Full Year 2024 FDJ United Earnings Call Transcript
Key Points
- La Francaise Des Jeux SA (LFDJF) successfully acquired Kindred, forming FDJ United, which has diversified the group's geographical and activity scope.
- The company reported a 17% increase in turnover, reaching EUR3,065 million, with a recurring EBITDA up 21% to EUR792 million.
- The integration of Kindred is well underway, with identified synergies and cost optimizations expected to generate over EUR50 million.
- The company maintained a strong cash conversion rate of 85% and a leverage ratio of 1.9 times recurring EBITDA, indicating financial stability.
- La Francaise Des Jeux SA (LFDJF) continues to invest in responsible gaming and sustainability, dedicating over 10% of its advertising budget to responsible gaming initiatives.
- The company faces increased taxation in France and the Netherlands, impacting revenue and EBITDA by approximately EUR60 million.
- Regulatory tightening in the Netherlands and the UK is expected to negatively affect revenue by EUR30 million to EUR40 million.
- Despite the acquisition of Kindred, the company projects a stable turnover for 2025, indicating limited growth potential in the short term.
- The integration of Kindred and the rollout of the KSP platform will take time, with full benefits not expected until 2027.
- The company's adjusted net profit decreased by 6% due to the cost of debt and amortization related to the Kindred acquisition.
Hello, everybody. So welcome to this presentation of our 2024 annual results. So I will be, this morning, presenting the results, of course, with Pascal Chaffard that will be on my side. So we are holding this meeting in person and as a webcast, of course, to allow our analyst investors who follow our PR and trying to attend or connect to their 9:30 AM, UK time presentation. So you will be -- I'm not commenting the disclaimer, as you imagine.
So as you have maybe seen from the little videos that we projected. We are today FDJ United. We've actually announced our new identity. Our new identity, of course, which is the mark of a new chapter in the group history, an international diversified group, a digital group with the acquisition of Kindred last year.
And of course, we'll come back to that. So I will start -- before handing to Pascal that will detail the financial results of this year, I will start on the key highlights of 2024, which are illustrating the
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