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LeoVegas AB Q4: Year-end report 2020

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LeoVegas repurchases bonds
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“Yet another record year for LeoVegas with a strong close” – Gustaf Hagman, Group CEO

fourth quarter 2020: 1 october–31 december        

  • Revenue increased by 13% to EUR 98.4 m (87.1). Organic growth in local currencies was 14%.
  • Adjusted EBITDA was EUR 11.5 m (9.2), corresponding to an adjusted EBITDA margin of 11.7% (10.6%). Reported EBITDA includes EUR -3.5 m (5.3) in items affecting comparability.
  • The number of depositing customers was 461,983 (372,032), an increase of 24%.
  • Adjusted earnings per share were EUR 0.08 (0.06).

Events during the quarter

  • LeoVegas was the first company in the gaming industry to offer payments via Open Banking.
  • During the quarter the Group’s unique and record-large jackpot was launched under the name LeoJackPot.
  • LeoVegas secured long-term and diversified financing through a combination of a bank credit facility (RCF of EUR 40 m) and a bond issue of SEK 500 m under a total framework of SEK 800 m.
  • During the quarter, LeoVegas repurchased its own shares for approximately EUR 5 million.
  • Ahead of the forthcoming regulation in Germany, a number of changes were implemented. This led to lower revenue during the quarter, with the greatest effect during the month of December.
  • LeoVegas has changed its interpretation of the calculation of gaming taxes in Denmark for earlier periods. This resulted in a self-correction, and a one-off cost of EUR 3.5 m has been charged against EBITDA.
  • Decision has been taken to migrate the Royal Panda brand to the Group’s proprietary technical platform.

Events after the end of the quarter

  • Preliminary revenue in January amounted to EUR 32.5 m (29.9), representing growth of 9%.
  • The Board of Directors proposes a raised dividend totalling SEK 1.60 per share (1.40), an increase of 14%, to be paid out on four occasions during the year.

 

COMMENT FROM GUSTAF HAGMAN – GROUP CEO

STRONG CLOSE TO 2020
LeoVegas concluded the record year 2020 with its strongest fourth quarter ever. And we did this despite frequent changes to the gaming requirements in our markets in addition to finding ourselves in the midst of a global pandemic. I am proud of our ability to quickly adapt to changed conditions through a high capacity for innovation at the same time as we are building an increasingly solid and diversified business. It is a demonstration of strength that LeoVegas delivered adjusted EBITDA growth of 25% for the full year while the operating cash flow increased almost 90 %. This was achieved despite maintaining a high investment pace with launches of new brands, new markets and product improvements.

During the fourth quarter we increased our revenue organically by 14%. Growth was mainly driven by a continued rise in depositing customers, which grew 24% to a new record level. Adjusted EBITDA increased by 25% during the quarter to EUR 11.5 m.  Reported EBITDA was charged with a one-off provision of EUR 3.5 m related to a changed interpretation of the calculation of gaming taxes in Denmark for earlier periods.

MarkETS
With the exceptions of Sweden and the UK, our core markets showed high double-digit growth during the quarter. Above all I want to highlight Italy, which has now become one of our five biggest markets. During the quarter we launched the Pink Casino brand in Canada. The launch is part of our multibrand strategy, where we are utilising existing resources and our technical platform to expand through scale.

In the German market, LeoVegas has implemented a number of changes ahead of the forthcoming licence system in July 2021. As expected, this affected revenue during the period. Operators in the market are acting differently with respect to the new restrictions, and at present necessary clarity is lacking in the ongoing transitional period, which unfortunately has led to a skewed competitive situation until the licence system has been fully implemented.

TECHNOLOGY AND PRODUCTS
During the quarter we carried out and launched several major projects and innovations. In particular I want to highlight our new exclusive jackpot – LeoJackpot – where our customers can win over SEK 50 m directly from their smartphones. We were also first in the industry to offer payments via Open Banking. This will benefit LeoVegas and our customers in many ways, including through more secure and faster payments and lower transaction costs.

During the quarter we began the migration of Royal Panda to our joint technical platform. As a result, in 2021 all brands will be operated on the same platform. The migration will lead to cost synergies such as lower platform and product costs and a more efficient organisation. The decision has also resulted in impairment of intangible assets attributable to Royal Panda’s platform, which was charged against EBIT in the amount of EUR 1.9 m.

FINANCING AND INVESTMENTS
At the end of the year we secured the Group’s long-term financing needs through the combination of a renewed bank credit facility of EUR 40 m and a newly issued corporate bond of SEK 500 m.

Stable financing combined with a strong balance sheet gives us a solid base for continued expansion, both through organic initiatives and potential acquisitions. During the fourth quarter we carried out share repurchases for approximately EUR 5 m. In addition, the Board of Directors proposes an increase in the dividend to SEK 1.60 per share.

COMMENTS ON FOURTH QUARTER
Revenue for the month of January amounted to EUR 32.5 m (29.9), corresponding to annual growth of 9%. In January revenue was fully impacted by the changes carried out in Germany ahead of the forthcoming regulation.

On the tailwinds of a strong 2020 we are now looking forward to a year with many exciting growth initiatives and an even stronger customer offering.

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Play’n GO Music launches Piggy Blitz Disco Gold Visualiser

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Animated Music Video Released to Commemorate the launch of new slot title Piggy Blitz Disco Gold

Play’n GO, the world’s leading casino entertainment provider, has launched its first official music video, the Piggy Blitz Disco Gold visualiser – bringing Mr. Piggy Blitz and his iconic disco vibes to life like never before.

This exclusive three-minute video drops in conjunction with the release of the highly anticipated 6×4 Piggy Blitz Disco Gold online slot, inviting fans and players to groove alongside Mr. Piggy Blitz himself as he lights up the dance floor.

The dynamic video showcases a mashup of the game’s upbeat soundtrack, featuring Mr. Piggy Blitz dancing in perfect sync with the music.

Packed with the neon-lit energy of the 80s and designed to captivate fans of both the game and retro music culture, the video serves as the ultimate soundtrack for Play’n GO’s latest release.

To watch the Piggy Blitz Disco Gold visualiser, go to playngo website

Piggy Blitz Disco Gold is an electrifying 6×4 online slot sequel, immersing players in a world of 80s disco fun. The game is filled with features like Cash Coins, Piggy Banks, and the Gold Piggy Feature, giving players endless opportunities to hit massive prizes, with potential wins up to x5,000 their stake.

Ebba Arnred, Chief Marketing Officer and Co-Founder of Play’n GO, said:

“The Play’n GO Music team has worked tirelessly to create something truly special for our fans, capturing the excitement and energy of Piggy Blitz Disco Gold in a way that will resonate with both iGaming fans and music lovers.

“The Piggy Blitz IP’s legendary retro style has never looked better – and we can’t wait for everyone to hit play, get grooving, and experience the thrill of the disco dancefloor.”

Play’n GO Music showcases the Swedish gaming giants Play’n GO’s soundtracks of their industry-leading games and produce new music all under the imprint Play’n GO Music.

Find out more about Play’n GO Music and Play’n GO, visit playngo website

 

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GamCare highlights new ways for banks to proactively screen transactional data to detect harmful gambling

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The gambling support charity GamCare is today highlighting ways that banks in the UK can protect their customers from experiencing harm from gambling, following a recent workshop it ran with experts from across the financial services sector.

GamCare’s Gambling Related Financial Harm project was established in 2019 and is a cross-sector initiative to share knowledge, develop resources, and enable firms to support customers who are affected by gambling harms.

In the workshop – which brought over 70 representatives from financial services, the debt advice sector and gambling support services – GamCare heard new ways in which some banks are beginning to take a more proactive role in protecting their customers.

During the session, participants heard from a speaker from Santander on how the bank was engaging with customers who were potentially at-risk, including better tools to review levels of gambling spend, more frequent push notifications about the support tools available, and signposting to support services after customers had spent large sums of money gambling in a 24-hour period.

Off the back of the session, the charity has recommended steps that banks can take to support those impacted by gambling.

These include analysing transactional data from customers to identify potential issues with gambling, such as high gambling spending compared to income, late night gambling transactions, or increased gambling activity around payday.

The charity is also calling on more banks to proactively refer customers at risk into third party expert gambling support, including services like the National Gambling Helpline, when transactional data indicates that the customer’s gambling may be becoming harmful and unaffordable.

Banks can also signpost to self-exclusion schemes like GAMSTOP and blocking software such as Gamban to offer customers extra protection, as well as their own support and tools, for example bank gambling blocks which most UK current account providers now offer.

Raminta Diliso, Financial Harm Manager at GamCare, said: “Last year, 72% of people who contacted the National Gambling Helpline disclosed financial difficulties. Banks are particularly well placed to detect harmful and unaffordable gambling through bank statements and transactional data, and provide more targeted support to their customers. We hope that more financial services firms will take a proactive approach and put the right steps in place to support customers who are experiencing financial difficulties related to gambling.”

Graeme Cunning, Vulnerable Customers Strategy Manager at Santander, said: “At Santander, we believe that the bank, although not responsible, does have a part to play in gambling harm prevention. We have built a suite of interventions, including letters and text messages, to provide timely signposting to support for customers at risk of financial detriment due to their gambling.”

To see the read the full report from this GamCare event, download ‘Transaction Monitoring for Harmful Gambling and Proactive Interventions’.

 

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Hilton Riyadh Hotel & Residences Named Official Main Partner for World Esports Championship 2024

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The International Esports Federation (IESF) is pleased to announce the Hilton Riyadh Hotel & Residences as the official main partner for the upcoming World Esports Championship 2024 in Riyadh, which begins on November 11.

This partnership unites Hilton Riyadh Hotel & Residences’ reputation with one of the most significant international Esports events, ensuring every participant has a world-class experience throughout their stay.

With over 480 athletes and teams from across the world, WEC24 will host competitors as honored guests of Hilton Riyadh Hotel & Residences, ensuring they have an exceptional environment to compete at their best and aim for the prestigious title of World Esports Champion.

“It’s exciting to work alongside a brand that deeply values our vision and understands the importance of a memorable experience for all of our athletes and participants. Together, we’re setting a new standard for Esports events and creating an unforgettable journey for everyone attending.” – said Ana Karakolevska, Chief Marketing Officer at IESF.

“At Hilton Riyadh Hotel and Residences, we are proud to be the main partner of the World Esports Championship 2024 in Riyadh. Our commitment to excellence aligns perfectly with this prestigious event, where we aim to provide every participant with a world-class experience that goes beyond expectations.

By partnering with the International Esports Federation, we are setting a new standard for Esports events, ensuring that WEC24 will be an unforgettable journey for all attendees. Join us as we elevate Esports and create moments that will be cherished for a lifetime.” – said Hans Schiller, General Manager at Hilton Riyadh Hotel and Residences.

The partnership reflects a shared commitment to elevating Esports and enhancing each attendee’s experience. Both IESF and Hilton Riyadh Hotel & Residences share the goal of making WEC24 one of the best Esports events to date, with the highest standard of care and support for athletes and fans alike.

 

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