Income Statement Banijay Group N.V.

Equities

BNJ

NL0015000X07

Entertainment Production

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09:09am	Banijay continues its impressive ascent
06:19am	Berenberg Reiterates Buy Rating on Banijay Group After 'Strong Start' to FY26	MT

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Published financial data: BANIJAY GROUP N.V.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	3.5B	4.05B	4.32B	4.8B	4.88B
Total Revenues	3.5B	4.05B	4.32B	4.8B	4.88B
Cost of Goods Sold, Total	3.18B	3.02B	3.08B	3.1B	2.99B
Gross Profit	320M	1.03B	1.24B	1.7B	1.89B
Selling General & Admin Expenses, Total	-	82.9M	170M	225M	206M
Depreciation & Amortization - (IS)	142M	150M	134M	182M	168M
Other Operating Expenses	44.5M	418M	496M	786M	872M
Other Operating Expenses, Total	186M	651M	801M	1.19B	1.25B
Operating Income	133M	380M	434M	511M	641M
Interest Expense, Total	-136M	-146M	-199M	-215M	-208M
Interest And Investment Income	800K	2M	3.7M	3.2M	6.9M
Net Interest Expenses	-135M	-144M	-196M	-212M	-201M
Income (Loss) On Equity Invest.	-1.2M	-2.2M	-4.3M	-3.1M	-10.9M
Currency Exchange Gains (Loss)	-	-	-	1.6M	44.5M
Other Non Operating Income (Expenses)	2M	-113M	-48.7M	-32.7M	-66.3M
EBT, Excl. Unusual Items	-1.2M	121M	186M	265M	407M
Restructuring Charges	-	-118M	-32.5M	-	-
Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) On Sale Of Assets	4.1M	-	-	-	-
Legal Settlements	-27.1M	-8.4M	7.8M	-	-
Other Unusual Items	-	1.5M	-9.4M	-	-
EBT, Incl. Unusual Items	-24.2M	-4.2M	152M	265M	407M
Income Tax Expense	49.2M	76.9M	78.2M	110M	142M
Earnings From Continuing Operations	-73.4M	-81.1M	73.6M	155M	265M
Net Income to Company	-73.4M	-81.1M	73.6M	155M	265M
Minority Interest	30.4M	-6.9M	-12.8M	-8.5M	-17.2M
Net Income - (IS)	-43M	-88M	60.8M	146M	248M
Net Income to Common Incl Extra Items	-43M	-88M	60.8M	146M	248M
Net Income to Common Excl. Extra Items	-43M	-88M	60.8M	146M	248M
Per Share Items
Net EPS - Basic	-0.11	-0.3	0.15	0.35	0.58
Basic EPS - Continuing Operations	-0.11	-0.3	0.15	0.35	0.58
Basic Weighted Average Shares Outstanding	409M	297M	417M	423M	423M
Net EPS - Diluted	-0.11	-0.3	0.14	0.34	0.58
Diluted EPS - Continuing Operations	-0.11	-0.3	0.14	0.34	0.58
Diluted Weighted Average Shares Outstanding	409M	297M	424M	433M	431M
Normalized Basic EPS	0.07	0.23	0.25	0.37	0.56
Normalized Diluted EPS	0.07	0.23	0.24	0.36	0.55
Dividend Per Share	-	0.36	0.35	0.35	0.35
Payout Ratio	-	-1.82	243.75	101.3	59.84
Supplemental Items
EBITDA	275M	530M	571M	692M	770M
EBITA	133M	380M	434M	511M	732M
EBIT	133M	380M	434M	511M	641M
EBITDAR	-	612M	651M	790M	863M
Effective Tax Rate - (Ratio)	-203.31	-1.83K	51.52	41.59	35
Total Current Taxes	-	84.4M	84.8M	127M	114M
Total Deferred Taxes	-	-7.5M	-6.6M	-25.1M	19.4M
Normalized Net Income	29.65M	68.48M	103M	157M	237M
Interest on Long-Term Debt	-	4.5M	6.6M	7.3M	7.3M
Non-Cash Pension Expense	-	-	4.8M	5.8M	7M
Supplemental Operating Expense Items
Marketing Expenses	-	-	90.7M	127M	114M
Selling and Marketing Expenses	-	-	90.7M	127M	114M
Net Rental Expense, Total	-	82.9M	79.7M	98M	92.2M
Imputed Operating Lease Interest Expense	-	33.58M	43.15M	52.82M	46.73M
Imputed Operating Lease Depreciation	-	49.32M	36.55M	45.18M	45.47M
Stock-Based Comp., Other (Total)	-	26.1M	26.6M	-	-
Total Stock-Based Compensation	-	26.1M	26.6M	-	-

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	434M	479M	464M	482M	494M
Total Cash And Short Term Investments	434M	479M	464M	482M	494M
Accounts Receivable, Total	464M	496M	589M	536M	525M
Other Receivables	-	214M	294M	288M	258M
Notes Receivable	-	15.3M	21.3M	19.3M	18.6M
Total Receivables	464M	726M	904M	842M	801M
Inventory	677M	705M	678M	648M	578M
Prepaid Expenses	-	26.1M	36.2M	30.3M	31.6M
Restricted Cash	-	500K	300K	300K	300K
Other Current Assets, Total	339M	56.9M	36.3M	29.9M	17.9M
Total Current Assets	1.91B	1.99B	2.12B	2.03B	1.92B
Gross Property Plant And Equipment	-	555M	592M	627M	640M
Accumulated Depreciation	-	-335M	-372M	-422M	-427M
Net Property Plant And Equipment	226M	220M	220M	206M	213M
Long-term Investments	11.1M	54.6M	153M	208M	198M
Goodwill	2.49B	2.57B	2.83B	2.81B	2.82B
Other Intangibles, Total	237M	195M	205M	243M	251M
Accounts Receivable Long-Term	-	17.8M	24M	33.2M	40.8M
Loans Receivable Long-Term	-	16.2M	24.5M	37.3M	36.8M
Deferred Tax Assets Long-Term	47.6M	51.9M	58.4M	84.8M	64.7M
Other Long-Term Assets, Total	113M	123M	95.8M	209M	233M
Total Assets	5.04B	5.24B	5.73B	5.87B	5.77B
Liabilities
Accounts Payable, Total	511M	664M	710M	677M	667M
Accrued Expenses, Total	-	261M	447M	353M	374M
Short-term Borrowings	31.2M	800K	1.5M	1.1M	100K
Current Portion of Long-Term Debt	275M	349M	357M	284M	145M
Current Portion of Leases	40.2M	40.4M	41.8M	46.2M	48.3M
Current Income Taxes Payable	-	51.6M	43.1M	80M	46.1M
Unearned Revenue Current, Total	777M	693M	750M	670M	640M
Other Current Liabilities	496M	137M	118M	169M	132M
Total Current Liabilities	2.13B	2.2B	2.47B	2.28B	2.05B
Long-Term Debt	2.46B	2.29B	2.55B	2.86B	2.96B
Long-Term Leases	143M	131M	126M	109M	103M
Deferred Tax Liability Non Current	3.2M	7.4M	7.9M	1.4M	3.7M
Other Non Current Liabilities	314M	600M	526M	580M	510M
Total Liabilities	5.05B	5.22B	5.68B	5.83B	5.63B
Common Stock, Total	-	8M	8.1M	8.1M	8.1M
Additional Paid In Capital	-	4.14B	4.11B	4.11B	4.1B
Retained Earnings	30.6M	-4.14B	-4.08B	-4.1B	-3.97B
Treasury Stock	-	-100K	-200K	-200K	-200K
Comprehensive Income and Other	-	100K	-100K	100K	-
Total Common Equity	30.6M	11.7M	33M	14.2M	130M
Minority Interest	-36.7M	6.3M	20.2M	19M	14.5M
Total Equity	-6.1M	18M	53.2M	33.2M	144M
Total Liabilities And Equity	5.04B	5.24B	5.73B	5.87B	5.77B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	409M	412M	423M	423M	423M
ECS Total Common Shares Outstanding	409M	412M	423M	423M	423M
Book Value / Share	0.07	0.03	0.08	0.03	0.31
Tangible Book Value	-2.7B	-2.75B	-3.01B	-3.04B	-2.94B
Tangible Book Value Per Share	-6.6	-6.69	-7.1	-7.19	-6.94
Total Debt	2.95B	2.81B	3.08B	3.3B	3.26B
Net Debt	2.51B	2.33B	2.61B	2.82B	2.76B
Debt Equivalent Oper. Leases	-	663M	638M	784M	738M
Minority Interest, Total (Incl. Fin. Div)	-36.7M	6.3M	20.2M	19M	14.5M
Equity Method Investments, Total	11.1M	14M	31.7M	110M	97.7M
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Work In Process, Total	-	-	678M	648M	578M
Land - (BS)	-	91M	104M	-	-
Machinery, Total	-	184M	198M	-	-
Full Time Employees	3.44K	3.82K	4.55K	4.81K	5.16K
Part Time Employees	-	-	-	59	68
Accumulated Allowance for Doubtful Accounts (Supple)	-	13M	13.8M	12.9M	11.2M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	-43M	-88M	60.8M	146M	248M
Depreciation & Amortization - CF	142M	150M	137M	182M	80.5M
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	-	91.6M
Depreciation & Amortization, Total	142M	150M	137M	182M	172M
Amortization of Deferred Charges, Total - (CF)	-	-	-	-	9.3M
Asset Writedown & Restructuring Costs	-	400K	5.1M	12.9M	-
(Income) Loss On Equity Investments - (CF)	-	2.2M	4.3M	3.1M	10.9M
Stock-Based Compensation (CF)	-	148M	167M	170M	-
Other Operating Activities, Total	305M	339M	243M	261M	329M
Change in Other Net Operating Assets	-	-92.3M	-99.5M	-287M	-95.6M
Cash from Operations	404M	459M	517M	489M	673M
Capital Expenditure	-	-68.1M	-84.9M	-131M	-151M
Sale of Property, Plant, and Equipment	-	-	800K	1.2M	100K
Cash Acquisitions	-	116M	-142M	-46.3M	-48.2M
Divestitures	-	-9.1M	1.2M	300K	-23.7M
Investment in Marketable and Equity Securities, Total	-	-40.4M	-112M	-52.6M	-5M
Other Investing Activities, Total	-97.1M	-	300K	200K	300K
Cash from Investing	-97.1M	-1.1M	-336M	-228M	-228M
Long-Term Debt Issued, Total	-	20.7M	1.29B	738M	439M
Total Debt Issued	-	20.7M	1.29B	738M	439M
Long-Term Debt Repaid, Total	-	-399M	-1.07B	-619M	-364M
Total Debt Repaid	-	-399M	-1.07B	-619M	-364M
Issuance of Common Stock	-	364M	-	-	-
Repurchase of Common Stock	-	-	-100K	-	-
Common Dividends Paid	-	-1.6M	-148M	-148M	-148M
Common & Preferred Stock Dividends Paid	-	-1.6M	-148M	-148M	-148M
Other Financing Activities, Total	-258M	-413M	-243M	-238M	-325M
Cash from Financing	-258M	-430M	-168M	-267M	-398M
Foreign Exchange Rate Adjustments	-4.4M	19.1M	-29.7M	25M	-33.8M
Miscellaneous Cash Flow Adjustments	-100K	-	-100K	-	-300K
Net Change in Cash	43.9M	47M	-16.5M	18.1M	12.9M
Supplemental Items
Cash Interest Paid	126M	131M	196M	211M	202M
Cash Income Tax Paid (Refund)	-	74.5M	99.1M	98M	163M
Levered Free Cash Flow	202M	242M	346M	222M	333M
Unlevered Free Cash Flow	287M	333M	471M	357M	463M
Change In Net Working Capital	-62.2M	12.6M	-121M	13.3M	-32.2M
Net Debt Issued / Repaid	-	-378M	223M	119M	74.8M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	1.72	4.61	4.95	5.53	6.88
Return on Total Capital	2.82	8.22	9.11	9.87	11.89
Return On Equity %	-111.13	-1.36K	206.74	362.06	298.25
Return on Common Equity	-68.64	-416.08	272.04	619.07	343.75
Margin Analysis
Gross Profit Margin %	9.14	25.46	28.61	35.47	38.66
SG&A Margin	-	2.05	3.95	4.68	4.23
EBITDA Margin %	7.86	13.09	13.23	14.42	15.79
EBITA Margin %	3.81	9.38	10.06	10.63	15.01
EBIT Margin %	3.81	9.38	10.06	10.63	13.13
Income From Continuing Operations Margin %	-2.1	-2	1.7	3.22	5.42
Net Income Margin %	-1.23	-2.17	1.41	3.04	5.07
Net Avail. For Common Margin %	-1.23	-2.17	1.41	3.04	5.07
Normalized Net Income Margin	0.85	1.69	2.39	3.27	4.86
Levered Free Cash Flow Margin	5.78	5.97	8.03	4.63	6.82
Unlevered Free Cash Flow Margin	8.21	8.22	10.91	7.42	9.48
Asset Turnover
Asset Turnover	0.72	0.79	0.79	0.83	0.84
Fixed Assets Turnover	14.64	18.13	19.63	22.58	23.34
Receivables Turnover (Average Receivables)	7.69	8.43	7.96	8.55	9.21
Inventory Turnover (Average Inventory)	5.76	4.37	4.46	4.68	4.89
Short Term Liquidity
Current Ratio	0.9	0.91	0.86	0.89	0.94
Quick Ratio	0.42	0.54	0.55	0.57	0.62
Operating Cash Flow to Current Liabilities	0.19	0.21	0.21	0.21	0.33
Days Sales Outstanding (Average Receivables)	47.44	43.3	45.88	42.79	39.65
Days Outstanding Inventory (Average Inventory)	63.41	83.61	81.91	78.28	74.69
Average Days Payable Outstanding	50.41	70.41	82.03	82.68	83.87
Cash Conversion Cycle (Average Days)	60.44	56.5	45.76	38.39	30.47
Long Term Solvency
Total Debt/Equity	-48.32K	15.62K	5.79K	9.95K	2.26K
Total Debt / Total Capital	100.21	99.36	98.3	99.01	95.76
LT Debt/Equity	-42.64K	13.45K	5.03K	8.95K	2.12K
Long-Term Debt / Total Capital	88.43	85.59	85.52	89.07	90.08
Total Liabilities / Total Assets	100.12	99.66	99.07	99.43	97.5
EBIT / Interest Expense	0.98	2.6	2.18	2.38	3.08
EBITDA / Interest Expense	2.02	3.63	2.87	3.22	3.91
(EBITDA - Capex) / Interest Expense	2.02	3.17	2.44	2.61	3.18
Total Debt / EBITDA	10.72	5.31	5.39	4.77	4.01
Net Debt / EBITDA	9.14	4.4	4.58	4.08	3.4
Total Debt / (EBITDA - Capex)	10.72	6.09	6.33	5.89	4.92
Net Debt / (EBITDA - Capex)	9.14	5.05	5.38	5.03	4.18
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	64.29	15.72	6.7	11.25	1.61
Gross Profit, 1 Yr. Growth %	-5.31	40.12	10.88	37.9	10.75
EBITDA, 1 Yr. Growth %	-17.66	75.42	8.43	29.51	17.06
EBITA, 1 Yr. Growth %	-45.88	136.89	14.49	27.55	17.99
EBIT, 1 Yr. Growth %	-45.88	136.89	14.49	27.55	25.49
Earnings From Cont. Operations, 1 Yr. Growth %	-254.53	10.49	-190.75	110.05	71.22
Net Income, 1 Yr. Growth %	-841.38	104.65	-169.09	140.3	69.4
Normalized Net Income, 1 Yr. Growth %	-27.44	47.58	50.99	91.21	51.21
Diluted EPS Before Extra, 1 Yr. Growth %	-	24.52	-146.67	142.86	70.59
Accounts Receivable, 1 Yr. Growth %	4.09	7.1	18.61	-8.83	-2.02
Inventory, 1 Yr. Growth %	58.33	4.21	-3.84	-4.47	-10.85
Net Property, Plant and Equip., 1 Yr. Growth %	-9.94	-2.83	-0.09	-6.46	3.4
Total Assets, 1 Yr. Growth %	8.48	3.98	9.35	3.54	-1.58
Tangible Book Value, 1 Yr. Growth %	3.34	1.97	9.17	3.61	-3.52
Common Equity, 1 Yr. Growth %	-67.69	-61.76	182.05	-56.97	814.08
Cash From Operations, 1 Yr. Growth %	31.52	13.66	12.73	-5.47	37.73
Capital Expenditures, 1 Yr. Growth %	-	2.41	24.67	54.42	15.41
Levered Free Cash Flow, 1 Yr. Growth %	-33.71	-33.56	45.05	-23.39	41.6
Unlevered Free Cash Flow, 1 Yr. Growth %	-23.9	-25.84	42.79	-14.84	25.27
Dividend Per Share, 1 Yr. Growth %	-	-	-2.78	0	0
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	55	37.88	11.12	8.95	6.32
Gross Profit, 2 Yr. CAGR %	31.31	74.75	29.62	23.65	23.58
EBITDA, 2 Yr. CAGR %	26.59	25.92	37.55	14.65	20.03
EBITA, 2 Yr. CAGR %	21.63	24.13	64.69	16.01	35.26
EBIT, 2 Yr. CAGR %	21.63	24.13	64.69	16.01	26.52
Earnings From Cont. Operations, 2 Yr. CAGR %	144.28	30.67	0.14	38.07	89.64
Net Income, 2 Yr. CAGR %	56.31	289.52	18.91	28.85	101.76
Normalized Net Income, 2 Yr. CAGR %	296.34	29.45	49.27	51.39	70.04
Diluted EPS Before Extra, 2 Yr. CAGR %	-	-	-23.77	6.46	103.54
Accounts Receivable, 2 Yr. CAGR %	63.23	5.58	12.71	3.86	-5.49
Inventory, 2 Yr. CAGR %	126.93	28.45	0.1	-4.16	-7.72
Net Property, Plant and Equip., 2 Yr. CAGR %	50.39	-6.45	-1.47	-3.33	-1.65
Total Assets, 2 Yr. CAGR %	67.62	6.21	6.63	5.79	0.95
Tangible Book Value, 2 Yr. CAGR %	99.29	2.65	5.51	5.14	-0.02
Common Equity, 2 Yr. CAGR %	-49.44	-64.85	3.85	10.17	98.33
Cash From Operations, 2 Yr. CAGR %	38.03	22.26	13.19	3.23	14.1
Capital Expenditures, 2 Yr. CAGR %	-	-	12.99	38.75	33.5
Levered Free Cash Flow, 2 Yr. CAGR %	-	-11	-2.37	-3.55	7.13
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	-6.12	2.47	3.97	5.14
Dividend Per Share, 2 Yr. CAGR %	-	-	-	-1.4	0
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	40.61	26.59	11.16	6.44
Gross Profit, 3 Yr. CAGR %	-	77.16	54.13	32.32	19.19
EBITDA, 3 Yr. CAGR %	-	45.59	19.59	31.88	13.51
EBITA, 3 Yr. CAGR %	-	61.5	20.83	47.18	24.51
EBIT, 3 Yr. CAGR %	-	61.5	20.83	47.18	19.09
Earnings From Cont. Operations, 3 Yr. CAGR %	-	87.52	15.72	28.19	48.34
Net Income, 3 Yr. CAGR %	-	71	118.86	50.34	41.16
Normalized Net Income, 3 Yr. CAGR %	-	231.04	36.26	50.11	51.33
Diluted EPS Before Extra, 3 Yr. CAGR %	-	-	-	12.17	24.58
Accounts Receivable, 3 Yr. CAGR %	-	41.84	9.76	4.93	1.86
Inventory, 3 Yr. CAGR %	-	75.08	16.63	-1.44	-6.44
Net Property, Plant and Equip., 3 Yr. CAGR %	-	30.02	-4.38	-3.16	-1.13
Total Assets, 3 Yr. CAGR %	-	42.95	7.25	5.18	3.28
Tangible Book Value, 3 Yr. CAGR %	-	59.4	4.78	4.07	2.17
Common Equity, 3 Yr. CAGR %	-	-53.94	-29.63	-22.58	123.03
Cash From Operations, 3 Yr. CAGR %	-	29.37	19	6.59	13.64
Capital Expenditures, 3 Yr. CAGR %	-	-	-	25.39	30.49
Levered Free Cash Flow, 3 Yr. CAGR %	-	-	4.35	-15.13	11.7
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	-	7.67	-7.37	11.95
Dividend Per Share, 3 Yr. CAGR %	-	-	-	-	-0.93
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	-	-	26.97	18.05
Gross Profit, 5 Yr. CAGR %	-	-	-	55.85	41.1
EBITDA, 5 Yr. CAGR %	-	-	-	32.18	18.19
EBITA, 5 Yr. CAGR %	-	-	-	41.48	24.36
EBIT, 5 Yr. CAGR %	-	-	-	41.48	21.08
Earnings From Cont. Operations, 5 Yr. CAGR %	-	-	-	65.91	41
Net Income, 5 Yr. CAGR %	-	-	-	52.7	111.85
Normalized Net Income, 5 Yr. CAGR %	-	-	-	142.08	42.17
Accounts Receivable, 5 Yr. CAGR %	-	-	-	25.22	3.34
Inventory, 5 Yr. CAGR %	-	-	-	37.58	6.2
Net Property, Plant and Equip., 5 Yr. CAGR %	-	-	-	15.48	-3.3
Total Assets, 5 Yr. CAGR %	-	-	-	26.74	4.44
Tangible Book Value, 5 Yr. CAGR %	-	-	-	34.96	2.36
Common Equity, 5 Yr. CAGR %	-	-	-	-34.71	6.51
Cash From Operations, 5 Yr. CAGR %	-	-	-	18.2	17.02
Levered Free Cash Flow, 5 Yr. CAGR %	-	-	-	-	1.77
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	-	-	-	4.16