Flutter Investor Day Presentation Deck
Cash flow
Pro forma £m
Adjusted EBITDA
Capex
Working capital
Corporation tax
Lease liabilities paid
Adjusted free cash flow
Cash flow from separately disclosed items
Free cash flow
Interest cost
Other borrowing costs
Settlement of swaps
Settlement of Kentucky Supersedeas Bonds
Purchase of shares by the Employee Benefit Trust
Acquisitions
Other
Net increase in cash before equity raises/acquisitions
Proceeds from equity raise
Cash acquired in business combination
Net increase in cash
Net debt at start of year¹
Foreign currency exchange translation
Change in fair value of hedging derivatives
Net debt at 30 June
Flutter
H1 2021
597
(138)
18
(92)
(27)
358
(24)
333
(70)
(5)
(71)
(89)
(51)
(4)
43
-
18
61
(2,814)
26
45
(2,682)
H1 2020
684
(118)
105
(63)
(24)
584
(84)
500
(101)
(22)
(28)
356
806
1,162
(3,827)
(253)
19
(2,899)
Adjusted free cash flow pre-tax of £450m compares to
Adjusted operating profit of £472m, converting at 95%
Adjusted free cash flow lower due to US investment
losses and lower working capital benefit
Working capital favorably impacted by scale of Group.
Lower year-on-year due to lockdown outperformance in
H1 2020 combined with deferral of certain payments
Corporation tax payments higher due to profit mix
Interest £31m lower following debt repayment and
lower financing costs
£89m share purchase to part settle FanDuel incentive
schemes
Exceptional items during H1:
£71m payment of Kentucky bond (included in SDIs)
Acquisition of Junglee Games for £51m
¹ Net debt defined as principal amount of borrowings plus associated accrued interest, minus cash & cash equivalents plus/minus carrying value of debt related derivatives.
16View entire presentation