SAZKA Group FY 2019 Operational and Financial Review and Update on Current Trading
30 April 2020
SAZKA Group a.s. (“SAZKA Group” or the “Company”, and together with its subsidiaries and equity affiliates the “Group”) announces its financial results for the twelve months to 31 December 2019 and provides an update on current trading.
- Consolidated gross gaming revenues increased by 6% to €1,906 million (2018: €1,798 million).
- Consolidated EBITDA increased by 17% to €592 million (2018: €508 million) with growth in all key geographies and major business segments. Consolidated Adjusted EBITDA, excluding certain one-off items, was €603 million.
- Consolidated profit for the year after tax from continuing operations increased by 35% to €311 million (2018: €230 million).
- Consolidated cash generated from operating activities increased by 21% to €474 million (2018: € 393 million).
- Pro-rata Adjusted EBITDA was €411 million1.
- Pro-rata net debt / Adjusted EBITDA was 2.9x and pro-rata priority net debt / Adjusted EBITDA was 1.1x at 31 December 2019.
- The global COVID-19 outbreak has had an ongoing impact on the operations of the Group. There has been however no material interruption to business continuity at the Group’s businesses.
- Different products and geographies have been affected to varying degrees by the COVID-19 outbreak, with online sales performing strongly.
- Currently, many of the restrictions to which our physical retail networks have been subject are being gradually and to various degrees lifted.
- As of 31 March 2020, the cash balances of the Company and its 100%-owned subsidiaries were approximately €100 million. On 23 April 2020 the Group received a €49 million dividend from LOTTOITALIA.
Adjusted EBITDA excludes the impact of one off items of €11.0 million on a consolidated basis, primarily consisting of costs relating to the potential acquisition of Novomatic’s stake in CASAG and certain financing transactions and certain impairments at OPAP, partly offset by adjustment for the release of a provision at OPAP (€16.1 million). Revenues for 2019 include €8.4 million from the Company’s parent KKCG, representing recharges of certain expenses relating to the VTO incurred by the Company.
In both cases, excluding impact of IFRS 16