Tencent Announces 2021 First Quarter Results

 
 

Tencent Holdings Limited (" Tencent " or the "Company", 00700.HK), a leading provider of Internet value added services in China today announced the unaudited consolidated results for the first quarter ("1Q2021") ended March 31, 2021 .

 

   1Q2021     Key Highlights   

 

   Revenues: +25% YoY, non-IFRS   [1] profit attributable to equity holders of the Company: +22% YoY   

 
  •   Total r   evenues were RMB135.3 billion ( USD20.6 billion   [2] ), an increase of 25% over the first quarter of 2020 ("YoY").
  •  
  •   On a non-IFRS basis   , which is intended to reflect core earnings by excluding certain one-time and/or non-cash items:
  •  
    •   Operating profit was RMB42.8 billion ( USD6.5 billion ), an increase of 20% YoY. Operating margin decreased to 32% from 33% last year.
    •  
    •   Profit for the period was RMB34.5 billion ( USD5.3 billion ), an increase of 23% YoY. Net margin remained stable at 26%.
    •  
    •   Profit attributable to equity holders of the Company for the quarter was RMB33.1 billion ( USD5.0 billion ), an increase of 22% YoY.
    •  
    •   Basic earnings per share were RMB3.481 . Diluted earnings per share were RMB3.415 .
    •  
  •   On an IFRS basis :
  •  
    • Operating profit was RMB56.3 billion ( USD8.6 billion ), an increase of 51% YoY. Operating margin increased to 42% from 34% last year.
    •  
    • Profit for the period was RMB49.0 billion ( USD7.5 billion ), an increase of 67% YoY. Net margin increased to 36% from 27% last year.
    •  
    • Profit attributable to equity holders of the Company for the quarter was RMB47.8 billion ( USD7.3 billion ), an increase of 65% YoY.
    •  
    • Basic earnings per share were RMB5.020 . Diluted earnings per share were RMB4.917 .
    •  
  •   Total cash were RMB258.8 billion ( USD39.4 billion ) at the end of the quarter.
  •  
 
  
 

   [1] Non-IFRS adjustments (formerly referred as non-GAAP) excludes share-based compensation, M&A related impact such as net (gains)/losses from investee companies, amortisation of intangible assets and impairment provision/(reversals), as well as income tax effects.  

 
 

   [2] Figures stated in USD are based on USD1 to RMB6.5713  

 
 
 

Mr. Ma Huateng, Chairman and CEO of Tencent , said, "During the first quarter, we delivered solid growth across our businesses while continuing to enhance our products and services. As we look into the future, we see expanding opportunities in the various verticals in which we operate, enabled by technology innovation and increasing acceptance of digital solutions among users and businesses. As a result, we are stepping up our investment in areas including business services and enterprise software, high-production-value games, and short-form video. In addition, as a technology company serving a broad base of users and enterprises, we recognise our social responsibility and the opportunities to create significant social value through innovations. We believe that our recent strategic upgrade and establishment of a Sustainable Social Value Organisation will allow us to make an even more positive impact to the society, and usher in a new phase of development for Tencent ."

 

  1Q   2021 Financial Review  

 

Revenues from VAS increased by 16% to RMB72.4 billion for the first quarter of 2021 on a year-on-year basis. Games revenues grew by 17% to RMB43.6 billion , primarily due to revenue growth from our mobile games worldwide, including Honour of Kings, PUBG Mobile, and Peacekeeper Elite, as well as recently launched titles such as Moonlight Blade Mobile. Total mobile games revenues (including mobile games revenues attributable to our social networks business) were RMB41.5 billion and PC client games revenues were RMB11.9 billion for the first quarter of 2021. Social networks revenues increased by 15% to RMB28.8 billion , due to moderate growth from digital content subscriptions, as well as from in-game virtual item sales.

 

Revenues from Online Advertising increased by 23% to RMB21.8 billion for the first quarter of 2021 on a year-on-year basis, reflecting higher demand from categories such as eCommerce platforms, education and fast-moving consumer goods, as well as consolidation of Bitauto's advertising revenue. Social and others advertising revenues grew by 27% to RMB18.5 billion as we responded to increased advertiser demand for Weixin Moments and our mobile advertising network by offering more inventories. Media advertising revenues increased by 7% to RMB3.3 billion mainly due to higher advertising revenues from our music streaming apps.

 

Revenues from FinTech and Business Services increased by 47% to RMB39 billion for the first quarter of 2021 on a year-on-year basis. FinTech Services revenue growth partially reflected the stay-at-home impact in the first quarter of 2020 as well as a secular trend toward mobile payment usage. Business Services revenues increased year-on-year at a faster rate than in prior quarter, mainly due to resumed project deployment and rising demand from enterprise software and online video customers, as well as consolidation of Bitauto's Business Services revenue since the fourth quarter of 2020.

 

  Other Key Financial Information for   1Q   2021  

 

EBITDA was RMB49.4 billion , up 17% YoY. Adjusted EBITDA was RMB52.9 billion , up 17% YoY.

 

Capital expenditures were RMB7.7 billion, up 26% YoY.

 

Free cash flow was RMB33.2 billion , down 15% YoY.

 

As at March 31, 2021 , net cash position totalled RMB5.6 billion . Fair value of our stakes in listed investee companies (excluding subsidiaries) totalled RMB1,362.3 billion , compared to RMB1,204.9 billion as of December 31, 2020 , and RMB410.3 billion as of March 31, 2020 .

 

  Operating Metrics  

 
 
                                            
 
 

   As at   

 

   3   1     March   

 

   2021   

 
 

  As at  

 

  31 March  

 

  2020  

 
 

  Year-  

 

  on-year  

 

  change  

 
 

  As at  

 

  31 December  

 

  2020  

 
 

  Quarter-on-
quarter
 

 

  change  

 
 
 

  (in millions, unless specified)  

 
 
 
 
 
 
 
 

  Combined MAU of Weixin and
WeChat
 

 
 

   1,241.6   

 
 

  1,202.5  

 
 

  3.3%  

 
 

  1,225.0  

 
 

  1.4%  

 
 
 
 
 
 
 
 

  Mobile device MAU of QQ  

 
 

   606.4   

 
 

  693.5  

 
 

  -12.6%  

 
 

  594.9  

 
 

  1.9%  

 
 
 
 
 
 
 
 

  Fee-based VAS registered
subscriptions
 

 
 

   225.7   

 
 

  197.4  

 
 

  14.3%  

 
 

  219.5  

 
 

  2.8%  

 
 
 

  Business Review and Outlook  

 

We believe we sustained healthy operational and financial results during a period when the China Internet industry as a whole is undergoing a heavy investment phase. Our listed investment portfolio experienced meaningful value appreciation, while contributing mixed results to our associate income, with certain investees delivering wider associate losses due to their investments in new initiatives such as community group buying activities. Here are some highlights of our key products and business lines for the quarter:

 

   Weixin   

 

Weixin Video Accounts continued to gain user and content creator traction as we build the content ecosystem. We have increased our efforts in attracting and incubating content creators by providing customised onboarding services and ongoing operational support. Mini Programs' ecosystem is thriving with deeper penetration among small and medium-sized businesses. Our low-code development platform enables smaller businesses to develop Mini Programs more cost-effectively. We provided more tools to assist system integrators and the number of active Mini Programs they served more than tripled year-on-year.

 

   QQ and Digital Content   

 

We are leveraging technology to better integrate social and content consumption experiences at QQ, such as seamless experiences between instant messaging and games. Users can team up with QQ friends to start a multi-player game battle with one click. For in-game friends who are not on QQ, users can communicate with them synchronously via Game Center. They can also stay up-to-date with game events via QQ Mini Programs. Looking forward, QQ's new leadership team will seek to upgrade the service's technology, operations and content, and better serve the social and entertainment needs of young users.

 

Our fee-based VAS subscriptions grew 14% year-on-year to 226 million. Video subscriptions increased 12% year-on-year to 125 million, benefitting from adaptation of certain IPs, such as The Land of Warriors, into animated and live action drama series. Our self-commissioned variety shows such as Chuang 2021 and Roast Season 5 attained popularity. Music subscriptions increased 43% year-on-year to 61 million, primarily driven by better content, effective marketing campaigns and an improved retention rate.

 

We are merging the Tencent Video and WeiShi teams to upgrade their algorithmic recommendations, bring integrated viewing experiences to users, and enrich short video clips adapted from our long form video library. We have announced leadership changes in Tencent Music Entertainment Group, aiming to enhance the co-operation and synergies between our digital content services, as well as with our social communities.

 

   Games   

 

Our aggregate user engagement and user spending increased year-on-year despite the high base due to stay-at-home impact in the first quarter of 2020. We released Honour of Kings' biggest-ever update in January to improve its graphics and game experiences, and then launched appealing marketing campaigns with top-tier skins during the Chinese New Year, which drove the game's DAU and paying users to record highs in February. We reduced the application file size of PUBG Mobile and enhanced our local market operational capabilities, boosting PUBG Mobile's DAU in EMEA countries. League of Legends benefitted significantly from the release of bigger and better Lunar Revel content across PC and mobile devices, as well as across its core game mode and Teamfight Tactics.

 

We are also cultivating emerging genres beyond these large audience games. For example, our new titles Komori Life and The Walnut Diary ranked among China's top ten life simulation mobile games by DAU in April 2021 . Our games pipeline covers a wide spectrum of genres, including Action, MOBA and Survival. For China , many of the new games are adapted from popular existing game and literature IPs. Internationally, we expect our substantial prior investments in best-in-class PC, console and mobile studios to begin contributing a range of genre-innovating games in the quarters to come.

 

   Online Advertising   

 

We enhanced the transaction capabilities of our advertising properties via linkage with Weixin Mini Programs and upgraded marketing solutions for key industries including games, retail and automobile-related verticals, delivering higher sales conversion and ROIs for advertisers. Advertisers' adoption of Mini Programs as landing pages increased substantially, demonstrating growing recognition of Weixin as a transaction-generating environment. Our mobile advertising network continued to benefit from increased video advertising inventories primarily within games, online reading and tool apps. For the rest of 2021, industry uncertainties include potential regulatory headwinds for K-12 education and potential delays to the release schedule of our video content.

 

   FinTech   

 

Our commercial payments volume benefitted from rising adoption of mobile payment in China due to consumption growth and an expanding digital economy. As people travelled less and consumed more during the Chinese New Year holiday, offline payment transactions increased sequentially, particularly in retail and dining services.

 

  Weixin Pay has been assisting small and medium-sized merchants in China to grow and digitalise their businesses. We are committing significant subsidies, resources and services to small and medium-sized merchants, to further reduce their operating costs and enhance their operational efficiency.

 

   Cloud and Other Business Services   

 

Leveraging our strengths in security, communication and CRM solutions, we expanded our PaaS and SaaS businesses during the quarter. To better position ourselves for the opportunities in China's nascent SaaS market, we have established our SaaS ecosystem program to nurture the growth of SaaS providers and facilitate digitalisation of enterprise clients. We launched our Enterprise App Connector with unified login accounts and data flow across different SaaS products, allowing SaaS providers to develop and deliver their products more efficiently, while facilitating better coordination of multiple SaaS solutions by enterprise clients.

 

   Investments for the Future   

 

We believe that we are still in the early stage of the global digital transformation. The advance of technology will present ample opportunities for our Consumer Internet and Industrial Internet activities. Consequently, we are proactively increasing our rate of investment in new opportunities by investing a portion of our incremental profits for 2021, which we believe will deliver high returns in the long run. Incremental investments will include the following areas - business services, games and short-form video content.

 
  •   Business Services: We will make further investments in areas such as headcount and infrastructure to support the rapid growth of our business. We will strengthen our productivity SaaS products and security software as well as partnerships with and investments in SaaS providers and Independent Software Vendors, supporting our clients' digital needs. Through enhancing our upsell and cross-sell capabilities in key verticals such as healthcare, retail, education and transportation, we will provide smart solutions for enterprises and consumer-facing products for users.
  •  
  •   Games: We are stepping up our investments in game development, and in particular focusing on large-scale and high-production-value games that can appeal to users globally. We are also investing further in new types of games serving more targeted audiences, building up IP franchises and developing them across media, and investing in advanced technologies for next generation game experiences such as cloud games.
  •  
  •   Short-Form Video Content: We are now incubating the content ecosystem for Video Accounts which connect users with real-life content and bridge high-quality content creators with their customers. We will provide production and monetisation tools to content creators, optimise social-driven recommendation, enrich knowledge-based content as well as add servers and bandwidth to support Video Accounts' solid growth. We are strengthening the synergies between our long-form and short-form video services. Through the merger of Tencent Video and WeiShi, we will empower long-form video leveraging our short-form capabilities. We will escalate self-commissioned production to further expand our IP content library, and provide video clips that can be adapted by our creator network.
  •  

As a technology company serving a broad base of users and enterprises, we recognise our social responsibility and the opportunities for us to create significant social value through innovations. Consequently, we integrated our Corporate Social Responsibility and charitable activities into a new Sustainable Social Value Organisation. We will invest an initial capital of RMB 50 billion , to be funded by our investment gains, in areas including basic science, education innovation, rural revitalisation, carbon neutrality, food/energy/water provision, assisting with public emergencies, technology for senior citizens and public welfare. This upgrade aims to implement our mission of Tech for Good and marks a new phase of development for the Company.

 

  For other detailed disclosure, please refer to our website    https://www.tencent.com/en-us/investors.html    , or follow us via Weixin Official Account (Weixin ID: Tencent _I R.   

 

  About Tencent   

 

  Tencent uses technology to enrich the lives of Internet users.

 

Our communication and social services, Weixin and QQ, connect users with each other and with digital content and services, both online and offline, making their lives more convenient. Our targeted advertising service helps advertisers reach out to hundreds of millions of consumers in China . Our FinTech and business services support our partners' business growth and assist their digital upgrade.

 

  Tencent invests heavily in talent and technological innovation, actively promoting the development of the Internet industry. Tencent was founded in Shenzhen, China , in 1998. Shares of Tencent (00700.HK) are listed on the Main Board of the Stock Exchange of Hong Kong .

 

  Non-IFRS Financial Measures  

 

To supplement the consolidated results of the Group prepared in accordance with IFRS, certain additional non-IFRS financial measures (in terms of operating profit, operating margin, profit for the period, net margin, profit attributable to equity holders of the Company, basic EPS and diluted EPS), have been presented in this press release. These unaudited non-IFRS financial measures should be considered in addition to, not as a substitute for, measures of the Group's financial performance prepared in accordance with IFRS. In addition, these non-IFRS financial measures may be defined differently from similar terms used by other companies.

 

The Company's management believes that the non-IFRS financial measures provide investors with useful supplementary information to assess the performance of the Group's core operations by excluding certain non-cash items and certain impact of M&A transactions. In addition, non-IFRS adjustments include relevant non-IFRS adjustments for the Group's major associates based on available published financials of the relevant major associates, or estimates made by the Company's management based on available information, certain expectations, assumptions and premises.

 

  Forward-Looking Statements  

 

  This press release contains forward-looking statements relating to the business outlook, forecast business plans and growth strategies of the Company. These forward-looking statements are based on information currently available to the Company and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, some of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realised in future. Underlying the forward-looking statements is a lot of risks and uncertainties. Further information regarding these risks and uncertainties is included in our other public disclosure documents on our corporate website.  

 
 
                                                                                               
 

   CONSOLIDATED INCOME STATEMENT   

 
 

  RMB in millions, unless specified  

 
 
 
 

   Unaudited   

 
 
 

   1Q2021   

 
 

  1Q2020  

 
 

   Revenues   

 
 

   135,303   

 
 

  108,065  

 
 

  VAS  

 
 

   72,443   

 
 

  62,429  

 
 

  Online Advertising  

 
 

   21,820   

 
 

  17,713  

 
 

  FinTech and Business Services  

 
 

   39,028   

 
 

  26,475  

 
 

  Others  

 
 

   2,012   

 
 

  1,448  

 
 

   Cost of revenues   

 
 

   (72,668)   

 
 

  (55,271)  

 
 

   Gross profit   

 
 

   62,635   

 
 

  52,794  

 
 

    Gross margin    

 
 

    46%    

 
 

   49%   

 
 

  Interest income  

 
 

   1,614   

 
 

  1,636  

 
 

  Other gains, net  

 
 

   19,521   

 
 

  4,037  

 
 

  Selling and marketing expenses  

 
 

   (8,530)   

 
 

  (7,049)  

 
 

  General and administrative expenses  

 
 

   (18,967)   

 
 

  (14,158)  

 
 

   Operating profit   

 
 

   56,273   

 
 

  37,260  

 
 

    Operating margin    

 
 

    42%    

 
 

   34%   

 
 

  Finance costs, net  

 
 

   (1,367)   

 
 

  (1,684)  

 
 

  Share of profit/(loss) of associates and joint ventures, net  

 
 

   1,348   

 
 

  (281)  

 
 

   Profit before income tax   

 
 

   56,254   

 
 

  35,295  

 
 

  Income tax expense  

 
 

   (7,246)   

 
 

  (5,892)  

 
 

   Profit for the period   

 
 

   49,008   

 
 

  29,403  

 
 

    Net margin    

 
 

    36%    

 
 

   27%   

 
 

   Attributable to:   

 
 
 
 

  Equity holders of the Company  

 
 

   47,767   

 
 

  28,896  

 
 

  Non-controlling interests  

 
 

   1,241   

 
 

  507  

 
 
 
 
 

  Non-IFRS profit
  attributable to equity holders of the Company  

 
 

   33,118   

 
 

  27,079  

 
 
 
 
 

   Earnings per share for profit attributable to equity holders of the
Company
 
   (in RMB per share)   

 
 
 
 

  - basic  

 
 

   5.020   

 
 

  3.049  

 
 

  - diluted  

 
 

   4.917   

 
 

  2.999  

 
 
 

 

 

 

 
 
                                                           
 

   CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME   

 
 

  RMB in millions, unless specified  

 
 
 
 

   Unaudited   

 
 
 

   1Q2021   

 
 

  1Q2020  

 
 

   Profit for the period   

 
 

   49,008   

 
 

  29,403  

 
 

   Other comprehensive income, net of tax:   

 
 
 
 

   Items that may be subsequently reclassified to profit or loss   

 
 
 
 

  Share of other comprehensive income/(loss) of associates and joint
ventures
 

 
 

   288   

 
 

  (30)  

 
 

  Transfer of share of other comprehensive income to profit or loss upon
disposal and deemed disposal of associates and joint ventures
 

 
 

   (3)   

 
 

  -  

 
 

  Currency translation differences  

 
 

   (5,908)   

 
 

  1,315  

 
 

  Other fair value gains/(losses)  

 
 

   1,163   

 
 

  (1,357)  

 
 

   Items that will not be subsequently reclassified to profit or loss   

 
 
 
 

  Share of other comprehensive income of associates and joint ventures  

 
 

   381   

 
 

  -  

 
 

  Net gains/(losses) from changes in fair value of financial assets at fair
value through other comprehensive income
 

 
 

   18,483   

 
 

  (7,850)  

 
 

  Currency translation differences  

 
 

   207   

 
 

  -  

 
 

  Other fair value losses  

 
 

   -   

 
 

  (54)  

 
 
 

   14,611   

 
 

  (7,976)  

 
 

   Total comprehensive income for the   period   

 
 

   63,619   

 
 

  21,427  

 
 

   Attributable to:   

 
 
 
 

  Equity holders of the Company  

 
 

   63,756   

 
 

  21,020  

 
 

  Non-controlling interests  

 
 

   (137)   

 
 

  407  

 
 
 

 

 

 

 
 
                                 
 

   O   THER FINANCIAL INFORMATION   

 
 

  RMB in millions, unless specified  

 
 
 
 

   Unaudited   

 
 
 

   1Q2021   

 
 

  4Q2020  

 
 

  1Q2020  

 
 

  EBITDA (a)  

 
 

   49,355   

 
 

  42,872  

 
 

  42,228  

 
 

  Adjusted EBITDA (a)  

 
 

   52,927   

 
 

  46,533  

 
 

  45,190  

 
 

  Adjusted EBITDA margin (b)  

 
 

   39%   

 
 

  35%  

 
 

  42%  

 
 

  Interest and related expenses  

 
 

   1,726   

 
 

  1,766  

 
 

  2,006  

 
 

  Net cash/(debt) (c)  

 
 

   5,581   

 
 

  11,063  

 
 

  (5,716)  

 
 

  Capital expenditures (d)  

 
 

   7,734   

 
 

  9,659  

 
 

  6,151  

 
 
 

 

 
 
     
 

   Note:   

 
 

  (a) EBITDA is calculated as operating profit minus interest income and other gains/losses, net, and adding back depreciation of property, plant and equipment,
investment properties as well as right-of-use assets, and amortisation of intangible assets and land use rights. Adjusted EBITDA is calculated as EBITDA
plus equity-settled share-based compensation expenses.
 

 
 

  (b) Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenues.  

 
 

  (c)  Net cash/(debt) represents period end balance and is calculated as cash and cash equivalents, plus term deposits and others, minus borrowings and
notes payable.
 

 
 

  (d) Capital expenditures consist of additions (excluding business combinations) to property, plant and equipment, construction in progress, investment
properties, land use rights and intangible assets (excluding video and music content, game licences and other content).
 

 
 
 

 

 

 

 
 
                                                                                                                                               
 

   CONSOLIDATED STATEMENT OF FINANCIAL POSITION   

 
 

  RMB in millions, unless specified  

 
 
 
 

   Unaudited   

 
 

  Audited  

 
 
 

   As at   

 

   March 31, 2021   

 
 
 

  As at  

 

  December 31, 2020  

 
 

   ASSETS   

 
 
 
 
 

   Non-current assets   

 
 
 
 
 

  Property, plant and equipment  

 
 

   61,833   

 
 
 

  59,843  

 
 

  Land use rights  

 
 

   16,073   

 
 
 

  16,091  

 
 

  Right-of-use assets  

 
 

   12,904   

 
 
 

  12,929  

 
 

  Construction in progress  

 
 

   5,118   

 
 
 

  4,939  

 
 

  Investment properties  

 
 

   563   

 
 
 

  583  

 
 

  Intangible assets  

 
 

   156,772   

 
 
 

  159,437  

 
 

  Investments in associates  

 
 

   323,145   

 
 
 

  297,609  

 
 

  Investments in joint ventures  

 
 

   7,672   

 
 
 

  7,649  

 
 

  Financial assets at fair value through profit or loss  

 
 

   183,926   

 
 
 

  165,944  

 
 

  Financial assets at fair value through other  

 

  comprehensive income  

 
 

   240,237   

 
 
 

  213,091  

 
 

  Prepayments, deposits and other assets  

 
 

   26,653   

 
 
 

  24,630  

 
 

  Other financial assets  

 
 

   510   

 
 
 

  4  

 
 

  Deferred income tax assets  

 
 

   24,052   

 
 
 

  21,348  

 
 

  Term deposits  

 
 

   33,219   

 
 
 

  31,681  

 
 
 
 
 
 
 

   1,092,677   

 
 
 

  1,015,778  

 
 
 
 
 
 

   Current assets   

 
 
 
 
 

  Inventories  

 
 

   816   

 
 
 

  814  

 
 

  Accounts receivable  

 
 

   51,676   

 
 
 

  44,981  

 
 

  Prepayments, deposits and other assets  

 
 

   49,182   

 
 
 

  40,321  

 
 

  Other financial assets  

 
 

   645   

 
 
 

  1,133  

 
 

  Financial assets at fair value through profit or loss  

 
 

   9,286   

 
 
 

  6,593  

 
 

  Term deposits  

 
 

   67,737   

 
 
 

  68,487  

 
 

  Restricted cash  

 
 

   2,493   

 
 
 

  2,520  

 
 

  Cash and cash equivalents  

 
 

   148,621   

 
 
 

  152,798  

 
 
 
 
 
 
 

   330,456   

 
 
 

  317,647  

 
 
 
 
 
 

   Total assets   

 
 

   1,423,133   

 
 
 

  1,333,425  

 
 
 
 
 
 
 
 

 

 

 

 
 
                                                                                                                                                                                                                          
 

   CONSOLIDATED STATEMENT OF FINANCIAL POSITION   (continued)   

 
 

  RMB in millions, unless specified  

 
 
 
 
 
 

   Unaudited   

 
 

  Audited  

 
 
 
 

   As at   

 

   March 31, 2021   

 
 
 

  As at  

 

  December 31, 2020  

 
 

   EQUITY   

 
 
 
 
 
 

   Equity attributable to equity holders of the Company   

 
 
 
 
 
 

  Share capital  

 
 
 

   -   

 
 
 

  -  

 
 

  Share premium  

 
 
 

   51,853   

 
 
 

  48,793  

 
 

  Shares held for share award schemes  

 
 
 

   (4,747)   

 
 
 

  (4,412)  

 
 

  Other reserves  

 
 
 

   124,487   

 
 
 

  121,139  

 
 

  Retained earnings  

 
 
 

   590,219   

 
 
 

  538,464  

 
 
 
 
 
 
 
 
 

   761,812   

 
 
 

  703,984  

 
 
 
 
 
 
 

   Non-controlling interests   

 
 
 

   83,334   

 
 
 

  74,059  

 
 
 
 
 
 
 

   Total equity   

 
 
 

   845,146   

 
 
 

  778,043  

 
 
 
 
 
 
 

   LIABILITIES   

 
 
 
 
 
 

   Non-current liabilities   

 
 
 
 
 
 

  Borrowings  

 
 
 

   117,477   

 
 
 

  112,145  

 
 

  Notes payable  

 
 
 

   122,942   

 
 
 

  122,057  

 
 

  Long-term payables  

 
 
 

   10,895   

 
 
 

  9,910  

 
 

  Other financial liabilities  

 
 
 

   8,393   

 
 
 

  9,254  

 
 

  Deferred income tax liabilities  

 
 
 

   16,523   

 
 
 

  16,061  

 
 

  Lease liabilities  

 
 
 

   10,145   

 
 
 

  10,198  

 
 

  Deferred revenue  

 
 
 

   6,629   

 
 
 

  6,678  

 
 
 
 
 
 
 
 
 

   293,004   

 
 
 

  286,303  

 
 
 
 
 
 
 

   Current liabilities   

 
 
 
 
 
 

  Accounts payable  

 
 
 

   102,625   

 
 
 

  94,030  

 
 

  Other payables and accruals  

 
 
 

   43,065   

 
 
 

  54,308  

 
 

  Borrowings  

 
 
 

   12,818   

 
 
 

  14,242  

 
 

  Current income tax liabilities  

 
 
 

   16,369   

 
 
 

  12,134  

 
 

  Other tax liabilities  

 
 
 

   2,761   

 
 
 

  2,149  

 
 

  Other financial liabilities  

 
 
 

   4,844   

 
 
 

  5,567  

 
 

  Lease liabilities  

 
 
 

   3,891   

 
 
 

  3,822  

 
 

  Deferred revenue  

 
 
 

   98,610   

 
 
 

  82,827  

 
 
 
 
 
 
 
 
 

   284,983   

 
 
 

  269,079  

 
 
 
 
 
 
 

   Total liabilities   

 
 
 

   577,987   

 
 
 

  555,382  

 
 
 
 
 
 
 

   Total equity and liabilities   

 
 
 

   1,423,133   

 
 
 

  1,333,425  

 
 
 

 

 

 

 
 
                                                                                                                                                                     
 

   RECONCILIATIONS OF IFRS TO NON-IFRS RESULTS   

 
 
 
 

   As   

 

   reported   

 
 

   Adjustments   

 
 

   Non-IFRS   

 
 
 

   RMB in millions,   

 

   unless specified   

 
 

   Share-based   

 

   compensation   (a)   

 
 

   Net (gains)/losses from
investee companies (b)
 
 

 
 

   Amortisation of   

 

   intangible assets (c)   

 
 

   Impairment   

 

   Provision/(reversals) (d)   

 
 

   Income   

 

   tax effects (e)   

 
 
 
 

   Unaudited three months ended March 31, 2021   

 
 
 

   Operating profit   

 
 

   56,273   

 
 

   3,704   

 
 

   (18,331)   

 
 

   1,062   

 
 

   50   

 
 

    

 
 

   42,758   

 
 
 

   Profit for the period   

 
 

   49,008   

 
 

   5,036   

 
 

   (22,231)   

 
 

   2,699   

 
 

   178   

 
 

   (187)   

 
 

   34,503   

 
 
 

   Profit attributable to equity
 
   holders   

 
 

   47,767   

 
 

   4,855   

 
 

   (21,829)   

 
 

   2,352   

 
 

   178   

 
 

   (205)   

 
 

   33,118   

 
 
 

    Operating margin    

 
 

   42%   

 
 
 
 
 
 
 

   32%   

 
 
 

    Net margin    

 
 

   36%   

 
 
 
 
 
 
 

   26%   

 
 
 
 

  Unaudited three months ended December 31, 2020  

 
 
 

  Operating profit  

 
 

  63,713  

 
 

  3,744  

 
 

  (34,652)  

 
 

  885  

 
 

  4,394  

 
 

  

 
 

  38,084  

 
 
 

  Profit for the period  

 
 

  59,369  

 
 

  4,896  

 
 

  (36,149)  

 
 

  2,260  

 
 

  4,407  

 
 

  (329)  

 
 

  34,454  

 
 
 

  Profit attributable to equity
  holders  

 
 

  59,302  

 
 

  4,735  

 
 

  (36,928)  

 
 

  1,926  

 
 

  4,407  

 
 

  (235)  

 
 

  33,207  

 
 
 

   Operating margin   

 
 

   48%   

 
 
 
 
 
 
 

   28%   

 
 
 

   Net margin   

 
 

   44%   

 
 
 
 
 
 
 

   26%   

 
 
 
 

  Unaudited three months ended March 31, 2020  

 
 
 

   Operating profit   

 
 

  37,260  

 
 

  3,435  

 
 

  (5,272)  

 
 

  639  

 
 

  (487)  

 
 

  

 
 

  35,575  

 
 
 

  Profit for the period  

 
 

  29,403  

 
 

  4,198  

 
 

  (6,992)  

 
 

  1,572  

 
 

  (18)  

 
 

  (179)  

 
 

  27,984  

 
 
 

  Profit attributable to equity
  holders  

 
 

  28,896  

 
 

  3,957  

 
 

  (6,976)  

 
 

  1,338  

 
 

  (18)  

 
 

  (118)  

 
 

  27,079  

 
 
 

   Operating margin   

 
 

   34%   

 
 
 
 
 
 
 

   33%   

 
 
 

   Net margin   

 
 

   27%   

 
 
 
 
 
 
 

   26%   

 
 
 
 

  Note:  

 
 

   (a)   Including put options granted to employees of investee companies on their shares and shares to be issued under investee companies' share-based incentive plans which can be acquired by the Group, and other incentives   

 
 

   (b)   Including net (gains)/losses on deemed disposals/disposals of investee companies, fair value changes   arising from investee companies, and other expenses in relation to equity transactions of investee companies   

 
 

   (c)   Amortisation of intangible assets resulting from acquisitions   

 
 

   (d)   Impairment provisions/(reversals) for associates, joint ventures, goodwill and other intangible assets arising from acquisitions   

 
 

   (e)   Income tax effects of non-IFRS adjustments   

 
 
 

 

 

 Cision View original content: https://www.prnewswire.com/news-releases/tencent-announces-2021-first-quarter-results-301295804.html  

 

SOURCE Tencent  

 
 

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Mobile Gaming Stocks: 10 Biggest Companies in 2025

According to market intelligence firm Newzoo, global gaming revenue came in at US$177.9 billion in 2024, with mobile gaming accounting for more than half of that amount at US$97.6 billion.

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NorthStar Gaming Announces Revocation of Management Cease Trade Order

NorthStar Gaming Announces Revocation of Management Cease Trade Order

NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) ("NorthStar" or the "Company") is pleased to announce that effective May 16, 2025, the Ontario Securities Commission has revoked the temporary management cease trade order ("MCTO") it had previously granted to the Company on May 8, 2025 under National Policy 12-203 Management Cease Trade Orders, as the Company successfully completed the filing of its annual audited financial statements, management's discussion and analysis, and related certifications for the year ended December 31, 2024 (collectively, the "Annual Filings") on May 14, 2025.

The revocation of the MCTO means members of management are no longer prevented from trading the Company's securities. All of the Annual Filings are available under the Company's profile on SEDAR+ at www.sedarplus.ca.

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NorthStar Gaming Reports Year-End 2024 Results

NorthStar Gaming Reports Year-End 2024 Results

 

Annual Revenue Growth of 57%, Gross Margin up 91%

 

NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) ("NorthStar" or the "Company") today announced its financial results for the three months and year ended December 31, 2024. The Company also announced that it will discuss the results on an investor webinar to be held Thursday, May 15, 2025 at 11:00am (please see below for details). All dollar figures are quoted in Canadian dollars.

 

"We delivered strong financial results in 2024, highlighted by 57% growth in revenue and a 91% increase in gross margin. At the same time, we held marketing expense to a 10% increase and reduced G&A expense, demonstrating the continually improving operating leverage built into our business model," said Michael Moskowitz, Chair and CEO of NorthStar. "Equally important, our team rolled out innovations in both our sportsbook and casino that have further differentiated NorthStar Bets as a premium offering and helped drive the retention of, and engagement with, our loyal customers."

 

Restatement of Results

 

The comparative results for the three months and twelve months ended December 31, 2023 have been restated in the financial statements and management's discussion & analysis ("FY2024 MD&A") for the year ended December 31, 2024 to include additional merchant fees and player bonus expenses which were not captured in the previously published financial statements (note 2 of the Financial Statements for the year ended December 31, 2024). The Company's payment processor deducted the additional merchant fee from the daily remittances to the Company, and the deductions were not accounted for by the Company. These additional fees were identified as part of the year-end reconciliation of the amount due from the payment processor, and the financial statements and FY2024 MD&A have been adjusted accordingly. These restatements did not impact the cash balances reported for the years ended December 31, 2022, 2023, or 2024. However, they did result in adjustments to the reported current asset balances for those periods.

 

Financial Highlights for the Fourth Quarter Ended December 31, 2024 ("Q4 2024"):

 
  •  Total Wagers1 at Northstarbets.ca were $303.0 million in Q4 2024, a 42% increase compared to $213.3 million in Q4 2023.
  •  
  •  Gross Gaming Revenue2 at Northstarbets.ca was $10.0 million in Q4 2024, a 31.6% increase from $7.6 million in Q4 2023.
  •  
  •  Revenue2 was $9.5 million in Q4 2024, a 51% increase from $6.3 million in Q4 2023. Revenue in Q4 2024 includes $1.5 million of managed services revenue, which compares to $0.2 million in Q4 2023.
  •  
  •  Gross Margin was $3.6 million, a 71% increase from $2.1 million in Q4 2023, while the Gross Margin percentage increased to 38.1%, up from 33.6% in Q4 2023.
  •  
  •  Profit/(loss) before marketing and other expenses1 was $0.6 million in Q4 2024 compared to a loss of $2.5 million in Q4 2023, indicating that gross margin is now sufficient to cover the Company's overhead expenses.
  •  

Financial Highlights for the Year Ended December 31, 2024 ("FY 2024"):

 
  •  Total Wagers2 at Northstarbets.ca were $980.0 million in FY 2024, a 51% increase compared to $648.8 million in the year ended December 31, 2023.
  •  
  •  Gross Gaming Revenue2 at Northstarbets.ca was $34.0 million in FY 2024, a 51% increase from $22.5 million in FY 2023.
  •  
  •  Revenue2 was $29.6 million in FY 2024, a 57% increase from $18.8 million in FY 2023. Revenue in FY 2024 includes $2.3 million of managed services revenue, which compares to $0.5 million in FY 2023.3
  •  
  •  Gross Margin was $10.5 million, marking a 91% increase from $5.5 million in FY 2023, with the Gross Margin increasing to 35.7%, up from 29.3% in FY 2023.
  •  
  •  Profit/(loss) before marketing and other expenses1 was $0.1 million in FY 2024 compared to a loss of $6.7 million in YTD 2023, an improvement of $6.8 million.
  •  

"Early in 2025, we completed our most significant fund-raising to date, with a $43.4 million debt financing. This capital gives us a long runway on which to continue our trajectory of growth in wagering, gross margins and improving operating leverage. This was a milestone event for our business," added Mr. Moskowitz.

 

2024 Operating Highlights:

 
  • Completed the inaugural Blackjack Championship tournament, an innovative online competition that helped drive the acquisition of new high-value players and engagement for existing customers while increasing Blackjack wagering activity.
  •  
  • Implemented a series of enhancements to the NorthStar Bets platform, highlighted by streamlined navigation in both the Casino and Sportsbook sections, a doubling of Casino game selection since the start of 2024, personalized prop bets and intelligent parlay suggestions.
  •  
  • Introduced the "NorthStar Elite" program and branded tables to help secure the loyalty and satisfaction of our most active players and reinforcing the Company's positioning as a premium offering.
  •  
  • Launched "Sports Insights 2.0," a robust suite of enhancements to our content vertical that includes a redesigned home page, comprehensive team and player statistics, injury and player news feeds, added coverage of popular sports and strengthened casino content.
  •  
  • Gained significant traction outside the Ontario market with managed services revenue from Northstarbets.com site, owned by the Abenaki Council of Wolinak, increasing from $0.5 million in FY 2023 to $2.3 million in FY 2024.
  •  
  • Outpaced the industry growth rates reported by iGaming Ontario in 2024 in both Total Wagers (51% for NorthStar vs. 33% for the industry) and Gross Gaming Revenue (51% for NorthStar vs. 31.5% for the industry).
  •  

Outlook

 

"We expect our consistent pattern of year-over-year revenue increases to continue throughout 2025, based on our ongoing success in attracting and engaging high-value players," said Mr. Moskowitz. "We will maintain disciplined control over costs so that incremental gross margin falls primarily to the bottom line. As we continue to focus on operational excellence, we remain confident that we have the capital necessary to reach profitability based on our current business platform."

 

FY 2024 Corporate Update Webinar

 

On May 15, 2025, Michael Moskowitz will present an in-depth Corporate Update, including a discussion of the Company's FY 2024 Earnings, current operations and strategic priorities. All investors and other interested parties are invited to register for the webinar at the link below.

 

Date: Thursday, May 15, 2025
Time: 11:00 am EDT
Register: Webinar Registration

 

Management will be available to answer your questions following the presentation on the webinar platform. You may also submit your question(s) beforehand in the registration form linked above.

 

Extension of Strategic Marketing Agreement

 

The Company also announced that its wholly owned subsidiary, NorthStar Gaming (Ontario) Inc. ("NorthStar Ontario"), has extended its strategic partnership with Playtech Software Limited ("Playtech Software") through the renewal of their previously announced strategic marketing agreement. Under the agreement, Playtech Software contributes services designed to accelerate NorthStar Ontario's player acquisition strategy in the province. The agreement was first implemented in June 2023 and has since been renewed several times. Pursuant to the latest renewal, Playtech Software will reimburse marketing expenses valued at a total of up to $1.5 million over a 3-month period through to March 31, 2025. Playtech Software will be compensated through a share of revenue from the income generated in connection with the marketing initiatives to which it contributes. The Transaction between Playtech and NorthStar Ontario is exempted from Multilateral Instrument 61-101 Protection of Minority Securityholders in Special Transactions.

 

"We are very pleased to renew the marketing services agreement with Playtech Software," said Michael Moskowitz, Chair and CEO of NorthStar. "The agreement serves to extend our marketing budget and has contributed to our tremendous growth in Ontario. Playtech plc continues to be a valuable strategic partner and we look forward to further collaboration."

 

Continuous Disclosure

 

Further to a review by the staff of the Ontario Securities Commission (the "OSC") of the Company's continuous disclosure, the FY2024 MD&A includes enhanced disclosures with respect to:

 
  • the Company's regulatory framework, licensing regimes applicable to its business operations and the legal authorizations necessary to conduct its business operations;
  •  
  • specific risk factors relating to the Company's business operations which include risks relating to operating in a heavily regulated industry, cyber security risks and risks relating to conflicts of interest with respect to directors and officers of the Company; and
  •  
  • the relationship between the Abenaki Council of Wolinak and the Company as well as its subsidiary, Slapshot Media Inc.
  •  

Such amended disclosure is being included in the FY2024 MD&A to address comments received from the OSC on its management's discussion & analysis, for the period ended September 30, 2024, and to improve the Company's disclosure.

 

As a result of having to include such enhanced disclosure after the OSC review, the Company will be placed on the public list of Refilings and Errors in accordance with OSC Staff Notice 51-711 (Revised) - Refilings and Corrections of Errors for a period of three (3) years.

 

Additional Information

 

For additional information, please refer to the Company's condensed consolidated financial statements for the year ended December 31, 2024, and the corresponding FY2024 MD&A. These documents are available on SEDAR+ at www.sedarplus.ca, and on the Company's corporate website at www.northstargaming.ca.

 

About NorthStar

 

NorthStar proudly owns and operates NorthStar Bets, a Canadian-born casino and sportsbook platform that delivers a premium, distinctly local gaming experience. Designed with high-stakes players in mind, NorthStar Bets Casino offers a curated selection of the most popular games, ensuring an elevated user experience. Our sportsbook stands out with its exclusive Sports Insights feature, seamlessly integrating betting guidance, stats, and scores, all tailored to meet the expectations of a premium audience.

 

As a Canadian company, NorthStar is uniquely positioned to cater to customers who seek a high-quality product and an exceptional level of personalized service, setting a new standard in the industry. NorthStar is committed to operating at the highest level of responsible gaming standards.

 

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

 

Non-IFRS Financial Measures [/ Reconciliation of Non-IFRS Measures to IFRS Measures]

 

Throughout this document, management uses certain non-IFRS financial measures and supplementary financial measures to evaluate the performance of the Company. The terms "Gross Gaming Revenue" "Total Wagers" and "Profit/(Loss) before marketing and other expenses" are non-IFRS financial measures. These measures are not recognized measures under International Financial Reporting Standards ("IFRS") and do not have a standardized meaning prescribed by IFRS and are, therefore, not necessarily comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective and to discuss NorthStar's financial outlook. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. We believe that securities analysts, investors and other interested parties frequently use non-IFRS measures, including industry metrics, in the evaluation of companies in our industry. Management also uses non-IFRS measures and industry metrics in order to facilitate operating performance comparisons from period to period, the preparation of annual operating budgets and forecasts and to determine components of executive compensation.

 

Total Wagers

 

Total Wagers are calculated as the total amount of money bet by customers in respect of bets that have settled in the applicable period. Total Wagers does not include free bets or other promotional incentives, nor money bet by customers in respect of bets that are open at period end. Total Wagers is used to provide investors with supplemental measures of our operating performance and thus highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures.

 

Gross Gaming Revenue

 

Gross Gaming Revenue is calculated as dollar amounts bet by customers less the dollar amounts paid out to the customers in respect of such bets which have settled in the applicable period.

 

Reconciliation of Non-IFRS Measures to IFRS Measures

 
                                
 In Q4 2024, the Company reported $10.0 million of Gross Gaming Revenue ($34.0 million in FY 2024) and has provided a reconciliation to the most comparable IFRS financial measure (Revenue) as follows:
$ Millions (unaudited)
Unaudited Three
months ended
Year ended
 Dec 31,
2024 
 Dec 31,
2023 
 Dec 31,
2024 
 Dec 31,
2023 
Gross gaming revenue from wagered games$10.0$ 7.6$ 34.0$22.5
Bonuses, promotional costs and free bets(2.0)(1.5)(6.7)(4.2)
Sub-total Gaming revenue8.06.127.318.3
Other revenue from managed services1.50.22.30.5
Revenue$ 9.5$ 6.3$ 29.6$ 18.8
 

 

 

Operating Results

 

Marketing expenses are a key driver of the business but are completely discretionary. Management considers "Profit/(Loss) before marketing and other expenses" to be a good indication of the extent to which the business' Gross Margin is in excess of its overhead costs, and therefore offsetting some portion of marketing expenses, reflecting improving economies of scale.

 
                                                    
$ Millions (unaudited) Unaudited Three 
months ended 
Year ended
 Dec 31,
2024 
 Dec 31,
2023 
 Dec 31,
2024 
 Dec 31,
2023 
Revenue$ 9,478$ 6,275$ 29,556$ 18,845
Cost of Revenues5,8684,16719,01313,317
Gross Margin3,6102,10810,5435,528
General and administrative expenses3,0334,45210,45312,277
 Profit/(Loss) before marketing and other expenses (1) 577(2,344)90(6,749)
Marketing5,2495,47215,45614,094
Loss before other expenses (1) (4,672)(7,816)(15,366)(20,843)
Other expenses(1,070)1493,6456,547
Net loss$ (3,602)$ (7,965)$ (19,011)$ (27,390)
 

 

 

(1) These measures are not defined by IFRS, do not have standard meanings and may not be comparable with other industries or companies.

 

Cautionary Note Regarding Forward-Looking Information and Statements

 

This communication contains "forward-looking information" within the meaning of applicable securities laws in Canada ("forward-looking statements"), including without limitation, statements with respect to the following: expected performance of the Company's business, the Company's growth plans being fully funded, expansion into new markets and future growth opportunities, and expected benefits of transactions. The foregoing are provided for the purpose of presenting information about management's current expectations and plans relating to the future and allowing investors and others to get a better understanding of the Company's anticipated financial position, results of operations, and operating environment. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. This forward-looking information is based on management's opinions, estimates and assumptions that, while considered by NorthStar to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, among others, the following: risks related to the Company's business and financial position; risks associated with general economic conditions; adverse industry risks; future legislative and regulatory developments; the ability of the Company to implement its business strategies; and those factors discussed in greater detail under the "Risk Factors" section of the Company's most recent annual information form, which is available under NorthStar's profile on SEDAR+ at www.sedarplus.ca. Many of these risks are beyond the Company's control.

 

If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents NorthStar's expectations as of the date specified herein, and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

 

All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.

 
 

For further information:

 

Company Contact:

 

Corey Goodman
Chief Development Officer 647-530-2387
investorrelations@northstargaming.ca

 

Investor Relations:
RB Milestone Group LLC (RBMG)
Northstar@rbmilestone.com

 
 

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NorthStar Gaming Announces Receipt of Management Cease Trade Order

NorthStar Gaming Announces Receipt of Management Cease Trade Order

NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) ("NorthStar" or the "Company") today announces that its principal regulator, the Ontario Securities Commission, has granted its request for a management cease trade order ("MCTO") effective May 8, 2025.

As previously announced on April 29, 2025, the Company applied for the MCTO due to a delay in filing its annual audited financial statements, management's discussion and analysis and related certifications for the financial year ended December 31, 2024 (the "Annual Filings") which were required to be filed by April 30, 2025.

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NorthStar Gaming Announces Delay of Annual Filings

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NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) ("NorthStar" or the "Company") today announces an anticipated delay in the filing of its annual audited financial statements, management's discussion and analysis and related certifications for the financial year ended December 31, 2024 (collectively, the "Annual Filings"). The Company does not expect to file its Annual Filings by the regular filing deadline of April 30, 2025, as required, due to an unanticipated delay relating to the audit of the Annual Filings. The Company is working diligently with its auditor to finalize the Annual Filings and expects to file the Annual Filings no later than May 15, 2025.

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