Allwyn Ag · ATHEX:ALWN
Allwyn — OPAP Holding Société Anonyme — Q2 2023 Earnings Presentation
25 slides from Allwyn's earnings presentation, Sep 5, 2023
Slide 1: Q2 & H1 2023 Financial Results
Q2 & H1 2023 Financial Results 5 September 2023
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 ▪ Strong H1’23 performance with consistently high online growth and further delivery of our strategic initiatives ▪ Increased retail footfall & activity, on the back of solid commercial plan and positive overall retail sentiment ▪ Solid H1’23 operating profitability
Slide 4: Q2 & H1 2023 Financial Review
Q2 & H1 2023 Financial Review Pavel Mucha, Chief Financial Officer [Public]
Slide 5: Q2 2023 Overview
Q2 2023 Overview Q2’2023 performance demonstrates solid retail pickup coupled with strong online growth Revenues (GGR) EBITDA +12,7% +6,7% 498 • Retail GGR contribution supported 442 by the overall positive retail sentiment • +5.1% YoY on a comparable basis excluding one-off items 119 • Consistent O
Slide 6: H1 2023 Overview
H1 2023 Overview Solid retail performance and continuously strong online operations Revenues (GGR) EBITDA +14,0% +11,5% • Retail GGR significantly 1.026 increased due to solid fast games • €375.1m on a l-f-l basis excluding 899 (KINO, PowerSpin, Virtuals) one-off items in H1’23 201 247 performance,
Slide 7: Key Quarterly Financials 2020-2023
Key Quarterly Financials 2020-2023 Underlying ongoing momentum across key performance indicators Revenues (GGR) EBITDA recurring Net Profit recurring 541 127 527 119 118 499 499 498 204 198 197 107 470 457 102 442 178 174 173 175 170 94 96 391 396 86 142 328 69 105 53 231 86 36 180 174 60 18 49 23 -
Slide 8: Revenues (GGR)
Revenues (GGR) H1 – Q2 2023 GGR analysis Last 4 quarters GGR breakdown per product & channel Online Casino Numerical Lotteries H1 Q2 12% 36% Online 24% 76% Retail VLTs 10% 36% 24% 76% +14,0% +12,7% 11% 36% 23% 16% 77% 16% 11% 36% Q3’22 25% 75% 17% 16% 1.026 498 Q4’22 899 442 +37,5% +35,0% 113 58 31%
Slide 9: EBITDA bridge
EBITDA bridge Higher variable Higher Opex to support costs due to increased operations revenue increase 35 21 18 4 22 3 2 5 10 2 126 336 374 EBITDA GGR GGR Agents' Other Direct Other Income Other Share of Payroll Marketing Other EBITDA H1'22 contribution Commissions costs Operating related to the Op
Slide 10: Profitability (recurring figures)
Profitability (recurring figures) H1 - Q2 EBITDA* H1 – Q2 Net Profit** +5.1% +12.2% +18.9% +8.9% 45,0% 280 22,0% 25,0% 38,4% 38,3% 21,6% 21,5% 35,8% 36,6% 40,0% 230 20,0% 35,0% 21,1% 30,0% 180 15,0% 25,0% 130 375 20,0% 226 344 10,0% 190 15,0% 80 178 96 107 170 10,0% 5,0% 30 5,0% 0,0% -20 0,0% Q2 202
Slide 11: Cash Flow & Net Debt
Cash Flow & Net Debt Cash Flow Bridge Net Debt Strong financial position with Net Debt at €90m* *as of 30.06.2023, pre IFRS 16 basis 304 18 ▪0.1x Net Debt / LTM 447 Ebitda (or 0.18x incl. leases) High ▪74.2x Interest Coverage €128m based on LTM figures 724 operating Repayment of profitability borrow
Slide 12: Shareholders' remuneration
Shareholders’ remuneration Consistently strong cash generation and robust balance sheet support expansion of shareholder remuneration to include buy-backs, complementing cash dividends Long track record of returning capital to shareholders Enhanced shareholders’ remuneration policy Since IPO € 25.3
Slide 13: Operational & Business Update
Operational & Business Update Jan Karas, Chief Executive Officer [Public]
Slide 14: Solid implementation of our retail commercial plan while delivering online strategy
Solid implementation of our successful retail commercial plan while delivering on our ambitious online strategy Retail Online 7s & Cats Scratch Family Launch New campaign enhancing the family concept, leading to increased customer Launch of new Opaponline.gr engagement and record high daily revenues
Slide 15: New Retail SPORTSBOOK
New Retail SPORTSBOOK Top class customer experience utilizing platform’s advanced features Better Cashout & easier to use (with more options; Partial, Auto) Significant speed improvement of the system and the platform New UI & UX of OpapStoreApp & SSBTs, with faster navigation & new functionalities
Slide 16: Our retail estate
Our retail estate A social entertainment hub OPAP estate end of Q2’23 Digitalization In-store events & promos in Q2’23 OPAP stores Play Stores Indirect POS & Smart Digital Audio solution OPAP Stores PLAY Stores Street vendors Infrastructure Greece Cyprus Greece Greece 3,301 202 354 >200 c.8,600 940
Slide 17: FreeWin – 1st Free Game ever in Retail Stores!
FreeWin – 1st Free Game ever in Retail Stores! A new highly promising proposition favorably welcomed so far by retail players Simple, fun & FREE game exclusively in retail stores via OPAPStore App offering prizes up to €100,000 every day! 150k unique players ~1.5m FreeWin plays ~450k wins >75% +150%
Slide 18: OPAP Store App
OPAP Store App Gaining ground among players’ preferences & actively promoting retail digitalization process Welcomed by retail players with an overall positive trend since initiation Active scanners (th.) 324 376 322 35 126 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Uplifting engagement levels while facilitating
Slide 19: VLTs trending upwards with solid growth
VLTs trending upwards with solid growth 38 37 37 38 Performance overview (GGR €m) 34 85 80 80 75 81 FY'20 FY'21 FY'22 Q2 Q2 Avg. quarter 2022 2023 GGR (€m) GGR / VLT / DAY (€) VLTs Estate Upgrade • >1,600 stores have benefited from VLTs cabinets Offering optimization • >8,200 cabinets have been repl
Slide 20: Online consistently outperforming
Online consistently outperforming Online revenues per brand (€m) Online product mix & performance (H1’23 GGR) Full consolidation OPAP since Dec.20 119.4 Mix 3,9% y-o-y Δ% Stoiximan Lottery 26% 45,8% 103 106 107 113 104 91 90 98 Casino 35% 83 90 81 50,3% 65 63 44 Betting 14% 10 11 16 19 16 14 16 15 1
Slide 21: National Basketball Team Gold Sponsor
National Basketball Team Gold Sponsor 21 [Public]
Slide 22: Appendix
Appendix [Public]
Slide 23: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position Consolidated Statement of Financial Position ('000 € ) 30.06.2023 31.12.2022 Current assets Cash and cash equivalents 563,261 724,433 Receivables 74,705 102,123 Other current assets 204,504 191,487 Total current assets 842,470 1,018,043 Assets Non - curre
Slide 24: Consolidated Statement of Comprehensive Income
Consolidated Statement of Comprehensive Income Consolidated Statement of Comprehensive Income ('000 € ) 30.06.2023 30.06.2022 Δ Δ% Revenue (GGR) 1,025,554 899,302 126,252 14.0% GGR contribution and other levies and duties -317,229 -282,650 -34,579 12.2% Assets Net gaming revenue (NGR) 708,325 616,65
Slide 25: Consolidated Cash Flow statement
Consolidated Cash Flow statement Consolidated Cash flow statement ('000 € ) 30.06.2023 30.06.2022 OPERATING ACTIVITIES Operating Activities before WCC 379,062 335,750 Changes in Working Capital Assets Inventories -5,022 -7,875 Receivables 29,123 124 Payables (except banks) -56,652 -32,405 Interest p
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