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SnaiGroup1H2016Results
ended30June2016
5August2016
Disclaimer
Thispresenta4onincludescertainforwardlookingstatements,projec4ons,objec4vesandes4matesreflec4ngthecurrentviewsofthemanagementoftheCompanywithrespecttofutureevents.Forwardlookingstatements,projec4ons,objec4ves,es4matesandforecasts are generally iden4fiable by the use of the words “may”, “will”, “should”, “plan”, “expect”, “an4cipate”, “es4mate”,“believe”,“intend”,“project”,“goal”or“target”orthenega4veofthesewordsorothervaria4onsonthesewordsorcomparableterminology. These forward-looking statements include, but arenot limited to, all statements other than statements of historicalfacts,including,withoutlimita4onthoseregardingtheCompany'sfuturefinancialposi4onandresultsofopera4ons,strategy,plans,objec4ves,goalsandtargetsandfuturedevelopmentsinthemarketswheretheCompanypar4cipatesorisseekingtopar4cipate.Due to suchuncertain4esand risks, readersare cau4onednot toplaceundue relianceon such forward looking statementsasapredic4onofactualresults.TheCompany'sabilitytoachieveitsprojectedobjec4vesorresultsisdependentonmanyfactorswhichareoutsidemanagement'scontrol.Actualresultsmaydiffermateriallyfrom(andbemorenega4vethan)thoseprojectedorimpliedintheforward-lookingstatements.Suchforward-looking informa4oninvolvesrisksanduncertain4esthatcouldsignificantlyaffectexpectedresultsandisbasedoncertainkeyassump4ons.All forward-looking statements included herein are based on informa4on available to the Company as of the date hereof. TheCompany undertakes no obliga4on to update publicly or revise any forward-looking statement, whether as a result of newinforma4on, future events or otherwise, except asmay be required by applicable law. All subsequent wriRen and oral forward-looking statements aRributable to the Company or persons ac4ng on its behalf are expressly qualified in their en4rety by thesecau4onarystatements.
FabioSchiavolinCEO
ChiaffredoRinaudoCFO
Speakers
4
o Goodperformanceontotalwagers:+7.1%growthonpro-formabasisto5.36Bln€:• GrowthofGamingMachineswagerssEllontrack(+4.1%)despitehighertaxaEonandAWPpayoutreducEon• StronggrowthofSportBeMngretail(+22.6%),posiEveimpactfromEuropeanChampionship(parEallypostedin3Q16)• SignificantgrowthofSportBeMngonline(+53.3%),increasingcustomercrossacquisiEonfromretailchannel
o 63,5KAWPsand10KVLTsmanaged.700beYngshopsand900beYngcorners(+30POSopenedintheperiod).Morethan75%ofmanagedAWPupdatedto70%payoutasofendofJune
o SIS/FinscomPoSfullyreopenedandrevamped.Outsourcingstrategyalreadystartedin3Q16
o Unfavourablepayoutin2Q16(85,2%,vs81,5%in1Q)raised1Haveragepayoutto83,3%(81,7%in1H15),becerthan86,7%ofmarketperformance
Businesstrends
CostreducEonprogram
1Hresults
o RobustgrowthonEBITDA:67.7mln€vs57.5mln€in1H15(+10,2mln€).o AdjustedEBITDALTMupto132,8mln€o NFPimprovedto440.1mln€,i.e.27.mln€cashgeneraEoninlasttwelvemonths
o Leverage3,3x(NFP/AdjEBITDALTM)
1Half2016Highlights
o CogematintegraEonunderwaywith18mln€expectedsynergiesofwhich:• 3.2mln€costsavingalreadyachievedin1H16• 8,0mln€savingstobeachievedin2H16• 6,8mln€furthersynergiestobeachievedinthefirstmonthsof2017
o MainsynergiescomingfromintegraEonofTLCnetworksanddatacenters(4,0mln€),raEonalizaEonoflogisEcandassistanceservicestoPoS(2,5mln€)andheadquarterconsolidaEon(3,5mln€)
Euromillion Proforma Proforma
FinancialKPI 1H2016 1H2015 Delta % PFLTMTotalRevenues 442,4 504,5 -62,1 -12,3% 938,8o/wnonrecurringrevenues 3,1 28,5 -25,4 -89,1% 7,0ContributionMargin 139,9 123,5 16,3 13,2% 268,6EBITDA 67,7 57,5 10,2 17,8% 124,8AdjustedEBITDA 70,5 60,0 10,5 17,5% 132,8EBIT* 39,0 42,8 -3,9 -9,0% 24,0NetIncome* -0,4 1,3 -1,7 -58,3*Nonrecurringitemsincluded -1,4 22,0 -13,0
Capex 13,1 11,2 20,4
NetFinancialPosition 440,1 467,5 440,1
5
o TotalRevenuesof442.4mln€decreasedvs1H15duetoBarcresttransacEonandAWPtaxincrease
o ContribuEonMargin increased to 139.9mln € (+13%), despite unfavourable payout and thanks to posiEveperformanceofwagers
o EBITDA up by 10.2mln € to 67.7mln € due to increased wagers/ CM and iniEal synergies from CogematintegraEon
o EBITDALTMupto124.8mln€(114.6mln€asof31December2015)
o Capexof13.1mln€includes8.4mln€(64%)relatedtothereplacementofAWPboard(payoutchangeat70%)
o NFPimprovedto440.1mln€
1Half2016KPIs
6
1HEBITDABridge
57,567,7
EBITDA1H15
1H16BeMngPayouteffect
2016vs2015
taxa]on
SIS/Finscomcontribu]on
CostSynergywith
Cogemat
Marginsfromwagers
growth
EBITDA1H16
-5,0
+2,5+8,5
+1,0 +3,2
Mln€
o 1HEBITDAperformancemainlydrivenbywagersgrowtho 2,5 mln € posiEve impact from 2016 Stability Law, mainly due to new beYng taxaEon scheme and fast
replacementof74%payoutAWPboards
o 1mln€posiEveimpactonEBITDAfromSIS/FinscomPoS
o AWP&VLTposi]veperformance:increaseinwagersoutweighednegaEveeffectofhighertaxaEon
o SportsBeMngbrilliantperformance:posiEvegrowthdriven by product & content management, SIS/Finscom PoS reopening along and new tax scheme.Significant results despite the unfavourable payout.PosiEve contribuEon also from Euro FootballChampionship(31mln€inJune)
o Online Gaming strong performance: markeEng andoperaEonal focus drove wagers up with posiEveeffectsonCM
o ContribuEonMarginbreakdownwellbalancedamongdifferentareas
o Cogemat integraEon significantly increased theGaming Machine contribuEon to Group EBITDA andreducedtheexposuretobeYngpayoutswings
o Payoutriskdecreasedto23,6%onCM(from27%of2015pro-formadata)
7
Businessperformance
1H2016Data
Euromillion
1H16 PF1H15 % 1H16 PF1H15 %
AWPs 2.017 1.989 1,4% 21,8 21,1 3,2%VLTs 1.783 1.660 7,4% 40,5 39,5 2,8%
GamingMachines 3.800 3.649 4,1% 62,3 60,6 2,9%
SportsBetting(retailchannel) 375 306 22,6% 22,9 16,7 37,3%SportBetting(onlinechannel) 134 87 53,3% 10,1 7,6 33,3%HorseBetting 126 125 0,8% 1,8 2,0 -7,4%VirtualEvents 162 150 8,2% 12,7 12,4 2,7%
Betting 796 667 19,3% 47,6 38,6 23,1%
OnlineGames(Skills,Casinò,Bingo) 443 372 19,2% 7,6 6,2 22,7%
Bettingprovider 256 261 -1,9% 3,9 4,1 -5,2%
Financialservices 60 50 18,9% 0,5 0,4 4,7%
Subsidiaries 18,0 13,6 32,4%
SNAIGroup 5.356 5.000 7,1% 140 124 13,2%
Wagers ContributionMaringBusiness
AWP15,6%
VLT29,0%
SportBetting23,6%
Horses&VE10,4%
Online5,5%
Other16,0%
CMbreakdown
AWP37,%
VLT33,3%
SportBetting9,50%
Horses&VE5,37%
Online8,28%
Other5,90%
Wagersbreakdown
8
Higherpayoutin2Q16(85.2%)ledto1H16performanceof83.3%comparedto81.7%in1H15
Payouttrend
1Q 2Q 1H 3Q 4Q 2H Fullyear2016 81,5% 85,2% 83,3%2015 82,1% 81,2% 81,7% 80,7% 83,8% 82,6% 82,2%2014 74,0% 82,3% 78,0% 73,6% 84,0% 79,6% 78,7%2013 73,3% 81,7% 77,1% 81,9% 79,5% 80,5% 78,8%
PAYOUTTREND
73,3%
81,7% 81,9%
79,5%
74,0%
82,3%
73,6%
84,0%
82,1%81,2%
80,7%
83,8%
81,5%
85,2%
66,0%
68,0%
70,0%
72,0%
74,0%
76,0%
78,0%
80,0%
82,0%
84,0%
86,0%
88,0%
1Q 2Q 3Q 4Q
SNAIPayouttrend(QoQ) 2013 2014 2015 2016
124,8
-13,0
-21,2
-61,2
-1,9
27,4
0
20
40
60
80
100
120
140
EBITDALTM NonrecurringCosts
Capex Interests TaxesandDeltaWC
CashGenerationLTM
9
CashFlowandNetFinancialPosiEonEvoluEon
o 27.4mln€cashgenera]onoverlasttwelvemonths
o 139mln€cashavailableasofendofJune
o NonrecurringcostsmainlyrelatedtoM&Adeals
o InterestcostsincludeformerCogematbond;totalinterestcostsin2016under60mln€
LTMCashgenera-on
NFP1H15467.5mln€
NFP1H16440.1mln€
27,4
10
o CurrenttrendonbeYngandonlinewagerslikelytoconEnueover2H2016
o GamingMachineswagersandmarginsshouldstabiliseduetoachievedreplacementofAWPinternalboard(70%payout)
o Uncertaintyon]mingofthebeMngtender
o CompeEEononbeYng retail likely to increaseaheadof thebeYng tender. SNAI ready tocompetewithfocusedacquisiEoncanvassforhighperformingPoS
o CogematMergertobecompletedbyyear-end
o Fulldevelopmentanddeploymentof5VLTplanormsoverSNAInetwork
o LaunchofnewintegratedbeMngplagormandrolloutovertheextendedgroupnetworkofPOS
o OutsourcingofSISandFinscomPoSalreadystartedin3Q2016.35%shopstobeoutsourcedin2016
2Half2016Outlook
Agenda
Q&A