Onsdag 4 December | 04:08:39 Europe / Stockholm

Prenumeration

Kalender

Tid*
2025-05-22 07:00 Bokslutskommuniké 2025
2025-02-13 07:00 Kvartalsrapport 2025-Q3
2024-11-14 - Kvartalsrapport 2025-Q2
2024-09-20 - X-dag ordinarie utdelning EMBRAC B 0.00 SEK
2024-09-19 - Årsstämma
2024-08-15 - Kvartalsrapport 2025-Q1
2024-05-23 - Bokslutskommuniké 2024
2024-02-15 - Kvartalsrapport 2024-Q3
2023-11-16 - Kvartalsrapport 2024-Q2
2023-09-22 - X-dag ordinarie utdelning EMBRAC B 0.00 SEK
2023-09-21 - Årsstämma
2023-08-17 - Kvartalsrapport 2024-Q1
2023-05-24 - Bokslutskommuniké 2023
2023-02-16 - Kvartalsrapport 2023-Q3
2022-11-17 - Kvartalsrapport 2023-Q2
2022-09-22 - X-dag ordinarie utdelning EMBRAC B 0.00 SEK
2022-09-21 - Årsstämma
2022-08-18 - Kvartalsrapport 2023-Q1
2022-06-27 - Extra Bolagsstämma 2023
2022-05-19 - Bokslutskommuniké 2022
2022-02-17 - Kvartalsrapport 2022-Q3
2022-01-07 - Extra Bolagsstämma 2022
2021-11-17 - Kvartalsrapport 2022-Q2
2021-09-29 - Split EMBRAC B 1:2
2021-09-17 - X-dag ordinarie utdelning EMBRAC B 0.00 SEK
2021-09-16 - Årsstämma
2021-08-23 - Extra Bolagsstämma 2021
2021-08-18 - Kvartalsrapport 2022-Q1
2021-05-20 - Bokslutskommuniké 2021
2021-02-18 - Kvartalsrapport 2021-Q3
2020-11-18 - Kvartalsrapport 2021-Q2
2020-11-16 - Extra Bolagsstämma 2020
2020-09-17 - X-dag ordinarie utdelning EMBRAC B 0.00 SEK
2020-09-16 - Årsstämma
2020-08-13 - Kvartalsrapport 2021-Q1
2020-05-20 - Bokslutskommuniké 2020
2020-03-11 - Extra Bolagsstämma 2019
2019-11-14 - Kvartalsrapport 2020-Q3
2019-10-07 - Split EMBRAC B 1:3
2019-09-18 - X-dag ordinarie utdelning EMBRAC B 0.00 SEK
2019-09-17 - Årsstämma
2019-08-14 - Kvartalsrapport 2020-Q2
2019-05-22 - Kvartalsrapport 2020-Q1
2019-02-13 - Bokslutskommuniké 2019
2018-11-14 - Kvartalsrapport 2019-Q3
2018-08-15 - Kvartalsrapport 2019-Q2
2018-05-17 - X-dag ordinarie utdelning EMBRAC B 0.00 SEK
2018-05-16 - Årsstämma
2018-05-16 - Kvartalsrapport 2019-Q1
2018-02-14 - Bokslutskommuniké 2018
2017-11-14 - Kvartalsrapport 2018-Q3
2017-08-15 - Kvartalsrapport 2018-Q2
2017-05-17 - X-dag ordinarie utdelning EMBRAC B 0.00 SEK
2017-05-16 - Årsstämma
2017-05-16 - Kvartalsrapport 2018-Q1
2017-02-15 - Bokslutskommuniké 2017

Beskrivning

LandSverige
ListaLarge Cap Stockholm
SektorSällanköp
IndustriGaming
Embracer Group är en global koncern med verksamheter inom PC/konsol-, mobil- och brädspel, samt andra relaterade medier. Koncernen har en omfattande spelportfölj och bedriver utveckling både genom interna studios och i samarbete med externa utvecklare. Bolaget har sitt huvudkontor i Karlstad och en global närvaro genom sina operativa koncerner.
2024-11-19 07:00:00

THIS PRESS RELEASE MAY NOT BE MADE PUBLIC, PUBLISHED OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, WHOLLY OR PARTLY, IN THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS), ANY STATE OF THE UNITED STATES INCLUDING THE DISTRICT OF COLUMBIA, AUSTRALIA, BELARUS, CANADA, HONG KONG, JAPAN, NEW ZEALAND, RUSSIA, SINGAPORE, SWITZERLAND, SOUTH AFRICA, SOUTH KOREA OR ANY OTHER JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD REQUIRE REGISTRATION OR OTHER MEASURES IN ADDITION TO THOSE REQUIRED BY SWEDISH LAW, IS PROHIBITED, OR OTHERWISE IS UNLAWFUL OR CANNOT BE MADE WITHOUT THE APPLICATION OF AN EXEMPTION FROM SUCH ACTION. REFER TO THE SECTION "IMPORTANT INFORMATION" AT THE END OF THIS PRESS RELEASE.

INSIDE INFORMATION: On 22 April 2024 Embracer Group AB (“Embracer Group”) announced its intention to list its subsidiary Asmodee Group AB (“Asmodee”) as a separate entity through a spin-off to the shareholders of Embracer Group (the “Distribution”). As part of Embracer Group’s previously announced divestment of Easybrain, Embracer Group intends to contribute EUR 400 million to Asmodee through an equity investment upon the closing of the divestment (the “Equity Investment”). The proceeds from the Equity Investment are intended to mainly be used to repay gross debt. In conjunction with Asmodee’s capital markets day being held today, on 19 November 2024, Embracer Group also announces Asmodee’s financial targets, which are aimed at driving profitable growth and maximizing shareholder value, Asmodee’s dividend policy and net financial debt position as of 30 September 2024, including Asmodee’s intention to refinance its EUR 900 million bank bridge through a debt capital markets transaction.

Financial targets
Ahead of the Distribution and the contemplated listing of the shares of Asmodee on Nasdaq Stockholm, the Board of Directors of Asmodee has resolved to adopt the following financial targets.

  • Growth: On average mid-single digit annual organic growth over the medium term[1], further enhanced by M&A.
  • Profitability: Achieve an Adjusted EBITDA margin[2] in excess of 18 percent in the medium term.
  • Leverage ratio: Target Leverage Ratio on net debt below 3.0x Adjusted EBITDA in the medium term and below 2.0x Adjusted EBITDA in the long term[3].

“Asmodee is well-positioned for the future and we are now setting financial targets to reflect our confidence in our growth trajectory. Our aim is to achieve mid-single-digit organic revenue growth over the medium term and an Adjusted EBITDA margin in excess of 18 percent in the medium term. With favorable market dynamics and our focus on innovation and operational efficiency, we are confident in our ability to enhance our products and deliver sustainable value to our stakeholders”, says Thomas Kœgler, CEO of Asmodee.

Dividend policy
Ahead of the Distribution and the listing of the Asmodee shares on Nasdaq Stockholm, the Board of Directors of Asmodee has also resolved to adopt the following dividend policy:

  • Dividend policy: Distribution of excess liquidity to shareholders after reaching long term Target Net Leverage Ratio below 2.0x Adjusted EBITDA.

Net financial debt
As disclosed in the below table, Asmodee’s net financial debt as of 30 September 2024 was EUR 893 million. In April 2024, a EUR 900 million bank bridge, provided by BNP PARIBAS, J.P. Morgan, Skandinaviska Enskilda Banken, Société Générale and Swedbank, was obtained by Asmodee, with funds distributed to Embracer Group through a dividend. Prior to the Distribution, Asmodee intends to refinance its current bank bridge through a debt capital markets transaction led by BNP PARIBAS and J.P. Morgan. The refinancing process will include public ratings being issued by rating agencies and will be marketed to institutional investors.

Following the closing of Embracer Group’s divestment of Easybrain, which is expected to take place in the first months of calendar year 2025, Embracer Group intends to make a EUR 400 million equity investment in Asmodee. Asmodee is expected to use EUR 300 million of this equity investment to repay gross debt and the remaining EUR 100 million to further strengthen its balance sheet ahead of the listing and allow it to resume its value accretive M&A strategy. On a pro-forma basis for the Equity Investment, Asmodee’s net financial debt amounted to EUR 493 million as of 30 September 2024, resulting in a net leverage ratio of 2.2x. [4]

EUR millionSep-24
Cash & cash equivalents88
Liabilities to credit institutions(929)
Other financial liabilities(1)
Lease liabilities(51)
Net financial debt(893)
Net leverage ratio [4] [5]4.1x
Equity Investment400
Pro forma net financial debt adjusted for the Equity Investment(493)
Pro forma net leverage ratio adjusted for the Equity Investment [4] [6]2.2x

Additional information

  • Before the end of December 2024, Embracer Group intends to call for an Extraordinary General Meeting (EGM) to resolve on the Distribution of Asmodee to the shareholders of Embracer Group.
  • The Distribution of Asmodee is expected to be completed during the first quarter of 2025 ending March. BNP PARIBAS, J.P. Morgan SE, Skandinaviska Enskilda Banken and Société Générale are acting as financial advisors on the Distribution.

[1] “Medium term” refers to 3-5 years.
[2] Adjusted EBITDA is an alternative performance measure applied by Asmodee and defined as EBITDA excluding specific items related to historical acquisitions and items affecting comparability.
[3] “Long term” refers to +5 years.
[4] Post IFRS-16 and based on LTM Adjusted EBITDA of EUR 220 million.
[5] Excluding M&A commitments of EUR 107 million. Including M&A commitments would imply a net leverage ratio of 4.5x.
[6] Excluding M&A commitments of EUR 107 million. Including M&A commitments would imply a net leverage ratio of 2.7x.

For more information, please contact:
Arman Teimouri
Head of Media & Public Affairs | Embracer
Phone: +46 793 33 05 60
Email: arman.teimouri@embracer.com

Mathilde Delmaire
Global Corporate Communications Director | Asmodee
Phone: +33 6 40 18 01 20
Email: m.delmaire@asmodee.com