Banijay Group N.v. Class A · EURONEXT:BNJ
Banijay Group N.v. Class A — FL Entertainment — Q1 2024 Earnings Presentation
38 slides from Banijay Group N.v. Class A's earnings presentation, May 2024
Slide 1: Q1 2024 Results
FL/ENTERTAINMENT 24 RESULTS "75 May 2024 . |
Slide 2: Disclaimer
Disclaimer This presentation contains certain forward-looking statements with respect to the financial condition, results of operations and business of FL Entertainment N.V. and its subsidiaries (referred to as 'the company') and certain of the plans and objectives of the company with respect to the
Slide 3: Today's presenters
Today’s presenters FRANÇOIS RIAHI SOPHIE KURINCKX-LECLERC CEO CFO 3 Q1 2024 RESULTS
Slide 4: Agenda
A G E N D A 01 02 03 04 Q1 2024 Q1 2024 OUTLOOK APPENDIX KEY HIGHLIGHTS FINANCIAL RESULTS FOR 2024 4 Q1 2024 RESULTS
Slide 5: Q1 2024 Key Highlights
01 Q1 2024 KEY HIGHLIGHTS 5
Slide 6: Evolution of group branding reflects growth and transformation since 2022
Evolution of group branding reflects growth and transformation since 2022 New name for FL Entertainment from May 2024, subject to AGM approval CONTENT PRODUCTION, DISTRIBUTION & LIVE EXPERIENCES ONLINE SPORTS BETTING & GAMING 130 Production & distribution companies Not consolidated 6 Q1 2024 RESULTS
Slide 7: Q1 2024 highlights
Q1 2024 highlights Content production & distribution Online sports betting & gaming Good performance with different show delivery phasing vs Q1 2023 Strong performance across all products and key geographies Pursuing consolidation strategy at Banijay Live Group re-branding Upgraded FY 2024 guidance
Slide 8: Solid Q1 2024 financial performance
Solid Q1 2024 financial performance R E V E N U E (1) A D J U S T E D E B I T D A (1) (2) A D J U S T E D N E T I N C O M E (2) €1,001M €164M €73M +10.6% +11.2% +4.5% A D J U S T E D F R E E C A S H F L O W (2) L E V E R A G E (2) €131M 3.1x 80% cash conversion Stable vs end-Dec. 2023 (1) Growth at
Slide 9: Top content provider of streaming platforms' hits
Top content provider of streaming platforms’ hits Operación Triunfo Love is Blind SuperSex Non-scripted #1 Spanish premiere(1) #1 series(2) #1 Series in Italy Viewers over Global 3.5m the season Top 10 Non-English TV #3 non-English series Top 10 In 62 countries Already commissioned for season 2 Rank
Slide 10: Iconic superbrands landing record ratings for linear broadcasters
Iconic superbrands landing record ratings for linear broadcasters across multiple territories Celebrity Big Brother Survivor MasterChef Temptation Island Best season Most watched program Best season Highly rated show among #1 highest rated show in the slot for #1 French unscripted program on young a
Slide 11: Producing high performing content: extensive reach on social media
Producing high performing content: extensive reach on social media Operación Triunfo 5bn 8.6m 60m views weekly votes streams Celebrity Big Brother 49m 25m 8.8m video views impressions fans 11 Q1 2024 RESULTS
Slide 12: Powerful global distribution arm
Powerful global distribution arm DISTRIBUTOR OF THE YEAR(1) MORE THAN 189,000: +4,000 vs Q4 2023 for the second year in a row hours of content at the end of March 2024 Distribution of finished tapes Travelling formats Creativity Marie- SAS Rogue Temptation LEGO Deep Fake That Peter Upside Shaolin Gr
Slide 13: Strong presence globally in high-end live shows
Strong presence globally in high-end live shows 25 shows in Q1 2024 Selected premium events 142 events in Q1 2024 Dakar Rally Opening Ceremony Saint Laurent Production of the show Music show and spectacular presenting YSL Men’s performances on stage in Winter 2024 (Paris) AlUla (KSA) Candlelit Hegra
Slide 14: Global presence with strong consolidation momentum
Global presence with strong consolidation momentum 2023 March 2024 16 global agencies & offices 6 acquisitions Specialised in ceremonies, April 2024 brand events and communication, destination experiences and immersive shows New acquisitions by The Independents in Q1 2024 Promising synergies between
Slide 15: Another standout performance for Banijay Gaming in Q1 2024
Another standout performance for Banijay Gaming in Q1 2024 REVENUE GROWTH(*): REVENUE GENERATED IN LOCALLY REGULATED MARKETS: +31% vs Q1 2023 99% 7pts increase in revenue generated in locally Online Casino, regulated markets in 2+ years Sportsbook Poker & Turf +26% +53% 92% 99% Dec-21 March-24 (*) A
Slide 16: Strong performance reflecting successful execution of Banijay Gaming strategy
Strong performance in Q1 2024 reflecting the successful execution of Banijay Gaming strategy Average Unique Active Player growth +24% vs Q1 2023 Geographical expansion Ivory Coast CAN 2024 figures 127k #1 App downloads App Store ranking Cross-selling Cross-selling between sportsbook and other games
Slide 17: Q1 2024 Financial Results
02 Q1 2024 FINANCIAL RESULTS 17
Slide 18: Q1 2024 revenue: growth across businesses
Q1 2024 revenue: growth across businesses +10.6% +11.2% at reported change €1,001M €900M Banijay Entertainment & Banijay Live: +3.1% to €680M in Q1 2024 Banijay Gaming: +30.8% to €321M in Q1 2024 Q1 2023 Q1 2024 % changes are at constant exchange rates 18 Q1 2024 RESULTS
Slide 19: Adjusted EBITDA performance in Q1 2024
Adjusted EBITDA performance in Q1 2024 % reported In € million Q1 2023 Q1 2024 change Revenue 900.2 1 001.1 11.2% +10.6% at constant exchange rates External expenses (488.9) (566.3) 15.8% Higher sports betting taxes Personnel expenses excluding LTIP & employment-related (260.9) (265.3) 1.7% earn-out
Slide 20: Consolidated P&L in Q1 2024
Consolidated P&L in Q1 2024 % reported In € million Q1 2023 Q1 2024 change Adjusted EBITDA 144.6 163.7 13.3% Adjusted EBITDA margin 16.1% 16.4% Restructuring costs and other non-recurring items (5.7) (4.9) LTIP expenses (25.4) (22.6) In line with the Group’s trajectory that LTIPs expenses total 10%
Slide 21: Good momentum in Q1 2024 with amplified seasonality in show deliveries
Good momentum in Q1 2024 with amplified seasonality in show deliveries Content production IP Distribution +3.1% €656M €680M (2.3)% (12.5)% 36 78 in Q1 2024 in Q1 2024 68 61 Traditional seasonality biased toward H2 amplified in 2024 553 541 ▪ Production: continued demand from linear broadcasters and
Slide 22: Earnings and cash flow in Q1 2024
Earnings and cash flow in Q1 2024 Good level of profitability % reported €m Q1 2023 Q1 2024 change Adjusted EBITDA 84.2 80.4 (4.5)% (4.8)% at constant exchange rates Adjusted EBITDA margin (%) 12.8% 11.8% Capex (11.6) (13.2) Increase in distribution advances Total cash outflows for leases that are n
Slide 23: Continuing outstanding performance driven by strong growth in all divisions
Continuing outstanding performance driven by strong growth in all divisions in Q1 2024 Sportsbook revenue +30.8% ▪ All key geographies performing well ▪ Reinforced position in core markets with solid €321M growth of new Unique Active Players 19 5 +25.5% ▪ Excellent performance in Ivory Coast – boost
Slide 24: Earnings and cash flow in Q1 2024
Earnings and cash flow in Q1 2024 Continuing improvement in % reported Adjusted EBITDA margin Q1 2023 Q1 2024 change Adjusted EBITDA 62.8 84.5 34.5% +32.4% at constant exchange rates Adjusted EBITDA margin (%) 25.8% 26.3% Capex (2.0) (7.2) Higher proportion of IT costs capitalized Total cash outflow
Slide 25: Cash-flow generation in Q1 2024
Cash-flow generation in Q1 2024 €m * Lease payment that are not recognized as rental expenses ** Excludes LTIP payment, exceptional items, trade receivables 25 on providers and players’ liabilities Q1 2024 RESULTS
Slide 26: Net debt variation
Net debt variation €m €434M positive cash position / €220M undrawn secured credit line * Mainly foreign exchanges 26 Q1 2024 RESULTS
Slide 27: Outlook for 2024
OUTLOOK FOR 2024 é HD sanijay ay ED Group
Slide 28: Outlook for 2024
Outlook for 2024 Pipeline of scripted & Immersive shows, Busy sports event non-scripted show brand & destination calendar deliveries experience Marie-Antoinette (Canal+, France) June 2024 - July 2024 Carême (Apple TV+, France) UEFA Euro 2024 Fall 2024 SAS Rogue Heroes (BBC One, UK) Riyadh Season The
Slide 29: Upgraded guidance for 2024
Upgraded guidance for 2024 INCREASED ADJUSTED EBITDA GUIDANCE: ✓ Stronger than anticipated performance ORGANIC ADJUSTED EBITDA at Banijay Gaming in 2024 GROWTH IN LOW TEENS vs high single-digit organic growth(1) ✓ Continued growth of both businesses ✓ Banijay Entertainment: major scripted show deliv
Slide 30: Appendix
04 APPENDIX 30
Slide 31: Glossary
Glossary Adjusted EBITDA for a period is defined as the operating profit for that period excluding restructuring costs and other non-core items, costs associated with the long-term incentive plan within the Group (the "LTIP") and employment related earn-out and option expenses, and depreciation and
Slide 32: Consolidated revenue & Adjusted EBITDA by business
Consolidated revenue & Adjusted EBITDA by business % reported Revenue - In € million Q1 2023 Q1 2024 % constant currency change Production 553.0 541.4 (2.1)% (2.3)% Distribution 67.9 60.5 (10.9)% (12.5)% Live experiences & other 35.5 77.8 119.1% 117.7% Banijay Entertainment & Banijay Live 656.4 679.
Slide 33: Adjusted free cash-flow and operating free cash-flow
Adjusted free cash-flow and operating free cash-flow In € million Q1 2023 Q1 2024 % reported change Adjusted EBITDA 144.6 163.7 13.3% Capex (13.6) (20.3) Total cash outflows for leases that are not recognised as rental expenses (11.6) (12.0) Adjusted Free-cash-flow 119.4 131.5 10.1% Change in workin
Slide 34: Consolidated statement of cash-flows
Consolidated statement of cash-flows In € million Q1 2023 Q1 2024 Profit/(loss) 8.4 18.7 Adjustments : 131.6 139.4 Share of profit of associates and joint ventures 0.9 1.4 Amortisation, depreciation, impairment losses and provisions, net of reversals 27.9 27.8 Employee benefits LTIP & employment-rel
Slide 35: Consolidated balance sheet
Consolidated balance sheet 31 December 31 March 31 December 31 March In € million In € million 2023 2024 2023 2024 ASSETS EQUITY AND LIABILITIES Goodwill 2 834.0 2 847.0 Share capital 8.1 8.1 Intangible assets 204.7 225.9 Share premiums, treasury shares and retained earnings (deficit) (35.8) 21.2 Ri
Slide 36: IFRS consolidated net financial debt
IFRS consolidated net financial debt In € million 31 December 2023 31 March 2024 Bonds 1 284.2 1 293.5 Bank borrowings and other 1 437.3 1 448.0 Bank overdrafts 1.5 0.2 Accrued interests on bonds and bank borrowings 37.2 46.9 Vendor loans 143.5 145.7 Total bank indebtedness 2 903.7 2 934.2 Cash and
Slide 37: Banijay Entertainment: net financial debt as at 31 March 2024
Banijay Entertainment: net financial debt as at 31 March 2024 Net financial debt - In €m 31 Dec. 2023 31 March. 2024 Banijay Entertainment contribution at Banijay 31 Dec. 2023 31 March. 2024 At Banijay Entertainment level: Group level: Total Secured Debt (OM definition) 1 988 2 022 Total net financi
Slide 38: Banijay Group Contact and Financial Agenda
Banijay Group Contact and Financial Agenda INVESTOR RELATIONS FINANCIAL AGENDA Caroline Cohen c.cohen@flentertainment.com H1 2024 results: 1 August 2024 Marion Heudes m.heudes@flentertainment.com STOCK INFORMATION BANIJAY GROUP WEBSITE ISIN code: NL0015000X07 Please, visit our website Bloomberg: FLE