B2B Growth Avenues
Financials in Perspective
FY'21
€m
% of Revenue
Revenue
400
Royalties
(287)
(72)%
Fully variable; Recording and publishing rights, mostly contract-based
Payment/Infrastructure
(29)
(7)%
Mostly variable; Mainly B2C payment fees; Infrastructure costs of all users
Adj. Gross Profit(1)
84
21%
Marketing
(73)
(18%)
Mostly B2C acquisition/brand marketing and trial costs (royalties)
Staff / G&A
(75)
(19%)
Fixed; Salaries and social costs for ~600 employees;
G&A includes rent and other fixed administrative costs
Adj. EBITDA (1)
(65)
(16)%
A Working Capital
37
9%
Fully variable; Positive inflows as subscriptions are received ahead of
royalties payment to rights holders
Other Cash Items
(20)(2)
(5)%
Capex (variable), leases (fixed) and other cash items (fixed / one-offs)
Cash Flow Pre-Funding
(47)
(12)%
Source: Company information.
(1) See appendix for definition of adjusted metrics. (2) Includes capex (€2m), leases (€6m), livestreaming investments and other cash items (€11m).
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