Allwyn Ag · ATHEX:ALWN
Allwyn — Q1 2022 Earnings Presentation
24 slides from Allwyn's earnings presentation, Jun 1, 2022
Slide 1: Q1 2022 Financial Results
Q1 2022 Financial Results 1 June 2022
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 & Outlook ▪ Retail: encouraging Q1’22 performance despite some impact from Covid-19 related restrictions ▪ Online: keeps on strong despite retail’s full operation, with penetration of games offered in both channels standing close to 40%. ▪ Lift of green pass restrict
Slide 4: Q1 2022 Financial Review
Q1 2022 Financial Review Pavel Mucha, Chief Financial Officer [Public]
Slide 5: Q1 2022 Overview
Q1 2022 Overview Retail recovery with persistent momentum in online Revenues (GGR) EBITDA +162,5% +175,2% • Retail GGR increased as a result 457 of stores operating for a full quarter • €174.8m on a l-f-l basis excluding in Q1’22 (compared to full closure one-off items in Q1’22 105 Q1’21) • €56.6m i
Slide 6: Key Quarterly Financials 2019-2022
Key Quarterly Financials 2019-2022 Performance recovery reflected on profitability metrics Revenues (GGR) EBITDA Net Profit 132 175 499 170 169 470 457 96 447 143 88 81 396 396 384 394 391 72 113 62 328 108 57 104 105 53 49 88 86 35 36 231 180 174 61 9 53 16 -15 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q
Slide 7: Revenues (GGR)
Revenues (GGR) Q1 2022 GGR analysis Last 4 quarters GGR breakdown per product & channel Online Casino Numerical Lotteries +162.5% 9% 37% Online Retail 23% 77% 457 VLTs 9% 37% 23% 77% 9% 38% 21% 79% 41 -12,4% 15% 15% 12% 38% Q2’21 73% 18% 9% 27% 69 Q3’21 24 +198,7% 33% Q4’21 7% 174 153 30% 5% +85,6%
Slide 8: EBITDA bridge
EBITDA bridge Due to increased revenue generation Income recognition Higher GGR related costs relating to the post retail full operations Concession vs Q1’21 extension Higher Opex mostly to support increased retail operating needs 76 76 6 8 11 0 7 283 3 2 16 169 61 EBITDA GGR GGR Agents' Other Direc
Slide 9: Profitability (recurring figures)
Profitability (recurring figures) Q1 EBITDA* Q1 Net Profit** +259,9% 200 50.0% 180 45.0% 118 50.0% 38.2% 45.0% 160 40.0% 98 140 35.0% 40.0% 27.9% 35.0% 120 30.0% 78 30.0% 100 25.0% 175 58 20.6% 25.0% 80 20.0% 20.0% 60 15.0% 38 94 15.0% 40 10.0% 10.0% 49 18 20 5.0% 5.0% -3 0 0.0% -2 0.0% Q1 2021 Q1 2
Slide 10: Cash Flow & Net Debt
Cash Flow & Net Debt Cash Flow Bridge Net Debt Increased operating Strong financial position with Net Debt at €39m* profitability 1 *as of 31.03.2022, excl. IFRS 16 lease liabilities 150 212 €210m early debt repayments in Q1’22 at Group level ▪0.06x Net Debt / LTM 860 Repayment of 798 Ebitda borrowi
Slide 11: Operational & Business Update
Operational & Business Update Jan Karas, Chief Executive Officer [Public]
Slide 12: One step Forward in building entertainment & expanding our brand identity (1/2)
One step Forward in building entertainment & (1/2) expanding our brand identity in the digital world Retail Online Scratch attack 360 plan drives high engagement levels Golden21 most researched "free to play" game New “Shake the Pot” ticket makes a step change in sell-out Driving upwards active play
Slide 13: One step Forward in building entertainment & expanding our brand identity (2/2)
One step Forward in building entertainment & (2/2) expanding our brand identity in the digital world Retail Online New PowerSpin Combo offering more fun and higher winnings to our players by adding 2 additional wheels New Online RNG Casino regulation increasing max bet to €20 (from €2) , max winning
Slide 14: Celebrating one year of Loyalty program
Celebrating 1 year of Loyalty program! Upgrading players' experience Base evolution (th. Players) “Scanned” value in OPAP Stores 599 687 20% 463 355 Q2'21 Q3'21 Q4'21 Q1'22 c.700K total registered within its 1st year since launch Avg. Monthly actives & activity (th. Players) 50 44% 37% 33% 50% 40% 0
Slide 15: Our retail estate
Our retail estate Ongoing Network optimization OPAP stores OPAP stores Size of New/ Upgraded stores Greece Cyprus OPAP estate end of Q1’22 3,594 >200 202 >200 +25% vs old stores Play Stores Indirect POS & New/Upgraded Street vendors stores Greece Greece 372 >200 >6,000 >200 c.45% Beacons Digitalizat
Slide 16: VLTs gradually returning to normal
VLTs gradually returning to normal 44 41 39 38 37 32 298 Performance overview 58 209 200 195 69 FY'17 FY'18 FY'19 FY'20 FY'21 Q1 2022 GGR (€m) GGR / VLT / DAY (€) Encouraging first signs post lift of Green Pass restriction +4% avg. daily GGR Jan - Apr 2022 May 2022 Number of VLT On track with our VL
Slide 17: Online continues as a key growth driver
Online continues as a key growth driver Online revenues per brand (€m) Online product mix & performance (Q1’22 GGR) OPAP Stoiximan Full consolidation Mix 4.0% y-o-y Δ% since Dec.20 105.2 Lottery -12% 39.4% 103 98 Casino -12% 91 90 83 90 65 56.6% 59 63 44 44 45 51 Betting -15% 10 11 16 19 16 14 16 15
Slide 18: NEW TZOKER.GR | Live since March 17th
NEW TZOKER.GR | Live since March 17th New Landing Page more interactive, entertaining, with revamped content & quick play options • Instant Offer Claim via random pick slip - NEW • Slip re-submission with one click - NEW • Pre-filled random pick slips - NEW New innovative Gaming Area offering new pl
Slide 19: OPAP brand expands through innovative sponsorship assets
OPAP brand expands through innovative sponsorship assets Support of numerous running events around Greece within the framework of our SEGAS sponsorship reaching Sponsoring the university local communities and offering tournaments and the 3x3GR experiences for the runners National Tour across Greece
Slide 20: 2 children's hospitals of Athens
OPAP concludes an 8-year project fully renovating 2 children’s hospitals of Athens c.15k 564 sqm renovated Beds capacity 30 23 Fully renovation watch modernized subprojects video nursing units 20 [Public]
Slide 21: Appendix
Appendix [Public]
Slide 22: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position as of 31 March 2022 & 31 December 2021 Consolidated Statement of Financial Position ('000 € ) 31.03.2022 31.12.2021 Current assets Cash and cash equivalents 797,552 860,361 Receivables 80,142 90,881 Other current assets 65,778 56,275 Total current assets
Slide 23: Consolidated Statement of Comprehensive Income
Consolidated Statement of Comprehensive Income 31 March 2022 & 31 March 2021 Consolidated Statement of Comprehensive Income ('000 € ) 31.03.2022 31.03.2021 Δ Δ% Assets Revenue (GGR) 457,194 174,189 283,005 162.5% GGR contribution and other levies and duties -144,588 -68,559 -76,029 110.9% Net gaming
Slide 24: Consolidated Cash Flow statement
Consolidated Cash Flow statement as of 31 March 2022 & 31 March 2021 Consolidated Cash flow statement ('000 € ) 31.03.2022 31.03.2021 OPERATING ACTIVITIES Operating Activities before WCC 166,285 58,479 Assets Changes in Working Capital Inventories -9,079 -12,442 Receivables 13,093 -35,057 Payables (