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Evolution Gaming Year-end report 2018
14 February 2019
1
CEO, Martin Carlesund
CFO, Jacob Kaplan
Highlights
In the quarter:• Revenue growth +38% to 70,2 MEUR (50,7)
• EBITDA increase +40% to 31,6 MEUR (22,6)
• EBITDA margin 45,0% (44,6%)
• EBIT increase +42% to 26,7 MEUR (18,8)
2
• 550 tables live at year-end• Acquisition of Ezugi• 10 new titles showcased at ICE• New clients: lotoquebec.com
and Draft Kings
Full year:• Revenue growth +38% to 245,4 MEUR (178,4)
• EBITDA increase +34% to 107,7 MEUR (80,6)
• EBITDA margin 43,9% (45,2%)
• EBIT increase +34% to 89,5 MEUR (66,9)
• Board proposes dividend of EUR 1,20 per share
Continued strong increase in activity across network
3
Bet spots
0
500 000 000
1 000 000 000
1 500 000 000
2 000 000 000
2 500 000 000
3 000 000 000
3 500 000 000
4 000 000 000
4 500 000 000
5 000 000 000
15Q4 16Q1 16Q2 16Q3 16Q4 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4
Be
t sp
ots
Bet spots
YoY growth+61%
Increase in staff
4
Full Time Equivalents (FTE)
1 060 1 1301 234
1 3381 525
1 769
2 027
2 394 2 4262 539
2 740
3 0853 243
3 600
3 970
4 319
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
4 500
5 000
15Q1 15Q2 15Q3 15Q4 16Q1 16Q2 16Q3 16Q4 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4
FT
E
FTE, end of period
YoY growth+40%
New studios
Tbilisi
• Second largest studio at the end of 2018
• Our hub for expansion coming 2-3 years
• Good development since launch
5
Malta
• New studio 2019
• Demand for local language tables
New Jersey
• Live August 15th
• 10 tables, full suite of games
• 5+ operators live
Geographic breakdown
6
Based on GGR
• Strong performance in Nordics• Slow pace in UK due to new regulatory requirements
Group Q4/18 Q3/18 Q2/18 Q1/18 Q4/17
Nordics 9% 9% 9% 9% 9%
United Kingdom 14% 14% 16% 17% 18%
Rest of Europe 51% 49% 50% 52% 53%
Rest of World 26% 28% 25% 22% 20%
Total 100% 100% 100% 100% 100%
Regulated markets 30% 29% 31% 33% 35%
Innovation remains key – record-number of new games at ICE
7
• MONOPOLY Live
• Deal or No Deal Live
• Lightning Dice
• Super Sic Bo
• First Person DC and Lightning Roulette
• Side Bet City
• Free Bet Blackjack
• 2 Hand Casino Hold’Em
• Infinite Blackjack
Financial development
8
EUR million
24,827,1
29,2
34,3
39,742,3
45,7
50,7 51,6
59,3
64,3
70,2
10,3 10,6 10,813,0
17,019,2
21,8 22,6 22,026,2 28,0
31,6
42%39%
37% 38%
43%45%
48%
45%43%
44% 44%45%
16Q1 16Q2 16Q3 16Q4 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4
Revenue EBITDA EBITDA, %
P/L detail
9
Group Oct-Dec Oct-Dec Jan-Dec Jan-Dec
(EUR thousands) 2018 2017 2018 2017
Revenues 70 233 50 662 245 350 178 222
Other revenues -7 55 68 163
Total operating revenues 70 226 50 718 245 418 178 385
Personnel expenses -26 964 -20 038 -97 674 -72 122
Depreciation, amortisation and impairments -4 834 -3 793 -18 197 -13 754
Other operating expenses -11 694 -8 081 -40 063 -25 628
Total operating expenses -43 492 -31 911 -155 934 -111 504
Operating profit 26 734 18 806 89 484 66 882
Financial items -30 -37 -158 -217
Profit before tax 26 704 18 769 89 326 66 664
Tax on profit for the period -1 169 -735 -5 866 -4 535
Profit for the period 25 535 18 034 83 460 62 129
Earnings per share after dilution (EUR) 0,70 0,50 2,29 1,71
Effective tax rate 4,4% 3,9% 6,6% 6,8%
Cash flow and financial resources
10
Note: Op. cash flow defined as EBITDA – Change in NWC – Investing activities
Capital expenditure Operating cash flow Balance sheet summaryEUR m
16%18%17%
16%
14%
12%12%12%
14%15%
13%14%
0
2
4
6
8
10
12
16
Q1
16
Q2
16
Q3
16
Q4
17
Q1
17
Q2
17
Q3
17
Q4
18
Q1
18
Q2
18
Q3
18
Q4
MEU
R
TangiblesIntangibles% of revenue, rolling 12 month
0%
10%
20%
30%
40%
50%
60%
70%
0
5
10
15
20
25
30
16
Q1
16
Q2
16
Q3
16
Q4
17
Q1
17
Q2
17
Q3
17
Q4
18
Q1
18
Q2
18
Q3
18
Q4
MEU
R
Op. Cash flow Cash conversion
EUR million 2018-12-31 2017-12-31
Total non-current assets 62 095 48 540
Current assets 93 611 69 526
Cash and cash equivalents
84 951 49 272
Total current assets 178 562 118 798
Total assets 240 657 167 337
Total equity 162 270 109 881
Total long-term liabilities 5 619 7 259
Total current liabilities 72 768 50 198
Total equity and liabilities 240 657 167 337
Look ahead…
• Good start to Q1
• DraftKings and lotoquebec.com – new clients
• New studio in Malta and expansion of existing studios
• Continue to take market-shares and to increase gap to our competitors
11
Q&A
12