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Interim Results Six months ending June 2009

Interim Results Six months ending June 2009. 3 September 2009. Introduction – Roger Withers, Chairman. Core business performing strongly Solid financial performance in challenging markets Good progress in organic and non organic growth Continued progress in WHO integration

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Interim Results Six months ending June 2009

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  1. Interim ResultsSix months ending June 2009 3 September 2009

  2. Introduction – Roger Withers, Chairman • Core business performing strongly • Solid financial performance in challenging markets • Good progress in organic and non organic growth • Continued progress in WHO integration • Results demonstrate strength of the diversified PTEC business model and strategy • Trading in line with market expectations

  3. Financial highlights – Shuki Barak, CFO Gross Income- €66.9m, 30% increase (H1 2008: €51.6m) Total revenues - €56.7m, 10% increase (H1 2008: €51.6m) Casino Revenues - €37.6m, 2% increase (H1 2008: €36.8m) Poker Revenues - €17.3m, 24% increase (H1 2008: €13.9m) Income from associate - €10.3m, (H1 2008: nil)

  4. Financial highlights – Shuki Barak, CFO Adjusted EBITDA – €45.3m, 33% increase (H1 2008: €34m) Adjusted EBITDA margin – 80% (H1 2008: 66%) Adjusted Net profit – €43m, 19% increase (H1 2008: €36.2m) Adjusted Net profit margin – 76% (H1 2008: 70%) Adjusted EPS– €18 cents per share (H1 2008: €16.7 cents per share) Interim Dividend of €8.9 cents per share (H1 2008: €7.6 cents per share)

  5. Gross income, adjusted EBITDA and adjusted net profit (€ millions)

  6. Change in Accounting Presentation • Following recent accounting guidance on IFRS3 revised, PTEC is now recording 100% of its licence fees received from WHO in the top line. Provides better clarity • Income from associate being shown separately in the income statement. • Gross Income remains un-changed Old Accounting Presentation New Accounting Presentation

  7. Change in Accounting Presentation • Following recent accounting guidance on IFRS3 revised, PT is now recording 100% of its licence fees received from WHO in the top line. Provides better clarity • Income from associate being shown separately in the income statement. • Gross Income remains un-changed Old Accounting Presentation New Accounting Presentation

  8. Change in Accounting Presentation • Following recent accounting guidance on IFRS3 revised, PT is now recording 100% of its licence fees received from WHO in the top line. Provides better clarity • Income from associate being shown separately in the income statement. • Gross Income remains un-changed Old Accounting Presentation New Accounting Presentation

  9. H1-09 vs. H1-08: Excluding WHO/former customer, growth of 16.7% Gross Income by Product(€ millions)

  10. Playtech William Hill WHO Transaction Purchased Assets WH on line business 29% 71% WHO

  11. WHO Transaction • Purchased Assets include the assets of PTEC’s former licensee • Casino and poker operations of WHO enjoys a preferred royalty rate • PTEC got in return: • Enlarged combined casino and poker operations • Share of profit

  12. WH-PTEC Reconciliation

  13. Distribution costs breakdown (excluding ESOP charges) €20.3 €17.8 €15.7

  14. Cash flow • PTEC continues to be highly cash generative • Average debtor days unchanged at 30 days • Cash from operation including cash received from WHO – €37.4m • Conversion from adjusted EBITDA – 83% • Cash used in financing activities including final dividend paid on behalf 2008 – €15.9m

  15. Balance sheet • Robust balance sheet with no debt • Cash balance of €48.7m • Investment in WH Online: • Total investment as of 30 June 2009 - €175.6m • Deferred consideration of €13.6m, to be paid in December 2010

  16. Our strategy – Mor Weizer, CEO • Revenue growth in licensees • New licensees • New products/content • New regulated markets Organic Growth Factors Joint Venture • William Hill Online Acquisitions • Bolt-on acquisitions

  17. Our strategy • Revenue growth in licensees • New licensees • New products/content • New regulated markets Organic Growth Factors Joint Venture Acquisitions

  18. Revenue growth in licencees • Core business performing strongly • Solid portfolio of major players in the online gaming industry • Diversified portfolio of licensees, products and markets • Best of breed products allow our operators to outperform other operators in the market • New well established licensees launched so far more than compensate for challenging markets conditions • Highly successful launch of the Italian Poker Network, now the third largest in the Italian market

  19. Organic growth H1-09 vs. H1-08

  20. Major licensees gained during the first half • New agreement with Olympic Entertainment Group, leading gaming operator in eastern and central Europe - signed following the H1 period end • Number of additional MOUs signed, primarily in regulated markets • Strong pipeline of prospective licensees – online gaming operators as well as gaming operators in regulated markets New licencees

  21. New products • iPoker – still the world’s largest poker network • Launch of increased number of games including the launch of the first branded slot to become the most popular slot game in the games portfolio • Launch of revamped Bingo product – the second phase with a new version expected • Extended offering to include European Live Games from Riga • Completion of 1st milestone of TV Gaming • Good progress of Videobet in different markets

  22. Regulatory changes in various markets redefining the online gaming industry UK – Betfair and Netplay Italy – 3rd largest poker network Serbia – Serbian Lottery Spain – Casino Gran Madrid France – Chilipoker Estonia – Olympic Strong pipeline of new licensees with MOUs secured in various jurisdictions Playtech best positioned given its track record and its position of pure software provider New Regulated Markets

  23. Five licensees in Italy include: SNAI, SISAL, Eurobet, Cogetech and Gamenet • Latest addition announced in H1 and launched mid-August: Gamenet • Further strong pipeline of new prospective licensees • Now 3rd largest network with over 15%* market share • Annualised overall market turnover based on July is €2.2 billion* • Further liberalisation is expected in 2010 • * Based on reports distributed by AAMS Italy – Case study

  24. Our strategy Organic Growth Factors Joint Venture • William Hill Online Acquisitions

  25. William Hill Online • Transaction completed on 30th December 2008 • Complex integration due to different physical locations and challenging markets conditions • Key parts of the integration are now completed • Progress now satisfactory, with good player acquisition – increase of more than 30% • Confident that significant long term benefits will flow to Playtech from investment

  26. Our strategy Organic Growth Factors Joint Venture Acquisitions • Bolt-on acquisitions

  27. Acquisitions: Strategy • Software providers of similar products • Migration of existing licensee base to the Playtech platforms • Cross selling of different products to migrated licensees • Software providers of complimentary products • Cross selling of new products to existing licensees • Attracting new licensees

  28. Outlook • Revenues excluding WHO in July and August increased by 1.4% over the comparable months in 2008 • New licensee – Gamenet - launched in Italy • New licensees including Betfair, Netplay and the Serbian lottery expected to launch towards the end of the year – expecting significant contribution in 2010 and beyond • William Hill continues to make progress since the period end • Strong pipeline of new prospective licensees in both regulated markets and online gaming operators • Performance in line with market expectations

  29. Questions and Answers

  30. Appendix

  31. Income statement Summary

  32. Revenues by product H1 2009

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