Embracer Group Mergers and Acquisitions Presentation Deck
Financial rationale
Source: Asmodee
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Accretive to shareholders, adds approximately 30% in forecasted Operational EBIT with approximately 7.5% dilution
The combined group would have a forecasted Operational EBIT range of SEK9.0-11.0bn during FY 22/23 and
SEK9.8-12.9bn during FY 23/24¹
These forecasts exclude further planned M&A
Pro forma² Net Sales of Asmodee for this calendar year is estimated to be EUR1.1bn
Pro forma Adjusted EBITDA2,3 of EUR240m
Pro forma Adjusted Operational EBIT2,3,4 of EUR206m
Solid free cash flow generation, driven by a capex-light business model and efficient working capital management processes
Historically Asmodee has yielded a pre-tax free cash flow conversion of approximately 70-80%
The transaction is expected to be immediately accretive to FCF per share
Asmodee management expects to have a double digit organic profit growth over the coming five-year period
The new estimate is a combination of Embracer's Q2 21/22 figures and the new figures for Asmodee
Based on IFRS standards, includes pro forma adjustments to reflect twelve months of trading for all M&A transactions signed by Asmodee during FY21
Adjusted for non-recurring items, including costs for share based compensation and similar which are cancelled as a consequence of Asmodee becoming a subsidiary to Embracer
Operational EBIT reflects EBIT excluding acquisition related amortisations for consistency with Embracer's financial KPI definitions
EMBRACER+
GROUP
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