Revises MBXP financials, takes SEK 43m loss
MBXP earnout reduced from SEK 125m to zero, lifts net cash
Expect slight est cuts on lower long-term expectations for MBXP
Revised numbers show losses for MBXP in 2021 and 2022
Awardit has completed the internal audit of MBXP that was initiated after poor performance for H1'23. The audit concludes several accounting errors. Corrections to MBXP's accounting will affect Awardit's Q4'23 by SEK 32m. MBXP's restated EBITDA for 2021 and 2022 was DKK -1m and DKK -16m. In addition, Awardit has decided to write-down the goodwill linked to MBXP (SEK 115m) and other intangibles (SEK 20m). Based on this Awardit has also decided to write-down the entire earnout to MBXP's sellers, currently booked at SEK 125m on Awardit's balance sheet. In total, the net effect will impact Awardit's 2023 earnings by SEK -43m.