Allwyn SPAC
Our financials explained
A
B
A
F
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Amounts
wagered
Players'
winnings
Gaming Taxes
Costs
F
BHC Gross gaming revenue (GGR)
OPEX
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SG&A
EBITDA
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E Net gaming revenue (NGR)
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Key P&L drivers
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Amount of wagers placed by customers
With the exception of Italy where
revenues are based on:
Amounts wagered x Commission
Agents' commissions (variable, calculated as a % NGR)
• IT related costs from gaming suppliers (semi-variable)
Other expenses include rental, content fees (fixed)
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Winners' pay-outs
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Tax base (usually GGR) multiplied by rate;
varies based on type of game and country
Personnel expenses
Marketing expenses (flexible in medium term)
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Consolidated financials
Reported under IFRS
Impacted by changes in ownership and consolidation
scope
Reflect 100% of Greece and Cyprus and Austria
businesses, Italian business as equity method investee
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Segment financials
100% basis
Used to review and analyze performance of each
individual segments
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Reported financial information
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4
Pro rata financials
Alternative view that reflects the economic interest in
each segment
Used to review overall performance
• Basis for internal reporting, KPIs, covenants
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