Century Casinos, Inc. · NASDAQ:CNTY
Century Casinos — Q1 2015 Earnings Presentation
23 slides from Century Casinos's earnings presentation, May 8, 2015
Slide 1: Financial Results Q1 2015
Financial Results Q1 2015
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 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Priva
Slide 3: Q1 2015 Results by Segment (in USD)
Q1 2015 Results by Segment (in USD) Canada 28% United States 22% Poland 45% Other 5% Net Operating Revenue Canada 28% United States 22% Poland 45% Other* 3% Adjusted EBITDA *Other Adjusted EBITDA represents our cruise ship, Aruba and MCE agreements from our Corporate and Other segment and excludes C
Slide 4: Net Operating Revenue per Quarter (in USD)
Net Operating Revenue per Quarter (in USD) $14.1 $17.1 $17.6 $18.0 $29.1 $30.4 $14.9 $18.0 $17.8 $28.3 $31.6 $16.0 $18.1 $18.7 $28.8 $28.1 $15.6 $17.6 $17.7 $29.4 $31.3 $0$5$10$15$20$25$30$35201020112012201320142015201020112012201320142010201120122013201420102011201220132014(in millions) Net Operati
Slide 5: Income Statement and Balance Sheet
Income Statement and Balance Sheet (select information as of March 31, 2015) In USD mil (except EPS and BVPS) Q1 2015 Q1 2014 Change Net Operating Revenue 30.4 29.1 4% Adjusted EBITDA 4.8 2.8 72% Earnings per Share 0.08 0.02 300% Total Assets 183.6 187.5 0% Book Value per Share 4.73 4.95 -4% Net Deb
Slide 6: Net Debt to Adjusted EBITDA (in USD)
Net Debt to Adjusted EBITDA (in USD) 3.5x -2.6x -1.0x -1.5x -2.0x 0.5x 1.1x 1.1x -3.0x-2.0x-1.0x0.0x1.0x2.0x3.0x4.0x20082009201020112012201320142015
Slide 7: Canada
Q1 Highlights – Canada (Selected Information as of March 31, 2015) In CAD mil Q1 2015 Q1 2014 Change Net Operating Revenue 10.5 9.4 11% Operating Costs and Expenses 7.7 7.1 9% Adjusted EBITDA 3.7 2.8 33% Adjusted EBITDA Margin 36% 29%
Slide 8: Canada Edmonton
Q1 Highlights – Canada (Selected Information as of March 31, 2015) Edmonton In CAD mil Q1 2015 Q1 2014 Change Net Operating Revenue 7.5 6.7 13% Operating Costs and Expenses 4.7 4.6 4% Adjusted EBITDA 3.1 2.4 29% Adjusted EBITDA Margin 41% 36% .Gaming revenue increased CAD 0.8 million, or 16%. •Incre
Slide 9: Canada Calgary
Q1 Highlights – Canada (Selected Information as of March 31, 2015) Calgary In CAD mil Q1 2015 Q1 2014 Change Net Operating Revenue 2.9 2.4 21% Operating Costs and Expenses 2.4 2.4 -1% Adjusted EBITDA 0.7 0.2 252% Adjusted EBITDA Margin 26% 9% .Gaming revenue increased CAD 0.4 million, or 28%. •Incre
Slide 10: Canada Century Downs Racetrack and Casino
Q1 Highlights – Canada (Selected Information as of March 31, 2015) Century Downs Racetrack and Casino In CAD mil Q1 2015 Q1 2014 Change Net Operating Revenue 0.0 0.4 -100% Operating Costs and Expenses 0.5 0.2 240% Adjusted EBITDA (0.1) 0.2 -144% Adjusted EBITDA Margin N/A 60% .Casino opened on April
Slide 11: Canada Century Bets!
Q1 Highlights – Canada (Selected Information as of March 31, 2015) Century Bets! In CAD mil Q1 2015 Net Operating Revenue 0.1 Operating Costs and Expenses 0.1 Adjusted EBITDA 0.0 Adjusted EBITDA Margin 35% .Century Bets! was formed on January 16, 2015. .Century Bets! began operating the pari-mutuel
Slide 12: United States
Q1 Highlights – United States (Selected Information as of March 31, 2015) In USD mil Q1 2015 Q1 2014 Change Net Operating Revenue 6.8 6.5 5% Operating Costs and Expenses 5.9 6.1 -3% Adjusted EBITDA 1.5 0.9 68% Adjusted EBITDA Margin 22% 14%
Slide 13: United States Central City
Q1 Highlights – United States (Selected Information as of March 31, 2015) Central City In USD mil Q1 2015 Q1 2014 Change Net Operating Revenue 4.1 3.9 5% Operating Costs and Expenses 3.5 3.7 -4% Adjusted EBITDA 0.9 0.5 71% Adjusted EBITDA Margin 23% 14% .Gaming revenue increased $0.3 million, or 8%.
Slide 14: United States Cripple Creek
Q1 Highlights – United States (Selected Information as of March 31, 2015) Cripple Creek In USD mil Q1 2015 Q1 2014 Change Net Operating Revenue 2.7 2.5 5% Operating Costs and Expenses 2.4 2.4 -1% Adjusted EBITDA 0.5 0.3 64% Adjusted EBITDA Margin 20% 13% .Gaming revenue increased $0.2 million, or 6%
Slide 15: Poland
Q1 Highlights – Poland (Selected Information as of March 31, 2015) In PLN mil Q1 2015 Q1 2014 Change Net Operating Revenue 50.2 37.9 33% Operating Costs and Expenses 46.2 37.8 22% Adjusted EBITDA 6.8 2.4 185% Adjusted EBITDA Margin 14% 6% .Slot revenue increased PLN 5.1 million, or 39%. •Added 99 ne
Slide 16: Corporate and Other
Q1 Highlights – Corporate and Other (Selected Information as of March 31, 2015) In USD mil Q1 2015 Q1 2014 Change Net Operating Revenue 1.6 1.7 -2% Operating Costs and Expenses 3.7 3.2 18% Adjusted EBITDA (1.6) (1.3) -18% Adjusted EBITDA Margin N/A N/A
Slide 17: Corporate and Other: Cruise Ships and Other
Q1 Highlights – Corporate and Other (Selected Information as of March 31, 2015) Cruise Ships and Other In USD mil Q1 2015 Q1 2014 Change Net Operating Revenue 1.6 1.7 -2% Operating Costs and Expenses 1.6 1.5 1% Adjusted EBITDA 0.2 0.2 -16% Adjusted EBITDA Margin 12% 14% .In March 2015, we mutually a
Slide 18: Corporate and Other: Corporate Other
Q1 Highlights – Corporate and Other (Selected Information as of March 31, 2015) Corporate Other In USD mil Q1 2015 Q1 2014 Change Operating Costs and Expenses 2.2 1.6 34% Adjusted EBITDA (1.8) (1.6) -13% Adjusted EBITDA Margin N/A N/A .Expenses incurred by Corporate Other consist primarily of legal
Slide 19: Appendix A: Adjusted EBITDA definition
Appendix A The Company defines Adjusted EBITDA as net earnings (loss) before interest expense (income), net, income taxes (benefit), depreciation, amortization, non-controlling interest, pre-opening expenses, acquisition costs, non-cash stock-based compensation charges, asset impairment costs, (gain
Slide 20: Reconciliation of Adjusted EBITDA – Canada
Appendix A (continued) Reconciliation of Adjusted EBITDA – Canada (in thousands)
Slide 21: Reconciliation of Adjusted EBITDA – United States
Appendix A (continued) Reconciliation of Adjusted EBITDA – United States (in thousands)
Slide 22: Reconciliation of Adjusted EBITDA – Poland
Appendix A (continued) Reconciliation of Adjusted EBITDA – Poland (in thousands)
Slide 23: Reconciliation of Adjusted EBITDA – Corporate and Other
Appendix A (continued) Reconciliation of Adjusted EBITDA – Corporate and Other (in thousands)