Century Casinos, Inc. · NASDAQ:CNTY
Century Casinos — Q4 2015 Earnings Presentation
25 slides from Century Casinos's earnings presentation, Mar 11, 2016
Slide 1: Financial Results Q4 2015
Financial Results Q4 2015
Slide 2: Forward-Looking Statements, Business Environment and Risk Factors
Forward-Looking Statements, Business Environment and Risk FactorsThis 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 Privat
Slide 3: Q4 2015 Results by Segment (in USD)
Q4 2015 Results by Segment (in USD) *Adjusted EBITDA is a non-GAAP financial measure. See Appendix A for the definition and reconciliation of Adjusted EBITDA.**Adjusted EBITDA for Corporate and Other represents only our cruise ship, Aruba and MCE agreements. Adjusted EBITDA from Corporate Other is e
Slide 4: Net Operating Revenue per Quarter (in USD)
Net Operating Revenue per Quarter (in USD)
Slide 5: Income Statement and Balance Sheet (select information as of December 31, 2015)
Income Statement and Balance Sheet (select information as of December 31, 2015)In USD mil (except EPS and BVPS) Q4 2015 Q4 2014 Change Net Operating Revenue 32.6 31.3 4% Adjusted EBITDA 5.2 4.0 31% Earnings per Share 0.03 (0.01) 400% Total Assets* 187.1 187.1 0% Book Value per Share 5.01 4.86 3% Net
Slide 6: Constant Currency Results
Constant Currency ResultsIn USD millions Q4 2015 Q4 2014 Change Net Operating Revenue as reported (GAAP) 32.6 31.3 4% Unfavorable foreign currency impact vs. 2014 4.1 Net Operating Revenue constant currency (non-GAAP)* 36.7 31.3 18% Adjusted EBITDA as reported (non-GAAP)* 5.2 4.0 31% Unfavorable for
Slide 7: Debt to Adjusted EBITDA (in USD)
Debt to Adjusted EBITDA (in USD)
Slide 8: Q4 2015 Results – Canada
Q4 Highlights –Canada (Selected Information as of December 31, 2015)In CAD mil Q42015 Q4 2014 Change Net Operating Revenue 15.9 10.3 55% Operating Costs and Expenses 12.1 7.5 61% Adjusted EBITDA 4.9 3.3 48% Adjusted EBITDA Margin 31% 32%
Slide 9: Canada – Edmonton
Q4 Highlights –Canada (Selected Information as of December 31, 2015)Edmonton In CAD mil Q4 2015 Q4 2014 Change Net Operating Revenue 7.5 7.5 0% Operating Costs and Expenses 5.1 5.0 1% Adjusted EBITDA 2.8 2.8 0% Adjusted EBITDA Margin 37% 37% As of December 31, 2015, the facility had 777 slot machine
Slide 10: Canada – Calgary
Q4 Highlights –Canada (Selected Information as of December 31, 2015)Calgary In CAD mil Q4 2015 Q4 2014 Change Net Operating Revenue 2.6 2.7 (5%) Operating Costs and Expenses 2.6 2.4 7% Adjusted EBITDA 0.3 0.6 (57%) Adjusted EBITDA Margin 10% 21% As of December 31, 2015, the facility had 504 slot mac
Slide 11: Canada – Century Downs Racetrack and Casino
Q4 Highlights –Canada (Selected Information as of December 31, 2015)Century Downs Racetrack and Casino In CAD mil Q4 2015 Q4 2014 Change Net Operating Revenue 4.5 0.0 17992% Operating Costs and Expenses 3.6 0.1 4368% Adjusted EBITDA 1.5 (0.1) 2916% Adjusted EBITDA Margin 35% (220%) In March 2015, we
Slide 12: Canada – Century Bets
Q4 Highlights –Canada (Selected Information as of December 31, 2015)Century Bets In CAD mil Q4 2015 Net Operating Revenue 1.3 Operating Costs and Expenses 0.9 Adjusted EBITDA 0.3 Adjusted EBITDA Margin 26% Century Bets was formed in January 2015.Century Bets began operating the pari-mutuel off-track
Slide 13: Q4 2015 Results – United States
Q4 Highlights –United States (Selected Information as of December 31, 2015)In USD mil Q42015 Q4 2014 Change Net Operating Revenue 6.5 6.3 4% Operating Costs and Expenses 6.1 6.0 2% Adjusted EBITDA 1.1 1.0 10% Adjusted EBITDA Margin 17% 16%
Slide 14: United States – Central City
Q4 Highlights –United States (Selected Information as of December 31, 2015)Central City In USD mil Q4 2015 Q4 2014 Change Net Operating Revenue 3.7 3.7 2% Operating Costs and Expenses 3.6 3.5 4% Adjusted EBITDA 0.5 0.6 (19%) Adjusted EBITDA Margin 12% 16% Central City market increased by 7%.Our shar
Slide 15: United States – Cripple Creek
Q4 Highlights –United States(Selected Information as of December 31, 2015)Cripple Creek In USD mil Q4 2015 Q4 2014 Change Net Operating Revenue 2.7 2.6 7% Operating Costs and Expenses 2.4 2.5 (1%) Adjusted EBITDA 0.6 0.4 51% Adjusted EBITDA Margin 22% 16% The Cripple Creek market increased by 7%.Our
Slide 16: Q4 2015 Results – Poland
Q4 Highlights –Poland (Selected Information as of December 31, 2015)In PLN mil Q42015 Q4 2014 Change Net Operating Revenue 51.9 47.6 9% Operating Costs and Expenses 48.3 44.3 9% Adjusted EBITDA 6.4 5.6 14% Adjusted EBITDA Margin 12% 12% Casinos Poland operates 9 casinos throughout Poland.Introduced
Slide 17: Q4 2015 Results – Corporate and Other
Q4 Highlights –Corporate and Other (Selected Information as of December 31, 2015)In USD mil Q42015 Q4 2014 Change Net Operating Revenue 0.9 1.8 (54%) Operating Costs and Expenses 2.6 4.9 (47%) Adjusted EBITDA (1.2) (1.7) 28% Adjusted EBITDA Margin N/A N/A
Slide 18: Corporate and Other – Cruise Ships and Other
Q4 Highlights –Corporate and Other (Selected Information as of December 31, 2015)Cruise Ships and Other In USD mil Q4 2015 Q4 2014 Change Net Operating Revenue 0.9 1.8 (54%) Operating Costs and Expenses 0.6 1.8 (70%) Adjusted EBITDA 0.4 0.1 159% Adjusted EBITDA Margin 42% 8% In March 2015, we mutual
Slide 19: Corporate and Other – Corporate Other
Q4 Highlights –Corporate and Other (Selected Information as of December 31, 2015)Corporate Other In USD mil Q4 2015 Q4 2014 Change Net Operating Revenue 0.0 0.0 0% Operating Costs and Expenses 2.0 3.1 (33%) Adjusted EBITDA (1.6) (1.8) 14% Adjusted EBITDA Margin N/A N/A Expenses incurred by Corporate
Slide 20: Appendix A – Non GAAP Financial Measures
Appendix A –Non GAAP Financial Measures The Company supplements its condensed onsolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (“US GAAP”) by using the following non-GAAP financial measures, which management believes are useful in properly un
Slide 21: Appendix A – Non GAAP Financial Measures
Appendix A –Non GAAP Financial MeasuresThe 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-cash
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 December 31, 2015in CADEdmontonCalgaryCentury DownsCentury BetsTotal CanadaNet operating revenue$ 7,544 $ 2,600 $ 4,523 $ 1,272 $ 15,939 Net earnings attributable to Century Casinos, Inc. shareho
Slide 23: Appendix A (continued) – Reconciliation of Adjusted EBITDA – United States
Appendix A (continued)Reconciliation of Adjusted EBITDA –United States (in thousands)in USDCentral CityCripple CreekTotal United StatesNet operating revenue$ 3,736 $ 2,742 $ 6,478 Net earnings attributable to Century Casinos, Inc. shareholders77 183 260 Income taxes47 112 159 Depreciation and amorti
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 December 31, 2015in PLNPolandNet operating revenue51,930 Net earnings attributable to Century Casinos, Inc. shareholders3,789 Interest expense (income), net76 Income taxes1,532 Depreciation and a
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 December 31, 2015in USDCruise Ships and OtherCorporate OtherTotal Corporate and OtherNet operating revenue$ 851 $ 0 $ 851 Net earnings (loss) attributable to Century Casinos, Inc. sh