SAZKA Group Q1 2020 Operational and Financial Review and Update on Current Trading
12 Jun 20
SAZKA Group a.s. (“SAZKA Group” or the “Company”, and together with its subsidiaries and associates the “Group”) announces its financial results for the three months to 31 March 2020 and provides an update on current trading.
Q1 2020 Financial highlights
- Consolidated gross gaming revenues decreased by 11% to €405 million (Q1 2019: €458 million), primarily as a result of the impact of COVID-19 on land-based sales.
- Consolidated Operating EBITDA decreased by 23% to €124 million (Q1 2019: €162 million).
- Consolidated Adjusted EBITDA, which excludes certain one-off items, decreased by 23% to €117 million (Q1 2019: €151 million).
- Consolidated profit after tax from continuing operations decreased by 51% to €43 million (Q1 2019: €87 million).
Pro-rata LTM highlights
- Pro-rata LTM Adjusted EBITDA was €398 million.
- Pro-rata net debt / Adjusted EBITDA was 2.9x and Pro-rata priority net debt / Adjusted EBITDA was 0.4x at 31 March 2020.
- The Group’s land-based activities in Greece, casinos and VLTs in Austria and product sales in Italy were closed as a result of government or regulatory measures in March.
- The Group’s POS networks for lottery products in the Czech Republic and Austria were not subject to restrictions and a substantial majority have operated without interruption.
- Online channels and Digital-only Games have performed strongly throughout the period, supported by the launch of new products and optimisation of existing offerings as well as changes in customer behaviour as a result of COVID-19.
- COVID-19 related restrictions began to be relaxed beginning in May. Substantially all of the Group’s operations which were closed have now reopened.
Operating EBITDA, together with Adjusted EBITDA and Free cash flow are all non-IFRS performance measures used in this document. Please see “Alternative performance measures (“APMs”)” at the end of this document.
Pro-rata LTM data presented excluding impact of IFRS 16.