Entain Plc · LSE:ENT
Entain — GVC Holdings — Corporate Update (May 2018)
17 slides from Entain's corporate update, May 25, 2018
Slide 1: Trading Update & Historic Proforma
Trading Update & Historic Proforma 25 May 2018
Slide 2: Contents
Contents • Trading Update • Historic Proforma Numbers • Guidance 2
Slide 3: Trading Update
Trading Update Strong start to 2018; synergies upgraded 1 Year to date growth (1 Jan 2018 to 20 May 2018) Change in Total NGR Total NGR CC Sports Wagers Sports Margin Margin Online Sports Brands 16% 18% 4% 10.4% 1.2pp Games Brands 16% 18% B2B 46% 48% Total Online 17% 18% UK Retail (5%) n/a (9%) 18.3
Slide 4: Historic Proforma: Overview
Historic Proforma: Overview • Proforma numbers cover the two years ending 31 Dec 2016 and 31 Dec 2017 and are presented as if the current Group had always existed • The numbers are therefore adjusted for any material acquisitions, disposals and other corporate events that have happened during these
Slide 5: Historic Proforma: Basis
Historic Proforma: Basis Included: bwin Included for the period post acquisition (1 Feb 2016) and proforma adjustments made to include pre acquisition trading (January 2016). As such, both 2016 and 2017 include a full 12 months of trading for bwin Corporate costs Legacy GVC costs have been split bet
Slide 6: Historic Proforma: Segmentation
Historic Proforma: Segmentation 6 [1] Costs which were previously reported as Corporate Costs in GVC have now been split between the Online segment and those which are true Corporate Costs which remain in Corporate
Slide 7: Synergies: Updated Guidance
Synergies: Updated Guidance • Total cost synergies now expected to be £130m (previously £100m) by the end of 20211 • Total integration costs expected to be c1.0x cost synergies (previously 1.0x) Originally announced (cumulative) Updated guidance (cumulative) Integration Year post Exit Run Financial
Slide 8: FY18 Guidance
FY18 Guidance Guidance: • Capex – underlying1 c£125m post acquisition2, c£160m annualised • Capex - EPOS 21 c£27m post acquisition2 • Depreciation and Amortisation Subject to IFRS 3 adjustments Guidance to be provided at H1 • Integration costs – previous deals3 c£15m P&L charge post acquisition2 £45
Slide 9: bwin
bwin MARADONA CAFU EFFENBERG = DELBOSQUE WHO STOLE Play Responsibly BeGambleAware org
Slide 10: Appendix: Historic Proforma Numbers
Appendix: Historic Proforma Numbers
Slide 11: Historic Proforma: Overview
Historic Proforma: Overview • The following slides provide proforma results for GVC Holdings Plc (“The Group”) for the 24 months ended 31 December 2017 • The Group’s proforma results are presented as if the current Group, post the acquisition of Ladbrokes Coral, had always existed. As such, it exclu
Slide 12: Total Group
Total Group 12 [1] Operating profit is shown before all items requiring separate disclosure (previously called exceptional items), the impact of changes in the fair value of financial instruments and the amortisation of acquired intangible assets
Slide 13: Online
Online 13 [1] Operating profit is shown before all items requiring separate disclosure (previously called exceptional items), the impact of changes in the fair value of financial instruments and the amortisation of acquired intangible assets
Slide 14: UK Retail
UK Retail 14 [1] Operating profit is shown before all items requiring separate disclosure (previously called exceptional items), the impact of changes in the fair value of financial instruments and the amortisation of acquired intangible assets
Slide 15: European Retail
European Retail 15 [1] Operating profit is shown before all items requiring separate disclosure (previously called exceptional items), the impact of changes in the fair value of financial instruments and the amortisation of acquired intangible assets
Slide 16: Other and Corporate
Other and Corporate 16 [1] Operating profit is shown before all items requiring separate disclosure (previously called exceptional items), the impact of changes in the fair value of financial instruments and the amortisation of acquired intangible assets
Slide 17: Geographic Revenue Split
Geographic Revenue Split Of which: UK Retail – 43.4% UK Online – 19.6% Of which: Sports – 3.3% Gaming – 4.1% 17 Basis: FY17 Proforma Net Revenue