Brief: Storytel Q1 EBITDA Loss Widens To SEK 149 Mln

Storytel AB (publ)

05/05/2022 07:10

May 5 (Reuters) - Storytel AB (publ)  STORYb.ST :
    * INTERIM REPORT JANUARY - MARCH 2022
    * Q1 STREAMING REVENUE UP 35% FROM Q1 2021 TO 699 (517)
MSEK, 33%
WITH CONSTANT EXCHANGE RATES
    * Q1 GROUP NET SALES INCREASED BY 27% FROM Q1 2021 TO 747
(588)
MSEK
    * Q1 GROSS PROFIT OF 288 (219) MSEK
    * Q1 EBITDA OF -149 (-28) MSEK EQUALING A -19.9% (-4.8%)
MARGIN
    * STORYTEL’S TOTAL STREAMING REVENUE GREW WITHIN THE GUIDED
RANGE
IN Q1 AND WE REMAIN  5 COMMITTED TO DELIVER A STREAMING REVENUE
GROWTH WITHIN THE COMMUNICATED TARGET RANGE OF  30–34%,
EXCLUDING RUSSIA
    * CONSUMPTION IN THE STORYTEL SERVICE AMOUNTED TO 161
MILLION
HOURS IN Q1 2022, COMPARED TO  120 MILLION HOURS IN Q1 2021
    * MORE RECENTLY, WE HAVE SEEN INFLATIONARY PRESSURES  WHICH
COULD
AFFECT THE PURCHASING POWER OF OUR CONSUMERS, AND THUS IN THE
LONG TERM ALSO  THEIR WILLINGNESS AND ABILITY TO REMAIN AS
SUBSCRIBERS
    * SHORT- AND LONG-TERM EFFECTS OF CURRENT AND POTENTIAL
FUTURE
SANCTIONS ON STORYTEL’S ABILITY TO RUN ITS OPERATIONS IN  RUSSIA
REMAIN DIFFICULT TO QUANTIFY GIVEN THE UNCERTAINTY
    * MANAGEMENT’S BEST ESTIMATE OF COST INCURRED TO MINIMIZE
EXPOSURE
FROM ITS RUSSIAN OPERATIONS PER Q1 IS 45.1 MSEK  WHICH HAS BEEN
RECORDED AS AN EXPENSE
    * IN 2021, RUSSIA ACCOUNTED FOR 3 PERCENT OF  STREAMING
REVENUE,
HOWEVER IT IS CURRENTLY DIFFICULT TO QUANTIFY THE TOTAL EFFECT
ON STREAMING  REVENUE FOR THE FULL YEAR 2022

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