Fortuna Entertainment Group NV

Transcription

1 Fortuna Entertainment Group NV 2012 Preliminary Financial Results March 7, 2013

2 Agenda Introduction Wilf Walsh, Chairman of the Management Board 2012 Key highlights Radim Haluza, CEO 2012 Financial Results & Dividend Policy Michal Vepřek, CFO Fortuna Lottery Radim Haluza, CEO 2013 Outlook & Summary Wilf Walsh, Chairman of the Management Board 2

3 Fortuna - Leading CEE Betting Operator Pop million 68k registered users No. 1 market position Retail & Online 14% Group Amounts Staked Pop million 189k registered users No. 2 market position Retail & Online & Lottery 56% Group Amounts Staked Pop. 5.4 million 71k registered users No. 2 market position Retail & Online 28% Group Amounts Staked 3

4 2012 Key Highlights 4

5 Financial Highlights FY 2012 Group Amounts Staked increased to EUR million (+ 14.3%) Gross Win EUR increased to EUR million (+8.9%) EBITDA increased to EUR 22.1 million (+ 10.6%) Total number of newly registered clients increased by (+81%) Amounts Staked sports betting Poland up 39.5% to EUR 68.9 million Gross Win from on-line sports betting EUR 37.8 million (+27.9%) Total number of active customers up 24.5% Lottery loss: EBITDA EUR -3.8 million (-43.3%), in line with planned budget Source: Calculated based on FEG consolidated unaudited financial results for 2012 and Company information FX rates used for translation: average ČNB and National Bank of Poland 5

6 Financial Highlights 4Q 2012 Q Amounts Staked increased to EUR million (+24.3%) growing in all countries Q Amounts Staked in sports betting EUR million (+25.4%) Q Amount Staked Poland EUR 20.2 million (+61.9%) Q Gross Win on-line sports betting EUR 11.9 million (+38.9%) Q EBITDA increased to EUR 8.8 million (+ 52%) Q Lottery loss: EBITDA EUR 306 thousand (-88.4%), in line with planned budget Source: Calculated based on FEG consolidated unaudited financial results for 2012 and Company information FX rates used for translation: average ČNB and National Bank of Poland 6

7 2012 Financial Performance 7

8 Financial results 2012 Amounts Staked EUR million (+14.3%) Gross Win EUR million (+8.9%) Revenue EUR 96.2 million (+7.1%) EBITDA EUR 22.1 million (+10.6%) Net profit EUR 12.3 million (-7.5%) Amounts Staked 9,9 399, % 19,6 (+98.1%) 448,3 (12.2%) FY 2011 FY 2012 Amount Staked lottery Amount Staked sports betting Gross Win by Channel EBITDA ,1 29,5 67,2 +8.9% 10,0 (+95,4%) 37,8 (+27,9%) 63,1 (-6,0%) FY 2011 FY 2012 GW retail GW online GW lottery ,7-6,7 25,9 (-2.9%) -3,8 (-43.3%) FY 2011 FY 2012 EBITDA sports betting 10.6% EBITDA lottery Source: Calculated based on FEG consolidated unaudited financial results for 2012 and Company information FX rates used for translation: average ČNB and National Bank of Poland In EUR MM 8

9 Sports betting by country Amounts Staked Gross Win 2011 (ex. Malta) 2012 (ex. Malta) 2011 (ex. Malta) 2012 (ex. Malta) PL 12,5% SK 33,2% CR 54,3% PL 15,5% SK 29,6% CR 54,7% PL 20,1% SK 33,6% CR 46,3% PL 21,9% SK 32,3% CR 45,8% In EUR MM % Czech Republic 215,0 243,3 13,2% Slovakia 131,3 131,5 0,1% Poland 49,4 68,9 39,5% Malta 3,8 4,6 21,1% In EUR MM % Czech Republic 44,6 44,5 (0,3%) Slovakia 32,4 31,4 (3,1%) Poland 19,4 24,8 27,8% Malta 0,2 0,1 (37,0%) Source: Calculated based on FEG consolidated unaudited financial results for 2012 and Company information FX rates used for translation: average ČNB and National Bank of Poland 9

10 Sports betting by channel and country Czech Republic Slovakia Poland 100% 80% 16,8 20,9 100% 80% 12,5 13,2 100% 80% 3,5 60% 40% 20% 27,8 23,6 60% 40% 20% 19,9 18,2 60% 40% 20% 19,4 21,3 0% % % GW retail GW online GW retail GW online GW retail GW online Rising share of on-line and live betting almost 50% share on total Gross Win in the Czech Republic Poland growing both on-line and retail due to new on-line betting offer, takeover of retail outlets from Tipsport PL and new customers acquisition Source: Calculated based on FEG consolidated unaudited financial results for 2012 and Company information FX rates used for translation: average ČNB and National Bank of Poland 10

11 EUR MM EUR MM Operating Cost & Net Debt OPEX Sports Betting 9.9% 8,8 Betting taxes (0.7%) 25,0 26,5 Staff Cost Net Debt/ Net Cash 28,5 11,0 25,6 10,1 6.6% Other OPEX EUR mil. Debt Net Debt OPEX Lottery 60.7% 2.2% 2,2 1,8 13.5% 8,7 Betting taxes Staff Cost Other OPEX Betting taxes increased due to new GW tax in the Czech Republic Staff costs under control Increase of sales driven operating costs Source: Calculated based on FEG consolidated unaudited financial results for 2012 and Company information FX rates used for translation: average ČNB and National Bank of Poland 11

12 Sports betting bottom line impacted by new CZ taxation EBITDA Sports Betting results excluding high rollers EBITDA EUR 25.9 mil. (+5.3%) CZ taxation changes Overall taxation negative impact on net profit EUR 2.2 mil. (+25.6%) Licensing and taxation negative EBITDA impact EUR -0.8mil. CIT impact EUR -1.4 mil. If 2012 taxation applied on 2011, EBITDA from sports betting would grow by 8.8% Sports Betting results including high rollers and taxation impact EBITDA EUR 25.9 mil. (-2.9%) 30,0 25,0 20,0 15,0 10,0 5,0 0,0 12,0 10,0 8,0 6,0 4,0 2,0 0,0 24,6 25,9 6,4 1,2 2,1 CZ taxation costs 0,4 0,5 +5.3% EBITDA sports betting high rollers EBITDA sports betting ex. high rollers +25.6% 8, ,8 Charity fee Licence fee State supervision CIT Zdroj: Výpočet podle konsolidovaných neauditovaných výsledků FEG za rok 2012 a údajů Společnosti Použitý směnný kurz: průměr ČNB a Polské národní banky 12

13 Strong Top line Performance In EUR million FY 2012 unaudited FY 2011 audited Amounts Staked % Gross Win % OPEX (74.1) (69.9) 6.1% EBITDA % Net Profit (7.5%) % Source: Calculated based on FEG consolidated unaudited financial results for 2012 and Company information FX rates used for translation: average ČNB and National Bank of Poland 13

14 2012 Fortuna Lottery 14

15 Lottery on plan In EUR million change % Amounts Staked Lottery % - numerical games % - scratch tickets % Gross Win Lottery % - numerical games % - scratch tickets % Revenues Lottery % EBITDA Lottery (3.8) (6.7) (43.3%) Source: Calculated based on FEG consolidated unaudited financial results for 2012 and Company information FX rates used for translation: average ČNB and National Bank of Poland 15

16 CZK thous. Week 1 Week 4 Week 7 Week 10 Week 13 Week 16 Week 19 Week 22 Week 25 Week 28 Week 31 Week 34 Week 37 Week 40 Week 43 Week 46 Week 49 CZK thous. No. of POS Lottery trading performance in 2012 Total lottery sales Terminals Mobile top ups No. of terminals 1,632 in December 2012 Network optimization to enhance profitability of POS Mobile top ups sales stable Improvement in sales of scratch cards Czech Post Source: the Company 16

17 Lottery in Outlook Future development of lottery project under revision: Cost under control, majority of operating costs are sales driven Break-even in 1H 2013 anticipated Several strategic options under review E-invest deal to be concluded by June An entry of a new partner cannot be excluded 17

18 Dividend 18

19 Dividend Information Fortuna confirms general dividend policy to pay out % of the consolidated net profit The management will propose a 100% dividend pay-out from the net consolidated profit of EUR 12.3 million The management will also consider a dividend pay-out from the retained earnings from previous years Final terms will be announced after the approval of the AGM in May 2012 Source: Calculated based on FEG consolidated unaudited financial results for 2012 and Company information FX rates used for translation: average ČNB and National Bank of Poland 19

20 2013 Outlook 20

21 2013 Outlook Focus on on-line product development: New application for tablets and mobile from Mobenga More live streaming New trading format from Amelco Lottery in positive figures Operating with social responsibility in regulated markets with political acceptance of sports betting as a social/leisure activity 21

22 IR Calendar & Contacts Event Date Annual Report 2012 April 16, 2013 Q Interim Report May 7, 2013 AGM May 28, 2013 Half Year 2013 Report August 29, 2013 Q Interim Report November 7, 2013 IR Contacts Klára Klímová IR Consultant