Entain PLC · LSE:ENT
Entain — Gala Coral Group — Q1 FY2016 Earnings Presentation
12 slides from Entain's earnings presentation, Mar 3, 2016
Slide 1: FY16 Q1 Results
FY16 Q1 Results 3rd March 2016
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation may include forward-looking statements. All statements other than statements of historical facts included in this presentation, including those regarding Gala Coral’s financial position, business and acquisition strategy, plans and objectives o
Slide 3: Overview and FY16 Q1 results agenda
Overview Carl Leaver FY16 Q1 results Paul Bowtell Q&A 2
Slide 4: FY16 Q1 Highlights
FY16 Q1 Highlights • Total Coral Group EBITDA{1} of £62.4m was £7.9m or 14% ahead of last year with growth in all divisions • After adjusting for regulatory impacts{2} underlying EBITDA was 59% ahead of last year, with improved football results contributing significantly to the underlying gross prof
Slide 5: FY16 Q1 Results
FY16 Q1 Results Paul Bowtell 4
Slide 6: FY16 Q1 Results
FY16 Q1 Results Continuing Operations [1] FY16 FY15 Change £m £m % Net Revenue Net revenue [2] 333.3 286.2 16% - Coral Retail +7% - Eurobet Retail +36% Cost of sales (108.3) (82.8) (31%) - Online +41% Gross profit 225.0 203.4 11% Tax and Regulatory (up £19.1m year-on-year) Marketing costs (Online) (
Slide 7: FY15 EBITDA Bridge
FY15 EBITDA Bridge Coral Retail £9.4m Coral.co.uk £3.3m Gala websites £2.3m Coral Telebet £0.2m (0.2) (1.4) 2.8 1.6 7.8 2.9 Coral Retail +£9.6m (15.2) - Improvement in football margins 9.6 - Strong Machines performance Eurobet Retail +£2.9m £62.4m - Sports stakes growth +59.0% £54.5m Underlying EBIT
Slide 8: Coral Retail FY16 Profit & Loss
Coral Retail FY16 Profit & Loss FY16 FY15 Change OTC Stakes 1% ahead £m £m % OTC gross win margin of 18.2% OTC stakes 508.3 502.8 1% (+1.5pp) driven by improved OTC gross win margin % 18.2% 16.7% 1.5pp football margins up 7.9pp year- on-year OTC gross win 92.5 83.7 11% OTC net revenue 91.8 83.3 10%
Slide 9: Eurobet Retail Profit & Loss
Eurobet Retail FY15 Profit & Loss FY16 FY15 Change Sports stakes +19% (+25% £m £m % constant currency[4]) Sports stakes 110.8 93.5 19% BiP stakes growth +36% (+43% constant currency[4]) Sports gross win margin % 17.7% 11.8% 5.9pp Sports net revenue 19.6 11.0 78% Sports gross win margin of 17.7% Virt
Slide 10: Online Profit & Loss
FY15 Online Profit & Loss FY16 FY15 Change Coral.co.uk: £m £m % - Actives +41% - Sports SPH +28% Coral.co.uk net revenue 47.6 28.1 69% - Sports margin +3.4pp to 8.3% Gala websites net revenue 29.0 26.2 11% - Bonus / GGR: 22.4% Eurobet.it net revenue 14.5 10.2 42% - Marketing / NGR: 28.2% Net revenue
Slide 11: Q1 FY16 Cashflow
Q1 FY16 Cashflow Q1 FY16 Q1 FY15 Change Unlevered free cashflow £46.8m £m £m £m - £15.9m ahead of FY15 EBITDA - Coral Group 62.4 54.5 7.9 Working capital and exceptionals Working capital and exceptionals 1.1 (8.2) 9.3 £1.1m Inflow from Operations 63.5 46.3 17.2 - £9.3m ahead of FY15 as a result of t
Slide 12: Q&A
Q&A 11