Codere Online Luxembourg, S.a. · NASDAQ:CDRO
Codere Online Luxembourg — Codere Online — SPAC Merger (November 2021)
29 slides from Codere Online Luxembourg's SPAC merger presentation, Nov 12, 2021
Slide 1: Q3 2021 Earnings Results
Q3 2021 Earnings Results November 10, 2021
Slide 2: Disclaimer
Corporate presentation Disclaimer • This presentation (the "Presentation") has been prepared and is issued by, and is the sole responsibility of Codere, S . A . (“Codere" or "the Company") . For the purposes hereof, the Presentation shall mean and include the slides that follow, any prospective oral
Slide 3: Disclaimer (cont'd)
Corporate presentation Disclaimer (cont’d) Important Information about the Business Combination and Where to Find It Codere Online Luxembourg, S . A . (“Holdco”), Servicios de Juego Online, S . A . U . (together with its consolidated subsidiaries upon consummation of the Proposed Business Combinatio
Slide 4: Table of Contents
Corporate presentation Table of Contents • 1. Trading Update • 2 . Operational Results • 3 . Liquidity and Credit Overview • 4. Appendix 4
Slide 5: Trading Update
• Our business continued to show strength and ability to quickly recover revenues. During the third quarter of the year we retu rne d to a full operating portfolio, and despite some closings early in the quarter and still significant restrictions in place, we achieved 68% of revenues accrued in Q3 2
Slide 6: Table of Contents
Corporate presentation Table of Contents 6 • 1. Trading Update • 2 . Operational Results • 3 . Liquidity and Credit Overview • 4. Appendix
Slide 7: Consolidated Revenue and Adjusted EBITDA
335.3 319.0 285.8 185.7 110.5 22.5 - 21.7 20.1 48.3 314 302 266 164 86 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2019 2020 2021 EUR mm LTM EBITDA excl. NR items 79.9 81.8 47.7 - 23.7 4.6 - 6.1 3.5 18.1 32.8 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2019 2020 2021 EUR mm 1,406.2 1,389.4 1,313.8 1,005.0 804.7 594.6 443.3 543.3 633
Slide 8: Mexico
3 Q - 21 Inflation Rate: 5.8%. 3 Q - 21 MXN Devaluation vs EUR: (8.6%) 131.8 117.0 100.3 59.6 24.9 (1.1) (17.8) 3.4 19.1 42.0% 38.0% 34.9% 28.2% 17.3% 3.4% 14.3% 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2019 2020 2021 Margin (%) EUR mm 28.1 25.0 17.4 (10.9) (6.5) (1.1) 0.7 10.2 9.2 37.1% 34.1% 28.8% 3.3% 24.8% 21
Slide 9: Mexico – Operational Performance
0% 4% 12% 23% 39% 42% 37% 22% 25% 43% 57% 59% 65% 63% 58% 66% 74% Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct est 2020 2021 MXN k Total Win Actuals % Win s/Total Halls 2019 Mexico – Operational Performance 2. Total Gross Win Opened geographies - Reopening Calendar 9 Mexico Ci
Slide 10: Argentina
78.7 77.8 73.9 48.4 20.2 (5.5) (13.9) (13.9) (0.6) 24.3% 24.5% 24.5% 21.9% 14.4% 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2019 2020 2021 Margin (%) EUR mm 20.9 19.9 14.4 (6.8) (7.2) (5.8) 6.0 (6.9) 6.1 26.0% 26.2% 22.2% 15.8% 15.3% 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2019 2020 2021 Margin (%) EUR mm 324.2 317.2 301.3 221.
Slide 11: Argentina – Operational Performance
35% 102% 121% 131% 32% 37% 138% 149% 155% Dec Jan Feb Mar Apr Jul Aug Sep Oct est. 2020 2021 ARS Mill. Gross win % Vs. Total Gross Win '19 Argentina – Operational Performance 2. 11 Slots Coin - in Evolution Operational Update Slots Gross Win Evolution Closed between end of April and end of July 35%
Slide 12: Spain
44.0 47.5 43.8 27.9 27.9 17.2 11.1 29.7 28.1 23.1% 25.0% 24.1% 20.0% 21.2% 14.8% 10.8% 21.9% 20.7% 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2019 2020 2021 Margin (%) EUR mm 11.3 13.7 7.6 (4.7) 11.4 2.9 1.5 13.9 9.7 24.6% 28.7% 18.8% 29.8% 9.0% 5.6% 36.1% 25.7% 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2019 2020 2021 Margin (%)
Slide 13: Spain – Operational Performance
38% 86% 89% 92% 80% 55% 71% 48% 45% 74% 74% 80% 89% 90% 89% 90% 87% Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Est 2020 2021 EUR mm Total Win Slots win s/2019 44% 96% 82% 96% 97% 53% 88% 61% 47% 75% 79% 89% 102% 95% 81% 88% 73% Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May
Slide 14: Italy
7.3 9.2 (0.5) (5.1) 5.1 (3.4) (5.7) (1.6) 5.7 8.8% 10.4% 7.8% 8.7% 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2019 2020 2021 Margin (%) EUR mm 31.4 28.6 21.5 10.9 8.8 (3.9) (9.1) (5.6) (5.0) 9.1% 8.3% 6.8% 4.6% 4.0% 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2019 2020 2021 Margin (%) EUR mm 344.5 343.3 317.0 238.5 221.1 154.7 94.5
Slide 15: Italy – Operational Performance
Italy – Operational Performance 2. Gross Win AWPs Strong revenue recovery, despite operating under capacity restrictions and the implementation of Green Pass* since August 5 th 15 Operational Update * Green Pass is a digital or paper certificate showing that the holder has been vaccinated, tested ne
Slide 16: Other Operations – Uruguay
21.6 22.0 22.1 23.4 22.7 18.8 15.4 10.9 7.9 29.3% 29.6% 30.5% 35.8% 38.3% 36.0% 33.1% 25.2% 19.2% 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2019 2020 2021 Margin (%) EUR mm 4.9 6.4 5.2 6.8 4.2 2.6 1.8 2.2 1.3 27.1% 34.2% 30.7% 60.2% 34.9% 21.8% 16.0% 28.9% 12.5% 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2019 2020 2021 Margin (%)
Slide 17: Uruguay – Operational Performance
77% 87% 87% 81% 72% 81% 90% 72% 63% 95% 101% 101% 2020 Aug 2020 Sep 2020 Oct 2020 Nov 2020 Dec 2021 Jan 2021 Feb 2021 Mar 2021 Jul 2021 Aug 2021 Sep 2021 Oct est. UYU$ '000 Uruguay – Operational Performance 2. Gross Win HRU Gross Win Carrasco Nobile Gaming Halls reopened since July 12 th, with a str
Slide 18: Other Operations – Panama and Colombia
1.6 1.6 1.0 (1.0) (1.4) 0.8 1.0 0.9 1.2 33.6% 33.7% 21.1% 24.2% 29.6% 25.2% 29.4% 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2019 2020 2021 Margin (%) EUR mm 4.5 3.5 2.0 (0.8) (0.7) (1.4) 0.6 2.2 2.5 23.1% 17.3% 13.7% 10.1% 17.7% 18.6% 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2019 2020 2021 Margin (%) EUR mm 4.8 4.7 4.9 0.0 0.3
Slide 19: Colombia and Panama – Operational Performance
Colombia and Panama – Operational Performance 2. Gross Win Colombia Gross Win Panama • Since the reopenings in October 2020 , revenue trend in Panama has been positive , except for two negative effects caused by restrictions : - On January 12 , authorities ordered new temporary closures in Ciudad De
Slide 20: Online Business
9.5 11.3 10.3 10.7 10.1 11.2 10.3 12.3 14.5 13.0 12.6 11.6 3.3 3.6 4.6 4.9 4.2 4.7 3.2 6.0 8.1 6.6 7.3 7.4 0.1 0.2 0.4 0.4 0.2 0.2 0.2 0.1 12.7 14.9 14.9 15.6 14.3 16.1 13.8 18.7 22.8 19.8 20.1 19.1 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2018 2019 2020 2021 EUR mm Other Latam Spain 33.3 38.2 40.0 41.8
Slide 21: Online Business – Monthly Evolution
Online Business – Monthly Evolution 2. Monthly Net Gaming Revenue by Region Monthly Net Gaming Revenue Mix + 6 .0% 21 3.6 3.6 3.0 3.6 4.1 4.1 3.0 2.7 3.3 4.3 4.2 3.9 4.3 4.9 3.1 4.8 4.6 4.8 3.6 4.1 4.5 4.0 3.7 3.7 4.1 2.1 1.6 1.4 1.8 1.9 2.0 1.2 1.0 1.1 1.5 1.9 2.4 2.5 2.9 2.6 2.7 2.9 2.4 2.0 2.4 2.
Slide 22: Table of Contents
Corporate presentation Table of Contents 22 • 1. Trading Update • 2 . Operational Results • 3 . Liquidity and Credit Overview • 4. Appendix
Slide 23: Net Working Capital Evolution
51.9 36.7 26.5 18.6 2020 Sep-21 Total Capex Financing Overdue - 11.8 0.0 - 1.8 - 6.0 14.0 - 6,0 31.1 - 21.9 2016 2017 2018 2019 2020 Sep-21 Spain Italy Working Capital and deferred payables (1) 3. Net Working Capital Evolution – EoP Variation (€ mm) (1) Figures as per end of period closing balances
Slide 24: Consolidated Free Cash Flow
50.1 (2.5) 22.4 44.0 50.3 (33.9) (68.7) (135.4) (184.3) (148.5) (126.8) 4Q 4Q 4Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2016 2017 2018 2019 2020 2021 EUR mm 154.5 104.8 134.0 129.9 138.5 55.3 34.5 (25.3) (74.4) (40.0) (30.6) 4Q 4Q 4Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2016 2017 2018 2019 2020 2021 EUR mm Consolidated Free Ca
Slide 25: Credit Profile
110.3 86.0 110 - 120 Dec-20 Sep-21 Expected Dec-21 0.6 0.6 5.6 5.5 33.5 36.2 19.7 18.0 26.9 26.9 11.1 48.7 52.8 135.0 151.1 Dec-20 Sep-21 Capital Leases Pre-IFRS16 OpCo Debt SSNs Capital Leases IFRS16 NSSNs Bridge notes SSNs PIK Bridge Notes PIK 4.4 3.8 83.2 83.8 742.1 801.9 208.3 191.9 245.7 254.2
Slide 26: Table of Contents
Corporate presentation Table of Contents 26 • 1. Trading Update • 2 . Operational Results • 3 . Liquidity and Credit Overview • 4 . Appendix
Slide 27: Exchange Rate Evolution (Period Average)
37.51 39.58 43.08 42.74 42.61 43.09 43.89 43.24 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2019 2020 2021 1.11 1.10 1.10 1.17 1.19 1.21 1.21 1.18 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2019 2020 2021 21.32 22.06 25.66 25.84 24.48 24.50 24.12 23.61 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2019 2020 2021 65.76 67.79 74.51 85.77 95.40 106.74 113.41 114
Slide 28: Exchange Rate Evolution (End of Period)
37.31 43.01 42.21 42.58 42.34 44.19 43.58 42.86 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2019 2020 2021 1.12 1.10 1.12 1.17 1.23 1.17 1.19 1.16 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2019 2020 2021 21.19 25.73 25.86 25.93 24.46 23.97 23.66 23.81 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2019 2020 2021 67.28 70.63 78.90 89.19 103.26 107.87 113.75 11
Slide 29: Investor Relations contact
For additional information, please contact: Investor Relations inversor@codere.com +34 91 354 2819