Allwyn Ag · ATHEX:ALWN
Allwyn — Q2 2021 Earnings Presentation
20 slides from Allwyn's earnings presentation, Sep 15, 2021
Slide 1: Q2 & H1 2021 Financial Results
Q2 & Η1 2021 Financial Results 15 September 2021
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: H1 2021 Highlights
H1 2021 Highlights Financial Performance Higher H1 2021 profitability, despite fewer operating days compared to last semester Successful retail reopening coupled with robust Stoiximan & OPAP online performance Sustained & strong VLTs momentum Solid cash position with Net Debt/Ebitda shaping
Slide 4: Q2 & H1 2021 Financial Review
Q2 & H1 2021 Financial Review Pavel Mucha, Chief Financial Officer
Slide 5: Q2 2021 Overview
Q2 2021 Overview Retail reopening and strong online provides significant boost in financial performance Revenues (GGR) EBITDA +120,4% +787.8% 396 • Retail GGR driven by market • Positive delta of €119.2m on a l- reopening and more operational 143 f-l basis excluding one-off items in 106 days compare
Slide 6: H1 2021 Overview
H1 2021 Overview Lockdown materially impacts retail operations but online delivers solid contribution in revenues Revenues (GGR) EBITDA +12,2% 570 +99,8% 508 • All time high Online performance • Positive delta of €81.4m on a l-f-l 15 aided by Stoiximan full basis excluding one-off items in 229 conso
Slide 7: Key Quarterly Financials 2018-2021
Key Quarterly Financials 2018-2021 Q2 ’21 performance picking up pace returning to pre-covid levels Revenues (GGR) EBITDA Net Profit 132 143 441 447 396 394 396 384 391 377 360 369 113 109 108 328 104 105 72 88 62 87 87 86 57 53 49 231 70 40 40 40 35 36 61 26 180 174 53 10 16 -15 Q1 Q2 Q3 Q4 Q1 Q2 Q
Slide 8: Revenues (GGR)
Revenues (GGR) H1 – Q2 2021 GGR analysis Last 4 quarters GGR breakdown per product & channel Casino H1 Q2 Lottery 12% Online Retail 27% 38% 27% 70% VLTs 73% 8% 21% +12,2% +120.4% 24% 9% Q3’20 30% 14% 20% 36% 3% 46% 76% Instant & Q4’20 97% 508 570 180 396 Passives 7% 7% 7% 5% 2 96 27% Q1’21 49 36% 88
Slide 9: EBITDA bridge
EBITDA bridge Income recognition OPEX also including Stoiximan full Increase following relating to the consolidation Stoiximan full Concession consolidation extension Lower Agents’ 6 Commissions due to 1 retail operations suspension 21 30 101 15 1 24 34 62 205 103 EBITDA Η1'20 GGR GGR Agents' Revenu
Slide 10: Profitability (recurring figures)
Profitability (recurring figures) H1 - Q2 EBITDA* H1 – Q2 Net Profit** +516.8% +125.1% +74,4% 45,0% 40,3% 80 20,0% 36,2% 40,0% 17,9% 70 18,0% 35,0% 60 71 16,0% 69 30,0% 50 12,1% 14,0% 25,0% 40 12,0% 20,2% 20,0% 30 10,0% 205 31 15,0% 20 6,0% 8,0% 9,0% 143 10 6,0% 103 10,0% -5 0 4,0% 5,0% -10 2,0% 16
Slide 11: Cash Flow & Net Debt
Cash Flow & Net Debt Cash Flow Bridge Net Debt Increased operating profitability Strong financial position 30 with Net Debt at €423m* *as of 30.06.2021, excl. IFRS 16 lease liabilities 140 0,2 Kaizen Gaming acquisition related tranche and new 1.2x Net Debt / LTM Online licenses Ebitda 617 507 (or 1
Slide 12: 2021/2022 Bloomberg Consensus
2021/2022 Bloomberg Consensus (€ ‘m) 2020a 2021 (E) Min. 2021 Max. 2021 2022 (E) Min. 2022 Max. 2022 GGR* 1,129.8 1,550.4 1,403.0 1,682.0 1,906.8 1,773.0 2,074.6 EBITDA 260.9 570.3 437.0 616.0 694.6 506.0 772.0 Margin % 23.1% 36.8% 36.4% Net Income 198.2 287.6 224.0 331.0 383.4 275.0 450.0 Margin %
Slide 13: Operational & Business Update
Operational & Business Update Jan Karas, Chief Executive Officer
Slide 14: Our retail estate (OPAP stores & OPAP Play)
Our retail estate (OPAP stores & OPAP Play) OPAP retail network Digitalization & Ambience Customer experience Retail network end of Q2’21 Opap Stores Play Stores Loyalty Greece Cyprus Audio solution > 450 stores program > 415k customer base 3,666 201 374 Thematic 140 New/upgraded Opap Stores within
Slide 15: Solid commercial plan across all verticals
Solid commercial plan across all verticals Current GGR performance at approximately 2019 levels in all affected businesses Sound commercial plan Encouraging performance “Euro 2020” 360° proposition Legacy games (Lottery & Betting) Better than ever product proposition -0,9% 500+ markets New bet t
Slide 16: Online performance staying close to record levels
Online performance staying close to record levels Online revenues per brand (€m) Online product mix & performance (H1’21 GGR) Full consolidation OPAP Stoiximan since Dec.20 Mix 3,7% Growth y-o-y* 106.2 Lottery 10% 42,0% 103 91 90 Casino 127% 65 54,4% 59 63 44 44 45 51 16 19 16 Betting 86% 2 2 3 4 5
Slide 17: Appendix
Appendix
Slide 18: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position as of 30 June 2021 & 31 December 2020 Consolidated Statement of Financial Position ('000 € ) 30.06.2021 31.12.2020 Current assets Cash and cash equivalents 617,354 506,873 Receivables 103,791 68,480 Other current assets 59,266 53,775 Total current assets
Slide 19: Consolidated Statement of Comprehensive Income
Consolidated Statement of Comprehensive Income 30 June 2021 & 30 June 2020 Consolidated Statement of Comprehensive Income ('000 € ) 30.06.2021 30.06.2020 Δ Δ% Assets Revenue (GGR) 570,082 395,893 174,189 44.0% GGR contribution and other levies and duties -196,406 -127,848 -68,558 53.6% Net gaming re
Slide 20: Consolidated Cash Flow statement
Consolidated Cash Flow statement as of 30 June 2021 & 30 June 2020 Consolidated Cash flow statement ('000 € ) 30.06.2021 30.06.2020 OPERATING ACTIVITIES Operating Activities before WCC 201,175 103,041 Assets Changes in Working Capital Inventories -4,596 -6,065 Receivables -54,615 49,361 Payables (ex