Allwyn Ag · ATHEX:ALWN
Allwyn — OPAP Holding Société Anonyme — Q4 2023 Earnings Presentation
25 slides from Allwyn's earnings presentation, Mar 14, 2024
Slide 1: Q4 & FY 2023 Financial Results
Q4 & FY 2023 Financial Results 14 March 2024
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 ▪ Record-high quarterly GGR in Q4’23 at €581m coupled with a sound 27% online GGR contribution ▪ FY’23 recurring EBITDA at €745m exceeding our latest outlook for the year ▪ Strong cash position & limited leverage with Net Debt/LTM EBITDA at 0.23x ▪ Total 2023 Shareho
Slide 4: Q4 & FY 2023 Financial Review
Q4 & FY 2023 Financial Review Pavel Mucha, Chief Financial Officer [Public]
Slide 5: Q4 2023 Overview
Q4 2023 Overview Retail recovery & robust online growth Revenues (GGR) EBITDA +7,5% +3,7% 581 • Retail GGR grew by 2.2% y-o-y 541 positively affected by the • -3.1% YoY on a comparable normalization in payout rates in basis excluding one-off items 124 156 sports betting 426 203 210 • Q4’23 EBITDA ma
Slide 6: FY 2023 Overview
FY 2023 Overview Strong revenue growth coupled with solid profitability margins Revenues (GGR) EBITDA +7,7% -0,8% • On a l-f-l basis (excluding one-off • Retail GGR benefited from solid items) €745m in FY’23, broadly 1.939 2.088 fast games performance stable YoY 450 531 • Online aided by robust casi
Slide 7: Key Quarterly Financials 2020-2023
Key Quarterly Financials 2020-2023 Strong performance reflected across key metrics Revenues (GGR) EBITDA recurring Net Profit recurring 127 119 118 581 204 198 197 198 107 110 541 102 104 527 498 174173 175 178 94 96 499 499 170 172 470 481 457442 86 142 391 396 69 328 53 105 86 36 231 60 18 180 174
Slide 8: Revenues (GGR)
Revenues (GGR) FY – Q4 2023 GGR analysis Last 4 quarters GGR breakdown per product & channel Online Casino Numerical Lotteries FY Q4 13% Online Retail 34% 27% 73% VLTs 13% 35% 27% 73% +7,7% +7,5% 12% 36% 24% 76% 10% 36% Q1’23 24% 76% 17% 16% 17% 16% 2.088 Q2’23 1.939 581 252 +26,2% 541 200 76 +25,7%
Slide 9: EBITDA bridge
EBITDA bridge Higher Opex to support increased Higher variable costs due to operations and new product revenue increase initiatives 46 24 24 5 22 7 15 7 12 149 30 24.6 refer to one-off HCC fine 736 730 EBITDA GGR GGR Agents' Other Direct Other Income Other Share of Payroll Marketing Other EBITDA FY'
Slide 10: Profitability (recurring figures)
Profitability (recurring figures) FY – Q4 EBITDA* FY – Q4 Net Profit** -3.1% -13.9% +0.7% -0.2% 45,0% 480 23,6% 25,0% 38,5% 22,5% 37,7% 40,0% 35,7% 21,0% 34,0% 430 35,0% 18,9% 380 20,0% 30,0% 330 25,0% 280 15,0% 746 745 20,0% 230 436 439 15,0% 180 10,0% 130 10,0% 80 5,0% 204 198 5,0% 127 110 30 0,0%
Slide 11: Cash Flow & Net Debt
Cash Flow & Net Debt Net Debt Strong financial position Cash Flow Bridge with Net Debt at €170m* *as of 31.12.2023, pre IFRS 16 basis ▪ 0.23x Net Debt / LTM EBITDA (or 0.27x incl. leases) 93 ▪ 36.3x Interest Coverage €123m Betano based on LTM figures 528 earn-out inflow 857 ▪Fixed interest rates (94
Slide 12: Operational & Business Update
Operational & Business Update Jan Karas, Chief Executive Officer [Public]
Slide 13: Appealing customer proposition across channels strengthening engagement levels
Appealing customer proposition across channels strengthening engagement levels Retail Online TZOKER & LOTTO REVAMP OPAPONLINE.GR LAUNCH New era for our legacy Tzoker & Lotto games Our iLottery games portfolio expansion with promising early results and increased enhances experience & continues to dri
Slide 14: New successful era for our revamped Draw-Based Games
New successful era for our revamped Draw-Based Games x4 +35% occasional occasional players players Turnover +114% Turnover +38% GGR +81% GGR +39% Columns +7% -31% Columns After-launch Avg. Pre-launch Avg. After-launch Avg. Pre-launch Avg. €100k guaranteed prize in the 2nd winning Comparisons vs cate
Slide 15: Eurojackpot: The multimillion jackpot game now in Greece
Eurojackpot:The multimillion jack pot game now in Greece! Among 18+1 European countries 15 [Public]
Slide 16: Pame Stoixima TIPSTERS
Pame Stoixima TIPSTERS Digital betting community for Pamestoixima players via OPAPStore App Registered ~70% Actives/ ~22k published 65.3K Tipsters of which Publishers avg daily bets after 1,5 month since launch the 1st bettors’ community in Greece by a gaming company 16 [Public]
Slide 17: Our retail estate
Our retail estate A social entertainment hub OPAP estate end of Q4’23 Digitalization In-store events & promos in Q4’23 OPAP stores Play Stores Indirect POS & Smart Digital Audio solution OPAP Stores PLAY Stores Street vendors Infrastructure Greece Cyprus Greece Greece 3,164 203 366 >200 c.8,500 940
Slide 18: OPAP Store App
OPAP Store App Successfully facilitating retail players towards their digital experience Significantly boosting engagement levels while promoting digitalization process Active “play on device” players (th.) 107 123 6 18 61 35 37 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 * Active players refers to be
Slide 19: VLTs performance overview (GGR €m)
VLTs revenues at new all-time highs Performance overview (GGR €m) €44 40 37 GGR / VLT / day Q4’23 +2% YoY 318 345 FY'22 FY'23 GGR (€m) GGR / VLT / DAY (€) VLTs Estate Upgrade • > 1,940 new vendor EGT cabinets in the market • >1,700 stores have benefited from VLTs cabinets Offering optimization • >8,
Slide 20: Online GGR contribution goes up
Online GGR contribution goes up Online revenues per brand (€m) Online product mix & performance (FY’23 GGR) OPAP 156 Mix 4,6% y-o-y Δ% Stoiximan Lottery 41% 47,5% 135 Casino 26% 106 107 113 104 110 48,0% 90 81 Betting 9% 15 15 19 17 15 15 18 21 Betting Casino Lottery Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2
Slide 21: Maintained our #1 position in CSR through key initiatives
Maintained our #1 position in CSR through key initiatives Key CSR achievements in 2023 Reinforce Benefit Support the entrepreneurs local communities vulnerable population Invest in youth OPAP Forward Together for a Good Cause Sensitive Social Groups Sport Academies for young athletes 2,847 new direc
Slide 22: Appendix
Appendix [Public]
Slide 23: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position Consolidated Statement of Financial Position ('000 € ) 31.12.2023 31.12.2022 Current assets Cash and cash equivalents 487,334 724,433 Receivables 104,259 102,123 Other current assets 88,158 191,487 Total current assets 679,751 1,018,043 Assets Non - curre
Slide 24: Consolidated Income Statement
Consolidated Income Statement Consolidated Income Statement ('000 € ) 31.12.2023 31.12.2022 Δ Δ% Revenue (GGR) 2,087,710 1,938,985 148,725 7.7% GGR contribution and other levies and duties -651,937 -605,597 -46,340 7.7% Assets Net gaming revenue (NGR) 1,435,773 1,333,388 102,385 7.7% Agents’ commiss
Slide 25: Consolidated Cash Flow statement
Consolidated Cash Flow statement Consolidated Cash flow statement ('000 €) 31.12.2023 31.12.2022 OPERATING ACTIVITIES Operating Activities before WCC 720,429 726,173 Changes in Working Capital Inventories 477 -870 Receivables -5,430 -14,995 Assets Payables (except banks) -12,341 56,607 Interest paid
OPAP Holding Société Anonyme — Q4 2023 Earnings Presentation on 6ix