Playtech FY2011 FINAL 140312...
Transcript of Playtech FY2011 FINAL 140312...
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Year ending 31 December 2011
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• Introduction: Roger Withers, Chairman
• Financial Review: David Mathewson, CFO
• Review of 2011 & Strategy: Mor Weizer, CEO
• Questions and Answers
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• Excellent financial performance • Gross income up 41%• Adj. EBITDA up 22%• Adj. net profit up 21%• Strong cashflow
• New dividend policy
• Dividend set at 16.5 € cents
• Outlook: very confident for 2012
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• Gross income up 41%• Basic adjusted earnings per share, 46.2€ cents, up 20%• Dividend recommended at 16.5 € cents per share• Net assets €478.7 million, up from €300.0 million• Net cash balance of €137.3 million and unutilised facilities of €82.6 million
• Strong current trading outstripping management expectations
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• New Strategic JV Partnerships• Gauselmann• Peermont
• Acquisitions• Intelligent Gaming Solutions• PTTS Turnkey • Mobenga• Ash Gaming • Geniety
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137.3
114.8
93.7 89.4
173.1
142.3
103.193.2
243.6
207.5
125.5112.8
7090
110130150170190210230250
Gross income Total revenue Adjusted EBITDA Adjusted netprofit2009 2010 2011
• FY11 Growth of 41% on a gross income basis
• 46% growth on a Total revenue basis
• 22% growth on an adjusted EBITDA basis
• 21% growth on an adjusted net profit basis
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€165.0
€134.2
€95.0€85.1
€243.6
€207.5
€125.5
€112.8
70
90
110
130
150
170
190
210
230
250
Gross income Total revenue Adjusted EBITDA Adjusted net profit
2010 2011
€165.0
€134.2
€95.0€85.1
€199.8
€163.7
€113.9
€102.8
70
90
110
130
150
170
190
210
230
250
Gross income Total revenue Adjusted EBITDA Adjusted net profit
2010 2011
Excluding 2011 acquisitions and withdrawal from France in 2010
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173.1165.0
199.8
243.6
8.1
21.4 4.7 3.45.3
43.8
140
160
180
200
220
240
260
2010 GrossIncome
Closure ofFrenchmarket
2010 GrossIncome net of
France
ExistingLicensees
Videobet *Other NewBusiness
WHO SOP 2011 Excl.Acquistions
Acquistions(PTTS,
Mobenga,Ash)
2011 GrossIncome
* Other New Business defined as new licensees or new products which were launched in the past 18 months
13.0%
2.9%2.1%
3.2%
+21.1%
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76.8
33.8
0.2 1.4 - 2.6
96.7
27.4
10.9 2.1 1.1 4.1
114.4
21.8 15.1
7.8
43.0
5.4
0
20
40
60
80
100
120
Casino Poker Bingo Videobet Services Other
2009
2010
2011
• Services includes PTTS for 6 months
• Broad diversification of products
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0
50
100
150
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250
2009 2010 2011
Other
Services
Videobet
Bingo
Poker
Casino
55%
11%7%4%
21%
2%
• We expect the services division share of total revenue to increase in 2012
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2010 2011 *2011
Top 2 licensees 33% 37% 26%Top 5 licensees 49% 55% 49%Top 10 licensees 64% 68% 64%Top 15 licensees 74% 75% 72%
Licensees > €4m revenue 8 10 8Licensees > €1m revenue 29 32 30
* Excluding acquisitions in 2011
Excluding acquisitions customer concentration has improved, however due to the investment in PTTS, 2011 including acquisitions is broadly similar to 2010
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• The above represents total adjusted operational costs including acquisitions
• Spread of costs remained broadly stable
• Like‐for‐like cost growth of 23% in line with revenue
€ in millions 2011 2010Adj. Operational Costs 118.1 70.0 Revenue driven costs 25.1 12.6 Adjusted operating expenses excluding revenue driven costs 93.0 57.4 Employee related costs 64.3 69% 39.6 69%Administration and office costs 11.9 13% 8.9 15%Travel, exhibitions & marketing 4.7 5% 4.6 8%Cost of services 4.3 5% 0.8 2%Other 7.8 8% 3.5 6%
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• Comprises software (third party content and branded license fees) and services revenue driven costs
• In line with previous guidance
Revenue 2011 2010Revenues 207.5 142.3 Revenue driven costs* 25.1 12.6 % out of revenue 12.1% 8.9%% out of Revenue excluding acquisitions in 2011 9.6% 8.9%
*PTTS only included for 6 months
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*PTTS only included for 6 months
€ in millions 2011 2010Employee costs 64.3 39.6 % of total adj. operating costs excl. revenue driven costs 69.2% 68.9%Increase in total employee operating costs excluding acquisitions in 2011
19.6%
Rate of capitalised development costs 12.1% 16.5%Rate of capitalised development costs excl. acquisitions in 15.9% 16.5%
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PTEC continues to be highly cash generative with a strong conversion rate from adjusted EBITDAPTEC continues to be highly cash generative with a strong conversion rate from adjusted EBITDA
Net cash from operating activities including from WHO – €109.4m
Conversion rate from adjusted EBITDA – 87%
Net cash from operating activities including from WHO – €109.4m
Conversion rate from adjusted EBITDA – 87%
Cash Used in investing activities:
Acquisitions including earn‐out payments in 2011 ‐ €97.2m
• PTTS‐ €44.3m, Ash Gaming‐ €27.0m, Mobenga‐ €7.8m, IGS‐ €2.8m
• Final payments for the consideration of VF‐ €8.1m
• Final payments for the consideration of GTS‐ €7.4m
• Final payment for the assets acquired for the WHO joint venture ‐€15.0m
Cash Used in investing activities:
Acquisitions including earn‐out payments in 2011 ‐ €97.2m
• PTTS‐ €44.3m, Ash Gaming‐ €27.0m, Mobenga‐ €7.8m, IGS‐ €2.8m
• Final payments for the consideration of VF‐ €8.1m
• Final payments for the consideration of GTS‐ €7.4m
• Final payment for the assets acquired for the WHO joint venture ‐€15.0m
(*) Full summary the balance sheet statement detailed in the appendices
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Cash generated in financing activities:
Shares placing net proceeds‐ €117.5m
• Withdrawal from credit facility‐ €27.4m
• 2010 final dividend payment– €23.4m
Cash generated in financing activities:
Shares placing net proceeds‐ €117.5m
• Withdrawal from credit facility‐ €27.4m
• 2010 final dividend payment– €23.4m
Existing cash contingencies include:
• PTTS ‐ €95m + earnout of x7 2014 results (payable throughout 2015 and 2016)
• Mobenga ‐ earnout of x6 2013 results (payable in 2014)
Existing cash contingencies include:
• PTTS ‐ €95m + earnout of x7 2014 results (payable throughout 2015 and 2016)
• Mobenga ‐ earnout of x6 2013 results (payable in 2014)
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• Total net assets: €478.7m (2010: €300.0m)
• Intangible assets: €365.2m (2010: €100.4m)
• Net cash balances: €137.3m (2010: €68.5m)
• Contingent and deferred consideration: €187.3m
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• Progressive dividend policy
• Target 40% pay‐out ratio
• 1/3 interim, 2/3 final dividend payment structure.
• Total payout of €47.7 million (2010: €46.1 million) despite change in policy
€ in millions 2011 2010% GrowthAdj. Basic EPS 46.2 38.5 20%Diluted Adj. EPS 45.7 37.1 23%DPS 16.5 19.0 Dividend payout ratio 40% 50%
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• Strong and continuing growth
• Acquisitions performing ahead of management expectations
• Strong balance sheet and cash resources
• Progressive dividend policy
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• IMS tools: MailQ, dashboard, quick‐deposit, chat alerts, regulated markets
• Casino: launched over 50 new games, expanded 3rd party library
• new branded content, Casino portal, enhanced open platform
• Poker: innovative tournaments, lobby enhancements
• Bingo: international expansion, branded & GTS side games
• Sports: mobile enabler; revised sports betting product
• Cross‐platform: Videobet rollout; mobile sports, enhanced Live
• Services: major affiliate activity post‐DoJ indictments in April
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New Licensees• 9 new licensees, +15 core product licenses• Major new land‐based: Gala, COPA, Gauselmann,
Peermont, Caliente• Extensions of existing contracts: Betfair (Live)
Paddy Power (casino), SNAI/SISAL (casino), Boylesports (casino)
New Markets• Italy: new casino/ cash poker licensees• Spain: licensees in readiness,
Casino Gran Madrid operational• Denmark: licensees operational
under new regulations• South Africa: new JV with Peermont• Other: Belgium, Greece, Mexico, others
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105.6
137.3
173.1
165.0
243.6
8.9
22.5 0.3
11.78.3
18.05.9 8.1
8.1
21.75.3
6.8 1.0
41.2 2.6
96
116
136
156
176
196
216
236
256
GI 2008(Excl.WHO
formercustomer)
Organic2009
WHO GTS GI 2009 Organic2010
Growth inWHO
VF GTS France GI 2010 France GI 2010Ex-France
Organic2011
Growth inWHO
VF GTS PTTS Other(Mobenga,Ash, IGS)
GI 2011
Organic growth2011: 21.1%2010: 14.6% 2009: 8.4%
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• Intelligent Gaming: Land‐based casino monitoring• Mobenga: Mobile sports enabler• Ash Gaming: Casino games content• Geneity: Sports book developer
Acquisitions bring substantial benefits to Playtech:
• Unique single source supplier capability
• Enhanced capabilities, speed to market
• Additional depth of management
• Incremental earnings contribution 2012→PTEC represented 10% of GiQs Hot 50
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Strategic• Delivered potential for turnkey and JV solutions
• Gauselmann, Peermont; COPA
• Unique breadth of operational and marketing expertise
• Greater flexibility to access new markets
Operational• Achieving operational efficiencies• Positive 6 months performance & trend• Preparing for more regulated market launches
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• One stop shop for industry leading products• Full range of products & services• Broad capability, unique cross‐platform revenue generation
Delivery• Track record of successful acquisitions• Focus on regulated markets growth
Financial Corporate• Balance sheet strength• Diversity of income stream
• Full List• New dividend policy
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ICE gaming exhibition, Jan 2012
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• Organic growth: typically above industry average• Extended branded games roll‐out programme• New licensees: across a range of markets/ geographies• Spain: regulated market launch in H1 2012?
Full year impact:• PTTS: 12mth contribution vs 6mth in 2011• Italian casino/ cash poker; plus slots in 2012?• 2011 tech acquisitions (incl Ash; Mobenga)• New licensee launches in H2 2011• Videobet UK rollout
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• WHO delivering substantial value to both partners• Demonstrated potential from leveraging combined capabilities• PTEC: SOP €90m; total return €140m since 2009 (vs €180m investment)
William Hill Online: Henry Birch, CEOPTEC: Liron Snir, Zohar Vaida
2011 eGR Operator of the Year Award
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• Strategy focused on three key themes:
• Products & Services
• Turnkey solutions
• Joint Ventures
Acquisitions• Monitoring industry trends: social gaming; remote (mobile/tablets);
utilities; and systems
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• Provides highly attractive access to dynamic new markets • Benefit of dedicated marketing expertise• Minimal cost pre‐regulation; initial marketing spend• Sustainable return opportunities as market matures• Royalties + equity return from contribution to value creation
• Gauselmann: significant optionality on German market• Peermont: the SA opportunity• Other markets
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Environment• State by state basis vs. federal• DoJ – significant milestone (Dec)• Limited group of suppliers with proven track record
PTEC response• Dedicated team on the ground• Regulatory approvals process preparations• Strategic partnerships with significant US expertise• COPA progress
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£100m equity placing
July 2012
Migration work
Mobenga launches Sportsbet
Mexican licence Launch in regulated Denmark market
Play for fun launched
Italian casino/ cash poker networks
Casino launch
Mobenga launches WHO product
Launch in Madrid region
International rollout
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• YoY: over 23% like‐for‐like growth• Daily average revenues first nine weeks vs. 2011
• Daily average vs Q4/11: over 5% ahead• Over 3% excluding Ash & Geneity
Outlook• Board very confident for the year
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