Cirsa Enterprises, S.a.u. · BME:CIRSA
Cirsa Enterprises, S.a.u — Cirsa — Q1 2021 Earnings Presentation
23 slides from Cirsa Enterprises, S.a.u's earnings presentation, Jun 16, 2021
Slide 1: Q1-2021 results and strategy update
Q1-2021 results and strategy update June 16th 2021
Slide 2: Disclaimer
Disclaimer This presentation includes forward-looking statements. These forward-looking statements can be identified by the use of forward- looking terminology, including the terms "believes," "estimates," "anticipates," "expects," "intends", "may," "will" or "should" or, in each case, their negativ
Slide 3: Introduction to presenters
Introduction to presenters Joaquim Agut Antonio Hostench Antoni Grau Chief Executive Officer Corporate Development & Chief Financial Officer Strategy Miquel Vizcaíno Juan Antonio Turull Chief Legal Officer Financial Controller 3
Slide 4: Executive summary (1/2)
Executive summary (1/2) 1. Strong financial performance since July 2006 until Covid-19 breakthrough in March’20 • Current management team took over Cirsa in July 2006. Since then: ➢ Always delivered consistently all financial commitments: CAGR’05-’19 Revenues +5% & EBITDA +15% ➢ De-levered substanti
Slide 5: Executive summary (2/2)
Executive summary (2/2) 2. During 2020 and Q1’21 we implemented an aggressive Covid-19 plan based in three pillars … • Preserve cash position through aggressive fixed cost reduction, emergency cash plan and increase liquidity • Look after employees and customers’ health security (“Juega Seguro” prog
Slide 6: 1. Cirsa's historical track-record
1. Cirsa’s historical track-record 2. 2020&2021 business update and Covid restrictions 3. 2021 results and outlook 6
Slide 7: Strong financial performance since 2006 supported by a unique diversification
Strong financial performance since 2006 supported by a unique diversification; market credibility for Cirsa’s reliability in delivering all financial commitments EBITDA (€m) and EBITDA margin % PF EBITDA 2019 breakdown By geography By business 6.7x CAGR 05-19: +15% +104m (+28.2%) Other B2B Sportium
Slide 8: Diversified geographical presence in 9 countries
Diversified geographical presence in 9 countries with 150 casinos, 83K slots, 237 arcades, 79 bingos, 2.7K betting points and online gaming in 3 markets Cirsa’s Product Offering by Geography (as of Mar-21; number of assets) Spain #1 Mexico #4 Dominican Rep #1 Casinos: 150 Slot machines: 82,679 Casin
Slide 9: 2. 2021 business update and Covid restrictions
1. Cirsa’s historical track-record and 2020 performance 2. 2021 business update and Covid restrictions 3. 2021 results and outlook 9
Slide 10: Restrictions update summary
Restrictions update summary % of productive hours vs Total Highlights 100% CIRSA • After the first lock-down started in March’20, our European business reopened during June-July’20 80% 85% while Latam countries started to reopen during mid Wave 2 Wave 3 September. Minor restrictions in the bar segme
Slide 11: Restrictions update summary
Restrictions update summary 2021 Monthly EBITDA ( €M; %V vs 2019) Highlights • Jan & Feb: closures and toughest restrictions across all geographies since June’20 led to lowest capacity levels (25-30%) and EBITDA (2-3M) 32 30-32/-19% 80 • Restrictions release since March supporting 30 % of productive
Slide 12: Business Units performance highlights since re-opening up to June 12th
Business Units performance highlights since re-opening up to June 12th Slot route operations: Spain & Italy Total revenues vs 2019 (%) Slot route operations business • Spain: Slots Spain − Rapidly after first reopening in 6/2020 consolidated 85-90% revs vs 2019 before restrictions on operating hours
Slide 13: Business Units performance highlights since re-opening up to June 12th
Business Units performance highlights since re-opening up to June 12th Bingos Spain Total revenues vs 2019 (%) % traditional bingo gross revenues vs 2019 (%) • All POS opened again since mid May but conditioned by opening 100% Average productive hours % vs Total 85% hours, capacity restrictions, F&B
Slide 14: Business Units performance highlights since re-opening up to June 12th
Business Units performance highlights since re-opening up to June 12th Casinos Status by country (May) • All casinos open except Morocco (2) and Mexico (1/28) • Rapid revenue recovery, >70% 2019 level in first two Opened Restrictions Achieved % slot moths. Countries/regions with less stop&go issues
Slide 15: Monthly performance highlights since re-opening up to June 12th. Latam Casinos
Monthly performance highlights since re-opening up to June 12th. Latam Casinos Average productive hours % vs Total Slots win % vs 2019 (LC) Panama Colombia 68% 70% 84% 87% 88% 83% 84% 88% 65% 52% 55% 65% 69% 54% 57% 55% 40% 63% 71% 71% 73% 82% 89% 88% 57% 66% 72% 62% 72% 39% 44% 9% 10% 53% 49% 37% 1
Slide 16: Business Units performance highlights since re-opening up to June 12th
Business Units performance highlights since re-opening up to June 12th Sportium: sports betting and Online BU Total revenues vs 2019 (%) • Online gaming remained very strong during pandemic due to: Online sports betting & casino – Cross-selling sports clients to casino&poker – Off to online cross se
Slide 17: 3. 2021 results and outlook
1. Cirsa’s historical track-record and 2020 performance 2. 2021 business update and Covid restrictions 3. 2021 results and outlook 17
Slide 18: Monthly performance July'20-FJune'21
Monthly performance July’20-FJune’21 EBITDA €M Highlights • Jan & Feb (EBITDA 2,2M & 3,3M): toughest restrictions in Europe & Latam since 1st wave with productive hours at <30% P2019 monthly 43 EBITDA • March (EBITDA 23,0M): trend change and 30-32 general reopening in Spain & Panama with restriction
Slide 19: EBITDA and Cash generation 2020-2021
EBITDA and Cash generation 2020-2021 Monthly EBITDA (€M) Full Closure Partial closures & restrictions 60%+capacity Cash Burn Positive EBITDA & 60%+EBITDA & Operational cash break-even Postive FCF Financial CF** break-even €23-25m 20 Operational CF* break-even €12-14M 0 0 -20 jan feb mar apr may jun
Slide 20: Vaccination update @ 13/06/21
BACK UP Vaccination update @ 13/06/21 People who received at least one dose of COVID-19 % of Total vaccine (0/1/00 figures) Population Population > 65y. # hab. % Total % Vaccinated Population (at least 1st dose) Spain 46,8 M 19,4% 20.964 K 44,8% Expected 70% by September Italy 60,5 M 23,0% 28.971 K
Slide 21: H2-2020 and 2021 Outlook
H2-2020 and 2021 Outlook 2021 EBITDA (€m) 2021 highlights Q1’21 2019 139,3 • Q1’21 EBITDA €28,6 M as operating hours 2020/21 hit a record low since 1st wave reopening 111,3 103,4 (34% of pre COVID) 80-82 • Significant recovery of EBITDA in March €23 M, as operating hours increased. 51,1 • Positive O
Slide 22: Summary
Summary Since 2006, current management team always delivered all financial commitments during 54 consecutive quarters YoY, and deserved Blackstone acquisition in July 2018 – 6.7x EBITDA: €71M (2005) to €473M (2019) – 3,2x EBITDA margin: 9% (2005) to 29% (2019) – Leverage reduction: 5.0x (Dec’05) t
Slide 23: Thank you
Thank you 23