Banijay Group N.v. Class A · EURONEXT:BNJ
Banijay Group N.v. Class A — FL Entertainment — H1 2023 Earnings Presentation
35 slides from Banijay Group N.v. Class A's earnings presentation, Aug 2, 2023
Slide 1: H1 2023 Results
H1 2023 RESULTS 2 August 2023 Q1 2023 RESULTS May 30th, 2023 1 H1 2023 RESULTS
Slide 2: Disclaimer
Disclaimer This presentation contains certain forward-looking statements with respect to the financial condition, results of operations and business of FL Entertainment N.V. and its subsidiaries (referred to as 'the company') and certain of the plans and objectives of the company with respect to the
Slide 3: Today's presenters
Today’s presenters FRANÇOIS RIAHI SOPHIE KURINCKX CEO CFO H1 2023 RESULTS 3
Slide 4: Agenda
A G E N D A 01 02 03 04 H1 2023 H1 2023 OUTLOOK APPENDIX KEY HIGHLIGHTS FINANCIAL RESULTS H1 2023 RESULTS
Slide 5: H1 2023 Key Highlights
01 H1 2023 KEY HIGHLIGHTS H1 2023 RESULTS
Slide 6: Strong business performance and strategic expansion in H1 23
Strong business performance and strategic expansion in H1 2023 Content production & distribution Online sports betting & gaming Strong activity Double-digit revenue growth thanks to unrivalled multi-format, across all segments multi-geography footprint and leading client base Continued growth in pla
Slide 7: Solid financial performance in H1 2023
Solid financial performance in H1 2023 R E V E N U E (1) A D J U S T E D E B I T D A (2) A D J U S T E D N E T I N C O M E (2) €1,923M €327M €167M +8% +10% +24% A D J U S T E D F R E E C A S H F L O W (2) L E V E R A G E (2) €274M 3.3x 84% cash conversion (+0.2x vs end-Dec. 2022) (1) Revenue growth
Slide 8: Q2 2023: outperforming the market on revenue growth
Q2 2023: outperforming the market on revenue growth % changes are at constant exchange rates Online sports Content betting & gaming production G RO U P & distribution €246M REVENUE +33.3% €778M Versus Q2 2022 €1,023M +9.1% +14.2% Versus Q2 2022 H1 2023 RESULTS 8
Slide 9: Content production & distribution: strong, diversified IP and global production capabilities
Content production & distribution: Strong, diversified IP and global production capabilities set business apart CONTINUED DEMAND FOR I P C I R C U L AT I O N I N M U LT I P L E INCREASED DEMAND FROM ICONIC “SUPERBRANDS” GEOGRAPHIES S T R E A M I N G P L AT F O R M S Popstars Non scripted LOL Return
Slide 10: Trusted partner to broadcasters and streamers
Trusted partner to broadcasters and streamers “Non-scripted based programs will be a new recurring editorial pillar for Canal+” “This year we’ll have more returning seasons than any other streamer” “Non-scripted, own-produced “Our vocation is to carry out as many content: increased output, projects
Slide 11: Online sports betting & gaming: very dynamic first semester 2023
Online sports betting & gaming: very dynamic first semester 2023 driven by successful strategy execution across our core countries Strategic initiatives +23% revenue growth: Continued growth in Double-digit increase and enhanced features player numbers across all activities +36% +44% +21% Unique Act
Slide 12: Strategic investment in live events production
Strategic investment in live events production Creating Banijay Events to deliver on Group strategy: Be an integrated global entertainment leader Significant growth potential in live events space Powered by strategic investments in profitably growing o Largely unconsolidated market businesses with l
Slide 13: Balich Wonder Studio: sector leader in iconic live events
Balich Wonder Studio: sector leader in iconic live events KEY FIGURES Ten years of successful track record through steady organic growth: Ceremonies FIFA World Cup • Net sales: €315m in FY2022 (Qatar 2022) Season Opening Parade 19th Pan American Games (Riyadh 2021) (Chile 2023) BUSINESS OVERVIEW • I
Slide 14: The Independents: leading global marketing and communications group
The Independents: leading global marketing and communications group for luxury and lifestyle brands KEY FIGURES Selected clients • Net sales: ~€353m in FY2022 • Globally diversified revenues (Europe, Asia, North America) BUSINESS OVERVIEW Jacquemus Le Chouchou Dior Gucci YSL men Berlin (Versailles,
Slide 15: H1 2023 Financial Results
02 H1 2023 FINANCIAL RESULTS H1 2023 RESULTS
Slide 16: Robust revenue growth in H1 2023 illustrating Group's differentiated model
Robust revenue growth in H1 2023 illustrating Group’s differentiated model % changes are at constant exchange rates Sustained growth reflecting proven +7.9% business model +6.8% at current FX Growth in Q1 2023 despite high Q1 2022 €1,923M due to covid catch-up €1,801M Strong demand in Q2 2023 +14.2%
Slide 17: Adjusted EBITDA performance in H1 2023
Adjusted EBITDA performance in H1 2023 % change In € million H1 2022 H1 2023 vs H1 2022 Revenue 1 800.8 1 923.3 6.8% +7.9% at constant exchange rates External expenses (864.8) (993.5) 14.9% Higher sports betting taxes Change in the allocation of freelancers’ Personnel expenses excluding LTIP & emplo
Slide 18: Consolidated P&L in H1 2023
Consolidated P&L in H1 2023 % change In € million H1 2022 H1 2023 vs H1 2022 Adjusted EBITDA 297.3 327.3 10.1% Adjusted EBITDA margin 16.5% 17.0% New beneficiaries Restructuring costs and other non-recurring items 5.4 (9.5) Accelerated phase at the start of the incentive plan: in line with LTIP expe
Slide 19: Content production & distribution: solid revenue growth despite high 2022 comparables
Content production & distribution: solid revenue growth despite high 2022 comparables Production IP Distribution revenue revenue % changes are at constant exchange rates +3.5% +1% +15% in H1 2023 in H1 2023 Production Distribution Other €1,404M €1,434M Production 76 70 184 +8% +14% 160 in Q2 2023 in
Slide 20: Content production & distribution earnings and cash flow
Content production & distribution earnings and cash flow €m H1 2022 H1 2023 % change Adjusted EBITDA 198.3 200.7 1.2% Good level of profitability Adjusted EBITDA margin (%) 14.1% 14.0% Capex (24.5) (27.0) Total cash outflows for leases that are not (21.2) (20.9) recognised as rental expenses Adjuste
Slide 21: Online sports betting & gaming: double-digit revenue growth across all activities
Online sports betting & gaming: double-digit revenue growth across all activities Sportsbook Casino, Poker & Turf % changes are at constant exchange rates +23.3% +21% +35% Sportsbook Casino Poker Other €489M in H1 2023 in H1 2023 29 €397M 65 +32% +40% 23 in Q2 2023 in Q2 2023 47 +33.3% €195M €246M 1
Slide 22: Online sports betting & gaming: earnings and cash flow
Online sports betting & gaming: earnings and cash flow H1 2022 H1 2023 % change Adjusted EBITDA 103.2 130.2 26.1% Strong Adjusted EBITDA growth Adjusted EBITDA margin (%) 26.0% 26.6% Capex (4.1) (3.8) Total cash outflows for leases that are not (1.7) (1.5) recognised as rental expenses Adjusted free
Slide 23: FL Entertainment: focus on cash-flow generation
FL Entertainment: focus on cash-flow generation €m -69 151 -54 * Lease payment that are not recognized as rental expenses ** Excludes LTIP payment, exceptional items, trade receivables on providers and players’ liabilities H1 2023 RESULTS 23
Slide 24: Net debt variation
Net debt variation €m 42 2,277 89 148 2,091 -151 33 26 €468m positive cash position / €170m undrawn secured credit line Banijay debt successfully refinanced in April 2023: Three-year extension for the €170M RCF maturity: Two Term Loan B (TLB) for a total of ~€875m and Until September 2027 (Euribor +
Slide 25: Outlook
FL/ENTERTAINMENT H1 2023 RESULTS
Slide 26: 2023 objectives re-confirmed and updated proforma of acquisitions
2023 objectives re-confirmed and updated proforma of acquisitions Mid-term outlook re-confirmed A strong first half 2023, both businesses outperforming their markets 2023 objectives re-confirmed and increased Adjusted EBITDA to reflect the impact of announced acquisitions Adjusted EBITDA increased t
Slide 27: Entertain the world as a global leader
ENTERTAIN THE WORLD AS A GLOBAL LEADER NURTURING DRIVING SUPERIOR CREATIVITY GROWTH AND RETURNS BOLD AND AGILE GLOBAL ENTERTAINMENT LEADER www.companyname.com © 2015 Planner PowerPoint Template. All Rights Reserved. WITH A LONG-TERM VISION
Slide 28: Appendix
04 APPENDIX H1 2023 RESULTS
Slide 29: Glossary
Glossary Adjusted EBITDA for a period is defined as the Operating Profit for that period excluding restructuring costs and other non-core items, costs associated with the long- term incentive plan within the Group (the "LTIP") and employment related earn-out and option expenses, and depreciation and
Slide 30: Total consolidated revenue & Adjusted EBITDA by business
Total consolidated revenue & Adjusted EBITDA by business % constant % constant % constant Revenue - In € million Q1 2022 Q1 2023 % change Q2 2022 Q2 2023 % change H1 2022 H1 2023 % change currency currency currency Production 586.4 553.0 -5.7% 581.9 626.3 7.6% 1 168.3 1 179.3 0.9% Distribution 57.1
Slide 31: Consolidated statement of cash flows
Consolidated statement of cash flows In € million 30 June 2022 30 June 2023 Profit/(loss) (18.2) 11.6 Adjustments: 311.8 309.0 Share of profit/(loss) of associates and joint ventures 1.5 1.3 Amortization, depreciation, impairment losses and provisions, net of reversals 59.8 60.6 Employee benefits LT
Slide 32: Consolidated balance sheet
Consolidated balance sheet In € million 31 December 2022 30 June 2023 In € million 31 December 2022 30 June 2023 ASSETS EQUITY AND LIABILITIES Share capital 8.0 8.0 Goodwill 2 570.2 2 599.2 Share premiums 91.6 (142.1) Intangible assets 194.8 205.7 Net income/(loss) - attributable to shareholders (88
Slide 33: IFRS consolidated net financial debt
IFRS consolidated net financial debt In € million 31 December 2022 30 June 2023 Bonds 1 330.8 1 277.9 Bank borrowings 1 140.1 1 445.3 Bank overdrafts - 4.7 Accrued interests on bonds and bank borrowings 29.6 30.4 Vendor loans 138.4 140.8 Total bank indebtedness 2 638.9 2 899.1 Cash and cash equivale
Slide 34: Content production & distribution: net financial debt as of 30 June 2023
Content production & distribution: net financial debt as 30 June 2023 Net financial debt - In €m 31 Dec. 2022 30 June 2023 At Banijay level: Total Secured Debt (OM definition) 1 847 1 984 No short-term maturity Other debt SUN 339 409 325 409 • Senior secured notes: March 2025 Total Debt 2 595 2 718
Slide 35: FL Entertainment Contact and Financial Agenda
FL Entertainment Contact and Financial Agenda INVESTOR RELATIONS FINANCIAL AGENDA Caroline Cohen Q3 2023 results: 9 November 2023 c.cohen@flentertainment.com STOCK INFORMATION FL ENTERTAINMENT WEB SITE ISIN code: NL0015000X07 Please, visit our website Bloomberg: FLE NA https://flentertainment.com/ R