Catena Media made an operating loss of €27.3m for the fourth quarter of last year, citing a write-down of €32.1m as a result of an impairment assessment of intangible assets.
The affiliate giant, which made a profit of €9.4m in the corresponding period of 2018, stated that “it was also concluded that four products were not expected to produce economic benefits over an indefinite period of time.”
Catena also revealed updated its long-term financial targets, which will be replaced by profitable double-digit organic growth on a yearly basis and to operate below a net interest-bearing debt/adjusted EBITDA of 1.75x.
Catena’s operating revenue for Q4 2019 stood at €27.1m, impacted by an exceptional €0.5m adjustment relating to previous periods, resulting in a reported total of €26.6m (€27.3m), a decrease of three per cent.
EBITDA decreased by 29 per cent and totalled €8.5m (€12.0m), corresponding to an EBITDA margin of 32 per cent (44 per cent).
Catena Media CEO Per Hellberg said: “We will continue to execute on our strategy to focus on few brands, invest in new markets and continue our focus on cost control. We are prepared for continued improvements in 2020 and beyond.”
