9M 2018 Results Ended September 30, 2018 November 13, 2018
Disclaimer This proprietary presentation (including any accompanying oral presentation, question and answer session and any other document or materials distributed at or in connection with this presentation) (collectively, the Presentation ) has been prepared by Gamenet Group S.p.A. (the Company and together with its subsidiaries, the Group ) for information purposes only. This Presentation is not an offer, invitation or a solicitation of an offer, to buy, sell or subscribe for, securities in the United States or in any other jurisdiction. The information set forth herein is qualified in its entirety by the information set out in the Company s financial statements as of and for the nine months ended on September 30, 2018. This Presentation has not been independently verified and contains summary information only and does not purport to be comprehensive and is not intended to be (and should not be used as) the sole basis of any analysis or other evaluation. 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In the view of the Company s management, this Presentation was prepared by management on a reasonable basis, reflects the best currently available estimates and judgements, and presents, to the best of management s knowledge and belief, the expected course of action and the expected future performance and results of the Company. However, such forward-looking statements are not fact and should not be relied upon as being necessarily indicative of future results. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions of the information, opinions or any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based except as required by applicable securities laws. This Presentation contains non-international Financial Reporting Standards ( IFRS ) and non-italian GAAP industry benchmarks and terms, such as EBITDA and Adjusted run-rate EBITDA. The non-ifrs financial measures do not have any standardized meaning and therefore are unlikely to be comparable to similar measures presented by other companies. Run-rate adjustments regarding synergy and cost savings estimates are based on a number of assumptions made in reliance on the information available and management s judgment, and they are inherently uncertain and subject to a wide variety of significant business, economic, and competitive risks and uncertainties. The Company uses the foregoing measures to help evaluate its performance. As an indicator of the Company s performance, these measures should not be considered as an alternative to, or more meaningful than, measures of performance as determined in accordance with IFRS and non-italian GAAP. The Company believes these measures to be key measures as they demonstrate the Company s underlying ability to generate the cash necessary to fund operations and support activities related to its major assets. By reading or accessing the Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company s business. Recipients should not construe the contents of this Presentation as legal, tax, regulatory, financial or accounting advice and are urged to consult with their own advisers in relation to such matters. Unless as otherwise stated herein, the Presentation speaks only as of September 30, 2018, The information included in this Presentation may be subject to updating, completion, revision and amendment and such information may change materially. No person is under any obligation to update or keep current the information contained in the Presentation and any opinions expressed relating thereto are subject to change without notice. The unaudited financial information presented in the Presentation has been prepared by management. The unaudited pro forma financial information was not prepared with a view towards compliance with published guidelines of the SEC, the guidelines established by the American Institute of Certified Public Accountants for preparation and presentation of pro forma financial information, GAAP or IFRS. Our independent auditors have not audited, reviewed, compiled or performed any procedures with respect to such unaudited financial information for the purpose of its inclusion herein and accordingly, they have not expressed an opinion or provided any form of assurance with respect thereto for the purpose of this Presentation. Furthermore, the unaudited financial information does not take into account any circumstances or events occurring after the period it refers to. The unaudited pro forma is for information purposes only and does not purport to represent or to be indicative of the consolidated financial position of consolidated results of operations of the Group and is not, and should not be taken as, representative of the Group s future consolidated financial position or results of operations, nor does it purport to project the Group s financial position as o any future date or results of operations for any future period and should be not used for such purpose. The unaudited pro forma financial information is based on a number of assumptions that are subject to inherent uncertainties subject to change. In addition, although we believe the unaudited pro forma financial information to be reasonable, our actual results may vary and such variations could be material. As such, you should not place undue reliance on such unaudited financial information and it should not be regarded as an indication that it will be an accurate prediction of future events. Statement In compliance with Article 154-bis of the Uniform Financial Services Act (Italian Legislative Decree n. 58/1998), the Financial Reporting Officer ( Dirigente Preposto ), Mario Bruno, declares that the accounting information reported in this presentation corresponds to the underlying documentary reports, books of account and accounting entries. 2
Agenda 1 Business Update Guglielmo Angelozzi, CEO, Gamenet Group 2 9M 18 Results Mario Bruno, CFO, Gamenet Group 3 Q&A 4 Appendix 3
9M 18 Key Takeaways GoldBet s acquisition completed October 9 th, 2018, therefore Gamenet Group s consolidated results do not incorporate GoldBet s contribution. Pro forma 1 results are provided and represent the combined results of both companies. Solid Bet performance at 5.3B (+0.9% vs 9M 17, +0.7% vs Q3 17) - Further growth of betting and online segment (+3.8%), driven in particular by online (+5.0%) - Positive VLT performance (+2.6%) - AWPs still positive (+0.5%), notwithstanding market reduction in the number of machines Revenues grow +2.6% vs. 9M 17 before PREU increase (-1.9% at 442.2M, including PREU increase) - Strong improvement on retail sports betting mainly due to favourable payout performance at 80.2% - Online GGR grows double digits at +18.0% due to product innovation and new games offer Strong 9M 18 EBITDA at 65.7M or +14.4% vs 9M 17 ( 57.4M) and 30/09/18 LTM EBITDA at 90.3M - Significant Sports betting and online contribution to profitability - Distribution insourcing carried out as per plan and contributing to margins growth - Positive VLT impact 9M 18 adjusted Net Profit at 9.0M (before extraordinary component worth 13.8M, mainly relating to the refinancing costs of the bond in Q2 18, costs relating to the issuance of the new bond in Q3 18 to service the GoldBet acquisition, and other one-off costs already stated in the previous quarters) vs 9M 17 adjusted Net Profit at 5.2M. 9M 18 Net result reported at - 4.8M Continued strong balance sheet performance, with solid NFP/EBITDA (LTM) at 2.0x, notwithstanding the 18M dividend paid in May 2018, the costs related to the bond refinancing and to the issuance of the new bond for the GoldBet acquisition, and other one off items already disclosed in the previous quarters - NFP at 179.0M in 9M 18 vs. 153.3M in FY 17; adjusted NFP at 163.1M; adjusted NFP/EBITDA LTM at 1.8x Strong performance of Gamenet Group + Goldbet: 9M 18 Pro Forma EBITDA at 106.5M or +36.6% vs 9M 17 PF ( 78.0M); 30/09/18 LTM Pro Forma EBITDA at 152.2M; Leverage at 2.7x (1) Unaudited proforma financial information for the nine months ended September 30, 2018 and 2017 has been prepared in order to reflect retroactively the effects of (i) the GoldBet acquisition completed on October 9, 2018, (ii) the issuance, on September 20, 2018, of Euro 225 million senior secured floating rate notes due 2023 and (iii) the issuance, on April 27, 2018, of Euro 225 million senior secured floating rate notes due 2023, used for the final repayment of all the senior secured notes with a nominal amount of Euro 200 million issued on August 3, 2016 and with maturity originally envisaged for 2021. 4
9M 18 Group Highlights As Reported Pro-forma Revenues 442.2M Contribution Margin 1 114.1M Revenues 576.9M Contribution Margin 1 168.1M EBITDA 1 65.7M NFP 179.0M EBITDA 1 106.5M NFP 412.4M Leverage 2 at 2.0x Leverage 2 at 2.7x Contribution Margin Contribution Margin 9M 17 9M 18 9M 17 9M 18 Retail & Street Operations 19% VLT 45% Retail & Street Operations 19% VLT 38% Retail & Street Operations 14% VLT 34% Retail & Street Operations 13% VLT 26% Betting & Online 19% AWP 17% 100.3M Betting & Online 25% 114.1M AWP 18% Betting & Online 39% 133.1M AWP 13% Betting & Online 49% 168.1M AWP 12% +13.8% +26.3% Variances vs 9M 17 Source: Company information (1) 2018 Contribution margin and EBITDA do not include Euro 2.4 million of one-off VAT refund occurred in Q1 18 (2) Calculated as NFP/9M 18 LTM EBITDA 5
Bet and Revenues evolution (As Reported) Business Performance Bet 5.3BN Revenues 442.2M Bet Evolution 5,217 +0.9% 5,265 343 300 536 557 2,385 2,446 (1) -12.4% +3.8% +2.6% +0.9% vs 9M 17-1.9% vs 9M 17 Solid bet performance: 1,953 1,962 +0.5% Further growth of betting and online segment (+3.8%) driven in particular by online (+5.0%) Positive VLT performance (+2.6%) AWP average productivity per machine increasing (+23.3% 9M 18 vs 9M 17; +17.1% 1H 18 vs 1H 17) Revenues at 442.2M (-1.9% vs 9M 17, due to % PREU increase; +2.6% before PREU increase) 9M'17 AWP VLT Betting & Online Retail & Street Ops Revenues +2.6% before PREU % increase -1.9% 450.7 442.2 9M'17 Variances vs PY (1) Does not include bet generated by company owned gaming halls connected to Gamenet Group s concessionaires. After including it, the total 9M 18 bet relating to Retail & Street Operation segment is 794M vs 674M in 9M 17. 6
KPIs (As Reported) AWP/VLTs Bet Retail Sports Betting Payout Trend 1.8% 793.1 825.9 +4.1% 74.6% 80.7% 79.2% 80.0% 78.4% 76.9% 77.4% 83.0% 82.2% 81.9% 82.8% 81.1% 81.1% 80.6% 80.1% 79.2% 80.2% 80.3% 79.4% 84.3% 0.9% 652.4 630.0-3.4% 72.8% 2011 2012 2013 2014 2015 2016 2017 Q1'18 H1'18 Q3'17 AWP VLT Q3'18 (*) Market payout trend Gamenet Group Payout 10.0 Online GGR +18.0% 11.8 Retail & Street Ops Wagers 674.2 (1) +17.8% 794.3 (1) 9M'17 9M'17 Contribution margin/bet Bet variances vs prior period (*) Source: Company estimates based on ADM data. (1) Includes bet generated by company owned gaming halls connected to Gamenet Group s concessionaires. 7
Contribution Margin, EBITDA (As Reported) and Net Profit Adj. Business Performance Contribution Margin Contribution Margin 1 114.1M EBITDA 1 65.7M +13.8% +13.8% vs 9M 17 +14.4% vs 9M 17 100.3 114.1 Contribution Margin: Strong results of Betting & Online (+49.4% vs 9M 17) also due to a favourable payout in 9M 18 (80.2%) vs 9M 17 (84.3%) Solid AWP performance (+20.0% vs 9M 17) driven by continued focus on distribution insourcing 9M'17 EBITDA +14.4% EBITDA at 65.7M, growing +14.4% vs 9M 17 Net Profit Adjusted at 9.0M, growing substantially vs PY ADJ Net Profit Adjusted 5.2 9M'17 ADJ +73.1% -4.8 9.0 ADJ 57.4 9M'17 65.7 Variances vs PY (1) 2018 Contribution margin and EBITDA do not include Euro 2.4 million of one-off VAT refund occurred in Q1 18 8
Net Financial Position (As Reported) Financial Performance Leverage +25.7M +22.5M NFP 179.0M NFP/EBITDA (LTM) 2.0x 171.1 148.1 158.8 153.3 177.8 139.6 156.5 179.0 +16.8% vs 9M 17 In line with 9M 17 2.8x 2.4x 2.3x 1.9x 1.9x 1.8x 2.0x 2.0x NFP at 179.0M (+ 22.5M vs 9M 17) mainly due to dividends paid and one-off costs related to bond refinancing in Q2 18 and the issuance of new bond in September to service the GoldBet acquisition and other one-off items already disclosed in previous quarters 2014 2015 2016 2017 Q1'18 H1'18 9M'17 EBITDA Evolution 65.7 NFP/EBITDA LTM at 2.0x, in line with same period LY; NFP adjusted to account for the above extraordinary items at 163.1M, with NFP adjusted/ebitda LTM at 1.8x 57.4 12.7 % 14.8% EBITDA at 65.7M; Q3 18 at 22.0M, +4.7% vs same period LY; margin significantly improved to ca.15% vs same period LY 9M'17 Variances vs PY Net Debt/EBITDA LTM leverage Ebitda margin calculated on revenues 9
9M 18 KPI summary (Pro forma) Pro forma 1 Financial Performance 9M 2018PF 9M 2017PF Delta Δ% Revenues 576.9 553.3 23.6 4.3% Contribution Margin 2 168.1 133.1 35.0 26.3% EBITDA 2 106.5 78.0 28.5 36.6% Net income 23.6 4.5 19.1 >100% Net Financial Debt 412.4 n.a. n.a. n.a. 9M 18 Pro Forma EBITDA at 106.5M or +36.6% vs 9M 17 PF ( 78.0M) 30/09/18 LTM Pro Forma EBITDA at 152.2M (1) Unaudited proforma financial information for the nine months ended September 30, 2018 and 2017 has been prepared in order to reflect retroactively the effects of (i) the GoldBet acquisition completed on October 9, 2018, (ii) the issuance, on September 20, 2018, of Euro 225 million senior secured floating rate notes due 2023 and (iii) the issuance, on April 27, 2018, of Euro 225 million senior secured floating rate notes due 2023, used for the final repayment of all the senior secured notes with a nominal amount of Euro 200 million issued on August 3, 2016 and with maturity originally envisaged for 2021. (2) 2018 Contribution margin and EBITDA do not include Euro 2.4 million of one-off VAT refund occurred in Q1 18 10
9M 18 KPI evolution (Pro forma) Bet Evolution Revenues 6,403 +4.3% 6,679 300 343 1,722 1,971 (1) -12.4% +14.4% +4.3% 2,385 2,446 +2.6% 553.3 576.9 1,953 1,962 +0.5% 9M'17PF PF AWP VLT Betting & Online Retail & Street Ops +0.5% 9M'17PF PF Contribution Margin 2 EBITDA 2 Net Income +26.3% +36.6% >100% 133.1 168.1 78.0 106.5 23.6 4.5 9M'17PF PF 9M'17PF PF 9M'17PF PF Variances vs PY Unaudited proforma financial information for the nine months ended September 30, 2018 and 2017 has been prepared in order to reflect retroactively the effects of (i) the GoldBet acquisition completed on October 9, 2018, (ii) the issuance, on September 20, 2018, of Euro 225 million senior secured floating rate notes due 2023 and (iii) the issuance, on April 27, 2018, of Euro 225 million senior secured floating rate notes due 2023, used for the final repayment of all the senior secured notes with a nominal amount of Euro 200 million issued on August 3, 2016 and with maturity originally envisaged for 2021. (1) Does not include bet generated by company owned gaming halls connected to Gamenet Group s concessionaires. After including it, the total 9M 18 bet relating to Retail & Street Operation segment is 794M vs 674M in 9M 17. (2) 2018 Contribution margin and EBITDA do not include Euro 2.4 million of one-off VAT refund occurred in Q1 18 11
Agenda 1 Business Update Guglielmo Angelozzi, CEO, Gamenet Group 2 9M 18 Results Mario Bruno, CFO, Gamenet Group 3 Q&A 4 Appendix 12
Revenues - 9M 18 vs 9M 17 (As Reported) - 8.5M (4.5) 4.5 12.5 3.8 (4.5) (20.3) 450.7 462.5 442.2 9M'17 AWP VLT Betting & Online AWP Decrease mainly driven by temporary payout increase (- 5.8M) partially offset by YoY bet growth (+ 1.0M) Retail & Street Ops Other before PREU increase PREU increase VLT Like for like increase mainly driven by YoY bet growth (+ 3.8M) and payout effect (+ 0.8M) Betting & Online Revenues increase due to a favourable payout in 9M 18 (+80.2%) vs 9M 17 (84.3%) Retail & Street Operations Mainly driven by continued downstream integration and opening of new venues 13
Contribution Margin - 9M 18 vs 9M 17 (As Reported) + 13.8M 3.6 0.7 9.4 3.9 (0.7) (3.1) 100.3 1 117.2 114.1 AWP 9M'17 AWP VLT Betting & Online Year on year increase mostly attributable to the profitability improvement driven by the larger number of company owned machines distribution insourcing Rest of AWP Revenues pass trough due to contractual structure on third parties machines Retail & Street Ops VLT Other before PREU increase PREU increase Please refer to revenue evolution commented on the previous page Betting & Online Please refer to revenue evolution commented on the previous page Retail & Street Operations Please refer to revenue evolution commented on the previous page (1) 2018 Contribution margin doesn t include Euro 2.4 million of one-off VAT refund occurred in Q1 18 14
Net Financial Position Evolution (As Reported) FY'16 FY'17 9M'17 Financial Debt 222.0 215.7 207.8 474.0 Shareholders' loan 3.0 3.1 3.1 3.2 Bank loans 6.9 1.2 1.5 13.0 Other financial liabilities 11.6 10.9 6.0 16.3 Bond 195.5 195.9 195.7 439.3 Interests 5.0 4.6 1.5 2.2 Cash (49.8) (52.4) (41.6) (61.8) Other financial assets (13.4) (10.1) (9.7) (233.2) Other current financial assets (0.5) (0.3) (0.1) (225.5) Other non current assets (8.5) (5.2) (5.2) (4.7) Non current financial assets (4.3) (4.6) (4.4) (3.0) Net Debt 158.8 (*) 153.3 (**) 156.5 179.0 (***) EBITDA (****) 70.2 82.1 77.0 90.3 Net Debt / EBITDA (****) 2.3x 1.9x 2.0x 2.0x Excluding the impact associated to the bonds refinanced/issued in April and September, as well as the impact associated to the Stock Option Plan and to the Tax Audit settled in H1, the NFP would have been 163.1M and the leverage ratio 1.8x (*) Includes Bond refinanced in 2016 (**) Includes IPO costs and one off costs (***) Includes Bond refinancing issued in Q2 18 and Bond issued on September 2018 (****) LTM EBITDA 15
Debt and Leverage Profile (As Reported) + 25.7M 18.0 8.8 3.3 3.7 12.7 (65.7) 21.9 153.3 12.3 10.7 179.0 Net Debt 2017 EBITDA Change in WC Maintenance Capex Growth Capex Net Financial expenses Dividends paid Bond refinancing net changes in NFP (one-off) Acquisition of treasury shares Other Net Debt Net Debt/ EBITDA (*) 1.9x 2.0x Net Debt evolution vs YE17 driven by dividend payments, costs related to bond refinancing in Q2 18 and to the issuance, in September, of the new bond to service the GoldBet acquisition Robust leverage ratio, in line vs PY at 2.0x (*) LTM EBITDA 16
9M 18 Cash Flow Statement (As Reported) Net Cash Flows from Operating Activities 48.9 Capex (23.4) Free Cash Flow 25.5 Dividends paid (18.0) Bonds net cash impact 27.3 Net Financial Expenses (12.7) Acquisitions & Disposal (9.1) Other - Net (*) (3.5) Other Investing/Financing Activities (16.0) Net Cash Flow 9.5 25M increase in bond + 12M increase in RCF neutral on NFP; all other items basically in line with cash transaction costs Other changes in NFP not included in Cash Flow (35.2) Change in NFP (25.7) (*) Includes 3.3 million relating to acquisition of tresury shares 17
Agenda 1 Business Update Guglielmo Angelozzi, CEO, Gamenet Group 2 9M 18 Results Mario Bruno, CFO, Gamenet Group 3 Q&A 4 Appendix 18
Agenda 1 Business Update Guglielmo Angelozzi, CEO, Gamenet Group 2 9M 18 Results Mario Bruno, CFO, Gamenet Group 3 Q&A 4 Appendix 19
9M 18 Income Statement (As Reported) 9M'17 % Change Revenues 442.2 450.7-1.9% Other Income 2.5 3.1-18.5% Total Revenues and Other Income 444.6 453.7-2.0% Contribution Margin 1 114.1 100.3 13.8% EBITDA 1 65.7 57.4 14.4% Operating Income 21.7 13.8 57.3% Interest Expenses ongoing, Net 2 (24.0) (12.1) 97.5% Other - - n.m. Financial Charges, Net (24.0) (12.1) 97.5% Income Before Tax (2.2) 1.7 <100% Net Profit (4.8) 0.1 n.m. (1) 2018 Contribution margin and EBITDA do not include Euro 2.4 million of one-off VAT refund occurred in Q1 18 (2) The interest expenses ongoing relate, for a total of Euro 7.9 million, to the cost of the 6% bond until the refinancing effective April 2018, the new bond issued in April 2018 (bond refinancing) and the interest relating to the new bond issued in September 2018 to service the GoldBet acquisition 20
9M 18 Consolidated Key Balance Sheet figures (As Reported) FY'17 Property, plants and equipment 52.5 53.1 Goodwill 76.8 71.5 Intangible assets 87.9 97.5 Net working capital and other asset/liabilities (0.9) (0.1) Net invested capital 216.3 222.0 Net Debt 179.0 153.3 Equity 37.3 68.7 Financial Liabilities and Equity 216.3 222.0 21
Key financial highlights (As Reported) Revenues (1) Contribution margin (2) EBITDA Margin (%) (3) Margin (%) (3) 18% 19% 13% 21% 23% 26% 12% 13% 12% 15% 617 30 634 36 144 511 8 7 208 483 17 8 71 83 216 207 458 28 66 89 92 129 20 24 27 32 117 22 61 62 75 82 66 207 1 2 10 2 29 154 288 251 300 308 209 67 66 65 61 46 19 14 20 24 21 FY'14 FY'15 FY'16PF FY'17 FY'14 FY'15 FY'16PF FY'17 FY'14 FY'15 FY'16PF FY'17 AWP VLT Betting & online Retail & street operation Source: Company information. (1) Including infra-segment revenues and excluding unallocated. Total revenues net of unallocated / consolidation effect equal to 502m in 2014A, 473m in FY 15, 607m in FY 16, 620m in FY 17 and 442 in 9M 18. (2) Contribution margin including unallocated / eliminations equal to 89m in FY 14, 91m in FY 15, 130m in FY 16PF, 144.5m in FY 17 and 116.5 in 9M 18. (3) Calculated on net revenues. 22
Levered cash flow, capex and net debt (As Reported) Levered cash flow (1) Capex (2) Net debt Net debt / EBITDA LTM (x) 44 2.8x 2.4x 2.3x 1.9x 2.0x 171.1 179.0 36 34 35 148.1 158.8 153.3 45 47 45 24* 25 24 24 24 30 13 FY'14 FY'15 FY'16PF FY'17 10 10 21 11 6 6 4 1 11 12 10 2 3 6 2 1 2014A 2015A 2016A 2016PF 2017A FY'14 FY'15 FY'16PF FY'17 Source: Company information. Note: 2016PF data include 12m contribution of Intralot and debt refinancing. (1) Calculated as EBITDA maintenance capex net cash financial charges cash taxes tax adjustment (lower D&A). (2) Excluding cash at closing related to acquisitions. Referred as Gross Capex (*) Includes financial charges related to the refinancing of the bond, the issuance of the new bond, taxes paid for a Tax audit of Q1 18 and the Stock Option Plan 23
Contacts Gamenet Group S.p.A. Corso d Italia, 6 00198 Rome Italy Investor Relations Josef Mastragostino +39 06 89865700 ir@gamenetgroup.it