REG - FlutterEntertainment - Q1 2024 Financial Results
14/05/2024 07:00
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RNS Number : 2571O Flutter Entertainment PLC 14 May 2024
Flutter Entertainment Releases First Quarter 2024 Financial Results
May 14, 2024: Flutter Entertainment (NYSE:FLUT; LSE:FLTR), the world's leading
online sports betting and iGaming operator, today announced results for Q1
2024(1).
Key financial highlights:
In $ millions except percentages and average monthly players Three months ended March 31
2024 2023 YOY
Average monthly players (AMPs) ('000s)(2) 13,722 12,349 +11%
Revenue 3,397 2,918 +16%
Net loss (177) (111) (59%)
Adjusted EBITDA (3,4) 514 352 +46%
Adjusted EBITDA Margin (3) 15.1% 12.1% +310bps
Net loss per share ($) (1.10) (0.58) (92%)
Adjusted earnings per share ($)(3) 0.10 0.69 (85%)
Net cash provided by/(used in) operating activities 337 (49)
Adjusted Free Cash Flow (3) 157 (50)
Leverage ratio (December 2023 3.1x)(3,4) 2.8x
· Group strategy delivering continued strong growth with revenue +16%
· US produced another excellent quarter; AMPs(2) +15% and revenue +32%,
despite unfavorable sports results in the second half of March:
‒ FanDuel #1 brand in both sportsbook (net gaming revenue (NGR) share
52%; gross gaming revenue (GGR) share 46%) and iGaming (record GGR share of
27%) in Q1 2024(5)
‒ Very successful launch in North Carolina with 5.3% adult population
signed up to FanDuel in first 45 days; new player acquisition in pre-2022
states +12%; projected payback in line with historic trends(6)
‒ Product enhancements driving iGaming player (AMPs(2) +34%) and
revenue (+49%) growth
‒ FanDuel a founding member of the Responsible Online Gaming
Association (ROGA)
· Group Ex-US AMPs(2) +10% and revenue +8% benefitting from strong
performance in iGaming (revenue +15%) and the acquisition of MaxBet in
January:
‒ Improved iGaming cross-sell rates in UKI driven by product
improvements
‒ In International, Sisal delivered market share gains in Italy, with
iGaming performance mitigating the impact of unfavorable sports results
· US primary listing expected to become effective on May 31, 2024
Q1 2024 financial overview
· Net loss of $177m, $66m higher year on year, after non-cash charges
of $356m due to (i) $172m acquired intangibles amortization; and (ii) $184m
(Q1 2023 $64m) fair value change in Fox Option liability
· Group Adjusted EBITDA(3) of $514m, +46%:
‒ US Adjusted EBITDA(3) of $26m (Q1 2023 -$53m), driven by strong
revenue growth and significant operating leverage; Adjusted EBITDA margin(3)
+680bps, despite continued disciplined US player acquisition investment
‒ Group Ex-US Adjusted EBITDA(3) of $488m +20%, reflecting increased
revenue and Adjusted EBITDA margin(3) expansion of 260bps, primarily driven by
sales and marketing leverage and a one-off credit from the settlement of
historic litigation
· Group's financial growth algorithm driving Adjusted EBITDA Margin(3)
accretion, +310bps to 15.1%
· Net loss per share and adjusted earnings per share decreases of $0.52
and $0.59 primarily due to the Fox Option charge (-$1.04), offsetting improved
financial performance
· Net cash provided by operating activities increased $386m to $337m
primarily driven by the strong operational performance converting into cash
and year on year movement in US player deposits
· Adjusted Free Cash Flow(3) of $157m (Q1 2023 -$50m) and leverage
ratio(3,4) of 2.8x at March 31, 2024 based on last 12 months Adjusted
EBITDA(3) (December 31, 2023 3.1x), both benefitting from improved financial
performance year on year
2024 Outlook
· Remain confident in financial year 2024 guidance(7) provided at
financial year 2023 results announcement on March 26, 2024, despite
unfavorable US sports results in the last two weeks of March
Peter Jackson, CEO, commented:
"We have had an excellent start to the year. In the US, FanDuel's top line
momentum is translating into strong growth in US Adjusted EBITDA and market
share gains. We are focused on continuing to expand our player base, market
share, and embedding future profits within our business through disciplined
investment. Outside of the US, our focus on delivering the best products for
our players is driving good momentum in key markets such as the UK where the
launch of Super Sub on Paddy Power has been our most successful product launch
to date, and in Italy where we have been taking online sports betting and
iGaming market share during Q1 and reached an all-time record in April. We are
proud to be one of the founding members of the US Responsible Online Gaming
Association whose goal is to develop and advance responsible gaming practices.
We are a strong advocate for building a sustainable sector in the US. We
believe that our global experience positions us well to help lead the way.
On May 1, shareholders voted to move our primary listing to the US. We believe
a US primary listing is the natural home for the Group and we look forward to
this becoming effective on May 31. With a greater proportion of the Group's
future profits expected to be generated in the US, we have moved our
operational headquarters to New York reflecting the importance of the US
sports betting and iGaming market to our business."
Q1 24 Operating Review:
US:
FanDuel has started the year strongly by consolidating its leadership position
in sports with a 52% online NGR market share (GGR share 46%) for Q1 2024,
while FanDuel Casino was the number one iGaming brand(5). We had a record 27%
iGaming GGR share in Q1, a four-percentage point increase year on year.
FanDuel's total AMP growth of 15% included a record 2.6 million players for
Super Bowl LVIII, the culmination of a highly successful NFL season.
We launched our sportsbook product in Vermont (January 11, 2024) and North
Carolina (March 11, 2024). Consistent with our long-term strategy, we are
investing behind the excellent returns being generated from our player
promotions and marketing spend, with projected paybacks on customers acquired
in the quarter in line with historic trends(6). North Carolina has been our
second most successful launch to date, with 5.3% of the adult population
signed up to be a FanDuel customer in the first 45 days.
Total new sportsbook and casino player volumes were lower in the quarter, due
to a full quarter of significant Ohio acquisition volumes in the comparative
period. However, new players acquired in states that launched before 2022 were
12% higher than last year, demonstrating the strong demand for our products
well after the initial launch period (pre 2022 states staking +19%). We
believe the combination of our high structural sportsbook revenue margin and
significant scale result in more efficient payback periods for FanDuel. Where
payback periods indicate compelling returns on our customer acquisition spend,
we will continue to make disciplined investment to drive future profitability.
FanDuel added more innovations to its market leading sportsbook product in the
quarter. Ahead of the new Major League Baseball ("MLB") season we increased
the range of betting markets available to players. This helped drive a
four-percentage point increase in the proportion of handle on Same Game
Parlays across the first three weeks of the MLB season.
In iGaming, we continue to deliver on our strategy. Our focus on direct casino
players and best-in-class customer experiences is generating results. We have
gained exclusive online access to one of retail casinos' most popular slot
titles and launched the first in a series of online versions, which
immediately became our most played game. We expect further slots-based
innovation and exclusive content to drive our leadership in iGaming.
Group Ex-US:
Our diversified Ex-US business grew AMPs(2) by 10% and added another podium
position during Q1 with the acquisition of MaxBet, a leading omnichannel
operator in Serbia.
We continued to deliver a very strong performance in the UKI with AMPs(2) +2%
despite the strong prior year quarter, which benefitted from a halo effect
from the FIFA 2022 World Cup. iGaming growth was particularly strong driven by
further product improvements with over 100 new games launched during Q1 and
improved cross-sell rates. In sportsbook we leveraged the Flutter Edge and
launched Super Sub for Paddy Power, replicating the popular Duo feature first
introduced in our International division. This feature swaps a substitute
player into a parlay bet and early engagement has been positive with over 80%
of football customers engaging with the product in March.
We are seeing the benefit of product improvements in key International
Consolidate and Invest(8) markets. In Italy, Sisal delivered all-time record
levels of AMPs(2), +22% in March compared with March 2023, together with Q1
market share gains and extending its lead as the market leading brand in the
Italian market in April(8). This was achieved through our new Sisal betting
app, launched in Q3 2023, which continued to help drive high levels of
engagement on sportsbook with online staking +24% year on year. In addition,
expanded casino content, including a free-to-play "Bonus Wheel" feature drove
increased cross-sell rates to iGaming. In Georgia and Armenia, a redesigned
app with more personalized content helped deliver market share gains and a
clear number one position(8). We saw good momentum in Spain and Brazil with
continued focus on localization of our product and optimized generosity
offerings. Junglee Poker was launched in India, in line with our local hero
strategy, with encouraging levels of player engagement since launch.
Q1 2024 financial highlights: Group
Three months ended March 31
Revenue Adjusted EBITDA
2024 2023 YOY YOY CC 2024 2023 YOY YOY CC
In $ millions
US 1,410 1,071 32% 32% 26 (53)
UKI 861 736 17% 12% 268 206 30% 24%
International 797 760 5% 6% 173 149 16% 20%
Australia 329 351 (6%) (2%) 83 85 (2%) 2%
Unallocated corporate overhead(9) (36) (35) 1% (3%)
Group Ex-US 1,987 1,847 8% 7% 488 406 20% 21%
Group 3,397 2,918 16% 16% 514 352 46% 47%
The Group delivered an excellent performance in Q1 with an 11% increase in
AMPs(2) delivering revenue growth of 16% to $3.4bn. The impact of sports
results, calculated as the difference between our expected net revenue margin
and actual net revenue margin, had an approximate five percentage point
negative impact on Group revenue growth. The increase in revenue reflects the
continued growth of our US business, where revenue increased 32%, and strong
iGaming momentum in UKI. The addition of MaxBet in Q1 added $47m or two
percentage points to Group revenue growth year on year.
The Group reported a net loss for the quarter of $177m after recording
non-cash expenses including (i) a loss of $184m relating to a change in the
fair value of the Fox Option liability (Q1 2023: $64m loss) due to a higher
valuation of FanDuel; and (ii) amortization of acquired intangibles charge of
$172m (Q1 2023: $192m). The increases in the net loss and the net loss margin
during Q1 2024 compared with Q1 2023, were primarily due to the improved
financial performance outlined above being more than offset by an associated
tax charge and the change in the fair value of the Fox Option liability.
The strong revenue momentum, combined with a 310bps expansion on our Adjusted
EBITDA margin(3), is driving a transformation of Group earnings with Adjusted
EBITDA(3) 46% higher at $514m. The margin growth was primarily driven by
operating leverage in our sales and marketing expenses in the US and
International segments. Unallocated corporate overhead increased 1% (-3% on a
constant currency basis(10)) to $36m reflecting investment in Flutter Edge
capabilities and new compliance requirements as a U.S. listed company(9),
offset by an $18m credit from the settlement of historic litigation.
The higher loss in the current period increased loss per share by $0.52 to
$1.10, and decreased adjusted earnings per share(3) by $0.59 to $0.10. Both
metrics include the $184m loss on the fair value of the Fox Option, which
equates to $1.04 per share.
The Group's net cashflow provided by operating activities in Q1 2024 increased
$386m to $337m driven by the strong operational performance and the year on
year movement in US player deposits. Adjusted Free Cash Flow(3) of $157m was
$207m higher than the prior year due to Adjusted EBITDA growth and working
capital movements.
Q1 2024 financial highlights: Segments
US revenue increased 32% in Q1 with strong growth in both sportsbook (+30%)
and iGaming (+49%). This reflects total revenue growth of 56% in the period
from January 1, 2024 to March 17, 2024, as reported in our 2023 full year
results on March 26, 2024, and -51% in the remainder of the quarter. The
performance over the last two weeks of the quarter reflects the significant
swing in sports results on the March Madness college basketball tournament,
from favorable in the prior year to unfavorable in the current year. Sports
results for this two-week period were 320bps ($76m) unfavorable, while
sportsbook stakes were 46% higher.
In sportsbook, revenue growth was driven by strong engagement with our leading
product proposition with AMPs(2) +19% and staking +24%. Sportsbook net revenue
margin increased 40bps to 7.3%. This reflected continued expansion of our
structural margin, driven by our market leading product offering, partly
offset by a 150bps adverse impact from unfavorable sports results versus the
comparable period (sports results: Q1 2024 130bps unfavorable, Q1 2023 20bps
favorable(11), twelve months to March 31, 2024 90bps unfavorable). Promotional
spend levels were in-line with the comparable prior year quarter.
iGaming revenue growth reflects the improvements in our product proposition
noted above and our successful player acquisition driving AMPs(2) 34% higher.
Within iGaming, slots performed exceptionally well with new content helping
drive slots revenue up 73% versus the prior year.
Adjusted EBITDA(3) increased by $79m to $26m due to revenue growth combined
with operating leverage across all cost categories. This drove a 680bps
expansion in Adjusted EBITDA margin(3) to 1.8%. Cost of sales as a percentage
of revenue declined 140bps to 59.0%, higher than our guidance for full year
2024 due to new state launches in the quarter, but in line with our
expectations. Sales and marketing expenses reduced by 410bps as a percentage
of revenue, despite continued disciplined player acquisition investment, with
significant operating leverage in existing states being partly offset by new
state launches.
UKI revenue increased by 17% (12% on a constant currency basis(10)) with
AMP(2) growth of 2% despite lapping an enlarged post World Cup recreational
customer base and more congested sporting calendar in the prior year period.
The strong revenue performance was primarily driven by iGaming +27% with
sportsbook +9%. Sportsbook revenue growth reflected an increase in net revenue
margin of 100bps year on year to 12.6%. This was driven by continued expansion
of our structural margin as penetration of higher margin bet types such as
Build A Bet increase. We also benefited from 40bps of favorable sports results
year on year (Q1 2024: 40bps favorable, Q1 2023: in line with expected
margin). Adjusted EBITDA(3) grew 30% with Adjusted EBITDA margin(3) 310bps
higher reflecting the strong revenue performance and operating leverage,
particularly in sales and marketing.
International delivered AMP(2) growth of 20% including a step up in
recreational customer growth in Junglee Daily Fantasy Sports due to the
earlier start to the Indian Premier League in Q1 2024. Revenue grew by 5% (6%
on a constant currency basis(10)) driven by iGaming +8%. Sportsbook revenue
declined 12% despite strong staking growth of 21%, due to an adverse year on
year swing in sports results of 280bps (Q1 2024: 150bps unfavorable, Q1 2023:
130bps favorable), primarily in Sisal Italy.
Consolidate and Invest(8) markets grew 8% reflecting the acquisition of MaxBet
in January which contributed $47m in revenue during the quarter, as well as
the benefit of our diversified geographic and product portfolio. Excluding
MaxBet, growth in Consolidate and Invest(8) markets was flat driven by:
· Strong revenue growth in Georgia and Armenia (+20%), Spain (+13%)
and Brazil (+8%), as well as good momentum in Turkey (+1%, +66% on a constant
currency basis(10))
· Revenue declines in (i) India (-25%) due to tax changes introduced in
Q4 2023, where product innovation to mitigate the impact has helped to
sequentially improve performance, and (ii) Sisal Italy (-1%) driven by the
impact of unfavorable sports results year on year which had an approximate 12
percentage point impact on total Sisal Italy revenue growth. This offset Sisal
Italy iGaming revenue growth of 24% despite challenging prior year
comparatives which included engagement driven by the record SuperEnalotto
jackpot.
Sales and marketing expenses reduced as a percentage of revenue by 420bps to
13.0%. This was driven by increasingly targeted investment to support the key
market growth described above, as well as the reduction in marketing resulting
from the closure of FOX Bet in August 2023. This was partly offset by
investment to support our expanding International portfolio resulting in an
increase in Adjusted EBITDA(3) of 16% and Adjusted EBITDA margin(3) of 210bps
year on year.
Australia revenue declined 6% (-2% on a constant currency basis(10)) with
AMPs(2) in line year on year. Sportsbook net revenue margin increased 180bps
to 12.9% primarily due to 140bps of more favorable sports results in the
quarter (Q1 2024 170bps favorable; Q1 2023 30bps favorable). This mostly
offset the impact of the softer racing market environment noted at our FY23
earnings announcement, which remains in line with our expectations, and drove
total staking 19% lower (-16% on a constant currency basis(10)). Lower racing
streaming costs partly offset the revenue decline to result in Adjusted
EBITDA(3) 3% lower (2% higher on a constant currency basis(10)) at $83m.
FY 2024 outlook
We remain confident in our financial year 2024 guidance(7) provided at the
financial year 2023 results announcement on March 26, 2024, despite
unfavorable US sports results in last two weeks of March and there is
therefore no change to previously communicated ranges:
· US: Revenue and Adjusted EBITDA(3) mid-points of $6.0bn and
$710m, representing year on year growth of 36.3% and 206.1% respectively.
· Group Ex-US: Revenue and Adjusted EBITDA mid-points of $7.85bn
and $1.73bn, representing year on year growth of 6.3% and 5.4% respectively.
Guidance(7) is provided (i) on the basis that sports results are in line with
our expected margin for the remainder of the year, (ii) at current foreign
exchange rates, and (iii) on the basis of a consistent regulatory and tax
framework.
A reconciliation of our forward-looking non-GAAP financial measures to the
most directly comparable GAAP financial measure cannot be provided without
unreasonable effort. This is due to the inherent difficulty of accurately
forecasting the occurrence and financial impact of the adjusting items
necessary for such a reconciliation to be prepared of items that have not yet
occurred, are out of our control, or cannot be reasonably predicted.
Capital structure
Total debt decreased to $6,836m from $7,056m at December 31, 2023 while net
debt(3) was broadly in line at $5,684m from $5,795m. On April, 29 2024, we
refinanced existing debt with the successful placement of over $1bn in secured
senior notes, which mature in 2029. The Group's leverage ratio(3) reduced to
2.8x at March, 31 2024, based on last 12 months EBITDA from 3.1x at the end of
December, 31 2023 due to growth in Adjusted EBITDA. The Group's medium term
leverage target is 2.0-2.5x.
Listing update
On May 1, shareholders voted to move our primary listing to the US. With a
greater proportion of the Group's future profits expected to be generated in
the US, we believe a US primary listing is the natural home for the Group. The
transition is expected to become effective on May 31, 2024. We have also moved
the Group's operational headquarters to New York reflecting the importance of
the US sports betting and iGaming market to our business.
Conference call:
Flutter management will host a conference call today at 6:30 a.m. ET (11:30
a.m. BST) to review the results and be available for questions, with access
via webcast and telephone.
A public audio webcast of management's call and the related Q&A can be
accessed by registering here (https://events.q4inc.com/attendee/901412836) or
via www.flutter.com/investors (http://www.flutter.com/investors) . For those
unable to listen to the live broadcast, a replay will be available
approximately one hour after conclusion of the call. This earnings release and
supplementary materials will also be made available via
www.flutter.com/investors.
Analysts and investors who wish to participate in the live conference call
must do so by dialing any of the numbers below and using conference ID 48775.
Please dial in 10 minutes before the conference call begins.
+1 646 307 1963 (United States)
+44 20 3481 4247 (United Kingdom)
+353 1 582 2023 (Ireland)
+61 2 8088 0946 (Australia)
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. These statements reflect
our current expectations as to future events based on certain assumptions and
include any statement that does not directly relate to any historical or
current fact. In some cases, you can identify these forward-looking statements
by the use of words such as "outlook", "believe(s)", "expect(s)", "potential",
"continue(s)", "may", "will", "should", "could", "would", "seek(s)",
"predict(s)", "intend(s)", "trends", "plan(s)", "estimate(s)", "anticipates",
"projection", "goal", "target", "aspire", "will likely result", and or the
negative version of these words or other comparable words of a future or
forward-looking nature. Such forward-looking statements are subject to various
risks and uncertainties. Accordingly, there are or will be important factors
that could cause actual outcomes or results to differ materially from those
indicated in these statements. Such factors include, among others: Flutter's
ability to effectively compete in the global entertainment and gaming
industries; Flutter's ability to retain existing customers and to successfully
acquire new customers; Flutter's ability to develop new product offerings;
Flutter's ability to successfully acquire and integrate new businesses;
Flutter's ability to maintain relationships with third-parties; Flutter's
ability to maintain its reputation; public sentiment towards online betting
and iGaming generally; the potential impact of general economic conditions,
including inflation, rising interest rates and instability in the banking
system, on Flutter's liquidity, operations and personnel; Flutter's ability to
obtain and maintain licenses with gaming authorities, adverse changes to the
regulation of online betting and iGaming; the failure of additional
jurisdictions to legalize and regulate online betting and iGaming; Flutter's
ability to comply with complex, varied and evolving U.S. and international
laws and regulations relating to its business; Flutter's ability to raise
financing in the future; Flutter's success in retaining or recruiting
officers, key employees or directors; litigation and the ability to adequately
protect Flutter's intellectual property rights; the impact of data security
breaches or cyber-attacks on Flutter's systems; and Flutter's ability to
remediate material weaknesses in its internal control over financial
reporting.
Additional factors that could cause the Company's results to differ materially
from those described in the forward-looking statements can be found in Part I,
"Item 1A. Risk Factors" of the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2023 as filed with the Securities and Exchange
Commission (SEC) and other periodic filings with the SEC, which are accessible
on the SEC's website at www.sec.gov
(https://protect-de.mimecast.com/s/YcVJCgpRvXH8jPD7C283wq?domain=sec.gov) .
Accordingly, there are or will be important factors that could cause actual
outcomes or results to differ materially from those indicated in these
statements. These factors should not be construed as exhaustive and should be
read in conjunction with the other cautionary statements that are included in
the Company's filings with the SEC. The Company undertakes no obligation to
publicly update or review any forward-looking statement, whether as a result
of new information, future developments or otherwise, except as required by
law.
About Flutter Entertainment plc
Flutter is the world's leading online sports betting and iGaming operator,
with a market leading position in the US and across the world. Our ambition is
to leverage our significant scale and our challenger mindset to change our
industry for the better. By Changing the Game, we believe we can deliver
long-term growth while promoting a positive, sustainable future for all our
stakeholders. We are well-placed to do so through the distinctive, global
competitive advantages of the Flutter Edge, which gives our brands access to
group-wide benefits to stay ahead of the competition, as well as our clear
vision for sustainability through our Positive Impact Plan.
Flutter operates a diverse portfolio of leading online sports betting and
iGaming brands including FanDuel, Sky Betting & Gaming, Sportsbet,
PokerStars, Paddy Power, Sisal, tombola, Betfair, MaxBet, Junglee Games and
Adjarabet. We are the industry leader with $11,790m of revenue globally for
fiscal 2023, up 25% YoY, and $3,397m of revenue globally for the quarter ended
March 31, 2024.
Contacts:
Investor Relations: Media Relations:
Paul Tymms, Investor Relations Kate Delahunty, Corporate Communications
Ciara O'Mullane, Investor Relations Rob Allen, Corporate Communications
Liam Kealy, Investor Relations Rupert Gowrley, Corporate Communications
Email: investorrelations@flutter.com (mailto:investorrelations@flutter.com) Email: corporatecomms@flutter.com
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Notes
1. Growth rates throughout this release are Q1 2024 versus Q1 2023,
unless otherwise stated.
2. Average Monthly Players ("AMPs") is defined as the average over the
applicable reporting period of the total number of players who have placed
and/or wagered a stake and/or contributed to rake or tournament fees during
the month. This measure does not include individuals who have only used new
player or player retention incentives, and this measure is for online players
only and excludes retail player activity. In circumstances where a player uses
multiple product categories within one brand, we are generally able to
identify that it is the same player who is using multiple product categories
and therefore count this player as only one AMP at the Group level while also
counting this player as one AMP for each separate product category that the
player is using. As a result, the sum of the AMPs presented at the product
category level is greater than the total AMPs presented at the Group level.
See "-"Item 5. Operating and Financial Review and Prospects-Key Operational
Metrics" of the Company's Amendment No. 1 to the Registration Statement on
Form 20-F as filed with the Securities and Exchange Commission ("SEC"), on
January 18, 2024 for additional information regarding how we calculate AMPs
data, including a discussion regarding duplication of players that exists in
such data.
3. Adjusted EBITDA, Adjusted EBITDA Margin, Group Ex-US Adjusted EBITDA,
Adjusted Free Cash Flows, Net Debt, Leverage Ratio, Constant Currency,
Adjusted Net Profit Attributable to Flutter Shareholders and Adjusted Earnings
Per Share are non-GAAP financial measures. See "Definitions of non-GAAP
financial measures" and "Reconciliations of Non-GAAP Financial Measures"
sections of this document for definitions of these measures and
reconciliations to the most directly comparable financial measures calculated
in accordance with GAAP. Due to rounding, these numbers may not add up
precisely to the totals provided.
4. Beginning January 1, 2024, the Group revised its definition of Adjusted
EBITDA, which is the segment measure used to evaluate performance and allocate
resources. The definition of Adjusted EBITDA now excludes share-based
compensation as management believes inclusion of share-based compensation can
obscure underlying business trends as share-based compensation could vary
widely among companies due to different plans in place resulting in companies
using share-based compensation awards differently, both in type and quantity
of awards granted.
5. US market position based on available market share data for states
in which FanDuel is active. Online sportsbook market share is the gross gaming
revenue (GGR) and net gaming revenue (NGR) market share of our FanDuel brand
for the three months to March 31, 2024 in the states in which FanDuel was live
(excluding Tennessee as they no longer report this data), based on published
gaming regulator reports in those states. iGaming market share is the GGR,
market share of FanDuel and PokerStars US (which is reported in the
International segment) for the three months to March 31, 2024 in the states in
which those brands were live, based on published gaming regulator reports in
those states. Number one iGaming brand based on FanDuel and peer GGR for the
three months to March 2024 based on published gaming regulator reports and
external estimates by Eilers and Krejcik for competitor market share.
6. Payback is calculated as the projected average length of time it takes
players to generate sufficient Adjusted gross profit to repay the original
average cost of acquiring those players. Customer acquisition costs include
the marketing and associated promotional spend incurred to acquire a customer.
The projected Adjusted gross profit is based on predictive models considering
inputs such as staking behavior, interaction with promotional offers and gross
revenue margin. Projected Adjusted gross profit includes associated variable
costs of revenue as well as retention generosity costs.
7. Foreign exchange rates assumed in our 2024 guidance were USD:GBP of
0.790, USD:EUR of 0.930 and USD:AUD of 1.540.
8. Consolidate and Invest markets within our International segment are
Italy, Spain, Georgia, Armenia, Serbia, Brazil, India, Turkey, Morrocco,
Bosnia & Herzegovina and the US. International market positions reflect
company estimates using a variety of methods depending on the data sources
available for the relevant market, and include data releases by the relevant
regulatory body, market research and aggregated banking deposit information.
Italian market position and share based on regulator GGR data from Agenzia
delle dogane e dei Monopoli.
9. Unallocated corporate overhead includes shared technology, research
and development, sales and marketing, and general and administrative expenses
that are not allocated to specific segments.
10. Constant currency growth rates are calculated by retranslating the
non-US dollar denominated component of Q1 2023 at Q1 2024 exchange rates. See
reconciliation on page 19.
11. The Q1 2023 impact of sports results has been updated from the 80bps of
favorable sports results per our Q1 2023 trading update published on May, 3
2023, following a reassessment of the expected revenue margin being generated
from parlay bets.
Definitions of non-GAAP financial measures
This press release includes Adjusted EBITDA, Adjusted EBITDA Margin, Group
Ex-US Adjusted EBITDA, Adjusted Net Profit Attributable to Flutter
Shareholders, Adjusted Earnings Per Share ("Adjusted EPS"), leverage ratio,
Net Debt, Adjusted Free Cash Flow, and constant currency which are non-GAAP
financial measures that we use to supplement our results presented in
accordance with U.S. generally accepted accounting principles ("GAAP"). These
non-GAAP measures are presented solely as supplemental disclosures to reported
GAAP measures because we believe that these non-GAAP measures are useful in
evaluating our operating performance, similar to measures reported by its
publicly-listed U.S. competitors, and regularly used by analysts, lenders,
financial institutional and investors as measures of performance. Adjusted
EBITDA, Adjusted EBITDA Margin, Adjusted Net Profit Attributable to Flutter
Shareholders, Adjusted EPS, leverage ratio, Net Debt, Adjusted Free Cash Flow,
and Adjusted Depreciation are not intended to be substitutes for any GAAP
financial measures, and, as calculated, may not be comparable to other
similarly titled measures of performance of other companies in other
industries or within the same industry.
Constant currency reflects certain operating results on a constant-currency
basis in order to facilitate period-to-period comparisons of our results
without regard to the impact of fluctuating foreign currency exchange rates.
The term foreign currency exchange rates refer to the exchange rates used to
translate our operating results for all countries where the functional
currency is not the U.S. Dollar, into U.S. Dollars. Because we are a global
company, foreign currency exchange rates used for translation may have a
significant effect on our reported results. In general, our financial results
are affected positively by a weaker U.S. Dollar and are affected negatively by
a stronger U.S. Dollar. References to operating results on a constant-currency
basis mean operating results without the impact of foreign currency exchange
rate fluctuations. We believe the disclosure of constant-currency results is
helpful to investors because it facilitates period-to-period comparisons of
our results by increasing the transparency of our underlying performance by
excluding the impact of fluctuating foreign currency exchange rates. We
calculate constant currency revenue, Adjusted EBITDA and Segment Adjusted
EBITDA by translating prior-period revenue, Adjusted EBITDA and Segment
Adjusted EBITDA, as applicable, using the average exchange rates from the
current period rather than the actual average exchange rates in effect in the
prior period.
Adjusted EBITDA is defined on a Group basis as net profit/(loss) before income
taxes; other (expense)/income, net; interest expense, net; depreciation and
amortization; transaction fees and associated costs; restructuring and
integration costs; impairment of PPE and intangible assets and share based
compensation expense.
Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue,
respectively.
Group Ex-US Adjusted EBITDA is defined as Group Adjusted EBITDA excluding our
US Segment Adjusted EBITDA.
Adjusted Net Profit Attributable to Flutter Shareholders is defined as net
profit/(loss) as adjusted for after-tax effects of transaction fees and
associated costs; restructuring and integration costs; gaming taxes dispute,
amortization of acquired intangibles, accelerated amortization, loss/(gain) on
settlement of long-term debt; impairment of PPE and intangible assets;
financing related fees not eligible for capitalization; gain from disposal of
businesses and share-based compensation.
Adjusted EPS is calculated by dividing adjusted net profit attributable to
Flutter shareholders by the number of diluted weighted-average ordinary shares
outstanding in the period.
Adjusted EBITDA, Adjusted EBITDA Margin, Group Ex-US Adjusted EBITDA, Adjusted
net profit attributable to Flutter shareholders and Adjusted EPS are non-GAAP
measures and should not be viewed as measures of overall operating
performance, indicators of our performance, considered in isolation, or
construed as alternatives to operating profit/(loss), net profit/(loss)
measures or earnings per share, or as alternatives to cash flows from
operating activities, as measures of liquidity, or as alternatives to any
other measure determined in accordance with GAAP.
Management has historically used these measures when evaluating operating
performance because we believe that they provide additional perspective on the
financial performance of our core business.
Adjusted EBITDA has further limitations as an analytical tool. Some of these
limitations are:
· it does not reflect the Group's cash expenditures or future
requirements for capital expenditure or contractual commitments;
· it does not reflect changes in, or cash requirements for, the
Group's working capital needs;
· it does not reflect interest expense, or the cash requirements
necessary to service interest or principal payments, on the Group's debt;
· it does not reflect shared-based compensation expense which is
primarily a non-cash charge that is part of our employee compensation;
· although depreciation and amortization are non-cash charges, the
assets being depreciated and amortized will often have to be replaced in the
future, and Adjusted EBITDA does not reflect any cash requirements for such
replacements;
· it is not adjusted for all non-cash income or expense items
that are reflected in the Group's statements of cash flows; and
· the further adjustments made in calculating Adjusted EBITDA are
those that management consider not to be representative of the underlying
operations of the Group and therefore are subjective in nature.
Net debt is defined as total debt, excluding premiums, discounts, and deferred
financing expense, and the effect of foreign exchange that is economically
hedged as a result of our cross-currency interest rate swaps reflecting the
net cash outflow on maturity less cash and cash equivalents.
Leverage ratio is defined as net debt divided by Adjusted EBITDA. We use this
non-GAAP financial measure to evaluate our financial leverage. We present net
debt to Adjusted EBITDA because we believe it is more representative of our
financial position as it is reflective of our ability to cover our net debt
obligations with results from our core operations, and is an indicator of our
ability to obtain additional capital resources for our future cash needs. We
believe net debt is a meaningful financial measure that may assist investors
in understanding our financial condition and recognizing underlying trends in
our capital structure. The Leverage Ratio is not a substitute for, and should
be used in conjunction with, GAAP financial ratios. Other companies may
calculate leverage ratios differently.
Adjusted Free Cash Flow is defined as net cash provided by operating
activities excluding changes in operating assets and liabilities related to
player deposits - investments and player deposit liabilities, cash paid for
transaction fees and associated cost, restructuring fees and integration cost
less payments for property and equipment, intangible assets and capitalized
software. We believe that excluding these items from adjusted free cash flow
better portrays our ability to generate cash, as such items are not indicative
of our operating performance for the period. This non-GAAP measure may be
useful to investors and other users of our financial statements as a
supplemental measure of our cash performance, but should not be considered in
isolation, as a measure of residual cash flow available for discretionary
purposes, or as an alternative to operating cash flows presented in accordance
with GAAP. Adjusted Free Cash Flow does not necessarily represent funds
available for discretionary use and is not necessarily a measure of our
ability to fund our cash needs. Our calculation of Adjusted Free Cash Flow may
differ from similarly titled measures used by other companies, limiting their
usefulness as a comparative measure.
Adjusted depreciation is defined as depreciation and amortization excluding
amortization of acquired intangibles.
Consolidated Balance Sheets:
($ in millions except share and per share amounts)
Three months ended March 31, Year ended December 31,
2024 2023
Assets
Current assets:
Cash and cash equivalents 1,353 1,497
Cash and cash equivalents - restricted 22 22
Player deposits - cash and cash equivalents 1,782 1,752
Player deposits - investments 173 172
Accounts receivable, net 82 90
Prepaid expenses and other current assets 448 443
Total current assets 3,860 3,976
Investments 7 9
Property and equipment, net 478 471
Operating lease right-of-use assets 449 429
Intangible assets, net 5,787 5,881
Goodwill 13,678 13,745
Deferred tax assets 27 24
Other non-current assets 104 100
Total assets 24,390 24,635
Liabilities, redeemable non-controlling interests and shareholders' equity
Current liabilities:
Accounts payable 265 240
Player deposit liability 1,842 1,786
Operating lease liabilities 128 123
Long-term debt due within one year 46 51
Other current liabilities 2,305 2,326
Total current liabilities: 4,586 4,526
Operating lease liabilities - non-current 362 354
Long-term debt 6,790 7,005
Deferred tax liabilities 783 802
Other non-current liabilities 733 580
Total liabilities 13,254 13,267
Redeemable non-controlling interests 1,462 1,152
Shareholders' equity
Common share (Authorized 300,000,000 shares of €0.09 ($0.09) par value each; 36 36
issued March 31, 2024: 177,445,195 shares; December 31, 2023: 177,008,649
shares)
Shares held by employee benefit trust, at cost March 31, 2024: nil shares, - -
December 31, 2023: nil
Additional paid-in capital 1,439 1,385
Accumulated other comprehensive loss (1,669) (1,483)
Retained earnings 9,694 10,106
Total Flutter shareholders' equity 9,500 10,044
Non-controlling interests 174 172
Total shareholders' equity 9,674 10,216
Total liabilities, redeemable non-controlling interests and shareholders' 24,390 24,635
equity
Consolidated Statement of Comprehensive Income/(Loss):
($ in millions except per share and per share amounts)
Three months ended March 31,
2024 2023
Revenue 3,397 2,918
Cost of Sales (1,793) (1,541)
Gross profit 1,604 1,377
Technology, research and development expenses (190) (168)
Sales and marketing expenses (881) (882)
General and administrative expenses (409) (342)
Operating profit / (loss) 124 (15)
Other expense, net (174) (45)
Interest expense, net (112) (92)
Loss before income taxes (162) (152)
Income tax (expense) / income (15) 41
Net loss (177) (111)
Net gain/(loss) attributable to non-controlling interests and redeemable 4 (9)
non-controlling interests
Adjustment of redeemable non-controlling interest to redemption value 15 -
Net loss attributable to Flutter shareholders (196) (102)
Net loss per share
Basic (1.10) (0.58)
Diluted (1.10) (0.58)
Other comprehensive (loss) / income, before tax:
Effective portion of changes in fair value of cash flow hedges 23 (60)
Fair value of cash flow hedges transferred to the income statement (14) 43
Foreign exchange (loss) / gain on net investment hedges (21) 4
Foreign exchange (loss) / gain on translation of the net assets of foreign (185) 177
currency denominated entities
Fair value movements on available for sale debt instruments (1) 1
Other comprehensive (loss) / income (198) 165
Other comprehensive (loss) / income attributable to Flutter shareholders (188) 139
Other comprehensive (loss) / income attributable to non-controlling interest (10) 26
and redeemable non-controlling interest
Total comprehensive (loss) / income (375) 54
Consolidated Statement of Cash Flows
($ in millions)
Three months ended March 31,
Cash flows from operating activities 2024 2023
Net loss (177) (111)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation and amortization 297 297
Change in fair value of derivatives (15) 17
Non-cash interest income, net (1) (8)
Non-cash operating lease expense 32 31
Unrealized foreign currency exchange (gain) / loss, net 8 (36)
Share-based compensation - equity classified 40 32
Share-based compensation - liability classified 1 14
Other expense, net 186 64
Deferred taxes (48) (113)
Change in contingent consideration - (2)
Change in operating assets and liabilities:
Player deposits - investments - (7)
Accounts receivable, net 19 45
Prepaid expenses and other current assets 13 (73)
Accounts payable (18) 25
Other current liabilities (40) (119)
Player deposit liability 73 (77)
Operating leases liabilities (33) (28)
Net cash generated by/(used in) operating activities 337 (49)
Cash flows from investing activities
Purchases of property and equipment (22) (18)
Purchases of intangible assets. (57) (43)
Capitalized software (73) (66)
Acquisitions, net of cash acquired (107) -
Net cash used in investing activities (259) (127)
Cash flows from financing activities
Proceeds from issue of common share upon exercise of options 14 1
Proceeds from issuance of long-term debt (net of transaction costs) 639 609
Repayment of long-term debt (834) (608)
Net cash (used in)/provided by financing activities (181) 2
Net decrease in cash, cash equivalents and restricted cash (103) (174)
Cash, cash equivalents and restricted cash - beginning of the period 3,271 2,990
Foreign currency exchange on cash and cash equivalents (11) 25
Cash, cash equivalents and restricted cash - end of the period 3,157 2,841
Cash, cash equivalents and restricted cash comprise of:
Cash and cash equivalents 1,353 821
Cash and cash equivalents - restricted 22 28
Player deposits - cash and cash equivalents 1,782 1,992
Cash, cash equivalents and restricted cash - end of the period 3,157 2,841
Supplemental disclosures of cash flow information:
Interest paid 123 97
Income taxes paid 29 52
Non-cash investing and financing activities:
Operating cash flows from operating leases 38 32
Right-of-use assets obtained in exchange of operating lease liabilities 20 20
Adjustments to lease balances as a result of remeasurement (2) 6
Business acquisitions (including contingent consideration) 26 -
Reconciliations of non-GAAP financial measures
Adjusted EBITDA reconciliation:
See below a reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin to
net loss, the most comparable GAAP measure.
($ in millions) Three months ended March 31,
2024 2023
Net loss (177) (111)
Add back:
Income taxes 15 (41)
Other expense, net 174 45
Interest expense, net 112 92
Depreciation and amortization 297 297
Share-based compensation expense 41 46
Transaction fees and associated costs(1) 29 3
Restructuring and integration costs(2) 23 21
Group Adjusted EBITDA 514 352
Less: US Adjusted EBITDA 26 (53)
Group Ex-US Adjusted EBITDA 488 406
Group Revenue 3,397 2,918
Group Adjusted EBITDA Margin 15.1% 12.1%
1. Comprises advisory fees of $25 million related to
implementation of internal controls, information system changes and other
activities related to the anticipated change in the primary listing of the
Group for the three months ended March 31, 2024
2. During the three months ended March 31, 2024, costs of $23 million
(three months ended March 31, 2023: $21 million) primarily relate to various
restructuring and other strategic initiatives to drive synergies . These
actions include efforts to consolidate and integrate our technology
infrastructure, back-office functions and relocate certain operations to lower
cost locations. The costs primarily include severance expenses, advisory fees
and temporary staffing cost.
Adjusted Free Cash Flow reconciliation:
See below a reconciliation of Adjusted Free Cash Flow to net cash generated/
(used) in operating activities, the most comparable GAAP measure.
($ in millions) Three months ended March 31,
2024 2023
Net cash provided by/(used in) operating activities 337 (49)
Less:
Change in player deposits - 7
Change in player deposit liability (73) 77
Add cash impact of:
Transaction fees and associated costs 25 18
Restructuring and integration costs 20 24
Less cash impact of:
Purchase of property and equipment (22) (18)
Purchases of intangible assets (57) (43)
Capitalized software (73) (66)
Adjusted Free Cash Flow 157 (50)
Net debt reconciliation:
See below a reconciliation of net debt to long-term debt, the most comparable
GAAP measure.
($ in millions) As at March 31, As at December 31,
2024 2023
Long-term debt 6,790 7,005
Long-term debt due within one year 46 51
Total Debt 6,836 7,056
Add:
Transactions costs, premiums or discount included in the carrying value of 52 54
debt
Less:
Unrealized foreign exchange on translation of foreign currency debt(1) 149 182
Cash and cash equivalents (1,353) (1,497)
Net debt 5,684 5,795
1. Representing the adjustment for foreign exchange that is economically
hedged as a result of our cross-currency interest rate swaps to reflect the
net cash outflow on maturity.
Adjusted net profit attributable to Flutter shareholders:
See below a reconciliation of Adjusted net profit attributable to Flutter
shareholders to net loss, the most comparable GAAP measure.
($ in millions) Three months ended March 31,
2024 2023
Net loss (177) (111)
Add (Less):
Transaction fees and associated costs 29 3
Restructuring and integration costs 23 21
Amortization of acquired intangibles 172 192
Share-based compensation 41 46
Tax impact of above adjustments(1) (51) (37)
Adjusted net profit 37 114
Less:
Net loss attributable to non-controlling interests and 4 (9)
redeemable non-controlling interests(2)
Adjustment of redeemable non-controlling interest(3) 15 -
Adjusted net profit attributable to Flutter shareholders 18 123
Weighted average number of shares 177,757,967 177,325,483
1. Tax rates used in calculated adjusted net profit attributable to
Flutter shareholders is the statutory tax rate applicable to the geographies
in which the adjustments were incurred.
2. Represents net loss attributed to the non-controlling interest in Sisal
and the redeemable non-controlling interest in FanDuel and Junglee.
3. Represents the adjustment made to the carrying value of the redeemable
non-controlling interests in Junglee to account for the higher of (i) the
initial carrying amount adjusted for cumulative earnings allocations, or (ii)
redemption value at each reporting date through retained earnings.
Adjusted Earnings Per Share reconciliation:
See below a reconciliation of Adjusted Earnings Per Share to net loss per
share, the most comparable GAAP measure.
($ in millions) Three months ended March 31,
2024 2023
Net loss per Flutter shareholders (1.10) (0.58)
Add (Less):
Transaction fees and associated costs 0.16 0.02
Restructuring and integration costs 0.13 0.12
Amortization of acquired intangibles 0.97 1.08
Share-based compensation 0.23 0.26
Tax impact of above adjustments (0.28) (0.21)
Adjusted earnings per share 0.10 0.69
Constant currency ('CC') growth rate reconciliation:
See below a reconciliation of constant currency growth rates to nominal
currency growth rates, the most comparable GAAP measure.
($ in millions) Three months ended March 31,
unaudited 2024 2023 YOY 2023 2023 YOY
Revenue FX impact CC CC
US 1,410 1,071 32% - 1,071 32%
UKI 861 736 17% 30 766 12%
International 797 760 5% (11) 749 6%
Australia 329 351 (6%) (13) 337 (2%)
Group 3,397 2,918 16% 5 2,923 16%
Group Ex-US 1,987 1,847 8% 5 1,853 7%
Adjusted EBITDA
US 26 (53) (2) (55)
UKI 268 206 30% 10 216 24%
International 173 149 16% (5) 144 20%
Australia 83 85 (2%) (4) 81 2%
Unallocated corporate overhead (36) (35) 1% (1) (36) (3%)
Group 514 352 46% (3) 350 47%
Group Ex-US 488 406 20% (1) 404 21%
Segment KPIs:
($ in millions) Three months ended March 31, YoY
Unaudited US UKI Intl Aus US UKI Intl Aus
Average monthly players ('000s) 3,898 4,096 4,738 991 +15% +2% +20% -
Sportsbook stakes 13,484 3,263 1,567 2,546 +24% +1% +21% (19%)
Sportsbook net revenue margin 7.3% 12.6% 10.2% 12.9% +40bps +100bps (370bps) +180bps
Sportsbook revenue 986 411 160 329 +30% +9% (12%) (6%)
iGaming revenue 358 406 600 - +49% +27% +8% -
Other revenue 66 44 37 - (7%) +7% +42% -
Total revenue 1,410 861 797 329 +32% +17% +5% (6%)
Adjusted EBITDA 26 268 173 83 N/A +30% +16% (2%)
Adjusted EBITDA margin 1.8% 31.1% 21.7% 25.2% +680bps +310bps +210bps +100bps
Additional information: Segment cost of sales and operating expenses
Cost of Sales 833 314 374 174 +29% +19% +5% (7%)
Technology, research and development expenses 55 40 51 9 +14% +12% +16% (10%)
Sales and marketing expenses 422 166 104 47 +16% +8% (21%) (11%)
General and administrative expenses 74 73 95 17 +15% (5%) +17% 2%
Reconciliation of supplementary non GAAP information: Adjusted depreciation
and amortization
($ in millions) Three months ended March 31, 2024 Three months ended March 31, 2023
Unaudited US UKI Intl Aus Corp Total US UKI Intl Aus Corp Total
Depreciation and Amortization 29 101 146 15 6 297 25 101 159 14 - 297
Less: Amortization of acquired intangibles (4) (70) (93) (4) - (172) (5) (76) (106) (6) - (192)
Adjusted depreciation and amortization(1) 25 31 53 11 6 125 20 25 53 8 - 106
1. Adjusted depreciation and amortization is defined as
depreciation and amortization excluding amortization of acquired intangibles.
US GAAP - Consolidated Group income statement update
Note: Income tax (expense)/benefit for Q1 2021 - Q4 2023 has been updated as
compared to the data published in the IFRS to US GAAP conversion materials on
February 29, 2024 and the FY 2023 KPI pack published on 26 March 2024. The
updates are confined to allocation of the tax (expense)/benefit between
quarters and does not impact the income tax (expense)/benefit for FY 2021,
2022 or 2023.
($ in millions) Q1 2021 Q2 2021 Q3 2021 Q4 2021 FY 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024
Sportsbook 1,055 1,212 1,105 1,140 4,512 1,111 1,341 1,215 1,649 5,316 1,667 1,725 1,288 1,906 6,585 1,886
iGaming 813 796 736 770 3,115 853 798 879 1,043 3,573 1,113 1,122 1,135 1,251 4,621 1,364
Other 179 184 150 169 682 144 148 133 150 574 139 154 136 155 584 147
Total revenue 2,047 2,191 1,992 2,079 8,308 2,108 2,287 2,227 2,842 9,463 2,918 3,000 2,559 3,312 11,790 3,397
Cost of sales (918) (970) (962) (1,031) (3,881) (1,085) (1,100) (1,176) (1,452) (4,813) (1,541) (1,490) (1,386) (1,784) (6,202) (1,793)
Gross profit 1,129 1,221 1,030 1,047 4,427 1,023 1,186 1,051 1,390 4,650 1,377 1,510 1,173 1,528 5,588 1,604
Technology, research and development expenses (133) (215) (129) (156) (634) (133) (156) (109) (154) (552) (168) (176) (214) (207) (765) (190)
Sales & marketing expenses (726) (706) (653) (735) (2,819) (751) (685) (681) (897) (3,014) (882) (667) (700) (1,527) (3,776) (881)
General and administrative expenses (157) (547) (476) (244) (1,423) (272) (236) (349) (315) (1,172) (342) (444) (394) (415) (1,596) (409)
Operating profit / (loss) 113 (246) (229) (87) (449) (133) 109 (88) 24 (88) (15) 223 (135) (621) (549) 124
Other (expense) income, net 88 (16) 97 (68) 101 91 (27) 31 (91) 5 (45) 11 (44) (80) (157) (174)
Interest expense, net (53) (54) (107) (0) (215) (41) (35) (52) (84) (212) (92) (83) (92) (117) (385) (112)
Profit/(loss) before tax 148 (316) (239) (156) (563) (84) 48 (109) (150) (295) (152) 152 (271) (818) (1,091) (162)
Income tax (expense) / benefit (46) (128) (2) (19) (194) 1 (48) (52) 24 (75) 41 (86) 10 (85) (120) (15)
Net profit / (loss) 102 (444) (241) (175) (757) (83) - (161) (126) (370) (111) 66 (261) (903) (1,211) (177)
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