Ströer : Half-year financial report 6M/Q2 2022

HALF-YEAR
FINANCIAL REPORT	STRÖER SE &
6M/Q2 2022 report	Co. KGaA

Ströer SE & Co. KGaA	2
6M/Q2 2022 half-year financial report
CONTENTS
The Group's financial figures at a glance	3
Shares	4
Interim group management report
Background of the Ströer Group	7
Macroeconomic developments	8
Financial performance, financial position, and net assets of the Group	9
Financial performance of the segments	15
Employees	18
Opportunities and risks	18
Forecast	18
Subsequent events	19
Consolidated interim financial statements
Consolidated income statement	21
Consolidated statement of comprehensive income	22
Consolidated statement of financial position	23
Consolidated statement of cash flows	24
Consolidated statement of changes in equity	25
Notes to the condensed consolidated interim financial statements	26
Responsibility statement	36
Financial calendar, contacts and editorial information, disclaimer	37

Ströer SE & Co. KGaA

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6M/Q2 2022 half-year financial report

THE GROUP'S FINANCIAL FIGURES AT A GLANCE

R EV ENUE

E UR 810.0m

(p rio r ye a r: E U R 6 8 5 .9 m )

E B IT D A (AD J U S T E D )	E B IT D A-MAR G IN (AD J U S T E D )
E UR 220.3m	27.2%
(p rio r ye a r: E U R 1 8 0 .2 m )	(p rio r ye a r: 2 6 .3 % )

O R G AN IC	AD J U S T E D
R E VE N U E G R O W T H	C O N S O L ID AT E D P R O F IT
18.4%	E UR 58.0m
(p rio r ye a r: 9 .2 % )	(p rio r ye a r: E U R 2 7 .1 m )

F R E E C AS H F L O W B E F O R E	R O C E
M&A T R AN S AC T IO N S
E UR 83.7m	22.4%
(p rio r ye a r: E U R 8 2 .7 m )	(p rio r ye a r: 1 5 .1 % )

EUR m	Q2 2022	Q2 2021	6M 2022	6M 2021
Revenue	425.0	374.0	810.0	685.9
EBITDA (adjusted)	125.7	106.8	220.3	180.2
Exceptional items	11.5	-0.6	8.2	-3.0
EBITDA	137.1	106.2	228.4	177.2
Amortization, depreciation, and impairment	-75.4	-79.7	-146.3	-155.5
thereof attributable to purchase price allocations and
impairment losses	-6.7	-12.4	-13.6	-22.9
EBIT	61.7	26.5	82.2	21.7
Net finance income/costs	-6.3	-6.7	-12.3	-14.1
EBT	55.4	19.8	69.9	7.6
Taxes	-12.8	-4.6	-16.1	-1.9
Consolidated profit or loss for the period	42.7	15.2	53.8	5.7
Adjusted consolidated profit or loss for the period	39.0	26.1	58.0	27.1
Free cash flow (before M&A transactions)	85.8	69.7	83.7	82.7

Net debt (Jun. 30/Dec. 31)	726.0	612.3

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6M/Q2 2022 half-year financial report

SHARES

Due to the difficulties being faced by the wider economy, the German stock market contracted in the first six months of 2022. Inflation, which has been mounting since the start of the year, raw materials shortages, and supply chain difficulties were exacerbated by Russia's war of aggression on Ukraine. As a result of these challenges, the growth forecasts for most industrial nations have been cut considerably since the start of the year. The lackluster economy and the uncertainties in the capital markets due to interest-rate hikes led to a widespread downturn in share prices. The performance of Ströer shares was largely in line with that of the main German indices in the first few months of 2022 but the shares had lost around 38% overall by the end of the reporting period compared with the start of the year. The total return of the Ströer share, including the dividend payment in the second quarter, showed a development of -35 %.

110
100
90
80
70
60
50
40
Dec-21	Jan-22	Feb-22	Mar-22	Apr-22	May-22	Jun-22
	Ströer	DAX	MDAX	DAXsector All Media

Source: Factset

Stock exchange listing, market capitalization, and trading volume

Ströer SE & Co. KGaA shares are listed in the Prime Standard of the Frankfurt Stock Exchange and are included in the MDAX. Based on the closing share price on June 30, 2022, market capitalization came to around EUR 2.4b.

The average daily volume of Ströer shares traded on Xetra was approximately 66,500 shares in the first half of 2022.

Annual shareholder meeting

This year's shareholder meeting of Ströer SE & Co. KGaA was held virtually on June 22, 2022. In total, around 48 million no-par-value shares were represented, equivalent to around 85% of the share

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6M/Q2 2022 half-year financial report

capital. At the shareholder meeting, around 98% of the shareholders in attendance voted in favor of the proposal of the Supervisory Board and general partner to pay a dividend of EUR 2.25 per dividend- bearing no-par-value share.

Analysts' coverage

Ströer SE & Co. KGaA is covered by 14 analyst teams, of which eight give a recommendation of 'buy', four give a recommendation of 'hold', and two recommend 'sell' in their most recent assessments. The latest broker assessments are available at https://ir.stroeer.com/and are presented in the following table:

Investment bank	Recommendation
Hauck & Aufhäuser	Buy
Exane BNP Paribas	Buy
Nord/LB	Buy
Warburg Research	Buy
Deutsche Bank	Buy
LBBW	Buy
UBS	Buy
Kepler Cheuvreux	Buy
Citi	Hold
HSBC	Hold
Oddo BHF	Hold
J.P. Morgan	Hold
Goldman Sachs	Sell
Barclays	Sell
*As at July 25, 2022.

Shareholder structure

As at June 30, 2022, Udo Müller (Co-CEO) held a total of 22.17% of the shares in Ströer SE & Co. KGaA, Dirk Ströer held 19.49%, and Christian Schmalzl (Co-CEO) held 0.05%. Based on the notifications received by the Company by the time of preparation of this report on August 11, 2022, we are aware of the following parties that hold more than 3% of the voting rights in Ströer SE & Co. KGaA: ValueAct Capital Management 11.42%, JPMorgan Chase & Co. 9.78%, Allianz Global Investors 9.01%, and DWS Investment 4.92%.

The current shareholder structure can be accessed on the website at any time at https://ir.stroeer.com.