9.9m. This was the result of new investments in intangible assets driven by our 2019 acquisitions: AdPulse, Semilo, HiMedia, Woozworld, Spil Games and ZoomIn. Cash flow from investing activities totalled EUR (24.1m). Cash flow The Group s cash flow from operating activities totalled EUR (4.3m). Net profit for the year amounted to EUR (6.8m) (EUR (6.9m) in 2018). EBIT amounted to EUR 1.9m (EUR (5.2m) in 2018) and included depreciation and amortisation totaling EUR 7.3m (EUR 8.6m in 2018). EUR 6.4m was activated in 2019, representing 3.5% of revenues and 18.4% of personnel expenses. Azerion capitalises some of its development costs, primarily relating to developers time devoted to create games, platforms and other new features. Opex amounted to 28% of net revenue in 2019 (2018: 26%) and reflects the limited increase in relative SG&A costs enabled by a streamlined internal sales setup. At 67% of net revenue, COGS improved in 2019 compared to 2018 by 5.0 bps mainly driven by optimisations in AdTech.
Azerion s cost base is dominated by COGS and personnel expenses, resulting in a highly variable cost structure with good flexibility to reduce costs and preserve EBITDA, should net revenue decline. Nonrecurring items amounted to EUR 4.4m (EUR 4.1m in 2018) and mainly include acquisition expenses, restructuring costs and transition costs.
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Dado Alonso CFO Azerion Holding Financial highlights Income statement (EURm) Audited FY18 Net revenue yoy net sales growth 29% 44% - Adjusted EBITDA Adjusted EBITDA margin 5% 7% 6% EBIT (2.6) 1.9 (5.2) EBIT margin (2%) 1% (4%) Net profit (9.4) (6.8) (6.9) Net cash flow from operations (11.5) (4.3)Ģ Financial overview Full year 2019 EUR 183m Net revenue 2019 Net revenue The Group s consolidated net revenue for the period amounted to EUR 182.7m, an increase of 44% compared to the full year Net revenue increased by EUR 55.8m and this is mainly on account of 2018 acquisitions annualization, business growth driven primarily by increasing numbers of users in our Content segment (primarily Governor of Poker, Hotel Hideaway and Habbo Hotel) and further M&A expansion in Earnings EUR 14m Adjusted EBITDA 2019 Adjusted EBITDA significantly improved to EUR 13.6m from EUR 7.5m in This improvement comes on the back of lower operating expenses and realised synergies from prior acquisitions as the Ecosystem offers significant cost saving opportunities.
I hereby present to you Azerion s audited and restated 2019 financial results, with a comprehensive comparison to the results reported earlier on April 30th. The 2019 financial statements were approved under the assumption of a going concern, which considering the Covid-19 pandemic and its economic impacts, is additional indication for the robustness of the Azerion ecosystem.
PriceWaterhouseCoopers audited Azerion s 2019 consolidated financial statements resulting in an unmodified audit opinion which reflected a significant improvement compared to previous years and sets Azerion in a robust path to further ambitions. Since then, with the necessary challenges posed by the effects of the global pandemic, we have succeeded in completing a consolidated first year audit of our 2019 financial statements and fully transitioning our organisation to company-wide financial reporting in accordance with the International Financial Reporting Standards (). 1 Full year report 2019 Message from the CFO Since our previous and initial reporting of 2019 financial results on April 30 th 2020, we have experienced unprecedented times that have disrupted much of our everyday sentiment.
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