Century Casinos, Inc. · NASDAQ:CNTY
Century Casinos — Q3 2015 Earnings Presentation
25 slides from Century Casinos's earnings presentation, Nov 6, 2015
Slide 1: Financial Results Q3 2015
Financial Results Q3 2015
Slide 2: Forward-Looking Statements, Business Environment and Risk Factors
Forward-Looking Statements, Business Environment and Risk Factors This presentation may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Priva
Slide 3: Q3 2015 Results by Segment (in USD)
Q3 2015 Results by Segment (in USD) *Adjusted EBITDA for Corporate and Other represents only our cruise ship, Aruba and Argentina agreements. Adjusted EBITDA from Corporate Other is excluded. See Appendix A. Canada 36% United States 24% Poland 37% Corporate and Other 3% Net Operating Revenue Canada
Slide 4: Net Operating Revenue per Quarter (in USD)
Net Operating Revenue per Quarter (in USD) $14.1$17.1$17.6$18.0$29.1$30.4$14.9$18.0$17.8$28.3$31.6$37.9$16.0$18.1$18.7$28.8$28.1$33.5$15.6$17.6$17.7$29.4$31.3$0$5$10$15$20$25$30$35$4020102011201220132014201520102011201220132014201520102011201220132014201520102011201220132014(in millions) Net Operati
Slide 5: Income Statement and Balance Sheet
Income Statement and Balance Sheet (select information as of September 30, 2015) In USD mil (except EPS and BVPS) Q3 2015 Q3 2014 Change Net Operating Revenue 33.5 28.1 19% Adjusted EBITDA 6.7 2.9 133% Earnings per Share 0.11 0.03 267% Total Assets 190.4 188.5 1% Book Value per Share 5.04 4.92 2% Ne
Slide 6: Constant Currency Results
Constant Currency Results In USD millions Q3 2015 Q3 2014 Change Net Operating Revenue as reported (GAAP) 33.5 28.1 19% Unfavorable foreign currency impact vs. 2014 4.9 Constant Currency (non-GAAP)* 38.4 28.1 37% Adjusted EBITDA as reported 6.7 2.9 133% Unfavorable foreign currency impact vs. 2014 1
Slide 7: Debt to Adjusted EBITDA (in USD)
Debt to Adjusted EBITDA (in USD) 4.5x 2.1x 1.7x 0.9x 0.3x 2.7x 3.0x 1.8x 0x1x2x3x4x5x20082009201020112012201320142015Debt/Adjusted EBITDA
Slide 8: Canada
Q3 Highlights – Canada (Selected Information as of September 30, 2015) In CAD mil Q3 2015 Q3 2014 Change Net Operating Revenue 16.0 9.0 77% Operating Costs and Expenses 11.7 6.9 69% Adjusted EBITDA 5.1 2.6 96% Adjusted EBITDA Margin 32% 29%
Slide 9: Canada Edmonton
Q3 Highlights – Canada (Selected Information as of September 30, 2015) Edmonton In CAD mil Q3 2015 Q3 2014 Change Net Operating Revenue 7.2 6.7 8% Operating Costs and Expenses 4.7 4.5 4% Adjusted EBITDA 2.8 2.5 13% Adjusted EBITDA Margin 39% 37% .Gaming revenue increased CAD 0.4 million, or 8%. •Inc
Slide 10: Canada Calgary
Q3 Highlights – Canada (Selected Information as of September 30, 2015) Calgary In CAD mil Q3 2015 Q3 2014 Change Net Operating Revenue 2.3 2.2 3% Operating Costs and Expenses 2.4 2.3 4% Adjusted EBITDA 0.2 0.2 (29%) Adjusted EBITDA Margin 7% 10%
Slide 11: Canada Century Downs Racetrack and Casino
Q3 Highlights – Canada (Selected Information as of September 30, 2015) Century Downs Racetrack and Casino In CAD mil Q3 2015 Q3 2014 Change Net Operating Revenue 5.0 0.1 6624% Operating Costs and Expenses 3.7 0.2 2342% Adjusted EBITDA 1.7 (0.1) 2367% Adjusted EBITDA Margin 34% (100%) .In March 2015,
Slide 12: Canada Century Bets!
Q3 Highlights – Canada (Selected Information as of September 30, 2015) Century Bets! In CAD mil Q3 2015 Net Operating Revenue 1.4 Operating Costs and Expenses 1.0 Adjusted EBITDA 0.5 Adjusted EBITDA Margin 32% .Century Bets! was formed in January 2015. .Century Bets! began operating the pari-mutuel
Slide 13: United States
Q3 Highlights – United States (Selected Information as of September 30, 2015) In USD mil Q3 2015 Q3 2014 Change Net Operating Revenue 8.0 7.3 10% Operating Costs and Expenses 6.5 6.4 0% Adjusted EBITDA 2.1 1.5 47% Adjusted EBITDA Margin 27% 20%
Slide 14: United States Central City
Q3 Highlights – United States (Selected Information as of September 30, 2015) Central City In USD mil Q3 2015 Q3 2014 Change Net Operating Revenue 4.4 4.0 9% Operating Costs and Expenses 3.8 3.8 2% Adjusted EBITDA 0.9 0.6 49% Adjusted EBITDA Margin 21% 15% .Gaming revenue increased $0.2 million, or
Slide 15: United States Cripple Creek
Q3 Highlights – United States (Selected Information as of September 30, 2015) Cripple Creek In USD mil Q3 2015 Q3 2014 Change Net Operating Revenue 3.5 3.2 10% Operating Costs and Expenses 2.6 2.7 (2%) Adjusted EBITDA 1.2 0.8 46% Adjusted EBITDA Margin 35% 26% .Gaming revenue increased $0.1 million,
Slide 16: Poland
Q3 Highlights – Poland (Selected Information as of September 30, 2015) In PLN mil Q3 2015 Q3 2014 Change Net Operating Revenue 46.9 32.9 43% Operating Costs and Expenses 43.3 34.7 25% Adjusted EBITDA 6.7 0.8 709% Adjusted EBITDA Margin 14% 3% .Gaming revenue increased PLN 14.6 million, or 45%. •Adde
Slide 17: Corporate and Other
Q3 Highlights – Corporate and Other (Selected Information as of September 30, 2015) In USD mil Q3 2015 Q3 2014 Change Net Operating Revenue 0.9 2.2 (58%) Operating Costs and Expenses 2.6 3.6 (29%) Adjusted EBITDA (1.1) (1.2) 11% Adjusted EBITDA Margin N/A N/A
Slide 18: Corporate and Other Cruise Ships and Other
Q3 Highlights – Corporate and Other (Selected Information as of September 30, 2015) Cruise Ships and Other In USD mil Q3 2015 Q3 2014 Change Net Operating Revenue 0.9 2.2 (58%) Operating Costs and Expenses 0.6 2.0 (70%) Adjusted EBITDA 0.4 0.4 13% Adjusted EBITDA Margin 45% 17% .In March 2015, we mu
Slide 19: Corporate and Other Corporate Other
Q3 Highlights – Corporate and Other (Selected Information as of September 30, 2015) Corporate Other In USD mil Q3 2015 Q3 2014 Change Net Operating Revenue 0.0 0.0 0% Operating Costs and Expenses 2.0 1.7 20% Adjusted EBITDA (1.5) (1.6) 5% Adjusted EBITDA Margin N/A N/A .Expenses incurred by Corporat
Slide 20: Appendix A – Non GAAP Financial Measures
Appendix A – Non GAAP Financial Measures X:\Century Casinos\SEC Filings\2010\10-K\EDGAR\centurylogo.jpgThe Company supplements its condensed consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (“US GAAP”) by using the following non-GAAP financi
Slide 21: Appendix A – Non GAAP Financial Measures
Appendix A – Non GAAP Financial Measures The Company defines Adjusted EBITDA as net earnings (loss) before interest expense (income), net, income taxes (benefit), depreciation, amortization, non-controlling interest (earnings) losses and transactions, pre-opening expenses, acquisition costs, non-cas
Slide 22: Appendix A (continued) Reconciliation of Adjusted EBITDA – Canada
Appendix A (continued) Reconciliation of Adjusted EBITDA – Canada (in thousands) For the three months ended September 30, 2015 in CAD Edmonton Calgary Century Downs Century Bets! Total Canada Net operating revenue $ 7,188 $ 2,300 $ 5,043 $ 1,426 $ 15,957 Net earnings (loss) attributable to Century C
Slide 23: Appendix A (continued) Reconciliation of Adjusted EBITDA – United States
Appendix A (continued) Reconciliation of Adjusted EBITDA – United States (in thousands) For the three months ended September 30, 2015 in USD Central City Cripple Creek Total United States Net operating revenue $ 4,421 $ 3,537 $ 7,958 Net earnings attributable to Century Casinos, Inc. shareholders 35
Slide 24: Appendix A (continued) Reconciliation of Adjusted EBITDA – Poland
Appendix A (continued) Reconciliation of Adjusted EBITDA – Poland (in thousands) For the three months ended September 30, 2015 in PLN Poland Net operating revenue $ 46,890 Net earnings attributable to Century Casinos, Inc. shareholders 1,902 Interest expense (income), net 116 Income taxes 857 Deprec
Slide 25: Appendix A (continued) Reconciliation of Adjusted EBITDA – Corporate and Other
Appendix A (continued) Reconciliation of Adjusted EBITDA – Corporate and Other (in thousands) For the three months ended September 30, 2015 in USD Cruise Ships and Other Corporate Other Total Corporate and Other Net operating revenue $ 921 $ 0 $ 921 Net earnings (loss) attributable to Century Casino