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    CLIQ   DE000A0HHJR3

CLIQ DIGITAL AG

(CLIQ)
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PRESS RELEASE : Cliq Digital AG: Strongest first half-year ever, Customer Base Value up by 29%

08/03/2021 | 01:31am EDT
DGAP-News: Cliq Digital AG / Key word(s): Half Year Results/Quarter Results 
Cliq Digital AG: Strongest first half-year ever, Customer Base Value up by 29% 
2021-08-03 / 07:30 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 
6M Highlights: 
- Further EBITDA margin expansion to 18% (PY: 13%) 
- Total Group sales increased by 34% to EUR63.2 million 
- European gross revenue up 11% Y/Y 
- Share of credit card billing in total revenue is 67% (PY: 51%) 
- 75% of marketing spend via direct media buying (PY: 46%) 
- EPS significantly boosted by acquisition of minority shareholdings 
- EUR6.8 million operating free cash flow generated (PY: EUR5.6 million) 
- Outlook 2021 confirmed 
 
Sales 
CLIQ Digital Group's gross revenue increased by 34% to EUR63.2 million (6M 2020: EUR47.2 million) from January to June 
2021. The share of European and North American gross revenue was 42% and 49% respectively (6M 2020: 51% and 42% 
respectively). The predominant and fastest growing payment means in the first six months was credit card, which 
amounted to 67% of gross revenue (6M 2020: 51%). 
In the second quarter 2021 (01/04-30/06/2021), CLIQ Digital generated gross revenue of EUR33.1 million (2Q 2020: EUR26.9 
million). This corresponds to an increase of 23% compared to the second quarter of the previous year and a sequential 
improvement of 10% quarter-on-quarter in comparison to the first quarter 2021. The European operations continued to 
grow as well in the second quarter by 11% highlighting the positive sales development resulting also from the 
introduction of the own, direct media buying to Europe. 69% of total gross revenue in 2Q 2021 was paid for with credit 
card (2Q 2020: 53%). 
                             6M   6M          2Q   2Q 
in millions of EUR           2020 2021 Change 2020 2021 Change 
Gross revenue              47.2 63.2   +34% 26.9 33.1   +23% 
Marketing spend            16.3 21.0   +29%  8.5 11.9   +39% 
EBITDA                      6.3 11.6   +83%  4.1  6.3   +52% 
EBITDA margin               13%  18%         15%  19% 
EBIT                        6.0 11.1   +87%  3.9  6.0   +53% 
Net result                  4.4  7.6   +74%  2.8  4.1   +44% 
allocable to minorities     1.4  0.2   -87%  0.9  0.0   -97% 
allocable to shareholders   3.0  7.4  +144%  1.9  4.1  +113% 
EPS (in EUR, fully diluted)  0.47 1.12  +138% 0.30 0.62  +107% 

Earnings

In the first half 2021, CLIQ Digital's EBITDA grew by 83% to EUR11.6 million (6M 2020: EUR6.3 million) and included higher marketing expenses - one of CLIQ's most important KPIs for further revenue growth - of EUR21.0 million (+29%, 6M 2020: EUR16.3 million), which underline CLIQ's accelerating focus on direct media buying (via an own procurement team) and the corresponding fundamental shift from media buying via affiliated partners. In 2Q 2021, the EBITDA margin (in per cent of gross revenue) was 19% compared to 15% in last year's second quarter.

In 6M 2021, the net result totalled EUR7.6m and was 74% higher than in the prior year's comparable period (6M 2020: EUR4.4m). Net result in the second quarter 2021 came in 44% higher than in prior year's second quarter and totalled EUR4.1 million (PY: EUR2.8 million).

The fully diluted EPS for the first six months grew by 138% year-on-year and totalled EUR1.12 in comparison to EUR0.47 in 6M 2020, also due to the successful buyout of French minority shareholders. EPS was EUR0.62 in the second quarter and thus 107% higher year-on-year (PY: EUR0.30).

Cash flow

in millions of EUR                                     6M 2020 6M 2021 
Cash flow from operating activities                      5.7     7.1 
Cash flow from investment activities                    -0.1    -0.3 
Operating free cash flow                                 5.6     6.8 
Cash flow from financing activities                     -1.3    -9.5 
Total cash flow (prev. defined as "Free cash flow")      4.3    -2.7 

A EUR7.1 million cash inflow from operating activities resulted during the first six months of 2021 (cf. EUR5.7 million in 6M 2020). This improvement in operating cash flow is due mainly to the better result in the first half.

The cash outflow from financing activities during 6M 2021 was EUR9.5 million (6M 2020: EUR1.3 million) and included EUR6 million for the minority shareholdings' transaction and EUR3.3 million dividend distribution. Due to the Corona pandemic the annual general meeting was postponed to August 2020 after which a dividend to the amount of EUR2.0 million was distributed in 3Q 2020. Total cash flow (Free cash flow as per historic company definition) amounted to -EUR2.7 million during the first six months of 2021 compared to (pro forma) EUR2.3 million in 6M 2020 after taking the postponed dividend distribution 2020 into account.

Key performance indicators

In the first half 2021, the CLIQ Factor totalled 1.59x (6M 2020: 1.64x) and increased sequentially from 1.56x in the first quarter 2021 to 1.62x in the 2Q 2021. The CLIQ Factor is the ratio of the net revenue per user in the first six months to the cost of member acquisition. It is used as a key performance indicator for measuring the profitability of newly acquired members and in the decision-making process as to whether to invest in certain products or markets.

At the end of the first half 2021, the Customer Base Value (CBV) was EUR40.0 million and thus 29% higher year-on-year (30/06/2020: EUR31.0 million). The CBV is calculated by multiplying the number of members by their individual remaining net lifetime value. It therefore represents the total net revenue (i.e. gross revenue less the cost of third parties) that is expected to be generated by existing members.

Financial position

                ASSETS                           EQUITY & LIABILITIES 
in millions of EUR          31/12/ 30/06/                             31/12/ 30/06/ 
                            2020   2021                               2020   2021 
(In)tangible fixed assets   50.8   50.8   Equity                      55.6   53.6 
Other non-current assets     4.4    3.7   Non-current liabilities      4.7    6.9 
Trade receivables            9.1   14.2   Bank borrowings              3.8    4.9 
Other current assets         7.8   10.7   Trade payables               2.0    3.6 
Cash and cash equivalents    4.9    3.3   Other current liabilities   10.9   13.7 
Total                       77.0   82.7   Total                       77.0   82.7 

After netting cash and cash equivalents with bank borrowings, net debt increased to EUR1.7 million compared with a net cash position of EUR0.9 million as at 31/12/2020.

Outlook 2021

In 2021, CLIQ Digital expects strong organic growth in gross revenue, EBITDA and marketing spend (the main value driver, which directly influences all other performance indicators).

The Management Board confirms its 2021 outlook: The CLIQ Group will generate at least EUR140 million in gross revenue, realise an EBITDA of around EUR22 million in 2021 with a total marketing spend amounting to roughly EUR46 million. The CLIQ Factor is expected to amount to around 1.60x for the full year 2021.

Statement from Ben Bos, member of the Management Board:

"The first half of 2021 delivered significant growth on the back of an excellent business performance with both sales and earnings continuously increasing. With games we introduced a new content category and further improved our content offering as well as closed an important corporate transaction to substantially boost our EPS. However, we have even more wide-ranging plans for the second half of 2021. Our H2 playbook forecasts a considerable ramp-up in revenue - just look at our CBV development, a material improvement in the look-and-feel of our All-in-One concept and the first positive results from our M&A team as well as the next new, organic market entry. We are all very excited about the fundamentals and opportunities provided in the second half and we are gaining further traction." Earnings call details:

Management Board member, Ben Bos, will present CLIQ Digital's 2Q/6M 2021 financial results during an earnings conference call (audio only) today at 2.00 p.m. CEST, which will be conducted in English.

To attend the call, participants are required to register by clicking on the link below and will then receive personalised dial-in details:

https://us02web.zoom.us/webinar/register/WN_Q-C_FGWbRaGHCUdUCFrrEg

Questions can be submitted either in advance or directly during the call via email to investors@cliqdigital.com. A recording of the webcast will be available following the call at https://cliqdigital.ag/investors/financials. Media call details:

Ben Bos will also present the financial results to interested media representatives in a video conference and will be available to answer questions afterwards. The approx. 45-minute conference call will start at 4:00 p.m. CEST. The presentation will be given in German, the Q&A session afterwards partly in English.

Participants can register via the following link and will receive access data afterwards:

https://us02web.zoom.us/meeting/register/tZUkdO2qpz0oHtyo65WpT0oyfMbgCk6T2cZV

Please note:

The 2Q/6M 2021 financials are unaudited and not subject to review. To provide a better overview in the tables, decimal places have been partly omitted. Therefore, rounding differences can occur. In case of doubt, the English version shall prevail. The Q2/H1 financial figures are available for download at https://cliqdigital.ag/investors/financials Financial calendar 2021:

3Q/9M 2021 Financial Statement & earnings call  Tuesday 2 November 2021 For further information, please contact 

CLIQ Digital AG

Investor Relations

Sebastian McCoskrie

+49 151 52043659

s.mccoskrie@cliqdigital.com

www.cliqdigital.ag/investors

Deekeling Arndt Advisors in Communications GmbH (PR advisor)

Daniela Münster

+49 174 3358111

daniela.muenster@deekeling-arndt.com

www.deekeling-arndt.com

About CLIQ Digital:

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August 03, 2021 01:30 ET (05:30 GMT)

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Financials
Sales 2021 143 M 168 M 168 M
Net income 2021 15,1 M 17,7 M 17,7 M
Net cash 2021 6,76 M 7,92 M 7,92 M
P/E ratio 2021 9,61x
Yield 2021 4,17%
Capitalization 144 M 169 M 169 M
EV / Sales 2021 0,96x
EV / Sales 2022 0,72x
Nbr of Employees 96
Free-Float 73,3%
Chart CLIQ DIGITAL AG
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Cliq Digital AG Technical Analysis Chart | CLIQ | DE000A0HHJR3 | MarketScreener
Technical analysis trends CLIQ DIGITAL AG
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 5
Last Close Price 22,20 €
Average target price 62,10 €
Spread / Average Target 180%
EPS Revisions
Managers and Directors
Luc Voncken Chairman-Management Board & CEO
Matthias P. Schlichting Chairman-Supervisory Board
Karel Gustaaf Tempelaar Member-Supervisory Board
Niels Walboomers Member-Supervisory Board
Sebastian McCoskrie Head-Investor Relations
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