FL Entertainment: Q1 2023 results
Press Release
Paris – 30
May 2023
First quarter
2023 results
SOLID GROUP
FINANCIAL PERFORMANCE
DOUBLE-DIGIT REVENUE GROWTH IN
ONLINE SPORTS BETTING & GAMINGRETURN
TO NORMAL SEASONALITYIN CONTENT PRODUCTION &
DISTRIBUTION AS EXPECTED
SUCCESSFUL REFINANCING OF
BANIJAY BRINGING
FURTHER FINANCIAL FLEXIBILITY
Q1 2023
HIGHLIGHTS
-
Revenue up +1.1%1 to €900m
- Content production &
distribution: -3.1% reflecting the return to normal seasonality
after post-Covid catch-up in Content production in Q1 2022
- Online sports betting & gaming:
+14.5% revenue growth due to significant increase in Unique Active
Players, partially offset by unfavorable football results in
February 2023
- Adjusted
EBITDA2 stable at €145m in Q1 2023,
resulting in an EBITDA margin of 16.1%
- Adjusted net
income2 up +5.3% to €70m versus Q1 2022,
net income at €8.4m (Q1 2022: €42.0m) mainly
driven by non-cash expenses related to changes in financial
instruments
- Adjusted
free cash flow conversion2 of
83%
- Net
financial debt of €2,084m at 31 March
2023; stable leverage3 ratio of 3.1x compared to 31 December
2022 and strong liquidity position of €452m
- Successful
refinancing of
Banijay debt
(~€875m) with
3-year extension of maturity and ~€200m of new
financing
- Continued
M&A strategy: bolt-on M&A
of leading Brazilian content studio A Fábrica
- 2023 guidance and
mid-term objectives
confirmed
François Riahi, CEO of FL Entertainment,
said:
“FL Entertainment enjoyed a positive start to
2023, with solid financial results and strong business
momentum.
Our Online sports betting & gaming business
continued to perform well, carried by the increase in Unique Active
Players secured during the 2022 FIFA World Cup, which resulted in
double-digit revenue growth across all activities. On the Content
production & distribution side, we registered a strong
Distribution performance while content production activity
normalized compared to the elevated post-covid catch-up effect seen
in Q1 2022. We continued to nurture our future growth by
strengthening our collaboration with major streaming platforms as
they recognize our unrivalled multi-format, geographic and language
capabilities, notably when it comes to non-scripted formats well
suited to the current macroeconomic climate.
During the quarter, we also reinforced our
financial strength and flexibility by refinancing the business and
issuing new debt – securing support from high-quality institutional
lenders.
We are well positioned to build on our
leadership positions, continue to seize M&A opportunities in
structurally growing markets and deliver continued profitable
growth in 2023 and beyond.”
*****
FL Entertainment invites you to its Q1 2023 results conference
call on:
Tuesday,
30 May
2023, at 6:00pm CET
Webcast live:You can watch the
presentation on the following
link:https://edge.media-server.com/mmc/p/gi7xwjvd
Dial-in access telephone
numbers:You need to register to the following
link:https://register.vevent.com/register/BIdddbadef07194aa78d47410acc6b597a
Slides related to Q1 2023 results are available
on the Group’s website, in the “Investor relations” section:
https://www.flentertainment.com/
KEY FINANCIALS IN
Q1 2023
|
€m |
Q1 2022 |
Q1 2023 |
% change |
% constant currency |
|
|
|
|
|
|
| Group
revenue |
890.4 |
900.2 |
1.1% |
1.6% |
| Adjusted
EBITDA |
144.8 |
144.6 |
-0.1% |
|
| Adjusted EBITDA
margin |
16.3% |
16.1% |
|
|
|
|
|
|
|
|
| Net income |
39.6 |
8.4 |
-78.7% |
|
| Adjusted net
income* |
66.7 |
70.2 |
5.3% |
|
|
|
|
|
|
|
| Adjusted
free cash-flow |
118.7 |
119.4 |
0.6% |
|
| Free cash flow
conversion rate |
82% |
83% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the twelve-month period ended |
31 December 2022 |
31 March 2023 |
% change |
|
|
|
|
|
|
|
| Net financial
debt (reported) |
2 091 |
2 084 |
-0.3% |
|
|
Net financial debt / Adjusted EBITDA |
3.1x |
3.1x |
|
|
* Refer to the Appendix for definitionQ1 2022 figures are
adjusted to include holding costs of -€2.4m for comparison
purposes.
Q1 2023
AND POST Q1 2023
– KEY EVENTS
A
Fábrica: Bolt-on in
Brazil
FL Entertainment has a proven ability to execute
and create value through bolt-on acquisitions, with a focus on
broadening the Group’s offer and profitable businesses with
leadership positions in structurally growing international markets
that offer consolidation opportunities.
In that context, Banijay has acquired a majority
stake in leading Brazilian studio A Fábrica based in Rio de
Janeiro. It is behind many of the nation’s top scripted series and
films and its content can currently be found on major networks and
platforms such as Netflix, Amazon Prime Video, Turner, HBO Max,
Globo, Globoplay, Canal GNT and Multishow.
Successful refinancing of Banijay’s Term
Loans B due March
2025
On 6 April 2023, Banijay successfully completed
the refinancing of its two Term Loans B (TLB) in Euros and in US
Dollars for an amount equivalent to ~€875m (including a €453m
tranche and US$460m tranche), resulting in a three-year extension
of their maturities until March 2028. The transaction was
over-subscribed by two times and placed with high-quality
institutional lenders.
Banijay raised an additional TLB financing in
Euros and in US Dollars to strengthen its balance sheet and finance
its future growth for a total amount equivalent to €200m, which
splits into €102m and $110m.
The Term Loans B carry a floating interest at
EURIBOR +450 bps for the Euro-denominated tranche, and at SOFR +375
bps for the US Dollar-denominated tranche, both of which benefit
from the existing hedges until March 2025. The additional amounts
and the extended maturities are also hedged against floating
interest rate risks.
In total, Banijay has refinanced and raised an
amount close to €1,100m. In parallel, Banijay extended the maturity
of its €170m RCF by 3 years to September 2027 at EURIBOR +
3.75%4.
OUTLOOK -
DELIVERING CONTINUED PROFITABLE GROWH IN
2023 AND BEYOND
With a solid Q1 2023 performance, FL
Entertainment is on track to deliver continued profitable growth in
2023 and beyond, thanks to the positive momentum experienced across
both businesses.
Content production & distribution
performance is expected to benefit from strengthened activity with
streaming platforms. In Online sports betting & gaming, the
focus remains on driving growth and retaining the high level of
Unique Active Players gained in the last year.
Leveraging its strategy and know-how, FL
Entertainment will continue to focus on operational excellence
while actively pursuing and seizing growth opportunities.
In this context, the Group re-confirms all its
financial objectives, both in the short and medium term.
PROFIT & LOSS – Q1 2023
Q1 2022 figures are adjusted to include holding costs of -€2.4m
for comparison purposes.
|
In € million |
Q1 2022 |
Q1 2023 |
% change |
|
|
|
|
|
|
Revenue |
890.4 |
900.2 |
1.1% |
| External
expenses |
(467.2) |
(488.9) |
4.7% |
| Personnel
expenses excluding LTIP & employment-related earn-out &
option expenses |
(274.2) |
(260.9) |
-4.8% |
| Other operating
income (loss) excl. restructuring costs & other non-recurring
items |
(4.1) |
(5.8) |
41.0% |
| Depreciation and
amortization expenses related to D&A fiction |
(0.1) |
0.0 |
|
|
Adjusted EBITDA |
144.8 |
144.6 |
-0.1% |
| Adjusted EBITDA
margin |
16.3% |
16.1% |
|
| |
|
|
|
| Restructuring
costs and other non-recurring items |
(3.3) |
(5.7) |
|
| LTIP &
employment-related earn-out and option expenses |
(22.4) |
(30.8) |
|
|
Depreciation and amortization (excl. D&A fiction) |
(26.7) |
(28.8) |
|
| Operating
profit/(loss) |
92.4 |
79.3 |
-14.2% |
| |
|
|
|
| Cost of net
debt |
(36.1) |
(34.3) |
|
|
Other finance income/(costs) |
(1.3) |
(25.3) |
|
| Net
financial income/(expense) |
(37.4) |
(59.5) |
-65.0% |
| Share of net
income from associates & joint ventures |
(1.2) |
(0.9) |
|
|
Earnings before provision for income taxes |
53.8 |
18.8 |
-65.0% |
| |
|
|
|
| Income tax
expenses |
(14.2) |
(10.4) |
|
|
Profit/(loss) from continuing operations |
39.6 |
8.4 |
|
|
Net income/(loss) for the period |
39.6 |
8.4 |
-78.7% |
|
Attributable to: |
|
|
|
| Non-controlling
interests |
23.3 |
3.8 |
|
| Shareholders |
16.3 |
4.6 |
|
|
Restructuring costs and other non-recurring items |
3.3 |
5.7 |
|
| LTIP &
employment-related earn-out and option expenses |
22.4 |
30.8 |
|
|
Other financial income |
1.3 |
25.3 |
|
| Adjusted
net income |
66.7 |
70.2 |
5.3% |
CONSOLIDATED REVENUE IN
Q1 2023
In Q1 2023, Group revenue increased by +1.6% at
constant currency to €900.2m and by +1.1% in absolute terms. This
represents a strong performance given the impact of post-Covid
catch-up in Content production & distribution in Q1 2022. This
is reflected as follows by business:
|
€m |
Q1 2022 |
Q1 2023 |
% change |
% constant currency |
|
|
|
|
|
|
|
Production |
586.4 |
553.0 |
-5.7% |
|
|
Distribution |
57.1 |
67.9 |
18.9% |
|
| Other |
34.0 |
35.5 |
4.5% |
|
|
Content production & distribution |
677.5 |
656.4 |
-3.1% |
-2.5% |
|
|
|
|
|
|
|
Sportsbook |
175.0 |
194.8 |
11.3% |
|
| Casino |
23.3 |
30.6 |
31.6% |
|
| Poker |
12.3 |
15.2 |
23.8% |
|
| Other |
2.4 |
3.1 |
32.8% |
|
|
Online sports betting & gaming |
212.9 |
243.8 |
14.5% |
14.6% |
|
|
|
|
|
|
|
TOTAL REVENUE |
890.4 |
900.2 |
1.1% |
1.6% |
Content
production &
distribution:
Revenue totaled €656.4m, down -3.1% in absolute
terms and -2.5% at constant currency in Q1 2023 compared to Q1
2022.
Activity remained solid driven by a continued
comprehensive and well-adapted offering with firm demand from both
linear TV and streaming platforms for key non-scripted and scripted
content.
Content production revenue was
down -5.7% to €553m in Q1 2023, reflecting a return to normal
seasonality compared to Q1 2022, where higher activity reflected
the catch-up effect after the Covid period.
The Group delivered a number of successful
returning and new shows, with firm demand from global and local
streaming platforms. These included non-scripted show “LoL” on
Amazon in France and premium scripted series “Lidia Poët” on
Netflix. For linear TV broadcasters, non-scripted content such as
“Starstruck” or “Young Masterchef” were commissioned in the UK; in
Northern Europe, production included “Celebrity Island” in Denmark
and the “Write Offs” in Germany.
Content
distribution revenue increased by
+18.9% to €68m, reflecting a strong demand from both linear TV and
streaming platforms for key non-scripted and scripted content. The
first quarter was marked by delivery of new scripted series such as
“Stonehouse” and premium factual series “Wild Isles” (narrated by
David Attenborough). Banijay also relaunched local format
adaptations of superbrand IP including Big Brother in Argentina and
Survivor in Colombia, which have not been on air for several
years.
Overall, the number of content hours at the end
of March 2023 increased further by +4% compared to December 2022 to
~167,000 hours, following 8,000 additional hours acquired through
Beyond in December 2022.
Online sports
betting &
gaming:
Revenue grew by a solid +14.5% to €244m on a
reported basis5 in Q1 2023 compared to Q1 2022 (+14.6% at constant
currency) with a high level of New Unique Active Players (up +55%)
and total Unique Active Players (up +42%), driven by the positive
impact of the 2022 FIFA World Cup and the successful cross-selling
strategies on the other products, namely casino, poker and horse
racing.
All divisions recorded double-digit growth:
revenue rose by +11.3% in sportsbook in Q1 2023, online casino by
+31.6%, and online poker by +23.8%, with all lines benefitting from
gamification and constant product improvement.
At constant exchange rates and excluding
Bet-at-home operations discontinued in certain jurisdictions,
revenue was up +15% in Q1 2023, driven by the solid continued
performance of Betclic entity (+16%). Bet-at-home recorded stable
revenue (-0.7% over the quarter). On 1 February 2023, Bet-at-home
group rolled out its new betting and gaming platform, which is
expected to benefit all countries from Q2 2023 onwards.
As part of its commitment towards responsible
gaming standards, the proportion of revenue generated in locally
regulated markets increased to 98.4% in Q1 2023 revenue (compared
to 96.5% in Q1 2022), partly due to the increase of Bet-at-home in
regulated markets.
ADJUSTED EBITDA IN Q1
2023
Adjusted
EBITDA6 amounted to €144.6m in Q1
2023, stable compared to Q1 2022, reflecting the Group’s good
performance despite the offsetting effect of the return of normal
seasonality in Content production & distribution in Q1 2023 and
unfavorable football results, notably in countries where taxes are
paid on stakes placed.
|
Adjusted EBITDA
(€m) |
Q1 2022 |
Q1 2023 |
% change |
|
|
|
|
|
| Content
production & distribution |
89.0 |
84.2 |
-5.4% |
| Online sports
betting & gaming |
58.2 |
62.8 |
8.0% |
| Holding |
(2.4) |
(2.4) |
|
|
Adjusted EBITDA |
144.8 |
144.6 |
-0.1% |
|
|
|
|
|
| Content
production & distribution |
13.1% |
12.8% |
|
| Online sports
betting & gaming |
27.3% |
25.8% |
|
|
Adjusted EBITDA margin |
16.3% |
16.1% |
|
At a Group level, external expenses rose by
+4.7% to €488.9m reflecting higher betting taxes for Online sports
betting & gaming. The -4.8% decrease in personnel expenses
(excluding LTIP and employment-related earn-out & option
expenses) to €260.9m related to the flexible cost structure of
Content production & distribution.
FROM ADJUSTED EBITDA TO ADJUSTED NET
INCOME
Restructuring and other non-recurring
items: -€5.7m in Q1 2023 compared to -€3.3m in Q1
2022.
LTIP &
employment-related earn-out and option
expenses: -€30.8m (-€22.4m in Q1 2022)
reflecting the vesting of the incentive plan.
Net financial result
Net financial result amounted to -€59.5m in Q1
2023 compared to -€37.4m in Q1 2022. Of this amount:
- Cost of
net debt totaled -€34.3m in Q1 2023 compared to -€36.1m in
Q1 2022, attributable to decrease in interest charges related to
Betclic loan issued in December 2021 and reimbursed in July
2022.
- Other financial income and
expenses amounted to -€25.3m in Q1 2023, compared to
-€1.3m in Q1 2022, mainly explained by the change in fair value of
the Put/Earn-out debt, hedging instruments and foreign exchange
losses.
Income tax expenses
The tax charge amounted to -€10.4m in Q1 2023
compared to -€14.2m in Q1 2022.
Adjusted net income
As a result of the above, Adjusted net income
rose by +5.3% to €70.2m in Q1 2023 compared to €66.7m in Q1
2022.
FREE CASH FLOW AND NET FINANCIAL
DEBT IN Q1
2023
Adjusted free cash flow (after lease payments)
reached €119m in Q1 2023, stable compared to Q1 2022, driven
by the business performance as well as disciplined control of cash
expenses and capital expenditures.
The change in working capital in Q1 2023 is due
to the come back of a normal seasonality for Content production
& distribution, following high show deliveries in Q1 2022.
Adjusted free cash flow conversion after capex
and leases payment amounted to 83%.
The rise in income taxes paid was mainly
attributable to advanced tax payment on higher 2022
performance.
Adjusted operating free cash flow stood at €68m
in Q1 2023.
|
€m |
Q1 2022 |
Q1 2023 |
% change |
|
Adjusted EBITDA |
144.8 |
144.6 |
-1.8% |
| Capex |
(14.8) |
(13.7) |
|
| Disposals of
property, plant & equipment & intangible assets |
|
0.2 |
|
| Total cash
outflows for leases that are not recognised as rental expenses |
(11.3) |
(11.6) |
|
|
Adjusted free
cash flow |
118.7 |
119.4 |
0.6% |
|
|
|
|
|
| Change in
working capital* |
(17.2) |
(44.0) |
|
| Income tax
paid |
(2.3) |
(7.9) |
|
|
Adjusted operating free cash flow |
99.1 |
67.4 |
-31.9% |
*Excludes LTIP paid and exceptional items
cash-out
The Group’s Net financial debt remained stable
at €2,084m as of 31 March 2023 compared to €2,091m as of 31
December 2022.
Change in net financial debt came mainly from an
increase in Adjusted free cash flow of +€67m, partly offset by LTIP
paid & exceptional items for €13m, net acquisitions for €10m
and €34m interests recognized during Q1 2023.
The financial leverage ratio remained stable at
3.1x as of 31 March 2023, compared to
31 December 2022.
Agenda
H1 2023 results: 2 August 2023
General Shareholders’ Meeting: 15 June 2023
Investor Relations
Caroline Cohen – Phone: +33 1 44 95 23 34 –
c.cohen@flentertainment.com
Press Relations
flentertainment@brunswickgroup.com
Hugues Boëton – Phone: +33 6 79 99 27 15
Nicolas Grange – Phone: +33 6 29 56 20 19
About FL Entertainment
Founded by Stéphane Courbit, a 30-year
entertainment industry pioneer and entrepreneur, FL Entertainment
Group is a global leader in multimedia content and gaming,
combining the strengths of Banijay, the world’s largest independent
producer distributor, with Betclic Everest Group, the
fastest-growing online sports betting platform in Europe. In 2022,
FL Entertainment recorded through Banijay and Betclic Everest
Group, a combined revenue, and Adjusted EBITDA, of €4,047m and
€670m respectively. FL Entertainment listed on Euronext Amsterdam
in July 2022.ISIN: NL0015000X07 - Bloomberg: FLE NA - Reuters:
FLE.AS
Forward-looking statementsThis
communication contains information that qualifies as inside
information within the meaning of Article 7(1) of the EU Market
Abuse Regulation.
Forward Looking StatementsSome
statements in this press release may be considered “forward-looking
statements”. By their nature, forward-looking statements involve
risk and uncertainty because they relate to events and depend on
circumstances that may occur in the future. These forward-looking
statements involve known and unknown risks, uncertainties and other
factors that are outside of our control and impossible to predict
and may cause actual results to differ materially from any future
results expressed or implied. These forward-looking statements are
based on current expectations, estimates, forecasts, analyses and
projections about the industry in which we operate and management's
beliefs and assumptions about possible future events. You are
cautioned not to put undue reliance on these forward-looking
statements, which only express views as at the date of this press
release and are neither predictions nor guarantees of possible
future events or circumstances. We do not undertake any obligation
to release publicly any revisions to these forward-looking
statements to reflect events or circumstances after the date of
this press release or to reflect the occurrence of unanticipated
events, except as may be required under applicable securities
law.
Alternative performance
measuresThe financial information in this release includes
non-IFRS financial measures and ratios (e.g. non-IFRS metrics, such
as adjusted EBITDA) that are not recognized as measures of
financial performance or liquidity under IFRS. The non-IFRS
financial measures presented are measures used by management to
monitor the underlying performance of the business and operations
and, have therefore not been audited or reviewed. Furthermore, they
may not be indicative of the historical operating results, nor are
they meant to be predictive of future results. These non-IFRS
measures are presented because they are considered important
supplementary measurements of FL Entertainment N.V.'s (the
"Company") performance, and we believe that these and similar
measures are widely used in the industry in which the Company
operates as a way to evaluate a company’s operating performance and
liquidity. Not all companies calculate non-IFRS financial measures
in the same manner or on a consistent basis. As a result, these
measures and ratios may not be comparable to measures used by other
companies under the same or similar names.
Regulated information related to this
press release is available on the
website:https://www.flentertainment.com/results-center/https://www.flentertainment.com/
APPENDIX
Glossary
Transaction: business combination with Pegasus
Entrepreneurial Acquisition Company Europe B.V., a special purpose
acquisition company to become a listed company on Euronext
Amsterdam as well as the Group’s reorganization
Adjusted EBITDA: for a period
is defined as the operating profit for that period excluding
restructuring costs and other non-core items, costs associated with
the long-term incentive plan within the Group (the "LTIP") and
employment related earn-out and option expenses, and depreciation
and amortization (excluding D&A fiction). D&A fiction are
costs related to the amortization of fiction production, which the
Group considers to be operating costs. As a result of the D&A
fiction, the depreciation and amortization line item in the Group's
combined statement of income deviates from the depreciation and
amortization costs in this line item.
Adjusted net income: defined as
net income (loss) adjusted for restructuring costs and other
non-core items, costs associated with the LTIP and employment
related earn-out and option expenses and other financial
income.
Adjusted free cash flow:
defined as Adjusted EBITDA adjusted for purchase and disposal of
property plant and equipment and of intangible assets and cash
outflows for leases that are not recognized as rental expenses.
Adjusted
operating free cash flow: defined
as adjusted EBITDA adjusted for purchase and disposal of property
plant and equipment and of intangible assets, cash outflows for
leases that are not recognized as rental expenses, change in
working capital requirements, and income tax paid.
Net financial debt: defined as
the sum of bonds, bank borrowings, bank overdrafts, vendor loans,
accrued interests on bonds and bank borrowings minus cash and cash
equivalents, trade receivables on providers, cash in trusts, plus
players liabilities and escrow accounts plus (or minus) the fair
value of net derivatives liabilities (or assets) for that period.
Net financial debt is pre-IFRS 16.
Leverage: Adjusted net
financial debt / Adjusted EBITDA.
Number of Unique Active
Players: average number of unique players playing at least
once a month in a defined period.
Table 1: Content
production &
distribution: Key
indicators
|
Key indicators - In €m |
Q1 2022 |
Q1 2023 |
% change |
| Production |
586.4 |
553.0 |
-5.7% |
|
Distribution |
57.1 |
67.9 |
18.9% |
| Other |
34.0 |
35.5 |
4.5% |
|
REVENUE |
677.5 |
656.4 |
-3.1% |
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
89.0 |
84.2 |
-5.4% |
| Adjusted EBITDA
margin (%) |
13.1% |
12.8% |
|
|
|
|
|
|
| Capex |
(12.4) |
(11.6) |
|
| Total cash
outflows for leases that are not recognised as rental expenses |
(10.4) |
(10.7) |
|
|
Adjusted free-cash
flow |
66.2 |
61.9 |
-6.5% |
|
|
|
|
|
| Change in
WC |
(20.6) |
(40.5) |
|
| Income tax
paid |
(1.8) |
(4.9) |
|
|
Adjusted operating free
cash flow |
43.9 |
16.5 |
-62.4% |
Table 2: Online sports betting & gaming: Key
indicators
|
Key indicators - €m |
Q1 2022 |
Q1 2023 |
% change |
| Sportsbook |
175.0 |
194.8 |
11.3% |
| Casino |
23.3 |
30.6 |
31.6% |
| Poker |
12.3 |
15.2 |
23.8% |
| Other |
2.4 |
3.1 |
32.8% |
|
REVENUE |
212.9 |
243.8 |
14.5% |
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
58.2 |
62.8 |
8.0% |
| Adjusted EBITDA
margin (%) |
27.3% |
25.8% |
|
|
|
|
|
|
| Capex |
(2.4) |
(2.0) |
|
| Total cash
outflows for leases that are not recognised as rental expenses |
(0.9) |
(1.0) |
|
|
Adjusted free cash flow |
54.8 |
59.9 |
9.2% |
|
|
|
|
|
| Change in
WC |
3.1 |
0.8 |
|
| Income tax
paid |
(0.6) |
(3.0) |
|
|
Adjusted operating free
cash flow |
57.3 |
57.7 |
0.6% |
*Excluding LTIP payment and exceptional items
Table 3: Consolidated
statement of cash flows
|
In € million |
31 March 2022 |
31 March 2023 |
|
Profit/(loss) |
42.0 |
8.4 |
|
Adjustments: |
95.8 |
131.6 |
| Share of
profit/(loss) of associates and joint ventures |
1.2 |
0.9 |
| Amortization,
depreciation, impairment losses and provisions, net of
reversals |
26.9 |
27.9 |
| Employee
benefits LTIP & employment-related earn-out and option
expenses |
22.4 |
30.8 |
| Change in fair
value of financial instruments |
(3.2) |
16.0 |
| Income tax
expenses |
14.2 |
10.4 |
| Other
adjustments (1) |
(2.3) |
9.4 |
| Cost of
financial debt and current accounts |
36.7 |
36.1 |
|
Gross cash provided by operating activities |
137.8 |
140.0 |
| Changes in
working capital |
(19.6) |
(52.8) |
| Income tax
paid |
(2.3) |
(7.9) |
|
Net cash flows provided by operating
activities |
115.9 |
79.2 |
| Purchase of
property, plant and equipment and intangible assets |
(14.8) |
(13.7) |
| Purchases of
consolidated companies, net of acquired cash |
(17.6) |
(3.0) |
| Increase in
financial assets |
(1.8) |
(6.4) |
| Disposals of
property, plant and equipment and intangible assets |
|
0.2 |
| Proceeds from
sales of consolidated companies, after divested cash |
0.9 |
0.1 |
| Decrease in
financial assets |
0.5 |
1.8 |
| Dividends
received |
0.2 |
0.1 |
|
Net cash provided by/(used for) investing
activities |
(32.6) |
(21.0) |
| Change in
capital |
(0.0) |
|
| Dividends paid
by consolidated companies to their non-controlling interests |
(1.0) |
(4.1) |
| Proceeds from
borrowings and other financial liabilities |
1.6 |
3.3 |
| Repayment of
borrowings and other financial liabilities |
(15.1) |
(25.3) |
| Other cash items
related to financial activities |
|
0.2 |
| Interest
paid |
(48.2) |
(49.8) |
|
Net cash flows from/(used in) financing
activities |
(62.7) |
(75.7) |
| Impact of
changes in foreign exchange rates |
4.5 |
(11.0) |
|
Net increase/(decrease) of cash and cash
equivalents |
25.0 |
(28.5) |
|
|
|
|
| Net cash and
cash equivalents at the beginning of the period |
432.4 |
479.4 |
| Net cash and
cash equivalents at the end of the period |
457.5 |
450.9 |
(1) Other adjustments include notably unrealized foreign
exchange gains on disposal and liquidation of subsidiaries
Table 4:
Consolidated balance
sheet
|
In € million |
31 December 2022 |
31 March 2023 |
|
ASSETS |
|
|
| Goodwill |
2 570.2 |
2 595.0 |
| Intangible
assets |
194.8 |
201.6 |
| Right-of-use
assets |
160.8 |
163.3 |
| Property, plant
and equipment |
59.2 |
60.6 |
| Investments in
associates and joint ventures |
14.0 |
13.7 |
| Non-current
financial assets |
161.7 |
124.2 |
| Other
non-current assets |
35.9 |
28.4 |
| Deferred tax
assets |
51.9 |
53.4 |
|
Non-current assets |
3 248.6 |
3 240.2 |
|
|
|
|
| Inventories and
work in progress |
705.2 |
736.5 |
| Trade
receivables |
496.5 |
532.4 |
| Other current
assets |
288.3 |
283.7 |
| Current
financial assets |
24.7 |
18.9 |
| Cash and cash
equivalents |
479.4 |
452.1 |
|
Current assets |
1 994.0 |
2 023.7 |
| TOTAL
ASSETS |
5 242.6 |
5 263.8 |
|
|
|
|
| EQUITY
AND LIABILITIES |
|
|
| Share
capital |
8.0 |
8.0 |
| Share
premiums |
91.7 |
2.3 |
| Net
income/(loss) - attributable to shareholders |
(88.0) |
4.6 |
|
Shareholders' equity |
11.7 |
14.8 |
| Non-controlling
interests |
6.3 |
10.6 |
|
Total equity |
18.0 |
25.4 |
|
|
|
|
| Other
securities |
130.5 |
130.5 |
| Long-term
borrowings and other financial liabilities |
2 290.3 |
2 309.8 |
| Long-term lease
liabilities |
131.2 |
135.0 |
| Non-current
provisions |
27.7 |
30.8 |
| Other
non-current liabilities |
441.3 |
476.7 |
| Deferred tax
liabilities |
7.4 |
10.0 |
|
Non-current liabilities |
3 028.4 |
3
092.6 |
|
|
|
|
| Short-term
borrowings and bank overdrafts |
349.4 |
287.4 |
| Short-term lease
liabilities |
40.4 |
40.0 |
| Trade
payables |
663.6 |
651.9 |
| Current
provisions |
23.0 |
15.2 |
| Customer
contract liabilities |
693.3 |
741.9 |
|
Other current liabilities |
426.5 |
409.5 |
|
Current liabilities |
2 196.2 |
2 151.3 |
| TOTAL
EQUITY AND LIABILITIES |
5 242.6 |
5 263.8 |
Table 5: IFRS consolidated net
financial debt
|
In € million |
31 December 2022 |
31 March 2023 |
| Bonds |
1 330.8 |
1 324.3 |
| Bank
borrowings |
1 140.0 |
1 119.0 |
| Bank
overdrafts |
0.0 |
1.4 |
| Accrued
interests on bonds and bank borrowings |
29.6 |
12.9 |
| Vendor
loans |
138.4 |
139.6 |
|
Total bank indebtedness |
2 638.9 |
2 597.1 |
| Cash and cash
equivalents |
(479.4) |
(452.1) |
| Trade
receivables on providers |
(13.1) |
(13.7) |
| Players'
liabilities |
50.6 |
45.9 |
| Cash in
trusts |
(31.6) |
(32.5) |
|
Net cash and cash equivalents |
(473.6) |
(452.4) |
|
|
|
|
|
Net debt before intercompany loan and derivatives
effects |
2 165.3 |
2 144.7 |
|
|
|
|
|
Net debt before derivatives effects |
2 165.3 |
2 144.7 |
| Derivatives -
liabilities |
- |
- |
| Derivatives -
assets |
(74.5) |
(60.8) |
|
Net debt |
2 090.8 |
2 084.0 |
Table 6:
Cash flow statement
|
|
31 March 2023 |
|
In € million |
Content production & distribution |
Online sports betting & gaming |
Holding |
Total Group |
|
Net cash flow from operating activities |
25.4 |
60.6 |
(6.7) |
79.2 |
|
Cash flow (used in)/from investing activities |
(18.2) |
(2.8) |
- |
(21.0) |
|
Cash flow (used in)/from financing activities |
(123.8) |
(23.0) |
71.0 |
(75.7) |
|
Other |
(11.0) |
- |
- |
(11.0) |
|
Net increase/(decrease) in cash and cash
equivalents |
(127.6) |
34.9 |
64.3 |
(28.5) |
|
Cash and cash equivalents as of 1 January |
396.8 |
72.1 |
10.5 |
479.4 |
|
Cash and cash equivalents as of 30 September |
269.2 |
106.9 |
74.8 |
450.9 |
|
|
31 March 2022 |
|
In € million |
Content production & distribution |
Sports Betting & Online Gaming |
Holding |
Total Group |
|
Net cash flow from operating activities |
54.9 |
60.7 |
0.3 |
115.9 |
|
Cash flow (used in)/from investing activities |
(30.1) |
(2.5) |
0.0 |
(32.6) |
|
Cash flow (used in)/from financing activities |
(59.3) |
(3.4) |
- |
(62.7) |
|
Other |
4.5 |
- |
- |
4.5 |
|
Net increase/(decrease) in cash and cash
equivalents |
(30.1) |
54.8 |
0.3 |
25.0 |
|
Cash and cash equivalents as of 1 January |
343.1 |
87.9 |
1.5 |
432.4 |
|
Cash and cash equivalents as of 30 September |
313.0 |
142.7 |
1.8 |
457.5 |
Table 7:
Content production & distribution:
Net financial debt as
of 31
March 2023
|
At Banijay level: |
|
|
| In
€ million |
31-Dec-2022 |
31 March 2023 |
| |
|
|
| Total
Secured Debt (OM definition) |
1 847 |
1 820 |
| Other debt |
339 |
325 |
|
SUN |
409 |
402 |
|
Total Debt |
2 595 |
2 548 |
| Net Cash |
(396) |
(300) |
|
Total net financial debt (excl.
earn-out &
PUT) |
2 199 |
2 248 |
| EO & PUT |
124 |
130 |
|
Total net financial debt (incl.
earn-out &
PUT) |
2 323 |
2 378 |
|
|
|
|
| Ratios at
Banijay level: |
|
|
| Leverage
ratio |
4.46 |
4.54 |
| Adjusted Leverage
ratio |
4.71 |
4.81 |
| Senior secured
net leverage ratio |
3.20 |
3.34 |
|
|
|
|
|
Banijay contribution at FL Entertainment
level: |
|
|
| In
€ million |
31-Dec-2022 |
31 March 2023 |
|
|
|
|
| Total net
financial debt (excl.
earn-out &
PUT) |
2 199 |
2 248 |
| Transaction costs
amortization |
(39) |
(36) |
| Lease debt (IFRS
16) |
(160) |
(163) |
|
Total Net financial debt
at FL Entertainment level |
1 999 |
2 048 |
|
Derivatives |
(69) |
(56) |
|
Total Net financial debt
at FL Entertainment level |
1 930 |
1 992 |
Leverage ratio: total Net financial debt / (Adj
EBITDA + shareholder fees + proforma impact from acquisitions)
Adjusted leverage ratio: total Net financial
debt including earn-out and PUTS / (Adjusted EBITDA + shareholder
fees + proforma impact from acquisitions)
Senior secured net leverage ratio: total Senior
Secure Notes + earn-out – Cash / (Adjusted EBITDA + shareholder
fees + proforma impact from acquisitions)
1 +1.6% at constant currency2 Adjusted EBITDA, Adjusted net
income and Adjusted free cash flow conversion: figures in Q1 2022
are adjusted to include holding costs of -€2.4m for comparison
purposes. 3 Leverage calculated on Net debt pre-IFRS 16 / Adjusted
EBITDA For definition, refer to the Appendix4 Euribor + 3.75%
for base currency and SOFR / SONIA + 4.00% USD/GBP additional
facility margin5 Including the discontinued Bet-at-home activities6
Figures in Q1 2022 are adjusted to take into account holding costs
of -€2.4m for comparison purposes
- FL Entertainment_PR_Q1 2023 Results
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