Allwyn Ag · ATHEX:ALWN
Allwyn — Q4 2021 Earnings Presentation
25 slides from Allwyn's earnings presentation, Mar 23, 2022
Slide 1: Q4 & FY 2021 Financial Results
Q4 & FY 2021 Financial Results 23 March 2022
Slide 2: Disclaimer
Disclaimer • All drawings, artwork, and texts are the exclusive • Copyright refers to all graphics and texts of the property of OPAP S.A. The partial or total present publication duplication, copy or publication of the contents of this publication by any medium (mechanical, • The facts included in t
Slide 3: Highlights
Highlights Financial Performance & Outlook ▪ Q4’21, one of the best quarters ever in terms of GGR, aided by the retail recovery & strong Online contribution ▪ Solid cash position with Net Debt/Ebitda shaping at 0.3x ▪ Ease of covid-19 restrictions leads to gradual foot traffic recovery, with further
Slide 4: Q4 & FY 2021 Financial Review
Q4 & FY 2021 Financial Review Pavel Mucha, Chief Financial Officer
Slide 5: Q4 2021 Overview
Q4 2021 Overview Retail recovering while online continues to grow Revenues (GGR) EBITDA +115,9% +220,7% 499 • Retail GGR increased as a result of stores operating for a full quarter • €173.3m on a l-f-l basis excluding 114 compared to Q4’20 one-off items in Q4’21 231 • €58.7m income related to the 1
Slide 6: FY 2021 Overview
FY 2021 Overview Solid operational performance on the back of retail activity and online robust contribution Lockdowns affected 2021 retail; heading for full-scale operation and further profitability recovery in 2022 Revenues (GGR) EBITDA +36,2% +111,1% 1,539 • Online demonstrates strong • +96.0% on
Slide 7: Key Quarterly Financials 2018-2021
Key Quarterly Financials 2018-2021 Q4 ’21 GGR recording one of the best quarters ever on the back of solid online contribution Revenues (GGR) EBITDA Net Profit 132 175 170 499 470 96 441 447 143 81 396 394 391 396 377360369 384 72 113 62 328 109 108 57 104 105 53 49 87 87 88 86 40 40 40 35 36 231 26
Slide 8: Revenues (GGR)
Revenues (GGR) FY – Q4 2021 GGR analysis Last 4 quarters GGR breakdown per product & channel Online Casino Numerical Lotteries FY Q4 9% 37% Online 77% Retail 23% 9% 38% +36,2% +115.9% VLTs 21% 79% 12% 38% 73% 27% 15% Q1’21 27% 21% 499 18% 9% 70% 30% 1,130 1,539 231 47 5% Q2’21 +131,3% 185 74 28 +76,
Slide 9: EBITDA bridge
EBITDA bridge Due to increased revenue generation Including OPEX from Stoiximan full consolidation Higher GGR related costs due Income recognition to increased weight of retail relating to the revenue compared to 2020 Concession extension 3 19 2 36 102 31 175 22 90 409 550 261 EBITDA FY'20 GGR GGR A
Slide 10: Profitability (recurring figures)
Profitability (recurring figures) FY – Q4 EBITDA* FY – Q4 Net Profit** +187.2% 45.0% +379.2% +151.3% +96.0% 280 25.0% 40.0% 34.8% 35.0% 35.0% 230 20.0% 30.0% 17.3% 16.3% 26.1% 24.3% 180 25.0% 15.0% 539 20.0% 130 251 15.0% 8.8% 10.0% 7.8% 275 10.0% 80 173 100 5.0% 86 5.0% 60 30 0.0% 18 Q4 2020 Q4 202
Slide 11: Cash Flow & Net Debt
Cash Flow & Net Debt Cash Flow Bridge Net Debt Increased operating Strong financial position with Net Debt at €183m* profitability 39 101 *as of 31.12.2021, excl. IFRS 16 lease liabilities €110m early debt repayments in Q1’22 at Group level 493 Kaizen Gaming acquisition & new Online licenses ▪0.3x N
Slide 12: Operational & Business Update
Operational & Business Update Jan Karas, Chief Executive Officer
Slide 13: Customer centric approach at the heart of our strategic objectives
Customer centric approach at the heart of our strategic objectives 2021 achievements reaffirm our leading position Retail Online Smart deanonymization of the base with OPAP Loyalty Award of new online licenses for sports betting & casino reaching 600k registrations accompanied with full legal & regu
Slide 14: Loyalty program continues to build up
Loyalty program continues to build up Activity accelerating with cumulative actives exceeding 50% of total base Base evolution (th. Players) Monthly actives & activity (th. Players) 46% 47% 250 42% 40% 40% 36% 50% 35% 37% 36% 200 40% 150 30% 553 599 100 206 200 217 Actives 20% 463 512 165 164 154 18
Slide 15: Aspiring Offering leveraging new technologies and promoting a step change to gaming experience
Aspiring Offering leveraging new technologies and promoting a step change to gaming experience OPAP Store App Virtuals + Golden 21 Online Casino ▪ Digital customer journey ▪ A new Virtual arena with ▪ Celebrate the 21st Goal with ▪ Casino in-house redesign ▪ One of the largest Internet the biggest v
Slide 16: Digitalization of our retail estate
Our retail estate OPAP stores OPAP stores Size of New/ Upgraded stores Greece Cyprus OPAP estate end of 2021 3,628 >200 200 >200 >25% vs old stores Play Stores Indirect POS & New/Upgraded Street vendors stores Greece Greece 373 >200 >6,000 >200 >200 Beacons Digitalization Audio solution Smart Digita
Slide 17: VLTs performance overview
VLTs gradually returning to pre-Covid levels 44 41 39 38 40 38 34 298 0 Performance overview 58 209 200 84 74 36 FY'17 FY'18 FY'19 FY'20 Q1 Q2 Q3 Q4 2021 GGR (€m) GGR / VLT / DAY (€) Weighted daily avg. of active Number of VLTs optimized VLTs – Q4’21 during 2021 97% of total >210 VLTs Proposition Op
Slide 18: Online continues as a key growth driver
Online continues as a key growth driver Online revenues per brand (€m) Online product mix & performance (FY21 GGR) OPAP Stoiximan Full consolidation 114.3 Mix 3.7% Growth y-o-y* since Dec.20 Lottery 2% 42.0% 103 98 91 90 83 Casino 79% 65 54.3% 59 63 44 44 45 51 16 19 16 14 16 Betting 33% 2 2 3 4 5 1
Slide 19: New sponsorship assets strengthening our presence in sports
Sponsorship renewal of New sponsorship assets the Hellenic Athletic Federation (SEGAS) and strengthening our Authentic Marathon presence in sports community OPAP is now a partner of the 3 biggest federations (and the respective national teams) in Greece, Football, Basketball & Athletics Alongside ot
Slide 20: Commitment to sustainable growth and ESG principles
Commitment to sustainable growth and ESG principles Reaffirmed AA rating in MSCI ESG Index (within highest ranking in Realised 6,780 children Gaming universe) wishes during Christmas Renewed Working towards Level 4 WLA minimizing any Certification on potential Remaining the TOP Responsible environme
Slide 21: #standbythepeople
#standbythepeople Supporting Hellenic Red Cross initiative for the management of the major humanitarian crisis in Ukraine [Public]
Slide 22: Appendix
Appendix
Slide 23: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position as of 31 December 2021 & 31 December 2020 Consolidated Statement of Financial Position ('000 € ) 31.12.2021 31.12.2020 Restated (*) Current assets Cash and cash equivalents 860,361 506,873 Receivables 90,881 68,480 Other current assets 56,275 53,775 Total
Slide 24: Consolidated Statement of Comprehensive Income
Consolidated Statement of Comprehensive Income 31 December 2021 & 31 December 2020 Consolidated Statement of Comprehensive Income ('000 € ) 31.12.2021 31.12.2020 Δ Δ% Assets Revenue (GGR) 1,538,843 1,129,783 454,060 29.5% GGR contribution and other levies and duties -494,986 -392,518 -102,468 20.7%
Slide 25: Consolidated Cash Flow statement
Consolidated Cash Flow statement as of 31 December 2021 & 31 December 2020 Consolidated Cash flow statement ('000 € ) 31.12.2021 31.12.2020 OPERATING ACTIVITIES Operating Activities before WCC 548,891 268,376 Assets Changes in Working Capital Inventories 1,292 241 Receivables -53,132 37,938 Payables