Fdj United · EURONEXT:FDJU
Fdj United — H1 2023 Earnings Presentation
19 slides from Fdj United's earnings presentation, Jul 27, 2023
Slide 1: H1 2023 Results presentation
H1 2023 Results presentation 27 July 2023 H1 2023 Results | 27 July 2023
Slide 2: Disclaimer
Disclaimer This document may contain certain forward-looking statements which are based on estimations and forecasts. By their nature, these forward-looking statements are subject to important risks and uncertainties and factors beyond our control or ability to predict, in particular those described
Slide 3: Solid H1 2023 results & Acquisition of Premier Lotteries Ireland
Solid H1 2023 results & Acquisition of Premier Lotteries Ireland H1 2023 performance: revenue of €1,289m, up 6% and up 4% at constant perimeter* 23.3% recurring EBITDA margin +13% net income, to €181m 2023 targets: reported revenue growth above 5%, and above 3% at constant perimeter*, with recurring
Slide 4: Good underlying business momentum
Good underlying business momentum Sports betting & online gaming: revenue +10% Distribution channels Strong growth on both distribution channels Solid PoS performance: Stakes +3% Lottery: revenue +1% Dynamic online growth: Instant games: Stakes +13%, with 13% digital Successful portfolio animation p
Slide 5: 2023 targets
2023 targets REVENUE GROWTH: reported above 5% at constant perimeter* above 3% RECURRING EBITDA MARGIN maintained at c.24% * 2022 revenue of €2,514m, integrating Aleda and L’Addition on a full-year basis H1 2023 Results | 27 July 2023 5 RESTREINT
Slide 6: CSR commitments strengthened
CSR commitments strengthened Responsible gaming at the heart of FDJ’s business model €10m exceptional dotation over 2023-2027 €10m exceptional dotation over the next 5 years to prevent to prevent underage gambling underage gambling 30 years of The FDJ Foundation in favour of equal opportunities For
Slide 7: Premier Lotteries Ireland
Premier Lotteries Ireland H1 2023 Results | 27 July 2023
Slide 8: International expansion as a lottery and online gaming operator
International expansion as a lottery and online gaming operator Manage lottery operations Operate sports betting internationally and online gaming in Europe Acquisitions, tenders, licenses Acquisitions, licenses International operations B2C operations mainly in Europe Capabilities along the lottery
Slide 9: Agreement to acquire Premier Lotteries Ireland, the operator of the Irish National Lottery
Agreement to acquire Premier Lotteries Ireland, the operator of the Irish National Lottery Premier Lotteries Ireland Key figures 2022 Range of ~45 games (Draw & Instant) Stakes: €884m Online ~15% ~85% PoS Exclusive rights on lottery games 5,300 PoS until 2034 33% 67% Up to 76% of Irish adults have p
Slide 10: Agreement to acquire Premier Lotteries Ireland, the operator of the Irish National Lottery
Agreement to acquire Premier Lotteries Ireland, the operator of the Irish National Lottery International expansion in our core business of exclusive lottery operator Reinforcing FDJ’s Lottery champion profile in Western Europe “A world-class lottery A very dynamic yet highly regulated Irish market p
Slide 11: H1 2023 Results presentation
H1 2023 Results presentation H1 2023 Results | 27 July 2023
Slide 12: H1 2023 key figures
H1 2023 key figures Revenue Recurring EBITDA** Net profit €1,289m €300m €181m +6% -3.8%* +4% at constant perimeter* +13% vs reported Margin: 23.3% Net cash surplus: €941m * Restated, at constant perimeter, integrating Aleda and L’Addition on a full-year basis ** Recurring EBITDA : recurring operatin
Slide 13: Revenue up +4% at constant perimeter
Revenue up +4% at constant perimeter Stakes growth driven by both distribution channels Stakes by channel In €m 10,487 10,046 +4.4% Revenue by business unit 1,332 1,176 +3.6% 1,289 1,244 +13.8% 75 +13.3% 66 232 +10.5% 257 8,870 9,155 946 +1.3% 958 +3.2% H1 2022 restated H1 2023 H1 2022 H1 2023 Lotte
Slide 14: Recurring EBITDA margin: 23.3%
Recurring EBITDA margin: 23.3% Reflecting inflation on cost base & one-off impact In €m 310 23.3% 24.0% margin margin Adjusted for exceptional €10m vs to prevent H1 2022 underage gambling +3.6% +4.0% +0.2% +37.9% -3.8% restated H1 2023 Results | 27 July 2023 14 RESTREINT
Slide 15: Recurring EBITDA of €300m
Recurring EBITDA of €300m Recurring EBITDA split by business units Year-on-year recurring EBITDA bridge In €m In €m -3.8% 28.9% margin 23.3% 25.0% 23.3% 36.4% margin margin margin margin H1 2023 Results | 27 July 2023 15 RESTREINT
Slide 16: Net income of €181m
Net income of €181m In €m +13% vs H1 2022 H1 2023 Results | 27 July 2023 16 RESTREINT
Slide 17: Net cash surplus of €941m
Net cash surplus of €941m In €m H1 2023 Results | 27 July 2023 17 RESTREINT
Slide 18: Appendix
Appendix H1 2023 Results | 27 July 2023
Slide 19: Regulatory/fiscal regime as at January 1st 2020
Regulatory/fiscal regime as at January 1st 2020 1 Gaming taxes based on stakes 2019 Player payout Taxes FDJ Gaming taxes based on GGR* 2 Player payout Taxes FDJ Categories Player payout ratio range Tax rate Before VAT January 1st 32.0% of Loto & Euromillions 50-60% 68.0% of GGR 2020 onwards GGR Othe