Wargraphs S.A.S cash position at the time of the acquisition was higher than expected
M.O.B.A. Network, after acquiring Wargraphs on May 30, 2023, has been able to verify the cash position which has been built up from December 1, 2022, to May 31, 2023. The company took over the company from December 1, 2022, but the company will be consolidated into the results from June 1, 2023. The cash position in Wargraphs amounts to 3.3 MEUR, compared to the previously estimated 2.0-2.5 MEUR communicated via press releases and the investor presentation for the bond. This means that the net debt of M.O.B.A. is lower than expected, which will also positively affect the acquisition analysis.
"We knew that the company is strong in generating cash and it's positive that we have additional liquid assets to develop our business with. The strategy for M.O.B.A. is to grow both organically and through acquisitions and to solidify our position as the leading consolidator within gaming communities", says Björn Mannerqvist, CEO.
This disclosure contains information that M.O.B.A Network AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 01-06-2023 09:15 CET.
Stockholm 2023-06-01
Björn Mannerqvist, CEO
Mail: info@wearemoba.com
Web: https://wearemoba.com
Certified Adviser - FNCA Sweden AB
About Wargraphs
Wargraphs is a leading gaming services provider and in-game application developer providing players with key statistics and data for popular games such as League of Legends, Teamfight Tactics and Legends of Runeterra. Wargraphs operates as a digital publisher with revenues primarily stemming from sales of advertising inventory via its web communities and its world leading in-game application Porofessor with about 800 000 daily active users. Per 2021/22 (fiscal period ending 30 Nov 2022), the Target generated 12-month rolling adj. net sales and adj. EBITDA of EUR 12.3 million and EUR 8.4 million, respectively. Operating cash flow for the same period amounted to approx. EUR 6.6 million.
To put it in context, the total turnover for M.O.B.A. and Wargraphs proforma in 2022 amounted to 427 MSEK (Million Swedish Krona) with an EBITDA of 126 MSEK.
M.O.B.A Network AB acquires, develops and operates gaming communities for the global gaming market. The company owns one of the world's largest networks in gaming communities, with 20 web-based global brands and the YouTube network Union For Gamers (UFG) with over 1,000 content creators. The company's business areas consist of advertising sales on the company's communities and video sales via the YouTube network.