Century Casinos, Inc. · NASDAQ:CNTY
Century Casinos — Q1 2016 Earnings Presentation
25 slides from Century Casinos's earnings presentation, May 6, 2016
Slide 1: Financial Results Q1 2016
Financial Results Q1 2016
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 27 A of the Securities Act of 1933, as amended, Section 21 E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the
Slide 3: Q1 2016 Results by Segment (in USD)
Q1 2016 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 i
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 March 31, 2016)
Income Statement and Balance Sheet (select information as of March 31, 2016) In USD mil (except EPS and BVPS) Q1 2016 Q1 2015 Change Net Operating Revenue 32.5 30.4 7% Adjusted EBITDA* 5.6 4.8 18% Earnings per Share 0.08 0.08 0% Total Assets 193.5 183.2 6% Book Value per Share 5.24 4.73 11% Net Debt
Slide 6: Constant Currency Results
Constant Currency Results In USD millions Q1 2016 Q1 2015 Change Net Operating Revenue a s reported (GAAP) 32.5 30.4 7% Unfavorable foreign currency impact vs. 2015 2.0 Net Operating Revenue constant currency (non - GAAP)* 34.5 30.4 14% Adjusted EBITDA as reported (non - GAAP)* 5.6 4.8 18% Unfavorab
Slide 7: Debt to Adjusted EBITDA (in USD)
Debt to Adjusted EBITDA (in USD)
Slide 8: Canada
Q1 Highlights – Canada (Selected Information as of March 31, 2016) In CAD mil Q1 2016 Q1 2015 Change Net Operating Revenue 16.8 10.5 61% Operating Costs and Expenses 13.0 7.7 68% Adjusted EBITDA* 4.8 3.7 29% Adjusted EBITDA Margin* 29% 36 * Adjusted EBITDA and Adjusted EBITDA margin are non - GAAP f
Slide 9: Canada Edmonton
Q1 Highlights – Canada (Selected Information as of March 31, 2016) Edmonton In CAD mil Q1 2016 Q1 2015 Change Net Operating Revenue 7.7 7.5 2% Operating Costs and Expenses 5.1 4.7 7% Adjusted EBITDA* 2.9 3.1 (5%) Adjusted EBITDA Margin* 38% 41%. As of March 31, 2016, the facility had 777 slot machin
Slide 10: Canada Calgary
Q1 Highlights – Canada (Selected Information as of March 31, 2016) Calgary In CAD mil Q1 2016 Q1 2015 Change Net Operating Revenue 2.9 2.9 (1%) Operating Costs and Expenses 2.4 2.4 3% Adjusted EBITDA* 0.6 0.7 (13%) Adjusted EBITDA Margin* 23% 26%. As of March 31, 2016, the facility had 504 slot mach
Slide 11: Canada Century Downs Racetrack and Casino
Q1 Highlights – Canada (Selected Information as of March 31, 2016) Century Downs Racetrack and Casino In CAD mil Q1 2016 Q1 2015 Change Net Operating Revenue 4.9 0.0 100% Operating Costs and Expenses 3.2 0.5 493% Adjusted EBITDA* 2.1 (0.1) 2223% Adjusted EBITDA Margin* 45% N/A. In March 2015, we inc
Slide 12: Canada Century Bets
Q1 Highlights – Canada (Selected Information as of March 31, 2016) Century Bets In CAD mil Q1 2016 Q1 2015 Change Net Operating Revenue 1.4 0.1 1800% Operating Costs and Expenses 2.3 0.1 2345% Adjusted EBITDA* (0.9) 0.0 (3333%) Adjusted EBITDA Margin* (61%) 35%. Century Bets was formed in January 20
Slide 13: United States
Q1 Highlights – United States (Selected Information as of March 31, 2016) In USD mil Q1 2016 Q1 2015 Change Net Operating Revenue 7.1 6.8 4% Operating Costs and Expenses 6.2 5.9 4% Adjusted EBITDA* 1.5 1.5 2% Adjusted EBITDA Margin* 21% 22% * Adjusted EBITDA and Adjusted EBITDA margin are non - GAAP
Slide 14: United States Central City
Q1 Highlights – United States (Selected Information as of March 31, 2016) Central City In USD mil Q1 2016 Q1 2015 Change Net Operating Revenue 4.2 4.1 3% Operating Costs and Expenses 3.7 3.5 5% Adjusted EBITDA* 0.9 0.9 (7%) Adjusted EBITDA Margin* 21% 23%. Central City market increased by 6%. Our sh
Slide 15: United States Cripple Creek
Q1 Highlights – United States (Selected Information as of March 31, 2016) Cripple Creek In USD mil Q1 2016 Q1 2015 Change Net Operating Revenue 2.8 2.7 7% Operating Costs and Expenses 2.5 2.4 4% Adjusted EBITDA* 0.6 0.5 17% Adjusted EBITDA Margin* 22% 20%. The Cripple Creek market increased by 5%. O
Slide 16: Poland
Q1 Highlights – Poland (Selected Information as of March 31, 2016) In PLN mil Q1 2016 Q1 2015 Change Net Operating Revenue 48.4 50.2 (4%) Operating Costs and Expenses 44.2 46.2 (4%) Adjusted EBITDA* 6.7 6.8 2% Adjusted EBITDA Margin* 14% 14%. Casinos Poland operates 9 casinos throughout Poland. As o
Slide 17: Corporate and Other
Q1 Highlights – Corporate and Other (Selected Information as of March 31, 2016) In USD mil Q1 2016 Q1 2015 Change Net Operating Revenue 0.9 1.6 (46%) Operating Costs and Expenses 2.3 3.7 (39%) Adjusted EBITDA* (1.1) (1.6) 30% Adjusted EBITDA Margin* N/A N/A * Adjusted EBITDA and Adjusted EBITDA marg
Slide 18: Corporate and Other: Cruise Ships and Other
Q1 Highlights – Corporate and Other (Selected Information as of March 31, 2016) Cruise Ships and Other In USD mil Q1 2016 Q1 2015 Change Net Operating Revenue 0.9 1.6 (46%) Operating Costs and Expenses 0.5 1.6 (68%) Adjusted EBITDA* 0.4 0.2 120% Adjusted EBITDA Margin* 48% 12%. In March 2015, we mut
Slide 19: Corporate and Other: Corporate Other
Q1 Highlights – Corporate and Other (Selected Information as of March 31, 2016) Corporate Other In USD mil Q1 2016 Q1 2015 Change Net Operating Revenue 0.0 0.0 0% Operating Costs and Expenses 1.8 2.2 (18%) Adjusted EBITDA* (1.5) (1.8) 13% Adjusted EBITDA Margin* N/A N/A . Expenses incurred by Corpor
Slide 20: Appendix A – Non-GAAP Financial Measures
Appendix A – Non - GAAP Financial Measures The 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 financial measures, which management believes are useful in prop
Slide 21: Appendix A – Non-GAAP Financial Measures
Appendix A – Non - GAAP Financial Measures The Company defines Adjusted EBITDA as net earnings (loss) attributable to Century Casinos, Inc. shareholders before interest expense (income), net, income taxes (benefit), depreciation, amortization, non - controlling interest (earnings) losses and transac
Slide 22: Reconciliation of Adjusted EBITDA – Canada (in thousands)
Appendix A (continued) Reconciliation of Adjusted EBITDA – Canada (in thousands)
Slide 23: Reconciliation of Adjusted EBITDA – United States (in thousands)
Appendix A (continued) Reconciliation of Adjusted EBITDA – United States (in thousands)
Slide 24: Reconciliation of Adjusted EBITDA – Poland (in thousands)
Appendix A (continued) Reconciliation of Adjusted EBITDA – Poland (in thousands)
Slide 25: Reconciliation of Adjusted EBITDA – Corporate and Other (in thousands)
Appendix A (continued) Reconciliation of Adjusted EBITDA – Corporate and Other (in thousands)